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FAIR VALUE (Tables)

3 Months Ended

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.

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://www.xbrl.org/2003/role/exampleRef
-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).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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