Disclosures about Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 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)
September 30, 2022
Mortgage loans in process of securitization	$	137,448	$	—	$	137,448	$	—
Available for sale securities:
Treasury notes		36,312		36,312		—		—
Federal agencies		270,353		—		270,353		—
Mortgage-backed - Government-sponsored entity (GSE)		15,404		—		15,404		—
Loans held for sale		68,785		—		68,785		—
Servicing rights		144,984		—		—		144,984
Derivative assets - interest rate lock commitments		24		—		—		24
Derivative assets - forward contracts		1,046		—		1,046		—
Derivative assets - interest rate swaps		3,405		—		3,405		—
Derivative assets - interest rate swaps (back-to-back)		3,413		—		3,413		—
Derivative liabilities - interest rate lock commitments		438		—		—		438
Derivative liabilities - forward contracts		2		—		2		—
Derivative liabilities - interest rate swaps (back-to-back)		3,413		—		3,413		—
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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In thousands)				(In thousands)
Servicing rights
Balance, beginning of period	$	130,710	$	98,331	$	110,348	$	82,604
Additions
Originated servicing		11,667		7,125		22,662		23,833
Subtractions
Paydowns		(1,946)		(2,955)		(7,963)		(11,030)
Sales of servicing		—		—		—		(438)
Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model		4,553		2,972		19,937		10,504
Balance, end of period	$	144,984	$	105,473	$	144,984	$	105,473
Derivative Assets - interest rate lock commitments
Balance, beginning of period	$	299	$	487	$	264	$	6,131
Changes in fair value		(275)		(280)		(240)		(5,924)
Balance, end of period	$	24	$	207	$	24	$	207
Derivative Liabilities - interest rate lock commitments
Balance, beginning of period	$	121	$	54	$	41	$	—
Changes in fair value		317		411		397		465
Balance, end of period	$	438	$	465	$	438	$	465

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)
September 30, 2022
Collateral dependent loans	$	4,140	$	—	$	—	$	4,140
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 September 30, 2022:
Collateral dependent loans	$	4,140	Market comparable properties	Marketability discount	14% - 22%	22%
Servicing rights - Multi-family	$	109,923	Discounted cash flow	Discount rate	8% - 13%	9%
				Constant prepayment rate	0% - 40%	8%
Servicing rights - Single-family	$	30,274	Discounted cash flow	Discount rate	9% - 10%	9%
				Constant prepayment rate	5% - 9%	7%
Servicing rights - SBA	$	4,787	Discounted cash flow	Discount rate	16%	16%
				Constant prepayment rate	3% - 12%	8%
Derivative assets - interest rate lock commitments	$	24	Discounted cash flow	Loan closing rates	65% - 99%	85%
Derivative liabilities - interest rate lock commitments	$	438	Discounted cash flow	Loan closing rates	65% - 99%	85%
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)
September 30, 2022
Financial assets:
Cash and cash equivalents	$	323,961	$	323,961	$	323,961	$	—	$	—
Securities purchased under agreements to resell		3,497		3,497		—		3,497		—
Securities held to maturity		1,005,487		1,005,487		—		1,005,487		—
FHLB stock		39,130		39,130		—		39,130		—
Loans held for sale		2,775,965		2,775,965		—		2,775,965		—
Loans receivable, net		6,919,128		6,879,724		—		—		6,879,724
Interest receivable		40,170		40,170		—		40,170		—
Financial liabilities:
Deposits		10,319,479		10,310,126		7,877,318		2,432,808		—
Short-term subordinated debt		20,400		20,400		—		20,400		—
FHLB advances		76,879		76,263		—		76,263		—
Other borrowing		—		—		—		—		—
Interest payable		13,804		13,804		—		13,804		—
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		—