FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2025

FAIR VALUE OF FINANCIAL INSTRUMENTS

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

Assets and liabilities measured at fair value on a recurring and non-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, 2025
Recurring Fair Value Measurements:
Assets
U.S. Government agency securities	$	65,103	$	—	$	65,103	$	—
U.S. State and Municipal securities		9,443		—		9,443		—
Residential mortgage securities		430,377		—		430,377		—
Commercial mortgage securities		43,641		—		43,641		—
Asset-backed securities		2,465		—		2,465		—
CRA Mutual Fund		5,276		5,276		—		—
Derivative assets		1,094		—		1,094		—
Liabilities
Derivative liabilities		4,215		—		4,215		—
Non-Recurring Fair Value Measurements:
Assets
Collateral dependent loans		21,600		—		—		21,600
	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, 2024
Recurring Fair Value Measurements:
Assets
U.S. Government agency securities	$	63,752	$	—	$	63,752	$	—
U.S. State and Municipal securities		9,500		—		9,500		—
Residential mortgage securities		363,068		—		363,068		—
Commercial mortgage securities		43,128		—		43,128		—
Asset-backed securities		2,637		—		2,637		—
CRA Mutual Fund		5,109		5,109		—		—
Derivative assets		919		—		919		—
Liabilities
Derivative liabilities		1,539		—		1,539		—

Schedule of assets and liabilities not measured at fair value

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, 2025	Amount		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		Value
Financial Assets:
Cash and due from banks	$	13,577	$	13,577	$	—	$	—	$	13,577
Overnight deposits		138,876		138,876		—		—		138,876
Securities held-to-maturity		387,901		—		336,694		—		336,694
Loans, net		6,538,718		—		—		6,605,670		6,605,670
Other investments
FRB Stock		11,410		N/A		N/A		N/A		N/A
FHLB Stock		13,889		N/A		N/A		N/A		N/A
Disability Fund		1,500		—		1,500		—		1,500
Time deposits at banks		498		498		—		—		498
Accrued interest receivable		33,948		—		2,258		31,690		33,948
Financial Liabilities:
Non-interest-bearing demand deposits	$	1,427,439	$	1,427,439	$	—	$	—	$	1,427,439
Money market and savings deposits		5,240,511		5,240,511		—		—		5,240,511
Time deposits		123,356		—		123,118		—		123,118
Federal funds purchased		50,000		—		50,000		—		50,000
Federal Home Loan Bank of New York advances		150,000		—		150,063		—		150,063
Trust preferred securities		20,620		—		—		20,001		20,001
Accrued interest payable		3,335		941		2,058		336		3,335
Secured and other borrowings		17,366		—		17,366		—		17,366

			Fair Value Measurement Using:
			Quoted Prices
			in Active		Significant
			Markets		Other		Significant
	Carrying		For Identical		Observable		Unobservable		Total Fair
At December 31, 2024	Amount		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		Value
Financial Assets:
Cash and due from banks	$	13,078	$	13,078	$	—	$	—	$	13,078
Overnight deposits		187,190		187,190		—		—		187,190
Securities held-to-maturity		428,557		—		366,719		—		366,719
Loans, net		5,970,803		—		—		5,878,582		5,878,582
Other investments
FRB Stock		11,410		N/A		N/A		N/A		N/A
FHLB Stock		17,228		N/A		N/A		N/A		N/A
Disability Fund		1,500		—		1,500		—		1,500
Time deposits at banks		498		498		—		—		498
Accrued interest receivable		33,209		—		2,105		31,104		33,209
Financial Liabilities:
Non-interest-bearing demand deposits	$	1,334,054	$	1,334,054	$	—	$	—	$	1,334,054
Money market and savings deposits		4,523,522		4,523,522		—		—		4,523,522
Time deposits		125,397		—		125,288		—		125,288
Federal funds purchased		210,000		—		210,000		—		210,000
Federal Home Loan Bank of New York advances		240,000		—		240,000		—		240,000
Trust preferred securities		20,620		—		—		20,024		20,024
Accrued interest payable		1,809		12		1,436		361		1,809
Secured and other borrowings		7,441		—		7,441		—		7,441