XML 46 R37.htm IDEA: XBRL DOCUMENT v3.23.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
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, 2023 and December 31, 2022, by level within the fair value hierarchy:
14.    Fair Value Measurements (continued)

March 31, 2023
                     Fair Value Measurements
Fair ValueQuoted 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$21,639 $13,420 $8,219 $— 
Mortgage-backed securities and collateralized mortgage obligations1,170,873 — 1,170,873 — 
Municipal obligations3,548 — 895 2,653 
Corporate debt securities76,510 — 68,563 7,947 
Total debt securities available for sale1,272,570 13,420 1,248,550 10,600 
Equity securities3,552 3,231 321 — 
Derivative assets15,111 — 15,111 — 
$1,291,233 $16,651 $1,263,982 $10,600 
Derivative liabilities$15,813 $— $15,813 $— 


December 31, 2022
Fair Value Measurements
Fair ValueQuoted 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$63,566 $55,178 $8,388 $— 
Mortgage-backed securities and collateralized mortgage obligations1,181,727 — 1,181,727 — 
Municipal obligations3,575 — 897 2,678 
Corporate debt securities79,766 — 70,321 9,445 
Total debt securities available for sale1,328,634 55,178 1,261,333 12,123 
Equity securities3,384 3,053 331 
Derivative assets19,756 — 19,756 — 
$1,351,774 $58,231 $1,281,420 $12,123 
Derivative liabilities$19,072 $— $19,072 $— 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The table below provides activity of assets reported as Level 3 for the period ended March 31, 2023:

Significant Unobservable Inputs (Level 3)
(In thousands)
Debt securities available for sale:
Balance of recurring Level 3 assets -December 31, 2022$12,123 
Change in fair value of Level 3 assets$(1,523)
Transfers into Level 3 assets— 
Balance of recurring Level 3 assets - March 31, 2023$10,600 
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, 2023 and December 31, 2022, by level within the fair value hierarchy:
March 31, 2023
Fair Value Measurements
Fair ValueQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
(In thousands)
Mortgage servicing rights2,264 — — 2,264 
$2,264 $— $— $2,264 

December 31, 2022
Fair Value Measurements
Fair ValueQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
(In thousands)
Mortgage servicing rights2,107 — — 2,107 
$2,107 $— $— $2,107 
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, 2023 and December 31, 2022:
March 31, 2023
Fair ValueValuation MethodologyUnobservable InputsRange of InputsWeighted Average Rate
(Dollars in thousands)
Mortgage servicing rights$2,264 Discounted cash flow
Prepayment speeds and discount rates (1)
4.9% - 24.2%
7.8 %
14.    Fair Value Measurements (continued)

December 31, 2022
Fair ValueValuation MethodologyUnobservable InputsRange of InputsWeighted Average Rate
(Dollars in thousands)
Mortgage servicing rights$2,107 Discounted cash flow
Prepayment speeds and discount rates (2)
5.5% - 27.1%
8.6 %
(1) Value of SBA servicing rights based on a discount rate of 15.00%.
(2) Value of SBA servicing rights based on a discount rate of 14.50%.
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, 2023 and December 31, 2022:
March 31, 2023
                          Fair Value Measurements
Carrying ValueTotal Fair ValueQuoted 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$319,439 $319,439 $319,439 $— $— 
Debt securities available for sale1,272,570 1,272,570 13,420 1,248,550 10,600 
Debt securities held to maturity417,227 372,187 — 372,187 — 
Equity securities3,552 3,552 3,231 321 — 
Federal Home Loan Bank stock84,799 84,799 — 84,799 — 
Loans receivable, net7,734,199 6,917,988 — — 6,917,988 
Derivative assets15,111 15,111 — 15,111 — 
Financial liabilities:
Deposits$7,674,201 $7,630,592 $— $7,630,592 $— 
Borrowings1,706,613 1,701,206 — 1,701,206 — 
Derivative liabilities15,813 15,813 — 15,813 — 

December 31, 2022
                           Fair Value Measurements
Carrying ValueTotal Fair ValueQuoted 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$179,228 $179,228 $179,228 $— $— 
Debt securities available for sale1,328,634 1,328,634 55,178 1,261,333 12,123 
Debt securities held to maturity421,523 370,391 — 370,391 — 
Equity securities3,384 3,384 3,053 331 — 
Federal Home Loan Bank stock58,114 58,114 — 58,114 — 
Loans receivable, net7,624,761 6,771,095 — — 6,771,095 
Derivative assets19,756 19,756 — 19,756 — 
Financial liabilities:
Deposits$8,001,159 $7,942,782 $— $7,942,782 $— 
Borrowings1,127,047 1,146,265 — 1,146,265 — 
Derivative liabilities19,072 19,072 — 19,072 —