v3.26.1
ALLOWANCE FOR CREDIT LOSSES
 12 Months Ended
Dec. 31, 2025
Credit Loss [Abstract]  
ALLOWANCE FOR CREDIT LOSSES ALLOWANCE FOR CREDIT LOSSES
Allowance for Credit Losses - Loans
The allowance for credit losses on loans is summarized in the following table:
20252024
(In thousands)
Balance at beginning of period$12,965 $14,154 
Charge-offs(63)(56)
Recoveries13 11 
Net charge-offs(50)(45)
(Recovery of) provision for credit loss on loans1,477 (1,144)
Balance at end of period$14,392 $12,965 
The following tables present the activity in the Company’s allowance for credit losses by class of loans for 2025 and 2024:
Balance at December 31, 2024
Charge-offsRecoveriesProvision for Credit Loss - Loans
Balance at December 31, 2025
(In thousands)
Residential$1,989 $— $— $205 $2,194 
Multifamily6,609 — — 38 6,647 
Commercial real estate3,641 — — 635 4,276 
Construction460 — — 440 900 
Junior liens109 — — 50 159 
Commercial and industrial 157 (2)— 61 216 
Consumer and other (1)— (61)13 48 — 
Total$12,965 $(63)$13 $1,477 $14,392 
(1)    Purchased consumer loans are cash-collateralized to an amount that exceeds management’s calculation of expected credit losses and, therefore do not have an allowance for credit losses as of December 31, 2025.
The commercial and industrial charge-off relates to a loan originated in 2021. Consumer and other charge-offs relate to overdrafts, which were originated in the fourth quarter of 2024 or in 2025, as it is our policy to charge these off within 60 days of occurrence.
Balance at December 31, 2023
Charge-offsRecoveries(Recovery of) Provision for Loan Loss
Balance at December 31, 2024
(In thousands)
Residential $1,968 $— $— $21 $1,989 
Multifamily7,046 — — (437)6,609 
Commercial real estate3,748 — — (107)3,641 
Construction1,222 — — (762)460 
Junior liens76 — — 33 109 
Commercial and industrial 94 — — 63 157 
Consumer and other (1)— (56)11 45 — 
Total$14,154 $(56)$11 $(1,144)$12,965 
(1)    Purchased consumer loans are cash-collateralized to an amount that exceeds management’s calculation of expected credit losses and, therefore do not have an allowance for credit losses as of December 31, 2024.
Consumer and other charge-offs relate to overdrafts, which were originated in the fourth quarter of 2023 or in 2024, as it is our policy to charge these off within 60 days of occurrence.
The following table represents the allocation of allowance for credit losses on loans and the related recorded investment, including deferred fees and costs, in loans by loan portfolio segment, disaggregated based on the impairment methodology at December 31, 2025 and 2024.
LoansAllowance for Credit Losses on Loans
December 31, 2025Individually EvaluatedCollectively EvaluatedTotalIndividually EvaluatedCollectively EvaluatedTotal
(In thousands)
Residential $5,021 $505,562 $510,583 $— $2,194 $2,194 
Multifamily5,669 635,358 641,027 — 6,647 6,647 
Commercial real estate— 306,096 306,096 — 4,276 4,276 
Construction— 51,353 51,353 — 900 900 
Junior liens242 30,766 31,008 — 159 159 
Commercial and industrial440 23,719 24,159 — 216 216 
Consumer and other (1)— 126,306 126,306 — — — 
Total$11,372 $1,679,160 $1,690,532 $— $14,392 $14,392 
(1) Includes purchased consumer loans that are cash-collateralized to an amount that exceeds management’s calculation of expected credit losses and, therefore do not have an allowance for credit losses as of December 31, 2025.
LoansAllowance for Loan Losses
December 31, 2024Individually EvaluatedCollectively EvaluatedTotalIndividually EvaluatedCollectively EvaluatedTotal
(In thousands)
Residential $3,960 $514,283 $518,243 $— $1,989 $1,989 
Multifamily— 671,116 671,116 — 6,609 6,609 
Commercial real estate— 259,633 259,633 — 3,641 3,641 
Construction— 85,546 85,546 — 460 460 
Junior liens— 25,422 25,422 — 109 109 
Commercial and industrial563 15,748 16,311 — 157 157 
Consumer and other (1)— 7,211 7,211 — — — 
Total$4,523 $1,578,959 $1,583,482 $— $12,965 $12,965 
(1) Includes purchased consumer loans that are cash-collateralized to an amount that exceeds management’s calculation of expected credit losses and, therefore do not have an allowance for credit losses as of December 31, 2024.
Allowance for Credit Losses - Securities
At December 31, 2025 and 2024, the balance of the allowance for credit losses on securities was $91 thousand and $98 thousand, respectively. For 2025 and 2024, the Company recorded a decrease in provision for credit losses on held-to-maturity securities of $7 thousand and $60 thousand, respectively. Accrued interest receivable on securities is reported as a component of accrued interest receivable on the consolidated balance sheet and totaled $1.0 million and $1.4 million at December 31, 2025 and 2024, respectively. The Company made the election to exclude accrued interest receivable from the estimate of credit losses on securities.
Allowance for Credit Losses - Off-Balance-Sheet Exposures
The allowance for credit losses on off-balance-sheet exposures is reported in other liabilities in the consolidated balance sheets. The liability represents an estimate of expected credit losses arising from off-balance-sheet exposures such as letters of credit, guarantees and unfunded loan commitments and unfunded lines. The process for measuring lifetime expected credit losses on these exposures is consistent with that for loans as discussed above, but is subject to an additional estimate reflecting the likelihood that funding will occur. No liability is recognized for off-balance-sheet credit exposures that are unconditionally cancellable by the Company. Adjustments to the liability are reported as a component of provision for credit losses.
At December 31, 2025 and December 31, 2024, the balance of the allowance for credit losses for off-balance-sheet exposures was $810 thousand and $157 thousand, respectively. The Company recorded a provision for credit losses on off-balance-sheet exposures of $653 thousand for 2025 and a recovery of provision for credit losses on off-balance-sheet exposures of $146 thousand for 2024.