Borrowings

12 Months Ended

Dec. 31, 2025

Borrowings

Borrowings

Note 9 – Borrowings

Federal Home Loan Bank – Borrowings from the FHLB are secured by a blanket lien on qualified collateral, defined principally by pledging a specified percentage of the carrying value of owner and non-owner occupied first mortgage loans secured by one-to-four-family properties and commercial real estate loans, including multifamily loans. The amount of loans pledged was $1.56 billion as of December 31, 2025. Total additional borrowing capacity with the FHLB based upon collateral pledged approximates $913.7 million at December 31, 2025. Additionally, in order to further secure these borrowings with the FHLB, the Company is also required to invest in the stock of the FHLB.

Maturities on outstanding borrowings from the FHLB are summarized as follows:

	December 31, 2025			December 31, 2024
	(Dollars in thousands)
			Weighted			Weighted
			Average			Average
		Amount	Rate	Amount		Rate
Advances maturing within:
Within one year	$	168,977	3.92%	$	100,000	4.89%
Over 1 year to 2 years		20,000	3.94%		—	0.00%
Over 2 years to 3 years		560	0.00%		20,000	3.94%
Over 3 years to 4 years		80	0.00%		560	0.00%
Over 4 years to 5 years		538	0.00%		—	0.00%
Over 5 years		6,080	1.24%		275	0.00%
	$	196,235	3.83%	$	120,835	4.70%

The Company also has a line of credit from the FHLB Ideal Way in the amount of $6.1 million at December 31, 2025 and 2024. The Company had no borrowings outstanding under this line of credit at December 31, 2025 or 2024. Interest expense on FHLB borrowings approximated $5.4 million, $4.4 million and $14.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The Federal Reserve Bank – The Company has a line of credit agreement with the FRB of Boston for usage of the discount window. The terms of the agreement call for the pledging of certain assets for any and all obligations of the Company under the agreement. At December 31, 2025 and 2024, there were no borrowings outstanding under this agreement.

During the year ended December 31, 2025, the Company pledged commercial real estate and multifamily loans to the FRB under its BIC program totaling $1.53 billion, which provides the Company with additional borrowing capacity of $939.5 million.