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STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n**FORM ****10-Q**\n\n​\n\n​\n\n****​\n\n**☒********QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n**For the quarterly period ended****March 31, 2026**\n\n**OR**\n\n​\n\n​\n\n​\n\n**☐********TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**For the transition period from __________________ to __________________**\n\n**Commission File No. ****001-38282**\n\n**Metropolitan Bank Holding Corp.**\n\n**(Exact Name of Registrant as Specified in Its Charter)**\n\n​\n\n​\n\n​\n\n**New York**\n\n  ​ ​ ​\n\n**13-4042724**\n\n**(State or Other Jurisdiction of Incorporation or Organization)**\n\n​\n\n**(I.R.S. Employer Identification No.)**\n\n​\n\n​\n\n​\n\n**99 Park Avenue****,****New York****,****New York**\n\n​\n\n**10016**\n\n**(Address of Principal Executive Offices)**\n\n​\n\n**(Zip Code)**\n\n​\n\n**(****212****)****659-0600**\n\n**(Registrant’s Telephone Number, Including Area Code)**\n\n**N/A**\n\n**(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)**\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n​\n\n​\n\n**Title of each class**\n\n​\n\n**Trading Symbol(s)**\n\n​\n\n**Name of each exchange on which registered**\n\nCommon Stock, par value $0.01 per share\n\n​\n\nMCB\n\n​\n\nNew York Stock Exchange\n\n​\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days.\n\nYES ☒ NO ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\n\nYES ☒ NO ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer ☐\n\nAccelerated filer ☒\n\nNon-accelerated filer ☐\n\nSmaller reporting company ☐\n\nEmerging Growth Company ☐\n\n​\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).\n\nYES ☐     NO ☒\n\nThere were 12,394,797 shares of the Registrant’s common stock, par value $0.01 per share, outstanding as of May 4, 2026.\n\n​\n\n​\n\n​\n\n[**Table of Contents**](#TOC)\n\nMETROPOLITAN BANK HOLDING CORP.\n\n**Form 10-Q**\n\n**Table of Contents**\n\n​\n\n​\n\n​\n\n**Page**\n\n​\n\n​\n\n[**PART I. FINANCIAL INFORMATION**](#FINANCIALCONDITION_774746)\n\n​\n\n​\n\n​\n\n[**Item 1. Financial Statements (unaudited)**](#FINANCIALCONDITION_774746)\n\n​\n\n​\n\n​\n\n[Consolidated Statements of Financial Condition](#FINANCIALCONDITION_774746)\n\n6\n\n​\n\n​\n\n[Consolidated Statements of Operations](#Operations)\n\n7\n\n​\n\n​\n\n[Consolidated Statements of Comprehensive Income](#COMPREHENSIVEINCOME_692357)\n\n8\n\n​\n\n​\n\n[Consolidated Statements of Changes in Stockholders’ Equity](#STOCKHOLDERSEQUITY_885494)\n\n9\n\n​\n\n​\n\n[Consolidated Statements of Cash Flows](#CASHFLOWS_313773)\n\n10\n\n​\n\n​\n\n[Notes to Unaudited Consolidated Financial Statements](#Notes)\n\n11\n\n​\n\n​\n\n[**Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations**](#ITEM2MANAGEMENTSDISCUSSIONANDANALYSISOFF)\n\n34\n\n​\n\n​\n\n[**Item 3. Quantitative and Qualitative Disclosures About Market Risk**](#ITEM3QUANTITATIVEANDQUALITATIVEDISCLOSUR)\n\n43\n\n​\n\n​\n\n[**Item 4. Controls and Procedures**](#ITEM4CONTROLSANDPROCEDURES_272772)\n\n45\n\n​\n\n​\n\n[**PART II. OTHER INFORMATION**](#PARTIIOTHERINFORMATION_367179)\n\n46\n\n​\n\n​\n\n[**Item 1. Legal Proceedings**](#ITEM1LEGALPROCEEDINGS_745548)\n\n46\n\n​\n\n​\n\n[**Item 1A. Risk Factors**](#ITEM_1A_RISK_FACTORS)\n\n46\n\n​\n\n​\n\n[**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**](#ITEM2UNREGISTEREDSALESOFEQUITYSECURITIES)\n\n46\n\n​\n\n​\n\n[**Item 3. Defaults Upon Senior Securities**](#Item_3_Defaults_Upon_Senior_Securities)\n\n46\n\n​\n\n​\n\n[**Item 4. Mine Safety Disclosures**](#ITEM4MINESAFETYDISCLOSURES_154542)\n\n47\n\n​\n\n​\n\n[**Item 5. Other Information**](#ITEM5OTHERINFORMATION_463875)\n\n47\n\n​\n\n​\n\n[**Item 6. Exhibits**](#ITEM6EXHIBITS)\n\n48\n\n​\n\n​\n\n[**Signatures**](#SIGNATURES_416145)\n\n49\n\n​\n\n​\n\n​\n\n2\n\n[**Table of Contents**](#TOC)\n\nGLOSSARY OF COMMON TERMS AND ACRONYMS\n\n**ACL**\n\nAllowance for credit losses\n\n**FHLB**\n\nFederal Home Loan Bank\n\n**AFS**\n\nAvailable-for-sale\n\n**FHLBNY**\n\nFederal Home Loan Bank of New York\n\n**ALCO**\n\nAsset Liability Committee\n\n**FRB**\n\nFederal Reserve Bank\n\n**AOCI**\n\nAccumulated other comprehensive income\n\n**FRBNY**\n\nFederal Reserve Bank of New York\n\n**ASC**\n\nAccounting Standards Codification\n\n**FX**\n\nForeign exchange\n\n**ASU**\n\nAccounting Standards Update\n\n**GAAP**\n\nU.S. Generally accepted accounting principles\n\n**Bank**\n\nMetropolitan Commercial Bank\n\n**GPG**\n\nGlobal Payments Group\n\n**BHC Act**\n\nBank Holding Company Act of 1956, as amended\n\n**HTM**\n\nHeld-to-maturity\n\n**BSA**\n\nBank Secrecy Act\n\n**IRR**\n\nInterest rate risk\n\n**C&I**\n\nCommercial and industrial\n\n**ISO**\n\nIncentive stock option\n\n**CARES Act**\n\nCoronavirus Aid, Relief, and Economic Security Act\n\n**JOBS Act**\n\nThe Jumpstart Our Business Startups Act\n\n**CECL**\n\nCurrent Expected Credit Loss\n\n**LIBOR**\n\nLondon Inter-Bank Offered Rate\n\n**CFPB**\n\nConsumer Financial Protection Bureau\n\n**LTV**\n\nLoan-to-value\n\n**Company**\n\nMetropolitan Bank Holding Corp.\n\n**MBS**\n\nMortgage-backed securities\n\n**Coronavirus**\n\nCOVID-19\n\n**N/A**\n\nNot Applicable\n\n**CRA**\n\nCommunity Reinvestment Act\n\n**NYSDFS**\n\nNew York State Department of Financial Services\n\n**CRE**\n\nCommercial real estate\n\n**OCC**\n\nOffice of the Comptroller of the Currency\n\n**CRE Guidance**\n\nCommercial Real Estate Lending, Sound Risk Management Practices\n\n**PRSU**\n\nPerformance restricted share units\n\n**DIF**\n\nDeposit Insurance Fund\n\n**ROU**\n\nRight of use\n\n**EB-5 Program**\n\nEB-5 Immigrant Investor Program\n\n**SEC**\n\nU.S. Securities and Exchange Commission\n\n**EVE**\n\nEconomic value of equity\n\n**SOFR**\n\nSecured Overnight Financing Rate\n\n**FASB**\n\nFinancial Accounting Standards Board\n\n**TDR**\n\nTroubled debt restructuring\n\n**FDIC**\n\nFederal Deposit Insurance Corporation\n\n**USD**\n\nU.S. dollar\n\n​\n\n​\n\n​\n\n​\n\n​\n\n3\n\n[**Table of Contents**](#TOC)\n\n​\n\n**NOTE ABOUT FORWARD-LOOKING STATEMENTS**\n\nThis Quarterly Report on Form 10-Q may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “consider,” “should,” “plan,” “estimate,” “predict,” “continue,” “probable,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Metropolitan Bank Holding Corp. (the “Company”) and its wholly-owned subsidiary Metropolitan Commercial Bank (the “Bank”), share repurchases under the Company’s share repurchase program, dividend payments and the Company’s strategies, plans, objectives, expectations and intentions, and other statements contained in this Quarterly Report on Form 10-Q that are not historical facts. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors that are difficult to predict and are generally beyond our control and that may cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Factors that may cause actual results to differ from those results expressed or implied include those factors listed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the SEC on February 20, 2026 and in this Quarterly Report on Form 10-Q. In addition, these factors include but are not limited to:\n\n●a failure to successfully manage our credit risk and the sufficiency of our allowance for credit losses;\n\n●changes in loan demand and declines in real estate values in the Company’s market area, which may adversely affect our loan production;\n\n●borrower and depositor concentrations (e.g., by geographic area and by industry);\n\n●the interest rate policies of the Federal Reserve and other regulatory bodies;\n\n●general economic conditions, including unemployment rates, and potential recessionary and inflationary indicators, either nationally or locally, including the related effects on our borrowers and other clients, such as adverse changes to credit quality, and on our financial condition and results of operations;\n\n●an unanticipated loss of key personnel or existing clients, or an inability to attract key employees;\n\n●system failures or cybersecurity breaches of our information technology infrastructure and/or confidential information or those of the Company’s third-party service providers;\n\n●failure to maintain current technologies or technological changes and enhancements that may be more difficult or expensive to implement than anticipated, and failure to successfully implement future information technology enhancements;\n\n●emerging issues related to the development and use of artificial intelligence that could give rise to legal or regulatory action, damage our reputation or otherwise materially harm our business or clients;\n\n●the timely and efficient development of new products and services offered by the Company, as well as risks (including reputational and litigation) attendant thereto, and the perceived overall value and acceptance of these products and services by clients;\n\n●the successful implementation or consummation of new business initiatives, which may be more difficult or expensive than anticipated;\n\n●an unexpected adverse financial, regulatory, legal or bankruptcy event experienced by our financial service clients;\n\n●unexpected increases in our expenses;\n\n●changes in liquidity, including funding sources, deposit flows and the size and composition of our deposit portfolio, and the percentage of uninsured deposits in the portfolio;\n\n●an unexpected deterioration in the performance of our loan or securities portfolios and our inability to absorb the amount of actual losses inherent in the portfolio;\n\n4\n\n[**Table of Contents**](#TOC)\n\n●difficulties associated with achieving or predicting expected future financial results;\n\n●growth that differed from expectations and our ability to manage our growth;\n\n●increases in competitive pressures among financial institutions or from non-financial institutions which may result in unanticipated changes in our loan or deposit rates;\n\n●unexpected adverse impacts related to future acquisitions or divestitures;\n\n●impacts related to or resulting from regional and community bank failures and stresses to regional banks, or conditions in the securities markets or the banking industry being less favorable than currently anticipated;\n\n●changes in accounting principles, policies or guidelines may cause the Company’s financial condition or results of operation to be reported or perceived differently;\n\n●legislative, tax or regulatory changes or actions, including changes and the potential for changes to regulatory policy and the promulgation of new laws and regulations following the inauguration of a new presidential administration, may adversely affect the Company’s business;\n\n●unanticipated increases in FDIC insurance premiums or future assessments;\n\n●the costs, including the possible incurrence of fines, penalties, or other negative effects (including reputational harm) of any adverse judicial, administrative, or arbitral rulings or proceedings, regulatory enforcement actions, or other legal actions to which we or any of our subsidiaries are a party, and which may adversely affect our results;\n\n●the current or the potential impact on the Company’s operations, financial condition, and clients resulting from natural or man-made disasters, climate change, wars, military conflict, acts of terrorism, other geopolitical events, cyberattacks, and global pandemics, or localized epidemics; and\n\n●unanticipated changes or developments in the industries and sectors in which we have made material investments in, as well as the impact of such changes or developments on our ability to provide banking services to those industries and sectors.  \n\n​\n\nThe Company’s ability to predict results or the actual effects of its plans or strategies is inherently uncertain. As such, forward-looking statements can be affected by inaccurate assumptions made, or by known or unknown risks and uncertainties. Consequently, no forward-looking statement can be guaranteed. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect conditions only as of the date of this filing. Forward-looking statements speak only as of the date of this document. The Company undertakes no obligation (and expressly disclaims any obligation) to publicly release the results of any revisions which may be made to any forward-looking statements to reflect anticipated or unanticipated events or circumstances occurring after the date of such statements, except as may be required by law.\n\n5\n\n[**Table of Contents**](#TOC)\n\nMETROPOLITAN BANK HOLDING CORP. AND SUBSIDIARIES\n\n**CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited)**\n\n*(in thousands, except share data)*\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**March 31, **\n\n​\n\n**December 31, **\n\n​\n\n  ​ ​ ​\n\n**2026**\n\n  ​ ​ ​\n\n**2025**\n\n**Assets**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCash and due from banks\n\n​\n\n$\n\n12,034\n\n​\n\n$\n\n12,086\n\nOvernight deposits\n\n​\n\n​\n\n660,359\n\n​\n\n​\n\n381,501\n\nTotal cash and cash equivalents\n\n​\n\n​\n\n672,393\n\n​\n\n​\n\n393,587\n\nInvestment securities available-for-sale, at fair value\n\n​\n\n​\n\n649,719\n\n​\n\n​\n\n578,932\n\nInvestment securities held-to-maturity (estimated fair value of $302.5 million and $313.1 million at March 31, 2026 and December 31, 2025, respectively)\n\n​\n\n​\n\n347,868\n\n​\n\n​\n\n356,627\n\nEquity investment securities, at fair value\n\n​\n\n​\n\n5,625\n\n​\n\n​\n\n5,609\n\nTotal securities\n\n​\n\n​\n\n1,003,212\n\n​\n\n​\n\n941,168\n\nOther investments\n\n​\n\n​\n\n20,725\n\n​\n\n​\n\n20,632\n\nLoans, net of deferred fees and costs\n\n​\n\n​\n\n7,046,547\n\n​\n\n​\n\n6,810,233\n\nAllowance for credit losses\n\n​\n\n​\n\n(82,071)\n\n​\n\n​\n\n(97,081)\n\nNet loans\n\n​\n\n​\n\n6,964,476\n\n​\n\n​\n\n6,713,152\n\nOther assets\n\n​\n\n​\n\n183,318\n\n​\n\n​\n\n187,177\n\nTotal assets\n\n​\n\n$\n\n8,844,124\n\n​\n\n$\n\n8,255,716\n\n**Liabilities and Stockholders’ Equity**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDeposits\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNoninterest-bearing demand deposits\n\n​\n\n$\n\n1,539,553\n\n​\n\n$\n\n1,479,420\n\nInterest-bearing deposits\n\n​\n\n​\n\n6,200,166\n\n​\n\n​\n\n5,897,758\n\nTotal deposits\n\n​\n\n​\n\n7,739,719\n\n​\n\n​\n\n7,377,178\n\nTrust preferred securities\n\n​\n\n​\n\n20,620\n\n​\n\n​\n\n20,620\n\nSecured and other borrowings\n\n​\n\n​\n\n15,975\n\n​\n\n​\n\n10,975\n\nOther liabilities\n\n​\n\n​\n\n119,471\n\n​\n\n​\n\n103,831\n\nTotal liabilities\n\n​\n\n​\n\n7,895,785\n\n​\n\n​\n\n7,512,604\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCommon stock, $0.01 par value, 25,000,000 shares authorized, 13,613,586 and 11,300,191 shares issued; and 12,392,035 and 10,088,617 shares outstanding at March 31, 2026 and December 31, 2025, respectively\n\n​\n\n​\n\n136\n\n​\n\n​\n\n113\n\nAdditional paid in capital\n\n​\n\n​\n\n584,524\n\n​\n\n​\n\n405,565\n\nRetained earnings\n\n​\n\n​\n\n479,177\n\n​\n\n​\n\n450,639\n\nAccumulated other comprehensive income (loss), net of tax\n\n​\n\n​\n\n(39,233)\n\n​\n\n​\n\n(39,739)\n\nTreasury stock, at cost, 1,221,551 and 1,211,574 shares at March 31, 2026 and December 31, 2025, respectively\n\n​\n\n​\n\n(76,265)\n\n​\n\n​\n\n(73,466)\n\nTotal stockholders’ equity\n\n​\n\n​\n\n948,339\n\n​\n\n​\n\n743,112\n\nTotal liabilities and stockholders’ equity\n\n​\n\n$\n\n8,844,124\n\n​\n\n$\n\n8,255,716\n\n​\n\nSee accompanying notes to unaudited consolidated financial statements\n\n6\n\n[**Table of Contents**](#TOC)\n\nMETROPOLITAN BANK HOLDING CORP. AND SUBSIDIARIES\n\n**CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)**\n\n*(in thousands, except per share data)*\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Three months ended March 31, **\n\n​\n\n  ​ ​ ​\n\n**2026**\n\n  ​ ​ ​\n\n**2025**\n\n**Interest and dividend income**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLoans, including fees\n\n​\n\n$\n\n122,594\n\n​\n\n$\n\n110,865\n\nSecurities\n\n​\n\n​\n\n6,690\n\n​\n\n​\n\n5,397\n\nOvernight deposits\n\n​\n\n​\n\n5,329\n\n​\n\n​\n\n1,925\n\nOther interest and dividends\n\n​\n\n​\n\n319\n\n​\n\n​\n\n583\n\nTotal interest income\n\n​\n\n​\n\n134,932\n\n​\n\n​\n\n118,770\n\n**Interest expense**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDeposits\n\n​\n\n​\n\n48,730\n\n​\n\n​\n\n47,178\n\nBorrowed funds\n\n​\n\n​\n\n—\n\n​\n\n​\n\n4,316\n\nTrust preferred securities\n\n​\n\n​\n\n293\n\n​\n\n​\n\n324\n\nTotal interest expense\n\n​\n\n​\n\n49,023\n\n​\n\n​\n\n51,818\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNet interest income\n\n​\n\n​\n\n85,909\n\n​\n\n​\n\n66,952\n\nProvision for credit losses\n\n​\n\n​\n\n(2,300)\n\n​\n\n​\n\n4,506\n\nNet interest income after provision for credit losses\n\n​\n\n​\n\n88,209\n\n​\n\n​\n\n62,446\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Non-interest income**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nService charges on deposit accounts\n\n​\n\n​\n\n2,274\n\n​\n\n​\n\n2,173\n\nOther income\n\n​\n\n​\n\n307\n\n​\n\n​\n\n1,465\n\nTotal non-interest income\n\n​\n\n​\n\n2,581\n\n​\n\n​\n\n3,638\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Non-interest expense**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCompensation and benefits\n\n​\n\n​\n\n24,148\n\n​\n\n​\n\n21,739\n\nBank premises and equipment\n\n​\n\n​\n\n2,729\n\n​\n\n​\n\n2,463\n\nProfessional fees\n\n​\n\n​\n\n3,229\n\n​\n\n​\n\n4,986\n\nTechnology costs\n\n​\n\n​\n\n4,196\n\n​\n\n​\n\n2,220\n\nDeposit related program fees\n\n​\n\n​\n\n6,799\n\n​\n\n​\n\n4,187\n\nFDIC assessments\n\n​\n\n​\n\n1,850\n\n​\n\n​\n\n2,967\n\nOther expenses\n\n​\n\n​\n\n3,449\n\n​\n\n​\n\n4,160\n\nTotal non-interest expense\n\n​\n\n​\n\n46,400\n\n​\n\n​\n\n42,722\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNet income before income tax expense\n\n​\n\n​\n\n44,390\n\n​\n\n​\n\n23,362\n\nIncome tax expense\n\n​\n\n​\n\n12,964\n\n​\n\n​\n\n7,008\n\nNet income\n\n​\n\n$\n\n31,426\n\n​\n\n$\n\n16,354\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nEarnings per common share\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBasic earnings\n\n​\n\n$\n\n2.94\n\n​\n\n$\n\n1.46\n\nDiluted earnings\n\n​\n\n$\n\n2.92\n\n​\n\n$\n\n1.45\n\n​\n\nSee accompanying notes to unaudited consolidated financial statements\n\n​\n\n​\n\n7\n\n[**Table of Contents**](#TOC)\n\nMETROPOLITAN BANK HOLDING CORP. AND SUBSIDIARIES\n\n**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)**\n\n*(in thousands)*\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Three months ended**\n\n​\n\n​\n\n​\n\n​\n\n**March 31, **\n\n​\n\n  ​ ​ ​\n\n**2026**\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\nNet income\n\n​\n\n$\n\n31,426\n\n​\n\n$\n\n16,354\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOther comprehensive income (loss), net of tax\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Securities available-for-sale:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nUnrealized gain (loss) arising during the period, net\n\n​\n\n​\n\n(2,873)\n\n​\n\n​\n\n6,990\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Cash flow hedges:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nUnrealized gain (loss) arising during the period, net\n\n​\n\n​\n\n3,147\n\n​\n\n​\n\n(395)\n\n​\n\nReclassification adjustment for gains included in net income, net\n\n​\n\n​\n\n232\n\n​\n\n​\n\n(631)\n\n​\n\nTotal\n\n​\n\n​\n\n3,379\n\n​\n\n​\n\n(1,026)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTotal other comprehensive income (loss), net\n\n​\n\n​\n\n506\n\n​\n\n​\n\n5,964\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nComprehensive income (loss), net\n\n​\n\n$\n\n31,932\n\n​\n\n$\n\n22,318\n\n​\n\n​\n\nSee accompanying notes to unaudited consolidated financial statements\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n8\n\n[**Table of Contents**](#TOC)\n\nMETROPOLITAN BANK HOLDING CORP. AND SUBSIDIARIES\n\n**CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (unaudited)**\n\n*(in thousands, except share data)*\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Common**\n\n​\n\n**Additional**\n\n​\n\n**Retained**\n\n​\n\n**AOCI (Loss),**\n\n​\n\n**Treasury**\n\n​\n\n​\n\n​\n\n​\n\n**  ​**\n\n**Stock**\n\n​\n\n**Paid-in Capital**\n\n​\n\n**Earnings**\n\n​\n\n**Net**\n\n​\n\n**Stock**\n\n​\n\n**Total**\n\n​\n\n​\n\nShares\n\n​\n\nAmount\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Three Months Ended**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBalance at January 1, 2026\n\n​\n\n10,088,617\n\n​\n\n$\n\n113\n\n​\n\n$\n\n405,565\n\n​\n\n$\n\n450,639\n\n​\n\n$\n\n(39,739)\n\n​\n\n$\n\n(73,466)\n\n​\n\n$\n\n743,112\n\nIssuance of common stock\n\n​\n\n2,313,395\n\n​\n\n​\n\n23\n\n​\n\n​\n\n186,480\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n186,503\n\nEquity-based compensation awards and related tax effect\n\n​\n\n113,084\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(10,752)\n\n​\n\n​\n\n(870)\n\n​\n\n​\n\n—\n\n​\n\n​\n\n7,060\n\n​\n\n​\n\n(4,562)\n\nEmployee and non-employee stock-based compensation\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n3,231\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n3,231\n\nTreasury stock purchased\n\n​\n\n(123,061)\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(9,859)\n\n​\n\n​\n\n(9,859)\n\nNet income\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n31,426\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n31,426\n\nOther comprehensive income (loss)\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n506\n\n​\n\n​\n\n—\n\n​\n\n​\n\n506\n\nCash dividends declared on common stock ($0.20 per share)\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(2,018)\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(2,018)\n\nBalance at March 31, 2026\n\n​\n\n12,392,035\n\n​\n\n$\n\n136\n\n​\n\n$\n\n584,524\n\n​\n\n$\n\n479,177\n\n​\n\n$\n\n(39,233)\n\n​\n\n$\n\n(76,265)\n\n​\n\n$\n\n948,339\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBalance at January 1, 2025\n\n​\n\n11,197,625\n\n​\n\n$\n\n112\n\n​\n\n$\n\n400,188\n\n​\n\n$\n\n382,661\n\n​\n\n$\n\n(53,134)\n\n​\n\n$\n\n—\n\n​\n\n$\n\n729,827\n\nEquity-based compensation awards and related tax effect\n\n​\n\n97,535\n\n​\n\n​\n\n1\n\n​\n\n​\n\n(3,191)\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(3,190)\n\nEmployee and non-employee stock-based compensation\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n1,826\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n1,826\n\nTreasury stock purchased\n\n​\n\n(228,926)\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(12,935)\n\n​\n\n​\n\n(12,935)\n\nNet income\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n16,354\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n16,354\n\nOther comprehensive income (loss)\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n5,964\n\n​\n\n​\n\n—\n\n​\n\n​\n\n5,964\n\nBalance at March 31, 2025\n\n​\n\n11,066,234\n\n​\n\n$\n\n113\n\n​\n\n$\n\n398,823\n\n​\n\n$\n\n399,015\n\n​\n\n$\n\n(47,170)\n\n​\n\n$\n\n(12,935)\n\n​\n\n$\n\n737,846\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nSee accompanying notes to unaudited consolidated financial statements\n\n​\n\n9\n\n[**Table of Contents**](#TOC)\n\nMETROPOLITAN BANK HOLDING CORP. AND SUBSIDIARIES\n\n**CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)**\n\n*(in thousands)*\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Three months ended March 31, **\n\n​\n\n​\n\n  ​ ​ ​\n\n**2026**\n\n**  ​ ​ ​**\n\n**2025**\n\n  ​ ​ ​\n\n**Cash flows from operating activities**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNet income\n\n​\n\n$\n\n31,426\n\n​\n\n$\n\n16,354\n\n​\n\nAdjustments to reconcile net income to net cash:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNet depreciation, amortization, and accretion\n\n​\n\n​\n\n(3,054)\n\n​\n\n​\n\n(1,451)\n\n​\n\nProvision for credit losses\n\n​\n\n​\n\n(2,300)\n\n​\n\n​\n\n4,506\n\n​\n\nStock-based compensation\n\n​\n\n​\n\n3,231\n\n​\n\n​\n\n1,826\n\n​\n\nOther, net\n\n​\n\n​\n\n(16)\n\n​\n\n​\n\n(112)\n\n​\n\nNet change in:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOther assets\n\n​\n\n​\n\n9,316\n\n​\n\n​\n\n(10,330)\n\n​\n\nOther liabilities\n\n​\n\n​\n\n16,426\n\n​\n\n​\n\n(3,028)\n\n​\n\nNet cash provided by (used in) operating activities\n\n​\n\n​\n\n55,029\n\n​\n\n​\n\n7,765\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Cash flows from investing activities**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLoan originations and payments, net\n\n​\n\n​\n\n(244,932)\n\n​\n\n​\n\n(306,187)\n\n​\n\nRedemptions of FRB and FHLB Stock\n\n​\n\n​\n\n8\n\n​\n\n​\n\n17,524\n\n​\n\nPurchases of FRB and FHLB Stock\n\n​\n\n​\n\n(101)\n\n​\n\n​\n\n(13,950)\n\n​\n\nPurchase of securities available-for-sale\n\n​\n\n​\n\n(108,997)\n\n​\n\n​\n\n(44,274)\n\n​\n\nProceeds from paydowns and maturities of securities available-for-sale\n\n​\n\n​\n\n34,245\n\n​\n\n​\n\n12,898\n\n​\n\nProceeds from paydowns and maturities of securities held-to-maturity\n\n​\n\n​\n\n8,616\n\n​\n\n​\n\n29,450\n\n​\n\nPurchase of premises and equipment\n\n​\n\n​\n\n(2,667)\n\n​\n\n​\n\n(2,186)\n\n​\n\nNet cash provided by (used in) investing activities\n\n​\n\n​\n\n(313,828)\n\n​\n\n​\n\n(306,725)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Cash flows from financing activities**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProceeds from issuance of common stock, net\n\n​\n\n​\n\n186,503\n\n​\n\n​\n\n—\n\n​\n\nProceeds from (repayments of) federal funds purchased, net\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(85,000)\n\n​\n\nProceeds from (repayments of) FHLB advances, net\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(80,000)\n\n​\n\nRedemption of common stock for tax withholdings for restricted stock vesting\n\n​\n\n​\n\n(4,562)\n\n​\n\n​\n\n(3,191)\n\n​\n\nProceeds from (repayments of) secured borrowings, net\n\n​\n\n​\n\n5,000\n\n​\n\n​\n\n9,962\n\n​\n\nNet increase (decrease) in deposits\n\n​\n\n​\n\n362,541\n\n​\n\n​\n\n466,319\n\n​\n\nPurchase of treasury stock\n\n​\n\n​\n\n(9,859)\n\n​\n\n​\n\n(12,935)\n\n​\n\nCash dividend paid\n\n​\n\n​\n\n(2,018)\n\n​\n\n​\n\n—\n\n​\n\nNet cash provided by (used in) financing activities\n\n​\n\n​\n\n537,605\n\n​\n\n​\n\n295,155\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nIncrease (decrease) in cash and cash equivalents\n\n​\n\n​\n\n278,806\n\n​\n\n​\n\n(3,805)\n\n​\n\nCash and cash equivalents at the beginning of the period\n\n​\n\n​\n\n393,587\n\n​\n\n​\n\n200,268\n\n​\n\nCash and cash equivalents at the end of the period\n\n​\n\n$\n\n672,393\n\n​\n\n$\n\n196,463\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nSupplemental information\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCash paid for:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nInterest\n\n​\n\n$\n\n48,422\n\n​\n\n$\n\n50,552\n\n​\n\nIncome Taxes\n\n​\n\n$\n\n2,930\n\n​\n\n$\n\n8,174\n\n​\n\n​\n\nSee accompanying notes to unaudited consolidated financial statements\n\n​\n\n10\n\n[**Table of Contents**](#TOC)\n\n**N****OTE 1 — ORGANIZATION**\n\nMetropolitan Bank Holding Corp. (the “Company”), a New York corporation, is a bank holding company headquartered in New York, New York and registered under the BHC Act. Through its wholly owned bank subsidiary, Metropolitan Commercial Bank (the “Bank”), a New York state-chartered commercial bank, the Company provides a broad range of business, commercial and retail banking products and services to small businesses, middle-market enterprises, public entities and affluent individuals primarily in the New York metropolitan area. See the “GLOSSARY OF COMMON TERMS AND ACRONYMS” for the definition of certain terms and acronyms used throughout this Form 10-Q.\n\nThe Company’s primary lending products are CRE loans (including multi-family loans) and C&I loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets, and commercial and residential real estate. Commercial loans are expected to be repaid from cash flows from the operations of businesses.\n\nThe Company’s primary deposit products are checking, savings, and term deposit accounts, all of which are insured by the FDIC up to the maximum amounts allowed by law. In addition to traditional commercial banking products, the Company offers: corporate cash management and retail banking services; customized financial solutions for government entities, municipalities, public institutions and charter schools; specialized services to facilitate secure and efficient real estate transactions and tax-deferred exchanges for title and escrow and Section 1031 exchanges; and EB-5 Program escrow accounts of foreign investor funds for USCIS approved job-creating projects. \n\nAs a bank holding company, the Company is subject to the supervision of the Board of Governors of the Federal Reserve System. The Company is required to file with the FRB reports and other information regarding its business operations and the business operations of its subsidiaries. As a state-chartered bank that is a member of the FRB, the Bank is subject to FDIC regulations as well as supervision, periodic examination and regulation by the NYDFS as its primary state regulator and by the FRB as its primary federal regulator. \n\n​\n\n**NOTE 2 — BASIS OF PRESENTATION**\n\nThe accounting and reporting policies of the Company conform with GAAP and predominant practices within the U.S. banking industry. The Unaudited Consolidated Financial Statements (“unaudited financial statements”) include the accounts of the Company and the Bank. All intercompany balances and transactions have been eliminated. The unaudited financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q, Article 8 of Regulation S-X and predominant practices within the U.S. banking industry. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The unaudited financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented.\n\nIn preparing the interim unaudited financial statements in conformity with GAAP, management has made estimates and assumptions based on available information. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reported periods, and actual results could differ from those estimated. Information available which could affect these judgments include, but are not limited to, changes in interest rates, changes in the performance of the economy, inflation and its related effects and changes in the financial condition of borrowers.\n\nSome items in the prior year financial statements may have been reclassified to conform to the current presentation. Reclassification had no effect on prior year net income or stockholders’ equity.\n\nThe results of operations for the three months ended March 31, 2026 and 2025 are not necessarily indicative of the results of operations that may be expected for the entire fiscal year or for any other period.\n\n11\n\n[**Table of Contents**](#TOC)\n\nThe unaudited financial statements presented in this report should be read in conjunction with the Company’s audited consolidated financial statements and notes to the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC.\n\nAllowance for Credit Losses\n\nThe ACL for loans is measured on the loan’s amortized cost basis, excluding interest receivable, and is initially recognized upon origination or purchase of the loans and subsequently remeasured on a recurring basis. The ACL is recognized as a contra-asset, and credit loss expense is recorded as a provision for credit losses in the consolidated statements of operations. Loan losses are charged-off against the ACL when management believes the loan is uncollectible. Subsequent recoveries, if any, are credited to the ACL. The Company does not recognize an ACL on accrued interest receivable, consistent with its policy to reverse interest income when interest is 90 days or more past due.\n\nThe Company also records an ACL on unfunded loan commitments, which is based on the same assumptions as funded loans and also considers the probability of funding. The ACL is recognized as a liability, and credit loss expense is recorded as a provision for unfunded loan commitments within the provision for credit losses in the consolidated statements of operations. Upon funding of the loan, any related ACL previously recorded on the unfunded amount is reversed and an ACL is subsequently recognized on the outstanding loan.\n\nTo calculate the ACL for loans and loan commitments collectively evaluated, the Company uses models developed by a third party. The lifetime loss rate models calculate the expected losses over the life of the loan based on exposure at default loan attributes and reasonable, supportable economic forecasts. The exposure at default considers the current unpaid balance, prepayment assumptions, and expected utilization assumptions.\n\nKey assumptions used in the models include portfolio segmentation, prepayments, risk rating, a peer scalar, and the expected utilization of unfunded commitments among others. The portfolios are segmented by loan level attributes such as loan type, loan size, date of origination, and delinquency status to create homogenous loan pools. Pool level metrics are calculated, and loss rates are subsequently applied to the pools as the loans have similar characteristics. Prepayment assumptions, if applicable, are embedded within the models and are based on the same data used for model development and incorporate adjustments for reasonable and supportable forecasts. The models employ mean reversion techniques to predict credit losses for loans that are expected to mature beyond the forecast period.\n\nTo account for economic uncertainty, the Company uses multiple economic scenarios provided by the model vendor in determining the ACL. The forecasts include various projections based on variables such as, Gross Domestic Product, interest rates, property price indices, and employment measures, among others. The forecasts are probability-weighted based on available information at the time the calculation is conducted. Scenario weightings and model parameters are reviewed for each calculation and are subject to change.\n\nThe CRE and C&I lifetime loss rate models were developed using the historical loss experience of all banks in the model’s developmental dataset. Banks in the model’s developmental dataset may have different loss experiences due to geography and portfolio as well as operational and underwriting procedures that vary from those of the Company, and therefore, the Company calibrates expected losses using a peer scalar function provided by the models. The peer scalar was calculated by examining the loss rates of peer banks that have similar asset bases and that operate in similar markets as the Company and comparing these peer group loss rates to the model results.\n\nThe Company also considers qualitative adjustments to expected credit loss estimates for information not already captured in the quantitative loss estimation models. Qualitative factor adjustments may increase or decrease management’s estimate of expected credit losses. Qualitative loss factors are based on the Company’s judgment of market, industry or business specific data, changes in loan composition, performance trends, regulatory changes, uncertainty of macroeconomic forecasts, and other asset specific risk characteristics.\n\nWhen loans do not share risk characteristics with other financial assets they are evaluated individually. Management applies its normal loan review procedures in making these judgments. Individually evaluated loans consist of nonaccrual loans and loans that have been modified due to financial difficulty. In determining the ACL, the Company generally applies\n\n12\n\n[**Table of Contents**](#TOC)\n\na discounted cash flow method for instruments that are individually assessed. For collateral dependent financial assets where the borrower is experiencing financial difficulty, the ACL is measured based on the difference between the fair value of the collateral (less selling costs if applicable) and the amortized cost basis of the asset as of the measurement date. Fair value is generally calculated based on the value of the underlying collateral less an appraisal discount.\n\nThe measurement of all expected credit losses for financial assets held at amortized cost is based on historical experience, current conditions, and reasonable and supportable forecasts. The Company continuously monitors current conditions and events and will evaluate potential changes that will enhance the estimation process. During the quarter ended March 31, 2026, the peer group selection process, macroeconomic forecast weightings, and the qualitative factor process were adjusted to reflect current conditions and events. The Company accounted for these revisions prospectively as a change in accounting estimate beginning March 31, 2026, and no prior period amounts were adjusted. The effect of this change in accounting estimate for the three months ended March 31, 2026, was a net decrease in the provision for credit losses of $6.4 million, which is $4.6 million, net of tax, or $0.43 per basic earnings per share and $0.42 per dilutive earnings per share.\n\n**NOTE 3 — SUMMARY OF RECENT ACCOUNTING PRONOUNCEMENTS**\n\nIn November 2024, the FASB issued ASU No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40).” ASU 2024-03 requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU No. 2024-03 does not change the expense captions an entity presents on the face of the income statement. Subsequently issued ASU No. 2025-01 amended the effective date of ASU No. 2024-03 to require all public business entities to adopt the new guidance for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The guidance may be applied on a prospective or retrospective basis. The Company is currently evaluating the impact of ASU No. 2024- 03 on its consolidated financial statements.\n\nASU No. 2025-06, \"Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software\" clarifies the accounting for costs related to internal-use software. The new guidance clarifies the threshold entities apply to begin capitalizing costs and removes all references to project stages in ASC Subtopic 350-40. ASU No. 2025-06 is effective for the Company beginning in 2028. The new guidance may be applied using a prospective, retrospective or modified transition approach with early adoption permitted. The Company is currently evaluating the impact of ASU 2025-06 on its consolidated financial statements\n\nIn November 2025, the FASB issued ASU 2025-08, “Financial instruments – Credit Losses (Topic 326): Purchased Loans,” which amends the guidance in ASC 326 on the accounting for certain purchased loans. Under the ASU, entities must account for acquired loans (excluding credit cards) that meet certain criteria at acquisition (“purchased seasoned loans”) by recognizing them at their purchase price plus an allowance for expected credit losses (the “gross-up approach”). ASU 2025-08 also introduces an accounting policy election related to the subsequent measurement of expected credit losses for entities that use a method other than a discounted cash flow analysis to estimate credit losses on purchased seasoned loans. If this accounting policy is elected, entities can use the amortized cost basis of the asset to subsequently measure their credit loss allowance. ASU 2025-08 is effective for interim and annual reporting periods beginning after December 15, 2026. Early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been issued or made available for issuance. The Company is currently evaluating the impact of ASU 2025-08 on its consolidated financial statements.\n\nIn November 2025, the FASB issued ASU 2025-09, “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements,” which addresses five hedge accounting issues by providing additional guidance that is expected to enable entities to achieve and maintain hedge accounting for highly effective economic hedges and more closely aligning hedge accounting with risk management activities. This ASU is effective for annual reporting periods beginning after Dec. 15, 2026, with early adoption permitted. Guidance is to be applied on a prospective basis, however certain changes to existing cash flow hedges are permitted as of adoption. The Company is currently evaluating the impact of ASU 2025-09 on its consolidated financial statements.\n\n​\n\n13\n\n[**Table of Contents**](#TOC)\n\n**NOTE 4 — INVESTMENT SECURITIES**\n\nThe following tables summarize the amortized cost and fair value of AFS and HTM debt securities and equity investments and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses recognized in earnings (in thousands):\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Gross**\n\n​\n\n**Gross**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Unrealized/**\n\n​\n\n**Unrealized/**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Amortized**\n\n​\n\n**Unrecognized**\n\n​\n\n**Unrecognized**\n\n​\n\n​\n\n​\n\n**At March 31, 2026**\n\n**  ​ ​ ​**\n\n**Cost**\n\n**  ​ ​ ​**\n\n**Gains**\n\n**  ​ ​ ​**\n\n**Losses**\n\n**  ​ ​ ​**\n\n**Fair Value**\n\n**Available-for-Sale Securities:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nU.S. Government agency securities\n\n​\n\n$\n\n20,000\n\n​\n\n$\n\n—\n\n​\n\n$\n\n(1,828)\n\n​\n\n$\n\n18,172\n\nU.S. State and Municipal securities\n\n​\n\n​\n\n11,144\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(1,468)\n\n​\n\n​\n\n9,676\n\nResidential MBS\n\n​\n\n​\n\n628,441\n\n​\n\n​\n\n1,195\n\n​\n\n​\n\n(53,344)\n\n​\n\n​\n\n576,292\n\nCommercial MBS\n\n​\n\n​\n\n45,463\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(2,187)\n\n​\n\n​\n\n43,276\n\nAsset-backed securities\n\n​\n\n​\n\n2,353\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(50)\n\n​\n\n​\n\n2,303\n\nTotal securities available-for-sale\n\n​\n\n$\n\n707,401\n\n​\n\n$\n\n1,195\n\n​\n\n$\n\n(58,877)\n\n​\n\n$\n\n649,719\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Held-to-Maturity Securities:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nU.S. State and Municipal securities\n\n​\n\n$\n\n15,001\n\n​\n\n$\n\n—\n\n​\n\n$\n\n(1,459)\n\n​\n\n$\n\n13,542\n\nResidential MBS\n\n​\n\n​\n\n324,825\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(43,399)\n\n​\n\n​\n\n281,426\n\nCommercial MBS\n\n​\n\n​\n\n8,042\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(478)\n\n​\n\n​\n\n7,564\n\nTotal securities held-to-maturity\n\n​\n\n$\n\n347,868\n\n​\n\n$\n\n—\n\n​\n\n$\n\n(45,336)\n\n​\n\n$\n\n302,532\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Equity Investments:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCRA Mutual Fund\n\n​\n\n$\n\n5,903\n\n​\n\n$\n\n—\n\n​\n\n$\n\n(278)\n\n​\n\n$\n\n5,625\n\nTotal equity investment securities\n\n​\n\n$\n\n5,903\n\n​\n\n$\n\n—\n\n​\n\n$\n\n(278)\n\n​\n\n$\n\n5,625\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Gross**\n\n​\n\n**Gross**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Unrealized/**\n\n​\n\n**Unrealized/**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Amortized**\n\n​\n\n**Unrecognized**\n\n​\n\n**Unrecognized**\n\n​\n\n​\n\n​\n\n**At December 31, 2025**\n\n**  ​ ​ ​**\n\n**Cost**\n\n**  ​ ​ ​**\n\n**Gains**\n\n**  ​ ​ ​**\n\n**Losses**\n\n**  ​ ​ ​**\n\n**Fair Value**\n\n**Available-for-Sale Securities:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nU.S. Government agency securities\n\n​\n\n$\n\n30,000\n\n​\n\n$\n\n—\n\n​\n\n$\n\n(1,886)\n\n​\n\n$\n\n28,114\n\nU.S. State and Municipal securities\n\n​\n\n​\n\n11,184\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(1,456)\n\n​\n\n​\n\n9,728\n\nResidential MBS\n\n​\n\n​\n\n543,349\n\n​\n\n​\n\n2,409\n\n​\n\n​\n\n(50,726)\n\n​\n\n​\n\n495,032\n\nCommercial MBS\n\n​\n\n​\n\n45,560\n\n​\n\n​\n\n79\n\n​\n\n​\n\n(1,939)\n\n​\n\n​\n\n43,700\n\nAsset-backed securities\n\n​\n\n​\n\n2,419\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(61)\n\n​\n\n​\n\n2,358\n\nTotal securities available-for-sale\n\n​\n\n$\n\n632,512\n\n​\n\n$\n\n2,488\n\n​\n\n$\n\n(56,068)\n\n​\n\n$\n\n578,932\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Held-to-Maturity Securities:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nU.S. State and Municipal securities\n\n​\n\n​\n\n15,065\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(1,402)\n\n​\n\n​\n\n13,663\n\nResidential MBS\n\n​\n\n​\n\n333,515\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(41,662)\n\n​\n\n​\n\n291,853\n\nCommercial MBS\n\n​\n\n​\n\n8,047\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(481)\n\n​\n\n​\n\n7,566\n\nTotal securities held-to-maturity\n\n​\n\n$\n\n356,627\n\n​\n\n$\n\n—\n\n​\n\n$\n\n(43,545)\n\n​\n\n$\n\n313,082\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Equity Investments:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCRA Mutual Fund\n\n​\n\n$\n\n5,858\n\n​\n\n$\n\n—\n\n​\n\n$\n\n(249)\n\n​\n\n$\n\n5,609\n\nTotal equity investment securities\n\n​\n\n$\n\n5,858\n\n​\n\n$\n\n—\n\n​\n\n$\n\n(249)\n\n​\n\n$\n\n5,609\n\n​\n\nThere were no proceeds from sales or calls of AFS securities for the three months ended March 31, 2026 and 2025.\n\n​\n\n14\n\n[**Table of Contents**](#TOC)\n\nThe tables below summarize, by contractual maturity, the amortized cost and fair value of debt securities. The tables do not include the effect of principal repayments or scheduled principal amortization. Equity securities, primarily investments in mutual funds, have been excluded from the table. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties (in thousands):\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Held-to-Maturity**\n\n​\n\n**Available-for-Sale**\n\n**At March 31, 2026**\n\n**  ​ ​ ​**\n\n**Amortized Cost**\n\n**  ​ ​ ​**\n\n**Fair Value**\n\n**  ​ ​ ​**\n\n**Amortized Cost**\n\n**  ​ ​ ​**\n\n**Fair Value**\n\nDue within 1 year\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\nAfter 1 year through 5 years\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n15,000\n\n​\n\n​\n\n14,302\n\nAfter 5 years through 10 years\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n9,822\n\n​\n\n​\n\n7,864\n\nAfter 10 years\n\n​\n\n​\n\n15,001\n\n​\n\n​\n\n13,542\n\n​\n\n​\n\n6,322\n\n​\n\n​\n\n5,682\n\nMortgage-backed and Asset-backed Securities\n\n​\n\n​\n\n332,867\n\n​\n\n​\n\n288,990\n\n​\n\n​\n\n676,257\n\n​\n\n​\n\n621,871\n\nTotal Securities\n\n​\n\n$\n\n347,868\n\n​\n\n$\n\n302,532\n\n​\n\n$\n\n707,401\n\n​\n\n$\n\n649,719\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Held-to-Maturity**\n\n​\n\n**Available-for-Sale**\n\n**At December 31, 2025**\n\n**  ​ ​ ​**\n\n**Amortized Cost**\n\n**  ​ ​ ​**\n\n**Fair Value**\n\n**  ​ ​ ​**\n\n**Amortized Cost**\n\n**  ​ ​ ​**\n\n**Fair Value**\n\nDue within 1 year\n\n​\n\n$\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n10,000\n\n​\n\n​\n\n9,960\n\nAfter 1 year through 5 years\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n15,000\n\n​\n\n​\n\n14,261\n\nAfter 5 years through 10 years\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n4,823\n\n​\n\n​\n\n3,985\n\nAfter 10 years\n\n​\n\n​\n\n15,065\n\n​\n\n​\n\n13,663\n\n​\n\n​\n\n11,361\n\n​\n\n​\n\n9,636\n\nMortgage-backed and Asset-backed Securities\n\n​\n\n​\n\n341,562\n\n​\n\n​\n\n299,419\n\n​\n\n​\n\n591,328\n\n​\n\n​\n\n541,090\n\nTotal Securities\n\n​\n\n$\n\n356,627\n\n​\n\n$\n\n313,082\n\n​\n\n$\n\n632,512\n\n​\n\n$\n\n578,932\n\n​\n\nAt March 31, 2026, there were $882.1 million of securities pledged to support wholesale funding, and to a lesser extent certain other types of deposits, of which $125.1 million was encumbered. At December 31, 2025, there were $807.5 million of securities pledged to support wholesale funding, and to a lesser extent certain other types of deposits, of which $118.2 million was encumbered.\n\nAt March 31, 2026 and December 31, 2025, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. At March 31, 2026 and December 31, 2025, all of the residential MBS and commercial MBS held by the Company were issued by U.S. Government-sponsored entities and agencies.\n\nThe following tables present debt securities with unrealized/unrecognized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Less than 12 Months**\n\n​\n\n**12 Months or More**\n\n​\n\n**Total**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Unrealized/**\n\n​\n\n​\n\n​\n\n​\n\n**Unrealized/**\n\n​\n\n​\n\n​\n\n​\n\n**Unrealized/**\n\n​\n\n​\n\n**Estimated**\n\n​\n\n**Unrecognized**\n\n​\n\n**Estimated**\n\n​\n\n**Unrecognized**\n\n​\n\n**Estimated**\n\n​\n\n**Unrecognized**\n\n**At March 31, 2026**\n\n**  ​ ​ ​**\n\n**Fair Value**\n\n**  ​ ​ ​**\n\n**Losses**\n\n**  ​ ​ ​**\n\n**Fair Value**\n\n**  ​ ​ ​**\n\n**Losses**\n\n**  ​ ​ ​**\n\n**Fair Value**\n\n**  ​ ​ ​**\n\n**Losses**\n\n**Available-for-Sale Securities:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nU.S. Government agency securities\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n18,172\n\n​\n\n$\n\n(1,828)\n\n​\n\n$\n\n18,172\n\n​\n\n$\n\n(1,828)\n\nU.S. State and Municipal securities\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n9,676\n\n​\n\n​\n\n(1,468)\n\n​\n\n​\n\n9,676\n\n​\n\n​\n\n(1,468)\n\nResidential MBS\n\n​\n\n​\n\n177,994\n\n​\n\n​\n\n(1,392)\n\n​\n\n​\n\n233,677\n\n​\n\n​\n\n(51,952)\n\n​\n\n​\n\n411,671\n\n​\n\n​\n\n(53,344)\n\nCommercial MBS\n\n​\n\n​\n\n20,274\n\n​\n\n​\n\n(71)\n\n​\n\n​\n\n23,002\n\n​\n\n​\n\n(2,116)\n\n​\n\n​\n\n43,276\n\n​\n\n​\n\n(2,187)\n\nAsset-backed securities\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n2,303\n\n​\n\n​\n\n(50)\n\n​\n\n​\n\n2,303\n\n​\n\n​\n\n(50)\n\nTotal securities available-for-sale\n\n​\n\n$\n\n198,268\n\n​\n\n$\n\n(1,463)\n\n​\n\n$\n\n286,830\n\n​\n\n$\n\n(57,414)\n\n​\n\n$\n\n485,098\n\n​\n\n$\n\n(58,877)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Held-to-Maturity Securities:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nU.S. State and Municipal securities\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n13,542\n\n​\n\n$\n\n(1,459)\n\n​\n\n$\n\n13,542\n\n​\n\n$\n\n(1,459)\n\nResidential MBS\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n281,426\n\n​\n\n​\n\n(43,399)\n\n​\n\n​\n\n281,426\n\n​\n\n​\n\n(43,399)\n\nCommercial MBS\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n7,564\n\n​\n\n​\n\n(478)\n\n​\n\n​\n\n7,564\n\n​\n\n​\n\n(478)\n\nTotal securities held-to-maturity\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n302,532\n\n​\n\n$\n\n(45,336)\n\n​\n\n$\n\n302,532\n\n​\n\n$\n\n(45,336)\n\n​\n\n15\n\n[**Table of Contents**](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Less than 12 Months**\n\n​\n\n**12 Months or More**\n\n​\n\n**Total**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Unrealized/**\n\n​\n\n​\n\n​\n\n​\n\n**Unrealized/**\n\n​\n\n​\n\n​\n\n​\n\n**Unrealized/**\n\n​\n\n​\n\n**Estimated**\n\n​\n\n**Unrecognized**\n\n​\n\n**Estimated**\n\n​\n\n**Unrecognized**\n\n​\n\n**Estimated**\n\n​\n\n**Unrecognized**\n\n**At December 31, 2025**\n\n**  ​ ​ ​**\n\n**Fair Value**\n\n**  ​ ​ ​**\n\n**Losses**\n\n**  ​ ​ ​**\n\n**Fair Value**\n\n**  ​ ​ ​**\n\n**Losses**\n\n**  ​ ​ ​**\n\n**Fair Value**\n\n**  ​ ​ ​**\n\n**Losses**\n\n**Available-for-Sale Securities:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nU.S. Government agency securities\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n28,114\n\n​\n\n$\n\n(1,886)\n\n​\n\n$\n\n28,114\n\n​\n\n$\n\n(1,886)\n\nU.S. State and Municipal securities\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n9,728\n\n​\n\n​\n\n(1,456)\n\n​\n\n​\n\n9,728\n\n​\n\n​\n\n(1,456)\n\nResidential MBS\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n241,900\n\n​\n\n​\n\n(50,726)\n\n​\n\n​\n\n241,900\n\n​\n\n​\n\n(50,726)\n\nCommercial MBS\n\n​\n\n​\n\n10,878\n\n​\n\n​\n\n(13)\n\n​\n\n​\n\n23,354\n\n​\n\n​\n\n(1,926)\n\n​\n\n​\n\n34,232\n\n​\n\n​\n\n(1,939)\n\nAsset-backed securities\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n2,358\n\n​\n\n​\n\n(61)\n\n​\n\n​\n\n2,358\n\n​\n\n​\n\n(61)\n\nTotal securities available-for-sale\n\n​\n\n$\n\n10,878\n\n​\n\n$\n\n(13)\n\n​\n\n$\n\n305,454\n\n​\n\n$\n\n(56,055)\n\n​\n\n$\n\n316,332\n\n​\n\n$\n\n(56,068)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Held-to-Maturity Securities:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nU.S. State and Municipal securities\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n13,663\n\n​\n\n​\n\n(1,402)\n\n​\n\n​\n\n13,663\n\n​\n\n​\n\n(1,402)\n\nResidential MBS\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n291,853\n\n​\n\n​\n\n(41,662)\n\n​\n\n​\n\n291,853\n\n​\n\n​\n\n(41,662)\n\nCommercial MBS\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n7,566\n\n​\n\n​\n\n(481)\n\n​\n\n​\n\n7,566\n\n​\n\n​\n\n(481)\n\nTotal securities held-to-maturity\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n313,082\n\n​\n\n$\n\n(43,545)\n\n​\n\n$\n\n313,082\n\n​\n\n$\n\n(43,545)\n\n​\n\nExcept for U.S. State and Municipal securities, the Company has a zero loss expectation for its HTM securities portfolio, and therefore has no ACL related to these securities. Obligations of U.S. State and Municipal securities were rated investment grade and the associated ACL was immaterial at March 31, 2026 and December 31, 2025.\n\nAFS securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis. The unrealized losses on AFS securities are primarily due to the changes in market interest rates subsequent to purchase. In addition, the Company does not intend, nor would it be required, to sell these investments until there is a full recovery of the unrealized loss, which may be at maturity. As a result, no ACL was recognized during the three months ended March 31, 2026 and 2025.\n\n**NOTE 5 — LOANS AND ALLOWANCE FOR CREDIT LOSSES**\n\nLoans, net of deferred costs and fees, consist of the following (in thousands):\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At**\n\n​\n\n**At**\n\n​\n\n​\n\n**March 31, **\n\n​\n\n**December 31, **\n\n​\n\n**  ​ ​ ​**\n\n**2026**\n\n​\n\n**2025**\n\nReal estate\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCommercial\n\n​\n\n$\n\n5,433,868\n\n​\n\n$\n\n5,201,489\n\nConstruction\n\n​\n\n​\n\n239,456\n\n​\n\n​\n\n261,804\n\nMulti-family\n\n​\n\n​\n\n393,702\n\n​\n\n​\n\n397,010\n\nOne-to four-family\n\n​\n\n​\n\n85,523\n\n​\n\n​\n\n86,449\n\nTotal real estate loans\n\n​\n\n​\n\n6,152,549\n\n​\n\n​\n\n5,946,752\n\nCommercial and industrial\n\n​\n\n​\n\n902,822\n\n​\n\n​\n\n871,652\n\nConsumer\n\n​\n\n​\n\n9,757\n\n​\n\n​\n\n10,349\n\nTotal loans\n\n​\n\n​\n\n7,065,128\n\n​\n\n​\n\n6,828,753\n\nDeferred fees, net of origination costs\n\n​\n\n​\n\n(18,581)\n\n​\n\n​\n\n(18,520)\n\nLoans, net of deferred fees and costs\n\n​\n\n​\n\n7,046,547\n\n​\n\n​\n\n6,810,233\n\nAllowance for credit losses\n\n​\n\n​\n\n(82,071)\n\n​\n\n​\n\n(97,081)\n\nNet loans\n\n​\n\n$\n\n6,964,476\n\n​\n\n$\n\n6,713,152\n\n​\n\nAt March 31, 2026, $3.9 billion of loans were pledged to support wholesale funding, of which $529.5 million were encumbered. At December 31, 2025, $3.7 billion of loans were pledged to support wholesale funding, of which $446.5 million were encumbered.\n\n​\n\n16\n\n[**Table of Contents**](#TOC)\n\nThe following tables present the activity in the ACL for funded loans by segment. The portfolio segments represent the categories that the Company uses to determine its ACL (in thousands):\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Multi-**\n\n​\n\n**One-to four-**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Three months ended March 31, 2026**\n\n**  ​ ​ ​**\n\n**CRE**\n\n**  ​ ​ ​**\n\n**C&I**\n\n**  ​ ​ ​**\n\n**Construction**\n\n**  ​ ​ ​**\n\n**family**\n\n**  ​ ​ ​**\n\n**family**\n\n**  ​ ​ ​**\n\n**Consumer**\n\n**  ​ ​ ​**\n\n**Total**\n\nAllowance for credit losses:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBeginning balance\n\n​\n\n$\n\n60,818\n\n​\n\n$\n\n10,180\n\n​\n\n$\n\n2,511\n\n​\n\n$\n\n22,619\n\n​\n\n$\n\n540\n\n​\n\n$\n\n413\n\n​\n\n$\n\n97,081\n\nProvision/(credit) for credit losses\n\n​\n\n​\n\n(7,383)\n\n​\n\n​\n\n6,735\n\n​\n\n​\n\n(1,101)\n\n​\n\n​\n\n(823)\n\n​\n\n​\n\n86\n\n​\n\n​\n\n(83)\n\n​\n\n​\n\n(2,569)\n\nLoans charged-off\n\n​\n\n​\n\n(7,973)\n\n​\n\n​\n\n(4,329)\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(153)\n\n​\n\n​\n\n(12,455)\n\nRecoveries\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n14\n\n​\n\n​\n\n14\n\nTotal ending allowance balance\n\n​\n\n$\n\n45,462\n\n​\n\n$\n\n12,586\n\n​\n\n$\n\n1,410\n\n​\n\n$\n\n21,796\n\n​\n\n$\n\n626\n\n​\n\n$\n\n191\n\n​\n\n$\n\n82,071\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Multi-**\n\n​\n\n**One-to four-**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Three months ended March 31, 2025**\n\n**  ​ ​ ​**\n\n**CRE**\n\n**  ​ ​ ​**\n\n**C&I**\n\n**  ​ ​ ​**\n\n**Construction**\n\n**  ​ ​ ​**\n\n**family**\n\n**  ​ ​ ​**\n\n**family**\n\n**  ​ ​ ​**\n\n**Consumer**\n\n**  ​ ​ ​**\n\n**Total**\n\nAllowance for credit losses:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBeginning balance\n\n​\n\n$\n\n42,070\n\n​\n\n$\n\n10,991\n\n​\n\n$\n\n1,962\n\n​\n\n$\n\n7,290\n\n​\n\n$\n\n577\n\n​\n\n$\n\n383\n\n​\n\n$\n\n63,273\n\nProvision/(credit) for credit losses\n\n​\n\n​\n\n2,577\n\n​\n\n​\n\n1,262\n\n​\n\n​\n\n556\n\n​\n\n​\n\n(31)\n\n​\n\n​\n\n25\n\n​\n\n​\n\n79\n\n​\n\n​\n\n4,468\n\nLoans charged-off\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(118)\n\n​\n\n​\n\n(118)\n\nRecoveries\n\n​\n\n​\n\n—\n\n​\n\n​\n\n180\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n180\n\nTotal ending allowance balance\n\n​\n\n$\n\n44,647\n\n​\n\n$\n\n12,433\n\n​\n\n$\n\n2,518\n\n​\n\n$\n\n7,259\n\n​\n\n$\n\n602\n\n​\n\n$\n\n344\n\n​\n\n$\n\n67,803\n\n​\n\nNet charge-offs for the three months ended March 31, 2026 were $12.4 million. Net recoveries for the three months ended March 31, 2025, were $62,000.\n\nThe following tables present the activity in the ACL for unfunded loan commitments (in thousands):\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Three months ended March 31, **\n\n​\n\n*  ​ ​ ​*\n\n**2026**\n\n  ​ ​ ​\n\n**2025**\n\nBalance at the beginning of period\n\n​\n\n$\n\n2,140\n\n​\n\n$\n\n2,008\n\nProvision/(credit) for credit losses\n\n​\n\n​\n\n269\n\n​\n\n​\n\n38\n\nTotal ending allowance balance\n\n​\n\n$\n\n2,409\n\n​\n\n$\n\n2,046\n\n​\n\n​\n\n17\n\n[**Table of Contents**](#TOC)\n\nThe following tables present the recorded investment in non-accrual loans and loans past due 90 days and greater and still accruing, by class of loans (in thousands):\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Loans Past Due**\n\n​\n\n​\n\n​\n\n​\n\n**Non-accrual**\n\n​\n\n**90 Days and**\n\n​\n\n​\n\n**Total**\n\n​\n\n**Without an**\n\n​\n\n**Greater and**\n\n**At March 31, 2026**\n\n**  ​ ​ ​**\n\n**Non-accrual**\n\n​\n\n**ACL**\n\n​\n\n**Still Accruing**\n\nCommercial real estate\n\n​\n\n$\n\n26,081\n\n​\n\n$\n\n2,082\n\n​\n\n$\n\n2,461\n\nCommercial & industrial\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\nMulti-family\n\n​\n\n​\n\n42,554\n\n​\n\n​\n\n7,815\n\n​\n\n​\n\n—\n\nOne-to-four family\n\n​\n\n​\n\n2,416\n\n​\n\n​\n\n2,416\n\n​\n\n​\n\n—\n\nConsumer\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\nTotal\n\n​\n\n$\n\n71,051\n\n​\n\n$\n\n12,313\n\n​\n\n$\n\n2,461\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Loans Past Due**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Non-accrual**\n\n​\n\n**90 Days and**\n\n​\n\n​\n\n**Total**\n\n​\n\n**Without an**\n\n​\n\n**Greater and**\n\n**At December 31, 2025**\n\n​\n\n**Non-accrual**\n\n​\n\n**ACL**\n\n​\n\n**Still Accruing**\n\nCommercial real estate\n\n​\n\n$\n\n32,809\n\n​\n\n$\n\n3,365\n\n​\n\n$\n\n—\n\nCommercial & industrial\n\n​\n\n​\n\n8,989\n\n​\n\n​\n\n6,989\n\n​\n\n​\n\n—\n\nMulti-family\n\n​\n\n​\n\n42,599\n\n​\n\n​\n\n7,861\n\n​\n\n​\n\n—\n\nOne-to-four family\n\n​\n\n​\n\n2,450\n\n​\n\n​\n\n2,450\n\n​\n\n​\n\n—\n\nConsumer\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n37\n\nTotal\n\n​\n\n$\n\n86,847\n\n​\n\n$\n\n20,665\n\n​\n\n$\n\n37\n\n​\n\nInterest income on non-accrual loans recognized on a cash basis for the three months ended March 31, 2026 and 2025 was immaterial.\n\nThe following tables present the aging of the recorded investment in past due loans by class of loans (in thousands):\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Non-accrual or**\n\n​\n\n**Total Past**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**30-59**\n\n​\n\n**60-89**\n\n​\n\n**90 Days and**\n\n​\n\n**Due or**\n\n​\n\n**Current**\n\n​\n\n​\n\n**At March 31, 2026**\n\n  ​ ​ ​\n\n**Days**\n\n  ​ ​ ​\n\n**Days**\n\n  ​ ​ ​\n\n**Greater**\n\n  ​ ​ ​\n\n**Non-accrual**\n\n  ​ ​ ​\n\n**Loans**\n\n  ​ ​ ​\n\n**Total**\n\nCommercial real estate\n\n​\n\n$\n\n6,041\n\n​\n\n$\n\n2,761\n\n​\n\n$\n\n28,542\n\n​\n\n$\n\n37,344\n\n​\n\n$\n\n5,396,524\n\n​\n\n$\n\n5,433,868\n\nCommercial & industrial\n\n​\n\n​\n\n12\n\n​\n\n​\n\n5,042\n\n​\n\n​\n\n—\n\n​\n\n​\n\n5,054\n\n​\n\n​\n\n897,768\n\n​\n\n​\n\n902,822\n\nConstruction\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n239,456\n\n​\n\n​\n\n239,456\n\nMulti-family\n\n​\n\n​\n\n1,399\n\n​\n\n​\n\n—\n\n​\n\n​\n\n42,554\n\n​\n\n​\n\n43,953\n\n​\n\n​\n\n349,749\n\n​\n\n​\n\n393,702\n\nOne-to four-family\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n2,416\n\n​\n\n​\n\n2,416\n\n​\n\n​\n\n83,107\n\n​\n\n​\n\n85,523\n\nConsumer\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n9,757\n\n​\n\n​\n\n9,757\n\nTotal\n\n​\n\n$\n\n7,452\n\n​\n\n$\n\n7,803\n\n​\n\n$\n\n73,512\n\n​\n\n$\n\n88,767\n\n​\n\n$\n\n6,976,361\n\n​\n\n$\n\n7,065,128\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Non-accrual or**\n\n​\n\n**Total Past**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**30-59**\n\n​\n\n**60-89**\n\n​\n\n**90 Days and**\n\n​\n\n**Due or**\n\n​\n\n**Current**\n\n​\n\n​\n\n**At December 31, 2025**\n\n  ​ ​ ​\n\n**Days**\n\n  ​ ​ ​\n\n**  ​ ​ ​ ​Days    **\n\n  ​ ​ ​\n\n**Greater**\n\n  ​ ​ ​\n\n**Non-accrual**\n\n  ​ ​ ​\n\n**Loans**\n\n  ​ ​ ​\n\n**Total**\n\nCommercial real estate\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n32,809\n\n​\n\n$\n\n32,809\n\n​\n\n$\n\n5,168,680\n\n​\n\n$\n\n5,201,489\n\nCommercial & industrial\n\n​\n\n​\n\n—\n\n​\n\n​\n\n200\n\n​\n\n​\n\n8,989\n\n​\n\n​\n\n9,189\n\n​\n\n​\n\n862,463\n\n​\n\n​\n\n871,652\n\nConstruction\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n261,804\n\n​\n\n​\n\n261,804\n\nMulti-family\n\n​\n\n​\n\n1,755\n\n​\n\n​\n\n—\n\n​\n\n​\n\n42,599\n\n​\n\n​\n\n44,354\n\n​\n\n​\n\n352,656\n\n​\n\n​\n\n397,010\n\nOne-to four-family\n\n​\n\n​\n\n1,246\n\n​\n\n​\n\n—\n\n​\n\n​\n\n2,450\n\n​\n\n​\n\n3,696\n\n​\n\n​\n\n82,753\n\n​\n\n​\n\n86,449\n\nConsumer\n\n​\n\n​\n\n81\n\n​\n\n​\n\n—\n\n​\n\n​\n\n37\n\n​\n\n​\n\n118\n\n​\n\n​\n\n10,231\n\n​\n\n​\n\n10,349\n\nTotal\n\n​\n\n$\n\n3,082\n\n​\n\n$\n\n200\n\n​\n\n$\n\n86,884\n\n​\n\n$\n\n90,166\n\n​\n\n$\n\n6,738,587\n\n​\n\n$\n\n6,828,753\n\n​\n\n18\n\n[**Table of Contents**](#TOC)\n\nCredit Quality Indicators\n\nThe Company aggregates loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. Except for one-to four-family loans and consumer loans, the Company analyzes loans individually by classifying the loans as to credit risk ratings at least annually. For one-to four-family loans and consumer loans, the Company evaluates credit quality based on the aging status of the loan. An analysis is performed on a quarterly basis for loans classified as special mention, substandard or doubtful. The Company uses the following definitions for risk ratings. Loans not meeting these definitions are considered to be pass-rated loans.\n\n**Special Mention -**Loans classified as special mention have a potential weakness that deserves management’s attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date.\n\n**Substandard -**Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.\n\n**Doubtful -** Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values highly questionable and improbable.\n\n19\n\n[**Table of Contents**](#TOC)\n\n​\n\nThe following table presents loan balances by credit quality indicator and year of origination at March 31, 2026 and charge-offs for the three months ended March 31, 2026 (in thousands):\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2021**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2026**\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2023**\n\n**  ​ ​ ​**\n\n**2022**\n\n**  ​ ​ ​**\n\n**& Prior**\n\n**  ​ ​ ​**\n\n**Revolving**\n\n**  ​ ​ ​**\n\n**Total**\n\n**CRE**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nPass\n\n​\n\n$\n\n622,210\n\n​\n\n$\n\n2,236,658\n\n​\n\n$\n\n968,306\n\n​\n\n$\n\n632,327\n\n​\n\n$\n\n493,861\n\n​\n\n$\n\n330,629\n\n​\n\n$\n\n50,426\n\n​\n\n$\n\n5,334,417\n\nSpecial Mention\n\n​\n\n​\n\n25,467\n\n​\n\n​\n\n22,941\n\n​\n\n​\n\n21,500\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n69,908\n\nSubstandard\n\n​\n\n​\n\n—\n\n​\n\n​\n\n3,461\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n24,000\n\n​\n\n​\n\n2,082\n\n​\n\n​\n\n—\n\n​\n\n​\n\n29,543\n\nTotal\n\n​\n\n$\n\n647,677\n\n​\n\n$\n\n2,263,060\n\n​\n\n$\n\n989,806\n\n​\n\n$\n\n632,327\n\n​\n\n$\n\n517,861\n\n​\n\n$\n\n332,711\n\n​\n\n$\n\n50,426\n\n​\n\n$\n\n5,433,868\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Construction**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nPass\n\n​\n\n$\n\n23,197\n\n​\n\n$\n\n90,986\n\n​\n\n$\n\n65,863\n\n​\n\n$\n\n28,794\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n30,616\n\n​\n\n$\n\n239,456\n\nTotal\n\n​\n\n$\n\n23,197\n\n​\n\n$\n\n90,986\n\n​\n\n$\n\n65,863\n\n​\n\n$\n\n28,794\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n30,616\n\n​\n\n$\n\n239,456\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Multi-family**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nPass\n\n​\n\n$\n\n73,738\n\n​\n\n$\n\n101,277\n\n​\n\n$\n\n26,083\n\n​\n\n$\n\n30,194\n\n​\n\n$\n\n34,559\n\n​\n\n$\n\n65,314\n\n​\n\n$\n\n2,086\n\n​\n\n$\n\n333,251\n\nSpecial Mention\n\n​\n\n​\n\n—\n\n​\n\n​\n\n14,753\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n1,745\n\n​\n\n​\n\n1,399\n\n​\n\n​\n\n—\n\n​\n\n​\n\n17,897\n\nSubstandard\n\n​\n\n​\n\n—\n\n​\n\n​\n\n40,025\n\n​\n\n​\n\n2,529\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n42,554\n\nTotal\n\n​\n\n$\n\n73,738\n\n​\n\n$\n\n156,055\n\n​\n\n$\n\n28,612\n\n​\n\n$\n\n30,194\n\n​\n\n$\n\n36,304\n\n​\n\n$\n\n66,713\n\n​\n\n$\n\n2,086\n\n​\n\n$\n\n393,702\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**One-to four-family**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCurrent\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n45,000\n\n​\n\n$\n\n3,127\n\n​\n\n$\n\n34,980\n\n​\n\n$\n\n—\n\n​\n\n$\n\n83,107\n\nPast Due\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n2,416\n\n​\n\n​\n\n—\n\n​\n\n​\n\n2,416\n\nTotal\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n45,000\n\n​\n\n$\n\n3,127\n\n​\n\n$\n\n37,396\n\n​\n\n$\n\n—\n\n​\n\n$\n\n85,523\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**C&I**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nPass\n\n​\n\n$\n\n64,200\n\n​\n\n$\n\n50,619\n\n​\n\n$\n\n69,821\n\n​\n\n$\n\n13,183\n\n​\n\n$\n\n64,858\n\n​\n\n$\n\n8,185\n\n​\n\n$\n\n583,145\n\n​\n\n$\n\n854,011\n\nSpecial Mention\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n200\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n200\n\nSubstandard\n\n​\n\n​\n\n1,466\n\n​\n\n​\n\n12,338\n\n​\n\n​\n\n—\n\n​\n\n​\n\n3,840\n\n​\n\n​\n\n20,968\n\n​\n\n​\n\n—\n\n​\n\n​\n\n9,999\n\n​\n\n​\n\n48,611\n\nTotal\n\n​\n\n$\n\n65,666\n\n​\n\n$\n\n62,957\n\n​\n\n$\n\n70,021\n\n​\n\n$\n\n17,023\n\n​\n\n$\n\n85,826\n\n​\n\n$\n\n8,185\n\n​\n\n$\n\n593,144\n\n​\n\n$\n\n902,822\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Consumer**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCurrent\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n9,757\n\n​\n\n$\n\n—\n\n​\n\n$\n\n9,757\n\nTotal\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n9,757\n\n​\n\n$\n\n—\n\n​\n\n$\n\n9,757\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Total**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nPass/Current\n\n​\n\n$\n\n783,345\n\n​\n\n$\n\n2,479,540\n\n​\n\n$\n\n1,130,073\n\n​\n\n$\n\n749,498\n\n​\n\n$\n\n596,405\n\n​\n\n$\n\n448,865\n\n​\n\n$\n\n666,273\n\n​\n\n$\n\n6,853,999\n\nSpecial Mention\n\n​\n\n​\n\n25,467\n\n​\n\n​\n\n37,694\n\n​\n\n​\n\n21,700\n\n​\n\n​\n\n—\n\n​\n\n​\n\n1,745\n\n​\n\n​\n\n1,399\n\n​\n\n​\n\n—\n\n​\n\n​\n\n88,005\n\nSubstandard/Past due\n\n​\n\n​\n\n1,466\n\n​\n\n​\n\n55,824\n\n​\n\n​\n\n2,529\n\n​\n\n​\n\n3,840\n\n​\n\n​\n\n44,968\n\n​\n\n​\n\n4,498\n\n​\n\n​\n\n9,999\n\n​\n\n​\n\n123,124\n\nTotal\n\n​\n\n$\n\n810,278\n\n​\n\n$\n\n2,573,058\n\n​\n\n$\n\n1,154,302\n\n​\n\n$\n\n753,338\n\n​\n\n$\n\n643,118\n\n​\n\n$\n\n454,762\n\n​\n\n$\n\n676,272\n\n​\n\n$\n\n7,065,128\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Charge-offs**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCRE\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n7,973\n\n​\n\n$\n\n—\n\n​\n\n$\n\n7,973\n\nC&I\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n4,329\n\n​\n\n​\n\n—\n\n​\n\n​\n\n4,329\n\nConsumer\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n153\n\n​\n\n​\n\n—\n\n​\n\n​\n\n153\n\nTotal\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n12,455\n\n​\n\n$\n\n—\n\n​\n\n$\n\n12,455\n\n​\n\n20\n\n[**Table of Contents**](#TOC)\n\nThe following table presents loan balances by credit quality indicator and year of origination at December 31, 2025 and charge-offs for the year ended December 31, 2025 (in thousands):\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2020**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2023**\n\n**  ​ ​ ​**\n\n**2022**\n\n**  ​ ​ ​**\n\n**2021**\n\n**  ​ ​ ​**\n\n**& Prior**\n\n**  ​ ​ ​**\n\n**Revolving**\n\n**  ​ ​ ​**\n\n**Total**\n\n**CRE**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nPass\n\n​\n\n$\n\n2,514,770\n\n​\n\n$\n\n1,030,181\n\n​\n\n$\n\n675,773\n\n​\n\n$\n\n524,079\n\n​\n\n$\n\n192,304\n\n​\n\n$\n\n135,336\n\n​\n\n$\n\n50,491\n\n​\n\n$\n\n5,122,934\n\nSpecial Mention\n\n​\n\n​\n\n19,525\n\n​\n\n​\n\n21,500\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n1,246\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n42,271\n\nSubstandard\n\n​\n\n​\n\n3,475\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n24,000\n\n​\n\n​\n\n8,809\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n36,284\n\nTotal\n\n​\n\n$\n\n2,537,770\n\n​\n\n$\n\n1,051,681\n\n​\n\n$\n\n675,773\n\n​\n\n$\n\n548,079\n\n​\n\n$\n\n202,359\n\n​\n\n$\n\n135,336\n\n​\n\n$\n\n50,491\n\n​\n\n$\n\n5,201,489\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Construction**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nPass\n\n​\n\n$\n\n129,806\n\n​\n\n$\n\n49,898\n\n​\n\n$\n\n51,484\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n30,616\n\n​\n\n$\n\n261,804\n\nTotal\n\n​\n\n$\n\n129,806\n\n​\n\n$\n\n49,898\n\n​\n\n$\n\n51,484\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n30,616\n\n​\n\n$\n\n261,804\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Multi-family**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nPass\n\n​\n\n$\n\n169,606\n\n​\n\n$\n\n32,869\n\n​\n\n$\n\n30,296\n\n​\n\n$\n\n36,451\n\n​\n\n$\n\n60,650\n\n​\n\n$\n\n8,930\n\n​\n\n$\n\n2,671\n\n​\n\n$\n\n341,473\n\nSpecial Mention\n\n​\n\n​\n\n12,938\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n12,938\n\nSubstandard\n\n​\n\n​\n\n40,070\n\n​\n\n​\n\n2,529\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n42,599\n\nTotal\n\n​\n\n$\n\n222,614\n\n​\n\n$\n\n35,398\n\n​\n\n$\n\n30,296\n\n​\n\n$\n\n36,451\n\n​\n\n$\n\n60,650\n\n​\n\n$\n\n8,930\n\n​\n\n$\n\n2,671\n\n​\n\n$\n\n397,010\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**One-to four-family**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCurrent\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n45,000\n\n​\n\n$\n\n3,192\n\n​\n\n$\n\n211\n\n​\n\n$\n\n35,596\n\n​\n\n$\n\n—\n\n​\n\n$\n\n83,999\n\nSubstandard\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n2,450\n\n​\n\n​\n\n—\n\n​\n\n​\n\n2,450\n\nTotal\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n45,000\n\n​\n\n$\n\n3,192\n\n​\n\n$\n\n211\n\n​\n\n$\n\n38,046\n\n​\n\n$\n\n—\n\n​\n\n$\n\n86,449\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**C&I**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nPass\n\n​\n\n$\n\n130,514\n\n​\n\n$\n\n138,733\n\n​\n\n$\n\n46,470\n\n​\n\n$\n\n80,377\n\n​\n\n$\n\n16,377\n\n​\n\n$\n\n2,372\n\n​\n\n$\n\n399,005\n\n​\n\n$\n\n813,848\n\nSubstandard\n\n​\n\n​\n\n14,008\n\n​\n\n​\n\n—\n\n​\n\n​\n\n7,643\n\n​\n\n​\n\n20,968\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n15,185\n\n​\n\n​\n\n57,804\n\nTotal\n\n​\n\n$\n\n144,522\n\n​\n\n$\n\n138,733\n\n​\n\n$\n\n54,113\n\n​\n\n$\n\n101,345\n\n​\n\n$\n\n16,377\n\n​\n\n$\n\n2,372\n\n​\n\n$\n\n414,190\n\n​\n\n$\n\n871,652\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Consumer**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCurrent\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n10,231\n\n​\n\n$\n\n—\n\n​\n\n$\n\n10,231\n\nPast due\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n118\n\n​\n\n​\n\n—\n\n​\n\n​\n\n118\n\nTotal\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n10,349\n\n​\n\n$\n\n—\n\n​\n\n$\n\n10,349\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Total**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nPass/Current\n\n​\n\n$\n\n2,944,696\n\n​\n\n$\n\n1,251,680\n\n​\n\n$\n\n849,023\n\n​\n\n$\n\n644,099\n\n​\n\n$\n\n269,543\n\n​\n\n$\n\n192,465\n\n​\n\n$\n\n482,783\n\n​\n\n$\n\n6,634,289\n\nSpecial Mention\n\n​\n\n​\n\n32,463\n\n​\n\n​\n\n21,500\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n1,246\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n55,209\n\nSubstandard/Past due\n\n​\n\n​\n\n57,553\n\n​\n\n​\n\n2,529\n\n​\n\n​\n\n7,643\n\n​\n\n​\n\n44,968\n\n​\n\n​\n\n8,809\n\n​\n\n​\n\n2,568\n\n​\n\n​\n\n15,185\n\n​\n\n​\n\n139,255\n\nTotal\n\n​\n\n$\n\n3,034,712\n\n​\n\n$\n\n1,275,709\n\n​\n\n$\n\n856,666\n\n​\n\n$\n\n689,067\n\n​\n\n$\n\n279,598\n\n​\n\n$\n\n195,033\n\n​\n\n$\n\n497,968\n\n​\n\n$\n\n6,828,753\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Charge-offs**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nMulti-family\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n3,827\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n3,827\n\nConsumer\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n262\n\n​\n\n$\n\n—\n\n​\n\n$\n\n262\n\nTotal\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n3,827\n\n​\n\n$\n\n262\n\n​\n\n$\n\n—\n\n​\n\n$\n\n4,089\n\n​\n\n​\n\n​\n\n21\n\n[**Table of Contents**](#TOC)\n\nA loan is considered collateral dependent when the borrower is experiencing financial difficulties and repayment is expected to be substantially provided by the operation or sale of the collateral. The following table presents collateral dependent loans by portfolio segment as of March 31, 2026 and December 31, 2025. These loans are classified as substandard as of March 31, 2026 and December 31, 2025:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**March 31, **\n\n​\n\n**December 31, **\n\n​\n\n**  ​ ​ ​**\n\n**2026**\n\n​\n\n**2025**\n\n**Collateral dependent loans:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCommercial real estate\n\n​\n\n$\n\n29,543\n\n​\n\n$\n\n36,284\n\nMulti-family\n\n​\n\n​\n\n42,554\n\n​\n\n​\n\n42,599\n\nOne-to four-family\n\n​\n\n​\n\n2,416\n\n​\n\n​\n\n2,450\n\nTotal\n\n​\n\n$\n\n74,513\n\n​\n\n$\n\n81,333\n\n​\n\n​\n\nThe following tables show the amortized cost basis of modified loans to borrowers experiencing financial difficulty during the periods indicated (in thousands):\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Modifications**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**as a % of**\n\n​\n\n​\n\n​\n\n**Extension**\n\n​\n\n​\n\n​\n\n**Total**\n\n​\n\n**Loan Class**\n\n**Three months ended March 31, 2026**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNone\n\n​\n\n$\n\n—\n\n​\n\n​\n\n​\n\n$\n\n—\n\n​\n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Modifications**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**as a % of**\n\n​\n\n​\n\n​\n\n**Extension**\n\n​\n\n​\n\n​\n\n**Total**\n\n​\n\n**Loan Class**\n\n**Three months ended March 31, 2025**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nMulti-family\n\n​\n\n​\n\n51,239\n\n​\n\n​\n\n​\n\n​\n\n51,239\n\n​\n\n13.2%\n\n​\n\nTotal\n\n​\n\n$\n\n51,239\n\n​\n\n​\n\n​\n\n$\n\n51,239\n\n​\n\n13.2%\n\n​\n\n​\n\n​\n\n​\n\nThe following tables describe the types of modifications made to borrowers experiencing financial difficulty:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**Types of Modifications**\n\n​\n\n​\n\n​\n\n​\n\n**Weighted**\n\n​\n\n​\n\n​\n\n​\n\n**Average**\n\n​\n\n​\n\n​\n\n​\n\n**Interest**\n\n​\n\n​\n\n**Term**\n\n​\n\n**Rate**\n\n​\n\n​\n\n**Extension**\n\n​\n\n**Reduction**\n\n**Three months ended March 31, 2026**\n\n​\n\n​\n\n​\n\n​\n\nNone\n\n​\n\n—\n\n​\n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Three months ended March 31, 2025**\n\n​\n\n​\n\n​\n\n​\n\nMulti-family\n\n​\n\n6-12 months\n\n​\n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nThere were no loans to borrowers experiencing financial difficulty that had a payment default during the three months ended March 31, 2026 that were modified in the prior 12 months before default. At March 31, 2026 there were no additional commitments to lend to borrowers experiencing financial difficulty whose loans have been modified. There were $7.0 million of C&I loans to borrowers experiencing financial difficulty that had a payment default during the three months\n\n22\n\n[**Table of Contents**](#TOC)\n\nended March 31, 2025 that were modified in the prior 12 months before default. At March 31, 2025, there were no additional commitments to lend to borrowers experiencing financial difficulty whose loans have been modified.\n\n​\n\n**NOTE 6 — BORROWINGS**\n\nBorrowings consisted of the following (in thousands):\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Interest Expense**\n\n​\n\n​\n\n​\n\n**At**\n\n​\n\n**At**\n\n​\n\n**Three months ended**\n\n**  ​ ​ ​**\n\n​\n\n​\n\n**March 31, **\n\n​\n\n**December 31, **\n\n  ​ ​ ​\n\n**March 31, **\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2026**\n\n**  ​ ​ ​**\n\n**2025**\n\n​\n\n**2026**\n\n**  ​ ​ ​**\n\n**2025**\n\n​\n\nFederal funds purchased and securities sold under agreements to repurchase\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n1,410\n\n​\n\nFederal Home Loan Bank of New York advances\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n2,755\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nSecured and other borrowings:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nSecured borrowings\n\n​\n\n$\n\n15,975\n\n​\n\n$\n\n10,975\n\n​\n\n​\n\nN.M.\n\n​\n\n​\n\nN.M.\n\n​\n\nN.M. – not meaningful\n\nFederal funds purchased are generally overnight transactions and FHLBNY advances are short-term transactions. At March 31, 2026, the Company had no outstanding Federal funds purchased or FHLBNY advances.\n\nSecured borrowings are loan participation agreements with counterparties where the transfer of the participation interest did not qualify for sale treatment under GAAP.\n\nAt March 31, 2026, the Company had cash on deposit with the Federal Reserve Bank of New York and available secured wholesale funding borrowing capacity of $3.7 billion.\n\n**NOTE 7 —  STOCKHOLDERS’ EQUITY**\n\nThe Board of Directors has authorized an aggregate of $100 million of repurchases of the Company’s common stock since March 2025. During the three months ended March 31, 2026, the Company repurchased 123,061 shares of the Company’s common stock at an average cost of $79.33 per share. At March 31, 2026, treasury stock at cost was $76.3 million. At March 31, 2026, $17.5 million remained available under the currently authorized share repurchase plan authorized by the Board of Directors.\n\n​\n\nThe Company may repurchase shares of common stock from time to time on the open market or by other means in accordance with applicable securities laws and other restrictions, including, in part, under a Rule 10b5-1 plan. The number of shares to be repurchased and the timing of additional repurchases, if any, will depend on several factors, including market conditions, prevailing share price, corporate and regulatory requirements, and other considerations. The share repurchase plan has no expiration date, may be discontinued or suspended at any time and does not obligate the Company to acquire any amount of its common stock. The Company records the purchase of treasury stock at cost. Treasury stock is reissued at average cost.\n\n​\n\nDuring the first quarter of 2026, the Company completed a public offering of approximately 2.3 million shares of the Company’s common stock (including the underwriters’ overallotment option) at a public offering price of $85.00 per share, resulting in proceeds, net of underwriting discounts and commissions of approximately $186.5 million.\n\n​\n\n​\n\n23\n\n[**Table of Contents**](#TOC)\n\n**NOTE 8 — EARNINGS PER SHARE**\n\nThe Company uses the two-class method in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. The factors used in the earnings per share calculation are as follows (in thousands, except per share data).\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Three months ended March 31, **\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2026**\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n​\n\n**Basic**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNet income available to common stockholders\n\n​\n\n$\n\n31,426\n\n​\n\n$\n\n16,354\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nWeighted average common shares outstanding including participating securities\n\n​\n\n​\n\n10,702,882\n\n​\n\n​\n\n11,215,118\n\n​\n\n​\n\nLess: Weighted average participating securities\n\n​\n\n​\n\n(28,184)\n\n​\n\n​\n\n—\n\n​\n\n​\n\nWeighted average common shares outstanding\n\n​\n\n​\n\n10,674,698\n\n​\n\n​\n\n11,215,118\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBasic earnings per common share\n\n​\n\n$\n\n2.94\n\n​\n\n$\n\n1.46\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Diluted**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNet income allocated to common stockholders\n\n​\n\n$\n\n31,426\n\n​\n\n$\n\n16,354\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nWeighted average common shares outstanding for basic earnings per common share\n\n​\n\n​\n\n10,674,698\n\n​\n\n​\n\n11,215,118\n\n​\n\n​\n\nAdd: Dilutive effects of assumed vesting of performance based restricted stock units\n\n​\n\n​\n\n27,989\n\n​\n\n​\n\n19,697\n\n​\n\n​\n\nAdd: Dilutive effects of assumed vesting of restricted stock units\n\n​\n\n​\n\n52,724\n\n​\n\n​\n\n46,560\n\n​\n\n​\n\nAverage shares and diluted potential common shares\n\n​\n\n​\n\n10,755,411\n\n​\n\n​\n\n11,281,375\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDiluted earnings per common share\n\n​\n\n$\n\n2.92\n\n​\n\n$\n\n1.45\n\n​\n\n​\n\n​\n\nFor the three months ended March 31, 2026, and 2025, respectively, all granted PRSUs and restricted stock units were considered in computing diluted earnings per common share.\n\nNOTE 9 — STOCK COMPENSATION PLAN\n\nEquity Incentive Plan\n\nAt March 31, 2026, the Company maintained a stock compensation plan, the Amended and Restated 2022 Equity Incentive Plan, as amended (the “2022 EIP”).\n\nThe 2022 EIP was approved on May 31, 2022 by the stockholders of the Company and an amendment and restatement of the 2022 EIP was approved by the stockholders of the Company on May 29, 2024 to increase the number of shares of common stock that may be issued under the plan by 358,000. The stockholders of the Company subsequently approved an amendment to the 2022 EIP on May 28, 2025 to increase the number of shares of common stock that may be issued under the plan by an additional 750,000. Under the 2022 EIP, the remaining maximum number of shares of stock that may be delivered to participants in the form of restricted stock, restricted stock units and stock options, including ISOs and non-qualified stock options is 675,103 at March 31, 2026, subject to adjustment as set forth in the 2022 EIP.\n\nRestricted Stock Awards and Restricted Stock Units\n\nThe Company grants restricted stock awards and restricted stock units under the 2022 EIP to certain key personnel. Each restricted stock grant vests based on the vesting schedule outlined in the respective grant agreement. Unvested restricted stock units are subject to forfeiture if the holder is not employed by the Company on the applicable vesting date.\n\n24\n\n[**Table of Contents**](#TOC)\n\nIn the first quarter of 2026 and 2025, 104,755 and 133,359 restricted stock units were granted to certain key personnel, respectively. One-third of these shares vest each year for three years beginning in March, 2027 and March, 2026, respectively. In the first quarter of 2026, 30,000 restricted stock units were granted to certain key personnel that fully vest one year from the grant date. Total compensation cost that has been charged against income for restricted stock grants was $2.0 million and $1.6 million for the three months ended March 31, 2026, and 2025 respectively. As of March 31, 2026, there was $17.5 million of total unrecognized compensation expense related to the restricted stock grants. The cost is expected to be recognized over a weighted-average period of 2.21 years.\n\nIn January 2026, 27,500 restricted stock units were granted to members of the Company’s Board of Directors, which fully vest one year from the grant date. In January 2025, 27,500 restricted stock units were granted to members of the Company’s Board of Directors which vested in January 2026. Total expense for the restricted stock unit awards granted to members of the Board of Directors was $485,000 and $452,000 for the three months ended March 31, 2026, and 2025 respectively. As of March 31, 2026, total unrecognized expense for these awards was $2.1 million.\n\nThe following table summarizes the changes in the Company’s restricted stock grants:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Three months ended**\n\n​\n\n​\n\n**March 31, 2026**\n\n​\n\n​\n\n​\n\n​\n\n**Weighted**\n\n​\n\n​\n\n​\n\n​\n\n**Average**\n\n​\n\n​\n\n**Number**\n\n​\n\n**Grant Date**\n\n​\n\n​\n\n**of**\n\n​\n\n**Fair Value**\n\n​\n\n**  ​ ​ ​**\n\n**Shares**\n\n**  ​ ​ ​ ​**\n\n**per Share**\n\nOutstanding, beginning of period\n\n​\n\n261,475\n\n​\n\n$\n\n55.27\n\nGranted\n\n​\n\n162,255\n\n​\n\n​\n\n90.59\n\nForfeited\n\n​\n\n(2,964)\n\n​\n\n​\n\n61.53\n\nVested\n\n​\n\n(139,555)\n\n​\n\n​\n\n54.23\n\nOutstanding at end of period\n\n​\n\n281,211\n\n​\n\n$\n\n74.38\n\n​\n\n​\n\nPerformance-Based Stock Units\n\nDuring the second quarter of 2022, the Company established a long-term incentive award program under the 2022 EIP. Under the program, 39,018 PRSUs were granted in the first quarter of 2026. 11,148 of these PRSUs vest in equal installments over a three-year period beginning in March 2027 if certain performance criteria are met. 27,870 of these PRSUs cliff vest after three years from January 2026 if certain performance criteria are met. In the first quarter of 2025, 52,807 PRSUs were awarded, which vest in equal installments over a three-year period beginning in March 2026 if certain performance criteria are met. In the second quarter of 2024, 73,260 PRSUs were awarded, of which 31,746 met the performance criteria and will vest in equal installments over a three-year period beginning in June 2025. If the performance criteria are not met, no compensation cost is recognized and any recognized compensation cost is reversed. The weighted average service inception date fair value of the outstanding awarded shares was $7.8 million. Total compensation cost that has been charged/(reversed) against income for these PRSUs was $669,000 and ($246,000) for the three months ended March 31, 2026 and 2025 respectively. As of March 31, 2026, there was $4.8 million of total unrecognized compensation expense related to PRSUs. The cost is expected to be recognized over a weighted-average period of 2.63 years.\n\n**NOTE 10 — FAIR VALUE OF FINANCIAL INSTRUMENTS**\n\nThe Company uses fair value measurements to record fair value adjustments to certain assets and to determine fair value disclosures. Accounting guidance establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:\n\nLevel 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.\n\n25\n\n[**Table of Contents**](#TOC)\n\nLevel 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.\n\nLevel 3: Significant unobservable inputs that reflect a reporting entity’s own judgments about the assumptions that market participants would use in pricing an asset or liability.\n\nAssets and Liabilities Measured at Fair Value on a Recurring and Non-Recurring Basis\n\nAssets measured on a recurring basis are limited to the Company’s AFS securities portfolio, equity investments, and derivative contracts. The AFS portfolio is carried at estimated fair value with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income or loss in shareholders’ equity. Equity investments are carried at estimated fair value with changes in fair value reported on the statements of operations. Outstanding derivative contracts designated as cash flow hedges are carried at estimated fair value with changes in fair value reported as accumulated other comprehensive income or loss in shareholders’ equity. Outstanding derivatives not designated as hedges are carried at estimated fair value with changes in fair value reported as non-interest income. The fair values for substantially all of these assets are obtained monthly from an independent nationally recognized pricing service. On a quarterly basis, the Company assesses the reasonableness of the fair values obtained for the AFS portfolio by reference to a second independent nationally recognized pricing service. Based on the nature of these securities, the Company’s independent pricing service provides prices which are categorized as Level 2 since quoted prices in active markets for identical assets are generally not available for the majority of securities in the Company’s portfolio. Various modeling techniques are used to determine pricing for the Company’s mortgage-backed securities, including option pricing and discounted cash flow models. The inputs to these models include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. On an annual basis, the Company obtains the models, inputs and assumptions utilized by its pricing service and reviews them for reasonableness. Other than derivative contracts, the Company did not have any liabilities that were measured at fair value at March 31, 2026 and December 31, 2025.\n\nFrom time to time, the Company may be required to record at fair value other assets or liabilities on a non-recurring basis, such as certain loans where the carrying value is based on the fair value of the underlying collateral estimated using Level 3 inputs consisting of individual third-party appraisals that may be adjusted based on certain criteria.\n\n​\n\n26\n\n[**Table of Contents**](#TOC)\n\n​\n\nAssets and liabilities measured at fair value on a recurring and non-recurring basis are summarized below (in thousands):\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Fair Value Measurement using:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Quoted Prices**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**in Active**\n\n​\n\n**Significant**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Markets**\n\n​\n\n**Other**\n\n​\n\n**Significant**\n\n​\n\n​\n\n**Carrying**\n\n​\n\n**For Identical**\n\n​\n\n**Observable**\n\n​\n\n**Unobservable**\n\n​\n\n**  ​ ​ ​**\n\n**Amount**\n\n**  ​ ​ ​**\n\n**Assets (Level 1)**\n\n**  ​ ​ ​**\n\n**Inputs (Level 2)**\n\n**  ​ ​ ​**\n\n**Inputs (Level 3)**\n\n**At March 31, 2026**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Recurring Fair Value Measurements:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Assets**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nU.S. Government agency securities\n\n​\n\n$\n\n18,172\n\n​\n\n$\n\n—\n\n​\n\n$\n\n18,172\n\n​\n\n$\n\n—\n\nU.S. State and Municipal securities\n\n​\n\n​\n\n9,676\n\n​\n\n​\n\n—\n\n​\n\n​\n\n9,676\n\n​\n\n​\n\n—\n\nResidential mortgage securities\n\n​\n\n​\n\n576,292\n\n​\n\n​\n\n—\n\n​\n\n​\n\n576,292\n\n​\n\n​\n\n—\n\nCommercial mortgage securities\n\n​\n\n​\n\n43,276\n\n​\n\n​\n\n—\n\n​\n\n​\n\n43,276\n\n​\n\n​\n\n—\n\nAsset-backed securities\n\n​\n\n​\n\n2,303\n\n​\n\n​\n\n—\n\n​\n\n​\n\n2,303\n\n​\n\n​\n\n—\n\nCRA Mutual Fund\n\n​\n\n​\n\n5,625\n\n​\n\n​\n\n5,625\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\nDerivative assets\n\n​\n\n​\n\n1,408\n\n​\n\n​\n\n—\n\n​\n\n​\n\n1,408\n\n​\n\n​\n\n—\n\n**Liabilities**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDerivative liabilities\n\n​\n\n​\n\n587\n\n​\n\n​\n\n—\n\n​\n\n​\n\n587\n\n​\n\n​\n\n—\n\n**Non-Recurring Fair Value Measurements:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Assets**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCollateral dependent loans\n\n​\n\n​\n\n36,435\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n36,435\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Fair Value Measurement using:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Quoted Prices**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**in Active**\n\n​\n\n**Significant**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Markets**\n\n​\n\n**Other**\n\n​\n\n**Significant**\n\n​\n\n​\n\n**Carrying**\n\n​\n\n**For Identical**\n\n​\n\n**Observable**\n\n​\n\n**Unobservable**\n\n​\n\n**  ​ ​ ​**\n\n**Amount**\n\n**  ​ ​ ​**\n\n**Assets (Level 1)**\n\n**  ​ ​ ​**\n\n**Inputs (Level 2)**\n\n**  ​ ​ ​**\n\n**Inputs (Level 3)**\n\n**At December 31, 2025**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Recurring Fair Value Measurements:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Assets**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nU.S. Government agency securities\n\n​\n\n$\n\n28,114\n\n​\n\n$\n\n—\n\n​\n\n$\n\n28,114\n\n​\n\n$\n\n—\n\nU.S. State and Municipal securities\n\n​\n\n​\n\n9,728\n\n​\n\n​\n\n—\n\n​\n\n​\n\n9,728\n\n​\n\n​\n\n—\n\nResidential mortgage securities\n\n​\n\n​\n\n495,032\n\n​\n\n​\n\n—\n\n​\n\n​\n\n495,032\n\n​\n\n​\n\n—\n\nCommercial mortgage securities\n\n​\n\n​\n\n43,700\n\n​\n\n​\n\n—\n\n​\n\n​\n\n43,700\n\n​\n\n​\n\n—\n\nAsset-backed securities\n\n​\n\n​\n\n2,358\n\n​\n\n​\n\n—\n\n​\n\n​\n\n2,358\n\n​\n\n​\n\n—\n\nCRA Mutual Fund\n\n​\n\n​\n\n5,609\n\n​\n\n​\n\n5,609\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\nDerivative assets\n\n​\n\n​\n\n888\n\n​\n\n​\n\n—\n\n​\n\n​\n\n888\n\n​\n\n​\n\n—\n\n**Liabilities**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDerivative liabilities\n\n​\n\n​\n\n4,562\n\n​\n\n​\n\n—\n\n​\n\n​\n\n4,562\n\n​\n\n​\n\n—\n\n**Non-Recurring Fair Value Measurements:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Assets**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCollateral dependent loans\n\n​\n\n​\n\n42,408\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n42,408\n\n​\n\nThere were no transfers between Level 1 and Level 2 during the three months ended March 31, 2026 and 2025.\n\nCollateral dependent multifamily loans with a total amortized cost of $34.7 million at March 31, 2026 were reduced by an allowance for credit losses of $19.9 million for a reported total net carrying amount of $14.8 million. At March 31, 2026, collateral dependent CRE loans with a total amortized cost of $24.0 million were reduced by an allowance for credit losses of $2.4 million for a reported total net carrying amount of $21.6 million. The collateral values for these loans were estimated using individual third party appraisals that utilized the sales comparison valuation technique. The Company used\n\n27\n\n[**Table of Contents**](#TOC)\n\nLevel 3 inputs to estimate the fair value including discounts to the appraisals for costs to sell and other adjustments ranging from -100% to 15%, and with a weighted-average of -40%. There were no material assets and liabilities held at March 31, 2025 for which non-recurring fair value adjustments were recorded during the three months ended March 31, 2025.\n\nAssets and Liabilities Not Measured at Fair Value\n\nThe Company has engaged independent pricing service providers to provide the fair values of its financial assets and liabilities not measured at fair value. These providers follow FASB’s exit pricing guidelines, as required by ASC 820 Fair Value Measurement, when calculating the fair market value. Cash and cash equivalents include cash and due from banks and overnight deposits. The estimated fair values of cash and cash equivalents are assumed to equal their carrying values, as these financial instruments are either due on demand or have short-term maturities. For securities and the disability fund, if quoted market prices are not available for a specific security, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows. These pricing models primarily use market-based or independently sourced market parameters as inputs, including, but not limited to, yield curves, interest rates, equity or debt prices, and credit spreads. The estimated fair value of loans are measured at amortized cost using an exit price notion. Ownership in equity securities of the FRB and FHLB is generally restricted and there is no established liquid market for their resale. The fair values of deposit liabilities with no stated maturity (i.e., money market and savings deposits, and non-interest-bearing demand deposits) are equal to the carrying amounts payable on demand. Time deposits are valued using a replacement cost of funds approach. Trust preferred securities are valued using a replacement cost of funds approach. For all other assets and liabilities it is assumed that the carrying value equals their current fair value.\n\nCarrying amounts and estimated fair values of financial instruments not carried at fair value were as follows (in thousands):\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Fair Value Measurement Using:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Quoted Prices**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**in Active**\n\n​\n\n**Significant**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Markets**\n\n​\n\n**Other**\n\n​\n\n**Significant**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Carrying**\n\n​\n\n**For Identical**\n\n​\n\n**Observable**\n\n​\n\n**Unobservable**\n\n​\n\n**Total Fair**\n\n**At March 31, 2026**\n\n**  ​ ​ ​**\n\n**Amount**\n\n**  ​ ​ ​**\n\n**Assets (Level 1)**\n\n**  ​ ​ ​**\n\n**Inputs (Level 2)**\n\n**  ​ ​ ​**\n\n**Inputs (Level 3)**\n\n**  ​ ​ ​**\n\n**Value**\n\n**Financial Assets:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCash and due from banks\n\n​\n\n$\n\n12,034\n\n​\n\n$\n\n12,034\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n12,034\n\nOvernight deposits\n\n​\n\n​\n\n660,359\n\n​\n\n​\n\n660,359\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n660,359\n\nSecurities held-to-maturity\n\n​\n\n​\n\n347,868\n\n​\n\n​\n\n—\n\n​\n\n​\n\n302,532\n\n​\n\n​\n\n—\n\n​\n\n​\n\n302,532\n\nLoans, net\n\n​\n\n​\n\n6,964,476\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n7,030,738\n\n​\n\n​\n\n7,030,738\n\nOther investments\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nFRB Stock\n\n​\n\n​\n\n11,410\n\n​\n\n​\n\nN/A\n\n​\n\n​\n\nN/A\n\n​\n\n​\n\nN/A\n\n​\n\n​\n\nN/A\n\nFHLB Stock\n\n​\n\n​\n\n7,317\n\n​\n\n​\n\nN/A\n\n​\n\n​\n\nN/A\n\n​\n\n​\n\nN/A\n\n​\n\n​\n\nN/A\n\nDisability Fund\n\n​\n\n​\n\n1,500\n\n​\n\n​\n\n—\n\n​\n\n​\n\n1,500\n\n​\n\n​\n\n—\n\n​\n\n​\n\n1,500\n\nTime deposits at banks\n\n​\n\n​\n\n498\n\n​\n\n​\n\n498\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n498\n\nAccrued interest receivable\n\n​\n\n​\n\n37,182\n\n​\n\n​\n\n—\n\n​\n\n​\n\n2,560\n\n​\n\n​\n\n34,622\n\n​\n\n​\n\n37,182\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Financial Liabilities:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNon-interest-bearing demand deposits\n\n​\n\n$\n\n1,539,553\n\n​\n\n$\n\n1,539,553\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n1,539,553\n\nMoney market and savings deposits\n\n​\n\n​\n\n6,046,331\n\n​\n\n​\n\n6,046,331\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n6,046,331\n\nTime deposits\n\n​\n\n​\n\n153,835\n\n​\n\n​\n\n—\n\n​\n\n​\n\n153,771\n\n​\n\n​\n\n—\n\n​\n\n​\n\n153,771\n\nTrust preferred securities\n\n​\n\n​\n\n20,620\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n20,005\n\n​\n\n​\n\n20,005\n\nAccrued interest payable\n\n​\n\n​\n\n2,236\n\n​\n\n​\n\n844\n\n​\n\n​\n\n1,090\n\n​\n\n​\n\n302\n\n​\n\n​\n\n2,236\n\nSecured and other borrowings\n\n​\n\n​\n\n15,975\n\n​\n\n​\n\n—\n\n​\n\n​\n\n15,975\n\n​\n\n​\n\n—\n\n​\n\n​\n\n15,975\n\n​\n\n28\n\n[**Table of Contents**](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Fair Value Measurement Using:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Quoted Prices**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**in Active**\n\n​\n\n**Significant**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Markets**\n\n​\n\n**Other**\n\n​\n\n**Significant**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Carrying**\n\n​\n\n**For Identical**\n\n​\n\n**Observable**\n\n​\n\n**Unobservable**\n\n​\n\n**Total Fair**\n\n**At December 31, 2025**\n\n**  ​ ​ ​**\n\n**Amount**\n\n**  ​ ​ ​**\n\n**Assets (Level 1)**\n\n**  ​ ​ ​**\n\n**Inputs (Level 2)**\n\n**  ​ ​ ​**\n\n**Inputs (Level 3)**\n\n**  ​ ​ ​**\n\n**Value**\n\n**Financial Assets:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCash and due from banks\n\n​\n\n$\n\n12,086\n\n​\n\n$\n\n12,086\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n12,086\n\nOvernight deposits\n\n​\n\n​\n\n381,501\n\n​\n\n​\n\n381,501\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n381,501\n\nSecurities held-to-maturity\n\n​\n\n​\n\n356,627\n\n​\n\n​\n\n—\n\n​\n\n​\n\n313,082\n\n​\n\n​\n\n—\n\n​\n\n​\n\n313,082\n\nLoans, net\n\n​\n\n​\n\n6,713,152\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n6,790,711\n\n​\n\n​\n\n6,790,711\n\nOther investments\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nFRB Stock\n\n​\n\n​\n\n11,410\n\n​\n\n​\n\nN/A\n\n​\n\n​\n\nN/A\n\n​\n\n​\n\nN/A\n\n​\n\n​\n\nN/A\n\nFHLB Stock\n\n​\n\n​\n\n7,224\n\n​\n\n​\n\nN/A\n\n​\n\n​\n\nN/A\n\n​\n\n​\n\nN/A\n\n​\n\n​\n\nN/A\n\nDisability Fund\n\n​\n\n​\n\n1,500\n\n​\n\n​\n\n—\n\n​\n\n​\n\n1,500\n\n​\n\n​\n\n—\n\n​\n\n​\n\n1,500\n\nTime deposits at banks\n\n​\n\n​\n\n498\n\n​\n\n​\n\n498\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n498\n\nAccrued interest receivable\n\n​\n\n​\n\n35,818\n\n​\n\n​\n\n—\n\n​\n\n​\n\n2,430\n\n​\n\n​\n\n33,388\n\n​\n\n​\n\n35,818\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Financial Liabilities:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNon-interest-bearing demand deposits\n\n​\n\n$\n\n1,479,420\n\n​\n\n$\n\n1,479,420\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n1,479,420\n\nMoney market and savings deposits\n\n​\n\n​\n\n5,707,634\n\n​\n\n​\n\n5,707,634\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n5,707,634\n\nTime deposits\n\n​\n\n​\n\n190,124\n\n​\n\n​\n\n—\n\n​\n\n​\n\n190,195\n\n​\n\n​\n\n—\n\n​\n\n​\n\n190,195\n\nTrust preferred securities\n\n​\n\n​\n\n20,620\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n20,028\n\n​\n\n​\n\n20,028\n\nAccrued interest payable\n\n​\n\n​\n\n1,635\n\n​\n\n​\n\n12\n\n​\n\n​\n\n1,302\n\n​\n\n​\n\n321\n\n​\n\n​\n\n1,635\n\nSecured and other borrowings\n\n​\n\n​\n\n10,975\n\n​\n\n​\n\n—\n\n​\n\n​\n\n10,975\n\n​\n\n​\n\n—\n\n​\n\n​\n\n10,975\n\n​\n\n​\n\n​\n\n**NOTE 11 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)**\n\nThe following table presents the tax effects allocated to each component of Other Comprehensive Income (Loss) (in thousands):\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Three months ended**\n\n​\n\n​\n\n​\n\n**March 31, 2026**\n\n  ​ ​\n\n**March 31, 2025**\n\n​\n\n​\n\n​\n\n**Before**\n\n​\n\n**Tax**\n\n​\n\n**After**\n\n​\n\n**Before**\n\n​\n\n**Tax**\n\n​\n\n**After**\n\n  ​ ​ ​ ​\n\n​\n\n​\n\n**Tax**\n\n​\n\n**Effect**\n\n​\n\n**Tax**\n\n​\n\n**Tax**\n\n​\n\n**Effect**\n\n​\n\n**Tax**\n\n​\n\n**Unrealized gain (loss) arising on AFS securities**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nUnrealized gain (loss) arising during the period\n\n​\n\n$\n\n(4,102)\n\n​\n\n$\n\n1,229\n\n​\n\n$\n\n(2,873)\n\n​\n\n$\n\n9,982\n\n​\n\n$\n\n(2,992)\n\n​\n\n$\n\n6,990\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Unrealized gain (loss) arising on cash flow hedges**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nUnrealized gain (loss) arising during the period\n\n​\n\n$\n\n4,494\n\n​\n\n$\n\n(1,347)\n\n​\n\n$\n\n3,147\n\n​\n\n$\n\n(564)\n\n​\n\n$\n\n169\n\n​\n\n$\n\n(395)\n\n​\n\nReclassification adjustment for gain included in net income\n\n​\n\n​\n\n332\n\n​\n\n​\n\n(100)\n\n​\n\n​\n\n232\n\n​\n\n​\n\n(911)\n\n​\n\n​\n\n280\n\n​\n\n​\n\n(631)\n\n​\n\nNet Change\n\n​\n\n​\n\n4,826\n\n​\n\n​\n\n(1,447)\n\n​\n\n​\n\n3,379\n\n​\n\n​\n\n(1,475)\n\n​\n\n​\n\n449\n\n​\n\n​\n\n(1,026)\n\n​\n\nTotal other comprehensive income (loss)\n\n​\n\n$\n\n724\n\n​\n\n$\n\n(218)\n\n​\n\n$\n\n506\n\n​\n\n$\n\n8,507\n\n​\n\n$\n\n(2,543)\n\n​\n\n$\n\n5,964\n\n​\n\n​\n\n​\n\n29\n\n[**Table of Contents**](#TOC)\n\nThe following table presents the after-tax changes in the balances of each component of Accumulated Other Comprehensive Income (Loss) at the dates indicated (in thousands):\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Total**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Accumulated**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Other**\n\n​\n\n​\n\n**AFS**\n\n​\n\n**Cash Flow**\n\n​\n\n**Comprehensive**\n\n​\n\n​\n\n**Securities**\n\n​\n\n**Hedge**\n\n​\n\n**Income (Loss)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBalance at January 1, 2026\n\n​\n\n$\n\n(36,934)\n\n​\n\n$\n\n(2,805)\n\n​\n\n$\n\n(39,739)\n\nUnrealized gain (loss) arising during the period, net of tax\n\n​\n\n​\n\n(2,873)\n\n​\n\n​\n\n3,147\n\n​\n\n​\n\n274\n\nReclassification adjustment for gain included in net income, net of tax\n\n​\n\n​\n\n—\n\n​\n\n​\n\n232\n\n​\n\n​\n\n232\n\nOther comprehensive income (loss) arising during the period, net of tax\n\n​\n\n​\n\n(2,873)\n\n​\n\n​\n\n3,379\n\n​\n\n​\n\n506\n\n**Balance at March 31, 2026**\n\n​\n\n$\n\n(39,807)\n\n​\n\n$\n\n574\n\n​\n\n$\n\n(39,233)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBalance at January 1, 2025\n\n​\n\n$\n\n(53,331)\n\n​\n\n$\n\n197\n\n​\n\n$\n\n(53,134)\n\nUnrealized gain (loss) arising during the period, net of tax\n\n​\n\n​\n\n6,990\n\n​\n\n​\n\n(395)\n\n​\n\n​\n\n6,595\n\nReclassification adjustment for gain included in net income, net of tax\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(631)\n\n​\n\n​\n\n(631)\n\nOther comprehensive income (loss) arising during the period, net of tax\n\n​\n\n​\n\n6,990\n\n​\n\n​\n\n(1,026)\n\n​\n\n​\n\n5,964\n\n**Balance at March 31, 2025**\n\n​\n\n$\n\n(46,341)\n\n​\n\n$\n\n(829)\n\n​\n\n$\n\n(47,170)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nThe following table shows the amounts reclassified out of AOCI for the realized gain on cash flow hedges (in thousands):\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Affected line item in**\n\n​\n\n​\n\n**Three months ended**\n\n​\n\n​\n\n​\n\n**the Consolidated Statements**\n\n​\n\n​\n\n**March 31, **\n\n​\n\n​\n\n​\n\n**of Operations**\n\n​\n\n​\n\n**2026**\n\n​\n\n**2025**\n\n​\n\n​\n\n**  ​**\n\n​\n\nRealized gain on sale of AFS securities\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n​\n\n​\n\nOther income\n\nIncome tax (expense) benefit\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n​\n\nIncome tax expense\n\nTotal reclassifications, net of income tax\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nRealized gain (loss) on derivative cash flow hedges\n\n​\n\n$\n\n332\n\n​\n\n$\n\n(911)\n\n​\n\n​\n\n​\n\nDeposit related program fees and Interest expense\n\nIncome tax (expense) benefit\n\n​\n\n​\n\n(100)\n\n​\n\n​\n\n280\n\n​\n\n​\n\n​\n\nIncome tax expense\n\nTotal reclassifications, net of income tax\n\n​\n\n$\n\n232\n\n​\n\n$\n\n(631)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n30\n\n[**Table of Contents**](#TOC)\n\n**NOTE 12**— **COMMITMENTS AND CONTINGENCIES**\n\nFinancial instruments with off-balance-sheet risk\n\nThe Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its clients. These financial instruments include commitments to extend credit. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. The Company’s exposure to credit loss in the event of non-performance by the counterparty to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments.\n\nThe following off-balance-sheet financial instruments, whose contract amounts represent credit risk, are outstanding (in thousands):\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, 2026**\n\n​\n\n**At December 31, 2025**\n\n​\n\n​\n\n**Fixed**\n\n​\n\n**Variable**\n\n​\n\n**Fixed**\n\n​\n\n**Variable**\n\n​\n\n  ​ ​ ​\n\n**Rate**\n\n  ​ ​ ​\n\n**Rate**\n\n  ​ ​ ​\n\n**Rate**\n\n  ​ ​ ​\n\n**Rate**\n\nUnused loan commitments\n\n​\n\n$\n\n106,960\n\n​\n\n$\n\n569,675\n\n​\n\n$\n\n113,438\n\n​\n\n$\n\n486,517\n\nStandby and commercial letters of credit\n\n​\n\n​\n\n32,819\n\n​\n\n​\n\n—\n\n​\n\n​\n\n26,388\n\n​\n\n​\n\n—\n\n​\n\n​\n\n$\n\n139,779\n\n​\n\n$\n\n569,675\n\n​\n\n$\n\n139,826\n\n​\n\n$\n\n486,517\n\n​\n\nA commitment to extend credit is a legally binding agreement to lend to a client as long as there is no violation of any condition established in the contract. These commitments do not necessarily represent future cash requirements and generally expire within two years. At March 31, 2026, the Company’s fixed rate loan commitments had interest rates ranging from 5.0% to 9.3% and the Company’s variable rate loan commitments had interest rates ranging from 4.8% to 9.6%. At December 31, 2025, the Company’s fixed rate loan commitments had interest rates ranging from 3.3% to 9.5% and the Company’s variable rate loan commitments had interest rates ranging from 4.8% to 10.3%. The amount of collateral obtained, if any, by the Company upon extension of credit is based on management’s credit evaluation of the borrower. Collateral held varies but may include mortgages on commercial and residential real estate, security interests in business assets, equipment, deposit accounts with the Company or other financial institutions and securities.\n\nThe Company’s stand-by letters of credit amounted to $32.8 million and $26.4 million as of March 31, 2026 and December 31, 2025, respectively. The Company’s stand-by letters of credit are collateralized by interest-bearing accounts of $27.7 million and $21.8 million as of March 31, 2026 and December 31, 2025, respectively.\n\nLegal and Regulatory Proceedings\n\nIn the ordinary course of business, the Company is subject to various pending and threatened legal actions. With respect to the litigation brought by Michael Wyse, as Plan Administrator for the Voyager Wind-Down Debtor, the Company’s motion to dismiss, filed in February 2025, was granted as to all counts on August 4, 2025. The Plaintiff has since filed its appeal with the U.S. Court of Appeals for the Second Circuit and oral arguments on that appeal were heard in March 2026. In addition to this matter, the Company is subject to various other pending and threatened legal actions relating to the conduct of its business activities, as well as inquiries and investigations from regulators. While the future outcome of litigation or regulatory matters cannot be determined at this time, in the opinion of management, as of March 31, 2026, the aggregate liability, if any, arising out of any such other pending or threatened matters are not expected, individually or in the aggregate to be material to the Company’s financial condition, results of operations, and liquidity.\n\n​\n\n​\n\n31\n\n[**Table of Contents**](#TOC)\n\n**NOTE 13 — REVENUE FROM CONTRACTS WITH CUSTOMERS**\n\nAll of the Company’s revenue from contracts with customers that are in the scope of ASC 606, Revenue from Contracts with Customers*,*are recognized in non-interest income. The following table presents the Company’s revenue from contracts with customers (in thousands):\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Three months ended March 31, **\n\n​\n\n**  ​ ​ ​**\n\n**2026**\n\n**  ​ ​ ​**\n\n**2025**\n\nService charges on deposit accounts\n\n​\n\n$\n\n2,274\n\n​\n\n$\n\n2,173\n\nOther service charges and fees\n\n​\n\n \n\n335\n\n​\n\n \n\n1,392\n\nTotal\n\n​\n\n$\n\n2,609\n\n​\n\n$\n\n3,565\n\n​\n\nA description of the Company’s revenue streams accounted for under the accounting guidance is as follows:\n\nService charges on deposit accounts\n\nThe Company offers business and personal retail products and services, which include, but are not limited to, online banking, mobile banking, Automated Clearing House (“ACH”) transactions, and remote deposit capture. A standard deposit contract exists between the Company and all deposit customers. The Company earns fees from its deposit customers for transaction-based services (such as ATM use fees, stop payment charges, statement rendering, and ACH fees), account maintenance, and overdraft services. Transaction-based fees are recognized at the time the transaction is executed as that is the point in time the Company fulfills the client’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the client’s account balance.\n\nOther service charges\n\nThe primary component of other service charges relates to letter of credit fees and FX conversion fees. The Company outsources FX conversion for foreign currency transactions to correspondent banks. The Company earns a portion of an FX conversion fee that the client charges to process an FX conversion transaction. Revenue is recognized at the end of the month once the client has remitted the transaction information to the Company.\n\n​\n\n32\n\n[**Table of Contents**](#TOC)\n\n**NOTE 14 — DERIVATIVES**\n\nOn occasion, the Company enters into derivative contracts as a part of its asset liability management strategy to help manage its interest rate risk position. At March 31, 2026, these derivatives had a notional amount of $1.0 billion and contractual maturities ranging from April 24, 2027 to August 1, 2027. The notional amount of the derivatives does not represent the amount exchanged by the parties. The derivatives were designated as cash flow hedges of certain deposit liabilities and borrowings of the Company. The hedges were determined to be highly effective during the three months ended March 31, 2026. The Company expects the hedges to remain highly effective during the remaining term of the derivatives.\n\nIn addition, the Company periodically enters into certain commercial loan interest rate swap agreements to provide commercial loan clients the ability to convert loans from variable to fixed interest rates. Under these agreements, the Company enters into a variable-rate loan agreement with a client in addition to a swap agreement. This swap agreement effectively converts the client’s variable rate loan into a fixed rate loan. The Company then enters into a corresponding swap agreement with a third party to offset its exposure on the variable and fixed components of the client agreement. As the interest rate swap agreements with the clients and third parties are not designated as hedges, the instruments are marked to market in earnings. At March 31, 2026, these interest rate swaps have a notional amount of $69.0 million and a contractual maturity of August 15, 2028.\n\nThe following tables reflect the derivatives recorded on the balance sheet (in thousands):\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Fair Value**\n\n​\n\n​\n\n​\n\n**Notional**\n\n​\n\n​\n\n**Other**\n\n​\n\n​\n\n**Other**\n\n​\n\n​\n\n​\n\n**Amount**\n\n​\n\n​\n\n**Assets**\n\n​\n\n​\n\n**Liabilities**\n\n**At March 31, 2026**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDerivatives designated as hedges:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nInterest rate swaps related to client deposits and borrowings\n\n​\n\n$\n\n1,000,000\n\n​\n\n$\n\n821\n\n​\n\n$\n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDerivatives not designated as hedges:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nInterest rate swaps\n\n​\n\n$\n\n69,000\n\n​\n\n$\n\n587\n\n​\n\n$\n\n587\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At December 31, 2025**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDerivatives designated as hedges:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nInterest rate swaps related to client deposits and borrowings\n\n​\n\n$\n\n1,000,000\n\n​\n\n$\n\n—\n\n​\n\n$\n\n3,674\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDerivatives not designated as hedges:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nInterest rate swaps\n\n​\n\n$\n\n69,000\n\n​\n\n$\n\n888\n\n​\n\n$\n\n888\n\n​\n\n​\n\n**NOTE 15 — SUBSEQUENT EVENTS**\n\nOn April 29, 2026, the Company’s stockholders approved the company’s 2026 Employee Stock Purchase Plan (the “ESPP”). The ESPP, which was approved by the Board of Directors on March 18, 2026, is designed to qualify as an employee stock purchase plan under Section 423 of the Internal Revenue Code as amended. 250,000 shares of common stock of the company will be made available for sale under the ESPP.\n\n​\n\n​\n\n​\n\n33\n\n[**Table of Contents**](#TOC)"}