FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023
U.S. Government agency securities	$	60,236	$	—	$	60,236	$	—
U.S. State and Municipal securities		9,537		—		9,537		—
Residential mortgage securities		335,674		—		335,674		—
Commercial mortgage securities		35,299		—		35,299		—
Asset-backed securities		3,423		—		3,423		—
CRA Mutual Fund		2,087		2,087		—		—
Derivatives		(1,006)		—		(1,006)		—
	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, 2022
U.S. Government agency securities	$	59,372	$	—	$	59,372	$	—
U.S. State and Municipal securities		9,212		—		9,212		—
Residential mortgage securities		338,548		—		338,548		—
Commercial mortgage securities		34,850		—		34,850		—
Asset-backed securities		3,765		—		3,765		—
CRA Mutual Fund		2,048		2,048		—		—
Derivatives		—		—		—		—

Schedule of carrying amount and estimated fair values of financial instruments

Carrying amounts and estimated fair values of financial instruments carried at amortized cost 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 March 31, 2023	Amount		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		Value
Financial Assets:
Cash and due from banks	$	32,525	$	32,525	$	—	$	—	$	32,525
Overnight deposits		266,978		266,978		—		—		266,978
Securities held-to-maturity		501,525		—		436,131		—		436,131
Loans, net		4,803,942		—		—		4,718,214		4,718,214
Other investments
FRB Stock		11,411		N/A		N/A		N/A		N/A
FHLB Stock		13,691		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 prepaid card programs, net		83,787		—		—		83,787		83,787
Accrued interest receivable		24,006		—		859		23,147		24,006
Financial Liabilities:
Non-interest-bearing demand deposits	$	2,122,606	$	2,122,606	$	—	$	—	$	2,122,606
Money market and savings deposits		2,955,407		2,955,407		—		—		2,955,407
Time deposits		53,775		—		52,971		—		52,971
Federal funds purchased		195,000		—		195,000		—		195,000
Federal Home Loan Bank of New York advances		200,000		—		200,000		—		200,000
Trust preferred securities payable		20,620		—		—		19,983		19,983
Prepaid debit cardholder balances		11,102		—		—		11,102		11,102
Accrued interest payable		689		11		338		340		689
Secured borrowings		7,689		—		7,689		—		7,689

			Fair Value Measurement Using:
			Quoted Prices
			in Active		Significant
			Markets		Other		Significant
	Carrying		For Identical		Observable		Unobservable		Total Fair
At December 31, 2022	Amount		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		Value
Financial Assets:
Cash and due from banks	$	26,780	$	26,780	$	—	$	—	$	26,780
Overnight deposits		230,638		230,638		—		—		230,638
Securities held-to-maturity		510,425		—		437,290		—		437,290
Loans, net		4,795,647		—		—		4,737,007		4,737,007
Other investments
FRB Stock		11,421		N/A		N/A		N/A		N/A
FHLB Stock		9,191		N/A		N/A		N/A		N/A
Disability Fund		1,000		—		1,000		—		1,000
Time deposits at banks		498		498		—		—		498
Receivable from prepaid card programs, net		85,605		—		—		85,605		85,605
Accrued interest receivable		24,107		—		964		23,143		24,107
Financial Liabilities:
Non-interest-bearing demand deposits	$	2,422,151	$	2,422,151	$	—	$	—	$	2,422,151
Money market and savings deposits		2,803,698		2,803,698		—		—		2,803,698
Time deposits		52,063		—		51,058		—		51,058
Federal funds purchased		150,000		—		150,000		—		150,000
Federal Home Loan Bank of New York advances		100,000		—		100,000		—		100,000
Trust preferred securities payable		20,620		—		—		19,953		19,953
Prepaid debit cardholder balances		10,579		—		—		10,579		10,579
Accrued interest payable		728		112		293		323		728
Secured borrowings		7,725		—		7,725		—		7,725