FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets Measured on Recurring Basis

The following summarizes those financial instruments measured at fair value on a recurring basis in the Consolidated Statements of Financial Condition as of the dates indicated, categorized by the relevant class of investment and level of the fair value hierarchy:

	March 31, 2024
(In thousands)	Level 1		Level 2		Level 3		Total
Available for sale securities:
Traditional securities:
GSE certificates & CMOs	$	—	$	465,788	$	—	$	465,788
Non-GSE certificates & CMOs	—		186,453		—		186,453
ABS	—		668,290		—		668,290
Corporate	—		121,373		—		121,373
Other	198		3,691		—		3,889
PACE assessments:
Residential PACE assessments	—		—		82,258		82,258
Total assets carried at fair value	$	198	$	1,445,595	$	82,258	$	1,528,051

	December 31, 2023
(In thousands)	Level 1		Level 2		Level 3		Total
Available for sale securities:
Traditional securities:
GSE certificates & CMOs	$	—	$	480,615	$	—	$	480,615
Non-GSE certificates & CMOs	—		196,860		—		196,860
ABS	—		627,635		—		627,635
Corporate	—		120,741		—		120,741
Other	199		3,689		—		3,888
PACE assessments:
Residential PACE assessments	—		—		53,303		53,303
Total assets carried at fair value	$	199	$	1,429,540	$	53,303	$	1,483,042

Schedule of Assets Measured at Fair Value on a Recurring Basis

The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2024 and March 31, 2023:

	Residential PACE Assessments
	March 31, 2024		March 31, 2023
(In thousands)
Balance of recurring Level 3 assets at January 1	$	53,303	$	—
Amortization included in interest income	261		—
Change in unrealized holding gains/losses included in other comprehensive income	536		—
Purchases	34,879		—
Sales	(6,284)		—
Principal paydowns	(437)		—
Balance of recurring Level 3 assets at March 31	$	82,258	$	—

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table presents quantitative information about recurring Level 3 fair value measurements at March 31, 2024 and December 31, 2023:

	March 31, 2024
	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
(In thousands)
Residential PACE assessments	$	82,258	Discounted cash flow	Conditional prepayment rate	7.0%-26.0% (18.2%)
	December 31, 2023
	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
(In thousands)
Residential PACE assessments	$	53,303	Discounted cash flow	Conditional prepayment rate	7.0%-26.0% (18.2%)

Schedule of Assets Measured on Nonrecurring Basis

The following tables summarize assets measured at fair value on a non-recurring basis in the Consolidated Statements of Financial Condition as of the dates indicated, categorized by the relevant class of investment and level of the fair value hierarchy:

	March 31, 2024
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Fair Value Measurements:
Individually analyzed loans	$	1,498	$	—	$	—	$	1,498	$	1,498
	$	1,498	$	—	$	—	$	1,498	$	1,498

Schedule of Basis and Estimated Fair Values of Financial Instruments

The following table summarizes the financial statement basis and estimated fair values for significant categories of financial instruments:

	March 31, 2024
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	155,204	$	155,204	$	—	$	—	$	155,204
Held-to-maturity securities	1,673,962		—		571,999		949,622		1,521,621
Loans held for sale	2,137		—		—		2,137		2,137
Loans receivable, net	4,359,380		—		—		4,026,693		4,026,693
Resell agreements	131,242		—		—		131,242		131,242
Accrued interest receivable	53,436		281		13,111		40,044		53,436
Financial liabilities:
Deposits payable on demand	$	6,946,272	$	—	$	6,946,272	$	—	$	6,946,272
Time deposits and brokered CDs	359,493		—		357,684		—		357,684
FHLBNY advances	9,135		—		8,818		—		8,818
Other borrowings	60,000		—		59,958		—		59,958
Subordinated debt, net	70,570		—		56,456		—		56,456
Accrued interest payable	6,640		—		6,640		—		6,640

	December 31, 2023
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	90,570	$	90,570	$	—	$	—	$	90,570
Held-to-maturity securities	1,696,834		—		575,418		974,091		1,549,509
Loans held for sale	1,817		—				1,817		1,817
Loans receivable, net	4,345,628		—		—		4,029,142		4,029,142
Resell agreements	50,000		—		—		50,000		50,000
Accrued interest receivable	55,484		43		12,645		42,796		55,484
Financial liabilities:
Deposits payable on demand	$	6,582,321	$	—	$	6,582,321	$	—	$	6,582,321
Time deposits and brokered CDs	429,667		—		428,116		—		428,116
FHLBNY advances	4,381		—		4,381		—		4,381
Other borrowings	230,000		—		229,711		—		229,711
Subordinated debt, net	70,546		—		56,790		—		56,790
Accrued interest payable	12,270		—		12,270		—		12,270