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What changed in Dime Community Bancshares, Inc. /NY/'s 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Dime Community Bancshares, Inc. /NY/'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+207 added−195 removedSource: 10-K (2026-02-20) vs 10-K (2025-02-20)

Top changes in Dime Community Bancshares, Inc. /NY/'s 2025 10-K

207 paragraphs added · 195 removed · 169 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeIn reviewing applications seeking approval of merger and acquisition transactions, the FDIC will consider, among other factors, the competitive effect and public benefits of the transactions, the capital position of the combined organization, the risks to the stability of the U.S. banking or financial system, the applicant’s performance record under the CRA (see “Community Reinvestment”) and its compliance with fair housing and other consumer protection laws, and the effectiveness of the subject organizations in combating money laundering activities. ​ Privacy and Security Protection The federal banking agencies have adopted regulations for consumer privacy protection that require financial institutions to adopt procedures to protect customers and their “non-public personal information.” The regulations require the Bank to disclose its privacy policy, including identifying with whom it shares “non-public personal information,” to customers at the time of establishing the customer relationship, and annually thereafter if there are changes to its policy.
Biggest changeIn reviewing applications seeking approval of merger and acquisition transactions, the FRB will consider, among other factors, the competitive effect and public benefits of the transactions, the capital position of the combined organization, the risks to the stability of the U.S. banking or financial system, the applicant’s performance record under the CRA (see “Community Reinvestment”) and its compliance with fair housing and other consumer protection laws, and the effectiveness of the subject organizations in combating money laundering activities.
The Holding Company was incorporated under the laws of the State of New York in 1988 to serve as the holding company for the Bank. The Holding Company functions primarily as the holder of all of the Bank’s common stock.
The Company was incorporated under the laws of the State of New York in 1988 to serve as the holding company for the Bank. The Company functions primarily as the holder of all of the Bank’s common stock.
In addition, bank holding companies may generally only engage in activities that are closely related to banking as determined by the FRB. Bank holding companies that meet certain criteria may opt to become a financial holding company and thereby engage in a broader array of financial activities. The Company has elected not to become a financial holding company.
In addition, bank holding companies may generally only engage in activities that are closely related to banking as determined by the FRB. Bank holding companies that meet certain criteria may opt to become a financial holding company and thereby engage in a broader array of financial activities. The Company has not elected to become a financial holding company.
A bank’s loans to its affiliates’ executive officers, directors, any owner of more than 10% of its stock (each, an insider) and entities controlled by such person (an insider’s related interest) are subject to the conditions and limitations imposed by Section 22(h) of the Federal Reserve Act and the FRB’s Regulation O implemented thereunder.
A bank’s loans to its affiliates and its affiliates’ executive officers, directors, any owner of more than 10% of its stock (each, an insider) and entities controlled by such person (an insider’s related interest) are subject to the conditions and limitations imposed by Section 22(h) of the Federal Reserve Act and the FRB’s Regulation O implemented thereunder.
In March 2017, the NYSDFS issued regulations requiring financial institutions regulated by the NYSDFS, including the Bank, to, among other things, (i) establish and maintain a cyber security program designed to ensure the confidentiality, integrity and availability of their information systems; (ii) implement and maintain a written cyber security policy setting forth policies and procedures for the protection of their information systems and nonpublic information; and (iii) designate a Chief Information Security Officer.
In March 2017, the NYSDFS issued regulations requiring financial institutions regulated by the NYSDFS, including the Bank, to, among other things, (i) establish and maintain a cybersecurity program designed to ensure the confidentiality, integrity and availability of their information systems; (ii) implement and maintain a written cybersecurity policy setting forth policies and procedures for the protection of their information systems and nonpublic information; and (iii) designate a Chief Information Security Officer (“CISO”).
Taxation The Holding Company, the Bank and its subsidiaries, report their income on a consolidated basis using the accrual method of accounting and are subject to federal taxation as well as income tax of the State and City of New York, and the State of New Jersey.
Taxation The Company, the Bank and its subsidiaries, report their income on a consolidated basis using the accrual method of accounting and are subject to federal taxation as well as income tax of the State and City of New York, the State of New Jersey and the State of Florida.
The FRB subsequently issued regulations amending its regulatory capital requirements to implement the Dodd-Frank Act as to bank holding company capital 11 Table of Contents standards. Consolidated regulatory capital requirements identical to those applicable to the subsidiary banks applied to bank holding companies as of January 1, 2015.
The FRB subsequently issued regulations amending its regulatory capital requirements to implement the Dodd-Frank Act as to bank holding company capital standards. Consolidated regulatory capital requirements identical to those applicable to the subsidiary banks applied to bank holding companies as of January 1, 2015.
Item 1. Business General Dime Community Bancshares, Inc. (the “Holding Company”) is engaged in commercial banking and financial services through its wholly-owned subsidiary, Dime Community Bank (the “Bank”). The Bank was established in 1910 and is headquartered in Hauppauge, New York.
Item 1. Business General Dime Community Bancshares, Inc. (the “Company”) is engaged in commercial banking and financial services through its wholly-owned subsidiary, Dime Community Bank (the “Bank”). The Bank was established in 1910 and is headquartered in Hauppauge, New York.
The Bank Secrecy Act and USA PATRIOT Act The Bank Secrecy Act (“BSA”) and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (“USA PATRIOT Act”) require the Bank to implement a compliance program to detect and prevent money laundering, terrorist financing, and crime.
The Bank Secrecy Act and USA PATRIOT Act The Bank Secrecy Act (“BSA”) and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (“USA PATRIOT Act”) require the Bank to implement a compliance program to detect and prevent money laundering, terrorist financing, and illicit financial activities.
Any change in applicable New York or federal laws and regulations could have a material adverse impact on us and our operations and stockholders. 12 Table of Contents We file certain reports with the Securities and Exchange Commission (“SEC”) under the federal securities laws.
Any change in applicable New York or federal laws and regulations could have a material adverse impact on us and our operations and stockholders. 12 Table of Contents We file certain reports with the SEC under the federal securities laws.
For example, a risk weight of 0% is assigned to cash and U.S. government securities, a risk weight of 50% is generally assigned to prudently underwritten first lien one-to-four family residential mortgages, a risk weight of 100% is assigned to commercial and consumer loans, a risk weight of 150% is assigned to certain past due loans and a risk weight of between 0% to 600% is assigned to permissible equity interests, depending on certain specified factors.
Government securities, a risk weight of 50% is generally assigned to prudently underwritten first lien one-to-four family residential mortgages, a risk weight of 100% is assigned to commercial and consumer loans, a risk weight of 150% is assigned to certain past due loans and a risk weight of between 0% to 600% is assigned to permissible equity interests, depending on certain specified factors.
For example, a bank which is categorized as “undercapitalized” would be subject to other growth limitations, would be required to submit a capital restoration plan, and a holding company that controls such a bank would be required to guarantee that the bank complies with the capital restoration plan.
For example, a bank which is categorized as “undercapitalized” would be subject to other growth limitations, would be required to submit a capital restoration plan, and a holding company that controls such a bank would be required to guarantee that the bank complies with the capital restoration plan. A “significantly undercapitalized” bank would be subject to additional restrictions.
For these purposes, the statute establishes five capital tiers: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. The FRB may order member banks which have insufficient capital to take corrective actions.
For these purposes, the statute establishes five capital tiers: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. 8 Table of Contents The FRB may order member banks which have insufficient capital to take corrective actions.
Acquisitions Under the federal Bank Merger Act, prior approval of the FDIC is required for the Bank to merge with or purchase the assets or assume the deposits of another insured depository institution.
Acquisitions Under the federal Bank Merger Act, if the Bank is the resulting bank, prior approval of the FRB is required for the Bank to merge with or purchase the assets or assume the deposits of another insured depository institution.
As of December 31, 2024, we operated 62 branch locations throughout Long Island, the New York City boroughs of Brooklyn, Queens, Manhattan, Staten Island and the Bronx, and Westchester County. Human Capital Resources Demographics and Culture As of December 31, 2024, we employed 887 full-time equivalent employees. Our employees are not represented by a collective bargaining agreement.
As of December 31, 2025, we operated 63 branch locations throughout Greater Long Island, the New York City boroughs of Brooklyn, Queens, Manhattan, Staten Island and the Bronx, Westchester County, and New Jersey. Human Capital Resources Demographics and Culture As of December 31, 2025, we employed 902 full-time equivalent employees. Our employees are not represented by a collective bargaining agreement.
In general, banks are subject to federal income tax in the same manner as other corporations. However, gains and losses realized by banks from the sale of available-for-sale securities are generally treated as ordinary income, rather than capital gains or losses. The taxation of net income is similar to federal taxable income subject to certain modifications.
However, gains and losses realized by banks from the sale of available-for-sale securities are generally treated as ordinary income, rather than capital gains or losses. The taxation of net income is similar to federal taxable income subject to certain modifications.
The Bank is required to pay an annual assessment to the NYSDFS to fund its supervision. Federal law provides that institutions with more than $10 billion in total assets, such as the Bank, are examined by the Consumer Financial Protection Bureau (“CFPB”) as to compliance with certain federal consumer protection and fair lending laws and regulations.
Federal law provides that institutions with more than $10 billion in total assets, such as the Bank, are examined by the Consumer Financial Protection Bureau (“CFPB”) as to compliance with certain federal consumer protection and fair lending laws and regulations.
The standards set forth in the guidelines are intended to ensure the security and confidentiality of customer records and information, and protect against anticipated threats or hazards to the security or integrity of such records and unauthorized access to or use of such records or information that could result in substantial customer harm or inconvenience. 9 Table of Contents Federal law additionally permits each state to enact legislation that is more protective of consumers’ personal information.
The standards set forth in the guidelines are intended 9 Table of Contents to ensure the security and confidentiality of customer records and information, and protect against anticipated threats or hazards to the security or integrity of such records and unauthorized access to or use of such records or information that could result in substantial customer harm or inconvenience.
Under the prompt corrective action provisions of federal law, a bank holding company parent of an undercapitalized subsidiary bank is required to guarantee, within specified limits, the capital restoration plan that is required of an undercapitalized bank.
The Dodd-Frank Act and FRB regulations have codified the source of strength policy. Under the prompt corrective action provisions of federal law, a bank holding company parent of an undercapitalized subsidiary bank is required to guarantee, within specified limits, the capital restoration plan that is required of an undercapitalized bank.
In 2016, the federal regulatory agencies approved a proposed joint rulemaking to implement Section 956 of the Dodd-Frank Act, which prohibits incentive-based compensation that encourages inappropriate risk taking. In May 2024, several federal banking agencies reproposed the incentive compensation regulation, but the FRB did not endorse the 2024 proposal.
In 2016, the federal regulatory agencies approved a proposed joint rulemaking to implement Section 956 of the Dodd-Frank Act, which prohibits incentive-based compensation that encourages inappropriate risk taking.
In addition, the NYSDFS issued guidance applicable to incentive compensation in October 2016. Prompt Corrective Action Federal law requires, among other things, that federal bank regulatory authorities take “prompt corrective action” with respect to institutions that do not meet minimum capital requirements.
Prompt Corrective Action Federal law requires, among other things, that federal bank regulatory authorities take “prompt corrective action” with respect to institutions that do not meet minimum capital requirements.
A “significantly undercapitalized” bank would be subject to additional restrictions. 8 Table of Contents Member banks deemed by the FRB to be “critically undercapitalized” would be subject to the appointment of a receiver or conservator.
Member banks deemed by the FRB to be “critically undercapitalized” would generally be subject to the appointment of a receiver or conservator.
The title insurance subsidiary also faces competition from other title insurance brokers as well as directly from the companies that underwrite title insurance. In New York State, title insurance is obtained on most transfers of real estate and mortgage transactions. Our principal market area is Greater Long Island, which includes the counties of Kings, Queens, Nassau and Suffolk, and Manhattan.
The title insurance subsidiary also faces competition from other title insurance brokers as well as directly from the companies that underwrite title insurance. In New York State, title insurance is obtained on most transfers of real estate and mortgage transactions.
An exception is made for extensions of credit made pursuant to a benefit or compensation plan of a bank that is widely available to employees of the bank and that does not give any preference to insiders of the bank over other employees of the bank.
An exception is made for extensions of credit made pursuant to a benefit or compensation plan of a bank that is widely available to employees of the bank and that does not give any preference to insiders of the bank over other employees of the bank. 10 Table of Contents Examinations and Assessments The Bank is required to file periodic reports with and is subject to periodic examination by the NYSDFS and the FRB.
The policy of the FRB is that a bank holding company must serve as a source of strength to its subsidiary banks by providing capital, managerial and other support in times of distress. The Dodd-Frank Act codified the source of strength policy.
The Company met all capital adequacy requirements under the FRB’s capital rules on December 31, 2025. 11 Table of Contents The policy of the FRB is that a bank holding company must serve as a source of strength to its subsidiary banks by providing capital, managerial and other support in times of distress.
New York law imposes a similar obligation on the Bank to serve the credit needs of its community. New York law contains its own community invested-related provisions, which are substantially similar to federal law.
New York law contains its own community invested-related provisions, which are substantially similar to federal law.
Examinations and Assessments The Bank is required to file periodic reports with and is subject to periodic examination by the NYSDFS and the FRB. Applicable laws and regulations generally require periodic on-site examinations and annual audits by independent public 10 Table of Contents accountants for all insured institutions.
Applicable laws and regulations generally require periodic on-site examinations and annual audits by independent public accountants for all insured institutions. The Bank is required to pay an annual assessment to the NYSDFS to fund its supervision.
As is the case with institutions themselves, the capital conservation buffer was phased-in between 2016 and 2019. The Company met all capital adequacy requirements under the FRB’s capital rules on December 31, 2024.
As is the case with institutions themselves, the capital conservation buffer was phased-in between 2016 and 2019.
Higher levels of capital are required for asset categories believed to present greater risk.
Higher levels of capital are required for asset categories believed to present greater risk. For example, a risk weight of 0% is assigned to cash and U.S.
As of the date of its most recent CRA examination, on July 15, 2024, the Bank was rated “Outstanding” by the Federal Reserve Bank of New York. On October 24, 2023, the FDIC, the FRB, and the Office of the Comptroller of the Currency issued a final rule to strengthen and modernize the CRA regulations.
As of the date of its most recent CRA examination, on July 15, 2024, the Bank was rated “Outstanding” by the Federal Reserve Bank of New York. New York law imposes a similar obligation on the Bank to serve the credit needs of its community.
There are periodically privacy bills considered by the New York legislature. Management of the Company cannot predict the impact, if any, of these bills if enacted. Cybersecurity more broadly has become a focus of federal and state banking agencies, including during the regulators’ examinations.
Cybersecurity more broadly has become a focus of federal and state banking agencies, including during the regulators’ examinations.
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Under the final rule, banks with assets of at least $2 billion as of December 31 in both of the prior two calendar years will be a “large bank.” The agencies will evaluate large banks under three performance tests: Lending Test, Investment Test, and Service Test.
Added
Our principal market area is Greater Long Island, which includes the counties of Nassau and Suffolk, and New York City, which includes the five counties (boroughs) of New York (Manhattan), Kings, Queens, Richmond (Staten Island), and the Bronx.
Removed
The applicability date for the majority of the provisions set by the CRA regulations is January 1, 2026, and additional requirements are applicable under the regulations on January 1, 2027.
Added
The Bank is subject to income tax in the state of Florida due to employees working remotely in the state. In general, banks are subject to federal income tax in the same manner as other corporations.
Removed
On March 29, 2024, a federal court in the Northern District of Texas issued a preliminary injunction of the new CRA regulations, enjoining the federal banking agencies from enforcing the regulations against the plaintiff bank industry trade groups, and extending the regulations’ implementation dates day-for-day for each day the injunction is in place.
Added
In May 2024, several federal banking agencies sought to re-propose the incentive compensation regulation, but the FRB did not adopt the 2024 proposal; in 2025, the FDIC withdrew its authorization for the proposal. In addition, the NYSDFS issued guidance applicable to incentive compensation in October 2016.
Added
Privacy and Security Protection The federal banking agencies have adopted regulations for consumer privacy protection that require financial institutions to adopt procedures to protect customers and their “non-public personal information.” The regulations require the Bank to disclose its privacy policy, including identifying with whom it shares “non-public personal information,” to customers at the time of establishing the customer relationship, and annually thereafter if there are changes to its policy.
Added
Federal law additionally permits each state to enact legislation that is more protective of consumers’ personal information. There are periodically privacy bills considered by the New York legislature. Management of the Company cannot predict the impact, if any, of these bills if enacted.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeThese shifts in investing priorities may result in adverse effects on the trading price of the Company’s common stock if the Company, or our relationships with certain customers, vendors or suppliers became the subject of negative publicity. ​ Accounting-Related Risks Changes in our accounting policies or in accounting standards could materially affect how we report our financial results. ​ Our accounting policies are fundamental to understanding our financial results and condition.
Biggest changeThe proliferation of social media may increase the likelihood that negative information about the Company, whether or not accurate, could impact the Company’s reputation and business. ​ Accounting-Related Risks Changes in our accounting policies or in accounting standards could materially affect how we report our financial results. ​ Our accounting policies are fundamental to understanding our financial results and condition.
The remediation costs and any other financial liabilities associated with an environmental hazard could have a material adverse effect on the Company’s business, financial condition and results of operations. ​ 15 Table of Contents Risks Related to Interest Rates Changes in interest rates could affect our profitability.
The 15 Table of Contents remediation costs and any other financial liabilities associated with an environmental hazard could have a material adverse effect on the Company’s business, financial condition and results of operations. ​ Risks Related to Interest Rates Changes in interest rates could affect our profitability.
The Consolidated Company’s non-owner occupied CRE level equaled 447% of total risk-based capital at December 31, 2024. If our regulators were to impose restrictions on the amount of CRE loans we can hold in our portfolio, or require higher capital ratios as a result of the level of CRE loans held, our earnings would be adversely affected.
The Consolidated Company’s non-owner-occupied CRE level equaled 387% of total risk-based capital at December 31, 2025. If our regulators were to impose restrictions on the amount of CRE loans we can hold in our portfolio, or require higher capital ratios as a result of the level of CRE loans held, our earnings would be adversely affected.
If such estimates or assumptions underlying our financial statements are incorrect, we may experience material losses. ​ From time to time, the FASB and the SEC change the financial accounting and reporting standards or the interpretation of those standards that govern the preparation of our external financial statements.
If such estimates or assumptions underlying our financial statements are incorrect, we may experience material losses. ​ From time to time, the Financial Accounting Standards Board (“FASB”) and the SEC change the financial accounting and reporting standards or the interpretation of those standards that govern the preparation of our external financial statements.
Generally, the fair value of securities moves inversely with changes in interest rates. As of December 31, 2024, the carrying value of the securities portfolio totaled $1.32 billion.
Generally, the fair value of securities moves inversely with changes in interest rates. As of December 31, 2025, the carrying value of the securities portfolio totaled $1.42 billion.
Private parties may also have the ability to challenge an institution’s performance under fair lending laws in private class action litigation. Such actions could have a material adverse effect on our business, financial condition and results of operations.
Private parties may also have the ability to challenge an institution’s performance under fair lending laws in private class action litigation. Such actions could have a material adverse effect on our business, financial condition and results of operations. If our regulators impose limitations on our commercial real estate lending activities, earnings could be adversely affected.
Additionally, decreases in tenant occupancy may also have a negative effect on the ability of borrowers to make timely repayments of their loans, which would have an adverse impact on our earnings. If our regulators impose limitations on our commercial real estate lending activities, earnings could be adversely affected.
Additionally, decreases in tenant occupancy may also have a negative effect on the ability of borrowers to make timely repayments of their loans, which would have an adverse impact on our earnings.
As a lender, we are exposed to the risk that customers may not repay their loans according to the original terms, and the collateral securing the payment of those loans may be insufficient to pay any remaining loan balance. Additionally, at December 31, 2024, our portfolio of business loans, totaled $2.73 billion, or 25.1% of our total loan portfolio.
As a lender, we are exposed to the risk that customers may not repay their loans according to the original terms, and the collateral securing the payment of those loans may be insufficient to pay any remaining loan balance.
Our ability to attract and retain customers, investors, employees and advisors may depend upon external perceptions of the Company. Damage to the Company's reputation could cause significant harm to our business and prospects and may arise from numerous sources, including litigation or regulatory actions, compliance failures, customer services failures, or unethical behavior or misconduct of employees, advisors and counterparties.
Damage to the Company's reputation could cause significant harm to our business and prospects and may arise from numerous sources, including litigation or regulatory actions, compliance failures, cybersecurity incidents, errors in the use of artificial intelligence, customer services failures, or unethical behavior or misconduct of employees, advisors and counterparties.
At least annually (or more frequently if indicators arise), the Company evaluates goodwill for impairment. If the Company determines goodwill or other intangible assets are impaired, the Company will be required to write down these assets. Any write-down would have a negative effect on the consolidated financial statements. ​ Item 1B. Unresolved Staff Comments Not applicable. ​
At least annually (or more frequently if indicators arise), the Company evaluates goodwill for impairment. If the Company determines goodwill or other intangible assets are impaired, the Company will be required to write down these assets.
Adverse developments with respect to the financial services industry may also, by association, negatively impact the Company's reputation or result in greater regulatory or legislative scrutiny of or litigation against the Company. ​ Furthermore, shareholders and other stakeholders have begun to consider how corporations are addressing environmental, social and governance (“ESG”) issues.
Adverse developments with respect to the financial services industry may also, by association, negatively impact the Company's reputation or result in greater regulatory or 20 Table of Contents legislative scrutiny of or litigation against the Company.
For example, the New York City Rent Guidelines Board established the maximum rent increase on certain apartments at 2.75% for a one-year lease and 5.25% for a two-year lease, beginning on or after October 1, 2024 and through September 30, 2025, and while the overall inflation rate increased at a greater rate.
For example, the New York City Rent Guidelines Board established the maximum rent increase on certain apartments at 3% for a one-year lease and 4.5% for a two-year lease, beginning on or after October 1, 2025 and through September 30, 2026. In addition, overhead (including maintenance) expenses often increase significantly during inflationary periods.
Additionally, such loans typically involve larger loan balances to single borrowers or groups of related borrowers compared to consumer loans or residential real estate loans. Hence, we may experience significant credit losses, which could have a material adverse effect on our operating results.
Additionally, such loans typically involve larger loan balances to single borrowers or groups of related borrowers compared to consumer loans or residential real estate loans.
Finally, if the cash flow from a collateral property is reduced ( e.g. , if leases are not obtained or renewed), the borrower’s ability to repay the loan and the value of the security for the loan may be impaired. ​ 14 Table of Contents If we experience greater credit losses than anticipated, earnings may be adversely impacted.
Finally, if the cash flow from a collateral property is reduced ( e.g. , if leases are not obtained or renewed), the borrower’s ability to repay the loan and the value of the security for the loan may be impaired. ​ The recent election of Zohran Mamdani as Mayor of New York City introduces potential policy changes that could affect the city’s multifamily housing market.
Removed
In addition, overhead (including maintenance) expenses often increase significantly during inflationary periods.
Added
The administration has expressed support for rent freezes and expanded tenant protections, which, if enacted, may reduce rental income and property values across multifamily properties. These market dynamics could adversely impact the credit quality of our borrowers. Lower property cash flows may impair borrowers’ ability to service existing debt.
Removed
Since the first quarter of 2021, we have been required to determine periodic estimates of lifetime expected credit losses on loans and recognize the expected credit losses as allowances for credit losses.
Added
In addition, a sustained decline in collateral values could elevate loan-to-value ratios and reduce recovery prospects in the event of foreclosure. ​ If we experience greater credit losses than anticipated, earnings may be adversely impacted.
Removed
This method of loan loss accounting represents a change from the previous method of providing allowances for loan losses that are probable, and greatly increased the types of data we need to collect and review to determine the appropriate level of the allowance for credit losses.
Added
Additionally, at December 31, 2025, our portfolio of business loans totaled $3.24 billion, or 30.1% of our total loan portfolio, and our portfolio of non-owner occupied commercial real estate totaled $2.93 billion, or 27.3% of our total loan portfolio.
Removed
Governments, investors, customers and the general public are increasingly focused 20 Table of Contents on ESG practices and disclosures, and views about ESG are diverse and rapidly changing.
Added
Furthermore, these loans expose us to greater credit risk than loans secured by residential real estate because the collateral securing these loans typically 14 Table of Contents cannot be liquidated as easily as residential real estate.
Added
If we foreclose on these loans, our holding period for the collateral is typically longer than for a single or multi-family residential property because there are fewer potential purchasers of the collateral. Hence, we may experience significant credit losses, which could have a material adverse effect on our operating results.
Added
Our ability to attract and retain customers, investors, employees and advisors may depend upon external perceptions of the Company.
Added
In addition, third parties with whom the Company has relationships with may take actions the Company has limited control over that could negatively impact perceptions about the Company or the financial services industry.
Added
Any write-down would have a negative effect on the consolidated financial statements. ​ Technology-Related Risks The potential reliance on and integration of artificial intelligence (“AI”) and machine learning (“ML”) technologies expose us to various risks, including operational, data, regulatory, and reputational risks, which could materially affect our business and financial results. ​ ● Operational & Model Risk: Potential AI/ML models, used for credit scoring, fraud detection, customer service, and investment decisions, rely on complex algorithms and vast datasets.
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Errors, biases, or "hallucinations" (generating false information) in these models, or unexpected system failures, could lead to flawed decisions, financial losses, compliance failures, or degraded customer experiences, impacting profitability and client retention. ● Data Security & Privacy: AI systems process sensitive customer data.
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Security breaches or unauthorized access to these systems could result in data theft, loss of intellectual property, and significant penalties, damaging customer trust. ● Regulatory & Compliance Risk: The regulatory landscape for AI is rapidly evolving.
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New laws could impose costly compliance burdens, restrict AI use, or introduce liabilities, particularly concerning algorithmic bias and fair lending practices (e.g., "digital redlining"), potentially increasing operational costs and limiting service offerings. ● Talent & Third-Party Risk : Attracting and retaining skilled AI professionals is crucial and competitive.
Added
We also depend on third-party AI vendors, creating dependency risks and potential issues with data handling, model reliability, and licensing, all of which could disrupt operations. ● Reputational & Ethical Risk : Misuse of AI, biased outcomes, or privacy violations can harm our brand, erode customer confidence, and attract negative public attention, potentially affecting demand for our services. 21 Table of Contents If we cannot effectively manage these challenges, including adapting to rapid technological change and ensuring responsible AI governance, our reputation, competitive position, and financial performance could be significantly harmed. ​ IP Rights – Infringement by Registrant or Its Customers ​ We may be subject to IP rights claims from third parties claiming ownership of, or demanding the release or license of, modifications or derivative works that we have developed using open-source software (which could include our proprietary source code or AI models), or otherwise seeking to enforce the terms of the applicable open-source license.
Added
Our applications and uses of trademarks relating to our design, software or AI technologies could be found to infringe upon existing trademark ownership and rights. ​ We may fail to apply for key trademarks in a timely manner. We may face IP infringement claims in the future.
Added
If we are determined to have infringed upon a third party's IP rights, we may be required to cease selling, leasing, licensing, incorporating certain components into, and/or using or offering goods or services that incorporate or use the challenged IP. ​ IP Rights – Generative AI-Related Infringement by Registrant ​ We utilize some open-source software that may include generative AI software or other software that incorporates or relies on generative AI.
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Software that includes generative AI may incorporate data from entities and the use of that data may itself be illegal and/or violate contractual or IP rights.
Added
By using such software, we may expose the company to risks as the IP ownership and license rights, including copyright, of generative AI software and tools, have not been fully interpreted by U.S. courts or been fully addressed by federal, state, or international regulations.
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In addition, any use of generative AI by our customers may lead to additional claims of IP infringement. ​ Item 1B. Unresolved Staff Comments Not applicable. ​

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeManagement Role and Board Oversight . ● The cybersecurity program is overseen by the Chief Information Security Officer (“CISO”) reporting to the Chief Risk Officer (“CRO”); the Enterprise Risk Management Committee , which consists of the CEO, CFO, and CTO among others; and the Enterprise Risk Committee of the Board of Directors, which consists of three independent directors .
Biggest changeManagement Role and Board Oversight . ● The cybersecurity program is overseen by the CISO reporting to the Chief Risk Officer (“CRO”); the Enterprise Risk Management Committee , which consists of the Chief Executive Officer, Chief Operating Officer/ Chief Financial Officer, and Chief Technology Officer, among others; and the Enterprise Risk Committee of the Board of Directors, which consists of three independent directors .
The purpose of the Incident Response Plan is to manage Information Security, and related incidents, efficiently and effectively to minimize loss and destruction, mitigate weaknesses, restore services, and notify customers, as required by state law, comply with regulatory requirements, and any third-party contractual obligations. ​ ● The CISO and CRO play a pivotal role in informing the Board of all cybersecurity risks.
The purpose of the Incident Response Plan is to manage Information 22 Table of Contents Security, and related incidents, efficiently and effectively to minimize loss and destruction, mitigate weaknesses, restore services, and notify customers, as required by state law, comply with regulatory requirements, and any third-party contractual obligations. ​ ● The CISO and CRO play a pivotal role in informing the Board of all cybersecurity risks.
External audit results are reviewed and reported on in our annual filing. Additionally, the Bank is a regulated entity and undergoes regulatory reviews to ensure it remains in compliance with all appropriate standards. ​ ​ 22 Table of Contents
External audit results are reviewed and reported on in our annual filing. Additionally, the Bank is a regulated entity and undergoes regulatory reviews to ensure it remains in compliance with all appropriate standards. ​ ​ 23 Table of Contents
The CISO’s extensive knowledge and experience in the cybersecurity field are critical to executing our cybersecurity program. Our CISO oversees proactive initiatives, remediation plans 21 Table of Contents of known risks, compliance with regulations and standards, Disaster Recovery, Business Continuity, and Incident Response efforts.
The CISO’s extensive knowledge and experience in the cybersecurity field are critical to executing our cybersecurity program. Our CISO oversees proactive initiatives, remediation plans of known risks, compliance with regulations and standards, Disaster Recovery, Business Continuity, and Incident Response efforts.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeThe Bank’s main office is located at 2200 Montauk Highway in Bridgehampton, New York. ​ As of December 31, 2024, we operated 62 branch locations throughout Greater Long Island, the New York City boroughs of Brooklyn, Queens, Manhattan, Staten Island and the Bronx, and Westchester County, of which 51 were leased and 11 were owned. ​ For additional information on our premises and equipment, see Note 6.
Biggest changeThe Bank’s main office is located at 2200 Montauk Highway in Bridgehampton, New York. ​ As of December 31, 2025, we operated 63 branch locations throughout Greater Long Island, the New York City boroughs of Brooklyn, Queens, Manhattan, Staten Island and the Bronx, Westchester County, and New Jersey, of which 53 were leased and 10 were owned. ​ For additional information on our premises and equipment, see Note 6.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeIn the opinion of management, as of December 31, 2024, neither the Holding Company nor the Bank were involved in any actions or proceedings that were likely to have a material adverse impact on the Company’s consolidated financial condition and results of operations. ​ Item 4. Mine Safety Disclosures Not applicable. ​ ​ 23 Table of Contents PART II
Biggest changeIn the opinion of management, as of December 31, 2025, neither the Holding Company nor the Bank were involved in any actions or proceedings that were likely to have a material adverse impact on the Company’s consolidated financial condition and results of operations. ​ Item 4. Mine Safety Disclosures Not applicable. ​ ​ 24 Table of Contents PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeThe following performance graph reflects the performance of BDGE prior to the Merger. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Index 2019 2020 2021 2022 2023 2024 Dime Community Bancshares, Inc. ​ 100.00 75.51 112.73 ​ 105.06 92.97 110.65 S&P SmallCap 600 Banks Index ​ 100.00 89.23 119.79 107.95 107.99 123.79 NASDAQ Composite Index ​ 100.00 144.92 177.06 119.45 172.77 223.87 24 Table of Contents Issuer Purchases of Equity Securities In May 2022, we announced the adoption of a new stock repurchase program of up to 1,948,314 shares, upon the completion of our existing authorized stock repurchase program.
Biggest changeThe following performance graph reflects the performance of BDGE prior to the Merger. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Index ​ ​ ​ 2020 ​ ​ ​ 2021 ​ ​ ​ 2022 ​ ​ ​ 2023 ​ ​ ​ 2024 ​ ​ ​ 2025 Dime Community Bancshares, Inc. ​ 100.00 149.29 ​ 139.13 123.11 146.53 148.64 S&P SmallCap 600 Banks Index ​ 100.00 134.24 120.97 121.01 138.72 145.06 NASDAQ Composite Index ​ 100.00 122.18 82.43 119.22 154.48 187.14 25 Table of Contents Issuer Purchases of Equity Securities In May 2022, we announced the adoption of a new stock repurchase program of up to 1,948,314 shares, upon the completion of our existing authorized stock repurchase program.
The stock repurchase program may be suspended, terminated, or modified at any time for any reason, and has no termination date. As of December 31, 2024, there were 1,566,947 shares remaining to be purchased in the program. There were no repurchases of common stock during the year ended December 31, 2024. ​ ​ Item 6. [Reserved]
The stock repurchase program may be suspended, terminated, or modified at any time for any reason, and has no termination date. As of December 31, 2025, there were 1,566,947 shares remaining to be purchased in the program. There were no repurchases of common stock during the year ended December 31, 2025. ​ ​ Item 6. [Reserved]
DCOM Performance Graph Pursuant to the regulations of the SEC, the graph below compares our performance with that of the total return for the NASDAQ® Composite Index and the S&P SmallCap 600 Banks Index from December 31, 2019 through December 31, 2024.
DCOM Performance Graph Pursuant to the regulations of the SEC, the graph below compares our performance with that of the total return for the NASDAQ® Composite Index and the S&P SmallCap 600 Banks Index from December 31, 2020 through December 31, 2025.
At February 13, 2025, we had approximately 1,075 shareholders of record, not including the number of persons or entities holding stock in nominee or the street name through various banks and brokers.
At February 13, 2026, we had approximately 1,062 shareholders of record, not including the number of persons or entities holding stock in nominee or the street name through various banks and brokers.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeThere are no out-of-period adjustments included in the rate/volume analysis in the following table. ​ 27 Table of Contents Average Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Average ​ ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ ​ Yield/ ​ Average ​ ​ ​ Yield/ ​ Average ​ ​ ​ ​ Yield/ ​ ​ Balance Interest ​ Cost Balance Interest Cost Balance Interest Cost ​ Assets: (Dollars in thousands) Interest-earning assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Business loans (1) (3) (6) ​ $ 2,500,904 ​ $ 175,604 ​ 7.02 % $ 2,246,442 ​ $ 147,530 ​ 6.57 % $ 2,006,287 ​ $ 99,296 ​ ​ 4.95 % One-to-four family residential, including condo and coop (3) (6) ​ ​ 910,096 ​ ​ 41,823 ​ 4.60 ​ ​ 847,706 ​ ​ 35,148 ​ 4.15 ​ ​ 703,055 ​ ​ 24,705 ​ ​ 3.51 ​ Multifamily residential and residential mixed-use (3) (6) ​ ​ 3,927,197 ​ ​ 181,736 ​ 4.63 ​ ​ 4,096,025 ​ ​ 180,286 ​ 4.40 ​ ​ 3,675,595 ​ ​ 139,562 ​ ​ 3.80 ​ Non-owner-occupied commercial real estate (3) (6) ​ ​ 3,323,299 ​ ​ 177,173 ​ 5.33 ​ ​ 3,353,805 ​ ​ 171,475 ​ 5.11 ​ ​ 3,071,837 ​ ​ 125,659 ​ ​ 4.09 ​ ADC (3) ​ ​ 155,279 ​ ​ 13,936 ​ 8.97 ​ ​ 214,106 ​ ​ 19,656 ​ 9.18 ​ ​ 279,620 ​ ​ 16,752 ​ ​ 5.99 ​ Other loans (3) ​ 5,046 ​ 220 ​ 4.36 ​ 6,514 ​ 393 ​ 6.03 ​ 11,493 ​ 627 ​ ​ 5.46 ​ Securities ​ 1,515,962 ​ 33,563 ​ 2.21 ​ 1,640,066 ​ 32,179 ​ 1.96 ​ 1,687,835 ​ 29,224 ​ 1.73 ​ Other short-term investments ​ 499,633 ​ 26,094 ​ 5.22 ​ 442,574 ​ 22,693 ​ 5.13 ​ 248,779 ​ 3,400 ​ 1.37 ​ Total interest-earning assets ​ 12,837,416 ​ ​ 650,149 ​ 5.06 % 12,847,238 ​ ​ 609,360 ​ 4.74 % 11,684,501 ​ ​ 439,225 ​ ​ 3.76 % Non-interest earning assets ​ 781,373 ​ ​ ​ ​ ​ 777,977 ​ ​ ​ ​ ​ 782,261 ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 13,618,789 ​ ​ ​ ​ ​ ​ $ 13,625,215 ​ ​ ​ ​ ​ ​ $ 12,466,762 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities and Stockholders' Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest-bearing liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest-bearing checking (2) ​ $ 731,709 ​ $ 12,472 1.70 % $ 775,904 ​ $ 8,562 1.10 % $ 851,931 ​ $ 3,115 ​ ​ 0.37 % Money market ​ 3,650,266 ​ 134,367 3.68 ​ 2,882,859 ​ 83,950 2.91 ​ ​ 2,971,312 ​ 10,879 ​ ​ 0.37 ​ Savings (2) ​ 2,177,372 ​ 80,239 3.69 ​ 2,311,275 ​ 73,270 3.17 ​ ​ 1,815,198 ​ 15,906 ​ ​ 0.88 ​ CDs ​ 1,351,408 ​ 57,667 4.27 ​ 1,444,554 ​ 53,263 3.69 ​ ​ 926,837 ​ 8,533 ​ ​ 0.92 ​ Total interest-bearing deposits ​ 7,910,755 ​ 284,745 3.60 ​ 7,414,592 ​ 219,045 2.95 ​ ​ 6,565,278 ​ ​ 38,433 ​ ​ 0.59 ​ FHLBNY advances ​ 699,940 ​ ​ 27,268 3.90 ​ 1,251,871 ​ ​ 56,140 4.48 ​ ​ 252,838 ​ ​ 7,062 ​ ​ 2.79 ​ Subordinated debt, net ​ ​ 236,738 ​ ​ 13,765 ​ 5.81 ​ ​ 200,243 ​ ​ 10,212 ​ 5.10 ​ ​ 217,753 ​ ​ 10,616 ​ ​ 4.88 ​ Other short-term borrowings ​ ​ 189 ​ ​ 3 ​ 1.59 ​ ​ 3,150 ​ ​ 120 ​ 3.81 ​ ​ 56,030 ​ ​ 1,439 ​ ​ 2.57 ​ Total borrowings ​ ​ 936,867 ​ ​ 41,036 ​ 4.38 ​ ​ 1,455,264 ​ ​ 66,472 ​ 4.57 ​ ​ 526,621 ​ ​ 19,117 ​ ​ 3.63 ​ Derivative cash collateral ​ ​ 116,567 ​ ​ 6,314 ​ 5.42 ​ ​ 143,735 ​ ​ 7,272 ​ 5.06 ​ ​ 97,225 ​ ​ 1,812 ​ ​ 1.86 ​ Total interest-bearing liabilities ​ ​ 8,964,189 ​ ​ 332,095 ​ 3.70 % ​ 9,013,591 ​ ​ 292,789 ​ 3.25 % ​ 7,189,124 ​ ​ 59,362 ​ ​ 0.83 % Non-interest-bearing checking (2) ​ ​ 3,140,423 ​ ​ ​ ​ ​ ​ ​ 3,126,575 ​ ​ ​ ​ ​ ​ ​ 3,890,642 ​ ​ ​ ​ ​ ​ ​ Other non-interest-bearing liabilities ​ ​ 230,910 ​ ​ ​ ​ ​ ​ ​ 270,033 ​ ​ ​ ​ ​ ​ ​ 218,194 ​ ​ ​ ​ ​ ​ ​ Total liabilities ​ 12,335,522 ​ ​ ​ ​ 12,410,199 ​ ​ ​ ​ ​ 11,297,960 ​ ​ ​ ​ ​ ​ ​ Stockholders' equity ​ 1,283,267 ​ ​ ​ ​ 1,215,016 ​ ​ ​ ​ ​ 1,168,802 ​ ​ ​ ​ ​ ​ ​ Total liabilities and stockholders' equity ​ $ 13,618,789 ​ ​ ​ ​ $ 13,625,215 ​ ​ ​ ​ $ 12,466,762 ​ ​ ​ ​ ​ ​ ​ Net interest income ​ ​ ​ ​ $ 318,054 ​ ​ ​ ​ $ 316,571 ​ ​ ​ ​ ​ $ 379,863 ​ ​ ​ ​ Net interest rate spread (4) ​ ​ ​ ​ ​ 1.36 % ​ ​ ​ 1.49 % ​ ​ ​ ​ ​ ​ ​ 2.93 % Net interest-earning assets ​ $ 3,873,227 ​ ​ ​ ​ ​ ​ $ 3,833,647 ​ ​ ​ ​ ​ ​ $ 4,495,377 ​ ​ ​ ​ ​ ​ ​ Net interest margin (5) ​ ​ ​ ​ 2.48 % ​ ​ ​ 2.46 % ​ ​ ​ ​ ​ ​ 3.25 % Ratio of interest-earning assets to interest-bearing liabilities ​ ​ ​ ​ ​ 143.21 % ​ ​ ​ 142.53 % ​ ​ ​ ​ ​ ​ 162.53 % Deposits (including non-interest-bearing checking accounts) (2) ​ $ 11,051,178 ​ $ 284,745 2.58 % $ 10,541,167 ​ $ 219,045 ​ 2.08 % $ 10,455,920 ​ ​ 38,433 ​ ​ 0.37 % (1) Business loans include commercial and industrial loans (“C&I”), owner-occupied commercial real estate loans and SBA Paycheck Protection Program (“PPP”) loans.
Biggest changeThe increase in net loan fees was primarily due to increases in deferred fees and prepayment penalty fees on loans in 2025. 28 Table of Contents Average Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2025 ​ 2024 ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ ​ Yield/ ​ Average ​ ​ ​ Yield/ ​ Average ​ ​ ​ ​ Yield/ ​ ​ ​ ​ ​ Balance ​ ​ ​ Interest ​ Cost ​ ​ ​ Balance ​ ​ ​ Interest Cost ​ ​ ​ Balance ​ ​ ​ Interest ​ ​ ​ Cost ​ Assets: (Dollars in thousands) Interest-earning assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Business loans (1) (3) (6) ​ $ 2,915,035 ​ $ 195,250 ​ 6.70 % $ 2,500,904 ​ $ 175,604 ​ 7.02 % $ 2,246,442 ​ $ 147,530 ​ ​ 6.57 % One-to-four family residential and coop/condo apartment (3) (6) ​ ​ 1,001,532 ​ ​ 47,102 ​ 4.70 ​ ​ 910,096 ​ ​ 41,823 ​ 4.60 ​ ​ 847,706 ​ ​ 35,148 ​ ​ 4.15 ​ Multifamily residential and residential mixed-use (3) (6) ​ ​ 3,646,284 ​ ​ 165,962 ​ 4.55 ​ ​ 3,927,197 ​ ​ 181,736 ​ 4.63 ​ ​ 4,096,025 ​ ​ 180,286 ​ ​ 4.40 ​ Non-owner-occupied commercial real estate (3) (6) ​ ​ 3,103,489 ​ ​ 162,740 ​ 5.24 ​ ​ 3,323,299 ​ ​ 177,173 ​ 5.33 ​ ​ 3,353,805 ​ ​ 171,475 ​ ​ 5.11 ​ Acquisition, development, and construction ("ADC") (3) ​ ​ 137,824 ​ ​ 11,882 ​ 8.62 ​ ​ 155,279 ​ ​ 13,936 ​ 8.97 ​ ​ 214,106 ​ ​ 19,656 ​ ​ 9.18 ​ Other loans (3) ​ 6,837 ​ 116 ​ 1.70 ​ 5,046 ​ 220 ​ 4.36 ​ 6,514 ​ 393 ​ ​ 6.03 ​ Total loans ​ ​ 10,811,001 ​ ​ 583,052 ​ 5.39 ​ ​ 10,821,821 ​ ​ 590,492 ​ 5.46 ​ ​ 10,764,598 ​ ​ 554,488 ​ ​ 5.15 ​ Securities ​ 1,356,423 ​ 45,368 ​ 3.34 ​ 1,515,962 ​ 33,563 ​ 2.21 ​ 1,640,066 ​ 32,179 ​ 1.96 ​ Other short-term investments ​ 1,367,094 ​ 57,022 ​ 4.17 ​ 499,633 ​ 26,094 ​ 5.22 ​ 442,574 ​ 22,693 ​ 5.13 ​ Total interest-earning assets ​ 13,534,518 ​ ​ 685,442 ​ 5.06 % 12,837,416 ​ ​ 650,149 ​ 5.06 % 12,847,238 ​ ​ 609,360 ​ ​ 4.74 % Non-interest earning assets ​ 800,280 ​ ​ ​ ​ ​ 781,373 ​ ​ ​ ​ ​ 777,977 ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 14,334,798 ​ ​ ​ ​ ​ ​ $ 13,618,789 ​ ​ ​ ​ ​ ​ $ 13,625,215 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities and Stockholders' Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest-bearing liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest-bearing checking ​ $ 1,041,965 ​ $ 19,987 1.92 % $ 731,709 ​ $ 12,472 1.70 % $ 775,904 ​ $ 8,562 ​ ​ 1.10 % Money market ​ 4,314,464 ​ 130,741 3.03 ​ 3,650,266 ​ 134,367 3.68 ​ ​ 2,882,859 ​ 83,950 ​ ​ 2.91 ​ Savings (2) ​ 1,870,216 ​ 52,893 2.83 ​ 2,177,372 ​ 80,239 3.69 ​ ​ 2,311,275 ​ 73,270 ​ ​ 3.17 ​ Certificates of deposit ("CDs") ​ 1,072,589 ​ 36,510 3.40 ​ 1,351,408 ​ 57,667 4.27 ​ ​ 1,444,554 ​ 53,263 ​ ​ 3.69 ​ Total interest-bearing deposits ​ 8,299,234 ​ 240,131 2.89 ​ 7,910,755 ​ 284,745 3.60 ​ ​ 7,414,592 ​ ​ 219,045 ​ ​ 2.95 ​ FHLBNY advances ​ 508,274 ​ ​ 16,417 3.23 ​ 699,940 ​ ​ 27,268 3.90 ​ ​ 1,251,871 ​ ​ 56,140 ​ ​ 4.48 ​ Subordinated debt, net ​ ​ 272,408 ​ ​ 17,427 ​ 6.40 ​ ​ 236,738 ​ ​ 13,765 ​ 5.81 ​ ​ 200,243 ​ ​ 10,212 ​ ​ 5.10 ​ Other short-term borrowings ​ ​ 208 ​ ​ 15 ​ 7.21 ​ ​ 189 ​ ​ 3 ​ 1.59 ​ ​ 3,150 ​ ​ 120 ​ ​ 3.81 ​ Total borrowings ​ ​ 780,890 ​ ​ 33,859 ​ 4.34 ​ ​ 936,867 ​ ​ 41,036 ​ 4.38 ​ ​ 1,455,264 ​ ​ 66,472 ​ ​ 4.57 ​ Derivative cash collateral ​ ​ 74,867 ​ ​ 3,454 ​ 4.61 ​ ​ 116,567 ​ ​ 6,314 ​ 5.42 ​ ​ 143,735 ​ ​ 7,272 ​ ​ 5.06 ​ Total interest-bearing liabilities ​ ​ 9,154,991 ​ ​ 277,444 ​ 3.03 % ​ 8,964,189 ​ ​ 332,095 ​ 3.70 % ​ 9,013,591 ​ ​ 292,789 ​ ​ 3.25 % Non-interest-bearing checking (2) ​ ​ 3,538,436 ​ ​ ​ ​ ​ ​ ​ 3,140,423 ​ ​ ​ ​ ​ ​ ​ 3,126,575 ​ ​ ​ ​ ​ ​ ​ Other non-interest-bearing liabilities ​ ​ 192,037 ​ ​ ​ ​ ​ ​ ​ 230,910 ​ ​ ​ ​ ​ ​ ​ 270,033 ​ ​ ​ ​ ​ ​ ​ Total liabilities ​ 12,885,464 ​ ​ ​ ​ 12,335,522 ​ ​ ​ ​ ​ 12,410,199 ​ ​ ​ ​ ​ ​ ​ Stockholders' equity ​ 1,449,334 ​ ​ ​ ​ 1,283,267 ​ ​ ​ ​ 1,215,016 ​ ​ ​ ​ ​ ​ ​ Total liabilities and stockholders' equity ​ $ 14,334,798 ​ ​ ​ ​ $ 13,618,789 ​ ​ ​ ​ $ 13,625,215 ​ ​ ​ ​ ​ ​ ​ Net interest income ​ ​ ​ ​ $ 407,998 ​ ​ ​ ​ $ 318,054 ​ ​ ​ ​ ​ $ 316,571 ​ ​ ​ ​ Net interest rate spread (4) ​ ​ ​ ​ ​ 2.03 % ​ ​ ​ 1.36 % ​ ​ ​ ​ ​ ​ ​ 1.49 % Net interest-earning assets ​ $ 4,379,527 ​ ​ ​ ​ ​ ​ $ 3,873,227 ​ ​ ​ ​ ​ ​ $ 3,833,647 ​ ​ ​ ​ ​ ​ ​ Net interest margin (5) ​ ​ ​ ​ 3.01 % ​ ​ ​ 2.48 % ​ ​ ​ ​ ​ ​ 2.46 % Ratio of interest-earning assets to interest-bearing liabilities ​ ​ ​ ​ ​ 147.84 % ​ ​ ​ 143.21 % ​ ​ ​ ​ ​ ​ 142.53 % Deposits (including non-interest-bearing checking accounts) (2) ​ $ 11,837,670 ​ $ 240,131 2.03 % $ 11,051,178 ​ $ 284,745 ​ 2.58 % $ 10,541,167 ​ ​ 219,045 ​ ​ 2.08 % (1) Business loans include commercial and industrial loans (“C&I”), owner-occupied commercial real estate loans (“CRE”) and Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans.
We use the term “Holding Company” to refer solely to Dime Community Bancshares, Inc. and not to our consolidated subsidiary. Overview Dime Community Bancshares, Inc., a New York corporation, is a bank holding company formed in 1988. On a parent-only basis, the Holding Company has minimal operations, other than as owner of Dime Community Bank.
We use the term “Holding Company” to refer solely to Dime Community Bancshares, Inc. and not to our consolidated subsidiary. Overview Dime Community Bancshares, Inc., a New York corporation, is a bank holding company formed in 1988. On a parent-only basis, the Company has minimal operations, other than as owner of Dime Community Bank.
During 2024, non-interest income decreased by $40.2 million, provision for credit losses increased by $33.3 million and non-interest expense increased by $13.4 million, partially offset by an increase in net interest income of $1.5 million and a decrease in income tax expense of $18.4 million.
During 2024, non-interest income decreased by $40.2 million, non-interest expense increased by $13.4 million and provision for credit losses increased by $33.3 million, partially offset by an increase in net interest income of $1.5 million and a decrease in income tax expense of $18.4 million.
The increase in interest expense on money market accounts primarily reflects a $767.4 million increase in the average balances of money market accounts and a 77-basis point increase in rates paid on such deposits in the period.
The increase in interest expense on deposits primarily reflects a $767.4 million increase in the average balances of money market accounts and a 77-basis point increase in rates paid on such deposits in the period.
The Holding Company is dependent on dividends from its wholly-owned subsidiary, Dime Community Bank, its own earnings, additional capital raised, and borrowings as sources of funds. The information in this report reflects principally the financial condition and results of operations of the Bank.
The Company is dependent on dividends from its wholly-owned subsidiary, Dime Community Bank, its own earnings, additional capital raised, and borrowings as sources of funds. The information in this report reflects principally the financial condition and results of operations of the Bank.
The 30 to 59-day delinquency levels fluctuate monthly, and are generally considered a less accurate indicator of near-term credit quality trends than non-accrual loans. Loans Delinquent 60 to 89 Days At December 31, 2024, we had loans totaling $31.3 million that were past due between 60 and 89 days, compared to $1.3 million at December 31, 2023.
The 30 to 59-day delinquency levels fluctuate monthly, and are generally considered a less accurate indicator of near-term credit quality trends than non-accrual loans. Loans Delinquent 60 to 89 Days At December 31, 2025, we had loans totaling $30.1 million that were past due between 60 and 89 days, compared to $31.3 million at December 31, 2024.
Note 1 Summary of Significant Accounting Policies (page 53), to the Company’s Audited Consolidated Financial Statement for the year ended December 31, 2024 contains a summary of significant accounting policies. These critical accounting estimates involve a significant degree of complexity and require management to make difficult and subjective judgments which often necessitate assumptions or estimates about highly uncertain matters.
Note 1 Summary of Significant Accounting Policies (page 53), to the Company’s Audited Consolidated Financial Statement for the year ended December 31, 2025 contains a summary of significant accounting policies. These critical accounting estimates involve a significant degree of complexity and require management to make difficult and subjective judgments which often necessitate assumptions or estimates about highly uncertain matters.
The Company had no outstanding securities sold under agreements to repurchase (“repurchase agreements”) at December 31, 2024 or December 31, 2023. Liquidity and Capital Resources The Board of Directors of the Bank has approved a liquidity policy that it reviews and updates at least annually. Senior management is responsible for implementing the policy.
The Company had no outstanding securities sold under agreements to repurchase (“repurchase agreements”) at December 31, 2025 or December 31, 2024. Liquidity and Capital Resources The Board of Directors of the Bank has approved a liquidity policy that it reviews and updates at least annually. Senior management is responsible for implementing the policy.
The 60 to 89-day delinquency levels fluctuate monthly, and are generally considered a less accurate indicator of near-term credit quality trends than non-accrual loans. Accruing Loans 90 Days or More Past Due There were no accruing loans 90 days or more past due at December 31, 2024 or 2023.
The 60 to 89-day delinquency levels fluctuate monthly, and are generally considered a less accurate indicator of near-term credit quality trends than non-accrual loans. Accruing Loans 90 Days or More Past Due There were no accruing loans 90 days or more past due at December 31, 2025 or 2024.
We typically seek to dispose of OREO properties in a timely manner. As a result, OREO properties have generally not warranted subsequent independent appraisals. There was no carrying value of OREO properties on our consolidated statements of financial condition at December 31, 2024 or December 31, 2023.
We typically seek to dispose of OREO properties in a timely manner. As a result, OREO properties have generally not warranted subsequent independent appraisals. There was no carrying value of OREO properties on our Consolidated Statements of Financial Condition at December 31, 2025 or December 31, 2024.
Such agencies may require the Bank to recognize adjustments to the allowance based on their judgments of the information available to them at the time of their examination. Comparison of Operating Results For The Years Ended December 31, 2024, 2023 and 2022 General.
Such agencies may require the Bank to recognize adjustments to the allowance based on their judgments of the information available to them at the time of their examination. Comparison of Operating Results For The Years Ended December 31, 2025, 2024 and 2023 General.
See Note 3 of our Consolidated Financial Statements for a discussion of evaluation for impaired securities.
See Note 3 of our Consolidated Financial Statements for a discussion and evaluation for impaired securities.
Loan Maturity and Repricing The following table presents the portfolio of fixed and adjustable rate loans (“ARMs”) by the earlier of the maturity or next reprice date as of December 31, 2024.
Loan Maturity and Repricing The following table presents the portfolio of fixed and adjustable rate loans (“ARMs”) by the earlier of the maturity or next reprice date as of December 31, 2025.
The Bank may also sell or securitize selected multifamily residential, mixed-use or one-to-four family residential real estate loans to private sector secondary market purchasers and has in the past sold such loans to FNMA and Federal Home Loan Mortgage Corporation (“FHLMC”). The Company may additionally issue debt or equity under appropriate circumstances.
The Bank may also sell or securitize selected multifamily residential, mixed-use or one-to-four family residential real estate loans to private sector secondary market purchasers and has in the past sold such loans to Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corporation (“FHLMC”). The Company may additionally issue debt or equity under appropriate circumstances.
In the event that the Bank should require funds beyond its ability or desire to generate them internally, additional sources of liquidity are available through its collateralized borrowing lines at the FHLBNY and the FRB, as well as unsecured borrowing capacity through the AFX and lines of credit with unaffiliated correspondent banks.
In the event that the Bank should require funds beyond its ability or desire to generate them internally, additional sources of liquidity are available through its collateralized borrowing lines at the FHLBNY and the Federal Reserve Bank (“FRB”), as well as unsecured borrowing capacity through the AFX and lines of credit with unaffiliated correspondent banks.
Available lines of credit may not be drawn on or may expire prior to funding, in whole or in part, and amounts are not estimates of future cash flows. As of December 31, 2024, the Bank had $77.8 million of firm loan commitments that were accepted by the borrowers.
Available lines of credit may not be drawn on or may expire prior to funding, in whole or in part, and amounts are not estimates of future cash flows. As of December 31, 2025, the Bank had $115.8 million of firm loan commitments that were accepted by the borrowers.
The increased interest income from short-term investments was primarily due to an increase of $57.1 million in the average balances of short-term investments and a 9-basis point increase in yield of such investments in the period.
The increased 30 Table of Contents interest income from short-term investments was primarily due to an increase of $57.1 million in the average balances of short-term investments and a 9-basis point increase in yield of such investments in the period.
During 2024, interest income increased $40.7 million from 2023, primarily reflecting increases in interest income of $28.1 million on business loans, $6.7 million on one-to-four family loans, $5.7 million on non-owner-occupied CRE loans, $3.4 million on other short-term investments, $1.5 million on multifamily loans, and $1.4 million in securities.
During 2024, interest income increased $40.7 million from 2023, primarily reflecting increases in interest income of $28.1 million on business loans, $6.7 million on one-to-four family loans, $5.7 million on non-owner-occupied Commercial Real Estate loans, $3.4 million on other short-term investments, $1.5 million on multifamily loans, and $1.4 million in securities.
Although management believes that it uses the best information available to establish the Allowance for Credit Loss, management assesses the sensitivity of key quantitative assumptions including macroeconomic forecasts and prepayment rate assumptions.
Although management believes that it uses the best information available to establish the Allowance for Credit Losses (“ACL”), management assesses the sensitivity of key quantitative assumptions including macroeconomic forecasts and prepayment rate assumptions.
At December 31, 2024, the Bank had remaining borrowing capacity of $1.84 billion through the FHLBNY, subject to customary minimum FHLBNY common stock ownership requirements ( i.e. , 4.5% of the Bank’s drawn FHLBNY borrowings). The Bank also had access to the FRB Discount Window.
At December 31, 2025, the Bank had remaining borrowing capacity of $1.52 billion through the FHLBNY, subject to customary minimum FHLBNY common stock ownership requirements ( i.e. , 4.5% of the Bank’s drawn FHLBNY borrowings). The Bank also had access to the FRB Discount Window.
The weighted average duration of our securities available-for-sale approximated 2.9 years as of December 31, 2024, when giving consideration to anticipated repayments or possible prepayments, which is significantly less than their weighted average maturity.
The weighted average duration of our securities available-for-sale approximated 2.7 years as of December 31, 2025, when giving consideration to anticipated repayments or possible prepayments, which is significantly less than their weighted average maturity.
The increased interest income on non-owner-occupied CRE loans was primarily due to a 22-basis point increase in yield of non-owner-occupied CRE loans, offset by a decrease of $30.5 million in the average balances of such loans in the period.
The increased interest income on non-owner-occupied Commercial Real Estate loans was primarily due to a 22-basis point increase in yield of non-owner-occupied Commercial Real Estate loans, offset by a decrease of $30.5 million in the average balances of such loans in the period.
We obtain an 36 Table of Contents updated appraisal upon the commencement of legal action to calculate a potential collateral shortfall and to reserve appropriately for the potential loss.
We obtain an updated appraisal upon the commencement of legal action to calculate a potential collateral shortfall and to reserve appropriately for the potential loss.
The Holding Company paid $38.0 million and $37.3 million in cash dividends on its common stock during the years ended December 31, 2024 and 2023, respectively. Contractual Obligations The Bank generally has borrowings outstanding in the form of FHLBNY advances, short-term or overnight borrowings, subordinated debt, as well as customer CDs with fixed contractual interest rates.
The Company paid $42.9 million and $38.0 million in cash dividends on its common stock during the years ended December 31, 2025 and 2024, respectively. Contractual Obligations The Bank generally has borrowings outstanding in the form of FHLBNY advances, short-term or overnight borrowings, subordinated debt, as well as customer CDs with fixed contractual interest rates.
We may experience significant credit losses if borrowers experience financial difficulties, which could have a material adverse effect on our operating results. In addition, various regulatory agencies, as an integral part of the examination process, periodically review the allowance for credit losses.
We may experience significant credit losses if borrowers experience financial difficulties, which could have a material adverse effect on our operating results. 27 Table of Contents In addition, various federal bank regulatory agencies (“Agencies”), as an integral part of the examination process, periodically review the allowance for credit losses.
Reserve for Unfunded Loan Commitments We maintain a reserve, recorded in other liabilities, associated with unfunded loan commitments accepted by the borrower. The amount of reserve was $2.7 million at December 31, 2024 and 2023, respectively. This reserve is determined based upon the outstanding volume of unfunded loan commitments at each period end.
Reserve for Unfunded Loan Commitments The Bank maintains a reserve, recorded in other liabilities, associated with unfunded loan commitments accepted by the borrower. The amount of reserve was $2.2 million and $2.7 million at December 31, 2025 and 2024, respectively. This reserve is determined based upon the outstanding volume of unfunded loan commitments at each period end.
During 2024, non-interest income decreased $40.2 million from 2023, primarily due to a increase of $41.4 million from net loss on sale of securities as a result of a securities portfolio restructuring in 2024 and a decrease of $5.0 million in loan level derivative income, partially offset by an increase of $7.2 million from a gain on sale of other assets.
During 2024, non-interest income decreased $40.2 million from 2023, primarily due to an increase of $41.4 million in net loss on sale of securities resulting from the 2024 securities 31 Table of Contents portfolio restructuring and a decrease of $5.0 million in loan level derivative income, partially offset by an increase of $7.2 million from a gain on sale of other assets.
The Bank had $608.0 million of FHLBNY advances outstanding at December 31, 2024, and $1.31 billion at December 31, 2023. The Bank maintained sufficient collateral, as defined by the FHLBNY (principally in the form of real estate loans), to secure such advances.
The Bank had $508.0 million of FHLBNY advances outstanding at December 31, 2025, and $608.0 million at December 31, 2024. The Bank maintained sufficient collateral, as defined by the FHLBNY (principally in the form of real estate loans), to secure such advances.
When warranted, loans reaching a Substandard rating could be reassigned to the Workout Group for direct handling. Non-accrual Loans Within our held-for-investment loan portfolio, non-accrual loans totaled $49.5 million at December 31, 2024 and $29.1 million at December 31, 2023.
When warranted, loans reaching a Substandard rating could be reassigned to the Workout Group for direct handling. Non-accrual Loans Within our held-for-investment loan portfolio, non-accrual loans totaled $52.3 million at December 31, 2025 and $49.5 million at December 31, 2024.
The Bank reduced its outstanding FHLBNY advances by $705.0 million during the year ended December 31, 2024, compared to a $182.0 million increase during the year ended December 31, 2023. See Note 12. “Federal Home Loan Bank Advances” to our Consolidated Financial Statements for further information.
The Bank reduced its outstanding FHLBNY advances by $100.0 million during the year ended December 31, 2025, compared to a $705.0 million reduction during the year ended December 31, 2024. See Note 12. “Federal Home Loan Bank Advances” to our Consolidated Financial Statements for further information.
Non-owner occupied commercial real estate loans represent 30% and 31% of total loans held for investment as of December 31, 2024 and December 31, 2023, respectively. Multifamily residential and residential mixed-use loans made up 35% and 37% of total loans held for investment as of December 31, 2024 and December 31, 2023, respectively.
Non-owner-occupied commercial real estate loans represent 27% and 30% of total loans held for investment as of December 31, 2025 and 2024, respectively. Multifamily residential and residential mixed-use loans made up 32% and 35% of total loans held for investment as of December 31, 2025 and 2024, respectively.
The increase in core deposits during the 2024 period was primarily due to an increase in money market deposits, interest bearing checking and non interest-bearing checking accounts. During 2024, the Company made significant investments in its Private and Commercial Bank, including the hiring and onboarding of several deposit-gathering teams.
The increase in core deposits during the 2025 period was primarily due to an increase in money market deposits, non interest bearing checking and interest-bearing checking accounts, partially offset by a decrease in savings accounts. During 2025 and 2024, the Company made significant investments in its Private and Commercial Bank, including the hiring and onboarding of several deposit-gathering teams.
We did not recognize any provisions for losses on OREO properties during the years ended December 31, 2024, 2023 or 2022. 37 Table of Contents Past Due Loans Loans Delinquent 30 to 59 Days At December 31, 2024, we had loans totaling $10.3 million that were past due between 30 and 59 days, compared to $12.0 million at December 31, 2023.
We did not recognize any provisions for losses on OREO properties during the years ended December 31, 2025, 2024 or 2023. 38 Table of Contents Past Due Loans Loans Delinquent 30 to 59 Days At December 31, 2025, we had loans totaling $28.8 million that were past due between 30 and 59 days, compared to $10.3 million at December 31, 2024.
Any increases or reductions in this reserve are recognized in provision for credit losses. Allowance for Credit Losses Provision for credit losses of $36.1 million and $2.8 million were recorded during the twelve-month periods ended December 31, 2024 and 2023, respectively.
Any increases or reductions in this reserve are recognized in provision for credit losses. Allowance for Credit Losses Provision for credit losses of $43.0 million and $36.1 million were recorded during the twelve-month periods ended December 31, 2025 and 2024, respectively.
The yields include loan fees consisting of amortization of loan origination and commitment fees and certain direct and indirect origination costs, prepayment fees, and late charges that are considered adjustments to yields. Loan fees included in interest income were $1.0 million in 2024, $1.5 million in 2023, and $3.1 million in 2022.
The yields include loan fees consisting of amortization of loan origination and commitment fees and certain direct and indirect origination costs, prepayment penalty fees, and late charges that are considered adjustments to yields. Net loan fees included in interest income were $4.2 million in 2025, $1.0 million in 2024, and $1.5 million in 2023.
At December 31, 2024 and 2023, the Bank had recorded servicing right assets ("SRAs") of $2.4 million and $2.9 million, respectively, associated with the sale of loans to third-party institutions in which the Bank retained the servicing of the loan.
At December 31, 2025 and 2024, the Bank had recorded servicing rights assets ("SRAs") of $2.1 million and $2.4 million, respectively, associated with the sale of loans to third-party institutions in which the Bank retained the servicing of the loan.
During 2024, non-interest expense increased $13.4 million from 2023, primarily due to a $18.7 million increase in salaries and employee benefits as the Bank continued to add business teams and a $2.5 million increase in professional services, partially offset by a $7.8 million decrease in severance expense.
During 2024, non-interest expense increased $13.4 million from 2023, primarily due to a $18.7 million increase in salaries and employee benefits and a $2.5 million increase in professional services, partially offset by a $7.8 million decrease in severance expense.
During the year ended December 31, 2024 and 2023, real estate loan originations (excluding owner-occupied commercial real estate) totaled $199.6 million and $653.7 million, respectively. The Company and the Bank are subject to minimum regulatory capital requirements imposed by its primary federal regulator.
During the year ended December 31, 2025 and 2024, real estate loan originations excluding new lines (excluding owner-occupied commercial real estate) totaled $298.9 million and $199.6 million, respectively. The Company and the Bank are subject to minimum regulatory capital requirements imposed by its primary federal regulator.
For further discussion of the allowance for credit losses and related activity during the years ended December 31, 2024, 2023 and 2022, please see Note 4 to the Consolidated Financial Statements.
For further discussion of the allowance for credit losses and related activity during the years ended December 31, 2025, 2024 and 2023, please see Note 4 “Loans Held for Investment, Net” to the Consolidated Financial Statements.
During 2022, net interest income increased by $22.3 million, provision for credit losses decreased by $839 thousand, and non-interest expense decreased by $44.6 million, partially offset by a non-interest income decrease of $3.9 million and an income tax expense increase of $15.2 million. ​ The discussion of net interest income for the years ended December 31, 2024, 2023, and 2022 should be read in conjunction with the following tables, which set forth certain information related to the consolidated statements of operations for those periods, and which also present the average yield on assets and average cost of liabilities for the periods indicated.
During 2023, net interest income decreased by $63.3 million, non-interest expense increased by $12.4 million and non-interest income decreased by $2.0 million, partially offset by a decrease of $18.6 million in income tax expense and a decrease of $2.6 million in provision for credit losses. ​ The discussion of net interest income for the years ended December 31, 2025, 2024, and 2023 should be read in conjunction with the following tables, which set forth certain information related to the Consolidated Statements of Operations for those periods, and which also present the average yield on assets and average cost of liabilities for the periods indicated.
At December 31, 2024, an available line of credit totaling $394.6 million was in place at the FRB backed by investment securities with no advances drawn.
At December 31, 2025, an available line of credit totaling $349.2 million was in place at the FRB backed by investment securities with no advances drawn.
The maximum exposure under this reimbursement obligation is $28.0 million. The Bank has pledged $28.0 million of pass-through MBS issued by GSEs as collateral. Recently Issued Accounting Standards For a discussion of the impact of recently issued accounting standards, please see Note 1 to the Company’s Consolidated Financial Statements. ​ ​
The maximum exposure under this reimbursement obligation is $28.0 million. The Bank has pledged $27.9 million of pass-through MBS issued by U.S. Government-Sponsored Enterprises (“U.S. GSEs”) as collateral. Recently Issued Accounting Standards For a discussion of the impact of recently issued accounting standards, please see Note 1 to the Company’s Consolidated Financial Statements. ​ ​
Critical Accounting Estimates Critical accounting estimates are those estimates made in accordance with Generally Accepted Accounting Principles that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on the financial condition or the results of the operations of the Registrant.
Generally Accepted Accounting Principles (“GAAP”) that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on the financial condition or the results of the operations of the Registrant.
The following table presents the weighted average contractual maturity of our securities available-for-sale: ​ ​ ​ ​ ​ December 31, (In years) ​ 2024 Agency notes ​ 1.85 Corporate securities ​ 5.90 Pass-through MBS issued by U.S.
The following table presents the weighted average contractual maturity of our securities available-for-sale at December 31, 2025: ​ ​ ​ (In years) ​ ​ Agency notes ​ 0.85 Corporate securities ​ 6.85 Pass-through MBS issued by U.S.
The Bank is a member of American Financial Exchange (“AFX”), through which it may either borrow or lend funds on an overnight or short-term basis with other member institutions. The availability of funds changes daily.
The Bank is a member of American Financial Exchange (“AFX”), through which it may either borrow or lend funds on an overnight or short-term basis with other member institutions. The availability of funds changes daily. At December 31, 2025, the Bank did not utilize funds available through the AFX.
The increase in interest expense on money market accounts was primarily due to a 254-basis point increase in rates paid on money market accounts, offset by a decrease of $88.5 million in the average balances of such deposits in the period.
The decrease in interest expense on money market accounts was due to a 65-basis point decrease in rates paid on money market accounts, partially offset by a $664.2 million increase in average balances of such deposits in the period.
Total deposits (including mortgage escrow deposits) increased $1.16 billion during the year ended December 31, 2024 compared to an increase of $276.2 million during the year ended December 31, 2023. Within deposits, core deposits ( i.e., non-CDs) increased $1.74 billion during the year ended December 31, 2024 and decreased $216.1 million during the year ended December 31, 2023.
Total deposits (including mortgage escrow deposits) increased $1.16 billion during the year ended December 31, 2025 and $1.16 billion during the year ended December 31, 2024, respectively. Within deposits, core deposits ( i.e., non-CDs) increased $1.26 billion during the year ended December 31, 2025 compared to an increase of $1.74 billion during the year ended December 31, 2024.
The following table presents our allowance for credit losses allocated by loan type and the percent of each to total loans at the dates indicated. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ 2022 ​ ​ ​ ​ ​ ​ Percent ​ ​ ​ ​ ​ Percent ​ ​ ​ ​ ​ Percent ​ ​ ​ ​ ​ ​ of Loans ​ ​ ​ ​ ​ of Loans ​ ​ ​ ​ ​ of Loans ​ ​ ​ ​ ​ ​ in Each ​ ​ ​ ​ ​ in Each ​ ​ ​ ​ ​ in Each ​ ​ ​ ​ ​ ​ Category ​ ​ ​ ​ ​ Category ​ ​ ​ ​ ​ Category ​ ​ ​ Allocated ​ to Total ​ ​ Allocated ​ to Total ​ ​ Allocated ​ to Total ​ (Dollars in thousands) ​ Amount Loans ​ Amount Loans ​ Amount Loans Business loans ​ $ 42,898 ​ 25.08 % ​ $ 35,962 ​ 21.44 % ​ ​ 47,029 ​ 20.93 ​ One-to-four family residential and cooperative/condominium apartment ​ ​ 9,501 ​ 8.75 ​ ​ ​ 6,813 ​ 8.24 ​ ​ ​ 5,969 ​ 7.32 ​ Multifamily residential and residential mixed-use ​ 11,946 ​ 35.16 ​ ​ ​ 7,237 ​ 37.31 ​ ​ ​ 8,360 ​ 38.11 ​ Non-owner-occupied commercial real estate ​ 21,876 ​ 29.72 ​ ​ ​ 19,623 ​ 31.39 ​ ​ ​ 20,153 ​ 31.40 ​ ADC ​ 2,323 ​ 1.25 ​ ​ ​ 1,989 ​ 1.57 ​ ​ ​ 1,723 ​ 2.17 ​ Other loans ​ 207 ​ 0.04 ​ ​ ​ 119 ​ 0.05 ​ ​ ​ 273 ​ 0.07 ​ Total ​ $ 88,751 100.00 % ​ $ 71,743 100.00 % ​ $ 83,507 100.00 % ​ 38 Table of Contents The following table sets forth information about our allowance for credit losses at or for the dates indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At or for the Year Ended December 31, (Dollars in thousands) 2024 2023 2022 Total loans outstanding at end of period (1) $ 10,869,328 ​ $ 10,766,837 ​ $ 10,566,831 ​ Average total loans outstanding during the period (2) 10,821,821 ​ 10,764,598 ​ 9,747,887 ​ Allowance for credit losses balance at end of period 88,751 ​ 71,743 ​ 83,507 ​ Allowance for credit losses to total loans at end of period 0.82 % 0.67 % 0.79 % Non-performing loans to total loans at end of period ​ 0.46 ​ ​ 0.27 ​ ​ 0.32 ​ Allowance for credit losses to total non-performing loans at end of period 179.37 ​ 246.55 ​ 243.91 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ratio of net charge-offs to average loans outstanding during the period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Business loans ​ 0.30 % ​ 1.37 % ​ 0.77 % One-to-four family residential and cooperative/condominium apartment ​ — ​ ​ — ​ ​ — ​ Multifamily residential and residential mixed-use ​ 0.12 ​ ​ — ​ ​ — ​ Non-owner-occupied commercial real estate ​ 0.21 ​ ​ — ​ ​ — ​ ADC ​ — ​ ​ — ​ ​ — ​ Other loans ​ 1.80 ​ ​ 4.34 ​ ​ 0.42 ​ Total ​ 0.18 ​ ​ 0.14 ​ ​ 0.07 ​ (1) Total loans represent gross loans (excluding loans held for sale), fair value hedge basis point adjustments, inclusive of deferred fees/costs and premiums/discounts.
The following table presents our allowance for credit losses allocated by loan type and the percent of each to total loans at the dates indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2025 ​ ​ 2024 ​ ​ 2023 ​ ​ ​ ​ ​ ​ Percent ​ ​ ​ ​ ​ Percent ​ ​ ​ ​ ​ Percent ​ ​ ​ ​ ​ ​ of Loans ​ ​ ​ ​ ​ of Loans ​ ​ ​ ​ ​ of Loans ​ ​ ​ ​ ​ ​ in Each ​ ​ ​ ​ ​ in Each ​ ​ ​ ​ ​ in Each ​ ​ ​ ​ ​ ​ Category ​ ​ ​ ​ ​ Category ​ ​ ​ ​ ​ Category ​ ​ ​ Allocated ​ to Total ​ ​ Allocated ​ to Total ​ ​ Allocated ​ to Total ​ (Dollars in thousands) ​ Amount ​ ​ ​ Loans ​ ​ ​ ​ Amount ​ ​ ​ Loans ​ ​ ​ ​ Amount ​ ​ ​ Loans ​ ​ ​ Business loans ​ $ 49,770 ​ 30.12 % ​ $ 42,898 ​ 25.08 % ​ ​ 35,962 ​ 21.44 ​ One-to-four family residential and coop/condo apartment ​ ​ 10,034 ​ 9.63 ​ ​ ​ 9,501 ​ 8.75 ​ ​ ​ 6,813 ​ 8.24 ​ Multifamily residential and residential mixed-use ​ 14,053 ​ 31.84 ​ ​ ​ 11,946 ​ 35.16 ​ ​ ​ 7,237 ​ 37.31 ​ Non-owner-occupied commercial real estate ​ 21,130 ​ 27.26 ​ ​ ​ 21,876 ​ 29.72 ​ ​ ​ 19,623 ​ 31.39 ​ ADC ​ 2,070 ​ 1.09 ​ ​ ​ 2,323 ​ 1.25 ​ ​ ​ 1,989 ​ 1.57 ​ Other loans ​ 315 ​ 0.06 ​ ​ ​ 207 ​ 0.04 ​ ​ ​ 119 ​ 0.05 ​ Total ​ $ 97,372 100.00 % ​ $ 88,751 100.00 % ​ $ 71,743 100.00 % ​ 39 Table of Contents The following table sets forth information about our allowance for credit losses at or for the dates indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At or for the Year Ended December 31, (Dollars in thousands) ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Total loans outstanding at end of period (1) ​ $ 10,757,545 ​ $ 10,869,328 ​ $ 10,766,837 ​ Average total loans outstanding during the period (2) ​ 10,811,001 ​ 10,821,821 ​ 10,764,598 ​ Allowance for credit losses balance at end of period ​ 97,372 ​ 88,751 ​ 71,743 ​ Allowance for credit losses to total loans at end of period ​ 0.91 % 0.82 % 0.67 % Non-performing loans to total loans at end of period ​ ​ 0.49 ​ ​ 0.46 ​ ​ 0.27 ​ Allowance for credit losses to total non-performing loans at end of period ​ 186.14 ​ 179.37 ​ 246.55 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ratio of net charge-offs to average loans outstanding during the period: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Business loans ​ ​ 0.23 % ​ 0.30 % ​ 1.37 % One-to-four family residential and coop/condo apartment ​ ​ — ​ ​ — ​ ​ — ​ Multifamily residential and residential mixed-use ​ ​ — ​ ​ 0.12 ​ ​ — ​ Non-owner-occupied commercial real estate ​ ​ 0.82 ​ ​ 0.21 ​ ​ — ​ Other loans ​ ​ 0.72 ​ ​ 1.80 ​ ​ 4.34 ​ Total ​ ​ 0.30 ​ ​ 0.18 ​ ​ 0.14 ​ (1) Total loans represent gross loans (excluding loans held for sale), fair value hedge basis point adjustments, inclusive of deferred fees/costs and premiums/discounts.
Impact on Financial Condition and Results of Operations If our assumptions prove to be incorrect, the allowance for credit losses may not be sufficient to cover expected losses in the loan portfolio, resulting in additions to the allowance.
Impact on Financial Condition and Results of Operations If our assumptions prove to be incorrect, the allowance for credit losses may not be sufficient to cover expected losses in the loan portfolio, resulting in additions to the allowance. Future additions or reductions to the allowance may be necessary based on changes in economic, market or other conditions.
(2) Composition based on revenue. ​ Additional information related to the granularity in the non-owner occupied commercial real estate and multifamily residential and residential mixed-use portfolios is presented in the tables below as of December 31, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ ​ ​ ​ Number of ​ ​ Average ​ loans (Dollars in thousands) ​ Loan Size ​ > $20 million Investor commercial real estate: ​ ​ ​ ​ ​ Retail ​ $ 2,613 ​ 4 Investor Office ​ ​ 5,781 ​ 8 Warehouse/ Industrial ​ ​ 3,983 ​ 5 Hotels ​ ​ 8,781 ​ 8 Supportive housing ​ ​ 20,151 ​ 3 Medical office ​ ​ 6,423 ​ 2 Educational facility or library ​ ​ 10,060 ​ — Medical facility ​ ​ 7,608 ​ 1 Other (1) ​ ​ 1,922 ​ — ​ ​ ​ ​ ​ ​ Multifamily residential and residential mixed-use: ​ ​ ​ ​ ​ New York City (2) ​ ​ ​ ​ ​ 100% rent regulated (3) ​ ​ 2,487 ​ — Majority rent regulated (3) ​ ​ 3,810 ​ 2 Majority free market ​ ​ 3,864 ​ 7 Outside New York City ​ ​ 4,521 ​ 8 (1) Includes various property types such as gas stations, restaurants, storage facilities, and other special use properties.
(2) Composition based on revenue. ​ Additional information related to the granularity in the non-owner-occupied commercial real estate and multifamily residential and residential mixed-use portfolios is presented in the tables below. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2025 ​ ​ ​ ​ ​ Number of ​ ​ Average ​ loans (Dollars in thousands) ​ Loan Size ​ > $20 million Investor commercial real estate: ​ ​ ​ ​ ​ Retail ​ $ 2,582 ​ 3 Investor Office ​ ​ 5,964 ​ 8 Warehouse/ Industrial ​ ​ 3,805 ​ 4 Hotels ​ ​ 8,758 ​ 8 Supportive housing ​ ​ 21,107 ​ 3 Medical office ​ ​ 5,621 ​ 1 Educational facility or library ​ ​ 10,215 ​ — Medical facility ​ ​ 7,548 ​ 1 Other (1) ​ ​ 1,968 ​ — ​ ​ ​ ​ ​ ​ Multifamily residential and residential mixed-use: ​ ​ ​ ​ ​ New York City (2) ​ ​ ​ ​ ​ 100% rent regulated (3) ​ ​ 2,485 ​ — Majority rent regulated (3) ​ ​ 3,728 ​ 2 Majority free market (3) ​ ​ 3,850 ​ 6 Outside New York City ​ ​ 4,760 ​ 7 (1) Includes various property types such as gas stations, restaurants, storage facilities, and other special use properties.
The increased interest income on securities was primarily due to a 25-basis point increase in yield of securities, offset by a decrease of $124.1 million in the average balances of such securities in the period.
The increased interest income on securities was primarily due to a 25-basis point increase in yield of securities, offset by a decrease of $124.1 million in the average balances of such securities in the period. Interest Expense. Interest expense was $277.4 million in 2025, $332.1 million in 2024, and $292.8 million in 2023.
Additionally, at December 31, 2024, a line of credit totaling $3.04 billion was in place at the FRB secured by certain qualifying 1-4 family residential mortgage loans, construction loans and CRE loans with no amounts drawn. During the year ended December 31, 2024 and 2023, business loan originations totaled $371.2 million and $343.9 million, respectively.
Additionally, at December 31, 2025, a line of credit totaling $3.56 billion was in place at the FRB secured by certain qualifying one-to-four family residential mortgage loans, construction loans and CRE loans with no amounts drawn. During the year ended December 31, 2025 and 2024, business loan originations excluding new lines were $402.2 million and $371.2 million, respectively.
During the year ended December 31, 2024, business loans increased $417.6 million and one-to-four family loans increased $64.0 million, multifamily loans decreased $196.9 million, non-owner-occupied CRE loans decreased $149.1 million, and ADC loans decreased $32.3 million. ​ Loan Purchases, Sales and Servicing In the event that the Bank sells loans in the secondary market or through securitization, it generally retains servicing rights on the loans sold.
During the year ended December 31, 2025, business loans increased $514.7 million and one-to-four family loans increased $84.3 million, multifamily loans decreased $395.8 million, non-owner-occupied CRE loans decreased $297.5 million, and ADC loans decreased $19.0 million. ​ Loan Purchases, Sales and Servicing In the event that the Bank sells loans in the secondary market or through securitization, it generally retains servicing rights on the loans sold.
(3) Composition based on revenue. 35 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ ​ Number of ​ ​ Average ​ loans (Dollars in thousands) ​ Loan Size ​ > $20 million Investor commercial real estate: ​ ​ ​ ​ ​ Retail ​ $ 2,577 ​ 5 Investor Office ​ ​ 5,749 ​ 10 Warehouse/ Industrial ​ ​ 3,949 ​ 5 Hotels ​ ​ 8,025 ​ 7 Supportive housing ​ ​ 23,765 ​ 4 Medical office ​ ​ 6,823 ​ 2 Educational facility or library ​ ​ 9,595 ​ — Medical facility ​ ​ 9,454 ​ 1 Other (1) ​ ​ 2,027 ​ — ​ ​ ​ ​ ​ ​ Multifamily residential and residential mixed-use: ​ ​ ​ ​ ​ New York City (2) ​ ​ ​ ​ ​ 100% rent regulated (3) ​ ​ 2,502 ​ — Majority rent regulated (3) ​ ​ 3,819 ​ 3 Majority free market ​ ​ 3,964 ​ 10 Outside New York City ​ ​ 4,201 ​ 8 (1) Includes various property types such as gas stations, restaurants, storage facilities, and other special use properties.
(3) Composition based on revenue. 36 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ ​ ​ ​ Number of ​ ​ Average ​ loans (Dollars in thousands) ​ Loan Size ​ > $20 million Investor commercial real estate: ​ ​ ​ ​ ​ Retail ​ $ 2,613 ​ 4 Investor Office ​ ​ 5,989 ​ 9 Warehouse/ Industrial ​ ​ 3,779 ​ 4 Hotels ​ ​ 8,781 ​ 8 Supportive housing ​ ​ 20,151 ​ 3 Medical office ​ ​ 6,423 ​ 2 Educational facility or library ​ ​ 10,060 ​ — Medical facility ​ ​ 7,608 ​ 1 Other (1) ​ ​ 1,922 ​ — ​ ​ ​ ​ ​ ​ Multifamily residential and residential mixed-use: ​ ​ ​ ​ ​ New York City (2) ​ ​ ​ ​ ​ 100% rent regulated (3) ​ ​ 2,507 ​ — Majority rent regulated (3) ​ ​ 3,810 ​ 2 Majority free market (3) ​ ​ 3,904 ​ 7 Outside New York City ​ ​ 4,562 ​ 8 (1) Includes various property types such as gas stations, restaurants, storage facilities, and other special use properties.
We generally initiate foreclosure proceedings on real estate loans when a loan enters non-accrual status based upon non-payment, unless the borrower is paying in accordance with an agreed upon modified payment agreement.
Upon entering non-accrual status, the system will reverse all outstanding accrued interest receivable. 37 Table of Contents We generally initiate foreclosure proceedings on real estate loans when a loan enters non-accrual status based upon non-payment, unless the borrower is paying in accordance with an agreed upon modified payment agreement.
Net income was $29.1 million in 2024, compared to $96.1 million in 2023, and $152.6 million in 2022.
Net income was $110.7 million in 2025, compared to $29.1 million in 2024, and $96.1 million in 2023.
Brokered deposits totaled $422.8 million and $898.7 million at December 31, 2024 and 2023, respectively. Core deposit growth was used to reduce the brokered deposit position over the course of 2024. Borrowings The Bank’s total borrowing line with FHLBNY equaled $3.87 billion at December 31, 2024.
Brokered deposits totaled $200.0 million and $422.8 million at December 31, 2025 and 2024, respectively. Core deposit growth was used to reduce the brokered deposit position over the course of 2025. Borrowings The Bank’s total borrowing line with Federal Home Loan Bank New York (“FHLBNY”) equaled $3.46 billion at December 31, 2025.
Total liabilities increased $547.0 million during the year ended December 31, 2024, to $12.96 billion at period end, primarily due to an increase in deposits of $1.16 billion, an increase in subordinated debt of $72.1 million and an increase in other short-term borrowings of $50.0 million, partially offset by a decrease in FHLBNY advances of $705.0 million, and a decrease in derivative liabilities of $12.9 million.
Total liabilities increased $909.1 million during the year ended December 31, 2025, to $13.87 billion at period end, primarily due to an increase in deposits of $1.16 billion, partially offset by a decrease in FHLBNY advances of $100.0 million, a decrease in derivative cash collateral of $60.0 million, a decrease in other short-term borrowings of $50.0 million and a decrease in derivative liabilities of $34.8 million.
The Bank had $1.89 billion and $1.88 billion of public funds collateralized by securities and Municipal Letters of Credit (“MULOC”), and $1.55 billion and $680.8 million of deposits with pass through insurance as of December 31, 2024, and 2023, respectively. 40 Table of Contents ​ The following table presents the time deposits with balances exceeding the $250,000 FDIC insurance limit by maturity at December 31, 2024: ​ ​ ​ ​ ​ (Dollars in thousands) ​ ​ Three months or less ​ $ 92,786 Over three through six months ​ ​ 73,233 Over six through twelve months ​ ​ 44,118 Over twelve months ​ ​ 24,432 Total ​ $ 234,569 ​ As of December 31, 2024, the portion of uninsured time deposits in excess of the $250,000 FDIC insurance limit was $93.3 million. ​ Our Board of Directors authorized the Bank to accept brokered deposits up to an aggregate limit of 10.0% of total assets.
The Bank had $2.12 billion and $1.89 billion of public funds collateralized by securities and Municipal Letters of Credit (“MULOC”), and $1.80 billion and $1.55 billion of deposits with pass through insurance as of December 31, 2025, and 2024, respectively. 41 Table of Contents ​ The following table presents the time deposits with balances exceeding the $250,000 Federal Deposit Insurance Corporation (“FDIC”) insurance limit by maturity at December 31, 2025: ​ ​ ​ ​ ​ (Dollars in thousands) ​ ​ Three months or less ​ $ 137,680 Over three through six months ​ ​ 116,443 Over six through twelve months ​ ​ 46,170 Over twelve months ​ ​ 10,621 Total ​ $ 310,914 ​ As of December 31, 2025, the portion of uninsured time deposits in excess of the $250,000 FDIC insurance limit was $130.7 million. ​ Our Board of Directors authorized the Bank to accept brokered deposits up to an aggregate limit of 10.0% of total assets.
The following table presents variable rate loans by time to maturity as of December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ 1 year ​ 1 to 2 years ​ 2 to 3 years ​ 3 to 5 years ​ Over 5 years ​ Total Variable rate loans ​ $ 854,910 ​ $ 272,840 ​ $ 391,706 ​ $ 522,095 ​ $ 1,134,836 ​ $ 3,176,387 ​ Concentrations of Lending Activities ​ Non-owner occupied commercial real estate loans and multifamily residential and residential mixed-use loans have collectively represented the largest percentage of the Company’s loan portfolio, accounting for 65% and 69% of total loans held for investment as of December 31, 2024 and December 31, 2023, respectively.
The following table presents variable rate loans by time to maturity as of December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) Less than 1 year ​ 1 to 2 years ​ 2 to 3 years ​ 3 to 5 years ​ Over 5 years ​ Total Variable rate loans ​ $ 888,819 ​ $ 395,565 ​ $ 676,184 ​ $ 856,130 ​ $ 773,276 ​ $ 3,589,974 ​ Concentrations of Lending Activities ​ Non-owner-occupied commercial real estate loans and multifamily residential and residential mixed-use loans have collectively represented the largest percentage of the Company’s loan portfolio, accounting for 59% and 65% of total loans held for investment as of December 31, 2025 and 2024, respectively.
In addition, during 2024, the Company recorded a $1.2 million loss from a pension settlement.
In addition, during 2025, the Company recorded a $7.2 million loss from a pension settlement recorded during the first quarter of 2025.
The following tables present the composition by property type and weighted average LTV of the Company’s multifamily residential and residential mixed-use loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ Total ​ Average Rate ​ (Dollars in thousands) ​ Balance ​ LTV Multifamily residential and residential mixed-use: ​ ​ ​ ​ ​ ​ New York City (1) ​ ​ ​ ​ ​ ​ 100% rent regulated (2) ​ $ 572,054 ​ 58 % Majority rent regulated (2) ​ ​ 643,908 ​ 59 ​ Majority free market ​ ​ 1,846,525 ​ 55 ​ Total New York City ​ ​ 3,062,487 ​ 56 ​ ​ ​ ​ ​ ​ ​ ​ Outside New York City ​ ​ 757,796 ​ 59 ​ Total multifamily residential and residential mixed-use ​ $ 3,820,283 ​ 57 % (1) New York City includes the Bronx, Brooklyn, Queens, Staten Island and Manhattan.
(2) Composition based on revenue. 35 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ Total ​ Average ​ (Dollars in thousands) ​ Balance ​ LTV ​ ​ ​ Multifamily residential and residential mixed-use: ​ ​ ​ ​ ​ ​ New York City (1) ​ ​ ​ ​ ​ ​ 100% rent regulated (2) ​ $ 581,692 ​ 58 % Majority rent regulated (2) ​ ​ 643,908 ​ 59 ​ Majority free market (2) ​ ​ 1,846,525 ​ 55 ​ Total New York City ​ ​ 3,072,125 ​ 56 ​ ​ ​ ​ ​ ​ ​ ​ Outside New York City ​ ​ 748,158 ​ 59 ​ Total multifamily residential and residential mixed-use ​ $ 3,820,283 ​ 57 % (1) New York City includes the Bronx, Brooklyn, Queens, Staten Island and Manhattan.
See "Part II - Item 5, Issuer Purchases of Equity Securities" for additional information about repurchases of common stock. 42 Table of Contents The Holding Company paid $7.3 million in cash dividends on its preferred stock during the years ended December 31, 2024 and 2023, respectively.
As of December 31, 2025, up to 1,566,947 shares remained available for purchase under the authorized share repurchase programs. See "Part II - Item 5, Issuer Purchases of Equity Securities" for additional information about repurchases of common stock. The Company paid $7.3 million in cash dividends on its preferred stock during the years ended December 31, 2025 and 2024, respectively.
The weighted average duration of our securities held-to-maturity approximated 5.1 years as of December 31, 2024 when giving consideration to anticipated repayments or possible prepayments, which is significantly less than their weighted average maturity. ​ The following table presents the weighted average contractual maturity of our securities held-to-maturity at the date indicated below: ​ ​ ​ ​ ​ ​ December 31, (In years) ​ 2024 Agency notes ​ 5.26 Corporate securities ​ 8.14 Pass-through MBS issued by GSEs and agency CMOs ​ 20.88 ​ Sources of Funds ​ Deposits ​ The following table presents our deposit accounts and the related weighted average interest rates at the dates indicated (Dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ December 31, 2023 ​ ​ December 31, 2022 ​ ​ ​ ​ Percent ​ ​ ​ ​ ​ Percent ​ ​ ​ ​ ​ Percent ​ ​ ​ ​ ​ ​ ​ of ​ ​ Weighted ​ ​ ​ ​ ​ Of ​ ​ Weighted ​ ​ ​ ​ ​ Of ​ ​ Weighted ​ ​ ​ ​ ​ Total ​ ​ Average ​ ​ ​ ​ ​ Total ​ ​ Average ​ ​ ​ ​ ​ Total ​ ​ Average ​ Amount Deposits ​ Rate ​ Amount Deposits ​ Rate ​ Amount ​ Deposits ​ ​ Rate Savings accounts ​ $ 1,927,909 16.5 % ​ 2.98 % ​ $ 2,335,490 22.2 % ​ 3.67 % ​ $ 2,260,101 22.0 % ​ 2.24 % CDs ​ 1,069,081 9.1 ​ 3.73 ​ ​ 1,607,683 15.3 ​ 4.43 ​ ​ 1,115,364 10.9 ​ 2.25 ​ Money market accounts ​ 4,198,784 36.0 ​ 3.01 ​ ​ 3,125,996 29.6 ​ 3.46 ​ ​ 2,532,270 24.7 ​ 1.50 ​ Interest-bearing checking accounts ​ 1,079,823 9.2 ​ 1.92 ​ ​ 515,987 4.9 ​ 0.77 ​ ​ 827,454 8.1 ​ 1.01 ​ Non-interest-bearing checking accounts ​ 3,410,544 29.2 ​ — ​ ​ 2,945,499 28.0 ​ — ​ ​ 3,519,218 34.3 ​ — ​ Totals ​ $ 11,686,141 100.00 % ​ 2.09 % ​ $ 10,530,655 100.00 % ​ 2.56 % ​ $ 10,254,407 100.00 % ​ 1.19 % ​ The weighted average maturity of our CDs at December 31, 2024 was 5.8 months, compared to 5.1 months at December 31, 2023. ​ Non-insured deposits (excluding collateralized deposits and deposits with pass through insurance) represented 31.2% and 28.9% of total deposits as of December 31, 2024 and 2023, respectively.
GSEs and agency CMOs ​ 19.86 ​ Sources of Funds ​ Deposits ​ The following table presents our deposit accounts and the related weighted average interest rates at the dates indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2025 ​ ​ 2024 ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ Percent ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percent ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percent ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ ​ Weighted ​ ​ ​ ​ ​ of ​ ​ Weighted ​ ​ ​ ​ ​ of ​ ​ Weighted ​ ​ ​ ​ ​ Total ​ ​ Average ​ ​ ​ ​ ​ Total ​ ​ Average ​ ​ ​ ​ ​ Total ​ ​ Average (Dollars in thousands) ​ ​ ​ Amount ​ ​ ​ Deposits ​ ​ ​ ​ Rate ​ ​ ​ ​ Amount ​ ​ ​ Deposits ​ ​ ​ ​ Rate ​ ​ ​ ​ Amount ​ Deposits ​ ​ Rate Savings accounts ​ $ 1,777,143 13.8 % ​ 2.37 % ​ $ 1,927,909 16.5 % ​ 2.98 % ​ $ 2,335,490 22.2 % ​ 3.67 % CDs ​ 1,117,118 8.7 ​ 3.26 ​ ​ 1,069,081 9.1 ​ 3.73 ​ ​ 1,607,683 15.3 ​ 4.43 ​ Money market accounts ​ 4,806,572 37.4 ​ 2.38 ​ ​ 4,198,784 36.0 ​ 3.01 ​ ​ 3,125,996 29.6 ​ 3.46 ​ Interest-bearing checking accounts ​ 1,178,281 9.2 ​ 1.66 ​ ​ 1,079,823 9.2 ​ 1.92 ​ ​ 515,987 4.9 ​ 0.77 ​ Non-interest-bearing checking accounts ​ 3,962,132 30.9 ​ — ​ ​ 3,410,544 29.2 ​ — ​ ​ 2,945,499 28.0 ​ — ​ Totals ​ $ 12,841,246 100.00 % ​ 1.66 % ​ $ 11,686,141 100.00 % ​ 2.09 % ​ $ 10,530,655 100.00 % ​ 2.56 % ​ The weighted average maturity of our CDs (excluding brokered deposits) at December 31, 2025 was 4.9 months, compared to 5.8 months at December 31, 2024. ​ Non-insured deposits (excluding collateralized deposits and deposits with pass through insurance) represented 34.0% and 31.2% of total deposits as of December 31, 2025 and 2024, respectively.
At December 31, 2024, the Bank had $50.0 million of such borrowings outstanding through the AFX, which is included in other short-term borrowings on the consolidated statements of financial condition.
At December 31, 2024, the Bank had $50.0 million of 42 Table of Contents such borrowings outstanding through the AFX, which was included in Other short-term borrowings on the Consolidated Statements of Financial Condition. The Bank utilizes repurchase agreements as part of its borrowing policy to add liquidity.
Such non-accrual determination practices are applied consistently to all loans regardless of their internal classification or designation. Upon entering non-accrual status, the system will reverse all outstanding accrued interest receivable.
Such non-accrual determination practices are applied consistently to all loans regardless of their internal classification or designation.
Total securities decreased $152.8 million during the year ended December 31, 2024, to $1.32 billion at period end, primarily due to proceeds from principal payments, calls, maturities and sales of $621.6 million offset in part by purchases of $402.8 million and a decrease in unrealized losses of $66.0 million.
Total securities increased $88.8 million during the year ended December 31, 2025, to $1.42 billion at period end, primarily due to purchases of $274.4 million and a decrease in unrealized losses of $23.7 million, offset in part by proceeds from principal payments, calls and maturities of $170.8 million and the proceeds from the sale of available for sale securities of $38.8 million.
The net proceeds of the offering, after deducting underwriting discounts and commissions, and offering expenses, were $135.8 million. 31 Table of Contents Loan Portfolio Composition The following table presents an analysis of outstanding loans by loan type, excluding loans held for sale, net of unearned discounts and premiums and deferred origination fees and costs, at the dates presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ (In thousands) ​ 2024 ​ ​ 2023 ​ ​ 2022 ​ Business loans (1) ​ $ 2,725,726 ​ 25.1 % ​ $ 2,308,171 ​ 21.4 % ​ $ 2,211,857 ​ 20.9 % One-to-four family residential and cooperative/condominium apartment ​ ​ 951,528 ​ 8.8 ​ ​ ​ 887,555 ​ 8.2 ​ ​ ​ 773,321 ​ 7.3 ​ Multifamily residential and residential mixed-use ​ ​ 3,820,283 ​ 35.1 ​ ​ ​ 4,017,176 ​ 37.3 ​ ​ ​ 4,026,826 ​ 38.1 ​ Non-owner-occupied commercial real estate ​ ​ 3,230,535 ​ 29.7 ​ ​ ​ 3,379,667 ​ 31.4 ​ ​ ​ 3,317,485 ​ 31.4 ​ Acquisition, development, and construction ("ADC") ​ ​ 136,172 ​ 1.3 ​ ​ ​ 168,513 ​ 1.6 ​ ​ ​ 229,663 ​ 2.2 ​ Other loans ​ ​ 5,084 ​ 0.0 ​ ​ ​ 5,755 ​ 0.1 ​ ​ ​ 7,679 ​ 0.1 ​ Total ​ ​ 10,869,328 ​ 100.0 % ​ ​ 10,766,837 ​ 100.0 % ​ ​ 10,566,831 ​ 100.0 % Fair value hedge basis point adjustments (2) ​ ​ 2,615 ​ ​ ​ ​ ​ 6,591 ​ ​ ​ ​ ​ — ​ ​ ​ Total loans, net of fair value hedge basis point adjustments ​ ​ 10,871,943 ​ ​ ​ ​ ​ 10,773,428 ​ ​ ​ ​ ​ 10,566,831 ​ ​ ​ Allowance for credit losses ​ ​ (88,751) ​ ​ ​ ​ ​ (71,743) ​ ​ ​ ​ ​ (83,507) ​ ​ ​ Loans held for investment, net ​ $ 10,783,192 ​ ​ ​ ​ ​ 10,701,685 ​ ​ ​ ​ ​ 10,483,324 ​ ​ ​ (1) Business loans include C&I loans and owner-occupied commercial real estate loans.
Stockholders’ equity increased $79.3 million during the year ended December 31, 2025, to $1.48 billion at period end, primarily due to net income for the period of $110.7 million and a decrease in accumulated other comprehensive loss of $13.6 million, offset in part by common stock dividends of $43.8 million and preferred stock dividends of $7.3 million. 32 Table of Contents Loan Portfolio Composition The following table presents an analysis of outstanding loans by loan type, excluding loans held for sale, net of unearned discounts and premiums and deferred origination fees and costs, at the dates presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ (In thousands) ​ 2025 ​ ​ 2024 ​ ​ 2023 ​ Business loans (1) ​ $ 3,240,436 ​ 30.1 % ​ $ 2,725,726 ​ 25.1 % ​ $ 2,308,171 ​ 21.4 % One-to-four family residential and coop/condo apartment ​ ​ 1,035,803 ​ 9.6 ​ ​ ​ 951,528 ​ 8.8 ​ ​ ​ 887,555 ​ 8.2 ​ Multifamily residential and residential mixed-use ​ ​ 3,424,522 ​ 31.8 ​ ​ ​ 3,820,283 ​ 35.1 ​ ​ ​ 4,017,176 ​ 37.3 ​ Non-owner-occupied commercial real estate ​ ​ 2,933,011 ​ 27.3 ​ ​ ​ 3,230,535 ​ 29.7 ​ ​ ​ 3,379,667 ​ 31.4 ​ ADC ​ ​ 117,215 ​ 1.1 ​ ​ ​ 136,172 ​ 1.3 ​ ​ ​ 168,513 ​ 1.6 ​ Other loans ​ ​ 6,558 ​ 0.1 ​ ​ ​ 5,084 ​ - ​ ​ ​ 5,755 ​ 0.1 ​ Total ​ ​ 10,757,545 ​ 100.0 % ​ ​ 10,869,328 ​ 100.0 % ​ ​ 10,766,837 ​ 100.0 % Fair value hedge basis point adjustments (2) ​ ​ 663 ​ ​ ​ ​ ​ 2,615 ​ ​ ​ ​ ​ 6,591 ​ ​ ​ Total loans, net of fair value hedge basis point adjustments ​ ​ 10,758,208 ​ ​ ​ ​ ​ 10,871,943 ​ ​ ​ ​ ​ 10,773,428 ​ ​ ​ Allowance for credit losses ​ ​ (97,372) ​ ​ ​ ​ ​ (88,751) ​ ​ ​ ​ ​ (71,743) ​ ​ ​ Loans held for investment, net ​ $ 10,660,836 ​ ​ ​ ​ ​ 10,783,192 ​ ​ ​ ​ ​ 10,701,685 ​ ​ ​ (1) Business loans include C&I loans and owner-occupied commercial real estate loans.
The increased interest income on business loans was primarily due to an increase of $240.2 million in the average balances of business loans and a 162-basis point increase in the yield of such loans.
The increased interest income on business loans was due to a $414.1 million increase in the average balances, partially offset by a 32-basis point decrease in the yield of such loans in the period.
The increase in interest expense on savings accounts was primarily due to a 229-basis point increase in rates paid on savings accounts and an increase of $496.1 million in the average balances of such deposits in the period.
The increase in interest expense on interest-bearing checking accounts was related to a $310.3 million increase in average balances of interest-bearing checking accounts and a 22-basis point increase in the rates paid on such deposits.
Investment Activities Securities available-for-sale The following table presents the amortized cost, fair value and weighted average yield of our securities available-for-sale at December 31, 2024, categorized by remaining period to contractual maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Amortized ​ Fair ​ Average (Dollars in thousands) Cost Value Yield Due within 1 year ​ $ 6,717 ​ $ 6,597 1.13 % Due after 1 year but within 5 years ​ 158,420 ​ 153,169 3.98 ​ Due after 5 years but within 10 years ​ 165,772 ​ 157,104 4.73 ​ Due after ten years ​ 403,225 ​ 373,823 3.74 ​ Total ​ $ 734,134 ​ $ 690,693 3.99 % ​ The entire carrying amount of each security at December 31, 2024 is reflected in the above table in the maturity period that includes the final security payment date and, accordingly, no effect has been given to periodic repayments or possible prepayments.
Investment Activities Securities available-for-sale The following table presents the amortized cost, fair value and weighted average yield of our securities available-for-sale at December 31, 2025, categorized by remaining period to contractual maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Amortized ​ Fair ​ Average (Dollars in thousands) ​ ​ ​ Cost ​ ​ ​ Value ​ ​ ​ Yield Due within 1 year ​ $ 23,377 ​ $ 23,192 2.36 % Due after 1 year but within 5 years ​ 180,118 ​ 180,004 4.61 ​ Due after 5 years but within 10 years ​ 137,066 ​ 134,787 5.37 ​ Due after ten years ​ 477,101 ​ 459,952 3.95 ​ Total ​ $ 817,662 ​ $ 797,935 4.29 % ​ The entire carrying amount of each security at December 31, 2025 is reflected in the above table in the maturity period that includes the final security payment date and, accordingly, no effect has been given to periodic repayments or possible prepayments.
As of December 31, 2024 and December 31, 2023, the Bank did not have any repurchase agreements. The Bank gathers deposits in direct competition with commercial banks, savings banks and brokerage firms, many among the largest in the nation.
Repurchase agreements represent funds received from customers, generally on an overnight basis, which are collateralized by investment securities. The Bank did not have any repurchase agreements as of December 31, 2025 or 2024, respectively. The Bank gathers deposits in direct competition with commercial banks, savings banks and brokerage firms, many among the largest in the nation.
GSEs and agency collateralized mortgage obligations ("CMOs") ​ 18.24 State and municipal obligations ​ 3.18 ​ Securities held-to-maturity ​ 39 Table of Contents The following table presents the amortized cost, fair value and weighted average yield of our securities held-to-maturity at December 31, 2024, categorized by remaining period to contractual maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Amortized ​ Fair ​ Average (Dollars in thousands) Cost Value Yield Due within 1 year ​ $ — ​ $ — — % Due after 1 year but within 5 years ​ 44,898 ​ 42,359 2.64 ​ Due after 5 years but within 10 years ​ 180,658 ​ 157,523 2.71 ​ Due after ten years ​ 411,783 ​ 352,395 2.98 ​ Total ​ $ 637,339 ​ $ 552,277 2.88 % ​ The entire carrying amount of each security at December 31, 2024 is reflected in the above table in the maturity period that includes the final security payment date and, accordingly, no effect has been given to periodic repayments or possible prepayments.
GSEs and agency CMOs ​ 17.16 State and municipal obligations ​ 3.08 ​ 40 Table of Contents Securities held-to-maturity ​ The following table presents the amortized cost, fair value and weighted average yield of our securities held-to-maturity at December 31, 2025, categorized by remaining period to contractual maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Amortized ​ Fair ​ Average (Dollars in thousands) ​ ​ ​ Cost ​ ​ ​ Value ​ ​ ​ Yield Due within 1 year ​ $ 1,692 ​ $ 1,655 1.50 % Due after 1 year but within 5 years ​ 81,529 ​ 77,381 2.34 ​ Due after 5 years but within 10 years ​ 145,824 ​ 134,916 2.99 ​ Due after ten years ​ 389,856 ​ 346,130 2.95 ​ Total ​ $ 618,901 ​ $ 560,082 2.87 % ​ The entire carrying amount of each security at December 31, 2025 is reflected in the above table in the maturity period that includes the final security payment date and, accordingly, no effect has been given to periodic repayments or possible prepayments.
CDs decreased $538.6 million during the year ended December 31, 2024 compared to an increase of $492.3 million during the year ended December 31, 2023. The decrease in CDs during the current period was primarily due to a $475.9 million decrease in brokered CDs.
CDs increased $48.0 million during the year ended December 31, 2025 compared to a decrease of $538.6 million during the year ended December 31, 2024. The increase in CDs during the current period was primarily due to a $118.0 million increase in non-brokered time deposits, offset by a decrease of $70.0 million in brokered CDs.
Assets totaled $14.35 billion at December 31, 2024, $717.3 million above their level at December 31, 2023, primarily due to an increase in cash and due from banks of $826.0 million, an increase in the loan portfolio of $81.5 million and an increase in other assets of $62.8 million, partially offset by a decrease in total securities of $152.8 million, a decrease in BOLI of $59.2 million and a decrease in restricted stock of $29.6 million.
Assets totaled $15.34 billion at December 31, 2025, $988.4 million above their level at December 31, 2024, primarily due to an increase in cash and due from banks of $1.07 billion, an increase in BOLI of $110.5 million and an increase in total securities of $88.8 million, partially offset by a decrease in the loan portfolio of $122.4 million, a decrease in other assets of $88.0 million, a decrease in derivative assets of $40.2 million and a decrease in loans held for sale of $20.6 million.
The level of non-interest expenses, such as salaries and benefits, occupancy and equipment costs, other general and administrative expenses, expenses from the Bank’s title insurance subsidiary, and income tax expense, further affects our net income. Certain reclassifications have been made to prior year amounts and the related discussion and analysis to conform to the current year presentation.
The level of non-interest expenses, such as salaries and benefits, occupancy and equipment costs, other general and administrative expenses, expenses from the Bank’s title insurance subsidiary, and income tax expense, further affects our net income. Critical Accounting Estimates Critical accounting estimates are those estimates made in accordance with U.S.
Future additions or reductions to the allowance may be necessary 26 Table of Contents based on changes in economic, market or other conditions. Changes in estimates could result in a material change in the allowance through charges to earnings and would materially decrease our net income.
Changes in estimates could result in a material change in the allowance through charges to earnings and would materially decrease our net income.
The increased interest income on multifamily loans was primarily due to an increase of $420.4 million in the average balances of multifamily loans and a 60-basis point increase in the yield of such loans.
The increased interest income on one-to-four family residential and coop/condo apartment loans was a result of a $91.4 million increase in the average balances and a 10-basis point increase in the yield of such loans in the period.
(6) At December 31, 2024 and 2023, the loan portfolio included a fair value hedge basis point adjustment to the carrying amount of hedged one-to-four family residential mortgage loans, multifamily residential mortgage loans and CRE loans . ​ 28 Table of Contents Rate/Volume Analysis ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2024 over 2023 ​ 2023 over 2022 ​ ​ Increase/(Decrease) Due to ​ Increase/(Decrease) Due to ​ ​ Volume Rate Total Volume Rate Total Interest-earning assets: ​ (In thousands) Business loans (1) (2) ​ $ 17,341 ​ $ 10,733 ​ $ 28,074 ​ $ 13,860 ​ $ 34,374 ​ $ 48,234 One-to-four family residential, including condo and coop ​ ​ 2,724 ​ ​ 3,951 ​ ​ 6,675 ​ ​ 5,510 ​ ​ 4,933 ​ ​ 10,443 Multifamily residential and residential mixed-use ​ ​ (7,700) ​ ​ 9,150 ​ ​ 1,450 ​ ​ 17,323 ​ ​ 23,401 ​ ​ 40,724 Non-owner-occupied commercial real estate ​ ​ (1,620) ​ ​ 7,318 ​ ​ 5,698 ​ ​ 13,007 ​ ​ 32,809 ​ ​ 45,816 ADC ​ (5,335) ​ (385) ​ (5,720) ​ (4,970) ​ 7,874 ​ 2,904 Other loans ​ (76) ​ (97) ​ (173) ​ (286) ​ 52 ​ (234) Securities ​ (2,574) ​ 3,958 ​ 1,384 ​ (877) ​ 3,832 ​ 2,955 Other short-term investments ​ 2,965 ​ 436 ​ 3,401 ​ 6,297 ​ 12,996 ​ 19,293 Total interest-earning assets ​ ​ 5,725 ​ ​ 35,064 ​ ​ 40,789 ​ ​ 49,864 ​ ​ 120,271 ​ ​ 170,135 Interest-bearing liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest-bearing checking ​ ​ (616) ​ ​ 4,526 ​ ​ 3,910 ​ ​ (527) ​ ​ 5,974 ​ ​ 5,447 Money market ​ ​ 25,275 ​ ​ 25,142 ​ ​ 50,417 ​ ​ (1,364) ​ ​ 74,435 ​ ​ 73,071 Savings ​ ​ (4,648) ​ ​ 11,617 ​ ​ 6,969 ​ ​ 10,080 ​ ​ 47,284 ​ ​ 57,364 CDs ​ ​ (3,706) ​ ​ 8,110 ​ ​ 4,404 ​ ​ 11,909 ​ ​ 32,821 ​ ​ 44,730 FHLBNY advances ​ ​ (23,169) ​ ​ (5,703) ​ ​ (28,872) ​ ​ 36,339 ​ ​ 12,739 ​ ​ 49,078 Subordinated debt, net ​ ​ 1,996 ​ ​ 1,557 ​ ​ 3,553 ​ ​ (869) ​ ​ 465 ​ ​ (404) Other short-term borrowings ​ ​ (80) ​ ​ (37) ​ ​ (117) ​ ​ (1,687) ​ ​ 368 ​ ​ (1,319) Derivative cash collateral ​ ​ (1,425) ​ ​ 467 ​ ​ (958) ​ ​ 1,607 ​ ​ 3,853 ​ ​ 5,460 Total interest-bearing liabilities ​ ​ (6,373) ​ ​ 45,679 ​ ​ 39,306 ​ ​ 55,488 ​ ​ 177,939 ​ ​ 233,427 Net change in net interest income ​ $ 12,098 ​ $ (10,615) ​ $ 1,483 ​ $ (5,624) ​ $ (57,668) ​ $ (63,292) (1) Business loans include C&I loans, owner-occupied commercial real estate loans and PPP loans.
(6) At December 31, 2025 and 2024, the loan portfolio included a fair value hedge basis point adjustment to the carrying amount of hedged one-to-four family residential mortgage loans, multifamily residential mortgage loans and commercial real estate (“CRE”) loans . ​ 29 Table of Contents Rate/Volume Analysis ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2025 over 2024 ​ 2024 over 2023 ​ ​ Increase/(Decrease) Due to ​ Increase/(Decrease) Due to ​ ​ Volume ​ ​ ​ Rate ​ ​ ​ Total ​ ​ ​ Volume ​ ​ ​ Rate ​ ​ ​ Total Interest-earning assets: ​ (In thousands) Business loans ​ $ 28,361 ​ $ (8,715) ​ $ 19,646 ​ $ 17,341 ​ $ 10,733 ​ $ 28,074 One-to-four family residential and coop/condo apartment ​ ​ 4,287 ​ ​ 992 ​ ​ 5,279 ​ ​ 2,724 ​ ​ 3,951 ​ ​ 6,675 Multifamily residential and residential mixed-use ​ ​ (12,819) ​ ​ (2,955) ​ ​ (15,774) ​ ​ (7,700) ​ ​ 9,150 ​ ​ 1,450 Non-owner-occupied commercial real estate ​ ​ (11,579) ​ ​ (2,854) ​ ​ (14,433) ​ ​ (1,620) ​ ​ 7,318 ​ ​ 5,698 ADC ​ (1,538) ​ (516) ​ (2,054) ​ (5,335) ​ (385) ​ (5,720) Other loans ​ 54 ​ (158) ​ (104) ​ (76) ​ (97) ​ (173) Securities ​ (4,426) ​ 16,231 ​ 11,805 ​ (2,574) ​ 3,958 ​ 1,384 Other short-term investments ​ 40,728 ​ (9,800) ​ 30,928 ​ 2,965 ​ 436 ​ 3,401 Total interest-earning assets ​ ​ 43,068 ​ ​ (7,775) ​ ​ 35,293 ​ ​ 5,725 ​ ​ 35,064 ​ ​ 40,789 Interest-bearing liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest-bearing checking ​ ​ 5,589 ​ ​ 1,926 ​ ​ 7,515 ​ ​ (616) ​ ​ 4,526 ​ ​ 3,910 Money market ​ ​ 22,272 ​ ​ (25,898) ​ ​ (3,626) ​ ​ 25,275 ​ ​ 25,142 ​ ​ 50,417 Savings ​ ​ (9,977) ​ ​ (17,369) ​ ​ (27,346) ​ ​ (4,648) ​ ​ 11,617 ​ ​ 6,969 CDs ​ ​ (10,653) ​ ​ (10,504) ​ ​ (21,157) ​ ​ (3,706) ​ ​ 8,110 ​ ​ 4,404 FHLBNY advances ​ ​ (6,818) ​ ​ (4,033) ​ ​ (10,851) ​ ​ (23,169) ​ ​ (5,703) ​ ​ (28,872) Subordinated debt, net ​ ​ 2,168 ​ ​ 1,494 ​ ​ 3,662 ​ ​ 1,996 ​ ​ 1,557 ​ ​ 3,553 Other short-term borrowings ​ ​ — ​ ​ 12 ​ ​ 12 ​ ​ (80) ​ ​ (37) ​ ​ (117) Derivative cash collateral ​ ​ (2,088) ​ ​ (772) ​ ​ (2,860) ​ ​ (1,425) ​ ​ 467 ​ ​ (958) Total interest-bearing liabilities ​ ​ 493 ​ ​ (55,144) ​ ​ (54,651) ​ ​ (6,373) ​ ​ 45,679 ​ ​ 39,306 Net change in net interest income ​ $ 42,575 ​ $ 47,369 ​ $ 89,944 ​ $ 12,098 ​ $ (10,615) ​ $ 1,483 ​ Net Interest Income.
Changes in quantitative inputs may not occur in the same direction or magnitude across all segments of our loan portfolio and deterioration in some quantitative inputs may offset improvement in others. At June 30, 2024, if the four-quarter national unemployment rate forecast had increased 100 basis points our quantitative ACL reserve would have increased 11.8%.
Changes in quantitative inputs may not occur in the same direction or magnitude across all segments of our loan portfolio and deterioration in some quantitative inputs may offset improvement in others.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

13 edited+1 added−0 removed18 unchanged
Biggest changeNo matter the care and precision with which the estimates are derived, actual cash flows could differ significantly from the Company’s estimates resulting in significantly different EVE calculations. 44 Table of Contents The analysis that follows presents, as of December 31, 2024 and 2023, the estimated EVE at both the Pre-Shock Scenario and the -200 Basis Point Rate, -100 Basis Point Rate, +100 Basis Point Rate and +200 Basis Point Rate Shock Scenarios. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ December 31, 2023 ​ ​ ​ Dollar Percentage ​ ​ ​ ​ Dollar Percentage (Dollars in thousands) ​ EVE ​ Change ​ Change ​ ​ EVE ​ Change ​ Change Rate Shock Scenarios ​ ​ + 200 Basis Points ​ $ 1,862,712 ​ $ 101,644 ​ 5.8 % ​ $ 1,414,548 ​ $ 79,745 ​ 6.0 % + 100 Basis Points ​ ​ 1,843,160 ​ ​ 82,092 4.7 % ​ ​ 1,375,777 ​ ​ 40,974 3.1 % Pre-Shock Scenario ​ 1,761,068 ​ — — ​ ​ 1,334,803 ​ — — ​ - 100 Basis Points ​ ​ 1,636,011 ​ ​ (125,057) ​ (7.1) % ​ ​ 1,247,956 ​ ​ (86,847) ​ (6.5) % - 200 Basis Points ​ ​ 1,439,251 ​ ​ (321,817) ​ (18.3) % ​ ​ 1,112,110 ​ ​ (222,693) ​ (16.7) % ​ The Company’s Pre-Shock Scenario EVE increased from $1.33 billion at December 31, 2023, to $1.76 billion at December 31, 2024.
Biggest changeThe analysis that follows presents, as of December 31, 2025 and 2024, the estimated EVE at both the Pre-Shock Scenario and the -200 Basis Point Rate, -100 Basis Point Rate, +100 Basis Point Rate and +200 Basis Point Rate Shock Scenarios. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2025 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ Dollar ​ ​ ​ Percentage ​ ​ ​ ​ ​ ​ ​ Dollar ​ ​ ​ Percentage (Dollars in thousands) ​ EVE ​ Change ​ Change ​ ​ EVE ​ Change ​ Change Rate Shock Scenarios ​ ​ + 200 Basis Points ​ $ 2,234,467 ​ $ 233,127 ​ 11.6 % ​ $ 1,862,712 ​ $ 101,644 ​ 5.8 % + 100 Basis Points ​ ​ 2,157,136 ​ ​ 155,796 7.8 % ​ ​ 1,843,160 ​ ​ 82,092 4.7 % Pre-Shock Scenario ​ 2,001,340 ​ — — ​ ​ 1,761,068 ​ — — ​ - 100 Basis Points ​ ​ 1,778,529 ​ ​ (222,811) ​ (11.1) % ​ ​ 1,636,011 ​ ​ (125,057) ​ (7.1) % - 200 Basis Points ​ ​ 1,502,903 ​ ​ (498,437) ​ (24.9) % ​ ​ 1,439,251 ​ ​ (321,817) ​ (18.3) % ​ The Company’s Pre-Shock Scenario EVE increased from $1.76 billion at December 31, 2024, to $2.00 billion at December 31, 2025.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk General The Company’s largest component of market risk remains interest rate risk. The Company is not subject to foreign currency exchange or commodity price risk. During the year ended December 31, 2024, we conducted zero transactions involving derivative instruments requiring bifurcation in order to hedge interest rate or market risk.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk General The Company’s largest component of market risk remains interest rate risk. The Company is not subject to foreign currency exchange or commodity price risk. During the year ended December 31, 2025, we conducted zero transactions involving derivative instruments requiring bifurcation in order to hedge interest rate or market risk.
The valuation model employs discount rates that it considers representative of prevailing market rates of interest with appropriate adjustments it believes are suited to the heterogeneous characteristics of the Company’s various asset and liability portfolios.
The valuation model employs discount rates that it considers representative of prevailing market 45 Table of Contents rates of interest with appropriate adjustments it believes are suited to the heterogeneous characteristics of the Company’s various asset and liability portfolios.
Generally, the value of securities fluctuates inversely with changes in interest rates. Increases in interest rates could result in decreases in the market value of interest-earning assets, which could adversely affect stockholders’ equity and the results of operations if sold. The Company is also subject to reinvestment risk associated with changes in interest rates.
Increases in interest rates could result in decreases in the market value of interest-earning assets, which could adversely affect stockholders’ equity and the results of operations if sold. The Company is also subject to reinvestment risk associated with changes in interest rates.
The following table discloses the estimated changes to the Company’s net interest income in various time periods associated with the given interest rate shock scenarios: ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage Change in Net Interest Income ​ Instantaneous Rate Shock Scenarios ​ Year-One ​ ​ Year-Two ​ + 200 Basis Points ​ 3.4 % ​ 7.2 % + 100 Basis Points ​ 1.8 % ​ 3.9 % - 100 Basis Points ​ 0.9 % ​ (1.1) % - 200 Basis Points ​ 0.4 % ​ (4.8) % ​ ​ 45 Table of Contents ​
The following table discloses the estimated changes to the Company’s net interest income in various time periods associated with the given interest rate shock scenarios: ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage Change in Net Interest Income ​ Instantaneous Rate Shock Scenarios ​ Year-One ​ ​ Year-Two ​ + 200 Basis Points ​ 9.4 % ​ 14.3 % + 100 Basis Points ​ 4.8 % ​ 7.3 % - 100 Basis Points ​ (2.5) % ​ (5.7) % - 200 Basis Points ​ (5.8) % ​ (12.9) % ​ ​ 46 Table of Contents ​
In the -100 Basis Point Rate and -200 Basis Point Rate Shock Scenarios the Company’s EVE increased from $1.25 billion and $1.11 billion, respectively, at December 31, 2023, to $1.64 billion and $1.44 billion, respectively, at December 31, 2024. Income Simulation Analysis .
In the -100 Basis Point Rate and -200 Basis Point Rate Shock Scenarios the Company’s EVE increased from $1.64 billion and $1.44 billion, respectively, at December 31, 2024, to $1.78 billion and $1.50 billion, respectively, at December 31, 2025. Income Simulation Analysis .
The following table discloses the estimated changes to the Company’s net interest income in various time periods assuming gradual changes in interest rates over a 12-month period beginning December 31, 2024, for the given rate scenarios: ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage Change in Net Interest Income ​ Gradual Change in Interest rates of: ​ Year-One ​ ​ Year-Two ​ + 200 Basis Points ​ 0.8 % ​ 4.5 % + 100 Basis Points ​ 0.5 % ​ 2.5 % - 100 Basis Points ​ 1.6 % ​ 0.6 % - 200 Basis Points ​ 2.4 % ​ (0.8) % ​ Management also examines the potential impact to net interest income by simulating the impact of instantaneous changes to interest rates.
The following table discloses the estimated changes to the Company’s net interest income in various time periods assuming gradual changes in interest rates occurring equally across all points on the yield curve over a 12-month period beginning December 31, 2025, for the given rate scenarios: ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage Change in Net Interest Income ​ Gradual Change in Interest rates of: ​ Year-One ​ ​ Year-Two ​ + 200 Basis Points ​ 4.2 % ​ 11.3 % + 100 Basis Points ​ 2.1 % ​ 5.7 % - 100 Basis Points ​ (0.7) % ​ (3.8) % - 200 Basis Points ​ (1.9) % ​ (8.7) % ​ Management also examines the potential impact to net interest income by simulating the impact of instantaneous changes to interest rates occurring equally across all points on the yield curve.
In order to measure the Company’s sensitivity to changes in interest rates, EVE is calculated under market interest rates prevailing at a given quarter-end ("Pre-Shock Scenario"), and under various other interest rate scenarios ("Rate Shock Scenarios") representing immediate, permanent, parallel shifts in the term structure of interest rates from the actual term structure observed in the Pre-Shock Scenario.
In order to measure the Company’s sensitivity to changes in interest rates, EVE is calculated under market interest rates prevailing at a given quarter-end ("Pre-Shock Scenario"), and under various other interest rate scenarios ("Rate Shock Scenarios") representing immediate, permanent, parallel shifts in the term structure of interest rates from the actual term structure observed in the Pre-Shock Scenario, with this shift occurring equally across all points on the yield curve.
Our asset and liability management objectives are to maintain a strong, stable net interest margin, to utilize its capital effectively without taking undue risks, to maintain adequate liquidity, and to reduce vulnerability of our operations to changes in interest rates.
Our asset and liability management objectives are to maintain a strong, stable net interest margin, to utilize its capital effectively without taking undue risks, to maintain adequate liquidity, and to reduce vulnerability of our operations to changes in interest rates. 44 Table of Contents Our Asset Liability Management Committee evaluates periodically, but no less than four times annually, the impact of changes in market interest rates on assets and liabilities, net interest margin, capital and liquidity.
At December 31, 2024, $273.1 million, or 20.6%, of our available-for-sale and held-to-maturity securities had adjustable interest rates. At December 31, 2024, $7.98 billion, or 73.4%, of the loan portfolio had contractual terms with adjustable or floating interest rates. Changes in interest rates affect the value of interest-earning assets and, in particular, the securities portfolio.
At December 31, 2025, $7.98 billion, or 74.2%, of the loan portfolio had contractual terms with adjustable or floating interest rates. Changes in interest rates affect the value of interest-earning assets and, in particular, the securities portfolio. Generally, the value of securities fluctuates inversely with changes in interest rates.
The primary factors contributing to the increase in EVE is an increase in the value of the Bank’s non-maturity deposit base as well as down streaming some of the proceeds of a common stock offering to the Bank. ​ The Company’s EVE in the +100 Basis Point Rate and +200 Basis Point Rate Shock Scenarios increased from $1.38 billion and $1.41 billion, respectively, at December 31, 2023, to $1.84 billion and $1.86 billion, respectively, at December 31, 2024.
The primary factors contributing to the increase in EVE were core deposit growth that occurred during the year, coupled with an increase in the value of the Bank’s loan and investment portfolios, partially offset by a decline in value of the Bank’s non-maturity deposit base. ​ The Company’s EVE in the +100 Basis Point Rate and +200 Basis Point Rate Shock Scenarios increased from $1.84 billion and $1.86 billion, respectively, at December 31, 2024, to $2.16 billion and $2.23 billion, respectively, at December 31, 2025.
The economic environment continually presents uncertainties as to future interest rate trends. 43 Table of Contents The Asset and Liability Management Committee regularly utilizes a model that projects net interest income based on increasing or decreasing interest rates, in order to be better able to respond to changes in interest rates.
The Asset Liability Management Committee regularly utilizes a model that projects net interest income based on increasing or decreasing interest rates, in order to be better able to respond to changes in interest rates. At December 31, 2025, $315.8 million, or 22.3%, of our available-for-sale and held-to-maturity securities had adjustable interest rates.
Our Asset and Liability Management Committee evaluates periodically, but no less than four times annually, the impact of changes in market interest rates on assets and liabilities, net interest margin, capital and liquidity. Risk assessments are governed by policies and limits established by senior management, which are reviewed and approved by the Board of Directors at least annually.
Risk assessments are governed by policies and limits established by senior management, which are reviewed and approved by the Board of Directors at least annually. The economic environment continually presents uncertainties as to future interest rate trends.
Added
No matter the care and precision with which the estimates are derived, actual cash flows could differ significantly from the Company’s estimates resulting in significantly different EVE calculations.

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