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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
ASSETS    
Cash and due from financial institutions $ 22,247 $ 29,309
Interest-earning deposits in other financial institutions 14,600 26,560
Total cash and cash equivalents 36,847 55,869
Equity investments, at fair value 3,046 2,830
Securities available for sale, at estimated fair value (amortized cost of $669,092, net of allowance for credit losses on securities of $0 at December 31, 2023; and amortized cost of $729,198, net of allowance for credit losses on securities of $0 at December 31, 2022) 583,993 632,589
Securities held to maturity, (estimated fair value of $785 at December 31, 2023 and $2,402 at December 31, 2022 net allowance for credit losses of $0 at December 31, 2023 and December 31, 2022, respectively) 785 2,424
FHLBNY and FRBNY Stock, at cost 5,498 8,197
Loans, net of deferred loan fees 1,972,664 1,829,448
Allowance for credit losses [1] (22,517) (19,659)
Loans, net 1,950,147 1,809,789
Premises and equipment, net 14,571 16,113
Operating lease right-of-use assets 5,648 6,449
Goodwill 21,824 21,824
Bank owned life insurance 2,914 2,871
Interest rate swap assets 23,942 26,706
Accrued interest and other assets 61,314 59,892
Total assets 2,710,529 2,645,553
Deposits:    
Non-interest-bearing 653,166 733,329
Interest-bearing 1,776,261 1,593,898
Total deposits 2,429,427 2,327,227
FHLBNY overnight advances 31,920 95,810
Capital lease obligation 3,050 3,327
Operating lease liabilities 5,827 6,620
Dividends payable 1,469 1,455
Interest rate swap liabilities 23,981 26,761
Accrued interest payable and other liabilities 19,614 17,965
Total liabilities 2,515,288 2,479,165
Shareholders' equity:    
Common stock, $0.01 par value per share, 10,000,000 shares authorized; 5,310,076 issued at December 31, 2023 and December 31, 2022 53 53
Additional-paid-in capital 47,773 47,331
Retained earnings 229,930 211,859
Treasury stock, at cost (572,663 shares at December 31, 2023; 615,448 shares at December 31, 2022) (16,502) (17,598)
Accumulated other comprehensive (loss) (66,013) (75,257)
Total shareholders' equity 195,241 166,388
Total liabilities and shareholders' equity $ 2,710,529 $ 2,645,553
[1] Effective January 1, 2023, the allowance calculation is based upon Current Expected Credit loss methodology. Prior to January 1, 2023, the allowance calculation was based upon incurred loss methodology. Refer to Note 1 for further discussion.