NEW YORK		14-1630287
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

5 SARNOWSKI DRIVE, GLENVILLE, NEW YORK		12302
(Address of principal executive offices)		(Zip Code)

	Title of each class		Trading Symbol(s)		Name of each exchange on which registered
	Common Stock, $1.00 par value		TRST		Nasdaq Global Select Market

Large accelerated filer ☐	Accelerated filer ☒
Non-accelerated filer ☐	Smaller reporting company ☐
	Emerging growth company ☐

	Number of Shares Outstanding
Common Stock	as of April 30, 2026
----------------------	----------------------
$1.00 Par Value	17,474,811

•

changes in interest rates may significantly impact our financial condition and results of operations;

•

external economic factors, such as changes in monetary policy and inflation and deflation, may have an adverse effect on our business, financial condition and results of operations;

•

we are exposed to credit risk in our lending activities;

•

our emphasis on residential mortgage loans exposes us to lending risks, and any weakness in the residential real estate markets could adversely affect our performance;

•

our commercial loan portfolio is increasing and the inherently higher risk of loss may lead to additional provisions for credit losses or charge-offs, which would negatively impact earnings and capital;

•

if our allowance for credit losses on loans is not sufficient to cover expected loan losses, our earnings could decrease;

•

we may not be able to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities.

•

we are subject to claims and litigation pertaining to fiduciary responsibility and lender liability;

•

the strict enforcement of federal laws and regulations regarding cannabis could result in our inability to continue to provide financial products and services to our customers that do business in the cannabis industry, legal action taken against us, or exposure to additional liabilities and compliance costs;

•

we are dependent upon the services of the management team;

•

our disclosure controls and procedures may not prevent or detect all errors or acts of fraud;

•

if the business continuity and disaster recovery plans that we have in place are not adequate to continue our operations in the event of a disaster, the business disruption can adversely impact its operations;

•

our risk management framework may not be effective in mitigating risk and loss;

•

new lines of business or new products and services may subject us to additional risks;

•

digital banking trends may create deposit volatility, which could adversely affect our operations, profitability and competitive position;

•

our business may be adversely affected by the prevalence of fraud and other financial crimes;

•

we are exposed to climate risk;

•

societal responses to climate change could adversely affect our business and performance, including indirectly through impacts on our customers;

•

environmental, social and governance risks could adversely affect our reputation and shareholder, employee, client, and third party relationships and may negatively affect our stock price;

•

a prolonged economic downturn, especially one affecting our geographic market area, will adversely affect our operations and financial results;

•

instability in global economic conditions and geopolitical matters (including the conflict involving the United States (“U.S.”), Israel and Iran), as well as volatility in financial markets, could have a material adverse effect on our results of operations and financial condition;

•

any downgrade in the credit rating of the U.S. government or default by the U.S. government as a result of political conflicts over legislation to raise the U.S. government’s debt limit may have a material adverse effect on us;

•

the soundness of other financial institutions could adversely affect us;

•

any government shutdown could adversely affect the U.S. and global economy and our liquidity, financial condition and earnings;

•

the trust wealth management fees we receive may decrease as a result of poor investment performance, in either relative or absolute terms, which could decrease our revenues and net earnings;

•

regulatory capital rules could slow our growth, cause us to seek to raise additional capital, or both;

•

changes in laws and regulations and the cost of regulatory compliance with new laws and regulations may adversely affect our operations and our income;

•

we are subject to numerous laws designed to protect consumers, including the CRA and fair lending laws, and a failure to comply with these laws could lead to a wide variety of sanctions;

•

changes in cybersecurity or privacy regulations may increase our compliance costs, limit our ability to gain insight from data and lead to increased scrutiny;

•

restrictions on data collection and use may limit opportunities to gain business insights useful to running our business and offering innovative products and services;

•

non-compliance with the Bank Secrecy Act, or other laws and regulations could result in fines or sanctions;

•

changes in tax laws may adversely affect us, and the Internal Revenue Service or a court may disagree with our tax positions, which may result in adverse effects on our business, financial condition, and results of operations or cash flows;

•

we are subject to regulatory limitations and other limitations that may affect our ability to pay dividends to our stockholders or to repurchase our common stock;

•

we may be subject to a higher effective tax rate if Trustco Realty Corp. fails to qualify as a real estate investment trust;

•

changes in accounting standards could impact reported earnings;

•

strong competition within the Bank’s market areas could hurt profits and slow growth;

•

consumers and businesses are increasingly using non-banks to complete their financial transactions, which could adversely affect our business and results of operations;

•

our business could be adversely affected by third-party service providers, data breaches, and cyber-attacks;

•

the development and use of artificial intelligence presents risks and challenges that may adversely impact our business;

•

a failure in or breach of our operational or security systems or infrastructure, or those of third parties, could disrupt our businesses, and adversely impact our results of operations, liquidity and financial condition, as well as cause reputational harm;

•

unauthorized disclosure of sensitive or confidential client or customer information, whether through a breach of our computer systems or otherwise, could severely harm our business;

•

we could suffer a material adverse impact from interruptions in the effective operation of, or security breaches affecting, our computer systems;

•

provisions in our articles of incorporation and bylaws and New York law may discourage or prevent takeover attempts, and these provisions may have the effect of reducing the market price of our stock;

•

we cannot guarantee that the allocation of capital to various alternatives, including stock repurchase plans, will enhance long-term stockholder value; and

•

actions of activist shareholders could negatively affect our business and the value of our common stock and cause us to incur significant expenses.

		Three months ended
		March 31,
		2026				2025
Interest and dividend income:
Interest and fees on loans		$	57,565			$	53,450
Interest and dividends on securities available for sale:
U. S. government sponsored enterprises			149				596
State and political subdivisions			-				-
Mortgage-backed securities and collateralized mortgage obligations - residential			1,469				1,483
Corporate bonds			694				260
Small Business Administration-guaranteed participation securities			63				81
Other securities			8				7
Total interest and dividends on securities available for sale			2,383				2,427
Interest on held to maturity securities:
Mortgage-backed securities and collateralized mortgage obligations-residential			47				57
Total interest on held to maturity securities			47				57
Federal Home Loan Bank stock			126				151
Interest on federal funds sold and other short-term investments			6,105				6,732
Total interest income			66,226				62,817
Interest expense:
Interest on deposits:
Interest-bearing checking			533				558
Savings accounts			675				734
Money market deposit accounts			1,552				1,989
Time deposits			18,357				18,983
Interest on short-term borrowings			401				180
Total interest expense			21,518				22,444
Net interest income			44,708				40,373
Provision for credit losses			950				300
Net interest income after provision for credit losses			43,758				40,073
Noninterest income:
Trustco financial services income			2,135				2,120
Fees for services to customers			2,340				2,645
Other			366				209
Total noninterest income			4,841				4,974
Noninterest expenses:
Salaries and employee benefits			12,219				11,894
Net occupancy expense			4,542				4,554
Equipment expense			2,022				1,944
Professional services			1,526				1,726
Outsourced services			2,700				2,700
Advertising expense			394				361
FDIC and other insurance			1,153				1,188
Other real estate expense, net			50				28
Other			2,376				1,934
Total noninterest expenses			26,982				26,329
Income before taxes			21,617				18,718
Income taxes			5,332				4,443
Net income		$	16,285			$	14,275
Net income per share:
- Basic		$	0.91			$	0.75
- Diluted		$	0.91			$	0.75

		Three months ended
		March 31,
		2026				2025
Net income		$	16,285			$	14,275
Net unrealized holding (loss) gain on securities available for sale			(1,703	)			5,326
Tax effect			437				(1,378	)
Net unrealized (loss) gain on securities available for sale, net of tax			(1,266	)			3,948
Amortization of net actuarial gain			(701	)			(297	)
Amortization of prior service cost			3				3
Tax effect			181				75
Amortization of net actuarial gain and prior service cost on pension and postretirement plans, net of tax			(517	)			(219	)
Other comprehensive (loss) income, net of tax			(1,783	)			3,729
Comprehensive income		$	14,502			$	18,004

														Accumulated
														Other
		Capital								Undivided				Comprehensive				Treasury
		Stock				Surplus				Profits				Income (Loss)				Stock				Total
Beginning balance, January 1, 2025		$	20,097			$	258,874			$	446,503			$	(3,861	)		$	(45,270	)		$	676,343
Net income			-				-				14,275				-				-				14,275
Other comprehensive income, net of tax			-				-				-				3,729				-				3,729
Stock Based Compensation Expense			-				308				-				-				-				308
Cash dividend declared, $0.36 per share			-				-				(6,847	)			-				-				(6,847	)
Ending balance, March 31, 2025		$	20,097			$	259,182			$	453,931			$	(132	)		$	(45,270	)		$	687,808
Beginning balance, January 1, 2026		$	20,119			$	260,333			$	479,996			$	10,024			$	(83,883	)		$	686,589
Net income			-				-				16,285				-				-				16,285
Other comprehensive loss, net of tax			-				-				-				(1,783	)			-				(1,783	)
Stock Based Compensation Expense			-				475				-				-				-				475
Purchase of treasury stock 522,226 Shares			-				-				-				-				(23,905	)			(23,905	)
Cash dividend declared, $0.38 per share			-				-				(6,741	)			-				-				(6,741	)
Ending balance, March 31, 2026		$	20,119			$	260,808			$	489,540			$	8,241			$	(107,788	)		$	670,920

		Three months ended March 31,
		2026				2025
Cash flows from operating activities:
Net income		$	16,285			$	14,275
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			1,248				1,149
Amortization of right-of-use asset			1,645				1,659
Writedown of other real estate owned			30				67
Provision for credit losses			950				300
Deferred tax expense			(1,170	)			2,194
Net amortization of securities			179				255
Stock based compensation expense			475				308
Net gain on sale of bank premises and equipment			24				-
Decrease (Increase) in taxes receivable			997				(2,149	)
Increase in interest receivable			(855	)			(811	)
Increase (Decrease) in interest payable			135				(152	)
Increase in other assets			(529	)			(3,078	)
Decrease in operating lease liabilities			(1,783	)			(1,835	)
Decrease in accrued expenses and other liabilities			(5,815	)			(10,902	)
Total adjustments			(4,469	)			(12,995	)
Net cash provided by operating activities			11,816				1,280
Cash flows from investing activities:
Proceeds from sales, paydowns and calls of securities available for sale			17,873				13,723
Proceeds from paydowns of held to maturity securities			235				266
Purchases of securities available for sale			(25,076	)			(9,911	)
Proceeds from maturities of securities available for sale			15,000				35,000
Net increase in loans			(37,679	)			(17,821	)
Purchases of bank premises and equipment			(1,636	)			(4,545	)
Net cash (used in) provided by investing activities			(31,283	)			16,712
Cash flows from financing activities:
Net increase in deposits			94,936				105,687
Net change in short-term borrowings			(7,124	)			(2,506	)
Purchases of treasury stock			(23,905	)			-
Dividends paid			(6,759	)			(6,848	)
Net cash provided by financing activities			57,148				96,333
Net increase in cash and cash equivalents			37,681				114,325
Cash and cash equivalents at beginning of period			730,427				641,812
Cash and cash equivalents at end of period		$	768,108			$	756,137
Supplemental Disclosure of Cash Flow Information:
Cash paid during the year for:
Interest paid		$	21,383			$	22,596
Income taxes paid			4,327				6,598
Other non cash items:
Increase in dividends payable			(18	)			(1	)
Change in unrealized gain (loss) on securities available for sale-gross of deferred taxes			(1,703	)			5,326
Change in deferred tax effect on unrealized (gain) loss  on securities available for sale			437				(1,378	)
Amortization of net actuarial gain and prior service cost on pension and postretirement plans			(698	)			(294	)
Change in deferred tax effect of amortization of net actuarial gain postretirement benefit plans			181				75

(1) Financial Statement Presentation

The unaudited Consolidated Interim Financial Statements of TrustCo Bank Corp NY (the “Company” or “TrustCo”) include the accounts of the Company’s subsidiary, Trustco Bank (also referred to as the “Bank”) and other subsidiaries after elimination of all significant intercompany accounts and transactions.  Prior period amounts are reclassified when necessary to conform to the current period presentation.  The net income reported for the three months ended March 31, 2026 is not necessarily indicative of the results that may be expected for the year ending December 31, 2026, or any interim periods.  These financial statements consider events that occurred through the date of filing.

In the opinion of the management of the Company, the accompanying unaudited Consolidated Interim Financial Statements contain all recurring adjustments necessary to present fairly the financial condition as of March 31, 2026, the results of operations for the three months ended March 31, 2026 and 2025, and the cash flows for the three months ended March 31, 2026 and 2025.  The accompanying unaudited Consolidated Interim Financial Statements should be read in conjunction with the Company’s year‑end Consolidated Financial Statements, including notes thereto, which are included in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2025.  The accompanying unaudited Consolidated Interim Financial Statements have been prepared in accordance with the applicable rules of the Securities and Exchange Commission (the “SEC”) and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations and cash flow activity required in accordance with accounting principles generally accepted in the United States (“U.S.”).

The accounting policies of the Company, as applied in the Consolidated Interim Financial Statements presented herein, are substantially the same as those followed on an annual basis in the Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 16, 2026.

(2) Earnings Per Share

The Company computes earnings per share in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share (“ASC 260”).  A reconciliation of the component parts of earnings per share for the three months ended March 31, 2026 and 2025 is as follows:

(in thousands, except per share data)		For the three months ended
		March 31,
		2026				2025
Net income		$	16,285			$	14,275
Weighted average common shares			17,813				19,020
Effect of Dilutive Securities:
Stock Options and Restricted Stock Units			63				24
Weighted average common shares including potential dilutive shares			17,876				19,044
Basic EPS		$	0.91			$	0.75
Diluted EPS		$	0.91			$	0.75

For the three months ended March 31, 2026 there were no weighted average antidilutive stock options excluded from diluted earnings per share.  For the three months ended March 31, 2025 there were approximately 8 thousand weighted average anti-dilutive stock options excluded from dilutive.  The stock options were antidilutive because the strike price is greater than the average fair value of the Company’s common stock.

(3) Benefit Plans

 

The table below outlines the components of the Company’s net periodic benefit recognized during the three months ended March 31, 2026 and 2025 for its pension and other post-retirement benefit plans:

		Three months ended March 31,
		Pension Benefits								Other Postretirement Benefits
(dollars in thousands)		2026				2025				2026				2025
Service cost		$	-			$	-			$	5			$	5
Interest cost			286				289				90				86
Expected return on plan assets			(952	)			(763	)			(428	)			(381	)
Amortization of net gain			(349	)			(21	)			(352	)			(276	)
Amortization of prior service cost			-				-				3				3
Net periodic benefit		$	(1,015	)		$	(495	)		$	(682	)		$	(563	)

The Company does not expect to contribute to its pension and post-retirement benefit plans in 2026.  As of March 31, 2026, no contributions have been made; however, this decision is reviewed each quarter and is subject to change based upon market conditions.

Since 2003, the Company has not subsidized retiree medical insurance premiums.  However, it continues to provide medical benefits and post-retirement medical benefits to a limited number of current and retired executives in accordance with the terms of their employment contracts.

 (4) Investment Securities

(a) Debt Securities available for sale

The amortized cost and fair value of the debt securities available for sale are as follows:

		March 31, 2026
						Gross				Gross
		Amortized				Unrealized				Unrealized				Fair
(dollars in thousands)		Cost				Gains				Losses				Value
U.S. government sponsored enterprises		$	14,966			$	-			$	79			$	14,887
State and political subdivisions			9				-				-				9
Mortgage backed securities and collateralized mortgage obligations - residential			221,545				334				16,670				205,209
Corporate bonds			69,973				18				854				69,137
Small Business Administration - guaranteed participation securities			11,496				-				700				10,796
Other			689				19				-				708
Total Securities Available for Sale		$	318,678			$	371			$	18,303			$	300,746

		December 31, 2025
						Gross				Gross
		Amortized				Unrealized				Unrealized				Fair
(dollars in thousands)		Cost				Gains				Losses				Value
U.S. government sponsored enterprises		$	31,939			$	18			$	185			$	31,772
State and political subdivisions			9				-				-				9
Mortgage backed securities and collateralized mortgage obligations - residential			221,611				543				15,864				206,290
Corporate bonds			59,972				99				139				59,932
Small Business Administration - guaranteed participation securities			12,427				-				717				11,710
Other			689				16				-				705
Total Securities Available for Sale		$	326,647			$	676			$	16,905			$	310,418

The following table categorizes the debt securities included in the available for sale portfolio as of March 31, 2026, based on the securities’ final maturity. Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty. Debt securities not due at a single maturity date are presented separately:

		March 31, 2026
		Amortized				Fair
(dollars in thousands)		Cost				Value
Due in one year or less		$	10,014			$	9,958
Due after one year through five years			75,623				74,783
Mortgage backed securities and collateralized mortgage obligations - residential			221,545				205,209
Small Business Administration - guaranteed participation securities			11,496				10,796
		$	318,678			$	300,746

Gross unrealized losses on debt securities available for sale and the related fair values aggregated by the length of time that individual securities have been in an unrealized loss position, were as follows:

		March 31, 2026
		Less than								12 months
		12 months								or more								Total
						Gross								Gross								Gross
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
(dollars in thousands)		Value				Loss				Value				Loss				Value				Loss
U.S. government sponsored enterprises		$	4,997			$	3			$	9,890			$	76			$	14,887			$	79
Mortgage backed securities and collateralized mortgage obligations - residential			13,139				271				167,769				16,399				180,908				16,670
Corporate bonds			66,619				854				-				-				66,619				854
Small Business Administration - guaranteed participation securities			-				-				10,796				700				10,796				700
Total		$	84,755			$	1,128			$	188,455			$	17,175			$	273,210			$	18,303

		December 31, 2025
		Less than								12 months
		12 months								or more								Total
						Gross								Gross								Gross
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
(dollars in thousands)		Value				Loss				Value				Loss				Value				Loss
U.S. government sponsored enterprises		$	1,998			$	2			$	24,756			$	183			$	26,754			$	185
Mortgage backed securities and collateralized mortgage obligations - residential			-				-				178,551				15,864				178,551				15,864
Corporate bonds			34,842				139				-				-				34,842				139
Small Business Administration - guaranteed participation securities			-				-				11,710				717				11,710				717
Total		$	36,840			$	141			$	215,017			$	16,764			$	251,857			$	16,905

There was no allowance for credit losses recorded for debt securities available for sale during the three months ended March 31, 2026 and 2025.  There were no securities on non-accrual status and all securities were performing in accordance with contractual terms.

The proceeds from sales and calls and maturities of debt securities available for sale, gross realized gains and gross realized losses from sales and calls during the three months ended March 31, 2026 and 2025 are as follows:

		Three months ended March 31,
(dollars in thousands)		2026				2025
Proceeds from sales		$	-			$	-
Proceeds from calls/paydowns			17,873				13,723
Proceeds from maturities			15,000				35,000
Gross realized gains			-				-
Gross realized losses			-				-

There were no transfers of debt securities available for sale during the three months ended March 31, 2026 and 2025.

(b) Held to maturity securities

The amortized cost and fair value of the held to maturity securities are as follows:

		March 31, 2026
						Gross				Gross
		Amortized				Unrecognized				Unrecognized				Fair
(dollars in thousands)		Cost				Gains				Losses				Value
Mortgage backed securities and collateralized mortgage obligations - residential		$	4,097			$	81			$	44			$	4,134
Total held to maturity		$	4,097			$	81			$	44			$	4,134

		December 31, 2025
						Gross				Gross
		Amortized				Unrecognized				Unrecognized				Fair
(dollars in thousands)		Cost				Gains				Losses				Value
Mortgage backed securities and collateralized mortgage obligations - residential		$	4,339			$	90			$	40			$	4,389
Total held to maturity		$	4,339			$	90			$	40			$	4,389

The following table categorizes the debt securities included in the held to maturity portfolio as of March 31, 2026, based on the securities’ final maturity.  Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty.  Debt securities not due at a single maturity date are presented separately:

		March 31, 2026
(dollars in thousands)		Amortized				Fair
		Cost				Value
Mortgage backed securities and collateralized mortgage obligations - residential		$	4,097			$	4,134
		$	4,097			$	4,134

All held to maturity securities are held at cost on the financial statements.

Gross unrecognized losses on held to maturity securities and the related fair values aggregated by the length of time that individual securities have been in an unrecognized loss position, were as follows:

		March 31, 2026
		Less than								12 months
(dollars in thousands)		12 months								or more								Total
						Gross								Gross								Gross
		Fair				Unrec.				Fair				Unrec.				Fair				Unrec.
		Value				Loss				Value				Loss				Value				Loss
Mortgage backed securities and collateralized mortgage obligations - residential		$	166			$	1			$	1,332			$	43			$	1,498			$	44
Total		$	166			$	1			$	1,332			$	43			$	1,498			$	44

		December 31, 2025
		Less than								12 months
(dollars in thousands)		12 months								or more								Total
						Gross								Gross								Gross
		Fair				Unrec.				Fair				Unrec.				Fair				Unrec.
		Value				Loss				Value				Loss				Value				Loss
Mortgage backed securities and collateralized mortgage obligations - residential		$	123			$	-			$	1,485			$	40			$	1,608			$	40
Total		$	123			$	-			$	1,485			$	40			$	1,608			$	40

There were no sales or transfers of held to maturity securities during the three months ended March 31, 2026 and 2025.

There was no allowance for credit losses recorded for held to maturity securities during the three months ended March 31, 2026 and 2025.  There was no credit loss expense recorded for held to maturity securities for the three months ended March 31, 2026 and 2025.  There were no securities on non-accrual status and all securities were performing in accordance with contractual terms.

(c)  Securities in an unrealized loss position

As of March 31, 2026, the Company’s securities portfolio included certain securities, which were in an unrealized loss position, and are discussed below.

U.S. government sponsored enterprises:

In the case of unrealized losses on U.S. government sponsored enterprises, because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the securities are investment grade rated and there were no material underlying credit downgrades during the first quarter of 2026. As of March 31, 2026, three out of three securities were in an unrealized loss position.  All securities are performing.

Mortgage-backed securities and collateralized mortgage obligations – residential:

As of March 31, 2026, all mortgage-backed securities and collateralized mortgage obligations held by the Company were issued by U.S. government sponsored entities and agencies, primarily Ginnie Mae, Fannie Mae and Freddie Mac, institutions which the government has affirmed its commitment to support.  Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the securities are investment grade rated and there were no material underlying credit downgrades during the first quarter of 2026. As of March 31, 2026, 110 out of 122 securities were in an unrealized loss position.  All securities are performing.

Small Business Administration (SBA) - guaranteed participation securities:

As of March 31, 2026, all of the SBA securities held by the Company were issued and guaranteed by the U.S. Small Business Administration.  Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the securities are investment grade rated and there were no material underlying credit downgrades during the first quarter of 2026. As of March 31, 2026, 8 out of 8 securities were in an unrealized loss position. All securities are performing.

Corporate Bonds:

As of March 31, 2026, corporate bonds held by the Company are investment grade quality.  Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the securities are investment grade rated and there were no material underlying credit downgrades during the first quarter of 2026. As of March 31, 2026, 10 out of 11 securities were in an unrealized loss position. All securities are performing.

(5) Loan Portfolio and Allowance for Credit Losses

The following tables presents loans by portfolio segment:

		March 31, 2026
(dollars in thousands)		New York and
		other states*				Florida				Total
Commercial:
Commercial real estate		$	248,332			$	49,848			$	298,180
Other			18,148				435				18,583
Real estate mortgage - 1 to 4 family:
First mortgages			2,820,269				1,612,456				4,432,725
Home equity loans			47,642				17,544				65,186
Home equity lines of credit			268,011				196,876				464,887
Installment			7,664				2,953				10,617
Total loans, net		$	3,410,066			$	1,880,112				5,290,178
Less: Allowance for credit losses on loans											52,994
Net loans										$	5,237,184

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

		December 31, 2025
(dollars in thousands)		New York and
		other states*				Florida				Total
Commercial:
Commercial real estate		$	245,799			$	49,308			$	295,107
Other			17,841				495				18,336
Real estate mortgage - 1 to 4 family:
First mortgages			2,794,515				1,604,709				4,399,224
Home equity loans			46,421				17,615				64,036
Home equity lines of credit			265,060				199,141				464,201
Installment			8,497				3,059				11,556
Total loans, net		$	3,378,133			$	1,874,327				5,252,460
Less: Allowance for credit losses on loans											52,205
Net loans										$	5,200,255

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

As of March 31, 2026, the Company had approximately $44.0 million of real estate construction loans.  Of the $44.0 million in real estate construction loans as of March 31, 2026, approximately $14.4 million are secured by first mortgages to residential borrowers while approximately $29.6 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, 2025, the Company had approximately $41.9 million of real estate construction loans.  Of the $41.9 million in real estate construction loans at December 31, 2025, approximately $11.9 million are secured by first mortgages to residential borrowers while approximately $30.0 million were to commercial borrowers for residential construction projects. The majority of construction loans held in 2025 were in the Company’s New York market.

Allowance for credit losses on loans

The level of the allowance for credit losses on loans (“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, 2026. The Company selected the baseline economic forecast for the allowance for credit losses on loans 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, 2026.

The Company recorded a provision for credit losses of $950 thousand for the three months ended March 31, 2026, which is the result of a provision for credit losses on loans of $750 thousand and a provision for credit losses on unfunded commitments of $200 thousand.

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

Activity in the allowance for credit losses on loans by portfolio segment for the three months ended March 31, 2026 and 2025 is summarized as follows:

		For the three months ended March 31, 2026
(dollars in thousands)						Real Estate
						Mortgage-
		Commercial				1 to 4 Family				Installment				Total
Balance at beginning of period		$	3,081			$	48,895			$	229			$	52,205
Loans charged off:
New York and other states*			19				-				12				31
Florida			-				-				14				14
Total loan chargeoffs			19				-				26				45
Recoveries of loans previously charged off:
New York and other states*			-				43				1				44
Florida			40				-				-				40
Total recoveries			40				43				1				84
Net loan (recoveries) charged off			(21	)			(43	)			25				(39	)
Provision for credit losses			31				714				5				750
Balance at end of period		$	3,133			$	49,652			$	209			$	52,994

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

		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 loan recoveries			(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.

The Company’s allowance for credit losses on unfunded commitments is recognized as a liability (included within the Accrued expenses and other liabilities line item within the Statement of Financial Condition) with adjustments to the reserve recognized in provision for credit losses in the consolidated statements of income. The Company’s activity in the allowance for credit losses on unfunded commitments for the three months ended March 31, 2026 and 2025 is as follows:

		For the three
		months ended
(In thousands)		March 31, 2026
Balance at December 31, 2025		$	1,862
Provision  for credit losses			200
Balance at March 31, 2026		$	2,062

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

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 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, 2026 and December 31, 2025 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, 2026 and December 31, 2025, 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, 2026
		Term Loans Amortized Cost Basis by Origination Year
Commercial :		2026				2025				2024				2023				2022				Prior				Revolving Loans Amortized Cost Basis				Revolving Loan Converted to Term				Total
Risk rating
Pass		$	10,605			$	47,474			$	46,897			$	48,227			$	63,528			$	74,273			$	4,061			$	-			$	295,065
Special Mention			-				-				-				-				584				-				-				-				584
Substandard			-				-				890				-				969				672				-				-				2,531
Doubtful			-				-				-				-				-				-				-				-				-
Total Commercial Loans		$	10,605			$	47,474			$	47,787			$	48,227			$	65,081			$	74,945			$	4,061			$	-			$	298,180
Commercial Loans:
Current-period Gross writeoffs		$	-			$	-			$	-			$	-			$	19			$	-			$	-			$	-			$	19
		$	-			$	-			$	-			$	-			$	19			$	-			$	-			$	-			$	19
Commercial Other:
Risk rating
Pass		$	1,334			$	4,251			$	1,192			$	6,104			$	1,170			$	467			$	3,971			$	-			$	18,489
Special mention			-				-				-				45				-				-				-				-				45
Substandard			-				-				9				-				-				-				40				-				49
Doubtful			-				-				-				-				-				-				-				-				-
Total Commercial Real Estate Loans		$	1,334			$	4,251			$	1,201			$	6,149			$	1,170			$	467			$	4,011			$	-			$	18,583
Other Commercial Loans:
Current-period Gross writeoffs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Residential First Mortgage:
Risk rating
Performing		$	110,099			$	388,811			$	297,056			$	359,822			$	493,884			$	2,764,516			$	1,784			$	-			$	4,415,972
Nonperforming			-				-				722				1,714				1,257				13,060				-				-				16,753
Total First Mortgage:		$	110,099			$	388,811			$	297,778			$	361,536			$	495,141			$	2,777,576			$	1,784			$	-			$	4,432,725
Residential First Mortgage Loans:
Current-period Gross writeoffs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Home Equity Loans:
Risk rating
Performing		$	3,858			$	17,251			$	5,001			$	6,645			$	4,100			$	27,921			$	-			$	-			$	64,776
Nonperforming			-				-				-				-				66				344				-				-				410
Total Home Equity Loans:		$	3,858			$	17,251			$	5,001			$	6,645			$	4,166			$	28,265			$	-			$	-			$	65,186
Home Equity Loans:
Current-period Gross writeoffs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Home Equity Lines of Credit:
Risk rating
Performing		$	594			$	2,345			$	3,045			$	1,146			$	1,337			$	23,383			$	430,766			$	-			$	462,616
Nonperforming			-				-				94				129				-				1,776				272				-				2,271
Total Home Equity Credit Lines:		$	594			$	2,345			$	3,139			$	1,275			$	1,337			$	25,159			$	431,038			$	-			$	464,887
Home Equity Lines of Credit:
Current-period Gross writeoffs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Installments:
Risk rating
Performing		$	423			$	2,942			$	1,668			$	2,700			$	1,290			$	633			$	898			$	-			$	10,554
Nonperforming			-				23				-				-				38				1				1				-				63
Total Installments		$	423			$	2,965			$	1,668			$	2,700			$	1,328			$	634			$	899			$	-			$	10,617
Installments Loans:
Current-period Gross writeoffs		$	-			$	4			$	1			$	18			$	2			$	1			$	-			$	-			$	26
		$	-			$	4			$	1			$	18			$	2			$	1			$	-			$	-			$	26

Loan Credit Quality
(in thousands)		As of December 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		$	47,620			$	47,818			$	49,673			$	65,902			$	21,050			$	55,543			$	4,694			$	-			$	292,300
Special Mention			-				-				-				237				-				-				-				-				237
Substandard			-				890				-				990				-				690				-				-				2,570
Doubtful			-				-				-				-				-				-				-				-				-
Total Commercial Loans		$	47,620			$	48,708			$	49,673			$	67,129			$	21,050			$	56,233			$	4,694			$	-			$	295,107
Commercial Loans:		$	-			$	-			$	-			$	-			$	4			$	-			$	-			$	-			$	4
Current-period Gross writeoffs		$	-			$	-			$	-			$	-			$	4			$	-			$	-			$	-			$	4
Commercial Other:
Risk rating
Pass		$	4,453			$	1,322			$	6,346			$	1,228			$	136			$	1,218			$	3,538			$	-			$	18,241
Special mention			-				-				-				-				-				-				45				-				45
Substandard			-				10				-				-				1				-				39				-				50
Doubtful			-				-				-				-				-				-				-				-				-
Total Commercial Real Estate Loans		$	4,453			$	1,332			$	6,346			$	1,228			$	137			$	1,218			$	3,622			$	-			$	18,336
Other Commercial Loans:
Current-period Gross writeoffs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Residential First Mortgage:
Risk rating
Performing		$	382,926			$	307,952			$	366,470			$	499,812			$	757,834			$	2,066,631			$	1,653			$	-			$	4,383,278
Nonperforming			-				171				1,213				1,202				1,636				11,724				-				-				15,946
Total First Mortgage:		$	382,926			$	308,123			$	367,683			$	501,014			$	759,470			$	2,078,355			$	1,653			$	-			$	4,399,224
Residential First Mortgage Loans:
Current-period Gross writeoffs		$	-			$	-			$	-			$	-			$	-			$	99			$	-			$	-			$	99
		$	-			$	-			$	-			$	-			$	-			$	99			$	-			$	-			$	99
Home Equity Loans:
Risk rating
Performing		$	17,600			$	5,386			$	7,138			$	4,384			$	5,328			$	23,770			$	-			$	-			$	63,606
Nonperforming			-				-				-				66				-				364				-				-				430
Total Home Equity Loans:		$	17,600			$	5,386			$	7,138			$	4,450			$	5,328			$	24,134			$	-			$	-			$	64,036
Home Equity Lines Loans:
Current-period Gross writeoffs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Home Equity Credit Lines:
Risk rating
Performing		$	1,718			$	3,985			$	1,471			$	1,196			$	1,504			$	19,145			$	432,926			$	-			$	461,945
Nonperforming			-				-				-				-				-				1,879				377				-				2,256
Total Home Equity Credit Lines:		$	1,718			$	3,985			$	1,471			$	1,196			$	1,504			$	21,024			$	433,303			$	-			$	464,201
Home Equity Lines of Credit:
Current-period Gross writeoffs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Installments:
Risk rating
Performing		$	3,089			$	1,973			$	3,191			$	1,542			$	257			$	561			$	892			$	-			$	11,505
Nonperforming			-				-				4				46				-				1				-				-				51
Total Installments		$	3,089			$	1,973			$	3,195			$	1,588			$	257			$	562			$	892			$	-			$	11,556
Installments Loans:
Current-period Gross writeoffs		$	9			$	102			$	17			$	20			$	27			$	42			$	-			$	-			$	217
		$	9			$	102			$	17			$	20			$	27			$	42			$	-			$	-			$	217

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 Consolidated Statements of Financial Condition.  Other real estate owned included $1.0 million and $1.0 million of commercial foreclosed properties, and $328 thousand and $358 thousand of residential foreclosed properties as of March 31, 2026 and December 31, 2025, respectively.  In addition, non-accrual residential mortgage loans that are in the process of foreclosure had an amortized cost of $9.0 million and $9.1 million as of March 31, 2026 and December 31, 2025, 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, 2026 and December 31, 2025:

	As of March 31, 2026
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			$	-			$	1,961			$	1,962			$	246,370			$	248,332
Other			-				-				7				7				18,141				18,148
Real estate mortgage - 1 to 4 family:
First mortgages			3,138				1,269				7,237				11,644				2,808,625				2,820,269
Home equity loans			34				-				232				266				47,376				47,642
Home equity lines of credit			430				151				945				1,526				266,485				268,011
Installment			24				-				24				48				7,616				7,664
Total		$	3,627			$	1,420			$	10,406			$	15,453			$	3,394,613			$	3,410,066

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		$	-			$	-			$	-			$	-			$	49,848			$	49,848
Other			-				-				-				-				435				435
Real estate mortgage - 1 to 4 family:
First mortgages			2,344				153				1,595				4,092				1,608,364				1,612,456
Home equity loans			-				-				-				-				17,544				17,544
Home equity lines of credit			290				-				187				477				196,399				196,876
Installment			23				18				-				41				2,912				2,953
Total		$	2,657			$	171			$	1,782			$	4,610			$	1,875,502			$	1,880,112

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			$	-			$	1,961			$	1,962			$	296,218			$	298,180
Other			-				-				7				7				18,576				18,583
Real estate mortgage - 1 to 4 family:
First mortgages			5,482				1,422				8,832				15,736				4,416,989				4,432,725
Home equity loans			34				-				232				266				64,920				65,186
Home equity lines of credit			720				151				1,132				2,003				462,884				464,887
Installment			47				18				24				89				10,528				10,617
Total		$	6,284			$	1,591			$	12,188			$	20,063			$	5,270,115			$	5,290,178

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

		As of December 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		$	-			$	-			$	1,984			$	1,984			$	243,815			$	245,799
Other			-				-				7				7				17,834				17,841
Real estate mortgage - 1 to 4 family:
First mortgages			3,174				1,790				6,830				11,794				2,782,721				2,794,515
Home equity loans			50				-				266				316				46,105				46,421
Home equity lines of credit			370				176				1,158				1,704				263,356				265,060
Installment			5				32				7				44				8,453				8,497
Total		$	3,599			$	1,998			$	10,252			$	15,849			$	3,362,284			$	3,378,133

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		$	-			$	-			$	-			$	-			$	49,308			$	49,308
Other			-				-				-				-				495				495
Real estate mortgage - 1 to 4 family:
First mortgages			1,683				978				2,149				4,810				1,599,899				1,604,709
Home equity loans			369				-				-				369				17,246				17,615
Home equity lines of credit			671				116				92				879				198,262				199,141
Installment			46				-				22				68				2,991				3,059
Total		$	2,769			$	1,094			$	2,263			$	6,126			$	1,868,201			$	1,874,327

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		$	-			$	-			$	1,984			$	1,984			$	293,123			$	295,107
Other			-				-				7				7				18,329				18,336
Real estate mortgage - 1 to 4 family:
First mortgages			4,857				2,768				8,979				16,604				4,382,620				4,399,224
Home equity loans			419				-				266				685				63,351				64,036
Home equity lines of credit			1,041				292				1,250				2,583				461,618				464,201
Installment			51				32				29				112				11,444				11,556
Total		$	6,368			$	3,092			$	12,515			$	21,975			$	5,230,485			$	5,252,460

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

As of March 31, 2026, 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 loans or loan modifications to borrowers experiencing financial difficulty.

Loans individually evaluated for impairment are residential non-accrual loans delinquent greater than 180 days, non-accrual commercial loans, as well as loans classified as loan modifications.  As of March 31, 2026 and December 31, 2025, 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, 2026
(dollars in thousands)		New York and
		other states*				Florida				Total
Loans in non-accrual status:
Commercial:
Commercial real estate		$	1,961			$	-			$	1,961
Other			7				-				7
Real estate mortgage - 1 to 4 family:
First mortgages			12,966				3,787				16,753
Home equity loans			405				5				410
Home equity lines of credit			1,841				430				2,271
Installment			43				20				63
Total nonperforming loans		$	17,223			$	4,242			$	21,465

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

		As of December 31, 2025
(dollars in thousands)		New York and
		other states*				Florida				Total
Loans in non-accrual status:
Commercial:
Commercial real estate		$	1,983			$	-			$	1,983
Other			7				-				7
Real estate mortgage - 1 to 4 family:
First mortgages			12,241				3,705				15,946
Home equity loans			425				5				430
Home equity lines of credit			1,917				338				2,255
Installment			29				22				51
Total nonperforming loans		$	16,602			$	4,070			$	20,672

* 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, 2026 and December 31, 2025:

		As of March 31, 2026
(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		$	1,961			$	-				-
Other			7				-				-
Real estate mortgage - 1 to 4 family:
First mortgages			15,313				1,440				-
Home equity loans			410				-				-
Home equity lines of credit			2,062				209				-
Installment			39				24				-
Total loans, net		$	19,792			$	1,673				-

		As of December 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		$	1,983			$	-				-
Other			7				-				-
Real estate mortgage - 1 to 4 family:
First mortgages			14,324				1,622				-
Home equity loans			419				11				-
Home equity lines of credit			2,010				245				-
Installment			22				29				-
Total loans, net		$	18,765			$	1,907				-

The non-accrual balance of $1.7 million and $1.9 million was collectively evaluated and the associated allowance for credit losses on loans was determined not to be material as of March 31, 2026 and December 31, 2025, 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, 2026 and December 31, 2025:

		As of March 31, 2026
(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			3,133				49,652				209				52,994
Total ending allowance balance		$	3,133			$	49,652			$	209			$	52,994
Loans:
Individually evaluated for impairment		$	2,059			$	24,350			$	39			$	26,448
Collectively evaluated for impairment			314,704				4,938,448				10,578				5,263,730
Total ending loans balance		$	316,763			$	4,962,798			$	10,617			$	5,290,178

		As of December 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			3,081				48,895				229				52,205
Total ending allowance balance		$	3,081			$	48,895			$	229			$	52,205
Loans:
Individually evaluated for impairment		$	2,083			$	23,663			$	22			$	25,768
Collectively evaluated for impairment			311,360				4,903,798				11,534				5,226,692
Total ending loans balance		$	313,443			$	4,927,461			$	11,556			$	5,252,460

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, 2026 and December 31, 2025:

		As of March 31, 2026
		Type of Collateral
(dollars in thousands)
		Real Estate				Investment Securities/Cash				Other
Commercial:
Commercial real estate		$	2,052			$	-			$	-
Other			-				-				7
Real estate mortgage - 1 to 4 family:			-				-				-
First mortgages			21,235				-				-
Home equity loans			501				-				-
Home equity lines of credit			2,614				-				-
Installment			-				-				39
Total		$	26,402			$	-			$	46

		As of December 31, 2025
		Type of Collateral
(dollars in thousands)
		Real Estate				Investment Securities/Cash				Other
Commercial:
Commercial real estate		$	2,076			$	-			$	-
Other			-				-				7
Real estate mortgage - 1 to 4 family:			-				-				-
First mortgages			20,591				-				-
Home equity loans			511				-				-
Home equity lines of credit			2,561				-				-
Installment			-				-				22
Total		$	25,739			$	-			$	29

The Company has not committed to lend additional amounts to customers with outstanding loans that are on non-accrual or loan modifications to borrowers experiencing financial difficulty.  Interest income recognized on loans that are individually evaluated was not material during the three months ended March 31, 2026 and 2025.

As of March 31, 2026 and 2025 loans individually evaluated included approximately $6.7 million and $7.1 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, 2026 and 2025 that were both experiencing financial difficulty and modified during the three months ended March 31, 2026 and 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, 2026								March 31, 2025
		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	%

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			273				0.02	%			-				-
Home equity loans			-				-				-				-
Home equity lines of credit			-				-				-				-
Installment			-				-				-				-
Total		$	273				0.01	%		$	-				-

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			273				0.01	%			75				0.00	%
Home equity loans			-				-				-				-
Home equity lines of credit			-				-				122				0.03	%
Installment			-				-				-				-
Total		$	273				0.01	%		$	197				0.00	%

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

The Bank closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following tables present the performance of such loans that have been modified during the last 12 months as of March 31, 2026 and 2025:

						As of March 31, 2026
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			78				-				-				238				316
Home equity loans			-				-				-								-
Home equity lines of credit			-				-				-				-				-
Installment			-				-				-				-				-
Total		$	78			$	-			$	-			$	238			$	316

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			1,022				-				-				-				1,022
Home equity loans			-				-				-				-				-
Home equity lines of credit			-				-				-				-				-
Installment			-				-				-				-				-
Total		$	1,022			$	-			$	-			$	-			$	1,022

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			1,100				-				-				238				1,338
Home equity loans			-				-				-				-				-
Home equity lines of credit			-				-				-				-				-
Installment			-				-				-				-				-
Total		$	1,100			$	-			$	-			$	238			$	1,338

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

						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			78				181				-				80				339
Home equity loans			106				-				-								106
Home equity lines of credit			303				-				122				-				425
Installment			-				-				-				-				-
Total		$	487			$	181			$	122			$	80			$	870

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		$	-			$	-			$	-			$	-			$	-

						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			78				181				-				80				339
Home equity loans			106				-				-				-				106
Home equity lines of credit			303				-				122				-				425
Installment			-				-				-				-				-
Total		$	487			$	181			$	122			$	80			$	870

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

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

For the three months ended:
		March 31, 2026				March 31, 2025
		Weighted				Weighted
New York and other states*:		Average				Average
		Payment				Payment
		Delay (Months)				Delay (Months)
Commercial:
Commercial real estate			-				-
Other			-				-
Real estate mortgage - 1 to 4 family:			-				-
First mortgages			-				24
Home equity loans			-				-
Home equity lines of credit			-				24
Installment			-				-
Total			-				48

		Weighted				Weighted
Florida:		Average				Average
		Payment				Payment
		Delay (Months)				Delay (Months)
Commercial:
Commercial real estate			-				-
Other			-				-
Real estate mortgage - 1 to 4 family:
First mortgages			7				-
Home equity loans			-				-
Home equity lines of credit			-				-
Installment			-				-
Total			7				-

		Weighted				Weighted
Total		Average				Average
		Payment				Payment
		Delay (Months)				Delay (Months)
Commercial:
Commercial real estate			-				-
Other			-				-
Real estate mortgage - 1 to 4 family:
First mortgages			7				24
Home equity loans			-				-
Home equity lines of credit			-				24
Installment			-				-
Total			7				48

* 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 modifying their payment terms. There was one loan modification totaling $238 thousand for residential mortgages that defaulted during the three months ended March 31, 2026 which had been classified as a loan modification within the prior twelve months.  This loan that defaulted was a payment delay modification.  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.

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.

(6) Fair Value of Financial Instruments

FASB Topic 820, Fair Value Measurements (“ASC 820”) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values:

Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity can access as of the measurement date.

Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the value that market participants would use in pricing an asset or liability.

The Company used the following methods and significant assumptions to estimate the fair value of assets and liabilities:

Securities Available for Sale: The fair value of securities available for sale is determined utilizing an independent pricing service for identical assets or significantly similar securities. The pricing service uses a variety of techniques to arrive at fair value including market maker bids, quotes and pricing models. Inputs to the pricing models include recent trades, benchmark interest rates, spreads and actual and projected cash flows. This results in a Level 2 classification of the inputs for determining fair value. Interest and dividend income is recorded on the accrual method and is included in the Consolidated Statements of Income in the respective investment class under total interest and dividend income. The Company does not have any securities that would be designated as Level 3.

Other Real Estate Owned: Assets acquired through loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process to adjust for differences between the comparable sales and income data available. This results in a Level 3 classification of the inputs for determining fair value.

Individually Evaluated Loans: Periodically the Company records non-recurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of those loans.  Non-recurring adjustments can also include certain adjustments for collateral-dependent loans to adjust balances to fair value and generally have had a charge-off through the allowance for credit losses. For collateral dependent loans, fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process to adjust for differences between the comparable sales and income data available. Such adjustments may be significant and typically result in a Level 3 classification of the inputs for determining fair value. When obtained, non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Loans individually evaluated are evaluated on a quarterly basis for additional impairment and adjusted accordingly.

Indications of value for both collateral-dependent loans and other real estate owned are obtained from third party providers or the Company’s internal Appraisal Department. All indications of value are reviewed for reasonableness by a member of the Appraisal Department for the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value via comparison with independent data sources such as recent market data or industry-wide statistics.

There were no transfers between Level 1 and Level 2 during the three months ended March 31, 2026 and 2025.

Assets and liabilities measured at fair value under ASC 820 on a recurring basis are summarized below:

		Fair Value Measurements at
		March 31, 2026 Using:
										Significant
						Quoted Prices in				Other				Significant
						Active Markets for				Observable				Unobservable
		Carrying				Identical Assets				Inputs				Inputs
(dollars in thousands)		Value				(Level 1)				(Level 2)				(Level 3)
U.S. government sponsored enterprises		$	14,887			$	-			$	14,887			$	-
State and political subdivisions			9				-				9				-
Mortgage backed securities and collateralized mortgage obligations - residential			205,209				-				205,209				-
Corporate bonds			69,137				-				69,137				-
Small Business Administration- guaranteed participation securities			10,796				-				10,796				-
Other securities			708				-				708				-
Total securities available for sale		$	300,746			$	-			$	300,746			$	-

		Fair Value Measurements at
		December 31, 2025 Using:
										Significant
						Quoted Prices in				Other				Significant
						Active Markets for				Observable				Unobservable
		Carrying				Identical Assets				Inputs				Inputs
(dollars in thousands)		Value				(Level 1)				(Level 2)				(Level 3)
Securities available for sale:
U.S. government sponsored enterprises		$	31,772			$	-			$	31,772			$	-
State and political subdivisions			9				-				9				-
Mortgage backed securities and collateralized mortgage obligations - residential			206,290				-				206,290				-
Corporate bonds			59,932				-				59,932				-
Small Business Administration- guaranteed participation securities			11,710				-				11,710				-
Other securities			705				-				705				-
Total securities available for sale		$	310,418			$	-			$	310,418			$	-

Assets measured at fair value on a non-recurring basis are summarized below:

Fair Value Measurements at

March 31, 2026 Using:

Significant

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Carrying

Identical Assets

Inputs

Inputs

(dollars in thousands)

Value

(Level 1)

(Level 2)

(Level 3)

Valuation technique

Unobservable inputs

Range (Weighted Average)

Other real estate owned

$

1,364

$

-

$

-

$

1,364

Sales comparison approach

Adjustments for differences between comparable sales

0% - 58% (29

%)

Individually evaluated loans:

Commercial

157

-

-

157

Sales comparison approach

Adjustments for differences between comparable sales

0% - 52% (26

%)

Fair Value Measurements at

December 31, 2025 Using:

Significant

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Carrying

Identical Assets

Inputs

Inputs

(dollars in thousands)

Value

(Level 1)

(Level 2)

(Level 3)

Valuation technique

Unobservable inputs

Range (Weighted Average)

Other real estate owned

$

1,394

$

-

$

-

$

1,394

Sales comparison approach

Adjustments for differences between comparable sales

0% - 58% (29

%)

Individually evaluated loans:

Real estate mortgage - 1 to 4 family

86

-

-

86

Sales comparison approach

Adjustments for differences between comparable sales

0% - 52% (26

%)

Other real estate owned, that is carried at fair value less costs to sell was approximately $1.4 million as of March 31, 2026 and consisted of residential and commercial real estate properties.  A valuation charge of $30 thousand is included in earnings for the three months ended March 31, 2026.

Of the total individually evaluated loans of $26.4 million as of March 31, 2026, there were commercial loans that were collateral dependent and were carried at fair value measured on a non-recurring basis.  Due to the sufficiency of charge-offs taken on these loans and the adequacy of the underlying collateral, there were no individually analyzed reserves for these loans as of March 31, 2026. The carrying balances of these loans were $176 thousand and there were $19 thousand in charge-offs related to commercial loans included in the table above as of March 31, 2026.

Other real estate owned, which is carried at fair value less costs to sell, was approximately $1.4 million at December 31, 2025, and consisted of residential and commercial real estate properties.   A valuation charge of $547 thousand is included in earnings for the year ended December 31, 2025.

Of the total individually evaluated loans of $25.8 million at December 31, 2025, there were real estate mortgage loans that were collateral dependent and are carried at fair value measured on a non-recurring basis.  Due to the sufficiency of charge-offs taken on these loans and the adequacy of the underlying collateral, there were no individually analyzed reserves for these loans at December 31, 2025.  The carrying balances of these loans were $185 thousand and there were $99 thousand in charge-offs related to real estate mortgage loans included in the table above as of December 31, 2025.

In accordance with FASB Topic 825, Financial Instruments (“ASC 825”), the carrying amounts and estimated fair values of financial instruments, at March 31, 2026 and December 31, 2025 are as follows:

(dollars in thousands)						Fair Value Measurements at
		Carrying				March 31, 2026 Using:
		Value				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents		$	768,108			$	768,108			$	-			$	-			$	768,108
Securities available for sale			300,746								300,746				-				300,746
Held to maturity securities			4,097				-				4,134				-				4,134
Federal Home Loan Bank stock			6,601				N/A				N/A				N/A				N/A
Net loans			5,237,184				-				-				4,865,671				4,865,671
Accrued interest receivable			14,684				789				1,531				12,363				14,683
Financial liabilities:
Demand deposits			811,637				811,637				-				-				811,637
Interest bearing deposits			4,840,716				2,591,599				2,242,398				-				4,833,997
Short-term borrowings			112,930				-				112,930				-				112,930
Accrued interest payable			3,781				141				3,640				-				3,781

(dollars in thousands)						Fair Value Measurements at
		Carrying				December 31, 2025 Using:
		Value				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents		$	730,427			$	730,427			$	-			$	-			$	730,427
Securities available for sale			310,418				-				310,418				-				310,418
Held to maturity securities			4,339				-				4,389				-				4,389
Federal Home Loan Bank stock			6,601				N/A				N/A				N/A				N/A
Net loans			5,200,255				-				-				4,803,366				4,803,366
Accrued interest receivable			13,828				325				1,266				12,237				13,828
Financial liabilities:
Demand deposits			814,908				814,908				-				-				814,908
Interest bearing deposits			4,742,509				2,604,094				2,132,833				-				4,736,927
Short-term borrowings			120,054				-				120,054				-				120,054
Accrued interest payable			3,646				159				3,487				-				3,646

(7) Accumulated Other Comprehensive Income (Loss)

 The following is a summary of the accumulated other comprehensive income (loss) balances, net of tax:

		Three months ended March 31, 2026
										Amount
						Other				reclassified				Other
						Comprehensive				from Accumulated				Comprehensive loss-
		Balance at				loss-Before				Other Comprehensive				Three months ended				Balance at
(dollars in thousands)		12/31/2025				Reclassifications				Income				3/31/2026				3/31/2026
Net unrealized holding loss on securities available for sale, net of tax		$	(12,055	)		$	(1,266	)		$	-			$	(1,266	)		$	(13,321	)
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax			26,962				-				-				-				26,962
Net change in net actuarial gain and prior service cost on pension and postretirement benefit plans, net of tax			(4,883	)			-				(517	)			(517	)			(5,400	)
Accumulated other comprehensive income (loss), net of tax		$	10,024			$	(1,266	)		$	(517	)		$	(1,783	)		$	8,241