Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

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	2022		2021		2022		2021		2020
(In thousands)
Mortgage-backed securities	$	295	$	388	$	(27)	$	(5)	$	3
Other securities		12,728		14,180		(1,639)		36		230
Borrowed funds		50,507		56,472		7,394		(14,004)		(50)
Net gain (loss) from fair value adjustments (1)					$	5,728	$	(13,973)	$	183

(1) The net gain (loss) from fair value adjustments presented in the above table does not include net gains (losses) of $1.0 million, and ($2.3) million from the change in fair value of derivative instruments during the years ended December 31, 2021, and 2020, respectively. There were no gains (losses) in 2022.

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
	2022		2021		2022		2021		2022		2021		2022		2021
	(In thousands)
Assets:
Securities available for sale
Mortgage-backed
Securities	$	—	$	—	$	384,283	$	572,184	$	—	$	—	$	384,283	$	572,184
Other securities		11,211		12,485		338,347		190,872		1,516		1,695		351,074		205,052
Interest rate swaps		—		—		74,586		10,683		—		—		74,586		10,683
Total assets	$	11,211	$	12,485	$	797,216	$	773,739	$	1,516	$	1,695	$	809,943	$	787,919
Liabilities:
Borrowings	$	—	$	—	$	—	$	—	$	50,507	$	56,472	$	50,507	$	56,472
Interest rate swaps		—		—		18,407		25,071		—		—		18,407		25,071
Total liabilities	$	—	$	—	$	18,407	$	25,071	$	50,507	$	56,472	$	68,914	$	81,543

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, 2022				December 31, 2021
	Trust preferred		Junior subordinated		Trust preferred		Junior subordinated
	securities		debentures		securities		debentures
	(In thousands)
Beginning balance	$	1,695	$	56,472	$	1,295	$	43,136
Net (loss) gain from fair value adjustment of financial assets (1)		(187)		—		400		—
Net (gain) loss from fair value adjustment of financial liabilities (1)		—		(7,393)		—		14,004
Increase (decrease) in accrued interest		8		280		—		(4)
Change in unrealized (gains) losses included in other comprehensive loss		—		1,148		—		(664)
Ending balance	$	1,516	$	50,507	$	1,695	$	56,472
Changes in unrealized gains held at period end	$	—	$	2,186	$	—	$	3,334

(1) 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
	2022		2021		2022		2021		2022		2021		2022		2021
	(In thousands)
Assets:
Certain delinquent loans	$	—	$	—	$	—	$	—	$	18,330	$	11,026	$	18,330	$	11,026
Total assets	$	—	$	—	$	—	$	—	$	18,330	$	11,026	$	18,330	$	11,026

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

	December 31, 2022
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
	(In thousands)
Assets:
Cash and due from banks	$	151,754	$	151,754	$	151,754	$	—	$	—
Securities held-to-maturity
Mortgage-backed securities		7,875		6,989		—		6,989		—
Other securities		65,836		55,561		—		—		55,561
Securities available for sale
Mortgage-backed securities		384,283		384,283		—		384,283		—
Other securities		351,074		351,074		11,211		338,347		1,516
Loans		6,934,769		6,651,795		—		—		6,651,795
FHLB-NY stock		45,842		45,842		—		45,842		—
Accrued interest receivable		45,048		45,048		—		3,819		41,229
Interest rate swaps		74,856		74,856		—		74,856		—
Liabilities:
Deposits	$	6,485,342	$	6,453,978	$	4,959,004	$	1,494,974	$	—
Borrowed Funds		1,052,973		1,027,370		—		976,863		50,507
Accrued interest payable		10,034		10,034		—		10,034		—
Interest rate swaps		18,407		18,407		—		18,407		—

	December 31, 2021
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
	(In thousands)
Assets:
Cash and due from banks	$	81,723	$	81,723	$	81,723	$	—	$	—
Securities held-to-maturity
Mortgage-backed securities		7,894		8,667		—		8,667		—
Other securities		49,974		53,362		—		—		53,362
Securities available for sale
Mortgage-backed securities		572,184		572,184		—		572,184		—
Other securities		205,052		205,052		12,485		190,872		1,695
Loans		6,638,105		6,687,125		—		—		6,687,125
FHLB-NY stock		35,937		35,937		—		35,937		—
Accrued interest receivable		38,698		38,698		—		1,574		37,124
Interest rate swaps		10,683		10,683		—		10,683		—
Liabilities:
Deposits	$	6,385,445	$	6,385,276	$	5,438,870	$	946,406	$	—
Borrowed Funds		815,544		816,012		—		759,540		56,472
Accrued interest payable		4,777		4,777		—		4,777		—
Interest rate swaps		25,071		25,071		—		25,071		—

Fair Value, Measurements, Nonrecurring [Member]

Notes Tables

Schedule of quantitative information about Level 3

	At December 31, 2022
	Fair Value		Valuation Technique	Unobservable Input	Range		Weighted Average
	(Dollars in thousands)
Assets:
Certain delinquent loans	$	18,189	Sales approach	Adjustment to sales comparison value	-20.0% to 0.0	%	-1.3	%
				Reduction for planned expedited disposal	10.0% to 15.0	%	13.6	%
Certain delinquent loans	$	141	Discounted Cashflow	Discount Rate	4.3	%	4.3	%
				Probability of Default	35.0	%	35.0	%

	At December 31, 2021
	Fair Value		Valuation Technique	Unobservable Input	Range		Weighted Average
	(Dollars in thousands)
Assets:
Certain delinquent loans	$	10,579	Sales approach	Reduction for planned expedited disposal	8.0% to 15.0	%	11.9	%
Certain delinquent loans	$	447	Discounted Cashflow	Discount Rate	4.3	%	4.3	%
				Probability of Default	35.0	%	35.0	%

Fair Value, Measurements, Recurring [Member]

Notes Tables

Schedule of quantitative information about Level 3

	December 31, 2022
	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average
		(Dollars in thousands)
Assets:
Trust preferred securities	$	1,516	Discounted cash flows	Spread over 3-month Libor	n/a	3.6	%
Liabilities:
Junior subordinated debentures	$	50,507	Discounted cash flows	Spread over 3-month Libor	n/a	3.6	%

	December 31, 2021
	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average
	(Dollars in thousands)
Assets:
Trust preferred securities	$	1,695	Discounted cash flows	Spread over 3-month Libor	n/a	2.2	%
Liabilities:
Junior subordinated debentures	$	56,472	Discounted cash flows	Spread over 3-month Libor	n/a	2.2	%