What changed in this filing

/stocks — the workspaceLOADING

Item 8. Financial Statements and Supplementary Data

2026-02-20 compared with 2025-02-20 · 249 added, 238 removed, 1505 unchanged (24% of the section changed)

13 unchanged sentences

Premises and fixed assets, net

Premises held for sale

Restricted stock

9 unchanged sentences

Total mortgage escrow deposits

Total deposits (including mortgage escrow deposits)

FHLBNY advances

40 unchanged sentences

Fair value change in equity securities and loans held for sale

Net loss on sale of securities

Gain (loss) on sale of other assets

Total non-interest (loss) income

Gain (loss) on securities

(Loss) gain on sale of other assets

Total non-interest income (loss)

Non-interest expense:

4 unchanged sentences

Federal deposit insurance premiums

Loss from extinguishment of debt for FHLBNY advances and subordinated debt

Loss from extinguishment of debt for FHLBNY advances

Loss due to pension settlement

12 unchanged sentences

Year Ended December 31,

Other comprehensive income (loss):

Other comprehensive income:

Change in unrealized gain (loss) on securities:

Change in net unrealized gain (loss) during the period

Reclassification adjustment for net losses included in net loss on sale of securities and other assets

Change in net unrealized gain during the period

Reclassification adjustment for net (gain) loss realized in net income on securities and other assets

Accretion of net unrealized loss on securities transferred to held-to-maturity

Credit loss expense

Change in pension and other postretirement obligations:

Reclassification adjustment for expense included in other expense

Change in the net actuarial gain

Reclassification adjustment for benefit (expense) included in other expense

Change in the net actuarial gain (loss)

Change in unrealized gain (loss) on derivatives:

Change in net unrealized (loss) gain during the period

Change in net unrealized loss during the period

Reclassification adjustment for expense included in interest expense

Other comprehensive income (loss) before income taxes

Deferred tax expense (benefit)

Total other comprehensive income (loss), net of tax

Other comprehensive income before income taxes

Deferred tax expense

Total other comprehensive income, net of tax

Total comprehensive income

8 unchanged sentences

Balance as of January 1, 2023

Other comprehensive loss, net of tax

Other comprehensive income, net of tax

Release of shares, net of forfeitures

1 unchanged sentence

Shares received related to tax withholding

Cash dividends declared and paid to preferred stockholders

Cash dividends declared and paid to common stockholders

Cash dividends declared to preferred stockholders

Cash dividends declared to common stockholders

Purchase of treasury stock

( 1,431,241 )

Ending balance as of December 31, 2023

Other comprehensive income, net of tax

Shares issued in common stock offering, net of offering costs

Release of shares, net of forfeitures

3 unchanged sentences

Cash dividends declared to common stockholders

Purchase of treasury stock

Ending balance as of December 31, 2024

Other comprehensive income, net of tax

Shares issued in common stock offering, net of offering costs

Release of shares, net of forfeitures

12 unchanged sentences

Adjustments to reconcile net income to net cash provided by operating activities:

Net loss on sale of securities available-for-sale

(Gain) loss on sale of other assets

Net (gain) loss on securities available-for-sale

Loss (gain) on sale of other assets

Fair value change in equity securities and loans held for sale

1 unchanged sentence

Net depreciation, amortization and accretion

Amortization of fair value hedge basis point adjustments

(Accretion) amortization of fair value hedge basis point adjustments

Amortization of other intangible assets

6 unchanged sentences

Gain from death benefits from BOLI

Decrease (increase) in other assets

(Decrease) increase in other liabilities

Decrease in other assets

Decrease in other liabilities

Net cash provided by operating activities

9 unchanged sentences

Proceeds from the sale of portfolio loans transferred to held for sale

Increase in loans

( 1,359,782 )

Decrease (increase) in loans

Purchases of fixed assets, net

1 unchanged sentence

Sales (purchases) of restricted stock, net

Net cash provided by (used in) investing activities

( 1,332,191 )

Net cash (used in) provided by investing activities

CASH FLOWS FROM FINANCING ACTIVITIES:

Increase (decrease) in deposits

Increase in deposits

(Repayments) proceeds from FHLBNY advances, short-term, net

1 unchanged sentence

Proceeds (repayments) from FHLBNY advances, long-term

Proceeds (repayments) of other short-term borrowings, net

(Repayments) proceeds of other short-term borrowings, net

Proceeds from subordinated debentures issuance, net

Redemption of subordinated debentures

Proceeds from common stock issuance, net

17 unchanged sentences

Cash paid for interest

Securities available-for-sale transferred to securities held-to-maturity

Loans transferred to loans held for sale

11 unchanged sentences

The audited consolidated financial statements presented in this Annual Report on Form 10-K include the collective results of the Holding Company and its wholly-owned subsidiary, the Bank, which are collectively herein referred to as “we”, “us”, “our” and the “Company.”

As of December 31, 2024, we operated 62 branch locations throughout Long Island and the New York City boroughs of Brooklyn, Queens, Manhattan, Staten Island and the Bronx, and Westchester County.

As of December 31, 2025, we operated 63 branch locations throughout Long Island and the New York City boroughs of Brooklyn, Queens, Manhattan, Staten Island and the Bronx, Westchester County and New Jersey.

The Company is a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Dime Community Bank.

4 unchanged sentences

Our bank operations also include Dime Abstract LLC (“Dime Abstract”), a wholly-owned subsidiary of the Bank, which is a broker of title insurance services.

The accompanying consolidated financial statements have been prepared in accordance with U.S.

generally accepted accounting principles (“GAAP”) and general practices within the financial institution industry.

The accompanying consolidated financial statements have been prepared in accordance with GAAP and general practices within the financial institution industry.

The accompanying consolidated financial statements include the accounts of the Holding Company and the Bank and its subsidiaries.

17 unchanged sentences

Accrued interest for a security placed on non-accrual is reversed against interest income.

There were no non-accrual debt securities at December 31, 2024

and 2023, and there was no accrued interest related to debt securities reversed against interest income for the year ended December 31, 2024 and 2023.

There was one non-accrual available-for-sale debt

security of $ 450 thousand at December 31, 2025 and there were no non-accrual debt securities at December 31, 2024.

Gains and losses on sales are recorded on the trade date and determined using the specific identification method.

28 unchanged sentences

Allowance for credit losses on held-to-maturity securities - Management classifies its held-to-maturity portfolio into the following major security types:

Pass-through MBS issued by GSEs, Agency Collateralized Mortgage Obligations, Agency Notes and Corporate Securities.

Pass-through MBS issued by U.S.

GSEs, Agency Collateralized Mortgage Obligations, Agency Notes and Corporate Securities.

The majority of the securities in the held-to-maturity portfolio are issued by U.S.

4 unchanged sentences

The historical lifetime probability of default and severity of loss in the event of default is derived or obtained from external sources and adjusted for the expected effects of reasonable and supportable forecasts over the expected lifetime of the securities.

difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the recorded amortized cost basis of the security.

For a debt security in the held-to-maturity portfolio that does not share common risk characteristics with any of the pools of debt securities, expected credit loss on each security is individually measured based on net realizable value, or the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the recorded amortized cost basis of the security.

With respect to certain classes of debt securities, primarily U.S.

17 unchanged sentences

The Company evaluates its loan pooling methodology at least annually.

The Company has identified the following loan pools used to measure the allowance for credit losses as follows:

The Company has identified the following loan pools for purposes of measuring the allowance for credit losses:

Business loans - Loans in this classification consist of commercial and industrial and owner-occupied commercial real estate loans.

10 unchanged sentences

The Bank’s underwriting standards generally require:

(1) a maximum loan-to-value ratio of 75% based upon an appraisal performed by an independent, state licensed appraiser, and (2) sufficient rental income from the underlying property to adequately service the debt, represented by a minimum debt service ratio of 1.25x.

(1) a maximum LTV ratio of 75% based upon an appraisal performed by an independent, state licensed appraiser, and (2) sufficient rental income from the underlying property to adequately service the debt, represented by a minimum debt service ratio of 1.25x.

Included in owner-occupied loans are also certain SBA loans in which the loan is secured by underlying real estate as collateral.

The Bank may sell a portion of the loan, guaranteed by the SBA, to a third-party investor.

Repayment of the loans is often dependent upon the success of the business occupying the properties.

Repayment of the loans is often dependent upon the success of the business occupying

the properties.

The credit quality of this portfolio is largely dependent on economic factors, such as unemployment rates.

4 unchanged sentences

Investment properties require:

The credit quality of this portfolio is largely dependent on economic factors, such as unemployment rates and housing prices.

1 unchanged sentence

The Bank’s underwriting standards for multifamily residential loans generally require:

Repayment of multifamily residential loans is dependent, in significant part, on cash flow from the collateral property sufficient to satisfy operating expenses and debt service.

5 unchanged sentences

The Bank’s underwriting standards for non-owner-occupied commercial real estate loans generally require:

Repayment of non-owner-occupied commercial real estate loans is often dependent upon successful operation or management of the collateral properties, as well as the success of the business and retail tenants occupying the properties.

1 unchanged sentence

Acquisition, development, and construction loans - Loans in this classification consist of loans to purchase land intended for further development, including single-family homes, multi-family housing, and commercial income properties.

In general, the maximum loan-to-value ratio for a land acquisition loan is 50% of the appraised value of the property.

In general, the maximum LTV ratio for a land acquisition loan is 50% of the appraised value of the property.

The credit quality of this portfolio is largely dependent on economic factors, such as unemployment rates and CRE prices.

6 unchanged sentences

Management estimates the allowance for credit losses on each loan pool using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts.

observed credit loss experience of peer banks within our geography provide the basis for the estimation of expected credit losses on similar loan pools.

Historically observed credit loss experience of peer banks within our geography provide the basis for the estimation of expected credit losses on similar loan pools.

Within the model, assumptions are made in the determination of probability of default, loss given default, reasonable and supportable economic forecasts, prepayment rate, curtailment rate, and recovery lag periods.

30 unchanged sentences

These three types are (1) a hedge of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (2) a hedge with the exposure to changes in fair value of an asset, liability, or firm commitment attributable to particular risk, such as interest risk (“fair value hedge”) or (3) an instrument with no hedging designation (“freestanding derivatives”).

For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which

the hedged transaction affects earnings.

For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings.

Changes in fair value of the fair value derivative and the hedged item related to the hedged risk are recognized in earnings.

31 unchanged sentences

The Company does not sublease any of its leased properties and does not lease properties from any related parties.

Disclosures about the Company’s leasing activities are presented in Note 7.

Disclosures about the Company’s leasing activities are presented in Note 7 Leases.

Goodwill and Other Intangible Assets - Goodwill resulting from business combinations is generally determined as the excess of the fair value of the consideration transferred over the fair value of the net assets acquired and liabilities assumed as of the acquisition date.

3 unchanged sentences

Core deposit intangible assets are amortized on an accelerated method over their estimated useful lives of ten years .

Servicing Right Assets (“SRAs”) - When real estate or C&I loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans.

Servicing Rights Assets (“SRAs”) - When real estate or C&I loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans.

SRAs are carried at the lower of cost or fair value and are amortized in proportion to, and over the period of, anticipated net servicing income.

12 unchanged sentences

A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur.

The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination.

For tax positions not satisfying the "more likely than not" test, no tax benefit is recorded.

The Company recognizes interest and/or penalties related to tax matters in income tax expense.

The Company had no unrecognized tax positions at December 31, 2024 or 2023.

The Company recognizes only those tax positions that meet the more-likely-than-not recognition threshold, and establishes tax reserves for uncertain tax positions that do not meet this threshold.

Interest associated with income tax matters are included in the provision for income taxes.

Employee Benefits - The Bank maintains two noncontributory pension plans:

5 unchanged sentences

(2) recognize as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic benefit or cost.

Amounts recognized in accumulated other comprehensive income, including the gains or losses, prior service costs or credits, and the transition asset or obligation are adjusted as they are subsequently recognized as components of net periodic benefit cost;

Amounts recognized in accumulated other comprehensive income (“AOCI”), including the gains or losses, prior service costs or credits, and the transition asset or obligation are adjusted as they are subsequently recognized as components of net periodic benefit cost;

(3) measure defined benefit plan assets and obligations as of the date of the employer’s fiscal year-end statements of financial condition (with limited exceptions);

and (4) disclose in the notes to financial statements additional information about certain effects on net periodic

benefit cost for the next fiscal year that arise from delayed recognition of the gains or losses, prior service costs or credits, and transition asset or obligation.

and (4) disclose in the notes to financial statements additional information about certain effects on net periodic benefit cost for the next fiscal year that arise from delayed recognition of the gains or losses, prior service costs or credits, and transition asset or obligation.

The Company provides a 401(k) plan, which covers substantially all current employees.

23 unchanged sentences

Standards Adopted in 2025

ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (Topic 280)

The Financial Accounting Standards Board issued Accounting Standards Update 2023-07 to improve reportable segment disclosures by requiring public business entities to disclose significant expense categories and amounts for each reportable segment, where significant expense categories are defined as those that are regularly reported to an entity’s chief operating decision-maker and included in a segment’s reported measures of profit or loss.

ASU 2023-07 became effective for the

Company on January 1, 2024.

The adoption of ASU 2023-07 did not have a material effect on the Company’s consolidated financial statements.

Standards That Have Not Yet Been Adopted

Accounting Standards Updates (“ASU”) No.

2023-09—Income Taxes (Topic 740)—Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU No.

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No.

2023-09—Income Taxes (Topic 740)—Improvements to Income Tax Disclosures, intended to enhance the transparency of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information.

4 unchanged sentences

The ASU also includes other amendments to improve the effectiveness of income tax disclosures.

The update is effective for annual periods beginning after December 15, 2024, with early adoption permitted.

The transition method is prospective with retrospective method permitted.

The adoption of ASU 2023-09 will not have a material impact on the Company's income tax disclosures.

Effective January 1, 2025, ASU 2023‑09 was adopted by the Company on a prospective basis for annual reporting periods, resulting in expanded disclosures in Note 15 of our Consolidated Financial Statements.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

4 unchanged sentences

Other comprehensive income (loss) before reclassifications

Amounts reclassified from accumulated other comprehensive income (loss)

Amounts reclassified from accumulated other comprehensive income

Net other comprehensive income (loss) during the period

8 unchanged sentences

Change in unrealized gain (loss) on securities:

Change in net unrealized gain (loss) during the period

Reclassification adjustment for net losses included in net loss on sale of securities and other assets

Change in net unrealized gain during the period

Reclassification adjustment for net (gain) loss realized in net income on securities and other assets

Accretion of net unrealized loss on securities transferred to held-to-maturity

Tax expense (benefit)

Net change in unrealized gain (loss) on securities, net of reclassification adjustments and tax

Credit loss expense

Net change in unrealized gain on securities, net of reclassification adjustments and tax

Change in pension and other postretirement obligations:

Reclassification adjustment for expense included in other expense

Change in the net actuarial gain

Reclassification adjustment for benefit (expense) included in other expense

Change in the net actuarial gain (loss)

Tax expense (benefit)

Net change in pension and other postretirement obligations

Change in unrealized gain (loss) on derivatives:

Change in net unrealized (loss) gain during the period

Change in net unrealized loss during the period

Reclassification adjustment for expense included in interest expense

Tax expense (benefit)

Net change in unrealized gain (loss) on derivatives, net of reclassification adjustments and tax

Other comprehensive income (loss), net of tax

Tax (benefit) expense

Net change in unrealized (loss) gain on derivatives, net of reclassification adjustments and tax

Other comprehensive income, net of tax

The following tables summarize the major categories of securities as of the dates indicated:

2 unchanged sentences

Securities available-for-sale:

Treasury securities

Corporate securities

Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs")

Pass-through mortgage-backed securities ("MBS") issued by U.S.government sponsored entities ("U.S.

State and municipal obligations

4 unchanged sentences

Corporate securities

Pass-through MBS issued by GSEs

Pass-through MBS issued by U.S.

Total securities held-to-maturity

2 unchanged sentences

Securities available-for-sale:

Treasury securities

Corporate securities

Pass-through MBS issued by GSEs

Pass-through MBS issued by U.S.

State and municipal obligations

4 unchanged sentences

Corporate securities

Pass-through MBS issued by GSEs

Pass-through MBS issued by U.S.

Total securities held-to-maturity

1 unchanged sentence

There were no transfers of securities from held-to-maturity to available-for-sale during the years ended December 31, 2025 or 2024.

The Company reassessed classification of certain investments and transferred securities from available-for-sale to securities held-to-maturity during the year ended December 31, 2022.

The Company previously reassessed the classification of certain investments and transferred securities from available-for-sale to securities held-to-maturity during the year ended December 31, 2022.

The amount remaining in OCI from this transfer as of December 31, 2025 and 2024 was $ 16.8 million and $ 19.7 million, respectively.

1 unchanged sentence

No gain or loss was recorded at the time of transfer.

There were no transfers from securities held-to-maturity to available-for-sale during the year ended December 31, 2022.

The carrying amount of securities pledged at December 31, 2025 and 2024 was $ 766.2 million and $ 622.7 million, respectively.

12 unchanged sentences

Beyond ten years

Pass-through MBS issued by GSEs and agency CMOs

Pass-through MBS issued by U.S.

GSEs and agency CMOs

Held-to-maturity

3 unchanged sentences

Beyond ten years

Pass-through MBS issued by GSEs and agency CMOs

Pass-through MBS issued by U.S.

GSEs and agency CMOs

The following table presents the information related to sales of securities available-for-sale for the periods indicated:

5 unchanged sentences

Equity securities included in Other assets in the Consolidated Statements of Financial Condition had a fair value of $ 2.7 million and $ 2.5 million as of December 31, 2025 and 2024, respectively.

For the years ended December 31, 2024 and 2023, the Company recognized a net gain of $ 281 thousand and a net loss of $ 758 thousand, respectively.

For the years ended December 31, 2025 and 2024, the Company recognized a net gain of $ 200 thousand and $ 281 thousand, respectively.

There were no sales of securities held-to-maturity during the years ended December 31, 2025, 2024, or 2023.

The following tables summarize the gross unrealized losses and fair value of securities aggregated by investment category and the length of time the securities were in a continuous unrealized loss position for the periods indicated:

The following tables summarize the gross unrealized losses and fair value of available-for-sale securities aggregated by investment category and the length of time the securities were in a continuous unrealized loss position for the periods indicated:

December 31, 2025

5 unchanged sentences

Corporate securities

Pass-through MBS issued by GSEs

Pass-through MBS issued by U.S.

State and municipal obligations

5 unchanged sentences

Securities available-for-sale:

Treasury securities

Corporate securities

Pass-through MBS issued by GSEs

Pass-through MBS issued by U.S.

State and municipal obligations

As of December 31, 2024, none of the Company’s available-for-sale debt securities were in an unrealized loss position due to credit and therefore no allowance for credit losses on available-for-sale debt securities was required.

Additionally, given the high-quality composition of the Company’s held-to-maturity portfolio, the Company did not record an allowance for credit losses on the held-to-maturity portfolio.

During 2025, the Company recorded a $ 2.6 million allowance for credit losses on one available-for-sale debt security due to the issuer’s non-compliance with certain financial covenants, which was considered a credit deterioration event.

As of December 31, 2025, the Company charged off the full amount of credit impairment through the allowance for credit losses.

Given the high-quality composition of the Company’s held-to-maturity portfolio, the Company did not record an allowance for credit losses on the held-to-maturity portfolio.

With respect to certain classes of debt securities, primarily U.S.

1 unchanged sentence

Government were to technically default.

Accrued interest receivable on securities totaled $ 5.7 million and $ 5.3 million at December 31, 2024 and 2023 respectively, and was excluded from the amortized cost and estimated fair value totals in the table above.

Accrued interest receivable on securities, which totaled $ 5.9 million and $ 5.7 million at December 31, 2025 and 2024 respectively, was included in Other assets in the Consolidated Statements of Financial Condition and excluded from the amortized cost and estimated fair value totals in the table above.

Management evaluates available-for-sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors.

Consideration is given to (1) the extent to which the fair value is less than amortized cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability

of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.

Consideration is given to (1) the extent to which the fair value is less than amortized cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.

At December 31, 2025, substantially all of the securities in an unrealized loss position had a fixed interest rate and the cause of the temporary impairment was directly related to changes in interest rates.

2 unchanged sentences

Government entities and agencies and therefore either explicitly or implicitly guaranteed by the U.S.

Agency Notes, Treasury Securities, Pass-through MBS issued by GSEs, Agency Collateralized Mortgage Obligations.

Agency Notes, Treasury Securities, Pass-through MBS issued by U.S.

GSEs, Agency Collateralized Mortgage Obligations.

None of the unrealized losses are related to credit losses.

3 unchanged sentences

The fair value is expected to recover as the securities approach maturity.

The following table presents a rollforward of the allowance for credit losses for corporate securities available-for-sale for the twelve months, for the period ended as indicated:

Year Ended December 31,

(In thousands)

Beginning balance

Provision for credit losses

Ending balance

LOANS HELD FOR INVESTMENT, NET

1 unchanged sentence

(In thousands)

December 31, 2024

December 31, 2023

Business loans (1)

One-to-four family residential and cooperative/condominium apartment

One-to-four family residential and coop/condo apartment

Multifamily residential and residential mixed-use

7 unchanged sentences

(2) The loan portfolio included a fair value hedge basis point adjustment to the carrying amount of hedged owner-occupied commercial real estate in business loans, one-to-four family residential mortgage loans, multifamily residential mortgage loans and non-owner-occupied commercial real estate loans .

The following tables present data regarding the allowance for credit losses activity for the periods indicated:

The following tables present data regarding the allowance for credit losses activity on loans held for investment for the periods indicated:

Residential and

1 unchanged sentence

Beginning balance as of January 1, 2023

(Credit) provision for credit losses

Ending balance as of December 31, 2022

Provision (credit) for credit losses

2 unchanged sentences

Ending balance as of December 31, 2024

Provision (credit) for credit losses

Ending balance as of December 31, 2025

The following tables present the amortized cost basis of loans on non-accrual status as of the periods indicated:

4 unchanged sentences

Business loans

One-to-four family residential and cooperative/condominium apartment

One-to-four family residential and coop/condo apartment

Non-owner-occupied commercial real estate

4 unchanged sentences

Business loans

One-to-four family residential and cooperative/condominium apartment

One-to-four family residential and coop/condo apartment

Non-owner-occupied commercial real estate

The Company did not recognize interest income on non-accrual loans held for investment during the years ended December 31, 2024 or 2023.

The Company did no t recognize interest income on non-accrual loans held for investment during the years ended December 31, 2025 or 2024.

The following tables summarize the past due status of the Company’s investment in loans as of the dates indicated:

4 unchanged sentences

Business loans

One-to-four family residential, including condominium and cooperative apartment

One-to-four family residential and coop/condo apartment

Multifamily residential and residential mixed-use

5 unchanged sentences

Business loans

One-to-four family residential, including condominium and cooperative apartment

One-to-four family residential and coop/condo apartment

Multifamily residential and residential mixed-use

4 unchanged sentences

The Company had collateral dependent loans which were individually evaluated to determine expected credit losses as of the dates indicated:

December 31, 2024

December 31, 2023

Associated Allowance

23 unchanged sentences

Business loans

One-to-four family residential, including condominium and cooperative apartment

Multifamily residential and residential mixed-use

3 unchanged sentences

Business loans

One-to-four family residential, including condominium and cooperative apartment

One-to-four family residential and coop/condo apartment

Multifamily residential and residential mixed-use

Non-owner-occupied commercial real estate

9 unchanged sentences

Business loans

One-to-four family residential, including condominium and cooperative apartment

Multifamily residential and residential mixed-use

9 unchanged sentences

Business loans

One-to-four family residential, including condominium and cooperative apartment

One-to-four family residential and coop/condo apartment

Multifamily residential and residential mixed-use

Non-owner-occupied commercial real estate

7 unchanged sentences

Business loans

One-to-four family residential, including condominium and cooperative apartment

Multifamily residential and residential mixed-use

6 unchanged sentences

Business loans

One-to-four family residential, including condominium and cooperative apartment

One-to-four family residential and coop/condo apartment

Multifamily residential and residential mixed-use

Non-owner-occupied commercial real estate

There were no loans held for investment made to borrowers experiencing financial difficulty that were modified during the year ended December 31, 2024 and 2023, that subsequently defaulted.

As of December 31, 2025, there was one non-owner-occupied commercial loan totaling $ 9.2 million that was modified to borrowers experiencing financial difficulty during the year ended December 31, 2025, that subsequently defaulted.

As of December 31, 2025 there were $ 1.3 million of non-accrual business loans that were modified to borrowers experiencing financial difficulty and remained on non-accrual status.

There were no loans held for investment made to borrowers experiencing financial difficulty that were modified during the year ended December 31, 2024, that subsequently defaulted.

For the purposes of this disclosure, a payment default is defined as 90 or more days past due.

21 unchanged sentences

YTD Gross Charge-Offs

One-to-four family residential, and condominium/cooperative apartment:

One-to-four family residential and coop/condo apartment

Special mention

Total one-to-four family residential, and condominium/cooperative apartment

Total one-to-four family residential and coop/condo apartment

YTD Gross Charge-Offs

19 unchanged sentences

YTD Gross Charge-Offs

One-to-four family residential, and condominium/cooperative apartment:

One-to-four family residential and coop/condo apartment

Special mention

Total one-to-four family residential, and condominium/cooperative apartment

Total one-to-four family residential and coop/condo apartment

YTD Gross Charge-Offs

15 unchanged sentences

(In thousands)

December 31, 2024

December 31, 2023

LOAN SERVICING ACTIVITIES

2 unchanged sentences

Servicing loans for others generally consists of collecting loan payments, maintaining escrow accounts, disbursing payments to investors, paying taxes and insurance and processing foreclosures.

In connection with loans serviced for others, the Bank held borrowers’ escrow balances of $ 1.3 million at December 31, 2024 and 2023.

In connection with loans serviced for others, the Bank held borrowers’ escrow balances of $ 1.4 million and $ 1.3 million at December 31, 2025 and 2024, respectively.

There are no restrictions on the Company’s consolidated assets or liabilities related to loans sold with servicing rights retained.

3 unchanged sentences

(In thousands)

Servicing right assets:

Servicing rights assets:

Beginning of year

3 unchanged sentences

Additions expensed

Servicing right assets, net

Servicing rights assets, net

The fair value of SRAs was $ 2.8 million and $ 3.0 million, at December 31, 2025 and 2024, respectively.

The fair value at December 31, 2024 was determined using discount rates ranging from 10.0 % to 13.9 %, prepayment speeds ranging from 6.1 % to 12.3 %, depending on the stratification of the specific servicing right, and a weighted average default rate of 0.62 %.

The fair value at December 31, 2023 was determined using discount rates ranging from 10.0 % to 14.5 %, prepayment speeds ranging from 6.5 % to 12.2 %, depending on the stratification of the specific servicing right, and a weighted average default rate of 0.67 %.

The fair value at December 31, 2025 was determined using discount rates ranging from 9.5 % to 13.0 %, prepayment speeds ranging from 6.2 % to 12.5 %, depending on the stratification of the specific servicing rights, and a weighted average default rate of 0.69 %.

PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE

9 unchanged sentences

Premises Held for Sale

During the year ended December 31, 2024, the Company transferred two real estate properties utilized as retail branches to premises held for sale totaling $ 9.2 million.

During the year ended December 31, 2025, the Company transferred one real estate property utilized as a retail branch to premises held for sale totaling $ 255 thousand.

During the year ended December 31, 2024, the Company sold three real estate properties utilized as retail branches for $ 19.3 million and recorded an associated gain of $ 9.1 million in gain on sale of other assets in the consolidated statements of operations.

During the year ended December 31, 2024, the Company transferred two real estate properties utilized as retail branches to premises held for sale totaling $ 9.2 million.

During the year ended December 31, 2025, the Company sold one real estate property utilized as a retail branch for $ 2.2 million and recorded an associated gain of $ 1.7 million in (Loss) gain on sale of other assets in the Consolidated Statements of Operations.

There were no premises held for sale as of December 31, 2025.

During the year ended December 31, 2024, the Company sold three real estate properties utilized as retail branches for $ 19.3 million and recorded an associated gain of $ 9.1 million in (Loss) gain on sale of other assets in the Consolidated Statements of Operations.

There were no premises held for sale as of December 31, 2024.

The following table presents the Company’s remaining maturities of undiscounted lease payments, as well as a reconciliation to the discounted Operating lease liabilities in the Consolidated Statements of Financial Condition at December 31, 2025:

9 unchanged sentences

As of December 31,

As of December 31, 2023

Weighted average remaining lease term

4 unchanged sentences

It was determined during the annual impairment testing that no impairment was needed for the years ended December 31, 2025, 2024 and 2023.

The following table presents the change in Goodwill for the years ended December 31, 2024, 2023 and 2022:

The following table presents the change in Goodwill for the periods indicated:

Year Ended December 31,

3 unchanged sentences

The following table presents the carrying amount and accumulated amortization of intangible assets that are amortizable, all of which are core deposit intangibles:

Year Ended December 31,

(In thousands)

December 31, 2024

December 31, 2023

Gross carrying value

2 unchanged sentences

Amortization expense recognized on intangible assets was $ 1.0 million, $ 1.2 million and $ 1.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Estimated amortization expense for 2025 through 2029 and thereafter is as follows:

Estimated amortization expense for each of the next five years and thereafter is as follows:

(In thousands)

13 unchanged sentences

The Bank owned 372,249 shares and 417,937 shares at December 31, 2025 and 2024, respectively.

The Bank recorded dividend income on the FHLBNY capital stock of $ 5.1 million, $ 5.4 million and $ 853 thousand during the years ended December 31, 2024, 2023 and 2022, respectively.

The Bank recorded dividend income on the FHLBNY capital stock of $ 3.0 million, $ 5.1 million and $ 5.4 million during the years ended December 31, 2025, 2024 and 2023, respectively.

FRB Capital Stock

1 unchanged sentence

Membership requires the purchase of shares of FRB capital stock at $ 50 per share.

The Bank owned 542,943 shares at December 31, 2024 and 502,197 shares at December 31, 2023.

The Bank recorded dividend income on the FRB capital stock of $ 1.1 million, $ 1.0 million, and $ 828 thousand during the years ended December 31, 2024, 2023, and 2022, respectively.

The Bank owned 596,143 shares at December 31, 2025 and 542,943 shares at December 31, 2024, respectively.

The Bank recorded dividend income on the FRB capital stock of $ 1.3 million, $ 1.1 million, and $ 1.0 million during the years ended December 31, 2025, 2024, and 2023, respectively.

ACBB Capital Stock

1 unchanged sentence

The relationship requires the purchase of shares of ACBB capital stock between $ 2,500 and $ 3,250 per share.

The Bank owned 60 shares at December 31, 2024 and 2023.

The Bank owned 60 shares at December 31, 2025 and 2024, respectively.

The Bank recorded dividend income on the ACBB capital stock of $ 5 thousand during the year ended December 31, 2025.

The Bank did no t record dividend income on the ACBB capital stock during the year ended December 31, 2024.

The Bank recorded dividend income on the ACBB capital stock of $ 2 thousand during the year ended December 31, 2023, and $ 1 thousand during the year ended December 31, 2022.

The Bank recorded dividend income on the ACBB capital stock of $ 2 thousand during the year ended December 31, 2023.

Deposits are summarized as follows:

1 unchanged sentence

(Dollars in thousands)

Certificates of deposit ("CDs")

Interest-bearing checking

2 unchanged sentences

The following table presents a summary of scheduled maturities of CDs outstanding at December 31, 2025:

Weighted Average

(Dollars in thousands)

1 unchanged sentence

2031 and beyond

CDs that met or exceeded the Federal Deposit Insurance Corporation (“FDIC”) insurance limit of $250 thousand were $ 93.3 million and $ 115.3 million at December 31, 2024 and 2023, respectively.

CDs that met or exceeded the FDIC insurance limit of $250 thousand were $ 130.7 million and $ 93.3 million at December 31, 2025 and 2024, respectively.

DERIVATIVES AND HEDGING ACTIVITIES

8 unchanged sentences

Effect of Derivatives on the Consolidated Statements of Financial Condition

The tables below present the notional amounts and the fair values of the Company’s derivative financial instruments as of December 31, 2024 and December 31, 2023.

December 31, 2024

December 31, 2023

The tables below present the notional amounts and the fair values of the Company’s derivative financial instruments as of the periods indicated:

(In thousands)

3 unchanged sentences

Interest rate products

December 31, 2024

December 31, 2023

(In thousands)

6 unchanged sentences

Effect of Fair Value and Cash Flow Hedge Accounting on the Consolidated Statements of Operations

The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations as of December 31, 2024 and December 31, 2023.

The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the periods indicated:

Year Ended December 31,

12 unchanged sentences

For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income.

As of December 31, 2024 and December 31, 2023, the Company posted $ 2.7 million and $ 6.5 million, respectively to the Chicago Mercantile Exchange ("CME") clearing house related to the fair value derivatives settled daily to market.

Company pays an average fixed rate of 4.82 % and receives a floating rate based on the US federal funds effective rate for the life of the agreement without an exchange of the underlying notional amount.

As of December 31, 2025 and December 31, 2024, the Company posted $ 660 thousand and $ 2.7 million, respectively to the Chicago Mercantile Exchange ("CME") clearing house related to the fair value derivatives settled daily to market.

The Company pays an average fixed rate of 3.42 % and receives a floating rate based on the US federal funds effective rate for the life of the agreement without an exchange of the underlying notional amount.

The amortized cost basis of the closed portfolio of the fixed rate mortgage loans on December 31, 2025 totaled $ 666.9 million.

The amount identified as the last-of-layer in the open hedge relationship was $ 350.0 million, which is the amount of loans in the closed portfolio anticipated to be outstanding for the designated hedge period.

The basis adjustment associated with the hedged item was a $ 2.6 million asset as of December 31, 2024, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedged relationship.

The basis adjustment associated with the hedged item was a $ 663 thousand asset as of December 31, 2025, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedged relationship.

The amortized cost basis of the closed portfolio of the fixed rate mortgage loans on December 31, 2024 totaled $ 692.2 million.

1 unchanged sentence

During the years ended December 31, 2024 and 2023, the Company recorded a $ 1.6 million and $ 561 thousand, respectively, credit from the swap transaction as a component of interest income in the consolidated statements of operations, respectively.

As of December 31, 2024 and 2023, the following amounts were recorded on the consolidated statements of financial condition related to cumulative basis adjustment for fair value hedges:

Year Ended December 31,

During the years ended December 31, 2025 and 2024, the Company recorded a $ 398 thousand debit and $ 1.6 million credit, respectively, from the swap transaction as a component of interest income in the Consolidated Statements of Operations.

The following amounts were recorded on the Consolidated Statements of Financial Condition related to cumulative basis adjustment for fair value hedges as of the periods indicated:

December 31, 2025

December 31, 2024

(In thousands)

9 unchanged sentences

Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s debt.

During the next twelve months, the Company estimates that an additional $ 6.1 million will be reclassified as a decrease to interest expense.

During the next twelve months, the Company estimates that an additional $ 275 thousand will be reclassified as a decrease to interest expense.

During the years ended December 31, 2025, 2024 and 2023, the Company did no t terminate any derivatives.

The table below presents the effect of the cash flow hedge accounting on accumulated other comprehensive loss as of December 31, 2024, 2023 and 2022.

The table below presents the effect of the cash flow hedge accounting on accumulated other comprehensive loss as of the periods indicated:

Year Ended December 31,

(In thousands)

(Loss) gain recognized in other comprehensive income (loss)

(Loss) gain reclassified from other comprehensive income into interest expense

All cash flow hedges are recorded gross on the Consolidated statement of financial condition.

Loss recognized in other comprehensive income (loss)

Loss reclassified from other comprehensive income into interest expense

All cash flow hedges are recorded gross on the Consolidated Statements of Financial Condition.

Certain cash flow hedges involve derivative agreements with third-party counterparties that contain provisions requiring the Company to post cash collateral if the derivative exposure exceeds a threshold amount and receive collateral for agreements in a net asset position.

2 unchanged sentences

Additionally, the Bank entered certain cash flow hedges that are CME exchanged and settled daily to market.

As of December 31, 2025, the Company posted $ 5.4 million to the CME clearing house that are accounted for as settlements of the derivative asset.

As of December 31, 2024, the Company posted $ 856 thousand to the CME clearing house that are accounted for as settlements of the derivative asset.

As of December 31, 2023, the Company posted $ 4.9 million to the CME clearing house that are accounted for as settlements of the derivative liabilities.

Freestanding Derivatives

20 unchanged sentences

Loan level interest rate swaps with borrower

Loan level interest rate floors with borrower

Loan level interest rate swaps with third-party counterparties

Loan level interest rate floors with third-party counterparties

Loan level derivative income is recognized on the mark-to-market of the interest rate swap as a fair value adjustment at the time the transaction is closed.

5 unchanged sentences

Certain interest rate swap agreements with third-party counterparties contain provisions that require the Company to post collateral if the derivative exposure exceeds a threshold amount and receive collateral for agreements in a net asset position.

As of December 31, 2024 and 2023, the Company did no t post collateral to its third-party

counterparties.

As of December 31, 2025, the Company posted $ 3.0 million in collateral to its third-party counterparties, and did no t post collateral to its third-party counterparties as of December 31, 2024.

As of December 31, 2025 and 2024, the Company received $ 49.1 million and $ 103.3 million, respectively, in collateral from its third-party counterparties under the agreements in a net asset position.

10 unchanged sentences

FHLBNY ADVANCES

The Bank had borrowings from the FHLBNY (“Advances”) totaling $ 608.0 million and $ 1.31 billion at December 31, 2024 and 2023, respectively, all of which were fixed rate.

In accordance with its Advances, Collateral Pledge and Security Agreement with the FHLBNY, the Bank was eligible to borrow or secure municipal letters of credit up to $ 3.87 billion as of December 31, 2024 and $ 4.09 billion as of December 31, 2023, and maintained sufficient qualifying collateral, as defined by the FHLBNY.

The Bank had borrowings from the FHLBNY (“Advances”) totaling $ 508.0 million and $ 608.0 million at December 31, 2025 and 2024, respectively, all of which were fixed rate.

In accordance with the Collateral Pledge and Security Agreement with the FHLBNY, the Bank was eligible to borrow or secure municipal letters of credit up to $ 3.46 billion as of December 31, 2025 and $ 3.87 billion as of December 31, 2024, and maintained sufficient qualifying collateral, as defined by the FHLBNY.

We pledge real estate loans including Residential, Multifamily and CRE.

At December 31, 2025 there were no callable Advances and the Bank had $ 1.52 billion of remaining borrowing capacity through the FHLBNY.

During the year ended December 31, 2024, the Company had $454 thousand of prepayment penalty expense recognized as a loss on extinguishment of debt.

During the years ended December 31, 2023 and 2022, the Company did not have any prepayment penalty expense recognized as a loss on extinguishment of debt.

During the year ended December 31, 2025, the Company did no t have any prepayment penalty expense recognized as a loss on extinguishment of debt.

During the year ended December 31, 2024, the Company recorded $ 454 thousand of prepayment penalty expense recognized as a loss on extinguishment of debt.

During the year ended December 31, 2023, the Company did no t have any prepayment penalty expense recognized as a loss on extinguishment of debt.

The following table is a summary of FHLBNY extinguishments for the periods presented:

6 unchanged sentences

(Dollars in thousands)

December 31, 2024

December 31, 2023

2024, fixed rate at rates from 4.85 % to 5.67 %

Overnight, fixed rate at 4.67 %

2025, fixed rate at rates from 4.54 % to 4.84 %

2026, fixed rate at rates from 3.82 % to 4.14 %

2027, fixed rate at 4.25 %

7 unchanged sentences

The last interest payment for the fixed rate period will be July 15, 2029.

From and including July 15, 2029, to, but excluding the stated maturity date or any earlier redemption date, the interest rate will reset quarterly to an annual interest rate equal to the benchmark rate (which is expected to be Three-Month Term SOFR ) plus 495.1 basis points, payable quarterly in arrears on January 15, April 15, July 15, and October 15 of each year, commencing on October 15, 2029.

From and including July 15, 2029, to, but excluding the stated maturity date or any earlier redemption date, the interest rate will reset quarterly to an annual interest rate equal to the benchmark rate (which is expected to be Three-Month Term Secured Overnight Financing Rate (“SOFR ”)) plus 495.1 basis points, payable quarterly in arrears on January 15, April 15, July 15, and October 15 of each year, commencing on October 15, 2029.

Subsequently, on July 9, 2024, the Company issued and sold an additional $ 9.8 million of the 2024 Notes, pursuant to an overallotment option granted to the underwriters of the offering.

6 unchanged sentences

The repayment of the subordinated notes due 2027 resulted in a pre-tax write-off of debt issuance costs of $ 740 thousand, which was recognized in loss on extinguishment of debt in non-interest expense.

The remaining $ 40.0 million of fixed-to-floating rate subordinated debentures were issued by the Company in September 2015, are callable at par after ten years , have a stated maturity of September 30, 2030, and bear interest at a fixed annual rate of 5.75 % per year, for the first five years .

From and including September 30, 2025 to the maturity date or early redemption date, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month CME Term SOFR plus 372 basis points.

On January 26, 2026 the Company announced that it intends to redeem at par on March 30, 2026 all of its outstanding $ 40,000,000 principal amount of Fixed/Floating Subordinated Debentures due 2030.

The subordinated debentures totaled $ 272.5 million at December 31, 2025 and $ 272.3 million at December 31, 2024.

4 unchanged sentences

The Bank utilizes securities sold under agreements to repurchase (“repurchase agreements”) as part of its borrowing policy to add liquidity.

Repurchase agreements represent funds received from customers, generally on an overnight basis, which are collateralized by investment securities, of which 100 % were pass-through MBS issued by GSEs.

Repurchase agreements represent funds received from customers, generally on an overnight basis, which are collateralized by investment securities, of which 100 % were pass-through MBS issued by U.S.

There were no repurchase agreements at December 31, 2025 and December 31, 2024.

4 unchanged sentences

In accordance with the Bank’s policies, eligible counterparties are defined and monitored to minimize exposure.

There was no interest expense on repurchase agreements for the years ended December 31, 2024 and December 31, 2023.

Interest expense on repurchase agreements for the year ended December 31, 2022 was $ 1 thousand.

There was no interest expense on repurchase agreements for the years ended December 31, 2025, 2024, or 2023.

The Bank is a member of AFX, through which it may either borrow or lend funds on an overnight or short-term basis with other member institutions.

The availability of funds changes daily.

As of December 31, 2024 and December 31, 2023, the Bank had $ 50.0 million and zero , respectively, of such borrowings outstanding.

Interest expense on AFX borrowings for the years ended December 31, 2024, 2023 and 2022 was $ 3 thousand, $ 101 thousand, and $ 1.4 million, respectively.

As of December 31, 2025, the Bank did no t have any AFX borrowings outstanding.

As of December 31, 2024, the Bank had $ 50.0 million of such borrowings outstanding.

Interest expense on AFX borrowings for the years ended December 31, 2025, 2024 and 2023 was $ 15 thousand, $ 3 thousand, and $ 101 thousand, respectively.

The Company’s consolidated Federal, State and City income tax provisions were comprised of the following:

9 unchanged sentences

These tax effects are disclosed as part of the presentation of the Consolidated Statements of Changes in Stockholders’ Equity and Comprehensive Income.

In December 2023, the FASB issued ASU No.

ASU 2023-09 became effective for the Company on January 1, 2025 for annual reporting periods on a prospective basis.

The following table provides a reconciliation of the Income tax expense recognized in the Consolidated Statements of Operations to the amount computed by applying our statutory federal tax rate to pre-tax income.

Year Ended December 31,

(Dollars in thousands)

federal statutory rate

State and local taxes, net of federal income tax benefit (1)

Nontaxable or nondeductible items:

Tax-exempt income

Share-based payment awards

Executive compensation

Changes in unrecognized tax benefits

Pension expense

Other adjustments (2)

(1) State taxes in New York and New York City made up the majority (greater than 50%) of the tax effect in this category.

(2) The Other adjustments category includes items such as meals and entertainment, penalties, and other non-deductible expenses.

None of those items individually or in the aggregate exceeded the 5% quantitative threshold for separate disaggregation in the current year.

The provision for income taxes differed from that computed at the Federal statutory rate as follows:

9 unchanged sentences

Effective tax rate

The increase in effective tax rate in 2024 was primarily the result of $ 9.1 million of income expense related to the taxable gain and Modified Endowment Contract Tax on the surrender of legacy BOLI assets.

Deferred tax assets and liabilities are recorded for temporary differences between the book and tax bases of assets and liabilities.

6 unchanged sentences

Operating lease liability

Tax effect of purchase accounting fair value adjustments

Employee benefit plans

Tax benefit for uncertain tax positions

Total deferred tax assets

1 unchanged sentence

Tax effect of other components of income on derivatives

Employee benefit plans

Tax effect of purchase accounting fair value adjustments

Pension and postretirement benefits

Difference in book and tax carrying value of fixed assets

4 unchanged sentences

The Company and its subsidiary are subject to U.S.

federal income tax as well as income tax of the State of New York, City of New York and the State of New Jersey.

federal income tax as well as income tax of the State of New York, City of New York, the State of New Jersey and the State of Florida.

The Bank is subject to income tax in the state of Florida due to employees working remotely in the state.

Under generally accepted accounting principles, the Company uses the asset and liability method of accounting for income taxes.

5 unchanged sentences

At December 31, 2025, the remaining federal NOL carryforward was $ 1.8 million.

At December 31, 2024, the Company had a New York State and New York City NOL carryforward balance of zero .

At December 31, 2025, the Company had no New York State or New York City NOL carryforward.

At December 31, 2025 and 2024, the Bank had accumulated bad debt reserves totaling $ 15.1 million for which no provision for income tax was required to be recorded.

These bad debt reserves could be subject to recapture into taxable income

under certain circumstances, including a distribution of the bad debt benefits to the Holding Company or the failure of the Bank to qualify as a bank for federal income tax purposes.

These bad debt reserves could be subject to recapture into taxable income under certain circumstances, including a distribution of the bad debt benefits to the Holding Company or the failure of the Bank to qualify as a bank for federal income tax purposes.

Should the reserves as of December 31, 2025 be fully recaptured, the Bank would recognize $ 4.7 million in additional income tax expense.

6 unchanged sentences

The second level of evaluation is the measurement of a tax position that satisfies the more-likely-than-not recognition threshold.

This measurement is performed in order to determine the amount of benefit to recognize in the financial statements.

The tax position is measured at the largest amount of benefit that is greater than 50% likely to be realized upon ultimate settlement.

The Company recognizes only those tax positions that meet the more-likely-than-not recognition threshold, and establishes tax reserves for uncertain tax positions that do not meet this threshold.

To the extent these unrecognized tax benefits are ultimately recognized, approximately $ 6.9 million will impact the Company's effective tax rate in future periods.

Interest associated with income tax matters are included in the provision for income taxes.

As of December 31, 2025, the Company had an uncertain tax position of $ 6.9 million and accrued interest of $ 1.9 million, totaling $ 8.8 million within Other liabilities on the Consolidated Statements of Financial Condition.

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

Year Ended December 31,

(Dollars in thousands)

Gross unrecognized tax benefit, beginning of period

Additions based on tax positions related to the current year

Additions based on tax positions related to the prior years

Reductions due to lapse in statute of limitations and settlements

Gross unrecognized tax benefit, end of period

The Company had no unrecognized tax benefits as of December 31, 2024 or 2023.

The Company does not anticipate any material change to unrecognized tax benefits during the year ended December 31, 2025.

As of December 31, 2025 , the tax years ended December 31, 2024, 2023, and 2022, remained subject to examination by all of the Company's relevant tax jurisdictions.

The Company is currently not under audit in any taxing jurisdictions.

Income taxes paid, net of refunds received, by jurisdiction for the year ended December 31, 2025 were as follows:

(In thousands)

State and local

State of New York

City of New York

Total income taxes paid, net

RETIREMENT AND POSTRETIREMENT PLANS

21 unchanged sentences

Interest cost

Actuarial (gain) loss

Actuarial loss (gain)

Benefit payments

31 unchanged sentences

27 for the real and nominal rate of investment return for a specific mix of asset classes.

The long-term rate of return considers historical returns for the S&P 500 index and corporate bonds

representing cumulative returns of approximately 9.0 % and 5.0 %, respectively.

These returns were considered along with the target allocations of asset categories.

The long-term rate of return considers historical returns for the S&P 500 index and corporate bonds representing cumulative returns of approximately 9.0 % and 5.0 %, respectively.

These returns were considered along with

the target allocations of asset categories.

When these overall return expectations were applied to the Employee Retirement Plan’s target allocation, the expected annual rate of return was determined to be 7.00 % at both December 31, 2025 and 2024.

10 unchanged sentences

Fair Value Measurements Using:

Quoted Prices in

Active Markets for

8 unchanged sentences

Fair Value Measurements Using:

Quoted Prices in

Active Markets for

13 unchanged sentences

On December 21, 2023, the Company’s Board of Directors adopted a resolution to terminate the BNB Bank Pension Plan effective December 31, 2023.

The termination was effectively completed by March 31, 2025, and all related liabilities were fully settled.

Retirement benefits of the plan were vested as they were earned.

6 unchanged sentences

Interest cost

Actuarial gain

Actuarial loss (gain)

Impact of settlement

5 unchanged sentences

Impact of settlement

Reversion of assets

Benefit payments

6 unchanged sentences

Expected return on plan assets

Amortization of unrealized loss

Net periodic benefit credit

5 unchanged sentences

Balance at beginning of period

Recognition of gain as a result of settlement

Amortization of unrealized loss

Recognition of loss as a result of settlement

Loss recognized during the year

7 unchanged sentences

Expected long-term return on plan assets used to determine benefit obligation at period end

At December 31, 2024, the BNB Bank Pension Plan’s assets included cash equivalents and debt securities.

At December 31, 2025, the BNB Bank Pension Plan’s assets consisted of cash equivalents.

The weighted average expected long-term rate of return is estimated based on current trends in BNB Bank Pension Plan assets, as well as projected future rates of return on those assets and reasonable actuarial assumptions based on the guidance provided by Actuarial Standard of Practice No.

31 unchanged sentences

Total Plan Assets

Benefit payments for the fiscal year ending December 31 st are anticipated to be made as follows:

(In thousands)

The BNB Bank Pension Plan’s obligations were fully settled as of December 31, 2025.

The Company maintains a 401(k) Plan (the “401(k) Plan”) that existed before the Merger.

2 unchanged sentences

Participants may contribute a portion of their pre-tax base salary, generally not to exceed $ 23,500 for the calendar year ended December 31, 2025.

Under the provisions of the 401(k) plan, employee contributions are partially matched by the Bank as follows:

100 % of each employee’s contributions up to 1 % of each employee’s compensation plus 50 % of each employee’s contributions over 1 % but not in excess of 6 % of each employee’s compensation for a maximum contribution of 3.5 % of a participating employee’s compensation.

Under the provisions of the 401(k) Plan, Dime Community Bank provides an employer non-elective contribution to employee accounts equivalent to 3 % of eligible compensation.

Participants can invest their account balances into several investment alternatives.

The 401(k) plan does not allow for investment in the Company’s common stock.

Legacy Dime employees were allowed to rollover Company common stock shares in-kind held in the former Dime Community Bank KSOP Plan (“Dime KSOP Plan”) and hold in the 401(k) Plan.

The 401(k) Plan does not allow for investment of new contributions in the Company’s common stock, nor does it allow participants to transfer existing balances into the Company’s common stock.

Legacy Dime employees were allowed to rollover their common stock held in the former Dime Community Bank KSOP Plan (“Dime KSOP Plan”) and hold the shares in the 401(k) Plan.

The 401(k) held Company common stock within the accounts of participants totaling $ 6.3 million and $ 6.6 million at December 31, 2025 and 2024, respectively.

9 unchanged sentences

The following table presents a summary of activity related to stock options granted under the Legacy Stock Plans, and changes during the period then ended:

Average Exercise

(Dollars in thousands except share and per share amounts)

37 unchanged sentences

Compensation expense on PSAs is based upon the fair value of the shares on the date of the grant for the expected aggregate share payout as of the period end.

During the year ended December 31, 2024 and 2023, 96,049 shares and 195,066 shares have been granted, respectively.

During the year ended December 31, 2025 and 2024, 102,002 shares and 96,049 shares were granted, respectively.

The following table presents a summary of activity related to the PSAs granted, and changes during the period then ended:

10 unchanged sentences

Compensation expense recognized

Income tax (expense) benefit recognized on vesting of PSAs

Income tax benefit (expense) recognized on vesting of PSAs

As of December 31, 2025, there was $ 2.8 million of total unrecognized compensation cost related to unvested PSAs based on the expected aggregate share payout to be recognized over a weighted-average period of 1.6 years.

4 unchanged sentences

Vested restricted stock award (“RSA”) shares are included in the calculation of the weighted average shares outstanding for basic and diluted EPS.

Unvested RSA and performance-based share awards (“PSA”) shares not yet awarded are recognized as a special class of participating

securities under ASC 260, and are included in the calculation of the weighted average shares outstanding for basic and diluted EPS.

Unvested RSA and performance-based share awards (“PSA”) shares not yet awarded are recognized as a special class of participating securities under ASC 260, and are included in the calculation of the weighted average shares outstanding for basic and diluted EPS.

The following is a reconciliation of the numerators and denominators of basic and diluted EPS for the periods presented:

12 unchanged sentences

Common and equivalent shares resulting from the dilutive effect of "in-the-money" outstanding stock options are calculated based upon the excess of the average market value of the common stock over the exercise price of outstanding in-the-money stock options during the period.

There were 26,995 , 69,479 and 134,447 weighted-average stock options outstanding for the years ended December 31, 2024, 2023 and 2022, respectively, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period.

There were 26,995 weighted-average stock options outstanding for each of the years ended December 31, 2025 and 2024, and 69,479 weighted-average stock options outstanding for the year ended December 31, 2023.

These options were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period.

PREFERRED STOCK

15 unchanged sentences

At December 31, 2025 and 2024, the Bank had outstanding firm loan commitments that were accepted by borrowers that aggregated to $ 115.8 million and $ 77.8 million, respectively.

Substantially all of the Bank’s commitments expire within

three months of their acceptance by the prospective borrowers.

The credit risk associated with these commitments is based on the loan type which is comprised of multifamily residential, residential mixed-use, business, non-owner-occupied, commercial mixed-use, and one-to-four family residential loans.

Substantially all of the Bank’s commitments expire within three months of their acceptance by the prospective borrowers.

At December 31, 2025, the Bank had an available line of credit with the FHLBNY equal to its excess borrowing capacity.

23 unchanged sentences

For securities that do not trade on a daily basis, pricing applications apply available information such as benchmarking and matrix pricing.

The market inputs

normally sought in the evaluation of securities include benchmark yields, reported trades, broker/dealer quotes (obtained only from market makers or broker/dealers recognized as market participants), issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data.

The market inputs normally sought in the evaluation of securities include benchmark yields, reported trades, broker/dealer quotes (obtained only from market makers or broker/dealers recognized as market participants), issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data.

For certain securities, additional inputs may be used or some market inputs may not be applicable.

Prioritization of inputs may vary on any given day based on market conditions.

All MBS, CMOs, treasury securities, and agency notes are guaranteed either implicitly or explicitly by GSEs as of December 31, 2024 and December 31, 2023.

All MBS, CMOs, treasury securities, and agency notes are guaranteed either implicitly or explicitly by U.S.

GSEs as of December 31, 2025 and December 31, 2024.

In accordance with the Company’s investment policy, corporate securities are rated "investment grade" at the time of purchase and the financials of the issuers are reviewed quarterly.

Obtaining market values as of December 31, 2025 and December 31, 2024 for these securities utilizing significant observable inputs was not difficult due to their liquid nature.

Equity investments

Equity investments with readily determinable fair value are reported at fair value and are based on valuation models using observable market data as of the measurement date.

Derivatives represent interest rate swaps and estimated fair values are based on valuation models using observable market data as of the measurement date.

6 unchanged sentences

Securities available-for-sale:

Treasury securities

Corporate securities

Pass-through MBS issued by GSEs

Pass-through MBS issued by U.S.

State and municipal obligations

Equity securities

Derivative – cash flow hedges

2 unchanged sentences

Derivative – fair value hedges

Derivative – cash flow hedges

Derivative – freestanding derivatives, net

5 unchanged sentences

Securities available-for-sale:

Treasury securities

Corporate securities

Pass-through MBS issued by GSEs

Pass-through MBS issued by U.S.

State and municipal obligations

Equity securities

Derivative – cash flow hedges

1 unchanged sentence

Financial Liabilities:

Derivative – fair value hedge

Derivative – cash flow hedges

Derivative – freestanding derivatives, net

Derivative – risk participations

Assets Measured at Fair Value on a Non-recurring Basis

13 unchanged sentences

Individually evaluated loans with an allowance for credit losses at December 31, 2025 had a carrying amount of $ 3.7 million, which is made up of the outstanding balance of $ 7.5 million, net of a valuation allowance of $ 3.8 million.

Collateral dependent individually analyzed loans as of December 31, 2024 resulted in a credit loss recovery of $ 194 thousand, which is included in the amounts reported in the consolidated statements of operations for the year ended December 31, 2024.

Collateral dependent individually analyzed loans as of December 31, 2025 resulted in a credit loss provision of $ 1.3 million, which is included in the amounts reported in the Consolidated Statements of Operations for the year ended December 31, 2025.

Individually evaluated loans with an allowance for credit losses at December 31, 2024 had a carrying amount of $ 7.6 million, which is made up of the outstanding balance of $ 9.7 million, net of a valuation allowance of $ 2.1 million.

16 unchanged sentences

Subordinated debt, net

Other short-term borrowings

Accrued interest payable

13 unchanged sentences

Subordinated debt, net

Other short-term borrowings

Accrued interest payable

20 unchanged sentences

The Company and the Bank made the one-time, permanent election to continue to exclude the effects of accumulated other comprehensive income or loss items included in stockholders’ equity for the purposes of determining the regulatory capital ratios.

As of December 31, 2024, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as “well capitalized” under the regulatory framework for prompt corrective action.

As of December 31, 2025, the most recent notification from the FDIC categorized the Bank as “well capitalized” under the regulatory framework for prompt corrective action.

To be categorized as “well capitalized,” the Bank must maintain minimum total risk-based, tier 1 risk-based, common equity tier 1 risk-based, and tier 1 leverage ratios as set forth in the tables below.

62 unchanged sentences

Net amortization (accretion)

Loss on extinguishment of debt

Increase in other assets

Increase (decrease) in other liabilities

Decrease (increase) in other assets

(Decrease) increase in other liabilities

Net cash provided by operating activities

3 unchanged sentences

Proceeds from subordinated debentures issuance, net

Redemption of subordinated debentures

Proceeds from common stock issuance, net

4 unchanged sentences

Cash dividends paid to common stockholders

Net cash provided by (used in) financing activities

Net increase (decrease) in cash and due from banks

Net cash (used in) provided by financing activities

Net increase in cash and due from banks

Cash and due from banks, beginning of period

13 unchanged sentences

The actual results are used in assessing performance of the segment and in establishing management’s compensation.

All revenues are derived from

banking operations within the United States, and for the years ended December 31, 2024, 2023 and 2022, there was no customer that accounted for more than 10% of the Company's consolidated revenue.

All revenues are derived from banking operations within the United States, and for the years ended December 31, 2025, 2024 and 2023, there was no customer that accounted for more than 10% of the Company's consolidated revenue.

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data