Amalgamated Financial Corp.
For the period ended Mar 31, 2026. Filed May 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 5, 2026
AMAL$49.56+0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0001823608-25-000113
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-05.
0001823608-26-000113
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 161 previous paragraphs and 150 current paragraphs.
88 unchanged; 51 reworded; 10 added; 20 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 19 previous and 18 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
We are a full-service commercial bank offering a complete suite of commercial and retail banking, investment management and trust and custody services, and lending services. We generate relationship deposits from our values-based commercial clients and consumer customers. We further develop new and existing relationships through our trust, custody, and investment management services, which generate fee income, and we also offer investment, brokerage, asset management, and insurance products to our retail customers through a third-party broker dealer.
Current report
For segments other than the consumer solar loan segment, we calculate the quantitative portion of the allowance for credit losses using the discounted cash flow methodology ("DCF") whereby the amortized cost basis of the loan is compared to the net present value of expected cash flows to be collected. For segments with reserves calculated under the DCF model, a peer group by segment is used to develop periodic default rates, and statistical regression is utilized to relate historical macro-economic variables to historical credit loss experience of that peer group of banks. The DCF model includes a four-quarter reasonable and supportable economic forecast period followed by a four-quarter straight-line reversion to historical loss rates. In addition, the model incorporates assumptions for curtailment rates and recovery lag periods in its calculation of quantitative allowance.
Current report
Economic parameters are developed using available information relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit experience provides the basis for the estimation of expected credit losses, with qualitative adjustments made to loan segments for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency levels and terms, as well as for changes in environmental conditions, such as changes in unemployment rates, property values or other relevant factors.
Current report
No new recent accounting pronouncements were adopted in the current period that are considered applicable to the Company.
Current report
Net income for the three months ended March 31, 2026 was$25.2 million, or $0.84 per diluted share, compared to$25.0 million, or $0.81 per diluted share, for the three months ended March 31, 2025. The$0.2 million increase was primarily due to an increase in interest and dividend income of $8.6 million, an increase in service charges on deposit accounts of$3.8 million, and an increase in equity investment income of$3.1 million, partially offset by anincrease in provision for credit losses of$12.9 million and an increase in compensation and employee benefits of$2.4 million.
Current report
Net Interest Income
Current report
Provision for credit losses was an expense of $13.5 million for the three months ended March 31, 2026 compared to an expense of $0.6 million for the three months ended March 31, 2025. Overall, the increase in provision for credit losses during the three months ended March 31, 2025 was primarily driven by a $9.2 million increase in specific reserves established or increased on $78.0 million of multifamily loans to a single-borrower after the borrower indicated an expected default. The remaining provision was attributable to charge-offs on our consumer solar and commercial and industrial portfolios, and additional specific reserves on nonperforming loans. This was partially offset by reserve releases due to declining balances in the consumer solar loan portfolio as a result of the Company's portfolio runoff strategy, and lower required reserves on C&I loans.
Current report
We had a provision for income tax expense of $8.8 million for the three months ended March 31, 2026, compared to $9.7 million for the three months ended March 31, 2025. Our effective tax rate for the three months ended March 31, 2026 was 26.0% compared to 28.0% for the three months ended March 31, 2025. The decrease in the effective tax rate for three months ended March 31, 2026 is primarily driven by additional discrete tax liabilities in the three months ended March 31, 2025 related to a city and state tax examination, which was resolved in 2025.
Current report
Residential real estate lending. Our portfolio of originated one-to-four family real estate loans to individuals is based primarily in our geographic markets, but also a minority of residential loans are to individuals outside our geographic markets, some of which are affinity mortgage programs we have developed for members of certain commercial customers, such as the Service Employees International Union and American Federation of Teachers. Our residential loans are primarily closed-end mortgage loans, secured by a first lien on one-to-four family dwellings primarily in our geographic footprint. The dwellings are typically residential structures consisting of principal residences, second or vacation homes and investment properties, with property types including single family homes, two-to-four unit homes, condominiums, and cooperative apartments. Our residential 1-4 family mortgage loans are residential mortgages that are primarily secured by single-family homes, which can be owner occupied or investor owned. Beginning in February 2026, in order to maintain strong client relationships, the Company entered into a marketing services agreement with Embrace Home Loans to refer its customers for residential loans services, while advancing its broader strategic focus.
Current report
During the fourth quarter of 2025, the Company funded $2.4 million to Greenskies Clean Energy LLC as a solar tax equity investment. As part of this investment agreement, the Company committed to additional fundings of $5.6 million which is recognized as a liability on the balance sheet given this future event is unconditional and legally binding.
Removed paragraphs (20)
Previous report
As described in Note 4 of the consolidated financial statements, effective September 30, 2025, the Company enhanced its allowance for credit loss ("ACL") calculation, which included a change in ACL software vendors. These enhancements are intended to better align the estimation process with the nature and risk profile of the Company's loan portfolio, while enhancing operational efficiency and consistency in application. These enhancements did not have a material impact to the Company's financial statements. See Note 4 for additional information related to the change.
Previous report
For segments other than the consumer solar loan segment, the quantitative portion of the allowance for credit losses continues to be calculated using the discounted cash flow methodology ("DCF") whereby the amortized cost basis of the loan is compared to the net present value of expected cash flows to be collected. The DCF calculation was enhanced in the current quarter to incorporate more granular peer loss data and to update our reasonable and supportable forecast period. Since the adoption of ASU 2016-13, Financial Instruments—Credit Losses (Topic 326), the Company has estimated the quantitative reserves using the same peer group for all portfolio segments as well as an eight-quarter forecast with a four-quarter straight-line reversion. We are now utilizing portfolio segment specific peer groups and a four-quarter forecast with a four-quarter straight-line reversion to produce reasonable and supportable results. The peer group enhancement was made to allow for the inclusion of portfolio segment specific peers, which may not align across all segments, which refines the peer loss data. The reasonable and supportable forecast period enhancement made to shorten the forecast period increases reliability and accuracy of the macroeconomic forecasts. In addition, we developed assumptions for curtailment rate and recovery lag periods which are required assumptions within the new ACL calculation software.
Previous report
For segments with reserves calculated under the DCF model, a peer group by segment is used to develop periodic default rates, and statistical regression is utilized to relate historical macro-economic variables to historical credit loss experience of that peer group of banks. These models are then utilized to forecast future expected credit losses based on expected future behavior of the same macro-economic variables. The Company assesses the sensitivity of key assumptions of the DCF methodologies by segment at least annually by stressing the assumptions to understand the impact on the model. While management utilizes its best judgment and information available, the ultimate adequacy of our allowance is dependent upon a variety of factors beyond our control which are inherently difficult to predict, the most significant being the macroeconomic forecasts. The Company's forecast considers a baseline scenario that may be adjusted by way of alternative scenarios with varying degrees of severity. As economic conditions can change, the anticipated amount of estimated loan defaults and losses, and therefore the adequacy of the allowance, could change significantly. Economic conditions more favorable than forecasted could lead to reductions in the amount of the allowance, and conversely conditions more adverse than forecasted could require increases in the amount of the allowance. The Company selects the economic forecast that is most reflective of expectations at that point in time, and changes could significantly impact the calculated estimated credit losses.
Previous report
Accounting Standards not yet adopted
Previous report
ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures
Previous report
On December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. Specifically, the amendments in this ASU require disclosure of: (i) a tabular reconciliation, using both percentages and reporting currency amounts, with prescribed categories that are required to be disclosed, and the separate disclosure and disaggregation of prescribed reconciling items with an effect equal to 5% or more of the amount determined by multiplying pretax income from continuing operations by the applicable statutory rate; (ii) a qualitative description of the states and local jurisdictions that make up the majority (greater than 50%) of the effect of the state and local income taxes; and (iii) amount of income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes and by individual jurisdictions that comprise 5% or more of total income taxes paid, net of refunds received. The ASU also includes other amendments to improve the effectiveness of income tax disclosures. The Company has not adopted the standard yet.
Previous report
Net income for the third quarter of 2025 was$26.8 million, or $0.88 per diluted share, compared to$27.9 million, or $0.90 per diluted share, for the third quarter of 2024. The$1.2 million decrease was primarily due to a$3.5 million increase in provision for credit losses, a $2.7 million increase in non-interest expense mainly driven by compensation and employee benefits, and technology costs, and$2.4 million increase in interest expense driven by deposits, offset by a$6.8 million increase in interest and dividend income, a$0.4 million decrease in income tax expense, and a$0.2 million increase in non-interest income.
Previous report
Net income for the nine months ended September 30, 2025 was$77.8 million, or $2.53 per diluted share, compared to$81.9 million, or $2.65 per diluted share, for the nine months ended September 30, 2024. The$4.1 million decrease was primarily due to a$7.2 million increase in non-interest expense, a$5.0 million increase in interest expense, a$4.8 million decrease in non-interest income, and a$4.2 million increase in provision for credit losses, offset by a$15.7 million increase in interest and dividend income, and a$1.5 million decrease in income tax expense.
Previous report
Net interest spread was 2.51% for the three months ended September 30, 2025, compared to 1.90% for the same period in 2024, an increase of 61 basis points. Our net interest margin was 3.60% for the third quarter of 2025, an increase of 9 basis points from 3.51% in the third quarter of 2024. This was largely due to increases in yields and average balances on interest-bearing assets, partially offset by an increase in total cost of funds.
Previous report
The average rate on interest-bearing liabilities was 2.65% for the three months ended September 30, 2025, a decrease of 46 basis points from the same period in 2024, which was primarily due to an increase in average balance of deposits, particularly in savings, NOW, and money market deposits, a decrease in brokered certificate of deposits, and a decrease in market rates paid on deposits due to several cuts in the federal funds rate. Non-interest-bearing deposits represented 36.8% of average deposits for the three months ended September 30, 2025, compared to 49.1% for the three months ended September 30, 2024.
Previous report
(2)Includes prepayment penalty income in September YTD 2025 and September YTD 2024 of $247 and $18 thousand, respectively.
Previous report
Net interest income was$219.9 million for the nine months ended September 30, 2025, compared to$209.3 million for the same period in 2024. The$10.6 million increase, or 5.1% increase was primarily attributable to higher yields and average balances on interest-earning assets, partially offset by higher average balances on interest-bearing deposits.
Previous report
The yield on average earning assets was 5.10% for the nine months ended September 30, 2025, compared to 4.97% for the same period in 2024, an increase of 13 basis points. This increase was driven primarily by the current rate environment resulting in increased yields across loan portfolios.
Previous report
Provision for credit losses totaled an expense of $5.3 million for the third quarter of 2025 compared to an expense of $1.8 million for the same period in 2024. Overall, the increase in provision for credit losses during the third quarter of 2025 was primarily driven by an increase in reserve for one syndicated commercial and industrial loan, which was charged-off, as well as charge-offs on our consumer solar and business banking portfolios. This was partially offset by a reserve release in excess of the charge-off and resolution of one legacy commercial and industrial loan.
Previous report
Provision for credit losses totaled an expense of $10.8 million for the nine months ended September 30, 2025 compared to an expense of $6.6 million for the same period in 2024. Overall, the increase in provision for credit losses during the nine months was primarily driven by increases in reserve for one syndicated commercial and industrial loan, which was charged-off, as well as charge offs on consumer solar and business banking portfolios, and increases in specific reserves, offset by decreases in reserves on unfunded commitments, and a reserve release from excess of reserves after charge-off and resolution of one legacy commercial and industrial loan.
Previous report
Non-interest income was$23.6 million for the nine months ended September 30, 2025, compared to$28.4 million for the nine months ended September 30, 2024. The decrease of$4.8 millionwas primarily due to a$15.2 million decrease in service charges on deposit accounts primarily due to decreases in ICS One-Way Sell income, a$1.6 million decrease in income from equity investments, and a$0.2 million decrease in other income, offset by a$5.8 million decrease in losses on sale of securities, a$5.0 million decrease in losses on sale of loans and changes in fair value on loans held-for-sale, a$0.8 million increase in trust department fees, and a$0.6 million increase in bank-owed life insurance income.
Previous report
Non-interest expense for the nine months ended September 30, 2025 was $125.9 million, an increase of $7.2 million from $118.6 million for the nine months ended September 30, 2024. The increase was driven by a $4.1 million increase in professional fees, a $2.9 million increase in compensation and benefits expense, a $2.6 million increase in technology expense, and a $0.5 million increase in occupancy, offset by a $2.4 million decrease in advertising and promotion expense, a $0.2 million decrease in federal deposit insurance premiums expense, and a $0.1 million decrease in amortization of intangible assets.
Previous report
We had a provision for income tax expense of$9.9 million for the third quarter of 2025, compared to$10.3 million for the third quarter of 2024. Our effective tax rate for the third quarter of 2025 was 27.0% compared to 26.9% for the third quarter of 2024.
Previous report
We had a provision for income tax expense of$29.1 million for the nine months ended September 30, 2025, compared to$30.6 million for the same period in of 2024. Our effective tax rate for the nine months ended September 30, 2025 was 27.2% compared to 27.2% for the same period in 2024.
Previous report
Potential problem loans are not included in the nonperforming assets table above and totaled $109.4 million, or 1.3% of total assets, at December 31, 2024, as follows: $79.9 million are commercial loans currently in workout that management expects will be rehabilitated; $17.8 million are commercial loans that are 30-89 days delinquent; $6.2 million are residential real estate loans at 30-89 days delinquent and $5.6 million are consumer loans at 30-89 days delinquent.
Reworded paragraphs (51)
Previous wording
The following is a discussion of our consolidated financial condition as of September 30, 2025, as compared to December 31, 2024, and our results of operations for the three and nine month periods ended September 30, 2025 and September 30, 2024. The purpose of this discussion is to focus on information about our financial condition and results of operations which is not otherwise apparent from our consolidated financial statements and is intended to provide insight into our results of operations and financial condition. This discussion and analysis is best read in conjunction with our unaudited consolidated financial statements and related notes as well as the financial and statistical data appearing elsewhere in this report and our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”), filed with the Securities and Exchange Commission on March 6, 2025. Historical results of operations and the percentage relationships among any amounts included, and any trends that may appear, may not indicate results of operations for any future periods.
Current wording
The following is a discussion of our consolidated financial condition as of March 31, 2026, as compared to December 31, 2025, and our results of operations for the three month periods ended March 31, 2026 and March 31, 2025. The purpose of this discussion is to focus on information about our financial condition and results of operations which is not otherwise apparent from our consolidated financial statements and is intended to provide insight into our results of operations and financial condition. This discussion and analysis is best read in conjunction with our unaudited consolidated financial statements and related notes as well as the financial and statistical data appearing elsewhere in this report and our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”), filed with the Securities and Exchange Commission on March 6, 2026. Historical results of operations and the percentage relationships among any amounts included, and any trends that may appear, may not indicate results of operations for any future periods.
Previous wording
The Company was formed on August 25, 2020 to serve as the holding company for the Bank, effective March 1, 2021 when the Company acquired the common stock of the Bank. The Bank was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country’s oldest labor unions. Although we are no longer majority union-owned, The Amalgamated Clothing Workers of America’s successor, Workers United, an affiliate of the Service Employees International Union that represents workers in the textile, distribution, food service and gaming industries, remains a significant stockholder, holding approximately 38% of our equity as of September 30, 2025. As of September 30, 2025, our total assets were $8.68 billion, our total loans, net of allowance for credit losses were $4.73 billion, our total deposits were $7.77 billion, and our stockholders' equity was $775.6 million. As of September 30, 2025, our trust business held $37.90 billion in assets under custody and $16.60 billion in assets under management.
Current wording
The Company was formed on August 25, 2020 to serve as the holding company for the Bank, effective March 1, 2021 when the Company acquired the common stock of the Bank. The Bank was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country’s oldest labor unions. Although we are no longer majority union-owned, the Amalgamated Clothing Workers of America’s successor, Workers United and its affiliates, affiliates of the Service Employees International Union that represents workers in the textile, distribution, food service and gaming industries, remains a significant stockholder, holding approximately 38% of our equity as of March 31, 2026. As of March 31, 2026, our total assets were $9.17 billion, our total loans, net of allowance for credit losses were $4.97 billion, our total deposits were $8.18 billion, and our stockholders' equity was $807.6 million. As of March 31, 2026, our trust business held $37.69 billion in assets under custody and $16.00 billion in assets under management.
Previous wording
We offer a complete suite of commercial and retail banking, investment management and trust and custody services. Our commercial banking and trust businesses are national in scope and we also offer a full range of products and services to both commercial and retail customers through our three branch offices across New York City, one branch office in Washington, D.C., one branch office in San Francisco, one commercial office in Boston and our digital banking platform. Our corporate divisions include Commercial Banking, Trust and Investment Management and Consumer Banking. Our product line includes residential mortgage loans, commercial and industrial ("C&I") loans, commercial real estate ("CRE") loans, multifamily loans, consumer loans (predominantly residential solar) and a variety of commercial and consumer deposit products, including non-interest-bearing accounts, interest-bearing demand products, savings accounts, money market accounts and certificates of deposit. We also offer online banking and bill payment services, online cash management, safe deposit box rentals, debit card and ATM card services, and the availability of a nationwide network of ATMs for our customers.
Current wording
Our commercial banking and trust businesses are national in scope and we also offer a full range of products and services to both commercial and retail customers through our branches and offices across New York City, Washington, D.C., Northern California, and Boston and our digital banking platform. Our corporate divisions include Commercial Banking, Trust and Investment Management and Consumer Banking. Our product line includes commercial and industrial ("C&I") loans, commercial real estate ("CRE") loans, multifamily loans, residential mortgage loans through our marketing services agreement with Embrace Home Loans, consumer loans (predominantly residential solar) and a variety of commercial and consumer deposit products, including non-interest-bearing accounts, interest-bearing demand products, savings accounts, money market accounts and certificates of deposit. We also offer online banking and bill payment services, online cash management, safe deposit box rentals, debit card and ATM card services, and the availability of a nationwide network of ATMs for our customers.
Previous wording
For the consumer solar loan segment, we changed our method of calculating the ACL from a DCF methodology to the weighted average remaining maturity ("WARM") methodology. The WARM methodology calculates expected credit losses based on historical loss rates and forecasts those losses over the weighted average remaining maturity of the portfolio. We continue to use the Company's loss history for this segment. We determined that the WARM methodology is an enhancement to calculate reserves for this segment given the core assumption of the methodology is based on use of internal loss data applied to a straight-line balance reduction, which is aligned with the nature of repayment of these loans as well as the Company’s strategy of portfolio runoff.
Current wording
For the consumer solar loan segment, the weighted average remaining maturity ("WARM") methodology calculates expected credit losses based on historical loss rates and forecasts those losses over the weighted average remaining maturity of the portfolio. The core assumption of the WARM methodology is based on use of internal loss data applied to a straight-line balance reduction, which aligns with the nature of repayment of these loans as well as the Company’s strategy of portfolio runoff.
Previous wording
Adjustments to the quantitative results for both DCF and WARM models are made using qualitative factors. These factors include: (1) borrowers' financial condition; (2) borrowers' ability to pay; (3) nature and volume of financial assets; (4) value of the underlying collateral; (5) lending policies and procedures; (6) quality of the loan review system; (7) the experience, ability, and depth of staff; (8) regulatory and legal environment; (9) changes in market conditions; and (10) changes in economic conditions.
Current wording
Adjustments to the quantitative results for both DCF and WARM models are made using qualitative factors. These factors include: (1) borrowers' financial condition; (2) borrowers' ability to pay; (3) nature and volume of financial assets; (4) value of the underlying collateral; (5) lending policies and procedures; (6) quality of the loan review system; (7) the experience, ability, and depth of staff; (8) regulatory and legal environment; (9) changes in market conditions; and (10) changes in economic conditions. Factors are weighted based on level of impact and assigned a risk rating that determine the amount of required qualitative reserves. The level of impact and risk ratings are evaluated each quarter.
Previous wording
For loans that do not share risk characteristics, the Company evaluates these loans on an individual basis based on various factors. Factors that may be considered are borrowers delinquency trends and nonaccrual status, probability of foreclosure or note sale, changes in the borrowers' circumstances or cash collections, borrowers' industry, or other facts and circumstances of the loan or collateral. The expected credit loss is measured based on net realizable value, that is, the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the amortized cost basis of the loan. For collateral dependent loans, expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral, less estimated costs to sell.
Current wording
For loans that do not share risk characteristics, the Company evaluates these loans on an individual basis based on various factors. Factors that may be considered are borrowers delinquency trends and nonaccrual status, probability of foreclosure or note sale, changes in the borrowers' circumstances or cash collections, borrowers' industry, or other facts and circumstances of the loan or collateral. The expected credit loss is measured based on net realizable value, that is, the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the amortized cost basis of the loan. For collateral dependent loans, expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral, less estimated costs to sell where applicable.
Previous wording
(2)Includes prepayment penalty income in 3Q2025 and 3Q2024 of $47 and $0 thousand, respectively.
Current wording
(2)Includes prepayment penalty income in 1Q2026 and 1Q2025 of $49 and $0 thousand, respectively.
Previous wording
Net interest income was$76.4 million for the third quarter of 2025, compared to$72.1 million for the third quarter of 2024. The$4.3 million increase, or 6.0% increase from the third quarter of 2024 was primarily attributable to higher yields and average balances on interest-earning assets, and lower costs on interest bearing liabilities, partially offset by higher average balances on interest-bearing liabilities.
Current wording
Net interest income was$80.2 million for the three months ended March 31, 2026, compared to$70.6 million for the three months ended March 31, 2025. The$9.6 million increase, or 13.6% increase from the three months ended March 31, 2025 was primarily attributable to higher yields and average balances on interest-earning assets, and lower costs on interest bearing liabilities, partially offset by higher average balances on interest-bearing liabilities.
Previous wording
Net interest spread was 2.46% for the nine months ended September 30, 2025, compared to 2.08% for the same period in 2024, an increase of 38 basis points. Our net interest margin was 3.57% for the nine months ended September 30, 2025, an increase of 9 basis points from 3.48% in the same period of 2024. This was largely due to increases in yields and average balances on interest-bearing assets, partially offset by an increase in total cost of funds.
Current wording
Net interest spread was 2.63% for the three months ended March 31, 2026, compared to 2.41% for the three months ended March 31, 2025, an increase of 22 basis points. Our net interest margin was 3.75% for the three months ended March 31, 2026, an increase of 20 basis points from 3.55% from the three months ended March 31, 2025. This was largely due to increases in yields and average balances on interest-bearing asset and a decrease in total cost of funds.
Previous wording
The yield on average earning assets was 5.16% for the three months ended September 30, 2025, compared to 5.01% for the same period in 2024, an increase of 15 basis points. This increase was driven primarily by an increase in average securities and loan balances as well as loan yields.
Current wording
The yield on average earning assets was 5.11% for the three months ended March 31, 2026, compared to 5.06% for the same period in 2025, an increase of 5 basis points. This increase was driven primarily by an increase in average balances of loans and securities, as well as an increase in loan yields.
Previous wording
The average rate on interest-bearing liabilities was 2.64% for the nine months ended September 30, 2025, a decrease of 25 basis points from the same period in 2024, which was primarily due to an increase in average balances of deposits, particularly in savings, NOW, and money market deposits, and a decrease in market rates paid on deposits due to several cuts in the federal funds rate. Non-interest-bearing deposits represented 38.1% of average deposits for the three months ended September 30, 2025, compared to 46.2% for the three months ended September 30, 2024.
Current wording
The average rate on interest-bearing liabilities was 2.48% for the three months ended March 31, 2026, a decrease of 17 basis points from the three months ended March 31, 2025, which was primarily due to a decrease in interest rates which leads to lower interest expense paid for deposits, offset by an increase in average balances of interest-bearing deposits. Non-interest-bearing deposits represented 40.7% of average deposits for the three months ended March 31, 2026, compared to 39.3% for the three months ended March 31, 2025.
Previous wording
Non-interest income was$9.2 million for the third quarter of 2025, compared to$8.9 million for the third quarter in 2024. The increase of $0.2 million in thethird quarter of 2025 compared to the corresponding quarter in 2024 was primarily due to a $4.3 million decrease in losses on sale of loans and changes in fair value on loans held-for-sale, $2.0 million decrease in losses on sale of securities and other assets, a $1.4 million increase in income equity investments, and a $0.3 million increase in trust department fees, offset by a $7.8 million decrease in service charges on deposit accounts primarily due to decreases in Insured Cash Sweep ("ICS") One-Way Sell income.
Current wording
Non-interest income was$13.3 million for the three months ended March 31, 2026, compared to$6.4 million for the three months ended March 31, 2025. The increase of $6.9 million for thethree months ended March 31, 2026 compared to thethree months ended March 31, 2025 was primarily due to a $3.8 million increase in service charges on deposit accounts primarily due to increases in IntraFi Insured Cash Sweep network ("ICS") One-Way Sell income, a $3.1 million increase in equity investment income, and a $0.7 million increase in bank-owned life insurance income, partially offset by a $0.8 million decrease in gain on sale of loans and changes in fair value on loans held-for-sale.
Previous wording
Non-interest expense for the third quarter of 2025 was $43.6 million, an increase of $2.7 million from $41.0 million for the third quarter of 2024. The increase was driven by a $1.7 million increase in compensation and benefits expense, a $0.9 million increase in technology expense, a $0.8 million increase in professional fees, and a $0.1 million increase in federal deposit insurance premiums expense, offset by a $0.5 million decrease in advertising and promotion expense and $0.3 million decrease in other expenses.
Current wording
Non-interest expense for the three months ended March 31, 2026 was $45.9 million, an increase of $4.2 million from $41.7 million for the three months ended March 31, 2025. The increase was driven by a $2.4 million increase in compensation and benefits expense, a $1.0 million increase in technology expense, a $0.9 million increase in occupancy and depreciation expense, a $0.6 million increase in advertising and promotion expense, and a $0.5 million increase in other expenses, partially offset by $1.0 million decrease in professional fees.
Previous wording
Our total assets were $8.68 billion at September 30, 2025, compared to $8.26 billion at December 31, 2024. Notable changes within individual balance sheet line items include a $589.4 million increase in deposits, a $281.8 million increase in securities, a $119.5 million increase in net loans receivable, a $54.8 million increase in cash, a $35.2 million increase in resell agreements, and a $238.9 million decrease in borrowings.
Current wording
Our total assets were $9.17 billion at March 31, 2026, compared to $8.87 billion at December 31, 2025. Notable changes within individual balance sheet line items include a $353.5 million increase in securities, a $228.9 million increase in deposits, a $111.5 million decrease in cash, a $65.5 million increase in net loans receivable, and a $17.5 million increase in resell agreements.
Previous wording
The primary goal of our securities portfolio is to maintain an available source of liquidity and an efficient investment return on excess capital, while maintaining a low-risk profile. We also use our securities portfolio to manage interest rate risk, meet Community Reinvestment Act (“CRA”) goals, support the Company's mission, and to provide collateral for certain types of deposits or borrowings. An Investment Committee chaired by our Chief Financial Officer manages our investment securities portfolio according to written investment policies approved by our Board of Directors. Investments in our securities portfolio may change over time based on management’s objectives and market conditions.
Current wording
The primary goal of our securities portfolio is to maintain an available source of liquidity and an efficient investment return on excess capital, while maintaining a low-risk profile. We also use our securities portfolio to manage interest rate risk, meet Community Reinvestment Act (“CRA”) goals, support the Company's mission, and to provide collateral for certain types of deposits or borrowings. An Investment Committee chaired by our Chief Financial Officer manages our investment securities portfolio according to written investment policies approved by our Board of Directors. Investments in our securities portfolio may change over time based on management’s objectives and market conditions. Investments are categorized as either traditional investments or Property Assessed Clean Energy ("PACE") assessments.
Previous wording
We seek to minimize credit risk in our securities portfolio through diversification, concentration limits, restrictions on high risk investments (such as subordinated positions), comprehensive pre-purchase analysis and stress testing, ongoing monitoring and by investing a significant portion of our securities portfolio in U.S. GSE obligations. GSEs include the Federal Home Loan Mortgage Corporation (“FHLMC”), the Federal National Mortgage Association (“FNMA”), the Government National Mortgage Association (“GNMA”) and the Small Business Administration (“SBA”). GNMA is a wholly-owned U.S. Government corporation whereas FHLMC and FNMA are private. Mortgage-related securities may include mortgage pass-through certificates, participation certificates and CMOs. We invest in non-GSE securities, including property assessed clean energy ("PACE") assessments, in order to generate higher returns, improve portfolio diversification and reduce interest rate and prepayment risk. With the exception of small legacy CRA investments, Trust Preferred securities, and certain corporate bonds, all of our non-GSE securities are senior positions that are the top of the capital structure.
Current wording
We seek to minimize credit risk in our securities portfolio through diversification, concentration limits, restrictions on high risk investments (such as subordinated positions), comprehensive pre-purchase analysis and stress testing, ongoing monitoring and by investing a significant portion of our securities portfolio in U.S. GSE obligations. GSEs include the Federal Home Loan Mortgage Corporation (“FHLMC”), the Federal National Mortgage Association (“FNMA”), the Government National Mortgage Association (“GNMA”) and the Small Business Administration (“SBA”). GNMA is a wholly-owned U.S. Government corporation whereas FHLMC and FNMA are private. Mortgage-related securities may include mortgage pass-through certificates, participation certificates and CMOs. We invest in non-GSE securities, including PACE assessments, in order to generate higher returns, improve portfolio diversification and reduce interest rate and prepayment risk. With the exception of small legacy CRA investments, Trust Preferred securities, and certain corporate bonds, all of our non-GSE securities are senior positions that are the top of the capital structure.
Previous wording
At September 30, 2025 and December 31, 2024, we had available for sale securities of $1.98 billion and $1.63 billion, respectively.
Current wording
At March 31, 2026 and December 31, 2025, we had available for sale securities of $2.14 billion and $1.78 billion, respectively.
Previous wording
Our held-to-maturity securities portfolio primarily consisted of PACE assessments, tax-exempt municipal securities, GSE commercial and residential certificates and other debt. We carry these securities at amortized cost. We had held-to-maturity securities of $1.51 billion at September 30, 2025, and $1.59 billion at December 31, 2024.
Current wording
Our held-to-maturity securities portfolio primarily consisted of PACE assessments, tax-exempt municipal securities, GSE commercial and residential certificates and other debt. We carry these securities at amortized cost. We had held-to-maturity securities of $1.55 billion at March 31, 2026, and $1.55 billion at December 31, 2025.
Previous wording
During the nine months ended September 30, 2025 we purchased a total of $826.7 million securities consisting of both available for sale and held-to-maturity, and sold available for sale securities resulting in proceeds of $120.2 million and a net realized loss of $2.9 million as part of normal and ongoing balance sheet management. During the nine months ended September 30, 2024 we purchased a total of $793.4 million securities consisting of both available for sale and held-to-maturity, and sold available for sale securities resulting in proceeds of $271.0 million and a net realized loss of $8.7 million as part of routine and ongoing balance sheet management.
Current wording
During the three months ended March 31, 2026 we purchased a total of $452.0 million securities consisting of both available for sale and held-to-maturity, and sold available for sale securities resulting in proceeds of $46.2 million and a net realized loss of $0.8 million as part of normal and ongoing balance sheet management. During the three months ended March 31, 2025 we purchased a total of $161.8 million securities consisting of both available for sale and held-to-maturity, and sold available for sale securities resulting in proceeds of $16.1 million and a net realized loss of $0.7 million as part of routine and ongoing balance sheet management.
Previous wording
Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type. Accrued interest receivable on held-to-maturity debt securities totaled $20.2 million at September 30, 2025 and $27.0 million at December 31, 2024, and is excluded from the estimate of credit losses, as accrued interest receivable is reversed for securities placed on nonaccrual status. The allowance for credit losses for held-to-maturity securities at September 30, 2025 was $0.7 million compared to $0.7 million at December 31, 2024. The provision for credit losses for held-to-maturity securities was an expense of $10.0 thousand for the three and nine months ended September 30, 2025, compared to a recovery of $18.0 thousand and $31.0 thousand for the three and nine months ended September 30, 2024, respectively.
Current wording
Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type. Accrued interest receivable on held-to-maturity debt securities totaled $18.5 million at March 31, 2026 and $29.8 million at December 31, 2025, and is excluded from the estimate of credit losses, as accrued interest receivable is reversed for securities placed on nonaccrual status. The allowance for credit losses for held-to-maturity securities at March 31, 2026 was $0.7 million compared to $0.7 million at December 31, 2025. The provision for credit losses for held-to-maturity securities was an expense of $5.0 thousand for the three months ended March 31, 2026, compared to a recovery of $3.0 thousand for the three months ended March 31, 2025.
Previous wording
Accrued interest receivable on available-for-sale debt securities totaled $12.7 million at September 30, 2025 and $11.7 million at December 31, 2024, and is excluded from the estimate of credit losses, as accrued interest receivable is reversed for securities placed on nonaccrual status.
Current wording
Accrued interest receivable on available-for-sale debt securities totaled $13.7 million at March 31, 2026 and $11.8 million at December 31, 2025, and is excluded from the estimate of credit losses, as accrued interest receivable is reversed for securities placed on nonaccrual status.
Previous wording
Our securities portfolio primarily consists of high quality investments in mortgage-backed securities to government sponsored entities and other asset-backed securities and PACE assessments. All non-agency securities, composed of non-agency commercial mortgage-backed securities, collateralized loan obligations, non-agency mortgage-backed securities, and asset-backed securities, are senior tranche and approximately 81% carry AAA credit ratings and 19% carry A credit ratings or higher, with only $11.0 million rated below investment grade. Approximately 82% of this portfolio is classified as “available for sale.”
Current wording
Our securities portfolio primarily consists of high quality investments in mortgage-backed securities to government sponsored entities and other asset-backed securities and Property Assessed Clean Energy ("PACE") assessments. All non-agency securities, composed of non-agency commercial mortgage-backed securities, collateralized loan obligations, non-agency mortgage-backed securities, and asset-backed securities, are senior tranche and approximately 87.1% carry AAA credit ratings and 12.9% carry A credit ratings or higher. As of March 31, 2026, our securities portfolio has a weighted average yield of 4.88% and an estimated weighted average life of 5.4 years. Approximately 58.1% of this portfolio is classified as “available for sale.” In total, our securities portfolio including FHLBNY stock represented 41.2% of total interest-earning assets as of March 31, 2026.
Previous wording
Lending related income is the most important component of our net interest income and is the main driver of our results of operations. Total loans, net of deferred origination fees and costs, and allowance for credit losses, were $4.73 billion as of September 30, 2025 compared to $4.61 billion as of December 31, 2024. Within our commercial loan portfolio, our primary focus has been on C&I, multifamily and CRE lending. We intend to focus any organic growth in our loan portfolio on these lending areas as part of our strategic plan.
Current wording
Lending-related income is the most important component of our net interest income and is the main driver of our results of operations. Total loans, net of deferred origination fees and costs, and allowance for credit losses, were $4.97 billion as of March 31, 2026 compared to $4.90 billion as of December 31, 2025. Within our commercial loan portfolio, our primary focus has been on C&I, multifamily and CRE lending. We intend to focus any organic growth in our loan portfolio on these lending areas as part of our strategic plan.
Previous wording
Our commercial loan portfolio comprised 65.7% of our total loan portfolio at September 30, 2025 and 63.3% of our total loan portfolio at December 31, 2024. The major categories of our commercial loan portfolio are discussed below:
Current wording
Our commercial loan portfolio comprised 68.8% of our total loan portfolio at March 31, 2026 and 67.9% of our total loan portfolio at December 31, 2025. The major categories of our commercial loan portfolio are discussed below:
Previous wording
C&I. Our C&I loans are generally made to small and medium-sized manufacturers and wholesale, retail and service-based businesses to provide either working capital or to finance major capital expenditures. In addition, our C&I portfolio includes commercial solar financings; for many of these we are the sole lender, while for some others we are either the lead bank or are a participant in a syndicated credit facility led by another institution. The primary source of repayment for C&I loans is generally operating cash flows of the business or project. We also seek to minimize risks related to these loans by requiring such loans to be collateralized by various business assets (including inventory, equipment, accounts receivable, and the assignment of contracts that generate cash flow). The average size of our C&I loans at September 30, 2025 by exposure was $5.1 million with a median size of $1.4 million. Our lending strategy focuses on developing full customer relationships including deposits, cash management, and lending. The businesses that we focus on are generally mission aligned with our core values, including organic and natural products, sustainable companies, clean energy, nonprofits, and B Corporations TM.
Current wording
C&I. Our C&I loans are generally made to small and medium-sized manufacturers and wholesale, retail and service-based businesses to provide either working capital or to finance major capital expenditures. In addition, our C&I portfolio includes commercial solar financings; for many of these we are the sole lender, while for some others we are either the lead bank or are a participant in a syndicated credit facility led by another institution. The primary source of repayment for C&I loans is generally operating cash flows of the business or project. We also seek to minimize risks related to these loans by requiring such loans to be collateralized by various business assets (including inventory, equipment, accounts receivable, and the assignment of contracts that generate cash flow). The average size of our C&I loans at March 31, 2026 by exposure was $4.3 million with a median size of $1.0 million. Our lending strategy focuses on developing full customer relationships including deposits, cash management, and lending. The businesses that we focus on are generally mission aligned with our core values, including organic and natural products, sustainable companies, clean energy, nonprofits, and B Corporations TM.
Previous wording
Our C&I loans totaled $1.27 billion at September 30, 2025, which comprised 26.6% of our total loan portfolio. During the nine months ended September 30, 2025, the C&I loan portfolio increased by 8.4% from $1.18 billion at December 31, 2024.
Current wording
Our C&I loans totaled $1.29 billion at March 31, 2026, which comprised 25.7% of our total loan portfolio. During the three months ended March 31, 2026, the C&I loan portfolio decreased by 3.1% from $1.33 billion at December 31, 2025.
Previous wording
Multifamily. Our multifamily loans are generally used to purchase or refinance apartment buildings of five units or more, which collateralize the loan, in major metropolitan areas within our markets. Multifamily loans have 66% of their exposure in New York City. Our multifamily loans have been underwritten under stringent guidelines on loan-to-value and debt service coverage ratios that are designed to mitigate credit and concentration risk in this loan category. The average current LTV, based on underwriting appraisal value, of our multifamily loans is approximately 55%.
Current wording
Multifamily. Our multifamily loans are generally used to purchase or refinance apartment buildings of five units or more, which collateralize the loan, in major metropolitan areas within our markets. Multifamily loans have 61% of their exposure in New York City. Our multifamily loans have been underwritten under stringent guidelines on loan-to-value and debt service coverage ratios that are designed to mitigate credit and concentration risk in this loan category. The average current LTV, based on underwriting appraisal value, of our multifamily loans is approximately 57%.
Previous wording
Our multifamily loans totaled $1.45 billion at September 30, 2025, which comprised 30.4% of our total loan portfolio. During the nine months ended September 30, 2025, the multifamily loan portfolio increased by 7.6% from $1.35 billion at December 31, 2024.
Current wording
Our multifamily loans totaled $1.78 billion at March 31, 2026, which comprised 35.3% of our total loan portfolio. During the three months ended March 31, 2026, the multifamily loan portfolio increased by 8.1% from $1.64 billion at December 31, 2025.
Previous wording
CRE. Our CRE loans are used to purchase or refinance office buildings, retail centers, industrial facilities, medical facilities and mixed-used buildings. CRE loans have 59% of their exposure in New York City. Our CRE loans have been underwritten under stringent guidelines on loan-to-value and debt service coverage ratios that are designed to mitigate credit and concentration risk in this loan category. The average current LTV, based on underwriting appraisal value, of our CRE loans is approximately 44%.
Current wording
CRE. Our CRE loans are used to purchase or refinance office buildings, retail centers, industrial facilities, medical facilities and mixed-used buildings. CRE loans have 63% of their exposure in New York City. Our CRE loans have been underwritten under stringent guidelines on loan-to-value and debt service coverage ratios that are designed to mitigate credit and concentration risk in this loan category. The average current LTV, based on underwriting appraisal value, of our CRE loans is approximately 45%.
Previous wording
Our CRE loans totaled $396.2 million at September 30, 2025, which comprised 8.3% of our total loan portfolio. During the nine months ended September 30, 2025, the CRE loan portfolio decreased by 3.7% from $411.4 million at December 31, 2024.
Current wording
Our CRE loans totaled $379.9 million at March 31, 2026, which comprised 7.5% of our total loan portfolio. During the three months ended March 31, 2026, the CRE loan portfolio increased by 4.6% from $363.3 million at December 31, 2025.
Previous wording
Our retail loan portfolio comprised 34.3% of our total loan portfolio at September 30, 2025 and 36.7% of our loan portfolio at December 31, 2024. The major categories of our retail loan portfolio are discussed below.
Current wording
Our retail loan portfolio comprised 31.2% of our total loan portfolio at March 31, 2026 and 32.1% of our loan portfolio at December 31, 2025. The major categories of our retail loan portfolio are discussed below.
Previous wording
Residential real estate lending. Our residential 1-4 family mortgage loans are residential mortgages that are primarily secured by single-family homes, which can be owner occupied or investor owned. Our residential real estate lending portfolio is 99% first mortgage loans and 1% second mortgage loans. These loans are either originated by our loan officers or purchased from other originators with the servicing retained by the originator. For loans not serviced by the originator, loan servicing is outsourced to a third-party subservicer engaged by the Bank. As of September 30, 2025, the majority of our residential 1-4 family mortgage loans were originated by our loan officers. Our residential real estate lending loans totaled $1.28 billion at September 30, 2025, which comprised 77.8% of our retail loan portfolio and 26.7% of our total loan portfolio. As of September 30, 2025, our residential real estate lending loans decreased by 2.8% from $1.31 billion at December 31, 2024.
Current wording
As of March 31, 2026, our residential real estate lending loans totaled $1.23 billion at March 31, 2026, which decreased by 0.9% from $1.24 billion at December 31, 2025. The residential real estate portfolio comprised 78.2% of our retail loan portfolio and 24.4% of our total loan portfolio, and is 99% first mortgage loans and 1% second mortgage loans.
Previous wording
Consumer solar. Our consumer solar portfolio is comprised of purchased residential solar loans, secured by Uniform Commercial Code financing statements. Our consumer solar portfolio is fully acquired and is in run-off mode. Our consumer solar loans totaled $335.5 million at September 30, 2025, which comprised 7.0% of our total loan portfolio, compared to $365.5 million, or 7.8% of our total loan portfolio, at December 31, 2024.
Current wording
Consumer solar. Our consumer solar portfolio is comprised of purchased residential solar loans, secured by Uniform Commercial Code financing statements. Our consumer solar portfolio is fully acquired and is in run-off mode. Our consumer solar loans totaled $315.0 million at March 31, 2026, which comprised 6.3% of our total loan portfolio, compared to $325.2 million, or 6.6% of our total loan portfolio, at December 31, 2025.
Previous wording
Consumer and other. Our consumer and other portfolio is comprised of purchased student loans, unsecured consumer loans and overdraft lines. Our consumer and other loans totaled $29.1 million at September 30, 2025, which comprised 0.6% of our total loan portfolio, compared to $34.6 million, or 0.8% of our total loan portfolio, at December 31, 2024.
Current wording
Consumer and other. Our consumer and other portfolio is comprised of purchased student loans, unsecured consumer loans and overdraft lines. Our consumer and other loans totaled $25.9 million at March 31, 2026, which comprised 0.5% of our total loan portfolio, compared to $27.7 million, or 0.5% of our total loan portfolio, at December 31, 2025.
Previous wording
The following tables presents, by loan type, the changes in the allowance for credit losses for the three and nine months ended September 30, 2025 and September 30, 2024:
Current wording
The following tables presents, by loan type, the changes in the allowance for credit losses for the three months ended March 31, 2026 and March 31, 2025:
Previous wording
The allowance for credit losses on loans decreased$3.6 million to$56.5 million at September 30, 2025 from$60.1 millionat December 31, 2024, primarily as a result of a lower reserve calculation requirement. See Note 4 for additional information to the change. The ratio of allowance to total loans was 1.18% at September 30, 2025 and 1.29% at December 31, 2024.
Current wording
The allowance for credit losses on loans increased$10.6 million to$68.2 million at March 31, 2026 from$57.6 millionat December 31, 2025, primarily as a result of an increase of specific reserves on nonperforming loans. The ratio of allowance to total loans was 1.35% at March 31, 2026 and 1.16% at December 31, 2025.
Previous wording
Nonperforming assets include all loans categorized as nonaccrual, other real estate owned and other repossessed assets. The accrual of interest on loans is discontinued, or the loan is placed on nonaccrual, when the full collection of principal and interest is in doubt. Interest on loans is generally recognized on the accrual basis. Interest is not accrued on loans that are more than 90 days delinquent on payments, and any interest that was accrued but unpaid on such loans is reversed from interest income at that time, or when deemed to be uncollectible. Interest subsequently received on such loans is recorded as interest income or alternatively as a reduction in the amortized cost of the loan if there is significant doubt as to the collectability of the unpaid principal balance. Loans are returned to accrual status when principal and interest amounts contractually due are brought current and future payments are reasonably assured.
Current wording
Nonperforming assets include all loans categorized as nonaccrual, other real estate owned and other repossessed assets. The accrual of interest on loans is discontinued, or the loan is placed on nonaccrual, when the full collection of principal and interest is in doubt. Interest on loans is generally recognized on the accrual basis. Interest is not accrued on loans that are more than 90 days delinquent on payments, and any interest that was accrued but unpaid on such loans is reversed from interest income at that time, or when deemed to be uncollectible. Interest subsequently received on such loans is recorded as interest income or alternatively as a reduction in the amortized cost of the loan if there is significant doubt as to the collectability of the unpaid principal balance.
Previous wording
Nonperforming assets totaled $23.0 million, or 0.26% of period-end total assets at September 30, 2025, an decrease of $2.9 million, compared with $25.9 million, or 0.31% of period-end total assets at December 31, 2024. The decrease in non-performing assets at September 30, 2025 compared to December 31, 2024 assets was primarily driven by a $4.4 million decrease in held for sale nonaccrual loans and $0.5 million decrease in commercial and industrial nonaccrual loans, offset by a $2.0 million increase residential real estate nonaccrual loans.
Current wording
Nonperforming assets totaled $98.9 million, or 1.08% of period-end total assets at March 31, 2026, an increase of $70.2 million, compared with $28.7 million, or 0.32% of period-end total assets at December 31, 2025. The increase in non-performing assets at March 31, 2026 compared to December 31, 2025 assets was primarily driven by a $71.5 million increase in multifamily nonaccrual loans to a single-borrower after the borrower indicated an expected default, offset by a $0.7 million decrease in commercial and industrial nonaccrual loans.
Previous wording
Potential problem loans are loans which management has doubts as to the ability of the borrowers to comply with the present loan repayment terms. Potential problem loans are performing loans and include our special mention and substandard-accruing commercial loans and/or retail loans 30-89 days past due. Potential problem loans are not included in the nonperforming assets table above and totaled $150.6 million, or 1.7% of total assets, at September 30, 2025, as follows: $72.2 million are commercial loans currently in workout that management expects will be rehabilitated; $59.1 million are commercial loans that are 30-89 days delinquent; $13.2 million are residential real estate loans at 30-89 days delinquent, and $6.1 million are consumer loans at 30-89 days delinquent.
Current wording
Potential problem loans are loans which management has doubts as to the ability of the borrowers to comply with the present loan repayment terms. Potential problem loans are performing loans and include our special mention and substandard-accruing commercial loans and/or retail loans 30-89 days past due. Potential problem loans are not included in the nonperforming assets table above and totaled $62.2 million, or 0.7% of total assets, at March 31, 2026, and $99.8 million, or 1.1% of total assets, at December 31, 2025.
Previous wording
As of September 30, 2025, we entered into $59.0 million of short term investments of resell agreements backed by government guaranteed loans and other loans, with a weighted average interest rate of 6.58%. As of December 31, 2024, we have entered into $23.7 million of short term investments of resell agreements backed by residential mortgage loans, with a weighted interest rate of 6.91%.
Current wording
As of March 31, 2026, we entered into $66.1 million of short term investments of resell agreements backed by government guaranteed loans and other loans, with a weighted average interest rate of 5.88%. As of December 31, 2025, we have entered into $48.7 million of short term investments of resell agreements backed by government guaranteed loans and other loans, with a weighted interest rate of 6.00%.
Showing the first 40 of 51 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Loans are returned to accrual status when principal and interest amounts contractually due are brought current and future payments are reasonably assured.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
The following table sets forth information related to our average balance sheet, average yields on assets, and average costs of liabilities for the periods indicated:
Previous report — wording carried elsewhere
(1)Includes FHLBNY stock in the average balance, and dividend income on FHLBNY stock in interest income.