What were Dime Commercial Bancshares (DCBG) earnings per share for Q2 2026?

Basic and diluted EPS for Dime Commercial Bancshares were 0.75 in Q2 2026, compared with 0.64 in Q2 2025. Year‑to‑date basic and diluted EPS were 1.49 , higher than 1.09 for the first six months of 2025.

Higher profit and loan loss reserves at Dime Commercial Bancshares (DCBG)

Q: How did Dime Commercial Bancshares (DCBG) perform financially in Q2 2026?

Dime Commercial Bancshares reported Q2 2026 net income of 34,814 thousand , up from 29,697 thousand a year earlier. For the first six months of 2026, net income was 69,396 thousand , reflecting stronger profitability versus the same period in 2025.

Q: What is the balance sheet size of Dime Commercial Bancshares (DCBG) as of June 30, 2026?

As of June 30, 2026, Dime Commercial Bancshares reported total assets of 15,042,953 thousand . Loans held for investment were 10,705,934 thousand , and total deposits, including mortgage escrow, were 12,677,137 thousand at period end.

Q: How did credit quality and reserves change at Dime Commercial Bancshares (DCBG) in 2026?

The allowance for credit losses increased to 104,963 thousand as of June 30, 2026, up from 97,372 thousand at year‑end 2025. Non‑accrual and collateral‑dependent loans also rose, and the company recorded a 26,188 thousand credit loss provision for the first half.

Q: What were deposits and funding levels for Dime Commercial Bancshares (DCBG) at mid‑2026?

Total deposits, including mortgage escrow, were 12,677,137 thousand at June 30, 2026, compared with 12,841,246 thousand at December 31, 2025. Federal Home Loan Bank advances declined to 385,000 thousand from 508,000 thousand over the same period.

Q: Does Dime Commercial Bancshares (DCBG) pay preferred and common dividends?

Yes. The company has 5.50% Non‑Cumulative Perpetual Preferred Stock, Series A outstanding with a 25.00 per‑share liquidation preference and continued paying quarterly preferred and common cash dividends during the first half of 2026.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

10-Q

Rhea-AI Filing Summary

Dime Commercial Bancshares, Inc. reported stronger results for the quarter ended June 30, 2026. Net income was 34,814 thousand versus 29,697 thousand a year earlier, and net income for the first six months rose to 69,396 thousand. Basic and diluted EPS were 0.75 for the quarter and 1.49 year‑to‑date, up from 0.64 and 1.09.

Total assets were 15,042,953 thousand, with loans held for investment of 10,705,934 thousand and total deposits of 12,677,137 thousand. The allowance for credit losses increased to 104,963 thousand, while non‑accrual and collateral‑dependent loans rose, indicating higher credit risk within parts of the portfolio. Stockholders’ equity grew to 1,520,456 thousand.

The company reduced Federal Home Loan Bank advances to 385,000 thousand from 508,000 thousand and redeemed 40,000 thousand of subordinated debentures, while cash and due from banks declined to 1,934,594 thousand. It continued paying quarterly dividends on its 5.50% Series A preferred stock and common stock and, during the quarter, completed its name change to Dime Commercial Bancshares, Inc. and Dime Commercial Bank, operating 63 branches in the New York and New Jersey markets.

Positive

Net income improved to 34,814 thousand in Q2 2026 from 29,697 thousand in Q2 2025, and six‑month net income increased to 69,396 thousand from 51,155 thousand, with EPS rising to 0.75 for the quarter and 1.49 year‑to‑date.
Net interest income grew to 115,186 thousand for Q2 2026 from 98,097 thousand a year earlier, and to 227,437 thousand for the first half of 2026 from 192,310 thousand, reflecting higher spread‑related earnings.

Negative

Provision for credit losses rose to 26,188 thousand for the first half of 2026 from 18,847 thousand a year earlier, and non‑accrual and collateral‑dependent loans increased, signaling elevated credit costs and asset‑quality pressure.
Deposits and liquidity softened, with total deposits (including mortgage escrow) decreasing to 12,677,137 thousand from 12,841,246 thousand and cash and due from banks declining to 1,934,594 thousand from 2,353,966 thousand since year‑end 2025.

Filing Explained

As of June 30, preferred stock remained outstanding and optional to redeem, while collateral-dependent loans and credit-loss reserves increased.

A Form 10-Q is an unaudited quarterly report; this filing presents the company’s interim financial statements for the period ended June 30, 2026.

The company reports 5,299,200 Series A preferred shares outstanding at June 30, 2026. The preferred stock is perpetual, carries a fixed 5.50% rate, and may be redeemed by the company at $25.00 per share plus declared and unpaid dividends, subject to regulatory approval; it therefore remained an outstanding preferred class rather than a completed redemption as of the reporting date.

The filing also states that all outstanding stock options were exercised during the quarter and that none remained outstanding at June 30, 2026; common shares outstanding were 44,158,358.

For credit-risk monitoring, collateral-dependent loans increased to $50,112 thousand from $37,122 thousand at year-end, while the allowance for credit losses increased to $104,963 thousand from $97,372 thousand.

The specific unresolved item is whether the company later elects to redeem the preferred stock; the disclosed terms make that a company option requiring regulatory approval, not an obligation completed in this filing.

Key Figures

Total assets: 15,042,953 thousand Net income, Q2 2026: 34,814 thousand Net income, six months 2026: 69,396 thousand +5 more

8 metrics

Total assets 15,042,953 thousand As of June 30, 2026

Net income, Q2 2026 34,814 thousand Three months ended June 30, 2026

Net income, six months 2026 69,396 thousand Six months ended June 30, 2026

Basic EPS, Q2 2026 0.75 Net income available to common stockholders per share

Total deposits 12,677,137 thousand Including mortgage escrow deposits as of June 30, 2026

Loans held for investment 10,705,934 thousand Gross loans at June 30, 2026

Allowance for credit losses 104,963 thousand Allowance on loans held for investment at June 30, 2026

Total stockholders’ equity 1,520,456 thousand As of June 30, 2026

Key Terms

Allowance for credit losses, Accumulated other comprehensive income (loss), Pass-through mortgage-backed securities ("MBS"), Collateral dependent loans, +1 more

5 terms

Allowance for credit losses financial

"The following tables present data regarding the allowance for credit losses activity"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

Accumulated other comprehensive income (loss) financial

"Activity in accumulated other comprehensive income (loss), net of tax, was as follows"

A balance-sheet line that tracks certain gains and losses that haven’t flowed through the company’s profit-and-loss statement, such as unrealized changes in the value of investments, foreign-currency adjustments, and some pension-related items. Think of it like a storage closet for value swings the company hasn’t ‘realized’ by selling or settling them yet; it changes shareholders’ equity and helps investors see hidden volatility or potential future impacts on book value.

Pass-through mortgage-backed securities ("MBS") financial

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

Collateral dependent loans financial

"The Company had collateral dependent loans which were individually evaluated"

Non-accrual status financial

"The following tables present the amortized cost basis of loans on non-accrual status"

A loan or credit account is placed in non-accrual status when the lender stops recording expected interest income because the borrower is not making scheduled payments or repayment is doubtful. Think of it like a landlord who stops counting unpaid rent as future income once a tenant stops paying; it signals rising credit problems and potential losses. For investors, non-accrual levels indicate loan quality and can foreshadow write-downs, lower earnings, and increased risk to a lender’s balance sheet.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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10-Q Quarterly Reports: What Changes Quarter to Quarter →

Available on EDGAR 07/31/2026 - 05:05 PM Accepted by SEC EDGAR 07/31/2026 - 05:05 PM

FAQ

How did Dime Commercial Bancshares (DCBG) perform financially in Q2 2026?

Dime Commercial Bancshares reported Q2 2026 net income of 34,814 thousand, up from 29,697 thousand a year earlier. For the first six months of 2026, net income was 69,396 thousand, reflecting stronger profitability versus the same period in 2025.

What is the balance sheet size of Dime Commercial Bancshares (DCBG) as of June 30, 2026?

As of June 30, 2026, Dime Commercial Bancshares reported total assets of 15,042,953 thousand. Loans held for investment were 10,705,934 thousand, and total deposits, including mortgage escrow, were 12,677,137 thousand at period end.

How did credit quality and reserves change at Dime Commercial Bancshares (DCBG) in 2026?

The allowance for credit losses increased to 104,963 thousand as of June 30, 2026, up from 97,372 thousand at year‑end 2025. Non‑accrual and collateral‑dependent loans also rose, and the company recorded a 26,188 thousand credit loss provision for the first half.

What were deposits and funding levels for Dime Commercial Bancshares (DCBG) at mid‑2026?

Total deposits, including mortgage escrow, were 12,677,137 thousand at June 30, 2026, compared with 12,841,246 thousand at December 31, 2025. Federal Home Loan Bank advances declined to 385,000 thousand from 508,000 thousand over the same period.

Does Dime Commercial Bancshares (DCBG) pay preferred and common dividends?

Yes. The company has 5.50% Non‑Cumulative Perpetual Preferred Stock, Series A outstanding with a 25.00 per‑share liquidation preference and continued paying quarterly preferred and common cash dividends during the first half of 2026.

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-34096

DIME COMMERCIAL BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

N/A

(Former name or former address, if changed since last report)


New York		11-2934195
(State or other jurisdiction of incorporation or organization)		(I.R.S. employer identification number)

898 Veterans Memorial Highway, Suite 560, Hauppauge, NY		11788
(Address of principal executive offices)		(Zip Code)

(631) 537-1000

(Registrant’s telephone number, including area code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 Par Value	DCOM	The New York Stock Exchange
Preferred Stock, Series A, $0.01 Par Value	DCOM PR	The New York Stock Exchange
9.000% Subordinated Notes, $25.00 Par Value	DCBG	The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all the reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer ☒	Accelerated Filer ☐
Non-Accelerated Filer ☐	Smaller Reporting Company ☐
	Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Classes of Common Stock		Number of shares outstanding at July 24, 2026
$0.01 Par Value		44,156,595

Table of Contents

June 30, 2026
PART I – FINANCIAL INFORMATION		Page
Item 1.	Unaudited Condensed Consolidated Financial Statements
	Consolidated Statements of Financial Condition at June 30, 2026 and December 31, 2025	5
	Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025	6
	Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2026 and 2025	7
	Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2026 and 2025	8
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025	10
	Notes to Unaudited Condensed Consolidated Financial Statements	11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	40
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	57
Item 4.	Controls and Procedures	59

PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	60
Item 1A.	Risk Factors	60
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	60
Item 3.	Defaults Upon Senior Securities	60
Item 4.	Mine Safety Disclosures	60
Item 5.	Other Information	60
Item 6.	Exhibits	61
	Signatures	62

Table of Contents

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements may be identified by use of words such as “annualized,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar terms and phrases, including references to assumptions. Examples of forward-looking statements include, but are not limited to, the proposed use of proceeds from any offering, possible or assumed estimates with respect to the financial condition, asset quality, expected or anticipated revenue, and results of operations and our business, including earnings growth; revenue growth in retail banking, lending and other areas; origination volume in the consumer, commercial and other lending businesses; current and future capital management programs; non-interest income levels, including fees from the title insurance subsidiary and banking services as well as product sales; tangible capital generation; market share; expense levels; and other business operations and strategies.

Forward-looking statements are based upon various assumptions and analyses made by Dime Commercial Bancshares, Inc. (together with its direct and indirect subsidiaries, the “Company”), in light of management’s experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes appropriate under the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond the Company’s control) that could cause actual conditions or results to differ materially from those expressed or implied by such forward-looking statements. Such factors include, without limitation, the following:

●

increases in competitive pressure among financial institutions or from non-financial institutions;

●

inflation and fluctuation in market interest rates, which may affect demand for our products, interest margins and the fair value of financial instruments;

●

our net interest margin is subject to material short-term fluctuation based upon market rates;

●

changes in deposit flows or composition, loan demand or real estate values;

●

changes in the quality and composition of our loan or investment portfolios or unanticipated or significant increases in loan losses;

●

changes in accounting principles, policies or guidelines;

●

changes in corporate and/or individual income tax laws or policies;

●

general socio-economic conditions, including conditions caused by public health emergencies, international conflict, inflation and recessionary pressures, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or the banking industry;

●

legislative, regulatory or policy changes, including any changes in the monetary policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System;

●

the imposition of tariffs and the responses of third parties thereto, which may increase inflationary pressures;

●

changes in distribution of federal funds or freezing of federal funding or grants, which could have an adverse effect on the ability of consumers and businesses to pay debts or affect the demand for loans and deposits;

●

our ability to effectively adapt to, or implement, technological changes;

●

political and regulatory conditions that contribute to market volatility and uncertainty;

●

breaches or failures of the Company’s information technology security systems;

●

our ability to successfully effect strategic plans;

●

the success of new business initiatives or the integration of any acquired entities;

●

difficulties or unanticipated expenses incurred in the consummation of new business initiatives or the integration of any acquired entities;

●

litigation or matters before regulatory agencies;

●

the risks referred to in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as updated by our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K; and/or

Table of Contents

●

other unexpected material adverse changes in our financial condition, operations or earnings.

Accordingly, you should not place undue reliance on forward-looking statements. The Company has no obligation to update any forward-looking statements to reflect events or circumstances after the date of this document.

Table of Contents

Item 1. Condensed Consolidated Financial Statements

DIME COMMERCIAL BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)

(Dollars in thousands except share amounts)


		June 30,			December 31,
		2026			2025
Assets:
Cash and due from banks		$	1,934,594		$	2,353,966
Securities available-for-sale, at fair value			895,251			797,935
Securities held-to-maturity			706,606			618,901
Loans held for sale			1,862			1,989
Loans held for investment, net of fees and costs			10,704,373			10,758,208
Allowance for credit losses			(104,963)			(97,372)
Total loans held for investment, net			10,599,410			10,660,836
Premises and fixed assets, net			30,570			31,255
Restricted stock			61,167			67,197
Bank Owned Life Insurance ("BOLI")			417,459			401,163
Goodwill			155,797			155,797
Other intangible assets			2,534			2,938
Operating lease assets			36,830			42,876
Derivative assets			70,545			76,315
Accrued interest receivable			56,282			55,572
Other assets			74,046			74,891
Total assets		$	15,042,953		$	15,341,631

Liabilities:
Interest-bearing deposits		$	8,684,192		$	8,879,114
Non-interest-bearing deposits			3,946,965			3,915,081
Deposits (excluding mortgage escrow deposits)			12,631,157			12,794,195
Non-interest-bearing mortgage escrow deposits			45,980			47,051
Interest-bearing mortgage escrow deposits			—			—
Total mortgage escrow deposits			45,980			47,051
Total deposits (including mortgage escrow deposits)			12,677,137			12,841,246
Federal Home Loan Bank of New York ("FHLBNY") advances			385,000			508,000
Subordinated debt, net			231,186			272,503
Derivative cash collateral			61,790			52,400
Operating lease liabilities			39,626			45,729
Derivative liabilities			69,631			73,573
Other liabilities			58,127			72,411
Total liabilities			13,522,497			13,865,862

Commitments and contingencies			—			—

Stockholders' equity:
Preferred stock, Series A ($0.01 par, $25.00 liquidation value, 10,000,000 shares authorized and 5,299,200 shares issued and outstanding at June 30, 2026 and December 31, 2025)			116,569			116,569
Common stock ($0.01 par, 80,000,000 shares authorized, 46,154,333 and 46,151,302 shares issued at June 30, 2026 and December 31, 2025 respectively, and 44,158,358 shares and 43,862,327 shares outstanding at June 30, 2026 and December 31, 2025, respectively)			462			462
Additional paid-in capital			622,636			623,041
Retained earnings			898,089			854,167
Accumulated other comprehensive loss, net of deferred taxes			(31,573)			(31,468)
Unearned equity awards			(17,590)			(8,661)
Treasury stock, at cost (1,995,975 shares and 2,288,975 shares at June 30, 2026 and December 31, 2025, respectively)			(68,137)			(78,341)
Total stockholders' equity			1,520,456			1,475,769
Total liabilities and stockholders' equity		$	15,042,953		$	15,341,631

See Notes to unaudited condensed Consolidated Financial Statements.

Table of Contents

DIME COMMERCIAL BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Dollars in thousands except per share amounts)


		Three Months Ended					Six Months Ended
		June 30,					June 30,
		2026			2025		2026			2025
Interest income:
Loans		$	143,892		$	145,448	$	285,982		$	288,153
Securities			14,518			11,353		27,306			22,676
Other short-term investments			16,840			10,749		35,362			18,586
Total interest income			175,250			167,550		348,650			329,415
Interest expense:
Deposits and escrow			52,171			60,181		104,535			118,255
Borrowed funds			7,351			8,354		15,651			16,735
Derivative cash collateral			542			918		1,027			2,115
Total interest expense			60,064			69,453		121,213			137,105
Net interest income			115,186			98,097		227,437			192,310
Provision for credit losses			13,875			9,221		26,188			18,847
Net interest income after provision for credit losses			101,311			88,876		201,249			173,463

Non-interest income:
Service charges and other fees			6,483			4,642		12,213			9,285
Title fees			187			118		329			216
Loan level derivative income			535			942		1,007			1,003
BOLI income			5,038			4,186		9,596			8,179
Gain on sale of SBA Loans			196			387		196			469
Gain on sale of residential loans			49			50		121			82
Fair value change in equity securities and loans held for sale			38			83		—			101
Gain on securities			—			149		—			149
Loss on sale of loans and other assets			(2,000)			—		(2,320)			—
Other			740			1,038		1,470			1,744
Total non-interest income			11,266			11,595		22,612			21,228
Non-interest expense:
Salaries and employee benefits			39,781			36,218		79,374			71,869
Severance			454			136		556			212
Occupancy and equipment			7,899			7,729		16,108			15,731
Data processing costs			5,151			4,903		10,574			9,697
Marketing			1,951			1,756		3,976			3,422
Professional services			2,325			2,097		4,234			4,213
Federal deposit insurance premiums			1,712			1,692		2,978			3,739
Net loss (gain) on extinguishment of debt for FHLB advances and subordinated debt			2			—		(972)			—
Loss due to pension settlement			—			—		—			7,231
Amortization of other intangible assets			195			235		404			487
Other			5,231			5,533		10,225			9,209
Total non-interest expense			64,701			60,299		127,457			125,810
Income before income taxes			47,876			40,172		96,404			68,881
Income tax expense			13,062			10,475		27,008			17,726
Net income			34,814			29,697		69,396			51,155
Preferred stock dividends			1,821			1,821		3,643			3,643
Net income available to common stockholders		$	32,993		$	27,876	$	65,753		$	47,512
Earnings per common share:
Basic		$	0.75		$	0.64	$	1.49		$	1.09
Diluted		$	0.75		$	0.64	$	1.49		$	1.09

See Notes to unaudited condensed Consolidated Financial Statements.

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DIME COMMERCIAL BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(Dollars in thousands)


		Three Months Ended					Six Months Ended
		June 30,					June 30,
		2026			2025		2026			2025
Net income		$	34,814		$	29,697	$	69,396		$	51,155
Other comprehensive income (loss):
Change in unrealized gain (loss) on securities:
Change in net unrealized (loss) gain during the period			(1,196)			3,306		(6,377)			11,266
Reclassification adjustment for net gain realized in net income on securities and other assets			—			(149)		—			(149)
Accretion of net unrealized loss on securities transferred to held-to-maturity			721			759		1,382			1,483
Credit loss expense			—			907		—			1,800
Change in pension and other postretirement obligations:
Reclassification adjustment for benefit included in other expense			150			128		300			41
Change in the net actuarial gain			107			104		215			4,958
Change in unrealized gain (loss) on derivatives:
Change in net unrealized gain (loss) during the period			1,621			(5,407)		2,663			(12,974)
Reclassification adjustment for expense included in interest expense			690			1,950		1,664			3,790
Other comprehensive (loss) income before income taxes			2,093			1,598		(153)			10,215
Deferred tax (benefit) expense			647			490		(48)			3,134
Total other comprehensive (loss) income, net of tax			1,446			1,108		(105)			7,081
Total comprehensive income		$	36,260		$	30,805	$	69,291		$	58,236

See Notes to unaudited condensed Consolidated Financial Statements.

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DIME COMMERCIAL BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

(Dollars in thousands)


										Accumulated
										Other
										Comprehensive
	Number of					Additional				Loss,		Unearned		Treasury		Total
	Shares of	Preferred		Common		Paid-in		Retained		Net of Deferred		Equity		Stock,		Stockholders’
	Common Stock	Stock		Stock		Capital		Earnings		Taxes		Awards		at cost		Equity
Beginning balance as of January 1, 2026	43,862,327	$	116,569	$	462	$	623,041	$	854,167	$	(31,468)	$	(8,661)	$	(78,341)	$	1,475,769
Net income	—		—		—		—		34,582		—		—		—		34,582
Other comprehensive loss, net of tax	—		—		—		—		—		(1,551)		—		—		(1,551)
Release of shares, net of forfeitures	275,652		—		—		(626)		—		—		(8,980)		9,765		159
Stock-based compensation	—		—		—		—		—		—		1,838		—		1,838
Shares received related to tax withholding	(80,853)		—		—		—		—		—		—		(1,211)		(1,211)
Cash dividends declared to preferred stockholders	—		—		—		—		(1,822)		—		—		—		(1,822)
Cash dividends declared to common stockholders	—		—		—		—		(10,794)		—		—		—		(10,794)
Ending balance as of March 31, 2026	44,057,126	$	116,569	$	462	$	622,415	$	876,133	$	(33,019)	$	(15,803)	$	(69,787)	$	1,496,970

Net income	—		—		—		—		34,814		—		—		—		34,814
Other comprehensive income, net of tax	—		—		—		—		—		1,446		—		—		1,446
Exercise of stock options, net	1,953		—		—		(13)		—		—		—		13		—
Release of shares, net of forfeitures	122,357		—		—		234		—		—		(4,279)		4,193		148
Stock-based compensation	—		—		—		—		—		—		2,492		—		2,492
Shares received related to tax withholding	(23,078)		—		—		—		—		—		—		(2,556)		(2,556)
Cash dividends declared to preferred stockholders	—		—		—		—		(1,821)		—		—		—		(1,821)
Cash dividends declared to common stockholders	—		—		—		—		(11,037)		—		—		—		(11,037)
Ending balance as of June 30, 2026	44,158,358	$	116,569	$	462	$	622,636	$	898,089	$	(31,573)	$	(17,590)	$	(68,137)	$	1,520,456

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DIME COMMERCIAL BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) (CONTINUED)

(Dollars in thousands)


	Six Months Ended June 30, 2025
										Accumulated
										Other
										Comprehensive
	Number of					Additional				Loss,		Unearned		Treasury		Total
	Shares of	Preferred		Common		Paid-in		Retained		Net of Deferred		Equity		Stock,		Stockholders’
	Common Stock	Stock		Stock		Capital		Earnings		Taxes		Awards		at cost		Equity
Beginning balance as of January 1, 2025	43,622,292	$	116,569	$	461	$	624,822	$	794,526	$	(45,018)	$	(7,640)	$	(87,203)	$	1,396,517
Net income	—		—		—		—		21,458		—		—		—		21,458
Other comprehensive income, net of tax	—		—		—		—		—		5,973		—		—		5,973
Release of shares, net of forfeitures	252,273		—		—		(1,514)		—		—		(7,153)		8,835		168
Stock-based compensation	—		—		—		—		—		—		1,884		—		1,884
Shares received related to tax withholding	(75,489)		—		—		(3)		—		—		—		(1,202)		(1,205)
Cash dividends declared to preferred stockholders	—		—		—		—		(1,822)		—		—		—		(1,822)
Cash dividends declared to common stockholders	—		—		—		—		(10,960)		—		—		—		(10,960)
Ending balance as of March 31, 2025	43,799,076	$	116,569	$	461	$	623,305	$	803,202	$	(39,045)	$	(12,909)	$	(79,570)	$	1,412,013

Net income	—		—		—		—		29,697		—		—		—		29,697
Other comprehensive loss, net of tax	—		—		—		—		—		1,108		—		—		1,108
Release of shares, net of forfeitures	100,690		—		—		(649)		—		—		(2,407)		3,371		315
Stock-based compensation	—		—		—		—		—		—		1,791		—		1,791
Shares received related to tax withholding	(10,828)		—		—		4		—		—		—		(1,244)		(1,240)
Cash dividends declared to preferred stockholders	—		—		—		—		(1,821)		—		—		—		(1,821)
Cash dividends declared to common stockholders, net	—		—		—		—		(10,857)		—		—		—		(10,857)
Ending balance as of June 30, 2025	43,888,938	$	116,569	$	461	$	622,660	$	820,221	$	(37,937)	$	(13,525)	$	(77,443)	$	1,431,006

See Notes to unaudited condensed Consolidated Financial Statements.

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DIME COMMERCIAL BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Dollars in thousands)


	Six Months Ended June 30,
	2026		2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	69,396	$	51,155
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on securities available-for-sale		—		(149)
Loss on sale of loans and other assets		2,320		—
Fair value change in equity securities and loans held for sale		—		(101)
Gain on sale of loans held for sale		(317)		(551)
Net depreciation, amortization and accretion		2,107		2,183
Amortization (accretion) of fair value hedge basis point adjustments		379		(827)
Amortization of other intangible assets		404		487
Net gain on extinguishment of debt for FHLB advances and subordinated debt		(972)		—
Stock-based compensation		4,330		3,675
Provision for credit losses		26,188		18,847
Originations of loans held for sale		(7,859)		(7,124)
Proceeds from sale of loans originated for sale		12,784		13,654
Increase in cash surrender value of BOLI		(8,970)		(7,783)
Gain from death benefits from BOLI		(626)		(371)
Decrease in other assets		11,873		81,248
Decrease in other liabilities		(7,011)		(65,860)
Net cash provided by operating activities		104,026		88,483
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales of securities available-for-sale		4,000		24,837
Purchases of securities available-for-sale		(181,950)		(79,973)
Purchases of securities held-to-maturity		(103,207)		(987)
Proceeds from calls and principal repayments of securities available-for-sale		74,189		53,453
Proceeds from calls and principal repayments of securities held-to-maturity		17,029		14,796
Purchase of BOLI		(10,000)		(97,317)
Proceeds received from cash surrender value of BOLI		1,072		1,486
Loans purchased		(16,705)		(5,155)
Proceeds from the sale of portfolio loans transferred to held for sale		41,425		5,165
Decrease (increase) in loans		3,519		(7,849)
Purchases of fixed assets, net		(3,029)		(2,676)
Sales of restricted stock, net		6,030		1,996
Net cash provided (used in) by investing activities		(167,627)		(92,224)
CASH FLOWS FROM FINANCING ACTIVITIES:
(Decrease) increase in deposits		(164,109)		53,960
Repayments from FHLBNY advances, short-term, net		(75,000)		(100,000)
Repayments of FHLBNY advances, long-term		(48,000)		—
Repayments of other short-term borrowings, net		—		(50,000)
Redemption of subordinated debentures		(40,000)		—
Release of stock for benefit plan awards		307		483
Payments related to tax withholding for equity awards		(3,767)		(2,445)
Cash dividends paid to preferred stockholders		(3,643)		(3,643)
Cash dividends paid to common stockholders		(21,559)		(21,431)
Net cash used in financing activities		(355,771)		(123,076)
Decrease in cash and cash equivalents		(419,372)		(126,817)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		2,353,966		1,283,571
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	1,934,594	$	1,156,754

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes	$	23,940	$	18,651
Cash paid for interest		122,796		137,815
Loans transferred to held for sale		47,874		23,887
Loans transferred to held for investment		—		21,617
Operating lease assets in exchange for operating lease liabilities		1,079		5,169

See Notes to unaudited condensed Consolidated Financial Statements.

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. BASIS OF PRESENTATION

Dime Commercial Bancshares, Inc. (the “Company”), formerly known as Dime Community Bancshares, Inc., is engaged in commercial banking and financial services through its wholly-owned subsidiary, Dime Commercial Bank (“the Bank”), formerly known as Dime Community Bank. The name change became effective during the quarter ended June 30, 2026.

The Bank was established in 1910 and is headquartered in Hauppauge, New York. The Company was incorporated under the laws of the State of New York in 1988 to serve as the holding company for the Bank. The Company functions primarily as the holder of all of the Bank’s common stock. Our bank operations also include Dime Abstract LLC (“Dime Abstract”), a wholly-owned subsidiary of the Bank, which is a broker of title insurance services. As of June 30, 2026, we operated 63 branch locations throughout Long Island and the New York City boroughs of Brooklyn, Queens, Manhattan, Staten Island, and the Bronx, Westchester County and New Jersey.

The unaudited Consolidated Financial Statements presented in this Quarterly Report on Form 10-Q include the collective results of the Company and its wholly-owned subsidiary, the Bank, which are collectively herein referred to as “we”, “us”, “our” and the “Company.”

The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The unaudited Consolidated Financial Statements included herein reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. In preparing the interim financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reported periods. Such estimates are subject to change in the future as additional information becomes available or previously existing circumstances are modified. Actual future results could differ significantly from those estimates. The annualized results of operations for the six months ended June 30, 2026 are not necessarily indicative of the results of operations that may be expected for the entire fiscal year. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain reclassifications have been made to prior year amounts, and the related discussion and analysis, to conform to the current year presentation. These reclassifications did not have an impact on net income or total stockholders' equity. The unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, which remain significantly unchanged and have been followed similarly as in prior periods.

2. SUMMARY OF ACCOUNTING POLICIES

Summary of Significant Accounting Policies

In the opinion of management, the accompanying unaudited condensed Consolidated Financial Statements contain all adjustments necessary for a fair presentation of the Company’s financial condition as of June 30, 2026 and December 31, 2025, the results of operations and statements of comprehensive income for three and six months ended June 30, 2026 and 2025, the changes in stockholders’ equity for the three and six months ended June 30, 2026 and 2025, and cash flows for the six months ended June 30, 2026 and 2025.

Please see “Part I - Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies” for a discussion of areas in the accompanying unaudited condensed Consolidated Financial Statements utilizing significant estimates.

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3. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Activity in accumulated other comprehensive income (loss), net of tax, was as follows:


											Total
											Accumulated
					Defined						Other
					Benefit						Comprehensive
(In thousands)		Securities			Plans			Derivatives			Income (Loss)
Balance as of January 1, 2026		$	(25,232)		$	(4,398)		$	(1,838)		$	(31,468)
Other comprehensive (loss) income before reclassifications			(4,405)			149			1,840			(2,416)
Amounts reclassified from accumulated other comprehensive income			955			207			1,149			2,311
Net other comprehensive (loss) income during the period			(3,450)			356			2,989			(105)
Balance as of June 30, 2026		$	(28,682)		$	(4,042)		$	1,151		$	(31,573)

Balance as of January 1, 2025		$	(43,767)		$	(7,499)		$	6,248		$	(45,018)
Other comprehensive income (loss) before reclassifications			9,056			3,437			(8,992)			3,501
Amounts reclassified from accumulated other comprehensive income (loss)			925			28			2,627			3,580
Net other comprehensive income (loss) during the period			9,981			3,465			(6,365)			7,081
Balance as of June 30, 2025		$	(33,786)		$	(4,034)		$	(117)		$	(37,937)

The before-tax and after-tax amounts allocated to each component of other comprehensive income (loss) are presented in the table below for the periods indicated.


		Three Months Ended				Six Months Ended
		June 30,				June 30,
(In thousands)		2026		2025		2026		2025
Change in unrealized gain (loss) on securities:
Change in net unrealized (loss) gain during the period		$	(1,196)	$	3,306	$	(6,377)	$	11,266
Reclassification adjustment for net gain realized in net income on securities and other assets			—		(149)		—		(149)
Accretion of net unrealized loss on securities transferred to held-to-maturity			721		759		1,382		1,483
Credit loss expense			—		907		—		1,800
Net change			(475)		4,823		(4,995)		14,400
Tax (benefit) expense			(147)		1,480		(1,545)		4,419
Net change in unrealized (loss) gain on securities, net of reclassification adjustments and tax			(328)		3,343		(3,450)		9,981
Change in pension and other postretirement obligations:
Reclassification adjustment for benefit included in other expense			150		128		300		41
Change in the net actuarial gain			107		104		215		4,958
Net change			257		232		515		4,999
Tax expense			79		71		159		1,534
Net change in pension and other postretirement obligations			178		161		356		3,465
Change in unrealized gain (loss) on derivatives:
Change in net unrealized gain (loss) during the period			1,621		(5,407)		2,663		(12,974)
Reclassification adjustment for expense included in interest expense			690		1,950		1,664		3,790
Net change			2,311		(3,457)		4,327		(9,184)
Tax expense (benefit)			715		(1,061)		1,338		(2,819)
Net change in unrealized gain (loss) on derivatives, net of reclassification adjustments and tax			1,596		(2,396)		2,989		(6,365)
Other comprehensive income (loss), net of tax		$	1,446	$	1,108	$	(105)	$	7,081

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4. EARNINGS PER COMMON SHARE

Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average common shares outstanding during the reporting period. Diluted EPS is computed using the same method as basic EPS, but reflects the potential dilution that would occur if “in the money” stock options were exercised and converted into common stock. In determining the weighted-average shares outstanding for basic and diluted EPS, treasury shares are excluded. Vested restricted stock award (“RSA”) shares are included in the calculation of the weighted-average shares outstanding for basic and diluted EPS. Unvested RSA and performance-based share awards (“PSA”) shares not yet awarded are recognized as a special class of participating securities under ASC 260 and are included in the calculation of the weighted-average shares outstanding for basic and diluted EPS. Basic and diluted EPS on common stock and the basic and diluted EPS on participating securities are the same.

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


		Three Months Ended				Six Months Ended
		June 30,				June 30,
(In thousands except share and per share amounts)		2026		2025		2026		2025
Net income available to common stockholders		$	32,993	$	27,876	$	65,753	$	47,512
Less: Dividends paid and earnings allocated to participating securities			(687)		(516)		(1,280)		(830)
Income attributable to common stock		$	32,306	$	27,360	$	64,473	$	46,682
Weighted-average common shares outstanding, including participating securities			44,139,159		43,852,422		44,018,949		43,748,101
Less: weighted-average participating securities			(920,540)		(822,399)		(854,778)		(758,520)
Weighted-average common shares outstanding			43,218,619		43,030,023		43,164,171		42,989,581
Basic EPS		$	0.75	$	0.64	$	1.49	$	1.09

Income attributable to common stock		$	32,306	$	27,360	$	64,473	$	46,682
Weighted-average common shares outstanding			43,218,619		43,030,023		43,164,171		42,989,581
Weighted-average common equivalent shares outstanding			—		—		—		—
Weighted-average common and equivalent shares outstanding			43,218,619		43,030,023		43,164,171		42,989,581
Diluted EPS		$	0.75	$	0.64	$	1.49	$	1.09

Common and equivalent shares resulting from the dilutive effect of outstanding stock options are calculated using the treasury stock method based on the average market price of the Company's common stock during the period.

During the three months ended June 30, 2026, all outstanding stock options were exercised; therefore no stock options remained outstanding as of June 30, 2026.

For the three and six months ended June 30, 2026, approximately 20,469 and 23,714 weighted-average stock options, respectively, were excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive.

For the three and six months ended June 30, 2025, 26,995 weighted-average stock options were excluded from the calculation of diluted earnings per share because their exercise prices exceeded the average market price of the Company's common stock during the period.

5. PREFERRED STOCK

Dime Commercial Bancshares, Inc. has 5,299,200 shares currently outstanding, or $132.5 million in aggregate liquidation preference, of its 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share, with a liquidation preference of $25.00 per share (the “Preferred Stock”).

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The Company expects to pay dividends when, as, and if declared by its board of directors, at a fixed rate of 5.50% per annum, payable quarterly, in arrears, on February 15, May 15, August 15 and November 15 of each year. The Preferred Stock is perpetual and has no stated maturity. The Company may redeem the Preferred Stock at its option at a redemption price equal to $25.00 per share, plus any declared and unpaid dividends (without regard to any undeclared dividends), subject to regulatory approval, on or after June 15, 2026, or within 90 days following a regulatory capital treatment event, as described in the prospectus supplement and accompanying prospectus relating to the offering.

6. SECURITIES

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

June 30, 2026

Gross

Amortized

Unrealized

Fair

(In thousands)

 

Cost

Gains

Losses

Value

Securities available-for-sale:

Agency notes

10,000

—

(74)

9,926

Corporate securities

185,948

1,382

(3,387)

183,943

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

496,845

1,693

(3,194)

495,344

Agency collateralized mortgage obligations ("CMOs")

214,254

(21,803)

192,495

State and municipal obligations

14,308

(766)

13,543

Total securities available-for-sale

921,355

3,120

(29,224)

895,251

June 30, 2026

Gross

Amortized

Unrecognized

Fair

(In thousands)

 

Cost

Gains

Losses

Value

Securities held-to-maturity:

Agency notes

90,615

—

(7,072)

83,543

Corporate securities

23,000

260

(405)

22,855

Pass-through MBS issued by U.S. GSEs

336,453

252

(33,036)

303,669

Agency CMOs

256,538

(25,430)

231,153

Total securities held-to-maturity

706,606

557

(65,943)

641,220


		December 31, 2025
				Gross		Gross
		Amortized		Unrealized		Unrealized		Fair
(In thousands)		Cost		Gains		Losses		Value
Securities available-for-sale:
Agency notes		$	10,000	$	—	$	(120)	$	9,880
Corporate securities			169,051		1,443		(4,035)		166,459
Pass-through MBS issued by U.S. GSEs			387,549		4,782		(598)		391,733
Agency CMOs			231,309		904		(21,280)		210,933
State and municipal obligations			19,753		1		(824)		18,930
Total securities available-for-sale		$	817,662	$	7,130	$	(26,857)	$	797,935

		December 31, 2025
				Gross		Gross
		Amortized		Unrecognized		Unrecognized		Fair
(In thousands)		Cost		Gains		Losses		Value
Securities held-to-maturity:
Agency notes		$	90,400	$	—	$	(6,287)	$	84,113
Corporate securities			17,000		290		(238)		17,052
Pass-through MBS issued by U.S. GSEs			280,102		456		(31,101)		249,457
Agency CMOs			231,399		382		(22,321)		209,460
Total securities held-to-maturity		$	618,901	$	1,128	$	(59,947)	$	560,082

There were no transfers to or from securities held-to-maturity during the three or six months ended June 30, 2026 and 2025, respectively.

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The carrying value of securities pledged at June 30, 2026 and December 31, 2025 was $784.8 million and $766.2 million, respectively.

At June 30, 2026 and December 31, 2025, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders' equity.

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


	June 30, 2026
	Amortized		Fair
(In thousands)	Cost		Value
Available-for-sale
Within one year	$	11,863	$	11,774
One to five years		48,528		47,228
Five to ten years		149,865		148,410
Beyond ten years		—		—
Pass-through MBS issued by U.S. GSEs and agency CMOs		711,099		687,839
Total	$	921,355	$	895,251

Held-to-maturity
Within one year	$	10,000	$	9,895
One to five years		80,615		73,648
Five to ten years		23,000		22,855
Beyond ten years		—		—
Pass-through MBS issued by U.S. GSEs and agency CMOs		592,991		534,822
Total	$	706,606	$	641,220

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


		Three Months Ended				Six Months Ended
		June 30,				June 30,
(In thousands)		2026		2025		2026		2025
Securities available-for-sale
Proceeds		$	—	$	24,837	$	4,000	$	24,837
Gross gains			—		748		—		748
Tax expense on gains			—		221		—		221
Gross losses			—		676		—		676
Tax benefit on losses			—		200		—		200

There were no sales of securities held-to-maturity during the three or six months ended June 30, 2026 and 2025, respectively.

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

June 30, 2026

Less than 12

12 Consecutive

Consecutive Months

Months or Longer

Total

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

(In thousands)

 

Value

 

Losses

 

Value

 

Losses

 

Value

 

Losses

Securities available-for-sale:

Agency notes

—

9,926

Corporate securities

42,991

510

59,666

2,877

102,657

3,387

Pass-through MBS issued by U.S. GSEs

295,667

2,554

4,792

640

300,459

3,194

Agency CMOs

57,205

347

120,496

21,456

177,701

21,803

State and municipal obligations

—

10,002

766

10,002

766


		December 31, 2025
		Less than 12						12 Consecutive
		Consecutive Months						Months or Longer						Total
		Fair			Unrealized			Fair			Unrealized			Fair			Unrealized
(In thousands)		Value			Losses			Value			Losses			Value			Losses
Securities available-for-sale:
Agency notes		$	—		$	—		$	9,880		$	120		$	9,880		$	120
Corporate securities			5,970			30			69,646			4,005			75,616			4,035
Pass-through MBS issued by U.S. GSEs			—			—			5,214			598			5,214			598
Agency CMOs			8,478			83			135,961			21,197			144,439			21,280
State and municipal obligations			—			—			14,984			824			14,984			824

As of June 30, 2026, none of the Company’s available-for-sale debt securities were in an unrealized loss position due to credit and therefore no allowance for credit losses on available-for-sale debt securities was required. As of June 30, 2025, the Company recorded a $1.8 million allowance for credit losses on one available-for-sale corporate security due to the issuer’s non-compliance with certain financial covenants, which was considered a credit deterioration event. Given the high-quality composition of the Company’s held-to-maturity portfolio, the Company did not record an allowance for credit losses on the held-to-maturity portfolio as of June 30, 2026. With respect to certain classes of debt securities, primarily U.S. Treasuries and securities issued by Government Sponsored Entities, the Company considers the history of credit losses, current conditions and reasonable and supportable forecasts, which may indicate that the expectation that nonpayment of the amortized cost basis is or continues to be zero, even if the U.S. government were to technically default. Accrued interest receivable on securities totaling $7.1 million and $5.9 million at June 30, 2026 and December 31, 2025, respectively, was included in other assets in the Consolidated Statements of Financial Condition and excluded from the amortized cost and estimated fair value totals in the table above.

Management evaluates available-for-sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than amortized cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.

At June 30, 2026, substantially all of the securities in an unrealized loss position had a fixed interest rate and the cause of the temporary impairment was directly related to changes in interest rates. The Company generally views changes in fair value caused by changes in interest rates as temporary, which is consistent with its experience. The following major security types held by the Company are all issued by U.S. government entities and agencies and therefore either explicitly or implicitly guaranteed by the U.S. government: Agency Notes, Treasury Securities, Pass-through MBS issued by U.S. GSEs, Agency Collateralized Mortgage Obligations. None of the unrealized losses are related to credit quality of the issuer. A majority of the state and municipal obligations within the portfolio have all maintained an investment grade rating by either Moody’s or Standard and Poor’s. The Company does not have the intent to sell these securities, and it is more likely

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than not that it will not be required to sell the securities before their anticipated recovery. The issuers continue to make timely principal and interest payments on the debt. The fair value is expected to recover as the securities approach maturity.

The following table presents a rollforward of the allowance for credit losses for corporate securities available-for-sale for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands)

2026

2025

2026

2025

Beginning balance

—

893

—

Provision for credit losses

—

907

—

1,800

Ending balance

—

1,800

—

1,800

7. LOANS HELD FOR INVESTMENT, NET

The following table presents the loan categories for the period ended as indicated:


(In thousands)		June 30, 2026		December 31, 2025
Business loans⁽¹⁾		$	3,645,998	$	3,240,436
One-to-four family residential and coop/condo apartment			1,076,191		1,035,803
Multifamily residential and residential mixed-use			3,113,826		3,424,522
Non-owner-occupied commercial real estate			2,771,042		2,933,011
Acquisition, development, and construction ("ADC")			90,476		117,215
Other loans			8,401		6,558
Total			10,705,934		10,757,545
Fair value hedge basis point adjustments ⁽²⁾			(1,561)		663
Total loans, net of fair value hedge basis point adjustments			10,704,373		10,758,208
Allowance for credit losses			(104,963)		(97,372)
Loans held for investment, net		$	10,599,410	$	10,660,836

(1)	Business loans include commercial and industrial loans (“C&I loans”) and owner-occupied commercial real estate loans.

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

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

At or for the Three Months Ended June 30, 2026

One-to-Four

Multifamily

Family

Residential

Residential and

and

Non-Owner-Occupied

Business

Coop/ Condo

Residential

Commercial

Other

(In thousands)

Loans

Apartment

Mixed-Use

Real Estate

ADC

Loans

Total

Allowance for credit losses:

Beginning balance

53,844

9,245

12,907

22,557

1,623

497

 

100,673

Provision (recovery) for credit losses

2,951

281

8,527

2,292

(132)

13,952

Charge-offs

(707)

—

(4,053)

(5,256)

—

(90)

(10,106)

Recoveries

178

—

108

154

—

444

Ending balance

56,266

9,526

17,489

19,747

1,491

444

104,963


	At or for the Three Months Ended June 30, 2025
			One-to-Four		Multifamily
			Family		Residential
			Residential and		and		Non-Owner-Occupied
	Business		Coop/ Condo		Residential		Commercial				Other
(In thousands)	Loans		Apartment		Mixed-Use		Real Estate		ADC		Loans		Total
Allowance for credit losses:
Beginning balance	$	43,915	$	9,745	$	13,087	$	21,075	$	2,360	$	273	$	90,455
Provision (recovery) for credit losses		4,034		(178)		579		3,667		20		17		8,139
Charge-offs		(5,057)		—		—		(416)		—		(9)		(5,482)
Recoveries		73		—		1		—		—		3		77
Ending balance	$	42,965	$	9,567	$	13,667	$	24,326	$	2,380	$	284	$	93,189

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At or for the Six Months Ended June 30, 2026

One-to-Four

Multifamily

Family

Residential

Residential and

and

Non-Owner-Occupied

Business

Coop/ Condo

Residential

Commercial

Other

(In thousands)

Loans

Apartment

Mixed-Use

Real Estate

ADC

Loans

Total

Allowance for credit losses:

 

Beginning balance

49,770

10,034

14,053

21,130

2,070

315

 

97,372

Provision (recovery) for credit losses

7,418

(508)

15,547

3,719

(579)

230

25,827

Charge-offs

(1,249)

—

(12,219)

(5,256)

—

(109)

(18,833)

Recoveries

327

—

108

154

—

597

Ending balance

56,266

9,526

17,489

19,747

1,491

444

104,963


	At or for the Six Months Ended June 30, 2025
			One-to-Four		Multifamily
			Family		Residential
			Residential and		and		Non-Owner-Occupied
	Business		Coop/ Condo		Residential		Commercial				Other
(In thousands)	Loans		Apartment		Mixed-Use		Real Estate		ADC		Loans		Total
Allowance for credit losses:
Beginning balance	$	42,898	$	9,501	$	11,946	$	21,876	$	2,323	$	207	$	88,751
Provision for credit losses		4,965		110		1,720		9,948		57		101		16,901
Charge-offs		(5,233)		(44)		—		(7,498)		—		(44)		(12,819)
Recoveries		335		—		1		—		—		20		356
Ending balance	$	42,965	$	9,567	$	13,667	$	24,326	$	2,380	$	284	$	93,189

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


	June 30, 2026
	Non-accrual with		Non-accrual with			Related
(In thousands)	No Allowance		Allowance			Allowance
Business loans	$	4,376	$	19,522		$	16,027
One-to-four family residential and coop/condo apartment		—		4,465			39
Multifamily residential and residential mixed-use		4,038		22,855			5,954
Non-owner-occupied commercial real estate		11,135		16			15
ADC		—		412			316
Total	$	19,549	$	47,270		$	22,351


	December 31, 2025
	Non-accrual with		Non-accrual with			Related
(In thousands)	No Allowance		Allowance			Allowance
Business loans	$	3,973	$	18,633		$	14,877
One-to-four family residential and coop/condo apartment		—		3,623			35
Non-owner-occupied commercial real estate		25,656		15			15
ADC		—		412			316
Total	$	29,629	$	22,683		$	15,243

The Company did not recognize interest income on non-accrual loans held for investment during the three and six months ended June 30, 2026 and 2025.

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The following tables summarize the past due status of the Company’s loan held for investment portfolio as of the dates indicated:

June 30, 2026

90 Days

Or More

Total

30 to 59

60 to 89

Past Due

Days

and Still

and

Total

(In thousands)

 

Past Due

Accruing

Non-accrual

Current

Loans

Business loans

12,278

528

—

23,898

36,704

3,609,294

3,645,998

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

285

384

—

4,465

5,134

1,071,057

1,076,191

Multifamily residential and residential mixed-use

69,578

23,164

—

26,893

119,635

2,994,191

3,113,826

Non-owner-occupied commercial real estate

4,100

—

11,151

15,251

2,755,791

2,771,042

ADC

—

412

90,064

90,476

Other loans

—

8,385

8,401

Total

86,248

24,085

—

66,819

177,152

10,528,782

10,705,934


		December 31, 2025
						90 Days
						Or More				Total
		30 to 59		60 to 89		Past Due				Past Due
		Days		Days		and Still				and				Total
(In thousands)		Past Due		Past Due		Accruing		Non-accrual		Non-accrual		Current		Loans
Business loans		$	4,617	$	2,075	$	—	$	22,606	$	29,298	$	3,211,138	$	3,240,436
One-to-four family residential and coop/condo apartment			7,943		389		—		3,623		11,955		1,023,848		1,035,803
Multifamily residential and residential mixed-use			3,667		27,608		—		—		31,275		3,393,247		3,424,522
Non-owner-occupied commercial real estate			12,597		—		—		25,671		38,268		2,894,743		2,933,011
ADC			—		—		—		412		412		116,803		117,215
Other loans			—		—		—		—		—		6,558		6,558
Total		$	28,824	$	30,072	$	—	$	52,312	$	111,208	$	10,646,337	$	10,757,545

Accruing Loans 90 Days or More Past Due:

There were no accruing loans 90 days or more past due at June 30, 2026 or at December 31, 2025.

Collateral Dependent Loans:

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


	June 30, 2026				December 31, 2025
	Real Estate		Associated Allowance		Real Estate		Associated Allowance
(In thousands)	Collateral Dependent		for Credit Losses		Collateral Dependent		for Credit Losses
Business loans	$	11,656	$	3,979	$	11,039	$	3,507
Multifamily residential and residential mixed-use		26,893		5,954		—		—
Non-owner-occupied commercial real estate		11,151		15		25,671		15
ADC		412		316		412		316
Total	$	50,112	$	10,264	$	37,122	$	3,838

Loan Restructurings

The Company applies the loan refinancing and restructuring guidance to determine whether a modification or other form of restructuring results in a new loan or a continuation of an existing loan. Loan modifications to borrowers experiencing financial difficulty that result in a direct change in the timing or amount of contractual cash flows include conditions where there is principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions, and/or a combination of these modifications. The disclosures related to loan restructuring are only for modifications that directly affect cash flows.

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The following tables present loans modified to borrowers experiencing financial difficulty, disaggregated by loan category and type of concession granted during the three and six months ended June 30, 2026 and 2025:

For the Three Months Ended June 30, 2026

Significant

Term

Payment

Term

Extension

Delay

Extension

% of

and

Total

Significant

Interest

Class of

Term

Payment

Rate

Financing

(Dollars in thousands)

 

Extension

Delay

 

Reduction

Total

Receivable

Business loans

—

203

—

203

0.0

Multifamily residential and residential mixed-use

—

63,412

4,575

—

67,987

2.2

Total

—

63,615

4,575

—

68,190

0.6


		For the Three Months Ended June 30, 2025
									Significant
						Term			Payment		Term
						Extension			Delay		Extension				% of
						and			and		and				Total
				Significant		Significant			Interest		Interest				Class of
		Term		Payment		Payment			Rate		Rate				Financing
(Dollars in thousands)		Extension		Delay		Delay			Reduction		Reduction		Total		Receivable
Business loans		$	52	$	—	$	—		$	—	$	—	$	52	0.0	%
Multifamily residential and residential mixed-use			—		22,262		—			6,469		—		28,731	0.8
Total		$	52	$	22,262	$	—		$	6,469	$	—	$	28,783	0.3	%

For the Six Months Ended June 30, 2026

Significant

Term

Payment

Term

Extension

Delay

Extension

% of

and

Total

Significant

Interest

Class of

Term

Payment

Rate

Financing

(Dollars in thousands)

 

Extension

Delay

 

Reduction

Total

Receivable

Business loans

2,500

203

—

650

3,353

0.1

Multifamily residential and residential mixed-use

—

91,022

4,575

—

95,597

3.1

Non-owner-occupied commercial real estate

2,316

—

2,316

0.1

Total

4,816

91,225

4,575

—

650

101,266

0.9


		For the Six Months Ended June 30, 2025

									Significant
						Term			Payment		Term
						Extension			Delay		Extension				% of
						and			and		and				Total
				Significant		Significant			Interest		Interest				Class of
		Term		Payment		Payment			Rate		Rate				Financing
(Dollars in thousands)		Extension		Delay		Delay			Reduction		Reduction		Total		Receivable
Business loans		$	52	$	506	$	—		$	—	$	13,942	$	14,500	0.5	%
Multifamily residential and residential mixed-use			—		49,867		—			6,469		—		56,336	1.5
Non-owner-occupied commercial real estate			—		27,755		—			14,987		—		42,742	1.4
Total		$	52	$	78,128	$	—		$	21,456	$	13,942	$	113,578	1.0	%

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The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty as of the dates indicated:


		For the Three Months Ended June 30, 2026
		Weighted Average		Weighted Average
		Interest Rate		Months of		Weighted Average
(Dollars in thousands)		Reductions		Term Extensions		Payment Delay
Business loans		—	%	—		$	71
Multifamily residential and residential mixed-use		—		24			198


		For the Three Months Ended June 30, 2025
		Weighted Average		Weighted Average
		Interest Rate		Months of		Weighted Average
(Dollars in thousands)		Reductions		Term Extensions		Payment Delay
Business loans		—	%	4		$	—
Multifamily residential and residential mixed-use		1.13		—			95


		For the Six Months Ended June 30, 2026
		Weighted Average		Weighted Average
		Interest Rate		Months of		Weighted Average
(Dollars in thousands)		Reductions		Term Extensions		Payment Delay
Business loans		2.25	%	19		$	71
Multifamily residential and residential mixed-use		—		24			333
Non-owner-occupied commercial real estate		—		10			—


		For the Six Months Ended June 30, 2025
		Weighted Average		Weighted Average
		Interest Rate		Months of		Weighted Average
(Dollars in thousands)		Reductions		Term Extensions		Payment Delay
Business loans		1.25	%	103		$	10
Multifamily residential and residential mixed-use		1.13		—			233
Non-owner-occupied commercial real estate		3.75		—			1,128

The Bank monitors the performance of loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following tables describe the performance of loans that have been modified during the past 12 months.

June 30, 2026

30-59

60-89

90+

(In thousands)

 

Current

Days Past Due

 

Non-Accrual

Total

Business loans

6,289

—

1,373

7,662

Multifamily residential and residential mixed-use

4,575

58,625

23,164

—

26,893

113,257

Non-owner-occupied commercial real estate

11,959

—

11,959

Total

22,823

58,625

23,164

—

28,266

132,878


		June 30, 2025
				30-59		60-89		90+
(In thousands)		Current		Days Past Due		Days Past Due		Days Past Due			Non-Accrual		Total
Business loans		$	18,481	$	—	$	—	$	—		$	282	$	18,763
Multifamily residential and residential mixed-use			28,731		—		27,605		—			—		56,336
Non-owner-occupied commercial real estate			27,755		—		—		—			14,987		42,742
Total		$	74,967	$	—	$	27,605	$	—		$	15,269	$	117,841

Table of Contents

As of June 30, 2026, there were six multifamily loans and four business loans totaling $28.3 million that were modified to borrowers experiencing financial difficulty during the prior 12 months that are on non-accrual status. As of June 30, 2025, there was one non-owner-occupied commercial loan and three business loans totaling $15.3 million that were modified to borrowers experiencing financial difficulty during the prior 12 months that were on non-accrual status. Non-accrual loans that are modified to borrowers experiencing financial difficulty remain on non-accrual status until the borrower has demonstrated performance under the modified terms.

Credit Quality Indicators

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

Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Bank’s credit position at some future date.

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

Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of then existing facts, conditions, and values, highly questionable and improbable.

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The following is a summary of the credit risk profile of loans by internally assigned grade as of the periods indicated, the years represent the year of origination for non-revolving loans:


	June 30, 2026
(In thousands)	2026		2025		2024		2023		2022		2021 and Prior		Revolving		Revolving-Term		Total
Business loans
Pass	$	346,891	$	437,567	$	293,113	$	199,936	$	283,996	$	539,508	$	1,362,865	$	94,992	$	3,558,868
Special mention		—		—		1,584		461		7,869		12,618		3,481		13,586		39,599
Substandard		—		133		685		304		2,715		16,553		1,102		25,428		46,920
Doubtful		—		—		—		—		—		611		—		—		611
Total business loans		346,891		437,700		295,382		200,701		294,580		569,290		1,367,448		134,006		3,645,998
YTD Gross Charge-Offs		—		—		—		152		56		206		—		835		1,249

One-to-four family residential and coop/condo apartment
Pass		108,387		160,286		114,782		136,560		181,158		339,821		19,525		8,414		1,068,933
Special mention		—		—		—		260		—		2		—		—		262
Substandard		—		—		—		—		487		4,498		963		1,048		6,996
Doubtful		—		—		—		—		—		—		—		—		—
Total one-to-four family residential and coop/condo apartment		108,387		160,286		114,782		136,820		181,645		344,321		20,488		9,462		1,076,191
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—

Multifamily residential and residential mixed-use:
Pass		14,613		54,750		18,447		223,969		1,094,980		1,493,474		1,058		4,172		2,905,463
Special mention		—		1,791		—		—		—		71,880		—		—		73,671
Substandard		—		—		—		—		28,033		106,659		—		—		134,692
Doubtful		—		—		—		—		—		—		—		—		—
Total multifamily residential and residential mixed-use		14,613		56,541		18,447		223,969		1,123,013		1,672,013		1,058		4,172		3,113,826
YTD Gross Charge-Offs		—		—		—		—		—		12,219		—		—		12,219

Non-owner-occupied commercial real estate
Pass		38,956		91,999		54,241		199,431		599,938		1,616,026		7,019		15,735		2,623,345
Special mention		—		—		—		—		25,623		70,168		—		—		95,791
Substandard		—		—		—		—		13,399		38,507		—		—		51,906
Doubtful		—		—		—		—		—		—		—		—		—
Total non-owner-occupied commercial real estate		38,956		91,999		54,241		199,431		638,960		1,724,701		7,019		15,735		2,771,042
YTD Gross Charge-Offs		—		—		—		—		—		5,256		—		—		5,256

ADC:
Pass		4,050		32,044		15,805		16,376		3,655		421		15,593		2,120		90,064
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		412		412
Doubtful		—		—		—		—		—		—		—		—		—
Total ADC		4,050		32,044		15,805		16,376		3,655		421		15,593		2,532		90,476
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—

Total:
Pass		512,897		776,646		496,388		776,272		2,163,727		3,989,250		1,406,060		125,433		10,246,673
Special mention		—		1,791		1,584		721		33,492		154,668		3,481		13,586		209,323
Substandard		—		133		685		304		44,634		166,217		2,065		26,888		240,926
Doubtful		—		—		—		—		—		611		—		—		611
Total Loans	$	512,897	$	778,570	$	498,657	$	777,297	$	2,241,853	$	4,310,746	$	1,411,606	$	165,907	$	10,697,533
YTD Gross Charge-Offs	$	—	$	—	$	—	$	152	$	56	$	17,681	$	—	$	835	$	18,724

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	December 31, 2025
(In thousands)	2025		2024		2023		2022		2021		2020 and Prior		Revolving		Revolving-Term		Total
Business loans
Pass	$	444,515	$	320,751	$	212,384	$	302,778	$	182,244	$	408,711	$	1,170,533	$	96,748	$	3,138,664
Special mention		—		107		265		2,856		15,143		20,428		7,822		2,457		49,078
Substandard		—		85		2,944		3,669		7,611		10,613		4,320		22,841		52,083
Doubtful		—		—		—		—		—		611		—		—		611
Total business loans		444,515		320,943		215,593		309,303		204,998		440,363		1,182,675		122,046		3,240,436
YTD Gross Charge-Offs		—		—		—		1,492		605		—		4,296		1,313		7,706

One-to-four family residential and coop/condo apartment
Pass		170,056		125,945		145,449		192,988		91,910		270,964		23,035		8,598		1,028,945
Special mention		—		—		263		—		—		28		—		—		291
Substandard		—		—		—		474		—		4,542		652		899		6,567
Doubtful		—		—		—		—		—		—		—		—		—
Total one-to-four family residential and coop/condo apartment		170,056		125,945		145,712		193,462		91,910		275,534		23,687		9,497		1,035,803
YTD Gross Charge-Offs		—		—		—		—		—		44		—		—		44

Multifamily residential and residential mixed-use:
Pass		54,958		21,186		229,634		1,127,686		536,029		1,211,361		4,748		4,705		3,190,307
Special mention		1,824		—		—		7,214		15,963		111,626		—		—		136,627
Substandard		—		—		—		20,821		3,069		73,698		—		—		97,588
Doubtful		—		—		—		—		—		—		—		—		—
Total multifamily residential and residential mixed-use		56,782		21,186		229,634		1,155,721		555,061		1,396,685		4,748		4,705		3,424,522
YTD Gross Charge-Offs		—		—		—		—		—		69		—		—		69

Non-owner-occupied commercial real estate
Pass		95,771		54,625		202,035		695,850		573,086		1,157,080		7,908		15,961		2,802,316
Special mention		—		—		—		—		637		92,057		—		—		92,694
Substandard		—		—		—		—		16,471		21,530		—		—		38,001
Doubtful		—		—		—		—		—		—		—		—		—
Total non-owner-occupied commercial real estate		95,771		54,625		202,035		695,850		590,194		1,270,667		7,908		15,961		2,933,011
YTD Gross Charge-Offs		—		—		—		—		—		23,644		1,824		—		25,468

ADC:
Pass		28,379		18,907		41,151		6,075		4,805		—		15,345		2,141		116,803
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		412		412
Doubtful		—		—		—		—		—		—		—		—		—
Total ADC		28,379		18,907		41,151		6,075		4,805		—		15,345		2,553		117,215
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—

Total:
Pass		793,679		541,414		830,653		2,325,377		1,388,074		3,048,116		1,221,569		128,153		10,277,035
Special mention		1,824		107		528		10,070		31,743		224,139		7,822		2,457		278,690
Substandard		—		85		2,944		24,964		27,151		110,383		4,972		24,152		194,651
Doubtful		—		—		—		—		—		611		—		—		611
Total Loans	$	795,503	$	541,606	$	834,125	$	2,360,411	$	1,446,968	$	3,383,249	$	1,234,363	$	154,762	$	10,750,987
YTD Gross Charge-Offs	$	—	$	—	$	—	$	1,492	$	605	$	23,757	$	6,120	$	1,313	$	33,287

For other loans, the Company evaluates credit quality based on payment activity. Other loans that are 90 days or more past due are placed on non-accrual status, while all remaining other loans are classified and evaluated as performing. The following is a summary of the credit risk profile of other loans by internally assigned grade:


		June 30, 2026		December 31, 2025
Performing		$	8,401	$	6,558
Non-accrual			—		—
Total		$	8,401	$	6,558

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8. LEASES

The following table presents the Company’s remaining maturities of undiscounted lease payments, as well as a reconciliation to the discounted operating lease liabilities in the Consolidated Statements of Financial Condition at June 30, 2026:


(In thousands)
2026		$	7,581
2027			13,793
2028			7,463
2029			4,894
2030			3,387
Thereafter			5,539
Total undiscounted lease payments			42,657
Less amounts representing interest			(3,031)
Operating lease liabilities		$	39,626

Other information related to the Company’s operating leases was as follows:

Three Months Ended

Six Months Ended

June 30,

(In thousands)

 

2026

 

2025

 

2026

 

2025

Operating lease cost

3,791

3,709

7,556

7,341

Cash paid for amounts included in the measurement of operating lease liabilities

3,875

3,641

7,708

7,292


	As of June 30, 2026		As of December 31, 2025
Weighted average remaining lease term	4.0	years	4.3	years
Weighted average discount rate	3.27	%	3.18	%

9. DERIVATIVES AND HEDGING ACTIVITIES

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposure to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s loan portfolio.

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. The Company engages in fair value hedges, cash flow hedges and freestanding derivatives.

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Effect of Derivatives on the Consolidated Statements of Financial Condition

The tables below present the notional amounts and fair values of the Company’s derivative financial instruments as of June 30, 2026 and December 31, 2025.

June 30, 2026

December 31, 2025

Notional

Fair Value

Notional

Fair Value

(In thousands)

 

Amount

Assets

 

Amount

Assets

Derivatives designated as hedging instruments:

Cash flow hedges - interest rate products

525,000

941

600,000

2,758

Derivatives not designated as hedging instruments:

Interest rate products

1,636,948

69,604

1,655,545

73,557


		June 30, 2026				December 31, 2025
		Notional		Fair Value		Notional		Fair Value
(In thousands)		Amount		Liabilities		Amount		Liabilities
Derivatives designated as hedging instruments:
Fair value hedges - interest rate products		$	350,000	$	26	$	350,000	$	8
Cash flow hedges - interest rate products			—		—		—		—

Derivatives not designated as hedging instruments:
Interest rate products			1,636,948		69,604		1,655,545		73,557
Risk participations			121,004		1		156,730		8

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

The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations for the three and six months ended June 30, 2026 and 2025.

Three Months Ended June 30,

2026

2025

Interest

(In thousands)

Income

Expense

Income

Expense

Effects of fair value or cash flow hedges are recorded

189

690

(205)

1,950

The effects of fair value and cash flow hedging:

Gain or (loss) on fair value hedging relationships

Interest contracts:

Hedged items

(835)

—

(1,091)

—

Derivatives designated as hedging instruments

1,024

—

886

—

Gain or (loss) on cash flow hedging relationships

Interest contracts:

Amount reclassified from AOCI into expense

—

690

—

1,950

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Six Months Ended June 30,

2026

2025

Interest

(In thousands)

Income

Expense

Income

Expense

Effects of fair value or cash flow hedges are recorded

379

1,664

(827)

3,790

The effects of fair value and cash flow hedging:

Gain or (loss) on fair value hedging relationships

Interest contracts:

Hedged items

(2,224)

—

(1,774)

—

Derivatives designated as hedging instruments

2,603

—

947

—

Gain or (loss) on cash flow hedging relationships

Interest contracts:

Amount reclassified from AOCI into expense

—

1,664

—

3,790

Fair Value Hedges

The Company uses fair value hedges to protect against changes in fair value of certain interest rate sensitive assets. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount.

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

As of June 30, 2026, the Company received $1.6 million from the Chicago Mercantile Exchange (“CME”) clearing house related to the fair value derivatives settled daily to market. As of December 31, 2025, the Company posted $660 thousand to the CME clearing house related to fair value derivatives settled daily to market. The Company pays an average fixed rate of 3.42% and receives a floating rate based on the US federal funds effective rate for the life of the agreement without an exchange of the underlying notional amount.

The amortized cost basis of the closed portfolio of the fixed rate mortgage loans on June 30, 2026 totaled $640.7 million. The amount identified as the last-of-layer in the open hedge relationship was $350.0 million, which is the amount of loans in the closed portfolio anticipated to be outstanding for the designated hedge period. The basis adjustment associated with the hedge was a $1.6 million liability as of June 30, 2026, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedged relationship.

The amortized cost basis of the closed portfolio of the fixed rate mortgage loans on December 31, 2025 totaled $666.9 million. The amount identified as the last-of-layer in the open hedge relationship was $350.0 million, which is the amount of loans in the closed portfolio anticipated to be outstanding for the designated hedge period. The basis adjustment associated with the hedge was a $663 thousand asset as of December 31, 2025, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedged relationship.

During the three and six months ended June 30, 2026, the Company recorded credits of $189 thousand and $379 thousand, respectively, from the swap transactions as a component of interest income in the consolidated statements of operations. During the three and six months ended June 30, 2025, the Company recorded debits of $205 thousand and $827 thousand, respectively, from the swap transactions as a component of interest income in the consolidated statements of operations.

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As of June 30, 2026 and December 31, 2025, the following amounts were recorded on the consolidated statements of financial condition related to cumulative basis adjustment for fair value hedges:

June 30, 2026

December 31, 2025

(In thousands)

 

Carrying Amount of the Hedged Assets

Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets

Carrying Amount of the Hedged Assets

Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets

Fixed Rate Loans

639,154

(1,561)

667,584

663

Cash Flow Hedges

Cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company uses these types of derivatives to hedge the variable cash flows associated with existing or forecasted issuances of short-term borrowings.

For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest expense in the same periods during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s debt. During the next twelve months, the Company estimates that an additional $1.3 million will be reclassified as a decrease to interest expense.

The Company did not terminate any derivatives during the six months ended June 30, 2026 or June 30, 2025, respectively.

The table below presents the effect of the cash flow hedge accounting on accumulated other comprehensive income (loss) for the periods indicated:

Three Months Ended

Six Months Ended

June 30,

(In thousands)

2026

2025

2026

2025

Gain (loss) recognized in other comprehensive income (loss)

1,621

(5,407)

2,663

(12,974)

Loss reclassified from other comprehensive income into interest expense

(690)

(1,950)

(1,664)

(3,790)

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

Certain cash flow hedges involve derivative agreements with third-party counterparties that contain provisions requiring the Company to post cash collateral if the derivative exposure exceeds a threshold amount and receive collateral for agreements in a net asset position. As of June 30, 2026 and December 31, 2025, the Company did not post collateral to the third-party counterparties. As of June 30, 2026, the Company received $1.4 million in collateral from its third-party counterparties under the agreements in a net asset position. As of December 31, 2025, the Company received $3.4 million in collateral from its third-party counterparties under the agreements in a net asset position. Additionally, the Bank entered into certain cash flow hedges that are exchange-traded through the CME and are settled daily to market. As of June 30, 2026, the Company received $726 thousand from the CME clearing house, which was accounted for as settlements of derivative liabilities. As of December 31, 2025, the Company posted $5.4 million to the CME clearing house that are accounted for as settlements of the derivative asset.

Freestanding Derivatives

The Company maintains an interest-rate risk protection program for its loan portfolio in order to offer loan level derivatives with certain borrowers and to generate loan level derivative income. The Company enters into interest rate swap or interest rate floor agreements with borrowers. These interest rate derivatives are designed such that the borrower synthetically attains a fixed-rate loan, while the Company receives floating rate loan payments. The Company offsets the loan level

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interest rate swap exposure by entering into an offsetting interest rate swap or interest rate floor with an unaffiliated and reputable bank counterparty. These interest rate derivatives do not qualify as designated hedges, under ASU 815; therefore, each interest rate derivative is accounted for as a freestanding derivative. The notional amounts of the interest rate derivatives do not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate derivative agreements. The following tables reflect freestanding derivatives included in the consolidated statements of financial condition as of the dates indicated:


	June 30, 2026
		Notional		Fair Value		Fair Value
(Dollars in thousands)	Count	Amount		Assets		Liabilities
Included in derivative assets/liabilities:
Loan level interest rate swaps with borrower	38	$	391,325	$	3,729	$	—
Loan level interest rate swaps with borrower	177		1,245,623		—		65,875
Loan level interest rate swaps with third-party counterparties	38		391,325		—		3,729
Loan level interest rate swaps with third-party counterparties	177		1,245,623		65,875		—


	December 31, 2025
		Notional		Fair Value		Fair Value
(Dollars in thousands)	Count	Amount		Assets		Liabilities
Included in derivative assets/liabilities:
Loan level interest rate swaps with borrower	66	$	782,882	$	13,491	$	—
Loan level interest rate swaps with borrower	148		872,663		—		60,066
Loan level interest rate swaps with third-party counterparties	66		782,882		—		13,491
Loan level interest rate swaps with third-party counterparties	148		872,663		60,066		—

Loan level derivative income is recognized on the mark-to-market of the interest rate swap as a fair value adjustment at the time the transaction is closed. Total loan level derivative income is included in non-interest income as follows:

Three Months Ended

Six Months Ended

June 30,

(In thousands)

2026

2025

2026

2025

Loan level derivative income

535

942

1,007

1,003

The interest rate swap product with the borrower is cross collateralized with the underlying loan and, therefore, there is no posted collateral. Certain interest rate swap agreements with third-party counterparties contain provisions that require the Company to post collateral if the derivative exposure exceeds a threshold amount and receive collateral for agreements in a net asset position. As of June 30, 2026, the Company did not post any collateral to its third-party counterparty. As of December 31, 2025, the Company posted $3.0 million in collateral to its third-party counterparties. As of June 30, 2026, the Company received $60.4 million in collateral from its third-party counterparties under the agreements in a net asset position. As of December 31, 2025, the Company received $49.1 million in collateral from its third-party counterparties under the agreements in a net asset position.

Risk Participation Agreements

The Company enters into risk participation agreements to manage economic risks but does not designate the instruments in hedge relationships. As of June 30, 2026 and December 31, 2025, the notional amounts of risk participation agreements for derivative liabilities were $121.0 million and $156.7 million, respectively. The Company’s risk participation agreements had fair values in a liability position of $1 thousand and $8 thousand as of June 30, 2026 and December 31, 2025, respectively.

Credit Risk Related Contingent Features

The Company’s agreements with each of its derivative counterparties state that if the Company defaults on any of its indebtedness, it could also be declared in default on its derivative obligations and could be required to terminate its derivative positions with the counterparty.

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The Company’s agreements with certain of its derivative counterparties state that if the Bank fails to maintain its status as a well-capitalized institution, the Bank could be required to terminate its derivative positions with the counterparty.

For derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, any breach of the above provisions by the Company may require settlement of its obligations under the agreements at the termination value with the respective counterparty. As of June 30, 2026, there were no derivatives in a net liability position, and therefore the termination value was zero. There were no provisions breached for the three or six months ended June 30, 2026.

10. FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

Level 1 Inputs – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the reporting entity has the ability to access at the measurement date.

Level 2 Inputs – Significant other observable inputs such as any of the following: (1) quoted prices for similar assets or liabilities in active markets, (2) quoted prices for identical or similar assets or liabilities in markets that are not active, (3) inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates), or (4) inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs).

Level 3 Inputs – Significant unobservable inputs for the asset or liability. Significant unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). Significant unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Securities

The Company’s available-for-sale securities are reported at fair value, which were determined utilizing prices obtained from independent parties. The valuations obtained are based upon market data and often utilize evaluated pricing models that vary by asset and incorporate available trade, bid and other market information. For securities that do not trade on a daily basis, pricing applications apply available information such as benchmarking and matrix pricing. The market inputs normally sought in the evaluation of securities include benchmark yields, reported trades, broker/dealer quotes (obtained only from market makers or broker/dealers recognized as market participants), issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. For certain securities, additional inputs may be used, or some market inputs may not be applicable. Prioritization of inputs may vary on any given day based on market conditions.

All MBS, CMOs, treasury securities, and agency notes are guaranteed either implicitly or explicitly by U.S. GSEs as of June 30, 2026 and December 31, 2025, respectively. In accordance with the Company’s investment policy, corporate securities are rated “investment grade” at the time of purchase and the financials of the issuers are reviewed quarterly.

Derivatives

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

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The following tables present financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated, segmented by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.


			Fair Value Measurements
			at June 30, 2026 Using
			Level 1		Level 2		Level 3
(In thousands)	Total		Inputs		Inputs		Inputs
Financial Assets:
Securities available-for-sale:
Agency notes	$	9,926	$	—	$	9,926	$	—
Corporate securities		183,943		—		183,943		—
Pass-through MBS issued by U.S. GSEs		495,344		—		495,344		—
Agency CMOs		192,495		—		192,495		—
State and municipal obligations		13,543		—		13,543		—
Equity securities		2,723		—		2,723		—
Derivative – cash flow hedges		941		—		941		—
Derivative – freestanding derivatives, net		69,604		—		69,604		—
Financial Liabilities:
Derivative – fair value hedges		26		—		26		—
Derivative – freestanding derivatives, net		69,604		—		69,604		—
Derivative – risk participations		1		—		1		—


			Fair Value Measurements
			at December 31, 2025 Using
			Level 1		Level 2		Level 3
(In thousands)	Total		Inputs		Inputs		Inputs
Financial Assets:
Securities available-for-sale:
Agency Notes	$	9,880	$	—	$	9,880	$	—
Corporate securities		166,459		—		166,459		—
Pass-through MBS issued by U.S. GSEs		391,733		—		391,733		—
Agency CMOs		210,933		—		210,933		—
State and municipal obligations		18,930		—		18,930		—
Equity securities		2,723		—		2,723		—
Derivative – cash flow hedges		2,758		—		2,758		—
Derivative – freestanding derivatives, net		73,557		—		73,557		—
Financial Liabilities:
Derivative – fair value hedge		8		—		8		—
Derivative – freestanding derivatives, net		73,557		—		73,557		—
Derivative – risk participations		8		—		8		—

Assets and Liabilities Measured at Fair Value on a Non-recurring Basis

Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis. That is, they are subject to fair value adjustments in certain circumstances. Financial assets measured at fair value on a non-recurring basis include certain individually evaluated loans reported at the fair value of the underlying collateral if repayment is expected solely from the collateral.

June 30, 2026

Fair Value Measurements Using:

Quoted Prices

 

In Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Carrying

Assets

Inputs

(In thousands)

Value

(Level 1)

 

(Level 2)

(Level 3)

Individually evaluated loans

20,297

—

20,297

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December 31, 2025

Fair Value Measurements Using:

 

Quoted Prices

 

In Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Carrying

Assets

Inputs

(In thousands)

 

Value

 

(Level 1)

 

(Level 2)

 

(Level 3)

Individually evaluated loans

3,655

—

3,655

Individually evaluated loans with an allowance for credit losses at June 30, 2026 had a carrying amount of $20.3 million, which is made up of the outstanding balance of $30.6 million, net of a valuation allowance of $10.3 million. Collateral dependent individually analyzed loans during the three and six months ended June 30, 2026 resulted in a $3.7 million and $6.4 million credit loss provision, respectively, which is included in the amounts reported in the Consolidated Statements of Operations.

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

Financial Instruments Not Measured at Fair Value

The following tables present the carrying amounts and estimated fair values of financial instruments other than those measured at fair value on either a recurring or non-recurring basis for the dates indicated, segmented by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

Fair Value Measurements

at June 30, 2026 Using

Carrying

Level 1

Level 2

Level 3

(In thousands)

Amount

Inputs

Total

Financial Assets:

Cash and due from banks

1,934,594

—

1,934,594

Securities held-to-maturity

706,606

—

641,220

—

641,220

Loans held for sale

1,862

—

1,862

Loans held for investment, net

10,579,113

—

10,394,349

Accrued interest receivable

56,282

—

7,641

48,641

56,282

Financial Liabilities:

Savings, money market and checking accounts ⁽¹⁾

11,608,313

—

11,608,313

Certificates of deposit ("CDs")

1,068,824

—

1,066,871

—

1,066,871

FHLBNY advances

385,000

—

385,678

—

385,678

Subordinated debt, net

231,186

—

227,371

—

227,371

Accrued interest payable

6,170

—

6,170

—

6,170

⁽¹⁾ Includes mortgage escrow deposits.

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			Fair Value Measurements
			at December 31, 2025 Using
	Carrying		Level 1		Level 2		Level 3
(In thousands)	Amount		Inputs		Inputs		Inputs		Total
Financial Assets:
Cash and due from banks	$	2,353,966	$	2,353,966	$	—	$	—	$	2,353,966
Securities held-to-maturity		618,901		—		560,082		—		560,082
Loans held for sale		1,989		—		—		1,989		1,989
Loans held for investment, net		10,657,181		—		—		10,459,618		10,459,618
Accrued interest receivable		55,572		—		6,748		48,824		55,572
Financial Liabilities:
Savings, money market and checking accounts⁽¹⁾		11,724,128		11,724,128		—		—		11,724,128
CDs		1,117,118		—		1,115,830		—		1,115,830
FHLBNY advances		508,000		—		511,074		—		511,074
Subordinated debt, net		272,503		—		267,493		—		267,493
Accrued interest payable		7,752		—		7,752		—		7,752

⁽¹⁾ Includes mortgage escrow deposits.

11. OTHER INTANGIBLE ASSETS

The following table presents the carrying amount and accumulated amortization of intangible assets that are amortizable.


(In thousands)	June 30, 2026		December 31, 2025
Gross carrying value	$	10,204	$	10,204
Accumulated amortization		(7,670)		(7,266)
Net carrying amount	$	2,534	$	2,938

Amortization expense recognized on intangible assets was $195 thousand and $404 thousand for the three and six months ended June 30, 2026, respectively. Amortization expense recognized on intangible assets was $235 thousand and $487 thousand for the three and six months ended June 30, 2025, respectively.

Estimated amortization expense for the remainder of 2026 through 2030 and thereafter is as follows:


(In thousands)
2026	$	391
2027		664
2028		560
2029		475
2030		411
Thereafter		33
Total	$	2,534

12. FHLBNY ADVANCES

The Bank had borrowings from the FHLBNY totaling $385.0 million and $508.0 million at June 30, 2026 and December 31, 2025, respectively, all of which were fixed rate. In accordance with the Collateral Pledge and Security Agreement with the FHLBNY, the Bank had remaining FHLBNY borrowing capacity of $1.61 billion as of June 30, 2026 and $1.52 billion as of December 31, 2025, and maintained sufficient qualifying collateral, as defined by the FHLBNY.

For the three months ended June 30, 2026, the Company did not incur any prepayment penalty expense related to the extinguishment of FHLBNY advances. For the six months ended June 30, 2026, the Company had $515 thousand of prepayment penalty expense related to the extinguishment of FHLBNY advances. During the three and six months ended June 30, 2025, the Company did not incur any prepayment penalty expense related to the extinguishment of FHLBNY advances.

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

Three Months Ended June 30,

Six Months Ended June 30,

(Dollars in thousands)

2026

2025

2026

2025

FHLBNY advances extinguished

48,000

Weighted average rate

4.20

Loss on extinguishment of debt

515

The following table presents the contractual maturities of FHLBNY advances for each of the next five years.


(Dollars in thousands)	June 30, 2026		December 31, 2025
2026, fixed rate at rates from 3.79% to 4.14%		325,000		400,000
2027, fixed rate at 4.25%		—		36,000
2028, fixed rate at 4.04%		—		12,000
2029, fixed rate at rates from 3.98% to 4.03%		60,000		60,000
Total FHLBNY advances	$	385,000	$	508,000

Total FHLBNY advances had a weighted average interest rate of 3.85% and 4.00% at June 30, 2026 and December 31, 2025, respectively.

13. SUBORDINATED DEBENTURES

On June 28, 2024, the Company issued $65.0 million aggregate principal amount of fixed-to-floating rate subordinated notes due 2034 (the “2024 Notes”). The 2024 Notes are callable at par after five years, have a stated maturity of July 15, 2034, and bear interest at a fixed annual rate of 9.00% per year, payable quarterly in arrears on January 15, April 15, July 15, and October 15 of each year, commencing on October 15, 2024. The last interest payment for the fixed rate period will be July 15, 2029. From and including July 15, 2029, to, but excluding the stated maturity date or any earlier redemption date, the interest rate will reset quarterly to an annual interest rate equal to the benchmark rate (which is expected to be Three-Month Term Secured Overnight Financing Rate (“SOFR”) plus 495.1 basis points, payable quarterly in arrears on January 15, April 15, July 15, and October 15 of each year, commencing on October 15, 2029.

Subsequently, on July 9, 2024, the Company issued and sold an additional $9.8 million of the 2024 Notes, pursuant to an overallotment option granted to the underwriters of the offering. Including the overallotment option, the total gross proceeds from the offering were $74.8 million, before discounts and offering expenses.

On May 6, 2022, the Company issued $160.0 million aggregate principal amount of fixed-to-floating rate subordinated notes due 2032 (“the 2022 Notes”). The 2022 Notes are callable at par after five years, have a stated maturity of May 15, 2032 and bear interest at a fixed annual rate of 5.00% per year, payable semi-annually in arrears on May 15 and November 15 of each year, commencing on November 15, 2022. The last interest payment for the fixed rate period will be May 15, 2027. From and including May 15, 2027 to, but excluding the maturity date or early redemption date, the interest rate will reset quarterly to an annual interest rate equal to the benchmark rate (which is expected to be Three-Month Term SOFR) plus 218-basis points, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, commencing on August 15, 2027. The Company used the net proceeds of the offering for the repayment of $115.0 million of the Company’s 4.50% fixed-to-floating rate subordinated notes due 2027 on June 15, 2022, and $40.0 million of the Company’s 5.25% fixed-to-floating rate subordinated debentures due 2025 on June 30, 2022. The repayment of the subordinated notes due 2027 resulted in a pre-tax write-off of debt issuance costs of $740 thousand, which was recognized in loss on extinguishment of debt in non-interest expense.

The $40.0 million of fixed-to-floating rate subordinated debentures, that were redeemed during the first quarter of 2026, were issued by the Company in September 2015, were callable at par after ten years and had a stated maturity of September 30, 2030. The interest rate was fixed at 5.75% for the first ten years. From and including September 30, 2025 to the maturity date or early redemption date, the interest rate reset quarterly to an annual interest rate equal to the then-current three-month CME Term SOFR plus 372 basis points.

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During the first quarter of 2026, the Company redeemed at par all of its outstanding $40.0 million principal amount of its Fixed/Floating Subordinated Debentures due 2030. Upon redemption, the Company recognized a pre-tax gain of $1.5 million, which was recorded in non-interest expense.

The subordinated debentures totaled $231.2 million and $272.5 million at June 30, 2026 and December 31, 2025, respectively. Interest expense related to the subordinated debentures was $3.8 million and $4.3 million during the three months ended June 30, 2026 and 2025, respectively. Interest expense related to the subordinated debentures was $8.3 million and $8.6 million during the six months ended June 30, 2026 and 2025, respectively. The subordinated debentures are included in tier 2 capital (with certain limitations applicable) under current regulatory guidelines and interpretations.

14. RETIREMENT AND POSTRETIREMENT PLANS

The Bank maintains two noncontributory pension plans that existed before the Merger: (i) the Retirement Plan of Dime Commercial Bank (“Employee Retirement Plan”) and (ii) the BNB Bank Pension Plan, covering all eligible employees.

Employee Retirement Plan

The Bank sponsors the Employee Retirement Plan, a tax-qualified, noncontributory, defined-benefit retirement plan. Prior to April 1, 2000, substantially all full-time employees of at least 21 years of age were eligible for participation after one year of service. Effective April 1, 2000, the Bank froze all participant benefits under the Employee Retirement Plan. Effective December 31, 2023, the Employee Retirement Plan was terminated. Retirement benefits of the plan were vested as they were earned. For the year ended December 31, 2025, the Bank used December 31^st as its measurement date for the Employee Retirement Plan.

BNB Bank Pension Plan

During 2012, Bridge Bancorp, Inc., (“Bridge”) amended the BNB Bank Pension Plan by revising the formula for determining benefits effective January 1, 2013, except for certain grandfathered Bridge employees. Additionally, new Bridge employees hired on or after October 1, 2012 were not eligible for the BNB Bank Pension Plan. Effective December 31, 2023, the Bank froze all participant benefits under the BNB Pension Plan, the impact of which is reflected in the recorded curtailment as of December 31, 2023. On December 21, 2023, the Company’s Board of Directors adopted a resolution to terminate the BNB Bank Pension Plan effective December 31, 2023. The termination was effectively completed by March 31, 2025, and all related liabilities were fully settled. Retirement benefits of the plan were vested as they were earned.

The following tables represent the components of net periodic benefit (credit) cost associated with these plans:


	Three Months Ended June 30,
	2026		2025
	Employee		BNB Bank		Employee
(In thousands)	Retirement Plan		Pension Plan		Retirement Plan
Service cost	$	—	$	—	$	—
Interest cost		208		—		218
Expected return on assets		(315)		—		(322)
Amortization of unrealized loss		257		—		232
Net periodic benefit (credit)	$	150	$	—	$	128
Settlement loss recognized		—				—
Total benefit cost	$	150	$	—	$	128

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	Six Months Ended June 30,
	2026		2025
	Employee		BNB Bank		Employee
(In thousands)	Retirement Plan		Pension Plan		Retirement Plan
Service cost	$	—	$	—	$	—
Interest cost		415		271		435
Expected return on assets		(630)		(534)		(645)
Amortization of unrealized loss		515		49		465
Net periodic benefit (credit)	$	300	$	(214)	$	255
Settlement loss recognized		—		7,231		—
Total benefit cost	$	300	$	7,017	$	255

There were no contributions to the Employee Retirement Plan for the three or six months ended June 30, 2026 and 2025. There were no contributions to the BNB Bank Pension Plan for the three and six months ended June 30, 2025, prior to the termination being completed.

401(k) Plan

The Company maintains a 401(k) Plan (the “401(k) Plan”) that existed before the Merger. The 401(k) Plan covers substantially all current employees. Newly hired employees are automatically enrolled in the plan on the first pay date following the 60^th day of employment, unless they elect not to participate. Participants may contribute a portion of their pre-tax base salary, generally not to exceed $24,500 for the calendar year ended December 31, 2026. Under the provisions of the 401(k) Plan, Dime Commercial Bank provides an employer non-elective contribution to employee accounts equivalent to 3% of eligible compensation. Participants can invest their account balances into several investment alternatives. The 401(k) Plan does not allow for investment of new contributions in the Company’s common stock, nor does it allow participants to transfer existing balances into the Company’s common stock. The 401(k) Plan held Company common stock within the accounts of participants totaling $7.2 million and $5.7 million at June 30, 2026 and 2025, respectively. During the three and six months ended June 30, 2026, total expense recognized as a component of salaries and employee benefits expense for the 401(k) Plan was $909 thousand and $2.1 million, respectively. During the three and six months ended June 30, 2025, total expense recognized as a component of salaries and employee benefits expense for the 401(k) Plan was $1.9 million, respectively.

15. STOCK-BASED COMPENSATION

In May 2021, the Company’s stockholders approved the Dime Commercial Bancshares, Inc. f/k/a/ Dime Community Bancshares, Inc. 2021 Equity Incentive Plan (the “2021 Equity Incentive Plan”) to provide the Company with sufficient equity compensation to meet the objectives of appropriately incentivizing its officers, other employees, and directors to execute our strategic plan to build shareholder value, while providing appropriate shareholder protections. The Company no longer makes grants under the Legacy Stock Plans. Awards outstanding under the Legacy Stock Plans will continue to remain outstanding and subject to the terms and conditions of the Legacy Stock Plans. An additional 1,185,000 shares of common stock were reserved to be issued under the 2021 Equity Incentive Plan following stockholder approval at the Annual Meeting of Shareholders on May 23, 2024. At June 30, 2026, there were 809,391 shares reserved for issuance under the 2021 Equity Incentive Plan.

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Stock Option Awards

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


							Weighted-
				Weighted-			Average
				Average			Remaining		Aggregate
		Number of		Exercise			Contractual		Intrinsic
(Dollars in thousands except share and per share amounts)		Options		Price			Years		Value
Options outstanding at January 1, 2026		26,995		$	35.39		3.2		$	—
Options exercised		(26,995)			35.39		—			—
Options forfeited		—			—		—			—
Options outstanding at June 30, 2026		—		$	—		—		$	—
Options vested and exercisable at June 30, 2026		—		$	—		—		$	—

Information related to stock options during each period is as follows:


		Three Months Ended					Six Months Ended
		June 30,					June 30,
(In thousands)		2026			2025		2026			2025
Cash received for option exercise cost		$	—		$	—	$	—		$	—
Income tax expense recognized on stock option exercises			—			—		—			—
Intrinsic value of options exercised			74			—		74			—

As of June 30, 2026, there were no stock options outstanding or vested. All outstanding stock options were exercised during the six months ended June 30, 2026 and were net settled. Accordingly, the Company did not receive any cash proceeds from the exercise of such stock options.

Restricted Stock Awards

The Company has made RSA grants to outside Directors and certain officers under the Legacy Stock Plans and the 2021 Equity Incentive Plan. Typically, awards to outside Directors fully vest on the first anniversary of the grant date, while awards to officers vest over a pre-determined requisite period. All awards were made at the fair value of the Company’s common stock on the grant date. Compensation expense on all RSAs is based upon the fair value of the shares on the respective dates of the grant.

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


				Weighted-
				Average
		Number of		Grant-Date
		Shares		Fair Value
Unvested allocated shares outstanding at January 1, 2026		457,368		$	24.88
Shares granted		326,693			33.60
Shares vested		(240,588)			24.53
Shares forfeited		(29,114)			25.68
Unvested allocated shares outstanding at June 30, 2026		514,359		$	30.54

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Information related to RSAs during each period is as follows:

Three Months Ended

Six Months Ended

June 30,

(In thousands)

 

2026

 

2025

2026

 

2025

Compensation expense recognized

1,801

1,258

3,001

2,664

Income tax benefit recognized on vesting of RSAs

243

690

361

As of June 30, 2026, there was $13.8 million of total unrecognized compensation cost related to unvested RSAs to be recognized over a weighted-average period of 2.4 years.

Performance-Based Share Awards

The Company maintains a Long-Term Incentive Plan (“LTIP”) for certain officers, which meets the criteria for equity-based accounting. For each award, threshold (50% of target), target (100% of target) and stretch (150% of target) opportunities are eligible to be earned over a three-year performance period based on the Company’s relative performance on certain goals that were established at the onset of the performance period and cannot be altered subsequently. Shares of common stock are issued on the grant date and held as unvested stock awards until the end of the performance period. Shares are issued at the stretch opportunity to ensure that an adequate number of shares are allocated for shares expected to vest at the end of the performance period. Compensation expense on PSAs is based upon the fair value of the shares on the date of the grant for the expected aggregate share payout as of the period end.

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


				Weighted-
				Average
		Number of		Grant-Date
		Shares		Fair Value
Maximum aggregate share payout at January 1, 2026		307,498		$	21.41
Shares granted		105,326			32.76
Shares forfeited		(15,710)			22.44
Shares vested		(34,395)			19.34
Maximum aggregate share payout at June 30, 2026		362,719		$	24.86
Minimum aggregate share payout		—			—
Expected aggregate share payout		362,719		$	24.86

Information related to PSAs during each period is as follows:

Three Months Ended

Six Months Ended

June 30,

(In thousands)

 

2026

 

2025

2026

 

2025

Compensation expense recognized

691

533

1,329

1,011

Income tax benefit (expense) recognized on vesting of PSAs

—

102

(9)

As of June 30, 2026, there was $4.7 million of total unrecognized compensation cost related to unvested PSAs based on the expected aggregate share payout to be recognized over a weighted-average period of 2.1 years.

16. INCOME TAXES

During the three months ended June 30, 2026 and 2025, the Company’s consolidated effective tax rates were 27.3% and 26.1%, respectively. During the six months ended June 30, 2026 and 2025, the Company’s consolidated effective tax rates were 28.0% and 25.7%, respectively. There were no significant unusual income tax items during the three or six months ended June 30, 2026 and 2025, respectively.

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17. SEGMENT REPORTING

The Chief Executive Officer, who is designated as the chief operating decision maker (“CODM”), determines the Company’s reportable segment. The Chief Executive Officer along with others in the Company’s executive management evaluates performance and allocates resources based upon analysis of the Company as one operating segment or unit. The activities of the Company comprise one reportable segment, “Commercial Banking.” All of the Company’s activities are interrelated, and each activity is dependent and assessed based on the manner in which it supports the other activities of the Company. All the consolidated assets are attributable to the Commercial Banking segment. The accounting policies of the Commercial Banking segment are the same as those described in Note 1 “Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for fiscal year ended December 31, 2025.

The Company provides a range of commercial banking services, including lending, personal and business banking, treasury management and merchant services, and other financial services primarily to individuals, businesses, and municipalities in the Greater Long Island area.

The CODM is provided with the Company’s consolidated statements of financial condition and operations and evaluates the Company’s operating results based on consolidated net interest income, non-interest income, non-interest expense, and net income, which can be seen on the consolidated statement of operations. These results are used to benchmark the Company against its competitors. Other significant non-cash items assessed by the CODM are depreciation, amortization and provision for credit losses consistent with the reporting on the consolidated statements of cash flows. Expenditures for long-lived assets are also evaluated and are consistent with the reporting on the consolidated statements of cash flows. Strategic plans and budget to actual monitoring are evaluated as one reportable segment. The actual results are used in assessing performance of the segment and in establishing management’s compensation. All revenues are derived from banking operations within the United States, and for the three and six months ended June 30, 2026 and 2025, no customer accounted for more than 10% of the Company's consolidated revenue.

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Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

Dime Commercial Bancshares, Inc., formerly known as Dime Community Bancshares, Inc., is a New York corporation and bank holding company formed in 1988. Dime Commercial Bank, formerly known as Dime Community Bank, is the Company’s wholly-owned subsidiary. The name change became effective during the quarter ended June 30, 2026 and did not affect the Company’s organizational structure, operations, or financial results. On a parent-only basis, the Company has minimal operations, other than as owner of Dime Commercial Bank. The Company is dependent on dividends from its wholly-owned subsidiary, Dime Commercial Bank, its own earnings, additional capital raised, and borrowings as sources of funds.

The information in this report reflects principally the financial condition and results of operations of the Bank. The Bank's results of operations are primarily dependent on its net interest income, which is the difference between interest income on loans and investments and interest expense on deposits and borrowings. The Bank also generates non-interest income, such as fee income on deposit and loan accounts, merchant credit and debit card processing programs, loan swap fees, investment services, income from its title insurance subsidiary, and net gains on sales of securities and loans. The level of non-interest expenses, such as salaries and benefits, occupancy and equipment costs, other general and administrative expenses, expenses from the Bank’s title insurance subsidiary, and income tax expense, further affects our net income. Certain reclassifications have been made to prior year amounts and the related discussion and analysis to conform to the current year presentation. These reclassifications did not have an impact on net income or total stockholders' equity.

Selected Financial Highlights and Other Data

(Dollars in Thousands Except Per Share Amounts)


		At or for the						At or for the
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025
Per Share Data:
Reported EPS (Diluted)		$	0.75		$	0.64		$	1.49		$	1.09
Cash dividends paid per common share			0.25			0.25			0.50			0.50
Book value per common share			31.79			29.95			31.79			29.95
Dividend payout ratio			33.33	%		39.06	%		33.56	%		45.87	%
Performance and Other Selected Ratios:
Return on average assets			0.94	%		0.85	%		0.93	%		0.74	%
Return on average equity			9.15			8.28			9.17			7.16
Net interest spread			2.40			1.99			2.38			1.97
Net interest margin			3.28			2.98			3.24			2.96
Average interest-earning assets to average interest-bearing liabilities			151.33			146.96			150.04			146.97
Non-interest expense to average assets			1.74			1.72			1.71			1.81
Efficiency ratio			51.2			55.0			51.0			58.9
Loan-to-deposit ratio at end of period			84.4			92.6			84.4			92.6
Effective tax rate			27.28			26.08			28.02			25.73
Asset Quality Summary:
Non-performing loans ⁽¹⁾		$	68,569		$	53,214		$	68,569		$	53,214
Non-performing assets⁽²⁾			69,019			53,214			69,019			53,214
Net charge-offs			9,662			5,405			18,236			12,463
Non-performing assets/Total assets			0.46	%		0.37	%		0.46	%		0.37	%
Non-performing loans held for investment/Total loans held for investment			0.62			0.49			0.62			0.49
Allowance for credit losses/Total loans			0.98			0.86			0.98			0.86
Allowance for credit losses/Non-performing loans held for investment			157.09			175.12			157.09			175.12

(1)	Non-performing loans are defined as all loans on non-accrual status.

(2)	June 30, 2026 balance includes one non-performing available for sale security in the amount of $450 thousand.

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Critical Accounting Policies

Note 1. Summary of Significant Accounting Policies, to the Company’s Audited Consolidated Financial Statements in its Annual Report on Form 10-K for the year ended December 31, 2025 contains a summary of significant accounting policies. These critical accounting estimates involve a significant degree of complexity and require management to make difficult subjective judgments which often necessitate assumptions or estimates about highly uncertain matters. Policies with respect to the methodology used to determine the allowance for credit losses on loans held for investment are important to the presentation of the Company’s consolidated financial condition and results of operations. The use of different judgments, assumptions or estimates could result in material variations in the Company’s consolidated results of operations or financial condition.

Management has reviewed the following critical accounting estimates and related disclosures with its Audit Committee.

Allowance for Credit Losses on Loans Held for Investment

Methods and Assumptions Underlying the Estimate

The allowance for credit losses is established and maintained through a provision for credit losses based on expected losses inherent in our loan portfolio. Management evaluates the adequacy of the allowance on a quarterly basis, and additions to the allowance are charged to expense and realized losses, net of recoveries, are charged against the allowance.

Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In determining the allowance for credit losses for loans that share similar risk characteristics, the Company utilizes a model which compares the amortized cost basis of the loan to the net present value of expected cash flows to be collected. Expected credit losses are determined by aggregating the individual cash flows and calculating a loss percentage by loan segment, or pool, for loans that share similar risk characteristics. For a loan that does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. Within the model, assumptions are made in the determination of probability of default, loss given default, reasonable and supportable economic forecasts, prepayment rate, curtailment rate, and recovery lag periods.

Statistical regression is utilized to relate historical macro-economic variables to historical credit loss experience of a peer group of banks that operate in and around Dime’s footprint. These models are then utilized to forecast future expected loan losses based on expected future behavior of the same macro-economic variables. Adjustments to the quantitative results are made using qualitative factors, which are subjective and require significant management judgment. These factors include: (1) lending policies and procedures and the experience, ability, and depth of the lending management and other relevant staff; (2) international, national, regional and local economic business conditions and developments that affect the collectability of the portfolio, including the condition of various markets; (3) the nature and volume of the loan portfolio; (4) the volume and severity of past due loans; (5) the quality of our loan review system; (6) the value of underlying collateral for collateralized loans; (7) the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and (8) the effect of external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio.

Although management believes that it uses the best information available to establish the Allowance for Credit Loss, management assesses the sensitivity of key quantitative assumptions including macroeconomic forecasts and prepayment rate assumptions. Changes in quantitative inputs may not occur in the same direction or magnitude across all segments of our loan portfolio and deterioration in some quantitative inputs may offset improvement in others.

Uncertainties Regarding the Estimate

Estimating the timing and amounts of future losses is subject to significant management judgment as these projected cash flows rely upon the estimates discussed above and factors that are reflective of current or future expected conditions. These estimates depend on the duration of current overall economic conditions, industry, borrower, or portfolio specific conditions. Volatility in certain credit metrics and differences between expected and actual outcomes are to be expected.

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Customers may not repay their loans according to the original terms, and the collateral securing the payment of those loans may be insufficient to pay any remaining loan balance. Bank regulators periodically review our allowance for credit losses and may require us to increase our provision for credit losses or loan charge-offs.

Impact on Financial Condition and Results of Operations

If our assumptions prove to be incorrect, the allowance for credit losses may not be sufficient to cover expected losses in the loan portfolio, resulting in additions to the allowance. Future additions or reductions to the allowance may be necessary based on changes in economic, market or other conditions. Changes in estimates could result in a material change in the allowance through charges to earnings which would materially decrease our net income.

We may experience significant credit losses if borrowers experience financial difficulties, which could have a material adverse effect on our operating results.

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

Liquidity and Capital Resources

The Board of Directors has approved a liquidity policy that it reviews and updates at least annually. Senior management is responsible for implementing the policy. The Bank’s Asset Liability Committee (“ALCO”) is responsible for general oversight and strategic implementation of the policy and management of the appropriate departments are designated responsibility for implementing any strategies established by ALCO. On a daily basis, appropriate senior management receives a current cash position report and 30-day forecast to ensure that all short-term obligations are timely satisfied, and that adequate liquidity exists to fund future activities. Reports detailing the Bank’s liquidity reserves are presented to appropriate senior management on at least a monthly basis, and the Board of Directors at each of its meetings. In addition, a twelve-month liquidity forecast is presented to ALCO to assess potential future liquidity concerns. A forecast of cash flow data for the upcoming 12 months is presented to the Board of Directors no less than annually. Given recent banking industry events, management monitors the level of uninsured deposits on a regular basis.

Liquidity is primarily needed to meet customer borrowing commitments and deposit withdrawals, either on demand or on contractual maturity, to repay borrowings as they mature, to fund current and planned expenditures and to make new loans and investments as opportunities arise. The Bank’s primary sources of funding for its lending and investment activities include deposits, loan payments, investment security principal and interest payments and advances from the FHLBNY. The Bank may also sell or securitize selected multifamily residential, mixed-use or one-to-four family residential real estate loans to private sector secondary market purchasers and has in the past sold such loans to Federal National Mortgage Association and Federal Home Loan Mortgage Corporation (“FHLMC”). The Company may additionally issue debt or equity under appropriate circumstances. Although maturities and scheduled amortization of loans and investments are predictable sources of funds, deposit flows and prepayments on real estate loans and MBS are influenced by interest rates, economic conditions and competition.

The Bank is a member of American Financial Exchange (“AFX”), through which it may either borrow or lend funds on an overnight or short-term basis with other member institutions. The availability of funds changes daily. At June 30, 2026 and December 31, 2025, the Bank did not have any such borrowings outstanding through the AFX.

The Bank utilizes repurchase agreements as part of its borrowing policy to add liquidity. Repurchase agreements represent funds received from customers, generally on an overnight basis, which are collateralized by investment securities. As of June 30, 2026 and December 31, 2025, the Bank did not have any repurchase agreements.

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The Bank gathers deposits in direct competition with commercial banks, savings banks and brokerage firms, many among the largest in the nation. It must additionally compete for deposit monies against the stock and bond markets, especially during periods of strong performance in those arenas. The Bank’s deposit flows are affected primarily by the pricing and marketing of its deposit products compared to its competitors, as well as the market performance of depositor investment alternatives such as the U.S. bond or equity markets. To the extent that the Bank is responsive to general market increases or declines in interest rates, its deposit flows should not be materially impacted. However, favorable performance of equity or bond markets could adversely impact the Bank’s deposit flows.

Total deposits (including mortgage escrow deposits) decreased $164.1 million during the six months ended June 30, 2026, compared to an increase of $54.0 million during the six months ended June 30, 2025. The decrease in deposits during the current period was primarily due to decreases in savings accounts, CDs and interest-bearing checking accounts, partially offset by an increase in money market accounts and non-interest-bearing checking deposits.

In the event that the Bank should require funds beyond its ability or desire to generate them internally, additional sources of funds are available through a borrowing line at the FHLBNY, borrowing capacity at the AFX, lines of credit with unaffiliated correspondent banks, and various brokered deposit sources. At June 30, 2026, the Bank had remaining borrowing capacity of $1.61 billion through the FHLBNY, subject to customary minimum FHLBNY common stock ownership requirements (i.e., 4.5% of the Bank’s outstanding FHLBNY borrowings). The Bank also had access to the Federal Reserve Bank (“FRB”) Discount Window. At June 30, 2026, an available line of credit totaling $335.4 million was in place at the FRB backed by investment securities with no advances drawn. Additionally, at June 30, 2026, a line of credit totaling $3.88 billion was in place at the FRB secured by certain qualifying one-to-four family residential mortgage loans, construction loans and commercial real estate loans with no amounts drawn.

The Bank reduced its outstanding FHLBNY advances by $123.0 million during the six months ended June 30, 2026, compared to a reduction of $100.0 million during the six months ended June 30, 2025. See Note 12. “FHLBNY Advances” for further information.

Subordinated debentures totaled $231.2 million at June 30, 2026 compared to $272.5 million at December 31, 2025. See Note 13. “Subordinated Debentures” to our Consolidated Financial Statements for further information.

During the six months ended June 30, 2026 and 2025, business loan originations excluding new lines were $318.4 million and $173.7 million, respectively. During the six months ended June 30, 2026 and 2025, real estate loan originations excluding new lines (excluding owner-occupied commercial real estate) totaled $157.3 million and $125.1 million, respectively.

The Company and the Bank are subject to minimum regulatory capital requirements imposed by their primary federal regulators. As a general matter, these capital requirements are based on the amount and composition of an institution’s assets. At June 30, 2026, both the Company and the Bank were in compliance with all applicable regulatory capital requirements, and the Bank was considered “well capitalized” for all regulatory purposes.

The following table summarizes Company and Bank capital ratios calculated under the Basel III Capital Rules framework as of the period indicated:


	Actual Ratios at June 30, 2026
							Basel III
				Consolidated			Minimum			To Be Categorized as
	Bank			Company			Requirement			“Well Capitalized” ⁽¹⁾
Tier 1 common equity ratio		14.8	%		12.0	%		4.5	%	6.5	%
Tier 1 risk-based capital ratio		14.8			13.1			6.0		8.0
Total risk-based capital ratio		15.8			16.3			8.0		10.0
Tier 1 leverage ratio		10.7			9.5			4.0		5.0

(1)	Only the Bank is subject to these requirements.

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During the six months ended June 30, 2026 and 2025, the Company did not repurchase any shares of its common stock. As of June 30, 2026, 1,566,947 shares remained available for purchase under the authorized share repurchase programs. See “Part II - Item 2. Other Information - Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities” for additional information about repurchases of common stock.

The Company paid $3.6 million in cash dividends on its preferred stock during the six months ended June 30, 2026 and 2025, respectively.

The Company paid $21.6 million and $21.4 million in cash dividends on its common stock during the six months ended June 30, 2026 and 2025, respectively.

Contractual Obligations

The Bank generally has outstanding borrowings in the form of FHLBNY advances, short-term or overnight borrowings, subordinated debt, as well as customer CDs with fixed contractual interest rates. In addition, the Bank is obligated to make rental payments under leases on certain branches and equipment.

Off-Balance Sheet Arrangements

As part of its loan origination business, the Bank generally has outstanding commitments to extend credit to borrowers, which are originated pursuant to its regular underwriting standards. Available lines of credit may not be drawn on or may expire prior to funding, in whole or in part, and amounts are not estimates of future cash flows. As of June 30, 2026, the Bank had $199.9 million of firm loan commitments that were accepted by the borrowers.

Additionally, in connection with a loan securitization completed in December 2017, the Bank executed a reimbursement agreement with FHLMC that obligates the Company to reimburse FHLMC for any contractual principal and interest payments on defaulted loans, not to exceed 10% of the original principal amount of the loans comprising the aggregate balance of the loan pool at securitization. The maximum exposure under this reimbursement obligation is $28.0 million. The Bank has pledged $27.9 million of pass-through MBS issued by U.S. GSEs as collateral.

Concentrations of Lending Activities

Non-owner occupied commercial real estate loans and multifamily residential and residential mixed-use loans have collectively represented the largest percentage of the Company’s loan portfolio, accounting for 55% and 59% of total loans held for investment as of June 30, 2026 and December 31, 2025, respectively. Non-owner occupied commercial real estate loans represented 26% and 27% of total loans held for investment as of June 30, 2026 and December 31, 2025, respectively. Multifamily residential and residential mixed-use loans represented 29% and 32% of total loans held for investment as of June 30, 2026 and December 31, 2025, respectively. The Company expects that non-owner occupied commercial real estate loans and multifamily residential and residential mixed-use loans will continue to be a significant portion of the Company’s total loan portfolio.

Non-owner occupied commercial real estate loans and multifamily residential and residential mixed-use loans are subject to a varying degree of risk associated with changing general economic conditions. The Company employs heightened risk management practices that address key elements, including board and management oversight and strategic planning, portfolio management, development of underwriting standards, risk assessment and monitoring through market analysis and stress testing, and maintenance of appropriate capital levels as needed to support lending activities.

Despite the Company's concentration in non-owner occupied commercial real estate and multifamily residential and residential mixed-use loans, the properties securing these portfolios are diversified in terms of type and geographic location. This diversity helps reduce the exposure to adverse economic events that affect any single market or industry. As a matter of policy, the non-owner occupied commercial real estate loan and the multifamily residential and residential mixed-use loan portfolios are subject to risk exposure limits by individual asset classes as well as geographic collateral locations outside of our market areas.

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We regularly identify and assess concentration levels through ongoing reporting to our Board of Directors as well as committees at both the Board and Management levels. The management team has extensive knowledge and experience in underwriting non-owner occupied commercial real estate loans and multifamily residential and residential mixed-use loans. Management has established the Credit Risk Management Committee which meets quarterly to review all policies and procedures, large lending exposures, and emerging trends including trends related to delinquency, debt service coverage ratios, loan-to-value, and loan ratings to aid in early detection and escalation of potential issues. The Company has a dedicated team responsible for conducting comprehensive annual reviews of the portfolios, ensuring consistent oversight. Credit underwriting standards are periodically reviewed and adjusted based upon observations from our ongoing monitoring of economic conditions in major real estate markets in which we lend. In response to the current dynamic interest rate environment and changes in the benchmark rates that determine loan pricing, the Company has enhanced its stress testing and loan review activities to mitigate interest rate reset risk with a specific emphasis on borrowers' abilities to absorb the impact of higher interest loan rates and measure the resiliency of the portfolios. As a general rule, Management takes a selective approach to originating non-owner occupied commercial real estate and multifamily residential and residential mixed-use loans, prioritizing quality and strategic alignment.

The following tables present the composition by property type and weighted average loan-to-value (“LTV”) of the Company’s non-owner occupied commercial real estate loans:

June 30, 2026

Weighted

Average

(Dollars in thousands)

Other

Balance

LTV

 

Investor commercial real estate:

Retail

883,140

64,539

3,394

951,073

Investor office

377,549

123,001

3,018

503,568

Warehouse/ Industrial

284,978

12,187

44,017

341,182

Hotels

314,052

415

11,591

326,058

Supportive housing

161,930

—

161,930

Educational facility or library

111,365

—

111,365

Medical office

72,270

—

27,533

99,803

Other ⁽¹⁾

246,804

27,487

1,772

276,063

Total investor commercial real estate

2,452,088

227,629

91,325

2,771,042

(1)	Includes various property types such as gas stations, restaurants, storage facilities, medical facilities, and other special use properties.


	December 31, 2025
									Weighted
									Average
(Dollars in thousands)		NY		NJ		Other	Balance		LTV
Investor commercial real estate:
Retail	$	956,123	$	65,449	$	3,463	$	1,025,035	51	%
Investor office		386,265		141,502		3,055		530,822	59
Warehouse/Industrial		301,698		14,510		68,057		384,265	54
Hotels		329,424		419		11,709		341,552	56
Supportive housing		168,858		—		—		168,858	57
Educational facility or library		112,360		—		—		112,360	57
Medical office		73,319		—		27,852		101,171	60
Other ⁽¹⁾		263,651		2,663		2,634		268,948	58
Total investor commercial real estate	$	2,591,698		224,543		116,770	$	2,933,011	55	%

(1)	Includes various property types such as gas stations, restaurants, storage facilities, medical facilities, and other special use properties.

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The following table presents the composition by property type and weighted average LTV of the Company’s multifamily residential and residential mixed-use loans:


	June 30, 2026
			Weighted
	Total		Average
(Dollars in thousands)	Balance		LTV
Multifamily residential and residential mixed-use:
New York City⁽¹⁾
100% rent regulated⁽²⁾	$	483,611	61	%
Majority rent regulated ⁽²⁾		550,379	59
Majority free market ⁽²⁾		1,442,740	54
Total New York City		2,476,730	56

Outside New York City		637,096	56
Total multifamily residential and residential mixed-use	$	3,113,826	57	%

(1)	New York City includes the Bronx, Brooklyn, Queens, Staten Island and Manhattan.

(2)	Composition based on revenue.


	December 31, 2025
			Weighted
	Total		Average
(Dollars in thousands)	Balance		LTV
Multifamily residential and residential mixed-use:
New York City⁽¹⁾
100% rent regulated⁽²⁾	$	514,403	59	%
Majority rent regulated ⁽²⁾		585,325	59
Majority free market⁽²⁾		1,644,100	54
Total New York City		2,743,828	56

Outside New York City		680,694	57
Total multifamily residential and residential mixed-use	$	3,424,522	56	%

(1)	New York City includes the Bronx, Brooklyn, Queens, Staten Island and Manhattan.

(2)	Composition based on revenue.

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Additional information related to the non-owner occupied commercial real estate and multifamily residential and residential mixed-use portfolios is presented in the table below as of June 30, 2026 and December 31, 2025:


	June 30, 2026			December 31, 2025
			Number of			Number of
	Average		loans	Average		loans
(Dollars in thousands)	Loan Size		> $20 million	Loan Size		> $20 million
Investor commercial real estate:
Retail	$	2,557	3	$	2,582	3
Investor Office		5,855	8		5,964	8
Warehouse/ Industrial		3,630	3		3,805	4
Hotels		8,580	8		8,758	8
Supportive housing		23,133	3		21,107	3
Educational facility or library		10,124	—		10,215	—
Medical office		5,545	1		5,621	1
Other ⁽¹⁾		2,422	2		2,359	1

Multifamily residential and residential mixed-use:
New York City⁽²⁾
100% rent regulated ⁽³⁾		2,493	—		2,485	—
Majority rent regulated ⁽³⁾		3,719	2		3,728	2
Majority free market ⁽³⁾		3,747	6		3,850	6
Outside New York City		4,977	7		4,760	7

(1)	Includes various property types such as gas stations, restaurants, storage facilities, medical facilities, and other special use properties.

(2)	New York City includes the Bronx, Brooklyn, Queens, Staten Island and Manhattan.

(3)	Composition based on revenue.

Asset Quality

General

We do not originate or purchase loans, either whole loans or loans underlying MBS, which would have been considered subprime loans at origination, i.e., real estate loans advanced to borrowers who did not qualify for market interest rates because of problems with their income or credit history. See Note 6 to our unaudited condensed Consolidated Financial Statements for a discussion of evaluation for impaired securities.

Monitoring and Collection of Delinquent Loans

All past due loans are reported beginning on the first day a payment is past due through a Past Due Loan Report, which is distributed to lenders and management for follow-up and awareness. Consistent with customary grace periods, collection follow-up activities generally commence on or about the tenth day past due. Thereafter, past due follow-up calls are conducted on a weekly basis, as appropriate. Management reviews delinquent loans monthly and reports to the Board of Directors or appropriate Committees of the Board at each regularly scheduled meeting regarding the status of all non-performing and otherwise delinquent loans in the loan portfolio.

Our loan servicing policies and procedures require that a past due notice be sent to a delinquent borrower in accordance with the terms of the loan. Loan documents generally provide that a payment is deemed late between one and fifteen days after the due date. As a standard practice, notices are sent as soon as reasonably possible after a payment is deemed late, including ten days in the case of business loans, multifamily residential and mixed use loans, non-owner occupied commercial real estate loans, and acquisition, development, and construction (ADC) loans, and fifteen days in connection with one-to-four family residential and consumer loans. Thereafter, periodic letters are sent, and telephone calls are placed to the borrower until payment is received or a formal demand is made and the loan is transferred to Workout. When contact is made with the borrower prior to default or foreclosure, servicing will seek to obtain the full payment due. Once

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transferred, Workout will attempt to negotiate a repayment plan or other resolution with the borrower to avoid foreclosure, where appropriate.

Accrual of interest is generally discontinued on a loan that meets any of the following three criteria: (i) full payment of principal or interest is no longer expected; (ii) principal or interest has been in default for a period of 90 days or more (unless the loan is both deemed to be well secured and in the process of collection); or (iii) an election has otherwise been made to maintain the loan on a cash basis due to deterioration in the financial condition of the borrower. Such non-accrual determination practices are applied consistently to all loans regardless of their internal classification or designation. Upon entering non-accrual status, the system will reverse all outstanding accrued interest receivable.

We generally initiate foreclosure proceedings on real estate loans when a loan enters non-accrual status based upon non-payment, unless the borrower is paying in accordance with an agreed upon modified payment agreement. We obtain an updated appraisal upon the commencement of legal action to calculate a potential collateral shortfall and to reserve appropriately for the potential loss. If a foreclosure action is instituted and the loan is not brought current, paid in full, or refinanced before the foreclosure action is completed, the property securing the loan is transferred to Other Real Estate Owned (“OREO”) status. We generally attempt to utilize all available remedies, such as note sales in lieu of foreclosure, in an effort to resolve non-accrual loans and OREO properties as quickly and prudently as possible in consideration of market conditions, the physical condition of the property and any other mitigating circumstances. We have not initiated any expected or imminent foreclosure proceedings that are likely to have a material adverse impact on our consolidated financial statements for the three and six months ended June 30, 2026. In the event that a non-accrual loan is subsequently brought current, it is returned to accrual status once the doubt concerning collectability has been removed and the borrower has demonstrated performance in accordance with the loan terms and has made at least six months of payments.

The C&I portfolio, which is within our business loans, is actively managed by our lenders. Most credit facilities typically require an annual review of the exposure and borrowers are required to submit annual financial reporting and loans are structured with financial covenants to indicate expected performance levels. Smaller C&I loans are monitored based on performance and the ability to draw against a credit line is curtailed if there are any indications of credit deterioration. Guarantors are also required to update their financial reporting on an annual basis or alternative schedule as provided in their loan documents. All exposures are credit risk rated and those entering adverse ratings due to financial performance concerns of the borrower or material delinquency of any payments or financial reporting are subjected to added management scrutiny and monitoring. Measures taken typically include amendments to the amount of the available credit facility, requirements for increased collateral, additional guarantor support or a material enhancement to the frequency and quality of financial reporting. Loans determined to reach adverse risk rating standards are monitored closely by Credit Administration to identify any potential credit losses. When warranted, loans reaching a Substandard rating could be reassigned to the Workout Group for direct handling.

Non-accrual Loans

The following is a reconciliation of non-accrual loans as of the dates indicated:


	June 30,			December 31,			June 30,
(Dollars in thousands)	2026			2025			2025
Non-accrual loans held for investment:
Business loans	$	23,898		$	22,606		$	18,007
One-to-four family residential and coop/condo apartment		4,465			3,623			1,642
Multifamily residential and residential mixed-use		26,893			—			—
Non-owner-occupied commercial real estate		11,151			25,671			32,908
ADC		412			412			657
Other loans		—			—			—
Total non-accrual loans held for investment	$	66,819		$	52,312		$	53,214

Non-accrual loans held for investment / total loans held for investment		0.62	%		0.49	%		0.49	%

Total non-accrual loans held for sale	$	1,750		$	—		$	—

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Loan Restructurings

Within the allowance for credit losses, losses are estimated for restructured loans on accrual status as well as restructured loans on non-accrual status that are one-to-four family loans or consumer loans, on a pooled basis with loans that share similar risk characteristics. Restructured loans on non-accrual status excluding one-to-four family and consumer loans are individually evaluated to determine expected credit losses. For restructured loans that are collateral-dependent where the Bank has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and we expect repayment of the loan to be provided substantially through the operation or sale of the collateral, the allowance for credit losses is measured based on the difference between the fair value of collateral, less the estimated costs to sell, and the amortized cost basis of the loan as of the measurement date. For non-collateral-dependent loans, the allowance for credit losses is measured based on the difference between the present value of expected cash flows and the amortized cost basis of the loan as of the measurement date.

OREO

Property acquired by the Bank, or a subsidiary, as a result of foreclosure on a mortgage loan or a deed in lieu of foreclosure is classified as OREO. Upon entering OREO status, we obtain a current appraisal on the property and reassess the likely realizable value (a/k/a fair value) of the property quarterly thereafter. OREO is carried at the lower of the fair value or book balance, with any write downs recognized through a provision recorded in non-interest expense. Only the appraised value, or either a contractual or formal marketed value that falls below the appraised value, is used when determining the likely realizable value of OREO at each reporting period. We typically seek to dispose of OREO properties in a timely manner. As a result, OREO properties have generally not warranted subsequent independent appraisals.

There was no carrying value of OREO properties on our Consolidated Statement of Financial Condition at June 30, 2026 or December 31, 2025. We did not recognize any provision for losses on OREO properties during the six months ended June 30, 2026 or 2025.

Past Due Loans

Loans Delinquent 30 to 59 Days

At June 30, 2026, there were $86.2 million of loans that were past due between 30 and 59 days, compared to $28.8 million at December 31, 2025. The 30 to 59-day delinquency levels fluctuate monthly and are generally considered a less accurate indicator of near-term credit quality trends than non-accrual loans.

Loans Delinquent 60 to 89 Days

At June 30, 2026, there were $24.1 million of loans that were past due between 60 and 89 days, compared to $30.1 million at December 31, 2025. The 60 to 89-day delinquency levels fluctuate monthly and are generally considered a less accurate indicator of near-term credit quality trends than non-accrual loans.

Accruing Loans 90 Days or More Past Due

There were no accruing loans 90 days or more past due at June 30, 2026 or at December 31, 2025.

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Reserve for Unfunded Loan Commitments

The Bank maintains a reserve, recorded in other liabilities, associated with unfunded loan commitments accepted by the borrower. The amount of our reserve was $2.6 million and $2.2 million at June 30, 2026 and December 31, 2025, respectively. This reserve is determined based upon the outstanding volume of unfunded loan commitments at each period end. Any increases or reductions in this reserve are recognized in provision for credit losses.

Allowance for Credit Losses

Provision for credit losses for the six months ended June 30, 2026 and 2025 was $26.2 million and $18.8 million, respectively. The $26.2 million credit loss provision for the six months ended June 30, 2026 was attributable to charge-offs, provisioning for individually analyzed loans and growth in the business loan portfolio. Included in the provision for credit losses for the six months ended June 30, 2025 was $1.8 million of provision related to one available-for-sale corporate security. The remainder of the credit loss provision for the six months ended June 30, 2025 was attributable to updates in the macroeconomic forecast and to the loss driver models.

For a further discussion of the allowance for credit losses and related activity during the six months ended June 30, 2026 and 2025, please see Note 6 “Securities” and Note 7 “Loans Held for Investment, Net” to the condensed Consolidated Financial Statements.

The following table presents our allowance for credit losses allocated by loan type and the percent of loans in each category to total loans as of the dates indicated.

June 30, 2026

December 31, 2025

Percent

of Loans

in Each

Category

Allocated

to Total

Allocated

to Total

(Dollars in thousands)

Amount

 

Loans

 

Amount

 

Loans

 

Business loans

56,266

34.05

49,770

30.12

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

9,526

10.05

10,034

9.63

Multifamily residential and residential mixed-use

17,489

29.09

14,053

31.84

Non-owner-occupied commercial real estate

19,747

25.88

21,130

27.26

ADC

1,491

0.85

2,070

1.09

Other loans

444

0.08

315

0.06

Total

104,963

100.00

97,372

100.00

The following table sets forth information about our allowance for credit losses at or for the dates indicated:


	At or for the Six Months Ended June 30,
(Dollars in thousands)	2026			2025
Total loans outstanding at end of period ⁽¹⁾	$	10,705,934		$	10,870,030
Average total loans outstanding during the period ⁽²⁾		10,685,050			10,852,525
Allowance for credit losses balance at end of period		104,963			93,189
Allowance for credit losses to total loans at end of period		0.98	%		0.86	%
Non-performing loans held for investment to total loans held for investment at end of period		0.62			0.49
Allowance for credit losses to total non-performing loans at end of period		157.09			175.12

Ratio of net charge-offs to average loans outstanding during the period:
Business loans		0.05	%		0.35	%
One-to-four family residential and coop/condo apartment		—			0.01
Multifamily residential and residential mixed-use		0.74			—
Non-owner-occupied commercial real estate		0.36			0.47
Other loans		2.39			0.75
Total		0.34			0.23

(1)	Total loans represent gross loans (excluding loans held for sale), inclusive of deferred fees/costs and premiums/discounts.

(2)	Total average loans represent gross loans (including loans held for sale), inclusive of deferred loan fees/costs and premiums/discounts.

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Comparison of Financial Condition at June 30, 2026 and December 31, 2025

Assets. Assets totaled $15.04 billion at June 30, 2026, $298.7 million below their level at December 31, 2025, primarily due to decreases of $419.4 million in cash and due from banks, and $61.4 million in the loan portfolio, partially offset by increases of $185.0 million in total securities and $16.3 million in BOLI.

Loan originations, excluding new lines, totaled $475.7 million for the six-month period ended June 30, 2026.

Total investment securities increased $185.0 million during the six months ended June 30, 2026, to $1.60 billion at period end, primarily due to purchases of $285.2 million, offset by proceeds from principal payments, calls and maturities of $89.8 million, an increase in unrealized losses of $6.4 million and proceeds from the sale of available for sale securities of $4.0 million. There were no transfers to or from securities held-to-maturity during the six months ended June 30, 2026.

BOLI increased $16.3 million during the six months ended June 30, 2026, to $417.5 million.

Liabilities. Total liabilities decreased $343.4 million during the six months ended June 30, 2026, to $13.52 billion at period end, primarily due to decreases of $164.1 million in deposits (including mortgage escrow accounts), $123.0 million in FHLBNY advances and $41.3 million in subordinated debt.

Stockholders’ Equity. Stockholders’ equity increased $44.7 million during the six months ended June 30, 2026, to $1.52 billion at period end, primarily due to net income of $69.4 million, partially offset by common stock dividends of $21.8 million, and preferred stock dividends of $3.6 million.

Comparison of Operating Results for the Three Months Ended June 30, 2026 and 2025

General. Net income was $34.8 million during the three months ended June 30, 2026, compared to net income of $29.7 million for the three months ended June 30, 2025. During the three months ended June 30, 2026, net interest income increased by $17.1 million, the credit loss provision increased by $4.7 million, non-interest expense increased by $4.4 million, income tax expense increased by $2.6 million, and non-interest income decreased by $329 thousand, compared to the three months ended June 30, 2025.

The discussion of net interest income for the three months ended June 30, 2026 and 2025 should be read in conjunction with the following tables, which set forth certain information related to the Consolidated Statements of Operations for those periods, and which also present the average yield on assets and average cost of liabilities for the periods indicated. The average yields and costs were derived by dividing income or expense by the average balance of their related assets or liabilities during the periods represented. Average balances were derived from average daily balances. No tax-equivalent adjustments have been made for interest income exempt from federal, state, and local taxation. The yields include loan fees consisting of amortization of loan origination and commitment fees and certain direct and indirect origination costs, prepayment fees, and late charges that are considered adjustments to yields. Net loan fees included in interest income were $1.7 million during the three months ended June 30, 2026, compared to $1.1 million during the three months ended June 30, 2025. The increase in net loan fees was primarily due to increases in deferred fees and prepayment penalties on loans in 2026.

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Analysis of Net Interest Income


		Three Months Ended June 30,
		2026							2025
							Average							Average
		Average					Yield/		Average					Yield/
		Balance			Interest		Cost		Balance			Interest		Cost

Assets:		(Dollars in thousands)
Interest-earning assets:
Business loans^{(1) (3) (6)}		$	3,489,614		$	56,520	6.50	%	$	2,798,899		$	46,593	6.68	%
One-to-four family residential and coop/condo apartment ^{(3) (6)}			1,064,043			12,588	4.75			981,138			11,532	4.71
Multifamily residential and residential mixed-use^{(3) (6)}			3,195,372			35,930	4.51			3,740,939			42,462	4.55
Non-owner-occupied commercial real estate^{(3) (6)}			2,815,624			37,117	5.29			3,175,062			41,822	5.28
ADC⁽³⁾			90,738			1,711	7.56			136,154			3,009	8.86
Other loans ⁽³⁾			8,580			26	1.22			7,135			30	1.69
Total loans			10,663,971			143,892	5.41			10,839,327			145,448	5.38
Securities			1,582,300			14,518	3.68			1,361,383			11,353	3.34
Other short-term investments			1,840,193			16,840	3.67			994,406			10,749	4.34
Total interest-earning assets			14,086,464			175,250	4.99	%		13,195,116			167,550	5.09	%
Non-interest earning assets			775,882							818,476
Total assets		$	14,862,346						$	14,013,592

Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Interest-bearing checking⁽²⁾		$	1,040,981		$	4,058	1.56	%	$	943,716		$	4,141	1.76	%
Money market			4,796,008			30,049	2.51			4,174,694			32,818	3.15
Savings⁽²⁾			1,684,130			9,826	2.34			1,925,224			14,048	2.93
CDs			1,075,789			8,238	3.07			1,075,729			9,174	3.42
Total interest-bearing deposits			8,596,908			52,171	2.43			8,119,363			60,181	2.97
FHLBNY advances			418,517			3,541	3.39			508,000			4,053	3.20
Subordinated debt, net			231,102			3,810	6.61			272,385			4,301	6.33
Other short-term borrowings			—			—	—			—			—	—
Total borrowings			649,619			7,351	4.54			780,385			8,354	4.29
Derivative cash collateral			62,134			542	3.50			79,188			918	4.65
Total interest-bearing liabilities			9,308,661			60,064	2.59	%		8,978,936			69,453	3.10	%
Non-interest-bearing checking⁽²⁾			3,864,575							3,412,215
Other non-interest-bearing liabilities			166,688							187,774
Total liabilities			13,339,924							12,578,925
Stockholders' equity			1,522,422							1,434,667
Total liabilities and stockholders' equity		$	14,862,346						$	14,013,592
Net interest income					$	115,186						$	98,097
Net interest rate spread ⁽⁴⁾							2.40	%						1.99	%
Net interest-earning assets		$	4,777,803						$	4,216,180
Net interest margin ⁽⁵⁾							3.28	%						2.98	%
Ratio of interest-earning assets to interest-bearing liabilities							151.33	%						146.96	%
Deposits (including non-interest-bearing checking accounts)⁽²⁾		$	12,461,483		$	52,171	1.68	%	$	11,531,578		$	60,181	2.09	%

(1)	Business loans include C&I loans and owner-occupied commercial real estate loans. At June 30, 2025, business loans included balances related to Paycheck Protection Program (“PPP”) loans; no PPP loans were outstanding at June 30, 2026.

(2)	Includes mortgage escrow deposits.

(3)	Amounts are net of deferred origination costs/(fees) and allowance for credit losses, and include loans held for sale.

(4)	Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.

(5)	Net interest margin represents net interest income divided by average-interest earning assets.

(6)	At June 30, 2026 and 2025, the loan portfolio included a fair value hedge basis point adjustment to the carrying amount of hedged business loans, one-to-four family residential mortgage loans, multifamily residential mortgage loans and non-owner occupied commercial real estate loans.

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Rate/Volume Analysis


		Three Months Ended June 30, 2026
		Compared to Three Months Ended June 30, 2025
		Increase / (Decrease) Due to:
		Volume			Rate			Total

		(Dollars in thousands)
Interest-earning assets:
Business loans		$	11,343		$	(1,416)		$	9,927
One-to-four family residential and coop/condo apartment			966			90			1,056
Multifamily residential and residential mixed-use			(6,174)			(358)			(6,532)
Non-owner-occupied commercial real estate			(4,758)			53			(4,705)
ADC			(930)			(368)			(1,298)
Other loans			5			(9)			(4)
Securities			1,925			1,240			3,165
Other short-term investments			8,452			(2,361)			6,091
Total interest-earning assets		$	10,829		$	(3,129)		$	7,700
Interest-bearing liabilities:
Interest-bearing checking		$	408		$	(491)		$	(83)
Money market			4,386			(7,155)			(2,769)
Savings			(1,575)			(2,647)			(4,222)
CDs			2			(938)			(936)
FHLBNY advances			(734)			222			(512)
Subordinated debt, net			(667)			176			(491)
Other short-term borrowings			—			—			—
Derivative cash collateral			(173)			(203)			(376)
Total interest-bearing liabilities		$	1,647		$	(11,036)		$	(9,389)
Net change in net interest income		$	9,182		$	7,907		$	17,089

Net interest income. Net interest income was $115.2 million during the three months ended June 30, 2026, an increase of $17.1 million from the three months ended June 30, 2025. Average interest-earning assets were $14.09 billion for the three months ended June 30, 2026, an increase of $891.3 million from $13.20 billion for the three months ended June 30, 2025. The net interest margin was 3.28% during the three months ended June 30, 2026, up from 2.98% during the three months ended June 30, 2025.

Interest Income. Interest income was $175.3 million during the three months ended June 30, 2026, compared to $167.5 million during the three months ended June 30, 2025. During the three months ended June 30, 2026, interest income increased $7.7 million from the three months ended June 30, 2025, primarily reflecting increases in interest income of $9.9 million on business loans, $6.1 million on other short-term investments, $3.2 million on securities and $1.1 million on one-to-four family residential and coop/condo apartment loans, partially offset by a decrease in interest income of $6.5 million on multifamily residential and residential mixed-use loans, $4.7 million on non-owner-occupied commercial real estate loans and $1.3 million of ADC loans.

The increased interest income on business loans was due to a $690.7 million increase in the average balances, partially offset by an 18-basis point decrease in the yield of such loans in the period. The increased interest income on other short-term investments, which is comprised of cash and due from banks and restricted stock, was related to a $845.8 million increase in the average balances, partially offset by a 67-basis point decrease in the yield of such investments in the period. The increased interest income on securities was related to a $220.9 million increase in average balances and a 34-basis point increase in the yield of such securities in the period. The increased interest income on one-to-four family residential and coop/condo apartment loans was related to a $82.9 million increase in the average balance and a 4-basis point increase in the yield of such loans in the period. The decreased interest income on multifamily residential and residential mixed-use loans was related to a $545.6 million decrease in the average balance and a 4-basis point decrease in the yield of such loans in the period. The decreased interest income on non-owner-occupied commercial real estate loans reflected a $359.4 million decrease in the average balance, partially offset by a 1-basis point increase in the yield of such loans in the period. The decreased interest income on ADC loans reflected a $45.4 million decrease in the average balance and a 130-basis point decrease in the yield of such loans in the period.

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Interest Expense. Interest expense was $60.1 million during the three months ended June 30, 2026, compared to $69.5 million during the three months ended June 30, 2025. During the three months ended June 30, 2026, interest expense decreased $9.4 million, primarily reflecting a decrease in interest expense of $8.0 million on deposits.

The decreased interest expense on deposits was primarily due to a 59-basis point decrease in rates paid on savings accounts and a $241.1 million decrease in average balances of such deposits in the period, a 64-basis point decrease in rates paid on money market accounts, partially offset by a $621.3 million increase in average balances of such deposits, and a 20-basis point decrease in rates paid on interest-bearing checking accounts, partially offset by a $97.3 million increase in the average balance of such deposits.

Provision for Credit Losses. We recorded a credit loss provision of $13.9 million and $9.2 million during the three months ended June 30, 2026 and 2025, respectively. The $13.9 million credit loss provision for the three months ended June 30, 2026, was attributable to charge-offs, provisioning for individually analyzed loans and growth in the business loan portfolio. The $9.2 million credit loss provision for the three months ended June 30, 2025, was primarily attributable to updates in the macroeconomic forecast and to the loss driver models.

Non-Interest Income. Non-interest income totaled $11.3 million for the three months ended June 30, 2026, compared to $11.6 million for the same period in 2025. The decrease was primarily driven by a $2.0 million loss on sale of loans and other assets during the three months ended June 30, 2026, partially offset by an increase of $1.8 million in service charges and other fees and an $852 thousand increase in BOLI income.

Non-Interest Expense. Non-interest expense totaled $64.7 million for the three months ended June 30, 2026, compared to $60.3 million for the same period in 2025. The increase was primarily driven by $3.6 million of salaries and employee benefits.

Non-interest expense was 1.74% and 1.72% of average assets during the three months ended June 30, 2026 and 2025, respectively.

Income Tax Expense. Income tax expense was $13.1 million during the three months ended June 30, 2026, compared to income tax expense of $10.5 million during the three months ended June 30, 2025. The reported effective tax rate for the three months ended June 30, 2026 and 2025 was 27.3%, and 26.1%, respectively.

Comparison of Operating Results for the Six Months Ended June 30, 2026 and 2025

General. Net income was $69.4 million during the six months ended June 30, 2026, compared to net income of $51.2 million for the six months ended June 30, 2025. During the six months ended June 30, 2026, net interest income increased by $35.1 million, credit loss provision increased by $7.3 million, non-interest income increased by $1.4 million, non-interest expense increased by $1.6 million and income tax expense increased by $9.3 million, compared to the six months ended June 30, 2025.

The discussion of net interest income for the six months ended June 30, 2026 and 2025 should be read in conjunction with the following tables, which set forth certain information related to the Consolidated Statements of Operations for those periods, and which also present the average yield on assets and average cost of liabilities for the periods indicated. The average yields and costs were derived by dividing income or expense by the average balance of their related assets or liabilities during the periods represented. Average balances were derived from average daily balances. No tax-equivalent adjustments have been made for interest income exempt from federal, state, and local taxation. The yields include loan fees consisting of amortization of loan origination and commitment fees and certain direct and indirect origination costs, prepayment fees, and late charges that are considered adjustments to yields. Net loan fees included in interest income were $3.2 million during the six months ended June 30, 2026, compared to $2.3 million during the six months ended June 30, 2025. The increase in net loan fees was primarily due to increases in deferred fees and prepayment penalty fees on loans in 2026.

Table of Contents

Analysis of Net Interest Income


		Six Months Ended June 30,
		2026							2025
							Average							Average
		Average					Yield/		Average					Yield/
		Balance			Interest		Cost		Balance			Interest		Cost

Assets:		(Dollars in thousands)
Interest-earning assets:
Business loans ^{(1) (3) (6)}		$	3,382,729		$	108,926	6.49	%	$	2,773,661		$	91,640		6.66	%
One-to-four family residential and coop/condo apartment ^{(3) (6)}			1,052,984			24,971	4.78			971,645			22,601		4.69
Multifamily residential and residential mixed-use^{(3) (6)}			3,279,118			73,628	4.53			3,768,693			84,791		4.54
Non-owner-occupied commercial real estate ^{(3) (6)}			2,863,035			74,614	5.26			3,194,800			83,148		5.25
ADC⁽³⁾			98,729			3,790	7.74			137,285			5,915		8.69
Other loans ⁽³⁾			8,455			53	1.26			6,441			58		1.82
Total loans			10,685,050			285,982	5.40			10,852,525			288,153		5.35
Securities			1,517,224			27,306	3.63			1,366,942			22,676		3.35
Other short-term investments			1,941,781			35,362	3.67			860,392			18,586		4.36
Total interest-earning assets			14,144,055			348,650	4.97	%		13,079,859			329,415		5.08	%
Non-interest earning assets			777,538							816,422
Total assets		$	14,921,593						$	13,896,281

Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Interest-bearing checking⁽²⁾		$	1,087,095		$	8,851	1.64	%	$	928,369		$	8,305		1.80	%
Money market			4,778,904			58,850	2.48			4,125,924			64,112		3.13
Savings ⁽²⁾			1,713,071			19,868	2.34			1,947,657			28,233		2.92
CDs			1,090,434			16,966	3.14			1,024,702			17,605		3.46
Total interest-bearing deposits			8,669,504			104,535	2.43			8,026,652			118,255		2.97
FHLBNY advances			448,856			7,391	3.32			508,552			8,119		3.22
Subordinated debt, net			251,237			8,259	6.63			272,363			8,603		6.37
Other short-term borrowings			61			1	3.31			315			13		8.32
Total borrowings			700,154			15,651	4.51			781,230			16,735		4.32
Derivative cash collateral			57,448			1,027	3.61			91,588			2,115		4.66
Total interest-bearing liabilities			9,427,106			121,213	2.59	%		8,899,470			137,105		3.11	%
Non-interest-bearing checking⁽²⁾			3,806,471							3,367,647
Other non-interest-bearing liabilities			175,136							200,753
Total liabilities			13,408,713							12,467,870
Stockholders' equity			1,512,880							1,428,411
Total liabilities and stockholders' equity		$	14,921,593						$	13,896,281
Net interest income					$	227,437						$	192,310
Net interest rate spread ⁽⁴⁾							2.38	%							1.97	%
Net interest-earning assets		$	4,716,949						$	4,180,389
Net interest margin ⁽⁵⁾							3.24	%							2.96	%
Ratio of interest-earning assets to interest-bearing liabilities							150.04	%							146.97	%
Deposits (including non-interest-bearing checking accounts)⁽²⁾		$	12,475,975		$	104,535	1.69	%	$	11,394,299		$	118,255		2.09	%

(1)	Business loans include C&I loans and owner-occupied commercial real estate loans. At June 30, 2025, business loans included balances related to Paycheck Protection Program (“PPP”) loans; no PPP loans were outstanding at June 30, 2026.

(2)	Includes mortgage escrow deposits.

(3)	Amounts are net of deferred origination costs/(fees) and allowance for credit losses, and include loans held for sale.

(4)	Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.

(5)	Net interest margin represents net interest income divided by average-interest earning assets.

(6)	At June 30, 2026 and 2025, the loan portfolio included a fair value hedge basis point adjustment to the carrying amount of hedged business loans, one-to-four family residential mortgage loans, multifamily residential mortgage loans and non-owner occupied commercial real estate loans.

Table of Contents

Rate/Volume Analysis


		Six Months Ended June 30, 2026
		Compared to Six Months Ended June 30, 2025
		Increase / (Decrease) Due to:
		Volume			Rate			Total
Interest-earning assets:
Business loans		$	19,870		$	(2,584)		$	17,286
One-to-four family residential and coop/condo apartment			1,914			456			2,370
Multifamily residential and residential mixed-use			(10,999)			(164)			(11,163)
Non-owner-occupied commercial real estate			(8,665)			131			(8,534)
ADC			(1,569)			(556)			(2,125)
Other loans			16			(21)			(5)
Securities			2,614			2,016			4,630
Other short-term investments			21,551			(4,775)			16,776
Total interest-earning assets		$	24,732		$	(5,497)		$	19,235
Interest-bearing liabilities:
Interest-bearing checking		$	1,350		$	(804)		$	546
Money market			9,086			(14,348)			(5,262)
Savings			(3,080)			(5,285)			(8,365)
CDs			1,058			(1,697)			(639)
FHLBNY advances			(967)			239			(728)
Subordinated debt, net			(681)			337			(344)
Other short-term borrowings			(7)			(5)			(12)
Derivative cash collateral			(700)			(388)			(1,088)
Total interest-bearing liabilities		$	6,059		$	(21,951)		$	(15,892)
Net change in net interest income		$	18,673		$	16,454		$	35,127

Net interest income. Net interest income was $227.4 million during the six months ended June 30, 2026, an increase of $35.1 million from the six months ended June 30, 2025. Average interest-earning assets were $14.14 billion for the six months ended June 30, 2026, an increase of $1.06 billion from $13.08 billion for the six months ended June 30, 2025. Net interest margin was 3.24% during the six months ended June 30, 2026, up from 2.96% during the six months ended June 30, 2025.

Interest Income. Interest income was $348.7 million during the six months ended June 30, 2026, compared to $329.4 million during the six months ended June 30, 2025. During the six months ended June 30, 2026, interest income increased $19.2 million from the six months ended June 30, 2025, primarily reflecting increases in interest income of $17.3 million on business loans, $16.8 million on other short-term investments, $4.6 million on securities, and $2.4 million on one-to-four family loans, partially offset by decreases in interest income of $11.2 million on multifamily loans, $8.5 million on non-owner-occupied loans, and $2.1 million on acquisition, development and construction loans.

The increased interest income on business loans was due to a $609.1 million increase in the average balances, partially offset by a 17-basis point decrease in the yield of such loans in the period. The increased interest income on other short-term investments was related to a $1.08 billion increase in the average balances, partially offset by a 69-basis point decrease in the yield of such investments in the period. The increased interest income on securities was related to a $150.3 million increase in the average balances and a 28-basis point increase in the yield of such securities in the period. The increased interest income on one-to-four family loans was related to a $81.3 million increase in the average balances and a 9-basis point increase in the yield of such loans in the period. The decreased interest income on multifamily residential and residential mixed-use loans was related to a $489.6 million decrease in the average balance and a 1-basis point decrease in the yield of such loans in the period. The decreased interest income on non-owner-occupied commercial real estate loans reflected a $331.8 million decrease in the average balance, partially offset by a 1-basis point increase in the yield of such loans in the period. The decreased interest income on acquisition, development and construction loan income reflected a $38.6 million decrease in the average balance and a 95-basis point decrease in the yield of such loans in the period.

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Interest Expense. Interest expense was $121.2 million during the six months ended June 30, 2026, compared to $137.1 million during the six months ended June 30, 2025. During the six months ended June 30, 2026, interest expense decreased $15.9 million, primarily reflecting decreases in interest expense of $13.7 million on deposits and $1.1 million in interest expense on derivative cash collateral.

The decrease in interest expense on deposits was primarily due to a 65-basis point decrease in rates paid on money market accounts, partially offset by a $653.0 million increase in average balances of such deposits, a 58-basis point decrease in rates paid on savings accounts and a $234.6 million decrease in average balances of such deposits, and a 32-basis point decrease in rates paid on CDs, partially offset by a $65.7 million increase in the average balance of such deposits in the period. The decreased interest expense on FHLBNY advances was due to a $59.7 million decrease in the average balance, partially offset by a 10-basis point increase in the cost of FHLBNY advances in the period. The decreased interest expense on derivative cash collateral was due to a $34.1 million decrease in the average balance and a 105-basis point decrease in the cost of such derivatives in the period. The decreased interest expense on subordinated debt was due to a $21.1 million decrease in the average balance, partially offset by a 26-basis point increase in the cost of such debt in the period.

Provision for Credit Losses. We recorded a credit loss provision of $26.2 million during the six months ended June 30, 2026, compared to a credit loss provision of $18.8 million for the six months ended June 30, 2025. The $26.2 million credit loss provision for the six months ended June 30, 2026, was attributable to charge-offs, provisioning for individually analyzed loans and growth in the business loan portfolio. The $18.8 million credit loss provision for the six months ended June 30, 2025 was primarily attributable to updates in the macroeconomic forecast and to the loss driver models.

Non-Interest Income. Non-interest income was $22.6 million during the six months ended June 30, 2026, compared to $21.2 million during the six months ended June 30, 2025. The increase is primarily driven by a $2.9 million increase in service charges and other fees and a $1.4 million increase in BOLI income, partially offset by a $2.3 million increase in loss (gain) on the sale of securities, loans and other assets.

Non-Interest Expense. Non-interest expense was $127.5 million during the six months ended June 30, 2026, compared to $125.8 million during the six months ended June 30, 2025. The increase in non-interest expense is primarily due to a $7.5 million increase in salaries and employee benefits and a $7.2 million increase due to the pension settlement loss recorded during the first quarter of 2025.

Non-interest expense was 1.71% and 1.81% of average assets during the six months ended June 30, 2026 and 2025, respectively.

Income Tax Expense. Income tax expense was $27.0 million during the six months ended June 30, 2026, compared to $17.7 million during the six months ended June 30, 2025. The reported effective tax rate for the six months ended June 30, 2026 and 2025 was 28.0%, and 25.7%, respectively.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Quantitative and qualitative disclosures about market risk were presented at December 31, 2025 in Item 7A of the Company’s Annual Report on Form 10-K, filed with the SEC on February 20, 2026. The following is an update of the discussion provided therein.

General. The Company’s largest component of market risk remains interest rate risk. The Company is not subject to foreign currency exchange or commodity price risk. During the six months ended June 30, 2026, we conducted zero transactions involving derivative instruments requiring bifurcation in order to hedge interest rate or market risk.

Interest Rate Risk Exposure Analysis

Economic Value of Equity (“EVE”) Analysis. In accordance with agency regulatory guidelines, the Company simulates the impact of interest rate volatility upon EVE using several interest rate scenarios. EVE is the difference between the

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present value of the expected future cash flows of the Company’s assets and liabilities and the value of any off-balance sheet items, such as derivatives, if applicable.

Traditionally, the fair value of fixed-rate instruments fluctuates inversely with changes in interest rates. Increases in interest rates thus result in decreases in the fair value of interest-earning assets, which could adversely affect the Company’s consolidated results of operations in the event they were to be sold, or, in the case of interest-earning assets classified as available-for-sale, reduce the Company’s consolidated stockholders’ equity, if retained. The changes in the value of assets and liabilities due to fluctuations in interest rates measure the interest rate sensitivity of those assets and liabilities.

In order to measure the Company’s sensitivity to changes in interest rates, EVE is calculated under market interest rates prevailing at a given quarter-end (“Pre-Shock Scenario”), and under various other interest rate scenarios (“Rate Shock Scenarios”) representing immediate, permanent, parallel shifts in the term structure of interest rates from the actual term structure observed in the Pre-Shock Scenario, with this shift occurring equally across all points on the yield curve. An increase in the EVE is considered favorable, while a decline is considered unfavorable. The changes in EVE between the Pre-Shock Scenario and various Rate Shock Scenarios due to fluctuations in interest rates reflect the interest rate sensitivity of the Company’s assets, liabilities, and off-balance sheet items that are included in the EVE. Management reports the EVE results to the Board of Directors on a quarterly basis. The report compares the Company’s estimated Pre-Shock Scenario EVE to the estimated EVE calculated under the various Rate Shock Scenarios.

The Company’s valuation model makes various estimates regarding cash flows from principal repayments on loans and deposit decay rates at each level of interest rate change. The Company’s estimates for loan repayment levels are influenced by the recent history of prepayment activity in its loan portfolio, as well as the interest rate composition of the existing portfolio, especially in relation to the existing interest rate environment. Regarding deposit decay rates, the Company tracks and analyzes the decay rate of its deposits over time, with the assistance of a reputable third-party, and over various interest rate scenarios. Such results are utilized in determining estimates of deposit decay rates in the valuation model. The Company also generates a series of spot discount rates that are integral to the valuation of the projected monthly cash flows of its assets and liabilities. The valuation model employs discount rates that it considers representative of prevailing market rates of interest with appropriate adjustments it believes are suited to the heterogeneous characteristics of the Company’s various asset and liability portfolios. No matter the care and precision with which the estimates are derived, actual cash flows could differ significantly from the Company’s estimates resulting in significantly different EVE calculations.

The analysis that follows presents, as of June 30, 2026 and December 31, 2025, the estimated EVE at both the Pre-Shock Scenario and the -200 Basis Point, -100 Basis Point, +100 Basis Point, and +200 Basis Point Rate Shock Scenarios.


		June 30, 2026						December 31, 2025
				Dollar		Percentage				Dollar		Percentage
(Dollars in thousands)		EVE		Change		Change		EVE		Change		Change

Rate Shock Scenarios
+ 200 Basis Points		$	2,239,025	$	164,566	7.9	%	$	2,234,467	$	233,127	11.6	%
+ 100 Basis Points			2,184,668		110,209	5.3	%		2,157,136		155,796	7.8	%
Pre-Shock Scenario			2,074,460		—	—			2,001,340		—	—
- 100 Basis Points			1,884,638		(189,821)	(9.2)	%		1,778,529		(222,811)	(11.1)	%
- 200 Basis Points			1,670,355		(404,104)	(19.5)	%		1,502,903		(498,437)	(24.9)	%

The Company’s Pre-Shock Scenario EVE increased marginally from $2.00 billion at December 31, 2025 to $2.07 billion at June 30, 2026. The primary factors contributing to the slight change in EVE are increases in the value of the Bank’s non-maturity deposit base and investment portfolio, partially offset by a decrease in value of the Bank’s loan portfolio.

The Company’s EVE in the +100 Basis Point Rate and +200 Basis Point Rate Shock Scenarios increased from $2.16 billion and $2.23 billion, respectively, at December 31, 2025, to $2.18 billion and $2.24 billion, respectively, at June 30, 2026. In the -100 Basis Point Rate and -200 Basis Point Rate Shock Scenario the Company’s EVE increased from $1.78 billion and $1.50 billion, respectively, at December 31, 2025, to $1.88 billion and $1.67 billion, respectively, at June 30, 2026.

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Income Simulation Analysis. As of the end of each quarterly period, the Company also monitors the impact of interest rate changes through a net interest income simulation model. This model estimates the impact of interest rate changes on the Company’s net interest income over forward-looking periods typically not exceeding 36 months (a considerably shorter period than measured through the EVE analysis). Management reports the net interest income simulation results to the Company’s Board of Directors on a quarterly basis. The following table discloses the estimated changes to the Company’s net interest income in various time periods assuming gradual changes in interest rates occurring equally across all points on the yield curve over a 12-month period beginning June 30, 2026, for the given rate scenarios:


	Percentage Change in Net Interest Income
Gradual Change in Interest rates of:	Year-One		Year-Two
+ 200 Basis Points	4.3	%	11.7	%
+ 100 Basis Points	2.2	%	6.0	%
- 100 Basis Points	(0.6)	%	(3.7)	%
- 200 Basis Points	(1.6)	%	(8.2)	%

Management also examines the potential impact to net interest income by simulating the impact of instantaneous changes to interest rates occurring equally across all points on the yield curve. The following table discloses the estimated changes to the Company’s net interest income in various time periods associated with the given interest rate shock scenarios.


	Percentage Change in Net Interest Income
Instantaneous Rate Shock Scenarios	Year-One		Year-Two
+ 200 Basis Points	10.3	%	15.3	%
+ 100 Basis Points	5.2	%	7.7	%
- 100 Basis Points	(2.5)	%	(5.8)	%
- 200 Basis Points	(5.5)	%	(12.9)	%

iIte

Item 4.Controls and Procedures

Management of the Company, with the participation of its Principal Executive Officer and Principal Financial Officer, conducted an evaluation of the effectiveness, as of June 30, 2026, of the Company’s disclosure controls and procedures, as defined in Rules 13a-15(e) and 15(d)-15(e) under the Exchange Act. Based upon this evaluation, the Principal Executive Officer and Principal Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2026 in ensuring that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management of the Company as appropriate to allow timely decisions regarding required disclosures.

Changes in Internal Control Over Financial Reporting

There has been no change in the Company’s internal control over financial reporting during the quarter ended June 30, 2026, that has materially affected, or is reasonably likely to materially affect, such controls.

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PART II – OTHER INFORMATION

Item 1.Legal Proceedings

In the ordinary course of business, the Company is routinely named as a defendant in, or party to, various pending or threatened legal actions or proceedings. Certain of these matters may seek substantial monetary damages. In the opinion of management, the Company was not involved in any actions or proceedings that were likely to have a material adverse impact on its financial condition and results of operations as of June 30, 2026.

Item 1A. Risk Factors

For information regarding the Company’s risk factors, see Part 1, Item 1A “Risk Factors” in the Company’s Annual Report on Form 10-K for fiscal year ended December 31, 2025, and Part II, Item 1A “Risk Factors” in our subsequent Quarterly Reports on Form 10-Q, each as filed with the Securities and Exchange Commission.

Item 2.Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities

(a)	Not applicable.

(b)	Not applicable.

(c) In May 2022, we announced the adoption of a new stock repurchase program of up to 1,948,314 shares, upon the completion of our existing authorized stock repurchase program. The stock repurchase program may be suspended, terminated, or modified at any time for any reason, and has no termination date. As of June 30, 2026, there were 1,566,947 shares remaining to be purchased in the program. There were no repurchases of common stock during the quarter ended June 30, 2026. On July 23, 2026, the Company announced its intention to resume share repurchases starting in the third quarter of 2026.

Item 3.Defaults Upon Senior Securities

None.

Item 4.Mine Safety Disclosures

Not Applicable.

Item 5.Other Information

During the three months ended June 30, 2026, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement,” as that term is used in SEC regulations.

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Item 6.Exhibits



3.1		Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K, filed February 2, 2021 (File No. 001-34096))
3.2		Amended and Restated Bylaws of Dime Community Bancshares, Inc. (incorporated by reference to Exhibit 3.2 to the Registrant’s Current Report on Form 8-K, filed October 25, 2024 (File No. 001-34096))
3.3		Certificate of Amendment to Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K, filed June 1, 2026 (File No. 001-34096))
4.1		Indenture, dated May 6, 2022, between Dime Community Bancshares, Inc. and Wilmington Trust National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K, filed May 6, 2022 (File No. 001-34096))
4.2		First Supplemental Indenture, dated May 6, 2022, between Dime Community Bancshares, Inc. and Wilmington Trust National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K, filed May 6, 2022 (File No. 001-34096))
4.3		Second Supplemental Indenture, dated June 28, 2024, between Dime Community Bancshares, Inc. and Wilmington Trust National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K, filed June 28, 2024 (File No. 001-34096))
10.1		Amended and Restated Employment Agreement by and among Dime Community Bancshares, Inc., Dime Community Bank and Stuart Lubow, dated May 28, 2026 (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K, filed June 1, 2026 (File No. 001-34096))
10.2		Amended and Restated Employment Agreement by and among Dime Community Bancshares, Inc., Dime Community Bank and Thomas X. Geisel, dated May 28, 2026 (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K, filed June 1, 2026 (File No. 001-34096))
10.3		Amended and Restated Employment Agreement by and among Dime Community Bancshares, Inc., Dime Community Bank and Avinash Reddy, dated May 28, 2026 (incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K, filed June 1, 2026 (File No. 001-34096))
31.1		Certification of Principal Executive Officer pursuant to Rule 13a-14(a)
31.2		Certification of Principal Financial Officer pursuant to Rule 13a-14(a)
32.1		Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) and 18 U.S.C. Section 1350
101		The following financial statements from Dime Commercial Bancshares, Inc.'s Quarterly Report on Form 10-Q for the Quarter Ended June 30, 2026, filed on July 31, 2026, formatted in XBRL: (i) Consolidated Statements of Financial Condition as of June 30, 2026 and December 31, 2025, (ii) Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025, (iii) Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2026 and 2025, (iv) Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2026 and 2025, (v) Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025, and (vi) the Condensed Notes to Consolidated Financial Statements.
101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB		XBRL Taxonomy Extension Labels Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definitions Linkbase Document
104		Cover page to this Quarterly Report on Form 10-Q, formatted in Inline XBRL

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dime Commercial Bancshares, Inc.


Dated: July 31, 2026	By:	/s/ Stuart H. Lubow
		Stuart H. Lubow
		President and Chief Executive Officer


Dated: July 31, 2026	By:	/s/ Avinash Reddy
		Avinash Reddy
		Senior Executive Vice President, Chief Operating Officer and Chief Financial Officer

Source: View Original Filing on SEC EDGAR