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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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 at March 31, 2022 and December 31, 2021, by level within the fair value hierarchy:


	March 31, 2022
			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	$	42,087	$	33,821	$	8,266	$	—
Mortgage-backed securities and collateralized mortgage obligations	1,414,142		—		1,414,142		—
Municipal obligations	4,141		—		4,141		—
Corporate debt securities	119,127		—		119,127		—

Total debt securities available for sale	1,579,497		33,821		1,545,676		—
Equity securities	2,789		2,445		344		—
Derivative assets	4,226		—		4,226		—
	$	1,586,512	$	36,266	$	1,550,246	$	—

Derivative liabilities	$	7,306	$	—	$	7,306	$	—


	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	$	—

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 March 31, 2022 and December 31, 2021, by level within the fair value hierarchy:


	March 31, 2022
			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	$	1,980	$	—	$	—	$	1,980
	$	1,980	$	—	$	—	$	1,980


	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

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 March 31, 2022 and December 31, 2021:

March 31, 2022

Fair Value

Valuation Methodology

Unobservable Inputs

Range of Inputs

Weighted Average

(Dollars in thousands)

Mortgage servicing rights

1,980

Discounted cash flow

Prepayment speeds and discount rates (1)

5.8% - 24.0%

10.8


	December 31, 2021
	Fair Value		Valuation Methodology	Unobservable Inputs	Range of Inputs		Weighted Average
	(Dollars in thousands)

Impaired loans	$	1,213	Other	Contracted sales price of collateral	—	%	—	%

Mortgage servicing rights	$	1,906	Discounted cash flow	Prepayment speeds and discount rates (2)	7.5% - 24.9%		12.7	%



(1) Value of SBA servicing rights based on a discount rate of 10.50%.
(2) 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 at March 31, 2022 and December 31, 2021:


	March 31, 2022
			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	$	95,997	$	95,997	$	95,997	$	—	$	—
Debt securities available for sale	1,579,497		1,579,497		33,821		1,545,676		—
Debt securities held to maturity	419,033		399,024		—		399,024		—
Equity securities	2,789		2,789		2,445		344		—
Federal Home Loan Bank stock	25,618		25,618		—		25,618		—

Loans receivable, net	6,429,593		6,249,831		—		—		6,249,831
Derivative assets	4,226		4,226		—		4,226		—

Financial liabilities:
Deposits	$	7,594,988	$	7,565,522	$	—	$	7,565,522	$	—
Borrowings	432,755		430,220		—		430,220		—
Derivative liabilities	7,306		7,306		—		7,306		—


	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		—