v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Significant Fair Value of Assets and Liabilities Measured on Recurring and Non-Recurring Basis
The following tables present the assets reported on the consolidated balance sheets at their estimated fair value as of March 31, 2026, and December 31, 2025, by level within the fair value hierarchy as required by the Fair Value Measurements and Disclosures Topic of the Financial Accounting Standards Board (“FASB”) ASC. Financial assets and liabilities are classified in their entirety based on the level of input that is significant to the fair value measurement. The fair value hierarchy is as follows:

•Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

•Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (for example, interest rates, volatilities, prepayment speeds, loss severities, credit risks and default rates) or inputs that are derived principally from or corroborated by observable market data by correlations or other means.

•Level 3 Inputs – Significant unobservable inputs that reflect the Company’s own assumptions that market participants would use in pricing the assets or liabilities.

The methods of determining the fair value of assets and liabilities presented in this note are consistent with our methodologies disclosed in Note 16 to the Consolidated Financial Statements of the Company’s 2025 Annual Report on Form 10-K.
 
Fair Value Measurements at March 31, 2026 Using:
 Carrying ValueQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
 (in thousands)
Measured on a recurring basis: 
Assets:    
Investment securities:    
Debt securities available-for-sale:    
U.S. Government agency securities$539 $— $539 $— 
Mortgage-backed securities:    
Pass-through certificates:
GSE443,706 — 443,706 — 
REMICs:
GSE885,865 — 885,865 — 
Total mortgage-backed securities1,329,571 — 1,329,571 — 
Other debt securities:    
Municipal bonds614 — 614 — 
Corporate bonds47,778 — 47,778 — 
48,392 — 48,392 — 
Total debt securities available-for-sale1,378,502 — 1,378,502 — 
Trading securities13,831 13,831 — — 
Equity securities (1)
— — — — 
Total$1,392,333 $13,831 $1,378,502 $— 
Measured on a non-recurring basis:    
Assets:    
Loans individually evaluated for impairment:    
Real estate loans:    
Commercial real estate$2,265 $— $— $2,265 
Multifamily1,671 — — 1,671 
Total individually evaluated real estate loans3,936 — — 3,936 
Commercial and industrial loans2,779 — — 2,779 
Total$6,715 $— $— $6,715 
(1) Excludes investment measured at net asset value of $5.0 million at March 31, 2026, which has not been classified in the fair value hierarchy.
 
Fair Value Measurements at December 31, 2025 Using:
 Carrying ValueQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
 (in thousands)
Measured on a recurring basis: 
Assets:    
Investment securities:    
Debt securities available-for-sale:    
U.S. Government agency securities$558 $— $558 $— 
Mortgage-backed securities:    
Pass-through certificates:
GSE506,949 — 506,949 — 
REMICs:
GSE872,099 — 872,099 — 
Total mortgage-backed securities1,379,048 — 1,379,048 — 
Other debt securities:    
Municipal bonds614 — 614 — 
Corporate bonds32,199 — 32,199 — 
32,813 — 32,813 — 
Total debt securities available-for-sale1,412,419 — 1,412,419 — 
Trading securities15,215 15,215 — — 
Equity securities (1)
— — — — 
Total$1,427,634 $15,215 $1,412,419 $— 
Measured on a non-recurring basis:    
Assets:    
Loans individually evaluated for impairment:    
Real estate loans:    
Commercial real estate$2,718 $— $— $2,718 
Multifamily1,681 — — 1,681 
Total individually evaluated real estate loans4,399 — — 4,399 
Commercial and industrial loans2,790 — — 2,790 
Total$7,189 $— $— $7,189 
(1) Excludes investment measured at net asset value of $5.0 million at December 31, 2025, which has not been classified in the fair value hierarchy.
Schedule of Level 3 Assets Measured at Fair Value on a Non-Recurring Basis
The following table presents qualitative information for Level 3 assets measured at fair value on a non-recurring basis at March 31, 2026 (dollars in thousands):
    
 Fair ValueValuation MethodologyUnobservable Inputs Range of Inputs
 (in thousands)
Individually evaluated loans:
Commercial real estate$2,265 AppraisalsAdjustments to selling costs
7.0% - 10.0%
Multifamily1,671 AppraisalsAdjustments to selling costs
0% - 10.0%
Commercial and industrial loans2,779 Discounted cash flowsInterest rates
15.0%
The following table presents qualitative information for Level 3 assets measured at fair value on a non-recurring basis at December 31, 2025 (dollars in thousands):
 Fair ValueValuation MethodologyUnobservable Inputs Range of Inputs
 (in thousands)
Individually evaluated loans:
Commercial real estate$2,718 AppraisalsAdjustments to selling costs
7.0% - 10.0%
Multifamily1,681 AppraisalsAdjustments to selling costs
0% - 10.0%
Commercial and industrial loans2,790 Discounted cash flowsInterest rates
15.0%
Schedule of Estimated Fair Values of Significant Financial Instruments
The estimated fair values of the Company’s significant financial instruments at March 31, 2026, and December 31, 2025, are presented in the following tables (in thousands):
 March 31, 2026
  Estimated Fair Value
 Carrying ValueLevel 1Level 2Level 3Total
Financial assets:     
Cash and cash equivalents$239,607 $239,607 $— $— $239,607 
Trading securities13,831 13,831 — — 13,831 
Debt securities available-for-sale1,378,502 — 1,378,502 — 1,378,502 
Debt securities held-to-maturity8,278 — 8,003 — 8,003 
Equity securities (1)
— — — — — 
FHLBNY stock, at cost42,195 N/AN/AN/AN/A
Net loans held-for-investment3,770,923 — — 3,659,445 3,659,445 
Derivative assets4,275 — 4,275 — 4,275 
Financial liabilities:     
Deposits$4,088,617 $— $4,089,747 $— $4,089,747 
FHLB advances and other borrowings (including securities sold under agreements to repurchase)802,185 — 800,781 — 800,781 
Subordinated debentures, net of issuance costs61,721 — 57,404 — 57,404 
Advance payments by borrowers for taxes and insurance25,630 — 25,630 — 25,630 
Derivative liabilities4,281 — 4,281 — 4,281 
(1) Excludes investment measured at net asset value of $5.0 million at March 31, 2026, which has not been classified in the fair value hierarchy.
 December 31, 2025
  Estimated Fair Value
 Carrying ValueLevel 1Level 2Level 3Total
Financial assets:     
Cash and cash equivalents$163,951 $163,951 $— $— $163,951 
Trading securities15,215 15,215 — — 15,215 
Debt securities available-for-sale1,412,419 — 1,412,419 — 1,412,419 
Debt securities held-to-maturity8,339 — 8,144 — 8,144 
Equity securities (1)
— — — — — 
FHLBNY stock, at cost46,568 N/AN/AN/AN/A
Net loans held-for-investment3,818,629 — — 3,716,252 3,716,252 
Derivative assets5,040 — 5,040 — 5,040 
Financial liabilities:     
Deposits$4,015,809 $— $4,017,711 $— $4,017,711 
FHLB advances and other borrowings (including securities sold under agreements to repurchase)900,216 — 900,596 — 900,596 
Subordinated debentures, net of issuance costs61,665 — 57,108 — 57,108 
Advance payments by borrowers for taxes and insurance20,276 — 20,276 — 20,276 
Derivative liabilities5,045 — 5,045 — 5,045 
    (1) Excludes investment measured at net asset value of $5.0 million at December 31, 2025, which has not been classified in the fair value hierarchy.