
June 30, 2025	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(In thousands)

U.S. Treasuries	$	55,318	$	229	$	2,487	$	53,060
Obligations of U.S. Government sponsored entities	393,391		5,105		14,557		383,939
Obligations of U.S. states and political subdivisions	83,446		6		7,341		76,111
Mortgage-backed securities – residential, issued by
U.S. Government agencies	93,039		58		4,373		88,724
U.S. Government sponsored entities	752,386		3,754		85,049		671,091

U.S. corporate debt securities	2,500		0		55		2,445
Total available-for-sale debt securities	$	1,380,080	$	9,152	$	113,862	$	1,275,370


December 31, 2024	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(In thousands)
U.S. Treasuries	$	75,141	$	140	$	3,784	$	71,497
Obligations of U.S. Government sponsored entities	398,648		2,008		20,376		380,280
Obligations of U.S. states and political subdivisions	86,328		4		8,638		77,694
Mortgage-backed securities – residential, issued by
U.S. Government agencies	68,130		3		4,879		63,254
U.S. Government sponsored entities	736,376		1,680		101,696		636,360

U.S. corporate debt securities	2,500		0		53		2,447
Total available-for-sale debt securities	$	1,367,123	$	3,835	$	139,426	$	1,231,532


June 30, 2025	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(In thousands)
U.S. Treasuries	$	85,938	$	0	$	8,333	$	77,605
Obligations of U.S. Government sponsored entities	226,555		0		25,212		201,343

Total held-to-maturity debt securities	$	312,493	$	0	$	33,545	$	278,948


December 31, 2024	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(In thousands)
U.S. Treasuries	$	86,049	$	0	$	11,361	$	74,688
Obligations of U.S. Government sponsored entities	226,413		0		33,806		192,607

Total held-to-maturity debt securities	$	312,462	$	0	$	45,167	$	267,295

The Company may from time to time sell debt securities from its available-for-sale portfolio. There were no realized gains or losses on sales of available-for-sale debt securities for the three or six months ended June 30, 2025 and June 30, 2024. The Company's investment portfolio includes callable securities that may be called prior to maturity. There were no realized gains or losses on called available-for-sale debt securities for the three or six months ended June 30, 2025 and June 30, 2024. The Company recognized net gains of $1,000 and $15,300 for the three and six months ended June 30, 2025, respectively, compared to net losses of $6,100 and $20,400 for the three and six months ended June 30, 2024, respectively, on equity securities, reflecting the change in fair value.


June 30, 2025	Less than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasuries	$	0	$	0	$	38,350	$	2,487	$	38,350	$	2,487
Obligations of U.S. Government sponsored entities	9,494		84		158,738		14,473		168,232		14,557
Obligations of U.S. states and political subdivisions	3,530		8		71,284		7,334		74,814		7,342

Mortgage-backed securities – residential, issued by
U.S. Government agencies	44,762		258		32,451		4,114		77,213		4,372
U.S. Government sponsored entities	29,446		335		497,332		84,714		526,778		85,049
U.S. corporate debt securities	0		0		2,445		55		2,445		55
Total available-for-sale debt securities	$	87,232	$	685	$	800,600	$	113,177	$	887,832	$	113,862


December 31, 2024	Less than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasuries	$	0	$	0	$	57,019	$	3,784	$	57,019	$	3,784
Obligations of U.S. Government sponsored entities	14,085		515		188,296		19,861		202,381		20,376
Obligations of U.S. states and political subdivisions	3,159		36		73,657		8,602		76,816		8,638

Mortgage-backed securities – residential, issued by
U.S. Government agencies	27,082		89		35,879		4,790		62,961		4,879
U.S. Government sponsored entities	32,063		502		523,353		101,194		555,416		101,696
U.S. corporate debt securities	0		0		2,447		53		2,447		53
Total available-for-sale debt securities	$	76,389	$	1,142	$	880,651	$	138,284	$	957,040	$	139,426


June 30, 2025	Less than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasuries	$	0	$	0	$	77,605	$	8,333	$	77,605	$	8,333
Obligations of U.S. Government sponsored entities	0		0		201,343		25,212		201,343		25,212
Total held-to-maturity debt securities	$	0	$	0	$	278,948	$	33,545	$	278,948	$	33,545


December 31, 2024	Less than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasuries	$	0	$	0	$	74,688	$	11,361	$	74,688	$	11,361
Obligations of U.S. Government sponsored entities	0		0		192,607		33,806		192,607		33,806

Total held-to-maturity debt securities	$	0	$	0	$	267,295	$	45,167	$	267,295	$	45,167

The Company evaluates available-for-sale debt securities for expected credit losses ("ECL") in unrealized loss positions at each measurement date to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors.

For available-for-sale debt securities in an unrealized loss position, the Company evaluates the securities to determine whether the decline in the fair value below the amortized cost basis (technical impairment) is the result of changes in interest rates or reflects a fundamental change in the credit worthiness of the underlying issuer. Any impairment that is not credit related is recognized in other comprehensive income (loss), net of applicable taxes. Credit-related impairment is recognized as an allowance for credit losses ("ACL") on the Consolidated Statements of Condition, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Both the ACL and the adjustment to net income may be reversed if conditions change.

Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type with each type sharing similar risk characteristics and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management has made the accounting policy election to exclude accrued interest receivable on held-to-maturity debt securities from the estimate of credit losses. As of June 30, 2025, the held-to-maturity portfolio consisted of U.S. Treasury securities and securities issued by U.S. government-sponsored enterprises, including the Federal National Mortgage Agency, the Federal Home Loan Bank ("FHLB") and the Federal Farm Credit Banks Funding Corporation. U.S. Treasury securities are backed by the full faith and credit of and/or guaranteed by the U.S. government, and it is expected that the securities will not be settled at prices less than the amortized cost bases of the securities. Securities issued by U.S. government agencies or U.S. government-sponsored enterprises carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as "risk-free," and have a long history of zero credit loss. As such, the Company did not record an allowance for credit losses for these securities as of June 30, 2025 or December 31, 2024.

The gross unrealized losses reported for residential mortgage-backed securities relate to investment securities issued by U.S. government sponsored entities such as Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and U.S. government agencies such as Government National Mortgage Association. The total gross unrealized losses, shown in the tables above, were primarily attributable to changes in interest rates and levels of market liquidity, relative to when the investment securities were purchased, and not due to the credit-related quality of the investment securities. The Company does not have the intent to sell these securities and does not believe it is more likely than not that the Company will be required to sell these securities before a recovery of amortized cost.

The amortized cost and estimated fair value of debt securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities are shown separately since they are not due at a single maturity date.


June 30, 2025
(In thousands)	Amortized Cost		Fair Value
Available-for-sale debt securities:
Due in one year or less	$	80,231	$	80,115
Due after one year through five years	222,856		215,331
Due after five years through ten years	229,246		218,289
Due after ten years	2,322		1,820
Total	534,655		515,555
Mortgage-backed securities	845,425		759,815
Total available-for-sale debt securities	$	1,380,080	$	1,275,370


December 31, 2024
(In thousands)	Amortized Cost		Fair Value
Available-for-sale debt securities:
Due in one year or less	$	100,000	$	99,153
Due after one year through five years	227,502		215,976
Due after five years through ten years	212,789		199,457
Due after ten years	22,326		17,332
Total	562,617		531,918
Mortgage-backed securities	804,506		699,614
Total available-for-sale debt securities	$	1,367,123	$	1,231,532

The Company also holds non-marketable Federal Home Loan Bank of New York ("FHLBNY") stock and non-marketable Atlantic Community Bankers Bank ("ACBB") stock, all of which are required to be held for regulatory purposes and for borrowing availability. The required investment in FHLB stock is tied to the Company’s borrowing levels with the FHLB. Holdings of FHLBNY stock and ACBB stock totaled $37.0 million and $95,000, respectively, at June 30, 2025. These securities are carried at par, which is also cost. The FHLBNY continues to pay dividends and repurchase stock. Quarterly, we evaluate our investment in the FHLB for impairment. We evaluate recent and long-term operating performance, liquidity, funding and capital positions, stock repurchase history, dividend history and impact of legislative and regulatory changes. Based on our most recent evaluation, as of June 30, 2025, we determined that no impairment write-downs were required.