XML 66 R49.htm IDEA: XBRL DOCUMENT v3.24.0.1

FAIR VALUES (Tables)

12 Months Ended

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.

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ 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

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration