
March 31, 2025
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasuries	$	75,232	$	218	$	2,941	$	72,509
Obligations of U.S. Government sponsored entities	399,006		4,751		16,309		387,448
Obligations of U.S. states and political subdivisions	85,483		5		8,605		76,883
Mortgage-backed securities – residential, issued by
U.S. Government agencies	65,124		6		4,479		60,651
U.S. Government sponsored entities	746,099		2,951		89,677		659,373

U.S. corporate debt securities	2,500		0		22		2,478
Total available-for-sale debt securities	$	1,373,444	$	7,931	$	122,033	$	1,259,342


December 31, 2024
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
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


March 31, 2025
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasuries	$	85,994	$	0	$	9,468	$	76,526
Obligations of U.S. Government sponsored entities	226,483		0		28,189		198,294

Total held-to-maturity debt securities	$	312,477	$	0	$	37,657	$	274,820


December 31, 2024
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
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 sales of available-for-sale debt securities for the three months ended March 31, 2025 or the three months ended March 31, 2024. The Company's available-for-sale portfolio includes callable securities that may be called prior to maturity. There were no realized gains (losses) on called available-for-sale debt securities for the three months ended March 31, 2025 or the three months ended March 31, 2024. The Company also recognized net gains on equity securities of $14,000 for the three months ended March 31, 2025 and net losses of $14,000 for the same period during 2024, reflecting the change in fair value.


	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	$	57,882	$	2,941	$	57,882	$	2,941
Obligations of U.S. Government sponsored entities	14,498		111		191,986		16,198		206,484		16,309
Obligations of U.S. states and political subdivisions	3,172		23		72,834		8,582		76,006		8,605
Mortgage-backed securities – residential, issued by
U.S. Government agencies	26,030		155		34,331		4,324		60,361		4,479
U.S. Government sponsored entities	37,356		340		514,281		89,337		551,637		89,677
U.S. corporate debt securities	0		0		2,478		22		2,478		22
Total available-for-sale debt securities	$	81,056	$	629	$	873,792	$	121,404	$	954,848	$	122,033


	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


	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	$	76,526	$	9,468	$	76,526	$	9,468
Obligations of U.S. Government sponsored entities	0		0		198,294		28,189		198,294		28,189

Total held-to-maturity debt securities	$	0	$	0	$	274,820	$	37,657	$	274,820	$	37,657


	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 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 is the result of changes in interest rates or reflects a fundamental change in the creditworthiness 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 March 31, 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 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 "low-risk," 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 March 31, 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.


March 31, 2025
(In thousands)	Amortized Cost		Fair Value
Available-for-sale debt securities:
Due in one year or less	$	120,400	$	119,965
Due after one year through five years	226,338		217,042
Due after five years through ten years	213,159		200,515
Due after ten years	2,324		1,796
Total	562,221		539,318
Mortgage-backed securities	811,223		720,024
Total available-for-sale debt securities	$	1,373,444	$	1,259,342


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 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 Federal Home Loan Bank ("FHLB") stock is tied to the Company’s borrowing levels with the FHLB. Holdings of FHLBNY stock and ACBB stock totaled $29.0 million and $95,000, respectively, at March 31, 2025 compared to $42.2 million and $95,000, respectively, at December 31, 2024. 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 March 31, 2025, we determined that no impairment write-downs were required.