BCB BANCORP INC, 10-K filed on 3/7/2025
Annual Report
v3.25.0.1
Document and Entity Information - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Mar. 01, 2025
Jun. 30, 2024
Document And Entity Information [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Document Transition Report false    
Entity File Number 000-50275    
Entity Registrant Name BCB BANCORP, INC.    
Entity Incorporation State Country Code NJ    
Entity Tax Identification Number 26-0065262    
Entity Address Address Line 1 104-110 Avenue C    
Entity Address City Or Town Bayonne    
Entity Address State Or Province NJ    
Entity Address Postal Zip Code 07002    
City Area Code 800    
Local Phone Number 680-6872    
Security 12b Title Common Stock, no par value    
Trading Symbol BCBP    
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 false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 158.2
Entity Common Stock Shares Outstanding   17,162,627  
Current Fiscal Year End Date --12-31    
Document Financial Statement Error Correction [Flag] false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001228454    
Amendment Flag false    
Documents Incorporated by Reference [Text Block]

DOCUMENTS INCORPORATED BY REFERENCE:

(1) Proxy Statement for the 2024 Annual Meeting of Stockholders of the Registrant (Part III) 		   
Auditor Name Wolf & Company, P.C    
Auditor Location Boston, Massachusetts    
Auditor Firm ID 392    
v3.25.0.1
Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Cash and amounts due from depository institutions $ 14,075 $ 16,597
Interest-earning deposits 303,207 262,926
Total cash and cash equivalents 317,282 279,523
Interest-earning time deposits 735 735
Debt securities available for sale, at fair value 101,717 87,769
Equity investments, at fair value 9,472 9,093
Loans held for sale   1,287
Loans receivable, net of allowance for credit losses of $34,789 and $33,608, respectively 2,996,259 3,279,708
Federal Home Loan Bank of New York stock, at cost 24,272 24,917
Premises and equipment, net 12,569 13,057
Accrued interest receivable 15,176 16,072
Deferred income taxes 17,181 18,213
Goodwill and other intangibles 5,253 5,253
Operating lease right-of-use assets 12,686 12,935
Bank-owned life insurance ("BOLI") 76,040 73,407
Other assets 10,476 10,428
Total Assets 3,599,118 3,832,397
LIABILITIES    
Non-interest-bearing deposits 520,387 536,264
Interest bearing deposits 2,230,471 2,442,816
Total deposits 2,750,858 2,979,080
FHLB Advances 455,361 472,811
Subordinated debentures 42,961 37,624
Operating lease liability 13,139 13,315
Other liabilities 12,874 15,512
Total Liabilities 3,275,193 3,518,342
STOCKHOLDERS' EQUITY    
Preferred stock: $0.01 par value, 10,000,000 shares authorized; issued and outstanding 2,496 shares of Series J 8.0% and Series K 6.0% (liquidation value $10,000 per share) noncumulative perpetual preferred stock at December 31, 2024 and 2,528 shares of Series I 3.0% and Series J 8.0% (liquidation value $10,000 per share) noncumulative perpetual preferred stock at December 31, 2023
Additional paid-in capital preferred stock 24,723 25,043
Common stock: no par value; 40,000,000 shares authorized, issued 20,296,748 and 20,138,294 at December 31, 2024 and December 31, 2023, respectively, outstanding 17,062,777 shares and 16,904,323 shares, at December 31, 2024 and December 31, 2023, respectively
Additional paid-in capital common stock 200,935 198,923
Retained earnings 141,853 135,927
Accumulated other comprehensive loss (5,239) (7,491)
Treasury stock, at cost, 3,233,971 and 3,233,971 shares at December 31, 2024 and December 31, 2023, respectively (38,347) (38,347)
Total Stockholders' Equity 323,925 314,055
Total Liabilities and Stockholders' Equity $ 3,599,118 $ 3,832,397
v3.25.0.1
Consolidated Statements of Financial Condition (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Loans receivable, allowance for loan losses $ 34,789 $ 33,608
Preferred stock, par value per share $ 0.01 $ 0.01
Preferred stock, shares authorized 10,000,000 10,000,000
Common stock, no par value $ 0 $ 0
Common stock, shares authorized 40,000,000 40,000,000
Common stock, shares issued 20,296,748 20,138,294
Common stock, shares outstanding 17,062,777 16,904,323
Treasury stock, shares 3,233,971 3,233,971
Series I Preferred Stock [Member]    
Preferred stock, shares issued   2,528
Preferred stock, shares outstanding   2,528
Preferred stock, dividend rate 8.00% 3.00%
Series J Preferred Stock [Member]    
Preferred stock, shares issued 2,496  
Preferred stock, shares outstanding 2,496  
Preferred stock, dividend rate 8.00% 8.00%
Preferred stock, liquidation preference per share   $ 10,000
Series K Preferred Stock [Member]    
Preferred stock, par value per share $ 0.01  
Preferred stock, dividend rate 6.00%  
Preferred stock, liquidation preference per share $ 10,000  
v3.25.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest and dividend income:      
Loans, including fees $ 172,046 $ 169,559 $ 123,577
Mortgage-backed securities 1,378 880 564
Other investment securities 3,953 4,226 4,167
FHLB stock dividends and other interest-earning assets 16,632 13,695 3,133
Total interest and dividend income 194,009 188,360 131,441
Deposits:      
Demand and money market accounts 22,158 16,915 5,283
Savings and club 620 620 449
Certificates of deposit 55,442 39,157 6,889
Total deposits 78,220 56,692 12,621
Borrowings 23,768 27,606 4,875
Total interest expense 101,988 84,298 17,496
Net interest income 92,021 104,062 113,945
Provision (benefit) for credit losses 11,570 6,104 (3,075)
Net interest income after provision (benefit) for credit losses 80,451 97,958 117,020
Non-interest income:      
Fees and service charges 4,717 5,334 4,816
BOLI income 2,633 1,751 2,671
(Loss) gain on sale of loans (5,325) 36 129
Gain on sales of other real estate owned   77  
Realized and unrealized gain (loss) on equity investments 379 (3,361) (6,269)
Other 536 251 248
Total non-interest income 2,940 4,088 1,595
Non-interest expense:      
Salaries and employee benefits 28,229 30,827 28,021
Occupancy and equipment 10,247 10,340 10,627
Data processing service fees 6,960 6,968 6,033
Professional fees 2,416 2,735 3,766
Director fees 1,151 1,083 1,253
Regulatory assessments 3,530 3,585 1,243
Advertising and promotional 863 1,348 941
Other real estate owned, net   7 10
Other 3,725 3,698 3,611
Total non-interest expense 57,121 60,591 55,505
Income before income tax provision 26,270 41,455 63,110
Income tax provision 7,647 11,972 17,531
Net Income 18,623 29,483 45,579
Preferred stock dividends 1,832 702 796
Net Income available to common stockholders $ 16,791 $ 28,781 $ 44,783
Net Income per common share-basic and diluted      
Basic $ 0.99 $ 1.71 $ 2.64
Diluted $ 0.99 $ 1.70 $ 2.58
Weighted average number of common shares outstanding      
Basic 17,007 16,870 16,969
Diluted 17,018 16,932 17,349
v3.25.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Consolidated Statements of Comprehensive Income [Abstract]      
Net Income $ 18,623 $ 29,483 $ 45,579
Unrealized losses on available-for-sale securities:      
Unrealized holding gains (losses) arising during the period 2,507 (1,493) (10,327)
Net unrealized gains (losses) 2,507 (1,493) (10,327)
Tax effects (618) 355 2,560
Net-of-tax amount 1,889 (1,138) (7,767)
Benefit Plans:      
Actuarial gain 519 131 212
Income tax (expense) benefit (156) 7 (64)
Net-of-tax amount 363 138 148
Total other comprehensive income (loss) 2,252 (1,000) (7,619)
Comprehensive income $ 20,875 $ 28,483 $ 37,960
v3.25.0.1
Consolidated Statement of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Additional Paid-In Capital [Member]
Adjusted Balance [Member]
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Effect of Adopting ASU No. 2016-13 ("CECL") [Member]
Retained Earnings [Member]
Adjusted Balance [Member]
Retained Earnings [Member]
Treasury Stock [Member]
Adjusted Balance [Member]
Treasury Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Adjusted Balance [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Effect of Adopting ASU No. 2016-13 ("CECL") [Member]
Adjusted Balance [Member]
Total
Beginning balance at Dec. 31, 2021   $ 222,850     $ 81,171   $ (31,125)   $ 1,128     $ 274,024
Net income         45,579             45,579
Other comprehensive income (loss)                 (7,619)     (7,619)
Redemption of Series Preferred Stock   (14,730)                   (14,730)
Issuance of Series Preferred Stock   6,810                   6,810
Exercise of stock options   220                   220
Stock-based compensation expense   1,132                   1,132
Dividends payable on noncumulative perpetual preferred stock         (796)             (796)
Cash dividends on common stock (per share declared)         (10,379)             (10,379)
Dividend reinvestment plan   466     (466)              
Stock Purchase Plan   419                   419
Treasury Stock Purchases             (3,406)         (3,406)
Ending balance at Dec. 31, 2022 $ 217,167 217,167 $ 2,870 $ 117,979 115,109 $ (34,531) (34,531) $ (6,491) (6,491) $ 2,870 $ 294,124 291,254
Net income         29,483             29,483
Other comprehensive income (loss)                 (1,000)     (1,000)
Redemption of Series Preferred Stock   (11,230)                   (11,230)
Issuance of Series Preferred Stock   15,270                   15,270
Exercise of stock options   418                   418
Stock-based compensation expense   593                   593
Dividends payable on noncumulative perpetual preferred stock         (702)             (702)
Cash dividends on common stock (per share declared)         (10,440)             (10,440)
Dividend reinvestment plan   393     (393)              
Stock Purchase Plan   1,355                   1,355
Treasury Stock Purchases             (3,816)         (3,816)
Ending balance at Dec. 31, 2023   223,966     135,927   (38,347)   (7,491)     314,055
Net income         18,623             18,623
Other comprehensive income (loss)                 2,252     2,252
Redemption of Series Preferred Stock   (10,010)                   (10,010)
Issuance of Series Preferred Stock   9,690                   9,690
Stock-based compensation expense   767                   767
Dividends payable on noncumulative perpetual preferred stock         (1,833)             (1,833)
Cash dividends on common stock (per share declared)         (10,443)             (10,443)
Dividend reinvestment plan   421     (421)              
Stock Purchase Plan   824                   824
Ending balance at Dec. 31, 2024   $ 225,658     $ 141,853   $ (38,347)   $ (5,239)     $ 323,925
v3.25.0.1
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Exercise of stock options (shares)   51,372 72,846
Treasury stock purchases (shares)   266,753 198,976
Cash dividends on common stock (per share) $ 0.64 $ 0.64 $ 0.64
Series D Preferred Stock [Member]      
Preferred stock, dividend rate     4.50%
Series G Preferred Stock [Member]      
Preferred stock, dividend rate     6.00%
Series H Preferred Stock [Member]      
Preferred stock, dividend rate 3.00% 3.50% 3.50%
Series I Preferred Stock [Member]      
Preferred stock, dividend rate 8.00% 3.00% 3.00%
Series J Preferred Stock [Member]      
Preferred stock, dividend rate 8.00% 8.00%  
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities:      
Net income $ 18,623 $ 29,483 $ 45,579
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of premises and equipment 1,713 1,978 2,246
Amortization and accretion, net (1,464) (2,533) (1,607)
Provision (benefit) for credit losses 11,570 6,104 (3,075)
Deferred income tax expense (benefit) 258 (2,537) (1,007)
Loans originated for sale (4,874) (2,964) (6,608)
Proceeds from sale of loans 40,096 2,371 7,031
Loss (gain) on sales of loans 5,325 (36) (129)
Gain on sales of fixed asset (4)    
Realized and unrealized loss (gain) on equity investments (379) 3,361 6,269
Gain from sales of other real estate owned   (77)  
Increase in cash surrender value of BOLI (2,633) (1,751) (2,671)
Stock-based compensation expense 767 593 1,132
Net change in accrued interest receivable 896 (2,617) (4,272)
Net change in other assets (48) (890) (1,552)
Net change in accrued interest payable (582) 2,704 2,022
Net change in other liabilities (1,537) 1,969 (2,469)
Net Cash Provided by Operating Activities 67,727 35,158 40,889
Cash flows from Investing Activities:      
Proceeds from repayments, calls, and maturities on securities 3,769 14,745 10,102
Purchases of securities (15,224) (12,498) (27,468)
Proceeds from sales of securities   5,232 1,232
Proceeds from sales of premises 4    
Proceeds from BOLI     3,500
Proceeds from sales of other real estate owned   152  
Proceeds from sale of loans held in portfolio 6,127    
Net decrease (increase) in loans receivable 228,676 (231,622) (734,321)
Additions to premises and equipment (1,225) (4,527) (518)
Purchase (redemption) of Federal Home Loan Bank of New York stock 645 (4,804) (14,029)
Net Cash Provided by (Used In) Investing Activities 222,772 (233,322) (761,502)
Cash flows from financing activities:      
Net (decrease) increase in deposits (228,222) 167,473 250,205
Proceeds from Federal Home Loan Bank of New York Long Term Advances   400,000 150,000
Repayments Federal Home Loan Bank of New York Long Term Advances (18,000) (150,000)  
Net change in Federal Home Loan Bank of New York Short Term Advances   (160,000) 160,000
Purchase of treasury stock   (3,816) (3,406)
Cash dividends paid on common stock (10,443) (10,440) (10,379)
Cash dividends paid on preferred stock (1,833) (702) (796)
Net proceeds from issuance of common stock 824 1,355 419
Net proceeds from issuance of preferred stock 9,690 15,270 6,810
Payments for redemption of preferred stock (10,010) (11,230) (14,730)
Net proceeds from issuance of subordinated debt 38,754    
Net payment from redemption of subordinated debt (33,500)    
Exercise of stock options   418 220
Net Cash (Used In) Provided by Financing Activities (252,740) 248,328 538,343
Net (Decrease) Increase in Cash and Cash Equivalents 37,759 50,164 (182,270)
Cash and Cash Equivalents-Beginning 279,523 229,359 411,629
Cash and Cash Equivalents-Ending 317,282 279,523 229,359
Supplementary Cash Flow Information      
Cash paid during the year for: Income taxes 6,879 18,027 18,804
Cash paid during the year for: Interest $ 102,570 $ 81,594 $ 15,475
v3.25.0.1
Organization
 12 Months Ended
Dec. 31, 2024
Organization [Abstract]  
Organization Note 1 - Organization

BCB Bancorp, Inc. (the “Company”) is incorporated in the State of New Jersey and is a bank holding company. The common stock of the Company is listed on the NASDAQ Global Market and trades under the symbol “BCBP”.

The Company’s primary business is the ownership and operation of BCB Community Bank (the “Bank”). The Bank is a New Jersey based commercial bank which, as of December 31, 2024, operated at 27 locations in Bayonne, Edison, Fairfield, Hoboken, Holmdel, Jersey City, Lyndhurst, Maplewood, Monroe Township, Newark, Parsippany, Plainsboro, South Orange, River Edge, Rutherford, Union, and Woodbridge New Jersey, as well as Staten Island and Hicksville, New York and is subject to regulation, supervision, and examination by the New Jersey Department of Banking and Insurance and the Federal Deposit Insurance Corporation. The Bank is principally engaged in the business of attracting deposits from the general public and using these deposits, together with borrowed funds, to invest in securities and to make loans collateralized by residential and commercial real estate and, to a lesser extent, business and consumer loans. BCB Holding Company Investment Corp. (the “New Jersey Investment Company”) was organized in January 2005 under New Jersey law as a New Jersey investment company primarily to hold investment and mortgage-backed securities. As a part of the merger with IA Bancorp, Inc., the Company acquired Special Asset REO 1, LLC and Special Asset REO 2, LLC. Special Asset REO 2 had no assets at December 31, 2024. The Bank changed the name of Special Asset REO 1, LLC to BCB Capital Finance Group, LLC in November 2023.
v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Summary of Significant Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Note 2 - Summary of Significant Accounting Policies

Basis of Consolidated Financial Statement Presentation

The consolidated financial statements which include the accounts of the Company and its wholly-owned subsidiaries, the Bank, the New Jersey Investment Company, BCB Capital Finance Group LLC, and Special Asset REO 2, LLC have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). All significant intercompany accounts and transactions have been eliminated in consolidation.

In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the years then ended. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses and a determination as to possible impairment of goodwill. Management believes that the allowance for credit losses is adequate. While management uses available information to recognize losses on loans, future additions to the allowance for credit losses may be necessary based on changes in economic conditions in the market area. Management’s assessment regarding impairment of securities is based on future projections of cash flow which are subject to change. Management performed a quantitative assessment of goodwill and determined there was no impairment as of December 31, 2024.

In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for credit losses. Such agencies may require the Bank to recognize additions to the allowance based on their judgments about information available to them at the time of their examination.

In preparing these consolidated financial statements, the Company evaluated the events that occurred between December 31, 2024, and the date these consolidated financial statements were issued.

Cash and Cash Equivalents

Cash and cash equivalents include cash and amounts due from depository institutions and interest-earning deposits in other banks having original maturities of three months or less.
‎

Note 2 - Summary of Significant Accounting Policies (continued)

Debt Securities

Investments in debt securities that the Bank has the positive intent and ability to hold to maturity are classified as held-to-maturity securities and reported at amortized cost. Debt securities that are bought and held principally for the purpose of selling them in the near-term are classified as trading securities and reported at fair value, with unrealized holding gains and losses included in earnings. Debt securities not classified as trading securities or as held-to-maturity securities are classified as available-for-sale securities (“AFS”) and reported at fair value, with unrealized holding gains or losses, net of applicable deferred income taxes, reported in the accumulated other comprehensive income (loss) component of stockholders’ equity. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. There were no debt securities classified as held-to-maturity on December 31, 2024, and 2023.

For debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more than 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 securities available-for-sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and 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. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of tax. The Company elected the practical expedient of zero loss estimates for securities 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 agencies, and have a long history of no credit losses.

Discounts on securities are amortized/accreted to maturity using the interest method. Premiums on securities are amortized to maturity or the earliest call date for callable securities using the interest method. Interest and dividend income on securities, which includes amortization of premiums and accretion of discounts, are recognized in the consolidated financial statements when earned.

Loans Held For Sale

Loans held for sale consist primarily of residential mortgage loans intended for sale and are carried at the lower of cost or estimated fair market value using the aggregate method. These loans are generally sold with servicing rights released. Gains and losses recognized on loan sales are based upon the cash proceeds received and the amortized cost of the related loans sold.

Loans Receivable

Loans receivable are stated at unpaid principal balances, less net deferred loan origination fees and the allowance for credit losses. Loan origination fees and certain direct loan origination costs are deferred and amortized/accreted, as an adjustment of yield, over the contractual lives of the related loans.

Generally, the accrual of interest on loans that are contractually delinquent more than ninety days is discontinued and the related loans are placed on nonaccrual status. All payments received while in nonaccrual status, are applied to principal until the loan has performed as expected for a minimum of six (6) months or until the loan is determined to qualify for return to normal accruing status. Loans may be returned to accrual status when all the principal and interest contractually due are brought current and future payments are reasonably assured.

Concentration of Risk

Financial instruments which potentially subject the Company and its subsidiaries to concentrations of credit risk consist of cash and cash equivalents, investment and mortgage-backed securities and loans.

Cash and cash equivalents include amounts placed with highly rated financial institutions. Securities include securities backed by the U.S. Government and other highly rated instruments. The Bank’s lending activity is primarily concentrated in loans collateralized by real estate in the State of New Jersey and the New York metropolitan area as a result, credit risk related to loans is broadly dependent on the real estate market and general economic conditions in the area.


‎

Note 2 - Summary of Significant Accounting Policies (continued)

Allowance for Credit losses

The allowance for credit losses represents the estimated amount considered necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The measurement of expected credit losses is applicable to loans receivable and securities measured at amortized cost. It also applies to off-balance sheet credit exposures such as loan commitments and unused lines of credit. The allowance is established through a provision for credit losses that is charged against income. The methodology for determining the allowance for credit losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded allowance for credit losses. The allowance for credit losses is reported separately as a contra-asset on the consolidated statements of financial condition. The expected credit loss for unfunded lending commitments and unfunded loan commitments is reported on the consolidated statements of financial condition in other liabilities while the provision for credit losses related to unfunded commitments is reported in other non-interest expense.

Allowance for Credit Losses on Loans Receivable

The allowance for credit losses on loans is deducted from the amortized cost basis of the loan to present the net amount expected to be collected. Expected losses are evaluated and calculated on a collective, or pooled, basis for those loans which share similar risk characteristics. If the loan does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. Individually evaluated loans are primarily nonaccrual and collateral dependent loans. Furthermore, the Company evaluates the pooling methodology at least annually to ensure that loans with similar risk characteristics are pooled appropriately. Loans are charged off against the allowance for credit losses when the Company believes the balances to be uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged off or expected to be charged off.

The Company has chosen to segment its portfolio consistent with the manner in which it manages credit risk. The Company calculates estimated credit losses for these loan segments using quantitative models and qualitative factors. Further information on loan segmentation and the credit loss estimation is included in Note 5 – Loan Receivables and Allowance for Credit Losses.

Individually Evaluated Loans

On a case-by-case basis, the Company may conclude that a loan should be evaluated on an individual basis based on its disparate risk characteristics. When the Company determines that a loan no longer shares similar risk characteristics with other loans in the portfolio, the allowance will be determined on an individual basis using the present value of expected cash flows or, for collateral-dependent loans, the fair value of the collateral as of the reporting date, less estimated selling costs, as applicable. If the fair value of the collateral is less than the amortized cost basis of the loan, the Company will charge off the difference between the fair value of the collateral, less costs to sell at the reporting date and the amortized cost basis of the loan.

Allowance for Credit Losses on Off-Balance Sheet Commitments

The Company is required to include unfunded commitments that are expected to be funded in the future within the allowance calculation, other than those that are unconditionally cancelable. To arrive at that reserve, the reserve percentage for each applicable segment is applied to the unused portion of the expected commitment balance and is multiplied by the expected funding rate. As noted above, the allowance for credit losses on unfunded loan commitments is included in other liabilities on the consolidated statements of financial condition and the related credit expense is recorded in other non-interest expense in the consolidated statements of operations.

Allowance for Credit Losses on Available-for-Sale Securities

For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more than 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 securities available-for-sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost and adverse conditions related to the security, among other factors.  If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and 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. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of tax. The Company elected the practical expedient of zero loss estimates for securities 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 agencies, and have a long history of no credit losses.

Accrued Interest Receivable

The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of loans and available-for-sale securities. Accrued interest receivable on loans and securities is reported as a component of accrued interest receivable on the consolidated statements of financial condition. Changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. 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.

Premises and Equipment

Land is carried at cost. Buildings, building improvements, leasehold improvements and furniture, fixtures and equipment are carried at cost less accumulated depreciation and amortization. Significant renovations and additions are charged to the property and equipment account. Maintenance and repairs are charged to expense in the period incurred. Depreciation charges are computed on the straight-line method over the following estimated useful lives of each type of asset.

Buildings

40

Building improvements

7 - 40

Furniture, fixtures and equipment

5 - 7

Leasehold improvements

Shorter of useful life or term of lease

Note 2 - Summary of Significant Accounting Policies (continued)

Federal Home Loan Bank of New York Stock

Federal law requires a member institution of the FHLB system to purchase and hold restricted stock of its district FHLB according to a predetermined formula. Such stock is carried at cost. The Company reviews for impairment based on the ultimate recoverability of the cost basis of the stock. No impairment charges were recorded related to the FHLB of New York stock during 2024, 2023 or 2022.

Other Real Estate Owned

Assets acquired through, or in lieu of, loan foreclosures are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Costs relating to development and improvement of property are capitalized, whereas costs relating to the holding of property are expensed. At December 31, 2024 and 2023 the Bank owned no foreclosed properties.

Interest Rate Risk

The Bank is principally engaged in the business of attracting deposits from the general public and using these deposits, together with other funds, to make loans primarily secured by real estate and to purchase securities. The potential for interest-rate risk exists as a result of the difference in duration of the Bank’s interest-sensitive liabilities compared to its interest-sensitive assets. For this reason, management regularly monitors the maturity structure of the Bank’s interest-earning assets and interest-bearing liabilities in order to measure its level of interest-rate risk and to plan for future volatility.

Fair Value Hierarchy

Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability.

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity).

An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.

Mortgage Servicing Rights

The Company recognizes as separate assets the rights to service mortgage loans for others. The right to service loans for others is generally obtained through the sale of loans with servicing retained. The initial asset recognized for originated mortgage servicing rights (“MSR”) is measured at fair value. The estimated fair value of MSR is obtained through independent third-party valuations through an analysis of future cash flows, incorporating assumptions market participants would use in determining fair value including market discount rates, prepayment speeds, servicing income, servicing costs, default rates and other market driven data, including the market’s perception of future interest rate movements. MSR are amortized in proportion to and over the period of estimated net servicing income. We apply the amortization method for measurements of our MSR. MSR are assessed for impairment based on fair value at each reporting date. MSR impairment, if any, is recognized in a valuation allowance through charges to earnings as a component of fees and service charges. Subsequent increases in the fair value of impaired MSR are recognized only up to the amount of the previously recognized valuation allowance. Fees earned for servicing loans are reported as income when the related mortgage loan payments are collected.

Transfers of Financial Assets

Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) 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 (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.

Bank-Owned Life Insurance

Bank-Owned Life Insurance policies are reflected on the consolidated statements of financial condition at cash surrender value. Changes in the net cash surrender value of the policies, as well as insurance proceeds received in excess of carrying value, are reflected in non-interest income on the consolidated statements of operations and are not subject to income taxes.

Goodwill and Other Intangible Assets

Goodwill resulting from a business combination is generally determined as the excess of the fair value of the consideration transferred over the fair value of the net assets acquired as of the acquisition date. Goodwill acquired in a business combination and determined to have an indefinite useful life is not amortized but tested for impairment at least annually. The Company has selected October 31 as the date to perform the annual goodwill impairment test.

Income Taxes

The Company and its subsidiaries file a consolidated federal income tax return. Income taxes are allocated to the Company and its subsidiaries based upon their respective income or loss included in the consolidated income tax return. Separate state income tax returns are filed by the Company and its subsidiaries.


‎

Note 2 – Summary of Significant Accounting Policies (continued)

Federal and state income tax expense has been provided on the basis of reported income. The amounts reflected on the tax returns differ from these provisions due principally to temporary differences in the reporting of certain items for financial reporting and income tax reporting purposes. The tax effect of these temporary differences is accounted for as deferred taxes applicable to future periods. Deferred income tax expense or (benefit) is determined by recognizing deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. The realization of deferred tax assets is assessed and a valuation allowance provided, when necessary, for that portion of the asset which is not more likely than not to be realized.

The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements in accordance with ASC Topic 740, Income Taxes, which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that has a likelihood of being realized on examination of more than 50 percent. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Under the “more likely than not” threshold guidelines, the Company believes no significant uncertain tax positions exist, either individually or in the aggregate, which would give rise to the non-recognition of an existing tax benefit. The Company recognizes interest and penalties on unrecognized tax benefits in income taxes expense in the consolidated statements of operations. The Company did not recognize any interest and penalties for the years ended December 31, 2024, 2023, or 2022. The tax years subject to examination by the Federal taxing authority are the years ended December 31, 2023, 2022, and 2021. The tax years subject to examination by the State taxing authorities are the years ended December 31, 2023, 2022, and 2021.

Net Income per Common Share

Basic net income per common share is computed by dividing net income less dividends on preferred stock by the weighted average number of shares of common stock outstanding. The diluted net income per common share is computed by adjusting the weighted average number of shares of common stock outstanding to include the effects of outstanding stock options, if dilutive, using the treasury stock method. Dilution is not applicable in periods of net loss. For the years ended December 31, 2024 and 2023, the difference in the weighted average number of basic and diluted common shares was due solely to the effects of outstanding stock options. No adjustments to net income were necessary in calculating basic and diluted net income per share. For the year ended December 31, 2024, the Company had 436,000 shares considered to be anti-dilutive. For the year ended December 31, 2023, the Company had 6,476 shares considered to be anti-dilutive.

For the Year Ended December 31,

2024

2023

2022

Net Income

Shares

Per Share

Net Income

Shares

Per Share

Net Income

Shares

Per Share

(Numerator)

(Denominator)

Amount

(Numerator)

(Denominator)

Amount

(Numerator)

(Denominator)

Amount

(In Thousands, Except per share data)

Net income

$

18,623

$

29,483

$

45,579

Basic earnings per share-

Income available to

Common stockholders

$

16,791

17,007

$

0.99

$

28,781

16,870

$

1.71

$

44,783

16,969

$

2.64

Effect of dilutive securities:

Stock options

11

62

380

Diluted earnings per share-

Income available to

Common stockholders

$

16,791

17,018

$

0.99

$

28,781

16,932

$

1.70

$

44,783

17,349

$

2.58

Stock-Based Compensation Plans

The Company, under plans approved by its stockholders in 2018 and 2011, has granted stock options to employees and outside directors. See Note 12 for additional information as to option grants. Compensation expense recognized for option grants is net of estimated forfeitures and is recognized over the awards’ respective requisite service periods. The fair values relating to options granted are estimated using a Black-Scholes option pricing model. Expected volatilities are based on historical volatility of the Company’s stock and other factors, such as implied market volatility using the respective options’ expected term. The Company used the mid-point of the original vesting period and original option life to estimate the options’ expected term, which represents the period of time that the options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The Company recognizes compensation expense for the fair values of option awards, which have graded vesting, on a straight-line basis.

Benefit Plans

The Company acquired, through the merger with Pamrapo Bancorp, Inc., a non-contributory defined benefit pension plan covering all eligible employees of Pamrapo Savings Bank. Effective January 1, 2010, the defined benefit pension plan (the “Pension Plan”), was frozen by Pamrapo Savings Bank. All benefits for eligible participants accrued in the Pension Plan to January 1, 2010, have been retained. The benefits are based on years of service and employee’s compensation. The Pension Plan is funded in conformity with funding requirements of applicable government regulations. Prior service costs for the Pension Plan generally are amortized over the estimated remaining service periods of employees.

The Bank entered into a Supplemental Executive Retirement Agreement (the “SERP Agreement”) with its previous Chief Executive Officer (“the CEO”) in December 2021. Upon the CEO’s retirement, the Bank will provide for a monthly retirement payment for his lifetime. The SERP Agreement provides the CEO with supplemental retirement income payable in the form of a life annuity. Upon the Executive’s separation from service after reaching normal retirement age (age 65), for any reason other than death, benefit payments will commence on the first day of the second month following CEO’s separation from service, payable monthly and continuing for the CEO’s lifetime. The monthly benefit payment will be $10,000 and is expected to commence in February 2025. The amount charged to expense follows the vesting schedule in the SERP Agreement and was $44,632, $350,000, and $328,000 during the years ended December 31, 2024, 2023 and 2022, respectively.

Note 2 – Summary of Significant Accounting Policies (continued)

Operating Segments

The Company operates as a single reportable segment under ASC 280, as the Chief Operating Decision Maker (CODM) reviews financial performance and allocates resources based on the consolidated results of the Company as a whole.  The Company, through its bank subsidiary, provides banking services to individuals and companies primarily in New Jersey and New York. These services include commercial lending, residential lending, and consumer lending, checking, savings and time deposits, and cash management.  The CODM primarily evaluates performance using net interest income and net income as reported in the consolidated statement of operations. The Company’s primary measure of profitability is net interest income, which represents interest earned on loans and investment securities, net of interest expense on deposits and borrowings. In addition, the CODM considers net income as a key measure of overall financial performance. The Company’s CODM is the President & Chief Executive Officer.

Other performance indicators regularly reviewed by management include:

Net Interest Margin (NIM) – Measures the profitability of interest-earning assets.

Return on Assets (ROA) and Return on Equity (ROE) – Evaluates efficiency and shareholder returns.

Efficiency Ratio – Assesses cost management by comparing non-interest expense to total revenue.

Comprehensive Income (Loss)

The Company records unrealized gains and losses, net of deferred income taxes, on securities available-for-sale in accumulated other comprehensive income (loss). Realized gains and losses, if any, are reclassified to non-interest income upon sale of the related securities or upon the recognition of an impairment loss. Accumulated other comprehensive income (loss) also includes benefit plan amounts recognized in accordance with ASC 715, Compensation-Retirement Benefits, which reflect, net of tax, the unrecognized actuarial gains (losses) on the benefit plans.

Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures. The ASU is intended to enhance the transparency of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. The amendments in this ASU require a tabular reconciliation using both percentages and reporting currency amounts, with prescribed categories and separate disclosure of reconciling items with an effect equal to 5% or more of the amount determined by multiplying pretax income (or loss) from continuing operations by the applicable statutory income tax rate; a qualitative description of the states and local jurisdictions that make up the majority (greater than 50%) of the effect of the state and local income taxes; and the amount of income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes and by individual jurisdictions when 5% or more of total income taxes paid, net of refunds received. The ASU also includes other amendments to improve the effectiveness of income tax disclosures. The update is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The transition method is prospective with retrospective method permitted. The Company is currently evaluating the impact on disclosures.

In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update require public entities with reportable segments to provide additional and more detailed disclosures. The update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption permitted. The adoption of ASU 2023-07 did not have an impact on its consolidated financial statements.

In March 2022, FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the existing accounting guidance for troubled debt restructures ("TDRs") by creditors in Subtopic 310-40, Receivables - Troubled Debt Restructurings by Creditors and instead requires that an entity evaluate whether a modification represents a new loan or a continuation of an existing loan. The amendments also enhance disclosure requirements for certain loan refinancing and restructuring by creditors when a borrower is experiencing financial difficulty. All amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU 2016-13 on January 1, 2023. The adoption of this standard did not have a material effect on the Company's financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses ASU 2016-13, and related guidance, requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. The Company adopted ASU 2016-13 on January 1, 2023, for all financial assets measured at amortized cost and off-balance sheet credit exposures using the modified retrospective method. Results for the twelve months ended December 31, 2023, are presented under ASC 326, Financial Instruments – Credit Losses, while prior period amounts continue to be reported with previously applicable GAAP and have not been restated. Effective January 1, 2023, the Company recorded a $4.2 million decrease in allowance for credit losses on loans that is referred to as the current expected credit loss (“CECL”) methodology (previously allowance for loan losses), an elimination of $1.1 million of reserves related to acquired loans, and a $1.3 million increase related to allowance for off-balance sheet credit exposures included in other liabilities section of the consolidated statements of financial condition, which resulted in a total cumulative effect adjustment of $2.9 million and an increase to retained earnings, a component of the stockholders’ equity (net of tax). Further information regarding the impact of CECL can be found in Note 5 – Loan Receivable and Allowance for Credit Losses.

v3.25.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Note 3 - Related Party Transactions

The Bank leases a property from New Bay, LLC. (“New Bay”), a limited liability company 100 percent owned by Directors of the Bank and the Company. In conjunction with the lease, New Bay substantially removed the pre-existing structure on the site and constructed a new building suitable to the Bank for its banking operations. Under the terms of the lease, the cost of this project was reimbursed to New Bay by the Bank. The amount reimbursed, which occurred during the year 2000, was $943,000, and is included in premises and equipment under the caption “Building and improvements” (see Note 6). On May 1, 2006, the Bank renegotiated the lease to a twenty-five-year term. The Bank paid New Bay $165,000 a year ($13,750 per month) which is included in the consolidated statements of operations for 2024, 2023 and 2022, within occupancy expense. The rent is to be adjusted every five years thereafter at the fair market rental value. The Bank expects to pay $165,000 in rental expense for the year 2025.

On March 6, 2014, the Bank entered into a ten-year lease of property in Rutherford, New Jersey with 190 Park Avenue, LLC, which is owned by Directors of the Bank and the Company. The rent is $8,958 per month and lease payments of $117,000, $105,000 and $102,000 were made in years 2024, 2023 and 2022, which is reflected in the consolidated statements of operations within occupancy expense. The Bank expects to pay $109,645 in rental expense for the year 2025. This was renewed in April 2024 for 10 years.

On August 3, 2018, the Bank entered into a ten-year lease of property in River Edge, New Jersey with 876 Kinderkamack, LLC, which is owned by a majority of the Directors of the Bank and the Company. The rent is $8,240 per month and lease payments of $99,000, $97,000 and $96,000 were made in the years 2024, 2023 and 2022, which is reflected in the consolidated statements of operations within occupancy expense. The Bank expects to pay $98,880 in rental expense for the year 2025.

On April 2, 2021, the Bank renewed a five-year lease of property in Lyndhurst, New Jersey with 734 Ridge Realty, LLC, which is owned by Directors of the Bank and the Company. The rent is $7,718 per month and lease payments of $93,000, $93,000 and $93,000 were made in years 2024, 2023 and 2022, which is reflected in the consolidated statements of operations within occupancy expense. The Bank expects to pay $93,000 in rental expense for the year 2025.
v3.25.0.1
Securities
 12 Months Ended
Dec. 31, 2024
Securities [Abstract]  
Securities Note 4- Securities

Equity Securities

Equity securities are reported at fair value on the Company’s consolidated statements of financial condition. The Company’s portfolio of equity securities had an estimated fair value of $9.5 million and $9.1 million as of December 31, 2024, and December 31, 2023, respectively. Included in this category are equity holdings of financial institutions. Equity securities are defined to include (a) preferred, common and other ownership interests in entities including partnerships, joint ventures and limited liability companies and (b) rights to acquire or dispose of ownership interest in entities at fixed or determinable prices.

Equity securities are generally required to be measured at fair value with market value adjustments being reflected in net income.

The following table presents the disaggregated net gains and losses on equity securities reported in the consolidated statements of operations (In Thousands):

For the Twelve Months Ended December 31, 2024

For the Twelve Months Ended December 31, 2023

For the Twelve Months Ended December 31, 2022

Net gains (losses) recognized during the period on equity securities

$

379 

$

(3,361)

$

(6,269)

Less: Net losses recognized during the period on equity securities sold during the period

-

(24)

(59)

Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date

$

379 

$

(3,337)

$

(6,210)

Debt Securities Available-for-Sale

The following table sets forth information regarding the amortized cost, estimated fair values, and unrealized gains and losses for the Bank’s debt securities portfolio at December 31 by final contractual maturity. The following table does not take into consideration the effects of scheduled repayments or the effects of possible prepayments. Certain securities have interest rates that are adjustable and will reprice annually within the various maturity ranges. The effect of these repricings are not reflected in the table below.

December 31, 2024

  

Gross

  

Gross

  

Amortized

Unrealized

Unrealized

Cost

Gains

Losses

Fair Value

(In Thousands)

Residential Mortgage-backed securities:

  

  

  

More than one to five years

$

1,286

$

-

$

57

$

1,229

More than five to ten years

2,395

-

135

2,260

More than ten years

45,345

188

3,508

42,025

Sub-total:

49,026

188

3,700

45,514

Corporate Debt Securities:

More than one to five years

37,488

-

1,081

36,407

More than five to ten years

22,076

-

2,280

19,796

Sub-total:

59,564

-

3,361

56,203

Total Debt Securities Available-for-Sale

$

108,590

$

188

$

7,061

$

101,717

Note 4- Securities (continued)

December 31, 2023

  

Gross

  

Gross

  

Amortized

Unrealized

Unrealized

Cost

Gains

Losses

Fair Value

(In Thousands)

Residential Mortgage-backed securities

  

  

  

More than one to five years

$

605

$

-

$

24

$

581

More than five to ten years

4,147 

-

230 

3,917 

More than ten years

32,833 

192 

2,910 

30,115 

Sub-total:

37,585 

192 

3,164 

34,613 

Corporate Debt Securities:

More than one to five years

8,981 

-

197 

8,784 

More than five to ten years

50,583 

-

6,211 

44,372 

Sub-total:

59,564 

-

6,408 

53,156 

Total Debt Securities Available-for-Sale

$

97,149 

$

192 

$

9,572 

$

87,769 

The unrealized losses, categorized by the length of time of continuous loss position, and fair value of related securities available-for-sale were as follows:

Less than 12 Months

More than 12 Months

Total

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

Value

Losses

Value

Losses

Value

Losses

(In Thousands)

December 31, 2024

Residential mortgage-backed securities

$

10,558

$

127

$

24,673

$

3,573

$

35,231

  

$

3,700

Corporate Debt Securities

2,985

19

51,918

3,342

54,903

3,361

$

13,543

$

146

$

76,591

$

6,915

$

90,134

  

$

7,061

December 31, 2023

Residential mortgage-backed securities

$

5,316 

$

98 

$

22,153 

$

3,066 

$

27,469 

  

$

3,164 

Corporate Debt Securities

-

-

51,856 

6,408 

51,856 

6,408 

$

5,316 

$

98 

$

74,009 

$

9,474 

$

79,325 

  

$

9,572 

At December 31, 2024, thirty-four residential mortgaged-backed securities, and twenty corporate debt securities have unrealized losses with aggregate depreciation of 10% and 6%, respectively.

At December 31, 2023, thirty-one residential mortgage-backed securities, and twenty corporate debt securities have unrealized losses with aggregate depreciation of 10% and 11%, respectively.

v3.25.0.1
Loans Receivable and Allowance for Credit Losses
 12 Months Ended
Dec. 31, 2024
Loans Receivable and Allowance for Credit Losses [Abstract]  
Loans Receivable and Allowance for Credit Losses Note 5 - Loans Receivable and Allowance for Credit losses

The following table presents the recorded investment in loans receivable at December 31, 2024 and December 31, 2023 by segment and class:

 

December 31, 2024

December 31, 2023

(In Thousands)

Loans:

Residential one-to-four family

$

239,870 

$

248,295 

Commercial and multi-family

2,246,677 

2,434,115 

Construction

135,434 

192,816 

Commercial business

249,852 

269,274 

Business express

92,947 

102,928 

Home equity (1)

66,769 

66,331 

Consumer

2,235 

3,643 

Total Loans

3,033,784 

3,317,402 

Less:

Deferred loan fees, net

(2,736)

(4,086)

Allowance for credit losses

(34,789)

(33,608)

(37,525)

(37,694)

Total Loans, net

$

2,996,259 

$

3,279,708 

(1) Includes home equity lines of credit.

The Company occasionally transfers a portion of its originated commercial loans to participating lending partners. The amounts transferred have been accounted for as sales and are therefore not included in the Company’s accompanying consolidated statements of financial condition. The Company and its lending partners share proportionally in any gains or losses that may result from a borrower’s lack of compliance with contractual terms of the loan. The Company continues to service the loans, collects cash payments from the borrowers, remits payments (net of servicing fees), and disburses required escrow funds to relevant parties.


‎

Note 5 - Loans Receivable and Allowance for Credit losses (continued)

At December 31, 2024 and 2023, loans serviced by the Bank for the benefit of others totaled $116.5 million and $135.4 million, respectively.

Related-Party Loans

The Bank grants loans to its officers and directors and to their associates. The activity with respect to loans to directors, officers and associates of such persons, is as follows:

 

Years Ended December 31,

2024

2023

(In Thousands)

Balance – beginning

$

28,208

$

26,265

Loans originated

-

2,882

Collections of principal

(1,703)

(939)

Balance - ending

$

26,505

$

28,208

Allowance for Credit losses

The Company engages a third-party vendor to assist in the CECL calculation and has established a robust internal governance framework to oversee the quarterly estimation process for the allowance for credit losses (“ACL”). The ACL calculation methodology relies on regression-based discounted cash flow (“DCF”) models that correlate relationships between certain financial metrics and external market and macroeconomic variables. The following are some of the key factors and assumptions that are used in the Company’s CECL calculations:

methods based on probability of default and loss given default which are modeled based on macroeconomic scenarios;

a reasonable and supportable forecast period determined based on management’s current review of macroeconomic environment;

a reversion period after the reasonable and supportable forecast period;

estimated prepayment rates based on the Company’s historical experience and future macroeconomic environment;

estimated credit utilization rates based on the Company’s historical experience and future macroeconomic environment; and

incorporation of qualitative factors not captured within the modeled results. The qualitative factors include but are not limited to changes in lending policies, business conditions, changes in the nature and size of the portfolio, portfolio concentrations, and external factors such as competition.

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

Residential one-to-four family real estate loans involve certain risks such as interest rate risk and risk of non-repayment. Adjustable-rate residential real estate 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 properties may be adversely affected by higher interest rates. Repayment risk may be affected by a number of factors including, but not necessarily limited to, job loss, divorce, illness and personal bankruptcy of the borrower.

Commercial and multi-family real estate lending entails additional risks as compared with residential family property lending. Such loans typically involve large loan balances to single borrowers or groups of related borrowers. The payment experience on such loans is typically dependent on the successful operation of the real estate project. The success of such projects is sensitive to changes in supply and demand conditions in the market for commercial real estate as well as general economic conditions.

Construction lending is generally considered to involve a high risk due to the concentration of principal in a limited number of loans and borrowers and the effects of the general economic conditions on developers and builders. Moreover, a construction loan can involve additional risks because of the inherent difficulty in estimating both a property’s value at completion of the project and the estimated cost (including interest) of the project. The nature of these loans is such that they are generally difficult to evaluate and monitor. In addition, speculative construction loans to a builder are not necessarily pre-sold and thus pose a greater potential risk to the Bank than construction loans to individuals on their personal residence.

Commercial business lending, including lines of credit, 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. Commercial business loans are primarily secured by inventories and other business assets. In many cases, any repossessed collateral for a defaulted commercial business loan will not provide an adequate source of repayment of the outstanding loan balance.

Home equity lending entails certain risks such as interest rate risk and risk of non-repayment. The marketability of the underlying property may be adversely affected by higher interest rates, decreasing the collateral value securing the loan. Repayment risk can be affected by job loss, divorce, illness and personal bankruptcy of the borrower. Home equity line of credit lending entails securing an equity interest in the borrower’s home. In many cases, the Bank’s position in these loans is as a junior lien holder to another institution’s superior lien. This type of lending is often priced on an adjustable rate basis with the rate set at or above a predefined index. 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.

Other consumer loans generally have more credit risk because of the type and nature of the collateral and, in certain cases, the absence of collateral. Consumer loans generally have shorter terms and higher interest rates than other lending. In addition, consumer lending collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be adversely affected by job loss, divorce, illness and personal bankruptcy. In many cases, any repossessed collateral for a defaulted consumer loan will not provide an adequate source of repayment of the outstanding loan.


‎

Note 5- Loans Receivable and Allowance for Credit losses (continued)

The following tables set forth the activity in the Bank’s allowance for credit losses and recorded investment in loans receivable at December 31, 2024, December 31, 2023 and December 31, 2022. The table also details the amount of total loans receivable, which are evaluated individually, and collectively, for impairment, and the related portion of the allowance for credit losses that is allocated to each loan class (In Thousands):

Residential

Commercial & Multi-family

Construction

Commercial Business

Business Express

Home Equity (1)

Consumer

Unallocated

Total

Allowance for credit losses:

Beginning Balance, December 31, 2023

$

2,344 

$

16,301 

$

3,841 

$

5,811 

$

4,542 

$

691 

$

78 

$

-

$

33,608 

Charge-offs

-

(531)

-

(1,799)

(8,038)

-

(467)

-

(10,835)

Recoveries

48 

-

-

371 

27 

-

-

-

446 

Provision (benefit)

(445)

(4,064)

(1,821)

6,354 

11,238 

(97)

405 

-

11,570 

Ending Balance, December 31, 2024

$

1,947 

$

11,706 

$

2,020 

$

10,737 

$

7,769 

$

594 

$

16 

$

-

$

34,789 

Ending Balance attributable to loans:

Individually evaluated

$

-

$

1,473 

$

-

$

4,725 

$

5,619 

$

-

$

-

$

-

$

11,817 

Collectively evaluated

1,947 

10,233 

2,020 

6,012 

2,150 

594 

16 

-

22,972 

Ending Balance, December 31, 2024

$

1,947 

$

11,706 

$

2,020 

$

10,737 

$

7,769 

$

594 

$

16 

$

-

$

34,789 

Loans Receivables:

Individually evaluated

$

853 

$

64,735 

$

586 

$

11,163 

$

5,619 

$

443 

$

-

$

-

$

83,399 

Collectively evaluated

239,017 

2,181,942 

134,848 

238,689 

87,328 

66,326 

2,235 

-

2,950,385 

Total Gross Loans

$

239,870 

$

2,246,677 

$

135,434 

$

249,852 

$

92,947 

$

66,769 

$

2,235 

$

-

$

3,033,784 

(1) Includes home equity lines of credit.

Residential

Commercial & Multi-family

Construction

Commercial Business

Business Express

Home Equity (1)

Consumer

Unallocated

Total

Allowance for credit losses:

Ending Balance, December 31, 2022

2,474 

21,749 

2,094 

4,495

872

485 

24 

180 

32,373 

Effect of adopting ASU No. 2016-13 ("CECL")

144 

(7,123)

1,387 

1,734

(316)

182 

7 

(180)

(4,165)

Beginning Balance, January 1, 2023

$

2,618 

$

14,626 

$

3,481 

$

6,229

$

556

$

667 

$

31 

$

-

$

28,208 

Charge-offs

-

-

-

-

(805)

-

-

-

(805)

Recoveries

45 

-

-

29

11

16 

-

-

101 

Provision (benefit)

(319)

1,675 

360 

(447)

4,780

8 

47 

-

6,104 

Ending Balance, December 31, 2023

$

2,344 

$

16,301 

$

3,841 

$

5,811

$

4,542

$

691 

$

78 

$

-

$

33,608 

Ending Balance attributable to loans:

Individually evaluated

$

-

$

990 

$

310 

$

2,132

$

797

$

-

$

-

$

-

$

4,229 

Collectively evaluated

2,344 

15,311 

3,531 

3,679

3,745

691 

78 

-

29,379 

Ending Balance, December 31, 2023

$

2,344 

$

16,301 

$

3,841 

$

5,811

$

4,542

$

691 

$

78 

$

-

$

33,608 

Loans Receivables:

Individually evaluated

$

444 

$

42,259 

$

4,292 

$

6,015

$

797

$

212 

$

-

$

-

$

54,019 

Collectively evaluated

247,851 

2,391,856 

188,524 

263,259

102,131

66,119 

3,643 

-

3,263,383 

Total Gross Loans

$

248,295 

$

2,434,115 

$

192,816 

$

269,274

$

102,928

$

66,331 

$

3,643 

$

-

$

3,317,402 

(1) Includes home equity lines of credit.


‎

Note 5- Loans Receivable and Allowance for Credit losses (continued)

Residential

Commercial & Multi-family

Construction

Commercial Business

Business Express

Home Equity (1)

Consumer

Unallocated

Total

Allowance for credit losses:

Beginning Balance, December 31, 2021

$

4,094 

$

22,065 

$

2,231 

$

8,000 

$

-

$

533 

$

14 

$

182 

$

37,119 

Charge-offs

-

-

-

(2,095)

-

-

-

-

(2,095)

Recoveries

23 

-

-

191 

-

12 

198 

-

424 

Provision (credit)

(1,643)

(316)

(137)

(1,601)

872 

(60)

(188)

(2)

(3,075)

Ending Balance, December 31, 2022

$

2,474 

$

21,749 

$

2,094 

$

4,495 

$

872 

$

485 

$

24 

$

180 

$

32,373 

Ending Balance attributable to loans:

Individually evaluated

$

196 

$

-

$

518 

$

2,066 

$

-

$

4 

$

-

$

-

$

2,784 

Collectively evaluated

2,278 

21,749 

1,576 

2,429 

872 

481 

24 

180 

29,589 

Ending Balance, December 31, 2022

$

2,474 

$

21,749 

$

2,094 

$

4,495 

$

872 

$

485 

$

24 

$

180 

$

32,373 

Loans Receivables:

Individually evaluated

$

5,147 

$

15,397 

$

3,180 

$

3,821 

$

-

$

727 

$

-

$

-

$

28,272 

Collectively evaluated

244,976 

2,329,832 

141,751 

211,619 

66,567 

56,161 

3,240 

-

3,054,146 

Total Gross Loans

$

250,123 

$

2,345,229 

$

144,931 

$

215,440 

$

66,567 

$

56,888 

$

3,240 

$

-

$

3,082,418 

(1) Includes home equity lines of credit.

The following table presents the activity in the allowance for credit losses on off-balance sheet exposures for the years ended December 31, 2024, and 2023.

Twelve Months Ended December 31, 2024

Twelve Months Ended December 31, 2023

Allowance for Credit Losses:

Beginning Balance

$

694 

$

-

Impact of adopting ASU No. 2016-13 ("CECL") effective January 1, 2023

-

1,266 

Provision (benefit) for credit losses

119 

(572)

$

813

$

694


‎

Note 5- Loans Receivable and Allowance for Credit losses (continued)

The tables below set forth the amounts and types of nonaccrual loans in the Bank’s loan portfolio at December 31, 2024, and 2023, respectively. Loans are generally placed on nonaccrual status when they become more than 90 days delinquent, or when the collection of principal and/or interest become doubtful.

As of December 31, 2024, nonaccrual loans differed from the amount of total loans past due greater than 90 days due to loans 90 days past due but still accruing interest or loans that were previously 90 days past due both of which are maintained on nonaccrual status for a minimum of six months until the borrower has demonstrated their ability to satisfy the terms of the loan.

As of December 31, 2024

(in Thousands)

Nonaccrual loans with an Allowance for Credit Losses

Nonaccrual loans without an Allowance for Credit Losses

Total Nonaccrual loans

Amortized Cost of Loans Past Due 90 Days and Still Accruing

Residential one-to-four family

$

534 

$

853 

$

1,387 

$

-

Commercial and multi-family

4,823 

28,151 

32,974 

6,049 

Construction

-

586 

586 

-

Commercial business

5,208 

2,425 

7,633 

-

Business express

1,706 

191 

1,897 

1,677 

Home equity (1)

-

231 

231 

-

Total

$

12,271 

$

32,437 

$

44,708 

$

7,726 

(1) Includes home equity lines of credit.

As of December 31, 2023

(in Thousands)

Nonaccrual loans with an Allowance for Credit Losses

Nonaccrual loans without an Allowance for Credit Losses

Total Nonaccrual loans

Amortized Cost of Loans Past Due 90 Days and Still Accruing

Residential one-to-four family

$

-

$

270 

$

270 

$

-

Commercial and multi-family

2,029 

6,655 

8,684 

-

Construction

2,312 

1,980 

4,292 

-

Commercial business

2,599 

2,892 

5,491 

-

Business express

-

-

-

-

Home equity (1)

-

46 

46 

-

Total

$

6,940 

$

11,843 

$

18,783 

$

-

(1) Includes home equity lines of credit.

Had nonaccrual loans been performing in accordance with their original terms, the interest income recognized for the years ended December 31, 2024 and 2023 would have been approximately $5.6 million and $1.9 million, respectively. Interest income recognized on loans returned to accrual was approximately $1.4 million and $314,000, respectively. The Bank is not committed to lend additional funds to the borrowers whose loans have been placed on a nonaccrual status. At December 31, 2024, there were $7.7 million in loans which were more than ninety days past due and still accruing interest. At December 31, 2023, there were no loans that were more than ninety days past due and still accruing interest.


‎

Note 5- Loans Receivable and Allowance for Credit losses (continued)

The following table sets forth the delinquency status of total loans receivable at December 31, 2024:

Greater Than

Loans Receivable

30-59 Days

60-90 Days

90 Days

Total Past

Total Loans

>90 Days

Past Due

Past Due

Past Due

Due

Current

Receivable

and Accruing

(In Thousands)

Residential one-to-four family

$

3,229 

$

-

$

302 

$

3,531 

$

236,339 

$

239,870 

$

-

Commercial and multi-family

8,279 

2,673 

30,903 

41,855 

2,204,822 

2,246,677 

6,049 

Construction

-

1,829 

586 

2,415 

133,019 

135,434 

-

Commercial business

9,125 

580 

3,795 

13,500 

236,352 

249,852 

-

Business express

6,714 

3,452 

3,141 

13,307 

79,640 

92,947 

1,677 

Home equity (1)

1,846 

18 

231 

2,095 

64,674 

66,769 

-

Consumer

-

-

-

-

2,235 

2,235 

-

Total

$

29,193 

$

8,552 

$

38,958 

$

76,703 

$

2,957,081 

$

3,033,784 

$

7,726 

(1) Includes home equity lines of credit.

The following table sets forth the delinquency status of total loans receivable at December 31, 2023:

Greater Than

Loans Receivable

30-59 Days

60-90 Days

90 Days

Total Past

Total Loans

>90 Days

Past Due

Past Due

Past Due

Due

Current

Receivable

and Accruing

(In Thousands)

Residential one-to-four family

$

4,701 

$

-

$

270 

$

4,971 

$

243,324 

$

248,295 

$

-

Commercial and multi-family

1,853 

7,876 

6,842 

16,571 

2,417,544 

2,434,115 

-

Construction

3,641 

-

586 

4,227 

188,589 

192,816 

-

Commercial business

2,314 

363 

1,081 

3,758 

265,516 

269,274 

-

Business express

1,922 

248 

50 

2,220 

100,708 

102,928 

-

Home equity (1)

907 

-

-

907 

65,424 

66,331 

-

Consumer

-

-

-

-

3,643 

3,643 

-

Total

$

15,338 

$

8,487 

$

8,829 

$

32,654 

$

3,284,748 

$

3,317,402 

$

-

(1) Includes home equity lines of credit.

Modifications

The Company adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”) effective January 1, 2023. The amendments in ASU 2022-02 eliminated the recognition and measurement of troubled debt restructurings and enhanced disclosures for loan modifications to borrowers experiencing financial difficulty.

The following table shows the amortized cost basis of loans modified to borrowers experiencing financial difficulty, disaggregated by loan category and type of concession granted for the twelve months ended December 31, 2024.

For the Twelve Months Ended December 31, 2024

(In Thousands)

Number

Payment Delay

Term Extension

Rate & Term Reduction

Total Principal

% of Total Class of Financing Receivable

Residential one-to-four family

1

$

173

$

-

$

-

$

173

0.07

%

Commercial and multi-family

1

-

-

15,036

15,036

0.67

Commercial business

1

1,294

-

-

1,294

0.52

Business express

276

-

63,299

-

63,299

68.10

279

$

1,467

$

63,299

$

15,036

$

79,802

2.63

%

The following table presents loan modifications made during 2024 by payment status as of December 31, 2024.

For the Twelve Months Ended December 31, 2024

(In Thousands)

Current

30-59 Days Past Due

60-90 Days Past Due

Greater than 90 Days Past Due & Accruing

Nonaccrual

Total

Residential one-to-four family

$

-

$

173 

$

-

$

-

$

-

$

173 

Commercial and multi-family

15,036 

-

-

-

-

15,036 

Commercial business

-

-

-

-

1,294 

1,294 

Business express

62,791 

74 

-

-

434 

63,299 

$

77,827 

$

247 

$

-

$

-

$

1,728 

$

79,802 

The Company monitors the performance of loans modified to borrowers experiencing financial difficulty to understand the effectiveness of the modification efforts.

The Company did not have any loans that were both experiencing financial difficulty and modified during the twelve months ended During 31, 2023.


‎

Note 5 - Loans Receivable and Allowance for Credit losses (continued)

Criticized and Classified Assets

The Company’s policies provide for a classification system for problem assets. Under this classification system, problem assets are classified as “substandard,” “doubtful,” or “loss.”

When the Company classifies problem assets, the Company may establish general allowances for credit losses in an amount deemed prudent by management. General allowances represent loss allowances which have been established to recognize the inherent risk associated with lending activities, but which, unlike specific allowances, have not been allocated to particular problem assets. A portion of general loss allowances established to cover possible losses related to assets classified as substandard or doubtful may be included in determining our regulatory capital. Specific valuation allowances for credit losses generally do not qualify as regulatory capital. As of December 31, 2024, the Company had $152.7 million in assets classified as substandard, of which $83.4 million were individually evaluated. As of December 31, 2023, the Company had $85.7 million in assets classified as substandard, of which $54.0 were also individually evaluated. The loans classified as substandard are comprised of unsecured commercial loans, and commercial loans secured by commercial real estate, commercial business assets, and residential real estate. The loans that have been classified substandard were classified as such primarily due to payment status, because updated financial information has not been timely provided, or the collateral underlying the loan is in the process of being revalued.

The Company’s internal credit risk grades are based on the definitions currently utilized by the banking regulatory agencies.  The grades assigned and definitions are as follows, and loans graded excellent, above average, good and watch list (risk ratings 1-5) are treated as “pass” for grading purposes. The “criticized” risk rating (6) and the “classified” risk ratings (7-9) are detailed below:

6 – Special Mention- Loans currently performing but with potential weaknesses including adverse trends in borrower’s operations, credit quality, financial strength, or possible collateral deficiency.

7 – Substandard- Loans that are inadequately protected by current sound worth, paying capacity, and collateral support. Loans on “nonaccrual” status. The loan needs special and corrective attention.

8 – Doubtful- Weaknesses in credit quality and collateral support make full collection improbable, but pending reasonable factors remain sufficient to defer the loss status.

9 – Loss- Continuance as a bankable asset is not warranted. However, this does not preclude future attempts at partial recovery.

Residential, home equity, and consumer loans are rated pass at origination with subsequent adjustments based on delinquency status.


‎

Note 5 - Loans Receivable and Allowance for Credit losses (continued)

The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention, substandard, doubtful, and loss within the Company’s internal risk rating system as of December 31, 2024, and 2023 (In Thousands):

Loans by Year of Origination at December 31, 2024

2024

2023

2022

2021

2020

Prior

Revolving Loans

Revolving Loans to Term Loans

Total

Residential one-to-four family

Pass

$

12,059 

$

16,586 

$

47,544 

$

37,639 

$

28,550 

$

92,376 

$

-

$

-

$

234,754 

Special Mention

-

-

3,555 

-

-

174 

-

-

3,729 

Substandard

-

-

301 

173 

-

913 

-

-

1,387 

Total one-to-four family

$

12,059 

$

16,586 

$

51,400 

$

37,812 

$

28,550 

$

93,463 

$

-

$

-

$

239,870 

Commercial and multi-family

Pass

$

9,105 

$

202,931 

$

631,493 

$

157,054 

$

166,242 

$

709,239 

$

2,610 

$

-

$

1,878,674 

Special Mention

-

9,761 

132,712 

37,600 

9,232 

47,756 

140 

-

237,201 

Substandard

-

10,115 

33,958 

13,070 

11,782 

61,877 

-

-

130,802 

Total Commercial and multi-family

$

9,105 

$

222,807 

$

798,163 

$

207,724 

$

187,256 

$

818,872 

$

2,750 

$

-

$

2,246,677 

Construction

Pass

$

4 

$

34,906 

$

37,625 

$

-

$

-

$

-

$

5,824 

$

-

$

78,359 

Special Mention

-

1,521 

3,792 

47,174 

3,745 

-

-

-

56,232 

Substandard

-

257 

-

-

586 

-

-

-

843 

Total Construction

$

4 

$

36,684 

$

41,417 

$

47,174 

$

4,331 

$

-

$

5,824 

$

-

$

135,434 

Commercial business

Pass

$

-

$

2,477 

$

266 

$

475 

$

3,711 

$

28,902 

$

163,444 

$

663 

$

199,938 

Special Mention

-

8,874 

-

1,878 

194 

4,835 

20,298 

409 

36,488 

Substandard

-

-

-

-

-

5,884 

7,542 

-

13,426 

Total Commercial business

$

-

$

11,351 

$

266 

$

2,353 

$

3,905 

$

39,621 

$

191,284 

$

1,072 

$

249,852 

Business express

Pass

$

-

$

-

$

-

$

-

$

-

$

-

$

23,739 

$

59,189 

$

82,928 

Special Mention

-

-

-

-

-

-

1,506 

2,894 

4,400 

Substandard

-

-

-

-

-

-

3,082 

2,537 

5,619 

Total Business express

$

-

$

-

$

-

$

-

$

-

$

-

$

28,327 

$

64,620 

$

92,947 

Home equity

Pass

$

300 

$

3,767 

$

1,369 

$

501 

$

549 

$

5,754 

$

51,829 

$

2,186 

$

66,255 

Special Mention

-

-

-

-

-

18 

-

-

18 

Substandard

-

-

53 

-

81 

-

-

362 

496 

Total Home equity

$

300 

$

3,767 

$

1,422 

$

501 

$

630 

$

5,772 

$

51,829 

$

2,548 

$

66,769 

Consumer

Pass

$

623 

$

1,117 

$

389 

$

5 

$

95 

$

-

$

6 

$

-

$

2,235 

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

-

-

-

-

-

-

-

-

Total Consumer

$

623 

$

1,117 

$

389 

$

5 

$

95 

$

-

$

6 

$

-

$

2,235 

Total Loans

$

22,091 

$

292,312 

$

893,057 

$

295,569 

$

224,767 

$

957,728 

$

280,020 

$

68,240 

$

3,033,784 

Gross charge-offs

$

446 

$

20 

$

-

$

174 

$

-

$

1,133 

$

8,381 

$

681 

$

10,835 


‎

Note 5 - Loans Receivable and Allowance for Credit losses (continued)

Loans by Year of Origination at December 31, 2023

2023

2022

2021

2020

2019

Prior

Revolving Loans

Revolving Loans to Term Loans

Total

Residential one-to-four family

Pass

$

17,080 

$

53,623 

$

38,178 

$

31,420 

$

12,067 

$

93,764 

$

-

$

-

$

246,132 

Special Mention

-

492 

91 

-

-

-

-

-

583 

Substandard

-

-

1,310 

-

-

270 

-

-

1,580 

Total one-to-four family

$

17,080 

$

54,115 

$

39,579 

$

31,420 

$

12,067 

$

94,034 

$

-

$

-

$

248,295 

Commercial and multi-family

Pass

$

222,435 

$

778,076 

$

224,823 

$

214,768 

$

50,755 

$

824,375 

$

1,922 

$

-

$

2,317,154 

Special Mention

9,908 

34,375 

-

-

529 

4,453 

140 

-

49,405 

Substandard

-

14,931 

4,023 

3,575 

-

45,027 

-

-

67,556 

Total Commercial and multi-family

$

232,343 

$

827,382 

$

228,846 

$

218,343 

$

51,284 

$

873,855 

$

2,062 

$

-

$

2,434,115 

Construction

Pass

$

21,730 

$

74,180 

$

59,564 

$

21,462 

$

-

$

5,878 

$

5,710 

$

-

$

188,524 

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

1,394 

-

586 

-

2,312 

-

-

4,292 

Total Construction

$

21,730 

$

75,574 

$

59,564 

$

22,048 

$

-

$

8,190 

$

5,710 

$

-

$

192,816 

Commercial business

Pass

$

3,179 

$

297 

$

2,967 

$

4,234 

$

7,080 

$

33,675 

$

201,008 

$

150 

$

252,590 

Special Mention

-

-

-

-

317 

830 

4,410 

-

5,557 

Substandard

-

-

-

-

-

4,703 

6,424 

-

11,127 

Total Commercial business

$

3,179 

$

297 

$

2,967 

$

4,234 

$

7,397 

$

39,208 

$

211,842 

$

150 

$

269,274 

Business express

Pass

$

-

$

-

$

-

$

-

$

-

$

-

$

101,531 

$

-

$

101,531 

Special Mention

-

-

-

-

-

-

600 

-

600 

Substandard

-

-

-

-

-

-

797 

-

797 

Total Business express

$

-

$

-

$

-

$

-

$

-

$

-

$

102,928 

$

-

$

102,928 

Home equity

Pass

$

5,022 

$

1,487 

$

553 

$

769 

$

1,280 

$

6,181 

$

50,111 

$

553 

$

65,956 

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

46 

-

-

-

-

117 

212 

375 

Total Home equity

$

5,022 

$

1,533 

$

553 

$

769 

$

1,280 

$

6,181 

$

50,228 

$

765 

$

66,331 

Consumer

Pass

$

1,497 

$

471 

$

1,521 

$

109 

$

39 

$

-

$

6 

$

-

$

3,643 

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

-

-

-

-

-

-

-

-

Total Consumer

$

1,497 

$

471 

$

1,521 

$

109 

$

39 

$

-

$

6 

$

-

$

3,643 

Total Loans

$

280,851 

$

959,372 

$

333,030 

$

276,923 

$

72,067 

$

1,021,468 

$

372,776 

$

915 

$

3,317,402 

Gross charge-offs

$

-

$

-

$

-

$

-

$

-

$

-

$

805 

$

-

$

805 
v3.25.0.1
Premises and Equipment
 12 Months Ended
Dec. 31, 2024
Premises and Equipment [Abstract]  
Premises and Equipment Note 6 - Premises and Equipment

Premises and equipment as of December 31, 2024, 2023 and 2022 consists of the following:

 

December 31,

2024

2023

2022

(In Thousands)

Land

$

1,646 

$

1,646

$

1,447

Buildings and improvements

10,048 

10,023

6,514

Leasehold improvements

12,160 

12,009

12,750

Furniture, fixtures and equipment

8,364 

8,928

9,111

32,218 

32,606

29,822

Accumulated depreciation and amortization

(19,649)

(19,549)

(19,314)

$

12,569 

$

13,057

$

10,508

Depreciation and amortization expense for the years ended December 31, 2024, 2023, and 2022 was $1.7 million, $2.0 million, and $2.2 million, respectively.

Buildings and improvements include a building constructed on property leased from a related party (see Note 3).

 
v3.25.0.1
Interest Receivable
 12 Months Ended
Dec. 31, 2024
Interest Receivable [Abstract]  
Interest Receivable Note 7 - Interest Receivable

The distribution of accrued interest receivable at December 31, 2024 and 2023 was as follows:

December 31,

2024

2023

(In Thousands)

Loans

$

14,344

$

15,188

Securities

832

884

$

15,176

$

16,072
v3.25.0.1
Deposits
 12 Months Ended
Dec. 31, 2024
Deposits [Abstract]  
Deposits Note 8 – Deposits

The distribution of deposits at December 31, 2024 and 2023 were as follows:

December 31,

2024

2023

(In Thousands)

Demand:

Non-interest bearing

$

520,387

$

536,264

Interest bearing

553,731

564,912

Money market

395,004

370,934

1,469,122

1,472,110

Savings and club

252,491

284,273

Certificates of deposit

1,029,245

1,222,697

$

2,750,858

$

2,979,080

Deposits of certain municipalities and local government agencies are collateralized by $32.2 million of investment securities and by a $320.0 million Municipal Letter of Credit with the FHLB.

At December 31, 2024, and 2023, certificates of deposit of $250,000 or more totaled approximately $398.0 million and $341.9 million, respectively.

At December 31, 2024, deposits from officers, directors and their associates totaled approximately $69.3 million.

The scheduled maturities of certificates of deposit at December 31, 2024, were as follows (In thousands):

Amount

2025

$

1,001,024 

2026

23,500 

2027

2,228 

2028

1,112 

2029

816 

Thereafter

565 

$

1,029,245 

As of December 31, 2024, and 2023, the Company had $177.6 and $505.4 million in brokered certificate deposits, respectively. The Company had no brokered demand deposits at December 31, 2024 and 2023. Reciprocal deposits are not considered brokered deposits under applicable regulations.

 
v3.25.0.1
Short-Term Debt and Long-Term Debt
 12 Months Ended
Dec. 31, 2024
Debt [Abstract]  
Short-Term Debt and Long-Term Debt
‎

Note 9 - Short-Term Debt and Long-Term Debt

Information regarding short-term borrowings is as follows:

 

December 31,

2024

2023

Amount

Amount

(In Thousands)

Balance at end of period

$

-

$

-

Average balance outstanding during the year

$

2 

$

60,941 

Highest month-end balance during the year

$

-

$

350,000 

Average interest rate during the year

6.42 

%

5.25 

%

Weighted average interest rate at year-end

-

%

-

%

Long-term debt consists of the following:

December 31,

2024

2023

Weighted Average Rate

Amount ($000s)

Weighted Average Rate

Amount ($000s)

Federal Home Loan Bank Advances:

Maturing by December 31,

2024

-

%

$

-

0.48

%

$

18,000

2025

4.15 

220,361 

4.15

219,811

2026

4.53 

235,000 

4.53

235,000

4.35 

%

$

455,361 

4.21

%

$

472,811

FHLB advances are presented net of unamortized prepayment penalties totaling $439,000 at December 31, 2024 and $988,000 at December 31, 2023.

At December 31, 2024 and 2023, loans with carrying values of approximately $1.4 billion and $1.7 billion, respectively, were pledged to secure the above noted Federal Home Loan Bank of New York borrowings. In addition, at December 31, 2024 and 2023, loans with carrying values of approximately $546.7 million and $497.4 million, respectively, were pledged with the Federal Reserve Discount window. There were no outstanding borrowings with the Federal Reserve at December 31, 2024, and 2023. No securities were pledged for borrowings at December 31, 2024 and 2023.

At December 31, 2024, the Company had the ability to obtain additional funding from the FHLB of $135.7 million and $333.0 million from the Federal Reserve Bank Discount Window, utilizing unencumbered loan collateral.

The Bank’s total credit exposure cannot exceed 50.0 percent of its total assets, or $1.799 billion, based on the borrowing limitations outlined in the FHLB of New York’s member products guide. The total credit exposure limit of 50.0 percent of total assets is recalculated each quarter.
v3.25.0.1
Subordinated Debt
 12 Months Ended
Dec. 31, 2024
Debt [Abstract]  
Subordinated Debt Note 10 – Subordinated Debt

On August 29, 2024, the Company issued $40 million of fixed-to-floating subordinated debentures (the “New Notes”) in a private placement to certain qualified institutional investors. The New Notes have a 10-year term and bear interest at a fixed rate of 9.250% for the first five years of the term. The fixed interest rate is payable semiannually for the first five years and will be reset quarterly thereafter to the then-current three-month SOFR (defined below) plus 582 basis points. The Notes qualify as Tier 2 capital for the Company for regulatory purposes, when applicable, and the portion that the Company contributes to the Bank will qualify as Tier 1 capital for the Bank. The Notes constitute an unsecured and subordinated obligation of the Company and rank junior in right of payment to any senior indebtedness and obligations to general and secured creditors. The Company used the net proceeds from the offering to repurchase $33.5 million of subordinated debt issued on July 30, 2018 (the “Old Notes”) and for general corporate purposes. The Tier 2 capital credit related to the Old Notes started to amortize as the Old Notes reached their five-year anniversary on August 1, 2023. Subordinated debt included associated deferred costs of $1.2 million at December 31, 2024.

The Company also has $4.1 million of mandatory redeemable trust preferred securities. The interest rate on these floating rate junior subordinated debentures adjusts quarterly and had been equal to the three-month LIBOR plus 2.65%. They mature on June 17, 2034.

In accordance with the Adjustable Interest Rate Act (the “LIBOR Act”) and the regulation issued by the Board of Governors of the Federal Reserve System implementing the LIBOR Act, the Company has selected the three-month CME Term SOFR as the applicable successor rate for the trust preferred securities. The calculation of the amount of interest payable, based on the three-month CME Term SOFR, will also include the applicable tenor spread adjustment of 0.26161% per annum as specified in the LIBOR Act. At December 31, 2024, the interest rate for the trust preferred securities was 7.260%.
v3.25.0.1
Regulatory Matters
 12 Months Ended
Dec. 31, 2024
Regulatory Matters [Abstract]  
Regulatory Matters


‎

Note 11 - Regulatory Matters

The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet the minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk-weightings and other factors.

In July 2013, the FDIC and the other federal bank regulatory agencies issued a final rule that revised their leverage and risk-based capital requirements and the method for calculating risk-weighted assets to make them consistent with agreements that were reached by the Basel Committee on Banking Supervision and certain provisions of the Dodd-Frank Act.  Among other things, the new rule established a new common equity (“C/E”) Tier 1 minimum capital requirement (4.5 percent of risk-weighted assets), increased the minimum Tier 1 capital to risk-based assets requirement (from 4.0 percent to 6.0 percent of risk-weighted assets) and assigned a higher risk weight (150 percent) to exposures that are more than 90 days past due or are on nonaccrual status and to certain commercial real estate facilities that finance the acquisition, development or construction of real property. The final rule also requires unrealized gains and losses on certain available-for-sale securities holdings and defined benefit plan obligations to be included for purposes of calculating regulatory capital requirements unless a one-time opt-in or opt-out is exercised. The Bank exercised the opt-out election.

On September 17, 2019, the FDIC passed a final rule providing qualifying community banking organizations the ability to opt-in to a new community bank leverage ratio (“CBLR”) framework, (tier 1 capital to average consolidated assets) at 9.0 percent for institutions under $10.0 billion in assets that such institutions may elect to utilize in lieu of the general applicable risk-based capital requirements under Basel III. Such institutions that meet the community bank leverage ratio and certain other qualifying criteria will automatically be deemed to be well-capitalized.

The Bank opted into the community bank leverage ratio (tier 1 capital to average consolidated assets) (“CBLR”) framework, with a minimum requirement of 9% for institutions under $10 billion in assets. Such institutions meeting that requirement may elect to utilize the CBLR in lieu of the general applicable risk-based capital requirements under Basel III. Such institutions that meet the CBLR and certain other qualifying criteria will automatically be deemed to be well-capitalized.

At December 31, 2024 and December 31, 2023, the Bank exceeded all of its regulatory capital requirements. The following table sets forth the regulatory capital ratios for the Bank as well as regulatory capital requirements for the periods presented.

For Capital Adequacy

To be Well Capitalized under Prompt Corrective

Actual

Purposes

Action Provisions

Amount

Ratio

Amount

Ratio

Amount

Ratio

(Dollars in Thousands)

As of December 31, 2024

Bank

Community Bank Leverage Ratio

$

363,697

10.03

%

$

290,087

8.00

%

$

326,348

9.00

%

As of December 31, 2023

Bank

Community Bank Leverage Ratio

$

350,749

9.09

%

$

308,608

8.00

%

$

347,184

9.00

%


‎

Note 11 - Regulatory Matters (continued)

The following tables set forth the regulatory capital ratios for the Company as well as the regulatory requirements for the year ended December 31, 2024, and 2023.

For Capital Adequacy

To be Well Capitalized under Prompt Corrective

Actual

Purposes

Action Provisions

Amount

Ratio

Amount

Ratio

Amount

Ratio

(Dollars in Thousands)

As of December 31, 2024

Bancorp

Total Capital (to Risk-Weighted Assets)

$

400,591 

12.89 

%

$

248,621 

8.00 

%

$

310,777 

10.00 

%

Tier 1 Capital (to Risk-Weighted Assets)

326,965 

10.52 

186,482 

6.00 

186,482 

6.00 

C/E Tier 1 Capital (to Risk-Weighted Assets)

298,118 

9.59 

139,889 

4.50 

-

-

Tier 1 Capital (to adjusted total assets)

326,965 

9.02 

144,996 

4.00 

-

-

For Capital Adequacy

To be Well Capitalized under Prompt Corrective

Actual

Purposes

Action Provisions

Amount

Ratio

Amount

Ratio

Amount

Ratio

(Dollars in Thousands)

As of December 31, 2023

Bancorp

Total Capital (to Risk-Weighted Assets)

$

379,562 

11.14 

%

$

272,564 

8.00 

%

$

340,705 

10.00 

%

Tier 1 Capital (to Risk-Weighted Assets)

319,154 

9.37 

204,422 

6.00 

204,422 

6.00 

C/E Tier 1 Capital (to Risk-Weighted Assets)

289,987 

8.51 

153,317 

4.50 

-

-

Tier 1 Capital (to adjusted total assets)

319,154 

8.27 

154,315 

4.00 

-

-

For the Company to be “well capitalized” under Federal Reserve definitions for bank holding companies, the Company is only required to have a Tier 1 Capital to Risk Weighted Assets ratio of at least 6.00% and a Total Capital to risk Weighted Assets ratio of at least 10.00%.

As of December 31, 2024, and 2023, the most recent notification from the Company and the Bank’s regulators categorized the Bank as “well-capitalized” under the regulatory framework for prompt corrective action. There are no conditions or events occurring since that notification that management believes have changed the Company’s or the Bank’s category.
v3.25.0.1
Benefits Plans
 12 Months Ended
Dec. 31, 2024
Benefits Plans [Abstract]  
Benefits Plans Note 12- Benefits Plans

Pension Plan

The Company acquired, through the merger with Pamrapo Bancorp, Inc. a non-contributory defined benefit pension plan (“Pension Plan”) covering all eligible employees of Pamrapo Savings Bank. Effective January 1, 2010, the Pension Plan was frozen by Pamrapo Savings Bank. All benefits for eligible participants accrued in the Pension Plan to the freeze date have been retained. The benefits are based on years of service and employee’s compensation. The Pension Plan is funded in conformity with funding requirements of applicable government regulations. Prior service costs for the Pension Plan generally are amortized over the estimated remaining service periods of employees.

The following tables set forth the Pension Plan's funded status at December 31, 2024, 2023 and 2022 and components of net periodic pension cost for the years ended December 31, 2024, 2023 and 2022:

Change in Benefit Obligation:

December 31,

2024

2023

2022

(In Thousands)

Benefit obligation, beginning of year

$

4,802 

$

4,935

$

6,492

Interest cost

224 

238

178

Actuarial gain (1)

(256)

(25)

(1,362)

Benefits paid

(363)

(346)

(363)

Lump sum distributions

(179)

-

(10)

Benefit obligation, ending

$

4,228 

$

4,802

$

4,935

Change in Plan Assets:

Fair value of assets, beginning of year

$

6,012 

$

5,965

$

7,144

Actual return on plan assets

612 

393

(806)

Benefits paid

(363)

(346)

(363)

Lump sum distributions

(179)

-

(10)

Fair value of assets, ending

$

6,082 

$

6,012

$

5,965

Fair value of assets

$

6,082 

$

6,012

$

5,965

Projected benefit obligation

4,228 

4,802

4,935

Funded status, included in other assets, net

$

1,854 

$

1,210

$

1,030

Valuation assumptions used to determine benefit obligation at period end:

Discount rate

5.54%

4.83%

5.02%

Salary increase rate

N/A

N/A

N/A

(1) Actuarial gain comes about when the actual plan results are more favorable than the actuarial assumptions used to perform the calculations. The primary actuarial assumptions used are interest and mortality as well as the rate of return on the plan assets. Differences between expected and actual results in each year are included in the net actuarial gain.

Net Periodic Pension Expense:

December 31,

2024

2023

2022

(In Thousands)

Interest cost

$

224 

$

238

$

178

Expected return on assets

(350)

(346)

(417)

Amortization of net loss

-

55

66

Net periodic pension benefit

$

(126)

$

(53)

$

(173)

Valuation assumptions used to determine net periodic benefit for the year:

Discount rate

4.83%

5.02%

2.83%

Long term rate of return on plan assets

6.00%

6.00%

6.00%

Salary increase rate

N/A

N/A

N/A

At December 31, 2024, 2023 and December 31, 2022, unrecognized net losses of $62,000, $580,000 and $559,000, respectively, were included, net of deferred income tax, in accumulated other comprehensive loss in accordance with ASC 715-20 and ASC 715-30.


‎

Note 12 - Benefits Plan (continued)

Plan Assets

Investment Policies and Strategies

The primary long-term objective for the Pension Plan is to maintain assets at a level that will sufficiently cover future beneficiary obligations. The Pension Plan is structured to include a volatility reducing component (the fixed income commitment) and a growth component (the equity commitment).

To achieve the Bank’s long-term investment objectives, the trustee invests the assets of the Pension Plan in a diversified combination of asset classes, investment strategies, and pooled vehicles. The asset allocation guidelines in the table below reflect the Bank’s risk tolerance and long-term objectives for the Pension Plan. These parameters will be reviewed on a regular basis and subject to change following discussions between the Bank and the trustee.

The following asset allocation targets and ranges guides the trustee in structuring the overall allocation in the Pension Plan’s investment portfolio. The Bank or the trustee may amend these allocations to reflect the most appropriate standards consistent with changing circumstances. Any such fundamental amendments in strategy will be discussed between the Bank and the trustee prior to implementation.

Based on the above considerations, the following asset allocation ranges will be implemented:

 

Asset Allocation Parameters by Asset Class

Minimum

Target

Maximum

Equity

Large-Cap U.S.

42%

Mid/Small-Cap U.S.

11%

Non-U.S.

26%

Total-Equity

40%

55%

60%

Fixed Income

Long/Short Duration

43%

Money Market/Certificates of Deposit

2%

Total-Fixed Income

40%

45%

60%

The parameters for each asset class provide the trustee with the latitude for managing the Pension Plan within a minimum and maximum range. The trustee has full discretion to buy, sell, invest and reinvest in these asset segments based on these guidelines which includes allowing the underlying investments to fluctuate within the stated policy ranges. The Pension Plan maintains a cash equivalents component (not to exceed 3 percent under normal circumstances) within the fixed income allocation for liquidity purposes.

The trustee monitors the actual asset segment exposures of the Pension Plan on a regular basis and, periodically, may adjust the asset allocation within the ranges set forth above as it deems appropriate. Periodic reallocations of assets are based on the trustee’s perception of the changing risk/return opportunities of the respective asset classes.

Determination of Long-Term Rate of Return

The long-term rate of return on assets assumption was set based on historical returns earned by equities and fixed income securities, adjusted to reflect expectations of future returns as applied to the Pension Plan’s target allocation of asset classes. Equities and fixed income securities were assumed to earn real rates of return in the ranges of 6.0 to 10.0 percent and 2.0 to 6.0 percent, respectively. The long-term inflation rate was estimated to be 3.0 percent. When these overall return expectations are applied to the Pension Plan’s target allocation, the result is an expected rate of return of 4.0 to 7.0 percent.


‎

Note 12 - Benefits Plan (continued)

The fair values of the Pension Plan assets at December 31, 2024, by asset category (see Note 2 for the definitions of levels), are as follows (In Thousands):

 

Asset Category

Total

(Level 1)

(Level 2)

(Level 3)

Mutual funds-Equity

Large-Cap Value (a)

$

1,035

$

1,035

$

-

$

-

Large-Cap Growth (b)

-

-

-

-

Diversified Emerging Markets (f)

88

88

-

-

Large Blend (d)

1,253

1,253

-

-

Technology (g)

168

168

-

-

Mutual Funds-Fixed Income

Long Government (h)

38

38

-

-

Multi-Sector Bond (c)

1,181

1,181

-

-

High Yield Bond (e)

622

622

-

-

Intermediate Core Bond (i)

595

595

BCB Common Stock

590

590

-

-

Cash Equivalents

Money Market

512

512

-

-

Total

$

6,082

$

6,082

$

-

$

-

The fair values of the Company’s pension plan assets at December 31, 2023, by asset category (see Note 2 for the definitions of levels), are as follows (In Thousands):

 

Asset Category

Total

(Level 1)

(Level 2)

(Level 3)

Mutual funds-Equity

Large-Cap Value (a)

$

1,120

$

1,120

$

-

$

-

Large-Cap Growth (b)

261

261

-

-

Diversified Emerging Markets (f)

95

95

-

-

Large Blend (d)

1,025

1,025

-

-

Technology (g)

137

137

-

-

Mutual Funds-Fixed Income

Long Government (h)

46

46

-

-

Multi-Sector Bond (c)

1,244

1,244

-

-

High Yield Bond (e)

648

648

-

-

Intermediate Core Bond (i)

656

656

-

-

BCB Common Stock

666

666

-

-

Cash Equivalents

Money Market

114

114

-

-

Total

$

6,012 

$

6,012 

$

-

$

-

a)Large Cap value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70 percent of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).

b)Large Cap Growth Stocks of large cap companies that are projected to grow faster than other large cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market defined as large cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields).

c)Multi Sector portfolios seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, foreign bonds, and high-yield domestic debt securities.

d)This fund invests in 500 of the largest U.S. companies, which span many different industries and account for about three-fourths of the U.S. Stock Markets value.

e)High Yield Bond funds invest at least 65 percent of assets in bonds rated below BBB. This fund seeks to provide shareholders with a high level of current income with capital growth as a secondary objective.

f)The fund invests at least 80% of the value of its assets in equity securities and equity related instruments that are tied economically to emerging markets.

g)The fund normally invests at least 80% of the fund’s net assets in securities of issuers principally engaged in offering, using or developing products, processes or services that will provide or benefit significantly from technological advances and improvements.

h)The fund normally invests at least 80% of assets in securities included in the Bloomberg Barclays U.S. Long Treasury Bond Index.

i)Intermediate term core bond portfolios invest primarily in investment grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment grade exposures.

   

Note 12 - Benefits Plan (continued)

The Company does not expect to contribute, based upon actuarial estimates, to the Pension Plan in 2025.

Benefit payments are expected to be paid for the years ended December 31 as follows (In thousands):

2025

$

374

2026

373

2027

374

2028

371

2029

361

2030-2034

1,619

Equity Incentive Plans

The Company, under the plan approved by its shareholders on April 27, 2023 (“2023 Equity Incentive Plan”), authorized the issuance of up to 1,000,000 shares of common stock of the Company pursuant to grants of stock options, restricted stock awards, restricted stock units, and performance awards. Employees and directors of the Company and the Bank are eligible to participate in the 2023 Equity Incentive Plan. All stock options are granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code. Only employees are permitted to receive incentive stock options.

The Company, under the plan approved by its shareholders on April 26, 2018 (“2018 Equity Incentive Plan”), authorized the issuance of up to 1,000,000 shares of common stock of the Company pursuant to grants of stock options and restricted stock units. Employees and directors of the Company and the Bank are eligible to participate in the 2018 Stock Plan. All stock options are granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code. Only employees are permitted to receive incentive stock options.

The Company, under the plan approved by its shareholders on April 28, 2011 (“2011 Stock Plan”), authorized the issuance of up to 900,000 shares of common stock of the Company pursuant to grants of stock options. Employees and directors of the Company and the Bank are eligible to participate in the 2011 Stock Plan. All stock options were granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code. Only employees are permitted to receive incentive stock options.

On April 25, 2024, awards of 30,000 and 20,000 shares of restricted stock were declared for an executive officer of the Bank and the Company, which vest over a 2 and 3-year period, respectively, commencing on the anniversary date of the awards.

On January 31, 2023, awards of 27,000 shares of restricted stock, in aggregate were declared for members of the Board of Directors of the Bank and the Company, which vest over a 4-year period, commencing on the anniversary of the award date.

On June 30, 2023, an award of 25,252 shares of restricted stock was declared for a director and executive officer of the Bank and the Company, which fully vests on the anniversary of the award date.

The following table presents the share-based compensation expense for the years ended December 31, 2024, 2023 and 2022 (In Thousands).

 

Years Ended December 31,

2024

2023

2022

Stock Option Expense

$

128

$

133

$

216

Restricted Stock Expense

639

460

916

Total share-based compensation expense

$

767

$

593

$

1,132

The following is a summary of the status of the Company’s restricted shares as of December 31, 2024.

Number of Shares Awarded

Weighted Average Grant Date Fair Value

Non-vested at December 31, 2023

86,752

$                  14.98 

Granted

50,000

9.44

Vested

(50,227)

13.85

Forfeited

(1,725)

14.92

Non-vested at December 31, 2024

84,800

$                  12.38 

The remaining non-vested restricted shares outstanding as of December 31, 2024, will be charged to expense in 2025-2027, totaling $636,000.


‎

Note 12 - Benefits Plan (continued)

A summary of stock option activity, follows:

Number of Options

Range of Exercise Price

Weighted Average Exercise Price

Weighted Average Remaining Contractual Term

Aggregate Intrinsic Value (000's)

Outstanding at January 1, 2023

1,036,975

$

9.03-13.68

$

11.72

4.47

$

6,502 

Options forfeited

-

-

-

-

-

Options exercised (1)

(61,000)

9.03

9.03

-

-

Options granted

-

-

-

-

-

Options expired

-

-

-

-

-

Outstanding at December 31, 2023

975,975

$

10.55-13.68

$

11.89

3.83

$

984 

Options forfeited

-

-

-

-

-

Options exercised (2)

(2,000)

12.19 

12.19 

-

-

Options granted

-

-

-

-

-

Options expired

(80,000)

13.32 

13.32 

-

-

Outstanding at December 31, 2024

893,975

$

10.55-13.68

$

11.76 

3.16 

$

355 

Exercisable at December 31, 2024

799,955 

(1) Includes 9,628 cashless exercise of options during 2023.

(2) Includes 2,000 cashless exercise of options during 2024.

It is Company policy to issue new shares upon share option exercise. Expected future compensation expense relating to the 94,020 shares of unvested options outstanding as of December 31, 2024, is $150,000 and will be recognized over a weighted average period of 2.14 years.

There were no options awarded during the years ended December 31, 2024, and 2023.

Supplemental Executive Retirement Plan

The Bank entered into a Supplemental Executive Retirement Agreement (the “SERP Agreement”) with its former Chief Executive Officer (“the CEO”) in December 2021, payable in the form of a life annuity.

The SERP Agreement was an unfunded arrangement maintained primarily to provide supplemental retirement benefits and comply with Section 409A of the Internal Revenue Code. The cost of the benefit is being amortized over a three-year vesting period beginning in 2021. The Bank recorded compensation expense of $45,000, $350,000, and $328,000 related to the Plan during the years ended December 31, 2024, 2023 and 2022, respectively. For each of the years ended December 31, 2025, and 2026, the anticipated expense is $50,000 and $49,000, respectively. The Bank has elected to fund the retirement benefit by purchasing annuities that have been designed to provide a future source of funds for the lifetime retirement benefits of the SERP Agreement, totaling $1.80 million, which is included in other assets.
v3.25.0.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity [Abstract]  
Stockholders' Equity Note 13 – Stockholders’ Equity

On December 31, 2024, the Company completed a private placement of 497 shares of Series K 6% Noncumulative Perpetual Stock, par value $0.01 per share (the “Series K Preferred Stock”), resulting in gross proceeds of $4,970,000.

On November 30, 2024, the Company redeemed 1,001 outstanding shares of its Series I 3.0% Noncumulative Perpetual Preferred Stock, at their face value of $10,000 per share, for a total redemption amount of $10,010,000.

On September 25, 2024, the Company closed a private placement of Series J 8% Noncumulative Perpetual Stock, par value $0.01 per share (the “Series J Preferred Stock”), resulting in gross proceeds of $1,360,000 for 136 shares.

On June 21, 2024, the Company closed a private placement of Series J Preferred Stock, resulting in gross proceeds of $670,000 for 67 shares.

On March 29, 2024, the Company closed a private placement of Series J Preferred Stock, resulting in gross proceeds of $2,690,000 for 269 shares.
v3.25.0.1
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Other Intangible Assets [Abstract]  
Goodwill and Other Intangible Assets Note 14 – Goodwill and Other Intangible Assets

The Company’s intangible assets consist of goodwill and core deposit intangibles in connection with acquisitions. The initial recording of goodwill and other intangible assets requires subjective judgments concerning estimates of the fair value of the acquired assets and assumed liabilities. Goodwill is not amortized but is subject to annual tests for impairment or more often if events or circumstances indicate it may be impaired.

Amortization expense of the core deposit intangibles was $129,000, and $49,000 for the years ended December 31, 2023, and 2022, respectively. The core deposit intangibles were fully amortized during the year ended December 31, 2023. The amount of goodwill at December 31, 2024 and 2023 was $5.2 million, respectively.

The Company’s core deposit intangibles are amortized on an accelerated basis using an estimated life of 10 years and in accordance with U.S. GAAP are evaluated annually for impairment. An impairment loss will be recognized if the carrying amount of the intangible asset is not recoverable and exceeds fair value. The carrying amount of the intangible asset is not considered recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use of the asset.

The Company conducts impairment analysis on goodwill at least annually or more often as conditions require. Pursuant to ASC 350-20-35, the Company conducted a qualitative assessment of goodwill as of October 31, 2024, and determined that it was more likely than not that goodwill was not impaired. Accordingly, there was no impairment at December 31, 2024.
v3.25.0.1
Dividend Restrictions
 12 Months Ended
Dec. 31, 2024
Dividend Restrictions [Abstract]  
Dividend Restrictions Note 15 - Dividend Restrictions

Payment of cash dividends on common stock is conditional on earnings, financial condition, cash needs, capital considerations, the discretion of the Board of Directors of the Company, and compliance with regulatory requirements. State and federal law and regulations impose limitations on the Bank’s ability to pay dividends to the Company. Under New Jersey law, the Company is permitted to declare dividends on its common stock only if, after payment of the dividend, the capital stock of the Bank will be unimpaired and the Bank will have a surplus of no less than 50 percent of its capital stock or, if not, the payment of the dividend will not reduce the Bank’s surplus. During 2024, 2023, and 2022, the Bank paid the Company total dividends of $19,387,000, $20,580,000, and $22,338,000, respectively. The Company’s ability to declare dividends is dependent upon the amount of dividends paid to the Company by the Bank.

v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Taxes [Abstract]  
Income Taxes Note 16 - Income Taxes

The components of income tax expense are summarized as follows:

Years Ended December 31,

2024

2023

2022

(In Thousands)

Current income tax expense:

Federal

$

4,529

$

8,917

$

12,323

State

2,860

5,592

6,215

7,389

14,509

18,538

Deferred income tax benefit:

Federal

351

(1,634)

(967)

State

(93)

(903)

(40)

258

(2,537)

(1,007)

Total Income Tax Expense

$

7,647

$

11,972

$

17,531

The tax effects of existing temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities are as follows:

December 31,

2024

2023

Deferred income tax assets:

(In Thousands)

Allowance for credit losses

$

10,176 

$

9,805 

Benefit plans

7 

-

Nonaccrual interest

749 

176 

Benefit plan-accumulated other comprehensive loss

10 

166 

Net operating loss carry forwards

1,070 

1,166 

Lease liability

3,756 

3,806 

Unrealized loss on securities

2,149 

2,860 

Capital loss carryover (1)

477 

477 

Deferred fees and costs

782 

1,168 

Other

2,077 

3,002 

21,253 

22,626

Deferred income tax liabilities:

Purchase accounting adjustment on premises and equipment acquired

69 

71 

Right-of-use assets

3,626 

3,697 

SBA servicing asset

252 

319 

Borrowing modification

125 

282 

Benefit plans

-

44 

4,072 

4,413

Net Deferred Tax Asset

$

17,181 

$

18,213

(1) Tax benefit relating to capital loss on securities sold in 2023 which will expire in 2028.


‎

Note 16 - Income Taxes (continued)

A summary of the change in the net deferred tax asset is as follows:

 

Years Ended December 31,

2024

2023

(In Thousands)

Balance at beginning of year:

$

18,213

$

16,462

Effect of adopting ASU No. 2016-13 ("CECL")

-

(1,148)

Deferred tax benefit

(258)

2,537

Other comprehensive income

Available-for-sale securities

(618)

355

Benefit plan

(156)

7

Balance at end of year

$

17,181

$

18,213

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. In making this assessment, management has considered the profitability of current core operations, future market growth, forecasted earnings, future taxable income, and ongoing, feasible and permissible tax planning strategies. If the Company was to determine that it would not be able to realize a portion of its net deferred tax asset in the future for which there is currently no valuation allowance, an adjustment to the net deferred tax asset would be charged to earnings in the period such determination was made. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and capital gains during the periods in which temporary differences are deductible and carry forwards are available. The Company believes it will generate sufficient future taxable income and taxable gains to realize the tax benefits related to the remaining net deferred tax assets in our consolidated statements of financial condition.

In conjunction with the Company’s acquisition of IA Bancorp in 2018, the Company acquired a federal net operating loss carry forward of $8.7 million. This carry forward is available for use through 2035; however, in accordance with Internal Revenue Code Section 382, usage of the carry forward is limited to $459,000 annually on a cumulative basis (portions of the $459,000 not used in a particular year may be added to subsequent usage). At December 31, 2024 and 2023, the Company had approximately $5.1 million and $5.6 million remaining of this federal net operating loss carry forward available to offset future taxable income for federal tax reporting purposes.

The following table presents a reconciliation between the reported income tax expense and the income tax expense which would be computed by applying the normal federal income tax rate of 21.0 percent to income before income tax expense.

Years Ended December 31,

2024

2023

2022

(In Thousands)

Federal income tax expense at statutory rate

$

5,517

$

8,706

$

13,253

Increases (decreases) in income taxes resulting from:

State income tax, net of federal income tax effect

2,186

3,704

4,878

Tax-exempt income

(13)

(30)

(63)

Bank-owned life insurance earnings

(553)

(368)

(561)

Other items, net

510

(40)

24

Effective Income Tax Expense

$

7,647

$

11,972

$

17,531

Effective Income Tax Rate

29.1

%

28.9

%

27.8

%
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies [Abstract]  
Commitments and Contingencies Note 17- Commitments and Contingencies

The Bank is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments primarily include commitments to extend credit. The Bank’s exposure to credit loss, in the event of nonperformance by the other party to the financial instrument for commitments to extend credit, is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments.

Outstanding loan related commitments were as follows:

December 31,

2024

2023

2022

(In Thousands)

Loan origination commitments

$

1,505

$

975

$

165,579

Standby letters of credit

2,450

13,353

3,701

Construction loans in process

16,673

63,395

96,905

Unused lines of credit

173,169

235,329

218,865

$

193,797

$

313,052

$

485,050

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies but primarily includes residential real estate properties.

Note 17- Commitments and Contingencies (continued)

Leases

At December 31, 2024, the Company leased 26 of its offices under various operating lease agreements. The leases have remaining terms of 1 year to 12 years. The leases contain provisions for the payment by the Company of its pro-rata share of real estate taxes, insurance, common area maintenance and other variable expenses. The Company will allocate payments made under such leases between lease and non-lease components. Some leases contain renewal options and options to purchase the assets.

The Company evaluates its contracts and service agreements in order to determine if there is an asset imbedded in such contracts and agreements. Such determination is based upon whether there is a specific asset covered by the agreement, whether the Company is entitled to all of the economic benefits to the asset over the term of the agreement, and whether the Company has full control and use of the asset over the term of the agreement without substitution rights or direction of use of the asset by the lessor.

The Company includes in its determination of its lease liability and concurrent right-of-use asset those renewal or purchase options for which it is reasonably certain it will exercise. Currently, the Company does not expect to exercise such purchase options and, accordingly, those are excluded in the determination of the lease liabilities and the concurrent right-of-use assets.

The Company has elected not to recognize a lease liability and a right-of-use asset for leases with a lease term of 12 or fewer months.

To calculate its lease liabilities, the Company used a discount rate based upon the applicable borrowing rates of the Federal Home Loan Bank at the inception of the lease agreement, which corresponds to the length of the lease term.

Note 17- Commitments and Contingencies (continued)

The following tables present certain information related to the Company’s lease obligations (in thousands):

Twelve Months Ended December 31, 2024

Twelve Months Ended December 31, 2023

Operating lease cost

$

3,596

$

3,591

Variable lease cost-operating leases

1,096

1,056

$

4,692

$

4,647

At December 31, 2024

At December 31, 2023

Supplemental balance sheet information related to leases:

Operating Leases

Operating lease right-of-use assets

$

12,686

$

12,935

Operating Lease Liabilities:

Current liabilities

$

3,189

$

3,094

Operating lease liabilities (noncurrent portion)

11,299

11,526

Imputed interest

(1,349)

(1,305)

Total operating lease liabilities

$

13,139

$

13,315

The following tables summarize the Company’s weighted average remaining lease terms and weighted average discount rates:

2024

2023

Weighted Average Remaining Lease Term

Operating leases

5.39 

years

5.77 

years

Weighted Average Discount Rate

Operating leases

3.40 

%

3.02 

%

The following table summarizes the Company’s maturity of lease obligations for operating leases at December 31, 2024 (in thousands):

Maturities of lease liabilities (discounted):

At December 31, 2024

Operating Leases

One year or less

$

3,189 

Over one year through three years

5,680 

Over three years through five years

3,213 

Over five years

2,406 

Gross Operating Lease Liabilities

$

14,488 

Imputed Interest

(1,349)

Total Operating Lease Liabilities

$

13,139 

Legal Contingencies

The Company is involved, from time to time, as plaintiff or defendant in various legal actions arising in the normal course of business. As of December 31, 2024, the Company was not involved in any material legal proceedings the outcome of which, if determined in a manner adverse to the Company, would have a material adverse effect on our financial condition or results of operations.
v3.25.0.1
Fair Value Measurements and Fair Values of Financial Instruments
 12 Months Ended
Dec. 31, 2024
Fair Value Measurements and Fair Values of Financial Instruments [Abstract]  
Fair Value Measurements and Fair Values of Financial Instruments Note 18 - Fair Value Measurements and Fair Values of Financial Instruments

Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective year-ends and have not been re-evaluated or updated for purposes of these consolidated financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each year-end.

ASC Topic 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. There were no liabilities measured at fair value on a recurring or nonrecurring basis at December 31, 2024, and 2023.

For assets measured at fair value on a recurring basis, the fair value measurements, by level, within the fair value hierarchy are as follows:

  

(Level 1)

  

(Level 2)

  

Quoted Prices in

Significant

(Level 3)

Active Markets

Other

Significant

for Identical

Observable

Unobservable

Description

Total

Assets

Inputs

Inputs

(In Thousands)

As of December 31, 2024:

  

  

  

Securities Available-for-Sale

Debt Securities Available-for-Sale

$

101,717 

$

-

$

101,717 

$

-

Marketable Equities

9,472 

  

9,472 

  

-

  

-

Total Securities Available-for-Sale

$

111,189 

$

9,472 

$

101,717 

$

-

As of December 31, 2023:

  

  

  

Securities Available for Sale

Debt Securities Available-for-Sale

$

87,769 

$

-

$

87,769 

$

-

Marketable Equities

9,093 

  

9,093 

  

-

  

-

Total Securities Available-for-Sale

$

96,862 

$

9,093 

$

87,769 

$

-

For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy are as follows:

  

(Level 1)

  

(Level 2)

  

Quoted Prices in

Significant

(Level 3)

Active Markets

Other

Significant

for Identical

Observable

Unobservable

Description

Total

Assets

Inputs

Inputs

(In Thousands)

As of December 31, 2024:

  

  

  

Individually Evaluated Loans

$

19,391

  

$

-

  

$

-

  

$

19,391

As of December 31, 2023:

  

  

  

Individually Evaluated Loans

$

23,585 

  

$

-

  

$

-

  

$

23,585 

Certain individually evaluated loans were adjusted to the fair value, less costs to sell, of the underlying collateral securing these loans resulting in losses. The loss is not recorded directly as an adjustment to current earnings, but rather as a component in determining the allowance for credit losses. Fair value was measured using appraised values of collateral and adjusted as necessary by management based on unobservable inputs for specific properties. Losses (recoveries) on individually evaluated loans for the years ended December 31, 2024 and 2023 were $7.6 million and $1.4 million, respectively.


‎

Note 18 - Fair Value Measurements and Fair Values of Financial Instruments (continued)

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value, (Dollars in thousands):

Quantitative Information about Level 3 Fair Value Measurements

Fair Value

Valuation

Unobservable

Range

Estimate

Techniques

Input

December 31, 2024:

Individually Evaluated Loans

$

19,391

Appraisal of collateral (1)

Appraisal adjustments (2)

0%-10%

Quantitative Information about Level 3 Fair Value Measurements

Fair Value

Valuation

Unobservable

Range

Estimate

Techniques

Input

December 31, 2023:

Individually Evaluated Loans

$

23,585

Appraisal of collateral (1)

Appraisal adjustments (2)

0%-10%

(1)Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable.

(2)Appraisals may be adjusted by management for qualitative factors such as age of appraisal, expected condition of property, economic conditions, and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.

The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of the Company’s financial instruments at December 31, 2024 and 2023.

Cash and Cash Equivalents (Carried at Cost)

The carrying amounts reported in the consolidated statements of financial condition for cash and interest-earning deposits approximate those assets’ fair values.

Securities (Carried at Fair Value)

The fair value of securities is determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1), or matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices.

Loans Held for Sale (Carried at Lower of Cost or Fair Value)

The fair value of loans held for sale is determined, when possible, using quoted secondary-market prices. If no such quoted prices exist, the fair value of a loan is determined using quoted prices for a similar loan or loans, adjusted for specific attributes of that loan. Loans held for sale are carried at the lower of cost or fair value.

Loans Receivable (Carried at Amortized Cost)

The fair values of loans, except for certain individually evaluated loans, are estimated using discounted cash flow analyses, using market rates at the date of the statements of financial condition that reflect the credit and interest rate-risk inherent in the loans. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. Generally, for variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values.

Individually Evaluated Loans (Generally Carried at Fair Value)

Individually evaluated loans are those for which the Company has measured and recorded an ACL generally based on the fair value of the loan’s collateral, less estimated costs to sell. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. The fair value at December 31, 2024 and 2023 consists of the loan balances of $31.2 million and $27.8 million net of an ACL of $11.8 million and $4.2 million, respectively.

FHLB of New York Stock (Carried at Cost)

The carrying amount of restricted investment in bank stock approximates fair value and considers the limited marketability of such securities.

Accrued Interest Receivable and Payable (Carried at Cost)

The carrying amount of accrued interest receivable and accrued interest payable approximates its fair value.


‎

Note 18 - Fair Value Measurements and Fair Values of Financial Instruments (continued)

Deposits (Carried at Amortized Cost)

The fair values disclosed for demand deposits (e.g., interest and non-interest checking, passbook savings and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits.

Debt Including Subordinated Debentures (Carried at Amortized Cost)

Fair values of debt are estimated using discounted cash flow analysis, based on quoted prices for new long-term debt with similar credit risk characteristics, terms and remaining maturity. These prices obtained from this active market represent a market value that is deemed to represent the transfer price if the liability were assumed by a third party.

Off-Balance Sheet Financial Instruments

Fair values for the Bank’s off-balance sheet financial instruments (lending commitments and unused lines of credit) are based on fees currently charged in the market to enter into similar agreements, taking into account, the remaining terms of the agreements and the counterparties’ credit standing. The fair value of these commitments was deemed immaterial and is not presented in the accompanying table.

The carrying values and estimated fair values of financial instruments were as follows at December 31, 2024 and 2023:

As of December 31, 2024

Quoted Prices in Active

Significant

Significant

Carrying

Markets for Identical Assets

Other Observable Inputs

Unobservable Inputs

Value

Fair Value

(Level 1)

(Level 2)

(Level 3)

(In Thousands)

Financial assets:

  

  

  

Cash and cash equivalents

$

317,282

$

317,282

  

$

317,282

  

$

-

$

-

Interest-earning time deposits

735

735

  

-

  

735

-

Debt securities available-for-sale

101,717

101,717

  

-

  

101,717

-

Equity investments

9,472

9,472

9,472

-

-

Loans held for sale

-

-

  

-

  

-

-

Loans receivable, net

2,996,259

2,900,892

  

-

  

-

2,900,892

FHLB of New York stock, at cost

24,272

24,272

  

-

  

24,272

-

Accrued interest receivable

15,176

15,176

  

-

  

15,176

-

Financial liabilities:

  

  

Deposits

2,750,858

2,751,625

  

1,721,602

  

1,030,023

-

Debt

455,361

456,290

  

-

  

456,290

-

Subordinated debentures

42,961

41,594

-

41,594

-

Accrued interest payable

5,195

5,195

  

-

  

5,195

-

As of December 31, 2023

Quoted Prices in Active

Significant

Significant

Carrying

Markets for Identical Assets

Other Observable Inputs

Unobservable Inputs

Value

Fair Value

(Level 1)

(Level 2)

(Level 3)

(In Thousands)

Financial assets:

  

  

  

Cash and cash equivalents

$

279,523

$

279,523

  

$

279,523

  

$

-

$

-

Interest-earning time deposits

735 

735 

  

-

  

735 

-

Debt securities available-for-sale

87,769

87,769

  

-

  

87,769

-

Equity investments

9,093

9,093

9,093

-

-

Loans held for sale

1,287

1,287

  

-

  

1,287

-

Loans receivable, net

3,279,708

3,112,980

  

-

  

-

3,112,980

FHLB of New York stock, at cost

24,917

24,917

  

-

  

24,917

-

Accrued interest receivable

16,072

16,072

  

-

  

16,072

-

Financial liabilities:

  

  

Deposits

2,979,080

2,978,654

  

2,120,514

  

858,140

-

Debt

472,811

472,184

  

-

  

472,184

-

Subordinated debentures

37,624

39,299

-

39,299

-

Accrued interest payable

5,777

5,777

  

-

  

5,777

-

+
v3.25.0.1
Accumulated Other Comprehensive Loss
 12 Months Ended
Dec. 31, 2024
Accumulated Other Comprehensive Loss [Abstract]  
Accumulated Other Comprehensive Loss Note 19 - Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss included in stockholders' equity are as follows:

At December 31,

2024

2023

2022

(In Thousands)

Net unrealized loss on securities available-for-sale

$

(6,873)

$

(9,380)

$

(7,887)

Tax effect

1,692

2,310

1,955

Net of tax amount

(5,181)

(7,070)

(5,932)

Benefit plan adjustments

(68)

(587)

(718)

Tax effect

10

166

159

Net of tax amount

(58)

(421)

(559)

Accumulated other comprehensive loss

$

(5,239)

$

(7,491)

$

(6,491)
v3.25.0.1
Parent Only Condensed Financial Information
 12 Months Ended
Dec. 31, 2024
Parent Only Condensed Financial Information [Abstract]  
Parent Only Condensed Financial Information Note 20 - Parent Only Condensed Financial Information

STATEMENTS OF FINANCIAL CONDITION

Years Ended December 31,

2024

2023

(In Thousands)

Assets

Cash and due from banks

$

3,289

$

1,290

Investment in subsidiaries

364,781

349,775

Restricted common stock

124

124 

Other assets

402

1,172

Total assets

368,596

352,361

Liabilities and Stockholders' Equity

Liabilities

Subordinated debentures

$

42,961

$

37,624

Other liabilities

1,710

682

Total liabilities

44,671

38,306

Stockholders' Equity

323,925

314,055

Total Liabilities and Stockholders' Equity

$

368,596

$

352,361

STATEMENTS OF OPERATIONS

Years Ended December 31,

2024

2023

2022

(In Thousands)

Dividends from Bank

$

19,387

$

20,580

$

22,338

Interest and dividends from investments

2

2

-

Total Income

19,389

20,582

22,338

Interest expense, borrowed money

3,894

2,725

2,299

Other

442

422

366

Total Expense

4,336

3,147

2,665

Income before Income Tax Benefit and Equity in Undistributed Earnings of Subsidiaries

15,053

17,435

19,673

Income tax benefit

(1,273)

(924)

(843)

Income before Equity in Undistributed Earnings of Subsidiaries

16,326

18,359

20,516

Equity in undistributed earnings of subsidiaries

2,297

11,124

25,063

Net Income

$

18,623

$

29,483

$

45,579


‎

Note 20 - Parent Only Condensed Financial Information

STATEMENTS OF CASH FLOWS

Years Ended December 31,

2024

2023

2022

(In Thousands)

Cash Flows from Operating Activities

Net Income

$

18,623 

$

29,483 

$

45,579 

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

Amortization

83 

116 

233 

Equity in undistributed earnings of subsidiaries

(2,297)

(11,124)

(25,063)

Decrease (increase) in other assets

770 

(1,062)

1,223 

(Decrease) increase in other liabilities

1,028 

(303)

(149)

Net Cash Provided By Operating Activities

18,207 

17,110 

21,823 

Cash Flows from Investing Activities

Additional investment in subsidiary

(9,690)

(8,227)

(2,220)

Net Cash Used In Investing Activities

$

(9,690)

$

(8,227)

$

(2,220)

Cash Flows from Financing Activities

Proceeds from issuance of preferred stock

9,690 

15,270 

6,810 

Redemption of preferred stock

(10,010)

(11,230)

(14,730)

Proceeds from issuance of common stock

824 

1,773 

639 

Proceeds from issuance of subordinated debt

38,754 

-

-

Redemption of subordinated debt

(33,500)

-

-

Cash dividends paid

(12,276)

(11,142)

(11,175)

Purchase of treasury stock

-

(3,816)

(3,406)

Net Cash Provided by (Used in) Financing Activities

(6,518)

(9,145)

(21,862)

Net Increase (Decrease) in Cash and Cash Equivalents

1,999 

(263)

(2,259)

Cash and Cash Equivalents - Beginning

$

1,290 

$

1,553 

$

3,812 

Cash and Cash Equivalents - Ending

$

3,289 

$

1,290 

$

1,553 

 


‎
v3.25.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events Note 21 - Subsequent Events

Subsequent Events are events or transactions that occur after the balance sheet date but before financial statements are issued or available to be issued. Financial statements are considered issued when they are widely distributed to stockholders and other financial statement users for general use and reliance in a form and format that complies with GAAP.

On January 28, 2025, the Company declared a cash dividend of $0.16 per share and was paid to stockholders on February 24, 2025, with a record date of February 7, 2025.
v3.25.0.1
Summary of Significant Accounting Policies (Policy)
 12 Months Ended
Dec. 31, 2024
Summary of Significant Accounting Policies [Abstract]  
Basis of Consolidated Financial Statement Presentation Basis of Consolidated Financial Statement Presentation

The consolidated financial statements which include the accounts of the Company and its wholly-owned subsidiaries, the Bank, the New Jersey Investment Company, BCB Capital Finance Group LLC, and Special Asset REO 2, LLC have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). All significant intercompany accounts and transactions have been eliminated in consolidation.

In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the years then ended. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses and a determination as to possible impairment of goodwill. Management believes that the allowance for credit losses is adequate. While management uses available information to recognize losses on loans, future additions to the allowance for credit losses may be necessary based on changes in economic conditions in the market area. Management’s assessment regarding impairment of securities is based on future projections of cash flow which are subject to change. Management performed a quantitative assessment of goodwill and determined there was no impairment as of December 31, 2024.

In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for credit losses. Such agencies may require the Bank to recognize additions to the allowance based on their judgments about information available to them at the time of their examination.

In preparing these consolidated financial statements, the Company evaluated the events that occurred between December 31, 2024, and the date these consolidated financial statements were issued.
Cash and Cash Equivalents Cash and Cash Equivalents

Cash and cash equivalents include cash and amounts due from depository institutions and interest-earning deposits in other banks having original maturities of three months or less.
Debt Securities Debt Securities

Investments in debt securities that the Bank has the positive intent and ability to hold to maturity are classified as held-to-maturity securities and reported at amortized cost. Debt securities that are bought and held principally for the purpose of selling them in the near-term are classified as trading securities and reported at fair value, with unrealized holding gains and losses included in earnings. Debt securities not classified as trading securities or as held-to-maturity securities are classified as available-for-sale securities (“AFS”) and reported at fair value, with unrealized holding gains or losses, net of applicable deferred income taxes, reported in the accumulated other comprehensive income (loss) component of stockholders’ equity. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. There were no debt securities classified as held-to-maturity on December 31, 2024, and 2023.

For debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more than 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 securities available-for-sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and 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. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of tax. The Company elected the practical expedient of zero loss estimates for securities 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 agencies, and have a long history of no credit losses.

Discounts on securities are amortized/accreted to maturity using the interest method. Premiums on securities are amortized to maturity or the earliest call date for callable securities using the interest method. Interest and dividend income on securities, which includes amortization of premiums and accretion of discounts, are recognized in the consolidated financial statements when earned.

Loans Held for Sale Loans Held For Sale

Loans held for sale consist primarily of residential mortgage loans intended for sale and are carried at the lower of cost or estimated fair market value using the aggregate method. These loans are generally sold with servicing rights released. Gains and losses recognized on loan sales are based upon the cash proceeds received and the amortized cost of the related loans sold.

Loans Receivable Loans Receivable

Loans receivable are stated at unpaid principal balances, less net deferred loan origination fees and the allowance for credit losses. Loan origination fees and certain direct loan origination costs are deferred and amortized/accreted, as an adjustment of yield, over the contractual lives of the related loans.

Generally, the accrual of interest on loans that are contractually delinquent more than ninety days is discontinued and the related loans are placed on nonaccrual status. All payments received while in nonaccrual status, are applied to principal until the loan has performed as expected for a minimum of six (6) months or until the loan is determined to qualify for return to normal accruing status. Loans may be returned to accrual status when all the principal and interest contractually due are brought current and future payments are reasonably assured.
Concentration of Risk Concentration of Risk

Financial instruments which potentially subject the Company and its subsidiaries to concentrations of credit risk consist of cash and cash equivalents, investment and mortgage-backed securities and loans.

Cash and cash equivalents include amounts placed with highly rated financial institutions. Securities include securities backed by the U.S. Government and other highly rated instruments. The Bank’s lending activity is primarily concentrated in loans collateralized by real estate in the State of New Jersey and the New York metropolitan area as a result, credit risk related to loans is broadly dependent on the real estate market and general economic conditions in the area.
Allowance for Credit Losses Allowance for Credit losses

The allowance for credit losses represents the estimated amount considered necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The measurement of expected credit losses is applicable to loans receivable and securities measured at amortized cost. It also applies to off-balance sheet credit exposures such as loan commitments and unused lines of credit. The allowance is established through a provision for credit losses that is charged against income. The methodology for determining the allowance for credit losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded allowance for credit losses. The allowance for credit losses is reported separately as a contra-asset on the consolidated statements of financial condition. The expected credit loss for unfunded lending commitments and unfunded loan commitments is reported on the consolidated statements of financial condition in other liabilities while the provision for credit losses related to unfunded commitments is reported in other non-interest expense.

Allowance for Credit Losses on Loans Receivable

The allowance for credit losses on loans is deducted from the amortized cost basis of the loan to present the net amount expected to be collected. Expected losses are evaluated and calculated on a collective, or pooled, basis for those loans which share similar risk characteristics. If the loan does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. Individually evaluated loans are primarily nonaccrual and collateral dependent loans. Furthermore, the Company evaluates the pooling methodology at least annually to ensure that loans with similar risk characteristics are pooled appropriately. Loans are charged off against the allowance for credit losses when the Company believes the balances to be uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged off or expected to be charged off.

The Company has chosen to segment its portfolio consistent with the manner in which it manages credit risk. The Company calculates estimated credit losses for these loan segments using quantitative models and qualitative factors. Further information on loan segmentation and the credit loss estimation is included in Note 5 – Loan Receivables and Allowance for Credit Losses.

Individually Evaluated Loans

On a case-by-case basis, the Company may conclude that a loan should be evaluated on an individual basis based on its disparate risk characteristics. When the Company determines that a loan no longer shares similar risk characteristics with other loans in the portfolio, the allowance will be determined on an individual basis using the present value of expected cash flows or, for collateral-dependent loans, the fair value of the collateral as of the reporting date, less estimated selling costs, as applicable. If the fair value of the collateral is less than the amortized cost basis of the loan, the Company will charge off the difference between the fair value of the collateral, less costs to sell at the reporting date and the amortized cost basis of the loan.

Allowance for Credit Losses on Off-Balance Sheet Commitments

The Company is required to include unfunded commitments that are expected to be funded in the future within the allowance calculation, other than those that are unconditionally cancelable. To arrive at that reserve, the reserve percentage for each applicable segment is applied to the unused portion of the expected commitment balance and is multiplied by the expected funding rate. As noted above, the allowance for credit losses on unfunded loan commitments is included in other liabilities on the consolidated statements of financial condition and the related credit expense is recorded in other non-interest expense in the consolidated statements of operations.

Allowance for Credit Losses on Available-for-Sale Securities

For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more than 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 securities available-for-sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost and adverse conditions related to the security, among other factors.  If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and 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. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of tax. The Company elected the practical expedient of zero loss estimates for securities 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 agencies, and have a long history of no credit losses.

Accrued Interest Receivable

The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of loans and available-for-sale securities. Accrued interest receivable on loans and securities is reported as a component of accrued interest receivable on the consolidated statements of financial condition. Changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. 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.
Premises and Equipment

Premises and Equipment

Land is carried at cost. Buildings, building improvements, leasehold improvements and furniture, fixtures and equipment are carried at cost less accumulated depreciation and amortization. Significant renovations and additions are charged to the property and equipment account. Maintenance and repairs are charged to expense in the period incurred. Depreciation charges are computed on the straight-line method over the following estimated useful lives of each type of asset.

Buildings

40

Building improvements

7 - 40

Furniture, fixtures and equipment

5 - 7

Leasehold improvements

Shorter of useful life or term of lease
Federal Home Loan Bank of New York Stock Federal Home Loan Bank of New York Stock

Federal law requires a member institution of the FHLB system to purchase and hold restricted stock of its district FHLB according to a predetermined formula. Such stock is carried at cost. The Company reviews for impairment based on the ultimate recoverability of the cost basis of the stock. No impairment charges were recorded related to the FHLB of New York stock during 2024, 2023 or 2022.
Other Real Estate Owned Other Real Estate Owned

Assets acquired through, or in lieu of, loan foreclosures are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Costs relating to development and improvement of property are capitalized, whereas costs relating to the holding of property are expensed. At December 31, 2024 and 2023 the Bank owned no foreclosed properties.

Interest Rate Risk Interest Rate Risk

The Bank is principally engaged in the business of attracting deposits from the general public and using these deposits, together with other funds, to make loans primarily secured by real estate and to purchase securities. The potential for interest-rate risk exists as a result of the difference in duration of the Bank’s interest-sensitive liabilities compared to its interest-sensitive assets. For this reason, management regularly monitors the maturity structure of the Bank’s interest-earning assets and interest-bearing liabilities in order to measure its level of interest-rate risk and to plan for future volatility.
Fair Value Hierarchy Fair Value Hierarchy

Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability.

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity).

An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.
Mortgage Servicing Rights Mortgage Servicing Rights

The Company recognizes as separate assets the rights to service mortgage loans for others. The right to service loans for others is generally obtained through the sale of loans with servicing retained. The initial asset recognized for originated mortgage servicing rights (“MSR”) is measured at fair value. The estimated fair value of MSR is obtained through independent third-party valuations through an analysis of future cash flows, incorporating assumptions market participants would use in determining fair value including market discount rates, prepayment speeds, servicing income, servicing costs, default rates and other market driven data, including the market’s perception of future interest rate movements. MSR are amortized in proportion to and over the period of estimated net servicing income. We apply the amortization method for measurements of our MSR. MSR are assessed for impairment based on fair value at each reporting date. MSR impairment, if any, is recognized in a valuation allowance through charges to earnings as a component of fees and service charges. Subsequent increases in the fair value of impaired MSR are recognized only up to the amount of the previously recognized valuation allowance. Fees earned for servicing loans are reported as income when the related mortgage loan payments are collected.
Transfers of Financial Assets Transfers of Financial Assets

Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) 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 (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.
Bank-Owned Life Insurance Bank-Owned Life Insurance

Bank-Owned Life Insurance policies are reflected on the consolidated statements of financial condition at cash surrender value. Changes in the net cash surrender value of the policies, as well as insurance proceeds received in excess of carrying value, are reflected in non-interest income on the consolidated statements of operations and are not subject to income taxes.
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets

Goodwill resulting from a business combination is generally determined as the excess of the fair value of the consideration transferred over the fair value of the net assets acquired as of the acquisition date. Goodwill acquired in a business combination and determined to have an indefinite useful life is not amortized but tested for impairment at least annually. The Company has selected October 31 as the date to perform the annual goodwill impairment test.
Income Taxes Income Taxes

The Company and its subsidiaries file a consolidated federal income tax return. Income taxes are allocated to the Company and its subsidiaries based upon their respective income or loss included in the consolidated income tax return. Separate state income tax returns are filed by the Company and its subsidiaries.


‎

Note 2 – Summary of Significant Accounting Policies (continued)

Federal and state income tax expense has been provided on the basis of reported income. The amounts reflected on the tax returns differ from these provisions due principally to temporary differences in the reporting of certain items for financial reporting and income tax reporting purposes. The tax effect of these temporary differences is accounted for as deferred taxes applicable to future periods. Deferred income tax expense or (benefit) is determined by recognizing deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. The realization of deferred tax assets is assessed and a valuation allowance provided, when necessary, for that portion of the asset which is not more likely than not to be realized.

The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements in accordance with ASC Topic 740, Income Taxes, which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that has a likelihood of being realized on examination of more than 50 percent. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Under the “more likely than not” threshold guidelines, the Company believes no significant uncertain tax positions exist, either individually or in the aggregate, which would give rise to the non-recognition of an existing tax benefit. The Company recognizes interest and penalties on unrecognized tax benefits in income taxes expense in the consolidated statements of operations. The Company did not recognize any interest and penalties for the years ended December 31, 2024, 2023, or 2022. The tax years subject to examination by the Federal taxing authority are the years ended December 31, 2023, 2022, and 2021. The tax years subject to examination by the State taxing authorities are the years ended December 31, 2023, 2022, and 2021.
Net Income per Common Share Net Income per Common Share

Basic net income per common share is computed by dividing net income less dividends on preferred stock by the weighted average number of shares of common stock outstanding. The diluted net income per common share is computed by adjusting the weighted average number of shares of common stock outstanding to include the effects of outstanding stock options, if dilutive, using the treasury stock method. Dilution is not applicable in periods of net loss. For the years ended December 31, 2024 and 2023, the difference in the weighted average number of basic and diluted common shares was due solely to the effects of outstanding stock options. No adjustments to net income were necessary in calculating basic and diluted net income per share. For the year ended December 31, 2024, the Company had 436,000 shares considered to be anti-dilutive. For the year ended December 31, 2023, the Company had 6,476 shares considered to be anti-dilutive.

For the Year Ended December 31,

2024

2023

2022

Net Income

Shares

Per Share

Net Income

Shares

Per Share

Net Income

Shares

Per Share

(Numerator)

(Denominator)

Amount

(Numerator)

(Denominator)

Amount

(Numerator)

(Denominator)

Amount

(In Thousands, Except per share data)

Net income

$

18,623

$

29,483

$

45,579

Basic earnings per share-

Income available to

Common stockholders

$

16,791

17,007

$

0.99

$

28,781

16,870

$

1.71

$

44,783

16,969

$

2.64

Effect of dilutive securities:

Stock options

11

62

380

Diluted earnings per share-

Income available to

Common stockholders

$

16,791

17,018

$

0.99

$

28,781

16,932

$

1.70

$

44,783

17,349

$

2.58
Stock-Based Compensation Plans Stock-Based Compensation Plans

The Company, under plans approved by its stockholders in 2018 and 2011, has granted stock options to employees and outside directors. See Note 12 for additional information as to option grants. Compensation expense recognized for option grants is net of estimated forfeitures and is recognized over the awards’ respective requisite service periods. The fair values relating to options granted are estimated using a Black-Scholes option pricing model. Expected volatilities are based on historical volatility of the Company’s stock and other factors, such as implied market volatility using the respective options’ expected term. The Company used the mid-point of the original vesting period and original option life to estimate the options’ expected term, which represents the period of time that the options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The Company recognizes compensation expense for the fair values of option awards, which have graded vesting, on a straight-line basis.
Benefit Plans Benefit Plans

The Company acquired, through the merger with Pamrapo Bancorp, Inc., a non-contributory defined benefit pension plan covering all eligible employees of Pamrapo Savings Bank. Effective January 1, 2010, the defined benefit pension plan (the “Pension Plan”), was frozen by Pamrapo Savings Bank. All benefits for eligible participants accrued in the Pension Plan to January 1, 2010, have been retained. The benefits are based on years of service and employee’s compensation. The Pension Plan is funded in conformity with funding requirements of applicable government regulations. Prior service costs for the Pension Plan generally are amortized over the estimated remaining service periods of employees.

The Bank entered into a Supplemental Executive Retirement Agreement (the “SERP Agreement”) with its previous Chief Executive Officer (“the CEO”) in December 2021. Upon the CEO’s retirement, the Bank will provide for a monthly retirement payment for his lifetime. The SERP Agreement provides the CEO with supplemental retirement income payable in the form of a life annuity. Upon the Executive’s separation from service after reaching normal retirement age (age 65), for any reason other than death, benefit payments will commence on the first day of the second month following CEO’s separation from service, payable monthly and continuing for the CEO’s lifetime. The monthly benefit payment will be $10,000 and is expected to commence in February 2025. The amount charged to expense follows the vesting schedule in the SERP Agreement and was $44,632, $350,000, and $328,000 during the years ended December 31, 2024, 2023 and 2022, respectively.
Operating Segments Operating Segments

The Company operates as a single reportable segment under ASC 280, as the Chief Operating Decision Maker (CODM) reviews financial performance and allocates resources based on the consolidated results of the Company as a whole.  The Company, through its bank subsidiary, provides banking services to individuals and companies primarily in New Jersey and New York. These services include commercial lending, residential lending, and consumer lending, checking, savings and time deposits, and cash management.  The CODM primarily evaluates performance using net interest income and net income as reported in the consolidated statement of operations. The Company’s primary measure of profitability is net interest income, which represents interest earned on loans and investment securities, net of interest expense on deposits and borrowings. In addition, the CODM considers net income as a key measure of overall financial performance. The Company’s CODM is the President & Chief Executive Officer.

Other performance indicators regularly reviewed by management include:

Net Interest Margin (NIM) – Measures the profitability of interest-earning assets.

Return on Assets (ROA) and Return on Equity (ROE) – Evaluates efficiency and shareholder returns.

Efficiency Ratio – Assesses cost management by comparing non-interest expense to total revenue.
Comprehensive Income (Loss) Comprehensive Income (Loss)

The Company records unrealized gains and losses, net of deferred income taxes, on securities available-for-sale in accumulated other comprehensive income (loss). Realized gains and losses, if any, are reclassified to non-interest income upon sale of the related securities or upon the recognition of an impairment loss. Accumulated other comprehensive income (loss) also includes benefit plan amounts recognized in accordance with ASC 715, Compensation-Retirement Benefits, which reflect, net of tax, the unrecognized actuarial gains (losses) on the benefit plans.

Recent Accounting Pronouncements Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures. The ASU is intended to enhance the transparency of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. The amendments in this ASU require a tabular reconciliation using both percentages and reporting currency amounts, with prescribed categories and separate disclosure of reconciling items with an effect equal to 5% or more of the amount determined by multiplying pretax income (or loss) from continuing operations by the applicable statutory income tax rate; a qualitative description of the states and local jurisdictions that make up the majority (greater than 50%) of the effect of the state and local income taxes; and the amount of income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes and by individual jurisdictions when 5% or more of total income taxes paid, net of refunds received. The ASU also includes other amendments to improve the effectiveness of income tax disclosures. The update is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The transition method is prospective with retrospective method permitted. The Company is currently evaluating the impact on disclosures.

In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update require public entities with reportable segments to provide additional and more detailed disclosures. The update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption permitted. The adoption of ASU 2023-07 did not have an impact on its consolidated financial statements.

In March 2022, FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the existing accounting guidance for troubled debt restructures ("TDRs") by creditors in Subtopic 310-40, Receivables - Troubled Debt Restructurings by Creditors and instead requires that an entity evaluate whether a modification represents a new loan or a continuation of an existing loan. The amendments also enhance disclosure requirements for certain loan refinancing and restructuring by creditors when a borrower is experiencing financial difficulty. All amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU 2016-13 on January 1, 2023. The adoption of this standard did not have a material effect on the Company's financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses ASU 2016-13, and related guidance, requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. The Company adopted ASU 2016-13 on January 1, 2023, for all financial assets measured at amortized cost and off-balance sheet credit exposures using the modified retrospective method. Results for the twelve months ended December 31, 2023, are presented under ASC 326, Financial Instruments – Credit Losses, while prior period amounts continue to be reported with previously applicable GAAP and have not been restated. Effective January 1, 2023, the Company recorded a $4.2 million decrease in allowance for credit losses on loans that is referred to as the current expected credit loss (“CECL”) methodology (previously allowance for loan losses), an elimination of $1.1 million of reserves related to acquired loans, and a $1.3 million increase related to allowance for off-balance sheet credit exposures included in other liabilities section of the consolidated statements of financial condition, which resulted in a total cumulative effect adjustment of $2.9 million and an increase to retained earnings, a component of the stockholders’ equity (net of tax). Further information regarding the impact of CECL can be found in Note 5 – Loan Receivable and Allowance for Credit Losses.
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Summary of Significant Accounting Policies [Abstract]  
Summary of Useful Lives of Property, Plant and Equipment

Buildings

40

Building improvements

7 - 40

Furniture, fixtures and equipment

5 - 7

Leasehold improvements

Shorter of useful life or term of lease
Schedule of Earnings per Share, Basic and Diluted

For the Year Ended December 31,

2024

2023

2022

Net Income

Shares

Per Share

Net Income

Shares

Per Share

Net Income

Shares

Per Share

(Numerator)

(Denominator)

Amount

(Numerator)

(Denominator)

Amount

(Numerator)

(Denominator)

Amount

(In Thousands, Except per share data)

Net income

$

18,623

$

29,483

$

45,579

Basic earnings per share-

Income available to

Common stockholders

$

16,791

17,007

$

0.99

$

28,781

16,870

$

1.71

$

44,783

16,969

$

2.64

Effect of dilutive securities:

Stock options

11

62

380

Diluted earnings per share-

Income available to

Common stockholders

$

16,791

17,018

$

0.99

$

28,781

16,932

$

1.70

$

44,783

17,349

$

2.58
v3.25.0.1
Securities (Tables)
 12 Months Ended
Dec. 31, 2024
Securities [Abstract]  
Summary of Disaggregated Net Income on Equity Securities

For the Twelve Months Ended December 31, 2024

For the Twelve Months Ended December 31, 2023

For the Twelve Months Ended December 31, 2022

Net gains (losses) recognized during the period on equity securities

$

379 

$

(3,361)

$

(6,269)

Less: Net losses recognized during the period on equity securities sold during the period

-

(24)

(59)

Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date

$

379 

$

(3,337)

$

(6,210)
Amortized Cost and Gross Unrealized Gains and Losses on Securities Available for Sale

December 31, 2024

  

Gross

  

Gross

  

Amortized

Unrealized

Unrealized

Cost

Gains

Losses

Fair Value

(In Thousands)

Residential Mortgage-backed securities:

  

  

  

More than one to five years

$

1,286

$

-

$

57

$

1,229

More than five to ten years

2,395

-

135

2,260

More than ten years

45,345

188

3,508

42,025

Sub-total:

49,026

188

3,700

45,514

Corporate Debt Securities:

More than one to five years

37,488

-

1,081

36,407

More than five to ten years

22,076

-

2,280

19,796

Sub-total:

59,564

-

3,361

56,203

Total Debt Securities Available-for-Sale

$

108,590

$

188

$

7,061

$

101,717

Note 4- Securities (continued)

December 31, 2023

  

Gross

  

Gross

  

Amortized

Unrealized

Unrealized

Cost

Gains

Losses

Fair Value

(In Thousands)

Residential Mortgage-backed securities

  

  

  

More than one to five years

$

605

$

-

$

24

$

581

More than five to ten years

4,147 

-

230 

3,917 

More than ten years

32,833 

192 

2,910 

30,115 

Sub-total:

37,585 

192 

3,164 

34,613 

Corporate Debt Securities:

More than one to five years

8,981 

-

197 

8,784 

More than five to ten years

50,583 

-

6,211 

44,372 

Sub-total:

59,564 

-

6,408 

53,156 

Total Debt Securities Available-for-Sale

$

97,149 

$

192 

$

9,572 

$

87,769 
Available for Sale Securities, Continuous Unrealized Loss Position, Fair Value

Less than 12 Months

More than 12 Months

Total

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

Value

Losses

Value

Losses

Value

Losses

(In Thousands)

December 31, 2024

Residential mortgage-backed securities

$

10,558

$

127

$

24,673

$

3,573

$

35,231

  

$

3,700

Corporate Debt Securities

2,985

19

51,918

3,342

54,903

3,361

$

13,543

$

146

$

76,591

$

6,915

$

90,134

  

$

7,061

December 31, 2023

Residential mortgage-backed securities

$

5,316 

$

98 

$

22,153 

$

3,066 

$

27,469 

  

$

3,164 

Corporate Debt Securities

-

-

51,856 

6,408 

51,856 

6,408 

$

5,316 

$

98 

$

74,009 

$

9,474 

$

79,325 

  

$

9,572 
v3.25.0.1
Loans Receivable and Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2024
Loans Receivable and Allowance for Credit Losses [Abstract]  
Recorded Investment in Loans Receivable The following table presents the recorded investment in loans receivable at December 31, 2024 and December 31, 2023 by segment and class:

 

December 31, 2024

December 31, 2023

(In Thousands)

Loans:

Residential one-to-four family

$

239,870 

$

248,295 

Commercial and multi-family

2,246,677 

2,434,115 

Construction

135,434 

192,816 

Commercial business

249,852 

269,274 

Business express

92,947 

102,928 

Home equity (1)

66,769 

66,331 

Consumer

2,235 

3,643 

Total Loans

3,033,784 

3,317,402 

Less:

Deferred loan fees, net

(2,736)

(4,086)

Allowance for credit losses

(34,789)

(33,608)

(37,525)

(37,694)

Total Loans, net

$

2,996,259 

$

3,279,708 

(1) Includes home equity lines of credit.

Related Party Loans

Years Ended December 31,

2024

2023

(In Thousands)

Balance – beginning

$

28,208

$

26,265

Loans originated

-

2,882

Collections of principal

(1,703)

(939)

Balance - ending

$

26,505

$

28,208
Allowance for Credit Losses The following tables set forth the activity in the Bank’s allowance for credit losses and recorded investment in loans receivable at December 31, 2024, December 31, 2023 and December 31, 2022. The table also details the amount of total loans receivable, which are evaluated individually, and collectively, for impairment, and the related portion of the allowance for credit losses that is allocated to each loan class (In Thousands):

Residential

Commercial & Multi-family

Construction

Commercial Business

Business Express

Home Equity (1)

Consumer

Unallocated

Total

Allowance for credit losses:

Beginning Balance, December 31, 2023

$

2,344 

$

16,301 

$

3,841 

$

5,811 

$

4,542 

$

691 

$

78 

$

-

$

33,608 

Charge-offs

-

(531)

-

(1,799)

(8,038)

-

(467)

-

(10,835)

Recoveries

48 

-

-

371 

27 

-

-

-

446 

Provision (benefit)

(445)

(4,064)

(1,821)

6,354 

11,238 

(97)

405 

-

11,570 

Ending Balance, December 31, 2024

$

1,947 

$

11,706 

$

2,020 

$

10,737 

$

7,769 

$

594 

$

16 

$

-

$

34,789 

Ending Balance attributable to loans:

Individually evaluated

$

-

$

1,473 

$

-

$

4,725 

$

5,619 

$

-

$

-

$

-

$

11,817 

Collectively evaluated

1,947 

10,233 

2,020 

6,012 

2,150 

594 

16 

-

22,972 

Ending Balance, December 31, 2024

$

1,947 

$

11,706 

$

2,020 

$

10,737 

$

7,769 

$

594 

$

16 

$

-

$

34,789 

Loans Receivables:

Individually evaluated

$

853 

$

64,735 

$

586 

$

11,163 

$

5,619 

$

443 

$

-

$

-

$

83,399 

Collectively evaluated

239,017 

2,181,942 

134,848 

238,689 

87,328 

66,326 

2,235 

-

2,950,385 

Total Gross Loans

$

239,870 

$

2,246,677 

$

135,434 

$

249,852 

$

92,947 

$

66,769 

$

2,235 

$

-

$

3,033,784 

(1) Includes home equity lines of credit.

Residential

Commercial & Multi-family

Construction

Commercial Business

Business Express

Home Equity (1)

Consumer

Unallocated

Total

Allowance for credit losses:

Ending Balance, December 31, 2022

2,474 

21,749 

2,094 

4,495

872

485 

24 

180 

32,373 

Effect of adopting ASU No. 2016-13 ("CECL")

144 

(7,123)

1,387 

1,734

(316)

182 

7 

(180)

(4,165)

Beginning Balance, January 1, 2023

$

2,618 

$

14,626 

$

3,481 

$

6,229

$

556

$

667 

$

31 

$

-

$

28,208 

Charge-offs

-

-

-

-

(805)

-

-

-

(805)

Recoveries

45 

-

-

29

11

16 

-

-

101 

Provision (benefit)

(319)

1,675 

360 

(447)

4,780

8 

47 

-

6,104 

Ending Balance, December 31, 2023

$

2,344 

$

16,301 

$

3,841 

$

5,811

$

4,542

$

691 

$

78 

$

-

$

33,608 

Ending Balance attributable to loans:

Individually evaluated

$

-

$

990 

$

310 

$

2,132

$

797

$

-

$

-

$

-

$

4,229 

Collectively evaluated

2,344 

15,311 

3,531 

3,679

3,745

691 

78 

-

29,379 

Ending Balance, December 31, 2023

$

2,344 

$

16,301 

$

3,841 

$

5,811

$

4,542

$

691 

$

78 

$

-

$

33,608 

Loans Receivables:

Individually evaluated

$

444 

$

42,259 

$

4,292 

$

6,015

$

797

$

212 

$

-

$

-

$

54,019 

Collectively evaluated

247,851 

2,391,856 

188,524 

263,259

102,131

66,119 

3,643 

-

3,263,383 

Total Gross Loans

$

248,295 

$

2,434,115 

$

192,816 

$

269,274

$

102,928

$

66,331 

$

3,643 

$

-

$

3,317,402 

(1) Includes home equity lines of credit.


‎

Note 5- Loans Receivable and Allowance for Credit losses (continued)

Residential

Commercial & Multi-family

Construction

Commercial Business

Business Express

Home Equity (1)

Consumer

Unallocated

Total

Allowance for credit losses:

Beginning Balance, December 31, 2021

$

4,094 

$

22,065 

$

2,231 

$

8,000 

$

-

$

533 

$

14 

$

182 

$

37,119 

Charge-offs

-

-

-

(2,095)

-

-

-

-

(2,095)

Recoveries

23 

-

-

191 

-

12 

198 

-

424 

Provision (credit)

(1,643)

(316)

(137)

(1,601)

872 

(60)

(188)

(2)

(3,075)

Ending Balance, December 31, 2022

$

2,474 

$

21,749 

$

2,094 

$

4,495 

$

872 

$

485 

$

24 

$

180 

$

32,373 

Ending Balance attributable to loans:

Individually evaluated

$

196 

$

-

$

518 

$

2,066 

$

-

$

4 

$

-

$

-

$

2,784 

Collectively evaluated

2,278 

21,749 

1,576 

2,429 

872 

481 

24 

180 

29,589 

Ending Balance, December 31, 2022

$

2,474 

$

21,749 

$

2,094 

$

4,495 

$

872 

$

485 

$

24 

$

180 

$

32,373 

Loans Receivables:

Individually evaluated

$

5,147 

$

15,397 

$

3,180 

$

3,821 

$

-

$

727 

$

-

$

-

$

28,272 

Collectively evaluated

244,976 

2,329,832 

141,751 

211,619 

66,567 

56,161 

3,240 

-

3,054,146 

Total Gross Loans

$

250,123 

$

2,345,229 

$

144,931 

$

215,440 

$

66,567 

$

56,888 

$

3,240 

$

-

$

3,082,418 

(1) Includes home equity lines of credit.

Allowance for Credit Losses on Off-Balance Sheet Exposures

Twelve Months Ended December 31, 2024

Twelve Months Ended December 31, 2023

Allowance for Credit Losses:

Beginning Balance

$

694 

$

-

Impact of adopting ASU No. 2016-13 ("CECL") effective January 1, 2023

-

1,266 

Provision (benefit) for credit losses

119 

(572)

$

813

$

694
Non-Accruing Loans

As of December 31, 2024

(in Thousands)

Nonaccrual loans with an Allowance for Credit Losses

Nonaccrual loans without an Allowance for Credit Losses

Total Nonaccrual loans

Amortized Cost of Loans Past Due 90 Days and Still Accruing

Residential one-to-four family

$

534 

$

853 

$

1,387 

$

-

Commercial and multi-family

4,823 

28,151 

32,974 

6,049 

Construction

-

586 

586 

-

Commercial business

5,208 

2,425 

7,633 

-

Business express

1,706 

191 

1,897 

1,677 

Home equity (1)

-

231 

231 

-

Total

$

12,271 

$

32,437 

$

44,708 

$

7,726 

(1) Includes home equity lines of credit.

As of December 31, 2023

(in Thousands)

Nonaccrual loans with an Allowance for Credit Losses

Nonaccrual loans without an Allowance for Credit Losses

Total Nonaccrual loans

Amortized Cost of Loans Past Due 90 Days and Still Accruing

Residential one-to-four family

$

-

$

270 

$

270 

$

-

Commercial and multi-family

2,029 

6,655 

8,684 

-

Construction

2,312 

1,980 

4,292 

-

Commercial business

2,599 

2,892 

5,491 

-

Business express

-

-

-

-

Home equity (1)

-

46 

46 

-

Total

$

6,940 

$

11,843 

$

18,783 

$

-

(1) Includes home equity lines of credit.

Delinquency Status of Total Loans The following table sets forth the delinquency status of total loans receivable at December 31, 2024:

Greater Than

Loans Receivable

30-59 Days

60-90 Days

90 Days

Total Past

Total Loans

>90 Days

Past Due

Past Due

Past Due

Due

Current

Receivable

and Accruing

(In Thousands)

Residential one-to-four family

$

3,229 

$

-

$

302 

$

3,531 

$

236,339 

$

239,870 

$

-

Commercial and multi-family

8,279 

2,673 

30,903 

41,855 

2,204,822 

2,246,677 

6,049 

Construction

-

1,829 

586 

2,415 

133,019 

135,434 

-

Commercial business

9,125 

580 

3,795 

13,500 

236,352 

249,852 

-

Business express

6,714 

3,452 

3,141 

13,307 

79,640 

92,947 

1,677 

Home equity (1)

1,846 

18 

231 

2,095 

64,674 

66,769 

-

Consumer

-

-

-

-

2,235 

2,235 

-

Total

$

29,193 

$

8,552 

$

38,958 

$

76,703 

$

2,957,081 

$

3,033,784 

$

7,726 

(1) Includes home equity lines of credit.

The following table sets forth the delinquency status of total loans receivable at December 31, 2023:

Greater Than

Loans Receivable

30-59 Days

60-90 Days

90 Days

Total Past

Total Loans

>90 Days

Past Due

Past Due

Past Due

Due

Current

Receivable

and Accruing

(In Thousands)

Residential one-to-four family

$

4,701 

$

-

$

270 

$

4,971 

$

243,324 

$

248,295 

$

-

Commercial and multi-family

1,853 

7,876 

6,842 

16,571 

2,417,544 

2,434,115 

-

Construction

3,641 

-

586 

4,227 

188,589 

192,816 

-

Commercial business

2,314 

363 

1,081 

3,758 

265,516 

269,274 

-

Business express

1,922 

248 

50 

2,220 

100,708 

102,928 

-

Home equity (1)

907 

-

-

907 

65,424 

66,331 

-

Consumer

-

-

-

-

3,643 

3,643 

-

Total

$

15,338 

$

8,487 

$

8,829 

$

32,654 

$

3,284,748 

$

3,317,402 

$

-

(1) Includes home equity lines of credit.
Amortized Cost Basis Of Loans Modified

For the Twelve Months Ended December 31, 2024

(In Thousands)

Number

Payment Delay

Term Extension

Rate & Term Reduction

Total Principal

% of Total Class of Financing Receivable

Residential one-to-four family

1

$

173

$

-

$

-

$

173

0.07

%

Commercial and multi-family

1

-

-

15,036

15,036

0.67

Commercial business

1

1,294

-

-

1,294

0.52

Business express

276

-

63,299

-

63,299

68.10

279

$

1,467

$

63,299

$

15,036

$

79,802

2.63

%
Loan Modifications

For the Twelve Months Ended December 31, 2024

(In Thousands)

Current

30-59 Days Past Due

60-90 Days Past Due

Greater than 90 Days Past Due & Accruing

Nonaccrual

Total

Residential one-to-four family

$

-

$

173 

$

-

$

-

$

-

$

173 

Commercial and multi-family

15,036 

-

-

-

-

15,036 

Commercial business

-

-

-

-

1,294 

1,294 

Business express

62,791 

74 

-

-

434 

63,299 

$

77,827 

$

247 

$

-

$

-

$

1,728 

$

79,802 
Loan Portfolio by Pass Rating The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention, substandard, doubtful, and loss within the Company’s internal risk rating system as of December 31, 2024, and 2023 (In Thousands):

Loans by Year of Origination at December 31, 2024

2024

2023

2022

2021

2020

Prior

Revolving Loans

Revolving Loans to Term Loans

Total

Residential one-to-four family

Pass

$

12,059 

$

16,586 

$

47,544 

$

37,639 

$

28,550 

$

92,376 

$

-

$

-

$

234,754 

Special Mention

-

-

3,555 

-

-

174 

-

-

3,729 

Substandard

-

-

301 

173 

-

913 

-

-

1,387 

Total one-to-four family

$

12,059 

$

16,586 

$

51,400 

$

37,812 

$

28,550 

$

93,463 

$

-

$

-

$

239,870 

Commercial and multi-family

Pass

$

9,105 

$

202,931 

$

631,493 

$

157,054 

$

166,242 

$

709,239 

$

2,610 

$

-

$

1,878,674 

Special Mention

-

9,761 

132,712 

37,600 

9,232 

47,756 

140 

-

237,201 

Substandard

-

10,115 

33,958 

13,070 

11,782 

61,877 

-

-

130,802 

Total Commercial and multi-family

$

9,105 

$

222,807 

$

798,163 

$

207,724 

$

187,256 

$

818,872 

$

2,750 

$

-

$

2,246,677 

Construction

Pass

$

4 

$

34,906 

$

37,625 

$

-

$

-

$

-

$

5,824 

$

-

$

78,359 

Special Mention

-

1,521 

3,792 

47,174 

3,745 

-

-

-

56,232 

Substandard

-

257 

-

-

586 

-

-

-

843 

Total Construction

$

4 

$

36,684 

$

41,417 

$

47,174 

$

4,331 

$

-

$

5,824 

$

-

$

135,434 

Commercial business

Pass

$

-

$

2,477 

$

266 

$

475 

$

3,711 

$

28,902 

$

163,444 

$

663 

$

199,938 

Special Mention

-

8,874 

-

1,878 

194 

4,835 

20,298 

409 

36,488 

Substandard

-

-

-

-

-

5,884 

7,542 

-

13,426 

Total Commercial business

$

-

$

11,351 

$

266 

$

2,353 

$

3,905 

$

39,621 

$

191,284 

$

1,072 

$

249,852 

Business express

Pass

$

-

$

-

$

-

$

-

$

-

$

-

$

23,739 

$

59,189 

$

82,928 

Special Mention

-

-

-

-

-

-

1,506 

2,894 

4,400 

Substandard

-

-

-

-

-

-

3,082 

2,537 

5,619 

Total Business express

$

-

$

-

$

-

$

-

$

-

$

-

$

28,327 

$

64,620 

$

92,947 

Home equity

Pass

$

300 

$

3,767 

$

1,369 

$

501 

$

549 

$

5,754 

$

51,829 

$

2,186 

$

66,255 

Special Mention

-

-

-

-

-

18 

-

-

18 

Substandard

-

-

53 

-

81 

-

-

362 

496 

Total Home equity

$

300 

$

3,767 

$

1,422 

$

501 

$

630 

$

5,772 

$

51,829 

$

2,548 

$

66,769 

Consumer

Pass

$

623 

$

1,117 

$

389 

$

5 

$

95 

$

-

$

6 

$

-

$

2,235 

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

-

-

-

-

-

-

-

-

Total Consumer

$

623 

$

1,117 

$

389 

$

5 

$

95 

$

-

$

6 

$

-

$

2,235 

Total Loans

$

22,091 

$

292,312 

$

893,057 

$

295,569 

$

224,767 

$

957,728 

$

280,020 

$

68,240 

$

3,033,784 

Gross charge-offs

$

446 

$

20 

$

-

$

174 

$

-

$

1,133 

$

8,381 

$

681 

$

10,835 


‎

Note 5 - Loans Receivable and Allowance for Credit losses (continued)

Loans by Year of Origination at December 31, 2023

2023

2022

2021

2020

2019

Prior

Revolving Loans

Revolving Loans to Term Loans

Total

Residential one-to-four family

Pass

$

17,080 

$

53,623 

$

38,178 

$

31,420 

$

12,067 

$

93,764 

$

-

$

-

$

246,132 

Special Mention

-

492 

91 

-

-

-

-

-

583 

Substandard

-

-

1,310 

-

-

270 

-

-

1,580 

Total one-to-four family

$

17,080 

$

54,115 

$

39,579 

$

31,420 

$

12,067 

$

94,034 

$

-

$

-

$

248,295 

Commercial and multi-family

Pass

$

222,435 

$

778,076 

$

224,823 

$

214,768 

$

50,755 

$

824,375 

$

1,922 

$

-

$

2,317,154 

Special Mention

9,908 

34,375 

-

-

529 

4,453 

140 

-

49,405 

Substandard

-

14,931 

4,023 

3,575 

-

45,027 

-

-

67,556 

Total Commercial and multi-family

$

232,343 

$

827,382 

$

228,846 

$

218,343 

$

51,284 

$

873,855 

$

2,062 

$

-

$

2,434,115 

Construction

Pass

$

21,730 

$

74,180 

$

59,564 

$

21,462 

$

-

$

5,878 

$

5,710 

$

-

$

188,524 

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

1,394 

-

586 

-

2,312 

-

-

4,292 

Total Construction

$

21,730 

$

75,574 

$

59,564 

$

22,048 

$

-

$

8,190 

$

5,710 

$

-

$

192,816 

Commercial business

Pass

$

3,179 

$

297 

$

2,967 

$

4,234 

$

7,080 

$

33,675 

$

201,008 

$

150 

$

252,590 

Special Mention

-

-

-

-

317 

830 

4,410 

-

5,557 

Substandard

-

-

-

-

-

4,703 

6,424 

-

11,127 

Total Commercial business

$

3,179 

$

297 

$

2,967 

$

4,234 

$

7,397 

$

39,208 

$

211,842 

$

150 

$

269,274 

Business express

Pass

$

-

$

-

$

-

$

-

$

-

$

-

$

101,531 

$

-

$

101,531 

Special Mention

-

-

-

-

-

-

600 

-

600 

Substandard

-

-

-

-

-

-

797 

-

797 

Total Business express

$

-

$

-

$

-

$

-

$

-

$

-

$

102,928 

$

-

$

102,928 

Home equity

Pass

$

5,022 

$

1,487 

$

553 

$

769 

$

1,280 

$

6,181 

$

50,111 

$

553 

$

65,956 

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

46 

-

-

-

-

117 

212 

375 

Total Home equity

$

5,022 

$

1,533 

$

553 

$

769 

$

1,280 

$

6,181 

$

50,228 

$

765 

$

66,331 

Consumer

Pass

$

1,497 

$

471 

$

1,521 

$

109 

$

39 

$

-

$

6 

$

-

$

3,643 

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

-

-

-

-

-

-

-

-

Total Consumer

$

1,497 

$

471 

$

1,521 

$

109 

$

39 

$

-

$

6 

$

-

$

3,643 

Total Loans

$

280,851 

$

959,372 

$

333,030 

$

276,923 

$

72,067 

$

1,021,468 

$

372,776 

$

915 

$

3,317,402 

Gross charge-offs

$

-

$

-

$

-

$

-

$

-

$

-

$

805 

$

-

$

805 
v3.25.0.1
Premises and Equipment (Tables)
 12 Months Ended
Dec. 31, 2024
Premises and Equipment [Abstract]  
Summary of Premises and Equipment

December 31,

2024

2023

2022

(In Thousands)

Land

$

1,646 

$

1,646

$

1,447

Buildings and improvements

10,048 

10,023

6,514

Leasehold improvements

12,160 

12,009

12,750

Furniture, fixtures and equipment

8,364 

8,928

9,111

32,218 

32,606

29,822

Accumulated depreciation and amortization

(19,649)

(19,549)

(19,314)

$

12,569 

$

13,057

$

10,508
v3.25.0.1
Interest Receivable (Tables)
 12 Months Ended
Dec. 31, 2024
Interest Receivable [Abstract]  
Summary of Interest Receivable

December 31,

2024

2023

(In Thousands)

Loans

$

14,344

$

15,188

Securities

832

884

$

15,176

$

16,072
v3.25.0.1
Deposits (Tables)
 12 Months Ended
Dec. 31, 2024
Deposits [Abstract]  
Schedule of Deposits

December 31,

2024

2023

(In Thousands)

Demand:

Non-interest bearing

$

520,387

$

536,264

Interest bearing

553,731

564,912

Money market

395,004

370,934

1,469,122

1,472,110

Savings and club

252,491

284,273

Certificates of deposit

1,029,245

1,222,697

$

2,750,858

$

2,979,080
Schedule of Maturities of Time Certificates of Deposits

Amount

2025

$

1,001,024 

2026

23,500 

2027

2,228 

2028

1,112 

2029

816 

Thereafter

565 

$

1,029,245 
v3.25.0.1
Short-Term Debt and Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt [Abstract]  
Short-term Borrowings

December 31,

2024

2023

Amount

Amount

(In Thousands)

Balance at end of period

$

-

$

-

Average balance outstanding during the year

$

2 

$

60,941 

Highest month-end balance during the year

$

-

$

350,000 

Average interest rate during the year

6.42 

%

5.25 

%

Weighted average interest rate at year-end

-

%

-

%
Long Term Debt

December 31,

2024

2023

Weighted Average Rate

Amount ($000s)

Weighted Average Rate

Amount ($000s)

Federal Home Loan Bank Advances:

Maturing by December 31,

2024

-

%

$

-

0.48

%

$

18,000

2025

4.15 

220,361 

4.15

219,811

2026

4.53 

235,000 

4.53

235,000

4.35 

%

$

455,361 

4.21

%

$

472,811
v3.25.0.1
Regulatory Matters (Tables)
 12 Months Ended
Dec. 31, 2024
BCB Community Bank [Member]  
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations

For Capital Adequacy

To be Well Capitalized under Prompt Corrective

Actual

Purposes

Action Provisions

Amount

Ratio

Amount

Ratio

Amount

Ratio

(Dollars in Thousands)

As of December 31, 2024

Bank

Community Bank Leverage Ratio

$

363,697

10.03

%

$

290,087

8.00

%

$

326,348

9.00

%

As of December 31, 2023

Bank

Community Bank Leverage Ratio

$

350,749

9.09

%

$

308,608

8.00

%

$

347,184

9.00

%
Bancorp [Member]  
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations

For Capital Adequacy

To be Well Capitalized under Prompt Corrective

Actual

Purposes

Action Provisions

Amount

Ratio

Amount

Ratio

Amount

Ratio

(Dollars in Thousands)

As of December 31, 2024

Bancorp

Total Capital (to Risk-Weighted Assets)

$

400,591 

12.89 

%

$

248,621 

8.00 

%

$

310,777 

10.00 

%

Tier 1 Capital (to Risk-Weighted Assets)

326,965 

10.52 

186,482 

6.00 

186,482 

6.00 

C/E Tier 1 Capital (to Risk-Weighted Assets)

298,118 

9.59 

139,889 

4.50 

-

-

Tier 1 Capital (to adjusted total assets)

326,965 

9.02 

144,996 

4.00 

-

-

For Capital Adequacy

To be Well Capitalized under Prompt Corrective

Actual

Purposes

Action Provisions

Amount

Ratio

Amount

Ratio

Amount

Ratio

(Dollars in Thousands)

As of December 31, 2023

Bancorp

Total Capital (to Risk-Weighted Assets)

$

379,562 

11.14 

%

$

272,564 

8.00 

%

$

340,705 

10.00 

%

Tier 1 Capital (to Risk-Weighted Assets)

319,154 

9.37 

204,422 

6.00 

204,422 

6.00 

C/E Tier 1 Capital (to Risk-Weighted Assets)

289,987 

8.51 

153,317 

4.50 

-

-

Tier 1 Capital (to adjusted total assets)

319,154 

8.27 

154,315 

4.00 

-

-
v3.25.0.1
Benefits Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Benefits Plans [Abstract]  
Pension Plan's Funded Status and Components of Net Periodic Pension Cost

Change in Benefit Obligation:

December 31,

2024

2023

2022

(In Thousands)

Benefit obligation, beginning of year

$

4,802 

$

4,935

$

6,492

Interest cost

224 

238

178

Actuarial gain (1)

(256)

(25)

(1,362)

Benefits paid

(363)

(346)

(363)

Lump sum distributions

(179)

-

(10)

Benefit obligation, ending

$

4,228 

$

4,802

$

4,935

Change in Plan Assets:

Fair value of assets, beginning of year

$

6,012 

$

5,965

$

7,144

Actual return on plan assets

612 

393

(806)

Benefits paid

(363)

(346)

(363)

Lump sum distributions

(179)

-

(10)

Fair value of assets, ending

$

6,082 

$

6,012

$

5,965

Fair value of assets

$

6,082 

$

6,012

$

5,965

Projected benefit obligation

4,228 

4,802

4,935

Funded status, included in other assets, net

$

1,854 

$

1,210

$

1,030

Valuation assumptions used to determine benefit obligation at period end:

Discount rate

5.54%

4.83%

5.02%

Salary increase rate

N/A

N/A

N/A

(1) Actuarial gain comes about when the actual plan results are more favorable than the actuarial assumptions used to perform the calculations. The primary actuarial assumptions used are interest and mortality as well as the rate of return on the plan assets. Differences between expected and actual results in each year are included in the net actuarial gain.
Net Periodic Pension and SERP Expense

Net Periodic Pension Expense:

December 31,

2024

2023

2022

(In Thousands)

Interest cost

$

224 

$

238

$

178

Expected return on assets

(350)

(346)

(417)

Amortization of net loss

-

55

66

Net periodic pension benefit

$

(126)

$

(53)

$

(173)

Valuation assumptions used to determine net periodic benefit for the year:

Discount rate

4.83%

5.02%

2.83%

Long term rate of return on plan assets

6.00%

6.00%

6.00%

Salary increase rate

N/A

N/A

N/A
Asset Allocation Parameters by Asset Class

Asset Allocation Parameters by Asset Class

Minimum

Target

Maximum

Equity

Large-Cap U.S.

42%

Mid/Small-Cap U.S.

11%

Non-U.S.

26%

Total-Equity

40%

55%

60%

Fixed Income

Long/Short Duration

43%

Money Market/Certificates of Deposit

2%

Total-Fixed Income

40%

45%

60%
Schedule of Fair Value of Plan Assets The fair values of the Pension Plan assets at December 31, 2024, by asset category (see Note 2 for the definitions of levels), are as follows (In Thousands):

 

Asset Category

Total

(Level 1)

(Level 2)

(Level 3)

Mutual funds-Equity

Large-Cap Value (a)

$

1,035

$

1,035

$

-

$

-

Large-Cap Growth (b)

-

-

-

-

Diversified Emerging Markets (f)

88

88

-

-

Large Blend (d)

1,253

1,253

-

-

Technology (g)

168

168

-

-

Mutual Funds-Fixed Income

Long Government (h)

38

38

-

-

Multi-Sector Bond (c)

1,181

1,181

-

-

High Yield Bond (e)

622

622

-

-

Intermediate Core Bond (i)

595

595

BCB Common Stock

590

590

-

-

Cash Equivalents

Money Market

512

512

-

-

Total

$

6,082

$

6,082

$

-

$

-

The fair values of the Company’s pension plan assets at December 31, 2023, by asset category (see Note 2 for the definitions of levels), are as follows (In Thousands):

 

Asset Category

Total

(Level 1)

(Level 2)

(Level 3)

Mutual funds-Equity

Large-Cap Value (a)

$

1,120

$

1,120

$

-

$

-

Large-Cap Growth (b)

261

261

-

-

Diversified Emerging Markets (f)

95

95

-

-

Large Blend (d)

1,025

1,025

-

-

Technology (g)

137

137

-

-

Mutual Funds-Fixed Income

Long Government (h)

46

46

-

-

Multi-Sector Bond (c)

1,244

1,244

-

-

High Yield Bond (e)

648

648

-

-

Intermediate Core Bond (i)

656

656

-

-

BCB Common Stock

666

666

-

-

Cash Equivalents

Money Market

114

114

-

-

Total

$

6,012 

$

6,012 

$

-

$

-

a)Large Cap value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70 percent of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).

b)Large Cap Growth Stocks of large cap companies that are projected to grow faster than other large cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market defined as large cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields).

c)Multi Sector portfolios seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, foreign bonds, and high-yield domestic debt securities.

d)This fund invests in 500 of the largest U.S. companies, which span many different industries and account for about three-fourths of the U.S. Stock Markets value.

e)High Yield Bond funds invest at least 65 percent of assets in bonds rated below BBB. This fund seeks to provide shareholders with a high level of current income with capital growth as a secondary objective.

f)The fund invests at least 80% of the value of its assets in equity securities and equity related instruments that are tied economically to emerging markets.

g)The fund normally invests at least 80% of the fund’s net assets in securities of issuers principally engaged in offering, using or developing products, processes or services that will provide or benefit significantly from technological advances and improvements.

h)The fund normally invests at least 80% of assets in securities included in the Bloomberg Barclays U.S. Long Treasury Bond Index.

i)Intermediate term core bond portfolios invest primarily in investment grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment grade exposures.

 
Expected Benefit Payments

2025

$

374

2026

373

2027

374

2028

371

2029

361

2030-2034

1,619
Schedule of Share-Based Compensation Expense

Years Ended December 31,

2024

2023

2022

Stock Option Expense

$

128

$

133

$

216

Restricted Stock Expense

639

460

916

Total share-based compensation expense

$

767

$

593

$

1,132
Summary of Status of Restricted Shares

Number of Shares Awarded

Weighted Average Grant Date Fair Value

Non-vested at December 31, 2023

86,752

$                  14.98 

Granted

50,000

9.44

Vested

(50,227)

13.85

Forfeited

(1,725)

14.92

Non-vested at December 31, 2024

84,800

$                  12.38 
Summary of Stock Option Activity

Number of Options

Range of Exercise Price

Weighted Average Exercise Price

Weighted Average Remaining Contractual Term

Aggregate Intrinsic Value (000's)

Outstanding at January 1, 2023

1,036,975

$

9.03-13.68

$

11.72

4.47

$

6,502 

Options forfeited

-

-

-

-

-

Options exercised (1)

(61,000)

9.03

9.03

-

-

Options granted

-

-

-

-

-

Options expired

-

-

-

-

-

Outstanding at December 31, 2023

975,975

$

10.55-13.68

$

11.89

3.83

$

984 

Options forfeited

-

-

-

-

-

Options exercised (2)

(2,000)

12.19 

12.19 

-

-

Options granted

-

-

-

-

-

Options expired

(80,000)

13.32 

13.32 

-

-

Outstanding at December 31, 2024

893,975

$

10.55-13.68

$

11.76 

3.16 

$

355 

Exercisable at December 31, 2024

799,955 

(1) Includes 9,628 cashless exercise of options during 2023.

(2) Includes 2,000 cashless exercise of options during 2024.
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Taxes [Abstract]  
Components of Income Tax Expense

Years Ended December 31,

2024

2023

2022

(In Thousands)

Current income tax expense:

Federal

$

4,529

$

8,917

$

12,323

State

2,860

5,592

6,215

7,389

14,509

18,538

Deferred income tax benefit:

Federal

351

(1,634)

(967)

State

(93)

(903)

(40)

258

(2,537)

(1,007)

Total Income Tax Expense

$

7,647

$

11,972

$

17,531
Deferred Tax Assets and Liabilities

December 31,

2024

2023

Deferred income tax assets:

(In Thousands)

Allowance for credit losses

$

10,176 

$

9,805 

Benefit plans

7 

-

Nonaccrual interest

749 

176 

Benefit plan-accumulated other comprehensive loss

10 

166 

Net operating loss carry forwards

1,070 

1,166 

Lease liability

3,756 

3,806 

Unrealized loss on securities

2,149 

2,860 

Capital loss carryover (1)

477 

477 

Deferred fees and costs

782 

1,168 

Other

2,077 

3,002 

21,253 

22,626

Deferred income tax liabilities:

Purchase accounting adjustment on premises and equipment acquired

69 

71 

Right-of-use assets

3,626 

3,697 

SBA servicing asset

252 

319 

Borrowing modification

125 

282 

Benefit plans

-

44 

4,072 

4,413

Net Deferred Tax Asset

$

17,181 

$

18,213

(1) Tax benefit relating to capital loss on securities sold in 2023 which will expire in 2028.
Summary of Change in Net Deferred Tax Asset

Years Ended December 31,

2024

2023

(In Thousands)

Balance at beginning of year:

$

18,213

$

16,462

Effect of adopting ASU No. 2016-13 ("CECL")

-

(1,148)

Deferred tax benefit

(258)

2,537

Other comprehensive income

Available-for-sale securities

(618)

355

Benefit plan

(156)

7

Balance at end of year

$

17,181

$

18,213
Effective Income Tax Rate Reconciliation

Years Ended December 31,

2024

2023

2022

(In Thousands)

Federal income tax expense at statutory rate

$

5,517

$

8,706

$

13,253

Increases (decreases) in income taxes resulting from:

State income tax, net of federal income tax effect

2,186

3,704

4,878

Tax-exempt income

(13)

(30)

(63)

Bank-owned life insurance earnings

(553)

(368)

(561)

Other items, net

510

(40)

24

Effective Income Tax Expense

$

7,647

$

11,972

$

17,531

Effective Income Tax Rate

29.1

%

28.9

%

27.8

%
v3.25.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies [Abstract]  
Loan Related Commitments

December 31,

2024

2023

2022

(In Thousands)

Loan origination commitments

$

1,505

$

975

$

165,579

Standby letters of credit

2,450

13,353

3,701

Construction loans in process

16,673

63,395

96,905

Unused lines of credit

173,169

235,329

218,865

$

193,797

$

313,052

$

485,050
Schedule of Lease Information

Twelve Months Ended December 31, 2024

Twelve Months Ended December 31, 2023

Operating lease cost

$

3,596

$

3,591

Variable lease cost-operating leases

1,096

1,056

$

4,692

$

4,647

At December 31, 2024

At December 31, 2023

Supplemental balance sheet information related to leases:

Operating Leases

Operating lease right-of-use assets

$

12,686

$

12,935

Operating Lease Liabilities:

Current liabilities

$

3,189

$

3,094

Operating lease liabilities (noncurrent portion)

11,299

11,526

Imputed interest

(1,349)

(1,305)

Total operating lease liabilities

$

13,139

$

13,315
Summary of Lease Terms and Discount Rate

2024

2023

Weighted Average Remaining Lease Term

Operating leases

5.39 

years

5.77 

years

Weighted Average Discount Rate

Operating leases

3.40 

%

3.02 

%
Summary of Maturity of Lease Obligations for Operating Leases

Maturities of lease liabilities (discounted):

At December 31, 2024

Operating Leases

One year or less

$

3,189 

Over one year through three years

5,680 

Over three years through five years

3,213 

Over five years

2,406 

Gross Operating Lease Liabilities

$

14,488 

Imputed Interest

(1,349)

Total Operating Lease Liabilities

$

13,139 
v3.25.0.1
Fair Value Measurements and Fair Values of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Measurements and Fair Values of Financial Instruments [Abstract]  
Fair Value Measurements, Recurring

  

(Level 1)

  

(Level 2)

  

Quoted Prices in

Significant

(Level 3)

Active Markets

Other

Significant

for Identical

Observable

Unobservable

Description

Total

Assets

Inputs

Inputs

(In Thousands)

As of December 31, 2024:

  

  

  

Securities Available-for-Sale

Debt Securities Available-for-Sale

$

101,717 

$

-

$

101,717 

$

-

Marketable Equities

9,472 

  

9,472 

  

-

  

-

Total Securities Available-for-Sale

$

111,189 

$

9,472 

$

101,717 

$

-

As of December 31, 2023:

  

  

  

Securities Available for Sale

Debt Securities Available-for-Sale

$

87,769 

$

-

$

87,769 

$

-

Marketable Equities

9,093 

  

9,093 

  

-

  

-

Total Securities Available-for-Sale

$

96,862 

$

9,093 

$

87,769 

$

-
Fair Value Measurements, Nonrecurring

  

(Level 1)

  

(Level 2)

  

Quoted Prices in

Significant

(Level 3)

Active Markets

Other

Significant

for Identical

Observable

Unobservable

Description

Total

Assets

Inputs

Inputs

(In Thousands)

As of December 31, 2024:

  

  

  

Individually Evaluated Loans

$

19,391

  

$

-

  

$

-

  

$

19,391

As of December 31, 2023:

  

  

  

Individually Evaluated Loans

$

23,585 

  

$

-

  

$

-

  

$

23,585 
Quantitative Information About Level 3 Fair Value Measurements The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value, (Dollars in thousands):

Quantitative Information about Level 3 Fair Value Measurements

Fair Value

Valuation

Unobservable

Range

Estimate

Techniques

Input

December 31, 2024:

Individually Evaluated Loans

$

19,391

Appraisal of collateral (1)

Appraisal adjustments (2)

0%-10%

Quantitative Information about Level 3 Fair Value Measurements

Fair Value

Valuation

Unobservable

Range

Estimate

Techniques

Input

December 31, 2023:

Individually Evaluated Loans

$

23,585

Appraisal of collateral (1)

Appraisal adjustments (2)

0%-10%

(1)Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable.

(2)Appraisals may be adjusted by management for qualitative factors such as age of appraisal, expected condition of property, economic conditions, and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.
Carrying Values and Estimated Fair Values of Financial Instruments

As of December 31, 2024

Quoted Prices in Active

Significant

Significant

Carrying

Markets for Identical Assets

Other Observable Inputs

Unobservable Inputs

Value

Fair Value

(Level 1)

(Level 2)

(Level 3)

(In Thousands)

Financial assets:

  

  

  

Cash and cash equivalents

$

317,282

$

317,282

  

$

317,282

  

$

-

$

-

Interest-earning time deposits

735

735

  

-

  

735

-

Debt securities available-for-sale

101,717

101,717

  

-

  

101,717

-

Equity investments

9,472

9,472

9,472

-

-

Loans held for sale

-

-

  

-

  

-

-

Loans receivable, net

2,996,259

2,900,892

  

-

  

-

2,900,892

FHLB of New York stock, at cost

24,272

24,272

  

-

  

24,272

-

Accrued interest receivable

15,176

15,176

  

-

  

15,176

-

Financial liabilities:

  

  

Deposits

2,750,858

2,751,625

  

1,721,602

  

1,030,023

-

Debt

455,361

456,290

  

-

  

456,290

-

Subordinated debentures

42,961

41,594

-

41,594

-

Accrued interest payable

5,195

5,195

  

-

  

5,195

-

As of December 31, 2023

Quoted Prices in Active

Significant

Significant

Carrying

Markets for Identical Assets

Other Observable Inputs

Unobservable Inputs

Value

Fair Value

(Level 1)

(Level 2)

(Level 3)

(In Thousands)

Financial assets:

  

  

  

Cash and cash equivalents

$

279,523

$

279,523

  

$

279,523

  

$

-

$

-

Interest-earning time deposits

735 

735 

  

-

  

735 

-

Debt securities available-for-sale

87,769

87,769

  

-

  

87,769

-

Equity investments

9,093

9,093

9,093

-

-

Loans held for sale

1,287

1,287

  

-

  

1,287

-

Loans receivable, net

3,279,708

3,112,980

  

-

  

-

3,112,980

FHLB of New York stock, at cost

24,917

24,917

  

-

  

24,917

-

Accrued interest receivable

16,072

16,072

  

-

  

16,072

-

Financial liabilities:

  

  

Deposits

2,979,080

2,978,654

  

2,120,514

  

858,140

-

Debt

472,811

472,184

  

-

  

472,184

-

Subordinated debentures

37,624

39,299

-

39,299

-

Accrued interest payable

5,777

5,777

  

-

  

5,777

-

+
v3.25.0.1
Accumulated Other Comprehensive Loss (Tables)
 12 Months Ended
Dec. 31, 2024
Accumulated Other Comprehensive Loss [Abstract]  
Components of Accumulated Other Comprehensive Loss

At December 31,

2024

2023

2022

(In Thousands)

Net unrealized loss on securities available-for-sale

$

(6,873)

$

(9,380)

$

(7,887)

Tax effect

1,692

2,310

1,955

Net of tax amount

(5,181)

(7,070)

(5,932)

Benefit plan adjustments

(68)

(587)

(718)

Tax effect

10

166

159

Net of tax amount

(58)

(421)

(559)

Accumulated other comprehensive loss

$

(5,239)

$

(7,491)

$

(6,491)
v3.25.0.1
Parent Only Condensed Financial Information (Tables)
 12 Months Ended
Dec. 31, 2024
Parent Only Condensed Financial Information [Abstract]  
Statements of Financial Condition

STATEMENTS OF FINANCIAL CONDITION

Years Ended December 31,

2024

2023

(In Thousands)

Assets

Cash and due from banks

$

3,289

$

1,290

Investment in subsidiaries

364,781

349,775

Restricted common stock

124

124 

Other assets

402

1,172

Total assets

368,596

352,361

Liabilities and Stockholders' Equity

Liabilities

Subordinated debentures

$

42,961

$

37,624

Other liabilities

1,710

682

Total liabilities

44,671

38,306

Stockholders' Equity

323,925

314,055

Total Liabilities and Stockholders' Equity

$

368,596

$

352,361
Statements of Operations

STATEMENTS OF OPERATIONS

Years Ended December 31,

2024

2023

2022

(In Thousands)

Dividends from Bank

$

19,387

$

20,580

$

22,338

Interest and dividends from investments

2

2

-

Total Income

19,389

20,582

22,338

Interest expense, borrowed money

3,894

2,725

2,299

Other

442

422

366

Total Expense

4,336

3,147

2,665

Income before Income Tax Benefit and Equity in Undistributed Earnings of Subsidiaries

15,053

17,435

19,673

Income tax benefit

(1,273)

(924)

(843)

Income before Equity in Undistributed Earnings of Subsidiaries

16,326

18,359

20,516

Equity in undistributed earnings of subsidiaries

2,297

11,124

25,063

Net Income

$

18,623

$

29,483

$

45,579
Statements of Cash Flows

STATEMENTS OF CASH FLOWS

Years Ended December 31,

2024

2023

2022

(In Thousands)

Cash Flows from Operating Activities

Net Income

$

18,623 

$

29,483 

$

45,579 

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

Amortization

83 

116 

233 

Equity in undistributed earnings of subsidiaries

(2,297)

(11,124)

(25,063)

Decrease (increase) in other assets

770 

(1,062)

1,223 

(Decrease) increase in other liabilities

1,028 

(303)

(149)

Net Cash Provided By Operating Activities

18,207 

17,110 

21,823 

Cash Flows from Investing Activities

Additional investment in subsidiary

(9,690)

(8,227)

(2,220)

Net Cash Used In Investing Activities

$

(9,690)

$

(8,227)

$

(2,220)

Cash Flows from Financing Activities

Proceeds from issuance of preferred stock

9,690 

15,270 

6,810 

Redemption of preferred stock

(10,010)

(11,230)

(14,730)

Proceeds from issuance of common stock

824 

1,773 

639 

Proceeds from issuance of subordinated debt

38,754 

-

-

Redemption of subordinated debt

(33,500)

-

-

Cash dividends paid

(12,276)

(11,142)

(11,175)

Purchase of treasury stock

-

(3,816)

(3,406)

Net Cash Provided by (Used in) Financing Activities

(6,518)

(9,145)

(21,862)

Net Increase (Decrease) in Cash and Cash Equivalents

1,999 

(263)

(2,259)

Cash and Cash Equivalents - Beginning

$

1,290 

$

1,553 

$

3,812 

Cash and Cash Equivalents - Ending

$

3,289 

$

1,290 

$

1,553 
v3.25.0.1
Organization (Narrative) (Details)
 12 Months Ended
Dec. 31, 2024
item
Organization [Abstract]  
Number of locations 27
v3.25.0.1
Summary of Significant Accounting Policies (Narrative) (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
property
shares
Dec. 31, 2023
USD ($)
property
shares
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Significant Accounting Policies Disclosure [Line Items]        
Allowance for credit losses $ 34,789,000 $ 33,608,000 $ 32,373,000 $ 37,119,000
Goodwill impairment loss 0      
Allowance for off balance sheet credit exposure 813,000 694,000 1,266,000  
Stockholders’ equity $ 323,925,000 $ 314,055,000 291,254,000 $ 274,024,000
Other real estate owned, number of properties | property 0 0    
Anti-dilutive outstanding options | shares 436,000 6,476    
Debt Securities Held-to-Maturity Fair Value $ 0 $ 0    
Investment in Federal Home Loan Bank Stock [Member]        
Significant Accounting Policies Disclosure [Line Items]        
Impairment charges $ 0 0 0  
Effect of Adopting ASU No. 2016-13 ("CECL") [Member]        
Significant Accounting Policies Disclosure [Line Items]        
Allowance for credit losses     (4,165,000)  
Reserve for loans acquired     (1,100,000)  
Allowance for off balance sheet credit exposure     1,300,000  
Stockholders’ equity     2,870,000  
Supplemental Executive Retirement Plan [Member]        
Significant Accounting Policies Disclosure [Line Items]        
Normal retirement age 65 years      
Monthly benefit amount $ 10,000      
SERP plan expense $ 44,632 $ 350,000 $ 328,000  
v3.25.0.1
Summary of Significant Accounting Policies (Summary of Useful Lives of Property, Plant and Equipment) (Details)
 12 Months Ended
Dec. 31, 2024
Buildings [Member]  
Property, Plant and Equipment [Line Items]  
Premises and equipment, useful life 40 years
Leasehold improvements [Member]  
Property, Plant and Equipment [Line Items]  
Premises and equipment, useful life description Shorter of useful life or term of lease
Minimum [Member] | Building improvements [Member]  
Property, Plant and Equipment [Line Items]  
Premises and equipment, useful life 7 years
Minimum [Member] | Furniture, fixtures and equipment [Member]  
Property, Plant and Equipment [Line Items]  
Premises and equipment, useful life 5 years
Maximum [Member] | Building improvements [Member]  
Property, Plant and Equipment [Line Items]  
Premises and equipment, useful life 40 years
Maximum [Member] | Furniture, fixtures and equipment [Member]  
Property, Plant and Equipment [Line Items]  
Premises and equipment, useful life 7 years
v3.25.0.1
Summary of Significant Accounting Policies (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net Income per Common Share [Abstract]      
Basic earnings per share: Income available to common stockholders $ 16,791 $ 28,781 $ 44,783
Diluted earnings per share: Income available to common stockholders $ 16,791 $ 28,781 $ 44,783
Basic earnings per share: Income available to common stockholders, Shares 17,007 16,870 16,969
Effect of dilutive securities: Stock options: Shares 11 62 380
Diluted earnings per share: Income available to common stockholders, Shares 17,018 16,932 17,349
Basic earnings per share: Income available to common stockholders, Per share amount $ 0.99 $ 1.71 $ 2.64
Diluted earnings per share: Income available to common stockholders, Per share amount $ 0.99 $ 1.70 $ 2.58
v3.25.0.1
Related Party Transactions (Narrative) (Details) - USD ($)
 1 Months Ended 12 Months Ended
Dec. 31, 2000
Apr. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]            
Operating lease liability, current       $ 3,189,000 $ 3,094,000  
New Bay LLC [Member]            
Related Party Transaction [Line Items]            
Related party percentage owned by Directors       100.00%    
Related party expenses $ 943,000     $ 165,000 165,000 $ 165,000
Lease term       25 years    
Monthly rent expense       $ 13,750    
New Bay LLC [Member] | Forecast [Member]            
Related Party Transaction [Line Items]            
Related party expenses     $ 165,000      
190 Park Avenue LLC [Member]            
Related Party Transaction [Line Items]            
Related party expenses       $ 117,000 105,000 102,000
Lease term   10 years   10 years    
Monthly rent expense       $ 8,958    
190 Park Avenue LLC [Member] | Forecast [Member]            
Related Party Transaction [Line Items]            
Related party expenses     109,645      
734 Ridge Realty [Member]            
Related Party Transaction [Line Items]            
Related party expenses       $ 93,000 93,000 93,000
Lease term       5 years    
Monthly rent expense       $ 7,718    
734 Ridge Realty [Member] | Forecast [Member]            
Related Party Transaction [Line Items]            
Related party expenses     93,000      
876 Kinderkamack LLC [Member]            
Related Party Transaction [Line Items]            
Related party expenses       $ 99,000 $ 97,000 $ 96,000
Lease term       10 years    
Monthly rent expense       $ 8,240    
876 Kinderkamack LLC [Member] | Forecast [Member]            
Related Party Transaction [Line Items]            
Related party expenses     $ 98,880      
v3.25.0.1
Securities (Narrative) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
item
Dec. 31, 2023
USD ($)
item
Schedule of Available-for-sale Securities [Line Items]    
Equity investments | $ $ 9,472 $ 9,093
Residential Mortgage-backed securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Number of Mortgage-backed securities 34 31
Residential Mortgage-backed securities [Member] | Maximum [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Aggregate Depreciation 10.00% 11.00%
Residential Mortgage-backed securities [Member] | Minimum [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Aggregate Depreciation 6.00% 10.00%
Corporate Debt Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Number of Mortgage-backed securities 20 20
v3.25.0.1
Securities (Summary of Disaggregated Net Income on Equity Securities) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Securities [Abstract]      
Net gains (losses) recognized during the period on equity securities $ 379 $ (3,361) $ (6,269)
Less: Net losses recognized during the period on equity securities sold during the period   (24) (59)
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date $ 379 $ (3,337) $ (6,210)
v3.25.0.1
Securities (Amortized Cost and Gross Unrealized Gains and Losses on Securities Available for Sale) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Schedule of Available-for-sale Securities [Line Items]    
Debt Securities, Amortized Cost $ 108,590 $ 97,149
Debt securities: Gross Unrealized Gains 188 192
Debt securities: Gross Unrealized Losses 7,061 9,572
Debt securities: Fair Value 101,717 87,769
Residential Mortgage-backed securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Debt securities, Due within one year, Amortized Cost   605
Debt securities, More than one to five years, Amortized Cost 1,286  
Debt securities, More than five to ten years, Amortized Cost 2,395 4,147
Debt securities, More than ten years, Amortized Cost 45,345 32,833
Debt Securities, Amortized Cost 49,026 37,585
Debt securities, More than ten years, Gross Unrealized Gains 188 192
Debt securities: Gross Unrealized Gains 188 192
Debt securities: Due within one year, Gross Unrealized Losses   24
Debt securities: More than one to five years, Gross Unrealized Losses 57  
Debt securities: More than five to ten years, Gross Unrealized Losses 135 230
Debt securities: More than ten years, Gross Unrealized Losses 3,508 2,910
Debt securities: Gross Unrealized Losses 3,700 3,164
Debt securities: Due within one year, Fair Value   581
Debt securities: More than one to five years, Fair Value 1,229  
Debt securities: More than five to ten years, Fair Value 2,260 3,917
Debt securities: More than ten years, Fair Value 42,025 30,115
Debt securities: Fair Value 45,514 34,613
Corporate Debt Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Debt securities, Due within one year, Amortized Cost 37,488 8,981
Debt securities, More than five to ten years, Amortized Cost 22,076 50,583
Debt Securities, Amortized Cost 59,564 59,564
Debt securities: Due within one year, Gross Unrealized Losses 1,081 197
Debt securities: More than five to ten years, Gross Unrealized Losses 2,280 6,211
Debt securities: Gross Unrealized Losses 3,361 6,408
Debt securities: Due within one year, Fair Value 36,407 8,784
Debt securities: More than five to ten years, Fair Value 19,796 44,372
Debt securities: Fair Value $ 56,203 $ 53,156
v3.25.0.1
Securities (Available for Sale Securities, Continuous Unrealized Loss Position, Fair Value) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Schedule of Available-for-sale Securities [Line Items]    
Debt Securities, 12 Months or Less - Fair Value $ 13,543 $ 5,316
Debt Securities, More than 12 Months - Fair Value 76,591 74,009
Debt Securities - Total Fair Value 90,134 79,325
Debt Securities, 12 Months or Less - Unrealized Losses 146 98
Debt Securities, More than 12 Months - Unrealized Losses 6,915 9,474
Debt Securities - Total Unrealized Losses 7,061 9,572
Residential Mortgage-backed securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Debt Securities, 12 Months or Less - Fair Value 10,558 5,316
Debt Securities, More than 12 Months - Fair Value 24,673 22,153
Debt Securities - Total Fair Value 35,231 27,469
Debt Securities, 12 Months or Less - Unrealized Losses 127 98
Debt Securities, More than 12 Months - Unrealized Losses 3,573 3,066
Debt Securities - Total Unrealized Losses 3,700 3,164
Corporate Debt Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Debt Securities, 12 Months or Less - Fair Value 2,985  
Debt Securities, More than 12 Months - Fair Value 51,918 51,856
Debt Securities - Total Fair Value 54,903 51,856
Debt Securities, 12 Months or Less - Unrealized Losses 19  
Debt Securities, More than 12 Months - Unrealized Losses 3,342 6,408
Debt Securities - Total Unrealized Losses $ 3,361 $ 6,408
v3.25.0.1
Loans Receivable and Allowance for Credit Losses (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Participation interest in loans originated $ 116,500,000 $ 135,400,000  
Loans receivable 3,033,784,000 3,317,402,000 $ 3,082,418,000
Non-accrual loans, interest income lost 5,600,000 1,900,000  
Individually evaluated for impairment 83,399,000 54,019,000 $ 28,272,000
Loans returned to accrual, interest income 1,400,000 314,000  
Amortized cost of loans past due 90 days and still accruing 7,726,000 0  
Substandard [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans receivable 152,700,000 85,700,000  
Individually evaluated for impairment $ 83,400,000 $ 54,000,000.0  
v3.25.0.1
Loans Receivable and Allowance for Credit Losses (Recorded Investment in Loans Receivable) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans Receivable $ 3,033,784 $ 3,317,402 $ 3,082,418  
Deferred loan fees, net (2,736) (4,086)    
Allowance for credit losses (34,789) (33,608) (32,373) $ (37,119)
Sub-total (37,525) (37,694)    
Total Loans, net 2,996,259 3,279,708    
Residential [Member]        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans Receivable 239,870 248,295 250,123  
Allowance for credit losses (1,947) (2,344) (2,474) (4,094)
Commercial & Multi-family [Member]        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans Receivable 2,246,677 2,434,115 2,345,229  
Allowance for credit losses (11,706) (16,301) (21,749) (22,065)
Construction [Member]        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans Receivable 135,434 192,816 144,931  
Allowance for credit losses (2,020) (3,841) (2,094) (2,231)
Commercial Business [Member]        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans Receivable 249,852 269,274 215,440  
Allowance for credit losses (10,737) (5,811) (4,495) (8,000)
Business Express [Member]        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans Receivable 92,947 102,928 66,567  
Allowance for credit losses (7,769) (4,542) (872)  
Home Equity [Member]        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans Receivable 66,769 66,331 56,888  
Allowance for credit losses (594) (691) (485) (533)
Consumer [Member]        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans Receivable 2,235 3,643 3,240  
Allowance for credit losses $ (16) $ (78) $ (24) $ (14)
v3.25.0.1
Loans Receivable and Allowance for Credit Losses (Related Party Loans) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Loans Receivable and Allowance for Credit Losses [Abstract]    
Balance - beginning $ 28,208 $ 26,265
Loans originated   2,882
Collections of principal (1,703) (939)
Balance - ending $ 26,505 $ 28,208
v3.25.0.1
Loans Receivable and Allowance for Credit Losses (Allowance for Credit Losses) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit losses: Beginning Balance $ 33,608 $ 32,373 $ 37,119
Allowance for credit losses: Charge-offs (10,835) (805) (2,095)
Allowance for credit losses: Recoveries 446 101 424
Allowance for credit losses: Provision Credit (benefit) 11,570 6,104 (3,075)
Allowance for credit losses: Ending balance: individually evaluated 11,817 4,229 2,784
Allowance for credit losses: Ending balance: collectively evaluated 22,972 29,379 29,589
Allowance for credit losses: Ending Balance 34,789 33,608 32,373
Loans receivables: Ending balance: individually evaluated 83,399 54,019 28,272
Loans receivables: Ending balance: collectively evaluated 2,950,385 3,263,383 3,054,146
Total Gross Loans 3,033,784 3,317,402 3,082,418
Residential [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit losses: Beginning Balance 2,344 2,474 4,094
Allowance for credit losses: Recoveries 48 45 23
Allowance for credit losses: Provision Credit (benefit) (445) (319) (1,643)
Allowance for credit losses: Ending balance: individually evaluated     196
Allowance for credit losses: Ending balance: collectively evaluated 1,947 2,344 2,278
Allowance for credit losses: Ending Balance 1,947 2,344 2,474
Loans receivables: Ending balance: individually evaluated 853 444 5,147
Loans receivables: Ending balance: collectively evaluated 239,017 247,851 244,976
Total Gross Loans 239,870 248,295 250,123
Commercial & Multi-family [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit losses: Beginning Balance 16,301 21,749 22,065
Allowance for credit losses: Charge-offs (531)    
Allowance for credit losses: Provision Credit (benefit) (4,064) 1,675 (316)
Allowance for credit losses: Ending balance: individually evaluated 1,473 990  
Allowance for credit losses: Ending balance: collectively evaluated 10,233 15,311 21,749
Allowance for credit losses: Ending Balance 11,706 16,301 21,749
Loans receivables: Ending balance: individually evaluated 64,735 42,259 15,397
Loans receivables: Ending balance: collectively evaluated 2,181,942 2,391,856 2,329,832
Total Gross Loans 2,246,677 2,434,115 2,345,229
Construction [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit losses: Beginning Balance 3,841 2,094 2,231
Allowance for credit losses: Provision Credit (benefit) (1,821) 360 (137)
Allowance for credit losses: Ending balance: individually evaluated   310 518
Allowance for credit losses: Ending balance: collectively evaluated 2,020 3,531 1,576
Allowance for credit losses: Ending Balance 2,020 3,841 2,094
Loans receivables: Ending balance: individually evaluated 586 4,292 3,180
Loans receivables: Ending balance: collectively evaluated 134,848 188,524 141,751
Total Gross Loans 135,434 192,816 144,931
Commercial Business [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit losses: Beginning Balance 5,811 4,495 8,000
Allowance for credit losses: Charge-offs (1,799)   (2,095)
Allowance for credit losses: Recoveries 371 29 191
Allowance for credit losses: Provision Credit (benefit) 6,354 (447) (1,601)
Allowance for credit losses: Ending balance: individually evaluated 4,725 2,132 2,066
Allowance for credit losses: Ending balance: collectively evaluated 6,012 3,679 2,429
Allowance for credit losses: Ending Balance 10,737 5,811 4,495
Loans receivables: Ending balance: individually evaluated 11,163 6,015 3,821
Loans receivables: Ending balance: collectively evaluated 238,689 263,259 211,619
Total Gross Loans 249,852 269,274 215,440
Business Express [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit losses: Beginning Balance 4,542 872  
Allowance for credit losses: Charge-offs (8,038) (805)  
Allowance for credit losses: Recoveries 27 11  
Allowance for credit losses: Provision Credit (benefit) 11,238 4,780 872
Allowance for credit losses: Ending balance: individually evaluated 5,619 797  
Allowance for credit losses: Ending balance: collectively evaluated 2,150 3,745 872
Allowance for credit losses: Ending Balance 7,769 4,542 872
Loans receivables: Ending balance: individually evaluated 5,619 797  
Loans receivables: Ending balance: collectively evaluated 87,328 102,131 66,567
Total Gross Loans 92,947 102,928 66,567
Home Equity [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit losses: Beginning Balance 691 485 533
Allowance for credit losses: Recoveries   16 12
Allowance for credit losses: Provision Credit (benefit) (97) 8 (60)
Allowance for credit losses: Ending balance: individually evaluated     4
Allowance for credit losses: Ending balance: collectively evaluated 594 691 481
Allowance for credit losses: Ending Balance 594 691 485
Loans receivables: Ending balance: individually evaluated 443 212 727
Loans receivables: Ending balance: collectively evaluated 66,326 66,119 56,161
Total Gross Loans 66,769 66,331 56,888
Consumer [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit losses: Beginning Balance 78 24 14
Allowance for credit losses: Charge-offs (467)    
Allowance for credit losses: Recoveries     198
Allowance for credit losses: Provision Credit (benefit) 405 47 (188)
Allowance for credit losses: Ending balance: collectively evaluated 16 78 24
Allowance for credit losses: Ending Balance 16 78 24
Loans receivables: Ending balance: collectively evaluated 2,235 3,643 3,240
Total Gross Loans $ 2,235 3,643 3,240
Unallocated [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit losses: Beginning Balance   180 182
Allowance for credit losses: Provision Credit (benefit)     (2)
Allowance for credit losses: Ending balance: collectively evaluated     180
Allowance for credit losses: Ending Balance     180
Effect of Adopting ASU No. 2016-13 ("CECL") [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit losses: Beginning Balance   (4,165)  
Allowance for credit losses: Ending Balance     (4,165)
Effect of Adopting ASU No. 2016-13 ("CECL") [Member] | Residential [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit losses: Beginning Balance   144  
Allowance for credit losses: Ending Balance     144
Effect of Adopting ASU No. 2016-13 ("CECL") [Member] | Commercial & Multi-family [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit losses: Beginning Balance   (7,123)  
Allowance for credit losses: Ending Balance     (7,123)
Effect of Adopting ASU No. 2016-13 ("CECL") [Member] | Construction [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit losses: Beginning Balance   1,387  
Allowance for credit losses: Ending Balance     1,387
Effect of Adopting ASU No. 2016-13 ("CECL") [Member] | Commercial Business [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit losses: Beginning Balance   1,734  
Allowance for credit losses: Ending Balance     1,734
Effect of Adopting ASU No. 2016-13 ("CECL") [Member] | Business Express [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit losses: Beginning Balance   (316)  
Allowance for credit losses: Ending Balance     (316)
Effect of Adopting ASU No. 2016-13 ("CECL") [Member] | Home Equity [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit losses: Beginning Balance   182  
Allowance for credit losses: Ending Balance     182
Effect of Adopting ASU No. 2016-13 ("CECL") [Member] | Consumer [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit losses: Beginning Balance   7  
Allowance for credit losses: Ending Balance     7
Effect of Adopting ASU No. 2016-13 ("CECL") [Member] | Unallocated [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit losses: Beginning Balance   (180)  
Allowance for credit losses: Ending Balance     (180)
Adjusted Balance [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit losses: Beginning Balance   28,208  
Allowance for credit losses: Ending Balance     28,208
Adjusted Balance [Member] | Residential [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit losses: Beginning Balance   2,618  
Allowance for credit losses: Ending Balance     2,618
Adjusted Balance [Member] | Commercial & Multi-family [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit losses: Beginning Balance   14,626  
Allowance for credit losses: Ending Balance     14,626
Adjusted Balance [Member] | Construction [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit losses: Beginning Balance   3,481  
Allowance for credit losses: Ending Balance     3,481
Adjusted Balance [Member] | Commercial Business [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit losses: Beginning Balance   6,229  
Allowance for credit losses: Ending Balance     6,229
Adjusted Balance [Member] | Business Express [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit losses: Beginning Balance   556  
Allowance for credit losses: Ending Balance     556
Adjusted Balance [Member] | Home Equity [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit losses: Beginning Balance   667  
Allowance for credit losses: Ending Balance     667
Adjusted Balance [Member] | Consumer [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit losses: Beginning Balance   $ 31  
Allowance for credit losses: Ending Balance     $ 31
v3.25.0.1
Loans Receivable and Allowance for Credit Losses (Allowance for Credit Losses on Off-Balance Sheet Exposures) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Allowance for Credit Losses on Off-Balance Sheet Exposures: Beginning Balance $ 694 $ 1,266
Allowance for Benefit for credit losses on Off-Balance Sheet Exposures:Provision (benefit) for credit losses 119 (572)
Allowance for Credit Losses on Off-Balance Sheet Exposures: Ending Balance $ 813 694
Effect of Adopting ASU No. 2016-13 ("CECL") [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Allowance for Credit Losses on Off-Balance Sheet Exposures: Beginning Balance   $ 1,300
v3.25.0.1
Loans Receivable and Allowance for Credit Losses (Non-Accruing Loans) (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans with an Allowance for Credit Losses $ 12,271,000 $ 6,940,000
Nonaccrual loans without an Allowance for Credit Losses 32,437,000 11,843,000
Non-accrual loans 44,708,000 18,783,000
Amortized cost of loans past due 90 days and still accruing 7,726,000 0
Residential [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans with an Allowance for Credit Losses 534,000  
Nonaccrual loans without an Allowance for Credit Losses 853,000 270,000
Non-accrual loans 1,387,000 270,000
Commercial & Multi-family [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans with an Allowance for Credit Losses 4,823,000 2,029,000
Nonaccrual loans without an Allowance for Credit Losses 28,151,000 6,655,000
Non-accrual loans 32,974,000 8,684,000
Amortized cost of loans past due 90 days and still accruing 6,049,000  
Construction [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans with an Allowance for Credit Losses   2,312,000
Nonaccrual loans without an Allowance for Credit Losses 586,000 1,980,000
Non-accrual loans 586,000 4,292,000
Commercial Business [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans with an Allowance for Credit Losses 5,208,000 2,599,000
Nonaccrual loans without an Allowance for Credit Losses 2,425,000 2,892,000
Non-accrual loans 7,633,000 5,491,000
Business Express [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans with an Allowance for Credit Losses 1,706,000  
Nonaccrual loans without an Allowance for Credit Losses 191,000  
Non-accrual loans 1,897,000  
Amortized cost of loans past due 90 days and still accruing 1,677,000  
Home Equity [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Nonaccrual loans without an Allowance for Credit Losses 231,000 46,000
Non-accrual loans $ 231,000 $ 46,000
v3.25.0.1
Loans Receivable and Allowance for Credit Losses (Delinquency Status of Total Loans) (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable $ 3,033,784,000 $ 3,317,402,000 $ 3,082,418,000
Loans Receivable >90 Days and Accruing 7,726,000 0  
Total Past Due [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 76,703,000 32,654,000  
30 To 59 Days Past Due [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 29,193,000 15,338,000  
60 To 90 Days Past Due [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 8,552,000 8,487,000  
Greater Than 90 Days [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 38,958,000 8,829,000  
Current [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 2,957,081,000 3,284,748,000  
Residential [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 239,870,000 248,295,000 250,123,000
Commercial & Multi-family [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 2,246,677,000 2,434,115,000 2,345,229,000
Loans Receivable >90 Days and Accruing 6,049,000    
Construction [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 135,434,000 192,816,000 144,931,000
Commercial Business [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 249,852,000 269,274,000 215,440,000
Business Express [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 92,947,000 102,928,000 66,567,000
Loans Receivable >90 Days and Accruing 1,677,000    
Home Equity [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 66,769,000 66,331,000 56,888,000
Consumer [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 2,235,000 3,643,000 $ 3,240,000
Originated loans [Member] | Residential [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 239,870,000 248,295,000  
Originated loans [Member] | Residential [Member] | Total Past Due [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 3,531,000 4,971,000  
Originated loans [Member] | Residential [Member] | 30 To 59 Days Past Due [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 3,229,000 4,701,000  
Originated loans [Member] | Residential [Member] | Greater Than 90 Days [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 302,000 270,000  
Originated loans [Member] | Residential [Member] | Current [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 236,339,000 243,324,000  
Originated loans [Member] | Commercial & Multi-family [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 2,246,677,000 2,434,115,000  
Loans Receivable >90 Days and Accruing 6,049,000    
Originated loans [Member] | Commercial & Multi-family [Member] | Total Past Due [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 41,855,000 16,571,000  
Originated loans [Member] | Commercial & Multi-family [Member] | 30 To 59 Days Past Due [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 8,279,000 1,853,000  
Originated loans [Member] | Commercial & Multi-family [Member] | 60 To 90 Days Past Due [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 2,673,000 7,876,000  
Originated loans [Member] | Commercial & Multi-family [Member] | Greater Than 90 Days [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 30,903,000 6,842,000  
Originated loans [Member] | Commercial & Multi-family [Member] | Current [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 2,204,822,000 2,417,544,000  
Originated loans [Member] | Construction [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 135,434,000 192,816,000  
Originated loans [Member] | Construction [Member] | Total Past Due [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 2,415,000 4,227,000  
Originated loans [Member] | Construction [Member] | 30 To 59 Days Past Due [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable   3,641,000  
Originated loans [Member] | Construction [Member] | 60 To 90 Days Past Due [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 1,829,000    
Originated loans [Member] | Construction [Member] | Greater Than 90 Days [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 586,000 586,000  
Originated loans [Member] | Construction [Member] | Current [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 133,019,000 188,589,000  
Originated loans [Member] | Commercial Business [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 249,852,000 269,274,000  
Originated loans [Member] | Commercial Business [Member] | Total Past Due [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 13,500,000 3,758,000  
Originated loans [Member] | Commercial Business [Member] | 30 To 59 Days Past Due [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 9,125,000 2,314,000  
Originated loans [Member] | Commercial Business [Member] | 60 To 90 Days Past Due [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 580,000 363,000  
Originated loans [Member] | Commercial Business [Member] | Greater Than 90 Days [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 3,795,000 1,081,000  
Originated loans [Member] | Commercial Business [Member] | Current [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 236,352,000 265,516,000  
Originated loans [Member] | Business Express [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 92,947,000 102,928,000  
Loans Receivable >90 Days and Accruing 1,677,000    
Originated loans [Member] | Business Express [Member] | Total Past Due [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 13,307,000 2,220,000  
Originated loans [Member] | Business Express [Member] | 30 To 59 Days Past Due [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 6,714,000 1,922,000  
Originated loans [Member] | Business Express [Member] | 60 To 90 Days Past Due [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 3,452,000 248,000  
Originated loans [Member] | Business Express [Member] | Greater Than 90 Days [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 3,141,000 50,000  
Originated loans [Member] | Business Express [Member] | Current [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 79,640,000 100,708,000  
Originated loans [Member] | Home Equity [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 66,769,000 66,331,000  
Originated loans [Member] | Home Equity [Member] | Total Past Due [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 2,095,000 907,000  
Originated loans [Member] | Home Equity [Member] | 30 To 59 Days Past Due [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 1,846,000 907,000  
Originated loans [Member] | Home Equity [Member] | 60 To 90 Days Past Due [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 18,000    
Originated loans [Member] | Home Equity [Member] | Greater Than 90 Days [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 231,000    
Originated loans [Member] | Home Equity [Member] | Current [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 64,674,000 65,424,000  
Originated loans [Member] | Consumer [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 2,235,000 3,643,000  
Originated loans [Member] | Consumer [Member] | Current [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable $ 2,235,000 $ 3,643,000  
v3.25.0.1
Loans Receivable and Allowance for Credit Losses (Amortized Cost of Loans Modified) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
item
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Number | item 279
Financing Receivable $ 79,802
% of Total Class of Financing Receivable 2.63%
Payment Deferral [Member]  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Financing Receivable $ 1,467
Extended Maturity [Member]  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Financing Receivable 63,299
Extended Maturity and Interest Rate Reduction [Member]  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Financing Receivable $ 15,036
Residential [Member]  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Number | item 1
Financing Receivable $ 173
% of Total Class of Financing Receivable 0.07%
Residential [Member] | Payment Deferral [Member]  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Financing Receivable $ 173
Commercial & Multi-family [Member]  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Number | item 1
Financing Receivable $ 15,036
% of Total Class of Financing Receivable 0.67%
Commercial & Multi-family [Member] | Extended Maturity and Interest Rate Reduction [Member]  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Financing Receivable $ 15,036
Commercial Business [Member]  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Number | item 1
Financing Receivable $ 1,294
% of Total Class of Financing Receivable 0.52%
Commercial Business [Member] | Payment Deferral [Member]  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Financing Receivable $ 1,294
Business Express [Member]  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Number | item 276
Financing Receivable $ 63,299
% of Total Class of Financing Receivable 68.10%
Business Express [Member] | Extended Maturity [Member]  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Financing Receivable $ 63,299
v3.25.0.1
Loans Receivable and Allowance for Credit Losses (Loans Modifications) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans $ 44,708 $ 18,783
Total Principal 79,802  
Total Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans 1,728  
30 To 59 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans 247  
Current [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans 77,827  
Residential [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans 1,387 270
Total Principal 173  
Residential [Member] | 30 To 59 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans 173  
Commercial & Multi-family [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans 32,974 8,684
Total Principal 15,036  
Commercial & Multi-family [Member] | Current [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans 15,036  
Commercial Business [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans 7,633 $ 5,491
Total Principal 1,294  
Commercial Business [Member] | Total Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans 1,294  
Business Express [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans 1,897  
Total Principal 63,299  
Business Express [Member] | Total Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans 434  
Business Express [Member] | 30 To 59 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans 74  
Business Express [Member] | Current [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans $ 62,791  
v3.25.0.1
Loans Receivable and Allowance for Credit Losses (Loan Portfolio by Pass Rating) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Current Fiscal Year $ 22,091 $ 280,851  
Total Loans, Fiscal Year Before Latest Fiscal Year 292,312 959,372  
Total Loans, Two Years Before Latest Fiscal Year 893,057 333,030  
Total Loans, Three Years Before Latest Fiscal Year 295,569 276,923  
Total Loans, Four Years Before Latest Fiscal Year 224,767 72,067  
Total Loans, Prior 957,728 1,021,468  
Total Loans, Revolving Loans 280,020 372,776  
Total Loans, Revolving Loans to Term Loans 68,240 915  
Total Gross Loans 3,033,784 3,317,402 $ 3,082,418
Gross Charge-Offs, Current Fiscal Year 446    
Gross Charge-Offs, Fiscal Year Before Latest Fiscal Year 20    
Gross Charge-Offs, Three Years Before Latest Fiscal Year 174    
Prior, Gross charge-offs 1,133    
Revolving Loans, Gross Charge Writeoff 8,381 805  
Revolving Loans to Term Loans 681    
Gross Charge-Offs 10,835 805 2,095
Substandard [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Gross Loans 152,700 85,700  
Residential [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Current Fiscal Year 12,059 17,080  
Total Loans, Fiscal Year Before Latest Fiscal Year 16,586 54,115  
Total Loans, Two Years Before Latest Fiscal Year 51,400 39,579  
Total Loans, Three Years Before Latest Fiscal Year 37,812 31,420  
Total Loans, Four Years Before Latest Fiscal Year 28,550 12,067  
Total Loans, Prior 93,463 94,034  
Total Gross Loans 239,870 248,295 250,123
Residential [Member] | Pass [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Current Fiscal Year 12,059 17,080  
Total Loans, Fiscal Year Before Latest Fiscal Year 16,586 53,623  
Total Loans, Two Years Before Latest Fiscal Year 47,544 38,178  
Total Loans, Three Years Before Latest Fiscal Year 37,639 31,420  
Total Loans, Four Years Before Latest Fiscal Year 28,550 12,067  
Total Loans, Prior 92,376 93,764  
Total Gross Loans 234,754 246,132  
Residential [Member] | Special Mention [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Fiscal Year Before Latest Fiscal Year   492  
Total Loans, Two Years Before Latest Fiscal Year 3,555 91  
Total Loans, Prior 174    
Total Gross Loans 3,729 583  
Residential [Member] | Substandard [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Two Years Before Latest Fiscal Year 301 1,310  
Total Loans, Three Years Before Latest Fiscal Year 173    
Total Loans, Prior 913 270  
Total Gross Loans 1,387 1,580  
Commercial & Multi-family [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Current Fiscal Year 9,105 232,343  
Total Loans, Fiscal Year Before Latest Fiscal Year 222,807 827,382  
Total Loans, Two Years Before Latest Fiscal Year 798,163 228,846  
Total Loans, Three Years Before Latest Fiscal Year 207,724 218,343  
Total Loans, Four Years Before Latest Fiscal Year 187,256 51,284  
Total Loans, Prior 818,872 873,855  
Total Loans, Revolving Loans 2,750 2,062  
Total Gross Loans 2,246,677 2,434,115 2,345,229
Gross Charge-Offs 531    
Commercial & Multi-family [Member] | Pass [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Current Fiscal Year 9,105 222,435  
Total Loans, Fiscal Year Before Latest Fiscal Year 202,931 778,076  
Total Loans, Two Years Before Latest Fiscal Year 631,493 224,823  
Total Loans, Three Years Before Latest Fiscal Year 157,054 214,768  
Total Loans, Four Years Before Latest Fiscal Year 166,242 50,755  
Total Loans, Prior 709,239 824,375  
Total Loans, Revolving Loans 2,610 1,922  
Total Gross Loans 1,878,674 2,317,154  
Commercial & Multi-family [Member] | Special Mention [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Current Fiscal Year   9,908  
Total Loans, Fiscal Year Before Latest Fiscal Year 9,761 34,375  
Total Loans, Two Years Before Latest Fiscal Year 132,712    
Total Loans, Three Years Before Latest Fiscal Year 37,600    
Total Loans, Four Years Before Latest Fiscal Year 9,232 529  
Total Loans, Prior 47,756 4,453  
Total Loans, Revolving Loans 140 140  
Total Gross Loans 237,201 49,405  
Commercial & Multi-family [Member] | Substandard [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Fiscal Year Before Latest Fiscal Year 10,115 14,931  
Total Loans, Two Years Before Latest Fiscal Year 33,958 4,023  
Total Loans, Three Years Before Latest Fiscal Year 13,070 3,575  
Total Loans, Four Years Before Latest Fiscal Year 11,782    
Total Loans, Prior 61,877 45,027  
Total Gross Loans 130,802 67,556  
Construction [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Current Fiscal Year 4 21,730  
Total Loans, Fiscal Year Before Latest Fiscal Year 36,684 75,574  
Total Loans, Two Years Before Latest Fiscal Year 41,417 59,564  
Total Loans, Three Years Before Latest Fiscal Year 47,174 22,048  
Total Loans, Four Years Before Latest Fiscal Year 4,331    
Total Loans, Prior   8,190  
Total Loans, Revolving Loans 5,824 5,710  
Total Gross Loans 135,434 192,816 144,931
Construction [Member] | Pass [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Current Fiscal Year 4 21,730  
Total Loans, Fiscal Year Before Latest Fiscal Year 34,906 74,180  
Total Loans, Two Years Before Latest Fiscal Year 37,625 59,564  
Total Loans, Three Years Before Latest Fiscal Year   21,462  
Total Loans, Prior   5,878  
Total Loans, Revolving Loans 5,824 5,710  
Total Gross Loans 78,359 188,524  
Construction [Member] | Special Mention [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Fiscal Year Before Latest Fiscal Year 1,521    
Total Loans, Two Years Before Latest Fiscal Year 3,792    
Total Loans, Three Years Before Latest Fiscal Year 47,174    
Total Loans, Four Years Before Latest Fiscal Year 3,745    
Total Gross Loans 56,232    
Construction [Member] | Substandard [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Fiscal Year Before Latest Fiscal Year 257 1,394  
Total Loans, Three Years Before Latest Fiscal Year   586  
Total Loans, Four Years Before Latest Fiscal Year 586    
Total Loans, Prior   2,312  
Total Gross Loans 843 4,292  
Commercial Business [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Current Fiscal Year   3,179  
Total Loans, Fiscal Year Before Latest Fiscal Year 11,351 297  
Total Loans, Two Years Before Latest Fiscal Year 266 2,967  
Total Loans, Three Years Before Latest Fiscal Year 2,353 4,234  
Total Loans, Four Years Before Latest Fiscal Year 3,905 7,397  
Total Loans, Prior 39,621 39,208  
Total Loans, Revolving Loans 191,284 211,842  
Total Loans, Revolving Loans to Term Loans 1,072 150  
Total Gross Loans 249,852 269,274 215,440
Gross Charge-Offs 1,799   2,095
Commercial Business [Member] | Pass [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Current Fiscal Year   3,179  
Total Loans, Fiscal Year Before Latest Fiscal Year 2,477 297  
Total Loans, Two Years Before Latest Fiscal Year 266 2,967  
Total Loans, Three Years Before Latest Fiscal Year 475 4,234  
Total Loans, Four Years Before Latest Fiscal Year 3,711 7,080  
Total Loans, Prior 28,902 33,675  
Total Loans, Revolving Loans 163,444 201,008  
Total Loans, Revolving Loans to Term Loans 663 150  
Total Gross Loans 199,938 252,590  
Commercial Business [Member] | Special Mention [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Fiscal Year Before Latest Fiscal Year 8,874    
Total Loans, Three Years Before Latest Fiscal Year 1,878    
Total Loans, Four Years Before Latest Fiscal Year 194 317  
Total Loans, Prior 4,835 830  
Total Loans, Revolving Loans 20,298 4,410  
Total Loans, Revolving Loans to Term Loans 409    
Total Gross Loans 36,488 5,557  
Commercial Business [Member] | Substandard [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Prior 5,884 4,703  
Total Loans, Revolving Loans 7,542 6,424  
Total Gross Loans 13,426 11,127  
Business Express [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Revolving Loans 28,327 102,928  
Total Loans, Revolving Loans to Term Loans 64,620    
Total Gross Loans 92,947 102,928 66,567
Gross Charge-Offs 8,038 805  
Business Express [Member] | Pass [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Revolving Loans 23,739 101,531  
Total Loans, Revolving Loans to Term Loans 59,189    
Total Gross Loans 82,928 101,531  
Business Express [Member] | Special Mention [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Revolving Loans 1,506 600  
Total Loans, Revolving Loans to Term Loans 2,894    
Total Gross Loans 4,400 600  
Business Express [Member] | Substandard [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Revolving Loans 3,082 797  
Total Loans, Revolving Loans to Term Loans 2,537    
Total Gross Loans 5,619 797  
Home Equity [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Current Fiscal Year 300 5,022  
Total Loans, Fiscal Year Before Latest Fiscal Year 3,767 1,533  
Total Loans, Two Years Before Latest Fiscal Year 1,422 553  
Total Loans, Three Years Before Latest Fiscal Year 501 769  
Total Loans, Four Years Before Latest Fiscal Year 630 1,280  
Total Loans, Prior 5,772 6,181  
Total Loans, Revolving Loans 51,829 50,228  
Total Loans, Revolving Loans to Term Loans 2,548 765  
Total Gross Loans 66,769 66,331 56,888
Home Equity [Member] | Pass [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Current Fiscal Year 300 5,022  
Total Loans, Fiscal Year Before Latest Fiscal Year 3,767 1,487  
Total Loans, Two Years Before Latest Fiscal Year 1,369 553  
Total Loans, Three Years Before Latest Fiscal Year 501 769  
Total Loans, Four Years Before Latest Fiscal Year 549 1,280  
Total Loans, Prior 5,754 6,181  
Total Loans, Revolving Loans 51,829 50,111  
Total Loans, Revolving Loans to Term Loans 2,186 553  
Total Gross Loans 66,255 65,956  
Home Equity [Member] | Special Mention [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Prior 18    
Total Gross Loans 18    
Home Equity [Member] | Substandard [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Fiscal Year Before Latest Fiscal Year   46  
Total Loans, Two Years Before Latest Fiscal Year 53    
Total Loans, Four Years Before Latest Fiscal Year 81    
Total Loans, Revolving Loans   117  
Total Loans, Revolving Loans to Term Loans 362 212  
Total Gross Loans 496 375  
Consumer [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Current Fiscal Year 623 1,497  
Total Loans, Fiscal Year Before Latest Fiscal Year 1,117 471  
Total Loans, Two Years Before Latest Fiscal Year 389 1,521  
Total Loans, Three Years Before Latest Fiscal Year 5 109  
Total Loans, Four Years Before Latest Fiscal Year 95 39  
Total Loans, Revolving Loans 6 6  
Total Gross Loans 2,235 3,643 $ 3,240
Gross Charge-Offs 467    
Consumer [Member] | Pass [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans, Current Fiscal Year 623 1,497  
Total Loans, Fiscal Year Before Latest Fiscal Year 1,117 471  
Total Loans, Two Years Before Latest Fiscal Year 389 1,521  
Total Loans, Three Years Before Latest Fiscal Year 5 109  
Total Loans, Four Years Before Latest Fiscal Year 95 39  
Total Loans, Revolving Loans 6 6  
Total Gross Loans $ 2,235 $ 3,643  
v3.25.0.1
Premises and Equipment (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Premises and Equipment [Abstract]      
Depreciation of premises and equipment $ 1,713 $ 1,978 $ 2,246
v3.25.0.1
Premises and Equipment (Summary of Premises and Equipment) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]      
Premises and equipment, gross $ 32,218 $ 32,606 $ 29,822
Accumulated depreciation and amortization (19,649) (19,549) (19,314)
Premises and equipment, net 12,569 13,057 10,508
Land [Member]      
Property, Plant and Equipment [Line Items]      
Premises and equipment, gross 1,646 1,646 1,447
Buildings and improvements [Member]      
Property, Plant and Equipment [Line Items]      
Premises and equipment, gross 10,048 10,023 6,514
Leasehold improvements [Member]      
Property, Plant and Equipment [Line Items]      
Premises and equipment, gross 12,160 12,009 12,750
Furniture, fixtures and equipment [Member]      
Property, Plant and Equipment [Line Items]      
Premises and equipment, gross $ 8,364 $ 8,928 $ 9,111
v3.25.0.1
Interest Receivable (Summary of Interest Receivable) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Interest Receivable $ 15,176 $ 16,072
Loans [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Interest Receivable 14,344 15,188
Securities [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Interest Receivable $ 832 $ 884
v3.25.0.1
Deposits (Narrative) (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Time Deposits [Line Items]    
Certificates of deposit $ 398,000,000.0 $ 341,900,000
Related party deposits 69,300,000  
Brokered certificate deposits 177,600,000 505,400,000
Brokered demand deposits 0 $ 0
Available-for-sale Securities [Member]    
Time Deposits [Line Items]    
Collateral pledged 32,200,000  
Letter of Credit [Member]    
Time Deposits [Line Items]    
Collateral pledged $ 320,000,000.0  
v3.25.0.1
Deposits (Schedule Of Deposits) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deposits [Abstract]    
Non-interest bearing $ 520,387 $ 536,264
Interest bearing 553,731 564,912
Money market 395,004 370,934
Demand 1,469,122 1,472,110
Savings and club 252,491 284,273
Certificates of deposit 1,029,245 1,222,697
Total deposits $ 2,750,858 $ 2,979,080
v3.25.0.1
Deposits (Schedule Of Maturities Of Time Certificates Of Deposits) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deposits [Abstract]    
2025 $ 1,001,024  
2026 23,500  
2027 2,228  
2028 1,112  
2029 816  
Thereafter 565  
Total $ 1,029,245 $ 1,222,697
v3.25.0.1
Short-Term Debt and Long-Term Debt (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Net Of Unamortized Prepayment Penalties $ 439,000 $ 988,000
Financing receivables 2,996,259,000 3,279,708,000
Securities pledged as collateral $ 0 0
Maximum ratio of debt to total assets under debt covenant 50.00%  
Maximum total debt under debt covenant $ 1,799,000,000  
Repayments of Federal Home Loan Bank of New York Advances 18,000,000 150,000,000
Outstanding Borrowings 0 0
Federal Home Loan Bank Borrowings [Member]    
Debt Instrument [Line Items]    
Additional funding 135,700,000  
Federal Reserve Discount [Member]    
Debt Instrument [Line Items]    
Additional funding 333,000,000.0  
Asset Pledged as Collateral [Member] | Federal Home Loan Bank Borrowings [Member]    
Debt Instrument [Line Items]    
Financing receivables 1,400,000,000 1,700,000,000
Asset Pledged as Collateral [Member] | Federal Reserve Discount [Member]    
Debt Instrument [Line Items]    
Financing receivables $ 546,700,000 $ 497,400,000
v3.25.0.1
Short-Term Debt and Long-Term Debt (Short-term Borrowings) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Debt [Abstract]    
Average balance outstanding during the year $ 2 $ 60,941
Highest month-end balance during the year   $ 350,000
Average interest rate during the year 6.42% 5.25%
v3.25.0.1
Short-Term Debt and Long-Term Debt (Long Term Debt) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Weighted Average Rate 4.35% 4.21%
Amount $ 455,361 $ 472,811
Maturing by December 31, 2024 [Member]    
Debt Instrument [Line Items]    
Weighted Average Rate   0.48%
Amount   $ 18,000
Maturing by December 31, 2025 [Member]    
Debt Instrument [Line Items]    
Weighted Average Rate 4.15% 4.15%
Amount $ 220,361 $ 219,811
Maturing by December 31, 2026 [Member]    
Debt Instrument [Line Items]    
Weighted Average Rate 4.53% 4.53%
Amount $ 235,000 $ 235,000
v3.25.0.1
Subordinated Debt (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Aug. 29, 2024
Aug. 01, 2023
Dec. 31, 2024
Jul. 30, 2018
Subordinated Borrowing [Line Items]        
Proceeds from Issuance of Subordinated Long-term Debt     $ 38,754  
Fixed To Floating Rate Subordinated Debentures [Member]        
Subordinated Borrowing [Line Items]        
Face amount $ 40,000     $ 33,500
Notes term 10 years      
Debt Instrument, Interest Rate During Period     7.26%  
Variable interest rate spread 5.82%   0.26161%  
Deferred finance costs     $ 1,200  
Fixed To Floating Rate Subordinated Debentures [Member] | First Five Years [Member]        
Subordinated Borrowing [Line Items]        
Notes term 5 years      
Interest rate 9.25%      
Interest rate term     5 years  
Fixed To Floating Rate Subordinated Debentures [Member] | After Five Years [Member]        
Subordinated Borrowing [Line Items]        
Notes term   5 years    
Trust Preferred Junior Subordinated Debenture [Member]        
Subordinated Borrowing [Line Items]        
Variable interest rate spread     2.65%  
Trust preferred securities     $ 4,100  
v3.25.0.1
Regulatory Matters (Narrative) (Details)
Dec. 31, 2024
Dec. 31, 2023
BCB Community Bank [Member]    
Regulatory Matters [Line Items]    
Capital Required to be Well Capitalized to Risk Weighted Assets 0.0900 0.0900
Bancorp [Member]    
Regulatory Matters [Line Items]    
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets 0.0600 0.0600
Capital Required to be Well Capitalized to Risk Weighted Assets 0.1000 0.1000
v3.25.0.1
Regulatory Matters (Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations) (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
BCB Community Bank [Member]    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Total capital (to risk-weighted assets): Actual - Amount $ 363,697 $ 350,749
Total capital (to risk-weighted assets): Actual - Ratio 0.1003 0.0909
Total capital (to risk-weighted assets): For Capital Adequacy Purposes - Amount $ 290,087 $ 308,608
Total capital (to risk-weighted assets): For Capital Adequacy Purposes - Ratio 0.0800 0.0800
Total capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions - Amount $ 326,348 $ 347,184
Total capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions - Ratio 0.0900 0.0900
Bancorp [Member]    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Total capital (to risk-weighted assets): Actual - Amount $ 400,591 $ 379,562
Total capital (to risk-weighted assets): Actual - Ratio 0.1289 0.1114
Total capital (to risk-weighted assets): For Capital Adequacy Purposes - Amount $ 248,621 $ 272,564
Total capital (to risk-weighted assets): For Capital Adequacy Purposes - Ratio 0.0800 0.0800
Total capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions - Amount $ 310,777 $ 340,705
Total capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions - Ratio 0.1000 0.1000
Tier 1 capital (to risk-weighted assets): Actual - Amount $ 326,965 $ 319,154
Tier 1 capital (to risk-weighted assets): Actual - Ratio 0.1052 0.0937
Tier 1 capital (to risk-weighted assets): For Capital Adequacy Purposes - Amount $ 186,482 $ 204,422
Tier 1 capital (to risk-weighted assets): For Capital Adequacy Purposes - Ratio 0.0600 0.0600
Tier 1 capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions - Amount $ 186,482 $ 204,422
Tier 1 capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions - Ratio 0.0600 0.0600
Common Equity Tier 1 (to risk-weighted assets): Actual - Amount $ 298,118 $ 289,987
Common Equity Tier 1 (to risk-weighted assets): Actual - Ratio 0.0959 0.0851
Common Equity Tier 1 (to risk-weighted assets): For Capital Adequacy Purposes - Amount $ 139,889 $ 153,317
Common Equity Tier 1 (to risk-weighted assets): For Capital Adequacy Purposes - Ratio 0.0450 0.0450
Tier 1 capital (to average assets): Actual - Amount $ 326,965 $ 319,154
Tier 1 capital (to average assets): Actual - Ratio 0.0902 0.0827
Tier 1 capital (to average assets): For Capital Adequacy Purposes - Amount $ 144,996 $ 154,315
Tier 1 capital (to average assets): For Capital Adequacy Purposes - Ratio 0.0400 0.0400
v3.25.0.1
Benefits Plans (Narrative) (Details) - USD ($)
 12 Months Ended
Apr. 25, 2024
Jun. 30, 2023
Jan. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Mar. 27, 2023
Apr. 26, 2018
Apr. 28, 2011
Defined Benefit Plan Disclosure [Line Items]                  
Unrecognized net gain (loss) included in accumulated other comprehensive (loss) income       $ 62,000 $ 580,000 $ 559,000      
Estimated long term inflation rate       3.00%          
Expected future compensation expense, unexercised options       $ 150,000          
Expected future compensation expense, weighted average period for recognition       2 years 1 month 20 days          
Options exercisable - number of option shares       799,955          
Stock option expense       $ 128,000 133,000 216,000      
Number of shares underlying options       94,020          
Restricted stock expense       $ 639,000 $ 460,000 916,000      
Expected payments 2025       374,000          
Expected payments 2026       373,000          
Restricted Stock [Member]                  
Defined Benefit Plan Disclosure [Line Items]                  
Restricted stock issued 20,000                
Restricted stock expense       $ 636,000          
Minimum [Member]                  
Defined Benefit Plan Disclosure [Line Items]                  
Expected return on plan assets       4.00%          
Maximum [Member]                  
Defined Benefit Plan Disclosure [Line Items]                  
Expected return on plan assets       7.00%          
2018 Equity Incentive Plan [Member]                  
Defined Benefit Plan Disclosure [Line Items]                  
Shares authorized for issuance               1,000,000  
2018 Equity Incentive Plan [Member] | Employee Stock Option [Member]                  
Defined Benefit Plan Disclosure [Line Items]                  
Options granted       0 0        
2023 Equity Incentive Plan [Member]                  
Defined Benefit Plan Disclosure [Line Items]                  
Shares authorized for issuance             1,000,000    
2011 Stock Plan [Member]                  
Defined Benefit Plan Disclosure [Line Items]                  
Shares authorized for issuance                 900,000
Supplemental Executive Retirement Plan [Member]                  
Defined Benefit Plan Disclosure [Line Items]                  
Normal retirement age       65 years          
SERP plan expense       $ 44,632 $ 350,000 $ 328,000      
Vesting period       3 years          
Expected payments 2025       $ 50,000          
Expected payments 2026       49,000          
Annuity amount       $ 1,800,000          
Directors [Member] | Restricted Stock [Member]                  
Defined Benefit Plan Disclosure [Line Items]                  
Restricted stock issued     27,000            
Vesting period     4 years            
Executive Officers [Member] | Restricted Stock [Member]                  
Defined Benefit Plan Disclosure [Line Items]                  
Restricted stock issued 30,000 25,252              
Executive Officers [Member] | Minimum [Member] | Restricted Stock [Member]                  
Defined Benefit Plan Disclosure [Line Items]                  
Vesting period 2 years                
Executive Officers [Member] | Maximum [Member] | Restricted Stock [Member]                  
Defined Benefit Plan Disclosure [Line Items]                  
Vesting period 3 years                
Cash Equivalents [Member]                  
Defined Benefit Plan Disclosure [Line Items]                  
Target       3.00%          
Equity [Member]                  
Defined Benefit Plan Disclosure [Line Items]                  
Target       55.00%          
Equity [Member] | Minimum [Member]                  
Defined Benefit Plan Disclosure [Line Items]                  
Expected return on plan assets       6.00%          
Target       40.00%          
Equity [Member] | Maximum [Member]                  
Defined Benefit Plan Disclosure [Line Items]                  
Expected return on plan assets       10.00%          
Target       60.00%          
Fixed Income [Member]                  
Defined Benefit Plan Disclosure [Line Items]                  
Target       45.00%          
Fixed Income [Member] | Minimum [Member]                  
Defined Benefit Plan Disclosure [Line Items]                  
Expected return on plan assets       2.00%          
Target       40.00%          
Fixed Income [Member] | Maximum [Member]                  
Defined Benefit Plan Disclosure [Line Items]                  
Expected return on plan assets       6.00%          
Target       60.00%          
v3.25.0.1
Benefits Plans (Pension Plan's Funded Status and Components of Net Periodic Pension Cost) (Details) - Pension Plan [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]        
Change in Benefit Obligation: Benefit obligation, beginning of year $ 4,802 $ 4,935 $ 6,492  
Change in Benefit Obligation: Interest Cost 224 238 178  
Change in Benefit Obligation: Actuarial gain (256) (25) (1,362)  
Change in Benefit Obligation: Benefits paid (363) (346) (363)  
Change in Benefit Obligation: Lump sum distributions (179)   (10)  
Change in Benefit Obligation: Benefit obligation, ending 4,228 4,802 4,935  
Change in Plan Assets: Fair value of assets, beginning of year 6,012 5,965    
Change in Plan Assets: Actual return (loss) on plan assets 612 393 (806)  
Change in Plan Assets: Benefits paid (363) (346) (363)  
Change in Plan Assets : Lump sum distributions (179)   (10)  
Change in Plan Assets: Fair value of assets, ending 6,082 6,012 5,965  
Reconciliation of Funded Status: Projected benefit obligation 4,228 4,802 4,935  
Reconciliation of Funded Status: Fair value of assets 6,082 6,012 5,965 $ 7,144
Reconciliation of Funded Status: Unfunded status, included in other liabilities, net $ 1,854 $ 1,210 $ 1,030  
Valuation assumptions used to determine benefit obligation at period end: Discount rate 5.54% 4.83% 5.02%  
v3.25.0.1
Benefits Plans (Net Periodic Pension and SERP Expense) (Details) - Pension Plan [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Interest cost $ 224 $ 238 $ 178
Expected return on assets (350) (346) (417)
Amortization of net loss   55 66
Net periodic pension benefit $ (126) $ (53) $ (173)
Valuation assumptions used to determine net periodic benefit cost for the year: Discount rate 4.83% 5.02% 2.83%
Valuation assumptions used to determine net periodic benefit cost for the year: Long term rate of return on plan assets 6.00% 6.00% 6.00%
Valuation assumptions used to determine net periodic benefit cost for the year: Salary increase rate
v3.25.0.1
Benefits Plans (Asset Allocation Parameters by Asset Class) (Details)
Dec. 31, 2024
Equity [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target 55.00%
Equity [Member] | Minimum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target 40.00%
Equity [Member] | Maximum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target 60.00%
Large-Cap U.S. [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target 42.00%
Mid/Small-Cap U.S. [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target 11.00%
Non-U.S [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target 26.00%
Fixed Income [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target 45.00%
Fixed Income [Member] | Minimum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target 40.00%
Fixed Income [Member] | Maximum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target 60.00%
Long/Short Duration [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target 43.00%
Money Market/Certificates of Deposit [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target 2.00%
v3.25.0.1
Benefits Plans (Summary of Stock Option Activity) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Benefits Plans [Abstract]      
Outstanding, Beginning Balance - Number of Options 975,975 1,036,975  
Options Exercised - Number of Options (2,000) (61,000)  
Options Expired - Number of Options (80,000)    
Outstanding, Ending Balance - Number of Options 893,975 975,975 1,036,975
Outstanding, Range of Exercise Price, Lower Range Limit (per share) $ 10.55 $ 10.55 $ 9.03
Outstanding, Range of Exercise Price, Upper Range Limit (per share) 13.68 13.68 13.68
Options Exercised - Exercise Price 12.19 9.03  
Options expired - Exercise prices 13.32    
Outstanding Number of Options, Beginning Balance - Weighted Average Exercise Price 11.89 11.72  
Number of Options, Exercised - Weighted Average Exercise Price 12.19 9.03  
Number of Options Expired - Weighted Average Exercise Price 13.32    
Outstanding Number of Options, Ending Balance - Weighted Average Exercise Price $ 11.76 $ 11.89 $ 11.72
Outstanding, Weighted Average Remaining Contractual Term 3 years 1 month 28 days 3 years 9 months 29 days 4 years 5 months 19 days
Options Outstanding, Intrinsic Value $ 355 $ 984 $ 6,502
Exercisable - Number of Options 799,955    
Exercise of stock options 2,000 9,628  
v3.25.0.1
Benefits Plans (Schedule of Fair Value of Plan Assets) (Details) - Pension Plan [Member] - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2020
Defined Benefit Plan Fair Value Of Plan Assets [Line Item]        
Fair value of plan assets $ 6,082 $ 6,012 $ 5,965 $ 7,144
(Level 1) Quoted Prices In Active Markets For Identical Assets [Member]        
Defined Benefit Plan Fair Value Of Plan Assets [Line Item]        
Fair value of plan assets 6,082 6,012    
Mutual funds-Equity: Large-Cap Value [Member]        
Defined Benefit Plan Fair Value Of Plan Assets [Line Item]        
Fair value of plan assets 1,035 1,120    
Mutual funds-Equity: Large-Cap Value [Member] | (Level 1) Quoted Prices In Active Markets For Identical Assets [Member]        
Defined Benefit Plan Fair Value Of Plan Assets [Line Item]        
Fair value of plan assets 1,035 1,120    
Mutual-funds-Equity: Large-Cap Growth [Member]        
Defined Benefit Plan Fair Value Of Plan Assets [Line Item]        
Fair value of plan assets   261    
Mutual-funds-Equity: Large-Cap Growth [Member] | (Level 1) Quoted Prices In Active Markets For Identical Assets [Member]        
Defined Benefit Plan Fair Value Of Plan Assets [Line Item]        
Fair value of plan assets   261    
Mutual-funds-Equity: Diversified Emerging Markets [Member]        
Defined Benefit Plan Fair Value Of Plan Assets [Line Item]        
Fair value of plan assets 88 95    
Mutual-funds-Equity: Diversified Emerging Markets [Member] | (Level 1) Quoted Prices In Active Markets For Identical Assets [Member]        
Defined Benefit Plan Fair Value Of Plan Assets [Line Item]        
Fair value of plan assets 88 95    
Mutual funds-Equity: Large Blend [Member]        
Defined Benefit Plan Fair Value Of Plan Assets [Line Item]        
Fair value of plan assets 1,253 1,025    
Mutual funds-Equity: Large Blend [Member] | (Level 1) Quoted Prices In Active Markets For Identical Assets [Member]        
Defined Benefit Plan Fair Value Of Plan Assets [Line Item]        
Fair value of plan assets 1,253 1,025    
Mutual-funds-Equity: Technology [Member]        
Defined Benefit Plan Fair Value Of Plan Assets [Line Item]        
Fair value of plan assets 168 137    
Mutual-funds-Equity: Technology [Member] | (Level 1) Quoted Prices In Active Markets For Identical Assets [Member]        
Defined Benefit Plan Fair Value Of Plan Assets [Line Item]        
Fair value of plan assets 168 137    
Mutual Funds: Long Government [Member]        
Defined Benefit Plan Fair Value Of Plan Assets [Line Item]        
Fair value of plan assets 38 46    
Mutual Funds: Long Government [Member] | (Level 1) Quoted Prices In Active Markets For Identical Assets [Member]        
Defined Benefit Plan Fair Value Of Plan Assets [Line Item]        
Fair value of plan assets 38 46    
Mutual Funds-Fixed Income: Multi-Sector Bond [Member]        
Defined Benefit Plan Fair Value Of Plan Assets [Line Item]        
Fair value of plan assets 1,181 1,244    
Mutual Funds-Fixed Income: Multi-Sector Bond [Member] | (Level 1) Quoted Prices In Active Markets For Identical Assets [Member]        
Defined Benefit Plan Fair Value Of Plan Assets [Line Item]        
Fair value of plan assets 1,181 1,244    
Mutual funds-Fixed Income: High Yield Bond [Member]        
Defined Benefit Plan Fair Value Of Plan Assets [Line Item]        
Fair value of plan assets 622 648    
Mutual funds-Fixed Income: High Yield Bond [Member] | (Level 1) Quoted Prices In Active Markets For Identical Assets [Member]        
Defined Benefit Plan Fair Value Of Plan Assets [Line Item]        
Fair value of plan assets 622 648    
Mutual Funds: Intermediate Core Bond [Member]        
Defined Benefit Plan Fair Value Of Plan Assets [Line Item]        
Fair value of plan assets 595 656    
Mutual Funds: Intermediate Core Bond [Member] | (Level 1) Quoted Prices In Active Markets For Identical Assets [Member]        
Defined Benefit Plan Fair Value Of Plan Assets [Line Item]        
Fair value of plan assets 595 656    
Stock: BCB Common Stock [Member]        
Defined Benefit Plan Fair Value Of Plan Assets [Line Item]        
Fair value of plan assets 590 666    
Stock: BCB Common Stock [Member] | (Level 1) Quoted Prices In Active Markets For Identical Assets [Member]        
Defined Benefit Plan Fair Value Of Plan Assets [Line Item]        
Fair value of plan assets 590 666    
Cash Equivalents: Money Market [Member]        
Defined Benefit Plan Fair Value Of Plan Assets [Line Item]        
Fair value of plan assets 512 114    
Cash Equivalents: Money Market [Member] | (Level 1) Quoted Prices In Active Markets For Identical Assets [Member]        
Defined Benefit Plan Fair Value Of Plan Assets [Line Item]        
Fair value of plan assets $ 512 $ 114    
v3.25.0.1
Benefits Plans (Expected Benefit Payments) (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Benefits Plans [Abstract]  
2025 $ 374
2026 373
2027 374
2028 371
2029 361
2030-2034 $ 1,619
v3.25.0.1
Benefits Plans (Schedule of Share-Based Compensation Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Benefits Plans [Abstract]      
Stock Option Expense $ 128 $ 133 $ 216
Restricted Stock Expense 639 460 916
Total share-based compensation expense $ 767 $ 593 $ 1,132
v3.25.0.1
Benefits Plans (Summary of Status of Restricted Shares) (Details)
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Benefits Plans [Abstract]  
Number of Shares Awarded, Non-vested at beginning of period | shares 86,752
Number of Shares Awarded, Granted | shares 50,000
Number of Shares Awarded, Vested | shares (50,227)
Number of Shares Awarded, Forfeited | shares (1,725)
Number of Shares Awarded, Non-vested at end of period | shares 84,800
Weighted Average Grant Date Fair Value, Non-vested at beginning of period | $ / shares $ 14.98
Weighted Average Grant Date Fair Value, Granted | $ / shares 9.44
Weighted Average Grant Date Fair Value, Vested | $ / shares 13.85
Weighted Average Grant Date Fair Value, Forfeited | $ / shares 14.92
Weighted Average Grant Date Fair Value, Non-vested at end of period | $ / shares $ 12.38
v3.25.0.1
Stockholders' Equity (Narrative) (Details) - USD ($)
 12 Months Ended
Nov. 30, 2024
Sep. 25, 2024
Jun. 21, 2024
Mar. 29, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Stockholders' Equity Note [Line Items]              
Preferred stock, par value per share         $ 0.01 $ 0.01  
Preferred stock redeemed, value         $ 10,010,000 $ 11,230,000 $ 14,730,000
Series K Preferred Stock [Member]              
Stockholders' Equity Note [Line Items]              
Preferred stock, par value per share         $ 0.01    
Preferred stock, dividend rate         6.00%    
Proceeds from issuance of private placement         $ 4,970,000    
Shares issued         497    
Series I Preferred Stock [Member]              
Stockholders' Equity Note [Line Items]              
Preferred stock, dividend rate 3.00%       8.00% 3.00% 3.00%
Preferred stock redeemed, shares 1,001            
Preferred stock, redemption price $ 10,000            
Preferred stock redeemed, value $ 10,010,000            
Series J Preferred Stock [Member]              
Stockholders' Equity Note [Line Items]              
Preferred stock, par value per share   $ 0.01          
Preferred stock, dividend rate   8.00%     8.00% 8.00%  
Proceeds from issuance of private placement   $ 1,360,000 $ 670,000 $ 2,690,000      
Shares issued   136 67 269      
v3.25.0.1
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]      
Impairment of intangible assets     $ 0
Core Deposit Intangibles [Member]      
Finite-Lived Intangible Assets [Line Items]      
Amortization expense $ 129,000 $ 49,000  
Goodwill $ 5,200,000   $ 5,200,000
Intangible asset, useful life     10 years
v3.25.0.1
Dividend Restrictions (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dividend Restrictions [Abstract]      
Minimum percentage of capital stock surplus under dividend restriction 50.00%    
Cash dividends paid to parent company $ 19,387,000 $ 20,580,000 $ 22,338,000
v3.25.0.1
Income Taxes (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Apr. 17, 2018
Income Tax Disclosure [Line Items]      
Operating loss carryforwards $ 5,100,000 $ 5,600,000 $ 8,700,000
Federal statutory rate 21.00% 21.00%  
Internal Revenue Service (IRS) [Member]      
Income Tax Disclosure [Line Items]      
Maximum annual amount of net operating loss carryforward that may be used on a cumulative basis $ 459,000    
Internal Revenue Service (IRS) [Member] | 2011 Acquisition [Member]      
Income Tax Disclosure [Line Items]      
Operating loss carryforwards, expiration date Dec. 31, 2035    
v3.25.0.1
Income Taxes (Components of Income Tax Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Taxes [Abstract]      
Current income tax expense: Federal $ 4,529 $ 8,917 $ 12,323
Current income tax expense: State 2,860 5,592 6,215
Current income tax expense 7,389 14,509 18,538
Deferred income tax expense: Federal 351 (1,634) (967)
Deferred income tax expense: State (93) (903) (40)
Deferred income tax expense 258 (2,537) (1,007)
Income Tax Expense $ 7,647 $ 11,972 $ 17,531
v3.25.0.1
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Taxes [Abstract]      
Deferred income tax assets: Allowance for loan losses $ 10,176 $ 9,805  
Deferred income tax assets : Benefit plans 7    
Deferred income tax assets: Nonaccrual interest 749 176  
Deferred income tax assets: Benefit Plan-accumulated other comprehensive loss 10 166  
Deferred income tax assets: Net operating loss carry forwards 1,070 1,166  
Deferred income tax assets: Lease liability 3,756 3,806  
Deferred income tax assets: Unrealized loss on securities 2,149 2,860  
Deferred income tax assets: Capital loss carryover 477 477  
Deferred income tax assets: Deferred fees and costs 782 1,168  
Deferred income tax assets: Other 2,077 3,002  
Deferred income tax assets 21,253 22,626  
Deferred income tax liabilities: Purchase accounting adjustment on premises and equipment acquired 69 71  
Deferred income tax liabilities: Right-of-use assets 3,626 3,697  
Deferred income tax liabilities: SBA servicing asset 252 319  
Deferred income tax liabilities: Borrowing modification 125 282  
Defined income tax liabilities: Benefit plans   44  
Deferred income tax liabilities 4,072 4,413  
Net Deferred Tax Asset $ 17,181 $ 18,213 $ 16,462
v3.25.0.1
Income Taxes (Summary of Change in Net Deferred Tax Asset) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Balance at beginning of year $ 18,213 $ 16,462  
Deferred tax benefit (258) 2,537 $ 1,007
Other comprehensive income, Available for sale securities (618) 355  
Other comprehensive income, Benefit plan (156) 7  
Balance at end of year $ 17,181 18,213 16,462
Effect of Adopting ASU No. 2016-13 ("CECL") [Member]      
Balance at beginning of year   $ (1,148)  
Balance at end of year     $ (1,148)
v3.25.0.1
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Taxes [Abstract]      
Federal income tax expense at statutory rate $ 5,517 $ 8,706 $ 13,253
State income tax, net of federal income tax effect 2,186 3,704 4,878
Tax-exempt income (13) (30) (63)
Bank-owned life insurance earnings (553) (368) (561)
Other items, net 510 (40) 24
Income Tax Expense $ 7,647 $ 11,972 $ 17,531
Effective Income Tax Rate 29.10% 28.90% 27.80%
v3.25.0.1
Commitments and Contingencies (Narrative) (Details)
 12 Months Ended
Dec. 31, 2024
item
Commitments And Contingencies Disclosure [Line Items]  
Number of operating leases 26
Minimum [Member]  
Commitments And Contingencies Disclosure [Line Items]  
Lease terms 1 year
Maximum [Member]  
Commitments And Contingencies Disclosure [Line Items]  
Lease terms 12 years
v3.25.0.1
Commitments and Contingencies (Loan Related Commitments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Commitments And Contingencies Disclosure [Line Items]      
Fair Value $ 193,797 $ 313,052 $ 485,050
Loan Origination Commitments [Member]      
Commitments And Contingencies Disclosure [Line Items]      
Fair Value 1,505 975 165,579
Standby Letters of Credit [Member]      
Commitments And Contingencies Disclosure [Line Items]      
Fair Value 2,450 13,353 3,701
Construction [Member]      
Commitments And Contingencies Disclosure [Line Items]      
Fair Value 16,673 63,395 96,905
Unused Lines Of Credit [Member]      
Commitments And Contingencies Disclosure [Line Items]      
Fair Value $ 173,169 $ 235,329 $ 218,865
v3.25.0.1
Commitments and Contingencies (Schedule of Lease Information) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingencies [Abstract]    
Operating lease expense $ 3,596 $ 3,591
Variable lease expense-operating leases 1,096 1,056
Total lease cost 4,692 4,647
Operating lease right-of-use assets 12,686 12,935
Current liabilities 3,189 3,094
Operating lease liabilities (noncurrent portion) 11,299 11,526
Imputed interest (1,349) (1,305)
Total Operating Lease Liabilities $ 13,139 $ 13,315
v3.25.0.1
Commitments and Contingencies (Summary of Lease Terms and Discount Rate) (Details)
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingencies [Abstract]    
Weighted Average Remaining Lease Term, Operating leases 5 years 4 months 20 days 5 years 9 months 7 days
Weighted Average Discount Rate, Operating leases 3.40% 3.02%
v3.25.0.1
Commitments and Contingencies (Summary of Maturity of Lease Obligations for Operating Leases) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingencies [Abstract]    
One year or less $ 3,189  
Over one year through three years 5,680  
Over three years through five years 3,213  
Over five years 2,406  
Gross Operating Lease Liabilities 14,488  
Imputed interest (1,349) $ (1,305)
Total Operating Lease Liabilities $ 13,139 $ 13,315
v3.25.0.1
Fair Value Measurements and Fair Values of Financial Instruments (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Impaired loans $ 11,817,000 $ 4,229,000 $ 2,784,000  
Total Loans Receivable 3,033,784,000 3,317,402,000 3,082,418,000  
Allowance for credit losses 34,789,000 33,608,000 $ 32,373,000 $ 37,119,000
Fair Value, Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Liabilities 0 0    
Impaired Loans [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Losses (recoveries) on impaired loans 7,600,000 1,400,000    
(Level 3) Significant Unobservable Inputs [Member] | Impaired Loans [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Impaired loans 31,200,000 27,800,000    
Valuation allowance $ 11,800,000 $ 4,200,000    
v3.25.0.1
Fair Value Measurements and Fair Values of Financial Instruments (Fair Value Measurements, Recurring) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities Available for Sale $ 101,717 $ 87,769
Marketable Equities 9,472 9,093
Total Securities 111,189 96,862
(Level 1) Quoted Prices In Active Markets For Identical Assets [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable Equities 9,472 9,093
Total Securities 9,472 9,093
(Level 2) Significant Other Observable Inputs [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities Available for Sale 101,717 87,769
Total Securities $ 101,717 $ 87,769
v3.25.0.1
Fair Value Measurements and Fair Values of Financial Instruments (Fair Value Measurements, Nonrecurring) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
(Level 2) Significant Other Observable Inputs [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for sale   $ 1,287
(Level 3) Significant Unobservable Inputs [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Individually Evaluated Loans $ 19,391 23,585
Impaired Loans [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Individually Evaluated Loans 19,391 23,585
Impaired Loans [Member] | (Level 3) Significant Unobservable Inputs [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Individually Evaluated Loans $ 19,391 $ 23,585
v3.25.0.1
Fair Value Measurements and Fair Values of Financial Instruments (Quantitative Information About Level 3 Fair Value Measurements) (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
item
Dec. 31, 2023
USD ($)
item
Impaired Loans [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Individually Evaluated Loans $ 19,391 $ 23,585
(Level 3) Significant Unobservable Inputs [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Individually Evaluated Loans 19,391 23,585
(Level 3) Significant Unobservable Inputs [Member] | Impaired Loans [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Individually Evaluated Loans $ 19,391 $ 23,585
(Level 3) Significant Unobservable Inputs [Member] | Minimum [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Individually Evaluated Loans, Range | item 0 0
(Level 3) Significant Unobservable Inputs [Member] | Maximum [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Individually Evaluated Loans, Range | item 10 10
v3.25.0.1
Fair Value Measurements and Fair Values of Financial Instruments (Carrying Values and Estimated Fair Values of Financial Instruments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale $ 101,717 $ 87,769
Equity investments 9,472 9,093
Carrying Value [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 317,282 279,523
Interest-earning time deposits 735 735
Debt securities available for sale 101,717 87,769
Equity investments 9,472 9,093
Loans held for sale   1,287
Loans receivable, net 2,996,259 3,279,708
FHLB of New York stock, at cost 24,272 24,917
Accrued interest receivable 15,176 16,072
Deposits 2,750,858 2,979,080
Debt 455,361 472,811
Subordinated debentures 42,961 37,624
Accrued interest payable 5,195 5,777
Fair Value [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 317,282 279,523
Interest-earning time deposits 735 735
Debt securities available for sale 101,717 87,769
Equity investments 9,472 9,093
Loans held for sale   1,287
Loans receivable, net 2,900,892 3,112,980
FHLB of New York stock, at cost 24,272 24,917
Accrued interest receivable 15,176 16,072
Deposits 2,751,625 2,978,654
Debt 456,290 472,184
Subordinated debentures 41,594 39,299
Accrued interest payable 5,195 5,777
(Level 1) Quoted Prices In Active Markets For Identical Assets [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 317,282 279,523
Equity investments 9,472 9,093
Deposits 1,721,602 2,120,514
(Level 2) Significant Other Observable Inputs [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest-earning time deposits 735 735
Debt securities available for sale 101,717 87,769
Loans held for sale   1,287
FHLB of New York stock, at cost 24,272 24,917
Accrued interest receivable 15,176 16,072
Deposits 1,030,023 858,140
Debt 456,290 472,184
Subordinated debentures 41,594 39,299
Accrued interest payable 5,195 5,777
(Level 3) Significant Unobservable Inputs [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans receivable, net $ 2,900,892 $ 3,112,980
v3.25.0.1
Accumulated Other Comprehensive Loss (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Total Stockholders' Equity $ 323,925 $ 314,055 $ 291,254 $ 274,024
Net Unrealized Gain (Loss) On Securities Available For Sale [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Accumulated other comprehensive income (loss), before tax (6,873) (9,380) (7,887)  
Tax effect 1,692 2,310 1,955  
Total Stockholders' Equity (5,181) (7,070) (5,932)  
Benefit Plan Adjustments [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Accumulated other comprehensive income (loss), before tax (68) (587) (718)  
Tax effect 10 166 159  
Total Stockholders' Equity (58) (421) (559)  
Accumulated Other Comprehensive Income (Loss) [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Total Stockholders' Equity $ (5,239) $ (7,491) $ (6,491) $ 1,128
v3.25.0.1
Parent Only Condensed Financial Information (Statements of Financial Condition) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Condensed Balance Sheet Statements, Captions [Line Items]        
Cash and due from banks $ 14,075 $ 16,597    
Other assets 10,476 10,428    
Total assets 3,599,118 3,832,397    
Subordinated debentures 42,961 37,624    
Other Liabilities 12,874 15,512    
Total liabilities 3,275,193 3,518,342    
Stockholders’ equity 323,925 314,055 $ 291,254 $ 274,024
Total Liabilities and Stockholders' equity 3,599,118 3,832,397    
Parent Company [Member]        
Condensed Balance Sheet Statements, Captions [Line Items]        
Cash and due from banks 3,289 1,290    
Investment in subsidiaries 364,781 349,775    
Restricted common stock 124 124    
Other assets 402 1,172    
Total assets 368,596 352,361    
Subordinated debentures 42,961 37,624    
Other Liabilities 1,710 682    
Total liabilities 44,671 38,306    
Stockholders’ equity 323,925 314,055    
Total Liabilities and Stockholders' equity $ 368,596 $ 352,361    
v3.25.0.1
Parent Only Condensed Financial Information (Statements of Operations) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Condensed Income Statements, Captions [Line Items]      
Total Income $ 194,009 $ 188,360 $ 131,441
Interest expense, borrowed money 101,988 84,298 17,496
Income tax benefit 7,647 11,972 17,531
Net Income 18,623 29,483 45,579
Parent Company [Member]      
Condensed Income Statements, Captions [Line Items]      
Dividends from Bank 19,387 20,580 22,338
Interest and dividends from investments 2 2  
Total Income 19,389 20,582 22,338
Interest expense, borrowed money 3,894 2,725 2,299
Other 442 422 366
Total Expense 4,336 3,147 2,665
Income before Income Tax Benefit and Equity in Undistributed Earnings of Subsidiaries 15,053 17,435 19,673
Income tax benefit (1,273) (924) (843)
Income before Equity in Undistributed Earnings of Subsidiaries 16,326 18,359 20,516
Equity in undistributed earnings of subsidiaries 2,297 11,124 25,063
Net Income $ 18,623 $ 29,483 $ 45,579
v3.25.0.1
Parent Only Condensed Financial Information (Statements of Cash Flows) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Condensed Cash Flow Statements, Captions [Line Items]      
Net Income $ 18,623 $ 29,483 $ 45,579
Decrease (increase) in other assets (48) (890) (1,552)
(Decrease) increase in other liabilities (1,537) 1,969 (2,469)
Net Cash Provided By Operating Activities 67,727 35,158 40,889
Net Cash Used In Investing Activities 222,772 (233,322) (761,502)
Proceeds from issuance of preferred stock 9,690 15,270 6,810
Redemption of preferred stock (10,010) (11,230) (14,730)
Proceeds from issuance of common stock 824 1,355 419
Proceeds from issuance of subordinated debt 38,754    
Repayments of Subordinated Debt 33,500    
Cash dividend paid (10,443) (10,440) (10,379)
Purchase of treasury stock   (3,816) (3,406)
Net Cash Provided by (Used in) Financing Activities (252,740) 248,328 538,343
Net Increase (Decrease) in Cash and Cash Equivalents 37,759 50,164 (182,270)
Cash and Cash Equivalents-Beginning 279,523 229,359 411,629
Cash and Cash Equivalents-Ending 317,282 279,523 229,359
Parent Company [Member]      
Condensed Cash Flow Statements, Captions [Line Items]      
Net Income 18,623 29,483 45,579
Amortization 83 116 233
Equity in undistributed earnings of subsidiaries (2,297) (11,124) (25,063)
Decrease (increase) in other assets 770 (1,062) 1,223
(Decrease) increase in other liabilities 1,028 (303) (149)
Net Cash Provided By Operating Activities 18,207 17,110 21,823
Additional investment in subsidiary (9,690) (8,227) (2,220)
Net Cash Used In Investing Activities (9,690) (8,227) (2,220)
Proceeds from issuance of preferred stock 9,690 15,270 6,810
Redemption of preferred stock (10,010) (11,230) (14,730)
Proceeds from issuance of common stock 824 1,773 639
Proceeds from issuance of subordinated debt 38,754    
Repayments of Subordinated Debt (33,500)    
Cash dividend paid (12,276) (11,142) (11,175)
Purchase of treasury stock   (3,816) (3,406)
Net Cash Provided by (Used in) Financing Activities (6,518) (9,145) (21,862)
Net Increase (Decrease) in Cash and Cash Equivalents 1,999 (263) (2,259)
Cash and Cash Equivalents-Beginning 1,290 1,553 3,812
Cash and Cash Equivalents-Ending $ 3,289 $ 1,290 $ 1,553
v3.25.0.1
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] - O2025Q3 Dividends [Member] - $ / shares
Feb. 24, 2025
Feb. 07, 2025
Jan. 28, 2025
Subsequent Event [Line Items]      
Date declared     Jan. 28, 2025
Dividends per common share     $ 0.16
Date of record   Feb. 07, 2025  
Date paid Feb. 24, 2025    
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Insider Trading Arrangements [Line Items]  
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
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
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

Cybersecurity risks are continually evolving, becoming increasingly complex and pervasive across all industries. To mitigate these cybersecurity risks and protect nonpublic, personally identifiable customer data, financial transactions and our classified information systems, the Bank has implemented a comprehensive information security program, which is a component of its overarching enterprise risk management program. Key components of the information security program include:

• A risk assessment process that identifies and prioritizes material cybersecurity risks; defines and evaluates the effectiveness of controls to mitigate the risks; and reports results to executive management and the Board of Directors.

• Annual security assessments that proactively identify potential vulnerabilities that are both externally facing and internal within the bank’s infrastructure; reports the results for all assessments to executive management and the Board of Directors with tracking and resolution to potential areas of risk.

• Vulnerability management program that patches known vulnerabilities across operating systems and software platforms.

• Strong controls around user access including creation, changes and termination of access, ongoing user access reviews, multifactor authentication and password policies.

• A technology team covering all critical cyber defense functions such as engineering, data protection, identity and access management, insider risk management, security operations, threat emulation and threat intelligence.

• A training program that educates employees about cybersecurity risks and how to protect themselves from cyberattacks.

• An awareness program that keeps employees informed about cybersecurity threats and how to stay safe online.

• An incident response plan that outlines the steps the Bank will take to respond to a cybersecurity incident, which is tested on a periodic basis.

• Adoption and implementation of a layered defense / defense in depth model n which security systems are linked or stacked so that the strengths of one security system compensate the weaknesses of the other system.

• Additional controls that include but not limited to data encryption; change management; end of life management; asset management; malware and antivirus detection, response and mitigation; physical security; business continuity and disaster recovery management.

The Bank engages reputable third-party assessors to conduct various independent audits on a regular basis, including but not limited to maturity assessments and various testing. Following a defense-in-depth strategy, the Bank leverages both in-house resources and third-party service providers to implement and maintain processes and controls to manage the identified risks.

The Bank’s Third-Party / Vendor Risk Management program is designed to ensure that our vendors meet our cybersecurity requirements. This includes conducting periodic risk assessments of vendors, requiring vendors to implement appropriate cybersecurity controls and monitoring vendor compliance with our cybersecurity requirements.

The Bank’s information security program and strategy are designed to ensure the Bank's information and information systems are resilient and appropriately protected from a variety of threats, both natural and man-made. Periodic audits and risk assessments are performed to validate control requirements and ensure that the Bank’s information is protected at a level commensurate with its sensitivity, value, and criticality. Preventative and detective security controls and policies are employed on all media where information is stored, the systems that process it, and infrastructure components that facilitate its transmission to ensure the confidentiality, integrity, and availability of Bank information. These controls and policies include, but are not limited to access control, data encryption, data loss prevention, incident response, security monitoring, third party risk management, and vulnerability management.

The Bank's information security program and strategy are regularly reviewed and updated to ensure that they are aligned with the Bank's business objectives and are designed to address evolving cybersecurity threats and satisfy regulatory requirements and industry standards.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We recognize the critical importance of developing, implementing, assessing, and maintaining robust cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our data. Senior Management, in collaboration with the Information Technology and Risk Departments, is responsible for the implementation and oversight of the Bank's Cybersecurity Risk Management Program.
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] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]

While cybersecurity risks have the potential to materially affect the Bank's business, financial condition, and results of operations, the Bank does not believe that risks from cybersecurity threats or attacks, including as a result of any previous cybersecurity incidents, have materially affected the Bank, including its business strategy, results of operations or financial condition. Accordingly, no matter how well designed or implemented the Bank’s controls are, there is a risk that it may not be able to anticipate all zero-day cyber security exploits and vulnerabilities, and it may not be able to implement effective preventive measures against such exploits / vulnerabilities and potentially associated security breaches in a timely manner.

Cybersecurity Risk Board of Directors Oversight [Text Block] The Bank’s Board of Directors is charged with overseeing the establishment and execution of the Bank’s security management framework and monitoring adherence to related policies required by applicable statutes, regulations and principles of safety and soundness. Consistent with this responsibility the Board has delegated primary oversight responsibility over the Bank’s security management framework, including oversight of cybersecurity risk and cybersecurity risk management, to the Information Technology /Information Security Committee of the Board of Directors.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Information Technology /Information Security Committee receives regular updates on cybersecurity risks and incidents and the cybersecurity program through direct interaction with the Chief Information Technology Officer and provides periodic updates regarding cybersecurity risks and the cybersecurity program to the full Board of Directors. Additionally, awareness and training on cybersecurity topics is provided to the Board on an annual basis.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] . The Information Technology /Information Security Committee receives regular updates on cybersecurity risks and incidents and the cybersecurity program through direct interaction with the Chief Information Technology Officer and provides periodic updates regarding cybersecurity risks and the cybersecurity program to the full Board of Directors. Additionally, awareness and training on cybersecurity topics is provided to the Board on an annual basis.
Cybersecurity Risk Role of Management [Text Block] We recognize the critical importance of developing, implementing, assessing, and maintaining robust cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our data. Senior Management, in collaboration with the Information Technology and Risk Departments, is responsible for the implementation and oversight of the Bank's Cybersecurity Risk Management Program.

Information security risk is systematically reported to our Board of Directors by the Information Technology and Risk Departments through quarterly management reports, ensuring a structured and effective flow of cybersecurity risk information to the Board of Directors. Various committees and working groups are dedicated to monitoring and managing information security risks, including the Cybersecurity Incident Response Team and the Information Technology/Information Security Committee of the Board of Directors. These committees play a pivotal role in establishing and overseeing policies, programs, and guidance that define clear expectations for managing cybersecurity risk.

Due to the evolving nature of cybersecurity threats, we actively engage with external experts to enhance our security expertise. These subject matter experts provide independent evaluations and testing of our cybersecurity risk management framework. Our collaboration with these entities includes regular audits, threat assessments, and consultations on security enhancements to reinforce our security posture.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Various committees and working groups are dedicated to monitoring and managing information security risks, including the Cybersecurity Incident Response Team and the Information Technology/Information Security Committee of the Board of Directors. These committees play a pivotal role in establishing and overseeing policies, programs, and guidance that define clear expectations for managing cybersecurity risk.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Information security risk is systematically reported to our Board of Directors by the Information Technology and Risk Departments through quarterly management reports, ensuring a structured and effective flow of cybersecurity risk information to the Board of Directors. Various committees and working groups are dedicated to monitoring and managing information security risks, including the Cybersecurity Incident Response Team and the Information Technology/Information Security Committee of the Board of Directors. These committees play a pivotal role in establishing and overseeing policies, programs, and guidance that define clear expectations for managing cybersecurity risk.

Due to the evolving nature of cybersecurity threats, we actively engage with external experts to enhance our security expertise. These subject matter experts provide independent evaluations and testing of our cybersecurity risk management framework. Our collaboration with these entities includes regular audits, threat assessments, and consultations on security enhancements to reinforce our security posture.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Various committees and working groups are dedicated to monitoring and managing information security risks, including the Cybersecurity Incident Response Team and the Information Technology/Information Security Committee of the Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true