Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Measurements

Tables of Financial Instruments Measured At Fair Value on Recurring Basis

	March 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Investment securities available-for-sale:
U.S. Treasuries	$	72,154	$	—	$	—	$	72,154
Mortgage-backed securities:
Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises		—		222,209		—		222,209
Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises		—		398,282		—		398,282
Municipal securities		—		154		—		154
Corporate debt		—		1,892		—		1,892
Loans held for sale		—		24,594		—		24,594
Interest rate swap derivatives		—		35,603		—		35,603
Mortgage banking derivatives		—		—		707		707
Total assets at fair value	$	72,154	$	682,734	$	707	$	755,595
Liabilities:
Interest rate swap derivatives	$	—	$	10,042	$	—	$	10,042
Mortgage banking derivatives		—		—		318		318
Total liabilities at fair value	$	—	$	10,042	$	318	$	10,360

	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Investment securities available-for-sale:
U.S. Treasuries	$	71,388	$	—	$	—	$	71,388
Mortgage-backed securities:
Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises		—		226,131		—		226,131
Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises		—		405,926		—		405,926
Municipal securities		—		153		—		153
Corporate debt		—		1,920		—		1,920
Loans held for sale		—		22,767		—		22,767
Interest rate swap derivatives		—		44,821		—		44,821
Mortgage banking derivatives		—		—		407		407
Total assets at fair value	$	71,388	$	701,718	$	407	$	773,513
Liabilities:
Interest rate swap derivatives	$	—	$	12,589	$	—	$	12,589
Mortgage banking derivatives		—		—		278		278
Total liabilities at fair value	$	—	$	12,589	$	278	$	12,867

Table of Changes in Level 3 Financial Instruments

		Mortgage banking
		derivatives, net
Balance at December 31, 2022	$	129
Loss included in earnings, net		296
Fees and costs included in earnings, net		(36)
Balance at March 31, 2023	$	389

Table of Assets Recorded at Fair Value On a Non-Recurring Basis

	March 31, 2023
	Total		Losses from fair value changes
Individually evaluated loans	$	19,577	$	325
Other real estate owned		3,458		13
Total	$	23,035	$	338

	March 31, 2022
	Total		Losses from fair value changes
Individually evaluated loans	$	14,104	$	634
Other real estate owned		5,063		188
Total	$	19,167	$	822