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 
Multifamily1,643,779 1,351,604 
Commercial real estate363,266 411,387 
Construction and land development24,803 20,683 
   Total commercial portfolio3,366,642 2,959,164 
Residential real estate lending1,237,791 1,313,617 
Consumer solar325,154 365,516 
Consumer and other27,686 34,627 
   Total retail portfolio1,590,631 1,713,760 
Total loans receivable4,957,273 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		CurrentTotal Loans
Receivable
(In thousands)
Commercial and industrial$11 $200 $713 $— $924 $1,333,870 $1,334,794 
Multifamily5,662 — 10,316 — 15,978 1,627,801 1,643,779 
Commercial real estate12,321 — — — 12,321 350,945 363,266 
Construction and land development5,194 — 11,079 — 16,273 8,530 24,803 
Total commercial portfolio23,188 200 22,108 — 45,496 3,321,146 3,366,642 
Residential real estate lending5,439 3,069 2,419 — 10,927 1,226,864 1,237,791 
Consumer solar2,819 2,280 3,129 — 8,228 316,926 325,154 
Consumer and other914 294 59 — 1,267 26,419 27,686 
     Total retail portfolio9,172 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		CurrentTotal Loans
Receivable
(In thousands)
Commercial and industrial$659 $189 $872 $— $1,720 $1,173,770 $1,175,490 
Multifamily8,172 — — — 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 portfolio8,831 1,469 16,041 — 26,341 2,932,823 2,959,164 
Residential real estate lending5,960 202 1,771 — 7,933 1,305,684 1,313,617 
Consumer solar378 445 2,827 — 3,650 361,866 365,516 
Consumer and other2,487 2,282 370 — 5,139 29,488 34,627 
     Total retail portfolio8,825 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 ExtensionPayment DelayTotal% of Portfolio
Commercial and industrial$3,144 $9,076 $12,220 0.9 %
Multifamily— 3,111 3,111 0.2 %
Construction and land development14,002 — 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 industrial0.4
Multifamily0.0
Construction and land development1.1
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 ExtensionTotal% of Portfolio
Commercial and industrial$479 $479 — %
Multifamily11,770 11,770 0.9 %
Commercial real estate4,715 4,715 1.1 %
Construction and land development13,988 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 industrial0.7
Multifamily3.3
Commercial real estate0.3
Construction and land development0.8
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)20252024202320222021 & PriorRevolving loansRevolving Loans Converted to TermTotal
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 
Substandard347 — — 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— — — — — — — — 
Substandard61 — 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 
Substandard408 — 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)20242023202220212020 & PriorRevolving loansRevolving Loans Converted to TermTotal
Commercial and Industrial:
Pass$331,879 $82,769 $146,475 $178,107 $218,078 $155,917 $— $1,113,225 
Special Mention137 — 13,816 9,756 — 1,905 — 25,614 
Substandard115 — 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 Mention137 — 13,816 9,756 — 1,905 — 25,614 
Substandard115 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 IndustrialMultifamilyCommercial Real EstateConstruction and Land DevelopmentResidential Real Estate LendingConsumer SolarConsumer and OtherTotal
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 losses9,840 4,469 179 253 (2,814)7,041 (1,332)17,636 
Charge-offs(10,366)(2,471)— — (304)(10,140)(171)(23,452)
Recoveries297 — — — 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 IndustrialMultifamilyCommercial Real EstateConstruction and Land DevelopmentResidential Real Estate LendingConsumer SolarConsumer and OtherTotal
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 losses3,240 1,171 324 831 (3,590)8,439 (62)10,353 
Charge-offs(8,144)(510)— — (1,182)(7,694)(320)(17,850)
Recoveries78 — — 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 IndustrialMultifamilyCommercial Real EstateConstruction and Land DevelopmentResidential Real Estate LendingConsumer SolarConsumer and OtherTotal
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. 2016-133,816 (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 losses3,272 (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)
Recoveries53 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 development8,794 2,285 1,477 
     Total commercial portfolio$8,794 $13,314 $4,061 
Residential real estate lending2,419 — — 
Consumer solar3,129 — — 
Consumer and other59 — — 
     Total retail portfolio5,607 — — 
$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 estate4,062 — — 
Construction and land development8,803 2,304 1,252 
     Total commercial portfolio$12,865 $3,176 $1,983 
Residential real estate lending1,771 — — 
Consumer solar2,827 — — 
Consumer and other370 — — 
     Total retail portfolio4,968 — — 
$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 DependentAssociated Allowance for Credit Losses
(In thousands)
Multifamily$10,316 $1,871 
Construction and land development16,273 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 DependentAssociated Allowance for Credit Losses
(In thousands)
Commercial real estate$4,062 $— 
Construction and land development16,302 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.