Available for Sale Securities

12 Months Ended

Dec. 31, 2025

Available for Sale Securities

Available for Sale Securities

2.    Available for Sale Securities

The amortized cost, gross unrealized gains and losses and fair values of available for sale securities are as follows:

	December 31, 2025
			Gross		Gross
			Unrealized		Unrealized
	Amortized Cost		Gains		Losses		Fair Value
U.S. Treasury securities	$	35,692	$	147	$	(11)	$	35,828
U.S. government agency mortgage-backed securities–residential		95,787		80		(6,887)		88,980
U.S. government agency securities		18,541		9		(198)		18,352
Municipal securities(1)		2,205		—		(123)		2,082
Corporate bonds		17,309		38		(758)		16,589
Other		587		—		(215)		372
Total	$	170,121	$	274	$	(8,192)	$	162,203

	December 31, 2024
			Gross		Gross
			Unrealized		Unrealized
	Amortized Cost		Gains		Losses		Fair Value
U.S. Treasury securities	$	29,841	$	6	$	(154)	$	29,693
U.S. government agency mortgage-backed securities–residential		103,948		—		(10,456)		93,492
U.S. government agency securities		22,010		—		(844)		21,166
Municipal securities(1)		2,717		—		(224)		2,493
Corporate bonds		14,054		—		(1,471)		12,583
Other		642		—		(122)		520
Total	$	173,212	$	6	$	(13,271)	$	159,947

(1)    The issuers of municipal securities are all within New York State.

The following tables present the fair value and unrealized losses of the Company’s available for sale securities with gross unrealized losses aggregated by the length of time the individual securities have been in a continuous unrealized loss position:

	December 31, 2025
	Less Than 12 Months				12 Months or Longer				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
U.S. Treasury securities	$	12,909	$	(11)	$	—	$	—	$	12,909	$	(11)
U.S. government agency mortgage-backed securities-residential		9,846		(24)		64,740		(6,863)		74,586		(6,887)
U.S. government agency securities		—		—		11,803		(198)		11,803		(198)
Municipal securities		—		—		1,997		(123)		1,997		(123)
Corporate bonds		1,235		(14)		12,570		(744)		13,805		(758)
Other		352		(215)		—		—		352		(215)
Total	$	24,342	$	(264)	$	91,110	$	(7,928)	$	115,452	$	(8,192)

	December 31, 2024
	Less Than 12 Months				12 Months or Longer				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
U.S. Treasury securities	$	9,957	$	(22)	$	4,866	$	(132)	$	14,823	$	(154)
U.S. government agency mortgage-backed securities-residential		44,577		(1,074)		48,915		(9,382)		93,492		(10,456)
U.S. government agency securities		—		—		21,166		(844)		21,166		(844)
Municipal securities		—		—		2,493		(224)		2,493		(224)
Corporate bonds		—		—		12,583		(1,471)		12,583		(1,471)
Other		—		—		497		(122)		497		(122)
Total	$	54,534	$	(1,096)	$	90,520	$	(12,175)	$	145,054	$	(13,271)

At December 31, 2025 and 2024, the Company had 162 and 172 individual available-for-sale securities with unrealized losses totaling $8,192 and $13,271, respectively, with an aggregate depreciation of 4.82% and 7.66%, respectively, from the Company’s amortized cost.

Unrealized losses on asset backed securities, state and municipal securities, and corporate bonds have not been recognized into income because the issuers are of high credit quality and we do not intend to sell and it is likely that we will not be required to sell the securities prior to their anticipated recovery. The decline in fair value is largely due to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments on the securities. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of applicable taxes. No allowance for credit losses for available-for-sale securities was recorded for the year ended December 31, 2025.

Treasury securities, federal agency obligations, residential mortgage backed pass-through securities and commercial mortgage backed pass-through securities are issued by U.S. Government agencies and U.S. Government sponsored enterprises. Although a government guarantee exists on these investments, these entities are not legally backed by the full faith and credit of the federal government. Nonetheless, at this time we do not foresee any set of circumstances in which the government would not fund its commitments on these investments.

The Company elected not to measure an allowance for credit losses for accrued interest receivable, because a timely write-off policy exists. A security is placed on non-accrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a security placed on non-accrual status is reversed against interest income. There were no securities on non-accrual status, and therefore there was no accrued interest related to securities reversed against interest income, for the years ended December 31, 2025 or 2024. Total accrued interest receivable on available for sale securities totaled $714 and $498 at December 31, 2025 and 2024, respectively, and was reported in accrued interest receivable on the consolidated statements of financial condition.

The amortized cost and fair value of available for sale debt securities at December 31, 2025 and 2024, by contractual maturities, are presented below. Actual maturities of mortgage-backed securities may differ from contractual maturities because the mortgages underlying the securities may be called or repaid without any penalties. Because mortgage-backed securities are not due at a single maturity date, they are not included in the maturity categories in the following maturity summary:

	December 31, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturity:
Within 1 year	$	13,939	$	13,850	$	34,394	$	34,056
After 1 but within 5 years		45,425		45,358		20,901		20,113
After 5 but within 10 years		14,383		13,643		13,327		11,766
After 10 years		—		—		—		—
Total Maturities		73,747		72,851		68,622		65,935
Mortgage-backed securities		95,787		88,980		103,948		93,492
Other		587		372		642		520
Total	$	170,121	$	162,203	$	173,212	$	159,947

At December 31, 2025 and 2024, available for sale securities with a carrying value of $106,500 and $101,395, respectively, were pledged to secure Federal Home Loan Bank of New York borrowings. In addition, $978 and $937 of available for sale securities, respectively, were pledged to secure borrowings at the Federal Reserve Bank of New York (“FRBNY”).

Proceeds from the sale of available for sale securities aggregated $0 and $74,987 for the years ended December 31, 2025 and 2024, respectively. There were no gross gains during the periods ended December 31, 2025 and December 31, 2024. During the years ended December 31, 2025 and 2024, there were gross losses of $0 and $16,041, respectively, realized on the sales of securities.