Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Summary of Significant Accounting Policies

Schedule of financial assets and financial liabilities


								Changes in Fair Values For Items Measured at Fair Value
		Fair Value			Fair Value			Pursuant to Election of the Fair Value Option
		Measurements at			Measurements at			For the three months ended June 30,						For the six months ended June 30,
Description		June 30, 2025			December 31, 2024			2025			2024			2025			2024
(In thousands)
Mortgage-backed securities		$	226		$	237		$	—		$	1		$	—		$	1
Other securities			13,718			13,355			(8)			(51)			180			(151)
Borrowed funds			47,552			48,795			1,664			107			1,324			(627)
Net gain (loss) from fair value adjustments								$	1,656		$	57		$	1,504		$	(777)

Schedule of assets and liabilities that are carried at fair value on recurring basis


		Quoted Prices
		in Active Markets						Significant Other						Significant Other
		for Identical Assets						Observable Inputs						Unobservable Inputs						Total carried at fair value
		(Level 1)						(Level 2)						(Level 3)						on a recurring basis
		2025			2024			2025			2024			2025			2024			2025			2024

Assets:		(In thousands)
Securities available for sale:
Mortgage-backed securities		$	—		$	—		$	828,756		$	911,636		$	—		$	—		$	828,756		$	911,636
Other securities			12,291			11,890			532,434			554,914			18,306			19,465			563,031			586,269
Derivatives			—			—			43,929			54,700			—			—			43,929			54,700

Total assets		$	12,291		$	11,890		$	1,405,119		$	1,521,250		$	18,306		$	19,465		$	1,435,716		$	1,552,605

Liabilities:
Borrowings		$	—		$	—		$	—		$	—		$	47,552		$	48,795		$	47,552		$	48,795
Derivatives			—			—			32,080			20,396			—			—			32,080			20,396

Total liabilities		$	—		$	—		$	32,080		$	20,396		$	47,552		$	48,795		$	79,632		$	69,191

Schedule of assets and liabilities that are carried at fair value on a recurring basis, classified within Level 3


		For the three months ended
		June 30, 2025									June 30, 2024
					Trust preferred			Junior subordinated			Trust preferred			Junior subordinated
		Municipals			securities			debentures			securities			debentures
(In thousands)
Beginning balance		$	18,000		$	1,474		$	49,103		$	1,460		$	48,622
Net gain (loss) from fair value adjustment of financial assets⁽¹⁾			—			(46)			—			(2)			—
Net (gain) loss from fair value adjustment of financial liabilities⁽¹⁾			—			—			(1,664)			—			(106)
Increase (decrease) in accrued interest			—			—			4			(1)			(24)
(Provision) benefit for credit losses			(439)			—			—			—			—
Change in unrealized gains (losses) included in other comprehensive loss-assets			(683)			—			—			—			—
Change in unrealized (gains) losses included in other comprehensive loss-liabilities			—			—			109			—			49
Ending balance		$	16,878		$	1,428		$	47,552		$	1,457		$	48,541
Changes in unrealized gains (losses) held at period end		$	(683)		$	—		$	2,177		$	—		$	2,330

(1) Presented in the Consolidated Statements of Operations under net (loss) gain from fair value adjustments.


		For the six months ended
		June 30, 2025									June 30, 2024
					Trust preferred			Junior subordinated			Trust preferred			Junior subordinated
		Municipals			securities			debentures			securities			debentures
(In thousands)
Beginning balance		$	18,000		$	1,465		$	48,795		$	1,437		$	47,850
Net gain (loss) from fair value adjustment of financial assets⁽¹⁾			—			—			—			21			—
Net (gain) loss from fair value adjustment of financial liabilities⁽¹⁾			—			(36)			(1,324)			—			629
Increase (decrease) in accrued interest			—			(1)			(24)			(1)			(32)
(Provision) benefit for credit losses			(439)			—			—			—			—
Change in unrealized gains (losses) included in other comprehensive loss-assets			(683)			—			—			—			—
Change in unrealized (gains) losses included in other comprehensive loss-liabilities			—			—			105			—			94
Ending balance		$	16,878		$	1,428		$	47,552		$	1,457		$	48,541
Changes in unrealized gains (losses) held at period end		$	(683)		$	—		$	2,177		$	—		$	2,330

(1) Presented in the Consolidated Statements of Operations under net (loss) gain from fair value adjustments.

Schedule of assets and liabilities that are carried at fair value on non-recurring basis


		Quoted Prices
		in Active Markets						Significant Other						Significant Other
		for Identical Assets						Observable Inputs						Unobservable Inputs						Total carried at fair value
		(Level 1)						(Level 2)						(Level 3)						on a non-recurring basis
		2025			2024			2025			2024			2025			2024			2025			2024

		(In thousands)
Assets:
Impaired loans		$	—		$	—		$	—		$	—		$	26,318		$	16,784		$	26,318		$	16,784

Total assets		$	—		$	—		$	—		$	—		$	26,318		$	16,784		$	26,318		$	16,784

Schedule of carrying amounts and estimated fair values of selected financial instruments


		June 30, 2025
		Carrying			Fair
		Amount			Value			Level 1			Level 2			Level 3

		(In thousands)
Assets:

Cash and due from banks		$	150,123		$	150,123		$	150,123		$	—		$	—
Securities held-to-maturity
Mortgage-backed securities			7,826			7,146			—			7,146			—
Other securities			43,005			37,940			—			—			37,940
Securities available for sale
Mortgage-backed securities			828,756			828,756			—			828,756			—
Other securities			563,031			563,031			12,291			532,434			18,306
Loans held for investment, net of fees and costs			6,709,601			6,424,090			—			—			6,424,090
FHLB-NY stock			23,773			23,773			—			23,773			—
Accrued interest receivable			59,607			59,607			—			59,607			—
Derivatives			43,929			43,929			—			43,929			—

Liabilities:

Deposits		$	7,289,352		$	7,285,829		$	4,836,728		$	2,449,101		$	—
Borrowed Funds			600,171			571,849			—			524,297			47,552
Accrued interest payable			12,900			12,900			—			12,900			—
Derivatives			32,080			32,080			—			32,080			—


		December 31, 2024
		Carrying			Fair
		Amount			Value			Level 1			Level 2			Level 3

		(In thousands)
Assets:

Cash and due from banks		$	152,574		$	152,574		$	152,574		$	—		$	—
Securities held-to-maturity
Mortgage-backed securities			7,836			6,903			—			6,903			—
Other securities			43,649			37,815			—			—			37,815
Securities available for sale
Mortgage-backed securities			911,636			911,636			—			911,636			—
Other securities			586,269			586,269			11,890			554,914			19,465
Loans held for sale			70,098			70,098			—			—			70,098
Loans held for investment, net of fees and costs			6,745,848			6,506,439			—			—			6,506,439
FHLB-NY stock			38,096			38,096			—			38,096			—
Accrued interest receivable			62,036			62,036			—			62,036			—
Derivatives			54,700			54,700			—			54,700			—

Liabilities:

Deposits		$	7,178,933		$	7,148,847		$	4,528,769		$	2,620,078		$	—
Borrowed Funds			916,054			887,312			—			838,517			48,795
Accrued interest payable			12,275			12,275			—			12,275			—
Derivatives			20,396			20,396			—			20,396			—

Summary of Significant Accounting Policies

Schedule of quantitative information about Level 3


		At June 30, 2025
		Fair Value			Valuation Technique		Unobservable Input		Range		Weighted Average

		(Dollars in thousands)
Assets:

Impaired loans		$	9,703		Income approach		Capitalization rate		5.5 to 6.5	%	5.7	%


Impaired loans		$	15,283		Sales approach		Adjustment to sales comparison value		-25.0 to 10.0	%	(6.4)	%
							Reduction for planned expedited disposal		15.0	%	15.0	%


Impaired loans		$	1,332		Discounted Cashflow		Discount Rate		8.3	%	8.3	%
							Probability of Default		25.0	%	25.0	%


		At December 31, 2024
		Fair Value			Valuation Technique		Unobservable Input		Range		Weighted Average

		(Dollars in thousands)
Assets:

Impaired loans		$	4,121		Sales approach		Adjustment to sales comparison value		-	%	-	%
							Reduction for planned expedited disposal		15.0	%	15.0	%

Impaired loans		$	2,453		Discounted Cashflow		Discount Rate		9.3% to 10.0	%	9.5	%
							Probability of Default		25.0% to 50.0	%	33.2	%

Impaired loans		$	10,210		Income approach		Capitalization rate		4.8% to 6.5	%	5.7	%

Summary of Significant Accounting Policies

Schedule of quantitative information about Level 3


		June 30, 2025
					Valuation		Input				Weighted
		Fair Value			Technique		Unobservable		Range		Average

		(Dollars in thousands)
Assets:
Municipals		$	16,878		Discounted cash flows		Spread over A rated Municipal Curves		5.9	%	n/a
Trust preferred securities			1,428		Discounted cash flows		Spread over 3-month SOFR		4.7		n/a

Liabilities:
Junior subordinated debentures		$	47,552		Discounted cash flows		Spread over 3-month SOFR		4.7	%	n/a


		December 31, 2024
					Valuation		Input				Weighted
		Fair Value			Technique		Unobservable		Range		Average

		(Dollars in thousands)
Assets:
Municipals		$	18,000		Sales approach		Reduction for planned expedited disposal		n/a		n/a
Trust preferred securities			1,465		Discounted cash flows		Spread over 3-month SOFR		4.3	%	n/a

Liabilities:
Junior subordinated debentures		$	48,795		Discounted cash flows		Spread over 3-month SOFR		4.3	%	n/a

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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