v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Reported on Consolidated Statements of Financial Condition at Fair Values
The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values as of March 31, 2025 and December 31, 2024, by level within the fair value hierarchy (in thousands):
Fair Value Measurements at Reporting Date Using:
March 31, 2025Quoted Prices in Active  Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Measured on a recurring basis:
Available for sale debt securities:
U.S. Treasury obligations$316,312 316,312 — — 
Government-agency obligations49,329 — 49,329 — 
Mortgage-backed securities2,255,838 — 2,255,838 — 
Asset-backed securities46,386 — 46,386 — 
State and municipal obligations115,397 — 115,397 — 
Corporate obligations95,523 — 95,523 — 
Total available for sale debt securities2,878,785 316,312 2,562,473 — 
Equity securities19,219 19,219 — — 
Derivative assets143,377 — 143,377 — 
$3,041,381 335,531 2,705,850 — 
Derivative liabilities$141,383 — 141,383 — 
Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral$12,757 — — 12,757 
Foreclosed assets6,755 — — 6,755 
$19,512 — — 19,512 
Fair Value Measurements at Reporting Date Using:
December 31, 2024Quoted Prices in Active  Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Measured on a recurring basis:
Available for sale debt securities:
U.S. Treasury obligations$330,598 330,598 — — 
Government-agency obligations107,235 — 107,235 — 
Mortgage-backed securities2,062,159 — 2,062,159 — 
Asset-backed securities47,563 — 47,563 — 
State and municipal obligations116,917 — 116,917 — 
Corporate obligations104,443 — 104,443 — 
Total available for sale debt securities2,768,915 330,598 2,438,317 — 
Equity Securities19,110 19,110 — — 
Derivative assets188,940 — 188,940 — 
$2,976,965 349,708 2,627,257 — 
Derivative liabilities$172,601 — 172,601 — 
Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral$11,023 — — 11,023 
Foreclosed assets9,473 — — 9,473 
$20,496 — — 20,496 
Schedule of Financial Instruments at Carrying and Fair Values
The following tables present the Company’s financial instruments at their carrying and fair values as of March 31, 2025 and December 31, 2024. Fair values are presented by level within the fair value hierarchy.
Fair Value Measurements as of March 31, 2025 Using:
(Dollars in thousands)Carrying valueFair valueQuoted Prices in Active  Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents$234,076 234,076 234,076 — — 
Available for sale debt securities:
U.S. Treasury obligations316,312 316,312 316,312 — — 
Government-agency obligations49,329 49,329 — 49,329 — 
Mortgage-backed securities2,255,838 2,255,838 — 2,255,838 — 
Asset-backed securities46,386 46,386 — 46,386 — 
State and municipal obligations115,397 115,397 — 115,397 — 
Corporate obligations95,523 95,523 — 95,523 — 
Total available for sale debt securities$2,878,785 2,878,785 316,312 2,562,473 — 
Held to maturity debt securities, net of allowance for credit losses:
Government-agency obligations9,999 9,801 — 9,801 — 
State and municipal obligations297,950 285,440 — 285,440 — 
Corporate obligations6,056 5,949 — 5,949 — 
Total held to maturity debt securities, net of allowance for credit losses$314,005 301,190 — 301,190 — 
FHLBNY and other stock126,923 126,923 126,923 — — 
Equity Securities19,219 19,219 19,219 — — 
Loans, net of allowance for credit losses18,749,562 18,709,144 — — 18,709,144 
Derivative assets143,377 143,377 — 143,377 — 
Financial liabilities:
Deposits other than certificates of deposits$15,283,109 15,283,109 15,283,109 — — 
Certificates of deposit3,165,754 3,163,545 — 3,163,545 — 
Total deposits$18,448,863 18,446,654 15,283,109 3,163,545 — 
Borrowings2,336,191 2,339,287 — 2,339,287 — 
Subordinated debentures402,853 423,451 — 423,451 — 
Derivative liabilities141,383 141,383 — 141,383 — 
Fair Value Measurements as of December 31, 2024 Using:
(Dollars in thousands)Carrying valueFair valueQuoted Prices in Active  Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents$205,939 205,939 205,939 — — 
Available for sale debt securities:
U.S. Treasury obligations330,598 330,598 330,598 — — 
Government-agency obligations107,235 107,235 — 107,235 — 
Mortgage-backed securities2,062,159 2,062,159 — 2,062,159 — 
Asset-backed securities47,563 47,563 — 47,563 — 
State and municipal obligations116,917 116,917 — 116,917 — 
Corporate obligations104,443 104,443 — 104,443 — 
Total available for sale debt securities$2,768,915 2,768,915 330,598 2,438,317 — 
Held to maturity debt securities:
Government-agency obligations$9,999 9,707 — 9,707 — 
State and municipal obligations311,106 297,674 — 297,674 — 
Corporate obligations6,518 6,352 — 6,352 — 
Total held to maturity debt securities$327,623 313,733 — 313,733 — 
FHLBNY stock112,767 112,767 112,767 — — 
Equity Securities19,110 19,110 19,110 — — 
Loans, net of allowance for credit losses18,628,391 18,442,167 — — 18,442,167 
Derivative assets188,940 188,940 — 188,940 — 
Financial liabilities:
Deposits other than certificates of deposits$15,455,658 15,455,658 15,455,658 — — 
Certificates of deposit3,168,155 3,168,216 — 3,168,216 — 
Total deposits$18,623,813 18,623,874 15,455,658 3,168,216 — 
Borrowings2,020,435 2,017,013 — 2,017,013 — 
Subordinated debentures401,608 423,675 — 423,675 — 
Derivative liabilities172,601 172,601 — 172,601 —