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Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 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 year ended December 31,

Description

    

December 31, 2023

    

December 31, 2022

    

2023

    

2022

    

2021

(In thousands)

 

  

 

  

  

 

  

 

  

Mortgage-backed securities

$

262

$

295

$

6

$

(27)

$

(5)

Other securities

 

13,097

 

12,728

 

81

 

(1,639)

 

36

Borrowed funds

 

47,850

 

50,507

 

2,486

 

7,394

 

(14,004)

Net gain (loss) from fair value adjustments (1)

$

2,573

$

5,728

$

(13,973)

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

$

$

$

354,344

$

384,283

$

$

$

354,344

$

384,283

Other securities

 

11,660

 

11,211

 

507,312

 

338,347

 

1,437

 

1,516

 

520,409

 

351,074

Interest rate swaps

 

 

 

69,013

 

74,586

 

 

 

69,013

 

74,586

Total assets

$

11,660

$

11,211

$

930,669

$

797,216

$

1,437

$

1,516

$

943,766

$

809,943

Liabilities:

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Borrowings

$

$

$

$

$

47,850

$

50,507

$

47,850

$

50,507

Interest rate swaps

 

 

 

28,401

 

18,407

 

 

 

28,401

 

18,407

Total liabilities

$

$

$

28,401

$

18,407

$

47,850

$

50,507

$

76,251

$

68,914

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, 2023

December 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 gain (loss) from fair value adjustment of financial assets (1)

 

(81)

 

 

(187)

 

Net (gain) loss from fair value adjustment of financial liabilities (1)

 

 

(2,486)

 

 

(7,393)

Increase (decrease) in accrued interest

 

2

 

68

 

8

 

280

Change in unrealized (gains) losses included in other comprehensive loss

 

 

(239)

 

 

1,148

Ending balance

$

1,437

$

47,850

$

1,516

$

50,507

Changes in unrealized gains (losses) held at period end

$

$

2,425

$

$

2,186

(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

    

2023

    

2022

    

2023

    

2022

    

2023

    

2022

    

2023

    

2022

 

(In thousands)

Assets:

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Certain delinquent loans

$

$

$

$

$

5,279

$

18,330

$

5,279

$

18,330

Total assets

$

$

$

$

$

5,279

$

18,330

$

5,279

$

18,330

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

    

December 31, 2023

Carrying

Fair

    

Amount

    

Value

    

Level 1

    

Level 2

    

Level 3

 

(In thousands)

Assets:

 

  

 

  

 

  

 

  

 

  

Cash and due from banks

$

172,157

$

172,157

$

172,157

$

$

Securities held-to-maturity

 

  

 

  

 

  

 

  

 

  

Mortgage-backed securities

 

7,855

 

7,058

 

 

7,058

 

Other securities

 

65,068

 

58,697

 

 

 

58,697

Securities available for sale

 

  

 

  

 

  

 

  

 

  

Mortgage-backed securities

 

354,344

 

354,344

 

 

354,344

 

Other securities

 

520,409

 

520,409

 

11,660

 

507,312

 

1,437

Loans

 

6,906,950

 

6,512,841

 

 

 

6,512,841

FHLB-NY stock

 

31,066

 

31,066

 

 

31,066

 

Accrued interest receivable

 

59,018

 

59,018

 

 

59,018

 

Interest rate swaps

 

69,013

 

69,013

 

 

69,013

 

Liabilities:

 

  

 

  

 

  

 

  

 

  

Deposits

$

6,815,261

$

6,778,657

$

4,503,971

$

2,274,686

$

Borrowed Funds

 

841,281

 

801,156

 

 

753,306

 

47,850

Accrued interest payable

 

12,111

 

12,111

 

 

12,111

 

Interest rate swaps

 

28,401

 

28,401

 

 

28,401

 

    

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

 

 

45,048

 

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 December 31, 2023

 

    

Fair Value

    

Valuation Technique

    

Unobservable Input

    

Range

    

Weighted Average

 

(Dollars in thousands)

 

Assets:

 

  

 

  

 

  

 

  

 

  

Certain delinquent loans

$

1,105

 

Sales approach

 

Adjustment to sales comparison value

-16.9% to -6.0

%  

-11.5

%

 

 

Reduction for planned expedited disposal

n/a

15.0

%

Certain delinquent loans

$

4,174

 

Discounted Cash flow

 

Discount Rate

 

4.3% to 13.5

%  

12.7

%

Probability of Default

30.0% to 46.0

%  

33.5

%

    

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 Cash flow

Discount Rate

n/a

4.3

%

 

Probability of Default

n/a

35.0

%

Fair Value, Measurements, Recurring [Member]  
Notes Tables  
Schedule of quantitative information about Level 3

December 31, 2023

 

    

Fair Value

    

Valuation Technique

    

Unobservable Input

    

Range

    

Weighted Average

 

(Dollars in thousands)

Assets:

Trust preferred securities

$

1,437

 

Discounted cash flows

 

Spread over 3-month SOFR

 

4.4

%

n/a

Liabilities:

 

  

 

  

 

  

 

  

  

Junior subordinated debentures

$

47,850

 

Discounted cash flows

 

Spread over 3-month SOFR

 

4.4

%

n/a

    

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

 

3.6

%

n/a

Liabilities:

 

  

 

  

 

  

 

  

  

Junior subordinated debentures

$

50,507

 

Discounted cash flows

 

Spread over 3-month Libor

 

3.6

%

n/a