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v3.23.2

FAIR VALUE (Tables) | 6 Months Ended
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Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):
|  | Fair Value Measurement at June 30, 2023 Using
Financial Assets: | Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
U.S. Treasury notes and bonds | $ | 56,197 |  |  | $ | 56,197 |  |  | $ | — |  |  | $ | — |
Mortgage-backed securities, residential | 417,365 |  |  | — |  |  | 417,365 |  |  | — |
Obligations of states and political subdivisions | 38,584 |  |  | — |  |  | 38,584 |  |  | — |
Corporate bonds and notes | 19,871 |  |  | — |  |  | 11,278 |  |  | 8,593 |
SBA loan pools | 72,296 |  |  | — |  |  | 72,296 |  |  | — |
Total available for sale securities | $ | 604,313 |  |  | $ | 56,197 |  |  | $ | 539,523 |  |  | $ | 8,593 |
Equity investments, at fair value | $ | 2,348 |  |  | $ | 2,348 |  |  | $ | — |  |  | $ | — |
Derivative assets | 26,450 |  |  | — |  |  | 26,450 |  |  | — |
Financial Liabilities: |  |  |  |  |  |  |
Derivative liabilities | $ | 26,450 |  |  | $ | — |  |  | $ | 26,450 |  |  | $ | — |
There were no transfers between Level 1 and Level 2 during the three and six month periods ended June 30, 2023.
|  | Fair Value Measurement at December 31, 2022 Using
Financial Assets: | Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
U.S. Treasury notes and bonds | $ | 55,574 |  |  | $ | 55,574 |  |  | $ | — |  |  | $ | — |
Mortgage-backed securities, residential | 435,131 |  |  | — |  |  | 435,131 |  |  | — |
Obligations of states and political subdivisions | 38,892 |  |  | — |  |  | 38,892 |  |  | — |
Corporate bonds and notes | 21,970 |  |  | — |  |  | 21,970 |  |  | — |
SBA loan pools | 81,022 |  |  | — |  |  | 81,022 |  |  | — |
Total available for sale securities | $ | 632,589 |  |  | $ | 55,574 |  |  | $ | 577,015 |  |  | $ | — |
Equity investments, at fair value | $ | 2,246 |  |  | $ | 2,246 |  |  | $ | — |  |  | $ | — |
Derivative assets | 27,141 |  |  | — |  |  | 27,141 |  |  | — |
Financial Liabilities: |  |  |  |  |  |  |
Derivative liabilities | $ | 27,196 |  |  | $ | — |  |  | $ | 27,196 |  |  | $ | — |
Information Related To Level 3 Non-Recurring Fair Value Measurement | The table below presents a reconciliation of all assets measured at fair value on a recurring basis using unobservable inputs (Level 3) for the three months and six months ended June 30, 2023 and June 30, 2022.
Corporate Bonds: |  | For the Three Months Ended
Level 3 Financial Assets |  | June 30, 2023 |  | June 30, 2022
Balance of recurring Level 3 assets at April 1, 2023 |  | $ | 8,666 |  |  | $ | — |
Total gains and losses for the period: |  | — |  |  | — |
Included in other comprehensive income |  | (73) |  |  | — |
Transfer into Level 3 |  | — |  |  | — |
Balance of recurring Level 3 assets at June 30, 2023 |  | $ | 8,593 |  |  | $ | — |
Corporate Bonds: |  | For the Six Months Ended
Level 3 Financial Assets |  | June 30, 2023 |  | June 30, 2022
Balance of recurring Level 3 assets at January 1, 2023 |  | $ | — |  |  | $ | — |
Total gains and losses for the period: |  | — |  |  | — |
Included in other comprehensive income |  | (1,362) |  |  | — |
Transfer into Level 3 |  | 9,955 |  |  | — |
Balance of recurring Level 3 assets at June 30, 2023 |  | $ | 8,593 |  |  | $ | — |
June 30, 2023 | Fair Value | Valuation Techniques | Unobservable Input | Range (WA)
Corporate bonds and notes | $ | 8,594 |  | Discounted cash flow | Market discount rate | 12.00% -12.00% [12.00%]
The following table presents information related to Level 3 non-recurring fair value measurement at June 30, 2023 (in thousands):
Description |  | Fair Value at June 30, 2023 |  | Valuation Technique |  | Unobservable Inputs |  | Range [Weighted Average] at June 30, 2023
Individually analyzed loans: |  |  |  |  |  |  |  |
Commercial and agricultural: |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 414 |  |  | Sales comparison |  | Discount to appraised value |  | 10.00%-50.00% [14.57%]
Total |  | $ | 414 |  |  |  |  |  |  |
Schedule of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | Assets and liabilities measured at fair value on a non-recurring basis are summarized below (in thousands):
|  |  | Fair Value Measurement at June 30, 2023 Using |  |
Financial Assets: | Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Gains (Losses)
Individually Analyzed Loans: |  |  |  |  |  |  |  |  |
Commercial and agricultural: |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 414 |  |  | $ | — |  |  | $ | — |  |  | $ | 414 |  |  | $ | — |
Total individually analyzed loans | $ | 414 |  |  | $ | — |  |  | $ | — |  |  | $ | 414 |  |  | $ | — |
Schedule of Carrying Value and Estimated Fair Value of Financial Instruments | The carrying amounts and estimated fair values of other financial instruments, at June 30, 2023 and December 31, 2022, are as follows (in thousands):
| June 30, 2023
Financial assets: | Carrying Amount |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Estimated Fair Value (1)
Cash and due from financial institutions | $ | 25,499 |  |  | $ | 25,499 |  |  | $ | — |  |  | $ | — |  |  | $ | 25,499 |
Interest-earning deposits in other financial institutions | 28,727 |  |  | 28,727 |  |  | — |  |  | — |  |  | 28,727 |
Equity investments | 2,841 |  |  | 2,841 |  |  | — |  |  | — |  |  | 2,841 |
Securities available for sale | 604,313 |  |  | 56,197 |  |  | 539,523 |  |  | 8,593 |  |  | 604,313 |
Securities held to maturity | 1,804 |  |  | — |  |  | 954 |  |  | 824 |  |  | 1,778 |
FHLBNY and FRBNY stock | 6,328 |  |  | — |  |  | — |  |  | — |  |  | N/A
Loans, net and loans held for sale | 1,874,519 |  |  | — |  |  | — |  |  | 1,807,870 |  |  | 1,807,870 |
Accrued interest receivable | 8,691 |  |  | 112 |  |  | 2,014 |  |  | 6,565 |  |  | 8,691 |
Derivative Assets | 26,450 |  |  | — |  |  | 26,450 |  |  | — |  |  | 26,450 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |
Demand, savings, and insured money market accounts | $ | 1,844,708 |  |  | $ | 1,844,708 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,844,708 |
Time deposits | 545,486 |  |  | — |  |  | 542,449 |  |  | — |  |  | 542,449 |
FHLBNY overnight advances | 50,760 |  |  | — |  |  | 50,762 |  |  | — |  |  | 50,762 |
Accrued interest payable | 2,828 |  |  | 79 |  |  | 2,749 |  |  | — |  |  | 2,828 |
Derivative Liabilities | 26,450 |  |  | — |  |  | 26,450 |  |  | — |  |  | 26,450 |
(1) Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.
| December 31, 2022
Financial assets: | Carrying Amount |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Estimated Fair Value (1)
Cash and due from financial institutions | $ | 29,309 |  |  | $ | 29,309 |  |  | $ | — |  |  | $ | — |  |  | $ | 29,309 |
Interest-earning deposits in other financial institutions | 26,560 |  |  | 26,560 |  |  | — |  |  | — |  |  | 26,560 |
Equity investments | 2,830 |  |  | 2,830 |  |  | — |  |  | — |  |  | 2,830 |
Securities available for sale | 632,589 |  |  | 55,574 |  |  | 577,015 |  |  | — |  |  | 632,589 |
Securities held to maturity | 2,424 |  |  | — |  |  | 1,450 |  |  | 952 |  |  | 2,402 |
FHLBNY and FRBNY stock | 8,197 |  |  | — |  |  | — |  |  | — |  |  | N/A
Loans, net and loans held for sale | 1,809,789 |  |  | — |  |  | — |  |  | 1,757,171 |  |  | 1,757,171 |
Accrued interest receivable | 8,682 |  |  | 132 |  |  | 2,002 |  |  | 6,548 |  |  | 8,682 |
Derivative Asset | 27,141 |  |  | — |  |  | 27,141 |  |  | — |  |  | 27,141 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |
Demand, savings, and insured money market accounts | $ | 1,924,843 |  |  | $ | 1,924,843 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,924,843 |
Time deposits | 402,384 |  |  | — |  |  | 403,572 |  |  | — |  |  | 403,572 |
FHLBNY overnight advances | 95,810 |  |  | — |  |  | 95,819 |  |  | — |  |  | 95,819 |
Accrued interest payable | 864 |  |  | 64 |  |  | 800 |  |  | — |  |  | 864 |
Derivative Liabilities | 27,196 |  |  | — |  |  | 27,196 |  |  | — |  |  | 27,196 |
(1) Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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