XML 40 R34.htm IDEA: XBRL DOCUMENT v3.26.1
FAIR VALUE (Tables)
3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets Measured at Fair Value on Recurring Basis

The following tables summarize, at the dates indicated, assets measured at fair value on a recurring basis, including financial assets for which the Company has elected the fair value option:

Assets Measured on a Recurring Basis

 

 

 

 

 

Fair Value Measurements Using

 

 

 

 

 

 

Quoted

 

 

 

 

 

 

 

 

 

 

 

 

Prices in

 

 

 

 

 

 

 

 

 

 

 

 

Active

 

 

Significant

 

 

 

 

 

 

 

 

 

Markets For

 

 

Other

 

 

Significant

 

 

 

 

 

 

Identical

 

 

Observable

 

 

Unobservable

 

 

 

March 31,

 

 

Assets

 

 

Inputs

 

 

Inputs

 

(In thousands)

 

2026

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government-sponsored agencies

 

$

186,581

 

 

$

 

 

$

186,581

 

 

$

 

Mortgage-backed securities-residential

 

 

491,768

 

 

 

 

 

 

491,768

 

 

 

 

SBA pool securities

 

 

16,420

 

 

 

 

 

 

16,420

 

 

 

 

Corporate bond

 

 

15,277

 

 

 

 

 

 

15,277

 

 

 

 

CRA investment fund

 

 

13,375

 

 

 

13,375

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow hedges

 

 

3,063

 

 

 

 

 

 

3,063

 

 

 

 

Loan level swaps

 

 

8,421

 

 

 

 

 

 

8,421

 

 

 

 

Total

 

$

734,905

 

 

$

13,375

 

 

$

721,530

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

Loan level swaps

 

 

8,421

 

 

 

 

 

 

8,421

 

 

 

 

Total

 

$

8,421

 

 

$

 

 

$

8,421

 

 

$

 

 

 

Assets Measured on a Recurring Basis

 

 

 

 

 

Fair Value Measurements Using

 

 

 

 

 

 

Quoted

 

 

 

 

 

 

 

 

 

 

 

 

Prices in

 

 

 

 

 

 

 

 

 

 

 

 

Active

 

 

Significant

 

 

 

 

 

 

 

 

 

Markets For

 

 

Other

 

 

Significant

 

 

 

 

 

 

Identical

 

 

Observable

 

 

Unobservable

 

 

 

December 31,

 

 

Assets

 

 

Inputs

 

 

Inputs

 

(In thousands)

 

2025

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government-sponsored agencies

 

$

211,223

 

 

$

 

 

$

211,223

 

 

$

 

Mortgage-backed securities-residential

 

 

530,365

 

 

 

 

 

 

530,365

 

 

 

 

SBA pool securities

 

 

17,212

 

 

 

 

 

 

17,212

 

 

 

 

Corporate bond

 

 

15,403

 

 

 

 

 

 

15,403

 

 

 

 

CRA investment fund

 

 

13,459

 

 

 

13,459

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow hedges

 

 

2,441

 

 

 

 

 

 

2,441

 

 

 

 

Loan level swaps

 

 

8,376

 

 

 

 

 

 

8,376

 

 

 

 

Total

 

$

798,479

 

 

$

13,459

 

 

$

785,020

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow hedges

 

12

 

 

$

 

 

12

 

 

$

 

Loan level swaps

 

$

8,376

 

 

$

 

 

$

8,376

 

 

$

 

Total

 

$

8,388

 

 

$

 

 

$

8,388

 

 

$

 

 

Schedule of Residential Loans Held for Sale

The following table presents residential loans held for sale, at fair value, at the dates indicated:

 

(In thousands)

 

March 31, 2026

 

 

December 31, 2025

 

Residential loans contractual balance

 

$

 

 

$

445

 

Fair value adjustment

 

 

 

 

 

5

 

Total fair value of residential loans held for sale

 

$

 

 

$

450

 

Schedule of Assets Measured at Fair Value on Non-Recurring Basis

The following tables summarize, at the dates indicated, assets measured at fair value on a non-recurring basis:

 

 

 

 

 

Fair Value Measurements Using

 

 

 

 

 

 

Quoted

 

 

 

 

 

 

 

 

 

 

 

 

Prices in

 

 

 

 

 

 

 

 

 

 

 

 

Active

 

 

Significant

 

 

 

 

 

 

 

 

 

Markets For

 

 

Other

 

 

Significant

 

 

 

 

 

 

Identical

 

 

Observable

 

 

Unobservable

 

 

 

March 31,

 

 

Assets

 

 

Inputs

 

 

Inputs

 

(In thousands)

 

2026

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated loans:

 

 

 

 

 

 

 

 

 

 

 

 

Primary residential mortgage

 

$

343

 

 

$

 

 

$

 

 

$

343

 

Multifamily

 

 

12,905

 

 

 

 

 

 

 

 

 

12,905

 

Investment commercial real estate

 

 

935

 

 

 

 

 

 

 

 

 

935

 

Commercial and industrial

 

 

2,540

 

 

 

 

 

 

 

 

 

2,540

 

 

 

 

 

 

 

Fair Value Measurements Using

 

 

 

 

 

 

Quoted

 

 

 

 

 

 

 

 

 

 

 

 

Prices in

 

 

 

 

 

 

 

 

 

 

 

 

Active

 

 

Significant

 

 

 

 

 

 

 

 

 

Markets For

 

 

Other

 

 

Significant

 

 

 

 

 

 

Identical

 

 

Observable

 

 

Unobservable

 

 

 

December 31,

 

 

Assets

 

 

Inputs

 

 

Inputs

 

(In thousands)

 

2025

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated loans:

 

 

 

 

 

 

 

 

 

 

 

 

Multifamily property

 

$

13,098

 

 

$

 

 

$

 

 

$

13,098

 

Investment commercial real estate

 

 

935

 

 

 

 

 

 

 

 

 

935

 

Commercial and industrial

 

 

6,575

 

 

 

 

 

 

 

 

 

6,575

 

 

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at March 31, 2026 are as follows:

 

 

 

 

 

 

Fair Value Measurements at March 31, 2026 using

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Amount

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

253,414

 

 

$

253,414

 

 

$

 

 

$

 

 

$

253,414

 

Securities available for sale

 

 

710,046

 

 

 

 

 

 

710,046

 

 

 

 

 

 

710,046

 

Securities held to maturity

 

 

79,478

 

 

 

 

 

 

70,837

 

 

 

 

 

 

70,837

 

CRA investment fund

 

 

13,375

 

 

 

13,375

 

 

 

 

 

 

 

 

 

13,375

 

FHLB and FRB stock

 

 

14,170

 

 

 

 

 

 

 

 

 

 

 

N/A

 

Loans held for sale, at lower of cost or fair value

 

 

8,311

 

 

 

 

 

 

9,204

 

 

 

 

 

 

9,204

 

Loans, net of allowance for credit losses

 

 

6,367,343

 

 

 

 

 

 

 

 

 

6,351,247

 

 

 

6,351,247

 

Accrued interest receivable

 

 

33,115

 

 

 

 

 

 

3,043

 

 

 

30,072

 

 

 

33,115

 

Accrued interest receivable loan level swaps (A)

 

 

415

 

 

 

 

 

 

415

 

 

 

 

 

 

415

 

Cash flow hedges

 

 

3,063

 

 

 

 

 

 

3,063

 

 

 

 

 

 

3,063

 

Loan level swaps

 

 

8,006

 

 

 

 

 

 

8,006

 

 

 

 

 

 

8,006

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

6,826,766

 

 

$

6,415,078

 

 

$

409,848

 

 

$

 

 

$

6,824,926

 

Short-term borrowings

 

$

63,830

 

 

 

 

 

$

63,830

 

 

 

 

 

 

63,830

 

Accrued interest payable

 

 

5,500

 

 

 

4,766

 

 

 

734

 

 

 

 

 

 

5,500

 

Accrued interest payable loan level swaps (B)

 

 

415

 

 

 

 

 

 

415

 

 

 

 

 

 

415

 

Loan level swap

 

 

8,006

 

 

 

 

 

 

8,006

 

 

 

 

 

 

8,006

 

(A)
Included in other assets in the Consolidated Statement of Condition.
(B)
Included in accrued expenses and other liabilities in the Consolidated Statement of Condition.

 

The carrying amounts and estimated fair values of financial instruments at December 31, 2025 are as follows:

 

 

 

 

 

 

Fair Value Measurements at December 31, 2025

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Amount

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

187,820

 

 

$

187,820

 

 

$

 

 

$

 

 

$

187,820

 

Securities available for sale

 

 

774,203

 

 

 

 

 

 

774,203

 

 

 

 

 

 

774,203

 

Securities held to maturity

 

 

95,862

 

 

 

 

 

 

87,491

 

 

 

 

 

 

87,491

 

CRA investment fund

 

 

13,459

 

 

 

13,459

 

 

 

 

 

 

 

 

 

13,459

 

FHLB and FRB stock

 

 

14,605

 

 

 

 

 

 

 

 

 

 

 

N/A

 

Loans held for sale, at fair value

 

 

450

 

 

 

 

 

 

450

 

 

 

 

 

 

450

 

Loans held for sale, at lower of cost or fair value

 

 

4,437

 

 

 

 

 

 

4,819

 

 

 

 

 

 

4,819

 

Loans, net of allowance for credit losses

 

 

6,182,697

 

 

 

 

 

 

 

 

 

6,172,779

 

 

 

6,172,779

 

Accrued interest receivable

 

 

31,971

 

 

 

 

 

 

3,441

 

 

 

28,530

 

 

 

31,971

 

Accrued interest receivable loan level swaps (A)

 

 

541

 

 

 

 

 

 

541

 

 

 

 

 

 

541

 

Cash flow hedges

 

 

2,441

 

 

 

 

 

 

2,441

 

 

 

 

 

 

2,441

 

Loan level swaps

 

 

7,835

 

 

 

 

 

 

7,835

 

 

 

 

 

 

7,835

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

6,588,979

 

 

$

6,180,360

 

 

$

406,932

 

 

$

 

 

$

6,587,292

 

Short-term borrowings

 

 

73,267

 

 

 

 

 

 

73,267

 

 

 

 

 

 

73,267

 

Subordinated debt

 

 

99,030

 

 

 

 

 

 

 

 

 

97,388

 

 

 

97,388

 

Accrued interest payable

 

 

5,788

 

 

 

5,025

 

 

 

744

 

 

 

19

 

 

 

5,788

 

Accrued interest payable loan level swaps (B)

 

 

541

 

 

 

 

 

 

541

 

 

 

 

 

 

541

 

Cash flow hedges

 

 

12

 

 

 

 

 

 

12

 

 

 

 

 

 

12

 

Loan level swaps

 

 

7,835

 

 

 

 

 

 

7,835

 

 

 

 

 

 

7,835

 

(A)
Included in other assets in the Consolidated Statement of Condition.
(B)
Included in accrued expenses and other liabilities in the Consolidated Statement of Condition.