| Assets Measured at Fair Value on Recurring Basis |
The following tables detail the assets that are carried at fair value and measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025, and indicate the level within the fair value hierarchy utilized to determine the fair value:
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June 30, 2026 |
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Description |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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(in thousands) |
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Available-for-Sale Securities, at fair value: |
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|
|
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Corporate bonds |
|
$ |
13,094 |
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|
$ |
733 |
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|
$ |
12,361 |
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|
$ |
— |
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Mortgage-Backed Securities: |
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|
|
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Collateralized Mortgage Obligations |
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24,482 |
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|
|
— |
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24,482 |
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|
|
— |
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FHLMC Certificates |
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6,573 |
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|
|
— |
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6,573 |
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|
|
— |
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FNMA Certificates |
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40,553 |
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— |
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40,553 |
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|
— |
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GNMA Certificates |
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|
72 |
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|
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— |
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|
72 |
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|
— |
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Mortgage Loans Held for Sale, at fair value |
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|
3,050 |
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— |
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|
3,050 |
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— |
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$ |
87,824 |
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$ |
733 |
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$ |
87,091 |
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$ |
— |
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December 31, 2025 |
|
Description |
|
Total |
|
|
Level 1 |
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|
Level 2 |
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|
Level 3 |
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|
|
(in thousands) |
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Available-for-Sale Securities, at fair value: |
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|
|
|
|
|
|
|
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U.S. Government Bonds |
|
$ |
2,979 |
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|
$ |
2,979 |
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$ |
— |
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|
$ |
— |
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Corporate bonds |
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12,763 |
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|
492 |
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12,271 |
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|
|
— |
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Mortgage-Backed Securities: |
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|
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|
|
|
|
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Collateralized Mortgage Obligations |
|
|
26,346 |
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|
|
— |
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|
26,346 |
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|
|
— |
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FHLMC Certificates |
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7,125 |
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— |
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7,125 |
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— |
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FNMA Certificates |
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42,906 |
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— |
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|
42,906 |
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— |
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GNMA Certificates |
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|
77 |
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— |
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|
77 |
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— |
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Mortgage Loans Held for Sale, at fair value |
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3,388 |
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— |
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|
3,388 |
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— |
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$ |
95,584 |
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$ |
3,471 |
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$ |
92,113 |
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$ |
— |
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| Estimated Fair Values of Financial Instruments |
As of June 30, 2026 and December 31, 2025, the carrying values and estimated fair values of the Company's financial instruments were as follows:
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Carrying |
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Fair Value Measurements |
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Amount |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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(in thousands) |
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June 30, 2026 |
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Financial assets: |
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Cash and cash equivalents |
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$ |
140,010 |
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$ |
140,010 |
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$ |
— |
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$ |
— |
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|
$ |
140,010 |
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Available-for-sale securities, at fair value |
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|
84,774 |
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|
733 |
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|
84,041 |
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— |
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|
84,774 |
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Held-to-maturity securities, at amortized cost, net |
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253,616 |
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— |
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|
246,965 |
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— |
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|
246,965 |
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Placement with banks |
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|
249 |
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— |
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|
249 |
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— |
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|
249 |
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Mortgage loans held for sale, at fair value |
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|
3,050 |
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— |
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|
3,050 |
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— |
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|
3,050 |
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Loans receivable, net |
|
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2,879,740 |
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— |
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— |
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|
2,829,981 |
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2,829,981 |
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Accrued interest receivable |
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|
19,939 |
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— |
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|
19,939 |
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— |
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|
19,939 |
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FHLBNY stock |
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|
30,689 |
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|
30,689 |
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— |
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— |
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|
30,689 |
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FRBNY stock |
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|
10,714 |
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|
10,714 |
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— |
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— |
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|
10,714 |
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Financial liabilities: |
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Deposits: |
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Demand deposits |
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251,919 |
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|
251,919 |
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— |
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— |
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|
251,919 |
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Interest-bearing deposits |
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1,281,105 |
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|
1,281,105 |
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— |
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— |
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1,281,105 |
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Certificates of deposit |
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738,785 |
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— |
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|
736,321 |
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— |
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|
736,321 |
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Borrowings |
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621,100 |
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— |
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|
615,539 |
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— |
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|
615,539 |
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Accrued interest payable |
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|
3,837 |
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— |
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|
3,837 |
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— |
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3,837 |
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Carrying |
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|
Fair Value Measurements |
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|
Amount |
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|
Level 1 |
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|
Level 2 |
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|
Level 3 |
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|
Total |
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|
(in thousands) |
|
December 31, 2025 |
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Financial assets: |
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Cash and cash equivalents |
|
$ |
126,154 |
|
|
$ |
126,154 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
126,154 |
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Available-for-sale securities, at fair value |
|
|
92,196 |
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|
3,471 |
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|
88,725 |
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|
— |
|
|
|
92,196 |
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Held-to-maturity securities, at amortized cost |
|
|
272,982 |
|
|
|
— |
|
|
|
268,875 |
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— |
|
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|
268,875 |
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Placement with banks |
|
|
249 |
|
|
|
— |
|
|
|
249 |
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— |
|
|
|
249 |
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Mortgage loans held for sale, at fair value |
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|
3,388 |
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— |
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|
3,388 |
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— |
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|
3,388 |
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Loans receivable, net |
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2,599,258 |
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— |
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|
— |
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2,577,298 |
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|
2,577,298 |
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Accrued interest receivable |
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|
17,905 |
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— |
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|
17,905 |
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— |
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|
17,905 |
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FHLBNY stock |
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|
29,309 |
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|
29,309 |
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|
— |
|
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|
— |
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|
29,309 |
|
FRBNY stock |
|
|
10,698 |
|
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|
— |
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|
10,698 |
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|
— |
|
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|
10,698 |
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Financial liabilities: |
|
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|
|
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Deposits: |
|
|
|
|
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Demand deposits |
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208,250 |
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|
208,250 |
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— |
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— |
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|
208,250 |
|
Interest-bearing deposits |
|
|
1,133,882 |
|
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|
1,133,882 |
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|
— |
|
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|
— |
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|
1,133,882 |
|
Certificates of deposit |
|
|
704,503 |
|
|
|
— |
|
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|
704,205 |
|
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|
— |
|
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|
704,205 |
|
Borrowings |
|
|
596,100 |
|
|
|
— |
|
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|
595,031 |
|
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— |
|
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|
595,031 |
|
Accrued interest payable |
|
|
3,788 |
|
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|
— |
|
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|
3,788 |
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— |
|
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|
3,788 |
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|