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FAIR VALUES (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):
|  | Fair Value Measurement at December 31, 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 |  | $ | 55,332 |  |  | $ | 55,332 |  |  | $ | — |  |  | $ | — |
Mortgage-backed securities, residential |  | 403,824 |  |  | — |  |  | 403,824 |  |  | — |
Obligations of states and political subdivisions |  | 38,686 |  |  | — |  |  | 38,686 |  |  | — |
Corporate bonds and notes |  | 20,669 |  |  | — |  |  | 13,139 |  |  | 7,530 |
SBA loan pools |  | 65,482 |  |  | — |  |  | 65,482 |  |  | — |
Total available for sale securities |  | $ | 583,993 |  |  | $ | 55,332 |  |  | $ | 521,131 |  |  | $ | 7,530 |
Equity Investments |  | $ | 2,552 |  |  | $ | 2,552 |  |  | $ | — |  |  | $ | — |
Derivative assets |  | $ | 23,942 |  |  | $ | — |  |  | $ | 23,942 |  |  | $ | — |
Financial Liabilities: |  |  |  |  |  |  |  |
Derivative liabilities |  | $ | 23,981 |  |  | $ | — |  |  | $ | 23,981 |  |  | $ | — |
|  | 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 |  | $ | 2,246 |  |  | $ | 2,246 |  |  | $ | — |  |  | $ | — |
Derivative assets |  | $ | 26,706 |  |  | $ | — |  |  | $ | 26,706 |  |  | $ | — |
Financial Liabilities: |  |  |  |  |  |  |  |
Derivative liabilities |  | $ | 26,761 |  |  | $ | — |  |  | $ | 26,761 |  |  | $ | — |
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 years ended December 31, 2023 and 2022.
Corporate Bonds: Level 3 Financial Assets |  | 2023 |  | 2022
Balance of recurring Level 3 assets at January 1 |  | $ | — |  |  | $ | — |
Total gains and losses for the period: |  |  |  |
Included in other comprehensive income |  | (1,096) |  |  | — |
Transfers into Level 3 |  | 9,955 |  |  | — |
Transfers out of Level 3 |  | (1,329) |  |  | — |
Balance of recurring Level 3 assets at December 31 |  | $ | 7,530 |  |  | $ | — |
December 31, 2023 | Fair Value |  | Valuation Techniques |  | Unobservable Input |  | Range [Weighted Average] at
Corporate bonds and notes | $ | 7,530 |  |  | Discounted cash flow |  | Market discount rate |  | 12.50% -12.50% [12.50%]
Carrying Value and Estimated Fair Value of Other Financial Instruments | The carrying amounts and estimated fair values of other financial instruments, at December 31, 2023 and December 31, 2022, are as follows (in thousands):
|  |  |  | Fair Value Measurements at December 31, 2023 Using |  |
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 |  | $ | 22,247 |  |  | $ | 22,247 |  |  | $ | — |  |  | $ | — |  |  | $ | 22,247 |
Interest-bearing deposits in other financial institutions |  | 14,600 |  |  | 14,600 |  |  | — |  |  | — |  |  | 14,600 |
Equity investments |  | 3,046 |  |  | 3,046 |  |  | — |  |  | — |  |  | 3,046 |
Securities available for sale |  | 583,993 |  |  | 55,332 |  |  | 521,131 |  |  | 7,530 |  |  | 583,993 |
Securities held to maturity |  | 785 |  |  | — |  |  | — |  |  | 785 |  |  | 785 |
FHLBNY and FRBNY stock |  | 5,498 |  |  | — |  |  | — |  |  | — |  |  | N/A
Loans, net and loans held for sale |  | 1,972,664 |  |  | — |  |  | — |  |  | 1,875,390 |  |  | 1,875,390 |
Derivative assets |  | 23,942 |  |  | — |  |  | 23,942 |  |  | — |  |  | 23,942 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |
Demand, savings, and insured money market deposits |  | $ | 1,817,162 |  |  | $ | 1,817,162 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,817,162 |
Time deposits |  | 612,265 |  |  | — |  |  | 609,863 |  |  | — |  |  | 609,863 |
FHLBNY overnight advances |  | 31,920 |  |  | — |  |  | 31,925 |  |  | — |  |  | 31,925 |
Derivative liabilities |  | 23,981 |  |  | — |  |  | 23,981 |  |  | — |  |  | 23,981 |
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.
|  |  |  | Fair Value Measurements at December 31, 2022 Using |  |
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-bearing 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 |  | 1,829,448 |  |  | — |  |  | — |  |  | 1,757,171 |  |  | 1,757,171 |
Derivative assets |  | 26,706 |  |  | — |  |  | 26,706 |  |  | — |  |  | 26,706 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |
Demand, savings, and insured money market deposits |  | $ | 1,924,843 |  |  | $ | 1,924,843 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,924,843 |
Time deposits |  | 402,384 |  |  | — |  |  | 403,572 |  |  | — |  |  | 403,572 |
FHLBNY overnight advances |  | 95,810 |  |  | — |  |  | — |  |  | — |  |  | — |
Derivative liabilities |  | 26,761 |  |  | — |  |  | 26,761 |  |  | — |  |  | 26,761 |
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, 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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