v3.26.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Interest income:    
Loans $ 45,400 $ 45,283
Mortgage-backed securities 15,004 12,009
Other securities 382 797
FHLB of New York dividends 788 862
Deposits in other financial institutions 1,334 1,141
Total interest income 62,908 60,092
Interest expense:    
Deposits 17,880 21,191
Borrowings 7,246 6,291
Subordinated debt 819 819
Total interest expense 25,945 28,301
Net interest income 36,963 31,791
Provision for credit losses 247 2,582
Net interest income after provision for credit losses 36,716 29,209
Non-interest income:    
Fees and service charges for customer services 1,709 1,620
Income on bank-owned life insurance 1,891 1,639
Losses on available-for-sale debt securities, net (2) 0
Losses on trading securities, net (254) (299)
Other 68 62
Total non-interest income 3,412 3,022
Non-interest expense:    
Compensation and employee benefits 12,673 11,775
Occupancy 3,354 3,533
Furniture and equipment 376 414
Data processing 2,352 2,122
Professional fees 691 1,072
Merger related expenses 1,709 0
Advertising 159 250
Federal Deposit Insurance Corporation insurance 606 617
Credit (benefit)/loss expense for off-balance sheet exposures (67) 103
Other 1,406 1,549
Total non-interest expense 23,259 21,435
Income before income tax expense 16,869 10,796
Income tax expense 5,026 2,920
Net income $ 11,843 $ 7,876
Net income per common share:    
Basic (usd per share) $ 0.30 $ 0.19
Diluted (usd per share) $ 0.30 $ 0.19
Net income $ 11,843 $ 7,876
Unrealized (losses) gains on debt securities available-for-sale:    
Net unrealized holding (losses) gains (3,356) 11,610
Add: Reclassification adjustment for net losses included in net income 2 0
Net unrealized (losses) gains (3,354) 11,610
Other comprehensive (loss) income before tax (3,354) 11,610
Income tax benefit (expense) related to net unrealized holding (losses) gains on debt securities available-for-sale 1,003 (3,482)
Other comprehensive income, net of tax (2,351) 8,128
Comprehensive income $ 9,492 $ 16,004