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Loan Portfolio and Allowance for Credit Losses
 3 Months Ended
Mar. 31, 2026
Loan Portfolio and Allowance for Credit Losses [Abstract]  
Loan Portfolio and Allowance for Credit Losses
(5) Loan Portfolio and Allowance for Credit Losses

The following tables presents loans by portfolio segment:

   
March 31, 2026
  
(dollars in thousands)
  
New York and
              
   
other states*
    
Florida
    
Total
  
Commercial:
                  
Commercial real estate
  
$
248,332
    
$
49,848
    
$
298,180
  
Other
    
18,148
      
435
      
18,583
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
2,820,269
      
1,612,456
      
4,432,725
  
Home equity loans
    
47,642
      
17,544
      
65,186
  
Home equity lines of credit
    
268,011
      
196,876
      
464,887
  
Installment
    
7,664
      
2,953
      
10,617
  
Total loans, net
  
$
3,410,066
    
$
1,880,112
      
5,290,178
  
Less: Allowance for credit losses on loans
                    
52,994
  
Net loans
                  
$
5,237,184
  

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

   
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.

As of March 31, 2026, the Company had approximately $44.0 million of real estate construction loans.  Of the $44.0 million in real estate construction loans as of March 31, 2026, approximately $14.4 million are secured by first mortgages to residential borrowers while approximately $29.6 million were to commercial borrowers for residential construction projects.  The majority of construction loans are in the Company’s New York market.

At December 31, 2025, the Company had approximately $41.9 million 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. The majority of construction loans held in 2025 were in the Company’s New York market.
Allowance for credit losses on loans

The level of the allowance for credit losses on loans (“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 March 31, 2026. The Company selected the baseline economic forecast for the allowance for credit losses on loans 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 March 31, 2026.

The Company recorded a provision for credit losses of $950 thousand for the three months ended March 31, 2026, which is the result of a provision for credit losses on loans of $750 thousand and a provision for credit losses on unfunded commitments of $200 thousand.

The Company recorded a provision for credit losses of $300 thousand for the three months ended March 31, 2025, which is the result of a provision for credit losses on loans of $100 thousand, and a provision for credit losses on unfunded commitments of $200 thousand.

Activity in the allowance for credit losses on loans by portfolio segment for the three months ended March 31, 2026 and 2025 is summarized as follows:

   
For the three months ended March 31, 2026
  
(dollars in thousands)
        
Real Estate
              
         
Mortgage-
              
   
Commercial
    
1 to 4 Family
    
Installment
    
Total
  
Balance at beginning of period
  
$
3,081
    
$
48,895
    
$
229
    
$
52,205
  
Loans charged off:
                                
New York and other states*
    
19
      
-
      
12
      
31
  
Florida
    
-
      
-
      
14
      
14
  
Total loan chargeoffs
    
19
      
-
      
26
      
45
  
 
                                
Recoveries of loans previously charged off:
                                
New York and other states*
    
-
      
43
      
1
      
44
  
Florida
    
40
      
-
      
-
      
40
  
Total recoveries
    
40
      
43
      
1
      
84
  
Net loan (recoveries) charged off
    
(21
)
    
(43
)
    
25
      
(39
)
Provision for credit losses
    
31
      
714
      
5
      
750
  
Balance at end of period
  
$
3,133
    
$
49,652
    
$
209
    
$
52,994
  

* Includes New York, New Jersey, Vermont and Massachusetts.
   
For the three months ended March 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
      
80
      
25
      
109
  
Florida
    
-
      
-
      
15
      
15
  
Total loan chargeoffs
    
4
      
80
      
40
      
124
  
 
                                
Recoveries of loans previously charged off:
                                
New York and other states*
    
6
      
41
      
21
      
68
  
Florida
    
314
      
-
      
-
      
314
  
Total recoveries
    
320
      
41
      
21
      
382
  
Net loan recoveries
    
(316
)
    
39
      
19
      
(258
)
(Credit) provision for credit losses
    
(713
)
    
710
      
103
      
100
  
Balance at end of period
  
$
3,023
    
47,307
      
276
      
50,606
  

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

The Company’s allowance for credit losses on unfunded commitments is recognized as a liability (included within the Accrued expenses and other liabilities line item within the Statement of Financial Condition) with adjustments to the reserve recognized in provision for credit losses in the consolidated statements of income. The Company’s activity in the allowance for credit losses on unfunded commitments for the three months ended March 31, 2026 and 2025 is as follows:

   
For the three
  
   
months ended
  
(In thousands)
  
March 31, 2026
  
       
Balance at December 31, 2025
  
$
1,862
  
Provision  for credit losses
    
200
  
Balance at March 31, 2026
  
$
2,062
  

   
For the three
  
   
months ended
  
(In thousands)
  
March 31, 2025
  
       
Balance at December 31, 2025
  
$
1,762
  
Provision  for credit losses
    
200
  
Balance at March 31, 2025
  
$
1,962
  

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 loan grades assigned to all loan types are tested by the Company’s internal loan review department in accordance with the Company’s internal loan review policy.
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 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 March 31, 2026 and December 31, 2025 is also included in the aging of the past due loans table. Nonperforming loans shown in the table below were loans on nonaccrual status and loans over 90 days past due and accruing.
As of March 31, 2026 and December 31, 2025, based on the most recent analysis performed, the risk category of loans by class of loans, and gross charge-offs for each loan type by origination year was as follows:

Loan Credit Quality
                                                      
(in thousands)
  
As of March 31, 2026
  
   
Term Loans Amortized Cost Basis by Origination Year
  
Commercial :
  
2026
    
2025
    
2024
    
2023
    
2022
    
Prior
    
Revolving
Loans
Amortized
Cost Basis
    
Revolving
Loan
Converted
to Term
    
Total
  
Risk rating
                                                      
Pass
  
$
10,605
    
$
47,474
    
$
46,897
    
$
48,227
    
$
63,528
    
$
74,273
    
$
4,061
    
$
-
    
$
295,065
  
Special Mention
    
-
      
-
      
-
      
-
      
584
      
-
      
-
      
-
      
584
  
Substandard
    
-
      
-
      
890
      
-
      
969
      
672
      
-
      
-
      
2,531
  
Doubtful
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Total Commercial Loans
  
$
10,605
    
$
47,474
    
$
47,787
    
$
48,227
    
$
65,081
    
$
74,945
    
$
4,061
    
$
-
    
$
298,180
  
 
                                                                        
Commercial Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
19
    
$
-
    
$
-
    
$
-
    
$
19
  
 
  
$
-
    
$
-
    
$
-
    
$
-
    
$
19
    
$
-
    
$
-
    
$
-
    
$
19
  
 
                                                                        
Commercial Other:
                                                                        
Risk rating
                                                                        
Pass
  
$
1,334
    
$
4,251
    
$
1,192
    
$
6,104
    
$
1,170
    
$
467
    
$
3,971
    
$
-
    
$
18,489
  
Special mention
    
-
      
-
      
-
      
45
      
-
      
-
      
-
      
-
      
45
  
Substandard
    
-
      
-
      
9
      
-
      
-
      
-
      
40
      
-
      
49
  
Doubtful
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Total Commercial Real Estate Loans
  
$
1,334
    
$
4,251
    
$
1,201
    
$
6,149
    
$
1,170
    
$
467
    
$
4,011
    
$
-
    
$
18,583
  
 
                                                                        
Other Commercial Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
 
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
 
                                                                        
Residential First Mortgage:
                                                                        
Risk rating
                                                                        
Performing
  
$
110,099
    
$
388,811
    
$
297,056
    
$
359,822
    
$
493,884
    
$
2,764,516
    
$
1,784
    
$
-
    
$
4,415,972
  
Nonperforming
    
-
      
-
      
722
      
1,714
      
1,257
      
13,060
      
-
      
-
      
16,753
  
Total First Mortgage:
  
$
110,099
    
$
388,811
    
$
297,778
    
$
361,536
    
$
495,141
    
$
2,777,576
    
$
1,784
    
$
-
    
$
4,432,725
  
 
                                                                        
Residential First Mortgage Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
 
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
 
                                                                        
Home Equity Loans:
                                                                        
Risk rating
                                                                        
Performing
  
$
3,858
    
$
17,251
    
$
5,001
    
$
6,645
    
$
4,100
    
$
27,921
    
$
-
    
$
-
    
$
64,776
  
Nonperforming
    
-
      
-
      
-
      
-
      
66
      
344
      
-
      
-
      
410
  
Total Home Equity Loans:
  
$
3,858
    
$
17,251
    
$
5,001
    
$
6,645
    
$
4,166
    
$
28,265
    
$
-
    
$
-
    
$
65,186
  
 
                                                                        
Home Equity Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
 
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
 
                                                                        
Home Equity Lines of Credit:
                                                                        
Risk rating
                                                                        
Performing
  
$
594
    
$
2,345
    
$
3,045
    
$
1,146
    
$
1,337
    
$
23,383
    
$
430,766
    
$
-
    
$
462,616
  
Nonperforming
    
-
      
-
      
94
      
129
      
-
      
1,776
      
272
      
-
      
2,271
  
Total Home Equity Credit Lines:
  
$
594
    
$
2,345
    
$
3,139
    
$
1,275
    
$
1,337
    
$
25,159
    
$
431,038
    
$
-
    
$
464,887
  
 
                                                                        
Home Equity Lines of Credit:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
 
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
 
                                                                        
Installments:
                                                                        
Risk rating
                                                                        
Performing
  
$
423
    
$
2,942
    
$
1,668
    
$
2,700
    
$
1,290
    
$
633
    
$
898
    
$
-
    
$
10,554
  
Nonperforming
    
-
      
23
      
-
      
-
      
38
      
1
      
1
      
-
      
63
  
Total Installments
  
$
423
    
$
2,965
    
$
1,668
    
$
2,700
    
$
1,328
    
$
634
    
$
899
    
$
-
    
$
10,617
  
 
                                                                        
Installments Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
4
    
$
1
    
$
18
    
$
2
    
$
1
    
$
-
    
$
-
    
$
26
  
 
  
$
-
    
$
4
    
$
1
    
$
18
    
$
2
    
$
1
    
$
-
    
$
-
    
$
26
  
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:
  
$
-
    
$
-
    
$
-
    
$
-
    
$
4
    
$
-
    
$
-
    
$
-
    
$
4
  
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
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
  
Doubtful
     -       -       -       -       -       -       -       -       -  
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 Lines Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
 
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
 
                                                                        
Home Equity Credit Lines:
                                                                        
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
  

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 foreclosure or through a deed in lieu).  Other real estate owned is included in other assets on the Consolidated Statements of Financial Condition.  Other real estate owned included $1.0 million and $1.0 million of commercial foreclosed properties, and $328 thousand and $358 thousand of residential foreclosed properties as of March 31, 2026 and December 31, 2025, respectively.  In addition, non-accrual residential mortgage loans that are in the process of foreclosure had an amortized cost of $9.0 million and $9.1 million as of March 31, 2026 and December 31, 2025, respectively.
The following tables present the aging of the amortized cost in past due loans by loan class and by region as of March 31, 2026 and December 31, 2025:

  As of March 31, 2026
  
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
    
$
-
    
$
1,961
    
$
1,962
    
$
246,370
    
$
248,332
  
Other
    
-
      
-
      
7
      
7
      
18,141
      
18,148
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
3,138
      
1,269
      
7,237
      
11,644
      
2,808,625
      
2,820,269
  
Home equity loans
    
34
      
-
      
232
      
266
      
47,376
      
47,642
  
Home equity lines of credit
    
430
      
151
      
945
      
1,526
      
266,485
      
268,011
  
Installment
    
24
      
-
      
24
      
48
      
7,616
      
7,664
  
 
                                                
Total
  
$
3,627
    
$
1,420
    
$
10,406
    
$
15,453
    
$
3,394,613
    
$
3,410,066
  

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
  
$
-
    
$
-
    
$
-
    
$
-
    
$
49,848
    
$
49,848
  
Other
    
-
      
-
      
-
      
-
      
435
      
435
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
2,344
      
153
      
1,595
      
4,092
      
1,608,364
      
1,612,456
  
Home equity loans
    
-
      
-
      
-
      
-
      
17,544
      
17,544
  
Home equity lines of credit
    
290
      
-
      
187
      
477
      
196,399
      
196,876
  
Installment
    
23
      
18
      
-
      
41
      
2,912
      
2,953
  
                                                 
Total
  
$
2,657
    
$
171
    
$
1,782
    
$
4,610
    
$
1,875,502
    
$
1,880,112
  

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
    
$
-
    
$
1,961
    
$
1,962
    
$
296,218
    
$
298,180
  
Other
    
-
      
-
      
7
      
7
      
18,576
      
18,583
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
5,482
      
1,422
      
8,832
      
15,736
      
4,416,989
      
4,432,725
  
Home equity loans
    
34
      
-
      
232
      
266
      
64,920
      
65,186
  
Home equity lines of credit
    
720
      
151
      
1,132
      
2,003
      
462,884
      
464,887
  
Installment
    
47
      
18
      
24
      
89
      
10,528
      
10,617
  
                                                 
Total
  
$
6,284
    
$
1,591
    
$
12,188
    
$
20,063
    
$
5,270,115
    
$
5,290,178
  

* Includes New York, New Jersey, Vermont and Massachusetts.
   
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 March 31, 2026, 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 loans or loan modifications to borrowers experiencing financial difficulty.

Loans individually evaluated for impairment are residential non-accrual loans delinquent greater than 180 days, non-accrual commercial loans, as well as loans classified as loan modifications.  As of March 31, 2026 and December 31, 2025, there was no allowance for credit losses based on the 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 March 31, 2026
  
(dollars in thousands)
  
New York and
              
   
other states*
    
Florida
    
Total
  
Loans in non-accrual status:
                  
Commercial:
                  
Commercial real estate
  
$
1,961
    
$
-
    
$
1,961
  
Other
    
7
      
-
      
7
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
12,966
      
3,787
      
16,753
  
Home equity loans
    
405
      
5
      
410
  
Home equity lines of credit
    
1,841
      
430
      
2,271
  
Installment
    
43
      
20
      
63
  
Total nonperforming loans
  
$
17,223
    
$
4,242
    
$
21,465
  

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

   
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.
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 March 31, 2026 and December 31, 2025:

   
As of March 31, 2026
  
(dollars in thousands)
  
Non-accrual With
    
Non-accrual With
    
Loans Past Due
  
   
No Allowance for
    
Allowance for
    
Over 89 Days
  
   
Credit Loss
    
Credit Loss
    
Still Accruing
  
Commercial:
                  
Commercial real estate
  
$
1,961
    
$
-
      
-
  
Other
    
7
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
15,313
      
1,440
      
-
  
Home equity loans
    
410
      
-
      
-
  
Home equity lines of credit
    
2,062
      
209
      
-
  
Installment
    
39
      
24
      
-
  
Total loans, net
  
$
19,792
    
$
1,673
      
-
  

   
As of December 31, 2025
  
(dollars in thousands)
  
Non-accrual With
    
Non-accrual With
    
Loans Past Due
  
   
No Allowance for
    
Allowance for
    
Over 89 Days
  
   
Credit Loss
    
Credit Loss
    
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
      
-
  

The non-accrual balance of $1.7 million and $1.9 million was collectively evaluated and the associated allowance for credit losses on loans was determined not to be material as of March 31, 2026 and December 31, 2025, respectively.
The following tables present the balance in the allowance for credit losses on loans by portfolio segment and based on impairment evaluation as of March 31, 2026 and December 31, 2025:

   
As of March 31, 2026
  
(dollars in thousands)
        
1-to-4 Family
              
 
  
Commercial
    
Residential
    
Installment
        
 
  
Loans
    
Real Estate
    
Loans
    
Total
  
Allowance for credit losses on loans:
                        
Ending allowance balance attributable to loans:
                        
Individually evaluated for impairment
  
$
-
    
$
-
    
$
-
    
$
-
  
Collectively evaluated for impairment
    
3,133
      
49,652
      
209
      
52,994
  
 
                                
Total ending allowance balance
  
$
3,133
    
$
49,652
    
$
209
    
$
52,994
  
 
                                
Loans:
                                
Individually evaluated for impairment
  
$
2,059
    
$
24,350
    
$
39
    
$
26,448
  
Collectively evaluated for impairment
    
314,704
      
4,938,448
      
10,578
      
5,263,730
  
 
                                
Total ending loans balance
  
$
316,763
    
$
4,962,798
    
$
10,617
    
$
5,290,178
  

   
As of December 31, 2025
  
(dollars in thousands)
        
1-to-4 Family
              
   
Commercial
    
Residential
    
Installment
        
   
Loans
    
Real Estate
    
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
  
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 March 31, 2026 and December 31, 2025:

   
As of March 31, 2026
  
   
Type of Collateral
  
(dollars in thousands)
                  
   
Real Estate
    
Investment Securities/Cash
    
Other
  
Commercial:
                  
Commercial real estate
  
$
2,052
    
$
-
    
$
-
  
Other
    
-
      
-
      
7
  
Real estate mortgage - 1 to 4 family:
    
-
      
-
      
-
  
First mortgages
    
21,235
      
-
      
-
  
Home equity loans
    
501
      
-
      
-
  
Home equity lines of credit
    
2,614
      
-
      
-
  
Installment
    
-
      
-
      
39
  
Total
  
$
26,402
    
$
-
    
$
46
  

   
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
  

The Company has not committed to lend additional amounts to customers with outstanding loans that are on non-accrual or loan modifications to borrowers experiencing financial difficulty.  Interest income recognized on loans that are individually evaluated was not material during the three months ended March 31, 2026 and 2025.

As of March 31, 2026 and 2025 loans individually evaluated included approximately $6.7 million and $7.1 million, respectively, of loans in accruing status that were identified as loan modifications in accordance with regulatory guidance related to Chapter 7 and 13 bankruptcy loans.

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, 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 March 31, 2026 and 2025 that were both experiencing financial difficulty and modified during the three months ended March 31, 2026 and 2025, 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 three months ended:
  
 
                        
New York and other states*:
  
March 31, 2026
    
March 31, 2025
  
 
  
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
    
-
      
-
      
75
      
0.00
%
Home equity loans
    
-
      
-
      
-
      
-
  
Home equity lines of credit
    
-
      
-
      
122
      
0.05
%
Installment
    
-
      
-
      
-
      
-
  
 
                                
Total
  
$
-
      
-
    
$
197
      
0.00
%

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
    
273
      
0.02
%
    
-
      
-
  
Home equity loans
    
-
      
-
      
-
      
-
  
Home equity lines of credit
    
-
      
-
      
-
      
-
  
Installment
    
-
      
-
      
-
      
-
  
 
                                
Total
  
$
273
      
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
    
273
      
0.01
%
    
75
      
0.00
%
Home equity loans
    
-
      
-
      
-
      
-
  
Home equity lines of credit
    
-
      
-
      
122
      
0.03
%
Installment
    
-
      
-
      
-
      
-
  
 
                                
Total
  
$
273
      
0.01
%
  
$
197
      
0.00
%

* Includes New York, New Jersey, Vermont and Massachusetts.
The Bank closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following tables present the performance of such loans that have been modified during the last 12 months as of March 31, 2026 and 2025:

 
        
As of March 31, 2026
  
 
                              
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
    
78
      
-
      
-
      
238
      
316
  
Home equity loans
    
-
      
-
      
-
              
-
  
Home equity lines of credit
    
-
      
-
      
-
      
-
      
-
  
Installment
    
-
      
-
      
-
      
-
      
-
  
 
                                        
Total
  
$
78
    
$
-
    
$
-
    
$
238
    
$
316
  

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
    
1,022
      
-
      
-
      
-
      
1,022
  
Home equity loans
    
-
      
-
      
-
      
-
      
-
  
Home equity lines of credit
    
-
      
-
      
-
      
-
      
-
  
Installment
    
-
      
-
      
-
      
-
      
-
  
 
                                        
Total
  
$
1,022
    
$
-
    
$
-
    
$
-
    
$
1,022
  

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
    
1,100
      
-
      
-
      
238
      
1,338
  
Home equity loans
    
-
      
-
      
-
      
-
      
-
  
Home equity lines of credit
    
-
      
-
      
-
      
-
      
-
  
Installment
    
-
      
-
      
-
      
-
      
-
  
 
                                        
Total
  
$
1,100
    
$
-
    
$
-
    
$
238
    
$
1,338
  

* Includes New York, New Jersey, Vermont and Massachusetts.
 
        
As of March 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
    
78
      
181
      
-
      
80
      
339
  
Home equity loans
    
106
      
-
      
-
              
106
  
Home equity lines of credit
    
303
      
-
      
122
      
-
      
425
  
Installment
    
-
      
-
      
-
      
-
      
-
  
 
                                        
Total
  
$
487
    
$
181
    
$
122
    
$
80
    
$
870
  

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
    
-
      
-
      
-
      
-
      
-
  
Home equity loans
    
-
      
-
      
-
      
-
      
-
  
Home equity lines of credit
    
-
      
-
      
-
      
-
      
-
  
Installment
    
-
      
-
      
-
      
-
      
-
  
 
                                        
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
    
78
      
181
      
-
      
80
      
339
  
Home equity loans
    
106
      
-
      
-
      
-
      
106
  
Home equity lines of credit
    
303
      
-
      
122
      
-
      
425
  
Installment
    
-
      
-
      
-
      
-
      
-
  
 
                                        
Total
  
$
487
    
$
181
    
$
122
    
$
80
    
$
870
  
* Includes New York, New Jersey, Vermont and Massachusetts.
The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty:

For the three months ended:
  
 
            
 
  
March 31, 2026
    
March 31, 2025
  
 
  
Weighted
    
Weighted
  
New York and other states*:
  
Average
    
Average
  
 
  
Payment
    
Payment
  
 
  
Delay (Months)
    
Delay (Months)
  
 
            
Commercial:
            
Commercial real estate
    
-
      
-
  
Other
    
-
      
-
  
Real estate mortgage - 1 to 4 family:
    
-
      
-
  
First mortgages
    
-
      
24
  
Home equity loans
    
-
      
-
  
Home equity lines of credit
    
-
      
24
  
Installment
    
-
      
-
  
 
                
Total
    
-
      
48
  

   
Weighted
    
Weighted
  
Florida:
  
Average
    
Average
  
   
Payment
    
Payment
  
   
Delay (Months)
    
Delay (Months)
  
             
Commercial:
            
Commercial real estate
    
-
      
-
  
Other
    
-
      
-
  
Real estate mortgage - 1 to 4 family:
                
First mortgages
    
7
      
-
  
Home equity loans
    
-
      
-
  
Home equity lines of credit
    
-
      
-
  
Installment
    
-
      
-
  
                 
Total
    
7
      
-
  

   
Weighted
    
Weighted
  
Total
  
Average
    
Average
  
   
Payment
    
Payment
  
   
Delay (Months)
    
Delay (Months)
  
             
Commercial:
            
Commercial real estate
    
-
      
-
  
Other
    
-
      
-
  
Real estate mortgage - 1 to 4 family:
                
First mortgages
    
7
      
24
  
Home equity loans
    
-
      
-
  
Home equity lines of credit
    
-
      
24
  
Installment
    
-
      
-
  
                 
Total
    
7
      
48
  

* Includes New York, New Jersey, Vermont and Massachusetts.
The addition of these loan modifications did not have a significant impact on the allowance for credit losses on loans. The nature of the modifications that resulted in them being classified as a loan modification was the borrower modifying their payment terms. There was one loan modification totaling $238 thousand for residential mortgages that defaulted during the three months ended March 31, 2026 which had been classified as a loan modification within the prior twelve months.  This loan that defaulted was a payment delay modification.  There were three loan modifications totaling $261 thousand for residential mortgages and one home equity line of credit loan totaling $122 thousand that defaulted during the three months ended March 31, 2025 which had been classified as a loan modification within the prior twelve months.  These loans that defaulted were all payment delay modifications.

In situations where the Bank considers a loan modification, management determines whether the borrower is experiencing financial difficulty by performing an evaluation of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification.  This evaluation is performed under the Company’s underwriting policy.

Generally, the modification of the terms of loans is the result of the borrower filing for bankruptcy protection. Chapter 13 bankruptcies generally include the deferral of all past due amounts for a period of generally 60 months in accordance with the bankruptcy court order. In the case of Chapter 7 bankruptcies even though there is no modification of terms, the borrowers’ debt to the Company is discharged and they do not reaffirm the debt.

A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. In situations involving a borrower filing for Chapter 13 bankruptcy protection, however, a loan is considered to be in payment default once it is 30 days contractually past due, consistent with the treatment by the bankruptcy court.