v3.25.2
FAIR VALUE (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):
Fair Value Measurement as of June 30, 2025 Using
Financial Assets:Fair ValueQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
  Mortgage-backed securities, residential$254,552 $— $254,552 $— 
  Obligations of states and political subdivisions10,977 — 10,977 — 
  Corporate bonds and notes21,806 — 15,926 5,880 
  Total available for sale securities$287,335 $— $281,455 $5,880 
  Equity investments, at fair value$2,910 $2,910 $— $— 
  Derivative assets$18,727 $— $18,727 $— 
Financial Liabilities:
  Derivative liabilities$18,815 $— $18,815 $— 



Fair Value Measurement as of December 31, 2024 Using
Financial Assets:Fair ValueQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
  U.S. Treasury notes and bonds$56,906 $56,906 $— $— 
  Mortgage-backed securities, residential365,934 — 365,934 — 
  Obligations of states and political subdivisions35,505 — 35,505 — 
  Corporate bonds and notes22,016 — 9,884 12,132 
  SBA loan pools51,081 — 51,081 — 
  Total available for sale securities$531,442 $56,906 $462,404 $12,132 
  Equity investments, at fair value$2,759 $2,759 $— $— 
  Derivative assets$23,829 $— $23,829 $— 
Financial Liabilities:
  Derivative liabilities$23,851 $— $23,851 $— 
Schedule of Information Related To Level 3 Non-Recurring Fair Value Measurement
The following tables present a reconciliation of assets measured at fair value on a recurring basis using unobservable inputs (Level 3) for the three and six month periods ended June 30, 2025 and 2024, and qualitative information regarding Level 3 significant unobservable inputs as of June 30, 2025 and December 31, 2024 (in thousands):

For the Three
Months Ended 		For the Six
Months Ended
Level 3 Financial Assets - Corporate bonds and notesJune 30, 2025June 30, 2024June 30, 2025June 30, 2024
Balance of recurring Level 3 assets as of beginning of period$21,859 $7,721 $12,132 $7,530 
Total gains or losses for the period:
     Included in other comprehensive income 51 203 1,149 394 
Repayments, calls, and maturities— — (1,000)— 
Transfers into Level 3— — 9,629 — 
Transfers out of Level 3(16,030)(1,749)(16,030)(1,749)
     Balance of recurring Level 3 assets as of end of period$5,880 $6,175 $5,880 $6,175 

June 30, 2025Fair ValueValuation TechniqueUnobservable InputRange [Weighted Average] as of June 30, 2025
Corporate bonds and notes$5,880 Discounted cash flowMarket discount rate
11.00% -11.00%
[11.00%]

December 31, 2024Fair ValueValuation TechniqueUnobservable InputRange [Weighted Average] as of December 31, 2024
Corporate bonds and notes$12,132 Discounted cash flowMarket discount rate
7.25% - 12.00%
[10.82%]
The following tables present quantitative information regarding Level 3 significant unobservable inputs for assets and liabilities measured at fair value on a non-recurring basis as of June 30, 2025 and December 31, 2024 (in thousands):
DescriptionFair Value as of June 30, 2025Valuation TechniqueUnobservable InputsRange [Weighted Average] as of June 30, 2025
Collateral-dependent loans:
Commercial mortgages:
Non-owner occupied commercial real estate$2,021 Income approachAdjustment to appraised value
17.72% - 19.57%
[18.55%]
Total collateral-dependent loans$2,021 
Other real estate owned:
Consumer loans:
Home equity lines and loans$56 Sales comparisonAdjustment to appraised value
20.80% - 20.80%
[20.80%]
Total other real estate owned, net$56 
DescriptionFair Value as of December 31, 2024Valuation TechniqueUnobservable InputsRange [Weighted Average] as of December 31, 2024
Collateral-dependent loans:
Commercial and industrial$11 Net present valueDiscount rate
41.29% - 41.29%
[41.29%]
Commercial mortgages:
Non-owner occupied commercial real estate873Income approachAdjustment to appraised value
16.86% - 16.86%
[16.86%]
Total collateral-dependent loans$884 
Other real estate owned:
Residential mortgages$126 Sales comparisonAdjustment to appraised value
20.80% - 20.80%
[20.80%]
Consumer loans:
Home equity lines and loans285 Sales comparisonAdjustment to appraised value
20.80% - 20.80%
[20.80%]
Total other real estate owned, net$411 
Schedule of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
Assets and liabilities measured at fair value on a non-recurring basis as of June 30, 2025 and December 31, 2024 are summarized below (in thousands):
 Fair Value Measurement as of June 30, 2025 Using
Financial Assets:Fair ValueQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Collateral-dependent loans:
Commercial mortgages:
Non-owner occupied commercial real estate$2,021 $— $— $2,021 
Total collateral-dependent loans$2,021 $— $— $2,021 
Other real estate owned:    
Consumer loans:    
Home equity lines and loans$56 $— $— $56 
Total other real estate owned, net$56 $— $— $56 


 Fair Value Measurement as of December 31, 2024 Using
Financial Assets:Fair ValueQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Collateral-dependent loans:
Commercial and industrial$11 $— $— $11 
Commercial mortgages:
Non-owner occupied commercial real estate873 — — 873 
Total collateral-dependent loans$884 $— $— $884 
Other real estate owned:    
Residential mortgages$126 $— $— $126 
Consumer loans:    
Home equity lines and loans285 — — 285 
Total other real estate owned, net$411 $— $— $411 
Schedule of Carrying Value and Estimated Fair Value of Financial Instruments
The carrying amounts and estimated fair values of financial instruments, as of June 30, 2025 and December 31, 2024, are as follows (in thousands):
June 30, 2025
Financial assets:Carrying AmountQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Estimated Fair Value (1)
Cash and due from financial institutions$35,825 $35,825 $— $— $35,825 
Interest-earning deposits in other financial institutions284,226 284,226 — — 284,226 
Equity investments3,387 3,387 — — 3,387 
Securities available for sale287,335 — 281,455 5,880 287,335 
Securities held to maturity680 — — 680 680 
FHLBNY and FRBNY stock6,826 — — — N/A
Loans, net and loans held for sale2,134,626 — — 2,054,833 2,054,833 
Derivative assets18,727 — 18,727 — 18,727 
Financial liabilities:     
Deposits:     
Demand, savings, and insured money market deposits$1,850,492 $1,850,492 $— $— $1,850,492 
Time deposits618,470 — 619,462 — 619,462 
FHLBNY advances55,000 — 55,004 — 55,004 
Subordinated debt, net of deferred issuance costs44,146 — 45,823 — 45,823 
Derivative liabilities18,815 — 18,815 — 18,815 
(1) Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.
 December 31, 2024
Financial assets:Carrying AmountQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Estimated Fair Value (1)
   Cash and due from financial institutions$26,224 $26,224 $— $— $26,224 
   Interest-earning deposits in other financial institutions20,811 20,811 — — 20,811 
   Equity investments3,235 3,235 — — 3,235 
   Securities available for sale531,442 56,906 462,404 12,132 531,442 
   Securities held to maturity808 — — 808 808 
   FHLBNY and FRBNY stock9,117 — — — N/A
   Loans, net and loans held for sale2,071,419 — — 1,981,851 1,981,851 
   Derivative assets23,829 — 23,829 — 23,829 
Financial liabilities:     
   Deposits:     
      Demand, savings, and insured money market deposits$1,772,971 $1,772,971 $— $— $1,772,971 
      Time deposits623,912 — 622,920 — 622,920 
   FHLBNY advances109,110 — 109,083 — 109,083 
   Derivative liabilities23,851 — 23,851 — 23,851 
(1) Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.