Fair Value Measurement (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Financial Instruments Carried at Fair Value |
The following tables present assets and liabilities that were measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025, and that were included in the Condensed Consolidated Statements of Condition at those dates: | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 |
| Quoted Prices in Active Markets for Identical Assets
(Level 1) | | Significant Other Observable Inputs
(Level 2) | | Significant Unobservable Inputs (Level 3)(1) | | | | Total Fair Value | | Assets: | | | | | | | | | | Mortgage-related debt securities available-for-sale: | | | | | | | | | | GSE CMOs | $ | — | | | $ | 12,772 | | | $ | — | | | | | $ | 12,772 | | | GSE certificates | — | | | 951 | | | — | | | | | 951 | | Private label CMOs | — | | | 130 | | | 22 | | | | | 152 | | | Total mortgage-related debt securities | $ | — | | | $ | 13,853 | | | $ | 22 | | | | | $ | 13,875 | | Other debt securities available-for-sale: | | | | | | | | | | | GSE debentures | $ | — | | | $ | 1,283 | | | $ | — | | | | | $ | 1,283 | | U. S. treasury obligations | 999 | | | — | | | — | | | | | 999 | | | Asset-backed securities | — | | | 199 | | | — | | | | | 199 | | | Corporate bonds | — | | | 146 | | | — | | | | | 146 | | Municipal bonds and capital trust | — | | | 51 | | | — | | | | | 51 | | | Total other debt securities | $ | 999 | | | $ | 1,679 | | | $ | — | | | | | $ | 2,678 | | Total debt securities available-for-sale | $ | 999 | | | $ | 15,532 | | | $ | 22 | | | | | $ | 16,553 | | | Equity securities: | | | | | | | | | | | Mutual funds and common stock | $ | — | | | $ | 14 | | | $ | — | | | | | $ | 14 | | | Total equity securities | $ | — | | | $ | 14 | | | $ | — | | | | | $ | 14 | | | Total securities | $ | 999 | | | $ | 15,546 | | | $ | 22 | | | | | $ | 16,567 | | Loans held for sale: | | | | | | | | | | One-to-four family first mortgage | $ | — | | | $ | 208 | | | $ | — | | | | | $ | 208 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Derivative assets: | | | | | | | | | | Interest rate swaps | — | | | 15 | | | — | | | | | 15 | | Rate lock commitments (fallout adjustments) | — | | | — | | | 2 | | | | | 2 | | Interest rate caps | — | | | 2 | | | — | | | | | 2 | | | | | | | | | | | | | | | | | | | | | | | Total assets at fair value | $ | 999 | | | $ | 15,771 | | | $ | 24 | | | | | $ | 16,794 | | Derivative liabilities: | | | | | | | | | | Interest rate swaps | $ | — | | | $ | 22 | | | $ | — | | | | | $ | 22 | | | Mortgage-backed securities forwards | — | | | 1 | | | — | | | | | 1 | | | | | | | | | | | | | Total liabilities at fair value | $ | — | | | $ | 23 | | | $ | — | | | | | $ | 23 | |
(1)The change in the fair value due to significant unobservable inputs was immaterial.
| | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 |
| Quoted Prices in Active Markets for Identical Assets
(Level 1) | | Significant Other Observable Inputs
(Level 2) | | Significant Unobservable Inputs (Level 3)(1) | | | | Total Fair Value | | Assets: | | | | | | | | | | Mortgage-related debt securities available-for-sale: | | | | | | | | | | GSE CMOs | $ | — | | | $ | 11,824 | | | $ | — | | | | | $ | 11,824 | | | GSE certificates | — | | 999 | | — | | | | 999 | Private label CMOs | — | | 136 | | 23 | | | | 159 | | Total mortgage-related debt securities | $ | — | | | $ | 12,959 | | | $ | 23 | | | | | $ | 12,982 | | Other debt securities available-for-sale: | | | | | | | | | | | GSE debentures | $ | — | | | $ | 1,296 | | | $ | — | | | | | $ | 1,296 | | | U. S. Treasury obligations | 1,017 | | | — | | | — | | | | | 1,017 | | | Asset-backed securities | — | | 213 | | — | | | | 213 | | Corporate bonds | — | | 144 | | — | | | | 144 | Municipal bonds, foreign notes, and capital trust | — | | 49 | | — | | | | 49 | | Total other debt securities | $ | 1,017 | | | $ | 1,702 | | | $ | — | | | | | $ | 2,719 | | Total debt securities available-for-sale | $ | 1,017 | | | $ | 14,661 | | | $ | 23 | | | | | $ | 15,701 | | | Equity securities: | | | | | | | | | | | Mutual funds and common stock | $ | 51 | | | $ | 14 | | | $ | — | | | | | $ | 65 | | | Total equity securities | $ | 51 | | | $ | 14 | | | $ | — | | | | | $ | 65 | | | Total securities | $ | 1,068 | | | $ | 14,675 | | | $ | 23 | | | | | $ | 15,766 | | | Loans held for sale | | | | | | | | | | Residential first mortgage loans | $ | — | | | $ | 193 | | | $ | — | | | | | $ | 193 | | Commercial real estate | — | | 48 | | — | | | | 48 | | | | | | | | | | | | | Derivative assets | | | | | | | | | | Interest rate swaps | — | | | 19 | | | — | | | | | 19 | | | | | | | | | | | | | | | | | | | | | | Rate lock commitments (fallout adjustments) | — | | | — | | | 4 | | | | | 4 | | Interest rate caps | — | | | 3 | | | — | | | | | 3 | | | | | | | | | | | | | Total assets at fair value | $ | 1,068 | | | $ | 14,938 | | | $ | 27 | | | | | $ | 16,033 | | | Derivative liabilities | | | | | | | | | | | | | | | | | | | | Interest rate swaps | $ | — | | | $ | 21 | | | $ | — | | | | | $ | 21 | | Rate lock commitments | — | | | — | | | 1 | | | | | 1 | | | Mortgage-backed securities forwards | — | | | 1 | | | — | | | | | 1 | | | Total liabilities at fair value | $ | — | | | $ | 22 | | | $ | 1 | | | | | $ | 23 | |
(1)The change in the fair value due to significant unobservable inputs was immaterial.
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| Schedule of Assets Measured at Fair Value on a Nonrecurring Basis |
The following tables present assets that were measured at fair value on a non-recurring basis:
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at June 30, 2026 Using |
| Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total Fair Value | Loans held for investment(1) | $ | — | | | $ | — | | | $ | 2,621 | | | $ | 2,621 | | | | | | | | | | Other assets(2) | — | | | — | | | 28 | | | 28 | | | Total | $ | — | | | $ | — | | | $ | 2,649 | | | $ | 2,649 | |
(1)Represents the fair value of impaired loans, based primarily on the value of the collateral less costs to sell. (2)Primarily comprised of equity securities without readily determinable fair values.
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2025 Using |
| Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total Fair Value | Loans held for investment(1) | $ | — | | | $ | — | | | $ | 2,784 | | | $ | 2,784 | | | Loans held for sale | — | | | 24 | | | — | | | 24 | | Other assets (2) | — | | | — | | | 31 | | | 31 | | | Total | $ | — | | | $ | 24 | | | $ | 2,815 | | | $ | 2,839 | |
(1)Represents the fair value of impaired loans, based primarily on the value of the collateral less costs to sell. (2)Primarily comprised of equity securities without readily determinable fair values.
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| Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments |
The following tables summarize the carrying values, estimated fair values, and fair value measurement levels of financial instruments that were not carried at fair value on the Bank’s Condensed Consolidated Statements of Condition:
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| Carrying Value | | Estimated Fair Value | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | Financial Assets: | | | | | | | | | | | | | Cash and due from banks | $ | 416 | | | $ | 416 | | | $ | 416 | | | | $ | — | | | | $ | — | | | Interest-earning deposits and other securities with financial institutions | 4,692 | | | 4,692 | | | 4,692 | | | | — | | | | — | | Cash and cash equivalents | $ | 5,108 | | | $ | 5,108 | | | $ | 5,108 | | | | $ | — | | | | $ | — | | FHLB and FRB-NY stock (1) | 870 | | | 870 | | | — | | | | 870 | | | | — | | Loans and leases held for investment, net(2) | 60,118 | | | 59,409 | | | — | | | | — | | | | 59,409 | | | Financial Liabilities: | | | | | | | | | | | | | Deposits | $ | 67,521 | | | $ | 67,504 | | | $ | 47,044 | | (3) | | $ | 20,460 | | (4) | | $ | — | | | Borrowed funds | 10,937 | | | 10,781 | | | — | | | | 10,781 | | | | — | |
(1)Carrying value and estimated fair value are at cost. (2)Carrying value and estimated fair value include impaired loans held for investment. (3)Includes interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. (4)Includes CDs.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | | | Fair Value Measurement Using |
| Carrying Value | | Estimated Fair Value | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | Financial Assets: | | | | | | | | | | | | | Cash and due from banks | $ | 553 | | | $ | 553 | | | $ | 553 | | | | $ | — | | | | $ | — | | | Interest-earning deposits and other securities with financial institutions | 5,341 | | 5,341 | | 5,341 | | | | — | | | | — | | Cash and cash equivalents | $ | 5,894 | | | $ | 5,894 | | | $ | 5,894 | | | | $ | — | | | | $ | — | | FHLB and FRB-NY stock (1) | 973 | | 973 | | — | | | | 973 | | | — | | Loans and leases held for investment, net(2) | 59,702 | | 56,605 | | — | | | | — | | | | 56,605 | | Financial Liabilities: | | | | | | | | | | | | | Deposits | $ | 66,000 | | | $ | 65,991 | | | $ | 45,157 | | (3) | | $ | 20,834 | | (4) | | $ | — | | | Borrowed funds | 12,184 | | 11,972 | | — | | | | 11,972 | | | — | |
(1)Carrying value and estimated fair value are at cost. (2)Carrying value and estimated fair value include impaired loans held for investment. (3)Includes interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. (4)Includes CDs.
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| Schedule of Changes in Fair Value Included in Earnings - Fair Value Option |
The following table reflects the change in fair value included in earnings of financial instruments for which the fair value option has been elected:
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| Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | Assets: | | | | | | | | Loans held for sale: | | | | | | | | Net gain on loan sales and securitizations | $ | 5 | | | $ | 6 | | | $ | 9 | | | $ | 14 | |
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| Schedule of Differences Between Aggregate Fair Value and Aggregate Remaining Contractual Principal Balance Outstanding - Fair Value Option |
The following table reflects the difference between the aggregate fair value and aggregate remaining contractual principal balance outstanding for assets and liabilities for which the fair value option has been elected:
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| Unpaid Principal Balance | | Fair Value | | Fair Value Over / (Under) UPB | | Unpaid Principal Balance | | Fair Value | | Fair Value Over / (Under) UPB | | Assets: | | | | | | | | | | | | | Non-accrual loans: | | | | | | | | | | | | | Loans held for sale | $ | 5 | | | $ | 5 | | | $ | — | | | $ | 6 | | | $ | 7 | | | $ | 1 | | | | | | | | | | | | | | | Total non-accrual loans | $ | 5 | | | $ | 5 | | | $ | — | | | $ | 6 | | | $ | 7 | | | $ | 1 | | | Accrual loans: | | | | | | | | | | | | | Loans held for sale | $ | 202 | | | $ | 203 | | | $ | 1 | | | $ | 230 | | | $ | 234 | | | $ | 4 | | | | | | | | | | | | | | | Total accrual loans | $ | 202 | | | $ | 203 | | | $ | 1 | | | $ | 230 | | | $ | 234 | | | $ | 4 | | | Total loans: | | | | | | | | | | | | | Loans held for sale | $ | 207 | | | $ | 208 | | | $ | 1 | | | $ | 236 | | | $ | 241 | | | $ | 5 | | | | | | | | | | | | | | | Total loans | $ | 207 | | | $ | 208 | | | $ | 1 | | | $ | 236 | | | $ | 241 | | | $ | 5 | |
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