v3.26.1
LOANS RECEIVABLE, NET
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
LOANS RECEIVABLE, NET LOANS RECEIVABLE, NET
Loans receivable are summarized as follows:
June 30,
2026		December 31,
2025
(In thousands)
Commercial and industrial$1,307,075 $1,334,794 
Multifamily1,861,575 1,643,779 
Commercial real estate436,144 363,266 
Construction and land development16,652 24,803 
   Total commercial portfolio3,621,446 3,366,642 
Residential real estate lending1,199,552 1,237,791 
Consumer solar303,538 325,154 
Consumer and other24,549 27,686 
   Total retail portfolio1,527,639 1,590,631 
Total loans receivable5,149,085 4,957,273 
Allowance for credit losses(68,939)(57,586)
Total loans receivable, net$5,080,146 $4,899,687 

Included in commercial and industrial loans are government guaranteed loans with a balance of $198.1 million at June 30, 2026 and $204.9 million at December 31, 2025. Due to these loans being fully guaranteed by the United States government, no allowance for credit losses is recorded in relation to these loans at June 30, 2026 and December 31, 2025.

The following table presents information regarding the past due status of the Company’s loans as of June 30, 2026:
30-59 Days Past Due60-89 Days
Past Due		Non-
Accrual		90 Days or
More
Delinquent
and Still
Accruing
Interest		Total Past
Due and Non-Accrual		CurrentTotal Loans
Receivable
(In thousands)
Commercial and industrial$275 $273 $112 $98 $758 $1,306,317 $1,307,075 
Multifamily10,625 13,522 87,115 — 111,262 1,750,313 1,861,575 
Commercial real estate— — — — — 436,144 436,144 
Construction and land development— — 8,803 — 8,803 7,849 16,652 
     Total commercial portfolio10,900 13,795 96,030 98 120,823 3,500,623 3,621,446 
Residential real estate lending1,565 2,612 3,525 — 7,702 1,191,850 1,199,552 
Consumer solar2,397 1,225 2,414 — 6,036 297,502 303,538 
Consumer and other170 519 164 — 853 23,696 24,549 
     Total retail portfolio4,132 4,356 6,103 — 14,591 1,513,048 1,527,639 
$15,032 $18,151 $102,133 $98 $135,414 $5,013,671 $5,149,085 
The following table presents information regarding the past due status of the Company’s loans as of December 31, 2025:
30-59 Days Past Due
60-89 Days
Past Due
Non-
Accrual		90 Days or
More
Delinquent
and Still
Accruing
Interest
Total Past
Due and Non-Accrual
CurrentTotal Loans
Receivable
(In thousands)
Commercial and industrial$11 $200 $713 $— $924 $1,333,870 $1,334,794 
Multifamily5,662 — 10,316 — 15,978 1,627,801 1,643,779 
Commercial real estate12,321 — — — 12,321 350,945 363,266 
Construction and land development5,194 — 11,079 — 16,273 8,530 24,803 
     Total commercial portfolio23,188 200 22,108 — 45,496 3,321,146 3,366,642 
Residential real estate lending5,439 3,069 2,419 — 10,927 1,226,864 1,237,791 
Consumer solar2,819 2,280 3,129 — 8,228 316,926 325,154 
Consumer and other914 294 59 — 1,267 26,419 27,686 
     Total retail portfolio9,172 5,643 5,607 — 20,422 1,570,209 1,590,631 
$32,360 $5,843 $27,715 $— $65,918 $4,891,355 $4,957,273 

The following table presents information regarding loan modifications granted to borrowers experiencing financial difficulty during the three and six months ended June 30, 2026:

Three Months Ended June 30, 2026Six Months Ended June 30, 2026
(Dollars in thousands)Term ExtensionPayment Delay% of PortfolioTerm ExtensionPayment Delay% of Portfolio
Multifamily$— $5,334 0.3 %$— $5,334 0.3 %
Construction and land development14,002 — 84.1 %14,002 — 84.1 %
$14,002 $5,334 $14,002 $5,334 

The following table presents information regarding loan modifications granted to borrowers experiencing financial difficulty during the three and six months ended June 30, 2025:
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
(Dollars in thousands)Term ExtensionPayment Delay% of PortfolioTerm ExtensionPayment Delay% of Portfolio
Commercial and industrial$— $9,076 0.8 %$3,026 $9,076 1.0 %
Construction and Land Development8,803 — 43.3 %8,803 — 43.3 %
$8,803 $9,076 $11,829 $9,076 
The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2026:
Three Months Ended June 30, 2026Six Months Ended June 30, 2026
Weighted Average Years of Term ExtensionWeighted Average Years of Payment DelayWeighted Average Years of Term ExtensionWeighted Average Years of Payment Delay
Multifamily0.01.00.01.0
Construction and Land Development0.20.00.20.0
The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2025:
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Weighted Average Years of Term Extension
Weighted Average Years of Payment DelayWeighted Average Years of Term ExtensionWeighted Average Years of Payment Delay
Commercial and industrial0.00.00.20.0
Construction and Land Development0.60.00.60.0
For the twelve months ended June 30, 2026, five loan modifications were made to borrowers experiencing financial difficulty. There were no loans with a payment default during the twelve months ended June 30, 2026.

For the twelve months ended June 30, 2025, eight loan modifications were made to borrowers experiencing financial difficulty. One CRE loan of $14.0 million that was modified during this period had a payment default of $41.1 thousand during the three and six months ended June 30, 2025.

In order to manage credit quality, we view the Company’s loan portfolio by various segments. For commercial loans, we assign individual credit ratings ranging from 1 (lowest risk) to 10 (highest risk) as an indicator of credit quality. These ratings are based on specific risk factors including (i) historical and projected financial results of the borrower, (ii) market conditions of the borrower’s industry that may affect the borrower’s future financial performance, (iii) business experience of the borrower’s management, (iv) nature of the underlying collateral, if any, including the ability of the collateral to generate sources of repayment, and (v) history of the borrower’s payment performance. These specific risk factors are then utilized as inputs in our credit model to determine the associated credit rating. Non-rated loans generally include residential mortgages and consumer loans.

The below classifications follow regulatory guidelines and can be generally described as follows:
•pass loans are of satisfactory quality (risk rating 1 through 6);
•special mention loans have a potential weakness or risk that may result in the deterioration of future repayment (risk rating 7);
•substandard loans are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged (these loans have a well-defined weakness, and there is a distinct possibility that the Company will sustain some loss) (risk rating 8 and 9); and
•doubtful loans, based on existing circumstances, have weaknesses that make collection or liquidation in full highly questionable and improbable (risk rating 10).

In addition, residential loans are classified utilizing an inter-agency methodology that incorporates the extent of delinquency. Assigned risk rating grades are continuously updated as new information is obtained.
The following table discloses risk rating of the loans. Information below evaluates the Company’s risk category of loans by class as of June 30, 2026:

Term Loans by Origination Year
(In thousands)20262025202420232022 & PriorRevolving loansRevolving Loans Converted to TermTotal
Commercial and industrial:
Pass$177,236 $318,284 $196,690 $52,161 $449,875 $79,985 $892 $1,275,123 
Special Mention— 185 — — 6,340 90 — 6,615 
Substandard— 26 — — 24,854 457 — 25,337 
Doubtful— — — — — — — — 
Total commercial and industrial$177,236 $318,495 $196,690 $52,161 $481,069 $80,532 $892 $1,307,075 
Current period gross charge-offs$— $317 $— $— $542 $215 $— $1,074 
Multifamily:
Pass$248,198 $407,579 $235,669 $170,503 $699,546 $— $— $1,761,495 
Special Mention— — — — 535 — — 535 
Substandard— — — 22,229 77,316 — — 99,545 
Doubtful— — — — — — — — 
Total multifamily$248,198 $407,579 $235,669 $192,732 $777,397 $— $— $1,861,575 
Current period gross charge-offs$— $— $— $— $77 $— $— $77 
Commercial real estate:
Pass$89,346 $36,254 $99,921 $18,993 $191,630 $— $— $436,144 
Special Mention— — — — — — — — 
Substandard— — — — — — — — 
Doubtful— — — — — — — — 
Total commercial real estate$89,346 $36,254 $99,921 $18,993 $191,630 $— $— $436,144 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Construction and land development:
Pass$1,087 $— $— $— $— $1,563 $— $2,650 
Special Mention— — — — — 5,199 — 5,199 
Substandard— — — — — 8,803 — 8,803 
Doubtful— — — — — — — — 
Total construction and land development$1,087 $— $— $— $— $15,565 $— $16,652 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Residential real estate lending:
Pass$15,411 $60,462 $61,464 $108,443 $937,086 $13,161 $— $1,196,027 
Special Mention— — — — — — — — 
Substandard— — — 419 3,106 — — 3,525 
Doubtful— — — — — — — — 
Total residential real estate lending$15,411 $60,462 $61,464 $108,862 $940,192 $13,161 $— $1,199,552 
Current period gross charge-offs$— $— $— $— $2 $— $— $2 
Consumer solar:
Pass$127 $417 $86 $20,581 $279,913 $— $— $301,124 
Special Mention— — — — — — — — 
Substandard— — — 25 2,389 — — 2,414 
Doubtful— — — — — — — — 
Total consumer solar$127 $417 $86 $20,606 $282,302 $— $— $303,538 
Current period gross charge-offs$— $— $— $100 $6,092 $— $— $6,192 
Consumer and other:
Pass$— $— $— $922 $23,189 $274 $— $24,385 
Special Mention— — — — — — — — 
Substandard— — — 17 122 25 — 164 
Doubtful— — — — — — — — 
Total consumer and other$— $— $— $939 $23,311 $299 $— $24,549 
Current period gross charge-offs$— $— $— $— $63 $24 $— $87 
Total Loans:
Pass$531,405 $822,996 $593,830 $371,603 $2,581,239 $94,983 $892 $4,996,948 
Special Mention— 185 — — 6,875 5,289 — 12,349 
Substandard— 26 — 22,690 107,787 9,285 — 139,788 
Doubtful— — — — — — — — 
Total loans$531,405 $823,207 $593,830 $394,293 $2,695,901 $109,557 $892 $5,149,085 
Current period gross charge-offs$— $317 $— $100 $6,776 $239 $— $7,432 
The following table discloses risk rating of the loans. Information below evaluates the Company’s risk category of loans by class as of December 31, 2025:
Term Loans by Origination Year
(In thousands)20252024202320222021 & PriorRevolving loansRevolving Loans Converted to TermTotal
Commercial and industrial:
Pass$397,992 $238,047 $55,123 $124,706 $363,950 $112,769 $— $1,292,587 
Special Mention— — — 2,513 13,416 50 — 15,979 
Substandard347 — — 18,574 7,307 — — 26,228 
Doubtful— — — — — — — — 
Total commercial and industrial$398,339 $238,047 $55,123 $145,793 $384,673 $112,819 $— $1,334,794 
Current period gross charge-offs$2,084 $3,747 $2,284 $312 $1,500 $439 $— $10,366 
Multifamily:
Pass$405,722 $241,674 $202,857 $342,101 $406,238 $2 $— $1,598,594 
Special Mention— — — — 7,358 — — 7,358 
Substandard— — — — 37,827 — — 37,827 
Doubtful— — — — — — — — 
Total multifamily$405,722 $241,674 $202,857 $342,101 $451,423 $2 $— $1,643,779 
Current period gross charge-offs$— $— $— $2,471 $— $— $— $2,471 
Commercial real estate:
Pass$36,358 $100,528 $19,213 $40,191 $166,973 $3 $— $363,266 
Special Mention— — — — — — — — 
Substandard— — — — — — — — 
Doubtful— — — — — — — — 
Total commercial real estate$36,358 $100,528 $19,213 $40,191 $166,973 $3 $— $363,266 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Construction and land development:
Pass$8,531 $— $— $— $— $— $— $8,531 
Special Mention— — — — — 5,194 — 5,194 
Substandard— — — — — 11,078 — 11,078 
Doubtful— — — — — — — — 
Total construction and land development$8,531 $— $— $— $— $16,272 $— $24,803 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Residential real estate lending:
Pass$62,342 $64,765 $116,579 $361,067 $616,426 $13,933 $— $1,235,112 
Special Mention— — — — — — — — 
Substandard— — 431 1,914 334 — — 2,679 
Doubtful— — — — — — — — 
Total residential real estate lending$62,342 $64,765 $117,010 $362,981 $616,760 $13,933 $— $1,237,791 
Current period gross charge-offs$— $— $— $— $304 $— $— $304 
Consumer solar:
Pass$317 $86 $21,963 $84,702 $214,957 $— $— $322,025 
Special Mention— — — — — — — — 
Substandard61 — 106 923 2,039 — — 3,129 
Doubtful— — — — — — — — 
Total consumer solar$378 $86 $22,069 $85,625 $216,996 $— $— $325,154 
Current period gross charge-offs$— $— $197 $3,365 $6,578 $— $— $10,140 
Consumer and other:
Pass$— $— $1,061 $10,168 $16,054 $344 $— $27,627 
Special Mention— — — — — — — — 
Substandard— — — 21 38 — — 59 
Doubtful— — — — — — — — 
Total consumer and other$— $— $1,061 $10,189 $16,092 $344 $— $27,686 
Current period gross charge-offs$— $— $24 $— $135 $12 $— $171 
Total Loans:
Pass$911,262 $645,100 $416,796 $962,935 $1,784,598 $127,051 $— $4,847,742 
Special Mention— — — 2,513 20,774 5,244 — 28,531 
Substandard408 — 537 21,432 47,545 11,078 — 81,000 
Doubtful— — — — — — — — 
Total loans$911,670 $645,100 $417,333 $986,880 $1,852,917 $143,373 $— $4,957,273 
Current period gross charge-offs$2,084 $3,747 $2,505 $6,148 $8,517 $451 $— $23,452 
The allowance for credit losses on loans ("ACL") reflects management's estimate of expected credit losses over the life of the loan portfolio. The ACL level is influenced by past events and current conditions, as well as reasonable and supportable forecasts of future economic scenarios. The ACL level is updated quarterly based on the latest available information and assumptions.
The activities in the allowance by portfolio for the three months ended June 30, 2026 are as follows:
(In thousands)Commercial and IndustrialMultifamilyCommercial Real EstateConstruction and Land DevelopmentResidential Real Estate LendingConsumer SolarConsumer and OtherTotal
Allowance for credit losses:
Beginning balance - ACL$11,279 $16,872 $1,697 $1,463 $7,012 $28,961 $871 $68,155 
Provision for (recovery of) credit losses660 956 226 (1,451)(258)3,868 (57)3,944 
Charge-offs(215)(4)— — — (3,453)(11)(3,683)
Recoveries13 — — — 55 450 5 523 
Ending balance - ACL$11,737 $17,824 $1,923 $12 $6,809 $29,826 $808 $68,939 
The activities in the allowance by portfolio for the three months ended June 30, 2025 are as follows:
(In thousands)Commercial and IndustrialMultifamilyCommercial Real EstateConstruction and Land DevelopmentResidential Real Estate LendingConsumer SolarConsumer and OtherTotal
Allowance for credit losses:
Beginning balance - ACL$15,322 $3,151 $1,589 $1,252 $9,538 $25,005 $1,819 $57,676 
Provision for (recovery of) credit losses2,631 (394)498 34 (601)2,620 (14)4,774 
Charge-offs(1,148)— — — (235)(2,643)(12)(4,038)
Recoveries214 — — — 274 92 6 586 
Ending Balance - ACL$17,019 $2,757 $2,087 $1,286 $8,976 $25,074 $1,799 $58,998 
The activities in the allowance by portfolio for the six months ended June 30, 2026 are as follows:
(In thousands)Commercial and IndustrialMultifamilyCommercial Real EstateConstruction and Land DevelopmentResidential Real Estate LendingConsumer SolarConsumer and OtherTotal
Allowance for credit losses:
Beginning balance - ACL$13,276 $4,792 $1,779 $1,506 $7,157 $28,149 $927 $57,586 
Provision for (recovery of) credit losses(513)13,109 144 (1,494)(519)7,106 (54)17,779 
Charge-offs(1,074)(77)— — (2)(6,192)(87)(7,432)
Recoveries48 — — — 173 763 22 1,006 
Ending balance - ACL$11,737 $17,824 $1,923 $12 $6,809 $29,826 $808 $68,939 
The activities in the allowance by portfolio for the six months ended June 30, 2025 are as follows:
(In thousands)Commercial and IndustrialMultifamilyCommercial Real EstateConstruction and Land DevelopmentResidential Real Estate LendingConsumer SolarConsumer and OtherTotal
Allowance for credit losses:
Beginning balance - ACL$13,505 $2,794 $1,600 $1,253 $9,493 $29,095 $2,346 $60,086 
Provision for (recovery of) credit losses5,261 (37)487 33 (562)238 (480)4,940 
Charge-offs(1,971)— — — (304)(4,617)(123)(7,015)
Recoveries224 — — — 349 358 56 987 
Ending balance - ACL$17,019 $2,757 $2,087 $1,286 $8,976 $25,074 $1,799 $58,998 
The amortized cost basis of loans on nonaccrual status and the specific allowance as of June 30, 2026 are as follows:
Nonaccrual with No AllowanceNonaccrual with AllowanceReserve
(In thousands)
Commercial and industrial$— $112 $112 
Multifamily42,334 44,781 $14,883 
Construction and land development8,803 — — 
     Total commercial portfolio$51,137 $44,893 $14,995 
Residential real estate lending3,525 — — 
Consumer solar2,414 — — 
Consumer and other164 — — 
     Total retail portfolio6,103 — — 
$57,240 $44,893 $14,995 

The amortized cost basis of loans on nonaccrual status and the specific allowance as of December 31, 2025 are as follows:
Nonaccrual with No Allowance
Nonaccrual with Allowance
Reserve
(In thousands)
Commercial and industrial$— $713 $713 
Multifamily— 10,316 1,871 
Construction and land development8,794 2,285 1,477 
     Total commercial portfolio$8,794 $13,314 $4,061 
Residential real estate lending2,419 — — 
Consumer solar3,129 — — 
Consumer and other59 — — 
     Total retail portfolio5,607 — — 
$14,401 $13,314 $4,061 
The below table summarizes collateral dependent loans which were individually evaluated to determine expected credit losses as of June 30, 2026:
Real Estate Collateral DependentAssociated Allowance for Credit Losses
(In thousands)
Multifamily$49,625 $113 
Construction and land development14,002 — 
$63,627 $113 
The below table summarizes collateral dependent loans which were individually evaluated to determine expected credit losses as of December 31, 2025:
Real Estate Collateral DependentAssociated Allowance for Credit Losses
(In thousands)
Multifamily$10,316 $1,871 
Construction and land development16,273 1,477 
$26,589 $3,348 

As of June 30, 2026 and December 31, 2025, mortgage loans with an unpaid principal balance of $2.15 billion and $2.33 billion, respectively, were pledged to the FHLBNY to secure outstanding advances, letters of credit, and to provide additional borrowing potential.

The Company had $1.4 million and $1.5 million of loans to related parties and affiliates as of June 30, 2026 and December 31, 2025, respectively.
As of June 30, 2026 and December 31, 2025, Loans Held for Sale ("LHFS") on the Consolidated Statements of Financial Condition was $0.5 million and $2.8 million, respectively. Included in LHFS were certain nonperforming loans of $0.5 million and $0.9 million as of June 30, 2026 and December 31, 2025, respectively.