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FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024 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			$	55,474					$	55,474					$	—					$	—
Mortgage-backed securities, residential			379,749						—						379,749						—
Obligations of states and political subdivisions			35,780						—						35,780						—
Corporate bonds and notes			21,408						—						15,233						6,175
SBA loan pools			58,516						—						58,516						—
Total available for sale securities			$	550,927					$	55,474					$	489,278					$	6,175
Equity investments, at fair value			$	2,597					$	2,597					$	—					$	—
Derivative assets			$	25,424					$	—					$	25,424					$	—
Financial Liabilities:
Derivative liabilities			$	25,432					$	—					$	25,432					$	—

There were no transfers between Level 1 and Level 2 during the three and six month periods ended June 30, 2024.

									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, at fair value			$	2,552					$	2,552					$	—					$	—
Derivative assets			$	23,942					$	—					$	23,942					$	—
Financial Liabilities:
Derivative liabilities			$	23,981					$	—					$	23,981					$	—

Schedule of Information Related To Level 3 Non-Recurring Fair Value Measurement

The following tables present a reconciliation of assets and liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3) for the three and six month periods ended June 30, 2024 and June 30, 2023 (in thousands):

Level 3 Financial Assets:						For the Three Months Ended
Corporate bonds and notes						June 30, 2024						June 30, 2023
Balance of recurring Level 3 assets as of April 1,						$	7,721					$	8,666
Total gains or losses for the period:
Included in Other Comprehensive Income						203						(73)
Transfers into Level 3						—						—
Transfers out of Level 3						(1,749)
Balance of recurring Level 3 assets as of June 30,						$	6,175					$	8,593

Level 3 Financial Assets:						For the Six Months Ended
Corporate bonds and notes						June 30, 2024						June 30, 2023
Balance of recurring Level 3 assets at January 1,						$	7,530					$	—
Total gains and losses for the period:
Included in other comprehensive income						394						(1,362)
Transfers into Level 3						—						9,955
Transfers out of Level 3						(1,749)						—
Balance of recurring Level 3 assets as of June 30,						$	6,175					$	8,593

The following tables present quantitative information about recurring Level 3 fair value measurements as of June 30, 2024 and December 31, 2023 (in thousands):

June 30, 2024

Fair Value

Valuation Techniques

Unobservable Input

Range [Weighted Average] at June 30, 2024

Corporate bonds and notes

$

6,175

Discounted cash flow

Market discount rate

12.00% -12.00% [12.00%]

December 31, 2023

Fair Value

Valuation Techniques

Unobservable Input

Range [Weighted Average] at December 31, 2023

Corporate bonds and notes

$

7,530

Discounted cash flow

Market discount rate

12.50% - 12.50% [12.50%]

The following tables present information related to Level 3 non-recurring fair value measurement as of June 30, 2024 and December 31, 2023 (in thousands):

Description

Fair Value at June 30, 2024

Valuation Technique

Unobservable Inputs

Range [Weighted Average] at June 30, 2024

Individually analyzed loans:

Commercial and industrial

$

13

Net present value

Present value of cash flows

42.00% - 42.00% [42.00%]

Total individually analyzed loans

$

13

Other real estate owned:

Residential mortgages

$

228

Sales comparison

Discount to appraised value

20.80% - 20.80% [20.80%]

Consumer loans:

Home equity lines and loans

318

Sales comparison

Discount to appraised value

20.80% - 20.80% [20.80%]

Total other real estate owned, net

$

546

Description

Fair Value at December 31, 2023

Valuation Technique

Unobservable Inputs

Range [Weighted Average] at December 31, 2023

Individually analyzed loans:

Commercial and industrial

$

64

Net present value

Present value of cash flows

47.30% - 56.80% [54.80%]

Total individually analyzed loans

$

64

Other real estate owned:

Residential mortgages

$

116

Sales comparison

Discount to appraised value

20.80% - 20.80% [20.80%]

Consumer loans:

Home equity lines and loans

211

Sales comparison

Discount to appraised value

20.80% - 20.80% [20.80%]

Total other real estate owned, net

$

327

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 as of June 30, 2024 and December 31, 2023 are summarized below (in thousands):

									Fair Value Measurement at June 30, 2024 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 industrial			$	13					$	—					$	—					$	13					$	—
Total individually analyzed loans			$	13					$	—					$	—					$	13					$	—
Other real estate owned:
Residential mortgages			$	228					$	—					$	—					$	228					$	—
Consumer loans:
Home equity lines and loans			318						—						—						318						—
Total other real estate owned, net			$	546					$	—					$	—					$	546					$	—

									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)						Total Gains (Losses)
Individually analyzed loans:
Commercial and industrial			$	64					$	—					$	—					$	64					$	—
Total individually analyzed loans			$	64					$	—					$	—					$	64					$	—
Other real estate owned:
Residential mortgages			$	116					$	—					$	—					$	116					$	—
Consumer loans:
Home equity lines and loans			211						—						—						211						—
Total other real estate owned, net			$	327					$	—					$	—					$	327					$	—

Schedule of Carrying Value and Estimated Fair Value of Financial Instruments

The carrying amounts and estimated fair values of financial instruments, as of June 30, 2024 and December 31, 2023, are as follows (in thousands):

			June 30, 2024
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			$	23,184					$	23,184					$	—					$	—					$	23,184
Interest-earning deposits in other financial institutions			47,033						47,033						—						—						47,033
Equity investments			3,090						3,090						—						—						3,090
Securities available for sale			550,927						55,474						489,278						6,175						550,927
Securities held to maturity			657						—						—						657						657
FHLBNY and FRBNY stock			5,506						—						—						—						N/A
Loans, net and loans held for sale			2,011,853						—						—						1,913,709						1,913,709
Derivative assets			25,424						—						25,424						—						25,424
Financial liabilities:
Deposits:
Demand, savings, and insured money market deposits			$	1,809,221					$	1,809,221					$	—					$	—					$	1,809,221
Time deposits			606,700						—						605,968						—						605,968
FHLBNY and FRB advances			80,000						—						79,844						—						79,844
Derivative liabilities			25,432						—						25,432						—						25,432

(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, 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			$	22,247					$	22,247					$	—					$	—					$	22,247
Interest-earning 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.

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

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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).

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