v3.25.4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

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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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).

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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.

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