0001104659-26-027651 | 10-K | XBRL Viewer

Year Ended December 31,

(in thousands)

Net gain on hedged items recorded in interest income on loans

(Loss) gain on hedge recorded in interest income on loans

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Loan Commitments and Other Related Activities - Contractual amounts of financial instruments with off-balance sheet risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Standby Letters of Credit [Member]
Loss Contingencies [Line Items]
Fixed rate loan commitments amount	$ 805	$ 812
Commitments to Extend Credit [Member]
Loss Contingencies [Line Items]
Fixed rate loan commitments amount	22,489	3,008
Variable rate loan commitments amount	$ 18,108	34,596
Commitments, maximum period for loans	60 days
Unused lines of Credit [Member]
Loss Contingencies [Line Items]
Fixed rate loan commitments amount	$ 12,997	14,415
Variable rate loan commitments amount	$ 107,351	$ 78,501
Maximum [Member] \| Commitments to Extend Credit [Member]
Loss Contingencies [Line Items]
Loan commitments, interest rate	7.15%	7.75%
Fixed rate loan commitments, maturities	30 years	30 years
Minimum [Member] \| Commitments to Extend Credit [Member]
Loss Contingencies [Line Items]
Loan commitments, interest rate	5.62%	6.625%
Fixed rate loan commitments, maturities	1 year	3 years

Premises and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
Premises and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Premises and Equipment [Abstract]
Premises and equipment, gross	$ 25,761	$ 25,419
Less: Accumulated depreciation	(11,448)	(10,082)
Premises and equipment, net	14,313	15,337
Depreciation and amortization	1,800	1,800
Land
Premises and Equipment [Abstract]
Premises and equipment, gross	1,600	1,600
Buildings and improvements
Premises and Equipment [Abstract]
Premises and equipment, gross	10,572	10,876
Leasehold improvements
Premises and Equipment [Abstract]
Premises and equipment, gross	4,507	4,248
Furniture, fixtures and equipment
Premises and Equipment [Abstract]
Premises and equipment, gross	$ 9,082	$ 8,695

Accumulated Other Comprehensive (Loss) Income - Changes in Accumulated Other Comprehensive (loss) income by Component, Net of Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Changes in Other Comprehensive (loss) income by Component, Net of Tax [Roll Forward]
Beginning Balance	$ 196,638	$ 184,830
Net current period other comprehensive income (loss)	654	1,116
Ending Balance	200,266	196,638
Unrealized Gains and Losses on Available-for-Sale Debt Securities
Changes in Other Comprehensive (loss) income by Component, Net of Tax [Roll Forward]
Beginning Balance	(1,035)	(1,466)
Other comprehensive income (loss), before reclassification	979	455
Amount reclassified from accumulated other comprehensive income	(162)	(24)
Net current period other comprehensive income (loss)	817	431
Ending Balance	(218)	(1,035)
Gains and Losses on Cash Flow Hedges
Changes in Other Comprehensive (loss) income by Component, Net of Tax [Roll Forward]
Beginning Balance	(299)	(984)
Other comprehensive income (loss), before reclassification	(163)	685
Net current period other comprehensive income (loss)	(163)	685
Ending Balance	(462)	(299)
Accumulated Other Comprehensive (Loss) Income
Changes in Other Comprehensive (loss) income by Component, Net of Tax [Roll Forward]
Beginning Balance	(1,334)	(2,450)
Other comprehensive income (loss), before reclassification	816	1,140
Amount reclassified from accumulated other comprehensive income	(162)	(24)
Net current period other comprehensive income (loss)	654	1,116
Ending Balance	$ (680)	$ (1,334)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Related Party Transactions

Schedule of loans to related parties


(in thousands)
Beginning balance, January 1, 2025	$	1,804
New loans		—
Effect of changes in composition of related parties		—
Repayments		(133)
Ending balance, December 31, 2025	$	1,671

Fair Value Measurements - Significant Inputs Utilized in Cash Flow Models (Details)	Dec. 31, 2025 Y	Dec. 31, 2024 Y
Fair Value Hierarchy
Servicing rights, valuation technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Significant Unobservable Inputs (Level 3) \| Discount Rate \| Minimum
Fair Value Hierarchy
Servicing rights, measurement input	0.124	0.13
Significant Unobservable Inputs (Level 3) \| Discount Rate \| Minimum \| SBA Loans
Fair Value Hierarchy
Servicing rights, measurement input	0.06	0.055
Significant Unobservable Inputs (Level 3) \| Discount Rate \| Maximum
Fair Value Hierarchy
Servicing rights, measurement input	0.149	0.155
Significant Unobservable Inputs (Level 3) \| Discount Rate \| Maximum \| SBA Loans
Fair Value Hierarchy
Servicing rights, measurement input	0.488	0.434
Significant Unobservable Inputs (Level 3) \| Prepayment Rate \| Minimum
Fair Value Hierarchy
Servicing rights, measurement input	0.176	0.18
Significant Unobservable Inputs (Level 3) \| Prepayment Rate \| Minimum \| SBA Loans
Fair Value Hierarchy
Servicing rights, measurement input	0.079	0.093
Significant Unobservable Inputs (Level 3) \| Prepayment Rate \| Maximum
Fair Value Hierarchy
Servicing rights, measurement input	0.189	0.194
Significant Unobservable Inputs (Level 3) \| Prepayment Rate \| Maximum \| SBA Loans
Fair Value Hierarchy
Servicing rights, measurement input	0.319	0.35
Significant Unobservable Inputs (Level 3) \| Weighted Average Life \| Minimum
Fair Value Hierarchy
Servicing rights, measurement input	1.5	2
Significant Unobservable Inputs (Level 3) \| Weighted Average Life \| Minimum \| SBA Loans
Fair Value Hierarchy
Servicing rights, measurement input	0.4	0.8
Significant Unobservable Inputs (Level 3) \| Weighted Average Life \| Maximum
Fair Value Hierarchy
Servicing rights, measurement input	3.6	3.5
Significant Unobservable Inputs (Level 3) \| Weighted Average Life \| Maximum \| SBA Loans
Fair Value Hierarchy
Servicing rights, measurement input	5.4	5.1

Equity Compensation Plans - 2021 and 2018 Equity Compensation Plans (Details) - shares	Dec. 31, 2025	Dec. 31, 2024
2021 Plan
Equity Compensation Plans
Number of common shares approved for issuance (in shares)	427,500
Number of shares available for issuance (in shares)	157,445	230,966
2018 Plan
Equity Compensation Plans
Number of common shares approved for issuance (in shares)	346,000
Number of shares available for issuance (in shares)	8,767	2,795

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net income	$ 7,488	$ 12,346
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	10,382	4,940
Depreciation and amortization	2,007	2,090
Amortization of right-of-use assets	2,088	1,718
Originations of loans held for sale	(93,551)	(39,986)
Proceeds from loans held for sale	90,726	39,527
Net gain on sale of securities available-for-sale	(215)	(31)
Gain on sale of fixed assets (included in other income)	(167)	0
Stock-based compensation	1,572	1,587
Net gain on sale of loans held-for-sale	(7,345)	(10,940)
Net amortization of premiums, discounts and loan fees and costs	1,812	1,006
Payments on operating leases	(2,064)	(1,735)
Amortization of intangible assets	54	61
Amortization of debt issuance costs	54	54
Loan servicing rights valuation adjustments	1,070	809
Deferred tax expense	2,001	594
Decrease in accrued interest receivable	69	66
Increase in other assets	(1,356)	(9,543)
Increase (decrease) in accrued interest payable	209	(192)
(Decrease) increase in other liabilities	(1,783)	3,069
Net cash provided by operating activities	13,051	5,440
Cash flows from investing activities:
Purchases of securities available-for-sale	(130,955)	(622,629)
Redemptions of restricted securities, net	93	727
Proceeds from sales of securities available-for-sale	7,848	1,763
Principal repayments of securities held to maturity	2,738	279
Maturities, prepayments and calls of securities available-for-sale	108,875	599,203
Proceeds from loans held for sale previously classified as portfolio loans	100,193	128,487
Net increase in loans	(116,171)	(151,896)
Additions to premises and equipment	(869)	(1,292)
Proceeds from sales of fixed assets	300	0
Net cash used in investing activities	(27,948)	(45,358)
Cash flows from financing activities:
Net increase in deposits	74,110	49,942
Repayments of term FHLB advances	(7,080)	(18,860)
Proceeds from Federal Reserve Bank borrowings	0	20,000
Repayments of Federal Reserve Bank borrowings	0	(22,288)
Payments related to tax withholding for equity awards	(779)	(198)
Cash dividends paid	(3,009)	(2,960)
Repurchase of common stock of Hanover Bancorp, Inc.	(1,830)	0
Proceeds from exercise of stock options, net	(468)	(68)
Net cash provided by financing activities	60,944	25,568
Increase (decrease) in cash and cash equivalents	46,047	(14,350)
Cash and cash equivalents, beginning of period	162,857	177,207
Cash and cash equivalents, end of period	208,904	162,857
Supplemental cash flow information:
Interest paid	69,793	80,122
Income taxes paid	2,581	4,034
Supplemental non-cash disclosure:
Transfers from portfolio loans to loans held for sale	84,026	120,588
Transfers from loans to other real estate owned (included in other assets)	650	0
Preferred stock issued in exchange for common stock	0	2,078
Lease liabilities arising from obtaining right-of-use assets	$ 3,606	$ 301

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Cash dividends declared on common stock (in dollars per share)	$ 0.1	$ 0.1

Derivatives - Gains (losses) in accumulated other comprehensive income and the consolidated statements, cash flow derivative instruments (Details) - Cash flow hedge - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
(Loss) gain recognized in other comprehensive income, net of tax	$ (163)	$ 685
(Loss) gain recognized in interest expense	$ (68)	$ 622

Parent Company Only Condensed Financial Information, Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Cash and due from banks	$ 95,791	$ 12,768
Other assets	12,686	14,622
TOTAL ASSETS	2,383,096	2,312,110
LIABILITIES AND STOCKHOLDERS' EQUITY
Subordinated debentures	24,743	24,689
Accrued interest payable	1,741	1,532
TOTAL LIABILITIES	2,182,830	2,115,472
Total Stockholders' Equity	200,266	196,638	$ 184,830
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	2,383,096	2,312,110
Parent Company
ASSETS
Cash and due from banks	144	782
Investment in Bank	223,880	219,675
Other assets	1,467	1,176
TOTAL ASSETS	225,491	221,633
LIABILITIES AND STOCKHOLDERS' EQUITY
Subordinated debentures	24,743	24,689
Accrued interest payable	475	260
Accrued expenses and other liabilities	7	46
TOTAL LIABILITIES	25,225	24,995
Total Stockholders' Equity	200,266	196,638
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 225,491	$ 221,633

Investment Securities - Gross Unrealized Losses and Fair Values of Investment Securities (Details) $ in Thousands	Dec. 31, 2025 USD ($) security	Dec. 31, 2024 USD ($) security
Available for sale [Abstract]
Less than 12 months, Fair value	$ 32,735	$ 13,849
Less than 12 months, Gross unrealized losses	(199)	(300)
12 months or longer, Fair value	13,669	11,460
12 months or longer, Gross unrealized losses	$ (667)	$ (1,305)
Number of securities \| security	22	22
Total, Fair value	$ 46,404	$ 25,309
Total, Gross unrealized losses	(866)	(1,605)
Available for sale, allowance for credit losses	0	0
U.S. GSE residential mortgage-backed securities
Available for sale [Abstract]
Available for sale, allowance for credit losses	0	0
U.S. GSE residential mortgage-backed securities \| Residential mortgage-backed securities
Available for sale [Abstract]
Less than 12 months, Fair value	4,562	9,523
Less than 12 months, Gross unrealized losses	(10)	(227)
12 months or longer, Fair value	2,719	1,122
12 months or longer, Gross unrealized losses	$ (95)	$ (144)
Number of securities \| security	7	12
Total, Fair value	$ 7,281	$ 10,645
Total, Gross unrealized losses	(105)	(371)
U.S. GSE commercial mortgage-backed securities
Available for sale [Abstract]
Available for sale, allowance for credit losses	0	0
U.S. GSE commercial mortgage-backed securities \| Commercial mortgage-backed securities
Available for sale [Abstract]
Less than 12 months, Fair value	2,532	1,503
Less than 12 months, Gross unrealized losses	(51)	$ (17)
12 months or longer, Fair value	0
12 months or longer, Gross unrealized losses	$ 0
Number of securities \| security	1	1
Total, Fair value	$ 2,532	$ 1,503
Total, Gross unrealized losses	(51)	(17)
Residential mortgage-backed securities
Available for sale [Abstract]
Available for sale, allowance for credit losses	0
Residential mortgage-backed securities \| Residential mortgage-backed securities
Available for sale [Abstract]
12 months or longer, Fair value	19
12 months or longer, Gross unrealized losses	$ (3)
Number of securities \| security	1
Total, Fair value	$ 19
Total, Gross unrealized losses	(3)
Collateralized loan obligations
Available for sale [Abstract]
Less than 12 months, Fair value	23,654
Less than 12 months, Gross unrealized losses	(124)
12 months or longer, Fair value	0
12 months or longer, Gross unrealized losses	$ 0
Number of securities \| security	5
Total, Fair value	$ 23,654
Total, Gross unrealized losses	(124)
Available for sale, allowance for credit losses	0	0
Corporate bonds
Available for sale [Abstract]
Less than 12 months, Fair value	1,987	2,823
Less than 12 months, Gross unrealized losses	(14)	(56)
12 months or longer, Fair value	10,931	10,338
12 months or longer, Gross unrealized losses	$ (569)	$ (1,161)
Number of securities \| security	8	9
Total, Fair value	$ 12,918	$ 13,161
Total, Gross unrealized losses	(583)	(1,217)
Available for sale, allowance for credit losses	0	0
Obligations of U.S. Government agencies and sponsored entities
Available for sale [Abstract]
Available for sale, allowance for credit losses	$ 0	$ 0

Loans - Aging of Recorded Investment in Past Due and Non-accrual Loans by Portfolio Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Past Due Loans
Loans	$ 2,000,749	$ 1,985,524
Total Past Due
Past Due Loans
Loans	43,572	28,419
30-59 Days Past Due
Past Due Loans
Loans	21,743	10,537
60-89 Days Past Due
Past Due Loans
Loans	9,612	4,023
Greater than 89 Days Past Due
Past Due Loans
Loans	12,217	13,859
Loans Not Past Due
Past Due Loans
Loans	1,957,177	1,957,105
Residential real estate
Past Due Loans
Loans	776,995	729,254
Residential real estate \| Total Past Due
Past Due Loans
Loans	15,280	12,806
Residential real estate \| 30-59 Days Past Due
Past Due Loans
Loans	9,400	5,215
Residential real estate \| 60-89 Days Past Due
Past Due Loans
Loans	2,917	3,362
Residential real estate \| Greater than 89 Days Past Due
Past Due Loans
Loans	2,963	4,229
Residential real estate \| Loans Not Past Due
Past Due Loans
Loans	761,715	716,448
Multifamily
Past Due Loans
Loans	541,083	550,570
Multifamily \| Total Past Due
Past Due Loans
Loans	2,718	1,442
Multifamily \| 30-59 Days Past Due
Past Due Loans
Loans	1,413	1,442
Multifamily \| 60-89 Days Past Due
Past Due Loans
Loans	856	0
Multifamily \| Greater than 89 Days Past Due
Past Due Loans
Loans	449	0
Multifamily \| Loans Not Past Due
Past Due Loans
Loans	538,365	549,128
Commercial real estate
Past Due Loans
Loans	525,569	546,257
Commercial real estate \| Total Past Due
Past Due Loans
Loans	13,867	6,672
Commercial real estate \| 30-59 Days Past Due
Past Due Loans
Loans	2,602	1,347
Commercial real estate \| 60-89 Days Past Due
Past Due Loans
Loans	5,151	0
Commercial real estate \| Greater than 89 Days Past Due
Past Due Loans
Loans	6,114	5,325
Commercial real estate \| Loans Not Past Due
Past Due Loans
Loans	511,702	539,585
Commercial and industrial
Past Due Loans
Loans	145,591	145,457
Commercial and industrial \| Total Past Due
Past Due Loans
Loans	11,707	7,499
Commercial and industrial \| 30-59 Days Past Due
Past Due Loans
Loans	8,328	2,533
Commercial and industrial \| 60-89 Days Past Due
Past Due Loans
Loans	688	661
Commercial and industrial \| Greater than 89 Days Past Due
Past Due Loans
Loans	2,691	4,305
Commercial and industrial \| Loans Not Past Due
Past Due Loans
Loans	133,884	137,958
Construction and land development
Past Due Loans
Loans	11,081	13,483
Construction and land development \| Total Past Due
Past Due Loans
Loans		0
Construction and land development \| 30-59 Days Past Due
Past Due Loans
Loans		0
Construction and land development \| 60-89 Days Past Due
Past Due Loans
Loans		0
Construction and land development \| Greater than 89 Days Past Due
Past Due Loans
Loans		0
Construction and land development \| Loans Not Past Due
Past Due Loans
Loans	11,081	13,483
Consumer
Past Due Loans
Loans	430	503
Consumer \| Total Past Due
Past Due Loans
Loans		0
Consumer \| 30-59 Days Past Due
Past Due Loans
Loans		0
Consumer \| 60-89 Days Past Due
Past Due Loans
Loans		0
Consumer \| Greater than 89 Days Past Due
Past Due Loans
Loans		0
Consumer \| Loans Not Past Due
Past Due Loans
Loans	$ 430	$ 503

Goodwill and Other Intangible Assets - Activity for Goodwill and Other Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill
Goodwill at beginning of period	$ 19,168,000	$ 19,168,000
Acquisition	0	0
Measurement period adjustment for previous acquisition	0	0
Goodwill at end of period	19,168,000	19,168,000
Other Intangible Assets, Net
Amortization	(54,000)	(61,000)
Other intangible assets at end of period	196,000
Impairment of Intangible Assets
Impairment of Intangible Assets (Excluding Goodwill)	0	0
Core Deposits
Other Intangible Assets, Net
Other intangible assets at beginning of period	250,000	311,000
Acquisition	0	0
Amortization	(54,000)	(61,000)
Other intangible assets at end of period	$ 196,000	$ 250,000

Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Non-interest bearing:
Demand	$ 247,786	$ 211,656
Interest-bearing:
NOW	781,681	692,890
Money market	430,549	503,082
Savings	58,475	48,885
Time deposits $250,000 and greater	108,162	106,350
Time deposits less than $250,000	401,734	391,420
Total interest-bearing	1,780,601	1,742,627
Total deposits	2,028,387	$ 1,954,283
Maturities of Time Deposits
2026	501,002
2027	6,624
2028	1,412
2029	468
2030	390
Total	$ 509,896

Regulatory Matters (Details) $ in Thousands	12 Months Ended
Regulatory Matters (Details) $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Total capital to risk-weighted assets
Actual Capital, Amount	$ 222,739	$ 220,696
Actual Capital, Ratio	0.1406	0.1458
Minimum Capital Adequacy Requirement, Amount	$ 126,770	$ 121,127
Minimum Capital Adequacy Requirement, Ratio	0.08	0.08
Minimum Capital Adequacy Requirement With Capital Conservation Buffer, Amount	$ 166,385	$ 158,979
Minimum Capital Adequacy Requirement With Capital Conservation Buffer, Ratio	0.105	0.105
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Amount	$ 158,462	$ 151,408
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	0.10	0.10
Tier 1 capital to risk-weighted assets
Actual Capital, Amount	$ 204,431	$ 201,744
Actual Capital, Ratio	0.129	0.1332
Minimum Capital Adequacy Requirement, Amount	$ 95,077	$ 90,845
Minimum Capital Adequacy Requirement, Ratio	0.06	0.06
Minimum Capital Adequacy Requirement With Capital Conservation Buffer, Amount	$ 134,693	$ 128,697
Minimum Capital Adequacy Requirement With Capital Conservation Buffer, Ratio	0.085	0.085
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Amount	$ 126,770	$ 121,127
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	0.08	0.08
Common equity tier 1 capital to risk-weighted assets
Actual Capital, Amount	$ 204,431	$ 201,744
Actual Capital, Ratio	0.129	0.1332
Minimum Capital Adequacy Requirement, Amount	$ 71,308	$ 68,134
Minimum Capital Adequacy Requirement, Ratio	0.045	0.045
Minimum Capital Adequacy Requirement With Capital Conservation Buffer, Amount	$ 110,923	$ 105,986
Minimum Capital Adequacy Requirement With Capital Conservation Buffer, Ratio	0.07	0.07
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Amount	$ 103,000	$ 98,416
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	0.065	0.065
Tier 1 capital to average total assets
Actual Capital, Amount	$ 204,431	$ 201,744
Actual Capital, Ratio	0.0905	0.0913
Minimum Capital Adequacy Requirement, Amount	$ 90,398	$ 88,382
Minimum Capital Adequacy Requirement, Ratio	0.04	0.04
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Amount	$ 112,997	$ 110,478
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	0.05	0.05
Cash dividends to the Holding Company	$ 6,900
Retained earnings available to pay dividends	$ 26,500

Loan Commitments and Other Related Activities (Tables)

12 Months Ended

Dec. 31, 2025

Loan Commitments and Other Related Activities

Schedule of contractual amounts of financial instruments with off-balance sheet risk


	December 31,
	2025				2024
(in thousands)	Fixed Rate		Variable Rate		Fixed Rate		Variable Rate

Standby letters of credit	$	805	$	—	$	812	$	—
Loan commitments outstanding		22,489		18,108		3,008		34,596
Unused lines of credit		12,997		107,351		14,415		78,501

Leases

12 Months Ended

Dec. 31, 2025

Leases

Leases

Note 5. Leases

Operating Leases

The Company enters into leases in the normal course of business primarily for branch locations, back-office operations locations, business development offices, and equipment. The Company’s leases have remaining terms ranging from 2 to 11 years, some of which include renewal or termination options to extend the lease for up to 5 years and some include options to terminate the lease upon notification. The Company’s lease agreements do not contain any material residual value guarantees, restrictions or covenants. The Company has no leases that are subject to sublease agreements.

As of December 31, 2025 and 2024, the Company had lease liabilities totaling $10.6 million and $9.0 million, respectively, and right-of-use assets totaling $9.9 million and $8.3 million. As of December 31, 2025, the weighted average remaining lease term was 8 years and the weighted average discount rate was 4.5%. Total lease costs for the year ended December 31, 2025 and 2024 were $2.5 million and $2.2 million, respectively.

Future undiscounted lease payments for operating leases with initial terms of one year or more as of December 31, 2025 are as follows:


(dollars in thousands)
Years Ending December 31,
2026	$	2,570
2027		1,999
2028		1,635
2029		1,290
2030		1,309
Thereafter		3,326
Total undiscounted lease payments		12,129
Less: imputed interest		1,562
Net lease liability	$	10,567

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Measurements

Fair Value Measurements

Note 16. Fair Value Measurements

Fair value is the exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined using quoted market prices. However, in many instances, quoted market prices are not available. In such instances, fair values are determined using appropriate valuation techniques. Various assumptions and observable inputs must be relied upon in applying these techniques. Accordingly, categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. As such, the fair value estimates may not be realized in an immediate transfer of the respective asset or liability.

There are three levels of inputs that may be used to measure fair values:

●

Level 1: Valuation is based upon unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

●

Level 2: Fair value is calculated using significant inputs other than quoted market prices that are directly or indirectly observable for the asset or liability. The valuation may rely on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, rate volatility, prepayment speeds, credit ratings) or inputs that are derived principally or corroborated by market data, by correlation, or other means.

●

Level 3: Inputs for determining the fair value of the respective assets or liabilities are not observable. Level 3 valuations are reliant upon pricing models and techniques that require significant management judgment or estimation.

Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

Fair value estimates are based on existing on- and off-balance-sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates.

Assets Measured at Fair Value on a Recurring Basis

The following table summarizes assets measured at fair value on a recurring basis:


		December 31, 2025
					Fair Value Measurements Using:
					Quoted Prices In						Significant
					Active Markets			Significant Other			Unobservable
		Carrying			for Identical Assets			Observable Inputs			Inputs
(in thousands)		Amount			(Level 1)			(Level 2)			(Level 3)
Financial assets:
Available-for-sale securities:
U.S. Treasury securities		$	4,495		$	—		$	4,495		$	—
U.S. GSE residential mortgage-backed securities			18,143			—			18,143			—
U.S. GSE residential collateralized mortgage obligations			11,757			—			11,757			—
U.S. GSE commercial mortgage-backed securities			2,532			—			2,532			—
Collateralized loan obligations			32,664			—			32,664			—
Corporate bonds			29,961			—			29,961			—
Loan servicing rights			6,320			—			—			6,320
Total		$	105,872		$	—		$	99,552		$	6,320

Financial liabilities:
Derivatives		$	1,053		$	—		$	1,053		$	—


		December 31, 2024
					Fair Value Measurements Using:
					Quoted Prices In
					Active Markets						Significant
					for Identical			Significant Other			Unobservable
		Carrying			Assets			Observable Inputs			Inputs
(In thousands)		Amount			(Level 1)			(Level 2)			(Level 3)
Financial assets:
Available-for-sale securities:
U.S. Treasury securities		$	20,000		$	—		$	20,000		$	—
U.S. GSE residential mortgage-backed securities			10,645			—			10,645			—
U.S. GSE commercial mortgage-backed securities			1,503			—			1,503			—
Collateralized loan obligations			32,477			—			32,477			—
Corporate bonds			19,130			—			19,130			—
Loan servicing rights			6,016			—			—			6,016
Derivatives			68			—			68			—
Total		$	89,839		$	—		$	83,823		$	6,016

Financial liabilities:
Derivatives		$	927		$	—		$	927		$	—

The fair value for the securities available-for-sale was obtained from an independent broker based upon matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities. The Company has determined these are classified as Level 2 inputs within the fair value hierarchy.

Derivatives represent interest rate swaps for which the estimated fair values are based on valuation models using observable market data as of the measurement date resulting in a Level 2 classification.

The fair value of collateral-dependent loans with specific allocations of the allowance for credit losses is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available for similar loans and collateral underlying such loans. Non-real estate collateral may be valued using an appraisal, net book value per the borrowers financial statements, adjusted or discounted based on management’s knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Collateral-dependent loans are evaluated on a quarterly basis and adjusted in accordance with the allowance policy.

Other Real Estate Owned (“OREO”) (included in Other Assets): Assets acquired through or in lieu of loan foreclosures are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals which are updated no less frequently than annually. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and income approach with data comparable properties. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. OREO properties are evaluated on a quarterly basis for additional impairment and adjusted accordingly.

Appraisals for both collateral-dependent loans and OREO are performed by certified commercial appraisers for commercial properties or certified residential appraisers for residential properties whose qualifications and licenses have been reviewed and approved by the Bank. Once received, an independent third party reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics.

The fair value of mortgage servicing rights is based on a valuation model that calculates the present value of estimated future servicing income. The valuation model utilizes interest rate, prepayment speed, and default rate assumptions that market participants would use in estimating future net servicing income. The fair value of loan servicing rights related to residential mortgage loans at December 31, 2025 was determined based on discounted expected future cash flows using discount rates ranging from 12.4% to 14.9%, prepayment speeds ranging from 17.6% to 18.9% and a weighted average life ranging from 1.5 to 3.6 years. Fair value at December 31, 2024 was determined based on discounted expected future cash flows using discount rates ranging from 13.0% to 15.5%, prepayment speeds ranging from 18.0% to 19.4% and a weighted average life ranging from 2.0 to 3.5 years.

The fair value of loan servicing rights for SBA loans at December 31, 2025 was determined based on discounted expected future cash flows using discount rates ranging from 6.0% to 48.8%, prepayment speeds ranging from 7.9% to 31.9% and a weighted average life ranging from 0.4 to 5.4 years. The fair value of loan servicing rights for SBA loans at December 31, 2024 was determined based on discounted expected future cash flows using discount rates ranging from 5.5% to 43.4%, prepayment speeds ranging from 9.3% to 35.0% and a weighted average life ranging from 0.8 to 5.1 years.

The Company has determined these are mostly unobservable inputs and considers them Level 3 inputs within the fair value hierarchy.

The following table presents the changes in loan servicing rights for the periods presented:


	Year Ended December 31,
(in thousands)	2025			2024
Balance at beginning of period	$	6,016		$	4,668
Additions		1,374			2,157
Adjustment to fair value		(1,070)			(809)
Balance at end of period	$	6,320		$	6,016

Assets Measured at Fair Value on a Non-recurring Basis

There were no assets measured at fair value on a non-recurring basis as of December 31, 2024. Assets measured at fair value on a non-recurring basis as of December 31, 2025 are summarized below:


		December 31, 2025
					Fair Value Measurements Using:
					Quoted Prices In						Significant
					Active Markets			Significant Other			Unobservable
		Carrying			for Identical Assets			Observable Inputs			Inputs
(in thousands)		Amount			(Level 1)			(Level 2)			(Level 3)
Collateral-dependent loans:
Multifamily		$	378		$	—		$	—		$	378
Commercial real estate			991			—			—			991
Commercial and industrial			6,084			—			—			6,084
Other real estate owned, net:
Commercial real estate			650			—			—			650

The Bank had one other real estate owned property at December 31, 2025 with a $650 thousand carrying value (included in other assets).

The table below presents quantitative information about level 3 fair value measurements for assets measured at fair value on a non-recurring basis at December 31, 2025:

Range

December 31, 2025

Fair Value

Valuation Technique

Unobservable Input

(Weighted Average)

(Dollar in thousands)

Collateral-dependent loans:

Multifamily

378

Income approach

Capitalization rate

4.00% - 9.40%

(8.50%)

Commercial real estate

991

Sales comparison

Comparable sales

5.00% - 20.00%

approach

adjustments

(10.00%)

Commercial and industrial

6,084

Income approach

Capitalization rate

5.00% - 9.50%

(8.50%)

Other real estate owned:

Commercial real estate

650

Income approach

Capitalization rate

5.50% -12.00%

 

(9.00%)

Financial Instruments Not Measured at Fair Value

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments not carried at fair value at December 31, 2025 and 2024:


	December 31, 2025
				Fair Value Measurements Using:
				Quoted Prices In
				Active Markets				Significant
				for Identical		Significant Other		Unobservable
	Carrying			Assets		Observable Inputs		Inputs		Total Fair
(In thousands)	Amount			(Level 1)		(Level 2)		(Level 3)		Value
Financial assets:
Cash and cash equivalents	$	208,904		$	208,904	$	—	$	—	$	208,904
Securities held-to-maturity		1,017			—		976		—		976
Loans, net		1,982,055			—		—		1,981,457		1,981,457
Accrued interest receivable		11,780			—		1,165		10,615		11,780

Financial liabilities:
Time deposits		509,896			—		510,703		—		510,703
Demand and other deposits		1,518,491			1,518,491		—		—		1,518,491
Borrowings		100,725			—		101,510		—		101,510
Subordinated debentures		24,743			—		26,342		—		26,342
Accrued interest payable		1,741			11		1,730		—		1,741


	December 31, 2024
			Fair Value Measurements Using:
			Quoted Prices In
			Active Markets						Significant
			for Identical			Significant Other			Unobservable
	Carrying		Assets			Observable Inputs			Inputs		Total Fair
(In thousands)	Amount		(Level 1)			(Level 2)			(Level 3)		Value
Financial assets:
Cash and cash equivalents	$	162,857	$	162,857		$	—		$	—	$	162,857
Securities held-to-maturity		3,758		—			3,609			—		3,609
Loans, net		1,962,745		—			—			1,940,452		1,940,452
Accrued interest receivable		11,849		—			931			10,918		11,849

Financial liabilities:
Time deposits		497,770		—			498,226			—		498,226
Demand and other deposits		1,456,513		1,456,513			—			—		1,456,513
Borrowings		107,805		—			107,530			—		107,530
Subordinated debentures		24,689		—			30,909			—		30,909
Accrued interest payable		1,532		5			1,527			—		1,532

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (c)(3)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 6A
-Subparagraph (h)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 2
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2025

Revenue from Contracts with Customers

Revenue from Contracts with Customers

Note 21. Revenue from Contracts with Customers

All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within Non-Interest Income. The following table presents the Company’s sources of non-interest income. Items outside the scope of ASC 606 are noted as such.


		Year Ended December 31,
(in thousands)		2025		2024
Loan servicing and fee income⁽¹⁾		$	4,270	$	3,690
Service charges on deposit accounts			750		469
Net gain on sale of loans held-for-sale⁽¹⁾			7,345		10,940
Net gain on sale of investments available-for-sale⁽¹⁾			215		31
Other income⁽²⁾			263		209
Total non-interest income		$	12,843	$	15,339

(1)	Not included within the scope of ASC 606

(2)

Other income includes merchant card processing fees of $38 and $48 for the year ended December 31, 2025 and 2024, respectively, which are included in the scope of ASC 606 and gain on sale of fixed assets, loan related fee income and miscellaneous income totaling $225 and $161 for the year ended December 31, 2025 and 2024, respectively, which are not included in the scope of ASC 606.

A description of the Company’s revenue streams included in the scope of ASC 606 is as follows:

Service Charges on Deposit Accounts: The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Service-based fees, which include services such as ATM use fees, stop payment charges, wire transfers, and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills its performance obligation to the customer. Account maintenance fees, which primarily relate to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies its performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on customer accounts are withdrawn from the customer’s account balance.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

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-Topic 606
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-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Derivatives (Tables)

12 Months Ended

Dec. 31, 2025

Derivatives

Cash flow hedges included in the consolidated statements of financial condition


	Assets				Liabilities
	Notional				Notional
(in thousands)	Amount		Fair Value ⁽¹⁾		Amount		Fair Value⁽¹⁾
December 31, 2025
Cash flow hedges:
Interest rate swaps (Brokered Certificates of Deposit)	$	—	$	—	$	75,000	$	(594)
Fair value hedges:
Interest rate swaps (Loans)		—		—		50,000		(459)
Total	$	—	$	—	$	125,000	$	(1,053)

December 31, 2024
Cash flow hedges:
Interest rate swaps (Brokered Certificates of Deposit)	$	25,000	$	68	$	50,000	$	(451)
Fair value hedges:
Interest rate swaps (Loans)		—		—		50,000		(476)
Total	$	25,000	$	68	$	100,000	$	(927)

⁽¹⁾

Derivatives in a positive position are recorded as “Other assets” and derivatives in a negative position are recorded as “Other liabilities” in the Consolidated Statements of Financial Condition.

Net (losses) gains recorded in accumulated other comprehensive income and the consolidated statements of income relating to the cash flow derivative instruments


	Year Ended December 31,
(in thousands)	2025			2024
(Loss) gain recognized in other comprehensive income, net of tax	$	(163)		$	685
(Loss) gain recognized in interest expense		(68)			622

Derivative instruments designated as fair value hedges

Cumulative basis adjustment for fair value hedges


	December 31,
(in thousands)	2025		2024
Loans receivable:
Carrying amount of the hedged assets⁽¹⁾	$	50,000	$	50,000
Fair value hedging adjustment included in the carrying amount of the hedged assets		539		523

⁽¹⁾

This amount includes the amortized cost basis of the closed portfolios of loans receivable used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At December 31, 2025 and 2024, the amortized cost basis of the closed portfolios used in the hedging relationships were $318.6 million and $379.3 million, respectively. The cumulative basis adjustments associated with these hedging relationships were $0.5 million and $0.5 million, respectively, and the amounts of the designated hedged items were $50.0 million and $50.0 million, respectively.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Risk Management and Strategy The Company recognizes that risk is an intrinsic aspect of all areas of our business and activities. Effective risk management is vital to our success. A comprehensive risk management approach is fundamental to maintaining the trust of our customers and the efficacy of our financial services. The Company’s Enterprise Risk Management (“ERM”) framework leverages the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) principles. This alignment is intended to bolster effective risk management practices that meet regulatory expectations. ERM considers all eight major risk categories including credit, market, liquidity, operational, compliance, reputation, legal, and strategic risk and further enhances the Company’s financial resiliency by integrating ERM with our capital and strategic planning processes. Cybersecurity is a major component of the broader operational risk category given the increase in risk due to the increased reliance on technology both for operating processes and delivery channels. The Company is committed to safeguarding the confidentiality, integrity, and availability of our information assets, including in particular customer information, and information technology environment. The objective of our cybersecurity program is to minimize the potential and impact of cyber threats. Our comprehensive cybersecurity program is designed based upon the National Institute of Standards and Technology (“NIST”) cybersecurity framework and in accordance with applicable industry guidance inclusive of Federal Financial Institutions Examinations Council (“FFIEC”) Information Security program guidance and NYDFS guidance and requirements. Our cybersecurity governance framework includes documented policies, procedures, and controls designed to mitigate cybersecurity risk. We also perform regular risk assessments of our infrastructure, network architecture, and software/systems using current threat intelligence received from a variety of sources. We employ various preventative and detective controls to block, monitor, and alert for suspicious activity. Additionally, we engage third-party experts to perform periodic internal and external assessments, including penetration testing and vulnerability scanning. We also maintain an ongoing education and training program designed to increase employee awareness and gauge risks relative to the human element. Moreover, we maintain a third-party risk management program designed to identify, assess, and mitigate risks, inclusive of cybersecurity risk, associated with third-party service providers and the Company’s supply chain vendors. Lastly, we engage third-party audit firms to periodically assess our IT general controls and information security. We also maintain an Incident Response Plan that provides a structured framework for addressing potential or actual cybersecurity incidents. The procedures and detections/prevention mechanisms included in the Incident Response Plan are continuously refined to address evolving threats and alerts. The Incident Response Plan provides for the timely notification, escalation, and reporting of cybersecurity incidents to the Bank’s Operational Risk Management Committee, Enterprise Risk Management Committee, and the Board of Directors and/or the duly designated ERM Committee of the Board of Directors. It also includes for the timely notification to regulatory agencies, including but not limited to the FDIC, DFS, FRB and SEC as required or deemed appropriate. We also undertake periodic simulations and tabletop exercises to test our Incident Response Plan and ensure business resiliency and proper incident response management.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company’s Enterprise Risk Management (“ERM”) framework leverages the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) principles. This alignment is intended to bolster effective risk management practices that meet regulatory expectations. ERM considers all eight major risk categories including credit, market, liquidity, operational, compliance, reputation, legal, and strategic risk and further enhances the Company’s financial resiliency by integrating ERM with our capital and strategic planning processes. Cybersecurity is a major component of the broader operational risk category given the increase in risk due to the increased reliance on technology both for operating processes and delivery channels. The Company is committed to safeguarding the confidentiality, integrity, and availability of our information assets, including in particular customer information, and information technology environment. The objective of our cybersecurity program is to minimize the potential and impact of cyber threats. Our comprehensive cybersecurity program is designed based upon the National Institute of Standards and Technology (“NIST”) cybersecurity framework and in accordance with applicable industry guidance inclusive of Federal Financial Institutions Examinations Council (“FFIEC”) Information Security program guidance and NYDFS guidance and requirements. Our cybersecurity governance framework includes documented policies, procedures, and controls designed to mitigate cybersecurity risk. We also perform regular risk assessments of our infrastructure, network architecture, and software/systems using current threat intelligence received from a variety of sources. We employ various preventative and detective controls to block, monitor, and alert for suspicious activity. Additionally, we engage third-party experts to perform periodic internal and external assessments, including penetration testing and vulnerability scanning. We also maintain an ongoing education and training program designed to increase employee awareness and gauge risks relative to the human element. Moreover, we maintain a third-party risk management program designed to identify, assess, and mitigate risks, inclusive of cybersecurity risk, associated with third-party service providers and the Company’s supply chain vendors. Lastly, we engage third-party audit firms to periodically assess our IT general controls and information security. We also maintain an Incident Response Plan that provides a structured framework for addressing potential or actual cybersecurity incidents. The procedures and detections/prevention mechanisms included in the Incident Response Plan are continuously refined to address evolving threats and alerts. The Incident Response Plan provides for the timely notification, escalation, and reporting of cybersecurity incidents to the Bank’s Operational Risk Management Committee, Enterprise Risk Management Committee, and the Board of Directors and/or the duly designated ERM Committee of the Board of Directors. It also includes for the timely notification to regulatory agencies, including but not limited to the FDIC, DFS, FRB and SEC as required or deemed appropriate. We also undertake periodic simulations and tabletop exercises to test our Incident Response Plan and ensure business resiliency and proper incident response management.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity Governance The Bank has outsourced the Information Security Officer (“ISO”) role via a virtual Chief Information Security Officer (“vCISO”) relationship. The vCISO assists management to assess, operate, and remediate information security issues and gaps. The vCISO provides security leadership and advisory services in a consultative manner that effectively leads the Bank through ongoing information security assessment and improvement activities. The Bank has an Information Security Manager (“ISM”), who is an active member of the following management-level committees: Incident Response Committee, IT Steering Committee, Change Control Committee, Product Management Committee, Project Management Committee, and Operational Risk Management Committee (“ORMC”). The ISM reports to the ORMC on a quarterly basis, or more frequently if needed, regarding the effectiveness and status of the cybersecurity program, material cybersecurity risks and key risk indicators, and material cybersecurity trends and developments. The Bank has a team of Information Security and Third-Party Risk Management Analysts who are responsible for the daily execution of our Information Security, Business Continuity, and Vendor Risk Management Programs. The vCISO reports to the Company’s Board Enterprise Risk Management Committee on a quarterly basis, or more frequently if needed. The vCISO reports on the overall cybersecurity program, material cybersecurity risks and key risk indicators, and material cybersecurity trends and developments. The vCISO also provides an annual Information Security report to the Company’s Board Enterprise Risk Management Committee and executive leadership team on the overall cybersecurity program, including material risks, key risk indicators, and emerging trends. The ultimate responsibility, among management, for effective risk management, including cybersecurity risk, resides with the Chief Executive Officer (“CEO”). The Bank’s CEO and CISO (or their equivalent) annually certify compliance to the DFS as required under DFS regulations.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	virtual Chief Information Security
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The vCISO reports to the Company’s Board Enterprise Risk Management Committee on a quarterly basis, or more frequently if needed. The vCISO reports on the overall cybersecurity program, material cybersecurity risks and key risk indicators, and material cybersecurity trends and developments. The vCISO also provides an annual Information Security report to the Company’s Board Enterprise Risk Management Committee and executive leadership team on the overall cybersecurity program, including material risks, key risk indicators, and emerging trends.
Cybersecurity Risk Role of Management [Text Block]	The Bank has outsourced the Information Security Officer (“ISO”) role via a virtual Chief Information Security Officer (“vCISO”) relationship. The vCISO assists management to assess, operate, and remediate information security issues and gaps. The vCISO provides security leadership and advisory services in a consultative manner that effectively leads the Bank through ongoing information security assessment and improvement activities. The Bank has an Information Security Manager (“ISM”), who is an active member of the following management-level committees: Incident Response Committee, IT Steering Committee, Change Control Committee, Product Management Committee, Project Management Committee, and Operational Risk Management Committee (“ORMC”). The ISM reports to the ORMC on a quarterly basis, or more frequently if needed, regarding the effectiveness and status of the cybersecurity program, material cybersecurity risks and key risk indicators, and material cybersecurity trends and developments. The Bank has a team of Information Security and Third-Party Risk Management Analysts who are responsible for the daily execution of our Information Security, Business Continuity, and Vendor Risk Management Programs. The vCISO reports to the Company’s Board Enterprise Risk Management Committee on a quarterly basis, or more frequently if needed. The vCISO reports on the overall cybersecurity program, material cybersecurity risks and key risk indicators, and material cybersecurity trends and developments. The vCISO also provides an annual Information Security report to the Company’s Board Enterprise Risk Management Committee and executive leadership team on the overall cybersecurity program, including material risks, key risk indicators, and emerging trends. The ultimate responsibility, among management, for effective risk management, including cybersecurity risk, resides with the Chief Executive Officer (“CEO”). The Bank’s CEO and CISO (or their equivalent) annually certify compliance to the DFS as required under DFS regulations.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Chief Executive Officer
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Bank has an Information Security Manager (“ISM”), who is an active member of the following management-level committees: Incident Response Committee, IT Steering Committee, Change Control Committee, Product Management Committee, Project Management Committee, and Operational Risk Management Committee (“ORMC”). The ISM reports to the ORMC on a quarterly basis, or more frequently if needed, regarding the effectiveness and status of the cybersecurity program, material cybersecurity risks and key risk indicators, and material cybersecurity trends and developments. The Bank has a team of Information Security and Third-Party Risk Management Analysts who are responsible for the daily execution of our Information Security, Business Continuity, and Vendor Risk Management Programs. The vCISO reports to the Company’s Board Enterprise Risk Management Committee on a quarterly basis, or more frequently if needed. The vCISO reports on the overall cybersecurity program, material cybersecurity risks and key risk indicators, and material cybersecurity trends and developments. The vCISO also provides an annual Information Security report to the Company’s Board Enterprise Risk Management Committee and executive leadership team on the overall cybersecurity program, including material risks, key risk indicators, and emerging trends.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases

Future undiscounted lease payments for operating leases


(dollars in thousands)
Years Ending December 31,
2026	$	2,570
2027		1,999
2028		1,635
2029		1,290
2030		1,309
Thereafter		3,326
Total undiscounted lease payments		12,129
Less: imputed interest		1,562
Net lease liability	$	10,567

Investment Securities (Tables)

12 Months Ended

Dec. 31, 2025

Investment Securities

Investment Securities Available for Sale and Held to Maturity


		December 31, 2025
					Gross			Gross			Allowance
		Amortized			Unrealized			Unrealized			for Credit
(in thousands)		Cost			Gains			Losses			Losses		Fair Value
Available for sale:
U.S. Treasury securities		$	4,495		$	—		$	—		$	—	$	4,495
U.S. GSE residential mortgage-backed securities			18,055			193			(105)			—		18,143
U.S. GSE residential collateralized mortgage obligations			11,691			69			(3)			—		11,757
U.S. GSE commercial mortgage-backed securities			2,583			—			(51)			—		2,532
Collateralized loan obligations			32,758			30			(124)			—		32,664
Corporate bonds			30,250			294			(583)			—		29,961
Total available for sale securities		$	99,832		$	586		$	(866)		$	—	$	99,552

					Gross			Gross					Allowance
		Amortized			Unrecognized			Unrecognized					for Credit
		Cost			Gains			Losses			Fair Value		Losses
Held to maturity:
U.S. GSE residential mortgage-backed securities		$	1,017		$	—		$	(41)		$	976	$	—


		December 31, 2024
					Gross			Gross		Allowance
		Amortized			Unrealized			Unrealized		for Credit
(in thousands)		Cost			Gains			Losses		Losses			Fair Value
Available for sale:
U.S. Treasury securities		$	19,995		$	5		$	—	$	—		$	20,000
U.S. GSE residential mortgage-backed securities			11,016			—			(371)		—			10,645
U.S. GSE commercial mortgage-backed securities			1,520			—			(17)		—			1,503
Collateralized loan obligations			32,271			206			—		—			32,477
Corporate bonds			20,282			65			(1,217)		—			19,130
Total available for sale securities		$	85,084		$	276		$	(1,605)	$	—		$	83,755

					Gross			Gross					Allowance
		Amortized			Unrecognized			Unrecognized					for Credit
		Cost			Gains			Losses		Fair Value			Losses
Held to maturity:
U.S. GSE residential mortgage-backed securities		$	1,259		$	—		$	(81)	$	1,178		$	—
U.S. GSE commercial mortgage-backed securities			2,499			—			(68)		2,431			—
Total held to maturity securities		$	3,758		$	—		$	(149)	$	3,609		$	—

Securities Portfolio by Contractual Maturity


		December 31, 2025
		Amortized			Fair
(in thousands)		Cost			Value
Securities available for sale:
Due in one year or less		$	4,495		$	4,495
Due after one year through five years			2,000			2,055
Five to ten years			31,743			31,413
Beyond ten years			29,265			29,157
U.S. GSE residential mortgage-backed securities			18,055			18,143
U.S. GSE residential collateralized mortgage obligations			11,691			11,757
U.S. GSE commercial mortgage-backed securities			2,583			2,532
Total securities available for sale			99,832			99,552
Securities held to maturity:
U.S. GSE residential mortgage-backed securities			1,017			976
Total investment securities		$	100,849		$	100,528

Realized gains and losses from the sale of investment securities


		Year Ended December 31,
(in thousands)		2025		2024
Proceeds from sales		$	7,848	$	1,763
Gross realized gains on sales		$	215	$	31
Gross realized losses on sales			—		—
Total realized gains, net⁽¹⁾		$	215	$	31

(1)	Amount does not include associated income tax of $53 and $7 for the year ended December 31, 2025 and 2024, respectively.

Gross Unrealized Losses and Fair Values of Investment Securities


	December 31, 2025
	Less than Twelve Months				Twelve Months or Longer				Total
			Gross				Gross						Gross
			Unrealized				Unrealized		Number of				Unrealized
(in thousands, except number of securities)	Fair Value		Losses		Fair Value		Losses		Securities	Fair Value			Losses
Available-for-sale:
U.S. GSE residential mortgage-backed securities	$	4,562	$	(10)	$	2,719	$	(95)	7	$	7,281		$	(105)
U.S. GSE residential collateralized mortgage obligations		—		—		19		(3)	1		19			(3)
U.S. GSE commercial mortgage-backed securities		2,532		(51)		—		—	1		2,532			(51)
Collateralized loan obligations		23,654		(124)		—		—	5		23,654			(124)
Corporate bonds		1,987		(14)		10,931		(569)	8		12,918			(583)
Total available-for-sale	$	32,735	$	(199)	$	13,669	$	(667)	22	$	46,404		$	(866)


	December 31, 2024
	Less than Twelve Months				Twelve Months or Longer				Total
			Gross				Gross						Gross
			Unrealized				Unrealized		Number of				Unrealized
(in thousands, except number of securities)	Fair Value		Losses		Fair Value		Losses		Securities	Fair Value			Losses
Available-for-sale:
U.S. GSE residential mortgage-backed securities	$	9,523	$	(227)	$	1,122	$	(144)	12	$	10,645		$	(371)
U.S. GSE commercial mortgage-backed securities		1,503		(17)		—		—	1		1,503			(17)
Corporate bonds		2,823		(56)		10,338		(1,161)	9		13,161			(1,217)
Total available-for-sale	$	13,849	$	(300)	$	11,460	$	(1,305)	22	$	25,309		$	(1,605)

Fair Value Measurements - Changes in Loan Servicing Rights (Details) - Mortgage Servicing Rights - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Changes in Mortgage Servicing Rights
Balance at beginning of period	$ 6,016	$ 4,668
Additions	1,374	2,157
Adjustment to fair value	(1,070)	(809)
Balance at end of period	$ 6,320	$ 6,016

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company completed its core data processing system conversion to FIS Horizon in February 2025. In connection with the conversion, the Company incurred non-recurring expenses of approximately $3.2 million, which was comprised of $2.2 million in consulting and audit fees, $0.7 million in deconversion fees to previous provider, and $0.3 million in training and other related charges. Certain prior period amounts have been reclassified to conform to the current year’s presentation. These reclassifications had an immaterial effect on the Company’s consolidated financial statements and had no effect on prior year net income or stockholders’ equity.
Use of Estimates	Use of Estimates In preparing the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Significant Group Concentrations of Credit Risk	Significant Group Concentrations of Credit Risk Most of the Company’s activities are with customers located in New York metro area. Note 3 discusses the types of lending that the Company engages in. Although the Company has a diversified loan portfolio, its debtors’ ability to honor their contracts is influenced by the region’s economy. The Company does not have any significant concentrations to any one industry or customer.
Cash and Cash Equivalents	Cash and Cash Equivalents For purposes of reporting consolidated cash flows, cash and due from banks includes cash on hand, cash items in process of collection and amounts due from banks. Cash and cash equivalents also include interest-bearing deposits in banks and federal funds sold. Interest-bearing deposits in other financial institutions mature within 90 days and are carried at cost. Net cash flows are reported for customer loan and deposit transactions and short-term borrowings with original maturities of 90 days or less.
Restrictions on Cash	Restrictions on Cash Cash on hand or on deposit with the Federal Reserve Bank was required to meet regulatory reserve and clearing requirements.
Dividend Restriction	Dividend Restriction Banking regulations require maintaining certain capital levels and may limit the dividends paid by the bank to the holding company or by the holding company to shareholders.
Investment Securities	Investment Securities Investment securities are classified as held-to-maturity or available-for-sale at the time of purchase. Investment securities classified as held-to-maturity, which management has the positive intent and ability to hold to maturity, are reported at amortized cost. Investment securities classified as available for sale, which management has the intent and ability to hold for an indefinite period of time, but not necessarily to maturity, are carried at fair value, with unrealized gains and losses, net of related deferred income taxes, included in stockholders’ equity as a separate component of other comprehensive income. Any decision to sell investment securities available for sale would be based on various factors, including, but not limited to, asset / liability management strategies, changes in interest rates or prepayment risks, liquidity needs, or regulatory capital considerations. Premiums are amortized and discounts accreted using the interest method over the remaining terms of the related securities. Premiums on callable securities are amortized to their earliest call date. Dividend and interest income are recognized when earned. Sales of investment securities are recorded at trade date, with realized gains and losses on sales determined using the specific identification method and included in non-interest income. A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on nonaccrual is reversed against interest income. Allowance for Credit Losses – Held-to-Maturity Securities 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 was $2 thousand and $9 thousand at December 31, 2025 and 2024, respectively, and is excluded from the estimate of credit losses. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management classifies the held-to-maturity portfolio into the following major security types: Mortgage backed: residential and commercial. All mortgage-backed: residential and commercial securities held by the Company are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. Allowance for Credit Losses – Available-For-Sale Securities For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For debt securities available-for-sale that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as credit loss expense (or reversal). Losses are charged against the allowance when management believes the uncollectibility of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on available-for-sale debt securities totaled $1.0 million and $0.6 million at December 31, 2025 and 2024, respectively, and is excluded from the estimate of credit losses.
Federal Home Loan Bank Stock	Federal Home Loan Bank Stock As a member of the FHLB of New York, the Company is required to maintain an investment in the stock of the FHLB based upon the amount of outstanding FHLB borrowings. This stock does not have a readily determinable fair value and is carried at cost. Both cash and stock dividends are reported as income.
Loans Held for Sale	Loans Held for Sale Loans held for sale are carried at estimated fair value in the aggregate as determined by outstanding commitments from investors. Gains or losses on loan sales are recognized at the time of sale and are determined by the difference between net sales proceeds and the principal balance of the loans sold, adjusted for net deferred loan fees or costs. Loan origination and commitment fees, net of certain direct loan origination costs, are deferred as an adjustment to the carrying value of the loan until it is sold.
Loans and Loan Interest Income Recognition	Loans and Loan Interest Income Recognition Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff, are reported at the principal balance outstanding, net of purchase premiums and discounts, deferred loan fees and costs and an allowance for credit losses. The loan portfolio is segmented into residential real estate, multifamily, commercial real estate, commercial and industrial, construction and land development, and consumer loans. Accrued interest receivable totaled $10.6 million and $10.9 million at December 31, 2025 and 2024, respectively, and was reported in Accrued interest receivable on the Consolidated Statements of Financial Condition and is excluded from the estimate of credit losses. Interest income on loans is accrued on the unpaid principal balance and credited to income as earned. Interest income on loans is discontinued and placed on nonaccrual status at the time the loan is 90 days delinquent. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Under the cash-basis method, interest income is recorded when the payment is received in cash. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Net loan origination fees and costs are deferred and accreted/amortized to interest income over the contractual life of loans using the level-yield method, adjusted for actual prepayments.
Allowance for Credit Losses - Loans	Allowance for Credit Losses - Loans The allowance for credit losses (“ACL”) is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values, or other relevant factors. The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. When management determines that foreclosure is probable, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. The quantitative component of the estimate relies on the statistical relationship between the projected value of an economic indicator and the implied historical loss experience among a curated group of peers. The Company utilized regression analyses of peer data, in which the Company was included, and where observed credit losses and selected economic factors were used to determine suitable loss drivers for modeling the lifetime rates of probability of default (PD). A loss given default rate (LGD) is assigned to each pool for each period based on these PD outcomes. The model utilizes an expected discounted cash flow (DCF) analysis for all but the Bank’s minimal consumer loan portfolio which uses the remaining life (RL) approach and does not have a material impact to the allowance. The DCF analysis is run at the instrument-level and incorporates an array of loan-specific data points and segment-implied assumptions to determine the lifetime expected loss attributable to each instrument. An implicit "hypothetical loss" is derived for each period of the DCF, and helps establish the present value of future cash flows for each period. The reserve applied to a specific instrument is the difference between the sum of the present value of future cash flows and the amortized cost basis of the loan at the measurement date. The RL approach utilizes projected loss rates based on the remaining life of a loan pool. It is utilized when a regression analysis could not provide adequate correlation of PD and external economic factors on which to base projected losses. Portfolio segments are the level at which loss assumptions are applied to a pool of loans based on the similarity of risk characteristics inherent in the included instruments, relying on FFIEC Call Report codes. The loss driver for each loan portfolio segment is derived from a readily available and reasonable economic forecast, chiefly the Federal Open Market Committee (“FOMC”) of the Federal Reserve's projections of civilian unemployment and year-over-year U.S. GDP growth. Forecasts are applied over a four-quarter period and revert to the lookback period's historical mean for the economic indicator over a four-quarter horizon, thereafter on a straight-line basis. The model incorporates qualitative factor adjustments in order to calibrate the model for risk in each portfolio segment that may not be captured through quantitative analysis. Determinations regarding qualitative adjustments are reflective of management's expectation of loss conditions differing from those already captured in the quantitative component of the model. Factors that the Company considers include a) changes in lending policies and procedures, including changes in underwriting standards and collections, charge-offs, and recovery practices; b) changes in international, national, regional, and local conditions; c) changes in the nature and volume of the portfolio; d) changes in experience, depth, and ability of lending management; e) changes in volume and severity of past due loans and other similar conditions; f) changes in the quality of the Bank’s loan review system; g) changes in the value of underlying collateral for collateral-dependent loans; h) the existence and effect of any concentrations of credit and changes in the levels of such concentrations; and i) the effects of other external factors (i.e. competition, legal and regulatory requirements) on the level of estimated credit losses. Allowance for credit losses are aggregated for the major loan segments, with similar characteristics, summarized below. However, for the purposes of calculating reserves, these segments may be further broken down into loan classes by risk characteristics that include but are not limited to FFIEC Call Report codes, industry type, geographic location, and collateral type. One-to-four family residential mortgage loans involve certain risks such as interest rate risk and risk of nonpayment. Adjustable-rate loans decrease the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. At the same time, the marketability of the underlying property may be adversely affected by higher interest rates. Repayment risk can be affected by the overall health of the economy, including unemployment rates and housing prices. Commercial real estate lending entails additional risks as compared with single-family residential property lending. Such loans typically involve large loan balances to single borrowers or groups of related borrowers. Loans in this classification include income producing investment properties and owner-occupied real estate used for business purposes. The underlying properties are located largely in the Bank’s primary market area. The cash flows of the income producing investment properties could be adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, could have an effect on credit quality. In the case of owner-occupied real estate used for business purposes, a weakened economy and resultant decreased consumer and/or business spending could have an adverse effect on credit quality. Multifamily lending entails additional risks as compared with single-family residential property lending, but less when compared to commercial real estate lending. Loans in this classification include income producing residential investment properties of five or more units. Loans are made to established owners with a proven and demonstrable record of strong performance. Loans are secured by a first mortgage lien on the subject property. Repayment is derived generally from the rental income generated from the property and may be supplemented by the owners’ personal cash flow. Credit risk arises with changes in economic conditions that could cause an increase in vacancy rates or decline in property value. Commercial and industrial lending is generally considered higher risk due to the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on the business. Generally, these loans are primarily secured by inventories and other assets of the business and repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer and/or business spending, will have an effect on the credit quality in this loan class. The Company’s construction loan portfolio covers the development of commercial properties. Construction loans involve the disbursement of funds during construction with repayment substantially dependent on the success of the ultimate project. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans because their ultimate repayment depends on the satisfactory completion of construction and is sensitive to interest rate changes, governmental regulation of real property, general economic conditions and the availability of long-term financing. Repayment is dependent on completion of the project and the subsequent financing of the completed project as a commercial real estate loan, and in some instances on the rent or sale of the underlying project. Consumer loans generally have shorter terms and higher interest rates than other lending but generally involve more credit risk because of the type and nature of the collateral and, in certain cases, the absence of collateral. Repayment is dependent on the credit quality of the individual borrower and, if applicable, sale of the collateral securing the loan. Therefore, the overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this loan class. Allowance for Credit losses on Off-Balance Sheet Credit Exposures 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 the obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures is reported on the Consolidated Statements of Financial Condition in the other liabilities section and is adjusted through a provision for credit losses. 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 the commitment’s estimated useful life.
Servicing Rights	Servicing Rights The Company originates and sells mortgage loans in the secondary market and may retain the servicing of these loans. When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. Servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to the carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. Changes in valuation allowances are reported within non-interest expense on the income statement. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. Fees earned for servicing loans are reported on the statements of income as loan servicing income when the related mortgage loan payments are collected. The amortization of loan servicing rights is netted against loan servicing fee income. Servicing fees totaled $3.1 million and $2.6 million for the years ended December 31, 2025 and 2024, respectively. Late fees and ancillary fees related to loan servicing are not material.
Transfers of Financial Assets and Foreclosed Assets	Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Foreclosed Assets Foreclosed assets are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. Physical possession of residential real estate property collateralizing a consumer mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed in lieu of foreclosure or through similar legal agreement. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Operating costs after acquisition are expensed. The Bank had one other real estate owned property at December 31, 2025 with a $650 thousand carrying value (included in other assets) and none in 2024.
Premises and Equipment	Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Land is carried at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets, which are 39 years for buildings and 2 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. Repairs and maintenance costs are recorded as a component of non-interest expense as incurred.
Leases	Leases Leases are classified as operating or finance leases at the lease commencement date. Currently, the Company does not have any leases classified as financing leases. The Company leases certain locations and equipment. The Company records leases on the Consolidated Statements of Financial Condition in the form of an operating lease liability for the present value of future minimum payments under the lease terms and a right-of-use asset equal to the lease liability adjusted for such items as deferred or prepaid rent, lease incentives, and any impairment of the right-of-use asset. The discount rate used in determining the lease liability is based upon incremental borrowing rates the Company could obtain for similar loans as of the date of commencement or renewal. The Company does not record leases on the Consolidated Statements of Financial Condition that are classified as short term (12 months or less). Short-term lease payments are recognized in the income statement on a straight-line basis over the lease term. Certain leases may include one or more options to renew. The exercise of lease renewal options is typically at the Company’s discretion, and are included in the operating lease liability if it is reasonably certain that the renewal option will be exercised. Certain real estate leases may contain lease and non-lease components, such as common area maintenance charges, real estate taxes, and insurance, which are generally accounted for separately and are not included in the measurement of the lease liability since they are generally able to be segregated. The Company does not sublease any of its leased properties. The Company does not lease properties from any related parties.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill arises from business combinations and is generally determined as the excess of the fair value of the consideration transferred over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized but tested for impairment at least annually or more frequently if events and circumstances exist that indicate that a goodwill impairment test should be performed. The Company has selected November 30 as the date to perform the annual impairment test. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on the balance sheet. Core deposit intangible assets are amortized on an accelerated method over their estimated useful life of 10 years.
Loan Commitments and Related Financial Instruments	Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded.
Derivatives	Derivatives The Company records fair value hedges and cash flow hedges at the inception of the derivative contract based on the Company’s intentions and belief as to likely effectiveness as a hedge. Fair value hedges represent a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment. Cash flow hedges represent a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in current earnings as fair value changes. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income (“OCI”) and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. The changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as non-interest income. Accrued settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Accrued settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods in which the hedged transactions will affect earnings. The Company is exposed to losses if a counterparty fails to make its payments under a contract in which the Company is in the net receiving position. The Company anticipates that the counterparties will be able to fully satisfy their obligations under the agreements. All the contracts to which the Company is a party settle monthly or quarterly. In addition, the Company obtains collateral above certain thresholds of the fair value of its derivatives for each dealer counterparty based upon their credit standing and the Company has netting agreements with the dealers with which it does business.
Debt Issuance Costs	Debt Issuance Costs The costs attributable to issuing a debt instrument are reported on the Consolidated Statements of Financial Condition as a deduction from the face amount of the note and amortized as interest expense over the term of the note.
Earnings Per Share ("EPS")	Earnings Per Share (“EPS”) Basic EPS is net income attributable to common shareholders divided by the weighted average number of common shares outstanding during the period. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Diluted EPS includes the dilutive effect of additional potential common shares issuable under stock options. Potentially dilutive common shares are excluded from the computation of dilutive EPS in the periods in which the effect would be anti-dilutive.
Series A Preferred Stock	Series A Preferred Stock Holders of the Company’s Series A preferred stock will be entitled to receive dividends when, as and if declared by the Company’s board of directors, in the same per share amount as the common stockholders. No dividend for any quarterly period will be payable on the common stock unless a dividend identical to that paid on the common stock is paid at the same time on the Series A preferred stock. Therefore, Series A preferred stock is treated as common stock for EPS calculations. Series A preferred stock has no voting rights. In the event of a dissolution of the Company, Series A preferred stock is entitled to the payment of any declared and unpaid dividend, and then will share in dissolution proceeds, if any, with the shares of common stock.
Comprehensive Income	Comprehensive Income Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale and unrealized gains and losses on cash flow hedges which are also recognized as separate components of stockholders’ equity.
Loss Contingencies	Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements.
Income Taxes	Income Taxes Income tax expense is comprised of two components, current and deferred. The current component reflects taxes payable or refundable for a current period based on applicable tax laws, and the deferred component represents the tax effects of temporary differences between amounts recognized for financial accounting and tax purposes. Deferred tax assets and liabilities reflect the tax effects of such differences that are anticipated to result in taxable or deductible amounts in the future, when the temporary differences reverse. Deferred tax assets are recognized if it is more likely than not they will be realized, and may be reduced by a valuation allowance if it is more likely than not that all or some portion will not be realized. Tax positions that are uncertain but meet a more likely than not recognition threshold are initially and subsequently measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position meets the more likely than not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. The Company recognizes interest expense and penalties on uncertain tax positions as a component of income tax expense and recognizes interest income on refundable income taxes as a component of other non-interest income.
Fair Value Measurements	Fair Value Measurements Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 16. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates.
Revenue From Contracts With Customers	Revenue From Contracts With Customers Revenue from contracts with customers generally comprises deposit service fees, which are included as a component of other non-interest income in the accompanying Consolidated Statements of Income. The Company identifies the performance obligations included in the contracts with customers, determines the transaction price, allocates the transaction price to the performance obligations, as applicable, and recognizes revenue when performance obligations are satisfied, which is generally at the point services are performed for the customer.
Operating Segments	Operating Segments The Company has one reportable segment, "Community Banking." While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed, and financial performance is evaluated on a Company-wide basis. Accordingly, all significant operating decisions are based upon analysis of the Company as one operating segment or unit.
Stock Compensation Plans	Stock Compensation Plans Compensation cost is recognized for stock options, restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) issued to employees and directors based upon the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used to estimate the fair value for RSAs and RSUs. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. The Company’s accounting policy is to recognize forfeitures as they occur.
Supplemental Executive Retirement Plan	Supplemental Executive Retirement Plan In connection with the previous acquisition of Chinatown Federal Savings Bank (“CFSB”), the assets of the CFSB Supplemental Executive Retirement Plan (“CFSB SERP”) are included in the Consolidated Statements of Financial Condition. The CFSB SERP provides benefits to two former executives of CFSB and the assets of the CFSB SERP are held in a Rabbi Trust which was fully funded prior to the acquisition of CFSB by the Company. The Company has no further liability or obligation with respect to the CFSB SERP assets other than record keeping. No ongoing valuation of the assets will be obtained and the amount of plan assets will continue to be equal to the liability reflected on the Consolidated Statement of Financial Condition. The SERP liability is included in other liabilities on the Consolidated Statement of Financial Condition.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adoption of New Accounting Standards In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, enhancing disclosure requirements for reportable segments of public business entities, focusing on significant expense categories and the amounts for each reportable segment, where significant expense categories are defined as those that are regularly reported to an entity’s chief operating decision maker and included in the segment’s reported measures of profit or loss. ASU 2023-07 became effective for the Company on January 1, 2024. The adoption of this standard did not have a material effect on the Company’s operating results or financial condition. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which will require public business entities to disclose annually a tabular rate reconciliation, including specific items such as state and local income tax, tax credits, nontaxable or nondeductible items, among others, and a separate disclosure requiring disaggregation of reconciling items as described above which equal or exceed 5% of the product of multiplying income from continuing operations by the applicable statutory income tax rate. The Company adopted ASU 2023-09 effective January 1, 2025 on a prospective basis for annual reporting periods. The adoption of this standard did not have a material effect on the Company’s operating results or financial condition. Standards That Have Not Yet Been Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40), which will require enhanced disaggregation of certain expense categories in the notes to the financial statements. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The adoption of this standard is not expected to have a significant impact on the Company’s operating results or financial condition.

Borrowings - FHLB Advances Contractual Maturities and Weighted Average Interest Rates (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
FHLB Contractual Maturity, Amount
2025/2026	$ 40,475	$ 7,080
2026/2027	40,250	40,475
2027/2028	20,000	40,250
2028		20,000
Total term advances	100,725	107,805
Total FHLB advances	100,725	107,805
Overnight borrowings
FHLB Contractual Maturity, Amount
Total FHLB advances	$ 0	$ 0
Minimum
FHLB Contractual Maturity, Weighted Average Rate
2025/2026	4.29%	0.56%
2026/2027	4.13%	4.29%
2027/2028	3.99%	4.13%
2028		3.99%
Maximum
FHLB Contractual Maturity, Weighted Average Rate
2025/2026	4.98%	0.59%
2026/2027	4.74%	4.98%
2027/2028	4.58%	4.74%
2028		4.58%
Weighted Average
FHLB Contractual Maturity, Weighted Average Rate
2025/2026	4.50%	0.58%
2026/2027	4.32%	4.50%
2027/2028	4.18%	4.32%
2028		4.18%
Total term advances, Weighted average rate	4.36%	4.11%
Total FHLB advances, Weighted Average Rate	4.36%	4.11%

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Note 1. Summary of Significant Accounting Policies

Nature of Operations

Hanover Bancorp, Inc., a Maryland corporation (the “Company”) is the holding company for Hanover Community Bank (the “Bank”). On June 25, 2025, the Company completed its reincorporation from New York to Maryland (the “Reincorporation”). The Reincorporation was approved by the Company’s shareholders at the annual shareholder meeting held on March 5, 2024, by the Federal Reserve Bank of New York on July 5, 2024, and the New York State Department of Financial Services (the “DFS”) on November 20, 2024. Accordingly, the Company is incorporated in the State of Maryland.

The Bank, headquartered in Mineola, New York, is a New York State chartered bank. The Bank commenced operations on November 4, 2008 and is a full-service bank providing personal and business lending and deposit services. As a New York State chartered, non-Federal Reserve member bank, the Bank is subject to regulation by the DFS and the Federal Deposit Insurance Corporation (“FDIC”). The Company is subject to regulation and examination by the Board of Governors of the Federal Reserve System (the “FRB”).

Basis of Presentation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation.

The Company completed its core data processing system conversion to FIS Horizon in February 2025. In connection with the conversion, the Company incurred non-recurring expenses of approximately $3.2 million, which was comprised of $2.2 million in consulting and audit fees, $0.7 million in deconversion fees to previous provider, and $0.3 million in training and other related charges.

Certain prior period amounts have been reclassified to conform to the current year’s presentation. These reclassifications had an immaterial effect on the Company’s consolidated financial statements and had no effect on prior year net income or stockholders’ equity.

Use of Estimates

In preparing the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Significant Group Concentrations of Credit Risk

Most of the Company’s activities are with customers located in New York metro area. Note 3 discusses the types of lending that the Company engages in. Although the Company has a diversified loan portfolio, its debtors’ ability to honor their contracts is influenced by the region’s economy. The Company does not have any significant concentrations to any one industry or customer.

Cash and Cash Equivalents

For purposes of reporting consolidated cash flows, cash and due from banks includes cash on hand, cash items in process of collection and amounts due from banks. Cash and cash equivalents also include interest-bearing deposits in banks and federal funds sold. Interest-bearing deposits in other financial institutions mature within 90 days and are carried at cost. Net cash flows are reported for customer loan and deposit transactions and short-term borrowings with original maturities of 90 days or less.

Restrictions on Cash

Cash on hand or on deposit with the Federal Reserve Bank was required to meet regulatory reserve and clearing requirements.

Dividend Restriction

Banking regulations require maintaining certain capital levels and may limit the dividends paid by the bank to the holding company or by the holding company to shareholders.

Investment Securities

Investment securities are classified as held-to-maturity or available-for-sale at the time of purchase. Investment securities classified as held-to-maturity, which management has the positive intent and ability to hold to maturity, are reported at amortized cost. Investment securities classified as available for sale, which management has the intent and ability to hold for an indefinite period of time, but not necessarily to maturity, are carried at fair value, with unrealized gains and losses, net of related deferred income taxes, included in stockholders’ equity as a separate component of other comprehensive income. Any decision to sell investment securities available for sale would be based on various factors, including, but not limited to, asset / liability management strategies, changes in interest rates or prepayment risks, liquidity needs, or regulatory capital considerations.

Premiums are amortized and discounts accreted using the interest method over the remaining terms of the related securities. Premiums on callable securities are amortized to their earliest call date. Dividend and interest income are recognized when earned. Sales of investment securities are recorded at trade date, with realized gains and losses on sales determined using the specific identification method and included in non-interest income.

A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on nonaccrual is reversed against interest income.

Allowance for Credit Losses – Held-to-Maturity Securities

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 was $2 thousand and $9 thousand at December 31, 2025 and 2024, respectively, and is excluded from the estimate of credit losses.

The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts.

Management classifies the held-to-maturity portfolio into the following major security types: Mortgage backed: residential and commercial. All mortgage-backed: residential and commercial securities held by the Company are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses.

Allowance for Credit Losses – Available-For-Sale Securities

For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For debt securities available-for-sale that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income.

Changes in the allowance for credit losses are recorded as credit loss expense (or reversal). Losses are charged against the allowance when management believes the uncollectibility of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

Accrued interest receivable on available-for-sale debt securities totaled $1.0 million and $0.6 million at December 31, 2025 and 2024, respectively, and is excluded from the estimate of credit losses.

Federal Home Loan Bank Stock

As a member of the FHLB of New York, the Company is required to maintain an investment in the stock of the FHLB based upon the amount of outstanding FHLB borrowings. This stock does not have a readily determinable fair value and is carried at cost. Both cash and stock dividends are reported as income.

Loans Held for Sale

Loans held for sale are carried at estimated fair value in the aggregate as determined by outstanding commitments from investors. Gains or losses on loan sales are recognized at the time of sale and are determined by the difference between net sales proceeds and the principal balance of the loans sold, adjusted for net deferred loan fees or costs. Loan origination and commitment fees, net of certain direct loan origination costs, are deferred as an adjustment to the carrying value of the loan until it is sold.

Loans and Loan Interest Income Recognition

Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff, are reported at the principal balance outstanding, net of purchase premiums and discounts, deferred loan fees and costs and an allowance for credit losses. The loan portfolio is segmented into residential real estate, multifamily, commercial real estate, commercial and industrial, construction and land development, and consumer loans. Accrued interest receivable totaled $10.6 million and $10.9 million at December 31, 2025 and 2024, respectively, and was reported in Accrued interest receivable on the Consolidated Statements of Financial Condition and is excluded from the estimate of credit losses.

Interest income on loans is accrued on the unpaid principal balance and credited to income as earned. Interest income on loans is discontinued and placed on nonaccrual status at the time the loan is 90 days delinquent. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Under the cash-basis method, interest income is recorded when the payment is received in cash. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Net loan origination fees and costs are deferred and accreted/amortized to interest income over the contractual life of loans using the level-yield method, adjusted for actual prepayments.

Allowance for Credit Losses - Loans

The allowance for credit losses (“ACL”) is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off.

Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values, or other relevant factors.

The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. When management determines that foreclosure is probable, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate.

The quantitative component of the estimate relies on the statistical relationship between the projected value of an economic indicator and the implied historical loss experience among a curated group of peers. The Company utilized regression analyses of peer data, in which the Company was included, and where observed credit losses and selected economic factors were used to determine suitable loss drivers for modeling the lifetime rates of probability of default (PD). A loss given default rate (LGD) is assigned to each pool for each period based on these PD outcomes. The model utilizes an expected discounted cash flow (DCF) analysis for all but the Bank’s minimal consumer loan portfolio which uses the remaining life (RL) approach and does not have a material impact to the allowance. The DCF analysis is run at the instrument-level and incorporates an array of loan-specific data points and segment-implied assumptions to determine the lifetime expected loss attributable to each instrument. An implicit "hypothetical loss" is derived for each period of the DCF, and helps establish the present value of future cash flows for each period. The reserve applied to a specific instrument is the difference between the sum of the present value of future cash flows and the amortized cost basis of the loan at the measurement date. The RL approach utilizes projected loss rates based on the remaining life of a loan pool. It is utilized when a regression analysis could not provide adequate correlation of PD and external economic factors on which to base projected losses.

Portfolio segments are the level at which loss assumptions are applied to a pool of loans based on the similarity of risk characteristics inherent in the included instruments, relying on FFIEC Call Report codes. The loss driver for each loan portfolio segment is derived from a readily available and reasonable economic forecast, chiefly the Federal Open Market Committee (“FOMC”) of the Federal Reserve's projections of civilian unemployment and year-over-year U.S. GDP growth. Forecasts are applied over a four-quarter period and revert to the lookback period's historical mean for the economic indicator over a four-quarter horizon, thereafter on a straight-line basis.

The model incorporates qualitative factor adjustments in order to calibrate the model for risk in each portfolio segment that may not be captured through quantitative analysis. Determinations regarding qualitative adjustments are reflective of management's expectation of loss conditions differing from those already captured in the quantitative component of the model. Factors that the Company considers include a) changes in lending policies and procedures, including changes in underwriting standards and collections, charge-offs, and recovery practices; b) changes in international, national, regional, and local conditions; c) changes in the nature and volume of the portfolio; d) changes in experience, depth, and ability of lending management; e) changes in volume and severity of past due loans and other similar conditions; f) changes in the quality of the Bank’s loan review system; g) changes in the value of underlying collateral for collateral-dependent loans; h) the existence and effect of any concentrations of credit and changes in the levels of such concentrations; and i) the effects of other external factors (i.e. competition, legal and regulatory requirements) on the level of estimated credit losses.

Allowance for credit losses are aggregated for the major loan segments, with similar characteristics, summarized below. However, for the purposes of calculating reserves, these segments may be further broken down into loan classes by risk characteristics that include but are not limited to FFIEC Call Report codes, industry type, geographic location, and collateral type.

One-to-four family residential mortgage loans involve certain risks such as interest rate risk and risk of nonpayment. Adjustable-rate loans decrease the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. At the same time, the marketability of the underlying property may be adversely affected by higher interest rates. Repayment risk can be affected by the overall health of the economy, including unemployment rates and housing prices.

Commercial real estate lending entails additional risks as compared with single-family residential property lending. Such loans typically involve large loan balances to single borrowers or groups of related borrowers. Loans in this classification include income producing investment properties and owner-occupied real estate used for business purposes. The underlying properties are located largely in the Bank’s primary market area. The cash flows of the income producing investment properties could be adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, could have an effect on credit quality. In the case of owner-occupied real estate used for business purposes, a weakened economy and resultant decreased consumer and/or business spending could have an adverse effect on credit quality.

Multifamily lending entails additional risks as compared with single-family residential property lending, but less when compared to commercial real estate lending. Loans in this classification include income producing residential investment properties of five or more units. Loans are made to established owners with a proven and demonstrable record of strong performance. Loans are secured by a first mortgage lien on the subject property. Repayment is derived generally from the rental income generated from the property and may be supplemented by the owners’ personal cash flow. Credit risk arises with changes in economic conditions that could cause an increase in vacancy rates or decline in property value.

Commercial and industrial lending is generally considered higher risk due to the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on the business. Generally, these loans are primarily secured by inventories and other assets of the business and repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer and/or business spending, will have an effect on the credit quality in this loan class.

The Company’s construction loan portfolio covers the development of commercial properties. Construction loans involve the disbursement of funds during construction with repayment substantially dependent on the success of the ultimate project. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans because their ultimate repayment depends on the satisfactory completion of construction and is sensitive to interest rate changes, governmental regulation of real property, general economic conditions and the availability of long-term financing. Repayment is dependent on completion of the project and the subsequent financing of the completed project as a commercial real estate loan, and in some instances on the rent or sale of the underlying project.

Consumer loans generally have shorter terms and higher interest rates than other lending but generally involve more credit risk because of the type and nature of the collateral and, in certain cases, the absence of collateral. Repayment is dependent on the credit quality of the individual borrower and, if applicable, sale of the collateral securing the loan. Therefore, the overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this loan class.

Allowance for Credit losses on Off-Balance Sheet Credit Exposures

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 the obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures is reported on the Consolidated Statements of Financial Condition in the other liabilities section and is adjusted through a provision for credit losses. 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 the commitment’s estimated useful life.

Servicing Rights

The Company originates and sells mortgage loans in the secondary market and may retain the servicing of these loans. When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. Servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans.

Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to the carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. Changes in valuation allowances are reported within non-interest expense on the income statement. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses.

Fees earned for servicing loans are reported on the statements of income as loan servicing income when the related mortgage loan payments are collected. The amortization of loan servicing rights is netted against loan servicing fee income. Servicing fees totaled $3.1 million and $2.6 million for the years ended December 31, 2025 and 2024, respectively. Late fees and ancillary fees related to loan servicing are not material.

Transfers of Financial Assets

Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.

Foreclosed Assets

Foreclosed assets are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. Physical possession of residential real estate property collateralizing a consumer mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed in lieu of foreclosure or through similar legal agreement. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Operating costs after acquisition are expensed. The Bank had one other real estate owned property at December 31, 2025 with a $650 thousand carrying value (included in other assets) and none in 2024.

Premises and Equipment

Premises and equipment are stated at cost less accumulated depreciation and amortization. Land is carried at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets, which are 39 years for buildings and 2 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. Repairs and maintenance costs are recorded as a component of non-interest expense as incurred.

Leases

Leases are classified as operating or finance leases at the lease commencement date. Currently, the Company does not have any leases classified as financing leases. The Company leases certain locations and equipment. The Company records leases on the Consolidated Statements of Financial Condition in the form of an operating lease liability for the present value of future minimum payments under the lease terms and a right-of-use asset equal to the lease liability adjusted for such items as deferred or prepaid rent, lease incentives, and any impairment of the right-of-use asset. The discount rate used in determining the lease liability is based upon incremental borrowing rates the Company could obtain for similar loans as of the date of commencement or renewal.

The Company does not record leases on the Consolidated Statements of Financial Condition that are classified as short term (12 months or less). Short-term lease payments are recognized in the income statement on a straight-line basis over the lease term. Certain leases may include one or more options to renew. The exercise of lease renewal options is typically at the Company’s discretion, and are included in the operating lease liability if it is reasonably certain that the renewal option will be exercised. Certain real estate leases may contain lease and non-lease components, such as common area maintenance charges, real estate taxes, and insurance, which are generally accounted for separately and are not included in the measurement of the lease liability since they are generally able to be segregated. The Company does not sublease any of its leased properties. The Company does not lease properties from any related parties.

Goodwill and Other Intangible Assets

Goodwill arises from business combinations and is generally determined as the excess of the fair value of the consideration transferred over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized but tested for impairment at least annually or more frequently if events and circumstances exist that indicate that a goodwill impairment test should be performed. The Company has selected November 30 as the date to perform the annual impairment test. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on the balance sheet.

Core deposit intangible assets are amortized on an accelerated method over their estimated useful life of 10 years.

Loan Commitments and Related Financial Instruments

Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded.

Derivatives

The Company records fair value hedges and cash flow hedges at the inception of the derivative contract based on the Company’s intentions and belief as to likely effectiveness as a hedge. Fair value hedges represent a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment. Cash flow hedges represent a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in current earnings as fair value changes. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income (“OCI”) and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. The changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as non-interest income.

Accrued settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Accrued settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged.

The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended.

When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods in which the hedged transactions will affect earnings.

The Company is exposed to losses if a counterparty fails to make its payments under a contract in which the Company is in the net receiving position. The Company anticipates that the counterparties will be able to fully satisfy their obligations under the agreements. All the contracts to which the Company is a party settle monthly or quarterly. In addition, the Company obtains collateral above certain thresholds of the fair value of its derivatives for each dealer counterparty based upon their credit standing and the Company has netting agreements with the dealers with which it does business.

Debt Issuance Costs

The costs attributable to issuing a debt instrument are reported on the Consolidated Statements of Financial Condition as a deduction from the face amount of the note and amortized as interest expense over the term of the note.

Earnings Per Share (“EPS”)

Basic EPS is net income attributable to common shareholders divided by the weighted average number of common shares outstanding during the period. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Diluted EPS includes the dilutive effect of additional potential common shares issuable under stock options. Potentially dilutive common shares are excluded from the computation of dilutive EPS in the periods in which the effect would be anti-dilutive.

Series A Preferred Stock

Holders of the Company’s Series A preferred stock will be entitled to receive dividends when, as and if declared by the Company’s board of directors, in the same per share amount as the common stockholders. No dividend for any quarterly period will be payable on the common stock unless a dividend identical to that paid on the common stock is paid at the same time on the Series A preferred stock. Therefore, Series A preferred stock is treated as common stock for EPS calculations. Series A preferred stock has no voting rights. In the event of a dissolution of the Company, Series A preferred stock is entitled to the payment of any declared and unpaid dividend, and then will share in dissolution proceeds, if any, with the shares of common stock.

Comprehensive Income

Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale and unrealized gains and losses on cash flow hedges which are also recognized as separate components of stockholders’ equity.

Loss Contingencies

Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements.

Income Taxes

Income tax expense is comprised of two components, current and deferred. The current component reflects taxes payable or refundable for a current period based on applicable tax laws, and the deferred component represents the tax effects of temporary differences between amounts recognized for financial accounting and tax purposes. Deferred tax assets and liabilities reflect the tax effects of such differences that are anticipated to result in taxable or deductible amounts in the future, when the temporary differences reverse. Deferred tax assets are recognized if it is more likely than not they will be realized, and may be reduced by a valuation allowance if it is more likely than not that all or some portion will not be realized.

Tax positions that are uncertain but meet a more likely than not recognition threshold are initially and subsequently measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position meets the more likely than not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment.

The Company recognizes interest expense and penalties on uncertain tax positions as a component of income tax expense and recognizes interest income on refundable income taxes as a component of other non-interest income.

Fair Value Measurements

Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 16. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates.

Revenue From Contracts With Customers

Revenue from contracts with customers generally comprises deposit service fees, which are included as a component of other non-interest income in the accompanying Consolidated Statements of Income. The Company identifies the performance obligations included in the contracts with customers, determines the transaction price, allocates the transaction price to the performance obligations, as applicable, and recognizes revenue when performance obligations are satisfied, which is generally at the point services are performed for the customer.

Operating Segments

The Company has one reportable segment, "Community Banking." While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed, and financial performance is evaluated on a Company-wide basis. Accordingly, all significant operating decisions are based upon analysis of the Company as one operating segment or unit.

Stock Compensation Plans

Compensation cost is recognized for stock options, restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) issued to employees and directors based upon the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used to estimate the fair value for RSAs and RSUs.

Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. The Company’s accounting policy is to recognize forfeitures as they occur.

Supplemental Executive Retirement Plan

In connection with the previous acquisition of Chinatown Federal Savings Bank (“CFSB”), the assets of the CFSB Supplemental Executive Retirement Plan (“CFSB SERP”) are included in the Consolidated Statements of Financial Condition. The CFSB SERP provides benefits to two former executives of CFSB and the assets of the CFSB SERP are held in a Rabbi Trust which was fully funded prior to the acquisition of CFSB by the Company. The Company has no further liability or obligation with respect to the CFSB SERP assets other than record keeping. No ongoing valuation of the assets will be obtained and the amount of plan assets will continue to be equal to the liability reflected on the Consolidated Statement of Financial Condition. The SERP liability is included in other liabilities on the Consolidated Statement of Financial Condition.

Recent Accounting Pronouncements

Adoption of New Accounting Standards

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, enhancing disclosure requirements for reportable segments of public business entities, focusing on significant expense categories and the amounts for each reportable segment, where significant expense categories are defined as those that are regularly reported to an entity’s chief operating decision maker and included in the segment’s reported measures of profit or loss. ASU 2023-07 became effective for the Company on January 1, 2024. The adoption of this standard did not have a material effect on the Company’s operating results or financial condition.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which will require public business entities to disclose annually a tabular rate reconciliation, including specific items such as state and local income tax, tax credits, nontaxable or nondeductible items, among others, and a separate disclosure requiring disaggregation of reconciling items as described above which equal or exceed 5% of the product of multiplying income from continuing operations by the applicable statutory income tax rate. The Company adopted ASU 2023-09 effective January 1, 2025 on a prospective basis for annual reporting periods. The adoption of this standard did not have a material effect on the Company’s operating results or financial condition.

Standards That Have Not Yet Been Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40), which will require enhanced disaggregation of certain expense categories in the notes to the financial statements. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The adoption of this standard is not expected to have a significant impact on the Company’s operating results or financial condition.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 7,488	$ 12,346

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Deposits (Tables)

12 Months Ended

Dec. 31, 2025

Deposits

Components of deposits


	December 31,
(in thousands)	2025		2024
Non-interest bearing:
Demand	$	247,786	$	211,656
Interest-bearing:
NOW		781,681		692,890
Money market		430,549		503,082
Savings		58,475		48,885
Time deposits $250,000 and greater		108,162		106,350
Time deposits less than $250,000		401,734		391,420
Total interest-bearing		1,780,601		1,742,627
Total deposits	$	2,028,387	$	1,954,283

Maturities of time deposits


	December 31,
(in thousands)	2025
2026	$	501,002
2027		6,624
2028		1,412
2029		468
2030		390
Total	$	509,896

- Definition

Tabular disclosure of type of deposit liability.

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-Number 229
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-Paragraph e
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+ Details

Equity Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2025

Equity Compensation Plans

Summary of Stock Option Activity

A summary of stock option activity follows (aggregate intrinsic value in thousands):


						Weighted
		Weighted				Average
		Average		Aggregate		Remaining
	Number of	Exercise		Intrinsic		Contractual
	Options	Price		Value		Term
Outstanding, January 1, 2025	58,000	$	8.11	$	835	0.82 years
Granted	—		—
Exercised	(42,000)		6.25
Forfeited	—		—
Outstanding, December 31, 2025 ⁽¹⁾	16,000	$	13.00	$	164	0.67 years

(1)	All outstanding options are fully vested and exercisable

Schedule of Information Related to the Stock Option Plan


	Year Ended December 31,
(in thousands)	2025			2024
Intrinsic value of options exercised	$	847		$	736
Cash received from option exercises		—			103
Tax benefit from option exercises		296			229

Summary of Restricted Stock Awards Activity


				Weighted-Average
		Number of		Grant Date
		Shares		Fair Value
Unvested, January 1, 2025		236,203		$	18.95
Granted		58,250			25.75
Vested		(76,790)			19.20
Forfeited		(17,259)			19.91
Unvested, December 31, 2025		200,404		$	20.76

Summary of Restricted Stock Units Activity


				Weighted-Average
		Number of		Grant Date Fair
		Shares		Value
Unvested, January 1, 2025		38,271		$	19.73
Granted		22,345			26.30
Incremental performance shares vested		9,086			19.73
Vested		(42,484)			19.73
Forfeited		(4,873)			19.73
Unvested, December 31, 2025		22,345		$	26.30

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Information

Segment Information

Note 20. Segment Information

The Company’s reportable segment is determined by the Chief Executive Officer, who is the designated chief operating decision maker (the “CODM”). The Chief Executive Officer along with others in the Company’s executive management evaluates performance and allocates resources based upon analysis of the Company as one operating segment or unit. The activities of the Company comprise one reportable segment, "Community Banking." All of the Company’s activities are interrelated, and each activity is dependent and assessed based on the manner in which it supports the other activities of the Company. All the consolidated assets are attributable to the Community Banking segment.

The Company provides a range of community banking services, including commercial and consumer lending, personal and business banking, cash management services, and other financial services primarily to individuals, businesses, and municipalities in the New York metropolitan area.

The CODM is provided with the Company’s consolidated statements of financial condition and income and evaluates the Company’s operating results based on consolidated net interest income, non-interest income, non-interest expense, and net income, which can be seen on the consolidated statements of income. These results are used to measure the Company against its competitors. Other significant non-cash items assessed by the CODM are depreciation, amortization and provision for credit losses consistent with the reporting on the consolidated statements of cash flows. Expenditures for long-lived assets are also evaluated and are consistent with the reporting on the consolidated statements of cash flows. Strategic plans and budget to actual monitoring are evaluated as one reportable segment. The actual results are used in assessing performance of the segment and in establishing compensation. All revenues are derived from banking operations within the United States, and for the years ended December 31, 2025 and 2024, there was no customer that accounted for more than 10% of the Company's consolidated revenue.

Accounting policies of the Community Banking segment are the same as those described in Note 1.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Goodwill and Other Intangible Assets - Gross Carrying Amount and Accumulated Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other Intangible Assets, Net
Total	$ 196
Core Deposits
Other Intangible Assets, Net
Gross carrying amount	517	$ 517
Accumulated amortization	(321)	(267)
Total	$ 196	$ 250	$ 311
Weighted-average remaining life of other intangible assets	2 years 11 months 1 day

Investment Securities - Securities Portfolio Presented by Contractual Maturity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale, Amortized Cost, Fiscal Year Maturity [Abstract]
Due in one year or less	$ 4,495
Due after one year through five years	2,000
Five to ten years	31,743
Beyond ten years	29,265
Amortized Cost	99,832	$ 85,084
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less	4,495
Due after one year through five years	2,055
Five to ten years	31,413
Beyond ten years	29,157
Fair value	99,552	83,755
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity [Abstract]
Amortized Cost	1,017	3,758
Debt Securities, Held-to-Maturity, Fair Value, Maturity [Abstract]
Fair value	976	3,609
Debt Securities, Available-for-Sale and Held-to-Maturity, after Allowance for Credit Loss [Abstract]
Amortized cost	100,849
Fair value	100,528
Proceeds from sales	7,848	1,763
Gross realized gains on sales	215	31
Gross realized losses on sales	0	0
Debt Securities, Available-for-Sale, Realized Gain (Loss)	215	31
Associated income tax	53	7
U.S. GSE residential mortgage-backed securities
Debt Securities, Available-for-Sale, Amortized Cost, Fiscal Year Maturity [Abstract]
Without single maturity date	18,055
Amortized Cost	18,055	11,016
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Without single maturity date	18,143
Fair value	18,143	10,645
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity [Abstract]
Without single maturity date	1,017
Debt Securities, Held-to-Maturity, Fair Value, Maturity [Abstract]
Without single maturity date	976
Fair value	976	1,178
U.S. GSE residential collateralized mortgage obligations
Debt Securities, Available-for-Sale, Amortized Cost, Fiscal Year Maturity [Abstract]
Without single maturity date	11,691
Amortized Cost	11,691
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Without single maturity date	11,757
Fair value	11,757
U.S. GSE commercial mortgage-backed securities
Debt Securities, Available-for-Sale, Amortized Cost, Fiscal Year Maturity [Abstract]
Without single maturity date	2,583
Amortized Cost	2,583	1,520
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Without single maturity date	2,532
Fair value	$ 2,532	1,503
Debt Securities, Held-to-Maturity, Fair Value, Maturity [Abstract]
Fair value		$ 2,431

Loans - Allowance for credit losses on unfunded commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 22,779	$ 19,658
Provision for credit losses	10,070	4,750
Ending balance	18,694	22,779
Unfunded Commitments
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	314	124
Provision for credit losses	312	190
Ending balance	$ 626	$ 314

Regulatory Matters

12 Months Ended

Dec. 31, 2025

Regulatory Matters

Regulatory Matters

Note 15. Regulatory Matters

The Bank is subject to various regulatory capital requirements administered by federal banking agencies. Capital adequacy regulations and, additionally, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet minimum capital requirements can initiate regulatory action. The effects of accumulated other comprehensive income or loss is not included in computing regulatory capital. Management believes as of December 31, 2025, the Bank meets all capital adequacy requirements to which it is subject.

In addition to the minimum capital requirements discussed above, the Bank is also required to maintain a capital buffer above the requirements set forth in the capital adequacy regulations. Failure to maintain the required buffer could impair the Bank’s ability to pay dividends to the Company and to pay certain compensation to its executives.

Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized or worse, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At December 31, 2025 and 2024, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution’s category.

Under a policy of the Federal Reserve applicable to bank holding companies with less than $3.0 billion in consolidated assets, the Company is not subject to consolidated regulatory capital requirements.

The following table sets forth the Bank’s actual and required capital amounts (in thousands) and ratios under current regulations:


												Minimum Capital					Minimum to Be Well
												Adequacy Requirement					Capitalized Under
							Minimum Capital					with Capital					Prompt Corrective
		Actual Capital					Adequacy Requirement					Conservation Buffer					Action Provisions
		Amount			Ratio		Amount			Ratio		Amount			Ratio		Amount			Ratio
December 31, 2025
Total capital to risk-weighted assets		$	222,739		14.06	%	$	126,770		8.00	%	$	166,385		10.50	%	$	158,462		10.00	%
Tier 1 capital to risk-weighted assets			204,431		12.90	%		95,077		6.00	%		134,693		8.50	%		126,770		8.00	%
Common equity tier 1 capital to risk-weighted assets			204,431		12.90	%		71,308		4.50	%		110,923		7.00	%		103,000		6.50	%
Tier 1 capital to average total assets			204,431		9.05	%		90,398		4.00	%		N/A		N/A			112,997		5.00	%

December 31, 2024
Total capital to risk-weighted assets		$	220,696		14.58	%	$	121,127		8.00	%	$	158,979		10.50	%	$	151,408		10.00	%
Tier 1 capital to risk-weighted assets			201,744		13.32	%		90,845		6.00	%		128,697		8.50	%		121,127		8.00	%
Common equity tier 1 capital to risk-weighted assets			201,744		13.32	%		68,134		4.50	%		105,986		7.00	%		98,416		6.50	%
Tier 1 capital to average total assets			201,744		9.13	%		88,382		4.00	%		N/A		N/A			110,478		5.00	%

Dividend restrictions - The Company’s principal source of funds for dividend and debt service payments is dividends received from the Bank. During the year ended December 31, 2025 the Bank paid $6.9 million in cash dividends to the Company. Banking regulations limit the amount of dividends that may be paid without prior approval of regulatory agencies. As of December 31, 2025, the Bank had $26.5 million of retained net income available for dividends to the Company, without obtaining regulatory approval, provided that the Bank satisfies the regulatory capital requirements, including the capital conservation buffer, disclosed above.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

Income Taxes - Reconciliation of reported income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Effective income tax rate reconciliation, Amount
Income tax expense at U.S. federal statutory rate, Amount	$ 2,090	$ 3,439
State and local income taxes, net of federal income tax effect, Amount	$ 788	515
Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration]	NEW YORK
Nontaxable or nondeductible items:
Restricted stock, Amount	$ (131)
Nonqualified stock options, Amount	(178)
Other nontaxable and nondeductible items, Amount	20
Salaries deduction limitation, Amount		29
Nondeductible expenses, Amount		(107)
Other, Amount	(123)	252
Change in valuation allowance, Amount		(95)
Total income tax expense	$ 2,466	$ 4,033
Tax Jurisdiction of Domicile [Extensible Enumeration]	country:US	country:US
Effective income tax rate reconciliation, Percent
Income tax expense at U.S. federal statutory rate, Percent	21.00%	21.00%
State and local income taxes, net of federal income tax effect, Percent	7.90%	3.20%
Nontaxable or nondeductible items:
Restricted stock, Percent	(1.30%)
Nonqualified stock options, Percent	(1.80%)
Other nontaxable and nondeductible items, Percent	0.20%
Salaries deduction limitation, Percent		0.20%
Nondeductible expenses, Percent		(0.70%)
Other, Percent	(1.20%)	1.50%
Change in valuation allowance, Percent		(0.60%)
Income tax expense, Percent	24.80%	24.60%

Premises and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Premises and Equipment

Components of premises and equipment


	December 31,
(in thousands)	2025		2024
Land	$	1,600	$	1,600
Buildings and improvements		10,572		10,876
Leasehold improvements		4,507		4,248
Furniture, fixtures and equipment		9,082		8,695
		25,761		25,419
Less: Accumulated depreciation		(11,448)		(10,082)
Premises and equipment, net	$	14,313	$	15,337

Loans - Major classifications (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
After to adoption of ASC 326
Total loans	$ 2,000,749	$ 1,985,524
Allowance for credit losses	(18,694)	(22,779)	$ (19,658)
Total loans, net	1,982,055	1,962,745
Servicing asset	375,600	338,800
Loans sold	190,900	159,100
Net gain on sale of loans	7,345	10,940
Residential real estate
After to adoption of ASC 326
Total loans	776,995	729,254
Allowance for credit losses	(5,035)	(6,236)	(5,001)
Loans held for sale	6,400	1,400
Multifamily
After to adoption of ASC 326
Total loans	541,083	550,570
Allowance for credit losses	(3,387)	(5,284)	(4,671)
Commercial real estate
After to adoption of ASC 326
Total loans	525,569	546,257
Allowance for credit losses	(5,123)	(5,605)	(8,390)
Commercial and industrial
After to adoption of ASC 326
Total loans	145,591	145,457
Allowance for credit losses	(4,912)	(5,447)	(1,419)
Construction and land development
After to adoption of ASC 326
Total loans	11,081	13,483
Allowance for credit losses	(215)	(180)	(122)
Consumer
After to adoption of ASC 326
Total loans	430	503
Allowance for credit losses	(22)	(27)	$ (55)
SBA loans
After to adoption of ASC 326
Loans held for sale	$ 0	$ 11,000

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Measurements

Assets Measured at Fair Value on Recurring Basis


		December 31, 2025
					Fair Value Measurements Using:
					Quoted Prices In						Significant
					Active Markets			Significant Other			Unobservable
		Carrying			for Identical Assets			Observable Inputs			Inputs
(in thousands)		Amount			(Level 1)			(Level 2)			(Level 3)
Financial assets:
Available-for-sale securities:
U.S. Treasury securities		$	4,495		$	—		$	4,495		$	—
U.S. GSE residential mortgage-backed securities			18,143			—			18,143			—
U.S. GSE residential collateralized mortgage obligations			11,757			—			11,757			—
U.S. GSE commercial mortgage-backed securities			2,532			—			2,532			—
Collateralized loan obligations			32,664			—			32,664			—
Corporate bonds			29,961			—			29,961			—
Loan servicing rights			6,320			—			—			6,320
Total		$	105,872		$	—		$	99,552		$	6,320

Financial liabilities:
Derivatives		$	1,053		$	—		$	1,053		$	—


		December 31, 2024
					Fair Value Measurements Using:
					Quoted Prices In
					Active Markets						Significant
					for Identical			Significant Other			Unobservable
		Carrying			Assets			Observable Inputs			Inputs
(In thousands)		Amount			(Level 1)			(Level 2)			(Level 3)
Financial assets:
Available-for-sale securities:
U.S. Treasury securities		$	20,000		$	—		$	20,000		$	—
U.S. GSE residential mortgage-backed securities			10,645			—			10,645			—
U.S. GSE commercial mortgage-backed securities			1,503			—			1,503			—
Collateralized loan obligations			32,477			—			32,477			—
Corporate bonds			19,130			—			19,130			—
Loan servicing rights			6,016			—			—			6,016
Derivatives			68			—			68			—
Total		$	89,839		$	—		$	83,823		$	6,016

Financial liabilities:
Derivatives		$	927		$	—		$	927		$	—

Changes in mortgage servicing rights


	Year Ended December 31,
(in thousands)	2025			2024
Balance at beginning of period	$	6,016		$	4,668
Additions		1,374			2,157
Adjustment to fair value		(1,070)			(809)
Balance at end of period	$	6,320		$	6,016

Assets Measured at Fair Value on a Non-recurring Basis


		December 31, 2025
					Fair Value Measurements Using:
					Quoted Prices In						Significant
					Active Markets			Significant Other			Unobservable
		Carrying			for Identical Assets			Observable Inputs			Inputs
(in thousands)		Amount			(Level 1)			(Level 2)			(Level 3)
Collateral-dependent loans:
Multifamily		$	378		$	—		$	—		$	378
Commercial real estate			991			—			—			991
Commercial and industrial			6,084			—			—			6,084
Other real estate owned, net:
Commercial real estate			650			—			—			650

Summary of additional quantitative information about level 3 fair value measured at fair value on non-nonrecurring

Range

December 31, 2025

Fair Value

Valuation Technique

Unobservable Input

(Weighted Average)

(Dollar in thousands)

Collateral-dependent loans:

Multifamily

378

Income approach

Capitalization rate

4.00% - 9.40%

(8.50%)

Commercial real estate

991

Sales comparison

Comparable sales

5.00% - 20.00%

approach

adjustments

(10.00%)

Commercial and industrial

6,084

Income approach

Capitalization rate

5.00% - 9.50%

(8.50%)

Other real estate owned:

Commercial real estate

650

Income approach

Capitalization rate

5.50% -12.00%

 

(9.00%)

Financial Instruments Not Measured at Fair Value


	December 31, 2025
				Fair Value Measurements Using:
				Quoted Prices In
				Active Markets				Significant
				for Identical		Significant Other		Unobservable
	Carrying			Assets		Observable Inputs		Inputs		Total Fair
(In thousands)	Amount			(Level 1)		(Level 2)		(Level 3)		Value
Financial assets:
Cash and cash equivalents	$	208,904		$	208,904	$	—	$	—	$	208,904
Securities held-to-maturity		1,017			—		976		—		976
Loans, net		1,982,055			—		—		1,981,457		1,981,457
Accrued interest receivable		11,780			—		1,165		10,615		11,780

Financial liabilities:
Time deposits		509,896			—		510,703		—		510,703
Demand and other deposits		1,518,491			1,518,491		—		—		1,518,491
Borrowings		100,725			—		101,510		—		101,510
Subordinated debentures		24,743			—		26,342		—		26,342
Accrued interest payable		1,741			11		1,730		—		1,741


	December 31, 2024
			Fair Value Measurements Using:
			Quoted Prices In
			Active Markets						Significant
			for Identical			Significant Other			Unobservable
	Carrying		Assets			Observable Inputs			Inputs		Total Fair
(In thousands)	Amount		(Level 1)			(Level 2)			(Level 3)		Value
Financial assets:
Cash and cash equivalents	$	162,857	$	162,857		$	—		$	—	$	162,857
Securities held-to-maturity		3,758		—			3,609			—		3,609
Loans, net		1,962,745		—			—			1,940,452		1,940,452
Accrued interest receivable		11,849		—			931			10,918		11,849

Financial liabilities:
Time deposits		497,770		—			498,226			—		498,226
Demand and other deposits		1,456,513		1,456,513			—			—		1,456,513
Borrowings		107,805		—			107,530			—		107,530
Subordinated debentures		24,689		—			30,909			—		30,909
Accrued interest payable		1,532		5			1,527			—		1,532

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Subordinated Debentures

12 Months Ended

Dec. 31, 2025

Subordinated Debentures

Subordinated Debentures

Note 8. Subordinated Debentures

In October 2020, the Company completed the private placement of $25.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2030 (the “Notes”) to certain qualified institutional buyers and accredited investors. The Notes bore interest, payable semi-annually, at the rate of 5.00% per annum, until October 15, 2025. From and including October 15, 2025 through maturity or earlier redemption, the interest rate applicable to the outstanding principal amount due will reset quarterly to the then current three-month Term Secured Overnight Financing Rate (“SOFR”) plus 487.4 basis points payable quarterly in arrears on January 15, April 15, July 15, and October 15 of each year, commencing on January 15, 2026. As of December 31, 2025, the variable interest rate was 8.76%. The Company may, at its option, on any upcoming scheduled interest payment date, redeem the Notes, in whole or in part, subject to the receipt of any required regulatory approval. The Notes are not subject to redemption at the option of the holders of the Notes. The portion of the proceeds of these subordinated notes contributed to the Bank is included as a component of the Bank’s Tier 1 capital for regulatory reporting.

At December 31, 2025 and 2024, the unamortized issuance costs of the Notes were $257 thousand and $311 thousand, respectively. For each of the years ended December 31, 2025 and 2024, $54 thousand of issuance costs were recorded in interest expense. The Notes are presented net of unamortized issuance costs in the Company’s Consolidated Statements of Financial Condition.

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets


		December 31,
(in thousands)		2025		2024
Goodwill at beginning of period		$	19,168	$	19,168
Acquisition			—		—
Measurement period adjustment for previous acquisition			—		—
Goodwill at end of period		$	19,168	$	19,168
Other intangible assets at beginning of period		$	250	$	311
Acquisition			—		—
Amortization			(54)		(61)
Other intangible assets at end of period		$	196	$	250

Core Deposit Intangible Assets


		December 31,
(in thousands)		2025		2024
Gross carrying amount		$	517	$	517
Accumulated amortization			(321)		(267)
Net book value		$	196	$	250

Estimated Future Amortization Expense for Other Intangible Assets


(in thousands)
2026	$	47
2027		42
2028		36
2029		32
2030		28
Thereafter		11
Total	$	196

Summary of Significant Accounting Policies - Operating Segments (Details)	12 Months Ended
	Dec. 31, 2025 segment
Operating Segments [Abstract]
Number of reportable segments	1
Number of operating segment	1

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contracts with Customers

Sources of Non-Interest Income


		Year Ended December 31,
(in thousands)		2025		2024
Loan servicing and fee income⁽¹⁾		$	4,270	$	3,690
Service charges on deposit accounts			750		469
Net gain on sale of loans held-for-sale⁽¹⁾			7,345		10,940
Net gain on sale of investments available-for-sale⁽¹⁾			215		31
Other income⁽²⁾			263		209
Total non-interest income		$	12,843	$	15,339

(1)	Not included within the scope of ASC 606

(2)

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Loans to related parties
Beginning balance	$ 1,804
New loans	0
Effect of changes in composition of related parties	0
Repayments	(133)
Ending balance	1,671
Related party deposit liabilities	$ 38,000	$ 19,300

Summary of Significant Accounting Policies - Foreclosed Assets and Premises and Equipment (Details)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Premises and Equipment [Abstract]
Carrying value included in other assets	$ 650,000	$ 0
Building
Premises and Equipment [Abstract]
Useful lives	39 years
Furniture, fixtures and equipment \| Minimum
Premises and Equipment [Abstract]
Useful lives	2 years
Furniture, fixtures and equipment \| Maximum
Premises and Equipment [Abstract]
Useful lives	10 years
Other real estate
Premises and Equipment [Abstract]
Number of real estate properties owned	1

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share

Calculations of Basic and Diluted Earnings Per Share


		Year Ended December 31,
(in thousands, except share and per share data)		2025		2024

Net income available to common stockholders		$	7,488	$	12,346
Less: Dividends paid and earnings allocated to participating securities			(194)		(384)
Income attributable to common stock		$	7,294	$	11,962
Weighted average common shares outstanding, including participating securities			7,471,442		7,403,758
Less: Weighted average participating securities			(214,578)		(245,599)
Weighted average common shares outstanding			7,256,864		7,158,159
Basic EPS		$	1.01	$	1.67

Income attributable to common stock		$	7,294	$	11,962
Weighted average common shares outstanding			7,256,864		7,158,159
Weighted average common equivalent shares outstanding			5,916		28,983
Weighted average common and equivalent shares outstanding			7,262,780		7,187,142
Diluted EPS		$	1.00	$	1.66

Borrowings

12 Months Ended

Dec. 31, 2025

Borrowings

Borrowings

Note 7. Borrowings

Federal Home Loan Bank (“FHLB”) Advances

At December 31, 2025 and 2024, FHLB term borrowings outstanding were $100.7 million and $107.8 million, respectively, all of which were fixed rate.

There were no FHLB overnight borrowings outstanding at December 31, 2025 and 2024.

The following tables set forth the contractual maturities in the next five years and weighted average interest rates of the Company’s fixed rate FHLB advances (dollars in thousands):


	Balance at December 31,
	2025
			Weighted
Contractual Maturity	Amount		Average Rate
Overnight	$	—	—	%

2026, rates from 4.29% to 4.98%		40,475	4.50	%
2027, rates from 4.13% to 4.74%		40,250	4.32	%
2028, rates from 3.99% to 4.58%		20,000	4.18	%
Total term advances		100,725	4.36	%
Total FHLB advances	$	100,725	4.36	%


	Balance at December 31,
	2024
			Weighted
Contractual Maturity	Amount		Average Rate
Overnight	$	—	—	%

2025, rates from 0.56% to 0.59%		7,080	0.58	%
2026, rates from 4.29% to 4.98%		40,475	4.50	%
2027, rates from 4.13% to 4.74%		40,250	4.32	%
2028, rates from 3.99% to 4.58%		20,000	4.18	%
Total term advances		107,805	4.11	%
Total FHLB advances	$	107,805	4.11	%

Each advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The advances were collateralized by residential and commercial mortgage loans under a blanket lien arrangement at December 31, 2025 and 2024. Based on this collateral and the Company’s holdings of FHLB stock, the Company was eligible to borrow up to an additional total of $8.9 million and $97.9 million at December 31, 2025 and 2024, respectively.

Federal Reserve Borrowings

The Company pledges residential and commercial loans and investments to the Federal Reserve Bank of New York’s Discount Window. Based on this collateral, the Company was eligible to borrow up to $97.3 million and $247.2 million as of December 31, 2025 and 2024, respectively. The Company did not have any outstanding borrowings against this line as of December 31, 2025 and 2024.

Correspondent Bank Borrowings

At December 31, 2025, approximately $92 million in unsecured lines of credit extended by correspondent banks were available to be utilized for short-term funding purposes. No borrowings were outstanding under lines of credit with correspondent banks at December 31, 2025 and 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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+ Details

Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Estimated future amortization expense
2026	$ 47
2027	42
2028	36
2029	32
2030	28
Thereafter	11
Total	$ 196

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2025	Mar. 06, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Securities Act File Number	001-41384
Entity Registrant Name	Hanover Bancorp, Inc. /MD
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	81-3324480
Entity Address, Address Line One	80 East Jericho Turnpike
Entity Address, City or Town	Mineola
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11501
City Area Code	516
Local Phone Number	548-8500
Title of 12(b) Security	Common stock
Trading Symbol	HNVR
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 130.9
Entity Common Stock, Shares Outstanding		7,172,128
Documents Incorporated by Reference [Text Block]	Portions of the definitive Proxy Statement for the Registrant’s 2026 Annual Meeting of Shareholders are incorporated by reference in Part III.
Entity Central Index Key	0001828588
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Crowe LLP
Auditor Firm ID	173
Auditor Location	Livingston, New Jersey

Equity Compensation Plans - Stock Option Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Equity Compensation Plans
Intrinsic value of options exercised	$ 847	$ 736
Cash received from option exercises		103
Tax benefit from option exercises	$ 296	$ 229

Regulatory Matters (Tables)

12 Months Ended

Dec. 31, 2025

Regulatory Matters

Capital Amounts and Ratios

The following table sets forth the Bank’s actual and required capital amounts (in thousands) and ratios under current regulations:


												Minimum Capital					Minimum to Be Well
												Adequacy Requirement					Capitalized Under
							Minimum Capital					with Capital					Prompt Corrective
		Actual Capital					Adequacy Requirement					Conservation Buffer					Action Provisions
		Amount			Ratio		Amount			Ratio		Amount			Ratio		Amount			Ratio
December 31, 2025
Total capital to risk-weighted assets		$	222,739		14.06	%	$	126,770		8.00	%	$	166,385		10.50	%	$	158,462		10.00	%
Tier 1 capital to risk-weighted assets			204,431		12.90	%		95,077		6.00	%		134,693		8.50	%		126,770		8.00	%
Common equity tier 1 capital to risk-weighted assets			204,431		12.90	%		71,308		4.50	%		110,923		7.00	%		103,000		6.50	%
Tier 1 capital to average total assets			204,431		9.05	%		90,398		4.00	%		N/A		N/A			112,997		5.00	%

December 31, 2024
Total capital to risk-weighted assets		$	220,696		14.58	%	$	121,127		8.00	%	$	158,979		10.50	%	$	151,408		10.00	%
Tier 1 capital to risk-weighted assets			201,744		13.32	%		90,845		6.00	%		128,697		8.50	%		121,127		8.00	%
Common equity tier 1 capital to risk-weighted assets			201,744		13.32	%		68,134		4.50	%		105,986		7.00	%		98,416		6.50	%
Tier 1 capital to average total assets			201,744		9.13	%		88,382		4.00	%		N/A		N/A			110,478		5.00	%

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Note 10. Goodwill and Other Intangible Assets

The Company performs an impairment test on goodwill annually, or more frequently if events or changes in circumstance indicate that the asset might be impaired, by comparing the fair value of such goodwill to its recorded or carrying amount. If the carrying amount of goodwill exceeds the fair value, an impairment charge must be recorded in an amount equal to the excess.

The following table presents activity for goodwill and other intangible assets, which consist of core deposit intangibles (included in other liabilities):


		December 31,
(in thousands)		2025		2024
Goodwill at beginning of period		$	19,168	$	19,168
Acquisition			—		—
Measurement period adjustment for previous acquisition			—		—
Goodwill at end of period		$	19,168	$	19,168
Other intangible assets at beginning of period		$	250	$	311
Acquisition			—		—
Amortization			(54)		(61)
Other intangible assets at end of period		$	196	$	250

The Company has identified the reporting unit for purposes of testing goodwill for impairment, the Bank, which is a component of the operating segment.

In assessing impairment, the Company has the option to perform a qualitative analysis to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If, after assessing the totality of such events or circumstances, the Company determines it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then the Company would not be required to perform a quantitative impairment test.

The Company elected to perform a quantitative impairment analysis at November 30, 2025. The annual quantitative assessment of goodwill for the reporting unit was performed utilizing a discounted cash flow analysis (“income approach”) and estimates of selected market information (“market approaches”). The income approach measures the fair value of an interest in a business by discounting expected future cash flows to present value. The market approaches take into consideration fair values of comparable companies operating in similar lines of business that are potentially subject to similar economic and environmental factors and could be considered reasonable investment alternatives. The result of the income approach was weighted 50% and the results of the market approaches comprised the remaining 50% in determining the fair value of the reporting unit. The results of the annual quantitative impairment analysis indicated that the fair value exceeded the carrying value of the reporting unit.

No impairment charges were required to be recorded in the years ended December 31, 2025 and 2024.

The following table presents the gross carrying amount and accumulated amortization for the Company’s other intangible assets, which consist of core deposit intangibles:


		December 31,
(in thousands)		2025		2024
Gross carrying amount		$	517	$	517
Accumulated amortization			(321)		(267)
Net book value		$	196	$	250

At December 31, 2025, the weighted-average remaining life of the Company’s other intangible assets was 2.92 years.

The following table presents estimated future amortization expense for other intangible assets:


(in thousands)
2026	$	47
2027		42
2028		36
2029		32
2030		28
Thereafter		11
Total	$	196

Derivatives - Cash flow hedges included in the consolidated statements of financial condition (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Assets, Notional Amount		$ 25,000
Fair Value Asset		$ 68
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Other assets
Liabilities, Notional Amount	$ 125,000	$ 100,000
Fair Value Liability	(1,053)	(927)
Interest rate swap \| Cash flow hedge
Derivative [Line Items]
Assets, Notional Amount		25,000
Fair Value Asset		68
Liabilities, Notional Amount	75,000	50,000
Fair Value Liability	(594)	$ (451)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]		Other liabilities
Interest rate swap \| Fair value hedges
Derivative [Line Items]
Liabilities, Notional Amount	50,000	$ 50,000
Fair Value Liability	$ (459)	$ (476)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities

Parent Company Only Condensed Financial Information (Tables)

12 Months Ended

Dec. 31, 2025

Parent Company Only Condensed Financial Information

Condensed Balance Sheets


		December 31,
(in thousands)		2025		2024
ASSETS
Cash and due from banks		$	144	$	782
Investment in Bank			223,880		219,675
Other assets			1,467		1,176
Total Assets		$	225,491	$	221,633

LIABILITIES AND STOCKHOLDERS' EQUITY
Subordinated debentures		$	24,743	$	24,689
Accrued interest payable			475		260
Accrued expenses and other liabilities			7		46
Total Liabilities			25,225		24,995
Total Stockholders' Equity			200,266		196,638
Total Liabilities and Stockholders' Equity		$	225,491	$	221,633

Condensed Statements of Income


		Year Ended December 31,
(in thousands)		2025		2024
Dividends received from Bank		$	6,900	$	5,150
Interest expense			(1,519)		(1,304)
Non-interest expense			(139)		(131)
Income before income taxes and equity in undistributed earnings of the Bank			5,242		3,715
Income tax benefit			267		243
Equity in undistributed earnings of the Bank			1,979		8,388
Net income		$	7,488	$	12,346

Condensed Statements of Cash Flows


		Year Ended December 31,
(in thousands)		2025		2024
Cash flows from operating activities:
Net income		$	7,488	$	12,346
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed earnings of the Bank			(1,979)		(8,388)
Amortization of debt issuance costs			54		54
Increase in other assets			(291)		(343)
Increase in accrued interest payable			215		—
Decrease in accrued expenses and other liabilities			(39)		—
Net cash provided by operating activities			5,448		3,669

Cash flows from financing activities:
Exercise of stock options, net			(468)		(68)
Payments related to tax withholding for equity awards			(779)		(198)
Repurchase of common stock			(1,830)		—
Cash dividends paid			(3,009)		(2,960)
Net cash used in financing activities			(6,086)		(3,226)

Net (decrease) increase in cash and due from banks			(638)		443
Cash and due from banks, beginning of period			782		339
Cash and due from banks, end of period		$	144	$	782

Loan Commitments and Other Related Activities

12 Months Ended

Dec. 31, 2025

Loan Commitments and Other Related Activities

Loan Commitments and Other Related Activities

Note 14. Loan Commitments and Other Related Activities

Some financial instruments such as loan commitments, credit lines, letters of credit, and overdraft protection are issued to meet customer financing needs. These are agreements to provide credit or to support the credit of others, as long as conditions established in the contract are met, and usually have expiration dates. Commitments may expire without being used. Off-balance-sheet risk of credit loss exists up to the face amount of these instruments, although material losses are not anticipated. The same credit policies are used to make such commitments as are used for loans, including obtaining collateral at exercise of the commitment.

The contractual amounts of financial instruments with off-balance sheet risk were as follows:


	December 31,
	2025				2024
(in thousands)	Fixed Rate		Variable Rate		Fixed Rate		Variable Rate

Standby letters of credit	$	805	$	—	$	812	$	—
Loan commitments outstanding		22,489		18,108		3,008		34,596
Unused lines of credit		12,997		107,351		14,415		78,501

Commitments to make loans are generally made for periods of 60 days or less. The fixed rate loan commitments at December 31, 2025 have interest rates ranging from 5.62% to 7.15% and maturities ranging from 1 year to 30 years. The fixed rate loan commitments at December 31, 2024 have interest rates ranging from 6.625% to 7.75% and maturities ranging from 3 years to 30 years.

Borrowings (Tables)

12 Months Ended

Dec. 31, 2025

Borrowings

Schedule of contractual maturities and weighted average interest rates of Company's fixed rate FHLB advances

The following tables set forth the contractual maturities in the next five years and weighted average interest rates of the Company’s fixed rate FHLB advances (dollars in thousands):


	Balance at December 31,
	2025
			Weighted
Contractual Maturity	Amount		Average Rate
Overnight	$	—	—	%

2026, rates from 4.29% to 4.98%		40,475	4.50	%
2027, rates from 4.13% to 4.74%		40,250	4.32	%
2028, rates from 3.99% to 4.58%		20,000	4.18	%
Total term advances		100,725	4.36	%
Total FHLB advances	$	100,725	4.36	%


	Balance at December 31,
	2024
			Weighted
Contractual Maturity	Amount		Average Rate
Overnight	$	—	—	%

2025, rates from 0.56% to 0.59%		7,080	0.58	%
2026, rates from 4.29% to 4.98%		40,475	4.50	%
2027, rates from 4.13% to 4.74%		40,250	4.32	%
2028, rates from 3.99% to 4.58%		20,000	4.18	%
Total term advances		107,805	4.11	%
Total FHLB advances	$	107,805	4.11	%

Parent Company Only Condensed Financial Information, Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Condensed Statements of Income
Non-interest expense	$ (52,984)	$ (47,112)
Income tax benefit	(2,466)	(4,033)
NET INCOME	7,488	12,346
Parent Company
Condensed Statements of Income
Dividends received from Bank	6,900	5,150
Interest expense	(1,519)	(1,304)
Non-interest expense	(139)	(131)
Income before income taxes and equity in undistributed earnings of the Bank	5,242	3,715
Income tax benefit	267	243
Equity in undistributed earnings of the Bank	1,979	8,388
NET INCOME	$ 7,488	$ 12,346

- Definition

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+ References + Details

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+ Details

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Fair Value Measurements - Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 208,904	$ 162,857
Securities held-to-maturity	1,017	3,758
Loans, net	1,982,055	1,962,745
Accrued interest receivable	11,780	11,849
Financial liabilities:
Time deposits	509,896	497,770
Demand and other deposits	1,518,491	1,456,513
Borrowings	100,725	107,805
Subordinated debentures	24,743	24,689
Accrued interest payable	1,741	1,532
As Adjusted
Financial assets:
Cash and cash equivalents	208,904	162,857
Securities held-to-maturity	976	3,609
Loans, net	1,981,457	1,940,452
Accrued interest receivable	11,780	11,849
Financial liabilities:
Time deposits	510,703	498,226
Demand and other deposits	1,518,491	1,456,513
Borrowings	101,510	107,530
Subordinated debentures	26,342	30,909
Accrued interest payable	1,741	1,532
As Adjusted \| Quoted Prices In Active Markets for Identical Assets (Level 1)
Financial assets:
Cash and cash equivalents	208,904	162,857
Securities held-to-maturity	0
Loans, net	0
Accrued interest receivable	0
Financial liabilities:
Time deposits	0
Demand and other deposits	1,518,491	1,456,513
Borrowings	0
Subordinated debentures	0
Accrued interest payable	11	5
As Adjusted \| Significant Other Observable Inputs (Level 2)
Financial assets:
Cash and cash equivalents	0
Securities held-to-maturity	976	3,609
Loans, net	0
Accrued interest receivable	1,165	931
Financial liabilities:
Time deposits	510,703	498,226
Demand and other deposits	0
Borrowings	101,510	107,530
Subordinated debentures	26,342	30,909
Accrued interest payable	1,730	1,527
As Adjusted \| Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents	0
Securities held-to-maturity	0
Loans, net	1,981,457	1,940,452
Accrued interest receivable	10,615	$ 10,918
Financial liabilities:
Time deposits	0
Demand and other deposits	0
Borrowings	0
Subordinated debentures	0
Accrued interest payable	$ 0

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Schedule of pretax income from continuing operations


	Year Ended
	December 31,
(in thousands)	2025

Domestic	$	9,954
Foreign		—
Total	$	9,954

Schedule of income tax expense (benefit) from continuing operations


	Year Ended December 31,
(in thousands)	2025		2024
Current:
Federal	$	(73)	$	2,565
State		833		874
Total current		760		3,439
Deferred:
Federal		1,850		578
State		(144)		16	^(a)
Total deferred		1,706		594
Total income tax expense	$	2,466	$	4,033

Schedule of effective income tax rate reconciliation


	Year Ended December 31,
	2025
			Percentage
			of Pretax
(dollars in thousands)	Amount		Income
Income tax expense at U.S. federal statutory rate	$	2,090	21.0	%
State and local income taxes, net of federal income tax effect ⁽¹⁾		788	7.9	%
Nontaxable or nondeductible items:
Restricted stock		(131)	(1.3)	%
Nonqualified stock options		(178)	(1.8)	%
Other nontaxable and nondeductible items		20	0.2	%
Other		(123)	(1.2)	%
Income tax expense	$	2,466	24.8	%


	Year Ended December 31,
	2024
			Percentage
			of Pretax
(dollars in thousands)	Amount		Income
Federal income tax expense computed by applying the statutory rate to income before income taxes	$	3,439	21.0	%
State taxes, net of federal benefit		515	3.2	%
Salaries deduction limitation		29	0.2	%
Nondeductible expenses		(107)	(0.7)	%
Other		252	1.5	%
Change in valuation allowance		(95)	(0.6)	%
Income tax expense	$	4,033	24.6	%

Schedule of components of income taxes paid


	Year Ended
	December 31,
(in thousands)	2025

Federal	$	1,360
State:
New Jersey		135
New York State		616
New York City		360
Other		110
Total	$	2,581

Schedule of composition of deferred tax assets and liabilities


		December 31,
(in thousands)		2025		2024
Deferred tax assets:
Allowance for credit losses and other contingent liabilities		$	5,847	$	6,814
Operating lease liability			2,731		2,663
Net operating loss carryforwards			4,775		3,041
Compensation and related benefit obligations			667		950
Accrued SERP			983		996
Unrealized loss on securities AFS			62		294
Unrealized loss on derivatives			131		100
Purchase accounting fair value adjustments			163		183
Total deferred tax assets			15,359		15,041
Deferred tax liabilities:
Deferred fees and costs			(7,470)		(6,527)
Operating lease asset			(2,516)		(2,460)
Depreciation			(967)		(919)
Unrealized gain on derivatives			—		(15)
Mortgage servicing rights			(9)		(12)
Other			(183)		(114)
Total deferred tax liabilities			(11,145)		(10,047)
Total			4,214		4,994
Valuation allowance			(4,567)		(3,425)
Net deferred tax (liability) asset		$	(353)	$	1,569

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Noninterest Income [Abstract]
Total non-interest income	$ 12,843	$ 15,339
Loan servicing and fee income
Noninterest Income [Abstract]
Revenue from contracts with customers, not included within the scope of ASC 606	4,270	3,690
Service charges on deposit accounts
Noninterest Income [Abstract]
Revenue from contracts with customers in the scope of ASC 606	750	469
Net gain on sale of loans held-for-sale
Noninterest Income [Abstract]
Revenue from contracts with customers, not included within the scope of ASC 606	7,345	10,940
Net gain on sale of investments available-for-sale
Noninterest Income [Abstract]
Revenue from contracts with customers, not included within the scope of ASC 606	215	31
Other income
Noninterest Income [Abstract]
Revenue from contracts with customers, not included within the scope of ASC 606	263	209
Merchant card processing fees
Noninterest Income [Abstract]
Revenue from contracts with customers in the scope of ASC 606	38	48
Loan related fee income, recoveries on acquired loans and miscellaneous income
Noninterest Income [Abstract]
Revenue from contracts with customers, not included within the scope of ASC 606	$ 225	$ 161

Income Taxes - Pretax income from continuing operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Taxes
Domestic	$ 9,954
Income before income tax expense	$ 9,954	$ 16,379

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Taxes

Income Taxes

Note 11. Income Taxes

Pretax income from continuing operations is as follows:


	Year Ended
	December 31,
(in thousands)	2025

Domestic	$	9,954
Foreign		—
Total	$	9,954

Income tax expense (benefit) from continuing operations was as follows:


	Year Ended December 31,
(in thousands)	2025		2024
Current:
Federal	$	(73)	$	2,565
State		833		874
Total current		760		3,439
Deferred:
Federal		1,850		578
State		(144)		16	^(a)
Total deferred		1,706		594
Total income tax expense	$	2,466	$	4,033

(a)	The components of the State deferred income tax expense for the year ended December 31, 2024, are presented net of the valuation allowance in accordance with ASU 2023-09.

The Company adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures effective January 1, 2025 on a prospective basis for annual reporting periods. The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company's effective rate for the year ended December 31, 2025 in accordance with ASU 2023-09:


	Year Ended December 31,
	2025
			Percentage
			of Pretax
(dollars in thousands)	Amount		Income
Income tax expense at U.S. federal statutory rate	$	2,090	21.0	%
State and local income taxes, net of federal income tax effect ⁽¹⁾		788	7.9	%
Nontaxable or nondeductible items:
Restricted stock		(131)	(1.3)	%
Nonqualified stock options		(178)	(1.8)	%
Other nontaxable and nondeductible items		20	0.2	%
Other		(123)	(1.2)	%
Income tax expense	$	2,466	24.8	%

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

The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company's effective rate for the year ended December 31, 2024:


	Year Ended December 31,
	2024
			Percentage
			of Pretax
(dollars in thousands)	Amount		Income
Federal income tax expense computed by applying the statutory rate to income before income taxes	$	3,439	21.0	%
State taxes, net of federal benefit		515	3.2	%
Salaries deduction limitation		29	0.2	%
Nondeductible expenses		(107)	(0.7)	%
Other		252	1.5	%
Change in valuation allowance		(95)	(0.6)	%
Income tax expense	$	4,033	24.6	%

The components of income taxes paid for the year ended December 31, 2025, were as follows:


	Year Ended
	December 31,
(in thousands)	2025

Federal	$	1,360
State:
New Jersey		135
New York State		616
New York City		360
Other		110
Total	$	2,581

At December 31, 2025, net deferred tax liability (included in other liabilities) was $0.4 million. At December 31, 2024, net deferred tax asset (included in other assets) was $1.6 million. The following table summarizes the composition of deferred tax assets and liabilities:


		December 31,
(in thousands)		2025		2024
Deferred tax assets:
Allowance for credit losses and other contingent liabilities		$	5,847	$	6,814
Operating lease liability			2,731		2,663
Net operating loss carryforwards			4,775		3,041
Compensation and related benefit obligations			667		950
Accrued SERP			983		996
Unrealized loss on securities AFS			62		294
Unrealized loss on derivatives			131		100
Purchase accounting fair value adjustments			163		183
Total deferred tax assets			15,359		15,041
Deferred tax liabilities:
Deferred fees and costs			(7,470)		(6,527)
Operating lease asset			(2,516)		(2,460)
Depreciation			(967)		(919)
Unrealized gain on derivatives			—		(15)
Mortgage servicing rights			(9)		(12)
Other			(183)		(114)
Total deferred tax liabilities			(11,145)		(10,047)
Total			4,214		4,994
Valuation allowance			(4,567)		(3,425)
Net deferred tax (liability) asset		$	(353)	$	1,569

The Company does not have net operating loss carryforwards available for federal income tax purposes as of December 31, 2025. The Company has net operating loss carryforwards available for state income tax purposes of approximately $52.2 million. For state purposes, $9.2 million expires in 2035 and the remaining balance of $43.0 million will begin to expire in 2036. The Company has net operating loss carryforwards for city income tax purposes of approximately $18.4 million, of which $18.4 million will begin to expire in 2037.

The Company has recorded a federal deferred tax asset as, based upon an analysis of the evidence, it is more likely than not that such federal deferred tax asset will be recoverable. In March of 2014, New York State adopted legislation that benefited small community banks with less than $8 billion in average assets. Specifically, this legislation provides for a state and city subtraction modification for which the Company qualifies. This subtraction modification causes the Company to consistently generate net operating losses for New York State and New York City purposes and it will continue to do so for the foreseeable future. Accordingly, the Company has recorded a valuation allowance against the New York State and New York City portions of the deferred tax asset, as it is not more likely than not that such deferred tax assets will be recoverable. Management reassesses the need for a valuation allowance on an annual basis, or more frequently if warranted.

The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of the states of Alabama, Connecticut, Florida, Georgia, Kansas, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Utah and the city of New York. The Company is generally no longer subject to examination by taxing authorities for years before 2022. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination. The Company has unrecorded tax benefits, and the Company does not expect the total amount of unrecognized income tax benefits to significantly increase in the next twelve months.

- Definition

The entire disclosure for income tax.

+ References

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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events

Subsequent Events

Note 22. Subsequent Events

On January 29, 2026 the Company’s Board of Directors declared a quarterly cash dividend of $0.10 per share on the Company’s common and preferred stock. The dividend was paid on February 26, 2026 to shareholders of record on February 12, 2026.

On March 12, 2026, the Company completed the private placement of $35 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2036 (the “Notes”) to certain qualified institutional buyers and accredited investors. The Notes will initially bear interest, payable semi-annually, at the rate of 7.25% per annum, until March 15, 2031. From and including March 15, 2031, the interest rate applicable to the outstanding principal amount due will reset quarterly to the then current three-month secured overnight financing rate (SOFR) plus 386 basis points.

The Company intends to use the net proceeds to redeem the Company’s outstanding $25 million in aggregate principal amount of subordinated notes and for general corporate purposes, including contributing equity capital to the Bank.

Income Taxes - Composition of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Allowance for credit losses and other contingent liabilities	$ 5,847	$ 6,814
Operating lease liability	2,731	2,663
Net operating loss carryforwards	4,775	3,041
Compensation and related benefit obligations	667	950
Accrued SERP	983	996
Unrealized loss on securities AFS	62	294
Unrealized loss on derivatives	131	100
Purchase accounting fair value adjustments	163	183
Total deferred tax assets	15,359	15,041
Deferred tax liabilities:
Deferred fees and costs	(7,470)	(6,527)
Operating lease asset	(2,516)	(2,460)
Depreciation	(967)	(919)
Unrealized gain on derivatives		(15)
Mortgage servicing rights	(9)	(12)
Other	(183)	(114)
Total deferred tax liabilities	(11,145)	(10,047)
Total	4,214	4,994
Valuation allowance	(4,567)	(3,425)
Net deferred tax asset		$ 1,569
Net deferred tax liability	$ (353)

Loans

12 Months Ended

Dec. 31, 2025

Loans

Loans

Note 3. Loans

The following table sets forth the major classifications of loans:


	December 31,
(in thousands)	2025		2024

Residential real estate	$	776,995	$	729,254
Multifamily		541,083		550,570
Commercial real estate		525,569		546,257
Commercial and industrial		145,591		145,457
Construction and land development		11,081		13,483
Consumer		430		503
Total loans		2,000,749		1,985,524
Allowance for credit losses		(18,694)		(22,779)
Total loans, net	$	1,982,055	$	1,962,745

The Company had $0 and $11.0 million of SBA loans held for sale at December 31, 2025 and 2024, respectively. The Company had $6.4 million and $1.4 million of residential real estate loans held for sale at December 31, 2025 and 2024, respectively.

As of December 31, 2025 and 2024, the Company was servicing approximately $375.6 million and $338.8 million, respectively, of loans for others. In the years ended December 31, 2025 and 2024, the Company sold approximately $190.9 million and $159.1 million, respectively, of loans and recognized gains on the sales of loans of $7.3 million and $10.9 million, respectively.

The Company continuously monitors the credit quality of its loan receivables. Credit quality is monitored by reviewing certain credit quality indicators. Management has determined that internally assigned credit risk ratings by loan segment are the key credit quality indicators that best assist management in monitoring the credit quality of the Company’s loan receivables.

The Company has adopted a credit risk rating system as part of the risk assessment of its loan portfolio. The Company’s lending officers are required to assign a credit risk rating to each loan in their portfolio at origination. When the lender learns of important financial developments, the risk rating is reviewed and adjusted if necessary. In addition, the Company engages a third-party independent loan reviewer that performs semi-annual reviews of a sample of loans, validating the credit risk ratings assigned to such loans. The credit risk ratings play an important role in the establishment of the credit loss provision and to confirm the adequacy of the allowance for credit losses.

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes commercial loans individually by classifying the loans as to credit risk. The Company uses the following definitions for risk ratings:

Special Mention: The loan has potential weaknesses that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of repayment prospects for the asset or in the Company’s credit position at some future date.

Substandard: The loan is inadequately protected by current sound worth and paying capacity of the obligor or collateral pledged, if any. Loans classified as Substandard must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Doubtful: The loan has all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing factors, conditions, and values, highly questionable and improbable.

Loans not meeting the criteria above are considered to be pass rated loans.

The following table summarizes the Company’s loans by year of origination and internally assigned credit risk at December 31, 2025 and gross charge-offs for the year ended December 31, 2025:


																Revolving
	Term Loans Amortized Cost by Origination Year													Revolving		Loans to
(in thousands)	2025		2024		2023		2022		2021			Prior		Loans		Term Loans			Total
Residential real estate ⁽¹⁾
Pass	$	141,755	$	77,692	$	161,707	$	176,313	$	50,906		$	133,911	$	—	$	25,459		$	767,743
Special Mention		—		—		—		1,184		1,185			1,449		—		—			3,818
Substandard		1,136		376		—		—		—			3,383		—		—			4,895
Total Residential real estate		142,891		78,068		161,707		177,497		52,091			138,743		—		25,459			776,456
Current period gross charge-offs	$	—	$	—	$	304	$	327	$	59		$	19	$	—	$	—		$	709

Multifamily
Pass		25,386		2,734		3,343		274,404		154,614			80,153		—		—			540,634
Special Mention		—		—		—		—		—			—		—		—			—
Substandard		—		—		—		—		—			449		—		—			449
Total Multifamily		25,386		2,734		3,343		274,404		154,614			80,602		—		—			541,083
Current period gross charge-offs		—		—		—		—		—			33		—		—			33

Commercial real estate
Pass		65,373		62,277		59,357		156,010		56,447			100,094		—		—			499,558
Special Mention		1,182		4,967		—		2,054		7,473			2,385		—		—			18,061
Substandard		—		5,563		1,699		—		—			688		—		—			7,950
Total Commercial real estate		66,555		72,807		61,056		158,064		63,920			103,167		—		—			525,569
Current period gross charge-offs		—		—		1,081		—		305			223		—		—			1,609

Commercial and industrial
Pass		39,132		27,187		46,472		7,210		5,015			3,368		—		—			128,384
Special Mention		—		1,428		5,083		—		939			317		—		—			7,767
Substandard		—		114		7,772		477		237			840		—		—			9,440
Total Commercial and industrial		39,132		28,729		59,327		7,687		6,191			4,525		—		—			145,591
Current period gross charge-offs		—		2,496		5,392		3,000		717			233		—		—			11,838

Construction and land development
Pass		5,855		1,463		—		—		—			—		—		—			7,318
Special Mention		—		—		—		—		3,763			—		—		—			3,763
Substandard		—		—		—		—		—			—		—		—			—
Total Construction and land development		5,855		1,463		—		—		3,763			—		—		—			11,081
Current period gross charge-offs		—		—		—		—		—			—		—		—			—

Consumer
Pass		39		124		209		58		—			—		—		—			430
Special Mention		—		—		—		—		—			—		—		—			—
Substandard		—		—		—		—		—			—		—		—			—
Total Consumer		39		124		209		58		—			—		—		—			430
Current period gross charge-offs		—		—		—		—		—			—		—		—			—

Total Loans	$	279,858	$	183,925	$	285,642	$	617,710	$	280,579		$	327,037	$	—	$	25,459		$	2,000,210

Total Gross charge-offs	$	—	$	2,496	$	6,777	$	3,327	$	1,081		$	508	$	—	$	—		$	14,189

(1)

Certain fixed rate residential mortgage loans are included in a fair value hedging relationship. The amortized cost excludes a contra asset of $539,000 related to basis adjustments for loans in the closed portfolio under the portfolio layer method at December 31, 2025. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was de-designated. See “Note 9 – Derivatives” for more information on the fair value hedge.

The following table summarizes the Company’s loans by year of origination and internally assigned credit risk at December 31, 2024 and the gross charge-offs for the year ended December 31, 2024:


																Revolving
	Term Loans Amortized Cost by Origination Year													Revolving		Loans to
(in thousands)	2024		2023		2022		2021		2020			Prior		Loans		Term Loans			Total
Residential real estate ⁽¹⁾
Pass	$	81,599	$	180,498	$	193,204	$	58,694	$	33,539		$	143,580	$	—	$	25,004		$	716,118
Special Mention		407		877		585		1,199		2,110			768		—		—			5,946
Substandard		—		514		679		589		—			3,467		—		1,418			6,667
Total Residential real estate		82,006		181,889		194,468		60,482		35,649			147,815		—		26,422			728,731
Current period gross charge-offs	$	—	$	129	$	—	$	—	$	128		$	23	$	—	$	—		$	280

Multifamily
Pass		2,814		3,393		292,430		159,094		35,368			56,158		—		—			549,257
Special Mention		—		—		—		—		—			450		—		—			450
Substandard		—		—		—		863		—			—		—		—			863
Total Multifamily		2,814		3,393		292,430		159,957		35,368			56,608		—		—			550,570
Current period gross charge-offs	$	—	$	—	$	—	$	368	$	397		$	—	$	—	$	—		$	765

Commercial real estate
Pass		69,436		83,159		173,301		78,044		21,870			104,957		—		—			530,767
Special Mention		—		911		1,709		3,866		399			1,298		—		—			8,183
Substandard		—		—		—		2,790		483			4,034		—		—			7,307
Total Commercial real estate		69,436		84,070		175,010		84,700		22,752			110,289		—		—			546,257
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—		$	30	$	—	$	—		$	30

Commercial and industrial
Pass		49,979		69,149		8,834		6,022		1,375			2,496		—		—			137,855
Special Mention		236		251		—		544		805			416		—		—			2,252
Substandard		42		815		2,500		1,261		249			483		—		—			5,350
Total Commercial and industrial		50,257		70,215		11,334		7,827		2,429			3,395		—		—			145,457
Current period gross charge-offs	$	128	$	302	$	—	$	—	$	52		$	90	$	—	$	—		$	572

Construction and land development
Pass		921		3,288		—		5,473		—			—		—		—			9,682
Special Mention		—		—		—		3,801		—			—		—		—			3,801
Substandard		—		—		—		—		—			—		—		—			—
Total Construction and land development		921		3,288		—		9,274		—			—		—		—			13,483
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—		$	—	$	—	$	—		$	—

Consumer
Pass		138		292		73		—		—			—		—		—			503
Special Mention		—		—		—		—		—			—		—		—			—
Substandard		—		—		—		—		—			—		—		—			—
Total Consumer		138		292		73		—		—			—		—		—			503
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—		$	—	$	—	$	—		$	—

Total Loans	$	205,572	$	343,147	$	673,315	$	322,240	$	96,198		$	318,107	$	—	$	26,422		$	1,985,001

Total Gross charge-offs	$	128	$	431	$	—	$	368	$	577		$	143	$	—	$	—		$	1,647

(1)

Certain fixed rate residential mortgage loans are included in a fair value hedging relationship. The amortized cost excludes a contra asset of $523,000 related to basis adjustments for loans in the closed portfolio under the portfolio layer method at December 31, 2024. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was de-designated. See “Note 9 – Derivatives” for more information on the fair value hedge.

Allowance for Credit Losses on Unfunded Commitments

The Company has recorded an ACL for unfunded credit commitments, which is recorded in other liabilities. The provision for credit losses on unfunded commitments is recorded within the provision for credit losses on the Company’s income statement. The following table presents the allowance for credit losses for unfunded commitments for the periods indicated:


	Year Ended December 31,
(in thousands)	2025			2024
Balance at beginning of period	$	314		$	124
Provision for credit losses on unfunded commitments		312			190
Balance at end of period	$	626		$	314

The table below presents the provision for credit losses on loans and unfunded commitments for the years ended December 31, 2025 and 2024:


	Year Ended December 31,
(in thousands)	2025			2024
Provision for credit losses on loans	$	10,070		$	4,750
Provision for credit losses on unfunded commitments		312			190
Total provision for credit losses	$	10,382		$	4,940

The following table presents the amortized cost basis of loans on nonaccrual status and loans past due over 89 days still accruing as of December 31, 2025 and 2024:


	December 31, 2025
	Nonaccrual				Loans Past
	With No				Due Over
	Allowance				89 Days
(in thousands)	for Credit Loss		Nonaccrual		Still Accruing
Residential real estate	$	4,524	$	4,524	$	—
Multifamily		—		449		—
Commercial real estate		6,053		7,261		—
Commercial and industrial		1,527		9,370		—
Construction and land development		—		—		—
Consumer		—		—		—
Total	$	12,104	$	21,604	$	—


	December 31, 2024
	Nonaccrual				Loans Past
	With No				Due Over
	Allowance				89 Days
(in thousands)	for Credit Loss		Nonaccrual		Still Accruing
Residential real estate	$	5,497	$	5,497	$	—
Multifamily		864		864		—
Commercial real estate		5,300		5,325		—
Commercial and industrial		1,567		4,682		—
Construction and land development		—		—		—
Consumer		—		—		—
Total	$	13,228	$	16,368	$	—

The Company recognized $398 thousand and $205 thousand of interest income on nonaccrual loans during the year ended December 31, 2025 and 2024, respectively.

Individually Analyzed Loans

The Company analyzes loans on an individual basis when management has determined that the loan no longer exhibits risk characteristics consistent with the risk characteristics existing in its designed pool of loans, under the Company’s CECL methodology. Loans individually analyzed include certain nonaccrual loans.

As of December 31, 2025 and 2024, the amortized cost basis of individually analyzed loans amounted to $17.2 million and $16.4 million, respectively, of which $16.4 million and $15.6 million were considered collateral dependent. For collateral dependent loans where foreclosure is probable or the borrower is experiencing financial difficulty and repayment is likely to be substantially provided through the sale or operation of the collateral, the ACL is measured based on the difference between the fair value of the collateral adjusted for sales costs and the amortized cost basis of the loan, at measurement date. Certain assets held as collateral may be exposed to future deterioration in fair value, particularly due to changes in real estate markets or usage.

The following tables present the amortized cost basis and related allowance for credit loss of individually analyzed loans considered to be collateral-dependent as of December 31, 2025 and 2024.


	December 31, 2025
(in thousands)	Amortized Cost Basis			Related Allowance

Residential real estate ⁽¹⁾	$	4,320		$	—
Multifamily⁽²⁾		442			64
Commercial real estate ⁽²⁾		3,420			135
Commercial and industrial ^{(1) (2) (3)}		8,239			1,371
Total	$	16,421		$	1,570

(1)	Secured by residential real estate

(2)	Secured by commercial real estate

(3)	Secured by business assets


	December 31, 2024
(in thousands)	Amortized Cost Basis			Related Allowance

Residential real estate ⁽¹⁾	$	5,783		$	—
Multifamily⁽²⁾		864			—
Commercial real estate ⁽²⁾		5,235			—
Commercial and industrial ⁽¹⁾ ^{(2) (3)}		3,753			2,500
Total	$	15,635		$	2,500

(1)	Secured by residential real estate

(2)	Secured by commercial real estate

(3)	Secured by business assets

Past Due Loans

The following tables present the aging of the amortized cost basis in past due loans as of December 31, 2025 and 2024 by class of loans:


(in thousands)	30 - 59		60 - 89			Greater than
	Days		Days			89 Days		Total		Loans Not
December 31, 2025	Past Due		Past Due			Past Due		Past Due		Past Due		Total
Residential real estate	$	9,400	$	2,917		$	2,963	$	15,280	$	761,715	$	776,995
Multifamily		1,413		856			449		2,718		538,365		541,083
Commercial real estate		2,602		5,151			6,114		13,867		511,702		525,569
Commercial and industrial		8,328		688			2,691		11,707		133,884		145,591
Construction and land development		—		—			—		—		11,081		11,081
Consumer		—		—			—		—		430		430
Total	$	21,743	$	9,612		$	12,217	$	43,572	$	1,957,177	$	2,000,749


(in thousands)	30 - 59		60 - 89		Greater than
	Days		Days		89 Days		Total			Loans Not
December 31, 2024	Past Due		Past Due		Past Due		Past Due			Past Due			Total
Residential real estate	$	5,215	$	3,362	$	4,229	$	12,806		$	716,448		$	729,254
Multifamily		1,442		—		—		1,442			549,128			550,570
Commercial real estate		1,347		—		5,325		6,672			539,585			546,257
Commercial and industrial		2,533		661		4,305		7,499			137,958			145,457
Construction and land development		—		—		—		—			13,483			13,483
Consumer		—		—		—		—			503			503
Total	$	10,537	$	4,023	$	13,859	$	28,419		$	1,957,105		$	1,985,524

The Company may occasionally make modifications to loans where the borrower is considered to be in financial distress. Types of modifications include principal reductions, significant payment delays, term extensions, interest rate reductions or a combination thereof. The amount of principal reduction is charged-off against the allowance for credit losses.

The following table presents the amortized cost basis of loans at December 31, 2025 and 2024 that were both experiencing financial difficulty and modified during the years ended December 31, 2025 and 2024, by class and type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below.


	Year Ended December 31, 2025
							% of
							Total
							Class of
	Principal		Payment		Term		Financing
(in thousands)	Reduction		Delay		Extension		Receivable
Commercial real estate	$	—	$	1,142	$	—	0.22	%
Commercial and industrial		—		—		231	0.16
Total	$	—	$	1,142	$	231	0.07	%


	Year Ended December 31, 2024
							% of
							Total
							Class of
	Principal		Payment		Term		Financing
(in thousands)	Reduction		Delay		Extension		Receivable
Multifamily	$	864	$	—	$	—	0.16	%
Commercial and industrial		—		563		—	0.33
Total	$	864	$	563	$	—	0.07	%

The Company had no commitment to lend additional funds to borrowers for which modifications described above were made during the years ended December 31, 2025 and 2024.

The Company monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. No such loans that have been modified in the twelve month periods preceding December 31, 2025 and December 31, 2024 were past due.

The following tables present the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the years ended December 31, 2025 and 2024.


	Year Ended December 31, 2025
							Weighted
							Average
							Term
	Principal			Payment			Extension
(in thousands)	Reduction			Delay			(in months)
Commercial real estate	$	—		$	46		—
Commercial and industrial		—			—		36


	Year Ended December 31, 2024
							Weighted
							Average
							Term
	Principal			Payment			Extension
(in thousands)	Reduction			Delay			(in months)
Multifamily	$	362		$	—		—
Commercial and industrial		—			55		—

Upon the Company’s determination that a modified loan (or a portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. During the years ended December 31, 2025 and 2024, no loans that were modified to borrowers experiencing financial difficulty had a payment default within twelve months of modification.

The following tables present the activity in the allowance for credit losses by portfolio segment for the years ended December 31, 2025 and 2024:


		Year Ended December 31, 2025
											Commercial			Construction
		Residential						Commercial			and			and Land
		Real Estate			Multifamily			Real Estate			Industrial			Development			Consumer
		Loans			Loans			Loans			Loans			Loans			Loans			Total
(in thousands)
Allowance for credit losses:
Beginning balance		$	6,236		$	5,284		$	5,605		$	5,447		$	180		$	27		$	22,779
Charge-offs			(709)			(33)			(1,609)			(11,838)			—			—			(14,189)
Recoveries			—			—			—			34			—			—			34
Provision for credit losses ⁽¹⁾			(492)			(1,864)			1,127			11,269			35			(5)			10,070
Ending balance		$	5,035		$	3,387		$	5,123		$	4,912		$	215		$	22		$	18,694

(1)	Additional provision related to off-balance sheet exposure was a debit of $312 thousand for the year ended December 31, 2025.


	Year Ended December 31, 2024
							Commercial		Construction
	Residential				Commercial		and		and Land
	Real Estate		Multifamily		Real Estate		Industrial		Development		Consumer
	Loans		Loans		Loans		Loans		Loans		Loans		Total
(in thousands)
Allowance for credit losses:
Beginning balance	$	5,001	$	4,671	$	8,390	$	1,419	$	122	$	55	$	19,658
Charge-offs		(280)		(765)		(30)		(572)		—		—		(1,647)
Recoveries		—		—		—		18		—		—		18
Provision for credit losses ⁽¹⁾		1,515		1,378		(2,755)		4,582		58		(28)		4,750
Ending balance	$	6,236	$	5,284	$	5,605	$	5,447	$	180	$	27	$	22,779

(1)	Additional provision related to off-balance sheet exposure was a debit of $190 thousand for the year ended December 31, 2024.

Loans - Company's Loans by Year of Origination and Internally Assigned Credit Risk and Gross Charge-offs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Company's loans by year of origination and internally assigned credit risk and gross charge-offs
2025/2024	$ 279,858	$ 205,572
2024/2023	183,925	343,147
2023/2022	285,642	673,315
2022/2021	617,710	322,240
2021/2020	280,579	96,198
Prior	327,037	318,107
Revolving Loans To Term Loans	25,459	26,422
Total loans	2,000,749	1,985,524
Total loans	2,000,210	1,985,001
Current period gross charge-offs
2025/2024		128
2024/2023	2,496	431
2023/2022	6,777
2022/2021	3,327	368
2021/2020	1,081	577
Prior	508	143
Total	14,189	1,647
Residential real estate
Company's loans by year of origination and internally assigned credit risk and gross charge-offs
2025/2024	142,891	82,006
2024/2023	78,068	181,889
2023/2022	161,707	194,468
2022/2021	177,497	60,482
2021/2020	52,091	35,649
Prior	138,743	147,815
Revolving Loans To Term Loans	25,459	26,422
Total loans	776,995	729,254
Total loans	776,456	728,731
Current period gross charge-offs
2024/2023		129
2023/2022	304
2022/2021	327
2021/2020	59	128
Prior	19	23
Total	709	280
Contra asset	539,000	523,000
Residential real estate \| Pass
Company's loans by year of origination and internally assigned credit risk and gross charge-offs
2025/2024	141,755	81,599
2024/2023	77,692	180,498
2023/2022	161,707	193,204
2022/2021	176,313	58,694
2021/2020	50,906	33,539
Prior	133,911	143,580
Revolving Loans To Term Loans	25,459	25,004
Total loans	767,743	716,118
Residential real estate \| Special Mention
Company's loans by year of origination and internally assigned credit risk and gross charge-offs
2025/2024		407
2024/2023		877
2023/2022		585
2022/2021	1,184	1,199
2021/2020	1,185	2,110
Prior	1,449	768
Total loans	3,818	5,946
Residential real estate \| Substandard
Company's loans by year of origination and internally assigned credit risk and gross charge-offs
2025/2024	1,136
2024/2023	376	514
2023/2022		679
2022/2021		589
Prior	3,383	3,467
Revolving Loans To Term Loans		1,418
Total loans	4,895	6,667
Multifamily
Company's loans by year of origination and internally assigned credit risk and gross charge-offs
2025/2024	25,386	2,814
2024/2023	2,734	3,393
2023/2022	3,343	292,430
2022/2021	274,404	159,957
2021/2020	154,614	35,368
Prior	80,602	56,608
Total loans	541,083	550,570
Current period gross charge-offs
2022/2021		368
2021/2020		397
Prior	33
Total	33	765
Multifamily \| Pass
Company's loans by year of origination and internally assigned credit risk and gross charge-offs
2025/2024	25,386	2,814
2024/2023	2,734	3,393
2023/2022	3,343	292,430
2022/2021	274,404	159,094
2021/2020	154,614	35,368
Prior	80,153	56,158
Total loans	540,634	549,257
Multifamily \| Special Mention
Company's loans by year of origination and internally assigned credit risk and gross charge-offs
Prior		450
Total loans		450
Multifamily \| Substandard
Company's loans by year of origination and internally assigned credit risk and gross charge-offs
2022/2021		863
Prior	449
Total loans	449	863
Commercial real estate
Company's loans by year of origination and internally assigned credit risk and gross charge-offs
2025/2024	66,555	69,436
2024/2023	72,807	84,070
2023/2022	61,056	175,010
2022/2021	158,064	84,700
2021/2020	63,920	22,752
Prior	103,167	110,289
Total loans	525,569	546,257
Current period gross charge-offs
2023/2022	1,081
2021/2020	305
Prior	223	30
Total	1,609	30
Commercial real estate \| Pass
Company's loans by year of origination and internally assigned credit risk and gross charge-offs
2025/2024	65,373	69,436
2024/2023	62,277	83,159
2023/2022	59,357	173,301
2022/2021	156,010	78,044
2021/2020	56,447	21,870
Prior	100,094	104,957
Total loans	499,558	530,767
Commercial real estate \| Special Mention
Company's loans by year of origination and internally assigned credit risk and gross charge-offs
2025/2024	1,182
2024/2023	4,967	911
2023/2022		1,709
2022/2021	2,054	3,866
2021/2020	7,473	399
Prior	2,385	1,298
Total loans	18,061	8,183
Commercial real estate \| Substandard
Company's loans by year of origination and internally assigned credit risk and gross charge-offs
2024/2023	5,563
2023/2022	1,699
2022/2021		2,790
2021/2020		483
Prior	688	4,034
Total loans	7,950	7,307
Commercial and industrial
Company's loans by year of origination and internally assigned credit risk and gross charge-offs
2025/2024	39,132	50,257
2024/2023	28,729	70,215
2023/2022	59,327	11,334
2022/2021	7,687	7,827
2021/2020	6,191	2,429
Prior	4,525	3,395
Total loans	145,591	145,457
Current period gross charge-offs
2025/2024		128
2024/2023	2,496	302
2023/2022	5,392
2022/2021	3,000
2021/2020	717	52
Prior	233	90
Total	11,838	572
Commercial and industrial \| Pass
Company's loans by year of origination and internally assigned credit risk and gross charge-offs
2025/2024	39,132	49,979
2024/2023	27,187	69,149
2023/2022	46,472	8,834
2022/2021	7,210	6,022
2021/2020	5,015	1,375
Prior	3,368	2,496
Total loans	128,384	137,855
Commercial and industrial \| Special Mention
Company's loans by year of origination and internally assigned credit risk and gross charge-offs
2025/2024		236
2024/2023	1,428	251
2023/2022	5,083
2022/2021		544
2021/2020	939	805
Prior	317	416
Total loans	7,767	2,252
Commercial and industrial \| Substandard
Company's loans by year of origination and internally assigned credit risk and gross charge-offs
2025/2024		42
2024/2023	114	815
2023/2022	7,772	2,500
2022/2021	477	1,261
2021/2020	237	249
Prior	840	483
Total loans	9,440	5,350
Construction and land development
Company's loans by year of origination and internally assigned credit risk and gross charge-offs
2025/2024	5,855	921
2024/2023	1,463	3,288
2022/2021		9,274
2021/2020	3,763
Total loans	11,081	13,483
Construction and land development \| Pass
Company's loans by year of origination and internally assigned credit risk and gross charge-offs
2025/2024	5,855	921
2024/2023	1,463	3,288
2022/2021		5,473
Total loans	7,318	9,682
Construction and land development \| Special Mention
Company's loans by year of origination and internally assigned credit risk and gross charge-offs
2022/2021		3,801
2021/2020	3,763
Total loans	3,763	3,801
Consumer
Company's loans by year of origination and internally assigned credit risk and gross charge-offs
2025/2024	39	138
2024/2023	124	292
2023/2022	209	73
2022/2021	58
Total loans	430	503
Consumer \| Pass
Company's loans by year of origination and internally assigned credit risk and gross charge-offs
2025/2024	39	138
2024/2023	124	292
2023/2022	209	73
2022/2021	58
Total loans	$ 430	$ 503

Derivatives - Additional Information (Details) - Interest rate swap - USD ($) $ in Millions	Nov. 01, 2023	Dec. 31, 2025	Dec. 31, 2024
Cash flow hedge
Derivative [Line Items]
Notional amount		$ 75.0	$ 75.0
Fair value hedges
Derivative [Line Items]
Term of interest rate swaps	3 years
Notional amount	$ 50.0
Fixed rate of interest	4.56%

Derivatives - Cumulative basis adjustment for fair value hedges (Details) - Interest rate swap - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Fair value hedging adjustment included in the carrying amount of the hedged assets		$ 500
Fair value hedges
Derivative [Line Items]
Carrying amount of the hedged assets	$ 50,000	50,000
Fair value hedging adjustment included in the carrying amount of the hedged assets	539	523
Amortized cost basis of the closed portfolios	$ 318,600	$ 379,300

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	12 Months Ended
	Mar. 12, 2026	Jan. 29, 2026	Oct. 31, 2020	Dec. 31, 2025	Dec. 31, 2024
Subsequent Event [Line Items]
Cash dividends declared on common stock (in dollars per share)				$ 0.1	$ 0.1
Aggregate principal amount				$ 25,000	$ 25,000
Private Placement \| Subordinated Notes
Subsequent Event [Line Items]
Aggregate principal amount			$ 25,000
Debt instrument, maturity date			Dec. 31, 2030
Borrowing rate of interest				8.76%
Private Placement \| Subordinated Notes \| Until March 15, 2031
Subsequent Event [Line Items]
Borrowing rate of interest			5.00%
Private Placement \| Subordinated Notes \| From and Including March 15, 2031
Subsequent Event [Line Items]
Term of variable rate				3 months
Basis spread on variable rate				4.874%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]				us-gaap:SecuredOvernightFinancingRateSofrMember
Subsequent event \| Subordinated Notes
Subsequent Event [Line Items]
Aggregate principal amount	$ 25,000
Subsequent event \| Private Placement \| Subordinated Notes
Subsequent Event [Line Items]
Aggregate principal amount	$ 35,000
Debt instrument, maturity date	Dec. 31, 2036
Subsequent event \| Private Placement \| Subordinated Notes \| Until March 15, 2031
Subsequent Event [Line Items]
Borrowing rate of interest	7.25%
Subsequent event \| Private Placement \| Subordinated Notes \| From and Including March 15, 2031
Subsequent Event [Line Items]
Term of variable rate	3 months
Basis spread on variable rate	386.00%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Subsequent event \| Q1 Dividend
Subsequent Event [Line Items]
Dividend declaration date		Jan. 29, 2026
Cash dividends declared on common stock (in dollars per share)		$ 0.1
Cash dividends declared on preferred stock (in dollars per share)		$ 0.1
Dividend payment date		Feb. 26, 2026
Dividend record date		Feb. 12, 2026

Accumulated Other Comprehensive (Loss) Income (Tables)

12 Months Ended

Dec. 31, 2025

Accumulated Other Comprehensive (Loss) Income

Changes in accumulated other comprehensive (loss) income by component, net of tax


		Unrealized Gains and		Gains and
		Losses on Available-		Losses on
		for-Sale Debt		Cash Flow
(in thousands)		Securities		Hedges		Total
Balance at January 1, 2025		$	(1,035)	$	(299)	$	(1,334)
Other comprehensive income (loss), before reclassification			979		(163)		816
Amount reclassified from accumulated other comprehensive income			(162)		—		(162)
Net current period other comprehensive income (loss)			817		(163)		654
Balance at December 31, 2025		$	(218)	$	(462)	$	(680)



	Unrealized Gains and		Gains and
	Losses on Available-		Losses on
	for-Sale Debt		Cash Flow
(in thousands)	Securities		Hedges		Total
Balance at January 1, 2024	$	(1,466)	$	(984)	$	(2,450)
Other comprehensive income, before reclassification		455		685		1,140
Amount reclassified from accumulated other comprehensive income		(24)		—		(24)
Net current period other comprehensive income		431		685		1,116
Balance at December 31, 2024	$	(1,035)	$	(299)	$	(1,334)

Reclassification out of accumulated Other Comprehensive (loss) income


		Year Ended December 31,					Affected Line Item in Consolidated
(in thousands)		2025		2024			Statements of Income
Unrealized gains and losses on available-for-sale securities
Realized gains on securities available-for-sale		$	215	$	31		Gain on sale of investment securities available-for-sale, net
Tax effect			53		7		Income tax expense
Net of tax		$	162	$	24

Gains and losses on cash flow hedges
Interest rate contracts		$	—	$	—		Interest income (expense)
Tax effect			—		—		Income tax (expense) or benefit
Net of tax		$	—	$	—

Total reclassifications for the period, net of tax		$	162	$	24

Loans - Provision for credit losses on loans and unfunded commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss [Line Items]
Total provision for credit losses	$ 10,382	$ 4,940
Provision for credit losses on loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Total provision for credit losses	10,070	4,750
Provision for credit losses on unfunded commitments
Financing Receivable, Allowance for Credit Loss [Line Items]
Total provision for credit losses	$ 312	$ 190

Summary of Significant Accounting Policies - Basis of Presentation (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2025	Dec. 31, 2025
Summary of Significant Accounting Policies
Conversion expenses	$ 3,200	$ 3,180
Consulting and audit fees	2,200
Deconversion fees	700
Training and other related expenses	$ 300

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Earnings Per Share, Basic
Net income available to common stockholders	$ 7,488	$ 12,346
Less: Dividends paid and earnings allocated to participating securities	(194)	(384)
Income attributable to common stock	$ 7,294	$ 11,962
Weighted average common shares outstanding, including participating securities	7,471,442	7,403,758
Less: Weighted average participating securities	(214,578)	(245,599)
Weighted average common shares outstanding	7,256,864	7,158,159
Basic EPS	$ 1.01	$ 1.67
Earnings Per Share, Diluted
Income attributable to common stock	$ 7,294	$ 11,962
Weighted average common shares outstanding	7,256,864	7,158,159
Weighted average common equivalent shares outstanding	5,916	28,983
Weighted average common and equivalent shares outstanding	7,262,780	7,187,142
Diluted EPS	$ 1	$ 1.66
Antidilutive stock options (in shares)	0	0

Summary of Significant Accounting Policies - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Summary of Significant Accounting Policies
Accrued interest receivable on held-to-maturity debt securities	$ 2	$ 9
Accrued interest receivable on available-for-sale debt securities	$ 1,000	$ 600
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Interest Receivable	Interest Receivable
Accrued interest receivable	$ 10,600	$ 10,900
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Interest Receivable	Interest Receivable

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Cash and non-interest-bearing deposits due from banks	$ 95,791	$ 12,768
Interest-bearing deposits due from banks	113,113	150,089
Total cash and cash equivalents	208,904	162,857
Securities:
Securities held to maturity, fair value of $976 and $3,609 at December 31, 2025 and 2024, respectively (net of allowance for credit losses of $0 at December 31, 2025 and 2024)	1,017	3,758
Securities available for sale, at fair value (net of allowance for credit losses of $0 at December 31, 2025 and 2024)	99,552	83,755
Loans held for sale	6,407	12,404
Loans	2,000,749	1,985,524
Allowance for credit losses	(18,694)	(22,779)
Total loans, net	1,982,055	1,962,745
Premises and equipment, net	14,313	15,337
Operating lease assets	9,855	8,337
Accrued interest receivable	11,780	11,849
Prepaid post retirement plan	3,247	3,377
Stock in Federal Home Loan Bank ("FHLB"), at cost	7,792	7,885
Goodwill	19,168	19,168
Loan servicing rights	6,320	6,016
Other assets	12,686	14,622
TOTAL ASSETS	2,383,096	2,312,110
Deposits:
Non-interest-bearing demand	247,786	211,656
Savings, NOW and money market	1,270,705	1,244,857
Time	509,896	497,770
Total deposits	2,028,387	1,954,283
Borrowings	100,725	107,805
Subordinated debentures ($25,000 face amount less unamortized debt issuance costs of $257 and $311 at December 31, 2025 and 2024, respectively)	24,743	24,689
Operating lease liabilities	10,567	9,025
Accrued interest payable	1,741	1,532
Other liabilities	16,667	18,138
TOTAL LIABILITIES	2,182,830	2,115,472
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS' EQUITY
Preferred stock, Series A (par value $0.01; 15,000,000 shares authorized; issued and outstanding 275,000 at December 31, 2025 and 2024)	5,041	5,041
Common stock (par value $0.01; 17,000,000 shares authorized; issued and outstanding 7,135,403 and 7,152,127 at December 31, 2025 and 2024, respectively)	71	72
Surplus	123,433	124,937
Retained earnings	72,401	67,922
Accumulated other comprehensive loss, net of tax	(680)	(1,334)
TOTAL STOCKHOLDERS' EQUITY	200,266	196,638
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,383,096	$ 2,312,110

Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets (Details)	Dec. 31, 2025
Core Deposits
Goodwill and Other Intangible Assets [Abstract]
Estimated useful life	10 years

Loans - Amortized cost basis and related allowance for credit loss of individually analyzed loans considered to be collateral dependent (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
LOANS
Amortized Cost Basis - Individually analyzed loans	$ 17,200	$ 16,400
Collateral Pledged
LOANS
Amortized Cost Basis - Individually analyzed loans	16,421	15,635
Related Allowance - Individually analyzed loans	1,570	2,500
Residential real estate \| Residential real estate
LOANS
Amortized Cost Basis - Individually analyzed loans	4,320	5,783
Multifamily \| Commercial real estate
LOANS
Amortized Cost Basis - Individually analyzed loans	442	864
Related Allowance - Individually analyzed loans	64
Commercial real estate \| Commercial real estate
LOANS
Amortized Cost Basis - Individually analyzed loans	3,420	5,235
Related Allowance - Individually analyzed loans	135
Commercial and industrial \| Residential and commercial real estate
LOANS
Amortized Cost Basis - Individually analyzed loans	8,239	3,753
Related Allowance - Individually analyzed loans	$ 1,371	$ 2,500

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
INTEREST INCOME
Loans	$ 119,688	$ 122,970
Taxable securities	5,690	5,991
Other interest income	5,101	4,061
Total interest income	130,479	133,022
INTEREST EXPENSE
Savings, NOW and money market deposits	43,240	51,457
Time deposits	20,596	21,060
Borrowings	6,166	7,413
Total interest expense	70,002	79,930
Net interest income	60,477	53,092
Provision for credit losses	10,382	4,940
Net interest income after provision for credit losses	50,095	48,152
NON-INTEREST INCOME
Total non-interest income	12,843	15,339
NON-INTEREST EXPENSE
Salaries and employee benefits	27,886	25,600
Occupancy and equipment	7,742	7,222
Data processing	1,753	2,096
Professional fees	3,149	3,079
Federal deposit insurance premiums	1,388	1,418
Conversion expenses	3,180
Other expenses	7,886	7,697
Total non-interest expense	52,984	47,112
Income before income tax expense	9,954	16,379
Income tax expense	2,466	4,033
NET INCOME	$ 7,488	$ 12,346
Earnings per share:
BASIC (in dollars per share)	$ 1.01	$ 1.67
DILUTED (in dollars per share)	$ 1	$ 1.66
Loan servicing and fee income
NON-INTEREST INCOME
Revenue from contracts with customers, not included within the scope of ASC 606	$ 4,270	$ 3,690
Service charges on deposit accounts
NON-INTEREST INCOME
Revenue from contracts with customers in the scope of ASC 606	750	469
Gain on sale of loans held-for-sale
NON-INTEREST INCOME
Revenue from contracts with customers, not included within the scope of ASC 606	7,345	10,940
Gain on sale of securities available-for-sale
NON-INTEREST INCOME
Revenue from contracts with customers, not included within the scope of ASC 606	215	31
Other income
NON-INTEREST INCOME
Revenue from contracts with customers, not included within the scope of ASC 606	$ 263	$ 209

Deposits

12 Months Ended

Dec. 31, 2025

Deposits

Deposits

Note 6. Deposits

The following table details the components of deposits:


	December 31,
(in thousands)	2025		2024
Non-interest bearing:
Demand	$	247,786	$	211,656
Interest-bearing:
NOW		781,681		692,890
Money market		430,549		503,082
Savings		58,475		48,885
Time deposits $250,000 and greater		108,162		106,350
Time deposits less than $250,000		401,734		391,420
Total interest-bearing		1,780,601		1,742,627
Total deposits	$	2,028,387	$	1,954,283

The scheduled maturities of time deposits are as follows:


	December 31,
(in thousands)	2025
2026	$	501,002
2027		6,624
2028		1,412
2029		468
2030		390
Total	$	509,896

Fair Value Measurements - Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Financial assets:
Fair Value	$ 99,552	$ 83,755
Loan servicing rights	6,320	6,016
Derivatives		68
Financial liabilities:
Derivatives	1,053	927
U.S. Treasury securities
Financial assets:
Fair Value	4,495	20,000
U.S. GSE residential mortgage-backed securities
Financial assets:
Fair Value	18,143	10,645
U.S. GSE residential collateralized mortgage obligations
Financial assets:
Fair Value	11,757
Corporate bonds
Financial assets:
Fair Value	29,961	19,130
Recurring \| Carrying Amount
Financial assets:
Total	105,872	89,839
Financial liabilities:
Derivatives	1,053	927
Recurring \| Carrying Amount \| U.S. Treasury securities
Financial assets:
Fair Value	4,495	20,000
Recurring \| Carrying Amount \| U.S. GSE residential mortgage-backed securities
Financial assets:
Fair Value	18,143	10,645
Recurring \| Carrying Amount \| U.S. GSE residential collateralized mortgage obligations
Financial assets:
Fair Value	11,757
Recurring \| Carrying Amount \| U.S. GSE commercial mortgage-backed securities
Financial assets:
Fair Value	2,532	1,503
Recurring \| Carrying Amount \| Collateralized loan obligations
Financial assets:
Fair Value	32,664	32,477
Recurring \| Carrying Amount \| Corporate bonds
Financial assets:
Fair Value	29,961	19,130
Recurring \| Carrying Amount \| Loan servicing rights
Financial assets:
Loan servicing rights	6,320	6,016
Derivatives		68
Recurring \| As Adjusted \| Quoted Prices In Active Markets for Identical Assets (Level 1)
Financial assets:
Total	0	0
Financial liabilities:
Derivatives	0	0
Recurring \| As Adjusted \| Quoted Prices In Active Markets for Identical Assets (Level 1) \| U.S. Treasury securities
Financial assets:
Fair Value	0	0
Recurring \| As Adjusted \| Quoted Prices In Active Markets for Identical Assets (Level 1) \| U.S. GSE residential mortgage-backed securities
Financial assets:
Fair Value	0	0
Recurring \| As Adjusted \| Quoted Prices In Active Markets for Identical Assets (Level 1) \| U.S. GSE residential collateralized mortgage obligations
Financial assets:
Fair Value	0
Recurring \| As Adjusted \| Quoted Prices In Active Markets for Identical Assets (Level 1) \| U.S. GSE commercial mortgage-backed securities
Financial assets:
Fair Value	0	0
Recurring \| As Adjusted \| Quoted Prices In Active Markets for Identical Assets (Level 1) \| Collateralized loan obligations
Financial assets:
Fair Value	0	0
Recurring \| As Adjusted \| Quoted Prices In Active Markets for Identical Assets (Level 1) \| Corporate bonds
Financial assets:
Fair Value	0	0
Recurring \| As Adjusted \| Quoted Prices In Active Markets for Identical Assets (Level 1) \| Loan servicing rights
Financial assets:
Loan servicing rights	0	0
Derivatives		0
Recurring \| As Adjusted \| Significant Other Observable Inputs (Level 2)
Financial assets:
Total	99,552	83,823
Financial liabilities:
Derivatives	1,053	927
Recurring \| As Adjusted \| Significant Other Observable Inputs (Level 2) \| U.S. Treasury securities
Financial assets:
Fair Value	4,495	20,000
Recurring \| As Adjusted \| Significant Other Observable Inputs (Level 2) \| U.S. GSE residential mortgage-backed securities
Financial assets:
Fair Value	18,143	10,645
Recurring \| As Adjusted \| Significant Other Observable Inputs (Level 2) \| U.S. GSE residential collateralized mortgage obligations
Financial assets:
Fair Value	11,757
Recurring \| As Adjusted \| Significant Other Observable Inputs (Level 2) \| U.S. GSE commercial mortgage-backed securities
Financial assets:
Fair Value	2,532	1,503
Recurring \| As Adjusted \| Significant Other Observable Inputs (Level 2) \| Collateralized loan obligations
Financial assets:
Fair Value	32,664	32,477
Recurring \| As Adjusted \| Significant Other Observable Inputs (Level 2) \| Corporate bonds
Financial assets:
Fair Value	29,961	19,130
Recurring \| As Adjusted \| Significant Other Observable Inputs (Level 2) \| Loan servicing rights
Financial assets:
Loan servicing rights	0	0
Derivatives		68
Recurring \| As Adjusted \| Significant Unobservable Inputs (Level 3)
Financial assets:
Total	6,320	6,016
Financial liabilities:
Derivatives	0	0
Recurring \| As Adjusted \| Significant Unobservable Inputs (Level 3) \| U.S. Treasury securities
Financial assets:
Fair Value	0	0
Recurring \| As Adjusted \| Significant Unobservable Inputs (Level 3) \| U.S. GSE residential mortgage-backed securities
Financial assets:
Fair Value	0	0
Recurring \| As Adjusted \| Significant Unobservable Inputs (Level 3) \| U.S. GSE residential collateralized mortgage obligations
Financial assets:
Fair Value	0
Recurring \| As Adjusted \| Significant Unobservable Inputs (Level 3) \| U.S. GSE commercial mortgage-backed securities
Financial assets:
Fair Value	0	0
Recurring \| As Adjusted \| Significant Unobservable Inputs (Level 3) \| Collateralized loan obligations
Financial assets:
Fair Value	0	0
Recurring \| As Adjusted \| Significant Unobservable Inputs (Level 3) \| Corporate bonds
Financial assets:
Fair Value	0	0
Recurring \| As Adjusted \| Significant Unobservable Inputs (Level 3) \| Loan servicing rights
Financial assets:
Loan servicing rights	$ 6,320	6,016
Derivatives		$ 0

Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Leases
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Lessee, Operating Lease, Existence of Option to Terminate [true false]	true
Operating lease liabilities	$ 10,567	$ 9,025
Right-of-use assets	$ 9,855	8,337
Weighted average remaining lease term	8 years
Weighted average discount rate	4.50%
Total lease costs	$ 2,500	$ 2,200
Minimum
Leases
Leases remaining terms	2 years
Maximum
Leases
Leases remaining terms	11 years
Renewal or termination options to extend the lease	5 years

Borrowings - Federal Reserve Borrowings and Correspondent Bank Borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Correspondent Bank Borrowings
Borrowings
Line of credit available for borrowing	$ 92.0
Borrowings outstanding	0.0	$ 0.0
Federal Reserve Bank, Discount Window
Borrowings
Maximum borrowing capacity	97.3	247.2
Borrowings outstanding	$ 0.0	$ 0.0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Premises and Equipment

12 Months Ended

Dec. 31, 2025

Premises and Equipment

Premises and Equipment

Note 4. Premises and Equipment

The following table details the components of premises and equipment:


	December 31,
(in thousands)	2025		2024
Land	$	1,600	$	1,600
Buildings and improvements		10,572		10,876
Leasehold improvements		4,507		4,248
Furniture, fixtures and equipment		9,082		8,695
		25,761		25,419
Less: Accumulated depreciation		(11,448)		(10,082)
Premises and equipment, net	$	14,313	$	15,337

Depreciation was $1.8 million for the years ended December 31, 2025 and 2024.

Income Taxes - Components of income taxes paid (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Components of income taxes paid
Federal	$ 1,360
Total	2,581
New Jersey
Components of income taxes paid
State	135
New York State
Components of income taxes paid
State	616
New York City
Components of income taxes paid
State	360
Other
Components of income taxes paid
State	$ 110

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

Related Party Transactions

Note 13. Related Party Transactions

The Company has had, and may be expected to have in the future, banking transactions in the ordinary course of business with its executive officers, directors, their immediate families and their affiliated companies (commonly referred to as related parties). Loans to related parties were as follows:


(in thousands)
Beginning balance, January 1, 2025	$	1,804
New loans		—
Effect of changes in composition of related parties		—
Repayments		(133)
Ending balance, December 31, 2025	$	1,671

Deposits from principal officers, directors and their affiliates at December 31, 2025 and 2024 were $38.0 million, $19.3 million, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Investment Securities - Investment Securities Available for Sale and Held to Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]
Amortized Cost	$ 99,832	$ 85,084
Gross Unrealized Gains	586	276
Gross Unrealized Losses	(866)	(1,605)
Allowance for Credit Losses	0	0
Fair Value	99,552	83,755
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]
Amortized Cost		3,758
Gross Unrealized Gains		0
Gross Unrealized Losses		(149)
Fair Value	976	3,609
Allowance for Credit Losses	0	0
Holdings of securities issued by U.S. Government exceeding 10% of shareholders' equity	100,528
U.S. Treasury securities
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]
Amortized Cost	4,495	19,995
Gross Unrealized Gains	0	5
Gross Unrealized Losses	0	0
Allowance for Credit Losses	0	0
Fair Value	4,495	20,000
U.S. GSE residential mortgage-backed securities
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]
Amortized Cost	18,055	11,016
Gross Unrealized Gains	193	0
Gross Unrealized Losses	(105)	(371)
Allowance for Credit Losses	0	0
Fair Value	18,143	10,645
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]
Amortized Cost	1,017	1,259
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(41)	(81)
Fair Value	976	1,178
U.S. GSE residential collateralized mortgage obligations
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]
Amortized Cost	11,691
Gross Unrealized Gains	69
Gross Unrealized Losses	(3)
Allowance for Credit Losses	0
Fair Value	11,757
U.S. GSE commercial mortgage-backed securities
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]
Amortized Cost	2,583	1,520
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(51)	(17)
Allowance for Credit Losses	0	0
Fair Value	2,532	1,503
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]
Amortized Cost		2,499
Gross Unrealized Gains		0
Gross Unrealized Losses		(68)
Fair Value		2,431
Collateralized loan obligations
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]
Amortized Cost	32,758	32,271
Gross Unrealized Gains	30	206
Gross Unrealized Losses	(124)	0
Allowance for Credit Losses	0	0
Fair Value	32,664	32,477
Corporate bonds
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]
Amortized Cost	30,250	20,282
Gross Unrealized Gains	294	65
Gross Unrealized Losses	(583)	(1,217)
Allowance for Credit Losses	0	0
Fair Value	29,961	19,130
U.S. Government
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]
Holdings of securities issued by U.S. Government exceeding 10% of shareholders' equity	0	0
Asset Pledged as Collateral without Right \| Deposits
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]
Investment securities pledged to secure public deposits	$ 34,000	$ 28,900

Accumulated Other Comprehensive (Loss) Income - Reclassification Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unrealized gains and losses on available-for-sale securities
Tax effect	$ (53)	$ (7)
Total reclassifications for the period, net of tax	162	24
Reclassification out of accumulated other comprehensive (loss) income
Unrealized gains and losses on available-for-sale securities
Total reclassifications for the period, net of tax	162	24
Reclassification out of accumulated other comprehensive (loss) income \| Unrealized gains and losses on available-for-sale securities
Unrealized gains and losses on available-for-sale securities
Realized gains on securities available-for-sale	215	31
Tax effect	53	7
Net of tax	$ 162	$ 24

Loans (Tables)

12 Months Ended

Dec. 31, 2025

Loans

Schedule of major classification loans


	December 31,
(in thousands)	2025		2024

Residential real estate	$	776,995	$	729,254
Multifamily		541,083		550,570
Commercial real estate		525,569		546,257
Commercial and industrial		145,591		145,457
Construction and land development		11,081		13,483
Consumer		430		503
Total loans		2,000,749		1,985,524
Allowance for credit losses		(18,694)		(22,779)
Total loans, net	$	1,982,055	$	1,962,745

Schedule of loans by year of origination and internally assigned credit risk


																Revolving
	Term Loans Amortized Cost by Origination Year													Revolving		Loans to
(in thousands)	2025		2024		2023		2022		2021			Prior		Loans		Term Loans			Total
Residential real estate ⁽¹⁾
Pass	$	141,755	$	77,692	$	161,707	$	176,313	$	50,906		$	133,911	$	—	$	25,459		$	767,743
Special Mention		—		—		—		1,184		1,185			1,449		—		—			3,818
Substandard		1,136		376		—		—		—			3,383		—		—			4,895
Total Residential real estate		142,891		78,068		161,707		177,497		52,091			138,743		—		25,459			776,456
Current period gross charge-offs	$	—	$	—	$	304	$	327	$	59		$	19	$	—	$	—		$	709

Multifamily
Pass		25,386		2,734		3,343		274,404		154,614			80,153		—		—			540,634
Special Mention		—		—		—		—		—			—		—		—			—
Substandard		—		—		—		—		—			449		—		—			449
Total Multifamily		25,386		2,734		3,343		274,404		154,614			80,602		—		—			541,083
Current period gross charge-offs		—		—		—		—		—			33		—		—			33

Commercial real estate
Pass		65,373		62,277		59,357		156,010		56,447			100,094		—		—			499,558
Special Mention		1,182		4,967		—		2,054		7,473			2,385		—		—			18,061
Substandard		—		5,563		1,699		—		—			688		—		—			7,950
Total Commercial real estate		66,555		72,807		61,056		158,064		63,920			103,167		—		—			525,569
Current period gross charge-offs		—		—		1,081		—		305			223		—		—			1,609

Commercial and industrial
Pass		39,132		27,187		46,472		7,210		5,015			3,368		—		—			128,384
Special Mention		—		1,428		5,083		—		939			317		—		—			7,767
Substandard		—		114		7,772		477		237			840		—		—			9,440
Total Commercial and industrial		39,132		28,729		59,327		7,687		6,191			4,525		—		—			145,591
Current period gross charge-offs		—		2,496		5,392		3,000		717			233		—		—			11,838

Construction and land development
Pass		5,855		1,463		—		—		—			—		—		—			7,318
Special Mention		—		—		—		—		3,763			—		—		—			3,763
Substandard		—		—		—		—		—			—		—		—			—
Total Construction and land development		5,855		1,463		—		—		3,763			—		—		—			11,081
Current period gross charge-offs		—		—		—		—		—			—		—		—			—

Consumer
Pass		39		124		209		58		—			—		—		—			430
Special Mention		—		—		—		—		—			—		—		—			—
Substandard		—		—		—		—		—			—		—		—			—
Total Consumer		39		124		209		58		—			—		—		—			430
Current period gross charge-offs		—		—		—		—		—			—		—		—			—

Total Loans	$	279,858	$	183,925	$	285,642	$	617,710	$	280,579		$	327,037	$	—	$	25,459		$	2,000,210

Total Gross charge-offs	$	—	$	2,496	$	6,777	$	3,327	$	1,081		$	508	$	—	$	—		$	14,189

(1)

The following table summarizes the Company’s loans by year of origination and internally assigned credit risk at December 31, 2024 and the gross charge-offs for the year ended December 31, 2024:


																Revolving
	Term Loans Amortized Cost by Origination Year													Revolving		Loans to
(in thousands)	2024		2023		2022		2021		2020			Prior		Loans		Term Loans			Total
Residential real estate ⁽¹⁾
Pass	$	81,599	$	180,498	$	193,204	$	58,694	$	33,539		$	143,580	$	—	$	25,004		$	716,118
Special Mention		407		877		585		1,199		2,110			768		—		—			5,946
Substandard		—		514		679		589		—			3,467		—		1,418			6,667
Total Residential real estate		82,006		181,889		194,468		60,482		35,649			147,815		—		26,422			728,731
Current period gross charge-offs	$	—	$	129	$	—	$	—	$	128		$	23	$	—	$	—		$	280

Multifamily
Pass		2,814		3,393		292,430		159,094		35,368			56,158		—		—			549,257
Special Mention		—		—		—		—		—			450		—		—			450
Substandard		—		—		—		863		—			—		—		—			863
Total Multifamily		2,814		3,393		292,430		159,957		35,368			56,608		—		—			550,570
Current period gross charge-offs	$	—	$	—	$	—	$	368	$	397		$	—	$	—	$	—		$	765

Commercial real estate
Pass		69,436		83,159		173,301		78,044		21,870			104,957		—		—			530,767
Special Mention		—		911		1,709		3,866		399			1,298		—		—			8,183
Substandard		—		—		—		2,790		483			4,034		—		—			7,307
Total Commercial real estate		69,436		84,070		175,010		84,700		22,752			110,289		—		—			546,257
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—		$	30	$	—	$	—		$	30

Commercial and industrial
Pass		49,979		69,149		8,834		6,022		1,375			2,496		—		—			137,855
Special Mention		236		251		—		544		805			416		—		—			2,252
Substandard		42		815		2,500		1,261		249			483		—		—			5,350
Total Commercial and industrial		50,257		70,215		11,334		7,827		2,429			3,395		—		—			145,457
Current period gross charge-offs	$	128	$	302	$	—	$	—	$	52		$	90	$	—	$	—		$	572

Construction and land development
Pass		921		3,288		—		5,473		—			—		—		—			9,682
Special Mention		—		—		—		3,801		—			—		—		—			3,801
Substandard		—		—		—		—		—			—		—		—			—
Total Construction and land development		921		3,288		—		9,274		—			—		—		—			13,483
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—		$	—	$	—	$	—		$	—

Consumer
Pass		138		292		73		—		—			—		—		—			503
Special Mention		—		—		—		—		—			—		—		—			—
Substandard		—		—		—		—		—			—		—		—			—
Total Consumer		138		292		73		—		—			—		—		—			503
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—		$	—	$	—	$	—		$	—

Total Loans	$	205,572	$	343,147	$	673,315	$	322,240	$	96,198		$	318,107	$	—	$	26,422		$	1,985,001

Total Gross charge-offs	$	128	$	431	$	—	$	368	$	577		$	143	$	—	$	—		$	1,647

(1)

Schedule of allowance for credit losses for unfunded commitments


	Year Ended December 31,
(in thousands)	2025			2024
Balance at beginning of period	$	314		$	124
Provision for credit losses on unfunded commitments		312			190
Balance at end of period	$	626		$	314

Schedule of provision for credit losses on loans and unfunded commitments


	Year Ended December 31,
(in thousands)	2025			2024
Provision for credit losses on loans	$	10,070		$	4,750
Provision for credit losses on unfunded commitments		312			190
Total provision for credit losses	$	10,382		$	4,940

Schedule of amortized cost basis of loans on nonaccrual status and loans


	December 31, 2025
	Nonaccrual				Loans Past
	With No				Due Over
	Allowance				89 Days
(in thousands)	for Credit Loss		Nonaccrual		Still Accruing
Residential real estate	$	4,524	$	4,524	$	—
Multifamily		—		449		—
Commercial real estate		6,053		7,261		—
Commercial and industrial		1,527		9,370		—
Construction and land development		—		—		—
Consumer		—		—		—
Total	$	12,104	$	21,604	$	—


	December 31, 2024
	Nonaccrual				Loans Past
	With No				Due Over
	Allowance				89 Days
(in thousands)	for Credit Loss		Nonaccrual		Still Accruing
Residential real estate	$	5,497	$	5,497	$	—
Multifamily		864		864		—
Commercial real estate		5,300		5,325		—
Commercial and industrial		1,567		4,682		—
Construction and land development		—		—		—
Consumer		—		—		—
Total	$	13,228	$	16,368	$	—

Schedule of amortized cost basis and related allowance for credit loss of individually analyzed loans considered to be collateral dependent


	December 31, 2025
(in thousands)	Amortized Cost Basis			Related Allowance

Residential real estate ⁽¹⁾	$	4,320		$	—
Multifamily⁽²⁾		442			64
Commercial real estate ⁽²⁾		3,420			135
Commercial and industrial ^{(1) (2) (3)}		8,239			1,371
Total	$	16,421		$	1,570

(1)	Secured by residential real estate

(2)	Secured by commercial real estate

(3)	Secured by business assets


	December 31, 2024
(in thousands)	Amortized Cost Basis			Related Allowance

Residential real estate ⁽¹⁾	$	5,783		$	—
Multifamily⁽²⁾		864			—
Commercial real estate ⁽²⁾		5,235			—
Commercial and industrial ⁽¹⁾ ^{(2) (3)}		3,753			2,500
Total	$	15,635		$	2,500

(1)	Secured by residential real estate

(2)	Secured by commercial real estate

(3)	Secured by business assets

Schedule of aging of the amortized cost basis in past due loans


(in thousands)	30 - 59		60 - 89			Greater than
	Days		Days			89 Days		Total		Loans Not
December 31, 2025	Past Due		Past Due			Past Due		Past Due		Past Due		Total
Residential real estate	$	9,400	$	2,917		$	2,963	$	15,280	$	761,715	$	776,995
Multifamily		1,413		856			449		2,718		538,365		541,083
Commercial real estate		2,602		5,151			6,114		13,867		511,702		525,569
Commercial and industrial		8,328		688			2,691		11,707		133,884		145,591
Construction and land development		—		—			—		—		11,081		11,081
Consumer		—		—			—		—		430		430
Total	$	21,743	$	9,612		$	12,217	$	43,572	$	1,957,177	$	2,000,749


(in thousands)	30 - 59		60 - 89		Greater than
	Days		Days		89 Days		Total			Loans Not
December 31, 2024	Past Due		Past Due		Past Due		Past Due			Past Due			Total
Residential real estate	$	5,215	$	3,362	$	4,229	$	12,806		$	716,448		$	729,254
Multifamily		1,442		—		—		1,442			549,128			550,570
Commercial real estate		1,347		—		5,325		6,672			539,585			546,257
Commercial and industrial		2,533		661		4,305		7,499			137,958			145,457
Construction and land development		—		—		—		—			13,483			13,483
Consumer		—		—		—		—			503			503
Total	$	10,537	$	4,023	$	13,859	$	28,419		$	1,957,105		$	1,985,524

Schedule of financial receivable modified


	Year Ended December 31, 2025
							% of
							Total
							Class of
	Principal		Payment		Term		Financing
(in thousands)	Reduction		Delay		Extension		Receivable
Commercial real estate	$	—	$	1,142	$	—	0.22	%
Commercial and industrial		—		—		231	0.16
Total	$	—	$	1,142	$	231	0.07	%


	Year Ended December 31, 2024
							% of
							Total
							Class of
	Principal		Payment		Term		Financing
(in thousands)	Reduction		Delay		Extension		Receivable
Multifamily	$	864	$	—	$	—	0.16	%
Commercial and industrial		—		563		—	0.33
Total	$	864	$	563	$	—	0.07	%

The following tables present the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the years ended December 31, 2025 and 2024.


	Year Ended December 31, 2025
							Weighted
							Average
							Term
	Principal			Payment			Extension
(in thousands)	Reduction			Delay			(in months)
Commercial real estate	$	—		$	46		—
Commercial and industrial		—			—		36


	Year Ended December 31, 2024
							Weighted
							Average
							Term
	Principal			Payment			Extension
(in thousands)	Reduction			Delay			(in months)
Multifamily	$	362		$	—		—
Commercial and industrial		—			55		—

Schedule of activity in the allowance by portfolio segment


		Year Ended December 31, 2025
											Commercial			Construction
		Residential						Commercial			and			and Land
		Real Estate			Multifamily			Real Estate			Industrial			Development			Consumer
		Loans			Loans			Loans			Loans			Loans			Loans			Total
(in thousands)
Allowance for credit losses:
Beginning balance		$	6,236		$	5,284		$	5,605		$	5,447		$	180		$	27		$	22,779
Charge-offs			(709)			(33)			(1,609)			(11,838)			—			—			(14,189)
Recoveries			—			—			—			34			—			—			34
Provision for credit losses ⁽¹⁾			(492)			(1,864)			1,127			11,269			35			(5)			10,070
Ending balance		$	5,035		$	3,387		$	5,123		$	4,912		$	215		$	22		$	18,694

(1)	Additional provision related to off-balance sheet exposure was a debit of $312 thousand for the year ended December 31, 2025.


	Year Ended December 31, 2024
							Commercial		Construction
	Residential				Commercial		and		and Land
	Real Estate		Multifamily		Real Estate		Industrial		Development		Consumer
	Loans		Loans		Loans		Loans		Loans		Loans		Total
(in thousands)
Allowance for credit losses:
Beginning balance	$	5,001	$	4,671	$	8,390	$	1,419	$	122	$	55	$	19,658
Charge-offs		(280)		(765)		(30)		(572)		—		—		(1,647)
Recoveries		—		—		—		18		—		—		18
Provision for credit losses ⁽¹⁾		1,515		1,378		(2,755)		4,582		58		(28)		4,750
Ending balance	$	6,236	$	5,284	$	5,605	$	5,447	$	180	$	27	$	22,779

(1)	Additional provision related to off-balance sheet exposure was a debit of $190 thousand for the year ended December 31, 2024.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Leases - Future undiscounted lease payments for operating leases (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases
2026	$ 2,570
2027	1,999
2028	1,635
2029	1,290
2030	1,309
Thereafter	3,326
Total undiscounted lease payments	12,129
Less: imputed interest	1,562
Net lease liability	$ 10,567	$ 9,025

Summary of Significant Accounting Policies - Supplemental Executive Retirement Plan (Details)	12 Months Ended
	Dec. 31, 2025 item
Supplemental Unemployment Benefits [Abstract]
Number of former executives benefited	2

Subordinated Debentures (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
Subordinated Debentures (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Dec. 31, 2025	Dec. 31, 2024
Debt Instruments [Abstract]
Aggregate principal amount		$ 25,000	$ 25,000
Unamortized issuance costs		257	311
Subordinated Notes
Debt Instruments [Abstract]
Issuance costs		$ 54	$ 54
Subordinated Notes \| Private Placement
Debt Instruments [Abstract]
Aggregate principal amount	$ 25,000
Debt instrument, maturity date	Dec. 31, 2030
Borrowing rate of interest		8.76%
Subordinated Notes \| Private Placement \| Until October 15, 2025
Debt Instruments [Abstract]
Borrowing rate of interest	5.00%
Subordinated Notes \| Private Placement \| From and Including October 15, 2025
Debt Instruments [Abstract]
Term of variable rate		3 months
Basis spread on variable rate		4.874%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrMember

Investment Securities

12 Months Ended

Dec. 31, 2025

Investment Securities

Investment Securities

Note 2. Investment Securities

The following tables summarize the amortized cost, fair value and allowance for credit losses of securities available for sale and securities held to maturity at December 31, 2025 and 2024 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss and gross unrecognized gains and losses:


		December 31, 2025
					Gross			Gross			Allowance
		Amortized			Unrealized			Unrealized			for Credit
(in thousands)		Cost			Gains			Losses			Losses		Fair Value
Available for sale:
U.S. Treasury securities		$	4,495		$	—		$	—		$	—	$	4,495
U.S. GSE residential mortgage-backed securities			18,055			193			(105)			—		18,143
U.S. GSE residential collateralized mortgage obligations			11,691			69			(3)			—		11,757
U.S. GSE commercial mortgage-backed securities			2,583			—			(51)			—		2,532
Collateralized loan obligations			32,758			30			(124)			—		32,664
Corporate bonds			30,250			294			(583)			—		29,961
Total available for sale securities		$	99,832		$	586		$	(866)		$	—	$	99,552

					Gross			Gross					Allowance
		Amortized			Unrecognized			Unrecognized					for Credit
		Cost			Gains			Losses			Fair Value		Losses
Held to maturity:
U.S. GSE residential mortgage-backed securities		$	1,017		$	—		$	(41)		$	976	$	—


		December 31, 2024
					Gross			Gross		Allowance
		Amortized			Unrealized			Unrealized		for Credit
(in thousands)		Cost			Gains			Losses		Losses			Fair Value
Available for sale:
U.S. Treasury securities		$	19,995		$	5		$	—	$	—		$	20,000
U.S. GSE residential mortgage-backed securities			11,016			—			(371)		—			10,645
U.S. GSE commercial mortgage-backed securities			1,520			—			(17)		—			1,503
Collateralized loan obligations			32,271			206			—		—			32,477
Corporate bonds			20,282			65			(1,217)		—			19,130
Total available for sale securities		$	85,084		$	276		$	(1,605)	$	—		$	83,755

					Gross			Gross					Allowance
		Amortized			Unrecognized			Unrecognized					for Credit
		Cost			Gains			Losses		Fair Value			Losses
Held to maturity:
U.S. GSE residential mortgage-backed securities		$	1,259		$	—		$	(81)	$	1,178		$	—
U.S. GSE commercial mortgage-backed securities			2,499			—			(68)		2,431			—
Total held to maturity securities		$	3,758		$	—		$	(149)	$	3,609		$	—

The amortized cost and fair value of investment securities at December 31, 2025, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single date are shown separately.


		December 31, 2025
		Amortized			Fair
(in thousands)		Cost			Value
Securities available for sale:
Due in one year or less		$	4,495		$	4,495
Due after one year through five years			2,000			2,055
Five to ten years			31,743			31,413
Beyond ten years			29,265			29,157
U.S. GSE residential mortgage-backed securities			18,055			18,143
U.S. GSE residential collateralized mortgage obligations			11,691			11,757
U.S. GSE commercial mortgage-backed securities			2,583			2,532
Total securities available for sale			99,832			99,552
Securities held to maturity:
U.S. GSE residential mortgage-backed securities			1,017			976
Total investment securities		$	100,849		$	100,528

At December 31, 2025 and 2024, investment securities with a carrying amount of $34.0 million and $28.9 million, respectively, were pledged to secure public deposits and for other purposes required or permitted by law.

There were no holdings of securities of any one issuer in an amount greater than 10% of stockholders' equity other than securities issued by the U.S. government and its agencies at December 31, 2025 and 2024.

The following table presents a summary of realized gains and losses from the sale of investment securities:


		Year Ended December 31,
(in thousands)		2025		2024
Proceeds from sales		$	7,848	$	1,763
Gross realized gains on sales		$	215	$	31
Gross realized losses on sales			—		—
Total realized gains, net⁽¹⁾		$	215	$	31

(1)	Amount does not include associated income tax of $53 and $7 for the year ended December 31, 2025 and 2024, respectively.

The following tables summarize securities available-for-sale in an unrealized loss position for which an allowance for credit losses has not been recorded at December 31, 2025 and 2024, aggregated by major security type and length of time in a continuous unrealized loss position.


	December 31, 2025
	Less than Twelve Months				Twelve Months or Longer				Total
			Gross				Gross						Gross
			Unrealized				Unrealized		Number of				Unrealized
(in thousands, except number of securities)	Fair Value		Losses		Fair Value		Losses		Securities	Fair Value			Losses
Available-for-sale:
U.S. GSE residential mortgage-backed securities	$	4,562	$	(10)	$	2,719	$	(95)	7	$	7,281		$	(105)
U.S. GSE residential collateralized mortgage obligations		—		—		19		(3)	1		19			(3)
U.S. GSE commercial mortgage-backed securities		2,532		(51)		—		—	1		2,532			(51)
Collateralized loan obligations		23,654		(124)		—		—	5		23,654			(124)
Corporate bonds		1,987		(14)		10,931		(569)	8		12,918			(583)
Total available-for-sale	$	32,735	$	(199)	$	13,669	$	(667)	22	$	46,404		$	(866)


	December 31, 2024
	Less than Twelve Months				Twelve Months or Longer				Total
			Gross				Gross						Gross
			Unrealized				Unrealized		Number of				Unrealized
(in thousands, except number of securities)	Fair Value		Losses		Fair Value		Losses		Securities	Fair Value			Losses
Available-for-sale:
U.S. GSE residential mortgage-backed securities	$	9,523	$	(227)	$	1,122	$	(144)	12	$	10,645		$	(371)
U.S. GSE commercial mortgage-backed securities		1,503		(17)		—		—	1		1,503			(17)
Corporate bonds		2,823		(56)		10,338		(1,161)	9		13,161			(1,217)
Total available-for-sale	$	13,849	$	(300)	$	11,460	$	(1,305)	22	$	25,309		$	(1,605)

Assessment of Available for Sale Debt Securities for Credit Risk

Management assesses the decline in fair value of investment securities periodically. Unrealized losses on debt securities may occur from current market conditions, increases in interest rates since the time of purchase, a structural change in an investment, volatility of earnings of a specific issuer, or deterioration in credit quality of the issuer. Management evaluates both qualitative and quantitative factors to assess whether an impairment exists. The following is a discussion of the credit quality characteristics of portfolio segments carrying unrealized losses at December 31, 2025 and 2024.

Obligations of U.S. Government agencies and sponsored entities

The mortgage-backed securities and collateralized mortgage obligations held by the Company were issued by U.S government-sponsored entities and agencies. The decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality. The Company does not have the intent to sell these mortgage-backed securities and collateralized mortgage obligations and it is likely that it will not be required to sell the securities before their anticipated recovery. The Company did not record expected credit loss on these securities during the years ended December 31, 2025 and 2024.

Corporate bonds

The Company’s corporate bond portfolio is comprised of subordinated debt issues of community and regional banks. Management considers the credit quality of each individual investment. Management reviewed the collectability of these investments, taking into account such factors as the financial condition of the issuers, reported regulatory capital ratios, and credit ratings, when available, and other factors. All corporate bond debt securities continue to accrue interest and make payments as expected with no defaults or deferrals on the part of the issuers. The Company considers the potential credit risk of the issuers to be immaterial and has not allocated an allowance for credit losses on its corporate bond portfolio as of December 31, 2025 and 2024.

Collateralized loan obligations (“CLO”)

The Company’s CLO portfolio is comprised of an actively managed portfolio of senior secured Class A Notes. Management considers the credit quality of each individual investment. Management reviewed the collectability of these investments, taking into account such factors as the financial condition of the issuers and credit ratings, when available and other factors. All CLO securities continue to accrue interest and make payments as expected with no defaults or deferrals on the part of the issuers. The Company considers the potential credit risk of the issuers to be immaterial and has not allocated an allowance for credit losses on its CLO portfolio as of December 31, 2025 and 2024.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Preferred Stock	Surplus	Retained Earnings	Accumulated Other Comprehensive Loss, Net of Tax	Total
Beginning Balance at Dec. 31, 2023	$ 72	$ 2,963	$ 125,694	$ 58,551	$ (2,450)	$ 184,830
Beginning Balance (In shares) at Dec. 31, 2023	7,195,012
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income				12,346		12,346
Other comprehensive income, net of tax					1,116	1,116
Cash dividends declared ($0.10 per share)				(2,975)		(2,975)
Stock-based compensation			1,587			1,587
Stock awards granted, net of forfeitures (in shares)	53,718
Shares received related to tax withholding			(198)			(198)
Shares received related to tax withholding (in shares)	(10,773)
Preferred stock issued in exchange for common stock	$ (1)	2,078	(2,077)
Preferred stock issued in exchange for common stock (in shares)	(125,000)
Exercise of stock options, net	$ 1		(69)			(68)
Exercise of stock options, net (in shares)	39,170
Ending Balance at Dec. 31, 2024	$ 72	5,041	124,937	67,922	(1,334)	196,638
Ending Balance (In shares) at Dec. 31, 2024	7,152,127
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income				7,488		7,488
Other comprehensive income, net of tax					654	654
Cash dividends declared ($0.10 per share)				(3,009)		(3,009)
Stock-based compensation			1,572			1,572
Stock awards granted, net of forfeitures (in shares)	40,991
Shares issued for performance stock units, net (in shares)	27,848
Shares received related to tax withholding			(779)			(779)
Shares received related to tax withholding (in shares)	(17,920)
Stock repurchases	$ (1)		(1,829)			(1,830)
Stock repurchases (in shares)	(81,975)
Exercise of stock options, net			(468)			(468)
Exercise of stock options, net (in shares)	14,332
Ending Balance at Dec. 31, 2025	$ 71	$ 5,041	$ 123,433	$ 72,401	$ (680)	$ 200,266
Ending Balance (In shares) at Dec. 31, 2025	7,135,403

Income Taxes - Income tax expense (benefit) from continuing operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Current:
Federal	$ (73)	$ 2,565
State	833	874
Total current	760	3,439
Deferred:
Federal	1,850	578
State	(144)	16
Total deferred	1,706	594
Total income tax expense	$ 2,466	$ 4,033

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Other comprehensive income (loss), net of tax:
Change in unrealized gain on securities available for sale arising during the period, net of tax	$ 285	$ 120
Reclassification adjustment for gains realized in net income, Tax	(53)	(7)
Change in unrealized (loss) gain on cash flow hedges arising during the period, net of tax	$ (48)	$ 188

Loans - Activity in the allowance by portfolio segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Allowance for credit losses:
Beginning balance	$ 22,779	$ 19,658
Charge-offs	(14,189)	(1,647)
Recoveries	34	18
Provision for credit losses	10,070	4,750
Ending balance	18,694	22,779
Additional provision of off balance sheet exposure	312	190
Residential Real Estate Loans
Allowance for credit losses:
Beginning balance	6,236	5,001
Charge-offs	(709)	(280)
Provision for credit losses	(492)	1,515
Ending balance	5,035	6,236
Multifamily Loans
Allowance for credit losses:
Beginning balance	5,284	4,671
Charge-offs	(33)	(765)
Provision for credit losses	(1,864)	1,378
Ending balance	3,387	5,284
Commercial Real Estate Loans
Allowance for credit losses:
Beginning balance	5,605	8,390
Charge-offs	(1,609)	(30)
Provision for credit losses	1,127	(2,755)
Ending balance	5,123	5,605
Commercial and Industrial Loans
Allowance for credit losses:
Beginning balance	5,447	1,419
Charge-offs	(11,838)	(572)
Recoveries	34	18
Provision for credit losses	11,269	4,582
Ending balance	4,912	5,447
Construction and Land Development Loans
Allowance for credit losses:
Beginning balance	180	122
Provision for credit losses	35	58
Ending balance	215	180
Consumer Loans
Allowance for credit losses:
Beginning balance	27	55
Provision for credit losses	(5)	(28)
Ending balance	$ 22	$ 27

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Securities:
Held to maturity, fair value	$ 976	$ 3,609
Held to maturity, allowance for credit losses	0	0
Available for sale, allowance for credit losses	0	0
LIABILITIES AND STOCKHOLDERS' EQUITY
Face amount	25,000	25,000
Unamortized issuance costs	$ 257	$ 311
STOCKHOLDERS' EQUITY
Preferred stock, Series A, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, Series A, shares authorized (in shares)	15,000,000	15,000,000
Preferred stock, Series A, shares issued (in shares)	275,000	275,000
Preferred stock, Series A, shares outstanding (in shares)	275,000	275,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	17,000,000	17,000,000
Common stock, shares issued (in shares)	7,135,403	7,152,127
Common stock, shares outstanding (in shares)	7,135,403	7,152,127

Accumulated Other Comprehensive (Loss) Income

12 Months Ended

Dec. 31, 2025

Accumulated Other Comprehensive (Loss) Income

Accumulated Other Comprehensive (Loss) Income

Note 19. Accumulated Other Comprehensive (Loss) Income

The following presents changes in accumulated other comprehensive (loss) income by component, net of tax, for the periods indicated:


		Unrealized Gains and		Gains and
		Losses on Available-		Losses on
		for-Sale Debt		Cash Flow
(in thousands)		Securities		Hedges		Total
Balance at January 1, 2025		$	(1,035)	$	(299)	$	(1,334)
Other comprehensive income (loss), before reclassification			979		(163)		816
Amount reclassified from accumulated other comprehensive income			(162)		—		(162)
Net current period other comprehensive income (loss)			817		(163)		654
Balance at December 31, 2025		$	(218)	$	(462)	$	(680)



	Unrealized Gains and		Gains and
	Losses on Available-		Losses on
	for-Sale Debt		Cash Flow
(in thousands)	Securities		Hedges		Total
Balance at January 1, 2024	$	(1,466)	$	(984)	$	(2,450)
Other comprehensive income, before reclassification		455		685		1,140
Amount reclassified from accumulated other comprehensive income		(24)		—		(24)
Net current period other comprehensive income		431		685		1,116
Balance at December 31, 2024	$	(1,035)	$	(299)	$	(1,334)

The following presents the reclassification out of accumulated other comprehensive (loss) income for the years ended December 31, 2025 and 2024:


		Year Ended December 31,					Affected Line Item in Consolidated
(in thousands)		2025		2024			Statements of Income
Unrealized gains and losses on available-for-sale securities
Realized gains on securities available-for-sale		$	215	$	31		Gain on sale of investment securities available-for-sale, net
Tax effect			53		7		Income tax expense
Net of tax		$	162	$	24

Gains and losses on cash flow hedges
Interest rate contracts		$	—	$	—		Interest income (expense)
Tax effect			—		—		Income tax (expense) or benefit
Net of tax		$	—	$	—

Total reclassifications for the period, net of tax		$	162	$	24

Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2025

Parent Company Only Condensed Financial Information

Parent Company Only Condensed Financial Information

Note 17. Parent Company Only Condensed Financial Information

Condensed parent company only financial statements of Hanover Bancorp, Inc. are as follows:

Condensed Balance Sheets


		December 31,
(in thousands)		2025		2024
ASSETS
Cash and due from banks		$	144	$	782
Investment in Bank			223,880		219,675
Other assets			1,467		1,176
Total Assets		$	225,491	$	221,633

LIABILITIES AND STOCKHOLDERS' EQUITY
Subordinated debentures		$	24,743	$	24,689
Accrued interest payable			475		260
Accrued expenses and other liabilities			7		46
Total Liabilities			25,225		24,995
Total Stockholders' Equity			200,266		196,638
Total Liabilities and Stockholders' Equity		$	225,491	$	221,633

Condensed Statements of Income


		Year Ended December 31,
(in thousands)		2025		2024
Dividends received from Bank		$	6,900	$	5,150
Interest expense			(1,519)		(1,304)
Non-interest expense			(139)		(131)
Income before income taxes and equity in undistributed earnings of the Bank			5,242		3,715
Income tax benefit			267		243
Equity in undistributed earnings of the Bank			1,979		8,388
Net income		$	7,488	$	12,346

Condensed Statements of Cash Flows


		Year Ended December 31,
(in thousands)		2025		2024
Cash flows from operating activities:
Net income		$	7,488	$	12,346
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed earnings of the Bank			(1,979)		(8,388)
Amortization of debt issuance costs			54		54
Increase in other assets			(291)		(343)
Increase in accrued interest payable			215		—
Decrease in accrued expenses and other liabilities			(39)		—
Net cash provided by operating activities			5,448		3,669

Cash flows from financing activities:
Exercise of stock options, net			(468)		(68)
Payments related to tax withholding for equity awards			(779)		(198)
Repurchase of common stock			(1,830)		—
Cash dividends paid			(3,009)		(2,960)
Net cash used in financing activities			(6,086)		(3,226)

Net (decrease) increase in cash and due from banks			(638)		443
Cash and due from banks, beginning of period			782		339
Cash and due from banks, end of period		$	144	$	782

Derivatives

12 Months Ended

Dec. 31, 2025

Derivatives

Derivatives

Note 9. Derivatives

As part of its asset liability management, the Company utilizes interest rate swap agreements to help manage its interest rate risk position. The notional amount of the interest rate swap does not represent the amount exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements.

The following sets forth information regarding the Company’s derivative financial instruments as of the dates indicated:


	Assets				Liabilities
	Notional				Notional
(in thousands)	Amount		Fair Value ⁽¹⁾		Amount		Fair Value⁽¹⁾
December 31, 2025
Cash flow hedges:
Interest rate swaps (Brokered Certificates of Deposit)	$	—	$	—	$	75,000	$	(594)
Fair value hedges:
Interest rate swaps (Loans)		—		—		50,000		(459)
Total	$	—	$	—	$	125,000	$	(1,053)

December 31, 2024
Cash flow hedges:
Interest rate swaps (Brokered Certificates of Deposit)	$	25,000	$	68	$	50,000	$	(451)
Fair value hedges:
Interest rate swaps (Loans)		—		—		50,000		(476)
Total	$	25,000	$	68	$	100,000	$	(927)

⁽¹⁾

Cash Flow Hedges of Interest Rate Risk

Interest rate swaps with notional amounts totaling $75.0 million as of December 31, 2025 and 2024, were designated as cash flow hedges of certain Brokered Certificates of Deposit. The swaps were determined to be fully effective during the periods presented and therefore no amount of ineffectiveness has been included in net income. The aggregate fair value of the swaps is recorded in other assets/(other liabilities) with changes in fair value recorded in other comprehensive income (loss). The amount included in accumulated other comprehensive income (loss) would be reclassified to current earnings should the hedges no longer be considered effective. The Company expects the hedges to remain fully effective during the remaining term of the swaps.

The following table presents the net (losses) gains recorded in accumulated other comprehensive income and the consolidated statements of income relating to the cash flow derivative instruments for the periods indicated:


	Year Ended December 31,
(in thousands)	2025			2024
(Loss) gain recognized in other comprehensive income, net of tax	$	(163)		$	685
(Loss) gain recognized in interest expense		(68)			622

Fair Value Hedges of Interest Rate Risk

On November 1, 2023, the Company entered into a three year interest rate swap with a notional amount totaling $50 million which was designated as a fair value hedge of certain fixed rate residential mortgages. The Company pays a fixed rate of 4.56% and receives a floating rate based on SOFR for the life of the agreement without an exchange of the underlying notional amount. The hedge was determined to be effective during the years ended December 31, 2025 and 2024, and the Company expects the hedge to remain effective during the remaining term of the swap. The gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk is recognized in interest income.

The following table presents the effects of the Company’s derivative instruments designated as fair value hedges on the Consolidated Statements of Income for the year ended December 31, 2025 and 2024.

The following amounts were recorded on the Statement of Financial Condition related to cumulative basis adjustment for fair value hedges as of the dates indicated.


	December 31,
(in thousands)	2025		2024
Loans receivable:
Carrying amount of the hedged assets⁽¹⁾	$	50,000	$	50,000
Fair value hedging adjustment included in the carrying amount of the hedged assets		539		523

⁽¹⁾

Credit-Risk-Related Contingent Features

The Company has minimum collateral posting thresholds with certain of its derivative counterparties. If the termination value of derivatives is a net liability position, the Company is required to post collateral against its obligations under the agreements. However, if the termination value of derivatives is a net asset position, the counterparty is required to post collateral to the Company. At December 31, 2025 and 2024, the Company posted $1.2 million and $0.7 million, respectively, in collateral to its counterparties in a net liability position.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share

Earnings Per Share

Note 18. Earnings Per Share

The two-class method is used in the calculation of basic and diluted earnings per share (“EPS”). Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared and participation rights in undistributed earnings. The restricted stock awards granted by the Company contain non-forfeitable rights to dividends and therefore are considered participating securities.

The Company’s basic and diluted EPS calculations are presented in the following table:


		Year Ended December 31,
(in thousands, except share and per share data)		2025		2024

Net income available to common stockholders		$	7,488	$	12,346
Less: Dividends paid and earnings allocated to participating securities			(194)		(384)
Income attributable to common stock		$	7,294	$	11,962
Weighted average common shares outstanding, including participating securities			7,471,442		7,403,758
Less: Weighted average participating securities			(214,578)		(245,599)
Weighted average common shares outstanding			7,256,864		7,158,159
Basic EPS		$	1.01	$	1.67

Income attributable to common stock		$	7,294	$	11,962
Weighted average common shares outstanding			7,256,864		7,158,159
Weighted average common equivalent shares outstanding			5,916		28,983
Weighted average common and equivalent shares outstanding			7,262,780		7,187,142
Diluted EPS		$	1.00	$	1.66

There were no stock options that were antidilutive at December 31, 2025 and 2024.

Income Taxes - Net operating loss carryforwards (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Net operating loss carryforwards
Unrecorded tax benefits	$ 0
Unrecognized income tax benefits to significantly increase	0
Federal
Net operating loss carryforwards
Net operating loss carryforwards	0
State
Net operating loss carryforwards
Net operating loss carryforwards	52,200
State \| Expires in 2035
Net operating loss carryforwards
Net operating loss carryforwards	9,200
State \| Expires in 2036
Net operating loss carryforwards
Net operating loss carryforwards	43,000
City
Net operating loss carryforwards
Net operating loss carryforwards	18,400
City \| Expires in 2037
Net operating loss carryforwards
Net operating loss carryforwards	$ 18,400

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 7,488	$ 12,346
Unrealized gains (losses) on investment securities available for sale:
Change in unrealized gain (loss) on securities available for sale arising during the period, net of tax of $285 and $120, respectively	979	455
Reclassification adjustment for gains realized in net income, net of tax of ($53) and ($7), respectively	(162)	(24)
Net change in unrealized gains (losses) on securities available for sale	817	431
Unrealized gains (losses) on cash flow hedges:
Change in unrealized gain (loss) on cash flow hedges arising during the period, net of tax of ($48) and $188, respectively	(163)	685
Total other comprehensive income, net of tax	654	1,116
Total comprehensive income, net of tax	$ 8,142	$ 13,462

Borrowings - Federal Home Loan Bank Advances (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Federal Home Loan Bank Advances
FHLB term borrowings outstanding, fixed rate	$ 100,700	$ 107,800
FHLB overnight borrowings outstanding	100,725	107,805
Maximum available additional borrowings	8,900	97,900
Overnight borrowings
Federal Home Loan Bank Advances
FHLB overnight borrowings outstanding	$ 0	$ 0

Derivatives - Fair value hedges on the Consolidated Statements of Income (Details) - Interest rate swap - Fair value hedges - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Net gain on hedged items recorded in interest income on loans	$ 33	$ 33
(Loss) gain on hedge recorded in interest income on loans	$ (154)	$ 299

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Loans - Modifications (Details) - USD ($) $ in Thousands	12 Months Ended
Loans - Modifications (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Financing Receivable, Modified [Line Items]
% of Total Class of Financing Receivable	0.07%	0.07%
Commitments to lend additional funds in troubled debt restructurings	$ 0	$ 0
Subsequent default of modified loans	0	0
Total Past Due
Financing Receivable, Modified [Line Items]
Loans that have been modified in the past twelve months	$ 0	$ 0
Multifamily
Financing Receivable, Modified [Line Items]
% of Total Class of Financing Receivable		0.16%
Commercial real estate
Financing Receivable, Modified [Line Items]
% of Total Class of Financing Receivable	0.22%
Commercial and industrial
Financing Receivable, Modified [Line Items]
% of Total Class of Financing Receivable	0.16%	0.33%
Principal Reduction
Financing Receivable, Modified [Line Items]
Amortized cost basis of loans that were modified		$ 864
Principal Reduction \| Multifamily
Financing Receivable, Modified [Line Items]
Amortized cost basis of loans that were modified		864
Financial effect of the loan modifications		362
Payment Delay
Financing Receivable, Modified [Line Items]
Amortized cost basis of loans that were modified	$ 1,142	563
Payment Delay \| Commercial real estate
Financing Receivable, Modified [Line Items]
Amortized cost basis of loans that were modified	1,142
Financial effect of the loan modifications	46
Payment Delay \| Commercial and industrial
Financing Receivable, Modified [Line Items]
Amortized cost basis of loans that were modified		563
Financial effect of the loan modifications		$ 55
Term Extension
Financing Receivable, Modified [Line Items]
Amortized cost basis of loans that were modified	$ 231
Term Extension \| Multifamily
Financing Receivable, Modified [Line Items]
Weighted average term increase from modification		0 months
Term Extension \| Commercial real estate
Financing Receivable, Modified [Line Items]
Weighted average term increase from modification	0 months
Term Extension \| Commercial and industrial
Financing Receivable, Modified [Line Items]
Amortized cost basis of loans that were modified	$ 231
Weighted average term increase from modification	36 months	0 months

Summary of Significant Accounting Policies - Servicing Rights (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Mortgage Servicing Rights [Abstract]
Servicing fees	$ 3.1	$ 2.6

Fair Value Measurements - Assets Measured at Fair Value on Non-recurring Basis (Details) - Nonrecurring - USD ($)	Dec. 31, 2025	Dec. 31, 2024
FAIR VALUE
Assets measured at fair value		$ 0
Multi-family \| Collateral-dependent loans \| Fair Value Measurements
FAIR VALUE
Assets measured at fair value	$ 378,000
Commercial real estate \| Collateral-dependent loans \| Fair Value Measurements
FAIR VALUE
Assets measured at fair value	991,000
Commercial real estate \| Other real estate \| Carrying Amount
FAIR VALUE
Assets measured at fair value	650,000
Commercial real estate \| Other real estate \| Fair Value Measurements
FAIR VALUE
Assets measured at fair value	650,000
Commercial and industrial \| Collateral-dependent loans \| Fair Value Measurements
FAIR VALUE
Assets measured at fair value	6,084,000
Significant Unobservable Inputs (Level 3) \| Multi-family \| Collateral-dependent loans \| Fair Value Measurements
FAIR VALUE
Assets measured at fair value	378,000
Significant Unobservable Inputs (Level 3) \| Commercial real estate \| Collateral-dependent loans \| Fair Value Measurements
FAIR VALUE
Assets measured at fair value	991,000
Significant Unobservable Inputs (Level 3) \| Commercial real estate \| Other real estate \| Fair Value Measurements
FAIR VALUE
Assets measured at fair value	650,000
Significant Unobservable Inputs (Level 3) \| Commercial and industrial \| Collateral-dependent loans \| Fair Value Measurements
FAIR VALUE
Assets measured at fair value	$ 6,084,000

Loans - Recorded investment in loans on nonaccrual status and loans past due over 89 days still accruing (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Amortized cost basis of loans on nonaccrual status and loans past due over 89 days still accruing
Nonaccrual With No Allowance for Credit Loss	$ 12,104	$ 13,228
Nonaccrual	21,604	16,368
Interest income on nonaccrual loans	398	205
Residential real estate
Amortized cost basis of loans on nonaccrual status and loans past due over 89 days still accruing
Nonaccrual With No Allowance for Credit Loss	4,524	5,497
Nonaccrual	4,524	5,497
Multifamily
Amortized cost basis of loans on nonaccrual status and loans past due over 89 days still accruing
Nonaccrual With No Allowance for Credit Loss		864
Nonaccrual	449	864
Commercial real estate
Amortized cost basis of loans on nonaccrual status and loans past due over 89 days still accruing
Nonaccrual With No Allowance for Credit Loss	6,053	5,300
Nonaccrual	7,261	5,325
Commercial and industrial
Amortized cost basis of loans on nonaccrual status and loans past due over 89 days still accruing
Nonaccrual With No Allowance for Credit Loss	1,527	1,567
Nonaccrual	$ 9,370	$ 4,682

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (d)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-16

+ Details

Parent Company Only Condensed Financial Information, Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net Income (Loss)	$ 7,488	$ 12,346
Adjustments to reconcile net income to net cash used in operating activities:
Amortization of debt issuance costs	54	54
(Increase) decrease in other assets	(1,356)	(9,543)
Decrease in accrued interest payable	209	(192)
Net cash provided by operating activities	13,051	5,440
Cash flows from financing activities:
Exercise of stock options, net		103
Payments related to tax withholding for equity awards	(779)	(198)
Repurchase of common stock	(1,830)	0
Net cash provided by financing activities	60,944	25,568
Increase (decrease) in cash and cash equivalents	46,047	(14,350)
Cash and cash equivalents, beginning of period	162,857	177,207
Cash and cash equivalents, end of period	208,904	162,857
Parent Company
Cash flows from operating activities:
Net Income (Loss)	7,488	12,346
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed earnings of the Bank	(1,979)	(8,388)
Amortization of debt issuance costs	54	54
(Increase) decrease in other assets	(291)	(343)
Decrease in accrued interest payable	215
Decrease in accrued expenses and other liabilities	(39)
Net cash provided by operating activities	5,448	3,669
Cash flows from financing activities:
Exercise of stock options, net	(468)	(68)
Payments related to tax withholding for equity awards	(779)	(198)
Repurchase of common stock	(1,830)
Cash dividends paid	(3,009)	(2,960)
Net cash provided by financing activities	(6,086)	(3,226)
Increase (decrease) in cash and cash equivalents	(638)	443
Cash and cash equivalents, beginning of period	782	339
Cash and cash equivalents, end of period	$ 144	$ 782

Derivatives - Credit-Risk-Related Contingent Features (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Derivatives
Termination value of derivatives in net liability position	$ 1.2	$ 0.7

Equity Compensation Plans - Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Restricted Stock
Restricted Stock
Award vesting period	5 years	5 years
Number of Shares
Unvested, beginning of period (in shares)	236,203
Granted (in shares)	58,250	59,911
Vested (in shares)	(76,790)
Forfeited (in shares)	(17,259)
Unvested, end of period (in shares)	200,404	236,203
Weighted-Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share)	$ 18.95
Granted (in dollars per share)	25.75
Vested (in dollars per share)	19.2
Forfeited (in dollars per share)	19.91
Unvested, end of period (in dollars per share)	$ 20.76	$ 18.95
Compensation expenses	$ 1,300	$ 1,400
Unrealized compensation cost	$ 2,900	$ 3,100
Weighted-average term for recognizing unrealized compensation cost	3 years 3 days	3 years
Total fair value of shares vested	$ 1,900	$ 1,300
Restricted Stock Units (RSUs)
Restricted Stock
Award vesting period	3 years
Number of Shares
Unvested, beginning of period (in shares)	38,271
Granted (in shares)	22,345	0
Incremental performance shares vested (in shares)	9,086
Vested (in shares)	(42,484)
Forfeited (in shares)	(4,873)
Unvested, end of period (in shares)	22,345	38,271
Weighted-Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share)	$ 19.73
Granted (in dollars per share)	26.3
Incremental performance shares vested (in dollars per share)	19.73
Vested (in dollars per share)	19.73
Forfeited (in dollars per share)	19.73
Unvested, end of period (in dollars per share)	$ 26.3	$ 19.73
Compensation expenses	$ 300	$ 224
Unrealized compensation cost	$ 414	$ 31
Weighted-average term for recognizing unrealized compensation cost	2 years 2 months 15 days	1 month 20 days

Equity Compensation Plans - Stock Options (Details) - Employee Stock Option - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Equity Compensation Plans
Award vesting period	3 years
Contractual term	10 years
Compensation expenses	$ 0	$ 0
Number of shares issued during period	14,332	39,170
Number of Options
Outstanding, beginning of period (in shares)	58,000
Exercise of stock options, net (in shares)	(42,000)	(99,392)
Outstanding, end of period (in shares)	16,000	58,000
Weighted-Average Exercise Price Per Share
Outstanding, beginning of period (in dollars per share)	$ 8.11
Exercised (in dollars per share)	6.25
Outstanding, end of period (in dollars per share)	$ 13	$ 8.11
Aggregate Intrinsic Value
Aggregate intrinsic value, outstanding	$ 164	$ 835
Weighted Average Remaining Contractual Term
Weighted-average remaining contractual term, outstanding	8 months 1 day	9 months 25 days

Fair Value Measurements - Quantitative information measured at fair value on non-nonrecurring basis (Details) - Nonrecurring - USD ($)	Dec. 31, 2025	Dec. 31, 2024
FAIR VALUE
Assets measured at fair value		$ 0
Income approach \| Significant Unobservable Inputs (Level 3) \| Other real estate
FAIR VALUE
Assets measured at fair value	$ 650,000
Income approach \| Significant Unobservable Inputs (Level 3) \| Other real estate \| Minimum
FAIR VALUE
Percentage of weighted average	5.50%
Income approach \| Significant Unobservable Inputs (Level 3) \| Other real estate \| Maximum
FAIR VALUE
Percentage of weighted average	(12.00%)
Income approach \| Significant Unobservable Inputs (Level 3) \| Other real estate \| Weighted Average
FAIR VALUE
Percentage of weighted average	(9.00%)
Income approach \| Significant Unobservable Inputs (Level 3) \| Multi-family \| Collateral-dependent loans
FAIR VALUE
Assets measured at fair value	$ 378,000
Income approach \| Significant Unobservable Inputs (Level 3) \| Multi-family \| Collateral-dependent loans \| Minimum
FAIR VALUE
Percentage of weighted average	4.00%
Income approach \| Significant Unobservable Inputs (Level 3) \| Multi-family \| Collateral-dependent loans \| Maximum
FAIR VALUE
Percentage of weighted average	9.40%
Income approach \| Significant Unobservable Inputs (Level 3) \| Multi-family \| Collateral-dependent loans \| Weighted Average
FAIR VALUE
Percentage of weighted average	(8.50%)
Income approach \| Significant Unobservable Inputs (Level 3) \| Commercial and industrial \| Collateral-dependent loans
FAIR VALUE
Assets measured at fair value	$ 6,084,000
Income approach \| Significant Unobservable Inputs (Level 3) \| Commercial and industrial \| Collateral-dependent loans \| Minimum
FAIR VALUE
Percentage of weighted average	5.00%
Income approach \| Significant Unobservable Inputs (Level 3) \| Commercial and industrial \| Collateral-dependent loans \| Maximum
FAIR VALUE
Percentage of weighted average	9.50%
Income approach \| Significant Unobservable Inputs (Level 3) \| Commercial and industrial \| Collateral-dependent loans \| Weighted Average
FAIR VALUE
Percentage of weighted average	(8.50%)
Sales comparison approach \| Significant Unobservable Inputs (Level 3) \| Commercial real estate \| Collateral-dependent loans
FAIR VALUE
Assets measured at fair value	$ 991,000
Sales comparison approach \| Significant Unobservable Inputs (Level 3) \| Commercial real estate \| Collateral-dependent loans \| Minimum
FAIR VALUE
Percentage of weighted average	5.00%
Sales comparison approach \| Significant Unobservable Inputs (Level 3) \| Commercial real estate \| Collateral-dependent loans \| Maximum
FAIR VALUE
Percentage of weighted average	20.00%
Sales comparison approach \| Significant Unobservable Inputs (Level 3) \| Commercial real estate \| Collateral-dependent loans \| Weighted Average
FAIR VALUE
Percentage of weighted average	(10.00%)

Equity Compensation Plans

12 Months Ended

Dec. 31, 2025

Equity Compensation Plans

EQUITY COMPENSATION PLANS

Note 12. Equity Compensation Plans

The Company’s 2021 and 2018 Equity Compensation Plans (the “2021 Plan” and the “2018 Plan,” respectively), provide for the grant of stock-based compensation awards to members of management, including employees and management officials, and members of the Board. Under the 2021 Plan, a total of 427,500 shares of the Company’s common stock or equivalents were approved for issuance, of which 157,445 and 230,966 shares remain available for issuance at December 31, 2025 and 2024, respectively. Of the total 346,000 shares of common stock approved for issuance under the 2018 Plan, 8,767 and 2,795 shares remain available for issuance at December 31, 2025 and 2024, respectively.

Stock Options

Stock options are granted with an exercise price equal to the fair market value of the Company’s common stock at the date of grant, and generally with vesting periods of three years and contractual terms of ten years. All stock options fully vest upon a change in control.

The fair value of stock options is estimated on the date of grant using a closed form option valuation (Black-Scholes) model. Expected volatilities are based on historical volatilities of the common stock of the Company’s peers. The Company uses historical data to estimate option exercise and post-vesting termination behavior. Expected terms are based on historical data and represent the periods in which the options are expected to be outstanding. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant.

There were 42,000 stock options exercised resulting in the net issuance (after netting the value of the exercise price and/or certain tax liabilities) of 14,332 shares of common stock during the year ended December 31, 2025. There were 99,392 stock options exercised resulting in the net issuance (after netting the value of the exercise price and/or certain tax liabilities) of 39,170 shares of common stock during the year ended December 31, 2024.

A summary of stock option activity follows (aggregate intrinsic value in thousands):


						Weighted
		Weighted				Average
		Average		Aggregate		Remaining
	Number of	Exercise		Intrinsic		Contractual
	Options	Price		Value		Term
Outstanding, January 1, 2025	58,000	$	8.11	$	835	0.82 years
Granted	—		—
Exercised	(42,000)		6.25
Forfeited	—		—
Outstanding, December 31, 2025 ⁽¹⁾	16,000	$	13.00	$	164	0.67 years

(1)	All outstanding options are fully vested and exercisable

The following table presents information related to the stock option plan for the periods presented:


	Year Ended December 31,
(in thousands)	2025			2024
Intrinsic value of options exercised	$	847		$	736
Cash received from option exercises		—			103
Tax benefit from option exercises		296			229

There was no compensation expense attributable to stock options for the years ended December 31, 2025 and 2024.

Restricted Stock Awards

During the years ended December 31, 2025 and 2024, restricted stock awards of 58,250 shares and 59,911 shares, respectively, were granted with a five-year vesting period. Compensation expense is recognized over the vesting period of the awards based on the fair value of the stock at issue date.

A summary of restricted stock awards activity follows:


				Weighted-Average
		Number of		Grant Date
		Shares		Fair Value
Unvested, January 1, 2025		236,203		$	18.95
Granted		58,250			25.75
Vested		(76,790)			19.20
Forfeited		(17,259)			19.91
Unvested, December 31, 2025		200,404		$	20.76

Compensation expense attributable to restricted stock awards was $1.3 million and $1.4 million for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, there was $2.9 million and $3.1 million of total unrealized compensation cost related to unvested restricted stock, expected to be recognized over a weighted-average term of 3.01 years and 3.00 years, respectively. The total fair value of shares vested during the years ended December 31, 2025 and 2024 was $1.9 million and $1.3 million, respectively.

Restricted Stock Units

Long Term Incentive Plan

Restricted stock units (“RSU”s) represent an obligation to deliver shares to a grantee at a future date if certain vesting conditions are met. RSUs are subject to a time-based vesting schedule and the satisfaction of performance conditions and are settled in shares of the Company's common stock. RSUs do not provide voting rights and RSUs may accrue dividends from the date of grant.

The following table summarizes the unvested performance-based RSU activity for the year ended December 31, 2025:


				Weighted-Average
		Number of		Grant Date Fair
		Shares		Value
Unvested, January 1, 2025		38,271		$	19.73
Granted		22,345			26.30
Incremental performance shares vested		9,086			19.73
Vested		(42,484)			19.73
Forfeited		(4,873)			19.73
Unvested, December 31, 2025		22,345		$	26.30

No RSUs were granted during the year ended December 31, 2024. During the year ended December 31, 2025, the Company granted 22,345 RSUs. These performance-based RSUs cliff vest after three years and are subject to the achievement of the Company's pre-defined performance goals for the three-year period ending December 31, 2027.

Compensation expense attributable to RSUs were $300 thousand and $224 thousand for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, there was $414 thousand and $31 thousand of total unrecognized compensation cost related to non-vested RSUs. The cost is expected to be recognized over a weighted-average period of 2.21 years and 0.14 years, respectively.

Segment Information (Details)	12 Months Ended
Segment Information (Details)	Dec. 31, 2025 segment
Segment Information
Number of Operating Segments	1
Number of Reportable Segments	1