Debt Securities

3 Months Ended

Mar. 31, 2025

Debt Securities:

Debt Securities

NOTE 2 — Debt Securities

The following tables summarize the major categories of securities as of the dates indicated:


		March 31, 2025
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value

		(In thousands)
Securities available-for-sale:
Mortgage-backed securities – agency		$	100,521		$	38		$	(14,821)		$	85,738
Collateralized mortgage obligations ("CMOs") – agency			152,293			821			(1,933)			151,181
Total available-for-sale		$	252,814		$	859		$	(16,754)		$	236,919

					Gross			Gross
		Amortized			Unrecognized			Unrecognized			Fair
		Cost			Gains			Losses			Value

		(In thousands)
Securities held-to-maturity:
CMOs – agency		$	66,736		$	5		$	(6,437)		$	60,304
Total held-to-maturity		$	66,736		$	5		$	(6,437)		$	60,304

		December 31, 2024
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value

		(In thousands)
Securities available-for-sale:
Mortgage-backed securities – agency		$	103,009		$	—		$	(17,057)		$	85,952
CMOs – agency			158,442			271			(2,919)			155,794
Total available-for-sale		$	261,451		$	271		$	(19,976)		$	241,746

					Gross			Gross
		Amortized			Unrecognized			Unrecognized			Fair
		Cost			Gains			Losses			Value

		(In thousands)
Securities held-to-maturity:
CMOs – agency		$	68,660		$	—		$	(7,729)		$	60,931
Total held-to-maturity		$	68,660		$	—		$	(7,729)		$	60,931

Mortgage-backed securities included all pass-through certificates guaranteed by FHLMC, FNMA, or GNMA and the CMOs are backed by government agency pass-through certificates. CMOs, by virtue of the underlying residential collateral or structure, are fixed rate current pay sequentials or planned amortization classes (“PACs”). As actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations, these securities are not considered to have a single maturity date.

There were no sales or calls of securities for the three months ended March 31, 2025 and 2024.

At March 31, 2025, securities having a fair value of $244.7 million were pledged to the Federal Home Loan Bank of New York (“FHLB”) for borrowing capacity totaling $227.2 million. At December 31, 2024, securities having a fair value of $249.6 million were pledged to the FHLB for borrowing capacity totaling $232.3 million. At March 31, 2025 and December 31, 2024, the Company had no outstanding FHLB advances.

At March 31, 2025, securities having a fair value of $52.5 million were pledged to the Federal Reserve Bank of New York (“FRB”) for borrowing capacity totaling $50.8 million. At December 31, 2024, securities having a fair value of $53.0 million were pledged to the FRB for borrowing capacity totaling $51.4 million. At March 31, 2025 and December 31, 2024, the Company had no outstanding FRB borrowings.

The following table provides the gross unrealized and unrecognized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized or unrecognized loss position:


		March 31, 2025
		Less Than 12 Months						12 Months or Longer						Total
		Fair Value			Gross Unrealized Losses			Fair Value			Gross Unrealized Losses			Fair Value			Gross Unrealized Losses

		(In thousands)
Securities available-for-sale:
Mortgage-backed securities – agency		$	3,049		$	(5)		$	76,485		$	(14,816)		$	79,534		$	(14,821)
CMOs – agency			34,382			(215)			10,339			(1,718)			44,721			(1,933)
Total available-for-sale		$	37,431		$	(220)		$	86,824		$	(16,534)		$	124,255		$	(16,754)

		Less Than 12 Months						12 Months or Longer						Total
		Fair Value			Gross Unrecognized Losses			Fair Value			Gross Unrecognized Losses			Fair Value			Gross Unrecognized Losses

		(In thousands)
Securities held-to-maturity:
CMOs – agency		$	—		$	—		$	56,148		$	(6,437)		$	56,148		$	(6,437)
Total held-to-maturity		$	—		$	—		$	56,148		$	(6,437)		$	56,148		$	(6,437)

		December 31, 2024
		Less Than 12 Months						12 Months or Longer						Total
		Fair Value			Gross Unrealized Losses			Fair Value			Gross Unrealized Losses			Fair Value			Gross Unrealized Losses

		(In thousands)
Securities available-for-sale:
Mortgage-backed securities – agency		$	6,341		$	(84)		$	79,610		$	(16,973)		$	85,951		$	(17,057)
CMOs – agency			94,642			(998)			10,729			(1,921)			105,371			(2,919)
Total available-for-sale		$	100,983		$	(1,082)		$	90,339		$	(18,894)		$	191,322		$	(19,976)

		Less Than 12 Months						12 Months or Longer						Total
		Fair Value			Gross Unrecognized Losses			Fair Value			Gross Unrecognized Losses			Fair Value			Gross Unrecognized Losses

		(In thousands)
Securities held-to-maturity:
CMOs – agency		$	—		$	—		$	56,523		$	(7,729)		$	56,523		$	(7,729)
Total held-to-maturity		$	—		$	—		$	56,523		$	(7,729)		$	56,523		$	(7,729)

Management evaluates securities available-for-sale in unrealized loss positions to determine whether the impairment is due to credit-related factors. Due to the decline in fair value being attributable to changes in interest rates, not credit quality and because the Company does not have the intent to sell the securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider the securities to be impaired at March 31, 2025.

As of March 31, 2025 and December 31, 2024, none of the Company’s available-for-sale securities were in an unrealized loss position due to credit, and therefore no allowance for credit losses on available-for-sale securities was required. Additionally, there was no allowance for credit losses on securities held-to-maturity due to the high credit quality composition consisting of issuances from government sponsored agencies as of March 31, 2025 and December 31, 2024.

Accrued interest receivable on securities totaling $1.0 million at March 31, 2025 and $1.1 million at December 31, 2024, was included in Accrued interest receivable in the Consolidated Statements of Financial Condition and excluded from amortized cost and estimated fair value in the tables above.