Loans

3 Months Ended

Mar. 31, 2026

5. Loans

The following represents the composition of loans as of the dates indicated:


	March 31,		December 31,
	2026		2025

	(In thousands)
Multi-family residential	$	2,387,794	$	2,382,828
Commercial real estate		1,932,186		1,993,018
One-to-four family ― mixed-use property		466,734		476,423
One-to-four family ― residential		297,735		319,353
Construction		40,614		54,821
Small Business Administration		21,972		17,523
Commercial business and other		1,401,627		1,395,853
Net unamortized premiums and unearned loan fees		12,516		12,488
Total loans, net of fees and costs excluding portfolio layer basis adjustments		6,561,178		6,652,307
Unallocated portfolio layer basis adjustments ⁽¹⁾		352		1,645
Total loans, net of fees and costs	$	6,561,530	$	6,653,952

(1) This amount represents portfolio layer method basis adjustments related to loans hedged in a closed portfolio. Under GAAP portfolio layer method basis adjustments are not allocated to individual loans, however, the amounts impact the net loan balance. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was de-designated. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.

Loans are reported at their outstanding principal balance net of any unearned income, charge-offs, deferred loan fees and costs on originated loans, certain market value adjustments related to hedging and unamortized premiums or discounts on purchased loans. Net loan origination costs and premiums or discounts on loans purchased are amortized into interest income over the contractual life of the loans using the level-yield method. Prepayment penalties received on loans which pay in full prior to their scheduled maturity are included in interest income in the period they are collected.

Interest on loans is recognized on an accrual basis. Accrued interest receivable totaled $45.6 million and $46.4 million at March 31, 2026 and December 31, 2025, respectively, and was included in “Interest and dividends receivable” on the Consolidated Statements of Financial Condition. The accrual of income on loans is generally discontinued when certain factors, such as contractual delinquency of 90 days or more, indicate reasonable doubt as to the timely collectability of such income. Uncollected interest previously recognized on non-accrual loans is reversed from interest income at the time the loan is placed on non-accrual status. A non-accrual loan can be returned to accrual status when contractual delinquency returns to less than 90 days delinquent. Payments received on non-accrual loans that do not bring the loan to less than 90 days delinquent are recorded on a cash basis. Payments can also be applied first as a reduction of principal until all principal is recovered and then subsequently to interest, if in management’s opinion, it is evident that recovery of all principal due is likely to occur.

Allowance for credit losses

The allowance for credit losses (“ACL”) is an estimate that is deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial assets. Loans are charged off against the ACL when management believes that a loan balance is uncollectable based on quarterly analysis of credit risk.

The amount of the ACL is based upon a loss rate model that considers multiple factors which reflects management’s assessment of the credit quality of the loan portfolio. Management estimates the ACL balance using relevant information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The factors are both quantitative and qualitative in nature including, but not limited to, historical losses, economic conditions, trends in delinquencies, value and adequacy of underlying collateral, volume and portfolio mix, and internal loan processes. The Company has made a policy election to exclude accrued interest from the amortized cost basis of loans.

The Company recorded a provision for credit losses on loans totaling $2.2 million and $4.3 million for the three months ended March 31, 2026 and 2025, respectively. The provision recorded during the three months ended March 31, 2026 was primarily driven by increased reserves applied to two Business Banking loans and one Real Estate loan. The ACL - loans totaled $44.5 million on March 31, 2026 compared to $42.8 million on December 31, 2025. On March 31, 2026, the ACL - loans represented 0.68% of gross loans and 87.9% of non-performing loans. On December 31, 2025, the ACL - loans represented 0.64% of gross loans and 103.0% of non-performing loans.

The Company may modify loans to enable a borrower experiencing financial difficulties to continue making payments when it is deemed to be in the Company’s best long-term interest. When modifying a loan, an assessment of whether a borrower is experiencing financial difficulty is made on the date of modification. This modification may include reducing the loan interest rate, extending the loan term, any other-than-insignificant payment delay, principal forgiveness or any combination of these types of modifications. When such modifications are performed, a change to the allowance for credit losses is generally not required as the methodologies used to estimate the allowance already capture the effect of borrowers experiencing financial difficulty. On March 31, 2026, there were no commitments to lend additional funds to borrowers who have received a loan modification due to financial difficulty.

The following table shows loan modifications made to borrowers experiencing financial difficulty by type of modification granted during the period indicated:


	For the three months ended March 31, 2026
(Dollars in thousands)	Combination - Rate Reduction and Other-than-insignificant Payment Delay
Loan Modifications Made to Borrowers Experiencing Financial Difficulty	Number		Amortized Cost Basis	% of Total Class of Financing Receivable		Financial Effect
Multi-family residential	1	$	2,586	0.1	%	Borrower to make interest only payment through August 2026 (4 months) and rate reduced to 5.00% from 6.20%
Total	1	$	2,586

The following table shows the payment status at March 31, 2026, of borrowers experiencing financial difficulty for which a modification was granted within the last 12 months:


	Payment Status of Borrowers Experiencing Financial Difficulty (Amortized Cost Basis)
(In thousands)	Current		30-89 Days Past Due		90+ Days Past Due		Total Modified
March 31, 2026
Multi-family residential	$	21,838	$	—	$	—	$	21,838
Commercial real estate		8,400		—		—		8,400
Commercial business and other		2,727		—		—		2,727
Total	$	32,965	$	—	$	—	$	32,965

The following tables show our non-accrual loans at amortized cost with no related allowance and interest income recognized for loans ninety days or more past due and still accruing for the periods shown below:


	At or for the three months ended March 31, 2026
(In thousands)		Non-accrual amortized cost beginning of the reporting period		Non-accrual amortized cost end of the reporting period		Non-accrual with no related allowance		Interest income recognized		Loans ninety days or more past due and still accruing
Multi-family residential	$	11,558	$	14,312	$	11,396	$	—	$	—
Commercial real estate		22,344		18,705		1,475		8		—
One-to-four family - mixed-use property		237		—		—		25		—
One-to-four family - residential		1,224		1,074		1,074		20		—
Small Business Administration		558		1,074		1,074		—		—
Commercial business and other		7,621		17,138		11,328		11		—
Total	$	43,542	$	52,303	$	26,347	$	64	$	—


	At or for the year ended December 31, 2025
(In thousands)		Non-accrual amortized cost beginning of the reporting period		Non-accrual amortized cost end of the reporting period		Non-accrual with no related allowance		Interest income recognized		Loans ninety days or more past due and still accruing
Multi-family residential	$	11,707	$	11,558	$	8,642	$	53	$	—
Commercial real estate		6,376		22,344		5,115		20		—
One-to-four family - mixed-use property		117		237		237		6		—
One-to-four family - residential		812		1,224		1,224		3		—
Small Business Administration		2,531		558		558		366		—
Commercial business and other		12,454		7,621		4,188		145		—
Total	$	33,997	$	43,542	$	19,964	$	593	$	—

The following is a summary of interest foregone on non-accrual loans for the periods indicated.


	For the three months ended
	March 31,
	2026		2025

(In thousands)
Interest income that would have been recognized had the loans performed in accordance with their original terms	$	1,028	$	820
Less: Interest income included in the results of operations		(64)		(25)
Total foregone interest	$	964	$	795

The following tables show the aging analysis of the amortized cost basis of loans at the period indicated by class of loans:


	At March 31, 2026
(In thousands)	30 - 59 Days Past Due		60 - 89 Days Past Due		Greater than 90 Days		Total Past Due		Current		Total Loans ⁽¹⁾
Multi-family residential	$	2,533	$	2,747	$	14,312	$	19,592	$	2,373,309	$	2,392,901
Commercial real estate		162		1,983		18,705		20,850		1,913,111		1,933,961
One-to-four family - mixed-use property		469		110		—		579		468,324		468,903
One-to-four family - residential		503		1,577		1,074		3,154		295,500		298,654
Construction		—		—		—		—		40,477		40,477
Small Business Administration		25		7		1,074		1,106		21,094		22,200
Commercial business and other		2,088		5,332		16,566		23,986		1,380,096		1,404,082
Total	$	5,780	$	11,756	$	51,731	$	69,267	$	6,491,911	$	6,561,178


	At December 31, 2025
(In thousands)	30 - 59 Days Past Due		60 - 89 Days Past Due		Greater than 90 Days		Total Past Due		Current		Total Loans ⁽¹⁾
Multi-family residential	$	3,914	$	1,165	$	11,558	$	16,637	$	2,371,513	$	2,388,150
Commercial real estate		2,785		—		22,344		25,129		1,970,023		1,995,152
One-to-four family - mixed-use property		263		—		237		500		478,310		478,810
One-to-four family - residential		2,264		53		1,224		3,541		316,744		320,285
Construction		—		—		—		—		54,748		54,748
Small Business Administration		160		—		558		718		17,029		17,747
Commercial business and other		7,874		1		7,050		14,925		1,382,490		1,397,415
Total	$	17,260	$	1,219	$	42,971	$	61,450	$	6,590,857	$	6,652,307

(1) The tables above exclude the unallocated portfolio layer basis adjustments totaling $0.4 million and $1.6 million related to loans hedged in a closed pool at March 31, 2026 and December 31, 2025, respectively. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.

The following tables show the activity in the ACL on loans for the three-month periods ended:


	March 31, 2026
					One-to-four		One-to-four						Commercial
	Multi-family		Commercial		family - mixed-		family -		Construction		Small Business		business and
(In thousands)	residential		real estate		use property		residential		loans		Administration		other		Total
Beginning balance	$	12,601	$	13,559	$	1,236	$	875	$	171	$	1,881	$	12,479	$	42,802
Charge-offs		(173)		(616)		—		(147)		—		—		(116)		(1,052)
Recoveries		1		—		—		—		—		—		531		532
Provision (benefit)		683		399		3		101		(43)		283		742		2,168
Ending balance	$	13,112	$	13,342	$	1,239	$	829	$	128	$	2,164	$	13,636	$	44,450


	March 31, 2025
					One-to-four		One-to-four						Commercial
	Multi-family		Commercial		family - mixed-		family -		Construction		Small Business		business and
(In thousands)	residential		real estate		use property		residential		loans		Administration		other		Total
Beginning balance	$	13,145	$	9,288	$	1,623	$	759	$	371	$	1,523	$	13,443	$	40,152
Charge-offs		—		—		—		(5)		—		—		(4,466)		(4,471)
Recoveries		—		—		—		1		—		40		3		44
Provision (benefit)		(573)		3,694		79		164		(171)		(362)		1,481		4,312
Ending balance	$	12,572	$	12,982	$	1,702	$	919	$	200	$	1,201	$	10,461	$	40,037

In accordance with our policy and the current regulatory guidelines, we designate loans as “Special Mention,” which are considered “Criticized Loans,” and “Substandard,” “Doubtful,” or “Loss,” which are considered “Classified Loans.” If a loan does not fall within one of the previously mentioned categories and management believes weakness is evident then we designate the loan as “Watch;” all other loans would be considered “Pass.” Loans that are non-accrual are designated as Substandard, Doubtful or Loss. These loan designations are updated quarterly. We designate a loan as Substandard when a well-defined weakness is identified that may jeopardize the orderly liquidation of the debt. We designate a loan as Doubtful when it displays the inherent weakness of a Substandard loan with the added provision that collection of the debt in full, on the basis of existing facts, is highly improbable. We designate a loan as Loss if it is deemed the debtor is incapable of repayment. The Company does not hold any loans designated as Loss, as loans that are designated as Loss are charged to the Allowance for Credit Losses. We designate a loan as Special Mention if the asset does not warrant classification within one of the other classifications but does contain a potential weakness that deserves closer attention.

The following tables summarize the various risk categories of mortgage and non-mortgage loans by loan portfolio segments and by class of loans by year of origination at the periods indicated below:


	March 31, 2026
														Revolving Loans		Revolving Loans
														Amortized Cost		converted to
(In thousands)		2026		2025		2024		2023		2022		Prior		Basis		term loans		Total
Multi-family Residential
Pass	$	56,064	$	70,336	$	106,997	$	221,408	$	399,077	$	1,460,215	$	3,707	$	—	$	2,317,804
Watch		—		—		921		—		3,702		30,503		—		—		35,126
Special Mention		—		—		—		—		—		24,880		—		—		24,880
Substandard		—		—		—		—		806		14,285		—		—		15,091
Total Multi-family Residential	$	56,064	$	70,336	$	107,918	$	221,408	$	403,585	$	1,529,883	$	3,707	$	—	$	2,392,901
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	173	$	—	$	—	$	173
Commercial Real Estate
Pass	$	23,463	$	231,302	$	190,142	$	187,132	$	281,012	$	958,781	$	—	$	—	$	1,871,832
Watch		—		—		—		3,552		3,797		25,692		—		—		33,041
Special Mention		—		8,400		1,983		—		—		—		—		—		10,383
Substandard		—		—		—		—		—		18,705		—		—		18,705
Total Commercial Real Estate	$	23,463	$	239,702	$	192,125	$	190,684	$	284,809	$	1,003,178	$	—	$	—	$	1,933,961
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	616	$	—	$	—	$	616
1-4 Family Mixed-Use Property
Pass	$	5,754	$	16,816	$	17,002	$	20,044	$	41,787	$	360,877	$	—	$	—	$	462,280
Watch		—		—		—		—		—		5,953		—		—		5,953
Special Mention		—		—		—		—		—		369		—		—		369
Substandard		—		—		—		—		—		301		—		—		301
Total 1-4 Family Mixed-Use Property	$	5,754	$	16,816	$	17,002	$	20,044	$	41,787	$	367,500	$	—	$	—	$	468,903
1-4 Family Residential
Pass	$	—	$	2,227	$	12,209	$	92,061	$	50,764	$	121,233	$	5,756	$	7,296	$	291,546
Watch		—		—		—		846		480		835		—		1,338		3,499
Special Mention		—		—		—		—		—		2,335		—		200		2,535
Substandard		—		—		—		—		—		846		—		228		1,074
Total 1-4 Family Residential	$	—	$	2,227	$	12,209	$	92,907	$	51,244	$	125,249	$	5,756	$	9,062	$	298,654
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	147	$	147
Construction
Pass	$	—	$	2,287	$	—	$	—	$	—	$	—	$	38,190	$	—	$	40,477
Watch		—		—		—		—		—		—		—		—		—
Total Construction	$	—	$	2,287	$	—	$	—	$	—	$	—	$	38,190	$	—	$	40,477
Small Business Administration
Pass	$	3,942	$	8,527	$	1,583	$	1,113	$	3,114	$	2,663	$	—	$	—	$	20,942
Watch		—		—		—		—		—		152		—		—		152
Special Mention		—		—		—		—		—		25		—		—		25
Substandard		—		—		—		—		—		1,081		—		—		1,081
Total Small Business Administration	$	3,942	$	8,527	$	1,583	$	1,113	$	3,114	$	3,921	$	—	$	—	$	22,200
Commercial Business
Pass	$	32,293	$	108,460	$	60,213	$	63,593	$	52,459	$	93,413	$	177,027	$	—	$	587,458
Watch		—		69		1,712		—		77		2,590		2,704		—		7,152
Special Mention		—		—		—		—		—		—		1,081		—		1,081
Substandard		—		572		1,760		242		2,155		3,973		3,356		—		12,058
Doubtful		—		—		—		—		—		—		—		—		—
Total Commercial Business	$	32,293	$	109,101	$	63,685	$	63,835	$	54,691	$	99,976	$	184,168	$	—	$	607,749
Gross charge-offs	$	—	$	100	$	—	$	—	$	—	$	—	$	—	$	—	$	100
Commercial Business - Secured by RE
Pass	$	14,240	$	100,545	$	67,550	$	53,938	$	158,956	$	358,366	$	—	$	—	$	753,595
Watch		—		—		8,509		—		—		19,100		—		—		27,609
Special Mention		—		4,999		—		—		—		—		—		—		4,999
Substandard		—		—		—		—		—		9,967		—		—		9,967
Total Commercial Business - Secured by RE	$	14,240	$	105,544	$	76,059	$	53,938	$	158,956	$	387,433	$	—	$	—	$	796,170
Other
Pass	$	—	$	—	$	—	$	—	$	—	$	85	$	78	$	—	$	163
Total Other	$	—	$	—	$	—	$	—	$	—	$	85	$	78	$	—	$	163
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	16	$	—	$	—	$	16
Total by Loan Type
Total Pass	$	135,756	$	540,500	$	455,696	$	639,289	$	987,169	$	3,355,633	$	224,758	$	7,296	$	6,346,097
Total Watch		—		69		11,142		4,398		8,056		84,825		2,704		1,338		112,532
Total Special Mention		—		13,399		1,983		—		—		27,609		1,081		200		44,272
Total Substandard		—		572		1,760		242		2,961		49,158		3,356		228		58,277
Total Loans ⁽¹⁾	$	135,756	$	554,540	$	470,581	$	643,929	$	998,186	$	3,517,225	$	231,899	$	9,062	$	6,561,178
Total Gross charge-offs	$	—	$	100	$	—	$	—	$	—	$	805	$	—	$	147	$	1,052


	December 31, 2025
														Revolving Loans		Revolving Loans
														Amortized Cost		converted to
(In thousands)		2025		2024		2023		2022		2021		Prior		Basis		term loans		Total
Multi-family Residential
Pass	$	70,542	$	107,310	$	226,950	$	401,808	$	262,801	$	1,237,130	$	3,489	$	—	$	2,310,030
Watch		—		924		900		3,727		3,296		36,154		—		—		45,001
Special Mention		—		—		—		—		—		20,752		—		—		20,752
Substandard		—		—		—		810		—		11,557		—		—		12,367
Total Multi-family Residential	$	70,542	$	108,234	$	227,850	$	406,345	$	266,097	$	1,305,593	$	3,489	$	—	$	2,388,150
Gross charge-offs	$	—	$	—	$	—	$	1,681	$	—	$	1,254	$	—	$	—	$	2,935
Commercial Real Estate
Pass	$	231,927	$	190,608	$	187,887	$	285,929	$	129,592	$	858,072	$	—	$	—	$	1,884,015
Watch		—		1,978		3,697		4,211		9,027		61,480		—		—		80,393
Special Mention		8,400		—		—		—		—		—		—		—		8,400
Substandard		—		—		—		—		—		22,344		—		—		22,344
Total Commercial Real Estate	$	240,327	$	192,586	$	191,584	$	290,140	$	138,619	$	941,896	$	—	$	—	$	1,995,152
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	1,347	$	—	$	—	$	1,347
1-4 Family Mixed-Use Property
Pass	$	16,863	$	17,055	$	20,271	$	42,216	$	36,388	$	339,151	$	—	$	—	$	471,944
Watch		—		—		—		—		287		5,757		—		—		6,044
Special Mention		—		—		—		—		—		263		—		—		263
Substandard		—		—		—		—		—		559		—		—		559
Total 1-4 Family Mixed-Use Property	$	16,863	$	17,055	$	20,271	$	42,216	$	36,675	$	345,730	$	—	$	—	$	478,810
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	55	$	—	$	—	$	55
1-4 Family Residential
Pass	$	2,573	$	15,545	$	102,740	$	51,485	$	6,573	$	120,572	$	5,755	$	7,531	$	312,774
Watch		—		—		855		484		—		2,939		—		1,502		5,780
Special Mention		—		—		—		—		—		450		—		57		507
Substandard		—		—		—		—		—		722		—		502		1,224
Total 1-4 Family Residential	$	2,573	$	15,545	$	103,595	$	51,969	$	6,573	$	124,683	$	5,755	$	9,592	$	320,285
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	5	$	—	$	—	$	5
Construction
Pass	$	353	$	—	$	—	$	—	$	—	$	—	$	36,145	$	—	$	36,498
Watch		—		—		—		—		18,250		—		—		—		18,250
Total Construction	$	353	$	—	$	—	$	—	$	18,250	$	—	$	36,145	$	—	$	54,748
Small Business Administration
Pass	$	7,811	$	1,619	$	1,125	$	3,134	$	875	$	2,283	$	—	$	—	$	16,847
Watch		—		—		—		—		—		174		—		—		174
Special Mention		—		—		—		—		—		26		—		—		26
Substandard		—		—		—		—		1		699		—		—		700
Total Small Business Administration	$	7,811	$	1,619	$	1,125	$	3,134	$	876	$	3,182	$	—	$	—	$	17,747
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	279	$	—	$	—	$	279
Commercial Business
Pass	$	118,366	$	61,302	$	67,109	$	51,852	$	19,275	$	78,080	$	179,583	$	—	$	575,567
Watch		72		2,939		—		—		2,394		4,335		2,968		—		12,708
Special Mention		—		—		—		—		1,487		2,381		—		—		3,868
Substandard		572		639		267		2,155		—		94		6,227		—		9,954
Total Commercial Business	$	119,010	$	64,880	$	67,376	$	54,007	$	23,156	$	84,890	$	188,778	$	—	$	602,097
Gross charge-offs	$	—	$	—	$	871	$	2,621	$	—	$	3,115	$	95	$	—	$	6,702
Commercial Business - Secured by RE
Pass	$	107,989	$	67,865	$	54,158	$	161,875	$	105,186	$	260,238	$	—	$	—	$	757,311
Watch		—		8,543		—		—		8,405		18,041		—		—		34,989
Substandard		—		—		—		—		—		2,787		—		—		2,787
Total Commercial Business - Secured by RE	$	107,989	$	76,408	$	54,158	$	161,875	$	113,591	$	281,066	$	—	$	—	$	795,087
Other
Pass	$	—	$	—	$	—	$	—	$	—	$	147	$	84	$	—	$	231
Total Other	$	—	$	—	$	—	$	—	$	—	$	147	$	84	$	—	$	231
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	80	$	—	$	—	$	80
Total by Loan Type
Total Pass	$	556,424	$	461,304	$	660,240	$	998,299	$	560,690	$	2,895,673	$	225,056	$	7,531	$	6,365,217
Total Watch		72		14,384		5,452		8,422		41,659		128,880		2,968		1,502		203,339
Total Special Mention		8,400		—		—		—		1,487		23,872		—		57		33,816
Total Substandard		572		639		267		2,965		1		38,762		6,227		502		49,935
Total Loans ⁽¹⁾	$	565,468	$	476,327	$	665,959	$	1,009,686	$	603,837	$	3,087,187	$	234,251	$	9,592	$	6,652,307
Total Gross charge-offs	$	—	$	—	$	871	$	4,302	$	—	$	6,135	$	95	$	—	$	11,403

⁽¹⁾ The tables above exclude the unallocated portfolio layer basis adjustments totaling $0.4 million and $1.6 million related to loans hedged in a closed pool at March 31, 2026 and December 31, 2025, respectively. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.

Included within net loans were $1.7 million and $2.1 million at March 31, 2026 and December 31, 2025, respectively, of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process according to local requirements of the applicable jurisdiction.

A loan is considered collateral dependent when the borrower is experiencing financial difficulties and repayment is expected to be substantially provided by the operation or sale of the collateral. The following table presents types of collateral-dependent loans by class of loans as of the periods indicated:



	Collateral Type
	March 31, 2026				December 31, 2025
(In thousands)		Real Estate		Business Assets		Real Estate		Business Assets
Multi-family residential	$	14,312	$	—	$	11,558	$	—
Commercial real estate		18,705		—		22,344		—
One-to-four family - mixed-use property		—		—		237		—
One-to-four family - residential		1,074		—		1,224		—
Small Business Administration		—		1,074		—		558
Commercial business and other		9,966		7,172		2,787		4,834
Total	$	44,057	$	8,246	$	38,150	$	5,392

Off-Balance Sheet Credit Losses

Also included within scope of the CECL standard are off-balance sheet loan commitments, which includes the unfunded portion of committed lines of credit and commitments “in-process”. Commitments “in‐process” reflect loans not in the Company’s books but rather negotiated loan / line of credit terms and rates that the Company has offered to customers and is committed to honoring. In reference to “in‐process” credits, the Company defines an unfunded commitment as a credit that has been offered to and accepted by a borrower, which has not closed and by which the obligation is not unconditionally cancellable.

On March 31, 2026, the Company had commitments to extend credit totaling $402.9 million.

The following table presents the activity in the allowance for off-balance sheet credit losses for the three months ended:


	For the three months ended March 31,
(In thousands)		2026		2025
Balance at beginning of period	$	1,733	$	1,037
Provision (benefit) ⁽¹⁾		111		337
Allowance for off-balance sheet - credit losses ⁽²⁾	$	1,844	$	1,374

(1) Included in “Other operating expenses” on the Consolidated Statements of Operations.

(2) Included in “Other liabilities” on the Consolidated Statements of Financial Condition.