Peapack-Gladstone Financial (PGC) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 01, 2024
Cover [Abstract]
Entity Registrant Name	PEAPACK-GLADSTONE FINANCIAL CORPORATION
Entity Central Index Key	0001050743
Document Type	10-Q
Document Period End Date	Jun. 30, 2024
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		17,677,747
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Trading Symbol	PGC
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-16197
Entity Tax Identification Number	22-3537895
Entity Address, Address Line One	500 Hills Drive
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Bedminster
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07921-0700
City Area Code	908
Local Phone Number	234-0700
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	NJ
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, no par value
Security Exchange Name	NASDAQ

CONSOLIDATED STATEMENTS OF COND

CONSOLIDATED STATEMENTS OF CONDITION - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
ASSETS
Cash and due from banks		$ 5,586	$ 5,887
Interest-earning deposits		310,143	181,784
Total cash and cash equivalents		315,729	187,671
Securities available for sale		591,884	550,617
Securities held to maturity (fair value $90,863 at June 30, 2024 and $94,415 at December 31, 2023)		105,013	107,755
CRA equity security, at fair value		12,971	13,166
FHLB and FRB stock, at cost	[1]	12,478	31,044
Loans held for sale, at fair value		228	100
Loans held for sale, at lower of cost or fair value		8,076	6,695
Loans		5,260,994	5,429,325
Less: allowance for credit losses		67,984	65,888
Net loans		5,193,010	5,363,437
Premises and equipment		24,932	24,166
Accrued interest receivable		33,534	30,676
Bank owned life insurance		47,716	47,581
Goodwill		36,212	36,212
Other intangible assets		9,258	9,802
Finance lease right-of-use assets		1,055	2,087
Operating lease right-of-use assets		38,683	12,096
Deferred tax assets, net		9,454	505
Due from brokers		3,184
Other assets		61,933	53,247
TOTAL ASSETS		6,505,350	6,476,857
Deposits:
Noninterest-bearing demand deposits		950,368	957,687
Interest-bearing deposits:
Checking	[2]	3,229,814	2,882,193
Savings		105,602	111,573
Money market accounts		824,158	740,559
Certificates of deposit - retail		502,810	443,791
Certificates of deposit - listing service		7,454	7,804
Subtotal deposits		5,620,206	5,143,607
Interest-bearing demand - brokered		10,000	10,000
Certificates of deposit - brokered		26,000	120,507
Total deposits		5,656,206	5,274,114
Short-term borrowings			403,814
Finance lease liabilities		1,427	3,430
Operating lease liabilities		41,347	12,876
Subordinated debt, net		133,417	133,274
Due to brokers		9,981
Accrued expenses and other liabilities		74,650	65,668
TOTAL LIABILITIES		5,917,028	5,893,176
SHAREHOLDERS’ EQUITY
Preferred stock (no par value; authorized 500,000 shares; liquidation preference of $1,000 per share)
Common stock (no par value; stated value $0.83 per share; authorized 42,000,000 shares; issued shares, 21,515,730 at June 30, 2024 and 21,388,917 at December 31, 2023; outstanding shares, 17,666,490 at June 30, 2024 and 17,739,677 at December 31, 2023)		17,936	17,831
Surplus		345,164	346,954
Treasury stock at cost (3,849,240 shares at June 30, 2024 and 3,649,240 sharesat December 31, 2023)		(114,917)	(110,320)
Retained earnings		408,481	394,094
Accumulated other comprehensive loss, net of income tax		(68,342)	(64,878)
TOTAL SHAREHOLDERS’ EQUITY		588,322	583,681
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY		$ 6,505,350	$ 6,476,857
[1] FHLB means "Federal Home Loan Bank" and FRB means "Federal Reserve Bank." Interest-bearing checking includes $ 1.3 billion at June 30, 2024 and $ 990.7 million at December 31, 2023 of reciprocal balances in the Reich & Tang or Promontory Demand Deposit Marketplace program .

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF CONDITION (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Securities held to maturity fair value	$ 90,863	$ 94,415
Preferred stock, par value	$ 0	$ 0
Preferred stock, shares authorized	500,000	500,000
Preferred stock, liquidation preference per share	$ 1,000	$ 1,000
Common stock, stated value	$ 0.83	$ 0.83
Common stock, shares authorized	42,000,000	42,000,000
Common stock, shares issued	21,515,730	21,388,917
Common stock, shares outstanding	17,666,490	17,739,677
Treasury stock, shares	3,849,240	3,649,240

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
INTEREST INCOME
Interest and fees on loans	$ 71,645	$ 68,490	$ 144,176	$ 132,962
Interest on investments:
Taxable	5,168	4,900	10,304	9,371
Tax-exempt		9		17
Interest on loans held for sale	7	2	12	4
Interest on interest-earning deposits	2,418	1,451	3,940	2,989
Total interest income	79,238	74,852	158,432	145,343
INTEREST EXPENSE
Interest on savings and interest-bearing deposit accounts	35,364	26,117	68,411	47,500
Interest on certificates of deposit	5,367	2,462	10,222	4,191
Interest on borrowed funds	381	5,384	3,848	6,680
Interest on finance lease liability	22	50	60	103
Interest on subordinated debt	1,686	1,597	3,370	3,236
Subtotal - interest expense	42,820	35,610	85,911	61,710
Interest on interest-bearing demand - brokered	134	125	260	333
Interest on certificates of deposits - brokered	1,242	196	2,844	401
Total interest expense	44,196	35,931	89,015	62,444
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES	35,042	38,921	69,417	82,899
Provision for credit losses	3,911	1,696	4,538	3,209
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	31,131	37,225	64,879	79,690
OTHER INCOME
Wealth management fee income	16,419	14,252	30,826	28,014
Service charges and fees	1,345	1,320	2,667	2,578
Bank owned life insurance	328	305	831	602
Gain on loans held for sale at fair value (mortgage banking)	34	15	90	36
Gain on loans held for sale at lower of cost or fair value	23		23
Gain on sale of SBA loans	449	838	849	1,703
Corporate advisory fee income	103	15	921	95
Other income	2,938	2,039	4,244	3,606
Fair value adjustment for CRA equity security	(84)	(209)	(195)
Total other income	21,555	18,575	40,256	36,634
OPERATING EXPENSES
Compensation and employee benefits	29,884	26,354	58,360	50,940
Premises and equipment	5,776	4,729	10,857	9,103
FDIC insurance expense	870	729	1,815	1,440
Other operating expense	6,596	5,880	12,135	11,783
Total operating expenses	43,126	37,692	83,167	73,266
INCOME BEFORE INCOME TAX EXPENSE	9,560	18,108	21,968	43,058
Income tax expense	2,030	4,963	5,807	11,558
NET INCOME	$ 7,530	$ 13,145	$ 16,161	$ 31,500
EARNINGS PER SHARE
Basic	$ 0.42	$ 0.73	$ 0.91	$ 1.76
Diluted	$ 0.42	$ 0.73	$ 0.91	$ 1.74
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Basic	17,747,070	17,930,611	17,729,355	17,886,154
Diluted	17,792,296	18,078,848	17,811,895	18,153,267

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 7,530	$ 13,145	$ 16,161	$ 31,500
Unrealized gains/(losses) on available for sale securities:
Unrealized holding gains/(losses) arising during the period	(572)	(7,022)	(7,337)	1,747
Before tax	(572)	(7,022)	(7,337)	1,747
Tax effect	153	3,226	1,958	3,178
Net of tax	(419)	(3,796)	(5,379)	4,925
Unrealized gains/(losses) on cash flow hedges:
Unrealized holding gains/(losses) arising during the period	(225)	4,775	2,647	2,043
Reclassification adjustment for amounts included in net income	0	(42)	0	(84)
Before tax	(225)	4,733	2,647	1,959
Tax effect	62	(1,489)	(732)	(670)
Net of tax	(163)	3,244	1,915	1,289
Total other comprehensive income/(loss)	(582)	(552)	(3,464)	6,214
Total comprehensive income	$ 6,948	$ 12,593	$ 12,697	$ 37,714

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Surplus [Member]	Treasury Stock, Common [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]
Balance at Dec. 31, 2022	$ 532,980	$ 17,513	$ 338,706	$ (97,826)	$ 348,798	$ (74,211)
Net income	31,500				31,500
Comprehensive income (loss)	6,214					6,214
Restricted stock units issued shares	68	359	(291)
Restricted stock units repurchased on vesting to pay taxes	(3,258)	(90)	(3,168)
Amortization of restricted stock units	6,309		6,309
Cash dividends declared on common stock	(1,773)				(1,773)
Share repurchase	(7,567)			(7,567)
Common stock options exercised	19	1	18
Issuance of shares for Employee Stock Purchase Plan	577	14	563
Balance at Jun. 30, 2023	565,069	17,797	342,137	(105,393)	378,525	(67,997)
Balance at Mar. 31, 2023	554,958	17,750	339,060	(100,677)	366,270	(67,445)
Net income	13,145				13,145
Comprehensive income (loss)	(552)					(552)
Restricted stock units issued shares	68	65	3
Restricted stock units repurchased on vesting to pay taxes	(881)	(27)	(854)
Amortization of restricted stock units	3,643		3,643
Cash dividends declared on common stock	(890)				(890)
Share repurchase	(4,716)			(4,716)
Common stock options exercised	15	1	14
Issuance of shares for Employee Stock Purchase Plan	279	8	271
Balance at Jun. 30, 2023	565,069	17,797	342,137	(105,393)	378,525	(67,997)
Balance at Dec. 31, 2023	583,681	17,831	346,954	(110,320)	394,094	(64,878)
Net income	16,161				16,161
Comprehensive income (loss)	(3,464)					(3,464)
Restricted stock units issued shares		123	(123)
Restricted stock units repurchased on vesting to pay taxes	(877)	(31)	(846)
Amortization of restricted stock units	3,138		3,138
Modification of restricted stock units distributed in cash	(4,336)		(4,336)
Cash dividends declared on common stock	(1,774)				(1,774)
Share repurchase	(4,597)			(4,597)
Issuance of shares for Employee Stock Purchase Plan	390	13	377
Balance at Jun. 30, 2024	588,322	17,936	345,164	(114,917)	408,481	(68,342)
Balance at Mar. 31, 2024	582,379	17,932	343,111	(112,742)	401,838	(67,760)
Net income	7,530				7,530
Comprehensive income (loss)	(582)					(582)
Restricted stock units issued shares		1	(1)
Restricted stock units repurchased on vesting to pay taxes	(7)	(1)	(6)
Amortization of restricted stock units	1,289		1,289
Modification of restricted stock units distributed in cash	662		662
Cash dividends declared on common stock	(887)				(887)
Share repurchase	(2,175)			(2,175)
Issuance of shares for Employee Stock Purchase Plan	113	4	109
Balance at Jun. 30, 2024	$ 588,322	$ 17,936	$ 345,164	$ (114,917)	$ 408,481	$ (68,342)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Shares outstanding			17,739,677
Issuance of shares for Employee Stock Purchase Plan, shares	4,614	10,108	15,759	17,641
Shares outstanding	17,666,490		17,666,490
Common Stock [Member]
Shares outstanding	17,761,538	18,014,757	17,739,677	17,813,451
Restricted stock units issued, shares	605	77,986	147,679	430,620
Restricted stock units/awards repurchased on vesting to pay taxes, shares	(267)	(31,996)	(36,625)	(108,143)
Cash dividends declared on common stock, per share	$ 0.05	$ 0.05	$ 0.1	$ 0.1
Share repurchase, share	(100,000)	(184,000)	(200,000)	(267,014)
Common stock options exercised, shares		1,100		1,400
Common stock options exercised, used to exercise, shares		60		60
Common stock options exercised, net of shares used to exercise, shares		1,040		1,340
Issuance of shares for Employee Stock Purchase Plan, shares	4,614	10,108	15,759	17,641
Shares outstanding	17,666,490	17,887,895	17,666,490	17,887,895

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023
OPERATING ACTIVITIES:
Net income		$ 16,161	$ 31,500
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		1,855	1,769
Amortization of premium and accretion of discount on securities, net		174	328
Amortization of restricted stock		3,138	6,309
Amortization of intangible assets		544	709
Amortization of subordinated debt costs		143	144
Provision for credit losses		4,538	3,209
Deferred tax benefit		(7,723)	(4,475)
Stock-based compensation and employee stock purchase plan expense		75	106
Fair value adjustment for equity security		195	0
Loans originated for sale	[1]	(13,660)	(20,987)
Proceeds from sales of loans held for sale	[1]	18,128	24,155
Gain on loans held for sale	[1]	(939)	(1,739)
Gain on loans held for sale at lower of cost or fair value		(23)
Loss on disposal of fixed assets		4	6
Increase in cash surrender value of life insurance, net		(135)	(235)
(Increase)/decrease in accrued interest receivable		(2,858)	4,292
Decrease in other assets		(31,520)	(3,137)
Increase in accrued expenses and other liabilities		31,864	2,071
NET CASH PROVIDED BY OPERATING ACTIVITIES		19,961	44,025
INVESTING ACTIVITIES:
Principal repayments, maturities and calls of securities available for sale		312,459	316,474
Principal repayments, maturities and calls of securities held to maturity		2,701	2,161
Redemptions of FHLB and FRB stock		59,579	51,784
Purchase of securities held to maturity			(10,347)
Purchase of securities available for sale		(351,215)	(300,887)
Purchase of FHLB and FRB stock		(41,013)	(56,514)
Proceeds from sales of loans held for sale at lower of cost or fair value		23
Net decrease/(increase) in loans, net of participations sold		160,853	(151,104)
Proceeds from sales of other real estate			116
Purchase of premises and equipment		(2,390)	(1,378)
Disposal of premises and equipment		16	(6)
NET CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES		141,013	(149,701)
FINANCING ACTIVITIES:
Net increase/(decrease) in deposits		382,092	(6,667)
Net (decrease)/increase in short-term borrowings		(403,814)	(105,830)
Dividends paid on common stock		(1,774)	(1,773)
Exercise of stock options, net of stock swaps			19
Restricted stock repurchased on vesting to pay taxes		(877)	(3,258)
Issuance of restricted stock			68
Modification of restricted stock units distributed in cash		(4,336)
Issuance of shares for employee stock purchase plan		390	577
Shares repurchased		(4,597)	(7,567)
NET CASH (USED IN)/PROVIDED BY FINANCING ACTIVITIES		(32,916)	87,229
Net increase/(decrease) in cash and cash equivalents		128,058	(18,447)
Cash and cash equivalents at beginning of period		187,671	190,075
Cash and cash equivalents at end of period		315,729	171,628
Cash paid during the period for:
Interest		80,605	58,182
Income tax, net		1,251	3,323
Security purchases due from broker		9,981	0
Right-of-use asset obtained in exchange for operating lease liabilities		$ 28,321	$ 1,926
[1] Includes mortgage loans originated with the intent to sell, which are carried at fair value. In addition, this includes the guaranteed portion of Small Business Administration (“SBA”) loans, which are carried at the lower of cost or fair value.

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2024
Insider Trading Arrangements [Line Items]
Rule 10b51 Arrangement Adopted Flag	false
Non Rule 10b51 Arrangement Adopted Flag	false
Rule 10b51 Arrangement Trmntd Flag	false
Non Rule 10b51 Arrangement Trmntd Flag	false

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Certain information and footnote disclosures normally included in the audited consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2023 for Peapack-Gladstone Financial Corporation (the “Corporation” or the “Company”). In the opinion of the management of the Corporation, the accompanying unaudited consolidated interim financial statements contain all adjustments (consisting solely of normal and recurring accruals) necessary to present fairly the financial position as of June 30, 2024, and the results of operations, comprehensive income, changes in shareholders’ equity and cash flow statements for the three and six months ended June 30, 2024 and 2023. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the full year or for any future period. Principles of Consolidation and Organization: The consolidated financial statements of the Company are prepared on the accrual basis and include the accounts of the Company and its wholly-owned subsidiary, Peapack-Gladstone Bank (the “Bank”). The consolidated financial statements also include the Bank’s wholly-owned subsidiaries: • Peapack Capital Corporation (“PCC”) • Peapack-Gladstone Mortgage Group, Inc., which owns 99 percent of Peapack Ventures, LLC and 79 percent of Peapack-Gladstone Realty, Inc., a New Jersey real estate investment company • PGB Trust & Investments of Delaware, which owns one percent of Peapack Ventures, LLC • Peapack Ventures, LLC, which owns the remaining 21 percent of Peapack-Gladstone Realty, Inc. • Peapack-Gladstone Realty, Inc. • PGB Securities, Inc. While the following notes to the consolidated financial statements include the consolidated results of the Company, the Bank and their subsidiaries, these notes primarily reflect the Bank’s and its subsidiaries’ activities. All significant intercompany balances and transactions have been eliminated from the accompanying consolidated financial statements. Basis of Financial Statement Presentation : The consolidated financial statements have been prepared in accordance with GAAP. In preparing the financial statements, Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the statement of condition and revenues and expenses for the periods presented. Actual results could differ from those estimates. Segment Information : The Company’s business is conducted through two business segments: (1) its banking segment (“Banking”), which involves the delivery of loan and deposit products to customers, and (2) the Peapack Private Wealth Management Division ("Peapack Private"), which includes investment management services to individuals and institutions. Management uses certain methodologies to allocate income and expense to the business segments. The Banking segment includes: commercial (including commercial and industrial (“C&I”) and equipment financing), commercial real estate, multifamily, commercial construction, residential and consumer lending activities; treasury management services; C&I advisory services; escrow management; deposit generation; operation of ATMs; telephone and internet banking services; merchant credit card services and customer support services. Peapack Private includes: investment management services for individuals and institutions; personal trust services, including services as executor, trustee, administrator, custodian; and other financial planning and advisory services. This segment also includes the activity from the Delaware subsidiary, PGB Trust & Investments of Delaware. The majority of wealth management fees are collected on a monthly or quarterly basis and are calculated on either a fixed or tiered fee schedule, based upon the market value of assets under management and/or administration (“AUMs”). Other non AUM-based revenues such as personal or fiduciary tax return preparation fees, executor fees, trust termination fees and/or financial planning and advisory fees are charged as services are rendered. Cash and Cash Equivalents: For purposes of the statements of cash flows, cash and cash equivalents include cash and due from banks, interest-earning deposits and federal funds sold. Generally, federal funds are sold for one-day periods. Cash equivalents are of original maturities of 90 days or less. Net cash flows are reported for customer loan and deposit transactions and short-term borrowings with original maturities of 90 days or less. Interest-Earning Deposits in Other Financial Institutions : Interest-earning deposits in other financial institutions mature within one year and are carried at cost. Securities : ASU 2016-13, debt securities available-for-sale are measured at fair value and subject to impairment testing. When an available-for-sale debt security is considered impaired, the Company must determine if the decline in fair value has resulted from a credit-related loss or other factors and then, (1) recognize an allowance for credit losses ("ACL") by a charge to earnings for the credit-related component (if any) of the decline in fair value, and (2) recognize in other comprehensive income (loss) any non-credit related components of the fair value change. If the amount of the amortized cost basis expected to be recovered increases in a future period, the valuation reserve would be reduced, but not more than the amount of the current existing reserve for that security. Debt securities are classified as held to maturity and carried at amortized cost when Management has the positive intent and ability to hold them to maturity. Under ASU 2016-13, held-to-maturity securities in a loss position are evaluated to determine if the decline in fair value has resulted from a credit-related loss or other factors, and then recognize a charge to earnings for the decline in fair value. The Company also has an investment in a Community Reinvestment Act (“CRA”) investment fund, which is classified as an equity security. Interest income includes amortization of purchase premiums and discounts. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated, and premiums on callable debt securities, which are amortized to the earliest call date. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Federal Home Loan Bank (FHLB) and Federal Reserve Bank ("FRB") Stock: The Bank is a member of the FHLB system. Members are required to own a certain amount of FHLB stock, based on the level of borrowings and other factors. FHLB stock is carried at cost, classified as a restricted security and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. The Bank is also a member of the Federal Reserve Bank of New York and required to own a certain amount of FRB stock. FRB stock is carried at cost and classified as a restricted security. Dividends are reported as income. Loans Held for Sale: Mortgage loans originated with the intent to sell in the secondary market are carried at fair value, as determined by outstanding commitments from investors. Mortgage loans held for sale are generally sold with servicing rights released; therefore, no servicing rights are recorded. Gains and losses on sales of mortgage loans, shown as gain on sale of loans on the Statement of Income, are based on the difference between the selling price and the carrying value of the related loan sold. SBA loans originated with the intent to sell in the secondary market are carried at the lower of cost or fair value. SBA loans are generally sold with the servicing rights retained. Gains and losses on the sale of SBA loans are based on the difference between the selling price and the carrying value of the related loan sold. Total SBA loans serviced totaled $ 161.2 million and $ 162.9 million as of June 30, 2024 and December 31, 2023, respectively. SBA loans held for sale totaled $ 3.3 million and $ 7.2 million at June 30, 2024 and December 31, 2023, respectively. Loans originated with the intent to hold and subsequently transferred to loans held for sale are carried at the lower of cost or fair value. These are loans that the Company no longer has the intent to hold for the foreseeable future. Loans: Loans that Management has the intent and ability to hold for the foreseeable future or until maturity are stated at the principal amount outstanding. Interest on loans is recognized based upon the principal amount outstanding. Loans are stated at face value, less purchased premium and discounts and net deferred fees. Loan origination fees and certain direct loan origination costs are deferred and recognized on a level-yield method over the life of the loan as an adjustment to the loan’s yield. The definition of recorded investment in loans includes accrued interest receivable and deferred fees/costs, however, for the Company’s loan disclosures, accrued interest and deferred fees/costs were excluded as the impact was not material. Loans are considered past due when they are not paid within 30 days in accordance with contractual terms. The accrual of income on loans, including individually evaluated loans, is discontinued if, in the opinion of Management, principal or interest is not likely to be paid in accordance with the terms of the loan agreement, or when principal or interest is past due 90 days unless the asset is both well secured and in the process of collection. All interest accrued but not received for loans placed on nonaccrual status are reversed against interest income. Payments received on nonaccrual loans are recorded as principal payments. A nonaccrual loan is returned to accrual status only when interest and principal payments are brought current and future payments are reasonably assured, generally when the Bank receives contractual payments for a minimum of six consecutive months. Commercial loans are generally charged off, in whole or in part, after an analysis is completed which indicates that collectability of the full principal balance is in doubt. Consumer closed-end loans are generally charged off after they become 120 days past due and open-end loans after 180 days. Subsequent payments are credited to income only if collection of principal is not in doubt. If principal and interest payments are brought contractually current and future collectability is reasonably assured, loans may be returned to accrual status. Nonaccrual mortgage loans are generally charged off to the extent that the value of the underlying collateral does not cover the outstanding principal balance. The majority of the Company’s loans are secured by real estate in New Jersey, New York and Pennsylvania. Allowance for Credit Losses : CECL requires the immediate recognition of estimated credit losses expected to occur over the estimated remaining life of the asset. The forward-looking concept of CECL requires loss estimates to consider historical experience, current conditions and reasonable and supportable economic forecasts. The allowance for credit losses (“ACL”) on loans held for investment is the combination of the allowance for loan losses and the reserve for unfunded loan commitments. The allowance for loan losses is reported as a reduction of the amortized cost basis of loans, while the reserve for unfunded loan commitments is included within "other liabilities" on the Consolidated Statements of Condition. The estimate of credit loss incorporates assumptions for both the likelihood and amount of funding over the estimated life of the commitments, including adjustments for current conditions and reasonable and supportable forecasts. Management periodically reviews and updates its assumptions for estimated funding rates. The amortized cost basis of loans does not include accrued interest receivable, which is included in "accrued interest receivable" on the Consolidated Statements of Condition. The "Provision for credit losses" on the Consolidated Statements of Income is a combination of the provision for credit losses and the provision for unfunded loan commitments. ACL in accordance with CECL methodology With respect to pools of similar loans that are collectively evaluated, an appropriate level of general allowance is determined by portfolio segment using a non-linear discounted cash flow (“DCF”) model. The DCF model captures losses over the historical charge-off and prepayment cycle and applies those losses at a loan level over the remaining maturity of the loan. The model then calculates a historical loss rate using the average losses over the reporting period, which is then applied to each segment utilizing a standard reversion rate. This loss rate is then supplemented with adjustments for reasonable and supportable forecasts of relevant economic indicators, including but not limited to unemployment rates and national consumer price and confidence indices. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. Also included in the ACL are qualitative factors based on the risks present for each portfolio segment. These qualitative factors include the following: levels of and trends in delinquencies and impaired loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures and practices; experience, ability and depth of lending management and other relevant staffing and experience; industry conditions; and effects of changes in credit concentrations. It is also possible that these factors could include social, political, economic, and terrorist events or activities. All of these factors are susceptible to change, which may be significant. The ACL results in two forms of allocations, specific and general. These two components represent the total ACL deemed adequate to cover current expected credit losses in the loan portfolio. When management identifies loans that do not share common risk characteristics (i.e., are not similar to other loans within a pool) they are evaluated on an individual basis. These loans are not included in the collective evaluation. For loans identified as having a likelihood of foreclosure or that the borrower is experiencing financial difficulty, a collateral dependent approach is used. These are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral. Under CECL, for collateral dependent loans, the Company has adopted the practical expedient method to measure the allowance for credit losses based on the fair value of collateral. The allowance for credit losses is calculated on an individual loan basis based on the shortfall between the fair value of the loan's collateral, which is adjusted for liquidation costs/discounts, and amortized cost. If the fair value of the collateral exceeds the amortized cost, no allowance is required. The CECL methodology requires a significant amount of management judgment in determining the appropriate allowance for credit losses. Several of the steps in the methodology are subjective including, among other things: segmenting the loan portfolio; determining the amount of loss history to consider; selecting predictive econometric regression models that use appropriate macroeconomic variables; determining the methodology to forecast prepayments; selecting the most appropriate economic forecast scenario; determining the length of the reasonable and supportable forecast and reversion periods; estimating expected utilization rates on unfunded loan commitments; and assessing relevant and appropriate qualitative factors. In addition, the CECL methodology is dependent on economic forecasts, which are inherently imprecise and may change from period to period. Although the allowance for credit losses is considered appropriate, there can be no assurance that it will be sufficient to absorb future losses. In determining an appropriate amount for the allowance, the Bank segments and aggregates the loan portfolio based on common characteristics. The following segments have been identified: Primary Residential Mortgages . The Bank originates one to four family residential mortgage loans in the Tri-State area (which is comprised of New York, New Jersey and Connecticut), Pennsylvania and Florida. Loans are secured by first liens on the primary residence or investment property. Primary risk characteristics associated with residential mortgage loans typically involve: major living or lifestyle changes to the borrower, including unemployment or other loss of income; unexpected significant expenses, such as for major medical issues or catastrophic events; and divorce or death. In addition, residential mortgage loans that have adjustable rates could expose the borrower to higher debt service requirements in a rising interest rate environment. Further, real estate values could drop significantly and cause the value of the property to fall below the loan amount, creating additional potential loss exposure for the Bank. Junior Lien Loan on Residence (which include home equity lines of credit) . The Bank provides junior lien loans (“JLL”) and revolving home equity lines of credit against one to four family properties in the Tri-State area. These loans are subordinate to a first mortgage, which may be from another lending institution. Primary risk characteristics associated with JLLs and home equity lines of credit typically involve: major living or lifestyle changes to the borrower, including unemployment or other loss of income; unexpected significant expenses, such as for major medical issues or catastrophic events; and divorce or death. In addition, home equity lines of credit typically are made with variable or floating interest rates, which could expose the borrower to higher debt service requirements in a rising interest rate environment. Further, real estate values could drop significantly and cause the value of the property to fall below the loan amount, creating additional potential loss exposure for the Bank. Multifamily . The Bank provides mortgage loans for multifamily properties (i.e., buildings which have five or more residential units). Multifamily loans are expected to be repaid from the cash flows of the underlying property so the collective amount of rents must be sufficient to cover all operating expenses, property management and maintenance, taxes and debt service. Increases in vacancy rates, interest rates, other changes in general economic conditions or changes in rent regulation can have an impact on the borrower and its ability to repay the loan. Owner-Occupied Commercial Real Estate Loans . The Bank provides mortgage loans for owner-occupied commercial real estate properties in the Tri-State area and Pennsylvania. Commercial real estate properties primarily include retail buildings/shopping centers, hotels, office/medical buildings and industrial/warehouse space. Some properties are mixed use as they are a combination of building types, such as a building with retail space on the ground floor and either residential apartments or office suites on the upper floors. Commercial real estate loans are generally considered to have a higher degree of credit risk as they may be dependent on the ongoing success and operating viability of a fewer number of tenants who are occupying the property and who may have a greater degree of exposure to economic conditions. Investment Commercial Real Estate Loans. The Bank provides mortgage loans for properties managed as an investment property (non-owner-occupied) in the Tri-State area and Pennsylvania. Non-owner-occupied properties primarily include retail buildings/shopping centers, hotels, office/medical buildings and industrial/warehouse space. Some properties are considered “mixed use”. Commercial real estate loans are generally considered to have a higher degree of credit risk as they may be dependent on the ongoing success and operating viability of a fewer number of tenants who are occupying the property and who may have a greater degree of exposure to economic conditions. Commercial and Industrial Loans . The Bank provides lines of credit and term loans to operating companies for business purposes. The loans are generally secured by business assets such as accounts receivable, inventory, business vehicles and equipment as well as the stock of a company, if privately held. Commercial and industrial loans are typically repaid first by the cash flows generated by the borrower’s business operations. The primary risk characteristics are specific to the underlying business and its ability to generate sustainable profitability and resulting positive cash flows. Factors that may influence a business’ profitability include, but are not limited to, demand for its products or services, quality and depth of management, degree of competition, regulatory changes, and general economic conditions. To mitigate the risk characteristics of commercial and industrial loans, these loans often include commercial real estate as collateral and the Bank will often require more frequent reporting requirements from the borrower in order to better monitor its business performance. However, the ability of the Bank to foreclose and realize sufficient value from the assets is often highly uncertain. Leasing Finance . PCC offers a range of finance solutions nationally. PCC provides term loans and leases secured by assets financed for U.S. based mid-size and large companies. Facilities tend to be fully drawn under fixed-rate terms. PCC serves a broad range of industries including transportation, manufacturing, heavy construction and utilities. Asset risk in PCC’s portfolio is generally recognized through changes to loan income, or through changes to lease-related income streams due to fluctuations in lease rates. Changes to lease income can occur when the existing lease contract expires, the asset comes off lease or the business seeks to enter a new lease agreement. Asset risk may also change through depreciation, resulting from changes in the residual value of the operating lease asset or through impairment of the asset carrying value, which can occur at any time during the life of the asset. Credit risk in PCC’s portfolio generally results from the potential default of borrowers or lessees, which may be driven by customer specific or broader industry-related conditions. Credit losses can impact multiple parts of the income statement including loss of interest/lease/rental income and/or higher costs and expenses related to the repossession, refurbishment, re-marketing and or re-leasing of assets. Construction . The Bank provides commercial construction loans for properties located in the Tri-state area. Risks common to commercial construction loans are cost overruns, inaccurate estimates of the period of construction, changes in market demand for property, inadequate long-term financing arrangements and declines in real estate values. Changes in market demand for property could lead to longer marketing times resulting in higher carrying costs, declining values, and higher interest rates. Consumer and Other . These are loans to individuals for household, family and other personal expenditures as well as obligations of states and political subdivisions in the U.S. This also represents all other loans that cannot be categorized in any of the previous mentioned loan segments. Consumer loans generally have higher interest rates and shorter terms than residential loans but tend to have higher credit risk due to the type of collateral securing the loan or in some cases the absence of collateral. Loan Modifications: On January 1, 2023, the Company adopted Accounting Standards Update ("ASU") 2022-02, which replaced the accounting and recognition of TDRs. ASU 2022-02 eliminates the accounting guidance on troubled debt restructurings for creditors in ASC 310-40 and amends the guidance on “vintage disclosures” to require disclosure of current-period gross write-offs by year of origination. ASU 2022-02 also updates the requirements related to accounting for credit losses under ASC 326 and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. Leases: At inception, contracts are evaluated to determine whether the contract constitutes a lease agreement. For contracts that are determined to be an operating lease, a corresponding right-of-use (“ROU”) asset and operating lease liability are recorded as separate line items on the statement of condition. An ROU asset represents the Company’s right to use an underlying asset during the lease term and a lease liability represents the Company’s commitment to make contractually obligated lease payments. Operating lease ROU assets and liabilities are recognized at the commencement date of the lease and are based on the present value of lease payments over the lease term. The measurement of the operating lease ROU asset includes any lease payments made. If the rate implicit in the lease is not readily determinable, the incremental collateralized borrowing rate is used to determine the present value of lease payments. This rate gives consideration to the applicable FHLB collateralized borrowing rates and is based on the information available at the commencement date. The Company has elected to apply the short-term lease measurement and recognition exemption to leases with an initial term of 12 months or less; therefore, these leases are not recorded on the Company’s statement of condition, but rather, lease expense is recognized over the lease term on a straight-line basis. The Company’s lease agreements may include options to extend or terminate the lease. The Company’s decision to exercise renewal options is based on an assessment of its current business needs and market factors at the time of the renewal. The Company maintains certain property and equipment under direct financing and operating leases. Substantially all of the leases in which the Company is the lessee are comprised of real estate property for branches and office space and are classified as operating leases. The ROU asset is measured at the amount of the lease liability adjusted for lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, any unamortized initial direct costs, and any impairment of the ROU asset. Operating lease expense consists of a single lease cost allocated over the remaining lease term on a straight-line basis, variable lease payments not included in the lease liability, and any impairment of the ROU asset. There are no terms or conditions related to residual value guarantees and no restrictions or covenants that would impact the Company’s ability to pay dividends or to incur additional financial obligations. Derivatives: At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company’s intentions and belief as to likely effectiveness as a hedge. These three types are (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”); (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or (3) an instrument with no hedging designation. For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item, are recognized in current earnings as fair values change. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. For cash flow hedges, changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as non-interest income. When hedge accounting is discontinued on a fair value hedge that no longer qualifies as an effective hedge, the derivative continues to be reported at fair value in the statement of condition, but the carrying amount of the hedged item is no longer adjusted for future changes in fair value. The adjustment to the carrying amount of the hedged item that existed at the date hedge accounting is discontinued is amortized over the remaining life of the hedged item into earnings. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the statement of condition or to specific firm commitments or forecasted transactions. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminated, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings. The Company also offers facility specific / loan level swaps to its customers and offsets its exposure from such contracts by entering into mirror image swaps with a financial institution / swap counterparty (loan level / back-to-back swap program). The customer accommodations and any offsetting swaps are treated as non-hedging derivative instruments which do not qualify for hedge accounting (“standalone derivatives”). The notional amount of the swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual contracts. The fair value of the swaps is recorded as both an asset and a liability, in other assets and other liabilities, respectively, in equal amounts for these transactions. The Company is exposed to losses if a customer counterparty fails to make its payments under a contract in which the Company is in a net receiving position. At this time, the Company anticipates that its counterparties will be able to fully satisfy their obligations under the agreements. All of the contracts to which the Company is a party settle monthly. Further, the Company has netting agreements with the dealers with which it does business. Stock-Based Compensation: The Company’s 2021 Long-Term Stock Incentive Plan allows the granting of shares of the Company’s common stock as incentive stock options, nonqualified stock options, restricted stock awards, restricted stock units and stock appreciation rights to directors, officers and employees of the Company and its subsidiaries. There are no shares remaining for issuance with respect to the stock incentive plans approved in 2006 and 2012. Options granted

INVESTMENT SECURITIES

INVESTMENT SECURITIES	6 Months Ended
	Jun. 30, 2024
Investment Securities Available For Sale [Abstract]
INVESTMENT SECURITIES AVAILABLE FOR SALE	2. INVESTMENT SECURITIES A summary of amortized cost and approximate fair value of investment securities available for sale and held to maturity included in the Consolidated Statements of Condition as of June 30, 2024 and December 31, 2023 follows: June 30, 2024 Gross Gross Allowance Amortized Unrealized Unrealized for Fair (In thousands) Cost Gains Losses Credit Losses Value Securities Available for Sale: U.S government-sponsored agencies $ 244,803 $ — $ ( 49,801 ) $ — $ 195,002 Mortgage-backed securities–residential 410,158 226 ( 47,352 ) — 363,032 SBA pool securities 25,478 1 ( 3,796 ) — 21,683 Corporate bond 14,000 23 ( 1,856 ) — 12,167 Total securities available for sale $ 694,439 $ 250 $ ( 102,805 ) $ — $ 591,884 Securities Held to Maturity: U.S. government-sponsored agencies $ 40,000 $ — $ ( 3,471 ) $ — $ 36,529 Mortgage-backed securities–residential 65,013 — ( 10,679 ) — 54,334 Total securities held to maturity $ 105,013 $ — $ ( 14,150 ) $ — $ 90,863 December 31, 2023 Gross Gross Allowance Amortized Unrealized Unrealized for Fair (In thousands) Cost Gains Losses Credit Losses Value Securities Available for Sale: U.S government-sponsored agencies $ 244,794 $ — $ ( 47,103 ) $ — $ 197,691 Mortgage-backed securities–residential 363,893 80 ( 43,177 ) — 320,796 SBA pool securities 27,148 — ( 3,744 ) — 23,404 Corporate bond 10,000 — ( 1,274 ) — 8,726 Total securities available for sale $ 645,835 $ 80 $ ( 95,298 ) $ — $ 550,617 Securities Held to Maturity: U.S. government-sponsored agencies $ 40,000 $ — $ ( 3,369 ) $ — $ 36,631 Mortgage-backed securities–residential 67,755 — ( 9,971 ) — 57,784 Total securities held to maturity $ 107,755 $ — $ ( 13,340 ) $ — $ 94,415 The following tables present the Company’s available for sale and held to maturity securities with continuous unrealized losses and the approximate fair value of these investments as of June 30, 2024 and December 31, 2023. June 30, 2024 Duration of Unrealized Loss Less Than 12 Months 12 Months or Longer Total Approximate Approximate Approximate Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Value Losses Value Losses Value Losses Securities Available for Sale: U.S. government-sponsored agencies $ — $ — $ 195,002 $ ( 49,801 ) $ 195,002 $ ( 49,801 ) Mortgage-backed securities residential 33,028 ( 774 ) 230,103 ( 46,578 ) 263,131 ( 47,352 ) SBA pool securities — — 21,333 ( 3,796 ) 21,333 ( 3,796 ) Corporate bond — — 8,144 ( 1,856 ) 8,144 ( 1,856 ) Total securities available for sale $ 33,028 $ ( 774 ) $ 454,582 $ ( 102,031 ) $ 487,610 $ ( 102,805 ) Securities Held to Maturity: U.S. government-sponsored agencies $ — $ — $ 36,529 $ ( 3,471 ) $ 36,529 $ ( 3,471 ) Mortgage-backed securities residential — — 54,334 ( 10,679 ) 54,334 ( 10,679 ) Total securities held to maturity $ — $ — $ 90,863 $ ( 14,150 ) $ 90,863 $ ( 14,150 ) Total securities $ 33,028 $ ( 774 ) $ 545,445 $ ( 116,181 ) $ 578,473 $ ( 116,955 ) December 31, 2023 Duration of Unrealized Loss Less Than 12 Months 12 Months or Longer Total Approximate Approximate Approximate Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Value Losses Value Losses Value Losses Securities Available for Sale: U.S. government-sponsored agencies $ — $ — $ 197,691 $ ( 47,103 ) $ 197,691 $ ( 47,103 ) Mortgage-backed securities residential 36,634 ( 963 ) 217,513 ( 42,214 ) 254,147 ( 43,177 ) SBA pool securities 655 ( 1 ) 22,749 ( 3,743 ) 23,404 ( 3,744 ) Corporate bond — — 8,726 ( 1,274 ) 8,726 ( 1,274 ) Total securities available for sale $ 37,289 $ ( 964 ) $ 446,679 $ ( 94,334 ) $ 483,968 $ ( 95,298 ) Securities Held to Maturity: U.S. government-sponsored agencies $ — $ — $ 36,631 $ ( 3,369 ) $ 36,631 $ ( 3,369 ) Mortgage-backed securities residential 9,647 ( 135 ) 48,137 ( 9,836 ) 57,784 ( 9,971 ) Total securities held to maturity $ 9,647 $ ( 135 ) $ 84,768 $ ( 13,205 ) $ 94,415 $ ( 13,340 ) Total securities $ 46,936 $ ( 1,099 ) $ 531,447 $ ( 107,539 ) $ 578,383 $ ( 108,638 ) Available for sale and held to maturity securities are evaluated to determine if a decline in fair value below the amortized cost basis has resulted from a credit loss or other factors. An impairment related to credit factors would be recorded through an allowance for credit losses. The allowance is limited to the amount by which the security’s amortized cost basis exceeds the fair value. An impairment that has not been recorded through an allowance for credit losses is recorded through other comprehensive income, net of applicable taxes. Investment securities will be written down to fair value through the Consolidated Statements of Income when management intends to sell, or may be required to sell, the securities before they recover in value. The issuers of securities currently in a continuous loss position continue to make timely principal and interest payments and none of these securities were past due or were placed in nonaccrual status at June 30, 2024. Substantially all of the investment securities are backed by loans guaranteed by either U.S. government agencies or U.S government-sponsored entities, and management believes that default is highly unlikely given the lack of historical credit losses and governmental backing. Management believes that the unrealized losses on these securities are a function of changes in market interest rates and credit spreads, not changes in credit quality. Therefore, no allowance for credit losses was recorded for the six months ended June 30, 2024 or 2023, respectively. The Company has an investment in a CRA investment fund with a fair value of $ 13.0 million at June 30, 2024. This investment is classified as an equity security in our Consolidated Statements of Condition. This security had a loss of $ 84,000 and $ 195,000 for the three and six months ended June 30, 2024. This amount was included in the fair value adjustment for CRA equity security on the Consolidated Statements of Income.

LOANS AND LEASES

LOANS AND LEASES	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
LOANS AND LEASES	3. LOANS AND LEASES Loans outstanding, excluding those held for sale, by general ledger classification, as of June 30, 2024 and December 31, 2023, consisted of the following: % of % of June 30, Totals December 31, Total (Dollars in thousands) 2024 Loans 2023 Loans Residential mortgage $ 578,829 11.00 % $ 578,327 10.65 % Multifamily mortgage 1,796,687 34.15 1,836,390 33.82 Commercial mortgage 600,859 11.42 637,625 11.74 Commercial loans (including equipment financing) 2,155,594 40.97 2,260,524 41.64 Commercial construction 22,157 0.42 17,721 0.33 Home equity lines of credit 37,117 0.71 36,464 0.67 Consumer loans, including fixed rate home equity loans 69,579 1.32 62,036 1.14 Other loans 172 0.01 238 0.01 Total loans $ 5,260,994 100.00 % $ 5,429,325 100.00 % In determining an appropriate amount for the allowance, the Bank segments and aggregated the loan portfolio based on common characteristics. The following pool segments identified as of June 30, 2024 and December 31, 2023 are based on the CECL methodology: % of % of June 30, Totals December 31, Total (Dollars in thousands) 2024 Loans 2023 Loans Primary residential mortgage $ 584,645 11.12 % $ 585,126 10.78 % Junior lien loan on residence 40,444 0.77 40,203 0.74 Multifamily property 1,796,687 34.17 1,836,390 33.85 Owner-occupied commercial real estate 256,035 4.87 255,110 4.70 Investment commercial real estate 1,012,489 19.25 1,061,197 19.56 Commercial and industrial 1,244,905 23.67 1,314,781 24.23 Lease financing 228,894 4.35 251,423 4.63 Construction 22,643 0.43 17,987 0.33 Consumer and other 71,789 1.37 63,906 1.18 Total loans 5,258,531 100.00 % 5,426,123 100.00 % Net deferred costs 2,463 3,202 Total loans including net deferred costs $ 5,260,994 $ 5,429,325 The following tables present the recorded investment in nonaccrual and loans past due 90 days or over still on accrual by class of loans as of June 30, 2024 and December 31, 2023: June 30, 2024 Nonaccrual Loans Past Due With No 90 Days or Over Allowance And Still (In thousands) for Credit Loss Nonaccrual Accruing Interest Primary residential mortgage $ 1,521 $ 2,112 $ — Junior lien loan on residence 98 98 — Multifamily property 20,225 33,558 — Investment commercial real estate — 11,748 — Commercial and industrial 6,036 30,684 — Lease financing 3,003 3,871 — Consumer and other 4 4 — Total $ 30,887 $ 82,075 $ — December 31, 2023 Nonaccrual Loans Past Due With No 90 Days or Over Allowance And Still (In thousands) for Credit Loss Nonaccrual Accruing Interest Primary residential mortgage $ 1,263 $ 1,263 $ — Junior lien loan on residence 100 100 — Multifamily property 16,645 16,645 — Investment commercial real estate 9,881 9,881 — Commercial and industrial 3,965 31,430 — Lease financing 946 2,002 — Consumer and other 3 3 — Total $ 32,803 $ 61,324 $ — The following tables present the aging of the recorded investment in past due loans as of June 30, 2024 and December 31, 2023 by class of loans, excluding nonaccrual loans: June 30, 2024 30-59 60-89 90 Days or Days Days Greater Total (In thousands) Past Due Past Due Past Due Past Due Primary residential mortgage $ 1,774 $ 97 $ — $ 1,871 Junior lien loan on residence 417 — — 417 Multifamily property 13,571 — — 13,571 Investment commercial real estate — 17,326 — 17,326 Commercial and industrial 943 435 — 1,378 Lease financing — 151 — 151 Total $ 16,705 $ 18,009 $ — $ 34,714 December 31, 2023 30-59 60-89 90 Days or Days Days Greater Total (In thousands) Past Due Past Due Past Due Past Due Primary residential mortgage $ 2,448 $ 1,061 $ — $ 3,509 Junior lien on residence 84 — — 84 Multifamily property 11,814 — — 11,814 Commercial and industrial 7,297 11,498 — 18,795 Consumer and other 387 — — 387 Total $ 22,030 $ 12,559 $ — $ 34,589 Credit Quality Indicators: The Company places all commercial loans into various credit risk rating categories based on an assessment of the expected ability of the borrowers to properly service their debt. The assessment considers numerous factors including, but not limited to, current financial information on the borrower, historical payment experience, strength of any guarantor, nature of and value of any collateral, acceptability of the loan structure and documentation, relevant public information and current economic trends. This credit risk rating analysis is performed when the loan is initially underwritten and then annually based on set criteria in the loan policy. In addition, the Bank has engaged an independent loan review firm to validate risk ratings and to ensure compliance with our policies and procedures. This review of the following types of loans is performed quarterly: • A large sample of relationships or new lending to existing relationships greater than $ 1,000,000 booked since the prior review; • All criticized and classified rated borrowers with relationship exposure of more than $ 500,000 ; • A large sample of Pass-rated (including Pass Watch) borrowers with total relationships in excess of $ 1,000,000 and a small sample of Pass related relationships less than $ 1,000,000 ; • All leveraged loans of $ 1,000,000 or greater; • At least two borrowing relationships managed by each commercial banker; • Any new Federal Reserve Board Regulation O loan commitments over $ 1,000,000 ; and • Any other credits requested by Bank senior management or a member of the Board of Directors and any borrower for which the reviewer determines a review is warranted based upon knowledge of the portfolio, local events, industry stresses, etc. The review excludes borrowers with commitments of less than $ 500,000 . The Company uses the following regulatory definitions for criticized and classified risk ratings: Special Mention: These loans have a potential weakness that deserves Management’s close attention. If left uncorrected, the potential weaknesses may result in deterioration of the repayment prospects for the loans or of the institution’s credit position at some future date. Substandard: These loans are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful: These loans have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable, based on currently existing facts, conditions and values. Loans not meeting the criteria above that are analyzed individually as part of the above-described process are considered to be pass-rated loans. With the adoption of CECL, loans that are in the process of or expected to be in foreclosure are deemed to be collateral dependent with respect to measuring potential loss and allowance adequacy and are individually evaluated by Management. Loans that do not share common risk characteristics are also evaluated on an individual basis. All other loans are evaluated using a non-linear discounted cash flow methodology for measuring potential loss and allowance adequacy. The following is a summary of the credit risk profile of loans by internally assigned grade as of June 30, 2024 and December 31, 2023 based on originations for the periods indicated; the years represent the year of origination for non-revolving loans: Grade as of June 30, 2024 for Loans Originated During 2019 Revolving- (In thousands) 2024 2023 2022 2021 2020 and Prior Revolving Term Total Primary residential mortgage: Pass $ 25,736 $ 92,920 $ 112,096 $ 77,156 $ 54,479 $ 213,434 $ — $ 5,698 $ 581,519 Special mention — — — — — — — — — Substandard — 591 — — 458 2,077 — — 3,126 Doubtful — — — — — — — — — Total primary residential mortgages 25,736 93,511 112,096 77,156 54,937 215,511 — 5,698 584,645 Current period gross charge-offs — — — — — — — — — Junior lien loan on residence: Pass — 838 1,224 114 — 1,153 29,885 7,132 40,346 Special mention — — — — — — — — — Substandard — — — — — — 97 1 98 Doubtful — — — — — — — — — Total junior lien loan on residence — 838 1,224 114 — 1,153 29,982 7,133 40,444 Current period gross charge-offs — — — — — — — — — Multifamily property: Pass 6,223 51,871 457,492 601,510 118,653 462,454 8,802 — 1,707,005 Special mention — — 3,423 28,507 — 13,296 — — 45,226 Substandard — — 13,366 — — 31,090 — — 44,456 Doubtful — — — — — — — — — Total multifamily property 6,223 51,871 474,281 630,017 118,653 506,840 8,802 — 1,796,687 Current period gross charge-offs — — — 2,088 — 3,291 — — 5,379 Owner-occupied commercial real estate: Pass 5,777 4,267 23,218 44,214 19,217 126,927 19,355 10,543 253,518 Special mention — — — 1,173 — 1,344 — — 2,517 Substandard — — — — — — — — — Doubtful — — — — — — — — — Total owner-occupied commercial real estate 5,777 4,267 23,218 45,387 19,217 128,271 19,355 10,543 256,035 Current period gross charge-offs — — — — — — — — — Investment commercial real estate: Pass 22,551 124,748 171,432 139,203 56,965 390,223 21,904 17,035 944,061 Special mention — — — — — 42,681 — 14,000 56,681 Substandard — — 9,818 — — 1,929 — — 11,747 Doubtful — — — — — — — — — Total investment commercial real estate 22,551 124,748 181,250 139,203 56,965 434,833 21,904 31,035 1,012,489 Current period gross charge-offs — — — — — — — — — Commercial and industrial: Pass 93,904 157,772 179,978 150,176 18,288 26,898 501,899 14,614 1,143,529 Special mention — — 11,083 12,006 — 1,705 11,405 168 36,367 Substandard 12,250 2,035 20,260 1,729 2,059 3,294 20,673 2,709 65,009 Doubtful — — — — — — — — — Total commercial and industrial 106,154 159,807 211,321 163,911 20,347 31,897 533,977 17,491 1,244,905 Current period gross charge-offs — — — — 241 — — — 241 Grade as of June 30, 2024 for Loans Originated During 2019 Revolving- (In thousands) 2024 2023 2022 2021 2020 and Prior Revolving Term Total Lease financing: Pass 10,288 47,300 47,614 56,211 29,774 33,836 — — 225,023 Special mention — — — — — — — — — Substandard — 868 — — — 3,003 — — 3,871 Doubtful — — — — — — — — — Total lease financing 10,288 48,168 47,614 56,211 29,774 36,839 — — 228,894 Current period gross charge-offs — — — — — — — — — Construction: Pass — — — — — — 22,643 — 22,643 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total commercial construction loans — — — — — — 22,643 — 22,643 Current period gross charge-offs — — — — — — — — — Consumer and other loans: Pass 22,717 3,062 — 259 140 3,678 35,442 6,487 71,785 Special mention — — — — — — — — — Substandard — — — — — — 4 — 4 Doubtful — — — — — — — — — Total consumer and other loans 22,717 3,062 — 259 140 3,678 35,446 6,487 71,789 Current period gross charge-offs — — — — — 2 — 15 17 Total: Pass 187,196 482,778 993,054 1,068,843 297,516 1,258,603 639,930 61,509 4,989,429 Special mention — — 14,506 41,686 — 59,026 11,405 14,168 140,791 Substandard 12,250 3,494 43,444 1,729 2,517 41,393 20,774 2,710 128,311 Doubtful — — — — — — — — — Total Loans $ 199,446 $ 486,272 $ 1,051,004 $ 1,112,258 $ 300,033 $ 1,359,022 $ 672,109 $ 78,387 $ 5,258,531 Total Current Period Gross Charge-offs $ — $ — $ — $ 2,088 $ 241 $ 3,293 $ — $ 15 $ 5,637 Grade as of December 31, 2023 for Loans Originated During 2018 Revolving- (In thousands) 2023 2022 2021 2020 2019 and Prior Revolving Term Total Primary residential mortgage: Pass $ 94,688 $ 114,532 $ 80,175 $ 56,191 $ 35,418 $ 196,251 $ — $ 5,535 $ 582,790 Special mention — — — — — — — — — Substandard — — — 473 935 928 — — 2,336 Doubtful — — — — — — — — — Total primary residential mortgages 94,688 114,532 80,175 56,664 36,353 197,179 — 5,535 585,126 Current period gross charge-offs — — — — — — — — — Junior lien loan on residence: Pass 872 1,394 135 — 530 808 29,620 6,680 40,039 Special mention — — — — — — — — — Substandard — — — — — — 163 1 164 Doubtful — — — — — — — — — Total junior lien loan on residence 872 1,394 135 — 530 808 29,783 6,681 40,203 Current period gross charge-offs — — — — — — — — — Multifamily property: Pass 52,072 476,972 645,093 119,934 209,299 295,226 8,451 — 1,807,047 Special mention — — — — — 1,650 — — 1,650 Substandard — 1,572 7,491 — 10,370 8,260 — — 27,693 Doubtful — — — — — — — — — Total multifamily property 52,072 478,544 652,584 119,934 219,669 305,136 8,451 — 1,836,390 Current period gross charge-offs — — 2,223 — — — — — 2,223 Owner-occupied commercial real estate: Pass 4,333 23,590 39,563 19,457 11,788 126,430 17,559 10,731 253,451 Special mention — — 1,197 — — — 462 — 1,659 Substandard — — — — — — — — — Doubtful — — — — — — — — — Total owner-occupied commercial real estate 4,333 23,590 40,760 19,457 11,788 126,430 18,021 10,731 255,110 Current period gross charge-offs — — — — — — — — — Investment commercial real estate: Pass 125,568 173,660 150,026 57,811 144,447 314,411 30,124 13,379 1,009,426 Special mention — — — — 21,936 3,834 — 14,172 39,942 Substandard — 9,881 — — 1,948 — — — 11,829 Doubtful — — — — — — — — — Total investment commercial real estate 125,568 183,541 150,026 57,811 168,331 318,245 30,124 27,551 1,061,197 Current period gross charge-offs — 1,199 — — — — — — 1,199 Commercial and industrial: Pass 226,699 216,864 191,389 39,003 26,570 16,845 516,844 23,687 1,257,901 Special mention — — 758 — 1,161 190 14,232 194 16,535 Substandard 1,212 22,297 1,467 1,865 953 2,524 7,571 2,456 40,345 Doubtful — — — — — — — — — Total commercial and industrial 227,911 239,161 193,614 40,868 28,684 19,559 538,647 26,337 1,314,781 Current period gross charge-offs — — — — — — — — — Lease financing: Pass 50,706 42,447 61,547 39,710 24,113 19,287 — — 237,810 Special mention — 9,631 511 — 1,375 94 — — 11,611 Substandard 1,056 — — — 946 — — — 2,002 Doubtful — — — — — — — — — Total lease financing 51,762 52,078 62,058 39,710 26,434 19,381 — — 251,423 Current period gross charge-offs — 4,800 — — — 794 — — 5,594 Construction: Pass — — — — — — 17,987 — 17,987 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total commercial construction loans — — — — — — 17,987 — 17,987 Current period gross charge-offs — — — — — — — — — Consumer and other loans: Pass 3,934 — 301 158 — 4,141 51,788 3,581 63,903 Special mention — — — — — — — — — Substandard — — — — — — 3 — 3 Doubtful — — — — — — — — — Total consumer and other loans 3,934 — 301 158 — 4,141 51,791 3,581 63,906 Current period gross charge-offs — — — — — — 139 — 139 Total: Pass 558,872 1,049,459 1,168,229 332,264 452,165 973,399 672,373 63,593 5,270,354 Special mention — 9,631 2,466 — 24,472 5,768 14,694 14,366 71,397 Substandard 2,268 33,750 8,958 2,338 15,152 11,712 7,737 2,457 84,372 Doubtful — — — — — — — — — Total Loans $ 561,140 $ 1,092,840 $ 1,179,653 $ 334,602 $ 491,789 $ 990,879 $ 694,804 $ 80,416 $ 5,426,123 Total Current Period Gross Charge-offs $ — $ 5,999 $ 2,223 $ — $ — $ 794 $ 139 $ — $ 9,155 At June 30, 2024, $ 81.7 million of substandard loans were individually evaluated, compared to $ 60.6 million at December 31, 2023. The increase in individually evaluated substandard loans was primarily due to six multifamily loans with a balance of $ 32.0 million that were graded as substandard during the six months of 2024, offset by the sale of two multifamily individually evaluated loans totaling $ 15.1 million. Loan Modifications: On January 1, 2023, the Company adopted Accounting Standards Update 2022-02, which replaced the accounting and recognition of TDRs. The Company will provide modifications, which may include other than insignificant delays in payment of amounts due, extension of the terms of the notes or reduction in the interest rates on the notes. In certain instances, the Company may grant more than one type of modification. All accruing modified loans were paying in accordance with their modified terms as of June 30, 2024. The Company has not committed to lend additional amounts as of June 30, 2024 to customers with outstanding loans that are classified as modified loans. The following table provides information related to the modifications during the three months ended June 30, 2024 by pool segment and type of concession granted: Significant Payment Delay Three Months Ended June 30, 2024 % of Total Amortized Class of Cost Basis Financing (Dollars in thousands) at Period End Receivable Primary residential mortgage $ 119 0.02 % Commercial and industrial 14,539 1.17 % Total $ 14,658 1.19 % The following tables provide information related to the modifications during the six months ended June 30, 2024 by pool segment and type of concession granted: Interest Rate Reduction and Term Extension Six Months Ended June 30, 2024 % of Total Amortized Class of Cost Basis Financing (Dollars in thousands) at Period End Receivable Commercial and industrial $ 12,250 0.98 % Total $ 12,250 0.98 % Significant Payment Delay Six Months Ended June 30, 2024 % of Total Amortized Class of Cost Basis Financing (Dollars in thousands) at Period End Receivable Primary residential mortgage $ 119 0.02 % Commercial and industrial 14,539 1.17 % Total $ 14,658 1.19 % The following table provides information related to the modifications during the three months ended June 30, 2023 by pool segment and type of concession granted: Interest Rate Reduction Three Months Ended June 30, 2023 % of Total Amortized Class of Cost Basis Financing (Dollars in thousands) at Period End Receivable Commercial and industrial $ 777 0.06 % Total $ 777 0.06 % The following tables provide information related to the modifications during the six months ended June 30, 2023 by pool segment and type of concession granted: Significant Pay Delay Six Months Ended June 30, 2023 % of Total Amortized Class of Cost Basis Financing (Dollars in thousands) at Period End Receivable Commercial and industrial $ 248 0.02 % Total $ 248 0.02 % Interest Rate Reduction Six Months Ended June 30, 2023 % of Total Amortized Class of Cost Basis Financing (Dollars in thousands) at Period End Receivable Commercial and industrial $ 777 0.06 % Total $ 777 0.06 % The following table depicts the payment status of the loans that were modified to a borrower experiencing financial difficulties on or after January 1, 2023, the date we adopted ASU 2022-02, through June 30, 2024: Payment Status at June 30, 2024 30-89 Days 90+ Days (Dollars in thousands) Current Past Due Past Due Primary residential mortgage $ 119 $ — $ — Commercial and industrial 26,788 2,863 248 Total $ 26,907 $ 2,863 $ 248 The following table presents loans by class modified that failed to comply with the modified terms in the twelve months following modification and resulted in a payment default at June 30, 2024: Amortized Cost Basis of Modified Loans That Subsequently Defaulted Six Months Ended June 30, 2024 Significant Interest (Dollars in thousands) Pay Delay Rate Reduction Commercial and industrial $ — $ 2,863 Total $ — $ 2,863 The following table presents loans by class modified that failed to comply with the modified terms in the twelve months following modification and resulted in a payment default at June 30, 2023: Amortized Cost Basis of Modified Loans That Subsequently Defaulted Six Months Ended June 30, 2023 Significant Interest (Dollars in thousands) Pay Delay Rate Reduction Commercial and industrial $ 248 $ — Total $ 248 $ —

ALLOWANCE FOR CREDIT LOSSES

ALLOWANCE FOR CREDIT LOSSES	6 Months Ended
	Jun. 30, 2024
Credit Loss [Abstract]
ALLOWANCE FOR CREDIT LOSSES	4. ALLOWANCE FOR CREDIT LOSSES On January 1, 2022, the Company adopted ASU 2016-13, which replaced the incurred loss methodology with an expected loss methodology that is referred to as the CECL methodology. See Note 1, Summary of Significant Accounting Policies for additional information on Topic 326. The Company does not estimate expected credit losses on accrued interest receivable (“AIR”) on loans, as AIR is reversed or written off when the full collection of the AIR related to a loan becomes doubtful. AIR on loans totaled $ 30.5 million at June 30, 2024 and $ 27.8 million at December 31, 2023. The following tables present the loan balances by segment, and the corresponding balances in the allowance as of June 30, 2024 and December 31, 2023. The allowance was based on the CECL methodology. June 30, 2024 Ending ACL Attributable Ending ACL Total To Total Attributable Individually Individually Loans To Loans Total Evaluated Evaluated Collectively Collectively Total Ending (In thousands) Loans Loans Evaluated Evaluated Loans ACL Primary residential mortgage $ 1,843 $ 47 $ 582,802 $ 4,144 $ 584,645 $ 4,191 Junior lien loan on residence 98 — 40,346 187 40,444 187 Multifamily property 33,559 2,285 1,763,128 10,316 1,796,687 12,601 Owner-occupied commercial real estate — — 256,035 4,712 256,035 4,712 Investment commercial real estate 11,747 528 1,000,742 13,924 1,012,489 14,452 Commercial and industrial 30,684 4,747 1,214,221 23,821 1,244,905 28,568 Lease financing 3,871 264 225,023 1,426 228,894 1,690 Construction — — 22,643 655 22,643 655 Consumer and other loans — — 71,789 928 71,789 928 Total ACL $ 81,802 $ 7,871 $ 5,176,729 $ 60,113 $ 5,258,531 $ 67,984 December 31, 2023 Ending ACL Attributable Ending ACL Total To Total Attributable Individually Individually Loans To Loans Total Evaluated Evaluated Collectively Collectively Total Ending (In thousands) Loans Loans Evaluated Evaluated Loans ACL Primary residential mortgage $ 652 $ — $ 584,474 $ 3,931 $ 585,126 $ 3,931 Junior lien loan on residence 100 — 40,103 177 40,203 177 Multifamily property 16,645 — 1,819,745 8,782 1,836,390 8,782 Owner-occupied commercial real estate — — 255,110 4,840 255,110 4,840 Investment commercial real estate 9,881 — 1,051,316 15,403 1,061,197 15,403 Commercial and industrial 31,430 4,518 1,283,351 25,189 1,314,781 29,707 Lease financing 2,002 20 249,421 1,643 251,423 1,663 Construction — — 17,987 516 17,987 516 Consumer and other loans — — 63,906 869 63,906 869 Total ACL $ 60,710 $ 4,538 $ 5,365,413 $ 61,350 $ 5,426,123 $ 65,888 Individually evaluated loans include nonaccrual loans of $ 81.7 million at June 30, 2024 and $ 60.6 million at December 31, 2023. Individually evaluated loans did no t include any performing modified loans at June 30, 2024. An allowance of $ 149,000 was allocated to modified loans at June 30, 2024. The allowance for credit losses was $ 68.0 million as of June 30, 2024, compared to $ 65.9 million at December 31, 2023. The increase in the allowance for credit losses (“ACL”) was primarily related to an increase in the ACL related to multifamily loans, which was driven by the increase in individually evaluated loans of $ 16.6 million to $ 33.6 million and certain qualitative adjustments made during the first six months of 2024. The allowance for credit losses as a percentage of loans was 1.29 percent at June 30, 2024, compared to 1.21 percent at December 31, 2023. Under Topic 326, the Company's methodology for determining the ACL on loans is based upon key assumptions, including historic net charge-offs, economic forecasts, reversion periods, prepayments and qualitative adjustments. The allowance is measured on a collective, or pool, basis when similar risk characteristics exist. Loans that do not share common risk characteristics are evaluated on an individual basis and are excluded from the collective evaluation. The following tables present collateral dependent loans individually evaluated by segment as of June 30, 2024 and December 31, 2023: June 30, 2024 Average Unpaid Individually Principal Recorded Related Evaluated (In thousands) Balance Investment (A) Allowance Loans With no related allowance recorded: Primary residential mortgage (A) $ 1,337 $ 1,252 $ — $ 919 Junior lien loan on residence (A) 100 98 — 106 Multifamily property (B) 20,225 20,225 — 19,455 Commercial and industrial (A)(C)(D) 7,816 5,184 — 4,817 Lease financing (E) 3,103 3,003 — 1,165 Total loans with no related allowance $ 32,581 $ 29,762 $ — $ 26,462 With related allowance recorded: Primary residential mortgage (A) $ 591 $ 591 $ 47 $ 493 Multifamily property (B) 13,334 13,334 2,285 5,273 Investment commercial real estate (D) 14,430 11,747 528 10,164 Commercial and industrial (C)(D)(E) 27,414 25,500 4,747 26,162 Lease financing (E) 904 868 264 933 Total loans with related allowance $ 56,673 $ 52,040 $ 7,871 $ 43,025 Total loans individually evaluated $ 89,254 $ 81,802 $ 7,871 $ 69,487 (A) Secured by residential real estate. (B) Secured by multifamily residential properties. (C) Secured by commercial real estate. (D) Secured by all business assets. (E) Secured by machinery and equipment. December 31, 2023 Average Unpaid Individually Principal Recorded Related Evaluated (In thousands) Balance Investment Allowance Loans With no related allowance recorded: Primary residential mortgage (A) $ 712 $ 652 $ — $ 428 Junior lien loan on residence (A) 100 100 — 8 Multifamily property (B) 18,868 16,645 — 5,964 Investment commercial real estate (C) 12,500 9,881 — 5,781 Commercial and industrial (A)(C)(D) 6,275 3,965 — 2,146 Lease financing (E) 1,035 946 — 2,067 Total loans with no related allowance $ 39,490 $ 32,189 $ — $ 16,394 With related allowance recorded: Commercial and industrial (C)(D)(E) $ 28,359 $ 27,465 $ 4,518 $ 9,814 Lease financing (E) 1,079 1,056 20 1,611 Total loans with related allowance $ 29,438 $ 28,521 $ 4,538 $ 11,425 Total loans individually evaluated for impairment $ 68,928 $ 60,710 $ 4,538 $ 27,819 (A) Secured by residential real estate. (B) Secured by multifamily residential properties. (C) Secured by commercial real estate. (D) Secured by all business assets. (E) Secured by machinery and equipment. Interest income recognized on individually evaluated loans for the three and six months ended June 30, 2024 and 2023 was not material. The Company did not recognize any income on non-accruing loans for the three and six months ended June 30, 2024 and 2023. The activity in the allowance for credit losses for the three months ended June 30, 2024 and June 30, 2023 is summarized below: April 1, June 30, 2024 2024 Beginning Provision Ending (In thousands) ACL Charge-offs Recoveries (Credit) (A) ACL Primary residential mortgage $ 4,101 $ — $ — $ 90 $ 4,191 Junior lien loan on residence 178 — — 9 187 Multifamily property 10,242 ( 5,379 ) — 7,738 12,601 Owner-occupied commercial real estate 4,906 — — ( 194 ) 4,712 Investment commercial real estate 15,126 — — ( 674 ) 14,452 Commercial and industrial 28,755 — 5 ( 192 ) 28,568 Lease financing 1,431 — 3,210 ( 2,951 ) 1,690 Construction 597 — — 58 655 Consumer and other loans 915 ( 4 ) — 17 928 Total ACL $ 66,251 $ ( 5,383 ) $ 3,215 $ 3,901 $ 67,984 (A) Provision to roll forward the ACL excludes a provision of $ 10,000 for off-balance sheet commitments. April 1, June 30, 2023 2023 Beginning Provision Ending (In thousands) ACL Charge-offs Recoveries (Credit) (A) ACL Primary residential mortgage $ 2,959 $ — $ — $ 189 $ 3,148 Junior lien loan on residence 146 — — 5 151 Multifamily property 9,823 — — 714 10,537 Owner-occupied commercial real estate 4,952 — — ( 244 ) 4,708 Investment commercial real estate 14,538 ( 1,199 ) — 209 13,548 Commercial and industrial 26,869 — — 564 27,433 Lease financing 1,989 — — 74 2,063 Construction 313 — — 108 421 Consumer and other loans 661 ( 15 ) 2 47 695 Total ACL $ 62,250 $ ( 1,214 ) $ 2 $ 1,666 $ 62,704 (A) Provision to roll forward the ACL excludes a provision of $ 30,000 for off-balance sheet commitments. January 1, June 30, 2024 2024 Beginning Provision Ending (In thousands) ACL Charge-offs Recoveries (Credit) (A) ACL Primary residential mortgage $ 3,931 $ — $ — $ 260 $ 4,191 Junior lien loan on residence 177 — — 10 187 Multifamily property 8,782 ( 5,379 ) — 9,198 12,601 Owner-occupied commercial real estate 4,840 — — ( 128 ) 4,712 Investment commercial real estate 15,403 — — ( 951 ) 14,452 Commercial and industrial 29,707 ( 241 ) 5 ( 903 ) 28,568 Lease financing 1,663 — 3,210 ( 3,183 ) 1,690 Construction 516 — — 139 655 Consumer and other loans 869 ( 17 ) 2 74 928 Total ACL $ 65,888 $ ( 5,637 ) $ 3,217 $ 4,516 $ 67,984 (A) Provision to roll forward the ACL excludes a provision of $ 22,000 for off-balance sheet commitments. January 1, June 30, 2023 2023 Beginning Provision Ending (In thousands) ACL Charge-offs Recoveries (Credit) (A) ACL Primary residential mortgage $ 2,894 $ — $ — $ 254 $ 3,148 Junior lien loan on residence 154 — — ( 3 ) 151 Multifamily property 8,849 — — 1,688 10,537 Owner-occupied commercial real estate 4,835 — — ( 127 ) 4,708 Investment commercial real estate 15,480 ( 1,199 ) — ( 733 ) 13,548 Commercial and industrial 25,530 — — 1,903 27,433 Lease financing 2,314 — — ( 251 ) 2,063 Construction 236 — — 185 421 Consumer and other loans 537 ( 61 ) 5 214 695 Total ACL $ 60,829 $ ( 1,260 ) $ 5 $ 3,130 $ 62,704 (A) Provision to roll forward the ACL excludes a provision of $ 79,000 for off-balance sheet commitments. Allowance for Credit Losses on Off-Balance Sheet Commitments The following tables present the activity in the ACL for off-balance sheet commitments for the six months ended June 30, 2024 and 2023: January 1, 2024 June 30, Beginning Provision 2024 (In thousands) ACL (Credit) Ending ACL Off balance sheet commitments $ 687 $ 22 $ 709 Total ACL $ 687 $ 22 $ 709 January 1, 2023 June 30, Beginning Provision 2023 (In thousands) ACL (Credit) Ending ACL Off balance sheet commitments $ 752 $ 79 $ 831 Total ACL $ 752 $ 79 $ 831

DEPOSITS

DEPOSITS	6 Months Ended
	Jun. 30, 2024
Deposits [Abstract]
DEPOSITS	5. DEPOSITS Certificates of deposit that met or exceeded $250,000 totaled $ 133.9 million and $ 105.9 million at June 30, 2024 and December 31, 2023, respectively. These totals exclude brokered certificates of deposit, which totaled $ 26.0 million and $ 120.5 million at June 30, 2024 and December 31, 2023, respectively. The following table sets forth the details of total deposits as of June 30, 2024 and December 31, 2023: June 30, December 31, 2024 2023 (Dollars in thousands) Noninterest-bearing demand deposits $ 950,368 16.80 % $ 957,687 18.16 % Interest-bearing checking (A) 3,229,814 57.10 2,882,193 54.65 Savings 105,602 1.87 111,573 2.12 Money market 824,158 14.57 740,559 14.04 Certificates of deposit - retail 502,810 8.89 443,791 8.41 Certificates of deposit - listing service 7,454 0.13 7,804 0.15 Subtotal deposits 5,620,206 99.36 5,143,607 97.53 Interest-bearing demand - Brokered 10,000 0.18 10,000 0.19 Certificates of deposit - Brokered 26,000 0.46 120,507 2.28 Total deposits $ 5,656,206 100.00 % $ 5,274,114 100.00 % (A) Interest-bearing checking includes $ 1.3 billion at June 30, 2024 and $ 990.7 million at December 31, 2023 of reciprocal balances in the Reich & Tang or Promontory Demand Deposit Marketplace program . The scheduled maturities of certificates of deposit, including brokered certificates of deposit, as of June 30, 2024, are as follows: (In thousands) 2024 $ 353,869 2025 174,891 2026 5,338 2027 920 2028 1,049 2029 and later 197 Total $ 536,264

FEDERAL HOME LOAN BANK ADVANCES

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS	6. FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS At June 30, 2024, the Company had no overnight borrowings with the FHLB compared to $ 403.8 million of overnight borrowings at the FHLB at a rate of 5.62 percent at December 31, 2023. At June 30, 2024, the Company also had available unused short-term overnight borrowing capacity through the FHLB of $ 1.7 billion, $ 22.0 million from correspondent banks and $ 1.6 billion at the Federal Reserve Bank of New York.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
BUSINESS SEGMENTS	7. BUSINESS SEGMENTS The Company assesses its results among two operating segments, Banking and Peapack Private. Management uses certain methodologies to allocate income and expense to the business segments. A funds transfer pricing methodology is used to assign interest income and interest expense. Certain indirect expenses are allocated to segments. These include support unit expenses such as technology and operations and other support functions. Taxes are allocated to each segment based on the effective rate for the period shown. Banking The Banking segment includes: commercial (includes C&I and equipment finance), commercial real estate, multifamily, commercial construction, residential and consumer lending activities; treasury management services; C&I advisory services; escrow management; deposit generation; operation of ATMs; telephone and internet banking services; merchant credit card services and customer support and sales. Peapack Private Peapack Private which includes the operations of PGB Trust & Investments of Delaware, consists of: investment management services provided for individuals and institutions; personal trust services, including services as executor, trustee, administrator, custodian and guardian; and other financial planning, tax preparation and advisory services. The following tables present the statements of income and total assets for the Company’s reportable segments for the three and six months ended June 30, 2024 and 2023. Three Months Ended June 30, 2024 Peapack (In thousands) Banking Private Total Net interest income $ 34,462 $ 580 $ 35,042 Noninterest income 4,925 16,630 21,555 Total income 39,387 17,210 56,597 Provision for credit losses 3,911 — 3,911 Compensation and benefits 21,874 8,010 29,884 Premises and equipment expense 5,042 734 5,776 FDIC expense 870 — 870 Other operating expense 4,630 1,966 6,596 Total operating expense 36,327 10,710 47,037 Income before income tax expense 3,060 6,500 9,560 Income tax expense 547 1,483 2,030 Net income $ 2,513 $ 5,017 $ 7,530 Three Months Ended June 30, 2023 Peapack (In thousands) Banking Private Total Net interest income $ 38,103 $ 818 $ 38,921 Noninterest income 4,072 14,503 18,575 Total income 42,175 15,321 57,496 Provision for credit losses 1,696 — 1,696 Compensation and employee benefits 17,949 8,405 26,354 Premises and equipment expense 4,023 706 4,729 FDIC insurance expense 729 — 729 Other operating expense 3,855 2,025 5,880 Total operating expense 28,252 11,136 39,388 Income before income tax expense 13,923 4,185 18,108 Income tax expense 3,816 1,147 4,963 Net income $ 10,107 $ 3,038 $ 13,145 Six Months Ended June 30, 2024 Peapack (In thousands) Banking Private Total Net interest income $ 68,222 $ 1,195 $ 69,417 Noninterest income 9,012 31,244 40,256 Total income 77,234 32,439 109,673 Provision for credit losses 4,538 — 4,538 Compensation and employee benefits 43,597 14,763 58,360 Premises and equipment expense 9,420 1,437 10,857 FDIC insurance expense 1,815 — 1,815 Other operating expense 8,218 3,917 12,135 Total operating expense 67,588 20,117 87,705 Income before income tax expense 9,646 12,322 21,968 Income tax expense 2,554 3,253 5,807 Net income $ 7,092 $ 9,069 $ 16,161 Total assets at period end $ 6,382,263 $ 123,087 $ 6,505,350 Six Months Ended June 30, 2023 Peapack (In thousands) Banking Private Total Net interest income $ 80,193 $ 2,706 $ 82,899 Noninterest income 7,907 28,727 36,634 Total income 88,100 31,433 119,533 Provision for credit losses 3,209 — 3,209 Compensation and employee benefits 36,118 14,822 50,940 Premises and equipment expense 7,636 1,467 9,103 FDIC insurance expense 1,440 — 1,440 Other operating expense 7,129 4,654 11,783 Total operating expense 55,532 20,943 76,475 Income before income tax expense 32,568 10,490 43,058 Income tax expense 8,746 2,812 11,558 Net income $ 23,822 $ 7,678 $ 31,500 Total assets at period end $ 6,363,409 $ 116,291 $ 6,479,700

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE	8. FAIR VALUE Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate the fair value: Investment Securities: The fair values for investment securities are determined by quoted market prices (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). Loans Held for Sale, at Fair Value: The fair value of loans held for sale is determined using quoted prices for similar assets, adjusted for specific attributes of that loan or other observable market data, such as outstanding commitments from third party investors (Level 2). Derivatives : The fair values of derivatives are based on valuation models using observable market data as of the measurement date (Level 2). Our derivatives are traded in an over-the-counter market where quoted market prices are not always available. Therefore, the fair values of derivatives are determined using quantitative models that utilize multiple market inputs. The inputs will vary based on the type of derivative, but could include interest rates, prices and indices to generate continuous yield or pricing curves, prepayment rates, and volatility factors to value the position. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. Individually Evaluated Loans: The fair value of collateral dependent loans with specific allocations of the allowance for credit losses is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Individually evaluated loans may, in some cases, also be measured by the discounted cash flow methodology where payments are anticipated. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Other Real Estate Owned: Nonrecurring adjustments to certain commercial and residential real estate properties classified as other real estate owned (“OREO") are measured at fair value, less estimated costs to sell. Fair values are based on recent real estate appraisals. These appraisals may use a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Appraisals for both collateral-dependent impaired loans and other real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by Management. Once received, a third party conducts a review of the appraisal for compliance with the Uniform Standards of Professional Appraisal Practice and appropriate analysis methods for the type of property. Subsequently, a member of the Credit Department reviews the assumptions and approaches utilized in the appraisal, as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. Appraisals on collateral dependent impaired loans and other real estate owned (consistent for all loan types) are obtained on an annual basis, unless a significant change in the market or other factors warrants a more frequent appraisal. On an annual basis, Management compares the actual selling price of any collateral that has been sold to the most recent appraised value to determine what additional adjustment should be made to the appraisal value to arrive at fair value for other properties. The most recent analysis performed indicated that a discount up to 15 percent should be applied to appraisals on properties. The discount is determined based on the nature of the underlying properties, aging of appraisals and other factors. For each collateral-dependent impaired loan, we consider other factors, such as certain indices or other market information, as well as property specific circumstances to determine if an adjustment to the appraised value is needed. In situations where there is evidence of change in value, the Bank will determine if there is a need for an adjustment to the specific reserve on the collateral dependent impaired loans. When the Bank applies an interim adjustment, it generally shows the adjustment as an incremental specific reserve against the loan until it has received the full updated appraisal. All collateral-dependent impaired loans and other real estate owned valuations were supported by an appraisal less than 12 months old or in the process of obtaining an appraisal as of June 30, 2024. The following tables summarize, at the dates indicated, assets measured at fair value on a recurring basis, including financial assets for which the Company has elected the fair value option: Assets Measured on a Recurring Basis Fair Value Measurements Using Quoted Prices in Active Significant Markets For Other Significant Identical Observable Unobservable June 30, Assets Inputs Inputs (In thousands) 2024 (Level 1) (Level 2) (Level 3) Assets: Available for sale: U.S. government-sponsored agencies $ 195,002 $ — $ 195,002 $ — Mortgage-backed securities-residential 363,032 — 363,032 — SBA pool securities 21,683 — 21,683 — Corporate bond 12,167 — 12,167 — CRA investment fund 12,971 12,971 — — Derivatives: Cash flow hedges 9,461 — 9,461 — Loan level swaps 27,633 — 27,633 — Total $ 641,949 $ 12,971 $ 628,978 $ — Liabilities: Derivatives: Loan level swaps 27,633 — 27,633 — Total $ 27,633 $ — $ 27,633 $ — Assets Measured on a Recurring Basis Fair Value Measurements Using Quoted Prices in Active Significant Markets For Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs (In thousands) 2023 (Level 1) (Level 2) (Level 3) Assets: Securities available for sale: U.S. government-sponsored agencies $ 197,691 $ — $ 197,691 $ — Mortgage-backed securities-residential 320,796 — 320,796 — SBA pool securities 23,404 — 23,404 — Corporate bond 8,726 — 8,726 — CRA investment fund 13,166 13,166 — — Derivatives: Cash flow hedges 6,814 — 6,814 — Loan level swaps 23,826 — 23,826 — Total $ 594,423 $ 13,166 $ 581,257 $ — Liabilities: Derivatives: Loan level swaps $ 23,826 $ — $ 23,826 $ — Total $ 23,826 $ — $ 23,826 $ — The Company has elected the fair value option for certain loans held for sale. These loans are intended for sale and the Company believes that the fair value is the best indicator of the resolution of these loans. Interest income is recorded based on the contractual terms of the loan and in accordance with the Company’s policy on loans held for investment. None of these loans are 90 days or more past due or on nonaccrual as of June 30, 2024 and December 31, 2023. The following table presents residential loans held for sale, at fair value, at the dates indicated: (In thousands) June 30, 2024 December 31, 2023 Residential loans contractual balance $ 225 $ 98 Fair value adjustment 3 2 Total fair value of residential loans held for sale $ 228 $ 100 The following tables summarize, at the dates indicated, assets measured at fair value on a non-recurring basis: Fair Value Measurements Using Quoted Prices in Active Significant Markets For Other Significant Identical Observable Unobservable June 30, Assets Inputs Inputs (In thousands) 2024 (Level 1) (Level 2) (Level 3) Assets: Individually evaluated loans: Primary residential mortgage $ 544 $ — $ — $ 544 Multifamily property 11,049 — — 11,049 Investment commercial real estate 11,219 — — 11,219 Commercial and industrial 20,753 — — 20,753 Lease financing 604 — — 604 Fair Value Measurements Using Quoted Prices in Active Significant Markets For Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs (In thousands) 2023 (Level 1) (Level 2) (Level 3) Assets: Individually evaluated loans: Commercial and industrial $ 22,947 $ — $ — $ 22,947 Lease financing 1,036 — — 1,036 The carrying amounts and estimated fair values of financial instruments at June 30, 2024 are as follows: Fair Value Measurements at June 30, 2024 using Carrying (In thousands) Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 315,729 $ 315,729 $ — $ — $ 315,729 Securities available for sale 591,884 — 591,884 — 591,884 Securities held to maturity 105,013 — 90,863 — 90,863 CRA investment fund 12,971 12,971 — — 12,971 FHLB and FRB stock 12,478 — — — N/A Loans held for sale, at fair value 228 — 228 — 228 Loans held for sale, at lower of cost or fair value 8,076 — 8,321 — 8,321 Loans, net of allowance for credit losses 5,193,010 — — 4,965,858 4,965,858 Accrued interest receivable 33,534 — 3,086 30,448 33,534 Accrued interest receivable loan level swaps (A) 1,207 — 1,207 — 1,207 Cash flow hedges 9,461 — 9,461 — 9,461 Loan level swaps 27,633 — 27,633 — 27,633 Financial liabilities Deposits $ 5,656,206 $ 5,119,942 $ 533,134 $ — $ 5,653,076 Subordinated debt 133,417 — — 115,757 115,757 Accrued interest payable 8,915 6,205 2,529 181 8,915 Accrued interest payable loan level swaps (B) 1,207 — 1,207 — 1,207 Loan level swap 27,633 — 27,633 — 27,633 (A) Included in other assets in the Consolidated Statement of Condition. (B) Included in accrued expenses and other liabilities in the Consolidated Statement of Condition. The carrying amounts and estimated fair values of financial instruments at December 31, 2023 are as follows: Fair Value Measurements at December 31, 2023 using Carrying (In thousands) Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 187,671 $ 187,671 $ — $ — $ 187,671 Securities available for sale 550,617 — 550,617 — 550,617 Securities held to maturity 107,755 — 94,415 — 94,415 CRA investment fund 13,166 13,166 — — 13,166 FHLB and FRB stock 31,044 — — — N/A Loans held for sale, at fair value 100 — 100 — 100 Loans held for sale, at lower of cost or fair value 6,695 — 7,201 — 7,201 Loans, net of allowance for loan and lease losses 5,363,437 — — 5,294,942 5,294,942 Accrued interest receivable 30,676 — 2,868 27,808 30,676 Accrued interest receivable loan level swaps (A) 1,373 — 1,373 — 1,373 Cash flow hedges 6,814 — 6,814 — 6,814 Loan level swaps 23,826 — 23,826 — 23,826 Financial liabilities Deposits $ 5,274,114 $ 4,702,012 $ 567,696 $ — $ 5,269,708 Short-term borrowings 403,814 — 403,814 — 403,814 Subordinated debt 133,274 — — 111,924 111,924 Accrued interest payable 7,115 4,989 1,968 158 7,115 Accrued interest payable loan level swaps (B) 1,373 — 1,373 — 1,373 Loan level swaps 23,826 — 23,826 — 23,826 (A) Included in other assets in the Consolidated Statement of Condition. (B) Included in accrued expenses and other liabilities in the Consolidated Statement of Condition.

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE FROM CONTRACTS WITH CUSTOMERS	9. REVENUE FROM CONTRACTS WITH CUSTOMERS All of the Company’s revenue from contracts with customers within the scope of ASC 606 is recognized within noninterest income. The following tables present the sources of noninterest income for the periods indicated: For the Three Months Ended June 30, (In thousands) 2024 2023 Service charges on deposits Overdraft fees $ 112 $ 130 Interchange income 258 309 Other 975 881 Wealth management fees (A) 16,419 14,252 Loss on sale of property ( 4 ) — Corporate advisory fee income 103 15 Other (B) 3,692 2,988 Total noninterest other income $ 21,555 $ 18,575 For the Six Months Ended June 30, (In thousands) 2024 2023 Service charges on deposits Overdraft fees $ 222 $ 263 Interchange income 505 620 Other 1,940 1,695 Wealth management fees (A) 30,826 28,014 Loss on sale of property ( 4 ) — Corporate advisory fee income 921 95 Other (B) 5,846 5,947 Total noninterest other income $ 40,256 $ 36,634 (A) Includes investment brokerage fees . (B) All of the other category is outside the scope of ASC 606 . The following table presents the sources of noninterest income by operating segment for the periods indicated: For the Three Months Ended For the Three Months Ended 2024 2023 (In thousands) Wealth Wealth Revenue by Operating Segment Banking Management Total Banking Management Total Service charges on deposits Overdraft fees $ 112 $ — $ 112 $ 130 $ — $ 130 Interchange income 258 — 258 309 — 309 Other 975 — 975 881 — 881 Wealth management fees (A) — 16,419 16,419 — 14,252 14,252 Loss on sale of property ( 4 ) — ( 4 ) — — — Corporate advisory fee income 103 — 103 15 — 15 Other (B) 3,481 211 3,692 2,737 251 2,988 Total noninterest income $ 4,925 $ 16,630 $ 21,555 $ 4,072 $ 14,503 $ 18,575 For the Six Months Ended For the Six Months Ended (In thousands) 2024 2023 Revenue by Operating Wealth Wealth Segment Banking Management Total Banking Management Total Service charges on deposits Overdraft fees $ 222 $ — $ 222 $ 263 $ — $ 263 Interchange income 505 — 505 620 — 620 Other 1,940 — 1,940 1,695 — 1,695 Wealth management fees (A) — 30,826 30,826 — 28,014 28,014 Loss on sale of property ( 4 ) — ( 4 ) — — — Corporate advisory fee income 921 — 921 95 — 95 Other (B) 5,428 418 5,846 5,234 713 5,947 Total noninterest income $ 9,012 $ 31,244 $ 40,256 $ 7,907 $ 28,727 $ 36,634 (A) Includes investment brokerage fees. (B) All of the other category is outside the scope of ASC 606. A description of the Company’s revenue streams accounted for under ASC 606 follows: Service charges on deposit accounts : The Company earns fees from its deposit customers for certain transaction account maintenance, and overdraft fees. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Interchange income : The Company earns interchange fees from debit cardholder transactions conducted through the Visa payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Interchange income is presented gross of cardholder rewards. Cardholder rewards are included in other expenses in the statement of income. Cardholder rewards reduced interchange income for the second quarter of 2024 by $ 4,000 and $ 2,000 for the same quarter in 2023. Cardholder rewards reduced interchange income by $ 6,000 and $ 4,000 for the six months ended June 30, 2024 and 2023, respectively. Wealth management fees (gross) : The Company earns wealth management fees from its contracts with wealth management clients to manage assets for investment, and/or to transact on their accounts. These fees are primarily earned over time as the Company charges its clients on a monthly or quarterly basis in accordance with its investment advisory agreements. Fees are generally assessed based on a tiered scale of the market value of AUM at month end. Fees that are transaction based, including trade execution services, are recognized at the point in time that the transaction is executed (i.e. trade date). Investment brokerage fees (net) : The Company earns fees from investment brokerage services provided to its customers by a third-party service provider. The Company receives commissions from the third-party service provider twice a month based upon customer activity for the month. The fees are recognized monthly, and a receivable is recorded until commissions are generally paid by the 15 th of the following month. Because the Company (i) acts as an agent in arranging the relationship between the customer and the third-party service provider and (ii) does not control the services rendered to the customers, investment brokerage fees are presented net of related costs. Gains/(losses) on sales of property : The Company records a gain or loss from the sale of property when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of property to the buyer, the Company assesses whether the buyer is committed to perform its obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the property asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related gain/(loss) on sale if a significant financing component is present. The Company recorded a loss on sale of property of $ 4,000 for both the three and six months ended June 30, 2024, respectively. Corporate advisory fee income: The Company provides our clients with financial advisory and underwriting services. Investment banking revenues, which includes mergers and acquisition advisory fees and private placement fees, are recorded when the performance obligation for the transaction is satisfied under the terms of each engagement. Reimbursed expenses are reported in other revenue on the statement of operations. Expenses related to investment banking are recognized as non-compensation expenses on the statement of operations. Amounts received and unearned are included on the statement of financial condition. Expenses related to investment banking deals not completed are recognized in non-compensation expenses on the statement of operations. The Company’s mergers and acquisition advisory fees generally consist of a nonrefundable up-front fee and success fee. The nonrefundable fee is recorded as deferred revenue upon receipt and recognized at a point in time when the performance obligation is satisfied, or when the transaction is deemed by management to be terminated. Management’s judgment is required in determining when a transaction is considered to be terminated. Other : All of the other income items are outside the scope of ASC 606.

OTHER OPERATING EXPENSES

OTHER OPERATING EXPENSES	6 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
OTHER OPERATING EXPENSES	10. OTHER OPERATING EXPENSES The following table presents the major components of other operating expenses for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2024 2023 2024 2023 Professional and legal fees $ 1,693 $ 1,179 $ 3,055 $ 2,524 Trust department expense 936 915 1,874 1,879 Telephone 397 362 792 731 Advertising 625 706 968 1,102 Amortization of intangible assets 272 355 544 709 Branch/office restructure — — — 175 Other operating expenses 2,673 2,363 4,902 4,663 Total other operating expenses $ 6,596 $ 5,880 $ 12,135 $ 11,783

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	11. ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) The following is a summary of the accumulated other comprehensive income/(loss) balances, net of tax, for the three months ended June 30, 2024 and 2023: Amount Other Reclassified Comprehensive Other From Income/(Loss) Comprehensive Accumulated Three Months Balance at Income/(Loss) Other Ended Balance at April 1, Before Comprehensive June 30, June 30, (In thousands) 2024 Reclassifications Income/(Loss) 2024 2024 Net unrealized holding gain/(loss) on $ ( 74,769 ) $ ( 419 ) $ — $ ( 419 ) $ ( 75,188 ) Gain/(loss) on cash flow hedges 7,009 ( 163 ) — ( 163 ) 6,846 Accumulated other comprehensive gain/(loss), $ ( 67,760 ) $ ( 582 ) $ — $ ( 582 ) $ ( 68,342 ) Amount Other Reclassified Comprehensive Other From Income/(Loss) Comprehensive Accumulated Three Months Balance at Income/(Loss) Other Ended Balance at April 1, Before Comprehensive June 30, June 30, (In thousands) 2023 Reclassifications Income/(Loss) 2023 2023 Net unrealized holding gain/(loss) on $ ( 72,251 ) $ ( 3,796 ) $ — $ ( 3,796 ) $ ( 76,047 ) Gain/(loss) on cash flow hedges 4,806 3,274 ( 30 ) 3,244 8,050 Accumulated other comprehensive gain/(loss), $ ( 67,445 ) $ ( 522 ) $ ( 30 ) $ ( 552 ) $ ( 67,997 ) The following represents the reclassifications out of accumulated other comprehensive income/(loss) for the three months ended June 30, 2024 and 2023: Three Months Ended June 30, (In thousands) 2024 2023 Affected Line Item in Income Statement Unrealized gains/(losses) on cash Reclassification adjustment for amounts $ — $ ( 42 ) Interest Expense Tax effect — 12 Income tax expense Total reclassifications, net of tax $ — $ ( 30 ) The following is a summary of the accumulated other comprehensive income/(loss) balances, net of tax, for the six months ended June 30, 2024 and 2023: Amount Other Reclassified Comprehensive Other From Income/(Loss) Comprehensive Accumulated Six Months Balance at Income/(Loss) Other Ended Balance at January 1, Before Comprehensive June 30, June 30, (In thousands) 2024 Reclassifications Income/(Loss) 2024 2024 Net unrealized holding gain/(loss) on $ ( 69,809 ) $ ( 5,379 ) $ — $ ( 5,379 ) $ ( 75,188 ) Gain/(loss) on cash flow hedges 4,931 1,915 — 1,915 6,846 Accumulated other comprehensive $ ( 64,878 ) $ ( 3,464 ) $ — $ ( 3,464 ) $ ( 68,342 ) Amount Other Reclassified Comprehensive Other From Income/(Loss) Comprehensive Accumulated Six Months Balance at Income/(Loss) Other Ended Balance at January 1, Before Comprehensive June 30, June 30, (In thousands) 2023 Reclassifications Income/(Loss) 2023 2023 Net unrealized holding gain/(loss) on $ ( 80,972 ) $ 4,925 $ — $ 4,925 $ ( 76,047 ) Gain/(loss) on cash flow hedges 6,761 1,349 ( 60 ) 1,289 8,050 Accumulated other comprehensive $ ( 74,211 ) $ 6,274 $ ( 60 ) $ 6,214 $ ( 67,997 ) The following represents the reclassifications out of accumulated other comprehensive income/(loss) for the six months ended June 30, 2024 and 2023: Six Months Ended June 30, (In thousands) 2024 2023 Affected Line Item in Income Unrealized gains/(losses) on cash Reclassification adjustment for amounts $ — $ ( 84 ) Interest Expense Tax effect — 24 Income tax expense Total reclassifications, net of tax $ — $ ( 60 )

DERIVATIVES

DERIVATIVES	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	12. DERIVATIVES The Company utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements. Interest Rate Swaps Designated as Cash Flow Hedges: Interest rate swaps with a notional amount of $ 310.0 million at both June 30, 2024 and December 31, 2023 were designated as cash flow hedges of certain interest-bearing deposits. On a quarterly basis, the Company performs a qualitative hedge effectiveness assessment. This assessment takes into consideration any adverse developments related to the counterparty’s risk of default and any negative events or circumstances that affect the factors that originally enabled the Company to assess that it could reasonably support, qualitatively, an expectation that the hedging relationship was and will continue to be highly effective. As of June 30, 2024, there were no events or market conditions that would result in hedge ineffectiveness. The aggregate fair value of the swaps is recorded in other assets/liabilities with changes in fair value recorded in other comprehensive income. The amount included in accumulated other comprehensive income would be reclassified to current earnings should the hedges no longer be considered effective. The Company expects the hedges to remain fully effective during the remaining terms of the swaps. The following table presents information about the interest rate swaps designated as cash flow hedges as of June 30, 2024 and December 31, 2023: (Dollars in thousands) June 30, December 31, Notional amount $ 310,000 $ 310,000 Weighted average pay rate 2.22 % 2.22 % Weighted average receive rate 4.14 % 4.14 % Weighted average maturity 2.49 years 2.98 years Unrealized gain/(loss), net $ 9,461 $ 6,814 Number of contracts 12 12 June 30, 2024 Notional Fair (In thousands) Amount Value Interest rate swaps related to interest-bearing deposits $ 310,000 $ 9,461 Total included in other assets $ 310,000 9,461 Total included in other liabilities — — December 31, 2023 Notional Fair (In thousands) Amount Value Interest rate swaps related to interest-bearing deposits $ 310,000 $ 6,814 Total included in other assets 310,000 6,814 Total included in other liabilities — — Cash Flow Hedges The following table presents the net gains/(losses) recorded in accumulated other comprehensive income/(loss) and the consolidated financial statements relating to the cash flow derivative instruments for the three month and six months ended June 30, 2024 and 2023: For the Three Months Ended For the Six Months Ended June 30, (In thousands) 2024 2023 2024 2023 Interest rate contracts Gain/(loss) recognized in other comprehensive income (effective portion) $ ( 225 ) $ 4,775 $ 2,647 $ 2,043 Gain/(loss) recognized in other noninterest income — ( 42 ) — ( 84 ) Net interest income recorded on these swap transactions totaled $ 1.5 million and $ 3.0 million for the three and six months ended June 30, 2024, respectively. Net interest income recorded on these swap transactions totaled $ 1.1 million and $ 2.0 million for the three and six months ended June 30, 2023, respectively. Net income/expense for these swap transactions is reported as a component of interest expense. Derivatives Not Designated as Accounting Hedges The Company offers facility specific/loan level swaps to its customers and offsets its exposure from such contracts by entering mirror image swaps with a financial institution/swap counterparty (loan level / back-to-back swap program). The customer accommodations and any offsetting swaps are treated as non-hedging derivative instruments which do not qualify for hedge accounting (“standalone derivatives”). The notional amount of the swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual contracts. The fair value of the swaps is recorded as both an asset and a liability, in other assets and other liabilities, respectively, in equal amounts for these transactions. The accrued interest receivable and payable related to these swaps of $ 1.2 million and $ 1.4 million at June 30, 2024 and December 31, 2023, respectively, is recorded in other assets and other liabilities. Information about these swaps is as follows: (Dollars in thousands) June 30, December 31, Notional amount $ 498,763 $ 545,983 Fair value $ ( 26,426 ) $ ( 22,452 ) Weighted average pay rates 3.92 % 3.95 % Weighted average receive rates 7.04 % 7.09 % Weighted average maturity 3.67 years 3.93 years Number of contracts 65 71

SUBORDINATED DEBT

SUBORDINATED DEBT	6 Months Ended
	Jun. 30, 2024
Subordinated Debt [Abstract]
SUBORDINATED DEBT	13. SUBORDINATED DEBT In December 2017, the Company issued $ 35.0 million in aggregate principal amount of fixed-to-floating subordinated notes (the “2017 Notes”) to certain institutional investors. The 2017 Notes are non-callable for five years , have a stated maturity of December 15, 2027 , and had a fixed interest rate of 4.75 percent until December 15, 2022. From December 16, 2022 to the maturity date or early redemption date, the interest rate will reset quarterly to a level equal to the then current three-month London Interbank Offered Rate (“LIBOR”) rate plus 254 basis points, payable quarterly in arrears (which was 8.13 percent at June 30, 2024). Debt issuance costs incurred totaled $ 875,000 and are being amortized to maturity. In December 2020, the Company issued $ 100.0 million in aggregate principal amount of fixed-to-floating subordinated notes (the “2020 Notes”) to certain institutional investors. The 2020 Notes are non-callable for five years , have a stated maturity of December 22, 2030 , and bear interest at a fixed rate of 3.50 percent until December 22, 2025. From December 23, 2025 to the maturity date or early redemption date, the interest rate will reset quarterly to a level equal to the then current three-month Secured Overnight Financing Rate (“SOFR”) plus 326 basis points, payable quarterly in arrears. Debt issuance costs incurred totaled $ 1.9 million and are being amortized to maturity. Subordinated debt is presented net of issuance costs on the Consolidated Statements of Condition. The subordinated debt issuances are included in the Company’s regulatory total capital amount and ratio.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
LEASES	14. LEASES The Company maintains certain property and equipment under direct financing and operating leases. As of June 30, 2024, the Company's operating lease ROU asset and operating lease liability totaled $ 38.7 million and $ 41.3 million, respectively. As of December 31, 2023, the Company's operating lease ROU asset and operating lease liability totaled $ 12.1 million and $ 12.9 million, respectively. The increase in the Company’s operating lease liability and ROU asset was primarily due to the modification of the existing lease on the main office which had an operating lease liability balance of $ 19.3 million and an ROU asset balance of $ 18.4 million as of June 30, 2024. Additionally, the Company executed a lease for our New York City location, which resulted in an operating lease liability of $ 10.8 million and an ROU asset of $ 9.7 million as of June 30, 2024. A weighted average discount rate of 4.33 percent and 2.72 percent was used in the measurement of the ROU asset and lease liability as of June 30, 2024 and December 31, 2023, respectively. The Company's leases have remaining lease terms between two months to 13 years , with a weighted average lease term of 9.74 years at June 30, 2024. The Company's leases had remaining lease terms between four months to 13 years, with a weighted average lease term of 6.75 years at December 31, 2023. The Company’s lease agreements may include options to extend or terminate the lease. The Company’s decision to exercise renewal options is based on an assessment of its current business needs and market factors at the time of the renewal. Total operating lease costs were $ 1.4 million and $ 822,000 for the three months ended June 30, 2024 and 2023, respectively. The variable lease costs were $ 93,000 and $ 70,000 for the three months ended June 30, 2024 and 2023, respectively. Total operating lease costs were $ 2.3 million and $ 1.6 million for the six months ended June 30, 2024 and 2023, respectively. The variable lease costs were $ 159,000 and $ 142,000 for the six months ended June 30, 2024 and 2023, respectively. The following is a schedule of the Company's operating lease liabilities by contractual maturity as of June 30, 2024: (In thousands) 2024 2,463 2025 5,727 2026 5,556 2027 5,222 2028 5,042 Thereafter 27,293 Total lease payments 51,303 Less: imputed interest 9,956 Total present value of lease payments $ 41,347 The following table shows the supplemental cash flow information related to the Company’s direct finance and operating leases for the periods indicated: For the Six Months Ended June 30, (In thousands) 2024 2023 Right-of-use asset obtained in exchange for lease obligation $ 28,321 $ 1,926 Operating cash flows from operating leases 1,887 1,471 Operating cash flows from direct finance leases 60 103 Financing cash flows from direct finance leases 273 374

ACCOUNTING PRONOUNCEMENTS

ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
ACCOUNTING PRONOUNCEMENTS	15. ACCOUNTING PRONOUNCEMENTS In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments In Response to the SEC's Disclosure Update and Simplification Initiative to clarify or improve disclosure and presentation requirements on a variety of topics and align the requirements in the FASB accounting standard codification with the Securities and Exchange Commission regulations. The amendments will be effective for the Company only if the SEC removes the related disclosure requirement from its existing regulations no later than June 30, 2027. If the SEC timely removes such a related requirement from its existing regulations, the corresponding amendments within the ASU will become effective for the Company on the same date with early adoption permitted. The Company does not expect the amendments in this update to have a material impact on our consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (Topic 280) , to improve reportable segment disclosure requirements through enhanced disclosures about significant segment and interim periods with fiscal years beginning after December 15, 2024 with early adoption permitted. The Company does not expect this ASU to have a material effect on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Tax - Improvements to Income Tax Disclosures (Topic 740) , which requires reporting companies to break out their income tax expense and tax rate reconciliation in more detail. For public companies, the requirements will become effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect this ASU to have a material effect on our consolidated financial statements. In March 2024, the FASB issued ASU No. 2024-01, Compensation-Stock Compensation (Topic 718): Scope Applications of Profits Interests and Similar Awards. ASU 2024-01 adds an example to Topic 718 which illustrates how to apply the scope guidance to determine whether profits interest and similar awards should be accounted for as share-based payment arrangements under Topic 718 or under other U.S. GAAP. ASU 2024-01 is effective for annual periods beginning after December 15, 2024, although early adoption is permitted. Upon adoption of ASU 2024-01, the Company does not expect this ASU to have an impact on our consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Principles of Consolidation and Organization	Principles of Consolidation and Organization: The consolidated financial statements of the Company are prepared on the accrual basis and include the accounts of the Company and its wholly-owned subsidiary, Peapack-Gladstone Bank (the “Bank”). The consolidated financial statements also include the Bank’s wholly-owned subsidiaries: • Peapack Capital Corporation (“PCC”) • Peapack-Gladstone Mortgage Group, Inc., which owns 99 percent of Peapack Ventures, LLC and 79 percent of Peapack-Gladstone Realty, Inc., a New Jersey real estate investment company • PGB Trust & Investments of Delaware, which owns one percent of Peapack Ventures, LLC • Peapack Ventures, LLC, which owns the remaining 21 percent of Peapack-Gladstone Realty, Inc. • Peapack-Gladstone Realty, Inc. • PGB Securities, Inc. While the following notes to the consolidated financial statements include the consolidated results of the Company, the Bank and their subsidiaries, these notes primarily reflect the Bank’s and its subsidiaries’ activities. All significant intercompany balances and transactions have been eliminated from the accompanying consolidated financial statements.
Basis of Financial Statement Presentation	Basis of Financial Statement Presentation : The consolidated financial statements have been prepared in accordance with GAAP. In preparing the financial statements, Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the statement of condition and revenues and expenses for the periods presented. Actual results could differ from those estimates.
Segment Information	Segment Information : The Company’s business is conducted through two business segments: (1) its banking segment (“Banking”), which involves the delivery of loan and deposit products to customers, and (2) the Peapack Private Wealth Management Division ("Peapack Private"), which includes investment management services to individuals and institutions. Management uses certain methodologies to allocate income and expense to the business segments. The Banking segment includes: commercial (including commercial and industrial (“C&I”) and equipment financing), commercial real estate, multifamily, commercial construction, residential and consumer lending activities; treasury management services; C&I advisory services; escrow management; deposit generation; operation of ATMs; telephone and internet banking services; merchant credit card services and customer support services. Peapack Private includes: investment management services for individuals and institutions; personal trust services, including services as executor, trustee, administrator, custodian; and other financial planning and advisory services. This segment also includes the activity from the Delaware subsidiary, PGB Trust & Investments of Delaware. The majority of wealth management fees are collected on a monthly or quarterly basis and are calculated on either a fixed or tiered fee schedule, based upon the market value of assets under management and/or administration (“AUMs”). Other non AUM-based revenues such as personal or fiduciary tax return preparation fees, executor fees, trust termination fees and/or financial planning and advisory fees are charged as services are rendered.
Cash and Cash Equivalents	Cash and Cash Equivalents: For purposes of the statements of cash flows, cash and cash equivalents include cash and due from banks, interest-earning deposits and federal funds sold. Generally, federal funds are sold for one-day periods. Cash equivalents are of original maturities of 90 days or less. Net cash flows are reported for customer loan and deposit transactions and short-term borrowings with original maturities of 90 days or less.
Interest-Earning Deposits in Other Financial Institutions	Interest-Earning Deposits in Other Financial Institutions : Interest-earning deposits in other financial institutions mature within one year and are carried at cost.
Securities	Securities : ASU 2016-13, debt securities available-for-sale are measured at fair value and subject to impairment testing. When an available-for-sale debt security is considered impaired, the Company must determine if the decline in fair value has resulted from a credit-related loss or other factors and then, (1) recognize an allowance for credit losses ("ACL") by a charge to earnings for the credit-related component (if any) of the decline in fair value, and (2) recognize in other comprehensive income (loss) any non-credit related components of the fair value change. If the amount of the amortized cost basis expected to be recovered increases in a future period, the valuation reserve would be reduced, but not more than the amount of the current existing reserve for that security. Debt securities are classified as held to maturity and carried at amortized cost when Management has the positive intent and ability to hold them to maturity. Under ASU 2016-13, held-to-maturity securities in a loss position are evaluated to determine if the decline in fair value has resulted from a credit-related loss or other factors, and then recognize a charge to earnings for the decline in fair value. The Company also has an investment in a Community Reinvestment Act (“CRA”) investment fund, which is classified as an equity security. Interest income includes amortization of purchase premiums and discounts. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated, and premiums on callable debt securities, which are amortized to the earliest call date. Gains and losses on sales are recorded on the trade date and determined using the specific identification method.
Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) Stock	Federal Home Loan Bank (FHLB) and Federal Reserve Bank ("FRB") Stock: The Bank is a member of the FHLB system. Members are required to own a certain amount of FHLB stock, based on the level of borrowings and other factors. FHLB stock is carried at cost, classified as a restricted security and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. The Bank is also a member of the Federal Reserve Bank of New York and required to own a certain amount of FRB stock. FRB stock is carried at cost and classified as a restricted security. Dividends are reported as income.
Loans Held for Sale	Loans Held for Sale: Mortgage loans originated with the intent to sell in the secondary market are carried at fair value, as determined by outstanding commitments from investors. Mortgage loans held for sale are generally sold with servicing rights released; therefore, no servicing rights are recorded. Gains and losses on sales of mortgage loans, shown as gain on sale of loans on the Statement of Income, are based on the difference between the selling price and the carrying value of the related loan sold. SBA loans originated with the intent to sell in the secondary market are carried at the lower of cost or fair value. SBA loans are generally sold with the servicing rights retained. Gains and losses on the sale of SBA loans are based on the difference between the selling price and the carrying value of the related loan sold. Total SBA loans serviced totaled $ 161.2 million and $ 162.9 million as of June 30, 2024 and December 31, 2023, respectively. SBA loans held for sale totaled $ 3.3 million and $ 7.2 million at June 30, 2024 and December 31, 2023, respectively. Loans originated with the intent to hold and subsequently transferred to loans held for sale are carried at the lower of cost or fair value. These are loans that the Company no longer has the intent to hold for the foreseeable future.
Loans	Loans: Loans that Management has the intent and ability to hold for the foreseeable future or until maturity are stated at the principal amount outstanding. Interest on loans is recognized based upon the principal amount outstanding. Loans are stated at face value, less purchased premium and discounts and net deferred fees. Loan origination fees and certain direct loan origination costs are deferred and recognized on a level-yield method over the life of the loan as an adjustment to the loan’s yield. The definition of recorded investment in loans includes accrued interest receivable and deferred fees/costs, however, for the Company’s loan disclosures, accrued interest and deferred fees/costs were excluded as the impact was not material. Loans are considered past due when they are not paid within 30 days in accordance with contractual terms. The accrual of income on loans, including individually evaluated loans, is discontinued if, in the opinion of Management, principal or interest is not likely to be paid in accordance with the terms of the loan agreement, or when principal or interest is past due 90 days unless the asset is both well secured and in the process of collection. All interest accrued but not received for loans placed on nonaccrual status are reversed against interest income. Payments received on nonaccrual loans are recorded as principal payments. A nonaccrual loan is returned to accrual status only when interest and principal payments are brought current and future payments are reasonably assured, generally when the Bank receives contractual payments for a minimum of six consecutive months. Commercial loans are generally charged off, in whole or in part, after an analysis is completed which indicates that collectability of the full principal balance is in doubt. Consumer closed-end loans are generally charged off after they become 120 days past due and open-end loans after 180 days. Subsequent payments are credited to income only if collection of principal is not in doubt. If principal and interest payments are brought contractually current and future collectability is reasonably assured, loans may be returned to accrual status. Nonaccrual mortgage loans are generally charged off to the extent that the value of the underlying collateral does not cover the outstanding principal balance. The majority of the Company’s loans are secured by real estate in New Jersey, New York and Pennsylvania.
Allowance for Credit Losses	Allowance for Credit Losses : CECL requires the immediate recognition of estimated credit losses expected to occur over the estimated remaining life of the asset. The forward-looking concept of CECL requires loss estimates to consider historical experience, current conditions and reasonable and supportable economic forecasts. The allowance for credit losses (“ACL”) on loans held for investment is the combination of the allowance for loan losses and the reserve for unfunded loan commitments. The allowance for loan losses is reported as a reduction of the amortized cost basis of loans, while the reserve for unfunded loan commitments is included within "other liabilities" on the Consolidated Statements of Condition. The estimate of credit loss incorporates assumptions for both the likelihood and amount of funding over the estimated life of the commitments, including adjustments for current conditions and reasonable and supportable forecasts. Management periodically reviews and updates its assumptions for estimated funding rates. The amortized cost basis of loans does not include accrued interest receivable, which is included in "accrued interest receivable" on the Consolidated Statements of Condition. The "Provision for credit losses" on the Consolidated Statements of Income is a combination of the provision for credit losses and the provision for unfunded loan commitments. ACL in accordance with CECL methodology With respect to pools of similar loans that are collectively evaluated, an appropriate level of general allowance is determined by portfolio segment using a non-linear discounted cash flow (“DCF”) model. The DCF model captures losses over the historical charge-off and prepayment cycle and applies those losses at a loan level over the remaining maturity of the loan. The model then calculates a historical loss rate using the average losses over the reporting period, which is then applied to each segment utilizing a standard reversion rate. This loss rate is then supplemented with adjustments for reasonable and supportable forecasts of relevant economic indicators, including but not limited to unemployment rates and national consumer price and confidence indices. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. Also included in the ACL are qualitative factors based on the risks present for each portfolio segment. These qualitative factors include the following: levels of and trends in delinquencies and impaired loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures and practices; experience, ability and depth of lending management and other relevant staffing and experience; industry conditions; and effects of changes in credit concentrations. It is also possible that these factors could include social, political, economic, and terrorist events or activities. All of these factors are susceptible to change, which may be significant. The ACL results in two forms of allocations, specific and general. These two components represent the total ACL deemed adequate to cover current expected credit losses in the loan portfolio. When management identifies loans that do not share common risk characteristics (i.e., are not similar to other loans within a pool) they are evaluated on an individual basis. These loans are not included in the collective evaluation. For loans identified as having a likelihood of foreclosure or that the borrower is experiencing financial difficulty, a collateral dependent approach is used. These are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral. Under CECL, for collateral dependent loans, the Company has adopted the practical expedient method to measure the allowance for credit losses based on the fair value of collateral. The allowance for credit losses is calculated on an individual loan basis based on the shortfall between the fair value of the loan's collateral, which is adjusted for liquidation costs/discounts, and amortized cost. If the fair value of the collateral exceeds the amortized cost, no allowance is required. The CECL methodology requires a significant amount of management judgment in determining the appropriate allowance for credit losses. Several of the steps in the methodology are subjective including, among other things: segmenting the loan portfolio; determining the amount of loss history to consider; selecting predictive econometric regression models that use appropriate macroeconomic variables; determining the methodology to forecast prepayments; selecting the most appropriate economic forecast scenario; determining the length of the reasonable and supportable forecast and reversion periods; estimating expected utilization rates on unfunded loan commitments; and assessing relevant and appropriate qualitative factors. In addition, the CECL methodology is dependent on economic forecasts, which are inherently imprecise and may change from period to period. Although the allowance for credit losses is considered appropriate, there can be no assurance that it will be sufficient to absorb future losses. In determining an appropriate amount for the allowance, the Bank segments and aggregates the loan portfolio based on common characteristics. The following segments have been identified: Primary Residential Mortgages . The Bank originates one to four family residential mortgage loans in the Tri-State area (which is comprised of New York, New Jersey and Connecticut), Pennsylvania and Florida. Loans are secured by first liens on the primary residence or investment property. Primary risk characteristics associated with residential mortgage loans typically involve: major living or lifestyle changes to the borrower, including unemployment or other loss of income; unexpected significant expenses, such as for major medical issues or catastrophic events; and divorce or death. In addition, residential mortgage loans that have adjustable rates could expose the borrower to higher debt service requirements in a rising interest rate environment. Further, real estate values could drop significantly and cause the value of the property to fall below the loan amount, creating additional potential loss exposure for the Bank. Junior Lien Loan on Residence (which include home equity lines of credit) . The Bank provides junior lien loans (“JLL”) and revolving home equity lines of credit against one to four family properties in the Tri-State area. These loans are subordinate to a first mortgage, which may be from another lending institution. Primary risk characteristics associated with JLLs and home equity lines of credit typically involve: major living or lifestyle changes to the borrower, including unemployment or other loss of income; unexpected significant expenses, such as for major medical issues or catastrophic events; and divorce or death. In addition, home equity lines of credit typically are made with variable or floating interest rates, which could expose the borrower to higher debt service requirements in a rising interest rate environment. Further, real estate values could drop significantly and cause the value of the property to fall below the loan amount, creating additional potential loss exposure for the Bank. Multifamily . The Bank provides mortgage loans for multifamily properties (i.e., buildings which have five or more residential units). Multifamily loans are expected to be repaid from the cash flows of the underlying property so the collective amount of rents must be sufficient to cover all operating expenses, property management and maintenance, taxes and debt service. Increases in vacancy rates, interest rates, other changes in general economic conditions or changes in rent regulation can have an impact on the borrower and its ability to repay the loan. Owner-Occupied Commercial Real Estate Loans . The Bank provides mortgage loans for owner-occupied commercial real estate properties in the Tri-State area and Pennsylvania. Commercial real estate properties primarily include retail buildings/shopping centers, hotels, office/medical buildings and industrial/warehouse space. Some properties are mixed use as they are a combination of building types, such as a building with retail space on the ground floor and either residential apartments or office suites on the upper floors. Commercial real estate loans are generally considered to have a higher degree of credit risk as they may be dependent on the ongoing success and operating viability of a fewer number of tenants who are occupying the property and who may have a greater degree of exposure to economic conditions. Investment Commercial Real Estate Loans. The Bank provides mortgage loans for properties managed as an investment property (non-owner-occupied) in the Tri-State area and Pennsylvania. Non-owner-occupied properties primarily include retail buildings/shopping centers, hotels, office/medical buildings and industrial/warehouse space. Some properties are considered “mixed use”. Commercial real estate loans are generally considered to have a higher degree of credit risk as they may be dependent on the ongoing success and operating viability of a fewer number of tenants who are occupying the property and who may have a greater degree of exposure to economic conditions. Commercial and Industrial Loans . The Bank provides lines of credit and term loans to operating companies for business purposes. The loans are generally secured by business assets such as accounts receivable, inventory, business vehicles and equipment as well as the stock of a company, if privately held. Commercial and industrial loans are typically repaid first by the cash flows generated by the borrower’s business operations. The primary risk characteristics are specific to the underlying business and its ability to generate sustainable profitability and resulting positive cash flows. Factors that may influence a business’ profitability include, but are not limited to, demand for its products or services, quality and depth of management, degree of competition, regulatory changes, and general economic conditions. To mitigate the risk characteristics of commercial and industrial loans, these loans often include commercial real estate as collateral and the Bank will often require more frequent reporting requirements from the borrower in order to better monitor its business performance. However, the ability of the Bank to foreclose and realize sufficient value from the assets is often highly uncertain. Leasing Finance . PCC offers a range of finance solutions nationally. PCC provides term loans and leases secured by assets financed for U.S. based mid-size and large companies. Facilities tend to be fully drawn under fixed-rate terms. PCC serves a broad range of industries including transportation, manufacturing, heavy construction and utilities. Asset risk in PCC’s portfolio is generally recognized through changes to loan income, or through changes to lease-related income streams due to fluctuations in lease rates. Changes to lease income can occur when the existing lease contract expires, the asset comes off lease or the business seeks to enter a new lease agreement. Asset risk may also change through depreciation, resulting from changes in the residual value of the operating lease asset or through impairment of the asset carrying value, which can occur at any time during the life of the asset. Credit risk in PCC’s portfolio generally results from the potential default of borrowers or lessees, which may be driven by customer specific or broader industry-related conditions. Credit losses can impact multiple parts of the income statement including loss of interest/lease/rental income and/or higher costs and expenses related to the repossession, refurbishment, re-marketing and or re-leasing of assets. Construction . The Bank provides commercial construction loans for properties located in the Tri-state area. Risks common to commercial construction loans are cost overruns, inaccurate estimates of the period of construction, changes in market demand for property, inadequate long-term financing arrangements and declines in real estate values. Changes in market demand for property could lead to longer marketing times resulting in higher carrying costs, declining values, and higher interest rates. Consumer and Other . These are loans to individuals for household, family and other personal expenditures as well as obligations of states and political subdivisions in the U.S. This also represents all other loans that cannot be categorized in any of the previous mentioned loan segments. Consumer loans generally have higher interest rates and shorter terms than residential loans but tend to have higher credit risk due to the type of collateral securing the loan or in some cases the absence of collateral. Loan Modifications: On January 1, 2023, the Company adopted Accounting Standards Update ("ASU") 2022-02, which replaced the accounting and recognition of TDRs. ASU 2022-02 eliminates the accounting guidance on troubled debt restructurings for creditors in ASC 310-40 and amends the guidance on “vintage disclosures” to require disclosure of current-period gross write-offs by year of origination. ASU 2022-02 also updates the requirements related to accounting for credit losses under ASC 326 and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty.
Leases	Leases: At inception, contracts are evaluated to determine whether the contract constitutes a lease agreement. For contracts that are determined to be an operating lease, a corresponding right-of-use (“ROU”) asset and operating lease liability are recorded as separate line items on the statement of condition. An ROU asset represents the Company’s right to use an underlying asset during the lease term and a lease liability represents the Company’s commitment to make contractually obligated lease payments. Operating lease ROU assets and liabilities are recognized at the commencement date of the lease and are based on the present value of lease payments over the lease term. The measurement of the operating lease ROU asset includes any lease payments made. If the rate implicit in the lease is not readily determinable, the incremental collateralized borrowing rate is used to determine the present value of lease payments. This rate gives consideration to the applicable FHLB collateralized borrowing rates and is based on the information available at the commencement date. The Company has elected to apply the short-term lease measurement and recognition exemption to leases with an initial term of 12 months or less; therefore, these leases are not recorded on the Company’s statement of condition, but rather, lease expense is recognized over the lease term on a straight-line basis. The Company’s lease agreements may include options to extend or terminate the lease. The Company’s decision to exercise renewal options is based on an assessment of its current business needs and market factors at the time of the renewal. The Company maintains certain property and equipment under direct financing and operating leases. Substantially all of the leases in which the Company is the lessee are comprised of real estate property for branches and office space and are classified as operating leases. The ROU asset is measured at the amount of the lease liability adjusted for lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, any unamortized initial direct costs, and any impairment of the ROU asset. Operating lease expense consists of a single lease cost allocated over the remaining lease term on a straight-line basis, variable lease payments not included in the lease liability, and any impairment of the ROU asset. There are no terms or conditions related to residual value guarantees and no restrictions or covenants that would impact the Company’s ability to pay dividends or to incur additional financial obligations.
Derivatives	Derivatives: At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company’s intentions and belief as to likely effectiveness as a hedge. These three types are (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”); (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or (3) an instrument with no hedging designation. For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item, are recognized in current earnings as fair values change. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. For cash flow hedges, changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as non-interest income. When hedge accounting is discontinued on a fair value hedge that no longer qualifies as an effective hedge, the derivative continues to be reported at fair value in the statement of condition, but the carrying amount of the hedged item is no longer adjusted for future changes in fair value. The adjustment to the carrying amount of the hedged item that existed at the date hedge accounting is discontinued is amortized over the remaining life of the hedged item into earnings. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the statement of condition or to specific firm commitments or forecasted transactions. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminated, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings. The Company also offers facility specific / loan level swaps to its customers and offsets its exposure from such contracts by entering into mirror image swaps with a financial institution / swap counterparty (loan level / back-to-back swap program). The customer accommodations and any offsetting swaps are treated as non-hedging derivative instruments which do not qualify for hedge accounting (“standalone derivatives”). The notional amount of the swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual contracts. The fair value of the swaps is recorded as both an asset and a liability, in other assets and other liabilities, respectively, in equal amounts for these transactions. The Company is exposed to losses if a customer counterparty fails to make its payments under a contract in which the Company is in a net receiving position. At this time, the Company anticipates that its counterparties will be able to fully satisfy their obligations under the agreements. All of the contracts to which the Company is a party settle monthly. Further, the Company has netting agreements with the dealers with which it does business.
Stock-Based Compensation	Stock-Based Compensation: The Company’s 2021 Long-Term Stock Incentive Plan allows the granting of shares of the Company’s common stock as incentive stock options, nonqualified stock options, restricted stock awards, restricted stock units and stock appreciation rights to directors, officers and employees of the Company and its subsidiaries. There are no shares remaining for issuance with respect to the stock incentive plans approved in 2006 and 2012. Options granted under this plan are, in general, exercisable not earlier than one year after the date of grant, at a price equal to the fair value of common stock on the date of grant and expire not more than ten years after the date of grant. Stock options may vest during a period of up to five years after the date of grant. The Company has a policy of using authorized but unissued shares to satisfy option exercises. Upon adoption of ASU 2016-09, “Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting,” the Company has elected to account for forfeitures as they occur, rather than estimate expected forfeitures. Changes in options outstanding during the six months ended June 30, 2024 were as follows: Weighted Weighted Average Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value Options Price Term (In thousands) Balance, January 1, 2024 1,400 $ 19.15 Exercised during 2024 — — Expired during 2024 ( 1,400 ) 19.15 Forfeited during 2024 — — Balance, June 30, 2024 — $ — — $ — Vested and expected to vest — $ — — $ — Exercisable at June 30, 2024 — $ — — $ — There were no stock options granted during the three or six months ended June 30, 2024. As of June 30, 2024, there was no unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Company's stock incentive plans. During the first quarter of 2024, the Company adopted the Peapack-Gladstone Financial Corporation 2024 Phantom Stock Plan ("Phantom Plan"). The Phantom Plan allows the Company to issue performance-based and service-based awards which will be paid in cash. The award of a phantom unit entitles the participant to a cash payment equal to the value of the unit on the vesting date, which is the fair market value of a common share of the Company's stock on such vesting date. The Company issued performance-based and service-based phantom units in 2024. Service-based phantom units vest ratably over a three -year period. There were 237,811 service-based phantom units granted under the Phantom Plan during the first six months of 2024. Additionally, there are 120,835 restricted stock units that will settle in cash in 2025 and 2026. The performance-based phantom units are dependent upon the Company meeting certain performance criteria and, to the extent the performance criteria are met, will cliff vest at the end of the performance period, which is three years. There were 60,047 performance-based units granted under the Phantom Plan in the first six months of 2024. Phantom units are recorded in salary and employee benefits expense based on the fair value of the units on the balance sheet date. The fair value of these awards is updated at each balance sheet date and changes in the fair value of the vested portions of the awards are recorded as increases or decreases to compensation expense within salary and employee benefits in the Consolidated Statements of Income. All of the outstanding phantom units at June 30, 2024 met the criteria to be treated under liability classification in accordance with ASC 718, given that these awards will settle in cash on the vesting date. Compensation expense for the phantom units is based on the fair value of the units as of the balance sheet date as further discussed below, and such costs are recognized ratably over the service period of the awards. As the fair value of liability awards is required to be re-measured each period end, stock compensation expense amounts recognized in future periods for these awards will vary. The estimated future cash payments of these awards are presented as liabilities within "Accrued expenses and other liabilities" in the Consolidated Statement of Condition. As of June 30, 2024, there was $ 8.4 million of unrecognized compensation costs related to non-vested phantom units. The Company issued performance-based and service-based restricted stock units in 2023. Service-based units vest ratably over a three- or five-year period. There were no service-based restricted stock units granted under the 2021 Long-Term Stock Incentive Plan during the first six months of 2024. The performance-based awards are dependent upon the Company meeting certain performance criteria and, to the extent the performance criteria are met, will cliff vest at the end of the performance period, which is generally three years. There were no performance-based restricted stock units granted under the 2021 Long-Term Stock Incentive Plan in the first six months of 2024. Changes in non-vested shares dependent on performance criteria for the six months ended June 30, 2024 were as follows: Weighted Average Number of Grant Date Shares Fair Value Balance, January 1, 2024 176,364 $ 32.40 Granted during 2024 4,705 31.36 Vested during 2024 (1) ( 45,592 ) 31.36 Forfeited during 2024 — — Balance, June 30, 2024 135,477 $ 32.71 (1) Includes 45,592 shares that settled in cash. Changes in service-based restricted stock awards/units for the six months ended June 30, 2024 were as follows: Weighted Average Number of Grant Date Shares Fair Value Balance, January 1, 2024 626,742 $ 29.62 Granted during 2024 — — Vested during 2024 (1) ( 248,028 ) 27.83 Shares to be settled in cash ( 120,835 ) 22.13 Forfeited during 2024 ( 4,701 ) 31.79 Balance, June 30, 2024 253,178 $ 27.84 (1) Includes 100,349 shares that settled in cash. As of June 30, 2024, there was $ 9.2 million of total unrecognized compensation cost related to service-based and performance-based restricted stock units. That cost is expected to be recognized over a weighted average period of 1.12 years. Stock compensation expense recorded for the second quarters of 2024 and 2023 totaled $ 3.2 million and $ 3.6 million, respectively. Stock compensation expense recorded for the six months ended June 30, 2024 and 2023 totaled $ 5.9 million and $ 6.3 million, respectively.
Employee Stock Purchase Plan	Employee Stock Purchase Plan (“ESPP”): The 2014 ESPP expired in April 2024 and was replaced by the 2024 ESPP, which was approved by shareholders on April 30, 2024 and allowed for the issuance of 150,000 shares. The ESPP allows for the purchase of shares during four three-month Offering Periods of each calendar year. The Offering Periods end on March 31, June 30, September 30 and December 31 of each calendar year. Each participant in the Offering Period is granted an option to purchase a number of shares and may contribute between one percent and 15 percent of their compensation. At the end of each Offering Period, the number of shares to be purchased by the employee is determined by dividing the employee’s contributions accumulated during the Offering Period by the applicable purchase price. The purchase price is an amount equal to 85 percent of the closing market price of a share of common stock on the purchase date. Participation in the ESPP is entirely voluntary and employees can cancel their purchases at any time during the period without penalty. The fair value of each share purchase right is determined using the Black-Scholes option pricing model. The Company recorded $ 43,000 and $ 58,000 of expense in salaries and employee benefits expense for the three months ended June 30, 2024 and 2023, respectively, related to the ESPP. Total shares issued under the ESPP during the second quarter ended June 30, 2024 and 2023 were 4,614 and 10,108 , respectively. The Company recorded $ 75,000 and $ 106,000 of expense in salaries and employee benefits expense for the six months ended June 30, 2024 and 2023, respectively, related to the ESPP. Total shares issued under the ESPP during the six months ended June 30, 2024 and 2023 were 15,759 and 17,641 , respectively.
Earnings per share - Basic and Diluted	Earnings per share – Basic and Diluted: The following is a reconciliation of the calculation of basic and diluted earnings per share. Basic net income per share is calculated by dividing net income available to shareholders by the weighted average shares outstanding during the reporting period. Diluted net income per share is computed similarly to that of basic net income per share, except that the denominator is increased to include the number of additional shares that would have been outstanding utilizing the Treasury Stock Method if all shares underlying potentially dilutive stock options were issued and all shares of restricted stock, stock warrants or restricted stock units were to vest during the reporting period. Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands, except per share data) 2024 2023 2024 2023 Net income available to common shareholders $ 7,530 $ 13,145 $ 16,161 $ 31,500 Basic weighted average shares outstanding 17,747,070 17,930,611 17,729,355 17,886,154 Plus: common stock equivalents 45,226 148,237 82,540 267,113 Diluted weighted average shares outstanding 17,792,296 18,078,848 17,811,895 18,153,267 Net income per share Basic $ 0.42 $ 0.73 $ 0.91 $ 1.76 Diluted 0.42 0.73 0.91 1.74 For the three months ended June 30, 2024 and 2023, restricted stock units totaling 250,510 and 556,743 , respectively, were not included in the computation of diluted earnings per share because they were anti-dilutive. For the six months ended June 30, 2024 and 2023, restricted stock units totaling 277,945 and 420,090 , respectively, were not included in the computation of diluted earnings per share because they were anti-dilutive. Anti-dilutive shares are common stock equivalents with weighted average exercise prices in excess of the average market value for the periods presented.
Income Taxes	Income Taxes: The Company files a consolidated Federal income tax return. Separate state income tax returns are filed for each subsidiary based on current laws and regulations. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in its financial statements or tax returns. The measurement of deferred tax assets and liabilities is based on the enacted tax rates. Such tax assets and liabilities are adjusted for the effect of a change in tax rates in the period of enactment. The Company recognizes a tax position as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50 percent likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company is no longer subject to examination by the U.S. Federal tax authorities for years prior to 2020 or by New Jersey tax authorities for years prior to 2018. The Company recognizes interest and/or penalties related to income tax matters in income tax expense.
Loss Contingencies	Loss Contingencies: Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are any such matters that will have a material effect on the financial statements.
Restrictions on Cash	Restrictions on Cash: Cash on hand or on deposit with the Federal Reserve Bank of New York was required to meet regulatory reserve and clearing requirements.
Comprehensive Income	Comprehensive Income: Comprehensive income consists of net income and the change during the period in the Company’s net unrealized gains or losses on securities available for sale and unrealized gains and losses on cash flow hedge, net of tax, less adjustments for realized gains and losses.
Transfers of Financial Assets	Transfers of Financial Assets: Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets: Goodwill is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree (if any), over the fair value of any net assets acquired and liabilities assumed as of the date of acquisition in a purchase business combination. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized but tested for impairment at least annually or more frequently if events and circumstances exist that indicate that a goodwill impairment test should be performed. Goodwill was primarily attributable to the Bank’s wealth management acquisitions. Management monitors the impact of changes in the financial markets and includes these assessments in our impairment process. The Company has selected December 31 as the date to perform the annual impairment test. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill, which includes assembled workforce has an indefinite life on our statement of financial condition. Other intangible assets, which primarily consist of customer relationship intangible assets arising from acquisitions, are amortized on an accelerated basis over their estimated useful lives, which range from 5 to 15 years .

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of Changes in Options Outstanding	Changes in options outstanding during the six months ended June 30, 2024 were as follows: Weighted Weighted Average Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value Options Price Term (In thousands) Balance, January 1, 2024 1,400 $ 19.15 Exercised during 2024 — — Expired during 2024 ( 1,400 ) 19.15 Forfeited during 2024 — — Balance, June 30, 2024 — $ — — $ — Vested and expected to vest — $ — — $ — Exercisable at June 30, 2024 — $ — — $ —
Schedule of Changes in Non-Vested Performance-Based Shares	Changes in non-vested shares dependent on performance criteria for the six months ended June 30, 2024 were as follows: Weighted Average Number of Grant Date Shares Fair Value Balance, January 1, 2024 176,364 $ 32.40 Granted during 2024 4,705 31.36 Vested during 2024 (1) ( 45,592 ) 31.36 Forfeited during 2024 — — Balance, June 30, 2024 135,477 $ 32.71 (1) Includes 45,592 shares that settled in cash.
Schedule of Changes in Service-Based Restricted Stock Awards/Units	Changes in service-based restricted stock awards/units for the six months ended June 30, 2024 were as follows: Weighted Average Number of Grant Date Shares Fair Value Balance, January 1, 2024 626,742 $ 29.62 Granted during 2024 — — Vested during 2024 (1) ( 248,028 ) 27.83 Shares to be settled in cash ( 120,835 ) 22.13 Forfeited during 2024 ( 4,701 ) 31.79 Balance, June 30, 2024 253,178 $ 27.84 (1) Includes 100,349 shares that settled in cash.
Schedule of Calculation of Basic and Diluted Earnings per Share	The following is a reconciliation of the calculation of basic and diluted earnings per share. Basic net income per share is calculated by dividing net income available to shareholders by the weighted average shares outstanding during the reporting period. Diluted net income per share is computed similarly to that of basic net income per share, except that the denominator is increased to include the number of additional shares that would have been outstanding utilizing the Treasury Stock Method if all shares underlying potentially dilutive stock options were issued and all shares of restricted stock, stock warrants or restricted stock units were to vest during the reporting period. Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands, except per share data) 2024 2023 2024 2023 Net income available to common shareholders $ 7,530 $ 13,145 $ 16,161 $ 31,500 Basic weighted average shares outstanding 17,747,070 17,930,611 17,729,355 17,886,154 Plus: common stock equivalents 45,226 148,237 82,540 267,113 Diluted weighted average shares outstanding 17,792,296 18,078,848 17,811,895 18,153,267 Net income per share Basic $ 0.42 $ 0.73 $ 0.91 $ 1.76 Diluted 0.42 0.73 0.91 1.74

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2024
Investment Securities Available For Sale [Abstract]
Schedule of Amortized Cost and Approximate Fair Value of Securities Available for Sale	A summary of amortized cost and approximate fair value of investment securities available for sale and held to maturity included in the Consolidated Statements of Condition as of June 30, 2024 and December 31, 2023 follows: June 30, 2024 Gross Gross Allowance Amortized Unrealized Unrealized for Fair (In thousands) Cost Gains Losses Credit Losses Value Securities Available for Sale: U.S government-sponsored agencies $ 244,803 $ — $ ( 49,801 ) $ — $ 195,002 Mortgage-backed securities–residential 410,158 226 ( 47,352 ) — 363,032 SBA pool securities 25,478 1 ( 3,796 ) — 21,683 Corporate bond 14,000 23 ( 1,856 ) — 12,167 Total securities available for sale $ 694,439 $ 250 $ ( 102,805 ) $ — $ 591,884 Securities Held to Maturity: U.S. government-sponsored agencies $ 40,000 $ — $ ( 3,471 ) $ — $ 36,529 Mortgage-backed securities–residential 65,013 — ( 10,679 ) — 54,334 Total securities held to maturity $ 105,013 $ — $ ( 14,150 ) $ — $ 90,863 December 31, 2023 Gross Gross Allowance Amortized Unrealized Unrealized for Fair (In thousands) Cost Gains Losses Credit Losses Value Securities Available for Sale: U.S government-sponsored agencies $ 244,794 $ — $ ( 47,103 ) $ — $ 197,691 Mortgage-backed securities–residential 363,893 80 ( 43,177 ) — 320,796 SBA pool securities 27,148 — ( 3,744 ) — 23,404 Corporate bond 10,000 — ( 1,274 ) — 8,726 Total securities available for sale $ 645,835 $ 80 $ ( 95,298 ) $ — $ 550,617 Securities Held to Maturity: U.S. government-sponsored agencies $ 40,000 $ — $ ( 3,369 ) $ — $ 36,631 Mortgage-backed securities–residential 67,755 — ( 9,971 ) — 57,784 Total securities held to maturity $ 107,755 $ — $ ( 13,340 ) $ — $ 94,415
Schedule of Available for Sale Securities with Continuous Unrealized Losses and Approximate Fair Value of Investments	The following tables present the Company’s available for sale and held to maturity securities with continuous unrealized losses and the approximate fair value of these investments as of June 30, 2024 and December 31, 2023. June 30, 2024 Duration of Unrealized Loss Less Than 12 Months 12 Months or Longer Total Approximate Approximate Approximate Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Value Losses Value Losses Value Losses Securities Available for Sale: U.S. government-sponsored agencies $ — $ — $ 195,002 $ ( 49,801 ) $ 195,002 $ ( 49,801 ) Mortgage-backed securities residential 33,028 ( 774 ) 230,103 ( 46,578 ) 263,131 ( 47,352 ) SBA pool securities — — 21,333 ( 3,796 ) 21,333 ( 3,796 ) Corporate bond — — 8,144 ( 1,856 ) 8,144 ( 1,856 ) Total securities available for sale $ 33,028 $ ( 774 ) $ 454,582 $ ( 102,031 ) $ 487,610 $ ( 102,805 ) Securities Held to Maturity: U.S. government-sponsored agencies $ — $ — $ 36,529 $ ( 3,471 ) $ 36,529 $ ( 3,471 ) Mortgage-backed securities residential — — 54,334 ( 10,679 ) 54,334 ( 10,679 ) Total securities held to maturity $ — $ — $ 90,863 $ ( 14,150 ) $ 90,863 $ ( 14,150 ) Total securities $ 33,028 $ ( 774 ) $ 545,445 $ ( 116,181 ) $ 578,473 $ ( 116,955 ) December 31, 2023 Duration of Unrealized Loss Less Than 12 Months 12 Months or Longer Total Approximate Approximate Approximate Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Value Losses Value Losses Value Losses Securities Available for Sale: U.S. government-sponsored agencies $ — $ — $ 197,691 $ ( 47,103 ) $ 197,691 $ ( 47,103 ) Mortgage-backed securities residential 36,634 ( 963 ) 217,513 ( 42,214 ) 254,147 ( 43,177 ) SBA pool securities 655 ( 1 ) 22,749 ( 3,743 ) 23,404 ( 3,744 ) Corporate bond — — 8,726 ( 1,274 ) 8,726 ( 1,274 ) Total securities available for sale $ 37,289 $ ( 964 ) $ 446,679 $ ( 94,334 ) $ 483,968 $ ( 95,298 ) Securities Held to Maturity: U.S. government-sponsored agencies $ — $ — $ 36,631 $ ( 3,369 ) $ 36,631 $ ( 3,369 ) Mortgage-backed securities residential 9,647 ( 135 ) 48,137 ( 9,836 ) 57,784 ( 9,971 ) Total securities held to maturity $ 9,647 $ ( 135 ) $ 84,768 $ ( 13,205 ) $ 94,415 $ ( 13,340 ) Total securities $ 46,936 $ ( 1,099 ) $ 531,447 $ ( 107,539 ) $ 578,383 $ ( 108,638 )

LOANS AND LEASES (Tables)

LOANS AND LEASES (Tables)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Schedule of composition of loans categorized by the type of loan	Loans outstanding, excluding those held for sale, by general ledger classification, as of June 30, 2024 and December 31, 2023, consisted of the following: % of % of June 30, Totals December 31, Total (Dollars in thousands) 2024 Loans 2023 Loans Residential mortgage $ 578,829 11.00 % $ 578,327 10.65 % Multifamily mortgage 1,796,687 34.15 1,836,390 33.82 Commercial mortgage 600,859 11.42 637,625 11.74 Commercial loans (including equipment financing) 2,155,594 40.97 2,260,524 41.64 Commercial construction 22,157 0.42 17,721 0.33 Home equity lines of credit 37,117 0.71 36,464 0.67 Consumer loans, including fixed rate home equity loans 69,579 1.32 62,036 1.14 Other loans 172 0.01 238 0.01 Total loans $ 5,260,994 100.00 % $ 5,429,325 100.00 % In determining an appropriate amount for the allowance, the Bank segments and aggregated the loan portfolio based on common characteristics. The following pool segments identified as of June 30, 2024 and December 31, 2023 are based on the CECL methodology: % of % of June 30, Totals December 31, Total (Dollars in thousands) 2024 Loans 2023 Loans Primary residential mortgage $ 584,645 11.12 % $ 585,126 10.78 % Junior lien loan on residence 40,444 0.77 40,203 0.74 Multifamily property 1,796,687 34.17 1,836,390 33.85 Owner-occupied commercial real estate 256,035 4.87 255,110 4.70 Investment commercial real estate 1,012,489 19.25 1,061,197 19.56 Commercial and industrial 1,244,905 23.67 1,314,781 24.23 Lease financing 228,894 4.35 251,423 4.63 Construction 22,643 0.43 17,987 0.33 Consumer and other 71,789 1.37 63,906 1.18 Total loans 5,258,531 100.00 % 5,426,123 100.00 % Net deferred costs 2,463 3,202 Total loans including net deferred costs $ 5,260,994 $ 5,429,325
Schedule of recorded investment in nonaccrual and loans past due 90 days or over still on accrual	The following tables present the recorded investment in nonaccrual and loans past due 90 days or over still on accrual by class of loans as of June 30, 2024 and December 31, 2023: June 30, 2024 Nonaccrual Loans Past Due With No 90 Days or Over Allowance And Still (In thousands) for Credit Loss Nonaccrual Accruing Interest Primary residential mortgage $ 1,521 $ 2,112 $ — Junior lien loan on residence 98 98 — Multifamily property 20,225 33,558 — Investment commercial real estate — 11,748 — Commercial and industrial 6,036 30,684 — Lease financing 3,003 3,871 — Consumer and other 4 4 — Total $ 30,887 $ 82,075 $ — December 31, 2023 Nonaccrual Loans Past Due With No 90 Days or Over Allowance And Still (In thousands) for Credit Loss Nonaccrual Accruing Interest Primary residential mortgage $ 1,263 $ 1,263 $ — Junior lien loan on residence 100 100 — Multifamily property 16,645 16,645 — Investment commercial real estate 9,881 9,881 — Commercial and industrial 3,965 31,430 — Lease financing 946 2,002 — Consumer and other 3 3 — Total $ 32,803 $ 61,324 $ —
Schedule of aging of past due loans	The following tables present the aging of the recorded investment in past due loans as of June 30, 2024 and December 31, 2023 by class of loans, excluding nonaccrual loans: June 30, 2024 30-59 60-89 90 Days or Days Days Greater Total (In thousands) Past Due Past Due Past Due Past Due Primary residential mortgage $ 1,774 $ 97 $ — $ 1,871 Junior lien loan on residence 417 — — 417 Multifamily property 13,571 — — 13,571 Investment commercial real estate — 17,326 — 17,326 Commercial and industrial 943 435 — 1,378 Lease financing — 151 — 151 Total $ 16,705 $ 18,009 $ — $ 34,714 December 31, 2023 30-59 60-89 90 Days or Days Days Greater Total (In thousands) Past Due Past Due Past Due Past Due Primary residential mortgage $ 2,448 $ 1,061 $ — $ 3,509 Junior lien on residence 84 — — 84 Multifamily property 11,814 — — 11,814 Commercial and industrial 7,297 11,498 — 18,795 Consumer and other 387 — — 387 Total $ 22,030 $ 12,559 $ — $ 34,589
Schedule of credit risk profile of loans	The following is a summary of the credit risk profile of loans by internally assigned grade as of June 30, 2024 and December 31, 2023 based on originations for the periods indicated; the years represent the year of origination for non-revolving loans: Grade as of June 30, 2024 for Loans Originated During 2019 Revolving- (In thousands) 2024 2023 2022 2021 2020 and Prior Revolving Term Total Primary residential mortgage: Pass $ 25,736 $ 92,920 $ 112,096 $ 77,156 $ 54,479 $ 213,434 $ — $ 5,698 $ 581,519 Special mention — — — — — — — — — Substandard — 591 — — 458 2,077 — — 3,126 Doubtful — — — — — — — — — Total primary residential mortgages 25,736 93,511 112,096 77,156 54,937 215,511 — 5,698 584,645 Current period gross charge-offs — — — — — — — — — Junior lien loan on residence: Pass — 838 1,224 114 — 1,153 29,885 7,132 40,346 Special mention — — — — — — — — — Substandard — — — — — — 97 1 98 Doubtful — — — — — — — — — Total junior lien loan on residence — 838 1,224 114 — 1,153 29,982 7,133 40,444 Current period gross charge-offs — — — — — — — — — Multifamily property: Pass 6,223 51,871 457,492 601,510 118,653 462,454 8,802 — 1,707,005 Special mention — — 3,423 28,507 — 13,296 — — 45,226 Substandard — — 13,366 — — 31,090 — — 44,456 Doubtful — — — — — — — — — Total multifamily property 6,223 51,871 474,281 630,017 118,653 506,840 8,802 — 1,796,687 Current period gross charge-offs — — — 2,088 — 3,291 — — 5,379 Owner-occupied commercial real estate: Pass 5,777 4,267 23,218 44,214 19,217 126,927 19,355 10,543 253,518 Special mention — — — 1,173 — 1,344 — — 2,517 Substandard — — — — — — — — — Doubtful — — — — — — — — — Total owner-occupied commercial real estate 5,777 4,267 23,218 45,387 19,217 128,271 19,355 10,543 256,035 Current period gross charge-offs — — — — — — — — — Investment commercial real estate: Pass 22,551 124,748 171,432 139,203 56,965 390,223 21,904 17,035 944,061 Special mention — — — — — 42,681 — 14,000 56,681 Substandard — — 9,818 — — 1,929 — — 11,747 Doubtful — — — — — — — — — Total investment commercial real estate 22,551 124,748 181,250 139,203 56,965 434,833 21,904 31,035 1,012,489 Current period gross charge-offs — — — — — — — — — Commercial and industrial: Pass 93,904 157,772 179,978 150,176 18,288 26,898 501,899 14,614 1,143,529 Special mention — — 11,083 12,006 — 1,705 11,405 168 36,367 Substandard 12,250 2,035 20,260 1,729 2,059 3,294 20,673 2,709 65,009 Doubtful — — — — — — — — — Total commercial and industrial 106,154 159,807 211,321 163,911 20,347 31,897 533,977 17,491 1,244,905 Current period gross charge-offs — — — — 241 — — — 241 Grade as of June 30, 2024 for Loans Originated During 2019 Revolving- (In thousands) 2024 2023 2022 2021 2020 and Prior Revolving Term Total Lease financing: Pass 10,288 47,300 47,614 56,211 29,774 33,836 — — 225,023 Special mention — — — — — — — — — Substandard — 868 — — — 3,003 — — 3,871 Doubtful — — — — — — — — — Total lease financing 10,288 48,168 47,614 56,211 29,774 36,839 — — 228,894 Current period gross charge-offs — — — — — — — — — Construction: Pass — — — — — — 22,643 — 22,643 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total commercial construction loans — — — — — — 22,643 — 22,643 Current period gross charge-offs — — — — — — — — — Consumer and other loans: Pass 22,717 3,062 — 259 140 3,678 35,442 6,487 71,785 Special mention — — — — — — — — — Substandard — — — — — — 4 — 4 Doubtful — — — — — — — — — Total consumer and other loans 22,717 3,062 — 259 140 3,678 35,446 6,487 71,789 Current period gross charge-offs — — — — — 2 — 15 17 Total: Pass 187,196 482,778 993,054 1,068,843 297,516 1,258,603 639,930 61,509 4,989,429 Special mention — — 14,506 41,686 — 59,026 11,405 14,168 140,791 Substandard 12,250 3,494 43,444 1,729 2,517 41,393 20,774 2,710 128,311 Doubtful — — — — — — — — — Total Loans $ 199,446 $ 486,272 $ 1,051,004 $ 1,112,258 $ 300,033 $ 1,359,022 $ 672,109 $ 78,387 $ 5,258,531 Total Current Period Gross Charge-offs $ — $ — $ — $ 2,088 $ 241 $ 3,293 $ — $ 15 $ 5,637 Grade as of December 31, 2023 for Loans Originated During 2018 Revolving- (In thousands) 2023 2022 2021 2020 2019 and Prior Revolving Term Total Primary residential mortgage: Pass $ 94,688 $ 114,532 $ 80,175 $ 56,191 $ 35,418 $ 196,251 $ — $ 5,535 $ 582,790 Special mention — — — — — — — — — Substandard — — — 473 935 928 — — 2,336 Doubtful — — — — — — — — — Total primary residential mortgages 94,688 114,532 80,175 56,664 36,353 197,179 — 5,535 585,126 Current period gross charge-offs — — — — — — — — — Junior lien loan on residence: Pass 872 1,394 135 — 530 808 29,620 6,680 40,039 Special mention — — — — — — — — — Substandard — — — — — — 163 1 164 Doubtful — — — — — — — — — Total junior lien loan on residence 872 1,394 135 — 530 808 29,783 6,681 40,203 Current period gross charge-offs — — — — — — — — — Multifamily property: Pass 52,072 476,972 645,093 119,934 209,299 295,226 8,451 — 1,807,047 Special mention — — — — — 1,650 — — 1,650 Substandard — 1,572 7,491 — 10,370 8,260 — — 27,693 Doubtful — — — — — — — — — Total multifamily property 52,072 478,544 652,584 119,934 219,669 305,136 8,451 — 1,836,390 Current period gross charge-offs — — 2,223 — — — — — 2,223 Owner-occupied commercial real estate: Pass 4,333 23,590 39,563 19,457 11,788 126,430 17,559 10,731 253,451 Special mention — — 1,197 — — — 462 — 1,659 Substandard — — — — — — — — — Doubtful — — — — — — — — — Total owner-occupied commercial real estate 4,333 23,590 40,760 19,457 11,788 126,430 18,021 10,731 255,110 Current period gross charge-offs — — — — — — — — — Investment commercial real estate: Pass 125,568 173,660 150,026 57,811 144,447 314,411 30,124 13,379 1,009,426 Special mention — — — — 21,936 3,834 — 14,172 39,942 Substandard — 9,881 — — 1,948 — — — 11,829 Doubtful — — — — — — — — — Total investment commercial real estate 125,568 183,541 150,026 57,811 168,331 318,245 30,124 27,551 1,061,197 Current period gross charge-offs — 1,199 — — — — — — 1,199 Commercial and industrial: Pass 226,699 216,864 191,389 39,003 26,570 16,845 516,844 23,687 1,257,901 Special mention — — 758 — 1,161 190 14,232 194 16,535 Substandard 1,212 22,297 1,467 1,865 953 2,524 7,571 2,456 40,345 Doubtful — — — — — — — — — Total commercial and industrial 227,911 239,161 193,614 40,868 28,684 19,559 538,647 26,337 1,314,781 Current period gross charge-offs — — — — — — — — — Lease financing: Pass 50,706 42,447 61,547 39,710 24,113 19,287 — — 237,810 Special mention — 9,631 511 — 1,375 94 — — 11,611 Substandard 1,056 — — — 946 — — — 2,002 Doubtful — — — — — — — — — Total lease financing 51,762 52,078 62,058 39,710 26,434 19,381 — — 251,423 Current period gross charge-offs — 4,800 — — — 794 — — 5,594 Construction: Pass — — — — — — 17,987 — 17,987 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total commercial construction loans — — — — — — 17,987 — 17,987 Current period gross charge-offs — — — — — — — — — Consumer and other loans: Pass 3,934 — 301 158 — 4,141 51,788 3,581 63,903 Special mention — — — — — — — — — Substandard — — — — — — 3 — 3 Doubtful — — — — — — — — — Total consumer and other loans 3,934 — 301 158 — 4,141 51,791 3,581 63,906 Current period gross charge-offs — — — — — — 139 — 139 Total: Pass 558,872 1,049,459 1,168,229 332,264 452,165 973,399 672,373 63,593 5,270,354 Special mention — 9,631 2,466 — 24,472 5,768 14,694 14,366 71,397 Substandard 2,268 33,750 8,958 2,338 15,152 11,712 7,737 2,457 84,372 Doubtful — — — — — — — — — Total Loans $ 561,140 $ 1,092,840 $ 1,179,653 $ 334,602 $ 491,789 $ 990,879 $ 694,804 $ 80,416 $ 5,426,123 Total Current Period Gross Charge-offs $ — $ 5,999 $ 2,223 $ — $ — $ 794 $ 139 $ — $ 9,155
Summary of Information Related to Modification	The following table provides information related to the modifications during the three months ended June 30, 2024 by pool segment and type of concession granted: Significant Payment Delay Three Months Ended June 30, 2024 % of Total Amortized Class of Cost Basis Financing (Dollars in thousands) at Period End Receivable Primary residential mortgage $ 119 0.02 % Commercial and industrial 14,539 1.17 % Total $ 14,658 1.19 % The following tables provide information related to the modifications during the six months ended June 30, 2024 by pool segment and type of concession granted: Interest Rate Reduction and Term Extension Six Months Ended June 30, 2024 % of Total Amortized Class of Cost Basis Financing (Dollars in thousands) at Period End Receivable Commercial and industrial $ 12,250 0.98 % Total $ 12,250 0.98 % Significant Payment Delay Six Months Ended June 30, 2024 % of Total Amortized Class of Cost Basis Financing (Dollars in thousands) at Period End Receivable Primary residential mortgage $ 119 0.02 % Commercial and industrial 14,539 1.17 % Total $ 14,658 1.19 % The following table provides information related to the modifications during the three months ended June 30, 2023 by pool segment and type of concession granted: Interest Rate Reduction Three Months Ended June 30, 2023 % of Total Amortized Class of Cost Basis Financing (Dollars in thousands) at Period End Receivable Commercial and industrial $ 777 0.06 % Total $ 777 0.06 % The following tables provide information related to the modifications during the six months ended June 30, 2023 by pool segment and type of concession granted: Significant Pay Delay Six Months Ended June 30, 2023 % of Total Amortized Class of Cost Basis Financing (Dollars in thousands) at Period End Receivable Commercial and industrial $ 248 0.02 % Total $ 248 0.02 % Interest Rate Reduction Six Months Ended June 30, 2023 % of Total Amortized Class of Cost Basis Financing (Dollars in thousands) at Period End Receivable Commercial and industrial $ 777 0.06 % Total $ 777 0.06 %
Schedule of Loan Modifications, Subsequent Default, By Payment Status	The following table depicts the payment status of the loans that were modified to a borrower experiencing financial difficulties on or after January 1, 2023, the date we adopted ASU 2022-02, through June 30, 2024: Payment Status at June 30, 2024 30-89 Days 90+ Days (Dollars in thousands) Current Past Due Past Due Primary residential mortgage $ 119 $ — $ — Commercial and industrial 26,788 2,863 248 Total $ 26,907 $ 2,863 $ 248
Schedule of Loan modifications resulted in payment default	The following table presents loans by class modified that failed to comply with the modified terms in the twelve months following modification and resulted in a payment default at June 30, 2024: Amortized Cost Basis of Modified Loans That Subsequently Defaulted Six Months Ended June 30, 2024 Significant Interest (Dollars in thousands) Pay Delay Rate Reduction Commercial and industrial $ — $ 2,863 Total $ — $ 2,863 The following table presents loans by class modified that failed to comply with the modified terms in the twelve months following modification and resulted in a payment default at June 30, 2023: Amortized Cost Basis of Modified Loans That Subsequently Defaulted Six Months Ended June 30, 2023 Significant Interest (Dollars in thousands) Pay Delay Rate Reduction Commercial and industrial $ 248 $ — Total $ 248 $ —

ALLOWANCE FOR CREDIT LOSSES (Ta

ALLOWANCE FOR CREDIT LOSSES (Tables)	6 Months Ended
	Jun. 30, 2024
Credit Loss [Abstract]
Schedule of loan balances by segment and the corresponding balances in the allowance for loan losses	The following tables present the loan balances by segment, and the corresponding balances in the allowance as of June 30, 2024 and December 31, 2023. The allowance was based on the CECL methodology. June 30, 2024 Ending ACL Attributable Ending ACL Total To Total Attributable Individually Individually Loans To Loans Total Evaluated Evaluated Collectively Collectively Total Ending (In thousands) Loans Loans Evaluated Evaluated Loans ACL Primary residential mortgage $ 1,843 $ 47 $ 582,802 $ 4,144 $ 584,645 $ 4,191 Junior lien loan on residence 98 — 40,346 187 40,444 187 Multifamily property 33,559 2,285 1,763,128 10,316 1,796,687 12,601 Owner-occupied commercial real estate — — 256,035 4,712 256,035 4,712 Investment commercial real estate 11,747 528 1,000,742 13,924 1,012,489 14,452 Commercial and industrial 30,684 4,747 1,214,221 23,821 1,244,905 28,568 Lease financing 3,871 264 225,023 1,426 228,894 1,690 Construction — — 22,643 655 22,643 655 Consumer and other loans — — 71,789 928 71,789 928 Total ACL $ 81,802 $ 7,871 $ 5,176,729 $ 60,113 $ 5,258,531 $ 67,984 December 31, 2023 Ending ACL Attributable Ending ACL Total To Total Attributable Individually Individually Loans To Loans Total Evaluated Evaluated Collectively Collectively Total Ending (In thousands) Loans Loans Evaluated Evaluated Loans ACL Primary residential mortgage $ 652 $ — $ 584,474 $ 3,931 $ 585,126 $ 3,931 Junior lien loan on residence 100 — 40,103 177 40,203 177 Multifamily property 16,645 — 1,819,745 8,782 1,836,390 8,782 Owner-occupied commercial real estate — — 255,110 4,840 255,110 4,840 Investment commercial real estate 9,881 — 1,051,316 15,403 1,061,197 15,403 Commercial and industrial 31,430 4,518 1,283,351 25,189 1,314,781 29,707 Lease financing 2,002 20 249,421 1,643 251,423 1,663 Construction — — 17,987 516 17,987 516 Consumer and other loans — — 63,906 869 63,906 869 Total ACL $ 60,710 $ 4,538 $ 5,365,413 $ 61,350 $ 5,426,123 $ 65,888
Schedule of loans individually evaluated by segment	The following tables present collateral dependent loans individually evaluated by segment as of June 30, 2024 and December 31, 2023: June 30, 2024 Average Unpaid Individually Principal Recorded Related Evaluated (In thousands) Balance Investment (A) Allowance Loans With no related allowance recorded: Primary residential mortgage (A) $ 1,337 $ 1,252 $ — $ 919 Junior lien loan on residence (A) 100 98 — 106 Multifamily property (B) 20,225 20,225 — 19,455 Commercial and industrial (A)(C)(D) 7,816 5,184 — 4,817 Lease financing (E) 3,103 3,003 — 1,165 Total loans with no related allowance $ 32,581 $ 29,762 $ — $ 26,462 With related allowance recorded: Primary residential mortgage (A) $ 591 $ 591 $ 47 $ 493 Multifamily property (B) 13,334 13,334 2,285 5,273 Investment commercial real estate (D) 14,430 11,747 528 10,164 Commercial and industrial (C)(D)(E) 27,414 25,500 4,747 26,162 Lease financing (E) 904 868 264 933 Total loans with related allowance $ 56,673 $ 52,040 $ 7,871 $ 43,025 Total loans individually evaluated $ 89,254 $ 81,802 $ 7,871 $ 69,487 (A) Secured by residential real estate. (B) Secured by multifamily residential properties. (C) Secured by commercial real estate. (D) Secured by all business assets. (E) Secured by machinery and equipment. December 31, 2023 Average Unpaid Individually Principal Recorded Related Evaluated (In thousands) Balance Investment Allowance Loans With no related allowance recorded: Primary residential mortgage (A) $ 712 $ 652 $ — $ 428 Junior lien loan on residence (A) 100 100 — 8 Multifamily property (B) 18,868 16,645 — 5,964 Investment commercial real estate (C) 12,500 9,881 — 5,781 Commercial and industrial (A)(C)(D) 6,275 3,965 — 2,146 Lease financing (E) 1,035 946 — 2,067 Total loans with no related allowance $ 39,490 $ 32,189 $ — $ 16,394 With related allowance recorded: Commercial and industrial (C)(D)(E) $ 28,359 $ 27,465 $ 4,518 $ 9,814 Lease financing (E) 1,079 1,056 20 1,611 Total loans with related allowance $ 29,438 $ 28,521 $ 4,538 $ 11,425 Total loans individually evaluated for impairment $ 68,928 $ 60,710 $ 4,538 $ 27,819 (A) Secured by residential real estate. (B) Secured by multifamily residential properties. (C) Secured by commercial real estate. (D) Secured by all business assets. (E) Secured by machinery and equipment.
Schedule of Activity in Allowance for Loan and Losses	The activity in the allowance for credit losses for the three months ended June 30, 2024 and June 30, 2023 is summarized below: April 1, June 30, 2024 2024 Beginning Provision Ending (In thousands) ACL Charge-offs Recoveries (Credit) (A) ACL Primary residential mortgage $ 4,101 $ — $ — $ 90 $ 4,191 Junior lien loan on residence 178 — — 9 187 Multifamily property 10,242 ( 5,379 ) — 7,738 12,601 Owner-occupied commercial real estate 4,906 — — ( 194 ) 4,712 Investment commercial real estate 15,126 — — ( 674 ) 14,452 Commercial and industrial 28,755 — 5 ( 192 ) 28,568 Lease financing 1,431 — 3,210 ( 2,951 ) 1,690 Construction 597 — — 58 655 Consumer and other loans 915 ( 4 ) — 17 928 Total ACL $ 66,251 $ ( 5,383 ) $ 3,215 $ 3,901 $ 67,984 (A) Provision to roll forward the ACL excludes a provision of $ 10,000 for off-balance sheet commitments. April 1, June 30, 2023 2023 Beginning Provision Ending (In thousands) ACL Charge-offs Recoveries (Credit) (A) ACL Primary residential mortgage $ 2,959 $ — $ — $ 189 $ 3,148 Junior lien loan on residence 146 — — 5 151 Multifamily property 9,823 — — 714 10,537 Owner-occupied commercial real estate 4,952 — — ( 244 ) 4,708 Investment commercial real estate 14,538 ( 1,199 ) — 209 13,548 Commercial and industrial 26,869 — — 564 27,433 Lease financing 1,989 — — 74 2,063 Construction 313 — — 108 421 Consumer and other loans 661 ( 15 ) 2 47 695 Total ACL $ 62,250 $ ( 1,214 ) $ 2 $ 1,666 $ 62,704 (A) Provision to roll forward the ACL excludes a provision of $ 30,000 for off-balance sheet commitments. January 1, June 30, 2024 2024 Beginning Provision Ending (In thousands) ACL Charge-offs Recoveries (Credit) (A) ACL Primary residential mortgage $ 3,931 $ — $ — $ 260 $ 4,191 Junior lien loan on residence 177 — — 10 187 Multifamily property 8,782 ( 5,379 ) — 9,198 12,601 Owner-occupied commercial real estate 4,840 — — ( 128 ) 4,712 Investment commercial real estate 15,403 — — ( 951 ) 14,452 Commercial and industrial 29,707 ( 241 ) 5 ( 903 ) 28,568 Lease financing 1,663 — 3,210 ( 3,183 ) 1,690 Construction 516 — — 139 655 Consumer and other loans 869 ( 17 ) 2 74 928 Total ACL $ 65,888 $ ( 5,637 ) $ 3,217 $ 4,516 $ 67,984 (A) Provision to roll forward the ACL excludes a provision of $ 22,000 for off-balance sheet commitments. January 1, June 30, 2023 2023 Beginning Provision Ending (In thousands) ACL Charge-offs Recoveries (Credit) (A) ACL Primary residential mortgage $ 2,894 $ — $ — $ 254 $ 3,148 Junior lien loan on residence 154 — — ( 3 ) 151 Multifamily property 8,849 — — 1,688 10,537 Owner-occupied commercial real estate 4,835 — — ( 127 ) 4,708 Investment commercial real estate 15,480 ( 1,199 ) — ( 733 ) 13,548 Commercial and industrial 25,530 — — 1,903 27,433 Lease financing 2,314 — — ( 251 ) 2,063 Construction 236 — — 185 421 Consumer and other loans 537 ( 61 ) 5 214 695 Total ACL $ 60,829 $ ( 1,260 ) $ 5 $ 3,130 $ 62,704 (A) Provision to roll forward the ACL excludes a provision of $ 79,000 for off-balance sheet commitments.
Schedule of Activity in ACL for Off Balance Sheet Commitments	The following tables present the activity in the ACL for off-balance sheet commitments for the six months ended June 30, 2024 and 2023: January 1, 2024 June 30, Beginning Provision 2024 (In thousands) ACL (Credit) Ending ACL Off balance sheet commitments $ 687 $ 22 $ 709 Total ACL $ 687 $ 22 $ 709 January 1, 2023 June 30, Beginning Provision 2023 (In thousands) ACL (Credit) Ending ACL Off balance sheet commitments $ 752 $ 79 $ 831 Total ACL $ 752 $ 79 $ 831

DEPOSITS (Tables)

DEPOSITS (Tables)	6 Months Ended
	Jun. 30, 2024
Deposits [Abstract]
Schedule of Details of Total Deposits	The following table sets forth the details of total deposits as of June 30, 2024 and December 31, 2023: June 30, December 31, 2024 2023 (Dollars in thousands) Noninterest-bearing demand deposits $ 950,368 16.80 % $ 957,687 18.16 % Interest-bearing checking (A) 3,229,814 57.10 2,882,193 54.65 Savings 105,602 1.87 111,573 2.12 Money market 824,158 14.57 740,559 14.04 Certificates of deposit - retail 502,810 8.89 443,791 8.41 Certificates of deposit - listing service 7,454 0.13 7,804 0.15 Subtotal deposits 5,620,206 99.36 5,143,607 97.53 Interest-bearing demand - Brokered 10,000 0.18 10,000 0.19 Certificates of deposit - Brokered 26,000 0.46 120,507 2.28 Total deposits $ 5,656,206 100.00 % $ 5,274,114 100.00 % (A) Interest-bearing checking includes $ 1.3 billion at June 30, 2024 and $ 990.7 million at December 31, 2023 of reciprocal balances in the Reich & Tang or Promontory Demand Deposit Marketplace program .
Scheduled Maturities of Time Deposits	The scheduled maturities of certificates of deposit, including brokered certificates of deposit, as of June 30, 2024, are as follows: (In thousands) 2024 $ 353,869 2025 174,891 2026 5,338 2027 920 2028 1,049 2029 and later 197 Total $ 536,264

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Income and Total Assets for Reportable Segments	The following tables present the statements of income and total assets for the Company’s reportable segments for the three and six months ended June 30, 2024 and 2023. Three Months Ended June 30, 2024 Peapack (In thousands) Banking Private Total Net interest income $ 34,462 $ 580 $ 35,042 Noninterest income 4,925 16,630 21,555 Total income 39,387 17,210 56,597 Provision for credit losses 3,911 — 3,911 Compensation and benefits 21,874 8,010 29,884 Premises and equipment expense 5,042 734 5,776 FDIC expense 870 — 870 Other operating expense 4,630 1,966 6,596 Total operating expense 36,327 10,710 47,037 Income before income tax expense 3,060 6,500 9,560 Income tax expense 547 1,483 2,030 Net income $ 2,513 $ 5,017 $ 7,530 Three Months Ended June 30, 2023 Peapack (In thousands) Banking Private Total Net interest income $ 38,103 $ 818 $ 38,921 Noninterest income 4,072 14,503 18,575 Total income 42,175 15,321 57,496 Provision for credit losses 1,696 — 1,696 Compensation and employee benefits 17,949 8,405 26,354 Premises and equipment expense 4,023 706 4,729 FDIC insurance expense 729 — 729 Other operating expense 3,855 2,025 5,880 Total operating expense 28,252 11,136 39,388 Income before income tax expense 13,923 4,185 18,108 Income tax expense 3,816 1,147 4,963 Net income $ 10,107 $ 3,038 $ 13,145 Six Months Ended June 30, 2024 Peapack (In thousands) Banking Private Total Net interest income $ 68,222 $ 1,195 $ 69,417 Noninterest income 9,012 31,244 40,256 Total income 77,234 32,439 109,673 Provision for credit losses 4,538 — 4,538 Compensation and employee benefits 43,597 14,763 58,360 Premises and equipment expense 9,420 1,437 10,857 FDIC insurance expense 1,815 — 1,815 Other operating expense 8,218 3,917 12,135 Total operating expense 67,588 20,117 87,705 Income before income tax expense 9,646 12,322 21,968 Income tax expense 2,554 3,253 5,807 Net income $ 7,092 $ 9,069 $ 16,161 Total assets at period end $ 6,382,263 $ 123,087 $ 6,505,350 Six Months Ended June 30, 2023 Peapack (In thousands) Banking Private Total Net interest income $ 80,193 $ 2,706 $ 82,899 Noninterest income 7,907 28,727 36,634 Total income 88,100 31,433 119,533 Provision for credit losses 3,209 — 3,209 Compensation and employee benefits 36,118 14,822 50,940 Premises and equipment expense 7,636 1,467 9,103 FDIC insurance expense 1,440 — 1,440 Other operating expense 7,129 4,654 11,783 Total operating expense 55,532 20,943 76,475 Income before income tax expense 32,568 10,490 43,058 Income tax expense 8,746 2,812 11,558 Net income $ 23,822 $ 7,678 $ 31,500 Total assets at period end $ 6,363,409 $ 116,291 $ 6,479,700

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on Recurring Basis	The following tables summarize, at the dates indicated, assets measured at fair value on a recurring basis, including financial assets for which the Company has elected the fair value option: Assets Measured on a Recurring Basis Fair Value Measurements Using Quoted Prices in Active Significant Markets For Other Significant Identical Observable Unobservable June 30, Assets Inputs Inputs (In thousands) 2024 (Level 1) (Level 2) (Level 3) Assets: Available for sale: U.S. government-sponsored agencies $ 195,002 $ — $ 195,002 $ — Mortgage-backed securities-residential 363,032 — 363,032 — SBA pool securities 21,683 — 21,683 — Corporate bond 12,167 — 12,167 — CRA investment fund 12,971 12,971 — — Derivatives: Cash flow hedges 9,461 — 9,461 — Loan level swaps 27,633 — 27,633 — Total $ 641,949 $ 12,971 $ 628,978 $ — Liabilities: Derivatives: Loan level swaps 27,633 — 27,633 — Total $ 27,633 $ — $ 27,633 $ — Assets Measured on a Recurring Basis Fair Value Measurements Using Quoted Prices in Active Significant Markets For Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs (In thousands) 2023 (Level 1) (Level 2) (Level 3) Assets: Securities available for sale: U.S. government-sponsored agencies $ 197,691 $ — $ 197,691 $ — Mortgage-backed securities-residential 320,796 — 320,796 — SBA pool securities 23,404 — 23,404 — Corporate bond 8,726 — 8,726 — CRA investment fund 13,166 13,166 — — Derivatives: Cash flow hedges 6,814 — 6,814 — Loan level swaps 23,826 — 23,826 — Total $ 594,423 $ 13,166 $ 581,257 $ — Liabilities: Derivatives: Loan level swaps $ 23,826 $ — $ 23,826 $ — Total $ 23,826 $ — $ 23,826 $ —
Schedule of Residential Loans Held for Sale	The following table presents residential loans held for sale, at fair value, at the dates indicated: (In thousands) June 30, 2024 December 31, 2023 Residential loans contractual balance $ 225 $ 98 Fair value adjustment 3 2 Total fair value of residential loans held for sale $ 228 $ 100
Schedule of Assets Measured at Fair Value on Non-Recurring Basis	The following tables summarize, at the dates indicated, assets measured at fair value on a non-recurring basis: Fair Value Measurements Using Quoted Prices in Active Significant Markets For Other Significant Identical Observable Unobservable June 30, Assets Inputs Inputs (In thousands) 2024 (Level 1) (Level 2) (Level 3) Assets: Individually evaluated loans: Primary residential mortgage $ 544 $ — $ — $ 544 Multifamily property 11,049 — — 11,049 Investment commercial real estate 11,219 — — 11,219 Commercial and industrial 20,753 — — 20,753 Lease financing 604 — — 604 Fair Value Measurements Using Quoted Prices in Active Significant Markets For Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs (In thousands) 2023 (Level 1) (Level 2) (Level 3) Assets: Individually evaluated loans: Commercial and industrial $ 22,947 $ — $ — $ 22,947 Lease financing 1,036 — — 1,036
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments	The carrying amounts and estimated fair values of financial instruments at June 30, 2024 are as follows: Fair Value Measurements at June 30, 2024 using Carrying (In thousands) Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 315,729 $ 315,729 $ — $ — $ 315,729 Securities available for sale 591,884 — 591,884 — 591,884 Securities held to maturity 105,013 — 90,863 — 90,863 CRA investment fund 12,971 12,971 — — 12,971 FHLB and FRB stock 12,478 — — — N/A Loans held for sale, at fair value 228 — 228 — 228 Loans held for sale, at lower of cost or fair value 8,076 — 8,321 — 8,321 Loans, net of allowance for credit losses 5,193,010 — — 4,965,858 4,965,858 Accrued interest receivable 33,534 — 3,086 30,448 33,534 Accrued interest receivable loan level swaps (A) 1,207 — 1,207 — 1,207 Cash flow hedges 9,461 — 9,461 — 9,461 Loan level swaps 27,633 — 27,633 — 27,633 Financial liabilities Deposits $ 5,656,206 $ 5,119,942 $ 533,134 $ — $ 5,653,076 Subordinated debt 133,417 — — 115,757 115,757 Accrued interest payable 8,915 6,205 2,529 181 8,915 Accrued interest payable loan level swaps (B) 1,207 — 1,207 — 1,207 Loan level swap 27,633 — 27,633 — 27,633 (A) Included in other assets in the Consolidated Statement of Condition. (B) Included in accrued expenses and other liabilities in the Consolidated Statement of Condition. The carrying amounts and estimated fair values of financial instruments at December 31, 2023 are as follows: Fair Value Measurements at December 31, 2023 using Carrying (In thousands) Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 187,671 $ 187,671 $ — $ — $ 187,671 Securities available for sale 550,617 — 550,617 — 550,617 Securities held to maturity 107,755 — 94,415 — 94,415 CRA investment fund 13,166 13,166 — — 13,166 FHLB and FRB stock 31,044 — — — N/A Loans held for sale, at fair value 100 — 100 — 100 Loans held for sale, at lower of cost or fair value 6,695 — 7,201 — 7,201 Loans, net of allowance for loan and lease losses 5,363,437 — — 5,294,942 5,294,942 Accrued interest receivable 30,676 — 2,868 27,808 30,676 Accrued interest receivable loan level swaps (A) 1,373 — 1,373 — 1,373 Cash flow hedges 6,814 — 6,814 — 6,814 Loan level swaps 23,826 — 23,826 — 23,826 Financial liabilities Deposits $ 5,274,114 $ 4,702,012 $ 567,696 $ — $ 5,269,708 Short-term borrowings 403,814 — 403,814 — 403,814 Subordinated debt 133,274 — — 111,924 111,924 Accrued interest payable 7,115 4,989 1,968 158 7,115 Accrued interest payable loan level swaps (B) 1,373 — 1,373 — 1,373 Loan level swaps 23,826 — 23,826 — 23,826 (A) Included in other assets in the Consolidated Statement of Condition. (B) Included in accrued expenses and other liabilities in the Consolidated Statement of Condition.

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Noninterest Income	The following tables present the sources of noninterest income for the periods indicated: For the Three Months Ended June 30, (In thousands) 2024 2023 Service charges on deposits Overdraft fees $ 112 $ 130 Interchange income 258 309 Other 975 881 Wealth management fees (A) 16,419 14,252 Loss on sale of property ( 4 ) — Corporate advisory fee income 103 15 Other (B) 3,692 2,988 Total noninterest other income $ 21,555 $ 18,575 For the Six Months Ended June 30, (In thousands) 2024 2023 Service charges on deposits Overdraft fees $ 222 $ 263 Interchange income 505 620 Other 1,940 1,695 Wealth management fees (A) 30,826 28,014 Loss on sale of property ( 4 ) — Corporate advisory fee income 921 95 Other (B) 5,846 5,947 Total noninterest other income $ 40,256 $ 36,634 (A) Includes investment brokerage fees . (B) All of the other category is outside the scope of ASC 606 .
Schedule of Noninterest Income by Operating Segment	The following table presents the sources of noninterest income by operating segment for the periods indicated: For the Three Months Ended For the Three Months Ended 2024 2023 (In thousands) Wealth Wealth Revenue by Operating Segment Banking Management Total Banking Management Total Service charges on deposits Overdraft fees $ 112 $ — $ 112 $ 130 $ — $ 130 Interchange income 258 — 258 309 — 309 Other 975 — 975 881 — 881 Wealth management fees (A) — 16,419 16,419 — 14,252 14,252 Loss on sale of property ( 4 ) — ( 4 ) — — — Corporate advisory fee income 103 — 103 15 — 15 Other (B) 3,481 211 3,692 2,737 251 2,988 Total noninterest income $ 4,925 $ 16,630 $ 21,555 $ 4,072 $ 14,503 $ 18,575 For the Six Months Ended For the Six Months Ended (In thousands) 2024 2023 Revenue by Operating Wealth Wealth Segment Banking Management Total Banking Management Total Service charges on deposits Overdraft fees $ 222 $ — $ 222 $ 263 $ — $ 263 Interchange income 505 — 505 620 — 620 Other 1,940 — 1,940 1,695 — 1,695 Wealth management fees (A) — 30,826 30,826 — 28,014 28,014 Loss on sale of property ( 4 ) — ( 4 ) — — — Corporate advisory fee income 921 — 921 95 — 95 Other (B) 5,428 418 5,846 5,234 713 5,947 Total noninterest income $ 9,012 $ 31,244 $ 40,256 $ 7,907 $ 28,727 $ 36,634 (A) Includes investment brokerage fees. (B) All of the other category is outside the scope of ASC 606.

OTHER OPERATING EXPENSES (Table

OTHER OPERATING EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
Schedule of Components of Other Operating Expenses	The following table presents the major components of other operating expenses for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2024 2023 2024 2023 Professional and legal fees $ 1,693 $ 1,179 $ 3,055 $ 2,524 Trust department expense 936 915 1,874 1,879 Telephone 397 362 792 731 Advertising 625 706 968 1,102 Amortization of intangible assets 272 355 544 709 Branch/office restructure — — — 175 Other operating expenses 2,673 2,363 4,902 4,663 Total other operating expenses $ 6,596 $ 5,880 $ 12,135 $ 11,783

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables)	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Schedule of Accumulated Other Comprehensive Income/(Loss) Balances, Net of Tax	The following is a summary of the accumulated other comprehensive income/(loss) balances, net of tax, for the three months ended June 30, 2024 and 2023: Amount Other Reclassified Comprehensive Other From Income/(Loss) Comprehensive Accumulated Three Months Balance at Income/(Loss) Other Ended Balance at April 1, Before Comprehensive June 30, June 30, (In thousands) 2024 Reclassifications Income/(Loss) 2024 2024 Net unrealized holding gain/(loss) on $ ( 74,769 ) $ ( 419 ) $ — $ ( 419 ) $ ( 75,188 ) Gain/(loss) on cash flow hedges 7,009 ( 163 ) — ( 163 ) 6,846 Accumulated other comprehensive gain/(loss), $ ( 67,760 ) $ ( 582 ) $ — $ ( 582 ) $ ( 68,342 ) Amount Other Reclassified Comprehensive Other From Income/(Loss) Comprehensive Accumulated Three Months Balance at Income/(Loss) Other Ended Balance at April 1, Before Comprehensive June 30, June 30, (In thousands) 2023 Reclassifications Income/(Loss) 2023 2023 Net unrealized holding gain/(loss) on $ ( 72,251 ) $ ( 3,796 ) $ — $ ( 3,796 ) $ ( 76,047 ) Gain/(loss) on cash flow hedges 4,806 3,274 ( 30 ) 3,244 8,050 Accumulated other comprehensive gain/(loss), $ ( 67,445 ) $ ( 522 ) $ ( 30 ) $ ( 552 ) $ ( 67,997 ) The following is a summary of the accumulated other comprehensive income/(loss) balances, net of tax, for the six months ended June 30, 2024 and 2023: Amount Other Reclassified Comprehensive Other From Income/(Loss) Comprehensive Accumulated Six Months Balance at Income/(Loss) Other Ended Balance at January 1, Before Comprehensive June 30, June 30, (In thousands) 2024 Reclassifications Income/(Loss) 2024 2024 Net unrealized holding gain/(loss) on $ ( 69,809 ) $ ( 5,379 ) $ — $ ( 5,379 ) $ ( 75,188 ) Gain/(loss) on cash flow hedges 4,931 1,915 — 1,915 6,846 Accumulated other comprehensive $ ( 64,878 ) $ ( 3,464 ) $ — $ ( 3,464 ) $ ( 68,342 ) Amount Other Reclassified Comprehensive Other From Income/(Loss) Comprehensive Accumulated Six Months Balance at Income/(Loss) Other Ended Balance at January 1, Before Comprehensive June 30, June 30, (In thousands) 2023 Reclassifications Income/(Loss) 2023 2023 Net unrealized holding gain/(loss) on $ ( 80,972 ) $ 4,925 $ — $ 4,925 $ ( 76,047 ) Gain/(loss) on cash flow hedges 6,761 1,349 ( 60 ) 1,289 8,050 Accumulated other comprehensive $ ( 74,211 ) $ 6,274 $ ( 60 ) $ 6,214 $ ( 67,997 )
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income/(loss)	The following represents the reclassifications out of accumulated other comprehensive income/(loss) for the three months ended June 30, 2024 and 2023: Three Months Ended June 30, (In thousands) 2024 2023 Affected Line Item in Income Statement Unrealized gains/(losses) on cash Reclassification adjustment for amounts $ — $ ( 42 ) Interest Expense Tax effect — 12 Income tax expense Total reclassifications, net of tax $ — $ ( 30 ) The following represents the reclassifications out of accumulated other comprehensive income/(loss) for the six months ended June 30, 2024 and 2023: Six Months Ended June 30, (In thousands) 2024 2023 Affected Line Item in Income Unrealized gains/(losses) on cash Reclassification adjustment for amounts $ — $ ( 84 ) Interest Expense Tax effect — 24 Income tax expense Total reclassifications, net of tax $ — $ ( 60 )

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
	Jun. 30, 2024
Schedule of Information about Interest Rate Swaps Designated as Cash Flow Hedges	The following table presents information about the interest rate swaps designated as cash flow hedges as of June 30, 2024 and December 31, 2023: (Dollars in thousands) June 30, December 31, Notional amount $ 310,000 $ 310,000 Weighted average pay rate 2.22 % 2.22 % Weighted average receive rate 4.14 % 4.14 % Weighted average maturity 2.49 years 2.98 years Unrealized gain/(loss), net $ 9,461 $ 6,814 Number of contracts 12 12
Schedule of Cash Flow Hedges Included in Financial Statements	June 30, 2024 Notional Fair (In thousands) Amount Value Interest rate swaps related to interest-bearing deposits $ 310,000 $ 9,461 Total included in other assets $ 310,000 9,461 Total included in other liabilities — — December 31, 2023 Notional Fair (In thousands) Amount Value Interest rate swaps related to interest-bearing deposits $ 310,000 $ 6,814 Total included in other assets 310,000 6,814 Total included in other liabilities — —
Schedule of Net Gains/(Losses) Recorded in Accumulated Other Comprehensive Income/(Loss)	The following table presents the net gains/(losses) recorded in accumulated other comprehensive income/(loss) and the consolidated financial statements relating to the cash flow derivative instruments for the three month and six months ended June 30, 2024 and 2023: For the Three Months Ended For the Six Months Ended June 30, (In thousands) 2024 2023 2024 2023 Interest rate contracts Gain/(loss) recognized in other comprehensive income (effective portion) $ ( 225 ) $ 4,775 $ 2,647 $ 2,043 Gain/(loss) recognized in other noninterest income — ( 42 ) — ( 84 )
Not Designated as Hedging Instrument [Member]
Schedule of Information about Interest Rate Swaps Designated as Cash Flow Hedges	Information about these swaps is as follows: (Dollars in thousands) June 30, December 31, Notional amount $ 498,763 $ 545,983 Fair value $ ( 26,426 ) $ ( 22,452 ) Weighted average pay rates 3.92 % 3.95 % Weighted average receive rates 7.04 % 7.09 % Weighted average maturity 3.67 years 3.93 years Number of contracts 65 71

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Operating Lease Liabilities by Contractual Maturity	The following is a schedule of the Company's operating lease liabilities by contractual maturity as of June 30, 2024: (In thousands) 2024 2,463 2025 5,727 2026 5,556 2027 5,222 2028 5,042 Thereafter 27,293 Total lease payments 51,303 Less: imputed interest 9,956 Total present value of lease payments $ 41,347
Summary of Supplemental Cash Flow Information Related to Direct Finance and Operating Leases	The following table shows the supplemental cash flow information related to the Company’s direct finance and operating leases for the periods indicated: For the Six Months Ended June 30, (In thousands) 2024 2023 Right-of-use asset obtained in exchange for lease obligation $ 28,321 $ 1,926 Operating cash flows from operating leases 1,887 1,471 Operating cash flows from direct finance leases 60 103 Financing cash flows from direct finance leases 273 374

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2024 USD ($) Segment shares	Jun. 30, 2023 USD ($) shares	Dec. 31, 2026 shares	Dec. 31, 2025 shares	Apr. 30, 2024 shares	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Net increase to retained earnings | $	$ 408,481,000		$ 408,481,000						$ 394,094,000
Reduction to allowance for credit losses | $	(67,984,000)	$ (62,704,000)	$ (67,984,000)	$ (62,704,000)				$ (66,251,000)	(65,888,000)	$ (62,250,000)	$ (60,829,000)
Number of operating segments | Segment			2
Federal funds sales periods			1 day
Interest-earning deposits maturities period			1 year
Servicing rights | $			$ 0
Amount of loans serviced | $	$ 161,200,000		$ 161,200,000						162,900,000
Threshold period for loan			30 days
Threshold for determining nonaccrual status	90 days		90 days
Settled in cash			100,349
Stock options granted	0		0
Unrecognized compensation cost | $	$ 0		$ 0
Issuance of shares for Employee Stock Purchase Plan, shares	4,614	10,108	15,759	17,641
Antidilutive securities	250,510	556,743	277,945	420,090
Phantom Plan
Summary Of Significant Accounting Policies [Line Items]
Stock options granted			237,811
2024 ESPP
Summary Of Significant Accounting Policies [Line Items]
Number of share purchase rights authorized							150,000
Restricted stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Settled in cash			(120,835)
Shares granted			0
Compensation cost | $	$ 3,200,000	$ 3,600,000	$ 5,900,000	$ 6,300,000
Restricted stock [Member] | Tranche One [Member]
Summary Of Significant Accounting Policies [Line Items]
Stock option vesting term			3 years
Restricted stock [Member] | Tranche Two [Member]
Summary Of Significant Accounting Policies [Line Items]
Stock option vesting term			5 years
Performance Shares [Member]
Summary Of Significant Accounting Policies [Line Items]
Settled in cash			45,592
Shares granted			4,705
Performance Shares [Member] | Phantom Plan
Summary Of Significant Accounting Policies [Line Items]
Shares granted			60,047
Performance Shares [Member] | 2021 Long-Term Stock Incentive Plan
Summary Of Significant Accounting Policies [Line Items]
Shares granted			0
Restricted Stock Units [Member]
Summary Of Significant Accounting Policies [Line Items]
Unrecognized compensation cost | $	9,200,000		$ 9,200,000
Weighted average period over which unrecognized compensation is expected to be recognized (in years)			1 year 1 month 13 days
Restricted Stock Units [Member] | Forecast Member
Summary Of Significant Accounting Policies [Line Items]
Settled in cash					120,835	120,835
Restricted Stock Units [Member] | 2021 Long-Term Stock Incentive Plan
Summary Of Significant Accounting Policies [Line Items]
Shares granted			0
Employee Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Compensation cost | $	43,000	58,000	$ 75,000	106,000
Percentage of closing market price on purchase date			85%
Phantom Units
Summary Of Significant Accounting Policies [Line Items]
Unrecognized compensation cost | $	8,400,000		$ 8,400,000
Consumer and Other [Member]
Summary Of Significant Accounting Policies [Line Items]
Reduction to allowance for credit losses | $	$ (928,000)	$ (695,000)	$ (928,000)	$ (695,000)				$ (915,000)	(869,000)	$ (661,000)	$ (537,000)
Consumer and Other [Member] | Closed-end Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Threshold for determining nonaccrual status	120 days		120 days
Consumer and Other [Member] | Open-end Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Threshold for determining nonaccrual status	180 days		180 days
Small Business Administration Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Loans held for sale | $	$ 3,300,000		$ 3,300,000						$ 7,200,000
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Cash equivalents original maturities period			90 days
Short term borrowings original maturities period			90 days
Finite-Lived Intangible Asset, Useful Life	15 years		15 years
Maximum [Member] | Employee Stock Option [Member]
Summary Of Significant Accounting Policies [Line Items]
Option term			10 years
Maximum [Member] | Employee Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of compensation contributable			15%
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Finite-Lived Intangible Asset, Useful Life	5 years		5 years
Minimum [Member] | Employee Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of compensation contributable			1%
Peapack-Gladstone Mortgage Group, Inc. [Member] | Peapack Ventures, LLC [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of interest owned	99%		99%
Peapack-Gladstone Mortgage Group, Inc. [Member] | Peapack-Gladstone Realty, Inc [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of interest owned	79%		79%
PGB Trust & Investments of Delaware [Member] | Peapack Ventures, LLC [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of interest owned	1%		1%
Peapack Ventures, LLC [Member] | Peapack-Gladstone Realty, Inc [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of interest owned	21%		21%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Impact to Financial Statements Upon Adoption of ASC 326 (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Total impact from ASC 326 adoption	$ 588,322	$ 582,379	$ 583,681	$ 565,069	$ 554,958	$ 532,980

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Changes in Options Outstanding) (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of Options
Balance | shares	1,400
Expired | shares	(1,400)
Weighted Average Exercise Price
Balance | $ / shares	$ 19.15
Expired | $ / shares	$ 19.15

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Changes in Restricted Common Shares) (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of Shares
Shares to be settled in cash	100,349
Performance Shares [Member]
Number of Shares
Balance at Beginning	176,364
Shares granted	4,705
Vested	(45,592)	[1]
Shares to be settled in cash	45,592
Forfeited	0
Balance at end	135,477
Weighted Average Grant Date Fair Value
Balance at Beginning | $ / shares	$ 32.4
Granted | $ / shares	31.36
Vested | $ / shares	31.36	[1]
Forfeited | $ / shares	0
Balance at end | $ / shares	$ 32.71
Restricted stock [Member]
Number of Shares
Balance at Beginning	626,742
Shares granted	0
Vested	(248,028)	[2]
Shares to be settled in cash	(120,835)
Forfeited	(4,701)
Balance at end	253,178
Weighted Average Grant Date Fair Value
Balance at Beginning | $ / shares	$ 29.62
Granted | $ / shares	0
Vested | $ / shares	27.83	[2]
Shares to be settled in cash | $ / shares	22.13
Forfeited | $ / shares	31.79
Balance at end | $ / shares	$ 27.84
[1] (1) Includes 45,592 shares that settled in cash. (1) Includes 100,349 shares that settled in cash.

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Schedule of Changes in Restricted Common Shares) (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2024 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Settled in cash	100,349
Performance Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Settled in cash	45,592
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Settled in cash	(120,835)

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Calculation of Basic and Diluted Earnings per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Net income available to common shareholders	$ 7,530	$ 13,145	$ 16,161	$ 31,500
Basic weighted average shares outstanding	17,747,070	17,930,611	17,729,355	17,886,154
Plus: common stock equivalents	45,226	148,237	82,540	267,113
Diluted weighted average shares outstanding	17,792,296	18,078,848	17,811,895	18,153,267
Net income per share
Basic	$ 0.42	$ 0.73	$ 0.91	$ 1.76
Diluted	$ 0.42	$ 0.73	$ 0.91	$ 1.74

INVESTMENT SECURITIES (Schedule

INVESTMENT SECURITIES (Schedule of Amortized Cost and Approximate Fair Value of Securities Available for Sale) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Securities Available for Sale:
Amortized Cost	$ 694,439	$ 645,835
Gross Unrealized Gains	250	80
Gross Unrealized Losses	(102,805)	(95,298)
Fair Value	591,884	550,617
Securities Held to Maturity:
Amortized Cost	105,013	107,755
Gross Unrealized Losses	(14,150)	(13,340)
Fair Value	90,863	94,415
U.S. Government-Sponsored Agencies [Member]
Securities Available for Sale:
Amortized Cost	244,803	244,794
Gross Unrealized Losses	(49,801)	(47,103)
Fair Value	195,002	197,691
Securities Held to Maturity:
Amortized Cost	40,000	40,000
Gross Unrealized Losses	(3,471)	(3,369)
Fair Value	36,529	36,631
Mortgage-Backed Securities-Residential [Member]
Securities Available for Sale:
Amortized Cost	410,158	363,893
Gross Unrealized Gains	226	80
Gross Unrealized Losses	(47,352)	(43,177)
Fair Value	363,032	320,796
Securities Held to Maturity:
Amortized Cost	65,013	67,755
Gross Unrealized Losses	(10,679)	(9,971)
Fair Value	54,334	57,784
SBA Pool Securities [Member]
Securities Available for Sale:
Amortized Cost	25,478	27,148
Gross Unrealized Gains	1	0
Gross Unrealized Losses	(3,796)	(3,744)
Fair Value	21,683	23,404
Corporate Bond [Member]
Securities Available for Sale:
Amortized Cost	14,000	10,000
Gross Unrealized Gains	23
Gross Unrealized Losses	(1,856)	(1,274)
Fair Value	$ 12,167	$ 8,726

INVESTMENT SECURITIES (Schedu_2

INVESTMENT SECURITIES (Schedule of Available for Sale Securities in Continuous Unrealized Loss Position and Approximate Fair Value of Investments) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Available for Sale Securities, Fair Value
Less Than 12 Months	$ 33,028	$ 37,289
12 Months or Longer	454,582	446,679
Total	487,610	483,968
Available for Sale Securities, Unrealized Losses
Less Than 12 Months	(774)	(964)
12 Months or Longer	(102,031)	(94,334)
Total	(102,805)	(95,298)
Held to Maturity Securities, Fair Value
Less Than 12 Months		9,647
12 Months or Longer	90,863	84,768
Total	90,863	94,415
Held to Maturity Securities, Unrealized Losses
Less Than 12 Months		(135)
12 Months or Longer	(14,150)	(13,205)
Total	(14,150)	(13,340)
Approximate Fair Value
Fair Value, Less than 12 months	33,028	46,936
Fair Value, 12 months or longer	545,445	531,447
Fair Value	578,473	578,383
Unrealized Losses
Unrealized Losses, Less than 12 months	(774)	(1,099)
Unrealized Losses, 12 months or longer	(116,181)	(107,539)
Unrealized Losses	(116,955)	(108,638)
U.S. Government-Sponsored Agencies [Member]
Available for Sale Securities, Fair Value
12 Months or Longer	195,002	197,691
Total	195,002	197,691
Available for Sale Securities, Unrealized Losses
12 Months or Longer	(49,801)	(47,103)
Total	(49,801)	(47,103)
Held to Maturity Securities, Fair Value
12 Months or Longer	36,529	36,631
Total	36,529	36,631
Held to Maturity Securities, Unrealized Losses
12 Months or Longer	(3,471)	(3,369)
Total	(3,471)	(3,369)
Mortgage-Backed Securities-Residential [Member]
Available for Sale Securities, Fair Value
Less Than 12 Months	33,028	36,634
12 Months or Longer	230,103	217,513
Total	263,131	254,147
Available for Sale Securities, Unrealized Losses
Less Than 12 Months	(774)	(963)
12 Months or Longer	(46,578)	(42,214)
Total	(47,352)	(43,177)
Held to Maturity Securities, Fair Value
Less Than 12 Months		9,647
12 Months or Longer	54,334	48,137
Total	54,334	57,784
Held to Maturity Securities, Unrealized Losses
Less Than 12 Months		(135)
12 Months or Longer	(10,679)	(9,836)
Total	(10,679)	(9,971)
SBA Pool Securities [Member]
Available for Sale Securities, Fair Value
Less Than 12 Months		655
12 Months or Longer	21,333	22,749
Total	21,333	23,404
Available for Sale Securities, Unrealized Losses
Less Than 12 Months		(1)
12 Months or Longer	(3,796)	(3,743)
Total	(3,796)	(3,744)
Corporate Bond [Member]
Available for Sale Securities, Fair Value
12 Months or Longer	8,144	8,726
Total	8,144	8,726
Available for Sale Securities, Unrealized Losses
12 Months or Longer	(1,856)	(1,274)
Total	$ (1,856)	$ (1,274)

INVESTMENT SECURITIES - Additio

INVESTMENT SECURITIES - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Investment with fair value classified as equity security	$ 12,971,000		$ 12,971,000	$ 13,166,000
Fair value adjustment for CRA equity security	(84,000)	$ (209,000)	(195,000)
CRA Investment Fund [Member]
Schedule Of Available For Sale Securities [Line Items]
Investment with fair value classified as equity security	13,000,000		13,000,000
Fair value adjustment for CRA equity security	$ 84,000		$ 195,000

LOANS AND LEASES (Schedule of L

LOANS AND LEASES (Schedule of Loans Outstanding, by Type of Loan) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Total loans	$ 5,260,994	$ 5,429,325
Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)	100%	100%
Unallocated Financing Receivables [Member]
Total loans	$ 172	$ 238
Unallocated Financing Receivables [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)	0.01%	0.01%
Primary Residential Mortgage [Member] | Residential Portfolio Segment [Member]
Total loans	$ 578,829	$ 578,327
Primary Residential Mortgage [Member] | Residential Portfolio Segment [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)	11%	10.65%
Multifamily Property [Member] | Residential Portfolio Segment [Member]
Total loans	$ 1,796,687	$ 1,836,390
Multifamily Property [Member] | Residential Portfolio Segment [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)	34.15%	33.82%
Commercial Mortgage [Member] | Commercial Real Estate Portfolio Segment [Member]
Total loans	$ 600,859	$ 637,625
Commercial Mortgage [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)	11.42%	11.74%
Commercial Loans Including Equipment Financing [Member] | Commercial Real Estate Portfolio Segment [Member]
Total loans	$ 2,155,594	$ 2,260,524
Commercial Loans Including Equipment Financing [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)	40.97%	41.64%
Construction [Member] | Commercial Portfolio Segment [Member]
Total loans	$ 22,157	$ 17,721
Construction [Member] | Commercial Portfolio Segment [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)	0.42%	0.33%
Home Equity Lines of Credit [Member] | Residential Portfolio Segment [Member]
Total loans	$ 37,117	$ 36,464
Home Equity Lines of Credit [Member] | Residential Portfolio Segment [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)	0.71%	0.67%
Consumer Loans, Including Home Equity Loans [Member] | Consumer and Other Loans [Member]
Total loans	$ 69,579	$ 62,036
Consumer Loans, Including Home Equity Loans [Member] | Consumer and Other Loans [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)	1.32%	1.14%

LOANS AND LEASES (Schedule of_2

LOANS AND LEASES (Schedule of Loan Balances by Pool Segment and Portfolio Class) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Total loans	$ 5,258,531	$ 5,426,123
Total loans including net deferred costs	$ 5,260,994	$ 5,429,325
Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	100%	100%
Current Expected Credit Loss Methodology [Member]
Total loans	$ 5,258,531	$ 5,426,123
Net deferred costs	2,463	3,202
Total loans including net deferred costs	5,260,994	5,429,325
Construction [Member]
Total loans	22,643	17,987
Construction [Member] | Current Expected Credit Loss Methodology [Member]
Total loans	$ 22,643	$ 17,987
Construction [Member] | Current Expected Credit Loss Methodology [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	0.43%	0.33%
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total loans	$ 584,645	$ 585,126
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member] | Current Expected Credit Loss Methodology [Member]
Total loans	$ 584,645	$ 585,126
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member] | Current Expected Credit Loss Methodology [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	11.12%	10.78%
Residential Portfolio Segment [Member] | Multifamily Property [Member]
Total loans	$ 1,796,687	$ 1,836,390
Total loans including net deferred costs	1,796,687	1,836,390
Residential Portfolio Segment [Member] | Multifamily Property [Member] | Current Expected Credit Loss Methodology [Member]
Total loans	$ 1,796,687	$ 1,836,390
Residential Portfolio Segment [Member] | Multifamily Property [Member] | Current Expected Credit Loss Methodology [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	34.17%	33.85%
Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member]
Total loans including net deferred costs	$ 37,117	$ 36,464
Residential Portfolio Segment [Member] | Junior Lien [Member]
Total loans	40,444	40,203
Residential Portfolio Segment [Member] | Junior Lien [Member] | Current Expected Credit Loss Methodology [Member]
Total loans	$ 40,444	$ 40,203
Residential Portfolio Segment [Member] | Junior Lien [Member] | Current Expected Credit Loss Methodology [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	0.77%	0.74%
Commercial Real Estate Portfolio Segment [Member] | Current Expected Credit Loss Methodology [Member]
Total loans	$ 256,035	$ 255,110
Commercial Real Estate Portfolio Segment [Member] | Current Expected Credit Loss Methodology [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	4.87%	4.70%
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member]
Total loans	$ 256,035	$ 255,110
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Total loans	1,012,489	1,061,197
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member] | Current Expected Credit Loss Methodology [Member]
Total loans	$ 1,012,489	$ 1,061,197
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member] | Current Expected Credit Loss Methodology [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	19.25%	19.56%
Commercial Portfolio Segment [Member] | Construction [Member]
Total loans	$ 22,643	$ 17,987
Total loans including net deferred costs	22,157	17,721
Consumer and Other [Member]
Total loans	71,789	63,906
Consumer and Other [Member] | Current Expected Credit Loss Methodology [Member]
Total loans	$ 71,789	$ 63,906
Consumer and Other [Member] | Current Expected Credit Loss Methodology [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	1.37%	1.18%
Commercial and Industrial [Member] | Current Expected Credit Loss Methodology [Member]
Total loans	$ 1,244,905	$ 1,314,781
Commercial and Industrial [Member] | Current Expected Credit Loss Methodology [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	23.67%	24.23%
Commercial and Industrial [Member] | Commercial Portfolio Segment [Member]
Total loans	$ 1,244,905	$ 1,314,781
Lease Financing [Member]
Total loans	228,894	251,423
Lease Financing [Member] | Current Expected Credit Loss Methodology [Member]
Total loans	$ 228,894	$ 251,423
Lease Financing [Member] | Current Expected Credit Loss Methodology [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	4.35%	4.63%

LOANS AND LEASES (Schedule of R

LOANS AND LEASES (Schedule of Recorded Investment in Nonaccrual and Loans Past Due 90 Days or Over Still On Accrual) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Total loans	$ 30,887	$ 32,803
Impaired non-accrual loans	82,075	61,324
Loans Past Due 90 Days or Over And Still Accruing Interest	0	0
Residential Portfolio Segment [Member] | Junior Lien [Member]
Total loans	98	100
Impaired non-accrual loans	98	100
Loans Past Due 90 Days or Over And Still Accruing Interest	0	0
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total loans	1,521	1,263
Impaired non-accrual loans	2,112	1,263
Loans Past Due 90 Days or Over And Still Accruing Interest	0	0
Residential Portfolio Segment [Member] | Multifamily Property [Member]
Total loans	20,225	16,645
Impaired non-accrual loans	33,558	16,645
Loans Past Due 90 Days or Over And Still Accruing Interest	0	0
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Total loans	0	9,881
Impaired non-accrual loans	11,748	9,881
Loans Past Due 90 Days or Over And Still Accruing Interest	0	0
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member]
Total loans	6,036	3,965
Impaired non-accrual loans	30,684	31,430
Loans Past Due 90 Days or Over And Still Accruing Interest	0	0
Commercial Portfolio Segment [Member] | Lease Financing [Member]
Total loans	3,003	946
Impaired non-accrual loans	3,871	2,002
Loans Past Due 90 Days or Over And Still Accruing Interest	0	0
Consumer and Other [Member]
Total loans	4	3
Impaired non-accrual loans	4	3
Loans Past Due 90 Days or Over And Still Accruing Interest	$ 0	$ 0

LOANS AND LEASES (Schedule of A

LOANS AND LEASES (Schedule of Aging of Past Due Loans) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Total loans	$ 5,258,531	$ 5,426,123
Lease Financing [Member]
Total loans	228,894	251,423
Residential Portfolio Segment [Member] | Junior Lien Loan on Residence [Member]
Total loans	40,444	40,203
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total loans	584,645	585,126
Residential Portfolio Segment [Member] | Multifamily Property [Member]
Total loans	1,796,687	1,836,390
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Total loans	1,012,489	1,061,197
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member]
Total loans	1,244,905	1,314,781
Consumer and Other [Member]
Total loans	71,789	63,906
30 to 59 Days Past Due [Member]
Total loans	16,705	22,030
30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | Junior Lien Loan on Residence [Member]
Total loans	417	84
30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total loans	1,774	2,448
30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | Multifamily Property [Member]
Total loans	13,571	11,814
30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member]
Total loans	943	7,297
30 to 59 Days Past Due [Member] | Consumer and Other [Member]
Total loans		387
60 to 89 Days Past Due [Member]
Total loans	18,009	12,559
60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total loans	97	1,061
60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member]
Total loans	435	11,498
60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Lease Financing [Member]
Total loans	151
60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Investment Property [Member]
Total loans	17,326
90 Days or Greater Past Due [Member]
Total loans	0	0
90 Days or Greater Past Due [Member] | Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total loans	0	0
Total Past Due [Member]
Total loans	34,714	34,589
Total Past Due [Member] | Residential Portfolio Segment [Member] | Junior Lien Loan on Residence [Member]
Total loans	417	84
Total Past Due [Member] | Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total loans	1,871	3,509
Total Past Due [Member] | Residential Portfolio Segment [Member] | Multifamily Property [Member]
Total loans	13,571	11,814
Total Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member]
Total loans	1,378	18,795
Total Past Due [Member] | Commercial Portfolio Segment [Member] | Lease Financing [Member]
Total loans	151
Total Past Due [Member] | Commercial Portfolio Segment [Member] | Investment Property [Member]
Total loans	$ 17,326
Total Past Due [Member] | Consumer and Other [Member]
Total loans		$ 387

LOANS AND LEASES - Additional I

LOANS AND LEASES - Additional Information (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) Loan	Dec. 31, 2023 USD ($)
Financing Receivable Recorded Investment Past Due [Line Items]
Loan receivable, validate risk ratings performed for large sample or new lending to existing relationships	$ 1,000,000
Loan receivable, validate risk ratings performed for criticized and classified rated borrowers with relationship exposure, value	500,000
Loan receivable, validate risk ratings performed for new federal reserve board regulation "O" loan commitments, value	1,000,000
Loan receivable validate risk ratings performed for leveraged loans, value	1,000,000
Loan receivable validate risk ratings performed for no borrower with commitments, value	500,000
Multifamily Property [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Financing receivable individually evaluated loan	$ 15,100,000
Number of multifamily loans | Loan	2
Substandard [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Financing receivable individually evaluated loan	$ 81,700,000	$ 60,600,000
Substandard [Member] | Multifamily Property [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Financing receivable increase in individually evaluated substandard loans	$ 32,000,000
Number of multifamily loans | Loan	6
Minimum [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Loan receivable, validate risk ratings performed for large sample of borrowers with relationship, value	$ 1,000,000
Maximum [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Loan receivable, validate risk ratings performed for small sample of borrowers with relationship, value	$ 1,000,000

LOANS AND LEASES (Summary of Cr

LOANS AND LEASES (Summary of Credit Risk Profile of Loans) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
2024/2023	$ 199,446		$ 199,446		$ 561,140
2023/2022	486,272		486,272		1,092,840
2022/2021	1,051,004		1,051,004		1,179,653
2021/2020	1,112,258		1,112,258		334,602
2020/2019	300,033		300,033		491,789
2019/2018 and Prior	1,359,022		1,359,022		990,879
Revolving	672,109		672,109		694,804
Revolving-Term	78,387		78,387		80,416
Total loans	5,258,531		5,258,531		5,426,123
2021, Current period gross charge-offs					2,223
2022, Current period gross charge-offs					5,999
Total, Current period gross charge-offs	5,383	$ 1,214	5,637	$ 1,260
2021, Current Period Charge-offs			2,088
2020, Current Period Charge-offs			241
2019 and Prior, current period gross charge-offs			3,293		794
Revolving, Current period gross charge-offs					139
Revolving term gross charge-offs	15		15
Total Current Period Charge-offs			5,637		9,155
Pass [Member]
2024/2023	187,196		187,196		558,872
2023/2022	482,778		482,778		1,049,459
2022/2021	993,054		993,054		1,168,229
2021/2020	1,068,843		1,068,843		332,264
2020/2019	297,516		297,516		452,165
2019/2018 and Prior	1,258,603		1,258,603		973,399
Revolving	639,930		639,930		672,373
Revolving-Term	61,509		61,509		63,593
Total loans	4,989,429		4,989,429		5,270,354
Special Mention [Member]
2023/2022					9,631
2022/2021	14,506		14,506		2,466
2021/2020	41,686		41,686
2020/2019					24,472
2019/2018 and Prior	59,026		59,026		5,768
Revolving	11,405		11,405		14,694
Revolving-Term	14,168		14,168		14,366
Total loans	140,791		140,791		71,397
Substandard [Member]
2024/2023	12,250		12,250		2,268
2023/2022	3,494		3,494		33,750
2022/2021	43,444		43,444		8,958
2021/2020	1,729		1,729		2,338
2020/2019	2,517		2,517		15,152
2019/2018 and Prior	41,393		41,393		11,712
Revolving	20,774		20,774		7,737
Revolving-Term	2,710		2,710		2,457
Total loans	128,311		128,311		84,372
Lease Financing [Member]
2024/2023	10,288		10,288		51,762
2023/2022	48,168		48,168		52,078
2022/2021	47,614		47,614		62,058
2021/2020	56,211		56,211		39,710
2020/2019	29,774		29,774		26,434
2019/2018 and Prior	36,839		36,839		19,381
Total loans	228,894		228,894		251,423
2022, Current period gross charge-offs					4,800
2019 and Prior, current period gross charge-offs					794
Total Current Period Charge-offs					5,594
Lease Financing [Member] | Pass [Member]
2024/2023	10,288		10,288		50,706
2023/2022	47,300		47,300		42,447
2022/2021	47,614		47,614		61,547
2021/2020	56,211		56,211		39,710
2020/2019	29,774		29,774		24,113
2019/2018 and Prior	33,836		33,836		19,287
Total loans	225,023		225,023		237,810
Lease Financing [Member] | Special Mention [Member]
2023/2022					9,631
2022/2021					511
2020/2019					1,375
2019/2018 and Prior					94
Total loans					11,611
Lease Financing [Member] | Substandard [Member]
2024/2023					1,056
2023/2022	868		868
2020/2019					946
2019/2018 and Prior	3,003		3,003
Total loans	3,871		3,871		2,002
Construction [Member]
Total loans	22,643		22,643		17,987
Residential Portfolio Segment [Member] | Junior Lien [Member]
2024/2023					872
2023/2022	838		838		1,394
2022/2021	1,224		1,224		135
2021/2020	114		114
2020/2019					530
2019/2018 and Prior	1,153		1,153		808
Revolving	29,982		29,982		29,783
Revolving-Term	7,133		7,133		6,681
Total loans	40,444		40,444		40,203
Residential Portfolio Segment [Member] | Junior Lien [Member] | Pass [Member]
2024/2023					872
2023/2022	838		838		1,394
2022/2021	1,224		1,224		135
2021/2020	114		114
2020/2019					530
2019/2018 and Prior	1,153		1,153		808
Revolving	29,885		29,885		29,620
Revolving-Term	7,132		7,132		6,680
Total loans	40,346		40,346		40,039
Residential Portfolio Segment [Member] | Junior Lien [Member] | Substandard [Member]
Revolving	97		97		163
Revolving-Term	1		1		1
Total loans	98		98		164
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
2024/2023	25,736		25,736		94,688
2023/2022	93,511		93,511		114,532
2022/2021	112,096		112,096		80,175
2021/2020	77,156		77,156		56,664
2020/2019	54,937		54,937		36,353
2019/2018 and Prior	215,511		215,511		197,179
Revolving-Term	5,698		5,698		5,535
Total loans	584,645		584,645		585,126
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member] | Pass [Member]
2024/2023	25,736		25,736		94,688
2023/2022	92,920		92,920		114,532
2022/2021	112,096		112,096		80,175
2021/2020	77,156		77,156		56,191
2020/2019	54,479		54,479		35,418
2019/2018 and Prior	213,434		213,434		196,251
Revolving-Term	5,698		5,698		5,535
Total loans	581,519		581,519		582,790
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member] | Substandard [Member]
2023/2022	591		591
2021/2020					473
2020/2019	458		458		935
2019/2018 and Prior	2,077		2,077		928
Total loans	3,126		3,126		2,336
Residential Portfolio Segment [Member] | Multifamily Property [Member]
2024/2023	6,223		6,223		52,072
2023/2022	51,871		51,871		478,544
2022/2021	474,281		474,281		652,584
2021/2020	630,017		630,017		119,934
2020/2019	118,653		118,653		219,669
2019/2018 and Prior	506,840		506,840		305,136
Revolving	8,802		8,802		8,451
Total loans	1,796,687		1,796,687		1,836,390
2021, Current period gross charge-offs					2,223
Total, Current period gross charge-offs	5,379		5,379
2021, Current Period Charge-offs			2,088
2019 and Prior, current period gross charge-offs			3,291
Total Current Period Charge-offs			5,379		2,223
Residential Portfolio Segment [Member] | Multifamily Property [Member] | Pass [Member]
2024/2023	6,223		6,223		52,072
2023/2022	51,871		51,871		476,972
2022/2021	457,492		457,492		645,093
2021/2020	601,510		601,510		119,934
2020/2019	118,653		118,653		209,299
2019/2018 and Prior	462,454		462,454		295,226
Revolving	8,802		8,802		8,451
Total loans	1,707,005		1,707,005		1,807,047
Residential Portfolio Segment [Member] | Multifamily Property [Member] | Special Mention [Member]
2022/2021	3,423		3,423
2021/2020	28,507		28,507
2019/2018 and Prior	13,296		13,296		1,650
Total loans	45,226		45,226		1,650
Residential Portfolio Segment [Member] | Multifamily Property [Member] | Substandard [Member]
2023/2022					1,572
2022/2021	13,366		13,366		7,491
2020/2019					10,370
2019/2018 and Prior	31,090		31,090		8,260
Total loans	44,456		44,456		27,693
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member]
2024/2023	5,777		5,777		4,333
2023/2022	4,267		4,267		23,590
2022/2021	23,218		23,218		40,760
2021/2020	45,387		45,387		19,457
2020/2019	19,217		19,217		11,788
2019/2018 and Prior	128,271		128,271		126,430
Revolving	19,355		19,355		18,021
Revolving-Term	10,543		10,543		10,731
Total loans	256,035		256,035		255,110
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member] | Pass [Member]
2024/2023	5,777		5,777		4,333
2023/2022	4,267		4,267		23,590
2022/2021	23,218		23,218		39,563
2021/2020	44,214		44,214		19,457
2020/2019	19,217		19,217		11,788
2019/2018 and Prior	126,927		126,927		126,430
Revolving	19,355		19,355		17,559
Revolving-Term	10,543		10,543		10,731
Total loans	253,518		253,518		253,451
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member] | Special Mention [Member]
2022/2021					1,197
2021/2020	1,173		1,173
2019/2018 and Prior	1,344		1,344
Revolving					462
Total loans	2,517		2,517		1,659
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
2024/2023	22,551		22,551		125,568
2023/2022	124,748		124,748		183,541
2022/2021	181,250		181,250		150,026
2021/2020	139,203		139,203		57,811
2020/2019	56,965		56,965		168,331
2019/2018 and Prior	434,833		434,833		318,245
Revolving	21,904		21,904		30,124
Revolving-Term	31,035		31,035		27,551
Total loans	1,012,489		1,012,489		1,061,197
2022, Current period gross charge-offs					1,199
Total, Current period gross charge-offs		1,199		1,199
Total Current Period Charge-offs					1,199
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member] | Pass [Member]
2024/2023	22,551		22,551		125,568
2023/2022	124,748		124,748		173,660
2022/2021	171,432		171,432		150,026
2021/2020	139,203		139,203		57,811
2020/2019	56,965		56,965		144,447
2019/2018 and Prior	390,223		390,223		314,411
Revolving	21,904		21,904		30,124
Revolving-Term	17,035		17,035		13,379
Total loans	944,061		944,061		1,009,426
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member] | Special Mention [Member]
2020/2019					21,936
2019/2018 and Prior	42,681		42,681		3,834
Revolving-Term	14,000		14,000		14,172
Total loans	56,681		56,681		39,942
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member] | Substandard [Member]
2023/2022					9,881
2022/2021	9,818		9,818
2020/2019					1,948
2019/2018 and Prior	1,929		1,929
Total loans	11,747		11,747		11,829
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member]
2024/2023	106,154		106,154		227,911
2023/2022	159,807		159,807		239,161
2022/2021	211,321		211,321		193,614
2021/2020	163,911		163,911		40,868
2020/2019	20,347		20,347		28,684
2019/2018 and Prior	31,897		31,897		19,559
Revolving	533,977		533,977		538,647
Revolving-Term	17,491		17,491		26,337
Total loans	1,244,905		1,244,905		1,314,781
Total, Current period gross charge-offs			241
2020, Current Period Charge-offs			241
Total Current Period Charge-offs			241
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Pass [Member]
2024/2023	93,904		93,904		226,699
2023/2022	157,772		157,772		216,864
2022/2021	179,978		179,978		191,389
2021/2020	150,176		150,176		39,003
2020/2019	18,288		18,288		26,570
2019/2018 and Prior	26,898		26,898		16,845
Revolving	501,899		501,899		516,844
Revolving-Term	14,614		14,614		23,687
Total loans	1,143,529		1,143,529		1,257,901
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Special Mention [Member]
2022/2021	11,083		11,083		758
2021/2020	12,006		12,006
2020/2019					1,161
2019/2018 and Prior	1,705		1,705		190
Revolving	11,405		11,405		14,232
Revolving-Term	168		168		194
Total loans	36,367		36,367		16,535
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Substandard [Member]
2024/2023	12,250		12,250		1,212
2023/2022	2,035		2,035		22,297
2022/2021	20,260		20,260		1,467
2021/2020	1,729		1,729		1,865
2020/2019	2,059		2,059		953
2019/2018 and Prior	3,294		3,294		2,524
Revolving	20,673		20,673		7,571
Revolving-Term	2,709		2,709		2,456
Total loans	65,009		65,009		40,345
Commercial Portfolio Segment [Member] | Construction [Member]
Revolving	22,643		22,643		17,987
Total loans	22,643		22,643		17,987
Commercial Portfolio Segment [Member] | Construction [Member] | Pass [Member]
Revolving	22,643		22,643		17,987
Total loans	22,643		22,643		17,987
Consumer and Other [Member]
2024/2023	22,717		22,717		3,934
2023/2022	3,062		3,062
2022/2021					301
2021/2020	259		259		158
2020/2019	140		140
2019/2018 and Prior	3,678		3,678		4,141
Revolving	35,446		35,446		51,791
Revolving-Term	6,487		6,487		3,581
Total loans	71,789		71,789		63,906
Total, Current period gross charge-offs	4	$ 15	17	$ 61
2019 and Prior, current period gross charge-offs			2
Revolving, Current period gross charge-offs					139
Revolving term gross charge-offs	15		15
Total Current Period Charge-offs			17		139
Consumer and Other [Member] | Pass [Member]
2024/2023	22,717		22,717		3,934
2023/2022	3,062		3,062
2022/2021					301
2021/2020	259		259		158
2020/2019	140		140
2019/2018 and Prior	3,678		3,678		4,141
Revolving	35,442		35,442		51,788
Revolving-Term	6,487		6,487		3,581
Total loans	71,785		71,785		63,903
Consumer and Other [Member] | Substandard [Member]
Revolving	4		4		3
Total loans	$ 4		$ 4		$ 3

LOANS AND LEASES (Summary of In

LOANS AND LEASES (Summary of Information Related to Modification) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Amortized Cost Basis at Period End	$ 14,658		$ 14,658	$ 248
% of Total Class of Financing Receivable	1.19%		1.19%	0.02%
Interest Rate Reduction [Member]
Amortized Cost Basis at Period End		$ 777		$ 777
% of Total Class of Financing Receivable		0.06%		0.06%
Contractual Interest Rate and Reduction Term Extension [Member]
Amortized Cost Basis at Period End			$ 12,250
% of Total Class of Financing Receivable			0.98%
Primary Residential Mortgages [Member] | Residential Portfolio Segment [Member]
Amortized Cost Basis at Period End	$ 119		$ 119
% of Total Class of Financing Receivable	0.02%		0.02%
Commercial and Industrial [Member] | Commercial Portfolio Segment [Member]
Amortized Cost Basis at Period End	$ 14,539		$ 14,539	$ 248
% of Total Class of Financing Receivable	1.17%		1.17%	0.02%
Commercial and Industrial [Member] | Commercial Portfolio Segment [Member] | Interest Rate Reduction [Member]
Amortized Cost Basis at Period End		$ 777		$ 777
% of Total Class of Financing Receivable		0.06%		0.06%
Commercial and Industrial [Member] | Commercial Portfolio Segment [Member] | Contractual Interest Rate and Reduction Term Extension [Member]
Amortized Cost Basis at Period End			$ 12,250
% of Total Class of Financing Receivable			0.98%

LOANS AND LEASES - (Schedule of

LOANS AND LEASES - (Schedule of Loans Modifications as Subsequent Default, By Payment Status (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Not Past Due [Member]
Loans modified	$ 26,907
30-89 Days Past Due [Member]
Loans modified	2,863
90 Days or Greater Past Due [Member]
Loans modified	248
Commercial and Industrial [Member] | Consumer Loan [Member] | Not Past Due [Member]
Loans modified	26,788
Commercial and Industrial [Member] | Consumer Loan [Member] | 30-89 Days Past Due [Member]
Loans modified	2,863
Commercial and Industrial [Member] | Consumer Loan [Member] | 90 Days or Greater Past Due [Member]
Loans modified	248
Primary Residential Mortgages [Member] | Consumer Loan [Member] | Not Past Due [Member]
Loans modified	$ 119

LOANS AND LEASES (Schedule of_3

LOANS AND LEASES (Schedule of Loans Modifications Resulted in Payment Default (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Amortized Cost Basis of Modified Loans That Subsequently Defaulted		$ 248
Interest Rate Reduction [Member]
Amortized Cost Basis of Modified Loans That Subsequently Defaulted	$ 2,863
Commercial and Industrial [Member] | Commercial Portfolio Segment [Member]
Amortized Cost Basis of Modified Loans That Subsequently Defaulted		$ 248
Commercial and Industrial [Member] | Commercial Portfolio Segment [Member] | Interest Rate Reduction [Member]
Amortized Cost Basis of Modified Loans That Subsequently Defaulted	$ 2,863

ALLOWANCE FOR CREDIT LOSSES - A

ALLOWANCE FOR CREDIT LOSSES - Additional Information (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable Recorded Investment Past Due [Line Items]
Accrued interest receivable	$ 33,534,000		$ 30,676,000
Individually evaluated include Nonaccrual loans	81,700,000		60,600,000
Individually evaluated non accrual loans performing modified loans	0
Allowance allocated to modified loans	149,000
Allowance for credit losses	$ 67,984,000	$ 66,251,000	$ 65,888,000	$ 62,704,000	$ 62,250,000	$ 60,829,000
Allowance for credit losses, percentage of loans	1.29%		1.21%
Multifamily Property [Member] | Maximum [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Allowance for credit losses, due to specific reserves	$ 33,600,000
Multifamily Property [Member] | Minimum [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Allowance for credit losses, due to specific reserves	16,600,000
Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Accrued interest receivable	$ 30,500,000		$ 27,800,000

ALLOWANCE FOR CREDIT LOSSES (Sc

ALLOWANCE FOR CREDIT LOSSES (Schedule of Balances by Segment) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable Allowance For Credit Losses [Line Items]
Total Loans Individually Evaluated for Impairment	$ 81,802		$ 60,710
Ending ACL Attributable to Loans Individually Evaluated for Impairment	7,871		4,538
Total Loans Collectively Evaluated for Impairment	5,176,729		5,365,413
Ending ACL Attributable to Loans Collectively Evaluated for Impairment	60,113		61,350
Total Loans	5,258,531		5,426,123
Total Ending ACL	67,984	$ 66,251	65,888	$ 62,704	$ 62,250	$ 60,829
Lease Financing [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total Loans Individually Evaluated for Impairment	3,871		2,002
Ending ACL Attributable to Loans Individually Evaluated for Impairment	264		20
Total Loans Collectively Evaluated for Impairment	225,023		249,421
Ending ACL Attributable to Loans Collectively Evaluated for Impairment	1,426		1,643
Total Loans	228,894		251,423
Total Ending ACL	1,690		1,663
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total Loans Individually Evaluated for Impairment	30,684		31,430
Ending ACL Attributable to Loans Individually Evaluated for Impairment	4,747		4,518
Total Loans Collectively Evaluated for Impairment	1,214,221		1,283,351
Ending ACL Attributable to Loans Collectively Evaluated for Impairment	23,821		25,189
Total Loans	1,244,905		1,314,781
Total Ending ACL	28,568	28,755	29,707	27,433	26,869	25,530
Consumer and Other [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total Loans Collectively Evaluated for Impairment	71,789		63,906
Ending ACL Attributable to Loans Collectively Evaluated for Impairment	928		869
Total Loans	71,789		63,906
Total Ending ACL	928	915	869	695	661	537
Junior Lien [Member] | Residential Portfolio Segment [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total Loans Individually Evaluated for Impairment	98		100
Total Loans Collectively Evaluated for Impairment	40,346		40,103
Ending ACL Attributable to Loans Collectively Evaluated for Impairment	187		177
Total Loans	40,444		40,203
Total Ending ACL	187	178	177	151	146	154
Primary Residential Mortgages [Member] | Residential Portfolio Segment [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total Loans Individually Evaluated for Impairment	1,843		652
Ending ACL Attributable to Loans Individually Evaluated for Impairment	47
Total Loans Collectively Evaluated for Impairment	582,802		584,474
Ending ACL Attributable to Loans Collectively Evaluated for Impairment	4,144		3,931
Total Loans	584,645		585,126
Total Ending ACL	4,191	4,101	3,931	3,148	2,959	2,894
Multifamily Property [Member] | Residential Portfolio Segment [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total Loans Individually Evaluated for Impairment	33,559		16,645
Ending ACL Attributable to Loans Individually Evaluated for Impairment	2,285
Total Loans Collectively Evaluated for Impairment	1,763,128		1,819,745
Ending ACL Attributable to Loans Collectively Evaluated for Impairment	10,316		8,782
Total Loans	1,796,687		1,836,390
Total Ending ACL	12,601	10,242	8,782	10,537	9,823	8,849
Owner Occupied Property [Member] | Commercial Real Estate Portfolio Segment [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total Loans Collectively Evaluated for Impairment	256,035		255,110
Ending ACL Attributable to Loans Collectively Evaluated for Impairment	4,712		4,840
Total Loans	256,035		255,110
Total Ending ACL	4,712	4,906	4,840	4,708	4,952	4,835
Investment Property [Member] | Commercial Real Estate Portfolio Segment [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total Loans Individually Evaluated for Impairment	11,747		9,881
Ending ACL Attributable to Loans Individually Evaluated for Impairment	528
Total Loans Collectively Evaluated for Impairment	1,000,742		1,051,316
Ending ACL Attributable to Loans Collectively Evaluated for Impairment	13,924		15,403
Total Loans	1,012,489		1,061,197
Total Ending ACL	14,452	15,126	15,403	13,548	14,538	15,480
Construction [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total Loans Collectively Evaluated for Impairment	22,643		17,987
Ending ACL Attributable to Loans Collectively Evaluated for Impairment	655		516
Total Loans	22,643		17,987
Total Ending ACL	655		516
Construction [Member] | Commercial Real Estate Portfolio Segment [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total Ending ACL	655	$ 597	516	$ 421	$ 313	$ 236
Construction [Member] | Commercial Portfolio Segment [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total Loans	$ 22,643		$ 17,987

ALLOWANCE FOR CREDIT LOSSES (_2

ALLOWANCE FOR CREDIT LOSSES (Schedule of Loans Individually Evaluated by Segment) (Details) - USD ($) $ in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2024		Dec. 31, 2023
Unpaid Principal Balance
With no related allowance recorded		$ 32,581		$ 39,490
With related allowance recorded:		56,673		29,438
Total loans individually evaluated for impairment		89,254		68,928
Recorded Investment
With no related allowance recorded		29,762	[1]	32,189
With related allowance recorded:		52,040	[1]	28,521
Total loans individually evaluated for impairment		81,802	[1]	60,710
Related Allowance		7,871		4,538
Average Individually Evaluated Loans
With no related allowance recorded		26,462		16,394
With related allowance recorded:		43,025		11,425
Total loans individually evaluated for impairment		69,487		27,819
Lease Financing [Member]
Unpaid Principal Balance
With no related allowance recorded		3,103	[2]	1,035	[3]
With related allowance recorded:		904	[2]	1,079	[3]
Recorded Investment
With no related allowance recorded		3,003	[1],[2]	946	[3]
With related allowance recorded:		868	[1],[2]	1,056	[3]
Related Allowance		264	[2]	20	[3]
Average Individually Evaluated Loans
With no related allowance recorded		1,165	[2]	2,067	[3]
With related allowance recorded:		933	[2]	1,611	[3]
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Unpaid Principal Balance
With no related allowance recorded		1,337	[1]	712	[4]
With related allowance recorded:	[1]	591
Recorded Investment
With no related allowance recorded		1,252	[1]	652	[4]
With related allowance recorded:	[1]	591
Related Allowance	[1]	47
Average Individually Evaluated Loans
With no related allowance recorded		919	[1]	428	[4]
With related allowance recorded:	[1]	493
Residential Portfolio Segment [Member] | Multifamily Property [Member]
Unpaid Principal Balance
With no related allowance recorded		20,225	[5]	18,868	[6]
With related allowance recorded:	[5]	13,334
Recorded Investment
With no related allowance recorded		20,225	[1],[5]	16,645	[6]
With related allowance recorded:	[1],[5]	13,334
Related Allowance	[5]	2,285
Average Individually Evaluated Loans
With no related allowance recorded		19,455	[5]	5,964	[6]
With related allowance recorded:	[5]	5,273
Residential Portfolio Segment [Member] | Junior Lien [Member]
Unpaid Principal Balance
With no related allowance recorded		100	[1]	100	[4]
Recorded Investment
With no related allowance recorded		98	[1]	100	[4]
Average Individually Evaluated Loans
With no related allowance recorded		106	[1]	8	[4]
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Unpaid Principal Balance
With no related allowance recorded	[7]			12,500
With related allowance recorded:	[8]	14,430
Recorded Investment
With no related allowance recorded	[7]			9,881
With related allowance recorded:	[1],[8]	11,747
Related Allowance	[8]	528
Average Individually Evaluated Loans
With no related allowance recorded	[7]			5,781
With related allowance recorded:	[8]	10,164
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member]
Unpaid Principal Balance
With no related allowance recorded		7,816	[1],[8],[9]	6,275	[4],[7],[10]
With related allowance recorded:		27,414	[2],[8],[9]	28,359	[3],[7],[10]
Recorded Investment
With no related allowance recorded		5,184	[1],[8],[9]	3,965	[4],[7],[10]
With related allowance recorded:		25,500	[1],[2],[8],[9]	27,465	[3],[7],[10]
Related Allowance		4,747	[2],[8],[9]	4,518	[3],[7],[10]
Average Individually Evaluated Loans
With no related allowance recorded		4,817	[1],[8],[9]	2,146	[4],[7],[10]
With related allowance recorded:		$ 26,162	[2],[8],[9]	$ 9,814	[3],[7],[10]
[1] Secured by residential real estate. Secured by machinery and equipment. Secured by machinery and equipment. Secured by residential real estate. Secured by multifamily residential properties. Secured by multifamily residential properties. Secured by commercial real estate. Secured by all business assets. Secured by commercial real estate. Secured by all business assets.

ALLOWANCE FOR CREDIT LOSSES (_3

ALLOWANCE FOR CREDIT LOSSES (Schedule of Activity in Allowance for Loan Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL	$ 66,251	$ 62,250	$ 65,888	$ 60,829
Charge-offs	(5,383)	(1,214)	(5,637)	(1,260)
Recoveries	3,215	2	3,217	5
Provision (Credit)	3,901	1,666	4,516	3,130
Ending ACL	67,984	62,704	67,984	62,704
Construction [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL			516
Ending ACL	655		655
Residential Portfolio Segment [Member] | Junior Lien [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL	178	146	177	154
Provision (Credit)	9	5	10	(3)
Ending ACL	187	151	187	151
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL	4,101	2,959	3,931	2,894
Provision (Credit)	90	189	260	254
Ending ACL	4,191	3,148	4,191	3,148
Residential Portfolio Segment [Member] | Multifamily Property [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL	10,242	9,823	8,782	8,849
Charge-offs	(5,379)		(5,379)
Provision (Credit)	7,738	714	9,198	1,688
Ending ACL	12,601	10,537	12,601	10,537
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL	4,906	4,952	4,840	4,835
Provision (Credit)	(194)	(244)	(128)	(127)
Ending ACL	4,712	4,708	4,712	4,708
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL	15,126	14,538	15,403	15,480
Charge-offs		(1,199)		(1,199)
Provision (Credit)	(674)	209	(951)	(733)
Ending ACL	14,452	13,548	14,452	13,548
Commercial Real Estate Portfolio Segment [Member] | Lease Financing [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL	1,431	1,989	1,663	2,314
Recoveries	3,210		3,210
Provision (Credit)	(2,951)	74	(3,183)	(251)
Ending ACL	1,690	2,063	1,690	2,063
Commercial Real Estate Portfolio Segment [Member] | Construction [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL	597	313	516	236
Provision (Credit)	58	108	139	185
Ending ACL	655	421	655	421
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL	28,755	26,869	29,707	25,530
Charge-offs			(241)
Recoveries	5		5
Provision (Credit)	(192)	564	(903)	1,903
Ending ACL	28,568	27,433	28,568	27,433
Consumer and Other [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL	915	661	869	537
Charge-offs	(4)	(15)	(17)	(61)
Recoveries		2	2	5
Provision (Credit)	17	47	74	214
Ending ACL	$ 928	$ 695	$ 928	$ 695

ALLOWANCE FOR CREDIT LOSSES (_4

ALLOWANCE FOR CREDIT LOSSES (Schedule of Activity in Allowance for Loan Losses) (Parenthetical) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Credit Loss [Abstract]
Off balance sheet commitments, Provision (Credit)	$ 10,000	$ 30,000	$ 22,000	$ 79,000

ALLOWANCE FOR CREDIT LOSSES - (

ALLOWANCE FOR CREDIT LOSSES - (Schedule of Activity in ACL for Off Balance Sheet Commitments) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Credit Loss [Abstract]
Off balance sheet commitments, Beginning ACL			$ 687,000	$ 752,000
Off balance sheet commitments, Provision (Credit)	$ 10,000	$ 30,000	22,000	79,000
Off balance sheet commitments, Ending ACL	709,000	831,000	709,000	831,000
Beginning ACL			687,000	752,000
Total ACL, Provision (Credit)			22,000	79,000
Ending ACL	$ 709,000	$ 831,000	$ 709,000	$ 831,000

DEPOSITS - Additional Informati

DEPOSITS - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Deposits [Abstract]
Time deposits met or exceeded $250,000	$ 133,900	$ 105,900
Brokered Certificates Of Deposit	$ 26,000	$ 120,507

DEPOSITS (Schedule of Details o

DEPOSITS (Schedule of Details of Total Deposits) (Details) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Deposits:
Noninterest-bearing demand deposits		$ 950,368	$ 957,687
Interest-bearing checking	[1]	3,229,814	2,882,193
Savings		105,602	111,573
Money market		824,158	740,559
Certificates of deposit - retail		502,810	443,791
Certificates of deposit - listing service		7,454	7,804
Subtotal deposits		5,620,206	5,143,607
Interest-bearing demand - Brokered		10,000	10,000
Certificates of deposit - Brokered		26,000	120,507
Total deposits		$ 5,656,206	$ 5,274,114
%
Noninterest-bearing demand deposits		16.80%	18.16%
Interest-bearing checking	[1]	57.10%	54.65%
Savings		1.87%	2.12%
Money market		14.57%	14.04%
Certificates of deposit - retail		8.89%	8.41%
Certificates of deposit - listing service		0.13%	0.15%
Subtotal deposits		99.36%	97.53%
Interest-bearing demand - Brokered		0.18%	0.19%
Certificates of deposit - Brokered		0.46%	2.28%
Total deposits		100%	100%
[1] Interest-bearing checking includes $ 1.3 billion at June 30, 2024 and $ 990.7 million at December 31, 2023 of reciprocal balances in the Reich & Tang or Promontory Demand Deposit Marketplace program .

DEPOSITS (Details of Total Depo

DEPOSITS (Details of Total Deposits) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Deposits:
Reciprocal balances	$ 1,300	$ 990.7

DEPOSITS (Scheduled Maturities

DEPOSITS (Scheduled Maturities of Time Deposits) (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Scheduled maturities of time deposits
2024	$ 353,869
2025	174,891
2026	5,338
2027	920
2028	1,049
2029 and later	197
Total	$ 536,264

FEDERAL HOME LOAN BANK ADVANC_2

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Overnight borrowings with FHLB		$ 403,814
FHLB interest rate		5.62%
Unused short-term overnight borrowing capacity from FHLB	$ 1,700,000
Unused short-term or overnight borrowings from correspondent banks	22,000
Unused short-term or overnight borrowings from FRB	1,600,000
Federal Reserve Bank of New York [Member]
Debt Instrument [Line Items]
Overnight borrowings with FHLB	$ 0	$ 403,800

BUSINESS SEGMENTS - Additional

BUSINESS SEGMENTS - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 Segment
Segment Reporting [Abstract]
Number of Operating Segments	2

BUSINESS SEGMENTS - Schedule of

BUSINESS SEGMENTS - Schedule of Income and Total Assets for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Net interest income	$ 35,042	$ 38,921	$ 69,417	$ 82,899
Noninterest income	21,555	18,575	40,256	36,634
Total income	56,597	57,496	109,673	119,533
Provision for credit losses	3,911	1,696	4,538	3,209
Compensation and employee benefits	29,884	26,354	58,360	50,940
Premises and equipment	5,776	4,729	10,857	9,103
FDIC insurance expense	870	729	1,815	1,440
Other operating expense	6,596	5,880	12,135	11,783
Total operating expense	47,037	39,388	87,705	76,475
INCOME BEFORE INCOME TAX EXPENSE	9,560	18,108	21,968	43,058
Income tax expense	2,030	4,963	5,807	11,558
NET INCOME	7,530	13,145	16,161	31,500
Total assets at period end	6,505,350	6,479,700	6,505,350	6,479,700	$ 6,476,857
Banking Segment [Member]
Net interest income	34,462	38,103	68,222	80,193
Noninterest income	4,925	4,072	9,012	7,907
Total income	39,387	42,175	77,234	88,100
Provision for credit losses	3,911	1,696	4,538	3,209
Compensation and employee benefits	21,874	17,949	43,597	36,118
Premises and equipment	5,042	4,023	9,420	7,636
FDIC insurance expense	870	729	1,815	1,440
Other operating expense	4,630	3,855	8,218	7,129
Total operating expense	36,327	28,252	67,588	55,532
INCOME BEFORE INCOME TAX EXPENSE	3,060	13,923	9,646	32,568
Income tax expense	547	3,816	2,554	8,746
NET INCOME	2,513	10,107	7,092	23,822
Total assets at period end	6,382,263	6,363,409	6,382,263	6,363,409
Peapack Private Segment [Member]
Net interest income	580	818	1,195	2,706
Noninterest income	16,630	14,503	31,244	28,727
Total income	17,210	15,321	32,439	31,433
Compensation and employee benefits	8,010	8,405	14,763	14,822
Premises and equipment	734	706	1,437	1,467
Other operating expense	1,966	2,025	3,917	4,654
Total operating expense	10,710	11,136	20,117	20,943
INCOME BEFORE INCOME TAX EXPENSE	6,500	4,185	12,322	10,490
Income tax expense	1,483	1,147	3,253	2,812
NET INCOME	5,017	3,038	9,069	7,678
Total assets at period end	$ 123,087	$ 116,291	$ 123,087	$ 116,291

FAIR VALUE - Additional Informa

FAIR VALUE - Additional Information (Details) - Loans [Member] - Property A [Member]	6 Months Ended
	Jun. 30, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	15%
Age of appraisal	12 months

FAIR VALUE (Schedule of Assets

FAIR VALUE (Schedule of Assets Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Securities available for sale	$ 591,884	$ 550,617
Loans held for sale, at fair value	$ 228	$ 100
Recurring Basis [Member]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Total	$ 641,949	$ 594,423
Derivatives	$ 27,633	$ 23,826
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Other Accrued Liabilities	Accounts Payable and Other Accrued Liabilities
Recurring Basis [Member] | Designated as Hedging Instrument [Member]
Derivatives	$ 9,461	$ 6,814
Recurring Basis [Member] | Not Designated as Hedging Instrument [Member]
Derivatives	27,633	23,826
Derivatives	27,633	23,826
Recurring Basis [Member] | Quoted Prices in Active Market For Identical Assets (Level 1) [Member]
Total	12,971	13,166
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Total	628,978	581,257
Derivatives	27,633	23,826
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Designated as Hedging Instrument [Member]
Derivatives	9,461	6,814
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Not Designated as Hedging Instrument [Member]
Derivatives	27,633	23,826
Derivatives	27,633	23,826
U.S. Government-Sponsored Agencies [Member]
Securities available for sale	195,002	197,691
U.S. Government-Sponsored Agencies [Member] | Recurring Basis [Member]
Securities available for sale	195,002	197,691
U.S. Government-Sponsored Agencies [Member] | Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Securities available for sale	195,002	197,691
Mortgage-Backed Securities-Residential [Member]
Securities available for sale	363,032	320,796
Mortgage-Backed Securities-Residential [Member] | Recurring Basis [Member]
Securities available for sale	363,032	320,796
Mortgage-Backed Securities-Residential [Member] | Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Securities available for sale	363,032	320,796
SBA Pool Securities [Member]
Securities available for sale	21,683	23,404
SBA Pool Securities [Member] | Recurring Basis [Member]
Securities available for sale	21,683	23,404
SBA Pool Securities [Member] | Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Securities available for sale	21,683	23,404
Corporate Bond [Member]
Securities available for sale	12,167	8,726
Corporate Bond [Member] | Recurring Basis [Member]
Securities available for sale	12,167	8,726
Corporate Bond [Member] | Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Securities available for sale	12,167	8,726
CRA Investment Fund [Member] | Recurring Basis [Member]
Securities available for sale	12,971	13,166
CRA Investment Fund [Member] | Recurring Basis [Member] | Quoted Prices in Active Market For Identical Assets (Level 1) [Member]
Securities available for sale	$ 12,971	$ 13,166

FAIR VALUE (Schedule of Residen

FAIR VALUE (Schedule of Residential Loans Held for Sale, at Fair Value) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Residential loans contractual balance	$ 225	$ 98
Fair value adjustment	3	2
Total fair value of residential loans held for sale	$ 228	$ 100

FAIR VALUE (Schedule of Asset_2

FAIR VALUE (Schedule of Assets Measured on a Non-Recurring Basis) (Details) - Non-Recurring Basis [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commercial and Industrial [Member]
Individually evaluated loans	$ 20,753	$ 22,947
Commercial and Industrial [Member] | Significant Unobservable Inputs (Level 3) [Member]
Individually evaluated loans	20,753	22,947
Lease Financing [Member]
Individually evaluated loans	604	1,036
Lease Financing [Member] | Significant Unobservable Inputs (Level 3) [Member]
Individually evaluated loans	604	$ 1,036
Primary Residential Mortgages [Member]
Individually evaluated loans	544
Primary Residential Mortgages [Member] | Significant Unobservable Inputs (Level 3) [Member]
Individually evaluated loans	544
Multifamily Property [Member]
Individually evaluated loans	11,049
Multifamily Property [Member] | Significant Unobservable Inputs (Level 3) [Member]
Individually evaluated loans	11,049
Investment Property [Member]
Individually evaluated loans	11,219
Investment Property [Member] | Significant Unobservable Inputs (Level 3) [Member]
Individually evaluated loans	$ 11,219

FAIR VALUE (Schedule of Financi

FAIR VALUE (Schedule of Financial Instruments) (Details) - USD ($) $ in Thousands		Jun. 30, 2024		Dec. 31, 2023
Financial Assets:
Securities available for sale		$ 591,884		$ 550,617
Securities held to maturity		105,013		107,755
FHLB and FRB stock	[1]	12,478		31,044
Loans held for sale, at fair value		228		100
Loans held for sale, at lower of cost or fair value		8,076		6,695
Accrued interest receivable		33,534		30,676
Carrying Value [Member]
Financial Assets:
Cash and cash equivalents		315,729		187,671
Securities available for sale		591,884		550,617
Securities held to maturity		105,013		107,755
CRA investment fund		12,971		13,166
FHLB and FRB stock		12,478		31,044
Loans held for sale, at fair value		228		100
Loans held for sale, at lower of cost or fair value		8,076		6,695
Loans, net of allowance for credit losses		5,193,010		5,363,437
Accrued interest receivable		33,534		30,676
Financial Liabilities:
Deposits		5,656,206		5,274,114
Short-term borrowings				403,814
Subordinated debt		133,417		133,274
Accrued interest payable		8,915		7,115
Carrying Value [Member] | Not Designated as Hedging Instrument [Member]
Financial Assets:
Accrued interest receivable		1,207	[2]	1,373	[3]
Derivatives		27,633		23,826
Financial Liabilities:
Accrued interest payable		1,207	[4]	1,373	[5]
Derivatives		27,633		23,826
Carrying Value [Member] | Designated as Hedging Instrument [Member]
Financial Assets:
Derivatives		9,461		6,814
Fair value [Member]
Financial Assets:
Cash and cash equivalents		315,729		187,671
Securities available for sale		591,884		550,617
Securities held to maturity		90,863		94,415
CRA investment fund		12,971		13,166
Loans held for sale, at fair value		228		100
Loans held for sale, at lower of cost or fair value		8,321		7,201
Loans, net of allowance for credit losses		4,965,858		5,294,942
Accrued interest receivable		33,534		30,676
Financial Liabilities:
Deposits		5,653,076		5,269,708
Short-term borrowings				403,814
Subordinated debt		115,757		111,924
Accrued interest payable		8,915		7,115
Fair value [Member] | Quoted Prices in Active Market For Identical Assets (Level 1) [Member]
Financial Assets:
Cash and cash equivalents		315,729		187,671
CRA investment fund		12,971		13,166
Financial Liabilities:
Deposits		5,119,942		4,702,012
Accrued interest payable		6,205		4,989
Fair value [Member] | Significant Other Observable Inputs (Level 2) [Member]
Financial Assets:
Securities available for sale		591,884		550,617
Securities held to maturity		90,863		94,415
Loans held for sale, at fair value		228		100
Loans held for sale, at lower of cost or fair value		8,321		7,201
Accrued interest receivable		3,086		2,868
Financial Liabilities:
Deposits		533,134		567,696
Short-term borrowings				403,814
Accrued interest payable		2,529		1,968
Fair value [Member] | Significant Unobservable Inputs (Level 3) [Member]
Financial Assets:
Loans, net of allowance for credit losses		4,965,858		5,294,942
Accrued interest receivable		30,448		27,808
Financial Liabilities:
Subordinated debt		115,757		111,924
Accrued interest payable		181		158
Fair value [Member] | Not Designated as Hedging Instrument [Member]
Financial Assets:
Accrued interest receivable		1,207	[2]	1,373	[3]
Derivatives		27,633		23,826
Financial Liabilities:
Accrued interest payable		1,207	[4]	1,373	[5]
Derivatives		27,633		23,826
Fair value [Member] | Not Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member]
Financial Assets:
Accrued interest receivable		1,207	[2]	1,373	[3]
Derivatives		27,633		23,826
Financial Liabilities:
Accrued interest payable		1,207	[4]	1,373	[5]
Derivatives		27,633		23,826
Fair value [Member] | Designated as Hedging Instrument [Member]
Financial Assets:
Derivatives		9,461		6,814
Fair value [Member] | Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member]
Financial Assets:
Derivatives		$ 9,461		$ 6,814
[1] FHLB means "Federal Home Loan Bank" and FRB means "Federal Reserve Bank." Included in other assets in the Consolidated Statement of Condition. Included in other assets in the Consolidated Statement of Condition. Included in accrued expenses and other liabilities in the Consolidated Statement of Condition. Included in accrued expenses and other liabilities in the Consolidated Statement of Condition.

REVENUE FROM CONTRACTS WITH C_3

REVENUE FROM CONTRACTS WITH CUSTOMERS (Schedule of Noninterest Income) (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Service charges on deposits
Overdraft fees		$ 112,000	$ 130,000	$ 222,000	$ 263,000
Interchange income		258,000	309,000	505,000	620,000
Other		975,000	881,000	1,940,000	1,695,000
Wealth management fees	[1]	16,419,000	14,252,000	30,826,000	28,014,000
Loss on sale of property		(4,000)		(4,000)
Corporate advisory fee income		103,000	15,000	921,000	95,000
Other	[2]	3,692,000	2,988,000	5,846,000	5,947,000
Total other income		$ 21,555,000	$ 18,575,000	$ 40,256,000	$ 36,634,000
[1] Includes investment brokerage fees. All of the other category is outside the scope of ASC 606.

REVENUE FROM CONTRACTS WITH C_4

REVENUE FROM CONTRACTS WITH CUSTOMERS (Schedule of Noninterest Income by Operating Segment) (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Service charges on deposits
Overdraft fees		$ 112,000	$ 130,000	$ 222,000	$ 263,000
Interchange income		258,000	309,000	505,000	620,000
Other		975,000	881,000	1,940,000	1,695,000
Wealth management fees	[1]	16,419,000	14,252,000	30,826,000	28,014,000
Loss on sale of property		(4,000)		(4,000)
Corporate advisory fee income		103,000	15,000	921,000	95,000
Other	[2]	3,692,000	2,988,000	5,846,000	5,947,000
Total other income		21,555,000	18,575,000	40,256,000	36,634,000
Banking Segment [Member]
Service charges on deposits
Overdraft fees		112,000	130,000	222,000	263,000
Interchange income		258,000	309,000	505,000	620,000
Other		975,000	881,000	1,940,000	1,695,000
Loss on sale of property		(4,000)		(4,000)
Corporate advisory fee income		103,000	15,000	921,000	95,000
Other	[2]	3,481,000	2,737,000	5,428,000	5,234,000
Total other income		4,925,000	4,072,000	9,012,000	7,907,000
Wealth Management Division [Member]
Service charges on deposits
Wealth management fees	[1]	16,419,000	14,252,000	30,826,000	28,014,000
Other	[2]	211,000	251,000	418,000	713,000
Total other income		$ 16,630,000	$ 14,503,000	$ 31,244,000	$ 28,727,000
[1] Includes investment brokerage fees. All of the other category is outside the scope of ASC 606.

REVENUE FROM CONTRACTS WITH C_5

REVENUE FROM CONTRACTS WITH CUSTOMERS - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interchange income	$ 258,000	$ 309,000	$ 505,000	$ 620,000
Loss on sale of property	(4,000)		(4,000)
Cardholder Rewards [Member]
Interchange income	$ 4,000	$ 2,000	$ 6,000	$ 4,000

OTHER OPERATING EXPENSES (Sched

OTHER OPERATING EXPENSES (Schedule of Components of Other Operating Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other operating expenses
Professional and legal fees	$ 1,693	$ 1,179	$ 3,055	$ 2,524
Trust department expense	936	915	1,874	1,879
Telephone	397	362	792	731
Advertising	625	706	968	1,102
Amortization of intangible assets	272	355	544	709
Branch/office restructure				175
Other operating expenses	2,673	2,363	4,902	4,663
Total other operating expenses	$ 6,596	$ 5,880	$ 12,135	$ 11,783

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Schedule of Accumulated Other Comprehensive Income/(Loss) Balances, Net of Tax) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ 582,379	$ 554,958	$ 583,681	$ 532,980
Total other comprehensive income/(loss)	(582)	(552)	(3,464)	6,214
Balance	588,322	565,069	588,322	565,069
Net Unrealized Holding Gain/(Loss) on Securities Available for Sale, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(74,769)	(72,251)	(69,809)	(80,972)
Other Comprehensive Income/(Loss) Before Reclassifications	(419)	(3,796)	(5,379)	4,925
Total other comprehensive income/(loss)	(419)	(3,796)	(5,379)	4,925
Balance	(75,188)	(76,047)	(75,188)	(76,047)
Gain/(Loss) on Cash Flow Hedge [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	7,009	4,806	4,931	6,761
Other Comprehensive Income/(Loss) Before Reclassifications	(163)	3,274	1,915	1,349
Amount Reclassified From Accumulated Other Comprehensive Income/(Loss)		(30)		(60)
Total other comprehensive income/(loss)	(163)	3,244	1,915	1,289
Balance	6,846	8,050	6,846	8,050
Accumulated Other Comprehensive Gain/(Loss), Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(67,760)	(67,445)	(64,878)	(74,211)
Other Comprehensive Income/(Loss) Before Reclassifications	(582)	(522)	(3,464)	6,274
Amount Reclassified From Accumulated Other Comprehensive Income/(Loss)		(30)		(60)
Total other comprehensive income/(loss)	(582)	(552)	(3,464)	6,214
Balance	$ (68,342)	$ (67,997)	$ (68,342)	$ (67,997)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Schedule of Reclassifications Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ (44,196)	$ (35,931)	$ (89,015)	$ (62,444)
Income tax expense	(2,030)	(4,963)	(5,807)	(11,558)
NET INCOME	$ 7,530	13,145	$ 16,161	31,500
Reclassification out of Accumulated Other Comprehensive Income | Gain/(Loss) on Cash Flow Hedge [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense		(42)		(84)
Income tax expense		12		24
NET INCOME		$ (30)		$ (60)

DERIVATIVES - Additional Inform

DERIVATIVES - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Derivative [Line Items]
Net interest income (expense)	$ 35,042,000	$ 38,921,000	$ 69,417,000	$ 82,899,000
Accrued interest receivable	33,534,000		33,534,000		$ 30,676,000
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Notional amount	310,000,000		310,000,000		310,000,000
Net interest income (expense)	1,500,000	$ 1,100,000	3,000,000	$ 2,000,000
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member]
Derivative [Line Items]
Notional amount	310,000,000		310,000,000		310,000,000
Loan Level Swaps [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Notional amount	498,763,000		498,763,000		545,983,000
Loan Level Swaps [Member] | Not Designated as Hedging Instrument [Member] | Other Assets [Member]
Derivative [Line Items]
Accrued interest receivable	1,200,000		1,200,000		1,200,000
Loan Level Swaps [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member]
Derivative [Line Items]
Accrued interest payable	$ 1,400,000		$ 1,400,000		$ 1,400,000

DERIVATIVES - (Schedule of Info

DERIVATIVES - (Schedule of Information about Interest Rate Swaps Designated as Cash Flow Hedges) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) Contract	Dec. 31, 2023 USD ($) Contract
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Notional amount	$ 310,000,000	$ 310,000,000
Fair Value	$ 9,461,000	$ 6,814,000
Weighted average pay rate	2.22%	2.22%
Weighted average receive rate	4.14%	4.14%
Weighted average maturity	2 years 5 months 26 days	2 years 11 months 23 days
Unrealized gain/(loss), net	$ 9,461,000	$ 6,814,000
Number of contracts | Contract	12	12
Loan Level Swaps [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Notional amount	$ 498,763,000	$ 545,983,000
Fair Value	$ (26,426,000)	$ (22,452,000)
Weighted average pay rate	3.92%	3.95%
Weighted average receive rate	7.04%	7.09%
Weighted average maturity	3 years 8 months 1 day	3 years 11 months 4 days
Number of contracts | Contract	65	71

DERIVATIVES - (Schedule of Cash

DERIVATIVES - (Schedule of Cash Flow Hedges Included in Financial Statements) (Details) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Notional Amount	$ 310,000,000	$ 310,000,000
Fair Value	9,461,000	6,814,000
Other Assets [Member]
Derivative [Line Items]
Notional Amount	310,000,000	310,000,000
Fair Value	$ 9,461,000	$ 6,814,000

DERIVATIVES - (Schedule of Net

DERIVATIVES - (Schedule of Net Gains/(Loss) Recorded in Accumulated Other Comprehensive Income/(Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Gain/(loss) recognized in other comprehensive income (effective portion)	$ (163)	$ 3,244	$ 1,915	$ 1,289
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Gain/(loss) recognized in other comprehensive income (effective portion)	$ (225)	4,775	$ 2,647	2,043
Gain/(loss) recognized in other noninterest income		$ (42)		$ (84)

SUBORDINATED DEBT - Additional

SUBORDINATED DEBT - Additional Information (Details) - Subordinated Debt [Member] - USD ($)	1 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2017	Jun. 30, 2024
Debt Instrument [Line Items]
Principal amount	$ 100,000,000	$ 35,000,000
Non-callable term	5 years	5 years
Notes maturity date	Dec. 22, 2030	Dec. 15, 2027
Fixed interest rate	3.50%	4.75%
LIBOR spread	3.26%	2.54%	8.13%
Debt issuance costs	$ 1,900,000	$ 875,000

LEASES - Additional Information

LEASES - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Lessee Lease Description [Line Items]
Operating lease right-of-use assets	$ 38,683,000		$ 38,683,000		$ 12,096,000
Operating lease liabilities	$ 41,347,000		$ 41,347,000		$ 12,876,000
Weighted average discount rate	4.33%		4.33%		2.72%
Weighted average lease term	9 years 8 months 26 days		9 years 8 months 26 days		6 years 9 months
Operating lease costs	$ 1,400,000	$ 822,000	$ 2,300,000	$ 1,600,000
Variable lease costs	93,000	$ 70,000	159,000	$ 142,000
Main Office [Member]
Lessee Lease Description [Line Items]
Operating lease right-of-use assets	18,400,000		18,400,000
Operating lease liabilities	19,300,000		19,300,000
New York City [Member]
Lessee Lease Description [Line Items]
Operating lease right-of-use assets	9,700,000		9,700,000
Operating lease liabilities	$ 10,800,000		$ 10,800,000
Minimum [Member]
Lessee Lease Description [Line Items]
Remaining lease term			2 months		4 months
Maximum [Member]
Lessee Lease Description [Line Items]
Remaining lease term			13 years		13 years

LEASES (Schedule of Operating L

LEASES (Schedule of Operating Lease Liabilities by Contractual Maturity) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
2024	$ 2,463
2025	5,727
2026	5,556
2027	5,222
2028	5,042
Thereafter	27,293
Total lease payments	51,303
Less: imputed interest	9,956
Total present value of lease payments	$ 41,347	$ 12,876

LEASES (Summary of Supplemental

LEASES (Summary of Supplemental Cash Flow Information Related to Direct Finance and Operating Leases) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Right-of-use asset obtained in exchange for lease obligation	$ 28,321	$ 1,926
Operating cash flows from operating leases	1,887	1,471
Operating cash flows from direct finance leases	60	103
Financing cash flows from direct finance leases	$ 273	$ 374