FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2024

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of assets and liabilities measured at fair value on a recurring basis

Assets measured at fair value on a recurring basis are summarized below (in thousands):

	Fair Value Measurement using:
			Quoted Prices
			in Active		Significant
			Markets		Other		Significant
	Carrying		For Identical		Observable		Unobservable
	Amount		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)
At June 30, 2024
U.S. Government agency securities	$	62,161	$	—	$	62,161	$	—
U.S. State and Municipal securities		9,490		—		9,490		—
Residential mortgage securities		386,775		—		386,775		—
Commercial mortgage securities		43,338		—		43,338		—
Asset-backed securities		2,984		—		2,984		—
CRA Mutual Fund		2,122		2,122		—		—
Derivative assets		4,266		—		4,266		—
Derivative liabilities		596		—		596		—
	Fair Value Measurement using:
			Quoted Prices
			in Active		Significant
			Markets		Other		Significant
	Carrying		For Identical		Observable		Unobservable
	Amount		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)
At December 31, 2023
U.S. Government agency securities	$	61,775	$	—	$	61,775	$	—
U.S. State and Municipal securities		9,699		—		9,699		—
Residential mortgage securities		351,920		—		351,920		—
Commercial mortgage securities		34,584		—		34,584		—
Asset-backed securities		3,229		—		3,229		—
CRA Mutual Fund		2,123		2,123		—		—
Derivative assets		2,687		—		2,687		—
Derivative liabilities		6,037		—		6,037		—

Schedule of assets and liabilities measured on a non-recurring basis

There were no material assets measured at fair value on a non-recurring basis at June 30, 2024 and December 31, 2023.

Carrying amounts and estimated fair values of financial instruments not carried at fair value were as follows (in thousands):

			Fair Value Measurement Using:
			Quoted Prices
			in Active		Significant
			Markets		Other		Significant
	Carrying		For Identical		Observable		Unobservable		Total Fair
At June 30, 2024	Amount		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		Value
Financial Assets:
Cash and due from banks	$	18,152	$	18,152	$	—	$	—	$	18,152
Overnight deposits		226,510		226,510		—		—		226,510
Securities held-to-maturity		449,368		—		382,590		—		382,590
Loans, net		5,778,884		—		—		5,666,246		5,666,246
Other investments
FRB Stock		11,410		N/A		N/A		N/A		N/A
FHLB Stock		13,176		N/A		N/A		N/A		N/A
Disability Fund		1,500		—		1,500		—		1,500
Time deposits at banks		498		498		—		—		498
Receivable from global payments business, net		90,626		—		—		90,626		90,626
Accrued interest receivable		30,303		—		2,205		28,098		30,303
Financial Liabilities:
Non-interest-bearing demand deposits	$	1,883,176	$	1,883,176	$	—	$	—	$	1,883,176
Money market and savings deposits		4,255,989		4,255,989		—		—		4,255,989
Time deposits		30,497		—		29,819		—		29,819
Federal funds purchased		—		—		—		—		—
Federal Home Loan Bank of New York advances		150,000		—		150,000		—		150,000
Trust preferred securities payable		20,620		—		—		20,003		20,003
Prepaid debit cardholder balances		22,631		—		—		22,631		22,631
Accrued interest payable		3,876		699		2,785		392		3,876
Secured and other borrowings		107,514		—		7,514		99,869		107,383

			Fair Value Measurement Using:
			Quoted Prices
			in Active		Significant
			Markets		Other		Significant
	Carrying		For Identical		Observable		Unobservable		Total Fair
At December 31, 2023	Amount		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		Value
Financial Assets:
Cash and due from banks	$	31,973	$	31,973	$	—	$	—	$	31,973
Overnight deposits		237,492		237,492		—		—		237,492
Securities held-to-maturity		468,860		—		404,252		—		404,252
Loans, net		5,566,832		—		—		5,474,238		5,474,238
Other investments
FRB Stock		11,410		N/A		N/A		N/A		N/A
FHLB Stock		25,558		N/A		N/A		N/A		N/A
Disability Fund		1,500		—		1,500		—		1,500
Time deposits at banks		498		498		—		—		498
Receivable from global payments business, net		87,648		—		—		87,648		87,648
Accrued interest receivable		31,948		—		2,007		29,941		31,948
Financial Liabilities:
Non-interest-bearing demand deposits	$	1,837,874	$	1,837,874	$	—	$	—	$	1,837,874
Money market and savings deposits		3,864,018		3,864,018		—		—		3,864,018
Time deposits		35,400		—		35,011		—		35,011
Federal funds purchased		99,000		—		99,000		—		99,000
Federal Home Loan Bank of New York advances		440,000		—		440,000		—		440,000
Trust preferred securities payable		20,620		—		—		20,007		20,007
Prepaid debit cardholder balances		10,178		—		—		10,178		10,178
Accrued interest payable		1,894		1,028		475		391		1,894
Secured and other borrowings		7,585		—		7,585		—		7,585