FAIR VALUES (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):

			Fair Value Measurement at December 31, 2022 Using
Financial Assets:	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
U.S. treasury notes and bonds	$	55,574	$	55,574	$	—	$	—
Mortgage-backed securities, residential	$	435,131	$	—	$	435,131	$	—
Obligations of states and political subdivisions	38,892		—		38,892		—
Corporate bonds and notes	21,970		—		21,970		—
SBA loan pools	81,022		—		81,022		—
Total available for sale securities	$	632,589	$	55,574	$	577,015	$	—
Equity Investments	$	2,246	$	2,246	$	—	$	—
Derivative assets	27,141		—		27,141		—
Financial Liabilities:
Derivative liabilities	$	27,196	$	—	$	27,196	$	—

			Fair Value Measurement at December 31, 2021 Using
Financial Assets:	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
U.S. treasury notes and bonds	$	60,431	$	60,431	$	—	$	—
Mortgage-backed securities, residential	$	577,361	$	—	$	577,361	$	—
Obligations of states and political subdivisions	42,303		—		42,303		—
Corporate bonds and notes	22,848		—		22,848		—
SBA loan pools	89,083		—		89,083		—
Total available for sale securities	$	792,026	$	60,431	$	731,595	$	—
Equity investments	$	2,404	$	2,404	$	—	$	—
Derivative assets	9,711		—		9,711		—
Financial Liabilities:
Derivative liabilities	$	9,498	$	—	$	9,498	$	—

Carrying Value and Estimated Fair Value of Other Financial Instruments

The carrying amounts and estimated fair values of other financial instruments, at December 31, 2022 and December 31, 2021, are as follows (in thousands):

			Fair Value Measurements at December 31, 2022 Using
Financial assets:	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Estimated Fair Value (1)
Cash and due from financial institutions	$	29,309	$	29,309	$	—	$	—	$	29,309
Interest-bearing deposits in other financial institutions	26,560		26,560		—		—		26,560
Equity investments	2,830		2,830		—		—		2,830
Securities available for sale	632,589		55,574		577,015		—		632,589
Securities held to maturity	2,424		—		1,450		952		2,402
FHLBNY and FRBNY stock	8,197		—		—		—		N/A
Loans, net and loans held for sale	1,809,789		—		—		1,757,171		1,757,171
Accrued interest receivable	8,682		132		2,002		6,548		8,682
Derivative assets	27,141		—		27,141		—		27,141
Financial liabilities:
Deposits:
Demand, savings, and insured money market accounts	$	1,924,843	$	1,924,843	$	—	$	—	$	1,924,843
Time deposits	402,384		—		403,572		—		403,572
Accrued interest payable	864		66		798		—		864
Derivative liabilities	27,196		—		27,196		—		27,196

(1) Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

			Fair Value Measurements at December 31, 2021 Using
Financial Assets:	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Estimated Fair Value (1)
Cash and due from financial institutions	$	17,365	$	17,365	$	—	$	—	$	17,365
Interest-bearing deposits in other financial institutions	9,616		9,616		—		—		9,616
Equity investments	2,964		2,964		—		—		2,964
Securities available for sale	792,026		60,431		731,595		—		792,026
Securities held to maturity	3,790		—		1,639		2,157		3,796
FHLBNY and FRBNY stock	4,218		—		—		—		N/A
Loans, net and loans held for sale	1,497,620		—		—		1,480,967		1,480,967
Accrued interest receivable	5,985		106		1,746		4,133		5,985
Derivative assets	9,711		—		9,711		—		9,711
Financial liabilities:
Deposits:
Demand, savings, and insured money market accounts	$	1,959,076	$	1,959,076	$	—	$	—	$	1,959,076
Time deposits	196,357		—		197,658		—		197,658
Accrued interest payable	210		10		200		—		210
Derivative liabilities	9,498		—		9,498		—		9,498

(1) Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.