Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Schedule of financial assets and financial liabilities

	Fair Value		Fair Value
	Measurements		Measurements
	at March 31,		at December 31,		Three Months Ended
(In thousands)	2021		2020		March 31, 2021		March 31, 2020
Mortgage-backed securities	$	481	$	505	$	(1)	$	3
Other securities		13,867		13,998		(175)		219
Borrowed funds		44,712		43,136		(1,460)		(2,351)
Net gain (loss) from fair value adjustments (1)					$	(1,636)	$	(2,129)

(1) The net gain (loss) from fair value adjustments presented in the above table does not include net gains (losses) of $2.6 million and ($3.9) million for the three months ended March 31, 2021 and 2020, respectively, from the change in the fair value of interest rate swaps.

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
	2021		2020		2021		2020		2021		2020		2021		2020
	(In thousands)
Assets:
Securities available for sale
Mortgage-backed Securities	$	—	$	—	$	518,781	$	404,460	$	—	$	—	$	518,781	$	404,460
Other securities		12,525		12,703		228,573		229,516		1,342		1,295		242,440		243,514
Interest rate swaps		—		—		9,366		1,319		—		—		9,366		1,319
Total assets	$	12,525	$	12,703	$	756,720	$	635,295	$	1,342	$	1,295	$	770,587	$	649,293
Liabilities:
Borrowings	$	—	$	—	$	—	$	—	$	44,712	$	43,136	$	44,712	$	43,136
Interest rate swaps		—		—		39,094		60,987		—		—		39,094		60,987
Total liabilities	$	—	$	—	$	39,094	$	60,987	$	44,712	$	43,136	$	83,806	$	104,123

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

	For the three months ended
	March 31, 2021				March 31, 2020
	Trust preferred		Junior subordinated		Trust preferred		Junior subordinated
	securities		debentures		securities		debentures
	(In thousands)
Beginning balance	$	1,295	$	43,136	$	1,332	$	44,384
Net gain from fair value adjustment of financial assets (1)		47		—		24		—
Net loss from fair value adjustment of financial liabilities (1)		—		1,460		—		2,351
Decrease in accrued interest receivable		—		—		(1)		—
Decrease in accrued interest payable		—		(4)		—		(24)
Change in unrealized gains included in other comprehensive income		—		120		—		(1,585)
Ending balance	$	1,342	$	44,712	$	1,355	$	45,126
Changes in unrealized gains held at period end	$	—		2,551		—		3,062

(1) Totals in the table above are presented in the Consolidated Statements of Income under net gain (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
	2021		2020		2021		2020		2021		2020		2021		2020
	(In thousands)
Assets
Non-accrual loans	$	—	$	—	$	—	$	—	$	11,388	$	11,980	$	11,388	$	11,980
Total assets	$	—	$	—	$	—	$	—	$	11,388	$	11,980	$	11,388	$	11,980

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

	March 31, 2021
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
	(In thousands)
Assets:
Cash and due from banks	$	174,420	$	174,420	$	174,420	$	—	$	—
Securities held-to-maturity
Mortgage-backed securities		7,909		8,492		—		8,492		—
Other securities		49,912		52,543		—		—		52,543
Securities available for sale
Mortgage-backed securities		518,781		518,781		—		518,781		—
Other securities		242,440		242,440		12,525		228,573		1,342
Loans		6,745,316		6,803,451		—		—		6,803,451
FHLB-NY stock		41,498		41,498		—		41,498		—
Accrued interest receivable		44,941		44,942		2		1,502		43,438
Interest rate swaps		9,366		9,366		—		9,366		—
Liabilities:
Deposits	$	6,400,925	$	6,086,038	$	5,010,460	$	1,075,578	$	—
Borrowings		948,920		950,883		—		906,171		44,712
Accrued interest payable		6,207		6,207		—		6,207		—
Interest rate swaps		39,094		39,094		—		39,094		—

	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		6,793,885		—		—		6,793,885
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		—

Fair Value, Measurements, Nonrecurring [Member]

Notes Tables

Schedule of quantitative information about Level 3

	March 31, 2021
	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average
	(Dollars in thousands)
Assets:
Non-accrual loans	$	10,130	Sales approach	Reduction for planned expedited disposal	7.0% to 15.0%	11.4%
Non-accrual loans	$	1,075	Discounted Cashflow	Discount Rate	4.3% to 5.5%	4.8%
				Probability of Default	35.0%	35.0%
Non-accrual loans	$	183	Blended Income and Sales Approach	Adjustment to sales comparison value to reconcile differences between comparable sales	0.0% to 5.0%	2.5%
				Capitalization rate	8.3%	8.3%
				Probability of Default	15.0%	15.0%

	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%

Fair Value, Measurements, Recurring [Member]

Notes Tables

Schedule of quantitative information about Level 3

	March 31, 2021
	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average
		(Dollars in thousands)
Assets:
Trust preferred securities	$	1,342	Discounted cash flows	Discount rate	n/a	4.1	%
Liabilities:
Junior subordinated debentures	$	44,712	Discounted cash flows	Discount rate	n/a	4.1	%

	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	%