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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values as of December 31, 2021 and 2020, by level within the fair value hierarchy:


	December 31, 2021
			Fair Value Measurements
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Debt securities available for sale:
U.S. government and agency obligations	$	34,879	$	34,879	$	—	$	—
Mortgage-backed securities and collateralized mortgage obligations	1,554,359		—		1,554,359		—
Municipal obligations	4,179		—		4,179		—
Corporate debt securities	110,430		—		110,430		—

Total debt securities available for sale	1,703,847		34,879		1,668,968		—
Equity securities	2,710		2,364		346		—
Derivative assets	9,492		—		9,492		—
	$	1,716,049	$	37,243	1,678,806		$	—

Derivative liabilities	$	17,366	$	—	$	17,366	$	—

(17) Fair Value Measurements (continued)


	December 31, 2020
			Fair Value Measurements
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Debt securities available for sale:
U.S. government and agency obligations	$	25,549	$	25,549	$	—	$	—
Mortgage-backed securities and collateralized mortgage obligations	1,200,394		—		1,200,394		—
Municipal obligations	16,862		—		16,862		—
Corporate debt securities	69,477		—		69,477		—
Trust preferred securities	4,670		—		4,670		—
Total debt securities available for sale	1,316,952		25,549		1,291,403		—
Equity securities	5,418		5,072		346		—
Derivative assets	19,425		—		19,425		—
	$	1,341,795	$	30,621	$	1,311,174	$	—

Derivative liabilities	$	42,384	$	—	$	42,384	$	—

Fair Value Measurements, Nonrecurring

The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values on a non-recurring basis at December 31, 2021 and 2020, by level within the fair value hierarchy:


	December 31, 2021
			Fair Value Measurements
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)

Impaired loans	$	1,213	$	—	$	—	$	1,213

Mortgage servicing rights	1,906		—		—		1,906
	$	3,119	$	—	$	—	$	3,119


	December 31, 2020
			Fair Value Measurements
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)



Mortgage servicing rights	$	1,338	$	—	$	—	$	1,338
	$	1,338	$	—	$	—	$	1,338

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques

The following table presents information for Level 3 assets measured at fair value on a non-recurring basis at December 31, 2021 and 2020:


	December 31, 2021
	Fair Value		Valuation Methodology	Unobservable Inputs	Range of Inputs		Weighted Average
	(Dollars in thousands)
Impaired loans	$	1,213	Other	Contracted sale price of collateral	—	%	—	%

Mortgage servicing rights	1,906		Discounted cash flow	Prepayment speeds and discount rates (1)	7.5% - 24.9%		12.7	%

December 31, 2020

Fair Value

Valuation Methodology

Unobservable Inputs

Range of Inputs

Weighted Average

(Dollars in thousands)

Mortgage servicing rights

1,338

Discounted cash flow

Prepayment speeds and discount rates (1)

9.7% - 26.2%

16.7

(1) Value of SBA servicing rights based on a discount rate of 10.25%.

Fair Value, by Balance Sheet Grouping

The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values as of December 31, 2021 and 2020:


	December 31, 2021
			Fair Value Measurements
	Carrying Value		Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Financial assets:
Cash and cash equivalents	$	70,963	$	70,963	$	70,963	$	—	$	—
Debt securities available for sale	1,703,847		1,703,847		34,879		1,668,968		—
Debt securities held to maturity	429,734		434,789		—		434,789		—
Equity securities	2,710		2,710		2,364		346
Federal Home Loan Bank stock	23,141		23,141		—		23,141		—

Loans receivable, net	6,297,912		6,457,766		—		—		6,457,766
Derivative assets	9,492		9,492		—		9,492		—

Financial liabilities:
Deposits	$	7,570,216	$	7,564,210	$	—	$	7,564,210	$	—
Borrowings	377,309		378,810		—		378,810		—
Derivative liabilities	17,366		17,366		—		17,366		—

(17) Fair Value Measurements (continued)


	December 31, 2020
			Fair Value Measurements
	Carrying Value		Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Financial assets:
Cash and cash equivalents	$	422,957	$	422,957	$	422,957	$	—	$	—
Debt securities available for sale	1,316,952		1,316,952		25,549		1,291,403		—
Debt securities held to maturity	262,720		277,091		5,001		272,090		—
Equity securities	5,418		2,855		5,072		268		—
Federal Home Loan Bank stock	43,759		43,759		—		43,759		—

Loans receivable, net	6,107,094		6,394,524		—		—		6,394,524
Derivative assets	19,425		19,425		—		19,425		—

Financial liabilities:
Deposits	$	6,778,624	$	6,793,034	$	—	$	6,793,034	$	—
Borrowings	799,364		808,853		—		808,853		—
Derivative liabilities	42,384		42,384		—		42,384		—