Metropolitan Bank Holding (MCB) 10-Q4 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Aug. 01, 2023
Document And Entity Information (Abstract)
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Entity Registrant Name	Metropolitan Bank Holding Corp.
Entity File Number	001-38282
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	13-4042724
Entity Address, Address Line One	99 Park Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10016
City Area Code	212
Local Phone Number	659-0600
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	MCB
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		11,062,729
Entity Central Index Key	0001476034
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and due from banks	$ 33,534	$ 26,780
Overnight deposits	168,242	230,638
Total cash and cash equivalents	201,776	257,418
Investment securities available-for-sale, at fair value	426,068	445,747
Investment securities held-to-maturity (estimated fair value of $442.4 million and $437.3 million at June 30, 2023 and December 31, 2022, respectively)	515,613	510,425
Equity investment securities, at fair value	2,066	2,048
Total securities	943,747	958,220
Other investments	28,040	22,110
Loans, net of deferred fees and costs	5,149,546	4,840,523
Allowance for credit losses	(51,650)	(44,876)
Net loans	5,097,896	4,795,647
Receivable from global payments business, net	84,919	85,605
Other assets	165,772	148,337
Total assets	6,522,150	6,267,337
Deposits
Noninterest-bearing demand deposits	1,730,380	2,422,151
Interest-bearing deposits	3,558,185	2,855,761
Total deposits	5,288,565	5,277,912
Federal funds purchased	243,000	150,000
Federal Home Loan Bank of New York advances	200,000	100,000
Trust preferred securities	20,620	20,620
Secured borrowings	7,655	7,725
Prepaid third-party debit cardholder balances	10,772	10,579
Other liabilities	130,263	124,604
Total liabilities	5,900,875	5,691,440
Stockholders' equity:
Common stock, $0.01 par value, 25,000,000 shares authorized, 10,991,074 and 10,949,965 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	110	109
Additional paid in capital	392,742	389,276
Retained earnings	279,344	240,810
Accumulated other comprehensive income (loss), net of tax	(50,921)	(54,298)
Total stockholders' equity	621,275	575,897
Total liabilities and stockholders' equity	$ 6,522,150	$ 6,267,337

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
Securities held to maturity	$ 442.4	$ 437.3
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	10,991,074	10,949,965
Common stock, shares outstanding	10,991,074	10,949,965

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest and dividend income
Loans, including fees	$ 80,516	$ 52,185	$ 156,476	$ 98,721
Securities	4,683	3,706	9,178	7,098
Overnight deposits	3,086	2,994	5,570	3,909
Other interest and dividends	693	273	1,017	400
Total interest income	88,978	59,158	172,241	110,128
Interest expense
Deposits	27,403	3,706	49,776	7,331
Borrowed funds	7,461		9,487
Trust preferred securities	363	150	693	258
Subordinated debt				605
Total interest expense	35,227	3,856	59,956	8,194
Net interest income	53,751	55,302	112,285	101,934
Provision for credit losses	4,305	2,400	4,951	5,800
Net interest income after provision for credit losses	49,446	52,902	107,334	96,134
Non-interest income
Non-interest income	7,888	7,071	14,836	14,604
Other income	643	282	1,311	682
Total non-interest income	7,855	6,998	14,829	14,425
Non-interest expense
Compensation and benefits	15,288	13,415	31,543	26,836
Bank premises and equipment	2,287	2,264	4,631	4,380
Professional fees	4,973	1,692	9,160	3,166
Technology costs	1,482	1,144	2,795	2,543
Licensing fees	3,014	2,686	5,676	4,980
FDIC assessments	1,640	1,240	4,454	2,485
Regulatory settlement reserve			(2,500)
Other expenses	3,758	3,828	7,708	6,498
Total non-interest expense	32,442	26,269	63,467	50,888
Net income before income tax expense	24,859	33,631	58,696	59,671
Income tax expense	9,298	10,442	18,059	17,461
Net income	$ 15,561	$ 23,189	$ 40,637	$ 42,210
Earnings per common share
Basic earnings (in dollars per share)	$ 1.39	$ 2.12	$ 3.65	$ 3.86
Diluted earnings (in dollars per share)	$ 1.37	$ 2.07	$ 3.59	$ 3.76
Service charges on deposit accounts
Non-interest income
Non-interest income	$ 1,481	$ 1,474	$ 2,937	$ 2,844
Revenue, Product and Service [Extensible List]	Service charges on deposit accounts	Service charges on deposit accounts	Service charges on deposit accounts	Service charges on deposit accounts
Global payments revenue
Non-interest income
Non-interest income	$ 5,731	$ 5,242	$ 10,581	$ 10,899
Revenue, Product and Service [Extensible List]	Global payments revenue	Global payments revenue	Global payments revenue	Global payments revenue
Other service charges and fees
Non-interest income
Non-interest income	$ 676	$ 355	$ 1,318	$ 861

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income	$ 15,561	$ 23,189	$ 40,637	$ 42,210
Other comprehensive income:
Unrealized gain (loss) arising during the period	(6,733)	(18,233)	1,500	(50,428)
Tax effect	2,058	5,601	(456)	15,401
Net of tax	(4,675)	(12,632)	1,044	(35,027)
Cash flow hedges:
Unrealized gain (loss) arising during the period	6,777	2,420	5,771	11,196
Reclassification adjustment for gains included in net income	(1,218)		(2,453)
Tax effect	(1,673)	(743)	(985)	(3,432)
Net of tax	3,886	1,677	2,333	7,764
Total other comprehensive income (loss)	(789)	(10,955)	3,377	(27,263)
Comprehensive Income (Loss)	$ 14,772	$ 12,234	$ 44,014	$ 14,947

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings	AOCI (Loss), Net	Cumulative Effect, Period of Adoption, Adjustment	Total
Balance at Dec. 31, 2021	$ 109	$ 382,999		$ 181,385	$ (7,504)		$ 556,989
Balance (in shares) at Dec. 31, 2021	10,920,569
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net issuance of common stock under stock compensation plans (in shares)	23,487
Employee and non-employee stock-based compensation		3,561					3,561
Redemption of common stock for exercise of stock options and tax withholdings for restricted stock vesting		(1,191)					(1,191)
Redemption of common stock for exercise of stock options and tax withholdings for restricted stock vesting (in shares)	(12,359)
Net Income				42,210			42,210
Other comprehensive income (loss)					(27,263)		(27,263)
Balance at Jun. 30, 2022	$ 109	385,369		223,595	(34,767)		574,306
Balance (in shares) at Jun. 30, 2022	10,931,697
Balance at Mar. 31, 2022	$ 109	383,327		200,406	(23,812)		560,030
Balance (in shares) at Mar. 31, 2022	10,931,697
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee and non-employee stock-based compensation		2,042					2,042
Net Income				23,189			23,189
Other comprehensive income (loss)					(10,955)		(10,955)
Balance at Jun. 30, 2022	$ 109	385,369		223,595	(34,767)		574,306
Balance (in shares) at Jun. 30, 2022	10,931,697
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of changes in accounting principle							240,810
Balance at Dec. 31, 2022	$ 109	389,276	$ (2,103)	240,810	(54,298)	$ (2,103)	575,897
Balance (in shares) at Dec. 31, 2022	10,949,965
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net issuance (rescission) of common stock under stock compensation plans	$ 1						1
Net issuance of common stock under stock compensation plans (in shares)	64,990
Employee and non-employee stock-based compensation		4,802					4,802
Redemption of common stock for exercise of stock options and tax withholdings for restricted stock vesting		(1,336)					(1,336)
Redemption of common stock for exercise of stock options and tax withholdings for restricted stock vesting (in shares)	(23,881)
Net Income				40,637			40,637
Other comprehensive income (loss)					3,377		3,377
Balance at Jun. 30, 2023	$ 110	392,742		279,344	(50,921)		621,275
Balance (in shares) at Jun. 30, 2023	10,991,074
Balance at Mar. 31, 2023	$ 112	394,124		263,783	(50,132)		607,887
Balance (in shares) at Mar. 31, 2023	11,211,274
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net issuance (rescission) of common stock under stock compensation plans	$ (2)	(3,962)					(3,964)
Net issuance of common stock under stock compensation plans (in shares)	(220,200)
Employee and non-employee stock-based compensation		2,580					2,580
Net Income				15,561			15,561
Other comprehensive income (loss)					(789)		(789)
Balance at Jun. 30, 2023	$ 110	$ 392,742		$ 279,344	$ (50,921)		621,275
Balance (in shares) at Jun. 30, 2023	10,991,074
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of changes in accounting principle							$ 279,344

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income	$ 40,637	$ 42,210
Adjustments to reconcile net income to net cash:
Net depreciation amortization and accretion	1,443	2,291
Provision for credit losses	4,951	5,800
Stock-based compensation	4,802	3,561
Net change in deferred loan fees	2,571	3,338
Dividends earned on CRA fund	(25)	(13)
Unrealized (gain) loss on equity securities	7	179
Net change in:
Receivable from global payments, net	686	(28,350)
Third-party debit cardholder balances	193	14,684
Other assets	(15,187)	(23,689)
Other liabilities	5,613	984
Net cash provided by (used in) operating activities	45,691	20,995
Cash flows from investing activities
Loan originations, purchases and payments, net	(311,594)	(646,569)
Redemptions of other investments	110,451	2
Purchases of other investments	(116,381)	(5,362)
Purchase of securities held-for-investment	(24,595)	(170,615)
Proceeds from paydowns of securities available-for-sale	21,061	49,902
Proceeds from paydowns of securities held-to-maturity	19,366	21,643
Purchase of premises and equipment, net	(1,888)	(3,973)
Net cash provided by (used in) investing activities	(303,580)	(754,972)
Cash flows from financing activities
Proceeds from issuance of federal funds purchased	93,000
Proceeds from (repayments of) FHLB advances, net	100,000
Redemption of common stock for tax withholdings for restricted stock vesting	(1,336)	(1,191)
Redemption of subordinated debt		(24,712)
Proceeds from (repayments of) secured borrowings, net	(70)	(417)
Net increase (decrease) in deposits	10,653	(257,172)
Net cash provided by (used in) financing activities	202,247	(283,492)
Increase (decrease) in cash and cash equivalents	(55,642)	(1,017,469)
Cash and cash equivalents at the beginning of the period	257,418	2,359,350
Cash and cash equivalents at the end of the period	201,776	1,341,881
Cash paid for:
Interest	60,032	8,573
Income Taxes	$ 22,377	17,605
Non-cash item:
Transfer of loans from held-for-investment to held-for-sale		$ 10,000

ORGANIZATION

ORGANIZATION	6 Months Ended
ORGANIZATION	Jun. 30, 2023
ORGANIZATION
ORGANIZATION	N OTE 1 — ORGANIZATION Metropolitan Bank Holding Corp., a New York corporation (the “Company”), is a bank holding company whose principal activity is the ownership and management of Metropolitan Commercial Bank (the “Bank”), its wholly-owned subsidiary. The Company’s primary market is the New York metropolitan area. The Company provides a broad range of business, commercial and retail banking products and services to small businesses, middle-market enterprises, public entities and affluent individuals. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout this Form 10-Q. The Company’s primary lending products are CRE loans (including multi-family loans) and C&I loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets, and commercial and residential real estate. Commercial loans are expected to be repaid from cash flows from operations of businesses. The Company’s primary deposit products are checking, savings, and term deposit accounts, all of which are insured by the FDIC up to the maximum amounts allowed by law. In addition to traditional commercial banking products, the Company offers corporate cash management and retail banking services and, through its Global Payments Group (“global payments business”), provides services to non-bank financial service companies, including serving as an issuing bank for third-party debit card programs, as well as providing other financial infrastructure, including cash settlement and custodian deposit services. The Company and the Bank are subject to the regulations of certain state and federal agencies and, accordingly, are periodically examined by those regulatory authorities. The Company’s business is affected by state and federal legislation and regulations.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Jun. 30, 2023
BASIS OF PRESENTATION
BASIS OF PRESENTATION	NOTE 2 — BASIS OF PRESENTATION The accounting and reporting policies of the Company conform with GAAP and predominant practices within the U.S. banking industry. The Unaudited Consolidated Financial Statements (“unaudited financial statements”) include the accounts of the Company and the Bank. All intercompany balances and transactions have been eliminated. The unaudited financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q, Article 8 of Regulation S-X and predominant practices within the U.S. banking industry. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The unaudited financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. In preparing the interim unaudited financial statements in conformity with GAAP, management has made estimates and assumptions based on available information. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reported periods, and actual results could differ from those estimated. Information available which could affect these judgments include, but are not limited to, changes in interest rates, changes in the performance of the economy, inflation and its related effects and changes in the financial condition of borrowers. Some items in the prior year financial statements may have been reclassified to conform to the current presentation. Reclassification had no effect on prior year net income or stockholders’ equity. The results of operations for the three and six months ended June 30, 2023 and 2022 are not necessarily indicative of the results of operations that may be expected for the entire fiscal year or for any other period. The unaudited financial statements presented in this report should be read in conjunction with the Company’s audited consolidated financial statements and notes to the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the SEC. Loans and the Allowance for Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (“ASC 326”), which requires the measurement of all expected credit losses for financial assets held at amortized cost to be based on historical experience, current condition, and reasonable and supportable forecasts. The Company adopted this guidance effective January 1, 2023 and recorded a cumulative effect adjustment that increased the allowance for credit losses for loans and loan commitments by $3.0 million, increased deferred tax assets by $777,000 and decreased retained earnings by $2.1 million, net of tax. The ACL for loans is measured on the loan’s amortized cost basis, excluding interest receivable, and is initially recognized upon origination or purchase of the loans, and subsequently remeasured on a recurring basis. The ACL is recognized as a contra-asset, and credit loss expense is recorded as a provision for credit losses in the consolidated statements of operation. Loan losses are charged-off against the ACL when management believes the loan is uncollectible. Subsequent recoveries, if any, are credited to the ACL. Loans are normally placed on non-accrual when a loan is determined to be impaired or when principal or interest is delinquent for 90 days or more. The Company generally does not recognize an ACL on accrued interest receivables, consistent with its policy to reverse interest income when interest is 90 days or more past due. The Company also records an ACL on unfunded loan commitments, which is based on the same assumptions as funded loans and also considers the probability of funding. The ACL is recognized as a liability, and credit loss expense is recorded as provision for unfunded loan commitments within the provision for credit losses in the consolidated statements of operation. Upon funding of the loan, any related ACL previously recorded on the unfunded amount is reversed and an ACL is subsequently recognized on the outstanding loan. To calculate the ACL for loans and loan commitments collectively evaluated, the Company uses models developed by a third party. The CRE, C&I, and Consumer lifetime loss rate models calculate the expected losses over the life of the loan based on exposure at default loan attributes and reasonable, supportable economic forecasts. The exposure at default considers the current unpaid balance, prepayment assumptions, and expected utilization assumptions. Key assumptions used in the models include portfolio segmentation, prepayments, risk rating, a peer scalar, and the expected utilization of unfunded commitments among others. The portfolios are segmented by loan level attributes such as loan type, loan size, date of origination, and delinquency status to create homogenous loan pools. Pool level metrics are calculated and loss rates are subsequently applied to the pools as the loans have similar characteristics. Prepayment assumptions, if applicable, are embedded within the models and are based on the same data used for model development and incorporate adjustments for reasonable and supportable forecasts. The models employ mean reversion techniques to predict credit losses for loans that are expected to mature beyond the forecast period. To account for economic uncertainty, the Company uses multiple economic scenarios provided by the models in determining the ACL. The forecasts include various projections based on variables such as, Gross Domestic Product, interest rates, property price indices, and employment measures, among others. The forecasts are probability-weighted based on available information at the time the calculation is conducted. Scenario weightings and model parameters are reviewed for each calculation and are subject to change. The CRE and CRE lifetime loss rate models were developed using the historical loss experience of all banks in the model’s developmental dataset. Banks in the model’s developmental dataset may have different loss experiences due to geography and portfolio as well as variances in operational and underwriting procedures from the Company, and therefore, the Company calibrates expected losses using a peer scalar function provided by the models. The peer scalar was calculated by examining the loss rates of peer banks that have similar asset bases and that operate in similar markets as the Company and comparing these peer group loss rates to the model results. The Company also considers qualitative adjustments to expected credit loss estimates for information not already captured in the quantitative loss estimation models. Qualitative factor adjustments may increase or decrease management’s estimate of expected credit losses. Qualitative loss factors are based on the Company’s judgment of market, industry or business specific data, changes in loan composition, performance trends, regulatory changes, uncertainty of macroeconomic forecasts, and other asset specific risk characteristics. When loans do not share risk characteristics with other financial assets they are evaluated individually. Management applies its normal loan review procedures in making these judgments. Individually evaluated loans consist of impaired loans, loans past due 90 days, and loans modified due to financial difficulty. A loan is considered to be impaired when it is probable that the Company would be unable to collect all principal and interest amounts according to the contractual terms of the loan agreement. Impairment is determined based on the present value of expected future cash flows discounted at the loan’s effective interest rate. For collateral dependent financial assets where the Company has determined that foreclosure of the collateral is probable and where the borrower is experiencing financial difficulty, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the asset as of the measurement date. Fair value is generally calculated based on the value of the underlying collateral less an appraisal discount and the estimated cost to sell. Prior to the adoption of ASU No. 2016-13 Prior to the adoption of ASU No. 2016-13, the ALLL was maintained at an amount management deemed adequate to cover probable incurred credit losses (the “incurred loss method”). The allowance for non-impaired loans was based on historical loss experience adjusted for current factors. The historical loss experience was determined by portfolio segment and was based on the actual loss history experienced by the Company over a rolling two-year period. This actual loss experience was supplemented with other qualitative and economic factors based on the risks present for each portfolio segment. These qualitative and economic factors included economic and business conditions, the nature and volume of the portfolio, and lending terms and volume and severity of past due loans. A loan was considered to be impaired when it was probable that the Company would be unable to collect all principal and interest amounts according to the contractual terms of the loan agreement. Management applied its normal loan review procedures in making these judgments. Impaired loans include individually classified non-accrual loans and TDRs. Impairment was determined based on the present value of expected future cash flows discounted at the loan’s effective interest rate. For loans that were collateral dependent, the fair value of the collateral was used to determine the fair value of the loan. The fair value of the collateral was determined based on recent appraised values. The fair value of the collateral or present value of expected cash flows was compared to the carrying value to determine if any write-down or specific loan loss allowance allocation was required. Loan Modifications In March 2022, the FASB issued ASU 2022-02, Financial Instruments – Credit Losses (ASU 326): Troubled Debt Restructurings and Vintage Disclosures. ASU 2022-02 eliminated the accounting guidance for TDRs by creditors while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The Company adopted ASU 2022-02 effective January 1, 2023 and the impact was immaterial. Prior to the adoption of ASU 2022-02, when a loan was modified and concessions were made to the original contractual terms, such as reductions in interest rate or deferral of interest or principal payments, due to the borrower’s financial condition, the modification was known as a TDR. TDRs were separately identified for impairment disclosures and were measured at the present value of estimated future cash flows using the loan’s effective rate at inception. Securities and the Allowance for Credit Losses Effective January 1, 2023, the Company estimates and recognizes an ACL for HTM debt securities pursuant to ASU No. 2016-13. The Company has a zero loss expectation for its HTM securities portfolio, except for U.S. State and Municipal securities, and therefore it is not required to estimate an ACL related to these securities. For HTM securities that do not have a zero loss expectation, the ACL is based on the security’s amortized cost, excluding interest receivable, and represents the portion of the amortized cost that the Company does not expect to collect over the life of the security. The ACL is determined using average industry credit ratings and historical loss experience, and is initially recognized upon acquisition of the securities, and subsequently remeasured on a recurring basis. The Company evaluates AFS debt securities that experienced a decline in fair value below amortized cost for credit impairment. In performing an assessment of whether any decline in fair value is due to a credit loss, the Company considers the extent to which the fair value is less than the amortized cost, changes in credit ratings, any adverse economic conditions, as well as all relevant information at the individual security level, such as credit deterioration of the issuer, explicit or implicit guarantees by the federal government or collateral underlying the security. If it is determined that the decline in fair value was due to credit losses, an ACL is recorded, limited to the amount the fair value is less than the amortized cost basis. The non-credit related decrease in the fair value, such as a decline due to changes in market interest rates, is recorded in other comprehensive income, net of tax. The Company recognizes a credit impairment if the Company has the intent to sell the security, or it is more likely than not that the Bank will be required to sell the security before recovery of its amortized cost. Prior to the adoption of ASU No. 2016-13 Management evaluated AFS and HTM debt securities for OTTI on at least a quarterly basis, and more frequently when economic or market conditions warranted such an evaluation. For securities in an unrealized loss position, management considered the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assessed whether it intended to sell, or it is more likely than not that it would be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value was recognized as an impairment through earnings. For securities that did not meet the aforementioned criteria, the amount of impairment would be split into two components as follows: (1) OTTI related to credit loss, which must be recognized in the statement of operations and (2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis.

SUMMARY OF RECENT ACCOUNTING PR

SUMMARY OF RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
SUMMARY OF RECENT ACCOUNTING PRONOUNCEMENTS	Jun. 30, 2023
SUMMARY OF RECENT ACCOUNTING PRONOUNCEMENTS
SUMMARY OF RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 3 — SUMMARY OF RECENT ACCOUNTING PRONOUNCEMENTS In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this ASU were effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications at the instrument level as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. In January 2021 the FASB issued ASU 2021-01. The amendments in this ASU clarify that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Specifically, certain provisions in ASC 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. In December 2022, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848): Deferral of Sunset Date of Topic 848. ASU 2020-04 defers the sunset date of ASC 848 from December 31, 2022, to December 31, 2024 because the current relief in ASC 848 did not cover the June 30, 2023 cessation date for the overnight 1-, 3-, 6-, and 12-month tenors of USD LIBOR. The Company’s LIBOR-based instruments included loans and trust preferred security liabilities. The required transition has been implemented successfully and LIBOR will no longer be offered to clients as a floating rate loan index. The trust preferred securities have transitioned to SOFR.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	6 Months Ended
INVESTMENT SECURITIES	Jun. 30, 2023
INVESTMENT SECURITIES
INVESTMENT SECURITIES	NOTE 4 — INVESTMENT SECURITIES The following tables summarize the amortized cost and fair value of AFS and HTM debt securities and equity investments and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses recognized in earnings (in thousands): Gross Gross Unrealized/ Unrealized/ Amortized Unrecognized Unrecognized At June 30, 2023 Cost Gains Losses Fair Value Available-for-Sale Securities: U.S. Government agency securities $ 67,997 $ — $ (8,234) $ 59,763 U.S. State and Municipal securities 11,573 — (2,075) 9,498 Residential MBS 393,397 242 (74,578) 319,061 Commercial MBS 37,015 — (2,640) 34,375 Asset-backed securities 3,504 — (133) 3,371 Total securities available-for-sale $ 513,486 $ 242 $ (87,660) $ 426,068 Held-to-Maturity Securities: U.S. Treasury securities $ 54,738 $ 7 $ (2,118) $ 52,627 U.S. State and Municipal securities 15,693 — (2,122) 13,571 Residential MBS 437,082 — (67,577) 369,505 Commercial MBS 8,100 — (1,370) 6,730 Total securities held-to-maturity $ 515,613 $ 7 $ (73,187) $ 442,433 Equity Investments: CRA Mutual Fund $ 2,383 $ — $ (317) $ 2,066 Total equity investment securities $ 2,383 $ — $ (317) $ 2,066 Gross Gross Unrealized/ Unrealized/ Amortized Unrecognized Unrecognized At December 31, 2022 Cost Gains Losses Fair Value Available-for-Sale Securities: U.S. Government agency securities $ 67,996 $ — $ (8,624) $ 59,372 U.S. State and Municipal securities 11,649 — (2,437) 9,212 Residential MBS 413,998 279 (75,729) 338,548 Commercial MBS 37,069 10 (2,229) 34,850 Asset-backed securities 3,953 — (188) 3,765 Total securities available-for-sale $ 534,665 $ 289 $ (89,207) $ 445,747 Held-to-Maturity Securities: U.S. Treasury securities $ 29,852 $ — $ (2,223) $ 27,629 U.S. State and Municipal securities 15,814 — (2,609) 13,205 Residential MBS 456,648 — (67,027) 389,621 Commercial MBS 8,111 — (1,276) 6,835 Total securities held-to-maturity $ 510,425 $ — $ (73,135) $ 437,290 Equity Investments: CRA Mutual Fund $ 2,358 $ — $ (310) $ 2,048 Total equity investment securities $ 2,358 $ — $ (310) $ 2,048 There were no proceeds from sales and calls of AFS securities for the three and six months ended June 30, 2023 and 2022. The tables below summarize, by contractual maturity, the amortized cost and fair value of debt securities. The tables do not include the effect of principal repayments or scheduled principal amortization. Equity securities, primarily investments in mutual funds, have been excluded from the table. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties (in thousands): Held-to-Maturity Available-for-Sale At June 30, 2023 Amortized Cost Fair Value Amortized Cost Fair Value Due within 1 year $ 24,865 $ 24,872 $ — $ — After 1 year through 5 years 29,874 27,756 66,000 59,006 After 5 years through 10 years 9,345 7,880 23,371 21,822 After 10 years 451,529 381,925 424,115 345,240 Total Securities $ 515,613 $ 442,433 $ 513,486 $ 426,068 Held-to-Maturity Available-for-Sale At December 31, 2022 Amortized Cost Fair Value Amortized Cost Fair Value Due within 1 year $ — $ — $ — $ — After 1 year through 5 years 29,852 27,630 54,736 48,959 After 5 years through 10 years 9,505 8,130 36,043 32,872 After 10 years 471,068 401,530 443,886 363,916 Total Securities $ 510,425 $ 437,290 $ 534,665 $ 445,747 At June 30, 2023 and December 31, 2022, the carrying value of securities pledged to support borrowing capacity from the FRB was $941.7 million and $25.0 million, respectively. At June 30, 2023, debt securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows (in thousands): Less than 12 Months 12 Months or More Total Unrealized/ Unrealized/ Unrealized/ Estimated Unrecognized Estimated Unrecognized Estimated Unrecognized At June 30, 2023 Fair Value Losses Fair Value Losses Fair Value Losses Available-for-Sale Securities: U.S. Government agency securities $ — $ — $ 59,763 $ (8,234) $ 59,763 $ (8,234) U.S. State and Municipal securities — — 9,498 (2,075) 9,498 (2,075) Residential MBS — — 306,686 (74,578) 306,686 (74,578) Commercial MBS 23,378 (442) 10,997 (2,198) 34,375 (2,640) Asset-backed securities — — 3,371 (133) 3,371 (133) Total securities available-for-sale $ 23,378 $ (442) $ 390,315 $ (87,218) $ 413,693 $ (87,660) Held-to-Maturity Securities: U.S. Treasury securities $ — $ — $ 27,756 $ (2,118) $ 27,756 $ (2,118) U.S. State and Municipal securities — — 13,571 (2,122) 13,571 (2,122) Residential MBS 49,536 (2,863) 319,969 (64,714) 369,505 (67,577) Commercial MBS — — 6,730 (1,370) 6,730 (1,370) Total securities held-to-maturity $ 49,536 $ (2,863) $ 368,026 $ (70,324) $ 417,562 $ (73,187) At June 30, 2023 and December 31, 2022, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. At June 30, 2023 and December 31, 2022, all of the residential MBS and commercial MBS held by the Company were issued by U.S. Government-sponsored entities and agencies. Except for U.S. State and Municipal securities, the Company has a zero loss expectation for its HTM securities portfolio, and therefore has no ACL related to these securities. Obligations of U.S. State and Municipal securities were rated investment grade at June 30, 2023 and the associated ACL was immaterial. AFS securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis. The unrealized losses on AFS securities are primarily due to the changes in market interest rates subsequent to purchase. In addition, the Company does not intend nor would it be required to sell these investments until there is a full recovery of the unrealized loss, which may be at maturity. As a result, no ACL was recognized during the three months ended June 30, 2023. At December 31, 2022, debt securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows (in thousands): Less than 12 Months 12 Months or More Total Unrealized/ Unrealized/ Unrealized/ Estimated Unrecognized Estimated Unrecognized Estimated Unrecognized At December 31, 2022 Fair Value Losses Fair Value Losses Fair Value Losses Available-for-Sale Securities: U.S. Government agency securities $ — $ — $ 59,372 $ (8,624) $ 59,372 $ (8,624) U.S. State and Municipal securities 2,546 (527) 6,666 (1,910) 9,212 (2,437) Residential MBS 19,576 (1,654) 305,936 (74,075) 325,512 (75,729) Commercial MBS 13,406 (198) 11,386 (2,031) 24,792 (2,229) Asset-backed securities — — 3,765 (188) 3,765 (188) Total securities available-for-sale $ 35,528 $ (2,379) $ 387,125 $ (86,828) $ 422,653 $ (89,207) Held-to-Maturity Securities: U.S. Treasury securities $ 18,683 $ (1,365) $ 8,946 $ (858) $ 27,629 $ (2,223) Residential MBS 162,960 (19,625) 226,661 (47,402) 389,621 (67,027) Commercial MBS — — 6,835 (1,276) 6,835 (1,276) U.S. State and Municipal securities 13,205 (2,609) — — 13,205 (2,609) Total securities held-to-maturity $ 194,848 $ (23,599) $ 242,442 $ (49,536) $ 437,290 $ (73,135) Prior to the adoption of ASU No. 2016-13 on January 1, 2023, the Company evaluated these securities for OTTI. The Company did not consider these securities to be OTTI at December 31, 2022 since the decline in market value was attributable to changes in interest rates and not to changes in credit quality. In addition, the Company did not intend to sell and did not believe that it is more likely than not that it would be required to sell these investments until there is a full recovery of the unrealized loss, which may be at maturity. As a result, no impairment loss was recognized during the year ended December 31, 2022.

LOANS AND ALLOWANCE FOR CREDIT

LOANS AND ALLOWANCE FOR CREDIT LOSSES	6 Months Ended
LOANS AND ALLOWANCE FOR CREDIT LOSSES	Jun. 30, 2023
LOANS AND ALLOWANCE FOR CREDIT LOSSES
LOANS AND ALLOWANCE FOR CREDIT LOSSES	NOTE 5 — LOANS AND ALLOWANCE FOR CREDIT LOSSES Loans, net of deferred costs and fees, consist of the following (in thousands): At June 30, December 31, 2023 2022 Real estate Commercial $ 3,546,818 $ 3,254,508 Construction 131,370 143,693 Multi-family 460,285 468,540 One-to four-family 51,824 53,207 Total real estate loans 4,190,297 3,919,948 Commercial and industrial 954,700 908,616 Consumer 20,092 24,931 Total loans 5,165,089 4,853,495 Deferred fees, net of origination costs (15,543) (12,972) Loans, net of deferred fees and costs 5,149,546 4,840,523 Allowance for credit losses (51,650) (44,876) Net loans $ 5,097,896 $ 4,795,647 Included in C&I loans at June 30, 2023 and December 31, 2022 were $77,000 and $97,000, respectively, of PPP loans. At June 30, 2023 and December 31, 2022, $3.4 billion and $2.4 billion of loans were pledged to support available borrowing capacity from the FHLB and FRB. The following tables present the activity in the ACL for funded loans by segment. The portfolio segments represent the categories that the Company uses to determine its ACL (in thousands): Commercial Commercial Multi One-to four- Three months ended June 30, 2023 Real Estate & Industrial Construction Family Family Consumer Total Allowance for credit losses: Beginning balance $ 31,836 $ 10,757 $ 1,261 $ 2,871 $ 407 $ 620 $ 47,752 Provision/(credit) for credit losses 2,785 220 339 672 (45) (29) 3,942 Loans charged-off — — — — — (44) (44) Recoveries — — — — — — — Total ending allowance balance $ 34,621 $ 10,977 $ 1,600 $ 3,543 $ 362 $ 547 $ 51,650 Commercial Commercial Multi One-to four- Three months ended June 30, 2022 Real Estate & Industrial Construction Family Family Consumer Total Allowance for credit losses: Beginning balance $ 24,720 $ 8,488 $ 2,329 $ 2,256 $ 104 $ 237 $ 38,134 Provision/(credit) for credit losses 1,225 656 258 283 (2) (20) 2,400 Loans charged-off — — — — — — — Recoveries — — — — — — — Total ending allowance balance $ 25,945 $ 9,144 $ 2,587 $ 2,539 $ 102 $ 217 $ 40,534 Commercial Commercial One-to four- Six months ended June 30, 2023 Real Estate & Industrial Construction Multi-family Family Consumer Total Allowance for credit losses: Beginning balance $ 29,496 $ 10,274 $ 1,983 $ 2,823 $ 105 $ 195 $ 44,876 Cumulative effect of changes in accounting principle 48 471 424 705 181 421 2,250 Provision/(credit) for credit losses 5,077 232 (807) 15 76 74 4,667 Loans charged-off — — — — — (143) (143) Recoveries — — — — — — — Total ending allowance balance $ 34,621 $ 10,977 $ 1,600 $ 3,543 $ 362 $ 547 $ 51,650 Commercial Commercial One-to four- Six months ended June 30, 2022 Real Estate & Industrial Construction Multi-family Family Consumer Total Allowance for credit losses: Beginning balance $ 22,216 $ 7,708 $ 2,105 $ 2,156 $ 140 $ 404 $ 34,729 Provision/(credit) for credit losses 3,729 1,436 482 383 (38) (192) 5,800 Loans charged-off — — — — — — — Recoveries — — — — — 5 5 Total ending allowance balance $ 25,945 $ 9,144 $ 2,587 $ 2,539 $ 102 $ 217 $ 40,534 Net charge-offs for three and six months ended June 30, 2023 were $44,000 and $143,000, respectively. Net recoveries for the three and six months ended June 30, 2022 were $0 and $5,000, respectively. The following tables present the activity in the ACL for unfunded loan commitments (in thousands): Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Balance at the beginning of period $ 877 $ 180 $ 180 $ 180 Cumulative effect of changes in accounting principle — — 777 — Provision/(credit) for credit losses 363 — 283 — Total ending allowance balance $ 1,240 $ 180 $ 1,240 $ 180 The following tables present the balance in the ACL and the recorded investment in loans by portfolio segment based on allowance measurement methodology (in thousands): Commercial Commercial One-to four- At June 30, 2023 Real Estate & Industrial Construction Multi-family Family Consumer Total Allowance for credit losses: Individually assessed $ — $ — $ — $ — $ — $ 24 $ 24 Collectively assessed 34,621 10,977 1,600 3,543 362 523 51,626 Total ending allowance balance $ 34,621 $ 10,977 $ 1,600 $ 3,543 $ 362 $ 547 $ 51,650 Loans: Individually assessed $ 40,729 $ 3,499 $ — $ — $ — $ 24 $ 44,252 Collectively assessed 3,506,089 951,201 131,370 460,285 51,824 20,068 5,120,837 Total ending loan balance $ 3,546,818 $ 954,700 $ 131,370 $ 460,285 $ 51,824 $ 20,092 $ 5,165,089 Commercial Commercial One-to four- At December 31, 2022 Real Estate & Industrial Construction Multi-family Family Consumer Total Allowance for credit losses: Individually assessed $ — $ — $ — $ — $ — $ 24 $ 24 Collectively assessed 29,496 10,274 1,983 2,823 105 171 44,852 Total ending allowance balance $ 29,496 $ 10,274 $ 1,983 $ 2,823 $ 105 $ 195 $ 44,876 Loans: Individually assessed $ 26,740 $ — $ — $ — $ 899 $ 24 $ 27,663 Collectively assessed 3,227,768 908,616 143,693 468,540 52,308 24,907 4,825,832 Total ending loan balance $ 3,254,508 $ 908,616 $ 143,693 $ 468,540 $ 53,207 $ 24,931 $ 4,853,495 The following tables present the recorded investment in non-accrual loans and loans past due over 90 days and still accruing, by class of loans (in thousands): Nonaccrual Loans Past Due Without an Over 90 Days At June 30, 2023 Nonaccrual ACL Still Accruing Commercial real estate $ 24,000 $ 24,000 $ — Consumer 24 — — Total $ 24,024 $ 24,000 $ — Nonaccrual Loans Past Due Without an Over 90 Days At December 31, 2022 Nonaccrual ACL Still Accruing Consumer 24 — — Total $ 24 $ — $ — Interest income that would have been recorded for the three and six months ended June 30, 2023 and 2022 had non-accrual loans been current according to their original terms was immaterial. The following tables present the aging of the recorded investment in past due loans by class of loans (in thousands): 90 30-59 60-89 Days and Total past Current At June 30, 2023 Days Days greater due loans Total Commercial real estate $ — $ — $ 24,000 $ 24,000 $ 3,522,818 $ 3,546,818 Commercial & industrial 7,660 32 — 7,692 947,008 954,700 Construction — — — — 131,370 131,370 Multi-family — — — — 460,285 460,285 One-to four-family — — — — 51,824 51,824 Consumer 12 23 24 59 20,033 20,092 Total $ 7,672 $ 55 $ 24,024 $ 31,751 $ 5,133,338 $ 5,165,089 90 30-59 60-89 Days and Total past Current At December 31, 2022 Days Days greater due loans Total Commercial real estate $ — $ 24,000 $ — $ 24,000 $ 3,230,508 $ 3,254,508 Commercial & industrial 37 — — 37 908,579 908,616 Construction — — — — 143,693 143,693 Multi-family 8,000 — — 8,000 460,540 468,540 One-to four-family — — — — 53,207 53,207 Consumer 21 — 24 45 24,886 24,931 Total $ 8,058 $ 24,000 $ 24 $ 32,082 $ 4,821,413 $ 4,853,495 Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. Except for one-to-four family loans and consumer loans, the Company analyzes loans individually by classifying the loans as to credit risk ratings at least annually. For one-to-four family loans and consumer loans, the Company evaluates credit quality based on the aging status of the loan. An analysis is performed on a quarterly basis for loans classified as special mention, substandard or doubtful. The Company uses the following definitions for risk ratings: Special Mention - Substandard - Doubtful - Loans not meeting the criteria above are considered to be pass-rated loans. The following table presents loan balances by credit quality indicator and year of origination at June 30, 2023 (in thousands): 2023 2022 2021 2020 2019 2018 & Prior Revolving Total CRE Pass $ 888,074 $ 1,405,948 $ 587,204 $ 163,773 $ 225,153 $ 130,995 $ 41,272 $ 3,442,419 Special Mention 48,641 — 14,714 315 — — — 63,670 Substandard — 24,000 — 16,729 — — — 40,729 Total $ 936,715 $ 1,429,948 $ 601,918 $ 180,817 $ 225,153 $ 130,995 $ 41,272 $ 3,546,818 Construction Pass $ 19,781 $ 65,409 $ 37,160 $ — $ — $ — $ 9,021 $ 131,371 Total $ 19,781 $ 65,409 $ 37,160 $ — $ — $ — $ 9,021 $ 131,371 Multi-family Pass $ 45,134 $ 183,628 $ 73,292 $ 23,883 $ 38,006 $ 89,819 $ 6,523 $ 460,285 Total $ 45,134 $ 183,628 $ 73,292 $ 23,883 $ 38,006 $ 89,819 $ 6,523 $ 460,285 One-to four-family Current $ — $ 4,163 $ — $ 12,117 $ 12,384 $ 23,160 $ — $ 51,824 Total $ — $ 4,163 $ — $ 12,117 $ 12,384 $ 23,160 $ — $ 51,824 Commercial and industrial Pass $ 131,656 $ 282,851 $ 116,901 $ 28,499 $ 16,869 $ 10,653 $ 305,004 $ 892,433 Special Mention — 34,418 — 2,447 — — 21,903 58,768 Substandard — — — — — — 3,499 3,499 Total $ 131,656 $ 317,269 $ 116,901 $ 30,946 $ 16,869 $ 10,653 $ 330,406 $ 954,700 Consumer Current $ — $ — $ — $ — $ — $ 20,033 $ — $ 20,033 Past due — — — — — 59 — 59 Total $ — $ — $ — $ — $ — $ 20,092 $ — $ 20,092 There were $44,000 and $143,000 of Consumer loan charge-offs for the three and six months ended June 30, 2023, respectively, which were originated in 2018 and prior. There were $40.7 million of substandard classified collateral dependent CRE loans at June 30, 2023. For loans evaluated by credit risk ratings, the following table presents loan balances by credit quality indicator and by class of loans at December 31, 2022 (in thousands): Special Pass Mention Substandard Doubtful Total Commercial real estate $ 3,192,212 $ 35,881 $ 26,415 $ — $ 3,254,508 Commercial & industrial 876,867 31,749 — — 908,616 Construction 143,693 — — — 143,693 Multi-family 468,540 — — — 468,540 Total $ 4,681,312 $ 67,630 $ 26,415 $ — $ 4,775,357 There were no loan modifications where the borrower was experiencing financial difficulty during the three and six months ended June 30, 2023. The following tables present loans individually evaluated for impairment pursuant to the disclosure requirements prior to the adoption of ASU No. 2016-13 on January 1, 2023 (in thousands). The recorded investment in loans excludes accrued interest receivable and loan origination fees. At December 31, 2022 Allowance Unpaid for Loan Principal Recorded Losses Balance Investment Allocated With an allowance recorded: Consumer 24 24 24 Total $ 24 $ 24 $ 24 Without an allowance recorded: One-to four-family $ 1,176 $ 899 $ — CRE 27,984 26,740 — Total $ 29,160 $ 27,639 $ — Average Interest Recorded Income Three months ended June 30, 2022 Investment Recognized With an allowance recorded: Consumer 24 — Total $ 24 $ — Without an allowance recorded: One-to four-family $ 927 $ 9 CRE 28,514 266 Total $ 29,441 $ 275 Average Interest Recorded Income Six months ended June 30, 2022 Investment Recognized With an allowance recorded: Consumer 117 — Total $ 117 $ — Without an allowance recorded: One-to four-family $ 784 $ 18 CRE 31,849 496 Total $ 32,633 $ 514

BORROWINGS

BORROWINGS	6 Months Ended
BORROWINGS	Jun. 30, 2023
BORROWINGS
BORROWINGS	NOTE 6 — BORROWINGS Borrowings consisted of the following (in thousands): Interest expense At June 30, At December 31, Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 2023 2022 Federal funds purchased and securities sold under agreements to repurchase $ 243,000 $ 150,000 $ 1,584 $ — $ 2,953 $ — Federal Home Loan Bank of New York advances $ 200,000 $ 100,000 $ 5,877 $ — $ 6,534 $ — Federal funds purchased are generally overnight transactions and had a weighted average interest rate of 5.36% at June 30, 2023. The FHLBNY advances are generally overnight transactions and have a fixed interest rate of 5.31%. There were no securities sold under agreements to repurchase outstanding as of June 30, 2023 and December 31, 2022. During the first quarter of 2022, the Company redeemed $25.0 million of subordinated debt, plus accrued interest. The subordinated notes had a maturity date of March 15, 2027 and an interest rate of 6.25% per annum.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
EARNINGS PER SHARE	Jun. 30, 2023
EARNINGS PER SHARE
EARNINGS PER SHARE	NOTE 7 — EARNINGS PER SHARE The Company uses the two-class method in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. The factors used in the earnings per share calculation are as follows (in thousands, except per share data). Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Basic Net income per consolidated statements of income $ 15,561 $ 23,189 $ 40,637 $ 42,210 Less: Earnings allocated to participating securities (82) (63) (170) (85) Net income available to common stockholders $ 15,479 $ 23,126 $ 40,467 $ 42,125 Weighted average common shares outstanding including participating securities 11,195,461 10,961,697 11,137,381 10,947,829 Less: Weighted average participating securities (59,200) (30,000) (46,686) (22,111) Weighted average common shares outstanding 11,136,261 10,931,697 11,090,695 10,925,718 Basic earnings per common share $ 1.39 $ 2.12 $ 3.65 $ 3.86 Diluted Net income allocated to common stockholders $ 15,479 $ 23,126 $ 40,467 $ 42,125 Weighted average common shares outstanding for basic earnings per common share 11,136,261 10,931,697 11,090,695 10,925,718 Add: Dilutive effects of assumed exercise of stock options 88,591 180,787 123,773 186,364 Add: Dilutive effects of assumed vesting of performance based restricted stock 53,553 52,004 56,682 63,980 Add: Dilutive effects of assumed vesting of restricted stock units — 25,319 — 32,930 Average shares and dilutive potential common shares 11,278,405 11,189,807 11,271,150 11,208,992 Dilutive earnings per common share $ 1.37 $ 2.07 $ 3.59 $ 3.76 For the three and six months ended June 30, 2023, 262,624 and 248,231 of restricted stock units, respectively, were not considered in the calculation of diluted earnings per share as their inclusion would be anti-dilutive. All stock options and performance restricted stock units were considered in computing diluted earnings per common share for the three and six months ended June 30, 2023. All stock options, performance restricted stock units, and restricted stock units were considered in computing diluted earnings per common share for the three and six months ended June 30, 2022.

STOCK COMPENSATION PLAN

STOCK COMPENSATION PLAN	6 Months Ended
STOCK COMPENSATION PLAN	Jun. 30, 2023
STOCK COMPENSATION PLAN
STOCK COMPENSATION PLAN	NOTE 8 — STOCK COMPENSATION PLAN Equity Incentive Plan At June 30, 2023, the Company maintained three stock compensation plans, the 2022 Equity Incentive Plan (the “2022 EIP”), the 2019 Equity Incentive Plan (the “2019 EIP”) and the 2009 Equity Incentive Plan (the “2009 EIP”). The 2019 EIP expired on May 31, 2022 but has outstanding restricted stock awards and PRSUs subject to vesting schedules. The 2009 EIP has also expired but at June 30, 2023, has outstanding stock options that may still be exercised. The 2022 EIP was approved on May 31, 2022 by stockholders of the Company. Under the 2022 EIP, the maximum number of shares of stock that may be delivered to participants in the form of restricted stock, restricted stock units and stock options, including ISOs and non-qualified stock options, is 174,918, subject to adjustment as set forth in the 2022 EIP, plus any awards that are forfeited under the 2019 EIP after March 15, 2022. Stock Options Under the terms of the 2022 EIP, a stock option cannot have an exercise price that is less than 100% of the fair market value of the shares covered by the stock option on the date of grant. In the case of an ISO granted to a 10% stockholder, the exercise price shall not be less than 110% of the fair market value of the shares covered by the stock option on the date of grant. In no event shall the exercise period exceed ten years from the date of grant of the option, except, in the case of an ISO granted to a 10% stockholder, the exercise period shall not exceed five years from the date of grant. The 2022 EIP contains a double trigger change in control feature, providing for an acceleration of vesting upon an involuntary termination of employment simultaneous with or following a change in control. The fair value of each stock option award was estimated on the date of grant using a closed form option valuation (Black-Scholes) model. Expected volatilities based on historical volatilities of the Company’s common stock are not significant. The expected term of options granted is based on historical data and represents the period of time that options granted are expected to be outstanding, which takes into account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. A summary of the status of the Company’s stock options and the changes during the year is presented below: Six months ended June 30, 2023 Weighted Number of Average Options Exercise Price Outstanding, beginning of period 220,200 $ 18.00 Granted — — Exercised — — Cancelled/forfeited — — Outstanding, end of period 220,200 $ 18.00 Options vested and exercisable at end of period 220,200 $ 18.00 Weighted average remaining contractual life (years) 0.92 Weighted average intrinsic value $ 16.73 On August 15, 2016, the Company made a loan to an executive officer of the Company, which was subsequently extended on August 15, 2021, in the amount of $780,000 and having an interest rate of 2.1% per annum (the “2021 Loan”). On March 6, 2023, the Company purported to make a loan to this executive officer in the amount of $7.5 million with a fixed interest rate of 5.7% per annum (the “2023 Loan”), and the executive officer used substantially all of the proceeds of the 2023 Loan to pay the exercise price in connection with the exercise of certain existing stock options (the “Option Shares”) and satisfy withholding tax obligations in connection with such exercise (the “Option Exercise”). In connection with the preparation of the proxy statement for the Company’s annual meeting of stockholders, the Company’s management and Executive Committee of the Board of Directors, along with outside counsel, reevaluated the 2023 Loan as well as the 2021 Loan. As part of this reevaluation, the Company determined that the 2023 Loan and the 2021 Loan were likely impermissible under applicable law and/or regulations. As a result of these determinations, and to the extent that the 2023 Loan and the Option Exercise were not void as a matter of law, on April 26, 2023, the Company and the executive officer entered into a Rescission Agreement (the “Rescission Agreement”). The Rescission Agreement provided, among other things, (i) that the 2023 Loan and the Option Exercise would be rescinded and deemed null and void, (ii) that payments made in respect of the 2023 Loan, if any, would be returned, and (iii) that any dividends received by the executive officer in respect of the Option Shares have been returned or repaid to the Company. In connection with the entry into the Rescission Agreement, the executive officer repaid, in full, the 2021 Loan. The aggregate amount of extensions of credit to the Company’s directors, executive officers, principal stockholders and their associates was $0 and $780,000 at June 30, 2023 and December 31, 2022, respectively. There was no unrecognized compensation cost related to stock options at June 30, 2023 and December 31, 2022. There was no compensation cost related to stock options during the three and six months ended June 30, 2023 and 2022 and 2022. Restricted Stock Awards and Restricted Stock Units The Company issued restricted stock awards and restricted stock units under the 2022 EIP, 2019 EIP and the 2009 EIP (collectively, “restricted stock grants”) to certain key personnel. Each restricted stock grant vests based on the vesting schedule outlined in the restricted stock grant agreement. Restricted stock grants are subject to forfeiture if the holder is not employed by the Company on the vesting date. In the first quarter of 2023 and 2022, 170,998 and 72,025 restricted stock grants were issued to certain key personnel, respectively. One-third In January 2023, 27,500 restricted shares were granted to members of the Board of Directors. These shares vest in January 2024. In January 2022, 11,126 restricted shares were granted to members of the Board of Directors. These shares vested in January 2023. In January 2019, 38,900 restricted shares were granted to members of the Board of Directors in lieu of retainer fees for three years of service. Total expense for these awards was $388,000 and $777,000 for the three and six months ended June 30, 2023, respectively. Total expense for these awards was $297,000 and $595,000 for the three and six months ended June 30, 2022, respectively. As of June 30, 2023 total unrecognized expense for these awards was $777,000. The following table summarizes the changes in the Company’s restricted stock grants: Six months ended June 30, 2023 Weighted Average Number of Grant Date Shares Fair Value Outstanding, beginning of period 129,562 $ 86.01 Granted 198,498 56.04 Forfeited (14,838) 61.50 Vested (64,990) 84.28 Outstanding at end of period 248,232 $ 63.96 Performance-Based Stock Units During the second quarter of 2021, the Company established a long-term incentive award program under the 2019 EIP. Under the program, 90,000 PRSUs were awarded. During the second quarter of 2022, 20,800 PRSUs were forfeited and reissued pursuant to the 2022 EIP. The weighted average service inception date fair value of the outstanding awarded shares was $6.0 million. At the beginning of 2023 and 2022, 29,200 and 30,000 PRSUs, respectively, vested as all performance criteria were met. The remaining 30,800 PRSUs are scheduled to vest in February 2024, provided certain performance criteria are met in fiscal year 2023. All vested shares will not be delivered until the first quarter of 2024. Total compensation cost that has been charged against income for the PRSUs was $544,000 and $1.1 million for the three and six months ended June 30, 2023, respectively. Total compensation cost that has been charged against income for the PRSUs was $478,000 and $951,000 for the three and six months ended June 30, 2022, respectively.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Jun. 30, 2023
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 9 — FAIR VALUE OF FINANCIAL INSTRUMENTS The Company uses fair value measurements to record fair value adjustments to certain assets and derivative contracts, and to determine fair value disclosures. Other than derivative contacts designated as cash flow hedges, the Company did not have any liabilities that were measured at fair value at June 30, 2023 and December 31, 2022. AFS securities are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets or liabilities on a non-recurring basis, such as certain impaired loans. These non-recurring fair value adjustments generally involve the write-down of individual assets due to impairment losses. Accounting guidance establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: 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 reporting entity’s own judgments about the assumptions that market participants would use in pricing an asset or liability. Assets and Liabilities Measured on a Recurring Basis Assets measured on a recurring basis are limited to the Company’s AFS securities portfolio, equity investments, and derivative contracts. The AFS portfolio is carried at estimated fair value with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income or loss in shareholders’ equity. Equity investments are carried at estimated fair value with changes in fair value reported as “unrealized gain/(loss)” on the statements of operations. Outstanding derivative contracts designated as cash flow hedges are carried at estimated fair value with changes in fair value reported as accumulated other comprehensive income or loss in shareholders’ equity. The fair values for substantially all of these assets are obtained monthly from an independent nationally recognized pricing service. On a quarterly basis, the Company assesses the reasonableness of the fair values obtained for the AFS portfolio by reference to a second independent nationally recognized pricing service. Based on the nature of these securities, the Company’s independent pricing service provides prices which are categorized as Level 2 since quoted prices in active markets for identical assets are generally not available for the majority of securities in the Company’s portfolio. Various modeling techniques are used to determine pricing for the Company’s mortgage-backed securities, including option pricing and discounted cash flow models. The inputs to these models include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. On an annual basis, the Company obtains the models, inputs and assumptions utilized by its pricing service and reviews them for reasonableness. Other than derivative contracts designated as cash flow hedges, the Company does not have any liabilities that were measured at fair value on a recurring basis. Assets measured at fair value on a recurring basis are summarized below (in thousands): Fair Value Measurement using: Quoted Prices in Active Significant Markets Other Significant Carrying For Identical Observable Unobservable Amount Assets (Level 1) Inputs (Level 2) Inputs (Level 3) At June 30, 2023 U.S. Government agency securities $ 59,763 $ — $ 59,763 $ — U.S. State and Municipal securities 9,498 — 9,498 — Residential mortgage securities 319,061 — 319,061 — Commercial mortgage securities 34,375 — 34,375 — Asset-backed securities 3,371 — 3,371 — CRA Mutual Fund 2,066 2,066 — — Derivatives 5,771 — 5,771 — Fair Value Measurement using: Quoted Prices in Active Significant Markets Other Significant Carrying For Identical Observable Unobservable Amount Assets (Level 1) Inputs (Level 2) Inputs (Level 3) At December 31, 2022 U.S. Government agency securities $ 59,372 $ — $ 59,372 $ — U.S. State and Municipal securities 9,212 — 9,212 — Residential mortgage securities 338,548 — 338,548 — Commercial mortgage securities 34,850 — 34,850 — Asset-backed securities 3,765 — 3,765 — CRA Mutual Fund 2,048 2,048 — — Derivatives — — — — There were no transfers between Level 1 and Level 2 during the three and six months ended June 30, 2023 and 2022. There were no material assets measured at fair value on a non-recurring basis at June 30, 2023 and December 31, 2022. Carrying amounts and estimated fair values of financial instruments carried at amortized cost were as follows (in thousands): Fair Value Measurement Using: Quoted Prices in Active Significant Markets Other Significant Carrying For Identical Observable Unobservable Total Fair At June 30, 2023 Amount Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Value Financial Assets: Cash and due from banks $ 33,534 $ 33,534 $ — $ — $ 33,534 Overnight deposits 168,242 168,242 — — 168,242 Securities held-to-maturity 515,613 — 442,433 — 442,433 Loans, net 5,097,896 — — 4,971,753 4,971,753 Other investments FRB Stock 11,410 N/A N/A N/A N/A FHLB Stock 14,632 N/A N/A N/A N/A Disability Fund 1,500 — 1,500 — 1,500 Time deposits at banks 498 498 — — 498 Receivable from global payments business, net 84,919 — — 84,919 84,919 Accrued interest receivable 25,301 — 931 24,370 25,301 Financial Liabilities: Non-interest-bearing demand deposits $ 1,730,380 $ 1,730,380 $ — $ — $ 1,730,380 Money market and savings deposits 3,516,853 3,516,853 — — 3,516,853 Time deposits 41,332 — 40,537 — 40,537 Federal funds purchased 243,000 — 243,000 — 243,000 Federal Home Loan Bank of New York advances 200,000 — 200,000 — 200,000 Trust preferred securities payable 20,620 — — 19,986 19,986 Prepaid debit cardholder balances 10,772 — — 10,772 10,772 Accrued interest payable 652 12 265 375 652 Secured borrowings 7,655 — 7,655 — 7,655 Fair Value Measurement Using: Quoted Prices in Active Significant Markets Other Significant Carrying For Identical Observable Unobservable Total Fair At December 31, 2022 Amount Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Value Financial Assets: Cash and due from banks $ 26,780 $ 26,780 $ — $ — $ 26,780 Overnight deposits 230,638 230,638 — — 230,638 Securities held-to-maturity 510,425 — 437,290 — 437,290 Loans, net 4,795,647 — — 4,737,007 4,737,007 Other investments FRB Stock 11,421 N/A N/A N/A N/A FHLB Stock 9,191 N/A N/A N/A N/A Disability Fund 1,000 — 1,000 — 1,000 Time deposits at banks 498 498 — — 498 Receivable from global payments business, net 85,605 — — 85,605 85,605 Accrued interest receivable 24,107 — 964 23,143 24,107 Financial Liabilities: Non-interest-bearing demand deposits $ 2,422,151 $ 2,422,151 $ — $ — $ 2,422,151 Money market and savings deposits 2,803,698 2,803,698 — — 2,803,698 Time deposits 52,063 — 51,058 — 51,058 Federal funds purchased 150,000 — 150,000 — 150,000 Federal Home Loan Bank of New York advances 100,000 — 100,000 — 100,000 Trust preferred securities payable 20,620 — — 19,953 19,953 Prepaid debit cardholder balances 10,579 — — 10,579 10,579 Accrued interest payable 728 112 293 323 728 Secured borrowings 7,725 — 7,725 — 7,725

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	Jun. 30, 2023
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	NOTE 10 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table shows the amounts reclassified out of AOCI for the sale and calls of AFS securities and realized gain on cash flow hedges (in thousands): Affected line item in Three months ended Six months ended the Consolidated Statements June 30, June 30, of Operations 2023 2022 2023 2022 Realized gain on sale of AFS securities $ — $ — $ — $ — Gain on Sale of Securities Income tax (expense) benefit — — — — Income tax expense Total reclassifications, net of income tax $ — $ — $ — $ — Realized gain on cash flow hedges $ 1,218 $ — $ 2,453 $ — Licensing fees Income tax (expense) benefit (374) — (599) — Income tax expense Total reclassifications, net of income tax $ 844 $ — $ 1,854 $ —

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 11 — COMMITMENTS AND CONTINGENCIES Financial instruments with off-balance-sheet risk The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. The Company’s exposure to credit loss in the event of non-performance by the counterparty to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. The following off-balance-sheet financial instruments, whose contract amounts represent credit risk, are outstanding (in thousands): At June 30, 2023 At December 31, 2022 Fixed Variable Fixed Variable Rate Rate Rate Rate Unused commitments $ 70,459 $ 395,442 $ 40,685 $ 364,908 Standby and commercial letters of credit 61,013 — 53,947 — $ 131,472 $ 395,442 $ 94,632 $ 364,908 A commitment to extend credit is a legally binding agreement to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally expire within two years. At June 30, 2023, the Company’s fixed rate loan commitments had interest rates ranging from 3.0% to 8.5% and the Company’s variable rate loan commitments had interest rates ranging from 6.0% to 10.5%. At December 31, 2022, the Company’s fixed rate loan commitments had interest rates ranging from 3.0% to 8.5% and the Company’s variable rate loan commitments had interest rates ranging from 6.0% to 11.5%. The amount of collateral obtained, if any, by the Company upon extension of credit is based on management’s credit evaluation of the borrower. Collateral held varies but may include mortgages on commercial and residential real estate, security interests in business assets, equipment, deposit accounts with the Company or other financial institutions and securities. The Company’s stand-by letters of credit amounted to $61.0 million and $53.9 million as of June 30, 2023 and December 31, 2022, respectively. The Company’s stand-by letters of credit are collateralized by interest-bearing accounts of $37.0 million and $28.7 million as of June 30, 2023 and December 31, 2022, respectively. Regulatory Proceedings There are ongoing investigations by federal and state governmental entities concerning a prepaid debit card product program that was offered by the Company through an independent program manager. These include investigations as to which the Company is a subject by the FRB and certain state authorities, including the NYSDFS. During the early stages of the COVID-19 pandemic, third parties used this prepaid debit card product to establish unauthorized accounts and to receive unauthorized government benefits payments, including unemployment insurance benefits payments made pursuant to the CARES Act from many states. The Company ceased accepting new accounts from this program manager in July of 2020 and has exited its relationship with this program manager. The Company is cooperating in these investigations and continues to review this matter. The foregoing could result in enforcement or other actions against the Company and the Bank including civil money penalties and remedial measures. The Company is in discussions with the FRB and the NYSDFS with respect to consensual resolutions of their investigations. Although the Company is unable at this time to determine the final terms on which the FRB and NYSDFS investigations will be resolved or the timing of such resolutions, the Company accrued a charge of $35.0 million during the fourth quarter of 2022 to establish a reserve for what the Company believes is a reasonable estimate of the probable loss and expenses associated with the FRB and NYSDFS settlements. The Company reversed $2.5 million of the reserve in the first quarter of 2023. If final settlements with the FRB and the NYSDFS are not reached and the FRB and the NYSDFS bring public enforcement actions, such actions and their resolution, as well as any other matter arising out of the foregoing program, could have a materially adverse effect on the Company and the Bank’s assets, business, cash flows, financial condition, liquidity, prospects and/or results of operations.

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS	6 Months Ended
REVENUE FROM CONTRACTS WITH CUSTOMERS	Jun. 30, 2023
REVENUE FROM CONTRACTS WITH CUSTOMERS
REVENUE FROM CONTRACTS WITH CUSTOMERS	NOTE 12 — REVENUE FROM CONTRACTS WITH CUSTOMERS All of the Company’s revenue from contracts with customers that are in the scope of Accounting Standards Codification 606, Revenue from Contracts with Customers, Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Service charges on deposit accounts $ 1,481 $ 1,474 $ 2,937 $ 2,844 Global Payments Group revenue 5,731 5,242 10,581 10,899 Other service charges and fees 676 355 1,318 861 Total $ 7,888 $ 7,071 $ 14,836 $ 14,604 A description of the Company’s revenue streams accounted for under the accounting guidance is as follows: Service charges on deposit accounts The Company offers business and personal retail products and services, which include, but are not limited to, online banking, mobile banking, Automated Clearing House (“ACH”) transactions, and remote deposit capture. A standard deposit contract exists between the Company and all deposit customers. The Company earns fees from its deposit customers for transaction-based services (such as ATM use fees, stop payment charges, statement rendering, and ACH fees), account maintenance, and overdraft services. Transaction-based 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. Global payment group revenue The Company offers corporate cash management and retail banking services and, through its global payments business, provides services to non-bank financial service companies. The Company earns initial set-up fees for these programs as well as fees for transactions processed. The Company receives transaction data at the end of each month for services rendered, at which time revenue is recognized. Additionally, service charges specific to GPG customers’ deposits are recognized within GPG revenue. Other service charges The primary component of other service charges relates to letter of credit fees and FX conversion fees. The Company outsources FX conversion for foreign currency transactions to correspondent banks. The Company earns a portion of an FX conversion fee that the customer charges to process an FX conversion transaction. Revenue is recognized at the end of the month once the customer has remitted the transaction information to the Company.

DERIVATIVES

DERIVATIVES	6 Months Ended
DERIVATIVES	Jun. 30, 2023
DERIVATIVES
DERIVATIVES	NOTE 13 — DERIVATIVES In the first quarter of 2023, the Company entered into an interest rate swap derivative contract (“interest rate swap”) as a part of its asset liability management strategy to help manage its interest rate risk position. The interest rate swap has a notional amount of $400.0 million and a contractual maturity of August 1, 2025. The notional amount of the interest rate swap does not represent the amount exchanged by the parties. The interest rate swap was designated as a cash flow hedge of certain deposit liabilities of the Company. The hedge was determined to be highly effective during the three and six months ended June 30, 2023. The Company expects the hedge to remain highly effective during the remaining term of the interest rate swap. In 2020, the Company entered into an interest rate cap derivative contract (“interest rate cap”) as a part of its asset liability management strategy to help manage its interest rate risk position. The interest rate cap had a notional amount of $300.0 million and a contractual maturity of March 1, 2025. The notional amount of the interest rate cap does not represent the amount exchanged by the parties. The amount exchanged was determined by reference to the notional amount and the other terms of the interest rate cap. The interest rate subject to the cap was 30-day LIBOR. The interest rate cap was designated as a cash flow hedge of certain deposit liabilities of the Company. The hedge was determined to be highly effective during 2022 until it was terminated in the third quarter of 2022. The unrecognized value of $12.7 million at termination will be released from Accumulated Other Comprehensive Income and recorded as a credit to Licensing fees expense through March 2025. The following tables reflect the derivatives recorded on the balance sheet (in thousands): Fair Value Notional Asset / Amount (Liability) At June 30, 2023 Derivatives designated as hedges: Interest rate swap related to customer deposits $ 400,000 $ 5,771 Total included in Other Assets $ 400,000 $ 5,771 At December 31, 2022 Derivatives designated as hedges: Interest rate cap related to customer deposits $ — $ — Total included in Other Assets $ — $ — The effect of cash flow hedge accounting on accumulated other comprehensive income is as follows (in thousands): June 30, Six months ended June 30, 2023 2022 2023 2022 Interest rate caps related to customer deposits Amount of gain (loss) recognized in OCI, net of tax $ 4,695 $ 1,677 $ 4,007 $ 7,764 Amount of gain (loss) reclassified from OCI into income $ 1,218 $ — $ 2,453 $ — Location of gain (loss) reclassified from OCI into income Licensing fees N/A Licensing fees N/A N/A - not applicable

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 14 ‒ SUBSEQUENT EVENTS None.

SUMMARY OF RECENT ACCOUNTING _2

SUMMARY OF RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	6 Months Ended
SUMMARY OF RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	Jun. 30, 2023
SUMMARY OF RECENT ACCOUNTING PRONOUNCEMENTS
BASIS OF PRESENTATION	The accounting and reporting policies of the Company conform with GAAP and predominant practices within the U.S. banking industry. The Unaudited Consolidated Financial Statements (“unaudited financial statements”) include the accounts of the Company and the Bank. All intercompany balances and transactions have been eliminated. The unaudited financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q, Article 8 of Regulation S-X and predominant practices within the U.S. banking industry. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The unaudited financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. In preparing the interim unaudited financial statements in conformity with GAAP, management has made estimates and assumptions based on available information. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reported periods, and actual results could differ from those estimated. Information available which could affect these judgments include, but are not limited to, changes in interest rates, changes in the performance of the economy, inflation and its related effects and changes in the financial condition of borrowers. Some items in the prior year financial statements may have been reclassified to conform to the current presentation. Reclassification had no effect on prior year net income or stockholders’ equity. The results of operations for the three and six months ended June 30, 2023 and 2022 are not necessarily indicative of the results of operations that may be expected for the entire fiscal year or for any other period. The unaudited financial statements presented in this report should be read in conjunction with the Company’s audited consolidated financial statements and notes to the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the SEC.
Loans and the Allowance for Credit Losses	Loans and the Allowance for Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (“ASC 326”), which requires the measurement of all expected credit losses for financial assets held at amortized cost to be based on historical experience, current condition, and reasonable and supportable forecasts. The Company adopted this guidance effective January 1, 2023 and recorded a cumulative effect adjustment that increased the allowance for credit losses for loans and loan commitments by $3.0 million, increased deferred tax assets by $777,000 and decreased retained earnings by $2.1 million, net of tax. The ACL for loans is measured on the loan’s amortized cost basis, excluding interest receivable, and is initially recognized upon origination or purchase of the loans, and subsequently remeasured on a recurring basis. The ACL is recognized as a contra-asset, and credit loss expense is recorded as a provision for credit losses in the consolidated statements of operation. Loan losses are charged-off against the ACL when management believes the loan is uncollectible. Subsequent recoveries, if any, are credited to the ACL. Loans are normally placed on non-accrual when a loan is determined to be impaired or when principal or interest is delinquent for 90 days or more. The Company generally does not recognize an ACL on accrued interest receivables, consistent with its policy to reverse interest income when interest is 90 days or more past due. The Company also records an ACL on unfunded loan commitments, which is based on the same assumptions as funded loans and also considers the probability of funding. The ACL is recognized as a liability, and credit loss expense is recorded as provision for unfunded loan commitments within the provision for credit losses in the consolidated statements of operation. Upon funding of the loan, any related ACL previously recorded on the unfunded amount is reversed and an ACL is subsequently recognized on the outstanding loan. To calculate the ACL for loans and loan commitments collectively evaluated, the Company uses models developed by a third party. The CRE, C&I, and Consumer lifetime loss rate models calculate the expected losses over the life of the loan based on exposure at default loan attributes and reasonable, supportable economic forecasts. The exposure at default considers the current unpaid balance, prepayment assumptions, and expected utilization assumptions. Key assumptions used in the models include portfolio segmentation, prepayments, risk rating, a peer scalar, and the expected utilization of unfunded commitments among others. The portfolios are segmented by loan level attributes such as loan type, loan size, date of origination, and delinquency status to create homogenous loan pools. Pool level metrics are calculated and loss rates are subsequently applied to the pools as the loans have similar characteristics. Prepayment assumptions, if applicable, are embedded within the models and are based on the same data used for model development and incorporate adjustments for reasonable and supportable forecasts. The models employ mean reversion techniques to predict credit losses for loans that are expected to mature beyond the forecast period. To account for economic uncertainty, the Company uses multiple economic scenarios provided by the models in determining the ACL. The forecasts include various projections based on variables such as, Gross Domestic Product, interest rates, property price indices, and employment measures, among others. The forecasts are probability-weighted based on available information at the time the calculation is conducted. Scenario weightings and model parameters are reviewed for each calculation and are subject to change. The CRE and CRE lifetime loss rate models were developed using the historical loss experience of all banks in the model’s developmental dataset. Banks in the model’s developmental dataset may have different loss experiences due to geography and portfolio as well as variances in operational and underwriting procedures from the Company, and therefore, the Company calibrates expected losses using a peer scalar function provided by the models. The peer scalar was calculated by examining the loss rates of peer banks that have similar asset bases and that operate in similar markets as the Company and comparing these peer group loss rates to the model results. The Company also considers qualitative adjustments to expected credit loss estimates for information not already captured in the quantitative loss estimation models. Qualitative factor adjustments may increase or decrease management’s estimate of expected credit losses. Qualitative loss factors are based on the Company’s judgment of market, industry or business specific data, changes in loan composition, performance trends, regulatory changes, uncertainty of macroeconomic forecasts, and other asset specific risk characteristics. When loans do not share risk characteristics with other financial assets they are evaluated individually. Management applies its normal loan review procedures in making these judgments. Individually evaluated loans consist of impaired loans, loans past due 90 days, and loans modified due to financial difficulty. A loan is considered to be impaired when it is probable that the Company would be unable to collect all principal and interest amounts according to the contractual terms of the loan agreement. Impairment is determined based on the present value of expected future cash flows discounted at the loan’s effective interest rate. For collateral dependent financial assets where the Company has determined that foreclosure of the collateral is probable and where the borrower is experiencing financial difficulty, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the asset as of the measurement date. Fair value is generally calculated based on the value of the underlying collateral less an appraisal discount and the estimated cost to sell. Prior to the adoption of ASU No. 2016-13 Prior to the adoption of ASU No. 2016-13, the ALLL was maintained at an amount management deemed adequate to cover probable incurred credit losses (the “incurred loss method”). The allowance for non-impaired loans was based on historical loss experience adjusted for current factors. The historical loss experience was determined by portfolio segment and was based on the actual loss history experienced by the Company over a rolling two-year period. This actual loss experience was supplemented with other qualitative and economic factors based on the risks present for each portfolio segment. These qualitative and economic factors included economic and business conditions, the nature and volume of the portfolio, and lending terms and volume and severity of past due loans. A loan was considered to be impaired when it was probable that the Company would be unable to collect all principal and interest amounts according to the contractual terms of the loan agreement. Management applied its normal loan review procedures in making these judgments. Impaired loans include individually classified non-accrual loans and TDRs. Impairment was determined based on the present value of expected future cash flows discounted at the loan’s effective interest rate. For loans that were collateral dependent, the fair value of the collateral was used to determine the fair value of the loan. The fair value of the collateral was determined based on recent appraised values. The fair value of the collateral or present value of expected cash flows was compared to the carrying value to determine if any write-down or specific loan loss allowance allocation was required. Loan Modifications In March 2022, the FASB issued ASU 2022-02, Financial Instruments – Credit Losses (ASU 326): Troubled Debt Restructurings and Vintage Disclosures. ASU 2022-02 eliminated the accounting guidance for TDRs by creditors while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The Company adopted ASU 2022-02 effective January 1, 2023 and the impact was immaterial. Prior to the adoption of ASU 2022-02, when a loan was modified and concessions were made to the original contractual terms, such as reductions in interest rate or deferral of interest or principal payments, due to the borrower’s financial condition, the modification was known as a TDR. TDRs were separately identified for impairment disclosures and were measured at the present value of estimated future cash flows using the loan’s effective rate at inception. Securities and the Allowance for Credit Losses Effective January 1, 2023, the Company estimates and recognizes an ACL for HTM debt securities pursuant to ASU No. 2016-13. The Company has a zero loss expectation for its HTM securities portfolio, except for U.S. State and Municipal securities, and therefore it is not required to estimate an ACL related to these securities. For HTM securities that do not have a zero loss expectation, the ACL is based on the security’s amortized cost, excluding interest receivable, and represents the portion of the amortized cost that the Company does not expect to collect over the life of the security. The ACL is determined using average industry credit ratings and historical loss experience, and is initially recognized upon acquisition of the securities, and subsequently remeasured on a recurring basis. The Company evaluates AFS debt securities that experienced a decline in fair value below amortized cost for credit impairment. In performing an assessment of whether any decline in fair value is due to a credit loss, the Company considers the extent to which the fair value is less than the amortized cost, changes in credit ratings, any adverse economic conditions, as well as all relevant information at the individual security level, such as credit deterioration of the issuer, explicit or implicit guarantees by the federal government or collateral underlying the security. If it is determined that the decline in fair value was due to credit losses, an ACL is recorded, limited to the amount the fair value is less than the amortized cost basis. The non-credit related decrease in the fair value, such as a decline due to changes in market interest rates, is recorded in other comprehensive income, net of tax. The Company recognizes a credit impairment if the Company has the intent to sell the security, or it is more likely than not that the Bank will be required to sell the security before recovery of its amortized cost. Prior to the adoption of ASU No. 2016-13 Management evaluated AFS and HTM debt securities for OTTI on at least a quarterly basis, and more frequently when economic or market conditions warranted such an evaluation. For securities in an unrealized loss position, management considered the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assessed whether it intended to sell, or it is more likely than not that it would be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value was recognized as an impairment through earnings. For securities that did not meet the aforementioned criteria, the amount of impairment would be split into two components as follows: (1) OTTI related to credit loss, which must be recognized in the statement of operations and (2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis.
SUMMARY OF RECENT ACCOUNTING PRONOUNCEMENTS	In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this ASU were effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications at the instrument level as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. In January 2021 the FASB issued ASU 2021-01. The amendments in this ASU clarify that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Specifically, certain provisions in ASC 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. In December 2022, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848): Deferral of Sunset Date of Topic 848. ASU 2020-04 defers the sunset date of ASC 848 from December 31, 2022, to December 31, 2024 because the current relief in ASC 848 did not cover the June 30, 2023 cessation date for the overnight 1-, 3-, 6-, and 12-month tenors of USD LIBOR. The Company’s LIBOR-based instruments included loans and trust preferred security liabilities. The required transition has been implemented successfully and LIBOR will no longer be offered to clients as a floating rate loan index. The trust preferred securities have transitioned to SOFR.

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	6 Months Ended
INVESTMENT SECURITIES (Tables)	Jun. 30, 2023
INVESTMENT SECURITIES
Schedule of amortized cost and fair value of securities available-for-sale and securities held-to-maturity	The following tables summarize the amortized cost and fair value of AFS and HTM debt securities and equity investments and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses recognized in earnings (in thousands): Gross Gross Unrealized/ Unrealized/ Amortized Unrecognized Unrecognized At June 30, 2023 Cost Gains Losses Fair Value Available-for-Sale Securities: U.S. Government agency securities $ 67,997 $ — $ (8,234) $ 59,763 U.S. State and Municipal securities 11,573 — (2,075) 9,498 Residential MBS 393,397 242 (74,578) 319,061 Commercial MBS 37,015 — (2,640) 34,375 Asset-backed securities 3,504 — (133) 3,371 Total securities available-for-sale $ 513,486 $ 242 $ (87,660) $ 426,068 Held-to-Maturity Securities: U.S. Treasury securities $ 54,738 $ 7 $ (2,118) $ 52,627 U.S. State and Municipal securities 15,693 — (2,122) 13,571 Residential MBS 437,082 — (67,577) 369,505 Commercial MBS 8,100 — (1,370) 6,730 Total securities held-to-maturity $ 515,613 $ 7 $ (73,187) $ 442,433 Equity Investments: CRA Mutual Fund $ 2,383 $ — $ (317) $ 2,066 Total equity investment securities $ 2,383 $ — $ (317) $ 2,066 Gross Gross Unrealized/ Unrealized/ Amortized Unrecognized Unrecognized At December 31, 2022 Cost Gains Losses Fair Value Available-for-Sale Securities: U.S. Government agency securities $ 67,996 $ — $ (8,624) $ 59,372 U.S. State and Municipal securities 11,649 — (2,437) 9,212 Residential MBS 413,998 279 (75,729) 338,548 Commercial MBS 37,069 10 (2,229) 34,850 Asset-backed securities 3,953 — (188) 3,765 Total securities available-for-sale $ 534,665 $ 289 $ (89,207) $ 445,747 Held-to-Maturity Securities: U.S. Treasury securities $ 29,852 $ — $ (2,223) $ 27,629 U.S. State and Municipal securities 15,814 — (2,609) 13,205 Residential MBS 456,648 — (67,027) 389,621 Commercial MBS 8,111 — (1,276) 6,835 Total securities held-to-maturity $ 510,425 $ — $ (73,135) $ 437,290 Equity Investments: CRA Mutual Fund $ 2,358 $ — $ (310) $ 2,048 Total equity investment securities $ 2,358 $ — $ (310) $ 2,048
Schedule of amortized cost and fair value of debt securities classified by contractual maturity	The tables below summarize, by contractual maturity, the amortized cost and fair value of debt securities. The tables do not include the effect of principal repayments or scheduled principal amortization. Equity securities, primarily investments in mutual funds, have been excluded from the table. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties (in thousands): Held-to-Maturity Available-for-Sale At June 30, 2023 Amortized Cost Fair Value Amortized Cost Fair Value Due within 1 year $ 24,865 $ 24,872 $ — $ — After 1 year through 5 years 29,874 27,756 66,000 59,006 After 5 years through 10 years 9,345 7,880 23,371 21,822 After 10 years 451,529 381,925 424,115 345,240 Total Securities $ 515,613 $ 442,433 $ 513,486 $ 426,068 Held-to-Maturity Available-for-Sale At December 31, 2022 Amortized Cost Fair Value Amortized Cost Fair Value Due within 1 year $ — $ — $ — $ — After 1 year through 5 years 29,852 27,630 54,736 48,959 After 5 years through 10 years 9,505 8,130 36,043 32,872 After 10 years 471,068 401,530 443,886 363,916 Total Securities $ 510,425 $ 437,290 $ 534,665 $ 445,747
Schedule of securities with unrealized/unrecognized losses	At June 30, 2023, debt securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows (in thousands): Less than 12 Months 12 Months or More Total Unrealized/ Unrealized/ Unrealized/ Estimated Unrecognized Estimated Unrecognized Estimated Unrecognized At June 30, 2023 Fair Value Losses Fair Value Losses Fair Value Losses Available-for-Sale Securities: U.S. Government agency securities $ — $ — $ 59,763 $ (8,234) $ 59,763 $ (8,234) U.S. State and Municipal securities — — 9,498 (2,075) 9,498 (2,075) Residential MBS — — 306,686 (74,578) 306,686 (74,578) Commercial MBS 23,378 (442) 10,997 (2,198) 34,375 (2,640) Asset-backed securities — — 3,371 (133) 3,371 (133) Total securities available-for-sale $ 23,378 $ (442) $ 390,315 $ (87,218) $ 413,693 $ (87,660) Held-to-Maturity Securities: U.S. Treasury securities $ — $ — $ 27,756 $ (2,118) $ 27,756 $ (2,118) U.S. State and Municipal securities — — 13,571 (2,122) 13,571 (2,122) Residential MBS 49,536 (2,863) 319,969 (64,714) 369,505 (67,577) Commercial MBS — — 6,730 (1,370) 6,730 (1,370) Total securities held-to-maturity $ 49,536 $ (2,863) $ 368,026 $ (70,324) $ 417,562 $ (73,187) At December 31, 2022, debt securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows (in thousands): Less than 12 Months 12 Months or More Total Unrealized/ Unrealized/ Unrealized/ Estimated Unrecognized Estimated Unrecognized Estimated Unrecognized At December 31, 2022 Fair Value Losses Fair Value Losses Fair Value Losses Available-for-Sale Securities: U.S. Government agency securities $ — $ — $ 59,372 $ (8,624) $ 59,372 $ (8,624) U.S. State and Municipal securities 2,546 (527) 6,666 (1,910) 9,212 (2,437) Residential MBS 19,576 (1,654) 305,936 (74,075) 325,512 (75,729) Commercial MBS 13,406 (198) 11,386 (2,031) 24,792 (2,229) Asset-backed securities — — 3,765 (188) 3,765 (188) Total securities available-for-sale $ 35,528 $ (2,379) $ 387,125 $ (86,828) $ 422,653 $ (89,207) Held-to-Maturity Securities: U.S. Treasury securities $ 18,683 $ (1,365) $ 8,946 $ (858) $ 27,629 $ (2,223) Residential MBS 162,960 (19,625) 226,661 (47,402) 389,621 (67,027) Commercial MBS — — 6,835 (1,276) 6,835 (1,276) U.S. State and Municipal securities 13,205 (2,609) — — 13,205 (2,609) Total securities held-to-maturity $ 194,848 $ (23,599) $ 242,442 $ (49,536) $ 437,290 $ (73,135)

LOANS AND ALLOWANCE FOR CREDI_2

LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)	6 Months Ended
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)	Jun. 30, 2023
Loans and Leases Receivable Disclosure [Line Items]
Schedule of net loans	Loans, net of deferred costs and fees, consist of the following (in thousands): At June 30, December 31, 2023 2022 Real estate Commercial $ 3,546,818 $ 3,254,508 Construction 131,370 143,693 Multi-family 460,285 468,540 One-to four-family 51,824 53,207 Total real estate loans 4,190,297 3,919,948 Commercial and industrial 954,700 908,616 Consumer 20,092 24,931 Total loans 5,165,089 4,853,495 Deferred fees, net of origination costs (15,543) (12,972) Loans, net of deferred fees and costs 5,149,546 4,840,523 Allowance for credit losses (51,650) (44,876) Net loans $ 5,097,896 $ 4,795,647
Schedule of changes in the allowance for loan losses by portfolio segment	The following tables present the activity in the ACL for funded loans by segment. The portfolio segments represent the categories that the Company uses to determine its ACL (in thousands): Commercial Commercial Multi One-to four- Three months ended June 30, 2023 Real Estate & Industrial Construction Family Family Consumer Total Allowance for credit losses: Beginning balance $ 31,836 $ 10,757 $ 1,261 $ 2,871 $ 407 $ 620 $ 47,752 Provision/(credit) for credit losses 2,785 220 339 672 (45) (29) 3,942 Loans charged-off — — — — — (44) (44) Recoveries — — — — — — — Total ending allowance balance $ 34,621 $ 10,977 $ 1,600 $ 3,543 $ 362 $ 547 $ 51,650 Commercial Commercial Multi One-to four- Three months ended June 30, 2022 Real Estate & Industrial Construction Family Family Consumer Total Allowance for credit losses: Beginning balance $ 24,720 $ 8,488 $ 2,329 $ 2,256 $ 104 $ 237 $ 38,134 Provision/(credit) for credit losses 1,225 656 258 283 (2) (20) 2,400 Loans charged-off — — — — — — — Recoveries — — — — — — — Total ending allowance balance $ 25,945 $ 9,144 $ 2,587 $ 2,539 $ 102 $ 217 $ 40,534 Commercial Commercial One-to four- Six months ended June 30, 2023 Real Estate & Industrial Construction Multi-family Family Consumer Total Allowance for credit losses: Beginning balance $ 29,496 $ 10,274 $ 1,983 $ 2,823 $ 105 $ 195 $ 44,876 Cumulative effect of changes in accounting principle 48 471 424 705 181 421 2,250 Provision/(credit) for credit losses 5,077 232 (807) 15 76 74 4,667 Loans charged-off — — — — — (143) (143) Recoveries — — — — — — — Total ending allowance balance $ 34,621 $ 10,977 $ 1,600 $ 3,543 $ 362 $ 547 $ 51,650 Commercial Commercial One-to four- Six months ended June 30, 2022 Real Estate & Industrial Construction Multi-family Family Consumer Total Allowance for credit losses: Beginning balance $ 22,216 $ 7,708 $ 2,105 $ 2,156 $ 140 $ 404 $ 34,729 Provision/(credit) for credit losses 3,729 1,436 482 383 (38) (192) 5,800 Loans charged-off — — — — — — — Recoveries — — — — — 5 5 Total ending allowance balance $ 25,945 $ 9,144 $ 2,587 $ 2,539 $ 102 $ 217 $ 40,534
Schedule of allowance for loan losses and the recorded investment in loans by portfolio segment	The following tables present the balance in the ACL and the recorded investment in loans by portfolio segment based on allowance measurement methodology (in thousands): Commercial Commercial One-to four- At June 30, 2023 Real Estate & Industrial Construction Multi-family Family Consumer Total Allowance for credit losses: Individually assessed $ — $ — $ — $ — $ — $ 24 $ 24 Collectively assessed 34,621 10,977 1,600 3,543 362 523 51,626 Total ending allowance balance $ 34,621 $ 10,977 $ 1,600 $ 3,543 $ 362 $ 547 $ 51,650 Loans: Individually assessed $ 40,729 $ 3,499 $ — $ — $ — $ 24 $ 44,252 Collectively assessed 3,506,089 951,201 131,370 460,285 51,824 20,068 5,120,837 Total ending loan balance $ 3,546,818 $ 954,700 $ 131,370 $ 460,285 $ 51,824 $ 20,092 $ 5,165,089 Commercial Commercial One-to four- At December 31, 2022 Real Estate & Industrial Construction Multi-family Family Consumer Total Allowance for credit losses: Individually assessed $ — $ — $ — $ — $ — $ 24 $ 24 Collectively assessed 29,496 10,274 1,983 2,823 105 171 44,852 Total ending allowance balance $ 29,496 $ 10,274 $ 1,983 $ 2,823 $ 105 $ 195 $ 44,876 Loans: Individually assessed $ 26,740 $ — $ — $ — $ 899 $ 24 $ 27,663 Collectively assessed 3,227,768 908,616 143,693 468,540 52,308 24,907 4,825,832 Total ending loan balance $ 3,254,508 $ 908,616 $ 143,693 $ 468,540 $ 53,207 $ 24,931 $ 4,853,495
Schedule of recorded investment in non-accrual loans, loans past due over 90 days and still accruing by class of loans	The following tables present the recorded investment in non-accrual loans and loans past due over 90 days and still accruing, by class of loans (in thousands): Nonaccrual Loans Past Due Without an Over 90 Days At June 30, 2023 Nonaccrual ACL Still Accruing Commercial real estate $ 24,000 $ 24,000 $ — Consumer 24 — — Total $ 24,024 $ 24,000 $ — Nonaccrual Loans Past Due Without an Over 90 Days At December 31, 2022 Nonaccrual ACL Still Accruing Consumer 24 — — Total $ 24 $ — $ —
Schedule of aging of the recorded investment in past due loans by class of loans	The following tables present the aging of the recorded investment in past due loans by class of loans (in thousands): 90 30-59 60-89 Days and Total past Current At June 30, 2023 Days Days greater due loans Total Commercial real estate $ — $ — $ 24,000 $ 24,000 $ 3,522,818 $ 3,546,818 Commercial & industrial 7,660 32 — 7,692 947,008 954,700 Construction — — — — 131,370 131,370 Multi-family — — — — 460,285 460,285 One-to four-family — — — — 51,824 51,824 Consumer 12 23 24 59 20,033 20,092 Total $ 7,672 $ 55 $ 24,024 $ 31,751 $ 5,133,338 $ 5,165,089 90 30-59 60-89 Days and Total past Current At December 31, 2022 Days Days greater due loans Total Commercial real estate $ — $ 24,000 $ — $ 24,000 $ 3,230,508 $ 3,254,508 Commercial & industrial 37 — — 37 908,579 908,616 Construction — — — — 143,693 143,693 Multi-family 8,000 — — 8,000 460,540 468,540 One-to four-family — — — — 53,207 53,207 Consumer 21 — 24 45 24,886 24,931 Total $ 8,058 $ 24,000 $ 24 $ 32,082 $ 4,821,413 $ 4,853,495
Schedule of risk category of loans by class of loans	The following table presents loan balances by credit quality indicator and year of origination at June 30, 2023 (in thousands): 2023 2022 2021 2020 2019 2018 & Prior Revolving Total CRE Pass $ 888,074 $ 1,405,948 $ 587,204 $ 163,773 $ 225,153 $ 130,995 $ 41,272 $ 3,442,419 Special Mention 48,641 — 14,714 315 — — — 63,670 Substandard — 24,000 — 16,729 — — — 40,729 Total $ 936,715 $ 1,429,948 $ 601,918 $ 180,817 $ 225,153 $ 130,995 $ 41,272 $ 3,546,818 Construction Pass $ 19,781 $ 65,409 $ 37,160 $ — $ — $ — $ 9,021 $ 131,371 Total $ 19,781 $ 65,409 $ 37,160 $ — $ — $ — $ 9,021 $ 131,371 Multi-family Pass $ 45,134 $ 183,628 $ 73,292 $ 23,883 $ 38,006 $ 89,819 $ 6,523 $ 460,285 Total $ 45,134 $ 183,628 $ 73,292 $ 23,883 $ 38,006 $ 89,819 $ 6,523 $ 460,285 One-to four-family Current $ — $ 4,163 $ — $ 12,117 $ 12,384 $ 23,160 $ — $ 51,824 Total $ — $ 4,163 $ — $ 12,117 $ 12,384 $ 23,160 $ — $ 51,824 Commercial and industrial Pass $ 131,656 $ 282,851 $ 116,901 $ 28,499 $ 16,869 $ 10,653 $ 305,004 $ 892,433 Special Mention — 34,418 — 2,447 — — 21,903 58,768 Substandard — — — — — — 3,499 3,499 Total $ 131,656 $ 317,269 $ 116,901 $ 30,946 $ 16,869 $ 10,653 $ 330,406 $ 954,700 Consumer Current $ — $ — $ — $ — $ — $ 20,033 $ — $ 20,033 Past due — — — — — 59 — 59 Total $ — $ — $ — $ — $ — $ 20,092 $ — $ 20,092 For loans evaluated by credit risk ratings, the following table presents loan balances by credit quality indicator and by class of loans at December 31, 2022 (in thousands): Special Pass Mention Substandard Doubtful Total Commercial real estate $ 3,192,212 $ 35,881 $ 26,415 $ — $ 3,254,508 Commercial & industrial 876,867 31,749 — — 908,616 Construction 143,693 — — — 143,693 Multi-family 468,540 — — — 468,540 Total $ 4,681,312 $ 67,630 $ 26,415 $ — $ 4,775,357
Schedule of loans determined to be impaired by class of loans	The following tables present loans individually evaluated for impairment pursuant to the disclosure requirements prior to the adoption of ASU No. 2016-13 on January 1, 2023 (in thousands). The recorded investment in loans excludes accrued interest receivable and loan origination fees. At December 31, 2022 Allowance Unpaid for Loan Principal Recorded Losses Balance Investment Allocated With an allowance recorded: Consumer 24 24 24 Total $ 24 $ 24 $ 24 Without an allowance recorded: One-to four-family $ 1,176 $ 899 $ — CRE 27,984 26,740 — Total $ 29,160 $ 27,639 $ — Average Interest Recorded Income Three months ended June 30, 2022 Investment Recognized With an allowance recorded: Consumer 24 — Total $ 24 $ — Without an allowance recorded: One-to four-family $ 927 $ 9 CRE 28,514 266 Total $ 29,441 $ 275 Average Interest Recorded Income Six months ended June 30, 2022 Investment Recognized With an allowance recorded: Consumer 117 — Total $ 117 $ — Without an allowance recorded: One-to four-family $ 784 $ 18 CRE 31,849 496 Total $ 32,633 $ 514
Unfunded loan commitment
Loans and Leases Receivable Disclosure [Line Items]
Schedule of allowance for loan losses and the recorded investment in loans by portfolio segment	The following tables present the activity in the ACL for unfunded loan commitments (in thousands): Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Balance at the beginning of period $ 877 $ 180 $ 180 $ 180 Cumulative effect of changes in accounting principle — — 777 — Provision/(credit) for credit losses 363 — 283 — Total ending allowance balance $ 1,240 $ 180 $ 1,240 $ 180

BORROWINGS (Tables)

BORROWINGS (Tables)	6 Months Ended
BORROWINGS (Tables)	Jun. 30, 2023
BORROWINGS
Schedule of federal funds purchased and FHLBNY advances	Borrowings consisted of the following (in thousands): Interest expense At June 30, At December 31, Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 2023 2022 Federal funds purchased and securities sold under agreements to repurchase $ 243,000 $ 150,000 $ 1,584 $ — $ 2,953 $ — Federal Home Loan Bank of New York advances $ 200,000 $ 100,000 $ 5,877 $ — $ 6,534 $ —

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
EARNINGS PER SHARE (Tables)	Jun. 30, 2023
EARNINGS PER SHARE
Schedule of earnings per share	The factors used in the earnings per share calculation are as follows (in thousands, except per share data). Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Basic Net income per consolidated statements of income $ 15,561 $ 23,189 $ 40,637 $ 42,210 Less: Earnings allocated to participating securities (82) (63) (170) (85) Net income available to common stockholders $ 15,479 $ 23,126 $ 40,467 $ 42,125 Weighted average common shares outstanding including participating securities 11,195,461 10,961,697 11,137,381 10,947,829 Less: Weighted average participating securities (59,200) (30,000) (46,686) (22,111) Weighted average common shares outstanding 11,136,261 10,931,697 11,090,695 10,925,718 Basic earnings per common share $ 1.39 $ 2.12 $ 3.65 $ 3.86 Diluted Net income allocated to common stockholders $ 15,479 $ 23,126 $ 40,467 $ 42,125 Weighted average common shares outstanding for basic earnings per common share 11,136,261 10,931,697 11,090,695 10,925,718 Add: Dilutive effects of assumed exercise of stock options 88,591 180,787 123,773 186,364 Add: Dilutive effects of assumed vesting of performance based restricted stock 53,553 52,004 56,682 63,980 Add: Dilutive effects of assumed vesting of restricted stock units — 25,319 — 32,930 Average shares and dilutive potential common shares 11,278,405 11,189,807 11,271,150 11,208,992 Dilutive earnings per common share $ 1.37 $ 2.07 $ 3.59 $ 3.76

STOCK COMPENSATION PLAN (Tables

STOCK COMPENSATION PLAN (Tables)	6 Months Ended
STOCK COMPENSATION PLAN (Tables)	Jun. 30, 2023
STOCK COMPENSATION PLAN
Schedule of status of the stock option plan	Six months ended June 30, 2023 Weighted Number of Average Options Exercise Price Outstanding, beginning of period 220,200 $ 18.00 Granted — — Exercised — — Cancelled/forfeited — — Outstanding, end of period 220,200 $ 18.00 Options vested and exercisable at end of period 220,200 $ 18.00 Weighted average remaining contractual life (years) 0.92 Weighted average intrinsic value $ 16.73
Schedule of changes in the non-vested restricted stock awards	Six months ended June 30, 2023 Weighted Average Number of Grant Date Shares Fair Value Outstanding, beginning of period 129,562 $ 86.01 Granted 198,498 56.04 Forfeited (14,838) 61.50 Vested (64,990) 84.28 Outstanding at end of period 248,232 $ 63.96

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	Jun. 30, 2023
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of Assets and Liabilities measured at fair value on a recurring basis	Assets measured at fair value on a recurring basis are summarized below (in thousands): Fair Value Measurement using: Quoted Prices in Active Significant Markets Other Significant Carrying For Identical Observable Unobservable Amount Assets (Level 1) Inputs (Level 2) Inputs (Level 3) At June 30, 2023 U.S. Government agency securities $ 59,763 $ — $ 59,763 $ — U.S. State and Municipal securities 9,498 — 9,498 — Residential mortgage securities 319,061 — 319,061 — Commercial mortgage securities 34,375 — 34,375 — Asset-backed securities 3,371 — 3,371 — CRA Mutual Fund 2,066 2,066 — — Derivatives 5,771 — 5,771 — Fair Value Measurement using: Quoted Prices in Active Significant Markets Other Significant Carrying For Identical Observable Unobservable Amount Assets (Level 1) Inputs (Level 2) Inputs (Level 3) At December 31, 2022 U.S. Government agency securities $ 59,372 $ — $ 59,372 $ — U.S. State and Municipal securities 9,212 — 9,212 — Residential mortgage securities 338,548 — 338,548 — Commercial mortgage securities 34,850 — 34,850 — Asset-backed securities 3,765 — 3,765 — CRA Mutual Fund 2,048 2,048 — — Derivatives — — — —
Schedule of carrying amount and estimated fair values of financial instruments	Carrying amounts and estimated fair values of financial instruments carried at amortized cost were as follows (in thousands): Fair Value Measurement Using: Quoted Prices in Active Significant Markets Other Significant Carrying For Identical Observable Unobservable Total Fair At June 30, 2023 Amount Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Value Financial Assets: Cash and due from banks $ 33,534 $ 33,534 $ — $ — $ 33,534 Overnight deposits 168,242 168,242 — — 168,242 Securities held-to-maturity 515,613 — 442,433 — 442,433 Loans, net 5,097,896 — — 4,971,753 4,971,753 Other investments FRB Stock 11,410 N/A N/A N/A N/A FHLB Stock 14,632 N/A N/A N/A N/A Disability Fund 1,500 — 1,500 — 1,500 Time deposits at banks 498 498 — — 498 Receivable from global payments business, net 84,919 — — 84,919 84,919 Accrued interest receivable 25,301 — 931 24,370 25,301 Financial Liabilities: Non-interest-bearing demand deposits $ 1,730,380 $ 1,730,380 $ — $ — $ 1,730,380 Money market and savings deposits 3,516,853 3,516,853 — — 3,516,853 Time deposits 41,332 — 40,537 — 40,537 Federal funds purchased 243,000 — 243,000 — 243,000 Federal Home Loan Bank of New York advances 200,000 — 200,000 — 200,000 Trust preferred securities payable 20,620 — — 19,986 19,986 Prepaid debit cardholder balances 10,772 — — 10,772 10,772 Accrued interest payable 652 12 265 375 652 Secured borrowings 7,655 — 7,655 — 7,655 Fair Value Measurement Using: Quoted Prices in Active Significant Markets Other Significant Carrying For Identical Observable Unobservable Total Fair At December 31, 2022 Amount Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Value Financial Assets: Cash and due from banks $ 26,780 $ 26,780 $ — $ — $ 26,780 Overnight deposits 230,638 230,638 — — 230,638 Securities held-to-maturity 510,425 — 437,290 — 437,290 Loans, net 4,795,647 — — 4,737,007 4,737,007 Other investments FRB Stock 11,421 N/A N/A N/A N/A FHLB Stock 9,191 N/A N/A N/A N/A Disability Fund 1,000 — 1,000 — 1,000 Time deposits at banks 498 498 — — 498 Receivable from global payments business, net 85,605 — — 85,605 85,605 Accrued interest receivable 24,107 — 964 23,143 24,107 Financial Liabilities: Non-interest-bearing demand deposits $ 2,422,151 $ 2,422,151 $ — $ — $ 2,422,151 Money market and savings deposits 2,803,698 2,803,698 — — 2,803,698 Time deposits 52,063 — 51,058 — 51,058 Federal funds purchased 150,000 — 150,000 — 150,000 Federal Home Loan Bank of New York advances 100,000 — 100,000 — 100,000 Trust preferred securities payable 20,620 — — 19,953 19,953 Prepaid debit cardholder balances 10,579 — — 10,579 10,579 Accrued interest payable 728 112 293 323 728 Secured borrowings 7,725 — 7,725 — 7,725

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	Jun. 30, 2023
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Schedule of reclassifications out of accumulated other comprehensive income	The following table shows the amounts reclassified out of AOCI for the sale and calls of AFS securities and realized gain on cash flow hedges (in thousands): Affected line item in Three months ended Six months ended the Consolidated Statements June 30, June 30, of Operations 2023 2022 2023 2022 Realized gain on sale of AFS securities $ — $ — $ — $ — Gain on Sale of Securities Income tax (expense) benefit — — — — Income tax expense Total reclassifications, net of income tax $ — $ — $ — $ — Realized gain on cash flow hedges $ 1,218 $ — $ 2,453 $ — Licensing fees Income tax (expense) benefit (374) — (599) — Income tax expense Total reclassifications, net of income tax $ 844 $ — $ 1,854 $ —

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Jun. 30, 2023
COMMITMENTS AND CONTINGENCIES
Schedule of off-balance-sheet financial instruments	The following off-balance-sheet financial instruments, whose contract amounts represent credit risk, are outstanding (in thousands): At June 30, 2023 At December 31, 2022 Fixed Variable Fixed Variable Rate Rate Rate Rate Unused commitments $ 70,459 $ 395,442 $ 40,685 $ 364,908 Standby and commercial letters of credit 61,013 — 53,947 — $ 131,472 $ 395,442 $ 94,632 $ 364,908

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	6 Months Ended
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	Jun. 30, 2023
REVENUE FROM CONTRACTS WITH CUSTOMERS
Schedule of Company's sources of non-interest income	The following table presents the Company’s revenue from contracts with customers (in thousands): Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Service charges on deposit accounts $ 1,481 $ 1,474 $ 2,937 $ 2,844 Global Payments Group revenue 5,731 5,242 10,581 10,899 Other service charges and fees 676 355 1,318 861 Total $ 7,888 $ 7,071 $ 14,836 $ 14,604

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
DERIVATIVES (Tables)	Jun. 30, 2023
DERIVATIVES
Schedule of notional amount and fair value	The following tables reflect the derivatives recorded on the balance sheet (in thousands): Fair Value Notional Asset / Amount (Liability) At June 30, 2023 Derivatives designated as hedges: Interest rate swap related to customer deposits $ 400,000 $ 5,771 Total included in Other Assets $ 400,000 $ 5,771 At December 31, 2022 Derivatives designated as hedges: Interest rate cap related to customer deposits $ — $ — Total included in Other Assets $ — $ —
Schedule of effect of cash flow hedge accounting on accumulated other comprehensive income	The effect of cash flow hedge accounting on accumulated other comprehensive income is as follows (in thousands): June 30, Six months ended June 30, 2023 2022 2023 2022 Interest rate caps related to customer deposits Amount of gain (loss) recognized in OCI, net of tax $ 4,695 $ 1,677 $ 4,007 $ 7,764 Amount of gain (loss) reclassified from OCI into income $ 1,218 $ — $ 2,453 $ — Location of gain (loss) reclassified from OCI into income Licensing fees N/A Licensing fees N/A N/A - not applicable

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - USD ($)	Jun. 30, 2023	Jan. 01, 2023	Dec. 31, 2022
Loan commitments	$ 51,650,000		$ 44,876,000
Retained earnings	$ 279,344,000		240,810,000
Cumulative Effect, Period of Adoption, Adjustment \| ASU 2016-13
Loan commitments			$ 3,000,000
Increased deferred tax assets		$ 777,000
Retained earnings		$ 2,100,000

INVESTMENT SECURITIES (Schedule

INVESTMENT SECURITIES (Schedule of amortized cost and fair value of securities available-for-sale) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Available-for-sale Securities [Line Items]
Investment securities available-for-sale, at fair value	$ 426,068	$ 445,747
Available-for-sale Securities.
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	513,486	534,665
Gross Unrealized/Unrecognized Gains	242	289
Gross Unrealized/Unrecognized Losses	(87,660)	(89,207)
Investment securities available-for-sale, at fair value	426,068	445,747
Available-for-sale Securities. \| U.S. Government agency securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	67,997	67,996
Gross Unrealized/Unrecognized Gains		0
Gross Unrealized/Unrecognized Losses	(8,234)	(8,624)
Investment securities available-for-sale, at fair value	59,763	59,372
Available-for-sale Securities. \| U.S. State and Municipal securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	11,573	11,649
Gross Unrealized/Unrecognized Gains		0
Gross Unrealized/Unrecognized Losses	(2,075)	(2,437)
Investment securities available-for-sale, at fair value	9,498	9,212
Available-for-sale Securities. \| Residential MBS
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	393,397	413,998
Gross Unrealized/Unrecognized Gains	242	279
Gross Unrealized/Unrecognized Losses	(74,578)	(75,729)
Investment securities available-for-sale, at fair value	319,061	338,548
Available-for-sale Securities. \| Commercial MBS
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	37,015	37,069
Gross Unrealized/Unrecognized Gains		10
Gross Unrealized/Unrecognized Losses	(2,640)	(2,229)
Investment securities available-for-sale, at fair value	34,375	34,850
Available-for-sale Securities. \| Asset-backed Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	3,504	3,953
Gross Unrealized/Unrecognized Gains		0
Gross Unrealized/Unrecognized Losses	(133)	(188)
Investment securities available-for-sale, at fair value	$ 3,371	$ 3,765

INVESTMENT SECURITIES (Schedu_2

INVESTMENT SECURITIES (Schedule of amortized cost and fair value of securities held-to-maturity) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 515,613	$ 510,425
Total Securities	442,400	437,300
Held-to-maturity Securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	515,613	510,425
Gross Unrealized/Unrecognized Gains	7	0
Gross Unrealized/Unrecognized Losses	(73,187)	(73,135)
Total Securities	442,433	437,290
Held-to-maturity Securities \| US Treasury Securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	54,738	29,852
Gross Unrealized/Unrecognized Gains	7	0
Gross Unrealized/Unrecognized Losses	(2,118)	(2,223)
Total Securities	52,627	27,629
Held-to-maturity Securities \| U.S. State and Municipal securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	15,693	15,814
Gross Unrealized/Unrecognized Gains		0
Gross Unrealized/Unrecognized Losses	(2,122)	(2,609)
Total Securities	13,571	13,205
Held-to-maturity Securities \| Residential MBS
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	437,082	456,648
Gross Unrealized/Unrecognized Gains		0
Gross Unrealized/Unrecognized Losses	(67,577)	(67,027)
Total Securities	369,505	389,621
Held-to-maturity Securities \| Commercial MBS
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	8,100	8,111
Gross Unrealized/Unrecognized Gains		0
Gross Unrealized/Unrecognized Losses	(1,370)	(1,276)
Total Securities	$ 6,730	$ 6,835

INVESTMENT SECURITIES (Schedu_3

INVESTMENT SECURITIES (Schedule of amortized cost and fair value of marketable equity securities) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Marketable Securities [Line Items]
Amortized Cost	$ 2,383		$ 2,383		$ 2,358
Gross Unrealized/Unrecognized Gains					0
Gross Unrealized/Unrecognized Losses	(317)		(317)		(310)
Fair Value	2,066		2,066		2,048
Proceeds	0	$ 0	0	$ 0
CRA mutual fund
Marketable Securities [Line Items]
Amortized Cost	2,383		2,383		2,358
Gross Unrealized/Unrecognized Gains					0
Gross Unrealized/Unrecognized Losses	(317)		(317)		(310)
Fair Value	$ 2,066		$ 2,066		$ 2,048

INVESTMENT SECURITIES (Schedu_4

INVESTMENT SECURITIES (Schedule of Amortized Cost and Fair Value of Securities Classified by Contractual Maturity) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Held-to-maturity Securities, Amortized Cost
Due within 1 year	$ 24,865
After 1 year through 5 years	29,874	$ 29,852
After 5 years though 10 years	9,345	9,505
After 10 years	451,529	471,068
Amortized Cost, total	515,613	510,425
Held-to-maturity Securities, Fair Value
Due within 1 year	24,872
After 1 year through 5 years	27,756	27,630
After 5 years though 10 years	7,880	8,130
After 10 years	381,925	401,530
Fair Value, total	442,433	437,290
Available-for-sale Securities, Amortized Cost
After 1 year through 5 years	66,000	54,736
After 5 years though 10 years	23,371	36,043
After 10 years	424,115	443,886
Amortized Cost, total	513,486	534,665
Available-for-sale Securities, Fair Value
After 1 year through 5 years	59,006	48,959
After 5 years though 10 years	21,822	32,872
After 10 years	345,240	363,916
Fair Value, total	426,068	445,747
Asset Pledged as Collateral
Available-for-sale Securities, Fair Value
Securities pledged	3,400,000	2,400,000
Asset Pledged as Collateral \| FRB
Available-for-sale Securities, Fair Value
Securities pledged	$ 941,700	$ 25,000

INVESTMENT SECURITIES (Schedu_5

INVESTMENT SECURITIES (Schedule of Securities with Unrealized Losses) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) item	Dec. 31, 2022 USD ($) item
Held-to-maturity Securities
Number of securities of one issuer \| item	0	0
Impairment loss	$ 0	$ 0
Available-for-sale Securities.
Available-for-sale Securities
Less than 12 Months, Estimated Fair Value	23,378	35,528
Less than 12 Months, Unrealized/Unrecognized Losses	(442)	(2,379)
12 months or more, Estimated Fair Value	390,315	387,125
12 months or more, Unrealized/Unrecognized Losses	(87,218)	(86,828)
Total, Estimated Fair Value	413,693	422,653
Total, Unrealized/Unrecognized Losses	(87,660)	(89,207)
Held-to-maturity Securities
Held-to-maturity Securities
Less than 12 Months, Estimated Fair Value	49,536	194,848
Less than 12 Months, Unrealized/Unrecognized Losses	(2,863)	(23,599)
12 months or more, Estimated Fair Value	368,026	242,442
12 months or more, Unrealized/Unrecognized Losses	(70,324)	(49,536)
Total, Estimated Fair Value	417,562	437,290
Total, Unrealized Losses	(73,187)	(73,135)
U.S. Government agency securities \| Available-for-sale Securities.
Available-for-sale Securities
Less than 12 Months, Estimated Fair Value	0	0
Less than 12 Months, Unrealized/Unrecognized Losses	0	0
12 months or more, Estimated Fair Value	59,763	59,372
12 months or more, Unrealized/Unrecognized Losses	(8,234)	(8,624)
Total, Estimated Fair Value	59,763	59,372
Total, Unrealized/Unrecognized Losses	(8,234)	(8,624)
U.S. State and Municipal securities \| Available-for-sale Securities.
Available-for-sale Securities
Less than 12 Months, Estimated Fair Value	0	2,546
Less than 12 Months, Unrealized/Unrecognized Losses	0	(527)
12 months or more, Estimated Fair Value	9,498	6,666
12 months or more, Unrealized/Unrecognized Losses	(2,075)	(1,910)
Total, Estimated Fair Value	9,498	9,212
Total, Unrealized/Unrecognized Losses	(2,075)	(2,437)
U.S. State and Municipal securities \| Held-to-maturity Securities
Held-to-maturity Securities
Less than 12 Months, Estimated Fair Value	0	13,205
Less than 12 Months, Unrealized/Unrecognized Losses	0	(2,609)
12 months or more, Estimated Fair Value	13,571
12 months or more, Unrealized/Unrecognized Losses	(2,122)
Total, Estimated Fair Value	13,571	13,205
Total, Unrealized Losses	(2,122)	(2,609)
Residential MBS \| Available-for-sale Securities.
Available-for-sale Securities
Less than 12 Months, Estimated Fair Value	0	19,576
Less than 12 Months, Unrealized/Unrecognized Losses	0	(1,654)
12 months or more, Estimated Fair Value	306,686	305,936
12 months or more, Unrealized/Unrecognized Losses	(74,578)	(74,075)
Total, Estimated Fair Value	306,686	325,512
Total, Unrealized/Unrecognized Losses	(74,578)	(75,729)
Residential MBS \| Held-to-maturity Securities
Held-to-maturity Securities
Less than 12 Months, Estimated Fair Value	49,536	162,960
Less than 12 Months, Unrealized/Unrecognized Losses	(2,863)	(19,625)
12 months or more, Estimated Fair Value	319,969	226,661
12 months or more, Unrealized/Unrecognized Losses	(64,714)	(47,402)
Total, Estimated Fair Value	369,505	389,621
Total, Unrealized Losses	(67,577)	(67,027)
Commercial MBS \| Available-for-sale Securities.
Available-for-sale Securities
Less than 12 Months, Estimated Fair Value	23,378	13,406
Less than 12 Months, Unrealized/Unrecognized Losses	(442)	(198)
12 months or more, Estimated Fair Value	10,997	11,386
12 months or more, Unrealized/Unrecognized Losses	(2,198)	(2,031)
Total, Estimated Fair Value	34,375	24,792
Total, Unrealized/Unrecognized Losses	(2,640)	(2,229)
Commercial MBS \| Held-to-maturity Securities
Held-to-maturity Securities
Less than 12 Months, Estimated Fair Value	0	0
Less than 12 Months, Unrealized/Unrecognized Losses	0	0
12 months or more, Estimated Fair Value	6,730	6,835
12 months or more, Unrealized/Unrecognized Losses	(1,370)	(1,276)
Total, Estimated Fair Value	6,730	6,835
Total, Unrealized Losses	(1,370)	(1,276)
Asset-backed Securities \| Available-for-sale Securities.
Available-for-sale Securities
Less than 12 Months, Estimated Fair Value	0	0
Less than 12 Months, Unrealized/Unrecognized Losses	0	0
12 months or more, Estimated Fair Value	3,371	3,765
12 months or more, Unrealized/Unrecognized Losses	(133)	(188)
Total, Estimated Fair Value	3,371	3,765
Total, Unrealized/Unrecognized Losses	(133)	(188)
US Treasury Securities \| Held-to-maturity Securities
Held-to-maturity Securities
Less than 12 Months, Estimated Fair Value	0	18,683
Less than 12 Months, Unrealized/Unrecognized Losses	0	(1,365)
12 months or more, Estimated Fair Value	27,756	8,946
12 months or more, Unrealized/Unrecognized Losses	(2,118)	(858)
Total, Estimated Fair Value	27,756	27,629
Total, Unrealized Losses	$ (2,118)	$ (2,223)

LOANS AND ALLOWANCE FOR CREDI_3

LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of Loan Receivables) (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Loans and Leases Receivable Disclosure [Line Items]
Total loans	$ 5,165,089,000		$ 4,853,495,000
Deferred fees, net of origination costs	(15,543,000)		(12,972,000)
Loans, net of deferred fees and costs	5,149,546,000		4,840,523,000
Allowance for credit losses	(51,650,000)	$ (47,752,000)	(44,876,000)	$ (40,534,000)	$ (38,134,000)	$ (34,729,000)
Net loans	5,097,896,000		4,795,647,000
Asset Pledged as Collateral
Loans and Leases Receivable Disclosure [Line Items]
Securities pledged	3,400,000,000		2,400,000,000
Real estate
Loans and Leases Receivable Disclosure [Line Items]
Total loans	4,190,297,000		3,919,948,000
Commercial and industrial
Loans and Leases Receivable Disclosure [Line Items]
Total loans	954,700,000		908,616,000
Allowance for credit losses	(10,977,000)	(10,757,000)	(10,274,000)	(9,144,000)	(8,488,000)	(7,708,000)
Commercial and industrial \| Paycheck Protection Program loans
Loans and Leases Receivable Disclosure [Line Items]
Net loans	77,000		97,000
Consumer
Loans and Leases Receivable Disclosure [Line Items]
Total loans	20,092,000		24,931,000
Allowance for credit losses	(547,000)	(620,000)	(195,000)	(217,000)	(237,000)	(404,000)
Commercial \| Real estate
Loans and Leases Receivable Disclosure [Line Items]
Total loans	3,546,818,000		3,254,508,000
Allowance for credit losses	(34,621,000)	(31,836,000)	(29,496,000)	(25,945,000)	(24,720,000)	(22,216,000)
Commercial \| Commercial and industrial
Loans and Leases Receivable Disclosure [Line Items]
Total loans			908,616,000
Construction
Loans and Leases Receivable Disclosure [Line Items]
Total loans			143,693,000
Construction \| Real estate
Loans and Leases Receivable Disclosure [Line Items]
Total loans	131,370,000		143,693,000
Allowance for credit losses	(1,600,000)	(1,261,000)	(1,983,000)	(2,587,000)	(2,329,000)	(2,105,000)
Multifamily
Loans and Leases Receivable Disclosure [Line Items]
Total loans			468,540,000
Multifamily \| Real estate
Loans and Leases Receivable Disclosure [Line Items]
Total loans	460,285,000		468,540,000
Allowance for credit losses	(3,543,000)	(2,871,000)	(2,823,000)	(2,539,000)	(2,256,000)	(2,156,000)
One to four family \| Real estate
Loans and Leases Receivable Disclosure [Line Items]
Total loans	51,824,000		53,207,000
Allowance for credit losses	$ (362,000)	$ (407,000)	$ (105,000)	$ (102,000)	$ (104,000)	$ (140,000)

LOANS AND ALLOWANCE FOR CREDI_4

LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of Activity in the Allowance for Loan Losses by Segment) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	$ 47,752,000	$ 38,134,000	$ 44,876,000	$ 34,729,000
Provision /(credit) for loan losses	3,942,000	2,400,000	4,667,000	5,800,000
Loans charged-off	(44,000)		(143,000)
Recoveries		0		5,000
Total ending allowance balance	51,650,000	40,534,000	51,650,000	40,534,000
Net charge-offs	44,000,000		143,000,000
Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance			2,250,000
Real estate \| Commercial
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	31,836,000	24,720,000	29,496,000	22,216,000
Provision /(credit) for loan losses	2,785,000	1,225,000	5,077,000	3,729,000
Total ending allowance balance	34,621,000	25,945,000	34,621,000	25,945,000
Real estate \| Commercial \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance			48,000
Real estate \| Construction
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	1,261,000	2,329,000	1,983,000	2,105,000
Provision /(credit) for loan losses	339,000	258,000	(807,000)	482,000
Total ending allowance balance	1,600,000	2,587,000	1,600,000	2,587,000
Real estate \| Construction \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance			424,000
Real estate \| Multifamily
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	2,871,000	2,256,000	2,823,000	2,156,000
Provision /(credit) for loan losses	672,000	283,000	15,000	383,000
Total ending allowance balance	3,543,000	2,539,000	3,543,000	2,539,000
Real estate \| Multifamily \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance			705,000
Real estate \| One to four family
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	407,000	104,000	105,000	140,000
Provision /(credit) for loan losses	(45,000)	(2,000)	76,000	(38,000)
Total ending allowance balance	362,000	102,000	362,000	102,000
Real estate \| One to four family \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance			181,000
Commercial and industrial
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	10,757,000	8,488,000	10,274,000	7,708,000
Provision /(credit) for loan losses	220,000	656,000	232,000	1,436,000
Total ending allowance balance	10,977,000	9,144,000	10,977,000	9,144,000
Commercial and industrial \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance			471,000
Consumer
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	620,000	237,000	195,000	404,000
Provision /(credit) for loan losses	(29,000)	(20,000)	74,000	(192,000)
Loans charged-off	(44,000)		(143,000)
Recoveries				5,000
Total ending allowance balance	$ 547,000	$ 217,000	547,000	$ 217,000
Consumer \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance			$ 421,000

LOANS AND ALLOWANCE FOR CREDI_5

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Unfunded loan commitment allowances activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Activity in the ACL for unfunded loan commitments
Balance at the beginning of period			$ 44,876
Total ending allowance balance	$ 51,650		51,650
Unfunded loan commitment
Activity in the ACL for unfunded loan commitments
Balance at the beginning of period	877	$ 180	180	$ 180
Provision/(credit) for credit losses	363		283
Total ending allowance balance	$ 1,240	$ 180	1,240	$ 180
Unfunded loan commitment \| Cumulative Effect, Period of Adoption, Adjustment
Activity in the ACL for unfunded loan commitments
Balance at the beginning of period			$ 777

LOANS AND ALLOWANCE FOR CREDI_6

LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of Loans by Impairment Method) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Loans and Leases Receivable Disclosure [Line Items]
Individually evaluated for impairment, Allowance for loan losses	$ 24	$ 24
Collectively evaluated for impairment, Allowance for loan losses	51,626	44,852
Total ending loan balance	51,650	44,876
Individually evaluated for impairment, Loans	44,252	27,663
Collectively evaluated for impairment, Loans	5,120,837	4,825,832
Total ending loan balance	5,165,089	4,853,495
Commercial
Loans and Leases Receivable Disclosure [Line Items]
Total ending loan balance	3,546,818
Construction
Loans and Leases Receivable Disclosure [Line Items]
Total ending loan balance	131,371
Multifamily
Loans and Leases Receivable Disclosure [Line Items]
Total ending loan balance	460,285
One to four family
Loans and Leases Receivable Disclosure [Line Items]
Total ending loan balance	51,824
Real estate \| Commercial
Loans and Leases Receivable Disclosure [Line Items]
Collectively evaluated for impairment, Allowance for loan losses	34,621	29,496
Total ending loan balance	34,621	29,496
Individually evaluated for impairment, Loans	40,729	26,740
Collectively evaluated for impairment, Loans	3,506,089	3,227,768
Total ending loan balance	3,546,818	3,254,508
Real estate \| Construction
Loans and Leases Receivable Disclosure [Line Items]
Collectively evaluated for impairment, Allowance for loan losses	1,600	1,983
Total ending loan balance	1,600	1,983
Collectively evaluated for impairment, Loans	131,370	143,693
Total ending loan balance	131,370	143,693
Real estate \| Multifamily
Loans and Leases Receivable Disclosure [Line Items]
Collectively evaluated for impairment, Allowance for loan losses	3,543	2,823
Total ending loan balance	3,543	2,823
Collectively evaluated for impairment, Loans	460,285	468,540
Total ending loan balance	460,285	468,540
Real estate \| One to four family
Loans and Leases Receivable Disclosure [Line Items]
Collectively evaluated for impairment, Allowance for loan losses	362	105
Total ending loan balance	362	105
Individually evaluated for impairment, Loans		899
Collectively evaluated for impairment, Loans	51,824	52,308
Total ending loan balance	51,824	53,207
Commercial and industrial
Loans and Leases Receivable Disclosure [Line Items]
Collectively evaluated for impairment, Allowance for loan losses	10,977	10,274
Total ending loan balance	10,977	10,274
Individually evaluated for impairment, Loans	3,499
Collectively evaluated for impairment, Loans	951,201	908,616
Total ending loan balance	954,700	908,616
Consumer
Loans and Leases Receivable Disclosure [Line Items]
Individually evaluated for impairment, Allowance for loan losses	24	24
Collectively evaluated for impairment, Allowance for loan losses	523	171
Total ending loan balance	547	195
Individually evaluated for impairment, Loans	24	24
Collectively evaluated for impairment, Loans	20,068	24,907
Total ending loan balance	$ 20,092	$ 24,931

LOANS AND ALLOWANCE FOR CREDI_7

LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of Non-accrual Loans) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Loans and Leases Receivable Disclosure [Line Items]
Nonaccrual	$ 24,024	$ 24
Nonaccrual without an ACL	24,000
Loans Past Due Over 90 Days Still Accruing	0
Real estate \| Commercial
Loans and Leases Receivable Disclosure [Line Items]
Nonaccrual	24,000
Nonaccrual without an ACL	24,000
Loans Past Due Over 90 Days Still Accruing	0
Consumer
Loans and Leases Receivable Disclosure [Line Items]
Nonaccrual	24	$ 24
Loans Past Due Over 90 Days Still Accruing	$ 0

LOANS AND ALLOWANCE FOR CREDI_8

LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of Past Due Loans) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	$ 5,165,089	$ 4,853,495
30 - 59 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	7,672	8,058
60 - 89 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	55	24,000
90 days and greater
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	24,024	24
Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	31,751	32,082
Current
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	5,133,338	4,821,413
Commercial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	3,546,818
Construction
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	131,371
Multifamily
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	460,285
One to four family
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	51,824
One to four family \| Current
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	51,824
Real estate \| Commercial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	3,546,818	3,254,508
Real estate \| Commercial \| 60 - 89 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans		24,000
Real estate \| Commercial \| 90 days and greater
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	24,000
Real estate \| Commercial \| Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	24,000	24,000
Real estate \| Commercial \| Current
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	3,522,818	3,230,508
Real estate \| Construction
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	131,370	143,693
Real estate \| Construction \| Current
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	131,370	143,693
Real estate \| Multifamily
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	460,285	468,540
Real estate \| Multifamily \| 30 - 59 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans		8,000
Real estate \| Multifamily \| Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans		8,000
Real estate \| Multifamily \| Current
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	460,285	460,540
Real estate \| One to four family
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	51,824	53,207
Real estate \| One to four family \| Current
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	51,824	53,207
Commercial and industrial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	954,700	908,616
Commercial and industrial \| 30 - 59 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	7,660	37
Commercial and industrial \| 60 - 89 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	32
Commercial and industrial \| Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	7,692	37
Commercial and industrial \| Current
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	947,008	908,579
Consumer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	20,092	24,931
Consumer \| 30 - 59 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	12	21
Consumer \| 60 - 89 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	23
Consumer \| 90 days and greater
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	24	24
Consumer \| Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	59	45
Consumer \| Current
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans	$ 20,033	$ 24,886

LOANS AND ALLOWANCE FOR CREDI_9

LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of Loans by Risk Category) (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($) loan	Jun. 30, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Total loans	$ 5,165,089	$ 5,165,089	$ 4,853,495
Number of TDR loans during the period \| loan	0	0
Construction
Loans and Leases Receivable Disclosure [Line Items]
Total loans			143,693
Construction \| Pass
Loans and Leases Receivable Disclosure [Line Items]
Total loans			143,693
Multifamily
Loans and Leases Receivable Disclosure [Line Items]
Total loans			468,540
Multifamily \| Pass
Loans and Leases Receivable Disclosure [Line Items]
Total loans			468,540
Receivables other than one to four family and consumer loans
Loans and Leases Receivable Disclosure [Line Items]
Total loans			4,775,357
Receivables other than one to four family and consumer loans \| Pass
Loans and Leases Receivable Disclosure [Line Items]
Total loans			4,681,312
Receivables other than one to four family and consumer loans \| Special Mention
Loans and Leases Receivable Disclosure [Line Items]
Total loans			67,630
Receivables other than one to four family and consumer loans \| Substandard
Loans and Leases Receivable Disclosure [Line Items]
Total loans			26,415
Real estate
Loans and Leases Receivable Disclosure [Line Items]
Total loans	$ 4,190,297	$ 4,190,297	3,919,948
Real estate \| Commercial
Loans and Leases Receivable Disclosure [Line Items]
Total loans	3,546,818	3,546,818	3,254,508
Real estate \| Commercial \| Pass
Loans and Leases Receivable Disclosure [Line Items]
Total loans			3,192,212
Real estate \| Commercial \| Special Mention
Loans and Leases Receivable Disclosure [Line Items]
Total loans			35,881
Real estate \| Commercial \| Substandard
Loans and Leases Receivable Disclosure [Line Items]
Total loans			26,415
Real estate \| Construction
Loans and Leases Receivable Disclosure [Line Items]
Total loans	131,370	131,370	143,693
Real estate \| Multifamily
Loans and Leases Receivable Disclosure [Line Items]
Total loans	460,285	460,285	468,540
Commercial and industrial
Loans and Leases Receivable Disclosure [Line Items]
Total loans	$ 954,700	$ 954,700	908,616
Commercial and industrial \| Commercial
Loans and Leases Receivable Disclosure [Line Items]
Total loans			908,616
Commercial and industrial \| Commercial \| Pass
Loans and Leases Receivable Disclosure [Line Items]
Total loans			876,867
Commercial and industrial \| Commercial \| Special Mention
Loans and Leases Receivable Disclosure [Line Items]
Total loans			$ 31,749

LOANS AND ALLOWANCE FOR CRED_10

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Credit Quality Indicator (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
LOANS AND ALLOWANCE FOR CREDIT LOSSES
Loans	$ 5,165,089	$ 4,853,495
Past Due
LOANS AND ALLOWANCE FOR CREDIT LOSSES
Loans	31,751	32,082
Current
LOANS AND ALLOWANCE FOR CREDIT LOSSES
Loans	5,133,338	4,821,413
Commercial and industrial
LOANS AND ALLOWANCE FOR CREDIT LOSSES
2023	131,656
2022	317,269
2021	116,901
2020	30,946
2019	16,869
2018 & Prior	10,653
Revolving	330,406
Loans	954,700	908,616
Commercial and industrial \| Past Due
LOANS AND ALLOWANCE FOR CREDIT LOSSES
Loans	7,692	37
Commercial and industrial \| Current
LOANS AND ALLOWANCE FOR CREDIT LOSSES
Loans	947,008	908,579
Consumer
LOANS AND ALLOWANCE FOR CREDIT LOSSES
2018 & Prior	20,092
Loans	20,092	24,931
Consumer \| Past Due
LOANS AND ALLOWANCE FOR CREDIT LOSSES
2018 & Prior	59
Loans	59	45
Consumer \| Current
LOANS AND ALLOWANCE FOR CREDIT LOSSES
2018 & Prior	20,033
Loans	20,033	24,886
Commercial
LOANS AND ALLOWANCE FOR CREDIT LOSSES
2023	936,715
2022	1,429,948
2021	601,918
2020	180,817
2019	225,153
2018 & Prior	130,995
Revolving	41,272
Loans	3,546,818
Commercial \| Commercial
LOANS AND ALLOWANCE FOR CREDIT LOSSES
Loans	40,700
Commercial \| Real estate
LOANS AND ALLOWANCE FOR CREDIT LOSSES
Loans	3,546,818	3,254,508
Commercial \| Real estate \| Past Due
LOANS AND ALLOWANCE FOR CREDIT LOSSES
Loans	24,000	24,000
Commercial \| Real estate \| Current
LOANS AND ALLOWANCE FOR CREDIT LOSSES
Loans	3,522,818	3,230,508
Construction
LOANS AND ALLOWANCE FOR CREDIT LOSSES
2023	19,781
2022	65,409
2021	37,160
Revolving	9,021
Loans	131,371
Construction \| Real estate
LOANS AND ALLOWANCE FOR CREDIT LOSSES
Loans	131,370	143,693
Construction \| Real estate \| Current
LOANS AND ALLOWANCE FOR CREDIT LOSSES
Loans	131,370	143,693
Multifamily
LOANS AND ALLOWANCE FOR CREDIT LOSSES
2023	45,134
2022	183,628
2021	73,292
2020	23,883
2019	38,006
2018 & Prior	89,819
Revolving	6,523
Loans	460,285
Multifamily \| Real estate
LOANS AND ALLOWANCE FOR CREDIT LOSSES
Loans	460,285	468,540
Multifamily \| Real estate \| Past Due
LOANS AND ALLOWANCE FOR CREDIT LOSSES
Loans		8,000
Multifamily \| Real estate \| Current
LOANS AND ALLOWANCE FOR CREDIT LOSSES
Loans	460,285	460,540
One to four family
LOANS AND ALLOWANCE FOR CREDIT LOSSES
2022	4,163
2020	12,117
2019	12,384
2018 & Prior	23,160
Loans	51,824
One to four family \| Current
LOANS AND ALLOWANCE FOR CREDIT LOSSES
2022	4,163
2020	12,117
2019	12,384
2018 & Prior	23,160
Loans	51,824
One to four family \| Real estate
LOANS AND ALLOWANCE FOR CREDIT LOSSES
Loans	51,824	53,207
One to four family \| Real estate \| Current
LOANS AND ALLOWANCE FOR CREDIT LOSSES
Loans	51,824	$ 53,207
Pass \| Commercial and industrial
LOANS AND ALLOWANCE FOR CREDIT LOSSES
2023	131,656
2022	282,851
2021	116,901
2020	28,499
2019	16,869
2018 & Prior	10,653
Revolving	305,004
Loans	892,433
Pass \| Commercial
LOANS AND ALLOWANCE FOR CREDIT LOSSES
2023	888,074
2022	1,405,948
2021	587,204
2020	163,773
2019	225,153
2018 & Prior	130,995
Revolving	41,272
Loans	3,442,419
Pass \| Construction
LOANS AND ALLOWANCE FOR CREDIT LOSSES
2023	19,781
2022	65,409
2021	37,160
Revolving	9,021
Loans	131,371
Pass \| Multifamily
LOANS AND ALLOWANCE FOR CREDIT LOSSES
2023	45,134
2022	183,628
2021	73,292
2020	23,883
2019	38,006
2018 & Prior	89,819
Revolving	6,523
Loans	460,285
Special Mention \| Commercial and industrial
LOANS AND ALLOWANCE FOR CREDIT LOSSES
2022	34,418
2020	2,447
Revolving	21,903
Loans	58,768
Special Mention \| Commercial
LOANS AND ALLOWANCE FOR CREDIT LOSSES
2023	48,641
2021	14,714
2020	315
Loans	63,670
Substandard \| Commercial and industrial
LOANS AND ALLOWANCE FOR CREDIT LOSSES
Revolving	3,499
Loans	3,499
Substandard \| Commercial
LOANS AND ALLOWANCE FOR CREDIT LOSSES
2022	24,000
2020	16,729
Loans	$ 40,729

LOANS AND ALLOWANCE FOR CRED_11

LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of Impaired by Class of Loans) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2022
With an allowance recorded:
Unpaid Principal Balance			$ 24
Recorded Investment			24
Allowance for Loan Losses Allocated			24
Average Recorded Investment	$ 24	$ 117
Without an allowance recorded:
Unpaid Principal Balance			29,160
Recorded Investment			27,639
Average Recorded Investment	29,441	32,633
Interest Income Recognized	275	514
Real estate \| One to four family
Without an allowance recorded:
Unpaid Principal Balance			1,176
Recorded Investment			899
Average Recorded Investment	927	784
Interest Income Recognized	9	18
Real estate \| Commercial
Without an allowance recorded:
Unpaid Principal Balance			27,984
Recorded Investment			26,740
Average Recorded Investment	28,514	31,849
Interest Income Recognized	266	496
Consumer
With an allowance recorded:
Unpaid Principal Balance			24
Recorded Investment			24
Allowance for Loan Losses Allocated			$ 24
Average Recorded Investment	$ 24	$ 117

BORROWINGS (Advances from the F

BORROWINGS (Advances from the FHLB) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
BORROWINGS
Federal funds purchased and securities sold under agreements to repurchase	$ 243,000	$ 243,000	$ 150,000
Federal Home Loan Bank of New York advances	200,000	200,000	100,000
Interest expense, Federal funds purchased and securities sold under agreements to repurchase	1,584	2,953
Interest Expense, Federal home loan bank of New York advance	$ 5,877	$ 6,534
Weighted average Interest rate	5.36%	5.36%
Interest rate	5.31%	5.31%
Securities sold under agreements	$ 0	$ 0	$ 0

BORROWINGS (Details)

BORROWINGS (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
BORROWINGS (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2023
Federal Home Loan Bank, Advances [Line Items]
Interest rate			5.31%
Redemption of subordinated debt		$ 24,712
Subordinated Debt
Federal Home Loan Bank, Advances [Line Items]
Maturity date	Mar. 15, 2027
Interest rate	6.25%
Redemption of subordinated debt	$ 25,000

EARNINGS PER SHARE (Computation

EARNINGS PER SHARE (Computation of Basic and Diluted Earnings per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Basic
Net Income (Loss)	$ 15,561	$ 23,189	$ 40,637	$ 42,210
Less: Earnings allocated to participating securities	(82)	(63)	(170)	(85)
Net income available to common stockholders	$ 15,479	$ 23,126	$ 40,467	$ 42,125
Weighted average common shares outstanding including participating securities	11,195,461	10,961,697	11,137,381	10,947,829
Less: Weighted average participating securities	(59,200)	(30,000)	(46,686)	(22,111)
Weighted average common shares outstanding	11,136,261	10,931,697	11,090,695	10,925,718
Basic earnings (in dollars per share)	$ 1.39	$ 2.12	$ 3.65	$ 3.86
Diluted
Net income allocated to common shareholders	$ 15,479	$ 23,126	$ 40,467	$ 42,125
Weighted average common shares outstanding for basic earnings per common share	11,136,261	10,931,697	11,090,695	10,925,718
Average shares and dilutive potential common shares	11,278,405	11,189,807	11,271,150	11,208,992
Diluted earnings (in dollars per share)	$ 1.37	$ 2.07	$ 3.59	$ 3.76
Employee Stock Option [Member]
Diluted
Add: Dilutive effects of assumed exercise of stock options	88,591	180,787	123,773	186,364
Performance-Based Restricted Stock Units (PRSUs)
Diluted
Dilutive effects of assumed vesting units	53,553	52,004	56,682	63,980
Restricted stock awards
Calculations of basic and diluted earnings per share
Number of antidilutive shares not considered in computing diluted earnings per share	262,624		248,231
Diluted
Dilutive effects of assumed vesting units		25,319		32,930

STOCK COMPENSATION PLAN (Summar

STOCK COMPENSATION PLAN (Summary of the Status of the Stock Option Plan) (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Number of Options
Outstanding, beginning of year \| shares	220,200
Outstanding, end of year \| shares	220,200
Options vested and exercisable at year-end \| shares	220,200
Weighted Average Exercise Price
Outstanding, beginning of year	$ 18
Outstanding, end of year	18
Options vested and exercisable at year-end	$ 18
Weighted average remaining contractual life (years)	11 months 1 day
Weighted average intrinsic value	$ 16.73

STOCK COMPENSATION PLAN (Summ_2

STOCK COMPENSATION PLAN (Summary of Non-Vested Restricted Stock Awards) (Details) - Restricted stock awards	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of shares, Outstanding, beginning of period \| shares	129,562
Number of shares, Granted \| shares	198,498
Number of shares, Forfeited \| shares	(14,838)
Number of shares, Vested \| shares	(64,990)
Number of shares, Outstanding at end of period \| shares	248,232
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date fair Value, beginning of period \| $ / shares	$ 86.01
Weighted Average Grant Date fair Value, Granted \| $ / shares	56.04
Weighted Average Grant Date fair Value, Forfeited \| $ / shares	61.50
Weighted Average Grant Date fair Value, Vested \| $ / shares	84.28
Weighted Average Grant Date fair Value, at end of period \| $ / shares	$ 63.96

STOCK COMPENSATION PLAN (Detail

STOCK COMPENSATION PLAN (Details) - USD ($)

1 Months Ended

3 Months Ended

6 Months Ended

Jan. 31, 2023

Jan. 31, 2022

Jan. 31, 2019

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2022

Mar. 31, 2022

Jun. 30, 2021

Jun. 30, 2023

Jun. 30, 2022

Mar. 06, 2023

Dec. 31, 2022

Apr. 15, 2016

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Remaining unrecognized compensation expense recognition period

2 years 1 month 24 days

Total loans

$ 5,165,089,000

$ 4,853,495,000

Executive officer

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total loans

$ 7,500,000

$ 780,000

Interest rate on loan to related party

5.70%

2.10%

Equity Incentive Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Compensation expense recognized

544,000

$ 478,000

1,100,000

$ 951,000

Total loans

780,000

Restricted stock awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Unrecognized compensation cost related to non-vested stock options

12,600,000

Compensation cost related to stock awards

1,600,000

1,300,000

$ 2,900,000

2,000,000

Number of shares, Granted

198,498

Number of PRSUs forfeited

14,838

Restricted stock awards | Key Personnel

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares, Granted

170,998

72,025

Vesting percentage

33.33%

Vesting period

3 years

Restricted stock awards | Non-employee directors

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Unrecognized compensation cost related to non-vested stock options

777,000

$ 777,000

Compensation cost related to stock awards

$ 388,000

297,000

777,000

595,000

Number of shares, Granted

27,500

11,126

38,900

Service period (in years)

3 years

Performance-Based Restricted Stock Units (PRSUs)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Weighted average service inception date fair value of award share in amount

$ 6,000,000

Equity Incentive Plan 2019 | Performance-Based Restricted Stock Units (PRSUs)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of PRSUs awarded

90,000

Equity Incentive Plan 2022

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based payment award, shares authorized, maximum

174,918

Compensation cost related to stock awards

$ 0

Equity Incentive Plan 2022 | Minimum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Percentage of the exercise price to the fair market value of the shares covered by the stock option on the date of grant in the case of an ISO granted to 10% stockholder

110%

Equity Incentive Plan 2022 | Maximum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based payment award, exercise period from the grant date

5 years

Equity Incentive Plan 2022 | Employee Stock Option [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Unrecognized compensation cost related to non-vested stock options

$ 0

Equity Incentive Plan 2022 | Employee Stock Option [Member] | Minimum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Percentage of exercise price to the fair market value

100%

Equity Incentive Plan 2022 | Equity Incentive Plan | Maximum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based payment award, exercise period from the grant date

10 years

Equity Incentive Plan 2022 | Performance-Based Restricted Stock Units (PRSUs)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of PRSUs forfeited

20,800

Vested accelerated shares

30,000

Equity Incentive Plan 2023 | Performance-Based Restricted Stock Units (PRSUs)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vested accelerated shares

29,200

Equity Incentive Plan 2024 | Performance-Based Restricted Stock Units (PRSUs)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vested accelerated shares

30,800

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 943,747	$ 958,220
Amount transfer from level 1 to level 2	0		$ 0
Fair value assets measured at fair value on a non-recurring basis	0	0
Carrying Amount \| U.S. Government agency securities \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	59,763	59,372
Carrying Amount \| U.S. State and Municipal securities \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	9,498	9,212
Carrying Amount \| Residential MBS \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	319,061	338,548
Carrying Amount \| Commercial MBS \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	34,375	34,850
Carrying Amount \| Asset-backed Securities \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	3,371	3,765
Carrying Amount \| CRA mutual fund \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	2,066	2,048
Carrying Amount \| Derivatives. \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	5,771
Fair Value, Inputs, Level 1 \| CRA mutual fund \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	2,066	2,048
Fair Value, Inputs, Level 2 \| U.S. Government agency securities \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	59,763	59,372
Fair Value, Inputs, Level 2 \| U.S. State and Municipal securities \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	9,498	9,212
Fair Value, Inputs, Level 2 \| Residential MBS \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	319,061	338,548
Fair Value, Inputs, Level 2 \| Commercial MBS \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	34,375	34,850
Fair Value, Inputs, Level 2 \| Asset-backed Securities \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	3,371	$ 3,765
Fair Value, Inputs, Level 2 \| Derivatives. \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 5,771

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Carrying Amount and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financial assets:
Securities held to maturity	$ 442,400	$ 437,300
Equity investments	2,066	2,048
Other investments
Receivable from global payments business, net	84,919	85,605
Financial liabilities:
Noninterest-bearing demand deposits	1,730,380	2,422,151
Federal funds purchased	243,000	150,000
Federal Home Loan Bank of New York advances	200,000	100,000
Carrying Amount
Financial assets:
Cash and due from banks	33,534	26,780
Overnight deposits	168,242	230,638
Securities held to maturity	515,613	510,425
Loans, net	5,097,896	4,795,647
Other investments
FRB Stock	11,410	11,421
FHLB Stock	14,632	9,191
Disability Fund	1,500	1,000
Time deposits at banks	498	498
Receivable from global payments business, net	84,919	85,605
Accrued interest receivable	25,301	24,107
Financial liabilities:
Noninterest-bearing demand deposits	1,730,380	2,422,151
Money market and savings deposits	3,516,853	2,803,698
Time deposits	41,332	52,063
Federal funds purchased	243,000	150,000
Federal Home Loan Bank of New York advances	200,000	100,000
Trust preferred securities payable	20,620	20,620
Prepaid debit cardholder balances	10,772	10,579
Accrued interest payable	652	728
Secured Borrowings	7,655	7,725
Total Fair Value
Financial assets:
Cash and due from banks	33,534	26,780
Overnight deposits	168,242	230,638
Securities held to maturity	442,433	437,290
Loans, net	4,971,753	4,737,007
Other investments
Disability Fund	1,500	1,000
Time deposits at banks	498	498
Receivable from global payments business, net	84,919	85,605
Accrued interest receivable	25,301	24,107
Financial liabilities:
Noninterest-bearing demand deposits	1,730,380	2,422,151
Money market and savings deposits	3,516,853	2,803,698
Time deposits	40,537	51,058
Federal funds purchased	243,000	150,000
Federal Home Loan Bank of New York advances	200,000	100,000
Trust preferred securities payable	19,986	19,953
Prepaid debit cardholder balances	10,772	10,579
Accrued interest payable	652	728
Secured Borrowings	7,655	7,725
Fair Value, Inputs, Level 1
Financial assets:
Cash and due from banks	33,534	26,780
Overnight deposits	168,242	230,638
Other investments
Time deposits at banks	498	498
Financial liabilities:
Noninterest-bearing demand deposits	1,730,380	2,422,151
Money market and savings deposits	3,516,853	2,803,698
Accrued interest payable	12	112
Fair Value, Inputs, Level 2
Financial assets:
Securities held to maturity	442,433	437,290
Other investments
Disability Fund	1,500	1,000
Accrued interest receivable	931	964
Financial liabilities:
Time deposits	40,537	51,058
Federal funds purchased	243,000	150,000
Federal Home Loan Bank of New York advances	200,000	100,000
Accrued interest payable	265	293
Secured Borrowings	7,655	7,725
Fair Value, Inputs, Level 3
Financial assets:
Loans, net	4,971,753	4,737,007
Other investments
Receivable from global payments business, net	84,919	85,605
Accrued interest receivable	24,370	23,143
Financial liabilities:
Trust preferred securities payable	19,986	19,953
Prepaid debit cardholder balances	10,772	10,579
Accrued interest payable	$ 375	$ 323

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Licensing fees	$ (3,014)	$ (2,686)	$ (5,676)	$ (4,980)
Income tax (expense) benefit	(9,298)	$ (10,442)	(18,059)	(17,461)
Total reclassifications, net of income tax			40,637	$ 42,210
Reclassifications out of accumulated other comprehensive (loss) income \| Cash Flow Hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Licensing fees	1,218		2,453
Income tax (expense) benefit	(374)		(599)
Total reclassifications, net of income tax	$ 844		$ 1,854

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Outstanding following off-balance-sheet financial instruments) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fixed Rate	$ 131,472	$ 94,632
Variable Rate	395,442	364,908
Unused commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fixed Rate	70,459,000	40,685,000
Variable Rate	395,442,000	364,908,000
Standby and commercial letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fixed Rate	61,013,000	53,947,000
Variable Rate	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Mar. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Amount of off-balance-sheet financial instruments		$ 131,472	$ 94,632
Pre-tax charge			$ 35,000,000
Litigation reserve reversed	$ 2,500,000
Minimum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fixed interest rate off-balance-sheet financial instruments		3%	3%
Variable interest rate off-balance-sheet financial instrument		6%	6%
Maximum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fixed interest rate off-balance-sheet financial instruments		8.50%	8.50%
Variable interest rate off-balance-sheet financial instrument		10.50%	11.50%
Commitments term		2 years
Standby and commercial letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Amount of off-balance-sheet financial instruments		$ 61,013,000	$ 53,947,000
Amount of off-balance-sheet financial instruments collateral received		$ 37,000,000	$ 28,700,000

REVENUE FROM CONTRACTS WITH C_3

REVENUE FROM CONTRACTS WITH CUSTOMERS (Schedule of non-interest income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Non-interest income	$ 7,888	$ 7,071	$ 14,836	$ 14,604
Service charges on deposit accounts
Non-interest income	1,481	1,474	2,937	2,844
Global payments revenue
Non-interest income	5,731	5,242	10,581	10,899
Other service charges and fees
Non-interest income	$ 676	$ 355	$ 1,318	$ 861

DERIVATIVES - (Derivative posit

DERIVATIVES - (Derivative position) (Details) - Derivatives designated as hedging instruments - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2020
Interest rate caps related to customer deposits
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount, derivative asset			$ 300,000
Derivatives unrecognized, termination value	$ 12,700
Interest rate swap related to customer deposits
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount, derivative asset	400,000	$ 400,000
Fair value	5,771
Other assets.
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount, derivative asset	400,000
Fair value	$ 5,771

DERIVATIVES - Cash flow hedge a

DERIVATIVES - Cash flow hedge accounting (Details) - Derivatives designated as hedging instruments - Interest rate caps related to customer deposits - Cash flow hedge - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain (loss) recognized in OCI, net of tax	$ 4,695	$ 1,677	$ 4,007	$ 7,764
Amount of gain (loss) reclassified from OCI into income	$ 1,218		$ 2,453
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Licensing Fees		Licensing Fees

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 15,561	$ 23,189	$ 40,637	$ 42,210

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false