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Loan Portfolio and Allowance for Credit Losses
 12 Months Ended
Dec. 31, 2025
Loan Portfolio and Allowance for Credit Losses [Abstract]  
Loan Portfolio and Allowance for Credit Losses
(4) Loan Portfolio and Allowance for Credit Losses

The following table presents loans by portfolio segment:

   
December 31, 2025
  
(dollars in thousands)
  
New York and
              
   
other states*
    
Florida
    
Total
  
Commercial:
                  
Commercial real estate
  
$
245,799
    
$
49,308
    
$
295,107
  
Other
    
17,841
      
495
      
18,336
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
2,794,515
      
1,604,709
      
4,399,224
  
Home equity loans
    
46,421
      
17,615
      
64,036
  
Home equity lines of credit
    
265,060
      
199,141
      
464,201
  
Installment
    
8,497
      
3,059
      
11,556
  
Total loans, net
  
$
3,378,133
    
$
1,874,327
      
5,252,460
  
Less: Allowance for credit losses on loans
                    
52,205
  
Net loans
                  
$
5,200,255
  

*Includes New York, New Jersey, Vermont and Massachussetts.

   
December 31, 2024
  
(dollars in thousands)
  
New York and
              
   
other states*
    
Florida
    
Total
  
Commercial:
                  
Commercial real estate
  
$
227,771
    
$
39,529
    
$
267,300
  
Other
    
19,144
      
413
      
19,557
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
2,741,334
      
1,590,229
      
4,331,563
  
Home equity loans
    
43,096
      
13,643
      
56,739
  
Home equity lines of credit
    
235,939
      
173,322
      
409,261
  
Installment
    
9,885
      
3,753
      
13,638
  
Total loans, net
  
$
3,277,169
    
$
1,820,889
      
5,098,058
  
Less: Allowance for credit losses on loans
                    
50,248
  
Net loans
                  
$
5,047,810
  

*Includes New York, New Jersey, Vermont and Massachussetts.

At December 31, 2025 and 2024, the Company had approximately $41.9 million and $29.7 million, respectively, of real estate construction loans. Of the $41.9 million in real estate construction loans at December 31, 2025, approximately $11.9 million are secured by first mortgages to residential borrowers while approximately $30.0 million were to commercial borrowers for residential construction projects. Of the $29.7 million in real estate construction loans at December 31, 2024, approximately $10.7 million are secured by first mortgages to residential borrowers while approximately $19.0 million were to commercial borrowers for residential construction projects.
At December 31, 2025 and 2024, loans to executive officers, directors, and to associates of such persons aggregated $28.0 million and $27.6 million, respectively. During 2025, approximately $1.7 million of new loans were made, and repayments of loans totaled approximately $1.3 million. During 2024, approximately $6.4 million of new loans were made, repayments of loans totaled approximately $3.6 million, and the composition of the related parties’ loan balances were reduced by $4.5 million as a result of a director resignation. All loans are current according to their term.

TrustCo lends in the geographic territory of its branch locations in New York, Florida, Massachusetts, New Jersey and Vermont. Although the loan portfolio is diversified, a portion of its debtors’ ability to repay depends significantly on the economic conditions prevailing in the respective geographic territory.

Allowance for credit losses on loans

The level of the ACLL is based on factors that influence management’s current estimate of expected credit losses, including past events and current conditions. There were no changes in the Company’s methodology for the allowance for credit losses on loans for the period ended December 31, 2025. The Company selected the baseline economic forecast for the allowance for credit losses based on current market conditions and portfolio trends. In addition, the Company’s four quarter forecast period and four quarter straight line reversion has not changed for the period ended December 31, 2025.

The Company recorded a provision for credit losses of $1.6 million for the year ended December 31, 2025, which consists of a provision for credit losses on loans of $1.5 million, and a provision for credit losses on unfunded commitments of $100 thousand.

The Company recorded a provision for credit losses of $2.0 million for the year ended December 31, 2024, which consists of a provision for credit losses on loans of $1.9 million, and a provision for credit losses on unfunded commitments of $100 thousand.

Activity in the allowance for credit losses on loans by portfolio segment for the years ended December 31, 2025, and 2024 are summarized as follows:

                         
   
For the year ended December 31, 2025
  
(dollars in thousands)
        
Real Estate
              
         
Mortgage-
              
   
Commercial
    
1 to 4 Family
    
Installment
    
Total
  
Balance at beginning of period
  
$
3,420
    
$
46,636
    
$
192
    
$
50,248
  
Loans charged off:
                                
New York and other states*
    
4
      
99
      
56
      
159
  
Florida
    
-
      
-
      
161
      
161
  
Total loan chargeoffs
    
4
      
99
      
217
      
320
  
                                 
Recoveries of loans previously charged off:
                                
New York and other states*
    
7
      
389
      
49
      
445
  
Florida
    
315
      
17
      
-
      
332
  
Total recoveries
    
322
      
406
      
49
      
777
  
Net loan (recoveries) charged off
    
(318
)
    
(307
)
    
168
      
(457
)
Provision for credit losses
    
(657
)
    
1,952
      
205
      
1,500
  
Balance at end of period
  
$
3,081
    
$
48,895
    
$
229
    
$
52,205
  

* Includes New York, New Jersey, Vermont and Massachusetts.
   
For the year ended December 31, 2024
  
(dollars in thousands)
        
Real Estate
              
         
Mortgage-
              
   
Commercial
    
1 to 4 Family
    
Installment
    
Total
  
Balance at beginning of period
  
$
2,735
    
$
45,625
    
$
218
    
$
48,578
  
Loans charged off:
                                
New York and other states*
    
127
      
311
      
120
      
558
  
Florida
    
314
      
17
      
50
      
381
  
Total loan chargeoffs
    
441
      
328
      
170
      
939
  
                                 
Recoveries of loans previously charged off:
                                
New York and other states*
    
-
      
675
      
34
      
709
  
Florida
    
-
      
-
      
-
      
-
  
Total recoveries
    
-
      
675
      
34
      
709
  
Net loan (recoveries) charged off
    
441
      
(347
)
    
136
      
230
  
Provision for loan losses
    
1,126
      
664
      
110
      
1,900
  
Balance at end of period
  
$
3,420
    
$
46,636
    
$
192
    
$
50,248
  

* Includes New York, New Jersey, Vermont and Massachusetts.

   
For the year ended December 31, 2023
  
(dollars in thousands)
        
Real Estate
              
         
Mortgage-
              
   
Commercial
    
1 to 4 Family
    
Installment
    
Total
  
Balance at beginning of period
  
$
 2,596    
$
 43,271    
$
 165    
$
 46,032  
Loans charged off:
                                
New York and other states*
     -       371       97       468  
Florida
     -       -       79       79  
Total loan chargeoffs
     -       371       176       547  
                                 
Recoveries of loans previously charged off:
                                
New York and other states*
     129       392       45       566  
Florida
    
-
       25       2       27  
Total recoveries
     129       417       47       593  
Net loan (recoveries) charged off
     (129 )
    
(46
)
     129       (46 )
Provision for loan losses
     10       2,308       182       2,500  
Balance at end of period
  
$
 2,735    
$
 45,625    
$
 218    
$
 48,578  

* Includes New York, New Jersey, Vermont and Massachusetts.
The following tables present the balance in the allowance for credit losses on loans by portfolio segment and based on impairment evaluation as of December 31, 2025 and 2024:

   
As of December 31, 2025
  
(dollars in thousands)
  
Commercial
Loans
    
1-to-4 Family
Residential
Real Estate
    
Installment
Loans
    
Total
  
Allowance for credit losses on loans:
                        
Ending allowance balance attributable to loans:
                        
Individually evaluated for impairment
  
$
-
    
$
-
    
$
-
    
$
-
  
Collectively evaluated for impairment
    
3,081
      
48,895
      
229
      
52,205
  
                                 
Total ending allowance balance
  
$
3,081
    
$
48,895
    
$
229
    
$
52,205
  
                                 
                                 
Loans:
                                
Individually evaluated for impairment
  
$
2,083
    
$
23,663
    
$
22
    
$
25,768
  
Collectively evaluated for impairment
    
311,360
      
4,903,798
      
11,534
      
5,226,692
  
                                 
Total ending loans balance
  
$
313,443
    
$
4,927,461
    
$
11,556
    
$
5,252,460
  


   
As of December 31, 2024
  
(dollars in thousands)
  
Commercial
Loans
    
1-to-4 Family
Residential
Real Estate
    
Installment
Loans
    
Total
  
Allowance for credit losses on loans:
                        
Ending allowance balance attributable to loans:
                        
Individually evaluated for impairment
  
$
-
    
$
-
    
$
-
    
$
-
  
Collectively evaluated for impairment
    
3,420
      
46,636
      
192
      
50,248
  
                                 
Total ending allowance balance
  
$
3,420
    
$
46,636
    
$
192
    
$
50,248
  
                                 
Loans:
                                
Individually evaluated for impairment
  
$
443
    
$
23,833
    
$
112
    
$
24,388
  
Collectively evaluated for impairment
    
286,414
      
4,773,730
      
13,526
      
5,073,670
  
                                 
Total ending loans balance
  
$
286,857
    
$
4,797,563
    
$
13,638
    
$
5,098,058
  

The Company’s allowance for credit losses on unfunded commitments is recognized as a liability (accrued expenses and other liabilities) with adjustments to the reserve recognized in (credit) provision for credit losses in the consolidated statements of income.
The Company’s activity in the allowance for credit losses on unfunded commitments were as follows:

(In thousands)
 		   
For the year ended
December 31, 2025
   
Balance at January 1, 2025
  
$
1,762
  
Provision  for credit losses
    
100
  
Balance at December 31, 2025
  
$
1,862
  

(In thousands)
 		  
For the year ended
December 31, 2024
  
   
Balance at January 1, 2024
  
$
1,662
  
Provision  for credit losses
    
100
  
Balance at December 31, 2024
  
$
1,762
  

(In thousands)
 		  
For the year ended
December 31, 2023
  
   
Balance at January 1, 2023
  
$
2,912
  
(Credit) provision  for credit losses
    
(1,250
)
Balance at December 31, 2023
  
$
1,662
  

Loan Credit Quality

The Company categorizes commercial loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. On at least an annual basis, the Company’s loan grading process analyzes non-homogeneous loans, such as commercial loans and commercial real estate loans, individually by grading the loans based on credit risk.  The Company’s internal loan review department in accordance with the Company’s internal loan review policy reviews the loan grades assigned to all loan types.

The Company uses the following definitions for classified loans:

Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date.

Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as such have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Doubtful: Loans classified as doubtful have all the weaknesses inherent in those loans classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

Loans not meeting the criteria above that are analyzed individually as part of the above-described process are considered to be “pass” rated loans.

For homogeneous loan pools, such as residential mortgages, home equity lines of credit, and installment loans, the Company uses payment status to identify the credit risk in these loan portfolios. Payment status is reviewed on a daily basis by the Bank’s collection area and on a monthly basis with respect to determining the adequacy of the allowance for credit losses on loans. The payment status of these homogeneous pools as of December 31, 2025 and December 31, 2024 is also included in the aging of the past due loans table. Nonperforming loans shown in the table below were loans on non-accrual status and loans over 90 days past due and accruing.
As of December 31, 2025 and 2024, and based on the most recent analysis performed, the risk category of loans by class of loans, and gross charge-offs year to date for each loan type by origination year was as follows:

Loan Credit Quality
  
(in thousands)
  
As of December 31, 2025
  
   
Term Loans Amortized Cost Basis by Origination Year
  
Commercial :
  
2025
    
2024
    
2023
    
2022
    
2021
    
Prior
    
Revolving Loans Amortized Cost Basis
    
Revolving Loan Converted to Term
    
Total
  
Risk rating
                                                      
Pass
  
$
47,620
    
$
47,818
    
$
49,673
    
$
65,902
    
$
21,050
    
$
55,543
    
$
4,694
    
$
-
    
$
292,300
  
Special Mention
    
-
      
-
      
-
      
237
      
-
      
-
      
-
      
-
      
237
  
Substandard
    
-
      
890
      
-
      
990
      
-
      
690
      
-
      
-
      
2,570
  
Doubtful
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Total Commercial Loans
  
$
47,620
    
$
48,708
    
$
49,673
    
$
67,129
    
$
21,050
    
$
56,233
    
$
4,694
    
$
-
    
$
295,107
  
                                                                         
Commercial Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
4
    
$
-
    
$
-
    
$
-
    
$
4
  
   
$
-
    
$
-
    
$
-
    
$
-
    
$
4
    
$
-
    
$
-
    
$
-
    
$
4
  
                                                                         
Commercial Other:
                                                                        
Risk rating
                                                                        
Pass
  
$
4,453
    
$
1,322
    
$
6,346
    
$
1,228
    
$
136
    
$
1,218
    
$
3,538
    
$
-
    
$
18,241
  
Special mention
    
-
      
-
      
-
      
-
      
-
      
-
      
45
      
-
      
45
  
Substandard
    
-
      
10
      
-
      
-
      
1
      
-
      
39
      
-
      
50
  
Total Commercial Real Estate Loans
  
$
4,453
    
$
1,332
    
$
6,346
    
$
1,228
    
$
137
    
$
1,218
    
$
3,622
    
$
-
    
$
18,336
  
                                                                         
Other Commercial Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
   
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
                                                                         
Residential First Mortgage:
                                                                        
Risk rating
                                                                        
Performing
  
$
382,926
    
$
307,952
    
$
366,470
    
$
499,812
    
$
757,834
    
$
2,066,631
    
$
1,653
    
$
-
    
$
4,383,278
  
Nonperforming
    
-
      
171
      
1,213
      
1,202
      
1,636
      
11,724
      
-
      
-
      
15,946
  
Total First Mortgage:
  
$
382,926
    
$
308,123
    
$
367,683
    
$
501,014
    
$
759,470
    
$
2,078,355
    
$
1,653
    
$
-
    
$
4,399,224
  
                                                                         
Residential First Mortgage Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
99
    
$
-
    
$
-
    
$
99
  
   
$
-
     $
-
     $
-
     $
-
  $
-
     $
99
     $
-
     $
-
    
$
99
  
                                                                         
Home Equity Loans:
                                                                        
Risk rating
                                                                        
Performing
  
$
17,600
    
$
5,386
    
$
7,138
    
$
4,384
    
$
5,328
    
$
23,770
    
$
-
    
$
-
    
$
63,606
  
Nonperforming
    
-
      
-
      
-
      
66
      
-
      
364
      
-
      
-
      
430
  
Total Home Equity Loans:
  
$
17,600
    
$
5,386
    
$
7,138
    
$
4,450
    
$
5,328
    
$
24,134
    
$
-
    
$
-
    
$
64,036
  
                                                                         
Home Equity Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
   
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
                                                                         
Home Equity Lines of Credit:
                                                                        
Risk rating
                                                                        
Performing
  
$
1,718
    
$
3,985
    
$
1,471
    
$
1,196
    
$
1,504
    
$
19,145
    
$
432,926
    
$
-
    
$
461,945
  
Nonperforming
    
-
      
-
      
-
      
-
      
-
      
1,879
      
377
      
-
      
2,256
  
Total Home Equity Credit Lines:
  
$
1,718
    
$
3,985
    
$
1,471
    
$
1,196
    
$
1,504
    
$
21,024
    
$
433,303
    
$
-
    
$
464,201
  
                                                                         
Home Equity Lines of Credit:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
   
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
                                                                         
Installments:
                                                                        
Risk rating
                                                                        
Performing
  
$
3,089
    
$
1,973
    
$
3,191
    
$
1,542
    
$
257
    
$
561
    
$
892
    
$
-
    
$
11,505
  
Nonperforming
    
-
      
-
      
4
      
46
      
-
      
1
      
-
      
-
      
51
  
Total Installments
  
$
3,089
    
$
1,973
    
$
3,195
    
$
1,588
    
$
257
    
$
562
    
$
892
    
$
-
    
$
11,556
  
                                                                         
Installments Loans:
                                                                        
Current-period Gross writeoffs
  
$
9
    
$
102
    
$
17
    
$
20
    
$
27
    
$
42
    
$
-
    
$
-
    
$
217
  
   
$
9
    
$
102
    
$
17
    
$
20
    
$
27
    
$
42
    
$
-
    
$
-
    
$
217
  
Loan Credit Quality
  
(in thousands)
  
As of December 31, 2024
  
   
Term Loans Amortized Cost Basis by Origination Year
  
Commercial :
  
2024
    
2023
    
2022
    
2021
    
2020
    
Prior
    
Revolving Loans Amortized Cost Basis
    
Revolving Loan Converted to Term
    
Total
  
Risk rating
                                                      
Pass
  
$
47,687
    
$
54,877
    
$
73,094
    
$
22,215
    
$
15,014
    
$
50,052
    
$
2,169
    
$
-
    
$
265,108
  
Special Mention
    
-
      
-
      
242
      
-
      
-
      
-
      
-
      
-
      
242
  
Substandard
    
-
      
-
      
1,003
      
-
      
22
      
887
      
-
      
-
      
1,912
  
Doubtful
    
-
      
-
      
-
      
-
      
-
      
38
      
-
      
-
      
38
  
Total Commercial Loans
  
$
47,687
    
$
54,877
    
$
74,339
    
$
22,215
    
$
15,036
    
$
50,977
    
$
2,169
    
$
-
    
$
267,300
  
                                                                         
Commercial Loans:
  
$
-
    
$
-
    
$
10
    
$
431
    
$
-
    
$
-
    
$
-
    
$
-
    
$
441
  
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
10
    
$
431
    
$
-
    
$
-
    
$
-
    
$
-
    
$
441
  
                                                                         
Commercial Other:
                                                                        
Risk rating
                                                                        
Pass
  
$
1,842
    
$
7,417
    
$
1,796
    
$
407
    
$
184
    
$
2,108
    
$
5,634
    
$
-
    
$
19,388
  
Special mention
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Substandard
    
13
      
-
      
-
      
22
      
-
      
134
      
-
      
-
      
169
  
Total Commercial Real Estate Loans
  
$
1,855
    
$
7,417
    
$
1,796
    
$
429
    
$
184
    
$
2,242
    
$
5,634
    
$
-
    
$
19,557
  
                                                                         
Other Commercial Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
   
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
                                                                         
Residential First Mortgage:
                                                                        
Risk rating
                                                                        
Performing
  
$
313,944
    
$
398,722
    
$
535,702
    
$
821,804
    
$
681,840
    
$
1,563,659
    
$
938
    
$
-
    
$
4,316,609
  
Nonperforming
    
-
      
987
      
391
      
870
      
243
      
12,463
      
-
      
-
      
14,954
  
Total First Mortgage:
  
$
313,944
    
$
399,709
    
$
536,093
    
$
822,674
    
$
682,083
    
$
1,576,122
    
$
938
    
$
-
    
$
4,331,563
  
                                                                         
Residential First Mortgage Loans:
                                                                        
Current-period Gross writeoffs
  
$
194
    
$
-
    
$
-
    
$
-
    
$
-
    
$
18
    
$
-
    
$
-
    
$
212
  
   
$
194
    
$
-
    
$
-
    
$
-
    
$
-
    
$
18
    
$
-
    
$
-
    
$
212
  
                                                                         
Home Equity Loans:
                                                                        
Risk rating
                                                                        
Performing
  
$
6,621
    
$
8,586
    
$
5,354
    
$
6,490
    
$
5,066
    
$
24,096
    
$
-
    
$
-
    
$
56,213
  
Nonperforming
    
-
      
-
      
155
      
-
      
-
      
371
      
-
      
-
      
526
  
Total Home Equity Loans:
  
$
6,621
    
$
8,586
    
$
5,509
    
$
6,490
    
$
5,066
    
$
24,467
    
$
-
    
$
-
    
$
56,739
  
                                                                         
Home Equity Lines Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
   
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
                                                                         
Home Equity Credit Lines:
                                                                        
Risk rating
                                                                        
Performing
  
$
4,793
    
$
1,558
    
$
1,110
    
$
887
    
$
46
    
$
14,595
    
$
383,425
    
$
-
    
$
406,414
  
Nonperforming
    
-
      
-
      
70
      
-
      
-
      
2,532
      
245
      
-
      
2,847
  
Total Home Equity Credit Lines:
  
$
4,793
    
$
1,558
    
$
1,180
    
$
887
    
$
46
    
$
17,127
    
$
383,670
    
$
-
    
$
409,261
  
                                                                         
Home Equity Lines of Credit:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
116
    
$
-
    
$
-
    
$
116
  
   
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
116
    
$
-
    
$
-
    
$
116
  
                                                                         
Installments:
                                                                        
Risk rating
                                                                        
Performing
  
$
2,846
    
$
5,513
    
$
2,788
    
$
705
    
$
123
    
$
505
    
$
1,028
    
$
-
    
$
13,508
  
Nonperforming
    
16
      
5
      
55
      
19
      
-
      
35
      
-
      
-
      
130
  
Total Installments
  
$
2,862
    
$
5,518
    
$
2,843
    
$
724
    
$
123
    
$
540
    
$
1,028
    
$
-
    
$
13,638
  
                                                                         
Installments Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
53
    
$
47
    
$
35
    
$
4
    
$
31
    
$
-
    
$
-
    
$
170
  
   
$
-
    
$
53
    
$
47
    
$
35
    
$
4
    
$
31
    
$
-
    
$
-
    
$
170
  
The following tables present the aging of the amortized cost in past due loans by loan class and by region as of December 31, 2025 and 2024:

   
As of December 31, 2025
  
                                     
New York and other states*:
  
30-59
    
60-89
    
90+

 
Total
              
   
Days
    
Days
    
Days
    
30+ days
          
Total
  
(dollars in thousands)
  
Past Due
    
Past Due
    
Past Due
    
Past Due
    
Current
    
Loans
  
                                           
Commercial:
                                          
Commercial real estate
  
$
-
    
$
-
    
$
1,984
    
$
1,984
    
$
243,815
    
$
245,799
  
Other
    
-
      
-
      
7
      
7
      
17,834
      
17,841
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
3,174
      
1,790
      
6,830
      
11,794
      
2,782,721
      
2,794,515
  
Home equity loans
    
50
      
-
      
266
      
316
      
46,105
      
46,421
  
Home equity lines of credit
    
370
      
176
      
1,158
      
1,704
      
263,356
      
265,060
  
Installment
    
5
      
32
      
7
      
44
      
8,453
      
8,497
  
                                                 
Total
  
$
3,599
    
$
1,998
    
$
10,252
    
$
15,849
    
$
3,362,284
    
$
3,378,133
  
                                                 
Florida:
    
30-59
      
60-89
      
90
+
  
Total
                  
   
Days
    
Days
    
Days
    
30+ days
            
Total
  
(dollars in thousands)
  
Past Due
    
Past Due
    
Past Due
    
Past Due
    
Current
    
Loans
  
                                                 
Commercial:
                                                
Commercial real estate
  
$
-
    
$
-
    
$
-
    
$
-
    
$
49,308
    
$
49,308
  
Other
    
-
      
-
      
-
      
-
      
495
      
495
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
1,683
      
978
      
2,149
      
4,810
      
1,599,899
      
1,604,709
  
Home equity loans
    
369
      
-
      
-
      
369
      
17,246
      
17,615
  
Home equity lines of credit
    
671
      
116
      
92
      
879
      
198,262
      
199,141
  
Installment
    
46
      
-
      
22
      
68
      
2,991
      
3,059
  
                                                 
Total
  
$
2,769
    
$
1,094
    
$
2,263
    
$
6,126
    
$
1,868,201
    
$
1,874,327
  
                                                 
Total:
    
30-59
      
60-89
      
90
+
  
Total
                  
   
Days
    
Days
    
Days
    
30+ days
            
Total
  
(dollars in thousands)
  
Past Due
    
Past Due
    
Past Due
    
Past Due
    
Current
    
Loans
  
                                                 
Commercial:
                                                
Commercial real estate
  
$
-
    
$
-
    
$
1,984
    
$
1,984
    
$
293,123
    
$
295,107
  
Other
    
-
      
-
      
7
      
7
      
18,329
      
18,336
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
4,857
      
2,768
      
8,979
      
16,604
      
4,382,620
      
4,399,224
  
Home equity loans
    
419
      
-
      
266
      
685
      
63,351
      
64,036
  
Home equity lines of credit
    
1,041
      
292
      
1,250
      
2,583
      
461,618
      
464,201
  
Installment
    
51
      
32
      
29
      
112
      
11,444
      
11,556
  
                                                 
Total
  
$
6,368
    
$
3,092
    
$
12,515
    
$
21,975
    
$
5,230,485
    
$
5,252,460
  

* Includes New York, New Jersey, Vermont and Massachusetts.
   
As of December 31, 2024
  
                                     
New York and other states*:
  
30-59
    
60-89
    
90+

 
Total
    



 
   
Days
    
Days
    
Days
    
30+ days
          
Total
  
(dollars in thousands)
  
Past Due
    
Past Due
    
Past Due
    
Past Due
    
Current
    
Loans
  
                                           
Commercial:
                                          
Commercial real estate
  
$
1,189
      
-
      
329
      
1,518
      
226,253
      
227,771
  
Other
    
-
      
-
      
14
      
14
      
19,130
      
19,144
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
2,438
      
773
      
6,091
      
9,302
      
2,732,032
      
2,741,334
  
Home equity loans
    
15
      
22
      
318
      
355
      
42,741
      
43,096
  
Home equity lines of credit
    
401
      
-
      
1,267
      
1,668
      
234,271
      
235,939
  
Installment
    
18
      
19
      
69
      
106
      
9,779
      
9,885
  
                                                 
Total
  
$
4,061
      
814
      
8,088
      
12,963
      
3,264,206
      
3,277,169
  
                                                 
Florida:
    
30-59
      
60-89
      
90
+
  
Total
                  
   
Days
    
Days
    
Days
    
30+ days
            
Total
  
(dollars in thousands)
  
Past Due
    
Past Due
    
Past Due
    
Past Due
    
Current
    
Loans
  
                                                 
Commercial:
                                                
Commercial real estate
  
$
-
      
-
      
-
      
-
      
39,529
      
39,529
  
Other
    
-
      
-
      
-
      
-
      
413
      
413
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
2,037
      
629
      
1,773
      
4,439
      
1,585,790
      
1,590,229
  
Home equity loans
    
-
      
6
      
-
      
6
      
13,637
      
13,643
  
Home equity lines of credit
    
220
      
-
      
-
      
220
      
173,102
      
173,322
  
Installment
    
109
      
22
      
16
      
147
      
3,606
      
3,753
  
                                                 
Total
  
$
2,366
      
657
      
1,789
      
4,812
      
1,816,077
      
1,820,889
  
                                                 
Total:
    
30-59
      
60-89
      
90
+
  
Total
                  
   
Days
    
Days
    
Days
    
30+ days
            
Total
  
(dollars in thousands)
  
Past Due
    
Past Due
    
Past Due
    
Past Due
    
Current
    
Loans
  
                                                 
Commercial:
                                                
Commercial real estate
  
$
1,189
      
-
      
329
      
1,518
      
265,782
      
267,300
  
Other
    
-
      
-
      
14
      
14
      
19,543
      
19,557
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
4,475
      
1,402
      
7,864
      
13,741
      
4,317,822
      
4,331,563
  
Home equity loans
    
15
      
28
      
318
      
361
      
56,378
      
56,739
  
Home equity lines of credit
    
621
      
-
      
1,267
      
1,888
      
407,373
      
409,261
  
Installment
    
127
      
41
      
85
      
253
      
13,385
      
13,638
  
                                                 
Total
  
$
6,427
      
1,471
      
9,877
      
17,775
      
5,080,283
      
5,098,058
  

* Includes New York, New Jersey, Vermont and Massachusetts.
At December 31, 2025 and 2024, there were no loans that were 90 days past due and still accruing interest.  As a result, non-accrual loans include all loans 90 days or more past due as well as certain loans less than 90 days past due that were placed on non-accrual status for reasons other than delinquent status.  There are no commitments to extend further credit on non-accrual or modified loans.

The Company transfers loans to other real estate owned, at fair value less cost to sell, in the period the Company obtains physical possession of the property (through legal title or through a deed in lieu).  Other real estate owned is included in Other assets on the Consolidated Statements of Condition.  As of December 31, 2025 other real estate owned included $1.4 million of residential and commercial foreclosed properties.  In addition, non-accrual residential mortgage loans that were in the process of foreclosure had an amortized cost of $9.1 million as of December 31, 2025. As of December 31, 2024 other real estate owned included $2.2 million of residential and commercial foreclosed properties.  In addition, non-accrual residential mortgage loans that were in the process of foreclosure had an amortized cost of $8.1 million as of December 31, 2024.

Loans individually evaluated for impairment are non-accrual residential loans delinquent greater than 180 days, non-accrual commercial loans, as well as loans classified as loan modifications. As of December 31, 2025, there was no allowance for credit losses based on loans individually evaluated for impairment. Residential and installment non-accrual loans which are not loan modifications or greater than 180 days delinquent are collectively evaluated to determine the allowance for credit loss.

The following tables present the amortized cost basis in non-accrual loans by portfolio segment as of December 31, 2025 and 2024:

   
As of December 31, 2025
  
(dollars in thousands)
 		   
New York and
other states*
        
Florida
        
Total
   
Loans in non-accrual status:
                  
Commercial:
                  
Commercial real estate
  
$
1,983
    
$
-
    
$
1,983
  
Other
    
7
      
-
      
7
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
12,241
      
3,705
      
15,946
  
Home equity loans
    
425
      
5
      
430
  
Home equity lines of credit
    
1,917
      
338
      
2,255
  
Installment
    
29
      
22
      
51
  
Total nonperforming loans
  
$
16,602
    
$
4,070
    
$
20,672
  

* Includes New York, New Jersey, Vermont and Massachusetts.
   
As of December 31, 2024
  
(dollars in thousands)
 		   
New York and
other states*
        
Florida
        
Total
   
Loans in non-accrual status:
                  
Commercial:
                  
Commercial real estate
  
$
329
    
$
-
    
$
329
  
Other
    
14
      
-
      
14
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
11,586
      
3,368
      
14,954
  
Home equity loans
    
432
      
94
      
526
  
Home equity lines of credit
    
2,653
      
194
      
2,847
  
Installment
    
108
      
22
      
130
  
Total non-accrual loans
    
15,122
      
3,678
      
18,800
  
Restructured real estate mortgages - 1 to 4 family
    
-
      
-
      
-
  
Total nonperforming loans
  
$
15,122
    
$
3,678
    
$
18,800
  

* Includes New York, New Jersey, Vermont and Massachusetts.

The following tables present the amortized cost basis of loans on non-accrual status and loans past due over 89 days still accruing as of December 31, 2025 and 2024:

   
As of December 31, 2025
  
(dollars in thousands)
  		    
Non-accrual With
No Allowance for
Credit Loss
        
Non-accrual With
Allowance for
Credit Loss
        
Loans Past Due
Over 89 Days
Still Accruing
    
Commercial:
                  
Commercial real estate
  
$
1,983
    
$
-
      
-
  
Other
    
7
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
14,324
      
1,622
      
-
  
Home equity loans
    
419
      
11
      
-
  
Home equity lines of credit
    
2,010
      
245
      
-
  
Installment
    
22
      
29
      
-
  
Total loans, net
  
$
18,765
    
$
1,907
      
-
  
   
As of December 31, 2024
  
(dollars in thousands)
  		    
Non-accrual With
No Allowance for
Credit Loss
        
Non-accrual With
Allowance for
Credit Loss
        
Loans Past Due
Over 89 Days
Still Accruing
    
Commercial:
                  
Commercial real estate
  
$
329
    
$
-
      
-
  
Other
    
14
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
13,560
      
1,394
      
-
  
Home equity loans
    
526
      
-
      
-
  
Home equity lines of credit
    
2,724
      
123
      
-
  
Installment
    
112
      
18
      
-
  
Total loans, net
  
$
17,265
    
$
1,535
      
-
  

The non-accrual balance of $1.9 million and $1.5 million disclosed above was collectively evaluated and the associated allowance for credit losses on loans was not material as of December 31, 2025 and 2024, respectively.

A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. Expected credit losses for the collateral dependent loans are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate.

The following tables present the amortized cost basis of individually analyzed collateral dependent loans by portfolio segment as of December 31, 2025 and 2024:

   
As of December 31, 2025
  
   
Type of Collateral
  
(dollars in thousands)
                  
   
Real Estate
    
Investment Securities/Cash
    
Other
  
Commercial:
                  
   Commercial real estate
  
$
2,076
      
-
      
-
  
   Other
     -
      
-
       7  
Real estate mortgage - 1 to 4 family:
    
-
      
-
      
-
  
   First mortgages
    
20,591
      
-
      
-
  
   Home equity loans
    
511
      
-
      
-
  
   Home equity lines of credit
    
2,561
      
-
      
-
  
Installment
    
-
      
-
      
22
  
Total
  
$
25,739
      
-
       29  
  
 
As of December 31, 2024
Type of Collateral
   
(dollars in thousands)
 		     
Real Estate
      
Investment
Securities/Cash
        
Other
   
Commercial:
                  
Commercial real estate
  
$
429
      
-
      
-
  
Other
    
-
      
-
       14  
Real estate mortgage - 1 to 4 family:
    
-
      
-
      
-
  
First mortgages
    
19,928
      
-
      
-
  
Home equity loans
    
535
      
-
      
-
  
Home equity lines of credit
    
3,372
      
-
      
-
  
Installment
    
-
      
-
       112  
Total
  
$
24,264
      
-
       126  

The Company has not committed to lend additional amounts to customers with outstanding loans that are modified.  Interest income recognized on loans that are individually evaluated was not material during the years ended December 31, 2025, 2024 and 2023.

A loan for which the terms have been modified, and for which a borrower is experiencing financial difficulties, is considered a loan modification and is classified as individually evaluated. Loan modifications at December 31, 2025 are measured at the amortized cost using the loan’s effective rate at inception or fair value of the underlying collateral if the loan is considered collateral dependent.   As of December 31, 2025 and 2024 loans individually evaluated included approximately $7.0 million and $7.0 million, respectively, of loans in accruing status that were identified as loan modifications.

Pursuant to the adoption of ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructuring and Vintage Disclosures (“ASU 2022-02”), a borrower that is experiencing financial difficulty and receives a modification in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay or a term extension in the current period needs to be disclosed.
The following table presents the amortized cost basis of loans at December 31, 2025 and 2024 that were both experiencing financial difficulty and modified during the year ended December 31, 2025 and 2024, by class and by type of modification.  The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below:

For the year ended:
  
 
                        
New York and other states*:
  
December 31, 2025
    
December 31, 2024
  
 
  
Payment
    
% of Total Class
    
Payment
    
% of Total Class
  
(dollars in thousands)
  
Delay
    
of Loans
    
Delay
    
of Loans
  
 
                        
Commercial:
                        
Commercial real estate
  
$
-
      
-
    
$
-
      
-
  
Other
    
-
      
-
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
    
-
      
-
      
-
      
-
  
First mortgages
    
391
      
0.01
%
    
267
      
0.01
%
Home equity loans
    
-
      
-
      
19
      
0.04
%
Home equity lines of credit
    
122
      
0.05
%
    
238
      
0.09
%
Installment
    
-
      
-
      
-
      
-
  
 
                                
Total
  
$
513
      
0.02
%
  
$
524
      
0.02
%
 
                                
Florida:
                                
 
  
Payment
    
% of Total Class
    
Payment
    
% of Total Class
  
(dollars in thousands)
  
Delay
    
of Loans
    
Delay
    
of Loans
  
 
                                
Commercial:
                                
Commercial real estate
  
$
-
      
-
    
$
-
      
-
  
Other
    
-
      
-
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
            
-
              
-
  
First mortgages
    
754
      
0.05
%
    
84
      
0.01
%
Home equity loans
    
-
      
-
      
88
      
0.65
%
Home equity lines of credit
    
-
      
-
      
70
      
0.04
%
Installment
    
-
      
-
      
-
      
-
  
 
                                
Total
  
$
754
      
0.04
%
  
$
242
      
0.01
%
 
                                
Total
                                
 
  
Payment
    
% of Total Class
    
Payment
    
% of Total Class
  
(dollars in thousands)
  
Delay
    
of Loans
    
Delay
    
of Loans
  
 
                                
Commercial:
                                
Commercial real estate
  
$
-
      
-
    
$
-
      
-
  
Other
    
-
      
-
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
                                
First mortgages
    
1,145
      
0.03
%
    
351
      
0.01
%
Home equity loans
    
-
      
-
      
107
      
0.19
%
Home equity lines of credit
    
122
      
0.03
%
    
308
      
0.08
%
Installment
    
-
      
-
      
-
      
-
  
 
                                
Total
  
$
1,267
      
0.02
%
  
$
766
      
0.02
%

*
Includes New York, New Jersey, Vermont and Massachusetts.

The Bank monitors the performance of loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table describes the performance of loans that have been modified as of December 31, 2025 and 2024:

 
        
As of December 31, 2025
  
 
                              
New York and other states*:
        
30-59
    
60-89
    
90 +

     
 
        
Days
    
Days
    
Days
        
(dollars in thousands)
  
Current
    
Past Due
    
Past Due
    
Past Due
    
Total
  
 
                                    
Commercial:
                                    
Commercial real estate
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Other
    
-
      
-
      
-
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
                                        
First mortgages
    
153
      
-
      
-
      
238
      
391
  
Home equity loans
    
-
      
-
      
-
              
-
  
Home equity lines of credit
    
-
      
-
      
122
      
-
      
122
  
Installment
    
-
      
-
      
-
      
-
      
-
  
 
                                        
Total
  
$
153
    
$
-
    
$
122
    
$
238
    
$
513
  
 
                                        
Florida:
          
30-59
    
60-89
    
90 +

       
 
          
Days
    
Days
    
Days
          
(dollars in thousands)
  
Current
    
Past Due
    
Past Due
    
Past Due
    
Total
  
 
                                        
Commercial:
                                        
Commercial real estate
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Other
    
-
      
-
      
-
              
-
  
Real estate mortgage - 1 to 4 family:
                                        
First mortgages
    
754
      
-
      
-
      
-
      
754
  
Home equity loans
    
-
      
-
      
-
      
-
      
-
  
Home equity lines of credit
    
-
      
-
      
-
      
-
      
-
  
Installment
    
-
      
-
      
-
      
-
      
-
  
 
                                        
Total
  
$
754
    
$
-
    
$
-
    
$
-
    
$
754
  
 
                                        
Total
          
30-59
    
60-89
    
90 +

       
 
          
Days
    
Days
    
Days
          
(dollars in thousands)
  
Current
    
Past Due
    
Past Due
    
Past Due
    
Total
  
 
                                        
Commercial:
                                        
Commercial real estate
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Other
    
-
      
-
      
-
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
                                        
First mortgages
    
907
      
-
      
-
      
238
      
1,145
  
Home equity loans
    
-
      
-
      
-
      
-
      
-
  
Home equity lines of credit
    
-
      
-
      
122
      
-
      
122
  
Installment
    
-
      
-
      
-
      
-
      
-
  
 
                                        
Total
  
$
907
    
$
-
    
$
122
    
$
238
    
$
1,267
  
*
Includes New York, New Jersey, Vermont and Massachusetts.
 
        
As of December 31, 2024
  
 
                              
New York and other states*:
        
 30-59
    
 60-89
    
90 +

     
 
        
Days
    
Days
    
Days
        
(dollars in thousands)
  
Current
    
Past Due
    
Past Due
    
Past Due
    
Total
  
 
                                    
Commercial:
                                    
Commercial real estate
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Other
    
-
      
-
      
-
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
                                        
First mortgages
    
137
      
49
      
-
      
81
      
267
  
Home equity loans
    
19
      
-
      
-
              
19
  
Home equity lines of credit
    
238
      
-
      
-
      
-
      
238
  
Installment
    
-
      
-
      
-
      
-
      
-
  
 
                                        
Total
  
$
394
    
$
49
    
$
-
    
$
81
    
$
524
  
 
                                        
Florida:
          
30-59
    
60-89
    
90 +

       
 
          
Days
    
Days
    
Days
          
(dollars in thousands)
  
Current
    
Past Due
    
Past Due
    
Past Due
    
Total
  
 
                                        
Commercial:
                                        
Commercial real estate
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Other
    
-
      
-
      
-
              
-
  
Real estate mortgage - 1 to 4 family:
                                        
First mortgages
    
84
      
-
      
-
      
-
      
84
  
Home equity loans
    
88
      
-
      
-
      
-
      
88
  
Home equity lines of credit
    
70
      
-
      
-
      
-
      
70
  
Installment
    
-
      
-
      
-
      
-
      
-
  
 
                                        
Total
  
$
242
    
$
-
    
$
-
    
$
-
    
$
242
  
 
                                        
Total
          
30-59
    
60-89
    
90 +

       
 
          
Days
    
Days
    
Days
          
(dollars in thousands)
  
Current
    
Past Due
    
Past Due
    
Past Due
    
Total
  
 
                                        
Commercial:
                                        
Commercial real estate
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Other
    
-
      
-
      
-
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
                                        
First mortgages
    
221
      
49
      
-
      
81
      
351
  
Home equity loans
    
107
      
-
      
-
      
-
      
107
  
Home equity lines of credit
    
308
      
-
      
-
      
-
      
308
  
Installment
    
-
      
-
      
-
      
-
      
-
  
 
                                        
Total
  
$
636
    
$
49
    
$
-
    
$
81
    
$
766
  

*
Includes New York, New Jersey, Vermont and Massachusetts.
The following tables describes the financial effect of the modifications made to borrowers experiencing financial difficulty:

For the year ended:
  
 
            
 
  
December 31, 2025
    
December 31, 2024
  
 
  
Weighted
    
Weighted
  
New York and other states*:
  
Average
    
Average
  
 
  
Payment
    
Payment
  
(dollars in thousands)
  
Delay (Months)
    
Delay (Months)
  
 
            
Commercial:
            
Commercial real estate
  
$
-
    
$
-
  
Other
    
-
      
-
  
Real estate mortgage - 1 to 4 family:
    
-
      
-
  
First mortgages
    
24
      
15
  
Home equity loans
    
-
      
24
  
Home equity lines of credit
    
24
      
17
  
Installment
    
-
      
-
  
 
                
Total
  
$
48
    
$
56
  
 
                
 
  
Weighted
    
Weighted
  
Florida:
  
Average
    
Average
  
 
  
Payment
    
Payment
  
(dollars in thousands)
  
Delay (Months)
    
Delay (Months)
  
 
                
Commercial:
                
Commercial real estate
  
$
-
    
$
-
  
Other
    
-
      
-
  
Real estate mortgage - 1 to 4 family:
                
First mortgages
    
7
      
12
  
Home equity loans
    
-
      
9
  
Home equity lines of credit
    
-
      
6
  
Installment
    
-
      
-
  
 
                
Total
  
$
7
    
$
27
  
 
                
 
  
Weighted
    
Weighted
  
Total
  
Average
    
Average
  
 
  
Payment
    
Payment
  
(dollars in thousands)
  
Delay (Months)
    
Delay (Months)
  
 
                
Commercial:
                
Commercial real estate
  
$
-
    
$
-
  
Other
    
-
      
-
  
Real estate mortgage - 1 to 4 family:
                
First mortgages
    
31
      
27
  
Home equity loans
    
-
      
33
  
Home equity lines of credit
    
24
      
23
  
Installment
    
-
      
-
  
 
                
Total
   $
55
     $
83
  

*
Includes New York, New Jersey, Vermont and Massachusetts.
There were no commitments to lend additional funds to the borrowers and there were no charge-offs recorded against the modified loans. The Company had no allowance for credit losses recorded against these loans as of December 31, 2025 and 2024. The Company had 2 loan modifications totaling $360 thousand that had a payment default during the year ended December 31, 2025.  The Company had 13 loan modifications totaling $1.2 million that had a payment default during the year ended December 31, 2024.