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FAIR VALUE (Tables) | 3 Months Ended
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Mar. 31, 2025
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 as of March 31, 2025 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 | $ | 57,571 |  |  | $ | 57,571 |  |  | $ | — |  |  | $ | — |
Mortgage-backed securities, residential | 366,371 |  |  | — |  |  | 366,371 |  |  | — |
Obligations of states and political subdivisions | 35,268 |  |  | — |  |  | 35,268 |  |  | — |
Corporate bonds and notes | 21,859 |  |  | — |  |  | — |  |  | 21,859 |
SBA loan pools | 47,258 |  |  | — |  |  | 47,258 |  |  | — |
Total available for sale securities | $ | 528,327 |  |  | $ | 57,571 |  |  | $ | 448,897 |  |  | $ | 21,859 |
Equity investments, at fair value | $ | 2,772 |  |  | $ | 2,772 |  |  | $ | — |  |  | $ | — |
Derivative assets | $ | 20,511 |  |  | $ | — |  |  | $ | 20,511 |  |  | $ | — |
Financial Liabilities: |  |  |  |  |  |  |
Derivative liabilities | $ | 20,594 |  |  | $ | — |  |  | $ | 20,594 |  |  | $ | — |
|  | 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, at fair value | $ | 2,759 |  |  | $ | 2,759 |  |  | $ | — |  |  | $ | — |
Derivative assets | $ | 23,829 |  |  | $ | — |  |  | $ | 23,829 |  |  | $ | — |
Financial Liabilities: |  |  |  |  |  |  |
Derivative liabilities | $ | 23,851 |  |  | $ | — |  |  | $ | 23,851 |  |  | $ | — |
Schedule of Information Related To Level 3 Non-Recurring Fair Value Measurement | The following tables present a reconciliation of assets measured at fair value on a recurring basis using unobservable inputs (Level 3) for the three month periods ended March 31, 2025 and 2024, and qualitative information regarding Level 3 significant unobservable inputs as of March 31, 2025 and December 31, 2024 (in thousands):
|  | For the Three Months Ended
Level 3 Financial Assets - Corporate bonds and notes |  | March 31, 2025 |  | March 31, 2024
Balance of recurring Level 3 assets as of January 1, |  | $ | 12,132 |  |  | $ | 7,530 |
Total gains or losses for the period: |  |  |  |
Included in other comprehensive income |  | 843 |  |  | 191 |
Repayments, calls, and maturities |  | (1,000) |  |  | — |
Transfers into Level 3 |  | 9,884 |  |  | — |
Transfers out of Level 3 |  | — |  |  | — |
Balance of recurring Level 3 assets as of March 31, |  | $ | 21,859 |  |  | $ | 7,721 |
March 31, 2025 | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range [Weighted Average] as of March 31, 2025
Corporate bonds and notes | $ | 21,859 |  |  | Discounted cash flow |  | Market discount rate |  | 6.25% -12.00% [9.20%]
December 31, 2024 | Fair Value |  | Valuation Technique |  | 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%]
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 March 31, 2025 and December 31, 2024 (in thousands):
Description |  | Fair Value as of March 31, 2025 |  | Valuation Technique |  | Unobservable Inputs |  | Range [Weighted Average] as of March 31, 2025
Collateral-dependent loans: |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 104 |  |  | Net present value |  | Discount rate |  | 50.00% - 50.00% [50.00%]
Commercial mortgages: |  |  |  |  |  |  |  |
Non-owner occupied commercial real estate |  | 2,042 |  |  | Income approach |  | Adjustment to appraised value |  | 16.46% - 19.26% [17.75%]
Total individually analyzed loans |  | $ | 2,146 |  |  |  |  |  |  |
Other real estate owned: |  |  |  |  |  |  |  |
Residential mortgages |  | $ | 100 |  |  | Sales comparison |  | Adjustment to appraised value |  | 20.80% - 20.80% [20.80%]
Consumer loans: |  |  |  |  |  |  |  |
Home equity lines and loans |  | 142 |  |  | Sales comparison |  | Adjustment to appraised value |  | 20.80% - 20.80% [20.80%]
Total other real estate owned, net |  | $ | 242 |  |  |  |  |  |  |
Description |  | Fair Value as of December 31, 2024 |  | Valuation Technique |  | Unobservable Inputs |  | Range [Weighted Average] as of December 31, 2024
Collateral-dependent loans: |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 11 |  |  | Net present value |  | Discount rate |  | 41.29% - 41.29% [41.29%]
Commercial mortgages: |  |  |  |  |  |  |  |
Non-owner occupied commercial real estate |  | 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 |  |  |  |  |  |  |
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 March 31, 2025 and December 31, 2024 are summarized below (in thousands):
|  |  | Fair Value Measurement as of March 31, 2025 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) |  |
Collateral-dependent loans: |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 104 |  |  | $ | — |  |  | $ | — |  |  | $ | 104 |  |  |
Commercial mortgages: |  |  |  |  |  |  |  |  |
Non-owner occupied commercial real estate | 2,042 |  |  | — |  |  | — |  |  | 2,042 |  |  |
Total individually analyzed loans | $ | 2,146 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,146 |  |  |
Other real estate owned: |  |  |  |  |  |  |  |  |
Residential mortgages | $ | 100 |  |  | $ | — |  |  | $ | — |  |  | $ | 100 |  |  |
Consumer loans: |  |  |  |  |  |  |  |  |
Home equity lines and loans | 142 |  |  | — |  |  | — |  |  | 142 |  |  |
Total other real estate owned, net | $ | 242 |  |  | $ | — |  |  | $ | — |  |  | $ | 242 |  |  |
The fair value of other real estate owned is presented net of a $32 thousand valuation allowance as of March 31, 2025.
|  |  | 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) |  |
Collateral-dependent loans: |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 11 |  |  | $ | — |  |  | $ | — |  |  | $ | 11 |  |  |
Commercial mortgages: |  |  |  |  |  |  |  |  |
Non-owner occupied commercial real estate | 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 |  |  |
Schedule of Carrying Value and Estimated Fair Value of Financial Instruments | The carrying amounts and estimated fair values of financial instruments, as of March 31, 2025 and December 31, 2024, are as follows (in thousands):
| March 31, 2025
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 | $ | 32,087 |  |  | $ | 32,087 |  |  | $ | — |  |  | $ | — |  |  | $ | 32,087 |
Interest-earning deposits in other financial institutions | 21,348 |  |  | 21,348 |  |  | — |  |  | — |  |  | 21,348 |
Equity investments | 3,249 |  |  | 3,249 |  |  | — |  |  | — |  |  | 3,249 |
Securities available for sale | 528,327 |  |  | 57,571 |  |  | 448,897 |  |  | 21,859 |  |  | 528,327 |
Securities held to maturity | 808 |  |  | — |  |  | — |  |  | 808 |  |  | 808 |
FHLBNY and FRBNY stock | 8,040 |  |  | — |  |  | — |  |  | — |  |  | N/A
Loans, net and loans held for sale | 2,097,920 |  |  | — |  |  | — |  |  | 2,007,972 |  |  | 2,007,972 |
Derivative assets | 20,511 |  |  | — |  |  | 20,511 |  |  | — |  |  | 20,511 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |
Demand, savings, and insured money market deposits | $ | 1,834,481 |  |  | $ | 1,834,481 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,834,481 |
Time deposits | 598,915 |  |  | — |  |  | 595,537 |  |  | — |  |  | 595,537 |
FHLBNY advances | 85,000 |  |  | — |  |  | 85,003 |  |  | — |  |  | 85,003 |
Derivative liabilities | 20,594 |  |  | — |  |  | 20,594 |  |  | — |  |  | 20,594 |
(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, 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 | $ | 26,224 |  |  | $ | 26,224 |  |  | $ | — |  |  | $ | — |  |  | $ | 26,224 |
Interest-earning 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 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.

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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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