Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Measurements

Tables of Financial Instruments Measured At Fair Value on Recurring Basis

The tables below present the financial instruments measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 in the consolidated statements of financial condition utilizing the hierarchy structure described above:

	June 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Investment securities available-for-sale:
U.S. Treasuries	$	73,188	$	—	$	—	$	73,188
Mortgage-backed securities:
Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises		—		197,060		—		197,060
Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises		—		418,129		—		418,129
Municipal securities		—		80		—		80
Corporate debt		—		1,888		—		1,888
Loans held for sale		—		18,787		—		18,787
Interest rate swap derivatives		—		42,660		—		42,660
Mortgage banking derivatives		—		—		506		506
Total assets at fair value	$	73,188	$	678,604	$	506	$	752,298
Liabilities:
Interest rate swap derivatives	$	—	$	11,402	$	—	$	11,402
Mortgage banking derivatives		—		—		36		36
Total liabilities at fair value	$	—	$	11,402	$	36	$	11,438

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Investment securities available-for-sale:
U.S. Treasuries	$	73,044	$	—	$	—	$	73,044
Mortgage-backed securities:
Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises		—		201,809		—		201,809
Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises		—		351,242		—		351,242
Municipal securities		—		79		—		79
Corporate debt		—		1,843		—		1,843
Loans held for sale		—		18,854		—		18,854
Interest rate swap derivatives		—		37,408		—		37,408
Mortgage banking derivatives		—		—		287		287
Total assets at fair value	$	73,044	$	611,235	$	287	$	684,566
Liabilities:
Interest rate swap derivatives	$	—	$	15,284	$	—	$	15,284
Mortgage banking derivatives		—		—		115		115
Total liabilities at fair value	$	—	$	15,284	$	115	$	15,399

Table of Changes in Level 3 Financial Instruments

The table below details the changes in level 3 financial instruments during the six months ended June 30, 2024:

		Mortgage banking
		derivatives, net
Balance at December 31, 2023	$	172
Gain included in earnings, net		396
Fees and costs included in earnings, net		(98)
Balance at June 30, 2024	$	470

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

The tables below provide information regarding losses from assets recorded at fair value on a non-recurring basis during the six months ended June 30, 2024 and 2023:

	June 30, 2024
	Total		Losses from fair value changes
Individually evaluated loans	$	46,406	$	4,883

	June 30, 2023
	Total		Losses from fair value changes
Individually evaluated loans	$	55,569	$	679
Other real estate owned		3,458		13
Total	$	59,027	$	692