FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

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

			Fair Value Measurement at March 31, 2023 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	$	56,328	$	56,328	$	—	$	—
Mortgage-backed securities, residential	432,654		—		432,654		—
Obligations of states and political subdivisions	39,414		—		39,414		—
Corporate bonds and notes	20,630		—		11,964		8,666
SBA loan pools	77,029		—		77,029		—
Total available for sale securities	$	626,055	$	56,328	$	561,061	$	8,666
Equity investments, at fair value	$	2,311	$	2,311	$	—	$	—
Derivative assets	22,710		—		22,710		—
Financial Liabilities:
Derivative liabilities	$	22,776	$	—	$	22,776	$	—

There were no transfers between Level 1 and Level 2 during the three month period ended March 31, 2023.

			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, at fair value	$	2,246	$	2,246	$	—	$	—
Derivative assets	27,141		—		27,141		—
Financial Liabilities:
Derivative liabilities	$	27,196	$	—	$	27,196	$	—

Information Related To Level 3 Non-Recurring Fair Value Measurement

The table below presents a reconciliation of all assets measured at fair value on a recurring basis using unobservable inputs (Level 3) for the three months ended March 31, 2023 and March 31, 2022.

Corporate Bonds:	For the Three Months Ended
Level 3 Financial Assets	March 31, 2023		March 31, 2022
Balance of recurring Level 3 assets at January 1, 2023	$	—	$	—
Total gains and losses for the period:	—		—
Included in other comprehensive income	(1,289)		—
Transfer into Level 3	9,955		—
Balance of recurring Level 3 assets at March 31, 2023	$	8,666	$	—

March 31, 2023	Fair Value		Valuation Techniques	Unobservable Input	Range (WA)
Corporate bonds and notes	$	8,666	Discounted cash flow	Market discount rate	12.00% -12.00% [12.00%]

Schedule of Carrying Value and Estimated Fair Value of Financial Instruments

The carrying amounts and estimated fair values of other financial instruments, at March 31, 2023 and December 31, 2022, are as follows (in thousands):

	March 31, 2023
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	$	25,109	$	25,109	$	—	$	—	$	25,109
Interest-earning deposits in other financial institutions	9,532		9,532		—		—		9,532
Equity investments	2,949		2,949		—		—		2,949
Securities available for sale	626,055		56,328		561,061		8,666		626,055
Securities held to maturity	1,932		—		953		952		1,905
FHLBNY and FRBNY stock	7,913		—		—		—		N/A
Loans, net and loans held for sale	1,853,626		—		—		1,790,939		1,790,939
Accrued interest receivable	8,469		229		1,900		6,340		8,469
Derivative Assets	22,710		—		22,710		—		22,710
Financial liabilities:
Deposits:
Demand, savings, and insured money market accounts	$	1,880,335	$	1,880,335	$	—	$	—	$	1,880,335
Time deposits	452,094		—		450,201		—		450,201
Accrued interest payable	1,500		73		1,427		—		1,500
Derivative Liabilities	22,776		—		22,776		—		22,776

(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.

	December 31, 2022
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-earning 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		—		1,639		2,157		3,796
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 Asset	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		64		800		—		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.