v3.25.4

LOANS RECEIVABLE, NET | 12 Months Ended
--- | ---
Dec. 31, 2025
Receivables [Abstract] |
LOANS RECEIVABLE, NET | LOANS RECEIVABLE, NET Loans receivable at amortized cost, net of deferred loan origination fees and costs, are summarized as follows:
|  | December 31, 2025 |  | December 31, 2024
| (In thousands) |  |  |
| Commercial and industrial | $ | 1,334,794 |  |  | $ | 1,175,490 |
| Multifamily | 1,643,779 |  |  | 1,351,604 |
| Commercial real estate | 363,266 |  |  | 411,387 |
| Construction and land development | 24,803 |  |  | 20,683 |
| Total commercial portfolio | 3,366,642 |  |  | 2,959,164 |
| Residential real estate lending | 1,237,791 |  |  | 1,313,617 |
| Consumer solar | 325,154 |  |  | 365,516 |
| Consumer and other | 27,686 |  |  | 34,627 |
| Total retail portfolio | 1,590,631 |  |  | 1,713,760 |
| Total loans receivable | 4,957,273 |  |  | 4,672,924 |
| Allowance for credit losses | (57,586) |  |  | (60,086) |
| Total loans receivable, net | $ | 4,899,687 |  |  | $ | 4,612,838 |
Included in commercial and industrial loans are government guaranteed loans with a balance of $204.9 million at December 31, 2025 and $198.5 million at December 31, 2024. Due to these loans being fully guaranteed by the United States government, no allowance for credit losses is recorded in relation to these loans at December 31, 2025 or December 31, 2024. The following table presents information regarding the past due status of the Company’s loans as of December 31, 2025:
|  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | Non- Accrual |  | 90 Days or More Delinquent and Still Accruing Interest |  | Total Past Due |  |  |  | Current |  | Total Loans Receivable
| (In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Commercial and industrial | $ | 11 |  |  | $ | 200 |  |  | $ | 713 |  |  | $ | — |  |  | $ | 924 |  |  |  |  | $ | 1,333,870 |  |  | $ | 1,334,794 |
| Multifamily | 5,662 |  |  | — |  |  | 10,316 |  |  | — |  |  | 15,978 |  |  |  |  | 1,627,801 |  |  | 1,643,779 |
| Commercial real estate | 12,321 |  |  | — |  |  | — |  |  | — |  |  | 12,321 |  |  |  |  | 350,945 |  |  | 363,266 |
| Construction and land development | 5,194 |  |  | — |  |  | 11,079 |  |  | — |  |  | 16,273 |  |  |  |  | 8,530 |  |  | 24,803 |
| Total commercial portfolio | 23,188 |  |  | 200 |  |  | 22,108 |  |  | — |  |  | 45,496 |  |  |  |  | 3,321,146 |  |  | 3,366,642 |
| Residential real estate lending | 5,439 |  |  | 3,069 |  |  | 2,419 |  |  | — |  |  | 10,927 |  |  |  |  | 1,226,864 |  |  | 1,237,791 |
| Consumer solar | 2,819 |  |  | 2,280 |  |  | 3,129 |  |  | — |  |  | 8,228 |  |  |  |  | 316,926 |  |  | 325,154 |
| Consumer and other | 914 |  |  | 294 |  |  | 59 |  |  | — |  |  | 1,267 |  |  |  |  | 26,419 |  |  | 27,686 |
| Total retail portfolio | 9,172 |  |  | 5,643 |  |  | 5,607 |  |  | — |  |  | 20,422 |  |  |  |  | 1,570,209 |  |  | 1,590,631 |
|  | $ | 32,360 |  |  | $ | 5,843 |  |  | $ | 27,715 |  |  | $ | — |  |  | $ | 65,918 |  |  |  |  | $ | 4,891,355 |  |  | $ | 4,957,273 |
The following table presents information regarding the past due status of the Company’s loans as of December 31, 2024:
| 30-89 Days Past Due |  | 60-89 Days Past Due |  | Non- Accrual |  | 90 Days or More Delinquent and Still Accruing Interest |  | Total Past Due |  |  |  | Current |  | Total Loans Receivable
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 659 |  |  | $ | 189 |  |  | $ | 872 |  |  | $ | — |  |  | $ | 1,720 |  |  |  |  | $ | 1,173,770 |  |  | $ | 1,175,490 |
Multifamily | 8,172 |  |  | — |  |  | — |  |  | — |  |  | 8,172 |  |  |  |  | 1,343,432 |  |  | 1,351,604 |
Commercial real estate | — |  |  | 1,280 |  |  | 4,062 |  |  | — |  |  | 5,342 |  |  |  |  | 406,045 |  |  | 411,387 |
Construction and land development | — |  |  | — |  |  | 11,107 |  |  | — |  |  | 11,107 |  |  |  |  | 9,576 |  |  | 20,683 |
Total commercial portfolio | 8,831 |  |  | 1,469 |  |  | 16,041 |  |  | — |  |  | 26,341 |  |  |  |  | 2,932,823 |  |  | 2,959,164 |
Residential real estate lending | 5,960 |  |  | 202 |  |  | 1,771 |  |  | — |  |  | 7,933 |  |  |  |  | 1,305,684 |  |  | 1,313,617 |
Consumer solar | 378 |  |  | 445 |  |  | 2,827 |  |  | — |  |  | 3,650 |  |  |  |  | 361,866 |  |  | 365,516 |
Consumer and other | 2,487 |  |  | 2,282 |  |  | 370 |  |  | — |  |  | 5,139 |  |  |  |  | 29,488 |  |  | 34,627 |
Total retail portfolio | 8,825 |  |  | 2,929 |  |  | 4,968 |  |  | — |  |  | 16,722 |  |  |  |  | 1,697,038 |  |  | 1,713,760 |
| $ | 17,656 |  |  | $ | 4,398 |  |  | $ | 21,009 |  |  | $ | — |  |  | $ | 43,063 |  |  |  |  | $ | 4,629,861 |  |  | $ | 4,672,924 |
For the year ended December 31, 2025, six loan modifications were made to borrowers experiencing financial difficulty. The following table presents information regarding loan modifications granted to borrowers experiencing financial difficulty during the year ended December 31, 2025:
|  | Year Ended December 31, 2025
(In thousands) |  | Term Extension |  | Payment Delay |  | Total |  | % of Portfolio
Commercial and industrial |  | $ | 3,144 |  |  | $ | 9,076 |  |  | $ | 12,220 |  |  | 0.9 | %
Multifamily |  | — |  |  | 3,111 |  |  | 3,111 |  |  | 0.2 | %
Construction and land development |  | 14,002 |  |  | — |  |  | 14,002 |  |  | 56.5 | %
Total |  | $ | 17,146 |  |  | $ | 12,187 |  |  | $ | 29,333 |  |  |
The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty:
|  | Year Ended December 31, 2025
|  | Weighted Average Years of Term Extension
Commercial and industrial |  | 0.4
Multifamily |  | 0.0
Construction and land development |  | 1.1
For loans with a payment delay, there was one C&I loan in which the interest was deferred and added to the principal balance as part of the modification. The other loan was a Multifamily loan in which a payment was deferred over the remaining life of twenty-four months. One C&I loan was modified during this period that had a payment default. The other loan modifications had no delinquencies during the year ended December 31, 2025. For the year ended December 31, 2024, six loan modifications were made to borrowers experiencing difficulty. The following table presents information regarding loan modifications granted to borrowers experiencing financial difficulty during the year ended December 31, 2024:
|  | Year Ended December 31, 2024
(In thousands) |  | Term Extension |  |  |  | Total |  | % of Portfolio
Commercial and industrial |  | $ | 479 |  |  |  |  | $ | 479 |  |  | — | %
Multifamily |  | 11,770 |  |  |  |  | 11,770 |  |  | 0.9 | %
Commercial real estate |  | 4,715 |  |  |  |  | 4,715 |  |  | 1.1 | %
Construction and land development |  | 13,988 |  |  |  |  | 13,988 |  |  | 67.6 | %
Total |  | $ | 30,952 |  |  |  |  | $ | 30,952 |  |  |
The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty:
|  | Year Ended December 31, 2024
|  | Weighted Average Years of Term Extension |  |
Commercial and industrial |  | 0.7 |  |
Multifamily |  | 3.3 |  |
Commercial real estate |  | 0.3 |  |
Construction and land development |  | 0.8 |  |
One CRE and one C&I loans were modified during this period that had a payment default. The other loan modifications had no delinquencies during the year ended December 31, 2024. In order to manage credit quality, we view the Company’s loan portfolio by various segments. For commercial loans, we assign individual credit ratings ranging from 1 (lowest risk) to 10 (highest risk) as an indicator of credit quality. These ratings are based on specific risk factors including (i) historical and projected financial results of the borrower, (ii) market conditions of the borrower’s industry that may affect the borrower’s future financial performance, (iii) business experience of the borrower’s management, (iv) nature of the underlying collateral, if any, including the ability of the collateral to generate sources of repayment, and (v) history of the borrower’s payment performance. These specific risk factors are then utilized as inputs in our credit model to determine the associated allowance for credit loss. Non-rated loans generally include residential mortgages and consumer loans. The below classifications follow regulatory guidelines and can be generally described as follows: •pass loans are of satisfactory quality (risk rating 1 through 6); •special mention loans have a potential weakness or risk that may result in the deterioration of future repayment (risk rating 7); •substandard loans are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged (these loans have a well-defined weakness, and there is a distinct possibility that the Company will sustain some loss) (risk rating 8 and 9); and •doubtful loans, based on existing circumstances, have weaknesses that make collection or liquidation in full highly questionable and improbable (risk rating 10). In addition, residential loans are classified utilizing an inter-agency methodology that incorporates the extent of delinquency. Assigned risk rating grades are continuously updated as new information is obtained. The following table discloses risk rating of the loans. Information below evaluates the Company’s risk category of loans by class as of December 31, 2025:
| Term Loans by Origination Year |  |  |
(In thousands) | 2025 | 2024 | 2023 | 2022 | 2021 & Prior | Revolving loans | Revolving Loans Converted to Term | Total
Commercial and industrial: |  |  |  |  |  |  |  |
Pass | $ | 397,992 |  | $ | 238,047 |  | $ | 55,123 |  | $ | 124,706 |  | $ | 363,950 |  | $ | 112,769 |  | $ | — |  | $ | 1,292,587 |
Special Mention | — |  | — |  | — |  | 2,513 |  | 13,416 |  | 50 |  | — |  | 15,979 |
Substandard | 347 |  | — |  | — |  | 18,574 |  | 7,307 |  | — |  | — |  | 26,228 |
Doubtful | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total commercial and industrial | $ | 398,339 |  | $ | 238,047 |  | $ | 55,123 |  | $ | 145,793 |  | $ | 384,673 |  | $ | 112,819 |  | $ | — |  | $ | 1,334,794 |
Current period gross charge-offs | $ | 2,084 |  | $ | 3,747 |  | $ | 2,284 |  | $ | 312 |  | $ | 1,500 |  | $ | 439 |  | $ | — |  | $ | 10,366 |
Multifamily: |  |  |  |  |  |  |  |
Pass | $ | 405,722 |  | $ | 241,674 |  | $ | 202,857 |  | $ | 342,101 |  | $ | 406,238 |  | $ | 2 |  | $ | — |  | $ | 1,598,594 |
Special Mention | — |  | — |  | — |  | — |  | 7,358 |  | — |  | — |  | 7,358 |
Substandard | — |  | — |  | — |  | — |  | 37,827 |  | — |  | — |  | 37,827 |
Doubtful | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total multifamily | $ | 405,722 |  | $ | 241,674 |  | $ | 202,857 |  | $ | 342,101 |  | $ | 451,423 |  | $ | 2 |  | $ | — |  | $ | 1,643,779 |
Current period gross charge-offs | $ | — |  | $ | — |  | $ | — |  | $ | 2,471 |  | $ | — |  | $ | — |  | $ | — |  | $ | 2,471 |
Commercial real estate: |  |  |  |  |  |  |  |
Pass | $ | 36,358 |  | $ | 100,528 |  | $ | 19,213 |  | $ | 40,191 |  | $ | 166,973 |  | $ | 3 |  | $ | — |  | $ | 363,266 |
Special Mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Substandard | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Doubtful | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total commercial real estate | $ | 36,358 |  | $ | 100,528 |  | $ | 19,213 |  | $ | 40,191 |  | $ | 166,973 |  | $ | 3 |  | $ | — |  | $ | 363,266 |
Current period gross charge-offs | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Construction and land development: |  |  |  |  |  |  |  |
Pass | $ | 8,531 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 8,531 |
Special Mention | — |  | — |  | — |  | — |  | — |  | 5,194 |  | — |  | 5,194 |
Substandard | — |  | — |  | — |  | — |  | — |  | 11,078 |  | — |  | 11,078 |
Doubtful | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total construction and land development | $ | 8,531 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 16,272 |  | $ | — |  | $ | 24,803 |
Current period gross charge-offs | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Residential real estate lending: |  |  |  |  |  |  |  |
Pass | $ | 62,342 |  | $ | 64,765 |  | $ | 116,579 |  | $ | 361,067 |  | $ | 616,426 |  | $ | 13,933 |  | $ | — |  | $ | 1,235,112 |
Special Mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Substandard | — |  | — |  | 431 |  | 1,914 |  | 334 |  | — |  | — |  | 2,679 |
Doubtful | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total residential real estate lending | $ | 62,342 |  | $ | 64,765 |  | $ | 117,010 |  | $ | 362,981 |  | $ | 616,760 |  | $ | 13,933 |  | $ | — |  | $ | 1,237,791 |
Current period gross charge-offs | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 304 |  | $ | — |  | $ | — |  | $ | 304 |
Consumer solar: |  |  |  |  |  |  |  |
Pass | $ | 317 |  | $ | 86 |  | $ | 21,963 |  | $ | 84,702 |  | $ | 214,957 |  | $ | — |  | $ | — |  | $ | 322,025 |
Special Mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Substandard | 61 |  | — |  | 106 |  | 923 |  | 2,039 |  | — |  | — |  | 3,129 |
Doubtful | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total consumer solar | $ | 378 |  | $ | 86 |  | $ | 22,069 |  | $ | 85,625 |  | $ | 216,996 |  | $ | — |  | $ | — |  | $ | 325,154 |
Current period gross charge-offs | $ | — |  | $ | — |  | $ | 197 |  | $ | 3,365 |  | $ | 6,578 |  | $ | — |  | $ | — |  | $ | 10,140 |
Consumer and other: |  |  |  |  |  |  |  |
Pass | $ | — |  | $ | — |  | $ | 1,061 |  | $ | 10,168 |  | $ | 16,054 |  | $ | 344 |  | $ | — |  | $ | 27,627 |
Special Mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Substandard | — |  | — |  | — |  | 21 |  | 38 |  | — |  | — |  | 59 |
Doubtful | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total consumer and other | $ | — |  | $ | — |  | $ | 1,061 |  | $ | 10,189 |  | $ | 16,092 |  | $ | 344 |  | $ | — |  | $ | 27,686 |
Current period gross charge-offs | $ | — |  | $ | — |  | $ | 24 |  | $ | — |  | $ | 135 |  | $ | 12 |  | $ | — |  | $ | 171 |
Total Loans: |  |  |  |  |  |  |  |
Pass | $ | 911,262 |  | $ | 645,100 |  | $ | 416,796 |  | $ | 962,935 |  | $ | 1,784,598 |  | $ | 127,051 |  | $ | — |  | $ | 4,847,742 |
Special Mention | — |  | — |  | — |  | 2,513 |  | 20,774 |  | 5,244 |  | — |  | 28,531 |
Substandard | 408 |  | — |  | 537 |  | 21,432 |  | 47,545 |  | 11,078 |  | — |  | 81,000 |
Doubtful | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total loans | $ | 911,670 |  | $ | 645,100 |  | $ | 417,333 |  | $ | 986,880 |  | $ | 1,852,917 |  | $ | 143,373 |  | $ | — |  | $ | 4,957,273 |
Current period gross charge-offs | $ | 2,084 |  | $ | 3,747 |  | $ | 2,505 |  | $ | 6,148 |  | $ | 8,517 |  | $ | 451 |  | $ | — |  | $ | 23,452 |
The following tables summarize the Company’s risk category of loans by class as of December 31, 2024:
| Term Loans by Origination Year |  |  |
(In thousands) | 2024 | 2023 | 2022 | 2021 | 2020 & Prior | Revolving loans | Revolving Loans Converted to Term | Total
Commercial and Industrial: |  |  |  |  |  |  |  |
Pass | $ | 331,879 |  | $ | 82,769 |  | $ | 146,475 |  | $ | 178,107 |  | $ | 218,078 |  | $ | 155,917 |  | $ | — |  | $ | 1,113,225 |
Special Mention | 137 |  | — |  | 13,816 |  | 9,756 |  | — |  | 1,905 |  | — |  | 25,614 |
Substandard | 115 |  | — |  | 5,531 |  | 15,805 |  | 13,403 |  | 1,797 |  | — |  | 36,651 |
Doubtful | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total commercial and industrial | $ | 332,131 |  | $ | 82,769 |  | $ | 165,822 |  | $ | 203,668 |  | $ | 231,481 |  | $ | 159,619 |  | $ | — |  | $ | 1,175,490 |
Current period gross charge-offs | $ | 200 |  | $ | 1,738 |  | $ | 653 |  | $ | — |  | $ | 5,553 |  | $ | — |  | $ | — |  | $ | 8,144 |
Multifamily: |  |  |  |  |  |  |  |
Pass | $ | 258,985 |  | $ | 226,552 |  | $ | 362,091 |  | $ | 43,413 |  | $ | 451,981 |  | $ | 2 |  | $ | — |  | $ | 1,343,024 |
Special Mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Substandard | — |  | — |  | — |  | — |  | 8,580 |  | — |  | — |  | 8,580 |
Doubtful | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total multifamily | $ | 258,985 |  | $ | 226,552 |  | $ | 362,091 |  | $ | 43,413 |  | $ | 460,561 |  | $ | 2 |  | $ | — |  | $ | 1,351,604 |
Current period gross charge-offs | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 510 |  | $ | — |  | $ | — |  | $ | 510 |
Commercial real estate: |  |  |  |  |  |  |  |
Pass | $ | 100,289 |  | $ | 41,791 |  | $ | 41,266 |  | $ | 46,847 |  | $ | 170,931 |  | $ | 6,201 |  | $ | — |  | $ | 407,325 |
Special Mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Substandard | — |  | — |  | — |  | — |  | 4,062 |  | — |  | — |  | 4,062 |
Doubtful | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total commercial real estate | $ | 100,289 |  | $ | 41,791 |  | $ | 41,266 |  | $ | 46,847 |  | $ | 174,993 |  | $ | 6,201 |  | $ | — |  | $ | 411,387 |
Current period gross charge-offs | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Construction and land development: |  |  |  |  |  |  |  |
Pass | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 4,380 |  | $ | 5,199 |  | $ | — |  | $ | 9,579 |
Special Mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Substandard | — |  | — |  | — |  | — |  | — |  | 11,104 |  | — |  | 11,104 |
Doubtful | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total construction and land development | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 4,380 |  | $ | 16,303 |  | $ | — |  | $ | 20,683 |
Current period gross charge-offs | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Residential real estate lending: |  |  |  |  |  |  |  |
Pass | $ | 73,206 |  | $ | 128,537 |  | $ | 382,888 |  | $ | 282,873 |  | $ | 444,507 |  | $ | — |  | $ | — |  | $ | 1,312,011 |
Special Mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Substandard | — |  | — |  | 1,491 |  | — |  | 115 |  | — |  | — |  | 1,606 |
Doubtful | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total residential real estate lending | $ | 73,206 |  | $ | 128,537 |  | $ | 384,379 |  | $ | 282,873 |  | $ | 444,622 |  | $ | — |  | $ | — |  | $ | 1,313,617 |
Current period gross charge-offs | $ | — |  | $ | 27 |  | $ | — |  | $ | — |  | $ | 1,155 |  | $ | — |  | $ | — |  | $ | 1,182 |
Consumer solar: |  |  |  |  |  |  |  |
Pass | $ | — |  | $ | 25,313 |  | $ | 94,240 |  | $ | 119,279 |  | $ | 124,095 |  | $ | — |  | $ | — |  | $ | 362,927 |
Special Mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Substandard | — |  | 99 |  | 631 |  | 911 |  | 948 |  | — |  | — |  | 2,589 |
Doubtful | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total consumer solar | $ | — |  | $ | 25,412 |  | $ | 94,871 |  | $ | 120,190 |  | $ | 125,043 |  | $ | — |  | $ | — |  | $ | 365,516 |
Current period gross charge-offs | $ | — |  | $ | 65 |  | $ | 2,285 |  | $ | 3,343 |  | $ | 2,001 |  | $ | — |  | $ | — |  | $ | 7,694 |
Consumer and other: |  |  |  |  |  |  |  |
Pass | $ | 402 |  | $ | 1,907 |  | $ | 12,512 |  | $ | 10,181 |  | $ | 9,153 |  | $ | — |  | $ | — |  | $ | 34,155 |
Special Mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Substandard | — |  | 1 |  | 83 |  | 287 |  | 101 |  | — |  | — |  | 472 |
Doubtful | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total consumer and other | $ | 402 |  | $ | 1,908 |  | $ | 12,595 |  | $ | 10,468 |  | $ | 9,254 |  | $ | — |  | $ | — |  | $ | 34,627 |
Current period gross charge-offs | $ | — |  | $ | 16 |  | $ | — |  | $ | — |  | $ | 304 |  | $ | — |  | $ | — |  | $ | 320 |
Total Loans: |  |  |  |  |  |  |  |
Pass | $ | 764,761 |  | $ | 506,869 |  | $ | 1,039,472 |  | $ | 680,700 |  | $ | 1,423,125 |  | $ | 167,319 |  | $ | — |  | $ | 4,582,246 |
Special Mention | 137 |  | — |  | 13,816 |  | 9,756 |  | — |  | 1,905 |  | — |  | 25,614 |
Substandard | 115 |  | 100 |  | 7,736 |  | 17,003 |  | 27,209 |  | 12,901 |  | — |  | 65,064 |
Doubtful | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total loans | $ | 765,013 |  | $ | 506,969 |  | $ | 1,061,024 |  | $ | 707,459 |  | $ | 1,450,334 |  | $ | 182,125 |  | $ | — |  | $ | 4,672,924 |
Current period gross charge-offs | $ | 200 |  | $ | 1,846 |  | $ | 2,938 |  | $ | 3,343 |  | $ | 9,523 |  | $ | — |  | $ | — |  | $ | 17,850 |
During the year ended December 31, 2025, in connection with the transition to a new ACL software vendor, the Company refined certain methodologies, assumptions, and model inputs used in its ACL calculation as follows: •Continued to use a discounted cash flow ("DCF") methodology for all segments except consumer solar loans, with expected losses estimated using probability of default and loss given default assumptions derived from peer historical data. •Performed an annual refresh of the loss drivers and key assumptions for the DCF methodology, including peer groups per segment, macroeconomic variables, and prepayment speeds, within the model. •Developed new assumptions for the DCF methodology, related to curtailment rate and recovery lag period, that are required for the operation of the model within the new software. •Updated the reasonable and supportable forecast period for the DCF methodology to four quarters. •Introduced the WARM method for consumer solar loans which forecasts losses based on the Company's own historical loss data for the portfolio segment, applied over the weighted average remaining maturity of the portfolio segment. These enhancements did not have a material impact on the Company’s financial statements. The activities in the allowance by portfolio for the year ended December 31, 2025 are as follows:
(In thousands) | Commercial and Industrial |  | Multifamily |  | Commercial Real Estate |  | Construction and Land Development |  | Residential Real Estate Lending |  |  |  |  |  | Consumer Solar |  | Consumer and Other |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance - ACL | $ | 13,505 |  |  | $ | 2,794 |  |  | $ | 1,600 |  |  | $ | 1,253 |  |  | $ | 9,493 |  |  |  |  |  |  | $ | 29,095 |  |  | $ | 2,346 |  |  | $ | 60,086 |
Provision for (recovery of) credit losses | 9,840 |  |  | 4,469 |  |  | 179 |  |  | 253 |  |  | (2,814) |  |  |  |  |  |  | 7,041 |  |  | (1,332) |  |  | 17,636 |
Charge-offs | (10,366) |  |  | (2,471) |  |  | — |  |  | — |  |  | (304) |  |  |  |  |  |  | (10,140) |  |  | (171) |  |  | (23,452) |
Recoveries | 297 |  |  | — |  |  | — |  |  | — |  |  | 782 |  |  |  |  |  |  | 2,153 |  |  | 84 |  |  | 3,316 |
Ending balance - ACL | $ | 13,276 |  |  | $ | 4,792 |  |  | $ | 1,779 |  |  | $ | 1,506 |  |  | $ | 7,157 |  |  |  |  |  |  | $ | 28,149 |  |  | $ | 927 |  |  | $ | 57,586 |
The activities in the allowance by portfolio for the year ended December 31, 2024 are as follows:
(In thousands) | Commercial and Industrial |  | Multifamily |  | Commercial Real Estate |  | Construction and Land Development |  | Residential Real Estate Lending |  | Consumer Solar |  | Consumer and Other |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance - ACL | $ | 18,331 |  |  | $ | 2,133 |  |  | $ | 1,276 |  |  | $ | 24 |  |  | $ | 13,273 |  |  | $ | 27,978 |  |  | $ | 2,676 |  |  | $ | 65,691 |
Provision for (recovery of) credit losses | 3,240 |  |  | 1,171 |  |  | 324 |  |  | 831 |  |  | (3,590) |  |  | 8,439 |  |  | (62) |  |  | 10,353 |
Charge-offs | (8,144) |  |  | (510) |  |  | — |  |  | — |  |  | (1,182) |  |  | (7,694) |  |  | (320) |  |  | (17,850) |
Recoveries | 78 |  |  | — |  |  | — |  |  | 398 |  |  | 992 |  |  | 372 |  |  | 52 |  |  | 1,892 |
Ending Balance - ACL | $ | 13,505 |  |  | $ | 2,794 |  |  | $ | 1,600 |  |  | $ | 1,253 |  |  | $ | 9,493 |  |  | $ | 29,095 |  |  | $ | 2,346 |  |  | $ | 60,086 |
The activities in the allowance by portfolio for the year ended December 31, 2023 are as follows:
(In thousands) | Commercial and Industrial |  | Multifamily |  | Commercial Real Estate |  | Construction and Land Development |  | Residential Real Estate Lending |  |  |  |  |  | Consumer Solar |  | Consumer and Other |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance - ALLL | $ | 12,916 |  |  | $ | 7,104 |  |  | $ | 3,627 |  |  | $ | 825 |  |  | $ | 11,338 |  |  |  |  |  |  | $ | 6,867 |  |  | $ | 2,354 |  |  | $ | 45,031 |
Adoption of ASU No. 2016-13 | 3,816 |  |  | (1,183) |  |  | (1,321) |  |  | (466) |  |  | 3,068 |  |  |  |  |  |  | 16,166 |  |  | 1,149 |  |  | 21,229 |
Beginning balance | 16,732 |  |  | 5,921 |  |  | 2,306 |  |  | 359 |  |  | 14,406 |  |  |  |  |  |  | 23,033 |  |  | 3,503 |  |  | 66,260 |
Provision for (recovery of) credit losses | 3,272 |  |  | (1,441) |  |  | (1,030) |  |  | 4,329 |  |  | (1,774) |  |  |  |  |  |  | 10,700 |  |  | (593) |  |  | 13,463 |
Charge-offs | (1,726) |  |  | (2,367) |  |  | — |  |  | (4,664) |  |  | (65) |  |  |  |  |  |  | (6,966) |  |  | (270) |  |  | (16,058) |
Recoveries | 53 |  |  | 20 |  |  | — |  |  | — |  |  | 706 |  |  |  |  |  |  | 1,211 |  |  | 36 |  |  | 2,026 |
Ending balance | $ | 18,331 |  |  | $ | 2,133 |  |  | $ | 1,276 |  |  | $ | 24 |  |  | $ | 13,273 |  |  |  |  |  |  | $ | 27,978 |  |  | $ | 2,676 |  |  | $ | 65,691 |
The amortized cost basis of loans on nonaccrual status and the specific allowance as of December 31, 2025 are as follows:
|  | Nonaccrual with No Allowance |  | Nonaccrual with Allowance |  | Reserve
(In thousands) |  |  |  |  |  |
Commercial and industrial |  | $ | — |  |  | $ | 713 |  |  | $ | 713 |
Multifamily |  | — |  |  | 10,316 |  |  | 1,871 |
Construction and land development |  | 8,794 |  |  | 2,285 |  |  | 1,477 |
Total commercial portfolio |  | $ | 8,794 |  |  | $ | 13,314 |  |  | $ | 4,061 |
Residential real estate lending |  | 2,419 |  |  | — |  |  | — |
Consumer solar |  | 3,129 |  |  | — |  |  | — |
Consumer and other |  | 59 |  |  | — |  |  | — |
Total retail portfolio |  | 5,607 |  |  | — |  |  | — |
|  | $ | 14,401 |  |  | $ | 13,314 |  |  | $ | 4,061 |
The amortized cost basis of loans on nonaccrual status and the specific allowance as of December 31, 2024 are as follows:
|  | Nonaccrual with No Allowance |  | Nonaccrual with Allowance |  | Reserve
(In thousands) |  |  |  |  |  |
Commercial and industrial |  | $ | — |  |  | $ | 872 |  |  | $ | 731 |
Commercial real estate |  | 4,062 |  |  | — |  |  | — |
Construction and land development |  | 8,803 |  |  | 2,304 |  |  | 1,252 |
Total commercial portfolio |  | $ | 12,865 |  |  | $ | 3,176 |  |  | $ | 1,983 |
Residential real estate lending |  | 1,771 |  |  | — |  |  | — |
Consumer solar |  | 2,827 |  |  | — |  |  | — |
Consumer and other |  | 370 |  |  | — |  |  | — |
Total retail portfolio |  | 4,968 |  |  | — |  |  | — |
|  | $ | 17,833 |  |  | $ | 3,176 |  |  | $ | 1,983 |
The below table summarizes collateral dependent loans which were individually evaluated to determine expected credit losses as of December 31, 2025:
|  | Real Estate Collateral Dependent |  | Associated Allowance for Credit Losses
(In thousands) |  |  |  |
Multifamily |  | $ | 10,316 |  |  | $ | 1,871 |
Construction and land development |  | 16,273 |  |  | 1,477 |
|  | $ | 26,589 |  |  | $ | 3,348 |
The below table summarizes collateral dependent loans which were individually evaluated to determine expected credit losses as of December 31, 2024:
|  | Real Estate Collateral Dependent |  | Associated Allowance for Credit Losses
(In thousands) |  |  |  |
Commercial real estate |  | $ | 4,062 |  |  | $ | — |
Construction and land development |  | 16,302 |  |  | 1,252 |
|  | $ | 20,364 |  |  | $ | 1,252 |
As of December 31, 2025 and December 31, 2024, mortgage loans with an unpaid principal balance of $2.33 billion and $2.45 billion, respectively, were pledged to the FHLBNY to secure outstanding advances, letters of credit, and to provide additional borrowing potential. The Company had $1.5 million and $1.9 million of loans to related parties and affiliates as of December 31, 2025 and December 31, 2024, respectively. As of December 31, 2025 and December 31, 2024, Loans Held for Sale ("LHFS") on the Consolidated Statements of Financial Condition was $2.8 million and $37.6 million, respectively. Included in LHFS were certain non-performing loans of $0.9 million and $4.9 million as of December 31, 2025 and December 31, 2024, respectively. Included in LHFS balance at December 31, 2024 was a pool of $36.6 million residential loans that were sold in the quarter ended March 31, 2025. Remaining loans in both periods were related to residential loans originated for sale.

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