4 unchanged sentences
(Dollars in thousands except per share data)
+Added: September 30,
Cash and due from banks
5 unchanged sentences
Investment securities available for sale, at fair value
−Removed: Investment securities held to maturity, net of allowance for credit losses of $ 0 at June 30, 2025 and December 31, 2024 (fair value of $ 7,451 at June 30, 2025 and $ 7,492 at December 31, 2024)
+Added: Investment securities held to maturity, net of allowance for credit losses of $ 0 at September 30, 2025 and December 31, 2024 (fair value of $ 7,405 at September 30, 2025 and $ 7,492 at December 31, 2024)
Total investment securities
30 unchanged sentences
Preferred stock, 1,000,000 shares authorized, $ 1,000 liquidation value Series B non-cumulative convertible;
−Removed: 325 shares outstanding at June 30, 2025 and December 31, 2024
+Added: 325 shares outstanding at September 30, 2025 and December 31, 2024
Common stock, $ 0.10 par value;
authorized 15,000,000 shares;
−Removed: 12,327,850 shares and 12,313,489 shares at June 30, 2025 and December 31, 2024, respectively
+Added: 12,372,075 shares and 12,313,489 shares at September 30, 2025 and December 31, 2024, respectively
Additional paid-in capital
4 unchanged sentences
( 227 ) ( 337 )
−Removed: Treasury stock, 484,522 shares at June 30, 2025 and December 31, 2024, at cost
+Added: Treasury stock, 784,522 shares and 484,522 shares at September 30, 2025 and December 31, 2024, respectively, at cost
( 13,789 ) ( 7,277 )
9 unchanged sentences
For the Three Months Ended
−Removed: For the Six Months Ended
+Added: For the Nine Months Ended
+Added: September 30,
+Added: September 30,
Interest income:
16 unchanged sentences
20,164 14,723 54,642 43,089
−Removed: Provision for credit losses
+Added: Provision for (recovery of) credit losses
364 ( 141 ) 1,938 546
−Removed: Net interest income after provision for credit losses
+Added: Net interest income after provision for (recovery of) credit losses
19,800 14,864 52,704 42,543
48 unchanged sentences
For the Three Months Ended
−Removed: For the Six Months Ended
+Added: For the Nine Months Ended
+Added: September 30,
+Added: September 30,
Net income attributable to the Company
4 unchanged sentences
( 8 ) ( 48 ) ( 39 ) ( 47 )
−Removed: Total unrealized gain (loss) on investment securities
+Added: Total unrealized gain on investment securities
24 139 110 137
6 unchanged sentences
(Dollars in thousands except share data)
−Removed: Three and Six months ended June 30, 2025
+Added: Three and Nine months ended September 30, 2025
Preferred Stock
3 unchanged sentences
Three Months Ended
−Removed: Balance, March 31, 2025
+Added: Balance, June 30, 2025
325 $ 325 12,327,850 $ 1,233 $ 138,014 $ 180,141 $ ( 251 ) $ ( 7,306 ) $ 312,156
1 unchanged sentence
— — — — — 10,630 — — 10,630
+Added: Common stock options exercised
+Added: — — 44,225 4 546 — — — 550
Other comprehensive income
2 unchanged sentences
— — — — 47 — — — 47
−Removed: Excise tax payment on stock repurchase
+Added: Treasury stock purchase ( 300,000 shares)
— — — — — — — ( 6,483 ) ( 6,483 )
3 unchanged sentences
— — — — — ( 2,082 ) — — ( 2,082 )
−Removed: Balance, June 30, 2025
+Added: Balance, September 30, 2025
325 $ 325 12,372,075 $ 1,237 $ 138,607 $ 188,684 $ ( 227 ) $ ( 13,789 ) $ 314,837
−Removed: Six Months Ended
+Added: Nine Months Ended
Balance, December 31, 2024
8 unchanged sentences
— — — — 179 — — — 179
+Added: Treasury stock purchase ( 300,000 shares)
+Added: — — — — — — — ( 6,483 ) ( 6,483 )
Excise tax payment on stock repurchase
4 unchanged sentences
— — — — — ( 6,339 ) — — ( 6,339 )
−Removed: Balance, June 30, 2025
+Added: Balance, September 30, 2025
325 $ 325 12,372,075 $ 1,237 $ 138,607 $ 188,684 $ ( 227 ) $ ( 13,789 ) $ 314,837
4 unchanged sentences
(Dollars in thousands except share data)
−Removed: Three and Six months ended June 30, 2024
+Added: Three and Nine months ended September 30, 2024
Preferred Stock
3 unchanged sentences
Three Months Ended
−Removed: Balance, March 31, 2024
+Added: Balance, June 30, 2024
325 $ 325 12,254,220 $ 1,225 $ 136,946 $ 157,725 $ ( 406 ) $ ( 3,015 ) $ 292,800
3 unchanged sentences
— — 9,896 1 111 — — — 112
−Removed: Common stock options exercised
+Added: Treasury stock purchase ( 100,000 shares)
— — — — — — — ( 2,024 ) ( 2,024 )
7 unchanged sentences
— — — — — ( 2,143 ) — — ( 2,143 )
−Removed: Balance, June 30, 2024
+Added: Balance, September 30, 2024
325 $ 325 12,264,116 $ 1,226 $ 137,130 $ 163,085 $ ( 267 ) $ ( 5,039 ) $ 296,460
−Removed: Six Months Ended
+Added: Nine Months Ended
Balance, December 31, 2023
6 unchanged sentences
— — 16,418 2 166 — — — 168
−Removed: Other comprehensive loss
+Added: Treasury stock purchase ( 100,000 shares)
— — — — — — — ( 2,024 ) ( 2,024 )
+Added: Other comprehensive income
+Added: — — — — — — 137 — 137
Stock compensation expense
4 unchanged sentences
— — — — — ( 6,450 ) — — ( 6,450 )
−Removed: Balance, June 30, 2024
+Added: Balance, September 30, 2024
325 $ 325 12,264,116 $ 1,226 $ 137,130 $ 163,085 $ ( 267 ) $ ( 5,039 ) $ 296,460
4 unchanged sentences
(Dollars in thousands)
−Removed: For the Six Months Ended
+Added: For the Nine Months Ended
+Added: September 30,
Cash Flows from Operating Activities:
21 unchanged sentences
Repayments and maturities of investment securities held to maturity
+Added: Purchase of investment securities
Net increase in loans
2 unchanged sentences
( 549 ) ( 72 )
+Added: Bank owned life insurance additional purchase
Redemptions of restricted stock
6 unchanged sentences
( 6,414 ) ( 6,466 )
+Added: Treasury stock purchase
+Added: ( 6,483 ) ( 2,024 )
Proceeds from exercise of stock options
1 unchanged sentence
Excise tax payment on purchase of treasury stock
+Added: Repayment of sub debt
Decrease in FHLBNY long-term borrowings
+Added: ( 20,000 ) ( 75,000 )
Net (decrease) increase in FHLBNY short-term borrowings
2 unchanged sentences
734 ( 33,690 )
−Removed: Net increase (decrease) in interest-bearing deposits
−Removed: 57,711 ( 22,958 )
−Removed: Net cash provided by (used in) financing activities
+Added: Net increase in interest-bearing deposits
120,797 39,746
+Added: Net cash provided by financing activities
Net decrease in cash and cash equivalents
2 unchanged sentences
221,527 180,376
−Removed: Cash and Cash Equivalents, June 30,
+Added: Cash and Cash Equivalents, September 30,
$ 159,313 $ 172,449
26 unchanged sentences
The accompanying interim financial statements should be read in conjunction with the annual financial statements and notes thereto included in the Company’s Annual Report on Form 10 -K for the year ended December 31, 2024 .
−Removed: The accompanying interim financial statements for the three and six months ended June 30, 2025 and 2024 are unaudited.
+Added: The accompanying interim financial statements for the three and nine months ended September 30, 2025 and 2024 are unaudited.
The balance sheet as of December 31, 2024 , was derived from the audited financial statements.
In the opinion of management, these financial statements include all normal and recurring adjustments necessary for a fair statement of the results for such interim periods.
−Removed: Results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results for the full year or any other period.
+Added: Results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results for the full year or any other period.
Use of Estimates:
11 unchanged sentences
(Dollars in thousands)
−Removed: For the Three Months Ended June 30,
−Removed: For the Six Months Ended June 30,
+Added: For the Three Months Ended September 30,
+Added: For the Nine Months Ended September 30,
Total interest income
21 unchanged sentences
INVESTMENT SECURITIES
−Removed: The following is a summary of the Company's investments in available for sale and held to maturity securities as of June 30, 2025 and December 31, 2024 .
+Added: The following is a summary of the Company's investments in available for sale and held to maturity securities as of September 30, 2025 and December 31, 2024 .
None of the securities shown below required an allowance for credit losses.
−Removed: As of June 30, 2025
+Added: As of September 30, 2025
(Dollars in thousands)
2 unchanged sentences
$ 4,871 $ 9 $ 314 $ 4,566
+Added: Corporate debt obligations
Total available for sale
21 unchanged sentences
$ 9,209 $ 3 $ 1,720 $ 7,492
−Removed: The amortized cost and fair value of debt securities classified as available for sale and held to maturity, by contractual maturity as of June 30, 2025 are as follows:
+Added: The amortized cost and fair value of debt securities classified as available for sale and held to maturity, by contractual maturity as of September 30, 2025 are as follows:
(Dollars in thousands)
14 unchanged sentences
Expected maturities may differ from contractual maturities because the issuers of certain debt securities do have the right to call or prepay their obligations without any penalty.
−Removed: The Company did not sell any securities during the three and six months ended June 30, 2025 and 2024 .
−Removed: The following tables show the gross unrealized losses and fair value of the Company's available for sale investments for which an allowance for credit losses has not been recorded, which are aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2025 and December 31, 2024 :
−Removed: As of June 30, 2025
+Added: The Company did not sell any securities during the three and nine months ended September 30, 2025 and 2024 .
+Added: The following tables show the gross unrealized losses and fair value of the Company's available for sale investments for which an allowance for credit losses has not been recorded, which are aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2025 and December 31, 2024 :
+Added: As of September 30, 2025
Less Than 12 Months
23 unchanged sentences
Impairment that has not been recorded through an allowance for credit losses is recorded through other comprehensive income, net of applicable taxes.
−Removed: The Company’s unrealized loss for the debt securities classified as available for sale is comprised of 1 security in the less than 12 months loss position and 14 securities in the 12 months or greater loss position at June 30, 2025 .
+Added: The Company’s unrealized loss for the debt securities classified as available for sale is comprised of 2 securities in the less than 12 months loss position and 14 securities in the 12 months or greater loss position at September 30, 2025 .
These securities are mortgage-backed securities that had unrealized losses issued or guaranteed by the US government or US government sponsored entities.
The unrealized losses associated with those mortgage-backed securities are generally driven by changes in interest rates and are not due to credit losses given the explicit or implicit guarantees provided by the U.S.
−Removed: Because the Company does not intend to sell the securities and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis, the Company does not consider the unrealized loss in these securities to be credit losses at June 30, 2025 .
The Company classifies the held-to-maturity debt securities into the following major security types:
3 unchanged sentences
Based on the credit ratings of our held-to-maturity securities and our historical experience including no losses, we have determined that an allowance for credit loss on the held-to-maturity portfolio is not required.
−Removed: Because the Company does not intend to sell the securities and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis, the Company does not consider the unrealized loss in these securities to be credit losses at June 30, 2025 .
+Added: Because the Company does not intend to sell the securities and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis, the Company does not consider the unrealized loss in these securities to be credit losses at September 30, 2025 .
LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS
−Removed: At June 30, 2025 and December 31, 2024 , the Company had $ 1.93 billion and $ 1.87 billion, respectively, in loans receivable outstanding.
−Removed: Outstanding balances include $ 0.3 million and $ 1.8 million at June 30, 2025 and December 31, 2024 , respectively, for net deferred loan costs, and unamortized discounts.
−Removed: The portfolio segments of loans receivable at June 30, 2025 and December 31, 2024 , consist of the following:
−Removed: June 30, 2025
+Added: At September 30, 2025 and December 31, 2024 , the Company had $ 1.96 billion and $ 1.87 billion, respectively, in loans receivable outstanding.
+Added: Outstanding balances include $ 0.1 million and $ 1.8 million at September 30, 2025 and December 31, 2024 , respectively, for net deferred loan costs, and unamortized discounts.
+Added: The portfolio segments of loans receivable at September 30, 2025 and December 31, 2024 , consist of the following:
+Added: September 30, 2025
December 31, 2024
20 unchanged sentences
$ 1,926,249 $ 1,835,580
−Removed: An age analysis of past due loans by class at June 30, 2025 and December 31, 2024 is as follows:
−Removed: June 30, 2025
+Added: An age analysis of past due loans by class at September 30, 2025 and December 31, 2024 is as follows:
+Added: September 30, 2025
(Dollars in Thousands)
34 unchanged sentences
The following table provides the amortized cost of loans on nonaccrual status:
−Removed: June 30, 2025
+Added: September 30, 2025
Loans Past Due
35 unchanged sentences
The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company.
−Removed: The allowance for credit losses on off-balance sheet credit exposures is adjusted through the provision for credit loss expense.
+Added: The allowance for credit losses on off-balance sheet credit exposures is recorded in other liabilities and is adjusted through the provision for credit loss expense.
The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life.
−Removed: At June 30, 2025 and December 31, 2024 , the allowance for credit losses on off-balance sheet credit exposures was $ 1.2 million and $ 867.0 thousand, respectively, on exposures totaling $ 238.7 million and $ 172.2 million, respectively.
−Removed: The provision for credit losses on off balance sheet exposures during the three and six months ended June 30, 2025 and 2024 were $ 306.0 thousand and $ 439.0 thousand, and $ 379.7 thousand and $ 397.0 thousand, respectively.
+Added: At September 30, 2025 and December 31, 2024 , the allowance for credit losses on off-balance sheet credit exposures was $ 1.5 million and $ 864.0 thousand, respectively, on exposures totaling $ 254.8 million and $ 172.2 million, respectively.
+Added: The provision for credit losses on off balance sheet exposures during the three and nine months ended September 30, 2025 and 2024 were $ 232.5 thousand and $ 439.0 thousand, and $ 615.8 thousand and $ 397.0 thousand, respectively.
Allowance for Credit Losses (ACL)
−Removed: The following tables present the information regarding the allowance for credit losses for the three and six months ended June 30, 2025 and 2024 :
+Added: The following tables present the information regarding the allowance for credit losses for the three and nine months ended September 30, 2025 and 2024 :
Real Estate Mortgage
3 unchanged sentences
(Dollars in thousands)
−Removed: Three months ended June 30, 2025
−Removed: March 31, 2025
+Added: Three months ended September 30, 2025
+Added: June 30, 2025
$ 991 $ 3,122 $ 2,038 $ 8,560 $ 8,371 $ 8,493 $ 2,141 $ 54 $ 33,770
3 unchanged sentences
( 4 ) 1,159 ( 117 ) 381 ( 78 ) ( 965 ) ( 260 ) 16 132
−Removed: Ending Balance at June 30, 2025
+Added: Ending Balance at September 30, 2025
$ 989 $ 4,281 $ 1,921 $ 8,941 $ 8,293 $ 7,528 $ 1,881 $ 70 $ 33,904
−Removed: Six months ended June 30, 2025
+Added: Nine months ended September 30, 2025
December 31, 2024
4 unchanged sentences
( 112 ) 1,244 50 2,641 ( 873 ) ( 1,304 ) ( 322 ) 3 1,327
−Removed: Ending Balance at June 30, 2025
+Added: Ending Balance at September 30, 2025
$ 989 $ 4,281 $ 1,921 $ 8,941 $ 8,293 $ 7,528 $ 1,881 $ 70 $ 33,904
−Removed: During the quarter, the increase to the Commercial Non-Owner Occupied, and the Construction portfolio's was due to an increase in the portfolio balances that increased the loan exposure and also caused changes to the qualitative factors related to concentration levels within the portfolio segments.
−Removed: The provision benefit during the quarter to the Commercial Owner Occupied, Residential 1 to 4 Family, and Residential 1 to 4 Family Investment portfolio segments is due to a decrease in the portfolio balance that decreased the loan exposure and also caused changes to the qualitative factors related to concentration levels within the portfolio segments.
−Removed: For the six months ended June 30, 2025 , the increase to the Commercial Non-Owner Occupied portfolio was due to an increase in the portfolio balance that increased the loan exposure and also caused changes to the qualitative factors related to concentration levels within the portfolio segment.
−Removed: The provision benefit during the six months ended June 30, 2025 to the Residential 1 to 4 Family segment is due to a decrease in the portfolio balance that decreased the loan exposure and also caused changes to the qualitative factors related to concentration levels within the portfolio segments.
+Added: During the quarter, the increase to the Construction, and the Commercial Non-Owner Occupied portfolio's was due to an increase in the portfolio balances that increased the loan exposure and also caused changes to the qualitative factors related to concentration levels within the portfolio segments.
+Added: The provision benefit during the quarter to the Residential 1 to 4 Family Investment portfolio was due to a decrease in the problem loan balance which caused a decrease in the qualitative factor.
+Added: The decrease in the Residential Multifamily portfolio segments is due to a decrease in the portfolio balance that decreased the loan exposure and also caused changes to the qualitative factors related to concentration levels within the portfolio segments.
+Added: For the nine months ended September 30, 2025 , the increase to the Construction, and the Commercial Non-Owner Occupied portfolio's was due to an increase in the portfolio balance that increased the loan exposure and also caused changes to the qualitative factors related to concentration levels within the portfolio segment.
+Added: The provision benefit during the nine months ended September 30, 2025 to the Residential 1 to 4 Family segment, the Residential 1 to 4 Family Investment segment, and the Residential Multi-family segment is due to a decrease in the portfolio balance that decreased the loan exposure and also caused changes to the qualitative factors related to concentration levels within the portfolio segments.
Real Estate Mortgage
3 unchanged sentences
(Dollars in thousands)
−Removed: Three months ended June 30, 2024
−Removed: March 31, 2024
+Added: Three months ended September 30, 2024
+Added: June 30, 2024
$ 1,068 $ 3,992 $ 1,536 $ 5,414 $ 9,070 $ 9,683 $ 1,603 $ 59 $ 32,425
3 unchanged sentences
15 114 668 ( 395 ) 124 ( 760 ) 121 5 ( 108 )
−Removed: Ending Balance at June 30, 2024
+Added: Ending Balance at September 30, 2024
$ 1,084 $ 4,106 $ 2,204 $ 5,019 $ 9,194 $ 8,923 $ 1,724 $ 64 $ 32,318
−Removed: Six months ended June 30, 2024
+Added: Nine months ended September 30, 2024
December 31, 2023
4 unchanged sentences
132 759 408 ( 2,089 ) 133 140 675 23 181
−Removed: Ending Balance at June 30, 2024
+Added: Ending Balance at September 30, 2024
$ 1,084 $ 4,106 $ 2,204 $ 5,019 $ 9,194 $ 8,923 $ 1,724 $ 64 $ 32,318
−Removed: During the quarter, the increase to the Construction portfolio was due to an increase in the portfolio balance that increased the loan exposure and also caused changes to the qualitative factors related to concentration levels within the portfolio segments.
−Removed: The decrease to the Commercial Owner Occupied, Residential 1 to 4 Family, and the Residential Multifamily portfolios is driven by changes to the qualitative factors related to concentration levels within the portfolio segments.
−Removed: For the six months ended June 30, 2024 , the increase in the Construction and Residential Multifamily portfolios was due to increases in the portfolio balances that increased the loan exposure and also caused changes to the qualitative factors related to concentration levels within the portfolio segments.
−Removed: The increase in the Residential 1 to 4 Family Investment portfolio was due to increase to the qualitative factors related to concentration and problem loan levels within the portfolio segments.
−Removed: The decrease to the Commercial Owner Occupied and Commercial Non-owner Occupied portfolios was due to decreases in the portfolio balances that decreased the loan exposure and also caused changes to the qualitative factors related to concentration levels within the portfolio segments.
+Added: During the quarter, the increase to the Commercial Owner Occupied portfolio was due to an increase in the portfolio balance that increased the loan exposure and also caused changes to the qualitative factors related to concentration levels within the portfolio segments.
+Added: The decrease to the Commercial Non-Owner Occupied is due to a decrease in problem loan qualitative factor, partially offset by an increase in the economic condition factor.
+Added: The decrease in the Residential 1 to 4 Family Investment portfolio is due to a downward adjustment of the derived historical loss rate which better reflects the problem loan risk of loss of the portfolio.
+Added: For the nine months ended September 30, 2024 , the increase in the Construction, Commercial Owner Occupied, and Residential Multifamily portfolios was due to increases in the portfolio balances that increased the loan exposure and also caused changes to the qualitative factors related to concentration levels within the portfolio segments.
+Added: The decrease to the Commercial Non-Owner Occupied portfolios was due to a decrease in the portfolios internally classified problem loan balance that decreased the problem loan qualitative factor.
Collateral-Dependent Loans
−Removed: The following table presents the collateral-dependent loans by portfolio segment and collateral type at June 30, 2025 :
+Added: The following table presents the collateral-dependent loans by portfolio segment and collateral type at September 30, 2025 :
(amounts in thousands)
44 unchanged sentences
Borrowers in this category require constant monitoring, are considered work-out loans and present the potential for future loss to the Bank.
−Removed: The following tables provide an analysis of loans by portfolio segment based on the credit quality indicators used to determine the allowance for credit losses, as of June 30, 2025 .
+Added: The following tables provide an analysis of loans by portfolio segment based on the credit quality indicators used to determine the allowance for credit losses, as of September 30, 2025 .
(Dollars in thousands)
Term Loans Amortized Cost Basis by Origination Year
−Removed: As of June 30, 2025
+Added: As of September 30, 2025
Commercial and Industrial
59 unchanged sentences
$ 184,400 $ 165,495 $ 178,331 $ 408,155 $ 217,001 $ 556,787 $ 249,984 $ 1,960,153
−Removed: As of June 30, 2025 , the Company was in the process of foreclosing on 27 residential 1 to 4 family loans with a principal balance of $ 6.0 million.
+Added: As of September 30, 2025 , the Company was in the process of foreclosing on 22 residential 1 to 4 family loans with a principal balance of $ 4.6 million.
The following tables provide an analysis of loans by portfolio segment based on the credit quality indicators used to determine the allowance for credit losses, as of December 31, 2024 .
64 unchanged sentences
Modifications to Borrowers Experiencing Financial Difficulty
−Removed: During the periods ended June 30, 2025 and 2024 , the Company did not make any modifications to borrowers experiencing financial difficulty.
+Added: During the periods ended September 30, 2025 and 2024 , the Company did not make any modifications to borrowers experiencing financial difficulty.
EARNINGS PER SHARE ( “ EPS ” )
−Removed: The following tables set forth the calculation of basic and diluted EPS for the three and six months ended June 30, 2025 and 2024 .
−Removed: Three months ended June 30,
−Removed: Six months ended June 30,
+Added: The following tables set forth the calculation of basic and diluted EPS for the three and nine months ended September 30, 2025 and 2024 .
+Added: Three months ended September 30,
+Added: Nine months ended September 30,
(Dollars in thousands except share and per share data)
25 unchanged sentences
$ 0.89 $ 0.62 $ 2.23 $ 1.66
−Removed: As of June 30, 2025 and December 31, 2024 , there were 322,755 and 283,441 weighted average option shares outstanding, respectively, that were not included in the computation of diluted EPS because these shares were anti-dilutive.
+Added: As of September 30, 2025 and December 31, 2024 , there were 185,750 and 283,441 weighted average option shares outstanding, respectively, that were not included in the computation of diluted EPS because these shares were anti-dilutive.
Fair Value Measurements
26 unchanged sentences
Available for Sale Securities
−Removed: As of June 30, 2025
+Added: As of September 30, 2025
+Added: Corporate debt obligations
+Added: $ — $ 500 $ — $ 500
Residential mortgage-backed securities
5 unchanged sentences
$ — $ 5,551 $ — $ 5,551
−Removed: For the six months ended June 30, 2025 , there were no transfers between the levels within the fair value hierarchy.
−Removed: There were no level 3 assets or liabilities held during the three and six months ended June 30, 2025 and 2024 .
+Added: For the nine months ended September 30, 2025 , there were no transfers between the levels within the fair value hierarchy.
+Added: There were no level 3 assets or liabilities held during the three and nine months ended September 30, 2025 and 2024 .
Fair Value on a Non-recurring Basis:
2 unchanged sentences
(Dollars in thousands)
−Removed: As of June 30, 2025
+Added: As of September 30, 2025
Collateral-dependent loans
15 unchanged sentences
These instruments include cash and cash equivalents, accrued interest receivable, bank owned life insurance, Federal Home Loan Bank of New York ("FHLBNY") restricted stock, demand and other non-maturity deposits and accrued interest payable, and they are considered to be level 1 measurements.
−Removed: The following table summarizes the carrying amounts and fair values for financial instruments that are not carried at fair value at June 30, 2025 and December 31, 2024 :
−Removed: June 30, 2025
+Added: The following table summarizes the carrying amounts and fair values for financial instruments that are not carried at fair value at September 30, 2025 and December 31, 2024 :
+Added: September 30, 2025
(Dollars in thousands)
31 unchanged sentences
Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.
−Removed: Commitments to fund fixed-rate loans were immaterial at June 30, 2025 .
+Added: Commitments to fund fixed-rate loans were immaterial at September 30, 2025 .
Variable-rate commitments are generally issued for less than one year and carry market rates of interest.
Such instruments are not likely to be affected by annual rate caps triggered by rising interest rates.
−Removed: As of June 30, 2025 and December 31, 2024 , unused commitments to extend credit amounted to approximately $ 161.9 million and $ 122.5 million, respectively.
−Removed: At June 30, 2025 and December 31, 2024 , the allowance for credit losses on off-balance sheet credit exposures was $ 1.2 million and $ 867.0 thousand, respectively, an increase of $ 379.7 thousand, mainly due to the increase in the unused commitment balance.
+Added: As of September 30, 2025 and December 31, 2024 , unused commitments to extend credit amounted to approximately $ 173.4 million and $ 122.5 million, respectively.
+Added: At September 30, 2025 and December 31, 2024 , the allowance for credit losses on off-balance sheet credit exposures was $ 1.5 million and $ 864.0 thousand, respectively, an increase of $ 615.8 thousand, mainly due to the increase in the unused commitment balance.
Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party.
The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers.
−Removed: As of June 30, 2025 and December 31, 2024 , standby letters of credit with customers were $ 0.6 million and $ 0.6 million, respectively.
−Removed: On June 30, 2025, the Bank entered into an agreement with the FHLBNY for a Municipal Letter of Credit ("MLOC") of $ 60.0 million.
−Removed: The MLOC is used to pledge against public deposits and the MLOC expires on September 30, 2025.
−Removed: There were no outstanding borrowings on the letters of credit as of June 30, 2025 .
+Added: As of September 30, 2025 and December 31, 2024 , standby letters of credit with customers were $ 0.6 million and $ 0.6 million, respectively.
+Added: On September 30, 2025, the Bank entered into an agreement with the FHLBNY for a Municipal Letter of Credit ("MLOC") of $ 75.0 million.
+Added: The MLOC is used to pledge against public deposits and the MLOC expires on December 19, 2025.
+Added: There were no outstanding borrowings on the letters of credit as of September 30, 2025 .
The Company also has entered into an employment contract with the President of the Company, which provides for continued payment of certain employment salary and benefits prior to the expiration date of the agreement and in the event of a change in control, as defined.
10 unchanged sentences
Any change in the Federal government’s enforcement position, could cause us to immediately cease providing banking services to the cannabis industry.
−Removed: At June 30, 2025 and December 31, 2024 , deposit balances from cannabis customers were approximately $ 221.0 million and $ 151.9 million, or 13.1 % and 9.3 % of total deposits, respectively, with two customers accounting for 70.5 % and 59.3 % of the total at June 30, 2025 and December 31, 2024 .
−Removed: At June 30, 2025 and December 31, 2024 , there were cannabis-related loans in the amounts of $ 46.3 million and $ 43.4 million, respectively.
−Removed: SUBSEQUENT EVENTS
−Removed: On July 15, 2025, the Company fully redeemed the 6.5 % Fixed to Floating Rate Notes (the “Subordinated Debt”) at a redemption price of 100 % of the principal amount thereof, or $ 30 million, including the interest accrued on such principal amount up to the redemption date.
−Removed: After the redemption, the outstanding principal balance on the Subordinated Debt has been reduced to zero .
+Added: At September 30, 2025 and December 31, 2024 , deposit balances from cannabis customers were approximately $ 225.4 million and $ 151.9 million, or 12.9 % and 9.3 % of total deposits, respectively, with two customers accounting for 75.1 % and 59.3 % of the total at September 30, 2025 and December 31, 2024 .
+Added: At September 30, 2025 and December 31, 2024 , there were cannabis-related loans in the amounts of $ 46.1 million and $ 43.4 million, respectively.
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.