Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31,		at December 31,		For the three months ended March 31,
Description	2023		2022		2023		2022
(In thousands)
Mortgage-backed securities	$	288	$	295	$	1	$	(4)
Other securities		12,904		12,728		109		(536)
Borrowed funds		48,117		50,507		2,509		(1,269)
Net gain (loss) from fair value adjustments					$	2,619	$	(1,809)

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
	2023		2022		2023		2022		2023		2022		2023		2022
Assets:	(In thousands)
Securities available for sale:
Mortgage-backed securities	$	—	$	—	$	380,110	$	384,283	$	—	$	—	$	380,110	$	384,283
Other securities		11,460		11,211		418,913		338,347		1,445		1,516		431,818		351,074
Interest rate swaps		—		—		65,072		74,586		—		—		65,072		74,586
Total assets	$	11,460	$	11,211	$	864,095	$	797,216	$	1,445	$	1,516	$	877,000	$	809,943
Liabilities:
Borrowings	$	—	$	—	$	—	$	—	$	48,117	$	50,507	$	48,117	$	50,507
Interest rate swaps		—		—		18,729		18,407		—		—		18,729		18,407
Total liabilities	$	—	$	—	$	18,729	$	18,407	$	48,117	$	50,507	$	66,846	$	68,914

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, 2023				March 31, 2022
	Trust preferred		Junior subordinated		Trust preferred		Junior subordinated
	securities		debentures		securities		debentures
	(In thousands)
Beginning balance	$	1,516	$	50,507	$	1,695	$	56,472
Net (loss) gain from fair value adjustment of financial assets (1)		(71)		—		45		—
Net (gain) loss from fair value adjustment of financial liabilities (1)		—		(2,509)		—		1,269
Increase (decrease) in accrued interest		—		12		—		16
Change in unrealized (gains) losses included in other comprehensive loss		—		107		—		198
Ending balance	$	1,445	$	48,117	$	1,740	$	57,955
Changes in unrealized gains held at period end	$	—	$	2,078	$	—	$	3,136

(1) 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
	2023		2022		2023		2022		2023		2022		2023		2022
	(In thousands)
Assets:
Certain delinquent loans	$	—	$	—	$	—	$	—	$	8,535	$	18,330	$	8,535	$	18,330
Total assets	$	—	$	—	$	—	$	—	$	8,535	$	18,330	$	8,535	$	18,330

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

	March 31, 2023
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
	(In thousands)
Assets:
Cash and due from banks	$	176,747	$	176,747	$	176,747	$	—	$	—
Securities held-to-maturity
Mortgage-backed securities		7,870		7,137		—		7,137		—
Other securities		65,653		60,732		—		—		60,732
Securities available for sale
Mortgage-backed securities		380,110		380,110		—		380,110		—
Other securities		431,818		431,818		11,460		418,913		1,445
Loans		6,904,176		6,580,759		—		—		6,580,759
FHLB-NY stock		38,779		38,779		—		38,779		—
Accrued interest receivable		46,836		46,836		—		4,774		42,062
Interest rate swaps		65,072		65,072		—		65,072		—
Liabilities:
Deposits	$	6,734,090	$	6,702,840	$	4,853,830	$	1,849,010	$	—
Borrowed Funds		887,509		861,879		—		813,762		48,117
Accrued interest payable		7,520		7,520		—		7,520		—
Interest rate swaps		18,729		18,729		—		18,729		—

	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		—

Fair Value, Measurements, Nonrecurring [Member]

Notes Tables

Schedule of quantitative information about Level 3

	At March 31, 2023
	Fair Value		Valuation Technique	Unobservable Input	Range		Weighted Average
	(Dollars in thousands)
Assets:
Certain delinquent loans	$	8,474	Sales approach	Adjustment to sales comparison value	-16.9% to 0.0	%	-1.5	%
				Reduction for planned expedited disposal	7.5% to 15.0	%	9.9	%
Certain delinquent loans	$	61	Discounted Cashflow	Discount Rate	4.3	%	4.3	%
				Probability of Default	35.0	%	35.0	%

	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	%

Fair Value, Measurements, Recurring [Member]

Notes Tables

Schedule of quantitative information about Level 3

	March 31, 2023
			Valuation	Input		Weighted
	Fair Value		Technique	Unobservable	Range	Average
	(Dollars in thousands)
Assets:
Trust preferred securities	$	1,445	Discounted cash flows	Spread over 3-month Libor	n/a	4.1	%
Liabilities:
Junior subordinated debentures	$	48,117	Discounted cash flows	Spread over 3-month Libor	n/a	4.1	%

	December 31, 2022
			Valuation	Input		Weighted
	Fair Value		Technique	Unobservable	Range	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	%