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FAIR VALUES (Tables) | 12 Months Ended
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Dec. 31, 2024
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 as of December 31, 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 |  | $ | 56,906 |  |  | $ | 56,906 |  |  | $ | — |  |  | $ | — |
Mortgage-backed securities, residential |  | 365,934 |  |  | — |  |  | 365,934 |  |  | — |
Obligations of states and political subdivisions |  | 35,505 |  |  | — |  |  | 35,505 |  |  | — |
Corporate bonds and notes |  | 22,016 |  |  | — |  |  | 9,884 |  |  | 12,132 |
SBA loan pools |  | 51,081 |  |  | — |  |  | 51,081 |  |  | — |
Total available for sale securities |  | $ | 531,442 |  |  | $ | 56,906 |  |  | $ | 462,404 |  |  | $ | 12,132 |
Equity Investments |  | $ | 2,759 |  |  | $ | 2,759 |  |  | $ | — |  |  | $ | — |
Derivative assets |  | 23,829 |  |  | — |  |  | 23,829 |  |  | — |
Financial Liabilities: |  |  |  |  |  |  |  |
Derivative liabilities |  | $ | 23,851 |  |  | $ | — |  |  | $ | 23,851 |  |  | $ | — |
|  | Fair Value Measurement as of 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 |  |  | $ | — |
Information Related To Level 3 Non-Recurring Fair Value Measurement | The tables below present a reconciliation of assets measured at fair value on a recurring basis using unobservable inputs (Level 3) and qualitative information regarding Level 3 significant unobservable inputs for the years ended December 31, 2024 and 2023.
Level 3 Financial Assets - Corporate Bonds |  | 2024 |  | 2023
Balance of recurring Level 3 assets as of January 1 |  | $ | 7,530 |  |  | $ | — |
Total gains and losses for the period: |  |  |  |
Included in other comprehensive income |  | 420 |  |  | (1,096) |
Transfers into Level 3 |  | 5,931 |  |  | 9,955 |
Transfers out of Level 3 |  | (1,749) |  |  | (1,329) |
Balance of recurring Level 3 assets as of December 31 |  | $ | 12,132 |  |  | $ | 7,530 |
December 31, 2024 | Fair Value |  | Valuation Techniques |  | Unobservable Input |  | Range [Weighted Average] as of December 31, 2024
Corporate bonds and notes | $ | 12,132 |  |  | Discounted cash flow |  | Market discount rate |  | 7.25% -12.00% [10.82%]
December 31, 2023 | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range [Weighted Average] as of 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 quantitative information regarding Level 3 significant unobservable inputs for assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2024 and 2023 (in thousands):
Description |  | Fair Value as of December 31, 2024 |  | Valuation Technique |  | Unobservable Inputs |  | Range [Weighted Average] as of December 31, 2024
Individually analyzed loans: |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 11 |  |  | Net present value |  | Discount rate |  | 41.29% - 41.29% [41.29%]
Commercial mortgages: |  |  |  |  |  |  |  |
Commercial mortgages, other |  | 873 |  |  | Income approach |  | Adjustment to appraised value |  | 16.86% - 16.86% [16.86%]
Total individually analyzed loans |  | $ | 884 |  |  |  |  |  |  |
Other real estate owned: |  |  |  |  |  |  |  |
Residential mortgages |  | $ | 126 |  |  | Sales comparison |  | Adjustment to appraised value |  | 20.80% - 20.80% [20.80%]
Consumer loans: |  |  |  |  |  |  |  |
Home equity lines and loans |  | 285 |  |  | Sales comparison |  | Adjustment to appraised value |  | 20.80% - 20.80% [20.80%]
Total other real estate owned, net |  | $ | 411 |  |  |  |  |  |  |
Description |  | Fair Value as of December 31, 2023 |  | Valuation Technique |  | Unobservable Inputs |  | Range [Weighted Average] as of December 31, 2023
Individually analyzed loans: |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 62 |  |  | Net present value |  | Discount rate |  | 48.64% - 57.33% [55.57%]
Total individually analyzed loans |  | $ | 62 |  |  |  |  |  |  |
Other real estate owned: |  |  |  |  |  |  |  |
Residential mortgages |  | $ | 116 |  |  | Sales comparison |  | Adjustment to appraised value |  | 20.80% - 20.80% [20.80%]
Consumer loans: |  |  |  |  |  |  |  |
Home equity lines and loans |  | 210 |  |  | Sales comparison |  | Adjustment to appraised value |  | 20.80% - 20.80% [20.80%]
Total other real estate owned, net |  | $ | 326 |  |  |  |  |  |  |
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 December 31, 2024 and 2023 are summarized below (in thousands):
|  |  | Fair Value Measurement as of December 31, 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) |  |
Individually analyzed loans: |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 11 |  |  | $ | — |  |  | $ | — |  |  | $ | 11 |  |  |
Commercial mortgages: |  |  |  |  |  |  |  |  |
Commercial mortgages, other | 873 |  |  | — |  |  | — |  |  | 873 |  |  |
Total individually analyzed loans | $ | 884 |  |  | $ | — |  |  | $ | — |  |  | $ | 884 |  |  |
Other real estate owned: |  |  |  |  |  |  |  |  |
Residential mortgages | $ | 126 |  |  | $ | — |  |  | $ | — |  |  | $ | 126 |  |  |
Consumer loans: |  |  |  |  |  |  |  |  |
Home equity lines and loans | 285 |  |  | — |  |  | — |  |  | 285 |  |  |
Total other real estate owned, net | $ | 411 |  |  | $ | — |  |  | $ | — |  |  | $ | 411 |  |  |
The fair value of other real estate owned is presented net of a $32 thousand valuation allowance as of December 31, 2024.
|  |  | Fair Value Measurement as of 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) |  |
Individually analyzed loans: |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 62 |  |  | $ | — |  |  | $ | — |  |  | $ | 62 |  |  |
Total individually analyzed loans | $ | 62 |  |  | $ | — |  |  | $ | — |  |  | $ | 62 |  |  |
Other real estate owned: |  |  |  |  |  |  |  |  |
Residential mortgages | $ | 116 |  |  | $ | — |  |  | $ | — |  |  | $ | 116 |  |  |
Consumer loans: |  |  |  |  |  |  |  |  |
Home equity lines and loans | 210 |  |  | — |  |  | — |  |  | 210 |  |  |
Total other real estate owned, net | $ | 326 |  |  | $ | — |  |  | $ | — |  |  | $ | 326 |  |  |
Carrying Value and Estimated Fair Value of Other Financial Instruments | The carrying amounts and estimated fair values of other financial instruments, as of December 31, 2024 and December 31, 2023, are as follows (in thousands):
|  |  |  | Fair Value Measurements as of December 31, 2024 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 |  | $ | 26,224 |  |  | $ | 26,224 |  |  | $ | — |  |  | $ | — |  |  | $ | 26,224 |
Interest-bearing deposits in other financial institutions |  | 20,811 |  |  | 20,811 |  |  | — |  |  | — |  |  | 20,811 |
Equity investments |  | 3,235 |  |  | 3,235 |  |  | — |  |  | — |  |  | 3,235 |
Securities available for sale |  | 531,442 |  |  | 56,906 |  |  | 462,404 |  |  | 12,132 |  |  | 531,442 |
Securities held to maturity |  | 808 |  |  | — |  |  | — |  |  | 808 |  |  | 808 |
FHLBNY and FRBNY stock |  | 9,117 |  |  | — |  |  | — |  |  | — |  |  | N/A
Loans, net and loans held for sale |  | 2,071,419 |  |  | — |  |  | — |  |  | 1,981,851 |  |  | 1,981,851 |
Derivative assets |  | 23,829 |  |  | — |  |  | 23,829 |  |  | — |  |  | 23,829 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |
Demand, savings, and insured money market deposits |  | $ | 1,772,971 |  |  | $ | 1,772,971 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,772,971 |
Time deposits |  | 623,912 |  |  | — |  |  | 622,920 |  |  | — |  |  | 622,920 |
FHLBNY overnight advances |  | 109,110 |  |  | — |  |  | 109,083 |  |  | — |  |  | 109,083 |
Derivative liabilities |  | 23,851 |  |  | — |  |  | 23,851 |  |  | — |  |  | 23,851 |
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 as of 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.

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- 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://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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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://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + 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/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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