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Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Interest income:        
Loans $ 46,661 $ 45,967 $ 91,944 $ 92,014
Mortgage-backed securities 13,888 7,355 25,897 11,753
Other securities 442 3,506 1,239 7,347
FHLB of New York dividends 728 935 1,590 1,905
Deposits in other financial institutions 706 2,457 1,847 5,849
Total interest income 62,425 60,220 122,517 118,868
Interest expense:        
Deposits 20,285 20,664 41,476 39,937
Borrowings 6,916 10,041 13,207 20,704
Subordinated debt 828 828 1,647 1,656
Total interest expense 28,029 31,533 56,330 62,297
Net interest income 34,396 28,687 66,187 56,571
Provision (benefit) for credit losses 2,086 (618) 4,668 (203)
Net interest income after provision (benefit) for credit losses 32,310 29,305 61,519 56,774
Non-interest income:        
Fees and service charges for customer services 1,685 1,570 3,305 3,185
Income on bank-owned life insurance 1,736 976 3,375 1,940
Gains on available-for-sale debt securities, net 0 1 0 1
Gains on trading securities, net 1,008 188 709 887
Gain on sale of loans 0 51 0 51
Other 97 73 159 176
Total non-interest income 4,526 2,859 7,548 6,240
Non-interest expense:        
Compensation and employee benefits 13,728 13,388 25,503 26,153
Occupancy 3,328 3,222 6,861 6,775
Furniture and equipment 411 477 825 961
Data processing 2,402 2,177 4,524 4,324
Professional fees 903 681 1,975 1,490
Advertising 294 482 544 1,000
Federal Deposit Insurance Corporation insurance 618 649 1,235 1,237
Credit loss (benefit) expense for off-balance sheet exposures (53) 103 50 186
Other 1,339 1,814 2,888 3,199
Total non-interest expense 22,970 22,993 44,405 45,325
Income before income tax expense 13,866 9,171 24,662 17,689
Income tax expense 4,295 3,214 7,215 5,518
Net income $ 9,571 $ 5,957 $ 17,447 $ 12,171
Net income per common share:        
Basic (usd per share) $ 0.24 $ 0.14 $ 0.43 $ 0.29
Diluted (usd per share) $ 0.24 $ 0.14 $ 0.43 $ 0.29
Net income $ 9,571 $ 5,957 $ 17,447 $ 12,171
Unrealized gains on debt securities available-for-sale:        
Net unrealized holding gains 5,396 3,199 17,006 4,175
Less: reclassification adjustment for net gains included in net income 0 (1) 0 (1)
Net unrealized gains 5,396 3,198 17,006 4,174
Post-retirement benefits adjustment 0 0 0 58
Other comprehensive income before tax 5,396 3,198 17,006 4,232
Income tax expense related to net unrealized holding gains on debt securities available-for-sale (1,619) (900) (5,101) (1,175)
Income tax benefit related to post retirement benefit adjustment 0 0 0 (16)
Other comprehensive income, net of tax 3,777 2,298 11,905 3,041
Comprehensive income $ 13,348 $ 8,255 $ 29,352 $ 15,212