Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Significant Fair Value of Assets and Liabilities Measured on Recurring and Non-Recurring Basis

The following tables present the assets reported on the consolidated balance sheets at their estimated fair value as of September 30, 2025, and December 31, 2024, by level within the fair value hierarchy as required by the Fair Value Measurements and Disclosures Topic of the Financial Accounting Standards Board (“FASB”) ASC. Financial assets and liabilities are classified in their entirety based on the level of input that is significant to the fair value measurement. The fair value hierarchy is as follows:

•Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

•Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (for example, interest rates, volatilities, prepayment speeds, loss severities, credit risks and default rates) or inputs that are derived principally from or corroborated by observable market data by correlations or other means.

•Level 3 Inputs – Significant unobservable inputs that reflect the Company’s own assumptions that market participants would use in pricing the assets or liabilities.

The methods of determining the fair value of assets and liabilities presented in this note are consistent with our methodologies disclosed in Note 16 to the Consolidated Financial Statements of the Company’s 2024 Annual Report on Form 10-K.

	Fair Value Measurements at September 30, 2025 Using:
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Measured on a recurring basis:
Assets:
Investment securities:
Debt securities available-for-sale:
U.S. Government agency securities	$	556	$	—	$	556	$	—
Mortgage-backed securities:
Pass-through certificates:
GSE	346,537		—		346,537		—
REMICs:
GSE	953,358		—		953,358		—
Total mortgage-backed securities	1,299,895		—		1,299,895		—
Other debt securities:
Municipal bonds	484		—		484		—
Corporate bonds	29,969		—		29,969		—
	30,453		—		30,453		—
Total debt securities available-for-sale	1,330,904		—		1,330,904		—
Trading securities	14,968		14,968		—		—
Equity securities (1)	—		—		—		—
Total	$	1,345,872	$	14,968	$	1,330,904	$	—
Measured on a non-recurring basis:
Assets:
Loans individually evaluated for impairment:
Real estate loans:
Commercial real estate	$	2,783	$	—	$	—	$	2,783
Multifamily	1,693		—		—		1,693
Total individually evaluated real estate loans	4,476		—		—		4,476
Commercial and industrial loans	2,801		—		—		2,801
Total	$	7,277	$	—	$	—	$	7,277

(1) Excludes investment measured at net asset value of $5.0 million at September 30, 2025, which has not been classified in the fair value hierarchy.

	Fair Value Measurements at December 31, 2024 Using:
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Measured on a recurring basis:
Assets:
Investment securities:
Debt securities available-for-sale:
U.S. Government agency securities	$	75,348	$	—	$	75,348	$	—
Mortgage-backed securities:
Pass-through certificates:
GSE	261,676		—		261,676		—
REMICs:
GSE	727,343		—		727,343		—
Total mortgage-backed securities	989,019		—		989,019		—
Other debt securities:
Municipal bonds	685		—		685		—
Corporate bonds	35,765		—		35,765		—
	36,450		—		36,450		—
Total debt securities available-for-sale	1,100,817		—		1,100,817		—
Trading securities	13,884		13,884		—		—
Equity securities (1)	4,261		4,261		—		—
Total	$	1,118,962	$	18,145	$	1,100,817	$	—
Measured on a non-recurring basis:
Assets:
Loans individually evaluated for impairment:
Real estate loans:
Commercial real estate	$	1,083	$	—	$	—	$	1,083
Multifamily	1,727		—		—		1,727
Home equity and lines of credit	18		—		—		18
Total individually evaluated real estate loans	2,828		—		—		2,828
Commercial and industrial loans	1,291		—		—		1,291
Total	$	4,119	$	—	$	—	$	4,119

(1) Excludes investment measured at net asset value of $10.0 million at December 31, 2024, which has not been classified in the fair value hierarchy.

Schedule of Level 3 Assets Measured at Fair Value on a Non-Recurring Basis

The following table presents qualitative information for Level 3 assets measured at fair value on a non-recurring basis at September 30, 2025 (dollars in thousands):

    

	Fair Value		Valuation Methodology	Unobservable Inputs	Range of Inputs
	(in thousands)
Individually evaluated loans:
Commercial real estate	$	2,783	Appraisals	Adjustments to selling costs	7.0% - 10.0%
Multifamily	1,693		Appraisals	Adjustments to selling costs	0% - 10.0%
Commercial and industrial loans	2,801		Discounted cash flows	Interest rates	4.0% - 15.0%

The following table presents qualitative information for Level 3 assets measured at fair value on a non-recurring basis at December 31, 2024 (dollars in thousands):

	Fair Value		Valuation Methodology	Unobservable Inputs	Range of Inputs
	(in thousands)
Individually evaluated loans:
Commercial real estate	$	1,083	Appraisals	Adjustments to selling costs	7.0% - 10.0%
Multifamily	1,727		Appraisals	Adjustments to selling costs	0% - 10.0%
Home equity and lines of credit	18		Discounted cash flows	Interest rates	6.0%
Commercial and industrial loans	1,291		Discounted cash flows	Interest rates	6.0% - 50.0%

Schedule of Estimated Fair Values of Significant Financial Instruments

The estimated fair values of the Company’s significant financial instruments at September 30, 2025, and December 31, 2024, are presented in the following tables (in thousands):

	September 30, 2025
			Estimated Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	131,725	$	131,725	$	—	$	—	$	131,725
Trading securities	14,968		14,968		—		—		14,968
Debt securities available-for-sale	1,330,904		—		1,330,904		—		1,330,904
Debt securities held-to-maturity	8,396		—		8,145		—		8,145
FHLBNY stock, at cost	45,718		N/A		N/A		N/A		N/A
Net loans held-for-investment	3,863,456		—		—		3,719,487		3,719,487
Derivative assets	4,603		—		4,603		—		4,603
Financial liabilities:
Deposits	$	3,973,760	$	—	$	3,974,546	$	—	$	3,974,546
FHLB advances and other borrowings (including securities sold under agreements to repurchase)	880,100		—		879,463		—		879,463
Subordinated debentures, net of issuance costs	61,610		—		56,085		—		56,085
Advance payments by borrowers for taxes and insurance	23,165		—		23,165		—		23,165
Derivative liabilities	4,531		—		4,531		—		4,531

The table above excludes an equity investment measured at net asset value of $5.0 million at September 30, 2025, which has not been classified in the fair value hierarchy.

	December 31, 2024
			Estimated Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	167,744	$	167,744	$	—	$	—	$	167,744
Trading securities	13,884		13,884		—		—		13,884
Debt securities available-for-sale	1,100,817		—		1,100,817		—		1,100,817
Debt securities held-to-maturity	9,303		—		8,762		—		8,762
Equity securities (1)	4,261		4,261		—		—		4,261
FHLBNY stock, at cost	35,894		N/A		N/A		N/A		N/A
Loans held-for-sale	4,897		—		—		4,897		4,897
Net loans held-for-investment	3,987,041		—		—		3,792,302		3,792,302
Derivative assets	5,149		—		5,149		—		5,149
Financial liabilities:
Deposits	$	4,138,477	$	—	$	4,139,094	$	—	$	4,139,094
FHLB advances and other borrowings (including securities sold under agreements to repurchase)	666,402		—		657,705		—		657,705
Subordinated debentures, net of issuance costs	61,442		—		45,604		—		45,604
Advance payments by borrowers for taxes and insurance	24,057		—		24,057		—		24,057
Derivative liabilities	5,152		—		5,152		—		5,152

    (1) Excludes investment measured at net asset value of $10.0 million at December 31, 2024, which has not been classified in the fair value hierarchy.