Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Assets and Liabilities Reported on Consolidated Statements of Financial Condition at Fair Values

The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of March 31, 2024 and December 31, 2023, by level within the fair value hierarchy (in thousands):


	Fair Value Measurements at Reporting Date Using:
	March 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Measured on a recurring basis:
Available for sale debt securities:
U.S. Treasury obligations	$	252,387	252,387	—	—
Agency-guaranteed obligations	23,518		—	23,518	—
Mortgage-backed securities	1,259,881		—	1,259,881	—
Asset-backed securities	30,517		—	30,517	—
State and municipal obligations	55,765		—	55,765	—
Corporate obligations	44,238		—	44,238	—
Total available for sale debt securities	1,666,306		252,387	1,413,919	—
Equity securities	1,341		1,341	—	—
Derivative assets	114,427		—	114,427	—
	$	1,782,074	253,728	1,528,346	—

Derivative liabilities	$	101,256	—	101,256	—

Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral	$	20,854	—	—	20,854
Foreclosed assets	11,324		—	—	11,324
	$	32,178	—	—	32,178


	Fair Value Measurements at Reporting Date Using:
	December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Measured on a recurring basis:
Available for sale debt securities:
U.S. Treasury obligations	$	253,878	253,878	—	—
Agency-guaranteed obligations	27,498		—	27,498	—
Mortgage-backed securities	1,285,609		—	1,285,609	—
Asset-backed securities	32,235		—	32,235	—
State and municipal obligations	56,584		—	56,584	—
Corporate obligations	34,308		—	34,308	—
Total available for sale debt securities	1,690,112		253,878	1,436,234	—
Equity Securities	1,270		1,270	—	—
Derivative assets	101,754		—	101,754	—
	$	1,793,136	255,148	1,537,988	—

Derivative liabilities	$	88,835	—	88,835	—

Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral	$	24,139	—	—	24,139
Foreclosed assets	11,651		—	—	11,651
	$	35,790	—	—	35,790

Schedule of Financial Instruments at Carrying and Fair Values

The following tables present the Company’s financial instruments at their carrying and fair values as of March 31, 2024 and December 31, 2023. Fair values are presented by level within the fair value hierarchy.


			Fair Value Measurements as of March 31, 2024 Using:
(Dollars in thousands)	Carrying value		Fair value	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents	$	158,352	158,352	158,352	—	—
Available for sale debt securities:
U.S. Treasury obligations	252,387		252,387	252,387	—	—
Agency-guaranteed obligations	23,518		23,518	—	23,518	—
Mortgage-backed securities	1,259,881		1,259,881	—	1,259,881	—
Asset-backed securities	30,517		30,517	—	30,517	—
State and municipal obligations	55,765		55,765	—	55,765	—
Corporate obligations	44,238		44,238	—	44,238	—
Total available for sale debt securities	$	1,666,306	1,666,306	252,387	1,413,919	—
Held to maturity debt securities, net of allowance for credit losses:
U.S. Treasury obligations	5,767		5,767	5,767	—	—
Agency-sponsored obligations	11,058		10,425	10,425	—	—

State and municipal obligations	331,278		319,070	—	319,070	—
Corporate obligations	6,568		6,197	—	6,197	—
Total held to maturity debt securities, net of allowance for credit losses	$	354,671	341,459	16,192	325,267	—
FHLBNY stock	77,750		77,750	77,750	—	—
Equity Securities	1,341		1,341	1,341	—	—
Loans, net of allowance for credit losses	10,736,278		10,343,089	—	—	10,343,089
Derivative assets	114,427		114,427	—	114,427	—

Financial liabilities:
Deposits other than certificates of deposits	$	9,066,912	9,066,912	9,066,912	—	—
Certificates of deposit	1,031,980		1,029,290	—	1,029,290	—
Total deposits	$	10,098,892	10,096,202	9,066,912	1,029,290	—
Borrowings	2,058,098		2,043,545	—	2,043,545	—
Subordinated debentures	10,744		9,504	—	9,504	—
Derivative liabilities	101,256		101,256	—	101,256	—


			Fair Value Measurements as of December 31, 2023 Using:
(Dollars in thousands)	Carrying value		Fair value	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents	$	180,255	180,255	180,255	—	—
Available for sale debt securities:
U.S. Treasury obligations	253,878		253,878	253,878	—	—
Agency-guaranteed obligations	27,498		27,498	—	27,498	—
Mortgage-backed securities	1,285,609		1,285,609	—	1,285,609	—
Asset-backed securities	32,235		32,235	—	32,235	—
State and municipal obligations	56,584		56,584	—	56,584	—
Corporate obligations	34,308		34,308	—	34,308	—
Total available for sale debt securities	$	1,690,112	1,690,112	253,878	1,436,234	—
Held to maturity debt securities:

U.S. Treasury obligations	$	5,146	5,147	5,147	—	—
Agency-sponsored obligations	$	11,058	10,406	10,406	—	—

State and municipal obligations	339,789		330,360	—	330,360	—
Corporate obligations	7,087		6,688	—	6,688	—
Total held to maturity debt securities	$	363,080	352,601	15,553	337,048	—
FHLBNY stock	79,217		79,217	79,217	—	—
Equity Securities	1,270		1,270	1,270	—	—
Loans, net of allowance for credit losses	10,766,501		10,437,204	—	—	10,437,204
Derivative assets	101,754		101,754	—	101,754	—

Financial liabilities:
Deposits other than certificates of deposits	$	9,196,572	9,196,572	9,196,572	—	—
Certificates of deposit	1,095,942		1,093,125	—	1,093,125	—
Total deposits	$	10,292,514	10,289,697	9,196,572	1,093,125	—
Borrowings	1,970,033		1,960,174	—	1,960,174	—
Subordinated debentures	10,695		9,198	—	9,198	—
Derivative liabilities	88,835		88,835	—	88,835	—