FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2023

Summary of carrying amounts and estimated fair values of financial instruments not Measured at Fair Value

The carrying amounts and estimated fair values of financial instruments not measured at fair value, at March 31, 2023 and December 31, 2022, were as follows:

	Carrying		Fair		Fair Value Measurement Placement
	Amount		Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
March 31, 2023
Financial instruments - assets
Investment securities held-to-maturity	$	78,207	$	71,202	$	—	$	71,202	$	—
Loans and loans held for sale		711,890		646,937		—		—		646,937
Financial instruments - liabilities
Certificates of deposit		498,165		498,240		—		498,240		—
Borrowings		112,032		100,024		—		100,024		—

	Carrying		Fair		Fair Value Measurement Placement
	Amount		Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
December 31, 2022
Financial instruments - assets
Investment securities held-to-maturity	$	77,427	$	70,700	$	—	$	70,700	$	—
Loans and loans held for sale		719,026		658,250		—		—		658,250
Financial instruments - liabilities
Certificates of deposit		492,593		491,638		—		491,638		—
Borrowings		102,319		98,885		—		98,885		—

Fair Value, Recurring

Summary of fair value, assets measured on recurring and nonrecurring basis

Assets measured at fair value on a recurring basis are summarized below:

	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of March 31, 2023
Securities available for sale:
U.S. treasury bills	$	4,983,764	$	4,983,764	$	—	$	—
U.S. government and agency obligations		5,500,932		—		5,500,932		—
Corporate bonds		14,636,813		—		14,636,813		—
Cash flow hedge		163,349				163,349		—
MBSs - residential		38,297,167		—		38,297,167		—
MBSs - commercial		18,632,513		—		18,632,513		—
	$	82,214,538	$	4,983,764	$	77,230,774	$	—
As of December 31, 2022
Securities available for sale:
U.S. treasury bills	$	4,927,608	$	4,927,608	$	—	$	—
U.S. government and agency obligations		5,465,154		—		5,465,154		—
Corporate bonds		15,506,047		—		15,506,047		—
Cash flow hedge		324,062				324,062		—
MBSs - residential		39,649,045		—		39,649,045		—
MBSs - commercial		19,552,724		—		19,552,724		—
	$	85,424,640	$	4,927,608	$	80,497,032	$	—