
	June 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
	(In thousands)

U.S. government and agency obligations	$	344,806	$	3,812	$	(34)	$	348,584
Mortgage-backed securities and collateralized mortgage obligations	717,365		976		(90,509)		627,832
Municipal obligations	2,374		2		(7)		2,369
Corporate debt securities	86,218		178		(8,231)		78,165
	$	1,150,763	$	4,968	$	(98,781)	$	1,056,950


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
			(In thousands)

U.S. government and agency obligations	$	314,494	$	810	$	(602)	$	314,702
Mortgage-backed securities and collateralized mortgage obligations	729,488		173		(106,704)		622,957
Municipal obligations	2,378		3		(22)		2,359
Corporate debt securities	95,508		123		(9,703)		85,928

	$	1,141,868	$	1,109	$	(117,031)	$	1,025,946

The amortized cost and fair value of debt securities available for sale at June 30, 2025, by contractual final maturity, is shown below. Expected maturities may differ from contractual maturities due to prepayment or early call options exercised by the issuer.


	June 30, 2025
	Amortized Cost		Fair Value
	(In thousands)

One year or less	$	121,532	$	121,572
More than one year to five years	234,157		236,778
More than five years to ten years	77,709		70,768

	$	433,398	$	429,118
Mortgage-backed securities and collateralized mortgage obligations	717,365		627,832
	$	1,150,763	$	1,056,950

Mortgage-backed securities and collateralized mortgage obligations totaling $717.4 million at amortized cost, and $627.8 million at fair value, are not classified by maturity in the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments.

During the three and six months ended June 30, 2025, proceeds from the sale of debt securities available for sale totaled $15.7 million, resulting in gross gains of $336,000 and no gross losses. There were no calls and there were maturities totaling $28.5 million during the three months ended June 30, 2025. During the six months ended June 30, 2025, there was one partial call of a debt security available for sale totaling $756,000 and maturities totaling $28.5 million.

During the three months ended June 30, 2024, there were no sales, calls or maturities of debt securities available for sale. During the six months ended June 30, 2024, proceeds from the sale of a debt security available for sale totaled $3.5 million, resulting in no gross gains and $1.3 million of gross losses. There was one matured debt security available for sale totaling $10.0 million during the six months ended June 30, 2024.

Debt securities available for sale having a carrying value of $416.2 million and $343.4 million, at June 30, 2025 and December 31, 2024, respectively, were pledged as security for public funds on deposit at the Bank as required and permitted by law, pledged for outstanding borrowings at the Federal Home Loan Bank, and pledged for potential borrowings at the Federal Reserve Bank of New York.

The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at June 30, 2025 and December 31, 2024 and if the unrealized loss position was continuous for the twelve months prior to those respective dates:


	June 30, 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)

U.S. government and agency obligations	$	29,706	$	(34)	$	—	$	—	$	29,706	$	(34)
Mortgage-backed securities and collateralized mortgage obligations	36,400		(80)		467,313		(90,429)		503,713		(90,509)
Municipal obligations	—		—		1,357		(7)		1,357		(7)
Corporate debt securities	1,987		(12)		70,250		(8,219)		72,237		(8,231)

	$	68,093	$	(126)	$	538,920	$	(98,655)	$	607,013	$	(98,781)


	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)

U.S. government and agency obligations	$	126,197	$	(602)	$	—	$	—	$	126,197	$	(602)
Mortgage-backed securities and collateralized mortgage obligations	93,763		(475)		476,559		(106,229)		570,322		(106,704)
Municipal obligations	—		—		1,346		(22)		1,346		(22)
Corporate debt securities	—		—		80,805		(9,703)		80,805		(9,703)

	$	219,960	$	(1,077)	$	558,710	$	(115,954)	$	778,670	$	(117,031)

The number of securities in an unrealized loss position at June 30, 2025 totaled 150, compared with 185 at December 31, 2024. All temporarily impaired securities were investment grade as of June 30, 2025. All temporarily impaired securities were investment grade as of December 31, 2024 except two corporate debt securities which were rated BB+, totaling approximately $8.4 million.

For available for sale securities, the Company assesses whether a loss is from credit or other factors and considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows is less than the amortized cost, a credit loss would be recorded through an allowance for credit losses, limited by the amount that the fair value is less than the amortized cost basis.

There was no activity in the allowance for credit losses on debt securities available for sale for the three and six months ended June 30, 2025 and 2024.

The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of debt securities available for sale. Accrued interest receivable on debt securities available for sale is reported as a component of accrued interest receivable on the Consolidated Statement of Financial Condition, which totaled $5.0 million and $4.7 million at June 30, 2025 and December 31, 2024, respectively, and is excluded from the estimate of credit losses.


	June 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Allowance for Credit Losses		Fair Value
	(In thousands)

U.S. government and agency obligations	$	44,872	$	—	$	(4,103)	$	—	$	40,769
Mortgage-backed securities and collateralized mortgage obligations	357,287		455		(30,279)		—		327,463
	$	402,159	$	455	$	(34,382)	$	—	$	368,232


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Allowance for Credit Losses		Fair Value
	(In thousands)

U.S. government and agency obligations	$	44,871	$	—	$	(5,288)	$	—	$	39,583
Mortgage-backed securities and collateralized mortgage obligations	347,969		8		(37,407)		—		310,570
	$	392,840	$	8	$	(42,695)	$	—	$	350,153

The amortized cost and fair value of debt securities held to maturity at June 30, 2025, by contractual final maturity, is shown below. Expected maturities may differ from contractual maturities due to prepayment or early call options exercised by the issuer.


	June 30, 2025
	Amortized Cost		Fair Value
	(In thousands)

One year or less	$	14,875	$	14,592
More than one year to five years	10,000		9,209
More than five years to ten years	9,997		9,086
More than ten years	10,000		7,882
	44,872		40,769
Mortgage-backed securities and collateralized mortgage obligations	357,287		327,463
	$	402,159	$	368,232

Mortgage-backed securities and collateralized mortgage obligations totaling $357.3 million at amortized cost, and $327.5 million at fair value at June 30, 2025, are not classified by maturity as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments.

Debt securities held to maturity having a carrying value of $231.6 million and $247.6 million, at June 30, 2025 and December 31, 2024, respectively, were pledged as security for public funds on deposit at the Bank as required and permitted by law, pledged for outstanding borrowings at the Federal Home Loan Bank, and pledged for potential borrowings at the Federal Reserve Bank of New York.


	June 30, 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)

U.S. government and agency obligations	$	—	$	—	$	40,769	$	(4,103)	$	40,769	$	(4,103)
Mortgage-backed securities and collateralized mortgage obligations	42,481		(790)		260,966		(29,489)		303,447		(30,279)
	$	42,481	$	(790)	$	301,735	$	(33,592)	$	344,216	$	(34,382)


	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)

U.S. government and agency obligations	$	—	$	—	$	39,583	$	(5,288)	$	39,583	$	(5,288)
Mortgage-backed securities and collateralized mortgage obligations	41,030		(605)		267,756		(36,802)		308,786		(37,407)
	$	41,030	$	(605)	$	307,339	$	(42,090)	$	348,369	$	(42,695)

The number of securities in an unrealized loss position at June 30, 2025 totaled 101, compared with 105 at December 31, 2024. All temporarily impaired securities were investment grade as of June 30, 2025 and December 31, 2024.

For held to maturity securities, management measures expected credit losses on a collective basis by major security type. All of the mortgage-backed securities are issued by U.S. government agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses and, therefore, the expectation of non-payment is zero and the Company is not required to estimate an allowance for credit losses on these securities under the CECL standard. All of these securities reflect a credit quality rating of AAA by Moody's Investors Service.

The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of debt securities held to maturity. Accrued interest receivable on debt securities held to maturity is reported as a component of accrued interest receivable on the Consolidated Statement of Financial Condition, which totaled $952,000 and $898,000 at June 30, 2025 and December 31, 2024, respectively, and is excluded from the estimate of credit losses.

The Company has an equity securities portfolio which consists of stock in other financial institutions, a payment technology company, a community bank correspondent services company, preferred stock in U.S. Government agencies, and a Community Reinvestment Act qualifying bond fund which are reported at fair value on the Company's Consolidated Statements of Financial Condition. The fair value of the equities portfolio at June 30, 2025 and December 31, 2024 was $7.3 million and $6.7 million, respectively.

The Company recorded a net increase in the fair value of equity securities of $272,000 and $101,000, and $580,000 and $452,000 during the three and six months ended June 30, 2025 and 2024, respectively, as a component of non-interest income.