The amortized cost and fair value of investment securities available for sale and held-to-maturity as of December 31, 2025 are as follows:






		December 31, 2025
(In thousands)		Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value

Available for sale:
Traditional securities:
Government sponsored entities ("GSE") certificates & Collateralized mortgage obligations ("CMOs")		$	580,446		$	5,258		$	(18,634)		$	567,070
Non-GSE certificates and CMOs		281,787			1,523			(10,078)			273,232
ABS		638,635			1,005			(10,472)			629,168
Corporate		100,000			117			(4,613)			95,504
Other		15,190			37			(152)			15,075
		1,616,058			7,940			(43,949)			1,580,049
PACE assessments:
Residential PACE assessments		200,003			3,499			—			203,502


Total available for sale		$	1,816,061		$	11,439		$	(43,949)		$	1,783,551

		Amortized Cost			Gross Unrecognized Gains			Gross Unrecognized Losses			Fair Value
Held-to-maturity:
Traditional securities:
GSE certificates & CMOs		$	184,690		$	1,178		$	(13,611)		$	172,257
Non-GSE certificates & CMOs		69,198			1			(3,331)			65,868
ABS		156,020			9			(4,167)			151,862
Municipal		64,083			229			(7,891)			56,421
Corporate	3,000			6			—			3,006
		476,991			1,423			(29,000)			449,414
PACE assessments:
Commercial PACE assessments		327,735			—			(28,865)			298,870
Residential PACE assessments		750,033			—			(58,345)			691,688
		1,077,768			—			(87,210)			990,558

Total held-to-maturity		$	1,554,759		$	1,423		$	(116,210)		$	1,439,972

Allowance for credit losses		(744)

Total held-to-maturity, net of allowance for credit losses		$	1,554,015

As of December 31, 2025, available for sale securities with a fair value of $1.15 billion were pledged and held-to-maturity securities with a fair value of $393.8 million were pledged. The majority of the securities were pledged to the FHLBNY to secure outstanding advances, letters of credit and to provide additional borrowing potential. In addition, securities were pledged to provide capacity to borrow from the Federal Reserve Bank and to collateralize municipal deposits.


	December 31, 2024
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale:
Traditional securities:
GSE certificates & CMOs	$	537,313	$	2,072	$	(31,227)	$	508,158
Non-GSE certificates & CMOs	229,513		243		(15,581)		214,175
ABS	665,548		1,349		(14,563)		652,334
Corporate	109,482		—		(11,167)		98,315
Other	4,197		—		(132)		4,065
	1,546,053		3,664		(72,670)		1,477,047
PACE assessments:
Residential PACE assessments	150,184		1,827		—		152,011

Total available for sale	$	1,696,237	$	5,491	$	(72,670)	$	1,629,058

	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value
Held-to-maturity:
Traditional securities:
GSE certificates & CMOs	$	188,194	$	707	$	(20,679)	$	168,222
Non-GSE certificates & CMOs	73,850		—		(5,993)		67,857
ABS	215,161		469		(6,437)		209,193
Municipal	65,090		39		(10,837)		54,292

	542,295		1,215		(43,946)		499,564
PACE assessments:
Commercial PACE assessments	268,692		—		(37,731)		230,961
Residential PACE assessments	775,922		—		(73,727)		702,195
	1,044,614		—		(111,458)		933,156

Total held-to-maturity	$	1,586,909	$	1,215	$	(155,404)	$	1,432,720

Allowance for credit losses	(704)

Total held-to-maturity, net of allowance for credit losses	$	1,586,205

As of December 31, 2024, available for sale securities with a fair value of $1.05 billion were pledged; $473.2 million held-to-maturity securities were pledged. The majority of the securities were pledged to the FHLBNY to secure outstanding advances, letters of credit and to provide additional borrowing potential. In addition, securities were pledged to provide capacity to borrow from the Federal Reserve and to collateralize municipal deposits.

The following table summarizes the amortized cost and fair value of debt securities available for sale and held-to-maturity, exclusive of mortgage-backed securities, by their contractual maturity as of December 31, 2025. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty:






	Available for Sale				Held-to-maturity
(In thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value

Due within one year	$	16,275	$	16,089	$	2,067	$	1,907
Due after one year through five years	35,317		34,909		17,120		16,514
Due after five years through ten years	168,986		165,314		107,100		104,021
Due after ten years	733,250		726,937		1,174,584		1,079,405
	$	953,828	$	943,249	$	1,300,871	$	1,201,847

The Company controls and monitors inherent credit risk in its securities portfolio through due diligence, diversification, concentration limits, periodic securities reviews, and by investing in low risk securities. This includes high quality Non-Agency Securities, low LTV PACE Bonds and a significant portion of the securities portfolio in GSE obligations. GSEs include the Federal Home Loan Mortgage Corporation (“FHLMC”), the Federal National Mortgage Association (“FNMA”), the Government National Mortgage Association (“GNMA”) and the Small Business Administration (“SBA”). GNMA is a wholly owned U.S. Government corporation whereas FHLMC and FNMA are private. Mortgage-related securities may include mortgage pass-through certificates, participation certificates and CMOs. At December 31, 2025 and December 31, 2024, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders' equity.

The following summarizes the fair value and unrealized losses for available for sale securities as of December 31, 2025 and December 31, 2024, respectively, segregated between securities that have been in an unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer at the respective dates:


	December 31, 2025
	Less Than Twelve Months				Twelve Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
Traditional securities:
GSE certificates & CMOs	$	57,671	$	342	$	138,879	$	18,292	$	196,550	$	18,634
Non-GSE certificates & CMOs	5,893		20		118,250		10,058		124,143		10,078
ABS	284,508		1,095		105,027		9,377		389,535		10,472
Corporate	—		—		75,386		4,613		75,386		4,613
Other	7,848		152		—		—		7,848		152


Total available for sale	$	355,920	$	1,609	$	437,542	$	42,340	$	793,462	$	43,949


	December 31, 2024
	Less Than Twelve Months				Twelve Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
Traditional securities:
GSE certificates & CMOs	$	50,828	$	881	$	249,736	$	30,346	$	300,564	$	31,227
Non-GSE certificates & CMOs	33,778		71		145,329		15,510		179,107		15,581
ABS	121,444		421		151,668		14,142		273,112		14,563
Corporate	—		—		98,315		11,167		98,315		11,167
Other	—		—		3,865		132		3,865		132

Total available for sale	$	206,050	$	1,373	$	648,913	$	71,297	$	854,963	$	72,670

As of December 31, 2025, none of the Company’s available for sale debt securities were in an unrealized loss position due to credit and therefore no allowance for credit losses on available for sale debt securities was required. The temporary impairment of fixed income securities is primarily attributable to changes in overall market interest rates and/or changes in credit/liquidity spreads since the investments were acquired. In general, as market interest rates rise and/or credit/liquidity spreads widen, the fair value of fixed rate securities will decrease, as market interest rates fall and/or credit spreads tighten, the fair value of fixed rate securities will increase.

With respect to the Company’s security investments that are temporarily impaired as of December 31, 2025, management does not intend to sell these investments and does not believe it will be necessary to do so before anticipated recovery. If either criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. The Company expects to collect all amounts due according to the contractual terms of these investments. Therefore, the Company does not hold an allowance for credit losses for available for sale securities at December 31, 2025.

of credit trends on underlying assets, credit ratings, and other factors. Holdings of securities issued by GSEs with unrealized losses are either explicitly or implicitly guaranteed by the U.S. government, and are highly rated by major rating agencies and have a long history of no credit losses.

With the exception of PACE assessments, which are generally not rated, our traditional securities were rated investment grade by at least one nationally recognized statistical rating organization with only $7.0 million rated below investment grade. All issues were current as to their interest payments. We have had insignificant losses on PACE assessments that we have invested in and are not aware of any significant losses in the PACE bonds sector given the low loan-to-value position and the superior lien position on the property. Management considers that the temporary impairment of these investments as of December 31, 2025 is primarily due to an increase in interest rates and spreads since the time these investments were acquired.

Accrued interest receivable on securities totaling $41.6 million and $38.7 million at December 31, 2025 and December 31, 2024, respectively, was included in other assets in the consolidated balance sheet and excluded from the amortized cost and estimated fair value totals in the table above.


(In thousands)	Non-GSE commercial certificates		Commercial PACE		Residential PACE		Total
Allowance for credit losses:
Balance as of January 1, 2023	$	—	$	—	$	—	$	—
Adoption of ASU No. 2016-13	85		255		328		668
Provision for (recovery of) credit losses	(5)		3		81		79
Charge-offs	—		—		—		(26)
Recoveries	—		—		—		—
Balance as of December 31, 2023	$	54	$	258	$	409	$	721

Provision for (recovery of) credit losses	(7)		10		(22)		(19)
Charge-offs	—		—		—		—
Recoveries	2		—		—		2
Balance as of December 31, 2024	49		268		387		704

Provision for (recovery of) credit losses	(8)		60		(12)		40
Charge-offs	—		—		—		—
Recoveries	—		—		—		—
Balance as of December 31, 2025	$	41	$	328	$	375	$	744

The Company owned 50,091 shares and 156,932 shares at a cost of $100 per share at December 31, 2025 and December 31, 2024, respectively. Dividend income on FHLBNY stock amounted to approximately $0.5 million, $0.4 million, $0.8 million during the years ended December 31, 2025, 2024 and 2023, respectively.