Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Schedule of financial assets and financial liabilities

					Changes in Fair Values For Items Measured at Fair Value
	Fair Value		Fair Value		Pursuant to Election of the Fair Value Option
	Measurements at		Measurements at		For the three months ended September 30,				For the nine months ended September 30,
Description	September 30, 2023		December 31, 2022		2023		2022		2023		2022
(In thousands)
Mortgage-backed securities	$	266	$	295	$	1	$	(6)	$	3	$	(18)
Other securities		12,516		12,728		(338)		(661)		(422)		(1,681)
Borrowed funds		48,329		50,507		(909)		6,293		2,086		8,049
Net (loss) gain from fair value adjustments					$	(1,246)	$	5,626	$	1,667	$	6,350

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	$	—	$	—	$	337,879	$	384,283	$	—	$	—	$	337,879	$	384,283
Other securities		11,066		11,211		493,267		338,347		1,451		1,516		505,784		351,074
Interest rate swaps		—		—		104,576		74,586		—		—		104,576		74,586
Total assets	$	11,066	$	11,211	$	935,722	$	797,216	$	1,451	$	1,516	$	948,239	$	809,943
Liabilities:
Borrowings	$	—	$	—	$	—	$	—	$	48,329	$	50,507	$	48,329	$	50,507
Interest rate swaps		—		—		22,016		18,407		—		—		22,016		18,407
Total liabilities	$	—	$	—	$	22,016	$	18,407	$	48,329	$	50,507	$	70,345	$	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
	September 30, 2023				September 30, 2022
	Trust preferred		Junior subordinated		Trust preferred		Junior subordinated
	securities		debentures		securities		debentures
	(In thousands)
Beginning balance	$	1,434	$	47,777	$	1,662	$	55,352
Net (loss) gain from fair value adjustment of financial assets (1)		16		—		(171)		—
Net (gain) loss from fair value adjustment of financial liabilities (1)		—		909		—		(6,293)
Increase (decrease) in accrued interest		1		20		3		95
Change in unrealized (gains) losses included in other comprehensive loss		—		(377)		—		598
Ending balance	$	1,451	$	48,329	$	1,494	$	49,752
Changes in unrealized gains held at period end	$	—	$	2,338	$	—	$	2,177

(1) Presented in the Consolidated Statements of Income under net (loss) gain from fair value adjustments.

	For the nine months ended
	September 30, 2023				September 30, 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)		(67)		—		(206)		—
Net (gain) loss from fair value adjustment of financial liabilities (1)		—		(2,086)		—		(8,049)
Increase (decrease) in accrued interest		2		60		5		172
Change in unrealized (gains) losses included in other comprehensive loss		—		(152)		—		1,157
Ending balance	$	1,451	$	48,329	$	1,494	$	49,752
Changes in unrealized gains held at period end	$	—	$	2,338	$	—	$	2,177

(1) Presented in the Consolidated Statements of Income under net (loss) gain 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	$	—	$	—	$	—	$	—	$	1,045	$	18,330	$	1,045	$	18,330
Total assets	$	—	$	—	$	—	$	—	$	1,045	$	18,330	$	1,045	$	18,330

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

	September 30, 2023
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
	(In thousands)
Assets:
Cash and due from banks	$	200,926	$	200,926	$	200,926	$	—	$	—
Securities held-to-maturity
Mortgage-backed securities		7,860		6,634		—		6,634		—
Other securities		65,271		51,031		—		—		51,031
Securities available for sale
Mortgage-backed securities		337,879		337,879		—		337,879		—
Other securities		505,784		505,784		11,066		493,267		1,451
Loans		6,896,074		6,511,963		—		—		6,511,963
FHLB-NY stock		43,821		43,821		—		43,821		—
Accrued interest receivable		55,660		55,660		—		6,723		48,937
Interest rate swaps		104,576		104,576		—		104,576		—
Liabilities:
Deposits	$	6,681,509	$	6,630,112	$	4,360,140	$	2,269,972	$	—
Borrowed Funds		1,001,010		950,476		—		902,147		48,329
Accrued interest payable		10,001		10,001		—		10,001		—
Interest rate swaps		22,016		22,016		—		22,016		—

	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 September 30, 2023
	Fair Value		Valuation Technique	Unobservable Input	Range		Weighted Average
	(Dollars in thousands)
Assets:
Certain delinquent loans	$	1,045	Discounted Cashflow	Discount Rate	4.3% to 9.8	%	9.4	%
				Probability of Default	35.0% to 42.0	%	41.6	%

	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

	September 30, 2023
			Valuation	Input		Weighted
	Fair Value		Technique	Unobservable	Range	Average
	(Dollars in thousands)
Assets:
Trust preferred securities	$	1,451	Discounted cash flows	Spread over 3-month SOFR	n/a	4.4	%
Liabilities:
Junior subordinated debentures	$	48,329	Discounted cash flows	Spread over 3-month SOFR	n/a	4.4	%

	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	%