Disclosures about Fair Value of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Disclosures about Fair Value of Assets and Liabilities

Schedule of fair value measurement of assets measured at fair value on recurring basis

	Fair Value Measurements Using
			Quoted Prices in		Significant
			Active Markets		Other		Significant
			for Identical		Observable		Unobservable
	Fair		Assets		Inputs		Inputs
Assets	Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
June 30, 2022
Mortgage loans in process of securitization	$	323,046	$	—	$	323,046	$	—
Available for sale securities:
Treasury notes		34,804		34,804		—		—
Federal agencies		274,852		—		274,852		—
Mortgage-backed - Government-sponsored entity (GSE)		15,779		—		15,779		—
Mortgage-backed - Non-GSE multi-family		11,379		—		11,379		—
Loans held for sale		41,991		—		41,991		—
Servicing rights		130,710		—		—		130,710
Derivative assets - interest rate lock commitments		299		—		—		299
Derivative assets - forward contracts		114		—		114		—
Derivative assets - interest rate swaps		160		—		160		—
Derivative assets - interest rate swaps (back-to-back)		3,662		—		3,662		—
Derivative liabilities - interest rate lock commitments		121		—		—		121
Derivative liabilities - forward contracts		203		—		203		—
Derivative liabilities - interest rate swaps (back-to-back)		3,662		—		3,662		—
December 31, 2021
Mortgage loans in process of securitization	$	569,239	$	—	$	569,239	$	—
Available for sale securities:
Treasury notes		8,209		8,209		—		—
Federal agencies		263,295		—		263,295		—
Municipals		4,300		—		4,300		—
Mortgage-backed - Government-sponsored entity (GSE)		18,360		—		18,360		—
Mortgage-backed - Non-GSE multi-family		16,465		—		16,465		—
Loans held for sale		48,583		—		48,583		—
Servicing rights		110,348		—		—		110,348
Derivative assets - interest rate lock commitments		264		—		—		264
Derivative assets - forward contracts		86		—		86		—
Derivative assets - interest rate swaps (back-to-back)		1,131		—		1,131		—
Derivative liabilities - interest rate lock commitments		41		—		—		41
Derivative liabilities - forward contracts		118		—		118		—
Derivative liabilities - interest rate swaps (back-to-back)		1,131		—		1,131		—

Schedule of Level 3 reconciliation of recurring fair value measurements

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)				(In thousands)
Servicing rights
Balance, beginning of period	$	121,036	$	96,215	$	110,348	$	82,604
Additions
Originated servicing		5,203		6,527		10,995		16,708
Subtractions
Paydowns		(3,268)		(4,627)		(6,017)		(8,075)
Sales of servicing		—		(438)		—		(438)
Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model		7,739		654		15,384		7,532
Balance, end of period	$	130,710	$	98,331	$	130,710	$	98,331
Derivative Assets - interest rate lock commitments
Balance, beginning of period	$	112	$	467	$	264	$	6,131
Changes in fair value		187		20		35		(5,644)
Balance, end of period	$	299	$	487	$	299	$	487
Derivative Liabilities - interest rate lock commitments
Balance, beginning of period	$	771	$	1,080	$	41	$	—
Changes in fair value		(650)		(1,026)		80		54
Balance, end of period	$	121	$	54	$	121	$	54

Schedule of fair value measurement of assets and liabilities measured at fair value on nonrecurring basis

	Fair Value Measurements Using
			Quoted Prices in		Significant
			Active Markets		Other		Significant
			for Identical		Observable		Unobservable
	Fair		Assets		Inputs		Inputs
Assets	Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
June 30, 2022
Collateral dependent loans	$	4,275	$	—	$	—	$	4,275
December 31, 2021
Impaired loans (collateral-dependent)	$	4,263	$	—	$	—	$	4,263

Schedule of quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements other than goodwill

			Valuation			Weighted
	Fair Value		Technique	Unobservable Inputs	Range	Average
	(In thousands)
At June 30, 2022:
Collateral dependent loans	$	4,275	Market comparable properties	Marketability discount	82%	82%
Servicing rights - Multi-family	$	97,059	Discounted cash flow	Discount rate	8% - 13%	8%
				Constant prepayment rate	0% - 50%	3%
Servicing rights - Single-family	$	29,632	Discounted cash flow	Discount rate	9% - 10%	9%
				Constant prepayment rate	7% - 9%	7%
Servicing rights - SBA	$	4,019	Discounted cash flow	Discount rate	16%	16%
				Constant prepayment rate	3% - 16%	8%
Derivative assets - interest rate lock commitments	$	299	Discounted cash flow	Loan closing rates	50% - 99%	81%
Derivative liabilities - interest rate lock commitments	$	121	Discounted cash flow	Loan closing rates	50% - 99%	81%
At December 31, 2021:
Collateral-dependent impaired loans	$	4,263	Market comparable properties	Marketability discount	44% - 76%	73%
Servicing rights - Multi-family	$	84,567	Discounted cash flow	Discount rate	8% - 13%	9%
				Constant prepayment rate	0 - 50%	4%
Servicing rights - Single-family	$	23,012	Discounted cash flow	Discount rate	9% - 10%	9%
				Constant prepayment rate	10 - 13%	11%
Servicing rights - SBA	$	2,769	Discounted cash flow	Discount rate	16%	16%
				Constant prepayment rate	10% - 13%	12%
Derivative assets - interest rate lock commitments	$	264	Discounted cash flow	Loan closing rates	63% - 99%	83%
Derivative liabilities - interest rate lock commitments	$	41	Discounted cash flow	Loan closing rates	63% - 99%	83%

Schedule of carrying amount and estimated fair value of financial instruments

			Fair Value Measurements Using
					Quoted Prices in		Significant
					Active Markets		Other		Significant
					for Identical		Observable		Unobservable
	Carrying		Fair		Assets		Inputs		Inputs
Assets	Value		Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
June 30, 2022
Financial assets:
Cash and cash equivalents	$	258,146	$	258,146	$	258,146	$	—	$	—
Securities purchased under agreements to resell		3,520		3,520		—		3,520		—
FHLB stock		39,130		39,130		—		39,130		—
Loans held for sale		2,717,125		2,717,125		—		2,717,125		—
Loans receivable, net		7,033,203		7,046,313		—		—		7,046,313
Interest receivable		26,184		26,184		—		26,184		—
Financial liabilities:
Deposits		8,299,738		8,294,601		6,829,667		1,464,934		—
Short-term subordinated debt		19,000		19,000		—		19,000		—
FHLB advances		851,904		851,711		—		851,711		—
Other borrowing		570,000		570,000		—		570,000		—
Interest payable		3,805		3,805		—		3,805		—
December 31, 2021
Financial assets:
Cash and cash equivalents	$	1,032,614	$	1,032,614	$	1,032,614	$	—	$	—
Securities purchased under agreements to resell		5,888		5,888		—		5,888		—
FHLB stock		29,588		29,588		—		29,588		—
Loans held for sale		3,254,616		3,254,616		—		3,254,616		—
Loans receivable, net		5,751,319		5,731,500		—		—		5,731,500
Interest receivable		24,103		24,103		—		24,103		—
Financial liabilities:
Deposits		8,982,613		8,982,680		7,783,553		1,199,127		—
Short-term subordinated debt		17,000		17,000		—		17,000		—
FHLB advances		556,954		556,925		—		556,925		—
Other borrowing		460,000		460,000		—		460,000		—
Interest payable		1,469		1,469		—		1,469		—