v3.26.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets Measured on Recurring Basis
The following summarizes those financial instruments measured at fair value on a recurring basis in the Consolidated Statements of Financial Condition as of the dates indicated, categorized by the relevant class of investment and level of the fair value hierarchy:
June 30, 2026
(In thousands)Level 1Level 2Level 3Total
Financial Assets:
Available for sale securities:
Traditional securities:
GSE certificates & CMOs$— $706,003 $— $706,003 
Non-GSE certificates & CMOs— 448,157 — 448,157 
ABS— 784,193 — 784,193 
Corporate— 85,945 — 85,945 
Other10,234 — — 10,234 
PACE assessments:
Residential PACE assessments— — 206,302 206,302 
Other assets - Cash flow hedges— 1,068 — 1,068 
Total assets carried at fair value$10,234 $2,025,366 $206,302 $2,241,902 
Financial liabilities:
Other liabilities - Cash flow hedges$— $749 $— $749 
Total liabilities carried at fair value$— $749 $— $749 

December 31, 2025
(In thousands)Level 1Level 2Level 3Total
Financial Assets:
Available for sale securities:
Traditional securities:
GSE certificates & CMOs$— $567,070 $— $567,070 
Non-GSE certificates & CMOs— 273,232 — 273,232 
ABS— 629,168 — 629,168 
Corporate— 95,504 — 95,504 
Other8,048 7,027 — 15,075 
PACE assessments:
Residential PACE assessments— — 203,502 203,502 
Other assets - Cash flow hedges— 1,754 — 1,754 
Total assets carried at fair value$8,048 $1,573,755 $203,502 $1,785,305 
Schedule of Assets Measured at Fair Value on a Recurring Basis
The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2026 and June 30, 2025:

Residential PACE Assessments
June 30, 2026June 30, 2025
(In thousands)
Balance of recurring Level 3 assets at January 1$203,502 $152,011 
Amortization included in interest income(544)(267)
Change in unrealized holding gains (losses) included in other comprehensive income(4,629)1,739 
Purchases19,927 33,752 
Sales— — 
Principal paydowns(11,954)(8,988)
Balance of recurring Level 3 assets at June 30$206,302 $178,247 
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following table presents quantitative information about recurring Level 3 fair value measurements at June 30, 2026 and December 31, 2025:

June 30, 2026
Fair Value
Valuation Technique
Unobservable Input
Range (Weighted Average)
(In thousands)
Residential PACE assessments$206,302 
Discounted cash flow
Conditional prepayment rate
7.0%-25.0% (19.7%)
December 31, 2025
Fair Value
Valuation Technique
Unobservable Input
Range (Weighted Average)
(In thousands)
Residential PACE assessments$203,502 
Discounted cash flow
Conditional prepayment rate
7.0%-26.0% (20.2%)
Schedule of Assets Measured on Nonrecurring Basis
The following tables summarize assets measured at fair value on a non-recurring basis in the Consolidated Statements of Financial Condition as of the dates indicated, categorized by the relevant class of investment and level of the fair value hierarchy:
June 30, 2026
(In thousands)Carrying ValueLevel 1Level 2Level 3Estimated Fair ValueValuation Technique
Individually analyzed loans$29,898 $— $— $29,898 $29,898 
Appraisals of collateral and market data (1)
December 31, 2025
(In thousands)Carrying ValueLevel 1Level 2Level 3Estimated Fair ValueValuation Technique
Individually analyzed loans$9,253 $— $— $9,253 $9,253 
Appraisals of Collateral (1)
(1) Appraisals and market data are obtained from independent third parties, which include unobservable inputs such as adjustments for capitalization rates, vacancy rates, and other market insights and assumptions. Appraisals are adjusted for estimated costs to sell of 10%.
Schedule of Basis and Estimated Fair Values of Financial Instruments
The following table summarizes the financial statement basis and estimated fair values for significant categories of financial instruments:
June 30, 2026
(In thousands)Carrying ValueLevel 1Level 2Level 3Estimated Fair Value
Financial assets:
Cash and cash equivalents$167,784 $167,784 $— $— $167,784 
Held-to-maturity securities1,571,547 — 411,292 1,025,790 1,437,082 
Loans held for sale459 — — 459 459 
Loans receivable, net5,080,146 — — 4,877,644 4,877,644 
Resell agreements59,271 — — 59,271 59,271 
Accrued interest receivable63,795 81 14,27249,442 63,795 
Financial liabilities:
Deposits payable on demand$8,220,553 $— $8,220,553 $— $8,220,553 
Time deposits 237,861 — 237,179 — 237,179 
FHLBNY advances5,924 — 5,688 — 5,688 
Subordinated debt, net63,830 — 62,713 — 62,713 
Accrued interest payable2,290 — 2,290 — 2,290 
    
December 31, 2025
(In thousands)Carrying
Value		Level 1Level 2Level 3Estimated
Fair Value
Financial assets:
Cash and cash equivalents$291,217 $291,217 $— $— $291,217 
Held-to-maturity securities1,554,015 — 449,414 990,558 1,439,972 
Loans held for sale2,814 — — 2,814 2,814 
Loans receivable, net4,899,687 — — 4,742,463 4,742,463 
Resell agreements48,662 — — 48,662 48,662 
Accrued interest receivable65,128 124 11,912 53,092 65,128 
Financial liabilities:
Deposits payable on demand$7,746,044 $— $7,746,044 $— $7,746,044 
Time deposits 203,197 — 203,170 — 203,170 
FHLBNY advances5,760 — 5,666 — 5,666 
Subordinated debt, net63,787 — 61,013 — 61,013 
Accrued interest payable2,407 — 2,407 — 2,407