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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

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

The following tables present the assets and liabilities reported in the Consolidated Statements of Financial Condition at their fair values as of December 31, 2023 and 2022, by level within the fair value hierarchy:


	December 31, 2023
			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	$	145,501	$	137,800	$	7,701	$	—
Mortgage-backed securities and collateralized mortgage obligations	867,585		—		867,585		—
Municipal obligations	2,702		—		892		1,810
Corporate debt securities	77,769		—		69,842		7,927

Total debt securities available for sale	1,093,557		137,800		946,020		9,737
Equity securities	4,079		3,758		321		—
Derivative assets	18,898		—		18,898		—
	$	1,116,534	$	141,558	965,239		$	9,737

Derivative liabilities	$	25,025	$	—	$	25,025	$	—

(17) Fair Value Measurements (continued)


	December 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	$	63,566	$	55,178	$	8,388	$	—
Mortgage-backed securities and collateralized mortgage obligations	1,181,727		—		1,181,727		—
Municipal obligations	3,575		—		897		2,678
Corporate debt securities	79,766		—		70,321		9,445

Total debt securities available for sale	1,328,634		55,178		1,261,333		12,123
Equity securities	3,384		3,053		331		—
Derivative assets	19,756		—		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 years ended December 31, 2023 and 2022:


	Significant Unobservable Inputs (Level 3)
	(In thousands)

Debt securities available for sale:
Balance of recurring Level 3 assets - January 1, 2022	$	—
Transfers into Level 3 assets	13,539
Maturity of Level 3 asset	(914)
Change in fair value of Level 3 assets	(502)
Balance of recurring Level 3 assets - December 31, 2022	12,123
Maturity of Level 3 asset	(918)
Change in fair value of Level 3 assets	(1,468)
Balance of recurring Level 3 assets - December 31, 2023	$	9,737

Fair Value Measurements, Nonrecurring

The following tables present the assets and liabilities reported in the Consolidated Statements of Financial Condition at their fair values on a non-recurring basis at December 31, 2023 and 2022, by level within the fair value hierarchy:


	December 31, 2023
			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	$	5,000	$	—	$	—	$	5,000

Mortgage servicing rights	2,908		—		—		2,908
	$	7,908	$	—	$	—	$	7,908

(17) Fair Value Measurements (continued)


	December 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	$	2,107	$	—	$	—	$	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 December 31, 2023 and 2022:


	December 31, 2023
	Fair Value		Valuation Methodology	Unobservable Inputs	Range of Inputs		Weighted Average
	(Dollars in thousands)

Impaired loans	$	5,000	Other	Contracted modification agreement	—	%	—	%

Mortgage servicing rights	$	2,908	Discounted cash flow	Prepayment speeds and discount rates (1)	4.3% - 27.2%		8.1	%

December 31, 2022

Fair Value

Valuation Methodology

Unobservable Inputs

Range of Inputs

Weighted Average

(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 15.50%.

(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 in the Consolidated Statements of Financial Condition at their fair values as of December 31, 2023 and 2022:


	December 31, 2023
			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	$	423,249	$	423,249	$	423,249	$	—	$	—
Debt securities available for sale	1,093,557		1,093,557		137,800		946,020		9,737
Debt securities held to maturity	401,154		357,177		—		357,177		—
Equity securities	4,079		4,079		3,758		321
Federal Home Loan Bank stock	81,022		81,022		—		81,022		—

Loans receivable, net	7,819,441		7,366,184		—		—		7,366,184
Derivative assets	18,898		18,898		—		18,898		—

Financial liabilities:
Deposits	$	7,846,556	$	7,828,259	$	—	$	7,828,259	$	—
Borrowings	1,528,695		1,531,179		—		1,531,179		—
Derivative liabilities	25,025		25,025		—		25,025		—

(17) Fair Value Measurements (continued)


	December 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	$	179,228	$	179,228	$	179,228	$	—	$	—
Debt securities available for sale	1,328,634		1,328,634		55,178		1,261,333		12,123
Debt securities held to maturity	421,523		370,391		—		370,391		—
Equity securities	3,384		3,384		3,053		331		—
Federal Home Loan Bank stock	58,114		58,114		—		58,114		—

Loans receivable, net	7,624,761		6,771,095		—		—		6,771,095
Derivative assets	19,756		19,756		—		19,756		—

Financial liabilities:
Deposits	$	8,001,159	$	7,942,782	$	—	$	7,942,782	$	—
Borrowings	1,127,047		1,146,265		—		1,146,265		—
Derivative liabilities	19,072		19,072		—		19,072		—