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Loans

9 Months Ended

Sep. 30, 2025

5. Loans

The following represents the composition of loans as of the dates indicated:


	September 30,		December 31,
	2025		2024

	(In thousands)
Multi-family residential	$	2,442,555	$	2,527,222
Commercial real estate		1,960,009		1,973,124
One-to-four family ― mixed-use property		482,933		511,222
One-to-four family ― residential		335,592		244,282
Construction		51,638		60,399
Small Business Administration		11,439		19,925
Commercial business and other		1,372,598		1,401,602
Net unamortized premiums and unearned loan fees		12,148		10,097
Total loans, net of fees and costs excluding portfolio layer basis adjustments		6,668,912		6,747,873
Unallocated portfolio layer basis adjustments ⁽¹⁾		1,421		(2,025)
Total loans, net of fees and costs	$	6,670,333	$	6,745,848

(1) This amount represents portfolio layer method basis adjustments related to loans hedged in a closed portfolio. Under GAAP portfolio layer method basis adjustments are not allocated to individual loans, however, the amounts impact the net loan balance. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was de-designated. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.

Loans are reported at their outstanding principal balance net of any unearned income, charge-offs, deferred loan fees and costs on originated loans, certain market value adjustments related to hedging and unamortized premiums or discounts on purchased loans. Net loan origination costs and premiums or discounts on loans purchased are amortized into interest income over the contractual life of the loans using the level-yield method. Prepayment penalties received on loans which pay in full prior to their scheduled maturity are included in interest income in the period they are collected.

Interest on loans is recognized on an accrual basis. Accrued interest receivable totaled $46.4 million and $46.3 million at September 30, 2025 and December 31, 2024, respectively, and was included in “Interest and dividends receivable” on the Consolidated Statements of Financial Condition. The accrual of income on loans is generally discontinued when certain factors, such as contractual delinquency of 90 days or more, indicate reasonable doubt as to the timely collectability of such income. Uncollected interest previously recognized on non-accrual loans is reversed from interest income at the time the loan is placed on non-accrual status. A non-accrual loan can be returned to accrual status when contractual delinquency returns to less than 90 days delinquent. Payments received on non-accrual loans that do not bring the loan to less than 90 days delinquent are recorded on a cash basis. Payments can also be applied first as a reduction of principal until all principal is recovered and then subsequently to interest, if in management’s opinion, it is evident that recovery of all principal due is likely to occur.

Allowance for credit losses

The allowance for credit losses (“ACL”) is an estimate that is deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial assets. Loans are charged off against the ACL when management believes that a loan balance is uncollectable based on quarterly analysis of credit risk.

The amount of the ACL is based upon a loss rate model that considers multiple factors which reflects management’s assessment of the credit quality of the loan portfolio. Management estimates the ACL balance using relevant information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The factors are both quantitative and qualitative in nature including, but not limited to, historical losses, economic conditions, trends in delinquencies, value and adequacy of underlying collateral, volume and portfolio mix, and internal loan processes. The Company has made a policy election to exclude accrued interest from the amortized cost basis of loans.

The Company recorded a provision for credit losses on loans totaling $1.7 million for each of the three months ended September 30, 2025 and 2024. The Company recorded a provision for credit losses on loans totaling $9.8 million and $3.1 million for the nine months ended September 30, 2025 and 2024, respectively. The provision recorded during the three months ended September 30, 2025 was primarily driven by net charge offs and an increase in reserves applied to one Business Banking loan. The provision recorded during the nine months ended September 30, 2025, was primarily due to reserves on one commercial real estate loan which lost its primary tenant, increased reserves applied to three Business Banking loans, one Multi-Family loan and one Commercial Real Estate loan, coupled with net charges-offs. The ACL - loans totaled $41.8 million on September 30, 2025 compared to $40.2 million on December 31, 2024. On September 30, 2025, the ACL - loans represented 0.63% of gross loans and 93.3% of non-performing loans. On December 31, 2024, the ACL - loans represented 0.60% of gross loans and 120.5% of non-performing loans.

The Company may modify loans to enable a borrower experiencing financial difficulties to continue making payments when it is deemed to be in the Company’s best long-term interest. When modifying a loan, an assessment of whether a borrower is experiencing financial difficulty is made on the date of modification. This modification may include reducing the loan interest rate, extending the loan term, any other-than-insignificant payment delay, principal forgiveness or any combination of these types of modifications. When such modifications are performed, a change to the allowance for credit losses is generally not required as the methodologies used to estimate the allowance already capture the effect of borrowers experiencing financial difficulty. On September 30, 2025, there were no commitments to lend additional funds to borrowers who have received a loan modification due to financial difficulty.

The following table shows loan modifications made to borrowers experiencing financial difficulty by type of modification granted during the period indicated:


	For the three and nine months ended September 30, 2025
(Dollars in thousands)	Other-than-insignificant Payment Delay
Loan Modifications Made to Borrowers Experiencing Financial Difficulty	Number		Amortized Cost Basis	% of Total Class of Financing Receivable		Financial Effect
Commercial business and other	1	$	2,155	0.2	%	Provided payment deferral through April 2026 to be collected at maturity (October 2027)
Total	1	$	2,155

	For the three and nine months ended September 30, 2024
(Dollars in thousands)	Other-than-insignificant Payment Delay
Loan Modifications Made to Borrowers Experiencing Financial Difficulty	Number		Amortized Cost Basis	% of Total Class of Financing Receivable		Financial Effect
Commercial real estate	1	$	29,890	1.5	%	Provided payment deferral through April 2026 to be collected at maturity (January 2027)
Total	1	$	29,890

	For the three and nine months ended September 30, 2024
(Dollars in thousands)	Term Extension and Other-than-insignificant Payment Delay
Loan Modifications Made to Borrowers Experiencing Financial Difficulty	Number		Amortized Cost Basis	% of Total Class of Financing Receivable		Financial Effect
Commercial real estate	1	$	2,793	0.1	%	Extended Maturity to January 2027 (32 months) and provided payment deferral to be collected at maturity
Total	1	$	2,793


	For the nine months ended September 30, 2025
(Dollars in thousands)	Rate Reduction and Other-than-insignificant Payment Delay
Loan Modifications Made to Borrowers Experiencing Financial Difficulty	Number	Amortized Cost Basis		% of Total Class of Financing Receivable		Financial Effect
Commercial real estate	1	$	8,400	0.4	%	Borrower to make interest only payments to December 2026 (18 months) and rate reduced to 6.00% from 7.22%
Total	1	$	8,400

	For the nine months ended September 30, 2024
(Dollars in thousands)	Term Extension and Reduced Interest Rate
Loan Modifications Made to Borrowers Experiencing Financial Difficulty	Number	Amortized Cost Basis		% of Total Class of Financing Receivable		Financial Effect
Commercial business and other	1	$	378	—	%	Extended Maturity to August 2026 (3 months) and reduced the interest rate to zero percent
Total	1	$	378

The following table shows the payment status at September 30, 2025, of borrowers experiencing financial difficulty for which a modification was granted within the last 12 months:


	Payment Status of Borrowers Experiencing Financial Difficulty (Amortized Cost Basis)
(In thousands)	Current		30-89 Days Past Due		90+ Days Past Due		Total Modified
Multi-family residential	$	7,473	$	—	$	—	$	7,473
Commercial real estate		41,081		—		—		41,081
Commercial business and other		2,162		—		—		2,162
Total	$	50,716	$	—	$	—	$	50,716

The following tables show our non-accrual loans at amortized cost with no related allowance and interest income recognized for loans ninety days or more past due and still accruing for the periods shown below:


	At or for the nine months ended September 30, 2025
(In thousands)		Non-accrual amortized cost beginning of the reporting period		Non-accrual amortized cost end of the reporting period		Non-accrual with no related allowance		Interest income recognized		Loans ninety days or more past due and still accruing
Multi-family residential	$	11,707	$	14,531	$	9,952	$	53	$	—
Commercial real estate		6,376		22,011		5,101		20		—
One-to-four family - mixed-use property		117		—		—		6		—
One-to-four family - residential		812		750		750		3		—
Small Business Administration		2,531		558		558		366		—
Commercial business and other		12,454		8,841		4,272		145		—
Total	$	33,997	$	46,691	$	20,633	$	593	$	—


	At or for the year ended December 31, 2024
(In thousands)		Non-accrual amortized cost beginning of the reporting period		Non-accrual amortized cost end of the reporting period		Non-accrual with no related allowance		Interest income recognized		Loans ninety days or more past due and still accruing
Multi-family residential	$	3,640	$	11,707	$	6,476	$	5	$	—
Commercial real estate		—		6,376		6,376		—		—
One-to-four family - mixed-use property		1,005		117		117		1		—
One-to-four family - residential		4,670		812		812		2		—
Small Business Administration		2,576		2,531		2,531		—		—
Commercial business and other		11,768		12,454		6,046		3		—
Total	$	23,659	$	33,997	$	22,358	$	11	$	—

The following is a summary of interest foregone on non-accrual loans for the periods indicated.


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2025		2024		2025		2024


(In thousands)
Interest income that would have been recognized had the loans performed in accordance with their original terms	$	877	$	900	$	2,660	$	2,246
Less: Interest income included in the results of operations		(410)		(5)		(593)		(10)
Total foregone interest	$	467	$	895	$	2,067	$	2,236

The following tables show the aging analysis of the amortized cost basis of loans at the period indicated by class of loans:


	At September 30, 2025
(In thousands)	30 - 59 Days Past Due		60 - 89 Days Past Due		Greater than 90 Days		Total Past Due		Current		Total Loans ⁽¹⁾
Multi-family residential	$	4,505	$	—	$	14,531	$	19,036	$	2,429,150	$	2,448,186
Commercial real estate		1,479		—		22,011		23,490		1,938,343		1,961,833
One-to-four family - mixed-use property		948		—		—		948		484,418		485,366
One-to-four family - residential		1,339		113		750		2,202		334,303		336,505
Construction		—		—		—		—		51,527		51,527
Small Business Administration		172		—		558		730		10,826		11,556
Commercial business and other		2,132		1,708		7,134		10,974		1,362,965		1,373,939
Total	$	10,575	$	1,821	$	44,984	$	57,380	$	6,611,532	$	6,668,912

(1) The table above excludes the unallocated portfolio layer basis adjustments totaling $1.4 million related to loans hedged in a closed pool. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.


	At December 31, 2024
(In thousands)	30 - 59 Days Past Due		60 - 89 Days Past Due		Greater than 90 Days		Total Past Due		Current		Total Loans ⁽¹⁾
Multi-family residential	$	12,596	$	9,255	$	11,707	$	33,558	$	2,498,055	$	2,531,613
Commercial real estate		4,846		—		6,376		11,222		1,963,400		1,974,622
One-to-four family - mixed-use property		870		1,234		117		2,221		511,717		513,938
One-to-four family - residential		802		65		812		1,679		242,914		244,593
Construction		—		—		—		—		60,114		60,114
Small Business Administration		—		—		2,531		2,531		17,664		20,195
Commercial business and other		409		2,239		12,432		15,080		1,387,718		1,402,798
Total	$	19,523	$	12,793	$	33,975	$	66,291	$	6,681,582	$	6,747,873

(1) The table above excludes the unallocated portfolio layer basis adjustments totaling ($2.0) million related to loans hedged in a closed pool. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.

The following tables show the activity in the ACL on loans for the nine-month periods ended:


	September 30, 2025
					One-to-four		One-to-four						Commercial
	Multi-family		Commercial		family - mixed-		family -		Construction		Small Business		business and
(In thousands)	residential		real estate		use property		residential		loans		Administration		other		Total
Beginning balance	$	13,145	$	9,288	$	1,623	$	759	$	371	$	1,523	$	13,443	$	40,152
Charge-offs		(2,101)		(1,347)		(20)		(5)		—		(279)		(5,600)		(9,352)
Recoveries		—		—		—		53		—		52		1,181		1,286
Provision (benefit)		931		5,113		(47)		324		(220)		(248)		3,898		9,751
Ending balance	$	11,975	$	13,054	$	1,556	$	1,131	$	151	$	1,048	$	12,922	$	41,837


	September 30, 2024
					One-to-four
					family -		One-to-four						Commercial
	Multi-family		Commercial		mixed-use		family -		Construction		Small Business		business and
(In thousands)	residential		real estate		property		residential		loans		Administration		other		Total
Allowance for credit losses:
Beginning balance	$	10,373	$	8,665	$	1,610	$	668	$	158	$	1,626	$	17,061	$	40,161
Charge-offs		—		—		—		(14)		—		(7)		(3,158)		(3,179)
Recoveries		1		—		2		61		—		104		63		231
Provision (benefit)		912		468		(81)		93		478		(294)		1,553		3,129
Ending balance	$	11,286	$	9,133	$	1,531	$	808	$	636	$	1,429	$	15,519	$	40,342

In accordance with our policy and the current regulatory guidelines, we designate loans as “Special Mention,” which are considered “Criticized Loans,” and “Substandard,” “Doubtful,” or “Loss,” which are considered “Classified Loans.” If a loan does not fall within one of the previously mentioned categories and management believes weakness is evident then we designate the loan as “Watch;” all other loans would be considered “Pass.” Loans that are non-accrual are designated as Substandard, Doubtful or Loss. These loan designations are updated quarterly. We designate a loan as Substandard when a well-defined weakness is identified that may jeopardize the orderly liquidation of the debt. We designate a loan as Doubtful when it displays the inherent weakness of a Substandard loan with the added provision that collection of the debt in full, on the basis of existing facts, is highly improbable. We designate a loan as Loss if it is deemed the debtor is incapable of repayment. The Company does not hold any loans designated as Loss, as loans that are designated as Loss are charged to the Allowance for Credit Losses. We designate a loan as Special Mention if the asset does not warrant classification within one of the other classifications but does contain a potential weakness that deserves closer attention.

The following tables summarize the various risk categories of mortgage and non-mortgage loans by loan portfolio segments and by class of loans by year of origination at the periods indicated below:


	September 30, 2025
														Revolving Loans		Revolving Loans
														Amortized Cost		converted to
(In thousands)		2025		2024		2023		2022		2021		Prior		Basis		term loans		Total
Multi-family Residential
Pass	$	54,086	$	114,940	$	227,745	$	404,123	$	265,416	$	1,328,924	$	3,219	$	—	$	2,398,453
Watch		—		927		897		3,742		2,505		25,515		—		—		33,586
Special Mention		—		—		—		—		—		810		—		—		810
Substandard		—		—		—		812		—		14,525		—		—		15,337
Total Multi-family Residential	$	54,086	$	115,867	$	228,642	$	408,677	$	267,921	$	1,369,774	$	3,219	$	—	$	2,448,186
Gross charge-offs	$	—	$	—	$	—	$	1,681	$	—	$	420	$	—	$	—	$	2,101
Commercial Real Estate
Pass	$	142,137	$	191,071	$	189,208	$	297,745	$	135,897	$	900,702	$	—	$	—	$	1,856,760
Watch		—		1,983		3,987		422		7,405		60,865		—		—		74,662
Special Mention		8,400		—		—		—		—		—		—		—		8,400
Substandard		—		—		—		—		—		22,011		—		—		22,011
Total Commercial Real Estate	$	150,537	$	193,054	$	193,195	$	298,167	$	143,302	$	983,578	$	—	$	—	$	1,961,833
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	1,347	$	—	$	—	$	1,347
1-4 Family Mixed-Use Property
Pass	$	9,196	$	17,605	$	21,750	$	43,910	$	37,581	$	347,762	$	—	$	—	$	477,804
Watch		—		—		—		—		—		6,030		—		—		6,030
Special Mention		—		—		—		—		—		1,193		—		—		1,193
Substandard		—		—		—		—		—		339		—		—		339
Total 1-4 Family Mixed-Use Property	$	9,196	$	17,605	$	21,750	$	43,910	$	37,581	$	355,324	$	—	$	—	$	485,366
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	20	$	—	$	—	$	20
1-4 Family Residential
Pass	$	2,022	$	17,055	$	111,596	$	54,252	$	5,776	$	126,245	$	5,327	$	7,660	$	329,933
Watch		—		—		—		488		—		2,062		—		1,509		4,059
Special Mention		—		—		—		—		—		1,706		—		58		1,764
Substandard		—		—		—		—		—		247		—		502		749
Total 1-4 Family Residential	$	2,022	$	17,055	$	111,596	$	54,740	$	5,776	$	130,260	$	5,327	$	9,729	$	336,505
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	5	$	—	$	—	$	5
Construction
Pass	$	1,633	$	—	$	—	$	—	$	—	$	—	$	31,644	$	—	$	33,277
Watch		—		—		—		—		18,250		—		—		—		18,250
Special Mention		—		—		—		—		—		—		—		—		—
Total Construction	$	1,633	$	—	$	—	$	—	$	18,250	$	—	$	31,644	$	—	$	51,527
Small Business Administration
Pass	$	1,331	$	1,641	$	1,136	$	3,154	$	931	$	2,240	$	—	$	—	$	10,433
Watch		—		—		—		—		—		196		—		—		196
Special Mention		—		—		—		—		—		27		—		—		27
Substandard		—		—		—		—		1		899		—		—		900
Total Small Business Administration	$	1,331	$	1,641	$	1,136	$	3,154	$	932	$	3,362	$	—	$	—	$	11,556
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	279	$	—	$	—	$	279
Commercial Business
Pass	$	71,720	$	73,875	$	74,852	$	61,012	$	20,797	$	82,540	$	172,861	$	—	$	557,657
Watch		75		3,048		—		—		2,456		6,918		3,568		—		16,065
Special Mention		—		—		—		—		1,545		8		—		—		1,553
Substandard		—		660		317		2,155		—		77		13,334		—		16,543
Doubtful		—		—		—		—		—		1,708		—		—		1,708
Total Commercial Business	$	71,795	$	77,583	$	75,169	$	63,167	$	24,798	$	91,251	$	189,763	$	—	$	593,526
Gross charge-offs	$	—	$	—	$	871	$	2,621	$	—	$	1,952	$	95	$	—	$	5,539
Commercial Business - Secured by RE
Pass	$	67,469	$	68,182	$	55,257	$	163,746	$	106,252	$	281,422	$	—	$	—	$	742,328
Watch		—		8,578		—		—		8,415		18,161		—		—		35,154
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		2,800		—		—		2,800
Total Commercial Business - Secured by RE	$	67,469	$	76,760	$	55,257	$	163,746	$	114,667	$	302,383	$	—	$	—	$	780,282
Other
Pass	$	—	$	—	$	—	$	—	$	—	$	54	$	77	$	—	$	131
Total Other	$	—	$	—	$	—	$	—	$	—	$	54	$	77	$	—	$	131
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	61	$	—	$	—	$	61
Total by Loan Type
Total Pass	$	349,594	$	484,369	$	681,544	$	1,027,942	$	572,650	$	3,069,889	$	213,128	$	7,660	$	6,406,776
Total Watch		75		14,536		4,884		4,652		39,031		119,747		3,568		1,509		188,002
Total Special Mention		8,400		—		—		—		1,545		3,744		—		58		13,747
Total Substandard		—		660		317		2,967		1		40,898		13,334		502		58,679
Total Doubtful		—		—		—		—		—		1,708		—		—		1,708
Total Loans ⁽¹⁾	$	358,069	$	499,565	$	686,745	$	1,035,561	$	613,227	$	3,235,986	$	230,030	$	9,729	$	6,668,912
Total Gross charge-offs	$	—	$	—	$	871	$	4,302	$	—	$	4,084	$	95	$	—	$	9,352

⁽¹⁾The table above excludes the unallocated portfolio layer basis adjustments totaling $1.4 million related to loans hedged in a closed pool at September 30, 2025. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.


	December 31, 2024
														Revolving Loans		Revolving Loans
														Amortized Cost		converted to
(In thousands)		2024		2023		2022		2021		2020		Prior		Basis		term loans		Total
Multi-family Residential
Pass	$	116,814	$	248,004	$	375,084	$	272,747	$	195,539	$	1,250,368	$	5,369	$	—	$	2,463,925
Watch		—		—		7,587		—		2,724		31,665		—		—		41,976
Special Mention		—		—		10,163		—		—		2,388		—		—		12,551
Substandard		—		—		—		704		2,811		9,646		—		—		13,161
Total Multi-family Residential	$	116,814	$	248,004	$	392,834	$	273,451	$	201,074	$	1,294,067	$	5,369	$	—	$	2,531,613
Commercial Real Estate
Pass	$	199,396	$	197,228	$	310,725	$	144,569	$	122,576	$	924,520	$	—	$	—	$	1,899,014
Watch		—		—		430		4,023		6,660		58,119		—		—		69,232
Substandard		—		—		—		—		—		6,376		—		—		6,376
Total Commercial Real Estate	$	199,396	$	197,228	$	311,155	$	148,592	$	129,236	$	989,015	$	—	$	—	$	1,974,622
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	421	$	—	$	—	$	421
1-4 Family Mixed-Use Property
Pass	$	17,759	$	23,552	$	45,487	$	40,515	$	27,448	$	352,004	$	—	$	—	$	506,765
Watch		—		—		—		—		—		5,338		—		—		5,338
Special Mention		—		—		—		—		445		1,273		—		—		1,718
Substandard		—		—		—		—		—		117		—		—		117
Total 1-4 Family Mixed-Use Property	$	17,759	$	23,552	$	45,487	$	40,515	$	27,893	$	358,732	$	—	$	—	$	513,938
1-4 Family Residential
Pass	$	2,136	$	53,556	$	22,382	$	7,117	$	16,039	$	121,653	$	6,256	$	8,588	$	237,727
Watch		—		—		496		254		—		2,769		113		1,265		4,897
Special Mention		—		—		—		—		—		838		—		215		1,053
Substandard		—		—		—		—		—		477		—		439		916
Total 1-4 Family Residential	$	2,136	$	53,556	$	22,878	$	7,371	$	16,039	$	125,737	$	6,369	$	10,507	$	244,593
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	14	$	—	$	—	$	14
Construction
Pass	$	—	$	51	$	2	$	18,215	$	—	$	—	$	39,230	$	—	$	57,498
Watch		—		—		—		—		—		—		—		—		—
Special Mention		—		2,616		—		—		—		—		—		—		2,616
Total Construction	$	—	$	2,667	$	2	$	18,215	$	—	$	—	$	39,230	$	—	$	60,114
Small Business Administration
Pass	$	7,356	$	1,906	$	3,211	$	1,092	$	1,672	$	1,123	$	—	$	—	$	16,360
Watch		—		—		—		—		—		774		—		—		774
Special Mention		—		—		—		—		—		325		—		—		325
Substandard		—		—		—		1,691		—		1,045		—		—		2,736
Total Small Business Administration	$	7,356	$	1,906	$	3,211	$	2,783	$	1,672	$	3,267	$	—	$	—	$	20,195
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	7	$	—	$	—	$	7
Commercial Business
Pass	$	109,139	$	92,916	$	71,479	$	29,665	$	17,744	$	99,620	$	208,419	$	—	$	628,982
Watch		166		4,850		—		1,630		4,310		1,720		1,500		—		14,176
Special Mention		—		—		—		—		—		16		—		—		16
Substandard		716		429		4,891		—		—		3,119		3,856		—		13,011
Doubtful		—		462		—		—		—		—		570		—		1,032
Total Commercial Business	$	110,021	$	98,657	$	76,370	$	31,295	$	22,054	$	104,475	$	214,345	$	—	$	657,217
Gross charge-offs	$	—	$	—	$	—	$	4,121	$	—	$	266	$	3,083	$	—	$	7,470
Commercial Business - Secured by RE
Pass	$	68,613	$	45,976	$	169,904	$	125,523	$	99,794	$	203,839	$	673	$	—	$	714,322
Watch		8,671		—		—		—		3,721		396		—		—		12,788
Special Mention		—		—		—		—		—		14,418		—		—		14,418
Substandard		—		—		—		—		—		3,884		—		—		3,884
Total Commercial Business - Secured by RE	$	77,284	$	45,976	$	169,904	$	125,523	$	103,515	$	222,537	$	673	$	—	$	745,412
Other
Pass	$	—	$	—	$	—	$	—	$	—	$	85	$	84	$	—	$	169
Total Other	$	—	$	—	$	—	$	—	$	—	$	85	$	84	$	—	$	169
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	57	$	—	$	—	$	57
Total by Loan Type
Total Pass	$	521,213	$	663,189	$	998,274	$	639,443	$	480,812	$	2,953,212	$	260,031	$	8,588	$	6,524,762
Total Watch		8,837		4,850		8,513		5,907		17,415		100,781		1,613		1,265		149,181
Total Special Mention		—		2,616		10,163		—		445		19,258		—		215		32,697
Total Substandard		716		429		4,891		2,395		2,811		24,664		3,856		439		40,201
Total Doubtful		—		462		—		—		—		—		570		—		1,032
Total Loans ⁽¹⁾	$	530,766	$	671,546	$	1,021,841	$	647,745	$	501,483	$	3,097,915	$	266,070	$	10,507	$	6,747,873
Total Gross charge-offs	$	—	$	—	$	—	$	4,121	$	—	$	765	$	3,083	$	—	$	7,969

⁽¹⁾ The table above excludes the unallocated portfolio layer basis adjustments totaling ($2.0) million related to loans hedged in a closed pool at December 31, 2024. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.

Included within net loans were $1.3 million and $2.7 million at September 30, 2025 and December 31, 2024, respectively, of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process according to local requirements of the applicable jurisdiction.

A loan is considered collateral dependent when the borrower is experiencing financial difficulties and repayment is expected to be substantially provided by the operation or sale of the collateral. The following table presents types of collateral-dependent loans by class of loans as of the periods indicated:



	Collateral Type
	September 30, 2025				December 31, 2024
(In thousands)		Real Estate		Business Assets		Real Estate		Business Assets
Multi-family residential	$	14,531	$	—	$	11,707	$	—
Commercial real estate		22,011		—		6,376		—
One-to-four family - mixed-use property		—		—		117		—
One-to-four family - residential		750		—		812		—
Small Business Administration		—		558		—		2,531
Commercial business and other		2,800		6,041		3,884		8,570
Total	$	40,092	$	6,599	$	22,896	$	11,101

Off-Balance Sheet Credit Losses

Also included within scope of the CECL standard are off-balance sheet loan commitments, which includes the unfunded portion of committed lines of credit and commitments “in-process”. Commitments “in‐process” reflect loans not in the Company’s books but rather negotiated loan / line of credit terms and rates that the Company has offered to customers and is committed to honoring. In reference to “in‐process” credits, the Company defines an unfunded commitment as a credit that has been offered to and accepted by a borrower, which has not closed and by which the obligation is not unconditionally cancellable.

On September 30, 2025, the Company had commitments to extend credit totaling $391.1 million.

The following table presents the activity in the allowance for off-balance sheet credit losses for the three months ended:


	For the three months ended				For the nine months ended
	September 30,				September 30,
(In thousands)		2025		2024		2025		2024
Balance at beginning of period	$	976		1,002	$	1,037		1,102
Provision (benefit) ⁽¹⁾		61		56		—		(44)
Allowance for off-balance sheet - credit losses ⁽²⁾	$	1,037	$	1,058	$	1,037	$	1,058

(1) Included in “Other operating expenses” on the Consolidated Statements of Operations.

(2) Included in “Other liabilities” on the Consolidated Statements of Financial Condition.