XML 39 R33.htm IDEA: XBRL DOCUMENT v3.26.1
FAIR VALUE (Tables)
6 Months Ended
Jun. 30, 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

 

 

 

June 30,

 

 

Assets

 

 

Inputs

 

 

Inputs

 

(In thousands)

 

2026

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries

 

$

9,950

 

 

$

 

 

$

9,950

 

 

$

 

U.S. government-sponsored agencies

 

 

186,318

 

 

 

 

 

 

186,318

 

 

 

 

Mortgage-backed securities-residential

 

 

527,446

 

 

 

 

 

 

527,446

 

 

 

 

SBA pool securities

 

 

15,653

 

 

 

 

 

 

15,653

 

 

 

 

Corporate bond

 

 

13,073

 

 

 

 

 

 

13,073

 

 

 

 

CRA investment fund

 

 

13,320

 

 

 

13,320

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow hedges

 

 

3,504

 

 

 

 

 

 

3,504

 

 

 

 

Loan level swaps

 

 

9,208

 

 

 

 

 

 

9,208

 

 

 

 

Total

 

$

778,472

 

 

$

13,320

 

 

$

765,152

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

Loan level swaps

 

 

9,208

 

 

 

 

 

 

9,208

 

 

 

 

Total

 

$

9,208

 

 

$

 

 

$

9,208

 

 

$

 

 

 

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)

 

June 30, 2026

 

 

December 31, 2025

 

Residential loans contractual balance

 

$

1,184

 

 

$

445

 

Fair value adjustment

 

 

18

 

 

 

5

 

Total fair value of residential loans held for sale

 

$

1,202

 

 

$

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

 

 

 

June 30,

 

 

Assets

 

 

Inputs

 

 

Inputs

 

(In thousands)

 

2026

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated loans:

 

 

 

 

 

 

 

 

 

 

 

 

Multifamily

 

$

18,133

 

 

$

 

 

$

 

 

$

18,133

 

Commercial and industrial

 

 

6,850

 

 

 

 

 

 

 

 

 

6,850

 

 

 

 

 

 

 

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 June 30, 2026 are as follows:

 

 

 

 

 

 

Fair Value Measurements at June 30, 2026 using

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Amount

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

253,894

 

 

$

253,894

 

 

$

 

 

$

 

 

$

253,894

 

Securities available for sale

 

 

752,440

 

 

 

 

 

 

752,440

 

 

 

 

 

 

752,440

 

Securities held to maturity

 

 

78,560

 

 

 

 

 

 

69,880

 

 

 

 

 

 

69,880

 

CRA investment fund

 

 

13,320

 

 

 

13,320

 

 

 

 

 

 

 

 

 

13,320

 

FHLB and FRB stock

 

 

12,931

 

 

 

 

 

 

 

 

 

 

 

N/A

 

Loans held for sale, at fair value

 

 

1,202

 

 

 

 

 

 

1,202

 

 

 

 

 

 

1,202

 

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

 

 

2,176

 

 

 

 

 

 

2,406

 

 

 

 

 

 

2,406

 

Loans, net of allowance for credit losses

 

 

6,606,084

 

 

 

 

 

 

 

 

 

6,509,173

 

 

 

6,509,173

 

Accrued interest receivable

 

 

34,060

 

 

 

 

 

 

3,390

 

 

 

30,670

 

 

 

34,060

 

Accrued interest receivable loan level swaps (A)

 

 

374

 

 

 

 

 

 

374

 

 

 

 

 

 

374

 

Cash flow hedges

 

 

3,504

 

 

 

 

 

 

3,504

 

 

 

 

 

 

3,504

 

Loan level swaps

 

 

8,834

 

 

 

 

 

 

8,834

 

 

 

 

 

 

8,834

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

7,057,599

 

 

$

6,681,966

 

 

$

373,267

 

 

$

 

 

$

7,055,233

 

Short-term borrowings

 

 

74,854

 

 

 

 

 

 

74,854

 

 

 

 

 

 

74,854

 

Accrued interest payable

 

 

5,252

 

 

 

4,643

 

 

 

609

 

 

 

 

 

 

5,252

 

Accrued interest payable loan level swaps (B)

 

 

374

 

 

 

 

 

 

374

 

 

 

 

 

 

374

 

Loan level swap

 

 

8,834

 

 

 

 

 

 

8,834

 

 

 

 

 

 

8,834

 

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