FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

The following tables summarize, at the dates indicated, assets measured at fair value on a recurring basis, including financial assets for which the Company has elected the fair value option:

Assets Measured on a Recurring Basis

			Fair Value Measurements Using
			Quoted
			Prices in
			Active		Significant
			Markets For		Other		Significant
			Identical		Observable		Unobservable
	September 30,		Assets		Inputs		Inputs
(In thousands)	2023		(Level 1)		(Level 2)		(Level 3)
Assets:
Available for sale:
U.S. government-sponsored agencies	$	183,415	$	—	$	183,415	$	—
Mortgage-backed securities-residential		305,052		—		305,052		—
SBA pool securities		23,734		—		23,734		—
State and political subdivisions		649		—		649		—
Corporate bond		8,155		—		8,155		—
CRA investment fund		12,581		12,581		—		—
Derivatives:
Cash flow hedges		13,109		—		13,109		—
Loan level swaps		41,721		—		41,721		—
Total	$	588,416	$	12,581	$	575,835	$	—
Liabilities:
Derivatives:
Loan level swaps		41,721		—		41,721		—
Total	$	41,721	$	—	$	41,721	$	—

Assets Measured on a Recurring Basis

			Fair Value Measurements Using
			Quoted
			Prices in
			Active		Significant
			Markets For		Other		Significant
			Identical		Observable		Unobservable
	December 31,		Assets		Inputs		Inputs
(In thousands)	2022		(Level 1)		(Level 2)		(Level 3)
Assets:
Securities available for sale:
U.S. government-sponsored agencies	$	190,542	$	—	$	190,542	$	—
Mortgage-backed securities-residential		325,738		—		325,738		—
SBA pool securities		27,427		—		27,427		—
State and political subdivisions		1,849		—		1,849		—
Corporate bond		9,092		—		9,092		—
CRA investment fund		12,985		12,985		—		—
Derivatives:
Cash flow hedges		9,289		—		9,289		—
Loan level swaps		38,265		—		38,265		—
Total	$	615,187	$	12,985	$	602,202	$	—
Liabilities:
Derivatives:
Loan level swaps	$	38,265	$	—	$	38,265	$	—
Total	$	38,265	$	—	$	38,265	$	—

Schedule of Assets Measured at Fair Value on Non-Recurring Basis

The following tables summarize, at the dates indicated, assets measured at fair value on a non-recurring basis:

			Fair Value Measurements Using
			Quoted
			Prices in
			Active		Significant
			Markets For		Other		Significant
			Identical		Observable		Unobservable
	September 30,		Assets		Inputs		Inputs
(In thousands)	2023		(Level 1)		(Level 2)		(Level 3)
Assets:
Individually evaluated loans:
Multifamily property	$	7,572	$	—	$	—	$	7,572
Commercial and industrial		23,508		—		—		23,508
Lease financing		8,065		—		—		8,065

			Fair Value Measurements Using
			Quoted
			Prices in
			Active		Significant
			Markets For		Other		Significant
			Identical		Observable		Unobservable
	December 31,		Assets		Inputs		Inputs
(In thousands)	2022		(Level 1)		(Level 2)		(Level 3)
Assets:
Individually evaluated loans:
Investment commercial real estate	$	10,000	$	—	$	—	$	10,000
Commercial and industrial		743		—		—		743

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at September 30, 2023 are as follows:

			Fair Value Measurements at September 30, 2023 using
	Carrying
(In thousands)	Amount		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	187,869	$	187,869	$	—	$	—	$	187,869
Securities available for sale		521,005		—		521,005		—		521,005
Securities held to maturity		108,940		—		91,201		—		91,201
CRA investment fund		12,581		12,581		—		—		12,581
FHLB and FRB stock		34,158		—		—		—	N/A
Loans held for sale, at lower of cost or fair value		6,716		—		7,243		—		7,243
Loans, net of allowance for credit losses		5,418,129		—		—		5,165,016		5,165,016
Accrued interest receivable		22,889		—		2,601		20,288		22,889
Accrued interest receivable loan level swaps (A)		343		—		343		—		343
Cash flow hedges		13,109		—		13,109		—		13,109
Loan level swaps		41,721		—		41,721		—		41,721
Financial liabilities
Deposits	$	5,259,359	$	4,708,502	$	543,328	$	—	$	5,251,830
Short-term borrowings		470,576		—		470,576		—		470,576
Subordinated debt		133,203		—		—		113,950		113,950
Accrued interest payable		7,268		4,696		1,549		1,023		7,268
Accrued interest payable loan level swaps (B)		343		—		343		—		343
Loan level swap		41,721		—		41,721		—		41,721

(A)Included in other assets in the Consolidated Statement of Condition.

(B)Included in accrued expenses and other liabilities in the Consolidated Statement of Condition.

The carrying amounts and estimated fair values of financial instruments at December 31, 2022 are as follows:

			Fair Value Measurements at December 31, 2022 using
	Carrying
(In thousands)	Amount		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	190,075	$	190,075	$	—	$	—	$	190,075
Securities available for sale		554,648		—		554,648		—		554,648
Securities held to maturity		102,291		—		87,187		—		87,187
CRA investment fund		12,985		12,985		—		—		12,985
FHLB and FRB stock		30,672		—		—		—	N/A
Loans held for sale, at lower of cost or fair value		15,626		—		17,176		—		17,176
Loans, net of allowance for loan and lease losses		5,224,417		—		—		5,141,201		5,141,201
Accrued interest receivable		25,157		—		2,393		22,764		25,157
Accrued interest receivable loan level swaps (A)		1,092		—		1,092		—		1,092
Cash flow hedges		9,289		—		9,289		—		9,289
Loan level swaps		38,265		—		38,265		—		38,265
Financial liabilities
Deposits	$	5,205,164	$	4,835,249	$	356,975	$	—	$	5,192,224
Short-term borrowings		379,530		—		379,530		—		379,530
Subordinated debt		132,987		—		—		119,865		119,865
Accrued interest payable		2,997		2,509		413		75		2,997
Accrued interest payable loan level swaps (B)		1,092		—		1,092		—		1,092
Loan level swaps		38,265		—		38,265		—		38,265

(A)Included in other assets in the Consolidated Statement of Condition.

(B)Included in accrued expenses and other liabilities in the Consolidated Statement of Condition.