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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Summary of Significant Accounting Policies

Schedule of financial assets and financial liabilities


								Changes in Fair Values For Items Measured at Fair Value
		Fair Value			Fair Value			Pursuant to Election of the Fair Value Option
		Measurements at			Measurements at			For the three months ended September 30,						For the nine months ended September 30,
Description		September 30, 2025			December 31, 2024			2025			2024			2025			2024
(In thousands)
Mortgage-backed securities		$	218		$	237		$	1		$	6		$	1		$	7
Other securities			13,992			13,355			179			407			359			256
Borrowed funds			49,653			48,795			(2,208)			561			(884)			(66)
Net gain (loss) from fair value adjustments								$	(2,028)		$	974		$	(524)		$	197

Schedule of assets and liabilities that are carried at fair value on recurring basis


		Quoted Prices
		in Active Markets						Significant Other						Significant Other
		for Identical Assets						Observable Inputs						Unobservable Inputs						Total carried at fair value
		(Level 1)						(Level 2)						(Level 3)						on a recurring basis
		2025			2024			2025			2024			2025			2024			2025			2024

Assets:		(In thousands)
Securities available for sale:
Mortgage-backed securities		$	—		$	—		$	906,270		$	911,636		$	—		$	—		$	906,270		$	911,636
Other securities			12,502			11,890			603,882			554,914			18,769			19,465			635,153			586,269
Derivatives			—			—			40,615			54,700			—			—			40,615			54,700

Total assets		$	12,502		$	11,890		$	1,550,767		$	1,521,250		$	18,769		$	19,465		$	1,582,038		$	1,552,605

Liabilities:
Borrowings		$	—		$	—		$	—		$	—		$	49,653		$	48,795		$	49,653		$	48,795
Derivatives			—			—			33,426			20,396			—			—			33,426			20,396

Total liabilities		$	—		$	—		$	33,426		$	20,396		$	49,653		$	48,795		$	83,079		$	69,191

Schedule of assets and liabilities that are carried at fair value on a recurring basis, classified within Level 3


		For the three months ended
		September 30, 2025									September 30, 2024
					Trust preferred			Junior subordinated			Trust preferred			Junior subordinated
		Municipals			securities			debentures			securities			debentures
(In thousands)
Beginning balance		$	16,878		$	1,428		$	47,552		$	1,457		$	48,541
Net gain (loss) from fair value adjustment of financial assets⁽¹⁾			—			63			—			(18)			—
Net (gain) loss from fair value adjustment of financial liabilities⁽¹⁾			—			—			2,208			—			(561)
Increase (decrease) in accrued interest			—			—			3			—			(3)
(Provision) benefit for credit losses			145			—			—			—			—
Change in unrealized gains (losses) included in other comprehensive loss-assets			255			—			—			—			—
Change in unrealized (gains) losses included in other comprehensive loss-liabilities			—			—			(110)			—			(54)
Ending balance		$	17,278		$	1,491		$	49,653		$	1,439		$	47,923
Changes in unrealized gains (losses) held at period end		$	(428)		$	—		$	2,287		$	—		$	2,384

(1) Presented in the Consolidated Statements of Operations under net (loss) gain from fair value adjustments.


		For the nine months ended
		September 30, 2025									September 30, 2024
					Trust preferred			Junior subordinated			Trust preferred			Junior subordinated
		Municipals			securities			debentures			securities			debentures
(In thousands)
Beginning balance		$	18,000		$	1,465		$	48,795		$	1,437		$	47,850
Net gain (loss) from fair value adjustment of financial assets⁽¹⁾			—			—			—			3			—
Net (gain) loss from fair value adjustment of financial liabilities⁽¹⁾			—			27			884			—			66
Increase (decrease) in accrued interest			—			(1)			(22)			(1)			(34)
(Provision) benefit for credit losses			(294)			—			—			—			—
Change in unrealized gains (losses) included in other comprehensive loss-assets			(428)			—			—			—			—
Change in unrealized (gains) losses included in other comprehensive loss-liabilities			—			—			(4)			—			41
Ending balance		$	17,278		$	1,491		$	49,653		$	1,439		$	47,923
Changes in unrealized gains (losses) held at period end		$	(428)		$	—		$	2,287		$	—		$	2,384

(1) Presented in the Consolidated Statements of Operations under net (loss) gain from fair value adjustments.

Schedule of assets and liabilities that are carried at fair value on non-recurring basis


		Quoted Prices
		in Active Markets						Significant Other						Significant Other
		for Identical Assets						Observable Inputs						Unobservable Inputs						Total carried at fair value
		(Level 1)						(Level 2)						(Level 3)						on a non-recurring basis
		2025			2024			2025			2024			2025			2024			2025			2024

		(In thousands)
Assets:
Impaired loans		$	—		$	—		$	—		$	—		$	25,108		$	16,784		$	25,108		$	16,784

Total assets		$	—		$	—		$	—		$	—		$	25,108		$	16,784		$	25,108		$	16,784

Schedule of carrying amounts and estimated fair values of selected financial instruments


		September 30, 2025
		Carrying			Fair
		Amount			Value			Level 1			Level 2			Level 3

		(In thousands)
Assets:

Cash and due from banks		$	142,929		$	142,929		$	142,929		$	—		$	—
Securities held-to-maturity
Mortgage-backed securities			7,821			7,188			—			7,188			—
Other securities			42,688			39,196			—			—			39,196
Securities available for sale
Mortgage-backed securities			906,270			906,270			—			906,270			—
Other securities			635,153			635,153			12,502			603,882			18,769
Loans held for investment, net of fees and costs			6,670,333			6,401,375			—			—			6,401,375
FHLB-NY stock			18,909			18,909			—			18,909			—
Accrued interest receivable			60,044			60,044			—			60,044			—
Derivatives			40,615			40,615			—			40,615			—

Liabilities:

Deposits		$	7,415,528		$	7,410,682		$	4,996,489		$	2,414,193		$	—
Borrowed Funds			492,457			465,171			—			415,518			49,653
Accrued interest payable			12,896			12,896			—			12,896			—
Derivatives			33,426			33,426			—			33,426			—


		December 31, 2024
		Carrying			Fair
		Amount			Value			Level 1			Level 2			Level 3

		(In thousands)
Assets:

Cash and due from banks		$	152,574		$	152,574		$	152,574		$	—		$	—
Securities held-to-maturity
Mortgage-backed securities			7,836			6,903			—			6,903			—
Other securities			43,649			37,815			—			—			37,815
Securities available for sale
Mortgage-backed securities			911,636			911,636			—			911,636			—
Other securities			586,269			586,269			11,890			554,914			19,465
Loans held for sale			70,098			70,098			—			—			70,098
Loans held for investment, net of fees and costs			6,745,848			6,506,439			—			—			6,506,439
FHLB-NY stock			38,096			38,096			—			38,096			—
Accrued interest receivable			62,036			62,036			—			62,036			—
Derivatives			54,700			54,700			—			54,700			—

Liabilities:

Deposits		$	7,178,933		$	7,148,847		$	4,528,769		$	2,620,078		$	—
Borrowed Funds			916,054			887,312			—			838,517			48,795
Accrued interest payable			12,275			12,275			—			12,275			—
Derivatives			20,396			20,396			—			20,396			—

Summary of Significant Accounting Policies

Schedule of quantitative information about Level 3


		At September 30, 2025
		Fair Value			Valuation Technique		Unobservable Input		Range		Weighted Average

		(Dollars in thousands)
Assets:

Impaired loans		$	9,133		Income approach		Capitalization rate		5.5 to 6.5	%	5.8	%


Impaired loans			14,644		Sales approach		Adjustment to sales comparison value		-25.0 to 10.0		(7.9)
							Reduction for planned expedited disposal		15.0		15.0


Impaired loans			1,331		Discounted Cashflow		Discount Rate		8.3		8.3
							Probability of Default		25.0		25.0

At December 31, 2024

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average

(Dollars in thousands)

Assets:

Impaired loans

$

4,121

Sales approach

Adjustment to sales comparison value

-

%

-

%

Reduction for planned expedited disposal

15.0

15.0

Impaired loans

2,453

Discounted Cashflow

Discount Rate

9.3% to 10.0

9.5

Probability of Default

25.0% to 50.0

33.2

Impaired loans

10,210

Income approach

Capitalization rate

4.8% to 6.5

5.7

Summary of Significant Accounting Policies

Schedule of quantitative information about Level 3


		September 30, 2025
					Valuation		Unobservable				Weighted
		Fair Value			Technique		Input		Range		Average

		(Dollars in thousands)
Assets:
Municipals		$	17,278		Discounted cash flows		Spread over A rated Municipal Curves		5.9	%	n/a
Trust preferred securities			1,491		Discounted cash flows		Spread over 3-month SOFR		4.2		n/a

Liabilities:
Junior subordinated debentures		$	49,653		Discounted cash flows		Spread over 3-month SOFR		4.2	%	n/a


		December 31, 2024
					Valuation		Unobservable				Weighted
		Fair Value			Technique		Input		Range		Average

		(Dollars in thousands)
Assets:
Municipals		$	18,000		Sales approach		Reduction for planned expedited disposal		n/a		n/a
Trust preferred securities			1,465		Discounted cash flows		Spread over 3-month SOFR		4.3	%	n/a

Liabilities:
Junior subordinated debentures		$	48,795		Discounted cash flows		Spread over 3-month SOFR		4.3	%	n/a

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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