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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