FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2023
U.S. Government agency securities	$	59,763	$	—	$	59,763	$	—
U.S. State and Municipal securities		9,498		—		9,498		—
Residential mortgage securities		319,061		—		319,061		—
Commercial mortgage securities		34,375		—		34,375		—
Asset-backed securities		3,371		—		3,371		—
CRA Mutual Fund		2,066		2,066		—		—
Derivatives		5,771		—		5,771		—
	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 June 30, 2023	Amount		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		Value
Financial Assets:
Cash and due from banks	$	33,534	$	33,534	$	—	$	—	$	33,534
Overnight deposits		168,242		168,242		—		—		168,242
Securities held-to-maturity		515,613		—		442,433		—		442,433
Loans, net		5,097,896		—		—		4,971,753		4,971,753
Other investments
FRB Stock		11,410		N/A		N/A		N/A		N/A
FHLB Stock		14,632		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		84,919		—		—		84,919		84,919
Accrued interest receivable		25,301		—		931		24,370		25,301
Financial Liabilities:
Non-interest-bearing demand deposits	$	1,730,380	$	1,730,380	$	—	$	—	$	1,730,380
Money market and savings deposits		3,516,853		3,516,853		—		—		3,516,853
Time deposits		41,332		—		40,537		—		40,537
Federal funds purchased		243,000		—		243,000		—		243,000
Federal Home Loan Bank of New York advances		200,000		—		200,000		—		200,000
Trust preferred securities payable		20,620		—		—		19,986		19,986
Prepaid debit cardholder balances		10,772		—		—		10,772		10,772
Accrued interest payable		652		12		265		375		652
Secured borrowings		7,655		—		7,655		—		7,655

			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 global payments business, 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