Fair Value Measurement (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Financial Instruments Carried at Fair Value |
The following tables present assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2025 and December 31, 2024, and that were included in the Consolidated Statements of Condition at those dates:
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Quoted Prices in Active Markets for Identical Assets
(Level 1) | | Significant Other Observable Inputs
(Level 2) | | Significant Unobservable Inputs (Level 3)(1) | | Total Fair Value | | Assets: | | | | | | | | Mortgage-related debt securities available-for-sale: | | | | | | | | | GSE CMOs | $ | — | | | $ | 11,824 | | | $ | — | | | $ | 11,824 | | | GSE certificates | — | | | 999 | | | — | | | 999 | | | Private label CMOs | — | | | 136 | | | 23 | | | 159 | | | Total mortgage-related debt securities | $ | — | | | $ | 12,959 | | | $ | 23 | | | $ | 12,982 | | Other debt securities available-for-sale: | | | | | | | | | GSE debentures | $ | — | | | $ | 1,296 | | | $ | — | | | $ | 1,296 | | | U. S. Treasury obligations | 1,017 | | | — | | | — | | | 1,017 | | | Asset-backed securities | — | | | 213 | | | — | | | 213 | | | Corporate bonds | — | | | 144 | | | — | | | 144 | | Municipal bonds, foreign notes, and capital trust | — | | | 49 | | | — | | | 49 | | | | | | | | | | | | | | | | | | | Total other debt securities | $ | 1,017 | | | $ | 1,702 | | | $ | — | | | $ | 2,719 | | Total debt securities available-for-sale | $ | 1,017 | | | $ | 14,661 | | | $ | 23 | | | $ | 15,701 | | | Equity securities: | | | | | | | | | Mutual funds and common stock | $ | 51 | | | $ | 14 | | | $ | — | | | $ | 65 | | | Total equity securities | $ | 51 | | | $ | 14 | | | $ | — | | | $ | 65 | | | Total securities | $ | 1,068 | | | $ | 14,675 | | | $ | 23 | | | $ | 15,766 | | Loans held for sale | | | | | | | | | Residential first mortgage loans | $ | — | | | $ | 193 | | | $ | — | | | $ | 193 | | Commercial real estate(2) | — | | | 48 | | | — | | | 48 | | | | | | | | | | | | | | | | | | | | | | | | | | | Derivative assets | | | | | | | | Interest rate swaps | — | | | 19 | | | — | | | 19 | | | | | | | | | | | | | | | | | | Rate lock commitments (fallout adjustments) | — | | | — | | | 4 | | | 4 | | Interest rate caps | — | | | 3 | | | — | | | 3 | | | Total assets at fair value | $ | 1,068 | | | $ | 14,938 | | | $ | 27 | | | $ | 16,033 | | | Derivative liabilities | | | | | | | | | | | | | | | | Interest rate swaps | $ | — | | | $ | 21 | | | $ | — | | | $ | 21 | | | | | | | | | | Rate lock commitments | — | | | — | | | 1 | | | 1 | | | Mortgage-backed securities forwards | — | | | 1 | | | — | | | 1 | | | Total liabilities at fair value | $ | — | | | $ | 22 | | | $ | 1 | | | $ | 23 | |
(1)The change in the fair value due to significant unobservable inputs was immaterial. (2)Includes ADC loans. | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Quoted Prices in Active Markets for Identical Assets
(Level 1) | | Significant Other Observable Inputs
(Level 2) | | Significant Unobservable Inputs (Level 3) | | Total Fair Value | | Assets: | | | | | | | | Mortgage-related debt securities available-for-sale: | | | | | | | | | GSE CMOs | $ | — | | | $ | 7,304 | | | $ | — | | | $ | 7,304 | | | GSE certificates | — | | | 1,106 | | | — | | | 1,106 | | | Private label CMOs | — | | | 130 | | | 33 | | | 163 | | | Total mortgage-related debt securities | $ | — | | | $ | 8,540 | | | $ | 33 | | | $ | 8,573 | | Other debt securities available-for-sale: | | | | | | | | | GSE debentures | $ | — | | | $ | 1,203 | | | $ | — | | | $ | 1,203 | | | Corporate bonds | — | | 308 | | — | | 308 | | | Asset-backed securities | — | | 236 | | — | | 236 | | | | | | | | | | Municipal bonds, foreign notes, and capital trust | — | | 82 | | — | | 82 | | | Total other debt securities | $ | — | | | $ | 1,829 | | | $ | — | | | $ | 1,829 | | Total debt securities available-for-sale | $ | — | | | $ | 10,369 | | | $ | 33 | | | $ | 10,402 | | | Equity securities: | | | | | | | | | Mutual funds and common stock | $ | — | | | $ | 14 | | | $ | — | | | $ | 14 | | | Total equity securities | $ | — | | | $ | 14 | | | $ | — | | | $ | 14 | | | | | | | | | | Loans held for sale | | | | | | | | | One-to-four family first mortgage | $ | — | | | $ | 382 | | | $ | — | | | $ | 382 | | Commercial real estate(1) | — | | 182 | | | — | | 182 | | | | | | | | | | | Derivative assets | | | | | | | | | Interest rate swaps | — | | | 15 | | | — | | | 15 | | | | | | | | | | | Mortgage-backed securities forwards | — | | | 7 | | | — | | | 7 | | Rate lock commitments (fallout adjustments) | — | | | — | | | 3 | | | 3 | | | Mortgage servicing rights | — | | | — | | | 26 | | | 26 | | | Total assets at fair value | $ | — | | | $ | 10,969 | | | $ | 62 | | | $ | 11,031 | | | Derivative liabilities | | | | | | | | | | | | | | | | | Interest rate swaps and swaptions | $ | — | | | $ | 30 | | | $ | — | | | $ | 30 | | | Rate lock commitments | — | | | — | | | 3 | | | 3 | | | Mortgage-backed securities forwards | — | | | 2 | | | — | | | 2 | | | Total liabilities at fair value | $ | — | | | $ | 32 | | | $ | 3 | | | $ | 35 | |
(1)Includes ADC loans.
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| Schedule of Roll Forward of Financial Instruments |
The following tables include a roll forward of the Consolidated Statements of Condition amounts (including the change in fair value) for financial instruments classified by us within Level 3 of the valuation hierarchy:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at Beginning of Year | | Total Gains / (Losses) Recorded in Earnings (1) | | Purchases / Originations | | Sales | | | | Transfers In (Out) | | Balance at End of Year | | Year Ended December 31, 2024 | | | | | | | | | | | | | | | Assets | | | | | | | | | | | | | | Mortgage servicing rights (1) | $ | 1,111 | | | $ | (75) | | | $ | 184 | | | $ | (1,194) | | | | | $ | — | | | $ | 26 | | | Private Label collateralized mortgage obligations | 32 | | | 1 | | | — | | | — | | | | | — | | | 33 | | Rate lock commitments (net) (1)(2) | 9 | | | 5 | | | 57 | | | — | | | | | (71) | | | — | | | Totals | $ | 1,152 | | | $ | (69) | | | $ | 241 | | | $ | (1,194) | | | | | $ | (71) | | | $ | 59 | |
(1)We utilized swaptions, futures, forward agency and loan sales and interest rate swaps to manage the risk associated with mortgage servicing rights and rate lock commitments. Gains and losses for individual lines do not reflect the effect of our risk management activities related to such Level 3 instruments. (2)Rate lock commitments are reported on a fallout-adjusted basis. Transfers out of Level 3 represent the settlement value of the commitments that are transferred to loans held for sale, which are classified as Level 2 assets.
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| Schedule of Assets Measured at Fair Value on a Nonrecurring Basis |
The following tables present assets that were measured at fair value on a non-recurring basis as of December 31, 2025 and December 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements as of December 31, 2025 Using | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total Fair Value | Loans held for investment(1) | $ | — | | | $ | — | | | $ | 2,784 | | | $ | 2,784 | | | Loans held for sale | — | | | 24 | | | — | | | 24 | | Other assets(2) | — | | | — | | | 31 | | | 31 | | | Total | $ | — | | | $ | 24 | | | $ | 2,815 | | | $ | 2,839 | |
(1)Represents the fair value of impaired loans, based primarily on the value of the collateral less costs to sell. (2)Primarily comprised of equity securities without readily determinable fair values.
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements as of December 31, 2024 Using | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total Fair Value | Loans held for investment(1) | $ | — | | | $ | — | | | $ | 2,469 | | | $ | 2,469 | | | Loans held for sale | — | | | 335 | | | — | | | 335 | | Other assets(2) | — | | | — | | | 52 | | | 52 | | | Total | $ | — | | | $ | 335 | | | $ | 2,521 | | | $ | 2,856 | |
(1)Represents the fair value of impaired loans, based primarily on the value of the collateral less costs to sell. (2)Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets and equity securities without readily determinable fair values. These equity securities are classified as Level 3 due to the infrequency of the observable prices and/or the restrictions on the shares.
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| Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments |
The following tables summarize the carrying values, estimated fair values, and fair value measurement levels of financial instruments that were not carried at fair value on the Bank’s Consolidated Statements of Condition:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | | | Fair Value Measurement Using | | Carrying Value | | Estimated Fair Value | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | Financial Assets: | | | | | | | | | | | | | Cash and cash equivalents | $ | 5,894 | | | $ | 5,894 | | | $ | 5,894 | | | | $ | — | | | | $ | — | | FHLB and FRB stock (1) | 973 | | | 973 | | | — | | | | 973 | | | | — | | Loans and leases held for investment, net(2) | 59,702 | | | 56,605 | | | — | | | | — | | | | 56,605 | | | Financial Liabilities: | | | | | | | | | | | | | Deposits | $ | 66,000 | | | $ | 65,991 | | | $ | 45,157 | | (3) | | $ | 20,834 | | (4) | | $ | — | | | Borrowed funds | 12,184 | | | 11,972 | | | — | | | | 11,972 | | | | — | |
(1)Carrying value and estimated fair value are at cost. (2)Carrying value and estimated fair value include impaired loans held for investment. (3)Includes interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. (4)Includes CDs.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | | | | Fair Value Measurement Using | | Carrying Value | | Estimated Fair Value | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | Financial Assets: | | | | | | | | | | | | | Cash and cash equivalents | $ | 15,430 | | | $ | 15,430 | | | $ | 15,430 | | | | $ | — | | | | $ | — | | FHLB and FRB stock (1) | 1,146 | | | 1,146 | | | — | | | | 1,146 | | | | — | | Loans and leases held for investment, net(2) | 67,071 | | | 61,831 | | | — | | | | — | | | | 61,831 | | | Financial Liabilities: | | | | | | | | | | | | | Deposits | $ | 75,870 | | | $ | 75,894 | | | $ | 48,546 | | (3) | | $ | 27,348 | | (4) | | $ | — | | | Borrowed funds | 14,426 | | | 14,217 | | | — | | | | 14,217 | | | | — | |
(1)Carrying value and estimated fair value are at cost. (2)Carrying value and estimated fair value include impaired loans held for investment. (3)Includes interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. (4)Includes CDs.
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| Schedule of Changes in Fair Value included in Earnings - Fair Value Option |
| | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | | 2023 | | Assets | | | | | | Loans held for sale | | | | | | | Net gain on loan sales | $ | 26 | | | $ | 47 | | | $ | 43 | |
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| Schedule of Differences between Aggregate Fair Value and Aggregate Remaining Contractual Principal Balance Outstanding - Fair Value Option |
The following table reflects the difference between the aggregate fair value and aggregate remaining contractual principal balance outstanding for assets and liabilities for which the fair value option has been elected:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, | | 2025 | | 2024 | | Unpaid Principal Balance | | Fair Value | | Fair Value Over / (Under) UPB | | Unpaid Principal Balance | | Fair Value | | Fair Value Over / (Under) UPB | | Assets: | | | | | | | | | | | | Non-accrual loans: | | | | | | | | | | | | Loans held for sale | $ | 6 | | | $ | 7 | | | $ | 1 | | | $ | 4 | | | $ | 4 | | | $ | — | | | | | | | | | | | | | | | Total non-accrual loans | $ | 6 | | | $ | 7 | | | $ | 1 | | | $ | 4 | | | $ | 4 | | | $ | — | | Accrual loans: | | | | | | | | | | | | Loans held for sale | $ | 230 | | | $ | 234 | | | $ | 4 | | | $ | 553 | | | $ | 560 | | | $ | 7 | | | Loans held for investment | — | | | — | | | — | | | 67 | | | 66 | | | (1) | | Total accrual loans | $ | 230 | | | $ | 234 | | | $ | 4 | | | $ | 620 | | | $ | 626 | | | $ | 6 | | | Total loans: | | | | | | | | | | | | Loans held for sale | $ | 236 | | | $ | 241 | | | $ | 5 | | | $ | 557 | | | $ | 564 | | | $ | 7 | | | Loans held for investment | — | | | — | | | — | | | 67 | | | 66 | | | (1) | | | Total loans | $ | 236 | | | $ | 241 | | | $ | 5 | | | $ | 624 | | | $ | 630 | | | $ | 6 | |
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