v3.25.4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of Fair Value of Assets Measured on Recurring Basis | The following summarizes those financial instruments measured at fair value on a recurring basis in the Consolidated Statements of Financial Condition as of the dates indicated, categorized by the relevant class of investment and level of the fair value hierarchy:
| December 31, 2025
(In thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets: |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |
Traditional securities: |  |  |  |  |  |  |
GSE certificates & CMOs | $ | — |  |  | $ | 567,070 |  |  | $ | — |  |  | $ | 567,070 |
Non-GSE certificates & CMOs | — |  |  | 273,232 |  |  | — |  |  | 273,232 |
ABS | — |  |  | 629,168 |  |  | — |  |  | 629,168 |
Corporate | — |  |  | 95,504 |  |  | — |  |  | 95,504 |
Other | 8,048 |  |  | 7,027 |  |  | — |  |  | 15,075 |
PACE assessments: |  |  |  |  |  |  |
Residential PACE assessments | — |  |  | — |  |  | 203,502 |  |  | 203,502 |
Other assets - Cash flow hedges | — |  |  | 1,754 |  |  | — |  |  | 1,754 |
Total assets carried at fair value | $ | 8,048 |  |  | $ | 1,573,755 |  |  | $ | 203,502 |  |  | $ | 1,785,305 |
| December 31, 2024
(In thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets: |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |
Traditional securities: |  |  |  |  |  |  |
GSE certificates & CMOs | $ | — |  |  | $ | 508,158 |  |  | $ | — |  |  | $ | 508,158 |
Non-GSE certificates & CMOs | — |  |  | 214,175 |  |  | — |  |  | 214,175 |
ABS | — |  |  | 652,334 |  |  | — |  |  | 652,334 |
Corporate | — |  |  | 98,315 |  |  | — |  |  | 98,315 |
Other | 200 |  |  | 3,865 |  |  | — |  |  | 4,065 |
PACE assessments: |  |  |  |  |  |  |
Residential PACE assessments | — |  |  | — |  |  | 152,011 |  |  | 152,011 |
Other assets - Cash flow hedges | — |  |  | 2,168 |  |  | — |  |  | 2,168 |
Total assets carried at fair value | $ | 200 |  |  | $ | 1,479,015 |  |  | $ | 152,011 |  |  | $ | 1,631,226 |
Schedule of Assets Measured at Fair Value on a Recurring Basis | The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2025 and 2024:
| Residential PACE Assessments
| 2025 |  | 2024
(In thousands) |  |  |
Balance of recurring Level 3 assets at January 1 | $ | 152,011 |  |  | $ | 53,303 |
Amortization included in interest income in net income | (687) |  |  | (157) |
Change in unrealized holding gains/losses included in other comprehensive income | 1,672 |  |  | 1,387 |
Purchases | 69,180 |  |  | 111,670 |
Sales | — |  |  | (6,284) |
Principal paydowns | (18,674) |  |  | (7,908) |
Balance of recurring Level 3 assets at December 31 | $ | 203,502 |  |  | $ | 152,011 |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The following table presents quantitative information about recurring Level 3 fair value measurements at December 31, 2025:
|  | December 31, 2025
|  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average)
(In thousands) |  |  |  |  |  |  |  |
Residential PACE assessments |  | $ | 203,502 |  |  | Discounted cash flow |  | Conditional prepayment rate |  | 7.0% - 26.0% (20.2%)
|  | December 31, 2024
|  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average)
(In thousands) |  |  |  |  |  |  |  |
Residential PACE assessments |  | $ | 152,011 |  |  | Discounted cash flow |  | Conditional prepayment rate |  | 7.0% - 25.0% (18.9%)
Schedule of Assets Measured on Nonrecurring Basis |
|  |  | December 31, 2025
(In thousands) |  |  | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Estimated Fair Value |  | Valuation Technique
Individually analyzed loans |  |  | $ | 9,253 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,253 |  |  | $ | 9,253 |  |  | Appraisals of Collateral (1)
|  |  | December 31, 2024
(In thousands) |  |  | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Estimated Fair Value |  | Valuation Technique
Individually analyzed loans |  |  | $ | 1,052 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,052 |  |  | $ | 1,052 |  |  | Appraisals of Collateral (1)
Schedule of Basis and Estimated Fair Values of Financial Instruments | The following table summarizes the financial statement basis and estimated fair values for significant categories of financial instruments:
|  |  | December 31, 2025
|  |  | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Estimated Fair Value
|  | (In thousands) |  |  |  |  |  |  |  |  |
|  | Financial assets: |  |  |  |  |  |  |  |  |
|  | Cash and cash equivalents | $ | 291,217 |  |  | $ | 291,217 |  |  | $ | — |  |  | $ | — |  |  | $ | 291,217 |
|  | Held-to-maturity securities | 1,554,015 |  |  | — |  |  | 449,414 |  |  | 990,558 |  |  | 1,439,972 |
|  | Loans held for sale | 2,814 |  |  | — |  |  | — |  |  | 2,814 |  |  | 2,814 |
|  | Loans receivable, net | 4,899,687 |  |  | — |  |  | — |  |  | 4,742,463 |  |  | 4,742,463 |
|  | Resell agreements | 48,662 |  |  | — |  |  | — |  |  | 48,662 |  |  | 48,662 |
|  | Accrued interest receivable | 65,128 |  |  | 124 |  |  | 11,912 |  |  | 53,092 |  |  | 65,128 |
|  | Financial liabilities: |  |  |  |  |  |  |  |  |
|  | Deposits payable on demand | $ | 7,746,044 |  |  | $ | — |  |  | $ | 7,746,044 |  |  | $ | — |  |  | $ | 7,746,044 |
|  | Time deposits | 203,197 |  |  | — |  |  | 203,170 |  |  | — |  |  | 203,170 |
|  | FHLBNY advances | 5,760 |  |  | — |  |  | 5,666 |  |  | — |  |  | 5,666 |
|  | Subordinated debt, net | 63,787 |  |  | — |  |  | 61,013 |  |  | — |  |  | 61,013 |
|  | Accrued interest payable | 2,407 |  |  | — |  |  | 2,407 |  |  | — |  |  | 2,407 |
| December 31, 2024
(In thousands) | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Estimated Fair Value
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 60,749 |  |  | $ | 60,749 |  |  | $ | — |  |  | $ | — |  |  | $ | 60,749 |
Held-to-maturity securities | 1,586,205 |  |  | — |  |  | 499,564 |  |  | 933,156 |  |  | 1,432,720 |
Loans held for sale | 37,593 |  |  | — |  |  | — |  |  | 37,593 |  |  | 37,593 |
Loans receivable, net | 4,612,838 |  |  | — |  |  | — |  |  | 4,352,266 |  |  | 4,352,266 |
Resell agreements | 23,741 |  |  | — |  |  | — |  |  | 23,741 |  |  | 23,741 |
Accrued interest receivable | 61,172 |  |  | 44 |  |  | 11,781 |  |  | 49,347 |  |  | 61,172 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Deposits payable on demand | 6,941,390 |  |  | — |  |  | 6,941,390 |  |  | — |  |  | 6,941,390 |
Time deposits and CDs | 239,215 |  |  | — |  |  | 238,788 |  |  | — |  |  | 238,788 |
FHLBNY advances | 250,706 |  |  | — |  |  | 250,709 |  |  | — |  |  | 250,709 |
Subordinated debt, net | 63,703 |  |  | — |  |  | 57,651 |  |  | — |  |  | 57,651 |
Accrued interest payable | 2,356 |  |  | — |  |  | 2,356 |  |  | — |  |  | 2,356 |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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