Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of financial assets and financial liabilities

	Fair Value		Fair Value		Changes in Fair Values For Items Measured at Fair Value
	Measurements		Measurements		Pursuant to Election of the Fair Value Option
	at December 31,		at December 31,		For the year ended December 31,
Description	2020		2019		2020		2019		2018
(Dollars in thousands)
Mortgage-backed securities	$	505	$	772	$	3	$	3	$	(19)
Other securities		13,998		13,548		230		427		(109)
Borrowed funds		43,136		44,384		(50)		(2,802)		(4,913)
Net gain (loss) from fair value adjustments (1)					$	183	$	(2,372)	$	(5,041)

(1) The net loss from fair value adjustments presented in the above table does not include net (losses) gains of ($2.3) million, ($3.0) million and $0.9 million from the change in fair value of derivative instruments during the years ended December 31, 2020, 2019 and 2018, respectively.

Schedule of assets and liabilities that are carried at fair value on recurring basis

	Quoted Prices
	in Active Markets				Significant Other				Significant Other
	for Identical Assets				Observable Inputs				Unobservable Inputs				Total carried at fair value
	(Level 1)				(Level 2)				(Level 3)				on a recurring basis
	2020		2019		2020		2019		2020		2019		2020		2019
	(In thousands)
Assets:
Securities available for sale
Mortgage-backed
Securities	$	—	$	—	$	404,460	$	523,849	$	—	$	—	$	404,460	$	523,849
Other securities		12,703		12,216		229,516		235,103		1,295		1,332		243,514		248,651
Interest rate swaps		—		—		1,319		2,352		—		—		1,319		2,352
Total assets	$	12,703	$	12,216	$	635,295	$	761,304	$	1,295	$	1,332	$	649,293	$	774,852
Liabilities:
Borrowings	$	—	$	—	$	—	$	—	$	43,136	$	44,384	$	43,136	$	44,384
Interest rate swaps		—		—		60,987		19,653		—		—		60,987		19,653
Total liabilities	$	—	$	—	$	60,987	$	19,653	$	43,136	$	44,384	$	104,123	$	64,037

Schedule of assets and liabilities that are carried at fair value on a recurring basis, classified within Level 3

	For the year ended
	December 31, 2020				December 31, 2019
	Trust preferred		Junior subordinated		Trust preferred		Junior subordinated
	securities		debentures		securities		debentures
	(In thousands)
Beginning balance	$	1,332	$	44,384	$	1,256	$	41,849
Net (loss) gain from fair value adjustment of financial assets (1)		(34)		—		78		—
Net loss from fair value adjustment of financial liabilities (1)		—		50		—		2,803
Decrease in accrued interest		(3)		(103)		(2)		(39)
Change in unrealized losses included in other comprehensive loss		—		(1,195)		—		(229)
Ending balance	$	1,295	$	43,136	$	1,332	$	44,384
Changes in unrealized gains held at period end	$	—	$	2,670	$	—	$	1,476

(1) These totals in the table above are presented in the Consolidated Statement of Income under net loss from fair value adjustments.

Schedule of assets and liabilities that are carried at fair value on non-recurring basis

	Quoted Prices
	in Active Markets				Significant Other				Significant Other
	for Identical Assets				Observable Inputs				Unobservable Inputs				Total carried at fair value
	(Level 1)				(Level 2)				(Level 3)				on a non-recurring basis
	2020		2019		2020		2019		2020		2019		2020		2019
	(In thousands)
Assets:
Non-accrual loans	$	—	$	—	$	—	$	—	$	11,980	$	1,081	$	11,980	$	1,081
Other repossessed assets		—		—		—		—		—		239		—		239
Total assets	$	—	$	—	$	—	$	—	$	11,980	$	1,320	$	11,980	$	1,320

Schedule of carrying amounts and estimated fair values of selected financial instruments

	December 31, 2020
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
	(In thousands)
Assets:
Cash and due from banks	$	157,388	$	157,388	$	157,388	$	—	$	—
Securities held-to-maturity
Mortgage-backed securities		7,914		8,991		—		8,991		—
Other securities		49,918		54,538		—		—		54,538
Securities available for sale
Mortgage-backed securities		404,460		404,460		—		404,460		—
Other securities		243,514		243,514		12,703		229,516		1,295
Loans		6,704,674		6,793,985		—		—		6,793,985
FHLB-NY stock		43,439		43,439		—		43,439		—
Accrued interest receivable		44,041		44,041		2		1,389		42,650
Interest rate swaps		1,319		1,319		—		1,319		—
Liabilities:
Deposits	$	6,136,355	$	6,141,775	$	4,997,994	$	1,143,781	$	—
Borrowings		1,020,895		1,017,573		—		974,437		43,136
Accrued interest payable		4,755		4,755		—		4,755		—
Interest rate swaps		60,987		60,987		—		60,987		—

	December 31, 2019
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
	(In thousands)
Assets:
Cash and due from banks	$	49,787	$	49,787	$	49,787	$	—	$	—
Securities held-to-maturity
Mortgage-backed securities		7,934		8,114		—		8,114		—
Other securities		50,954		53,998		—		—		53,998
Securities available for sale
Mortgage-backed securities		523,849		523,849		—		523,849		—
Other securities		248,651		248,651		12,216		235,103		1,332
Loans		5,772,206		5,822,124		—		—		5,822,124
FHLB-NY stock		56,921		56,921		—		56,921		—
Accrued interest receivable		25,722		25,722		9		2,519		23,194
Interest rate swaps		2,352		2,352		—		2,352		—
Liabilities:
Deposits	$	5,066,424	$	5,070,046	$	3,628,534	$	1,441,512	$	—
Borrowings		1,237,231		1,389,883		—		1,345,499		44,384
Accrued interest payable		6,752		6,752		—		6,752		—
Interest rate swaps		19,653		19,653		—		19,653		—

Fair Value, Measurements, Nonrecurring [Member]

Notes Tables

Schedule of quantitative information about Level 3

	At December 31, 2020
	Fair Value		Valuation Technique	Unobservable Input	Range		Weighted Average
	(Dollars in thousands)
Assets:
Non-accrual loans	$	10,690	Sales approach	Reduction for planned expedited disposal	-100.0% to 15.0	%	6.8	%
Non-accrual loans	$	1,290	Discounted Cashflow	Discount Rate	4.3% to 5.5	%	4.9	%
				Probability of Default	20.0% to 35.0	%	27.4	%

	At December 31, 2019
	Fair Value		Valuation Technique	Unobservable Input	Range		Weighted Average
	(Dollars in thousands)
Assets:
Non-accrual loans	$	809	Discounted Cashflow	Discount Rate	6.4	%	6.4	%
				Probability of Default	20.0	%	20.0	%
Non-accrual loans	$	272	Blended income and sales approach	Adjustment to sales comparison value to reconcile differences between comparable sales	-10.0% to 15.0	%	3	%
				Capitalization rate	9.5	%	9.5	%
				Reduction for planned expedited disposal	15.0	%	15.0	%
Other repossessed assets	$	239	Sales approach	Reduction for planned expedited disposal	0.5% to 12.5	%	6.5	%

Fair Value, Measurements, Recurring [Member]

Notes Tables

Schedule of quantitative information about Level 3

	December 31, 2020
	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average
		(Dollars in thousands)
Assets:
Trust preferred securities	$	1,295	Discounted cash flows	Discount rate	n/a	4.2	%
Liabilities:
Junior subordinated debentures	$	43,136	Discounted cash flows	Discount rate	n/a	4.2	%

	December 31, 2019
	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average
	(Dollars in thousands)
Assets:
Trust preferred securities	$	1,332	Discounted cash flows	Discount rate	n/a	4.2	%
Liabilities:
Junior subordinated debentures	$	44,384	Discounted cash flows	Discount rate	n/a	4.2	%