Disclosures About Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of the carrying amount and estimated fair value of the entity's financial instruments included in the consolidated statement of financial condition

The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at December 31, 2022 and 2021:                             

	December 31, 2022
	Carrying amount		Estimated fair value	Level 1	Level 2	Level 3
Financial assets:
Cash and cash equivalents	$	139,365	139,365	139,365	—	—
Securities available-for-sale	1,218,108		1,218,108	—	1,218,108	—
Securities held-to-maturity	881,249		751,384	—	751,384	—
Loans receivable, net	10,792,503		9,910,852	—	—	9,910,852
Residential mortgage loans held-for-sale	9,913		9,913	—	—	9,913
Accrued interest receivable	35,528		35,528	35,528	—	—
Interest rate lock commitments	559		559	—	—	559
Forward commitments	128		128	—	128	—
Interest rate swaps not designated as hedging instruments	26,642		26,642	—	26,642	—
FHLB stock	40,143		40,143	—	—	—
Total financial assets	$	13,144,138	12,132,622	174,893	1,996,262	9,921,324
Financial liabilities:
Savings and checking deposits	$	10,412,263	10,412,263	10,412,263	—	—
Time deposits	1,052,285		1,059,790	—	—	1,059,790
Borrowed funds	681,166		680,996	680,996	—	—
Subordinated debt	113,840		102,554	—	102,554	—
Junior subordinated debentures	129,314		133,546	—	—	133,546
Foreign exchange swaps	23		23	—	23	—
Interest rate swaps not designated as hedging instruments	45,464		45,464	—	45,464	—
Risk participation agreements	18		18	—	18	—
Accrued interest payable	3,231		3,231	3,231	—	—
Total financial liabilities	$	12,437,604	12,437,885	11,096,490	148,059	1,193,336

	December 31, 2021
	Carrying amount		Estimated fair value	Level 1	Level 2	Level 3
Financial assets:
Cash and cash equivalents	$	1,279,259	1,279,259	1,279,259	—	—
Securities available-for-sale	1,548,592		1,548,592	—	1,548,592	—
Securities held-to-maturity	768,154		751,513	—	751,513	—
Loans receivable, net	9,889,095		9,648,825	—	—	9,648,825
Residential mortgage loans held-for-sale	25,056		25,056	—	—	25,056
Accrued interest receivable	25,599		25,599	25,599	—	—
Interest rate lock commitments	1,684		1,684	—	—	1,684
Forward commitments	371		371	—	371	—
Interest rate swaps not designated as hedging instruments	31,254		31,254	—	31,254	—
FHLB stock	14,184		14,184	—	—	—
Total financial assets	$	13,583,248	13,326,337	1,304,858	2,331,730	9,675,565
Financial liabilities:
Savings and checking accounts	$	10,973,610	10,973,610	10,973,610	—	—
Time deposits	1,327,555		1,339,308	—	—	1,339,308
Borrowed funds	139,093		139,093	139,093	—	—
Subordinated debt	123,575		129,138	—	129,138	—
Junior subordinated debentures	129,054		120,083	—	—	120,083
Foreign exchange swaps	341		341	—	341	—
Interest rate swaps not designated as hedging instruments	31,357		31,357	—	31,357	—
Risk participation agreements	60		60	—	60	—
Accrued interest payable	1,804		1,804	1,804	—	—
Total financial liabilities	$	12,726,449	12,734,794	11,114,507	160,896	1,459,391

Schedule of assets and liabilities measured at fair value on a recurring basis

The following table represents assets and liabilities measured at fair value on a recurring basis as of December 31, 2022:     

	Level 1		Level 2	Level 3	Total at fair value
Debt securities:
U.S. government and agencies	$	—	60,592	—	60,592
Government sponsored enterprises	—		39,201	—	39,201
States and political subdivisions	—		111,766	—	111,766
Corporate	—		12,978	—	12,978
Total debt securities	—		224,537	—	224,537
Residential mortgage-backed securities:
GNMA	—		12,434	—	12,434
FNMA	—		117,218	—	117,218
FHLMC	—		74,991	—	74,991
Non-agency	—		6	—	6
Collateralized mortgage obligations:
GNMA	—		364,553	—	364,553
FNMA	—		185,588	—	185,588
FHLMC	—		238,781	—	238,781
Total mortgage-backed securities	—		993,571	—	993,571
Interest rate lock commitments	—		—	559	559
Forward commitments	—		128	—	128
Interest rate swaps not designated as hedging instruments	—		26,642	—	26,642
Total assets	$	—	1,244,878	559	1,245,437
Foreign exchange swaps	$	—	23	—	23
Interest rate swaps not designated as hedging instruments	—		45,464	—	45,464
Risk participation agreements	—		18	—	18
Total liabilities	$	—	45,505	—	45,505

The following table represents assets and liabilities measured at fair value on a recurring basis as of December 31, 2021:     

	Level 1		Level 2	Level 3	Total at fair value
Debt securities:
U.S. government and agencies	$	—	75,891	—	75,891
Government sponsored enterprises	—		46,085	—	46,085
States and political subdivisions	—		128,701	—	128,701
Total debt securities	—		250,677	—	250,677
Residential mortgage-backed securities:
GNMA	—		16,510	—	16,510
FNMA	—		160,063	—	160,063
FHLMC	—		100,055	—	100,055
Non-agency	—		431	—	431
Collateralized mortgage obligations:
GNMA	—		492,328	—	492,328
FNMA	—		269,060	—	269,060
FHLMC	—		259,468	—	259,468
Total mortgage-backed securities	—		1,297,915	—	1,297,915
Interest rate lock commitments	—		—	1,684	1,684
Forward commitments	—		371	—	371
Interest rate swaps not designated as hedging instruments	—		31,254	—	31,254
Total assets	$	—	1,580,217	1,684	1,581,901
Foreign exchange swaps	$	—	341	—	341
Interest rate swaps not designated as hedging instruments	—		31,357	—	31,357
Risk participation agreements	—		60	—	60
Total liabilities	$	—	31,758	—	31,758

Schedule of reconciliation of debt securities measured at fair value on a recurring basis using significant unobservable inputs (Level 3)

The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the year ended December 31, 2022 and 2021:                      

	Years ended December 31,
	2022		2021
Beginning balance January 1,	$	1,684	6,465
Net activity	(1,125)		(4,781)
Ending balance December 31,	$	559	1,684

Schedule of fair value measurement for nonrecurring assets

The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of December 31, 2022:                                     

	Level 1		Level 2	Level 3	Total assets  at fair value
Loans individually assessed	$	—	—	15,416	15,416
Mortgage servicing rights	—		—	95	95
Real estate owned, net	—		—	413	413
Total assets	$	—	—	15,924	15,924

The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of December 31, 2021:                                        

	Level 1		Level 2	Level 3	Total assets  at fair value
Loans individually assessed	$	—	—	46,968	46,968
Mortgage servicing rights	—		—	380	380
Real estate owned, net	—		—	873	873
Total assets	$	—	—	48,221	48,221

Schedule of quantitative information about assets measured at fair value on a recurring and nonrecurring basis for Level 3 Fair Value Measurements

The following table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at December 31, 2022:

	Fair value ($)	Valuation techniques	Significant  unobservable inputs	Range  (weighted average)
Loans individually assessed	15,416	Appraisal value (1)	Estimated cost to sell	10%
		Discounted cash flow	Discount rate	6.48% (6.48%)
Mortgage servicing rights	95	Discounted cash flow	Annual service cost	$85
			Prepayment rate	6.6% to 12.2% (9.0%)
			Expected life (months)	58.2 to 105.0 (77.6)
			Option adjusted spread	700 basis points
			Forward yield curve	4.12% to 5.04%
Real estate owned, net	413	Appraisal value (1)	Estimated cost to sell	10%
Loans held for sale	9,913	Quoted prices for similar loans in active markets adjusted by an expected pull-through rate	Estimated pull-through rate	100%

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