Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31,
Description	March 31, 2024		December 31, 2023		2024		2023
(In thousands)
Mortgage-backed securities	$	254	$	262	$	—	$	1
Other securities		13,077		13,097		(100)		109
Borrowed funds		48,622		47,850		(734)		2,509
Net gain (loss) from fair value adjustments					$	(834)	$	2,619

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
	2024		2023		2024		2023		2024		2023		2024		2023
Assets:	(In thousands)
Securities available for sale:
Mortgage-backed securities	$	—	$	—	$	509,527	$	354,344	$	—	$	—	$	509,527	$	354,344
Other securities		11,618		11,660		654,078		507,312		1,460		1,437		667,156		520,409
Interest rate swaps		—		—		75,166		69,013		—		—		75,166		69,013
Total assets	$	11,618	$	11,660	$	1,238,771	$	930,669	$	1,460	$	1,437	$	1,251,849	$	943,766
Liabilities:
Borrowings	$	—	$	—	$	—	$	—	$	48,622	$	47,850	$	48,622	$	47,850
Interest rate swaps		—		—		20,235		28,401		—		—		20,235		28,401
Total liabilities	$	—	$	—	$	20,235	$	28,401	$	48,622	$	47,850	$	68,857	$	76,251

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, 2024				March 31, 2023
	Trust preferred		Junior subordinated		Trust preferred		Junior subordinated
	securities		debentures		securities		debentures
	(In thousands)
Beginning balance	$	1,437	$	47,850	$	1,516	$	50,507
Net gain (loss) from fair value adjustment of financial assets (1)		23		—		(71)		—
Net (gain) loss from fair value adjustment of financial liabilities (1)		—		735		—		(2,509)
Increase (decrease) in accrued interest		—		(8)		—		12
Change in unrealized (gains) losses included in other comprehensive loss		—		45		—		107
Ending balance	$	1,460	$	48,622	$	1,445	$	48,117
Changes in unrealized gains (losses) held at period end	$	—	$	2,379	$	—	$	2,078

(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
	2024		2023		2024		2023		2024		2023		2024		2023
	(In thousands)
Assets:
Certain delinquent loans	$	—	$	—	$	—	$	—	$	4,369	$	5,279	$	4,369	$	5,279
Other real estate owned		—		—		—		—		665		—		665		—
Total assets	$	—	$	—	$	—	$	—	$	5,034	$	5,279	$	5,034	$	5,279

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

	March 31, 2024
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
	(In thousands)
Assets:
Cash and due from banks	$	210,723	$	210,723	$	210,723	$	—	$	—
Securities held-to-maturity
Mortgage-backed securities		7,850		6,944		—		6,944		—
Other securities		65,696		56,856		—		—		56,856
Securities available for sale
Mortgage-backed securities		509,527		509,527		—		509,527		—
Other securities		667,156		667,156		11,618		654,078		1,460
Loans		6,821,943		6,419,599		—		—		6,419,599
FHLB-NY stock		24,845		24,845		—		24,845		—
Accrued interest receivable		61,449		61,449		—		61,449		—
Interest rate swaps		75,166		75,166		—		75,166		—
Liabilities:
Deposits	$	7,253,207	$	7,221,342	$	4,724,112	$	2,497,230	$	—
Borrowed Funds		671,474		624,058		—		575,436		48,622
Accrued interest payable		12,430		12,430		—		12,430		—
Interest rate swaps		—		20,235		—		20,235		—

	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		66,155		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		—

Fair Value, Measurements, Nonrecurring [Member]

Notes Tables

Schedule of quantitative information about Level 3

	At March 31, 2024
	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	$	3,264	Discounted Cashflow	Discount Rate	10.0% to 13.4	%	12.4	%
				Probability of Default	46.9% to 50.0	%	49.2	%
Other real estate owned	$	665	Sales approach	Adjustment to sales comparison value	(15.0)	%	n/a

	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 Cashflow	Discount Rate	4.3% to 13.5	%	12.7	%
				Probability of Default	30.0% to 46.0	%	33.5	%

Fair Value, Measurements, Recurring [Member]

Notes Tables

Schedule of quantitative information about Level 3

	March 31, 2024
			Valuation	Input			Weighted
	Fair Value		Technique	Unobservable	Range		Average
	(Dollars in thousands)
Assets:
Trust preferred securities	$	1,460	Discounted cash flows	Spread over 3-month SOFR	4.3	%	n/a
Liabilities:
Junior subordinated debentures	$	48,622	Discounted cash flows	Spread over 3-month SOFR	4.3	%	n/a

	December 31, 2023
			Valuation	Input			Weighted
	Fair Value		Technique	Unobservable	Range		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