v3.25.1
Loan Portfolio and Allowance for Credit Losses
 3 Months Ended
Mar. 31, 2025
Loan Portfolio and Allowance for Credit Losses [Abstract]  
Loan Portfolio and Allowance for Credit Losses
(5) Loan Portfolio and Allowance for Credit Losses

The following tables presents loans by portfolio segment:
 
  
March 31, 2025
  
(dollars in thousands)
    New York and              

 
other states*
    
Florida
    
Total
  
Commercial:
                  
Commercial real estate
  
$
237,008
     $
46,292
     $
283,300
  
Other
    
19,040
      
413
      
19,453
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
2,734,434
      
1,589,837
      
4,324,271
  
Home equity loans
    
42,648
      
13,642
      
56,290
  
Home equity lines of credit
    
242,309
      
177,497
      
419,806
  
Installment
    
9,265
      
3,752
      
13,017
  
Total loans, net
  
$
3,284,704
     $
1,831,433
      
5,116,137
  
Less: Allowance for credit losses
                    
50,606
  
Net loans
                  
$
5,065,531
  

* Includes New York, New Jersey, Vermont and Massachusetts.

   
December 31, 2024
  
(dollars in thousands)
  
New York and
              
   
other states*
    
Florida
    
Total
  
Commercial:
                  
Commercial real estate
  
$
227,771
    
$
39,529
    
$
267,300
  
Other
    
19,144
      
413
      
19,557
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
2,741,334
      
1,590,229
      
4,331,563
  
Home equity loans
    
43,096
      
13,643
      
56,739
  
Home equity lines of credit
    
235,939
      
173,322
      
409,261
  
Installment
    
9,885
      
3,753
      
13,638
  
Total loans, net
  
$
3,277,169
    
$
1,820,889
      
5,098,058
  
Less: Allowance for credit losses
                    
50,248
  
Net loans
                  
$
5,047,810
  

*Includes New York, New Jersey, Vermont and Massachusetts.
Included in commercial loans above are Paycheck Protection Program (“PPP”) loans totaling $192 thousand and $241 thousand as of March 31, 2025 and December 31, 2024 respectively.
As of March 31, 2025, the Company had approximately $33.6 million of real estate construction loans. Of the $33.6 million in real estate construction loans as of March 31, 2025, approximately $9.1 million are secured by first mortgages to residential borrowers while approximately $24.5 million were to commercial borrowers for residential construction projects. The majority of construction loans are in the Company’s New York market.

At December 31, 2024, the Company had approximately $29.7 million of real estate construction loans.  Of the $29.7 million in real estate construction loans at December 31, 2024, approximately $10.7 million are secured by first mortgages to residential borrowers while approximately $19.0 million were to commercial borrowers for residential construction projects. The majority of construction loans held in 2024 were in the Company’s New York market.
Allowance for credit losses on loans
The level of the ACLL is based on factors that influence management’s current estimate of expected credit losses, including past events and current conditions. There were no changes in the Company’s methodology for the allowance for credit losses on loans for the period ended March 31, 2025. The Company selected the baseline economic forecast for the allowance for credit losses based on current market conditions and portfolio trends. In addition, the Company’s four quarter forecast period and four quarter straight line reversion has not changed for the period ended March 31, 2025.


The Company recorded a provision for credit losses of $300 thousand for the three months ended March 31, 2025, which is the result a provision for credit losses on loans of $100 thousand, and there was $200 thousand provision for credit losses on unfunded commitments.



The Company recorded a provision for credit losses of $600 thousand for the three months ended March 31, 2024, which includes a provision for credit losses on loans of $600 thousand, and there was no provision for credit losses on unfunded commitments.

Activity in the allowance for credit losses on loans by portfolio segment for the three months ended March 31, 2025 and 2024 is summarized as follows:

 
For the three months ended March 31, 2025
  
(dollars in thousands)
         Real Estate              
          Mortgage-              

 
Commercial
    
1 to 4 Family
    
Installment
    
Total
  
Balance at beginning of period
  
$
3,420
    
$
46,636
    
$
192
    
$
50,248
  
Loans charged off:
                                
New York and other states*
    
4
      
80
      
25
      
109
  
Florida
    
-
      
-
      
15
      
15
  
Total loan chargeoffs
    
4
      
80
      
40
      
124
  
                                 
Recoveries of loans previously charged off:
                                
New York and other states*
    
6
      
41
      
21
      
68
  
Florida
    
314
      
-
      
-
      
314
  
Total recoveries
    
320
      
41
      
21
      
382
  
Net loans (recoveries) charged off
    
(316
)
    
39
      
19
      
(258
)
(Credit) Provision for credit losses
    
(713
)
    
710
      
103
      
100
  
Balance at end of period
  
$
3,023
    
$
47,307
    
$
276
    
$
50,606
  

* Includes New York, New Jersey, Vermont and Massachusetts.
 
   
For the three months ended March 31, 2024
  
(dollars in thousands)
        
Real Estate
              
         
Mortgage-
              
   
Commercial
    
1 to 4 Family
    
Installment
    
Total
  
Balance at beginning of period
  
$
2,735
      
45,625
       218      
48,578
  
Loans charged off:
                                
New York and other states*
    
-
      
117
       44      
161
  
Florida
    
-
      
-
       -      
-
  
Total loan chargeoffs
    
-
      
117
       44      
161
  
                                 
Recoveries of loans previously charged off:
                                
New York and other states*
    
-
      
195
       8      
203
  
Florida
    
-
      
-
       -      
-
  
Total recoveries
    
-
      
195
       8      
203
  
Net loan (recoveries) charged off
    
-
      
(78
)
     36      
(42
)
Provision for credit losses
    
7
      
592
    1      
600
Balance at end of period
  
$
2,742
      
46,295
       183      
49,220
  

* Includes New York, New Jersey, Vermont and Massachusetts.

The Company’s allowance for credit losses on unfunded commitments is recognized as a liability (accrued expenses and other liabilities) with adjustments to the reserve recognized in provision for credit losses in the consolidated income statement. The Company’s activity in the allowance for credit losses on unfunded commitments for the three months ended March 31, 2025 and 2024 is as follows:

    For the three
  
    months ended
  
(In thousands)
  
March 31, 2025
 
       
Balance at January 31, 2025
   $ 1,762  
Provision for credit losses
     200
Balance at March 31, 2025
  
$
1,962
  

    For the three
  
(In thousands)
  months ended
  

 
March 31, 2024
  
Balance at January 31, 2024
  
$
1,662
  
Provision for credit losses
    
-
Balance at March 31, 2024
  
$
1,662
  

Loan Credit Quality
The Company categorizes commercial 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. On at least an annual basis, the Company’s loan grading process analyzes non-homogeneous loans, such as commercial loans and commercial real estate loans, individually by grading the loans based on credit risk. The loan grades assigned to all loan types are tested by the Company’s internal loan review department in accordance with the Company’s internal loan review policy.
The Company uses the following definitions for classified loans:
Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date.
Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as such have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.
Doubtful: Loans classified as doubtful have all the weaknesses inherent in those loans classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

Loans not meeting the criteria above that are analyzed individually as part of the above-described process are considered to be “pass” rated loans.
For homogeneous loan pools, such as residential mortgages, home equity lines of credit, and installment loans, the Company uses payment status to identify the credit risk in these loan portfolios. Payment status is reviewed on a daily basis by the Bank’s collection area and on a monthly basis with respect to determining the adequacy of the allowance for credit losses on loans. The payment status of these homogeneous pools as of March 31, 2025 and December 31, 2024 is also included in the aging of the past due loans table. Nonperforming loans shown in the table below were loans on nonaccrual status and loans over 90 days past due and accruing. As of March 31, 2025 and December 31, 2024, based on the most recent analysis performed, the risk category of loans by class of loans, and gross charge-offs for each loan type by origination year was as follows:

Loan Credit Quality
(in thousands)
  
As of March 31, 2025
  

 
Term Loans Amortized Cost Basis by Origination Year
  
Commercial:
 
2025
    
2024
    
2023
    
2022
    
2021
    
Prior
    
Revolving
Loans
Amortized
Cost Basis
    
Revolving
Loan
Converted to Term
    
Total
  
Risk rating
                                                      
Pass
  
$
17,533
    
$
48,481
    
$
52,782
    
$
71,625
    
$
22,085
    
$
63,390
    
$
4,893
    
$
-
    
$
280,789
  
Special Mention
  

-
    

-
    

-
    

241
    

-
    

-
    

-
    

-
    

241
  
Substandard
  

-
    

-
    

-
    

1,359
    

-
    

873
    

-
    

-
    

2,232
  
Doubtful
  
-    
-    
-    
-    
-    
38    
-    
-    
38  
Total Commercial Loans
  
$
17,533
    
$
48,481
    
$
52,782
    
$
73,225
    
$
22,085
    
$
64,301
    
$
4,893
    
$
-
    
$
283,300
  
Commercial Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
   
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Commercial Other:
                                                                        
Risk rating
                                                                        
Pass
  
$
877
    
$
2,531
    
$
7,128
    
$
1,716
    
$
324
    
$
2,203
    
$
4,520
    
$
-
    
$
19,299
  
Special mention
  

-
    

-
    

-
    

-
    

-
    

-
    

-
    

-
    

-
  
Substandard
  

-
    

12
    

-
    

-
    

6
    

98
    

38
    

-
    

154
  
Doubtful
 
-    
-    
-    
-    
-    
-    
-    
-    
-  
Total Commercial Real Estate Loans
  
$
877
    
$
2,543
    
$
7,128
    
$
1,716
    
$
330
    
$
2,301
    
$
4,558
    
$
-
    
$
19,453
  
                                                                         
Other Commercial Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
4
    
$
-
    
$
-
    
$
-
    
$
4
  
   
$
-
    
$
-
    
$
-
    
$
-
    
$
4
    
$
-
    
$
-
    
$
-
    
$
4
  
                                                                         
Residential First Mortgage:
                                                                        
Risk rating
                                                                        
Performing
  
$
55,087
    
$
319,051
    
$
393,819
    
$
528,695
    
$
807,063
    
$
2,204,696
    
$
1,373
    
$
-
    
$
4,309,784
  
Nonperforming
  

-
    

-
    

553
    

182
    

963
    

12,789
    

-
    

-
    

14,487
  
Total First Mortgage:
  
$
55,087
    
$
319,051
    
$
394,372
    
$
528,877
    
$
808,026
    
$
2,217,485
    
$
1,373
    
$
-
    
$
4,324,271
  
                                                                         
Residential First Mortgage Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
80
    
$
-
    
$
-
    
$
80
  
   
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
80
    
$
-
    
$
-
    
$
80
  
                                                                         
Home Equity Loans:
                                                                        
Risk rating
                                                                        
Performing
  
$
2,300
    
$
6,103
    
$
8,262
    
$
5,136
    
$
6,355
    
$
27,614
    
$
-
    
$
-
    
$
55,770
  
Nonperforming
  

-
    

-
    

-
    

154
    

-
    

366
    

-
    

-
    

520
  
Total Home Equity Loans:
  
$
2,300
    
$
6,103
    
$
8,262
    
$
5,290
    
$
6,355
    
$
27,980
    
$
-
    
$
-
    
$
56,290
  
                                                                         
Home Equity Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
   
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Home Equity Lines of  Credit:
                                                                        
Risk rating
                                                                        
Performing
  
$
744
    
$
4,213
    
$
1,102
    
$
1,295
    
$
1,048
    
$
15,117
    
$
393,365
    
$
-
    
$
416,884
  
Nonperforming
  

-
    

-
    

-
    

70
    

-
    

2,546
    

306
    

-
    

2,922
  
Total Home Equity Credit Lines:
  
$
744
    
$
4,213
    
$
1,102
    
$
1,365
    
$
1,048
    
$
17,663
    
$
393,671
    
$
-
    
$
419,806
  
                                                                         
Home Equity Lines of Credit:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
   
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Installments:
                                                                        
Risk rating
                                                                        
Performing
  
$
771
    
$
2,831
    
$
4,856
    
$
2,471
    
$
584
    
$
422
    
$
939
    
$
-
    
$
12,874
  
Nonperforming
  

-
    

50
    

4
    

36
    

19
    

34
    

-
    

-
    

143
  
Total Installments
  
$
771
    
$
2,881
    
$
4,860
    
$
2,507
    
$
603
    
$
456
    
$
939
    
$
-
    
$
13,017
  
                                                                         
Installments Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
15
    
$
7
    
$
15
    
$
0
    
$
3
    
$
-
    
$
-
    
$
40
  
   
$
-
    
$
15
    
$
7
    
$
15
    
$
0
    
$
3
    
$
-
    
$
-
    
$
40
  

Loan Credit Quality
(in thousands)
  
As of December 31, 2024
  
   
 Term Loans Amortized Cost Basis by Origination Year
  
Commercial :
  
2024
    
2023
    
2022
    
2021
    
2020
    
Prior
    
Revolving Loans Amortized Cost Basis
    
Revolving Loan Converted to Term
    
Total
  
Risk rating
                                                      
Pass
  
$
47,687
    
$
54,877
    
$
73,094
    
$
22,215
    
$
15,014
    
$
50,052
    
$
2,169
    
$
-
    
$
265,108
  
Special Mention
    
-
      
-
      
242
      
-
      
-
      
-
      
-
      
-
      
242
  
Substandard
    
-
      
-
      
1,003
      
-
      
22
      
887
      
-
      
-
      
1,912
  
Doubtful
     -       -       -       -       -       38       -       -       38  
Total Commercial Loans
  
$
47,687
    
$
54,877
    
$
74,339
    
$
22,215
    
$
15,036
    
$
50,977
    
$
2,169
    
$
-
    
$
267,300
  

                                                                       
Commercial Loans:                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
10
    
$
431
    
$
-
    
$
-
    
$
-
    
$
-
    
$
441
  

 
$
-
    
$
-
    
$
10
    
$
431
    
$
-
    
$
-
    
$
-
    
$
-
    
$
441
  
                                                                         
Commercial Other:
                                                                        
Risk rating
                                                                        
Pass
  
$
1,842
    
$
7,417
    
$
1,796
    
$
407
    
$
184
    
$
2,108
    
$
5,634
     $
-
    
$
19,388
  
Special mention
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Substandard
    
13
      
-
      
-
      
22
      
-
      
134
      
-
      
-
      
169
  
Total Commercial Real Estate Loans
  
$
1,855
    
$
7,417
    
$
1,796
    
$
429
    
$
184
    
$
2,242
    
$
5,634
    
$
-
    
$
19,557
  
                                                                         
Other Commercial Loans:
                                                                       
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
     $
-
  

 
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
                                                                         
Residential First Mortgage:
                                                                        
Risk rating
                                                                        
Performing
  
$
313,944
    
$
398,722
    
$
535,702
    
$
821,804
    
$
681,840
    
$
1,563,659
    
$
938
    
$
-
    
$
4,316,609
  
Nonperforming
    
-
      
987
      
391
      
870
      
243
      
12,463
      
-
      
-
      
14,954
  
Total First Mortgage:
  
$
313,944
    
$
399,709
    
$
536,093
    
$
822,674
    
$
682,083
    
$
1,576,122
    
$
938
    
$
-
    
$
4,331,563
  

                                                                       
Residential First Mortgage Loans:                                                                        
Current-period Gross writeoffs
  
$
194
    
$
-
    
$
-
    
$
-
    
$
-
    
$
18
    
$
-
    
$
-
     $
212
  

 
$
194
    
$
-
    
$
-
    
$
-
    
$
-
    
$
18
    
$
-
    
$
-
    
$
212
  
                                                                         
Home Equity Loans:
                                                                        
Risk rating
                                                                        
Performing
  
$
6,621
    
$
8,586
    
$
5,354
    
$
6,490
    
$
5,066
    
$
24,096
    
$
-
    
$
-
    
$
56,213
  
Nonperforming
    
-
      
-
      
155
      
-
      
-
      
371
      
-
      
-
      
526
  
Total Home Equity Loans:
  
$
6,621
    
$
8,586
    
$
5,509
    
$
6,490
    
$
5,066
    
$
24,467
    
$
-
    
$
-
    
$
56,739
  

                                                                       
Home Equity Lines Loans:                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
     $
-
  

 
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
                                                                         
Home Equity Credit Lines:
                                                                        
Risk rating
                                                                        
Performing
  
$
4,793
    
$
1,558
    
$
1,110
    
$
887
    
$
46
    
$
14,595
    
$
383,425
    
$
-
    
$
406,414
  
Nonperforming
    
-
      
-
      
70
      
-
      
-
      
2,532
      
245
      
-
      
2,847
  
Total Home Equity Credit Lines:
  
$
4,793
    
$
1,558
    
$
1,180
    
$
887
    
$
46
    
$
17,127
    
$
383,670
    
$
-
    
$
409,261
  

                                                                       
Home Equity Credit Lines Loans:                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
116
    
$
-
    
$
-
     $
116
  

 
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
116
    
$
-
    
$
-
    
$
116
  
                                                                         
Installments:
                                                                        
Risk rating
                                                                        
Performing
  
$
2,846
    
$
5,513
    
$
2,788
    
$
705
    
$
123
    
$
505
    
$
1,028
    
$
-
    
$
13,508
  
Nonperforming
    
16
      
5
      
55
      
19
      
-
      
35
      
-
      
-
      
130
  
Total Installments
  
$
2,862
    
$
5,518
    
$
2,843
    
$
724
    
$
123
    
$
540
    
$
1,028
    
$
-
    
$
13,638
  

                                                                       
Installments Loans:                                                                        
Current-period Gross writeoffs
  
$
-
    
$
53
    
$
47
    
$
35
    
$
4
    
$
31
    
$
-
    
$
-
     $
170
  

 
$
-
    
$
53
    
$
47
    
$
35
    
$
4
    
$
31
    
$
-
    
$
-
    
$
170
  

The Company transfers loans to other real estate owned, at fair value less cost to sell, in the period the Company obtains physical possession of the property (through foreclosure or through a deed in lieu).  Other real estate owned is included in other assets on the Statement of Financial Condition. Other real estate owned included $1.9 million and $2.2 million of commercial foreclosed properties, and $249 thousand and $126 thousand of residential foreclosed properties as of March 31, 2025 and 2024, respectively.  In addition, non-accrual residential mortgage loans that are in the process of foreclosure had an amortized cost of $8.0 million and $8.1 million as of March 31, 2025 and December 31,2024, respectively. 

The following tables present the aging of the amortized cost in past due loans by loan class and by region as of March 31, 2025 and December 31, 2024:

 
As of March 31, 2025
  

                                   
New York and other states*:    30-59      60-89      90 +      Total              
     Days      Days      Days      30+ days            Total  
(dollars in thousands)
  
Past Due
    
Past Due
    
Past Due
    
Past Due
    
Current
    
Loans
  
                                     
Commercial:
                                    
Commercial real estate
  
$
819
     $ 
-
     $ 
327
     $ 
1,146
     $ 
235,862
     $
237,008
  
Other
    
-
      
-
      
-
      
-
      
19,040
      
19,040
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
4,558
      
396
      
6,107
      
11,061
      
2,723,373
      
2,734,434
  
Home equity loans
    
116
      
80
      
250
      
446
      
42,202
      
42,648
  
Home equity lines of credit
    
833
      
270
      
1,196
      
2,299
      
240,010
      
242,309
  
Installment
    
5
      
1
      
20
      
26
      
9,239
      
9,265
  
                                                 
Total
  
$
6,331
     $
747
     $
7,900
     $
14,978
     $
3,269,726
     $
3,284,704
  

Florida:
    30-59      60-89      90 +      Total          
 
     Days      Days      Days      30+ days
           Total  
(dollars in thousands)
  
Past Due
    
Past Due
    
Past Due
    
Past Due
    
Current
    
Loans
  
                                     
Commercial:
                                    
Commercial real estate
  
$
-
     $
-
     $
-
     $
-
     $
46,292
     $
46,292
  
Other
    
-
      
-
      
-
      
-
      
413
      
413
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
2,178
      
566
      
1,325
      
4,069
      
1,585,768
      
1,589,837
  
Home equity loans
    
21
      
-
      
-
      
21
      
13,621
      
13,642
  
Home equity lines of credit
    
236
      
-
      
51
      
287
      
177,210
      
177,497
  
Installment
    
22
      
11
      
83
      
116
      
3,636
      
3,752
  
                                                 
Total
  
$
2,457
     $
577
     $
1,459
     $
4,493
     $
1,826,940
     $
1,831,433
  

Total:
   30-59     60-89     90 +     Total            
  
     Days      Days      Days      30+ days            Total  
(dollars in thousands)
  
Past Due
    
Past Due
    
Past Due
    
Past Due
    
Current
    
Loans
  
                                     
Commercial:
                                    
Commercial real estate
  
$
819
     $
-
     $
327
     $
1,146
     $
282,154
     $
283,300
  
Other
    
-
      
-
      
-
      
-
      
19,453
      
19,453
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
6,736
      
962
      
7,432
      
15,130
      
4,309,141
      
4,324,271
  
Home equity loans
    
137
      
80
      
250
      
467
      
55,823
      
56,290
  
Home equity lines of credit
    
1,069
      
270
      
1,247
      
2,586
      
417,220
      
419,806
  
Installment
    
27
      
12
      
103
      
142
      
12,875
      
13,017
  
                                                 
Total
  
$
8,788
     $
1,324
     $
9,359
     $
19,471
     $
5,096,666
     $
5,116,137
  

* Includes New York, New Jersey, Vermont and Massachusetts.
 
   
As of December 31, 2024
  

                                   
New York and other states*:
  
30-59
    
60-89
    
90 +
      Total              
    Days     Days     Days    
30+ days
            Total  
(dollars in thousands)
  
Past Due
    
Past Due
    
Past Due
    
Past Due
    
Current
    
Loans
  
                                     
Commercial:
                                    
Commercial real estate
  
$
1,189
     $
-
     $
329
     $
1,518
     $
226,253
     $
227,771
  
Other
    
-
      
-
      
14
      
14
      
19,130
      
19,144
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
2,438
      
773
      
6,091
      
9,302
      
2,732,032
      
2,741,334
  
Home equity loans
    
15
      
22
      
318
      
355
      
42,741
      
43,096
  
Home equity lines of credit
    
401
      
-
      
1,267
      
1,668
      
234,271
      
235,939
  
Installment
    
18
      
19
      
69
      
106
      
9,779
      
9,885
  
                                                 
Total
  
$
4,061
      $
814
     $
8,088
     $
12,963
     $
3,264,206
     $
3,277,169
  

Florida:
  
30-59
    
60-89
    
90 +
      Total              
     Days      Days      Days    
30+ days
            Total  
(dollars in thousands)
  
Past Due
    
Past Due
    
Past Due
    
Past Due
    
Current
    
Loans
  
                                     
Commercial:
                                    
Commercial real estate
  
$
-
     $
-
     $
-
     $
-
     $
39,529
     $
39,529
  
Other
    
-
      
-
      
-
      
-
      
413
      
413
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
2,037
      
629
      
1,773
      
4,439
      
1,585,790
      
1,590,229
  
Home equity loans
    
-
      
6
      
-
      
6
      
13,637
      
13,643
  
Home equity lines of credit
    
220
      
-
      
-
      
220
      
173,102
      
173,322
  
Installment
    
109
      
22
      
16
      
147
      
3,606
      
3,753
  
                                                 
Total
  
$
2,366
     $
657
     $
1,789
     $
4,812
     $
1,816,077
     $
1,820,889
  

Total:
  
30-59
    
60-89
    
90 +
      Total              
     Days      Days      Days    
30+ days
            Total  
(dollars in thousands)
  
Past Due
    
Past Due
    
Past Due
    
Past Due
    
Current
    
Loans
  
                                     
Commercial:
                                    
Commercial real estate
  
$
1,189
     $
-
     $
329
     $
1,518
     $
265,782
     $
267,300
  
Other
    
-
      
-
      
14
      
14
      
19,543
      
19,557
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
4,475
      
1,402
      
7,864
      
13,741
      
4,317,822
      
4,331,563
  
Home equity loans
    
15
      
28
      
318
      
361
      
56,378
      
56,739
  
Home equity lines of credit
    
621
      
-
      
1,267
      
1,888
      
407,373
      
409,261
  
Installment
    
127
      
41
      
85
      
253
      
13,385
      
13,638
  
                                                 
Total
  
$
6,427
     $
1,471
     $
9,877
     $
17,775
     $
5,080,283
     $
5,098,058
  

* Includes New York, New Jersey, Vermont and Massachusetts.

As of March 31, 2025, there were no loans that were 90 days past due and still accruing interest. As a result, non-accrual loans include all loans 90 days or more past due as well as certain loans less than 90 days past due that were placed on non-accrual status for reasons other than delinquent status. There are no commitments to extend further credit on non-accrual or restructured loans.

Loans individually evaluated for impairment are non-accrual loans delinquent greater than 180 days, non-accrual commercial loans, as well as loans classified as loan modifications. As of March 31, 2025 and December 31, 2024, there was no allowance for credit losses based on the loans individually evaluated for impairment.
 
Residential and installment non-accrual loans which are not loan modifications or greater than 180 days delinquent are collectively evaluated to determine the allowance for credit loss.

The following tables present the amortized cost basis in non-accrual loans by portfolio segment:
 
   
As of March 31, 2025
  
(dollars in thousands)
   New York and
             

 
other states*
    
Florida
    
Total
  
Loans in non-accrual status:
                  
Commercial:
                  
Commercial real estate
  
$
688
     $
-
     $
688
  
Other
    
-
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
11,690
      
2,799
      
14,488
  
Home equity loans
    
427
      
93
      
520
  
Home equity lines of credit
    
2,679
      
243
      
2,922
  
Installment
    
139
      
3
      
142
  
Total non-accrual loans
    
15,623
      
3,138
      
18,760
  
Restructured real estate mortgages - 1 to 4 family
    
-
      
-
      
-
  
Total nonperforming loans
  
$
15,623
     $
3,138
     $
18,760
  

* Includes New York, New Jersey, Vermont and Massachusetts.

   
As of December 31, 2024
  
(dollars in thousands)
  
New York and
              

 
other states*
    
Florida
    
Total
  
Loans in non-accrual status:
                  
Commercial:
                  
Commercial real estate
  
$
329
     $
-
     $
329
  
Other
    
14
      
-
      
14
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
11,586
      
3,368
      
14,954
  
Home equity loans
    
432
      
94
      
526
  
Home equity lines of credit
    
2,653
      
194
      
2,847
  
Installment
    
108
      
22
      
130
  
Total non-accrual loans
    
15,122
      
3,678
      
18,800
  
Restructured real estate mortgages - 1 to 4 family
    
-
      
-
      
-
  
Total nonperforming loans
  
$
15,122
     $
3,678
     $
18,800
  

* Includes New York, New Jersey, Vermont and Massachusetts.

The following tables present the amortized cost basis of loans on non-accrual status and loans past due over 89 days still accruing as of March 31, 2025 and December 31, 2024:

   
As of March 31, 2025
 
(dollars in thousands)
  Non-accrual With     Non-accrual With
     Loans Past Due  
    No Allowance for     Allowance for
     Over 89 Days  

 
Credit Loss
    
Credit Loss
    
Still Accruing
  
Commercial:
                  
Commercial real estate
  
$
688
    
$
-
    
$
-
  
Other
    
-
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
12,743
      
1,744
      
-
  
Home equity loans
    
520
      
-
      
-
  
Home equity lines of credit
    
2,753
      
169
      
-
  
Installment
    
93
      
50
      
-
  
Total loans, net
  
$
16,797
    
$
1,963
    
$
-
  

 
  
As of December 31, 2024
  
(dollars in thousands)
  
Non-accrual With
    
Non-accrual With
    
Loans Past Due
  
 
  
No Allowance for
    
Allowance for
    
Over 89 Days
  
 
  
Credit Loss
    
Credit Loss
    
Still Accruing
  
Commercial:
                  
Commercial real estate
  
$
329
    
$
-
     $
-
  
Other
    
14
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
13,560
      
1,394
      
-
  
Home equity loans
    
526
      
-
      
-
  
Home equity lines of credit
    
2,724
      
123
      
-
  
Installment
    
112
      
18
      
-
  
Total loans, net
  
$
17,265
    
$
1,535
     $
-
  

The non-accrual balance of $2.0 million and $1.5 million was collectively evaluated and the associated allowance for credit losses on loans was determined not to be material as of March 31, 2025 and December 31, 2024, respectively.
The following tables present the balance in the allowance for credit losses on loans by portfolio segment and based on impairment evaluation as of March 31, 2025 and December 31, 2024:

   
As of March 31, 2025
  
(dollars in thousands)
         1-to-4 Family              
    Commercial     Residential     Installment        

 
Loans
    
Real Estate
    
Loans
    
Total
  
Allowance for credit losses on loans:
                        
Ending allowance balance attributable to loans:
                        
Individually evaluated for impairment
  
$
-
     $
-
     $
-
     $
-
  
Collectively evaluated for impairment
    
3,023
      
47,307
      
276
      
50,606
  
                                 
Total ending allowance balance
  
$
3,023
     $
47,307
     $
276
     $
50,606
  
                                 
Loans:
                                
Individually evaluated for impairment
  
$
786
     $
23,198
     $
92
     $
24,076
  
Collectively evaluated for impairment
    
301,967
      
4,777,169
      
12,925
      
5,092,061
  
                                 
Total ending loans balance
  
$
302,753
     $
4,800,367
     $
13,017
     $
5,116,137
  

   
As of December 31, 2024
  
(dollars in thousands)
        1-to-4 Family              
    Commercial     Residential     Installment        

 
Loans
    
Real Estate
    
Loans
    
Total
  
Allowance for credit losses on loans:
                        
Ending allowance balance attributable to loans:
                        
Individually evaluated for impairment
  
$
-
      
-
      
-
      
-
  
Collectively evaluated for impairment
    
3,420
      
46,636
      
192
      
50,248
  
                                 
Total ending allowance balance
  
$
3,420
      
46,636
      
192
      
50,248
  
                                 
Loans:
                                
Individually evaluated for impairment
  
$
443
      
23,835
      
112
      
24,390
  
Collectively evaluated for impairment
    
286,414
      
4,773,728
      
13,526
      
5,073,668
  
                                 
Total ending loans balance
  
$
286,857
      
4,797,563
      
13,638
      
5,098,058
 

A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. Expected credit losses for the collateral dependent loans are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. The following tables present the amortized cost basis of individually analyzed collateral dependent loans by portfolio segment as of March 31, 2025 and December 31, 2024:

    As of March 31, 2025  
   
Type of Collateral
  
(dollars in thousands)        

       

 
Real Estate
    
Investment
Securities/Cash
    
Other
  
Commercial:
                  
Commercial real estate
  
$
786
      
-
      
-
  
Other
    
-
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
      
        
        
  
First mortgages
    
19,276
      
-
      
-
  
Home equity loans
    
529
      
-
      
-
  
Home equity lines of credit
    
3,393
      
-
      
-
  
Installment
    
92
      
-
      
-
  
Total
  
$
24,076
      
-
      
-
  

 
  
As of December 31, 2024
  
 
  
Type of Collateral
  
(dollars in thousands)
                  
 
  
Real Estate
    
Investment Securities/Cash
    
Other
  
Commercial:
                  
Commercial real estate
  
$
429
      
-
      
-
  
Other
    
14
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
    

     

     

 
First mortgages
    
19,928
      
-
      
-
  
Home equity loans
    
535
      
-
      
-
  
Home equity lines of credit
    
3,372
      
-
      
-
  
Installment
    
112
      
-
      
-
  
Total
  
$
24,390
      
-
      
-
  

The Company has not committed to lend additional amounts to customers with outstanding loans that are modified. Interest income recognized on loans that are individually evaluated was not material during the three months ended March 31, 2025 and 2024.

As of March 31, 2025 and 2024 loans individually evaluated included approximately $7.1 million and $8.1 million, respectively, of loans in accruing status that were identified as loan modifications in accordance with regulatory guidance related to Chapter 7 and 13 bankruptcy loans.

Pursuant to the adoption of ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructuring and Vintage Disclosures (“ASU 2022-02”), a borrower that is experiencing financial difficulty and receives a modification in the form of principal forgiveness, interest rate reduction, an other-than-insignificant payment delay or a term extension in the current period needs to be disclosed.

The following table presents the amortized cost basis of loans at March 31, 2025 and 2024 that were both experiencing financial difficulty and modified during the three months ended March 31, 2025, by class and by type of modification.  The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below:

For the three months ended:
  
New York and other states*:
 March 31, 2025
  March 31, 2024
  
 
Payment
  
% of Total Class
  
Payment
   % of Total Class
 
(dollars in thousands)
Delay
  
of Loans
   Delay
  of Loans
 
 
                
Commercial:
                
Commercial real estate
  
$
-
       -     $ -       -  
Other
    
-
       -       -       -  
Real estate mortgage - 1 to 4 family:
    
-
       -       -       -  
First mortgages
    
75
      
0.00
%
     -       -  
Home equity loans
     -       -       -       -  
Home equity lines of credit
    
122
       0.05 %     -       -  
Installment
    
-
       -       -       -  
 
                                
Total
  
$
197
       0.00 %   $ -       0.00 %

Florida:
                        
 
  
Payment
    
% of Total Class
     Payment
   
% of Total Class
  
(dollars in thousands)
  
Delay
    
of Loans
     Delay
    of Loans
 
 
                        
Commercial:
                        
Commercial real estate
  
$
-
       -     $ -    
-  
Other
    
-
       -       -       -  
Real estate mortgage - 1 to 4 family:
             -
               -  
First mortgages
    
-
      
-
       85       0.01 %
Home equity loans
    
-
       -       -       -  
Home equity lines of credit
    
-
       -       -       -  
Installment
    
-
       -       -       -  
 
                                
Total
  
$
-
       -   $ 85       0.00 %

Total
                        

 
Payment
    
% of Total Class
     Payment
   
% of Total Class
  
(dollars in thousands)
  
Delay
    
of Loans
     Delay
   
of Loans
  
 
                        
Commercial:
                        
Commercial real estate
  
$
-
       -     $ -    
-  
Other
    
-
       -       -       -  
Real estate mortgage - 1 to 4 family:
                                
First mortgages
    
75
      
0.00
%
     85       0.01 %
Home equity loans
    
-
       -       -       -  
Home equity lines of credit
    
122
      
0.03
%
     -       -  
Installment
    
-
       -       -       -  
 
                                
Total
  
$
197
       0.00 %   $ 85       0.00 %

* Includes New York, New Jersey, Vermont and Massachusetts.

The Bank monitors the performance of loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table describes the performance of loans that have been modified as of March 31, 2025:

   
As of March 31, 2025
  
                                     
New York and other states*:           30-59
      60-89
      90+        
            Days
      Days
      Days
       
(dollars in thousands)    Current       Past Due
      Past Due
      Past Due
     Total  
                                     
Commercial:
                                    
Commercial real estate
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Other
    
-
      
-
      
-
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
                                        
First mortgages
    
75
      
-
      
-
      
-
      
75
  
Home equity loans     -       -       -       -       -  
Home equity lines of credit
    
-
      
-
      
122
      
-
      
122
  
Installment
    
-
      
-
      
-
      
-
      
-
  
                                         
Total
  
$
75
    
$
-
    
$
122
    
$
-
    
$
197
  

Florida:           30-59
      60-89
      90+        
            Days
      Days
      Days
       
(dollars in thousands)    Current       Past Due
      Past Due
      Past Due
     Total  
                                     
Commercial:
                                    
Commercial real estate
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Other     -       -       -       -       -  
Real estate mortgage - 1 to 4 family:
                                        
First mortgages
    
-
      
-
      
-
      
-
      
-
  
Home equity loans
    
-
      
-
      
-
       -      
-
  
Home equity lines of credit
    
-
      
-
      
-
      
-
      
-
  
Installment
    
-
      
-
      
-
      
-
      
-
  
                                         
Total
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  

Total           30-59
      60-89
      90+        
            Days
      Days
      Days
       
(dollars in thousands)    Current       Past Due
      Past Due
      Past Due
     Total  
                                     
Commercial:
                                    
Commercial real estate
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Other
    
-
      
-
      
-
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
                                        
First mortgages
    
75
      
-
      
-
      
-
      
75
  
Home equity loans
    
-
      
-
      
-
       -      
-
  
Home equity lines of credit
    
-
      
-
      
122
      
-
      
122
  
Installment
    
-
      
-
      
-
      
-
      
-
  
                                         
Total
  
$
75
    
$
-
    
$
122
    
$
-
    
$
197
  

* Includes New York, New Jersey, Vermont and Massachusetts.

   
As of March 31, 2024
                                     
New York and other states*:           30-59       60-89       90+        
            Days       Days       Days        
(dollars in thousands)    Current       Past Due       Past Due       Past Due      Total  
                                     
Commercial:
                                    
Commercial real estate
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Other
    
-
      
-
      
-
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
                                        
First mortgages
    
-
      
-
      
-
      
-
      
-
  
Home equity loans     -       -       -       -       -  
Home equity lines of credit
    
-
      
-
      
-
      
-
      
-
  
Installment
    
-
      
-
      
-
      
-
      
-
  
                                         
Total
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  

Florida:           30-59       60-89       90+        
            Days       Days       Days        
(dollars in thousands)    Current       Past Due       Past Due       Past Due      Total  
                                     
Commercial:
                                    
Commercial real estate
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Other     -       -       -       -       -  
Real estate mortgage - 1 to 4 family:
                                        
First mortgages
    
85
      
-
      
-
      
-
      
85
  
Home equity loans
    
-
      
-
      
-
       -      
-
  
Home equity lines of credit
    
-
      
-
      
-
      
-
      
-
  
Installment
    
-
      
-
      
-
      
-
      
-
  
                                         
Total
  
$
85
    
$
-
    
$
-
    
$
-
    
$
85
  

Total           30-59       60-89       90+      
            Days       Days       Days      
(dollars in thousands)    Current       Past Due       Past Due       Past Due      Total
                                   
Commercial:
                                  
Commercial real estate
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
Other
    
-
      
-
      
-
      
-
      
-
Real estate mortgage - 1 to 4 family:
                                      
First mortgages
    
85
      
-
      
-
      
-
      
85
Home equity loans
    
-
      
-
      
-
       -      
-
Home equity lines of credit
    
-
      
-
      
-
      
-
      
-
Installment
    
-
      
-
      
-
      
-
      
-
                                       
Total
  
$
85
    
$
-
    
$
-
    
$
-
    
$
85

* Includes New York, New Jersey, Vermont and Massachusetts.

The following tables describes the financial effect of the modifications made to borrowers experiencing financial difficulty:

For the three months ended:
  
    March 31, 2025     March 31,2024  
   
Weighted
     Weighted  
New York and other states*:
  
Average
     Average  
   
Payment
     Payment  
(dollars in thousands)
  
Delay (Months)
    
Delay (Months)
  
             
Commercial:
            
Commercial real estate
  
$
-
     $ -  
Other
    
-
       -  
Real estate mortgage - 1 to 4 family:
    
-
       -  
First mortgages
    
24
      12  
Home equity loans
    
-
       -  
Home equity lines of credit
    
24
       -  
Installment
    
-
       -  
                 
Total
  
$
48
     $
12  

    Weighted
     Weighted
 
Florida:
   Average
     Average
 
   
Payment
     Payment
 
(dollars in thousands)
  
Delay (Months)
     Delay (Months)
 
             
Commercial:
            
Commercial real estate
  
$
-
     $ -  
Other
    
-
       -  
Real estate mortgage - 1 to 4 family:
                
First mortgages
    
-
       -  
Home equity loans
    
-
       -  
Home equity lines of credit
    
-
       -  
Installment
    
-
       -  
                 
Total
  
$
-
     $
-  

    Weighted
     Weighted
 
 
   Average
     Average
 
   
Payment
     Payment
 
(dollars in thousands)
  
Delay (Months)
     Delay (Months)
 
             
Commercial:
            
Commercial real estate
  
$
-
     $ -  
Other
    
-
       -  
Real estate mortgage - 1 to 4 family:
                
First mortgages
    
24
       12  
Home equity loans
    
-
       -  
Home equity lines of credit
    
24
       -  
Installment
    
-
       -  
                 
Total
  
$
48
     $
12  
  
* Includes New York, New Jersey, Vermont and Massachusetts.

The addition of these loan modifications did not have a significant impact on the allowance for credit losses on loans. The nature of the modifications that resulted in them being classified as a loan modification was the borrower filing for bankruptcy protection. There were three loan modifications totaling $261 thousand for residential mortgages and one home equity line of credit loan totaling $122 thousand that defaulted during the three months ended March 31, 2025 which had been classified as a loan modification within the prior twelve months. These loans that defaulted were all payment delay modifications. There were no loans that defaulted during the three months ended March 31, 2024 which had been classified as a loan modification within the prior twelve months.

In situations where the Bank considers a loan modification, management determines whether the borrower is experiencing financial difficulty by performing an evaluation of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification.  This evaluation is performed under the Company’s underwriting policy.

Generally, the modification of the terms of loans is the result of the borrower filing for bankruptcy protection. Chapter 13 bankruptcies generally include the deferral of all past due amounts for a period of generally 60 months in accordance with the bankruptcy court order. In the case of Chapter 7 bankruptcies even though there is no modification of terms, the borrowers’ debt to the Company is discharged and they do not reaffirm the debt.

A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. In situations involving a borrower filing for Chapter 13 bankruptcy protection, however, a loan is considered to be in payment default once it is 30 days contractually past due, consistent with the treatment by the bankruptcy court.