| Schedule of Assets Measured at Fair Value on Recurring Basis |
The following tables summarize, at the dates indicated, assets measured at fair value on a recurring basis, including financial assets for which the Company has elected the fair value option: Assets Measured on a Recurring Basis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements Using |
|
|
|
|
|
|
Quoted |
|
|
|
|
|
|
|
|
|
|
|
|
Prices in |
|
|
|
|
|
|
|
|
|
|
|
|
Active |
|
|
Significant |
|
|
|
|
|
|
|
|
|
Markets For |
|
|
Other |
|
|
Significant |
|
|
|
|
|
|
Identical |
|
|
Observable |
|
|
Unobservable |
|
|
|
March 31, |
|
|
Assets |
|
|
Inputs |
|
|
Inputs |
|
(In thousands) |
|
2025 |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government-sponsored agencies |
|
$ |
203,398 |
|
|
$ |
— |
|
|
$ |
203,398 |
|
|
$ |
— |
|
Mortgage-backed securities-residential |
|
|
590,337 |
|
|
|
— |
|
|
|
590,337 |
|
|
|
— |
|
SBA pool securities |
|
|
23,711 |
|
|
|
— |
|
|
|
23,711 |
|
|
|
— |
|
Corporate bond |
|
|
14,584 |
|
|
|
— |
|
|
|
14,584 |
|
|
|
— |
|
CRA investment fund |
|
|
13,236 |
|
|
|
13,236 |
|
|
|
— |
|
|
|
— |
|
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow hedges |
|
|
5,262 |
|
|
|
— |
|
|
|
5,262 |
|
|
|
— |
|
Loan level swaps |
|
|
16,353 |
|
|
|
— |
|
|
|
16,353 |
|
|
|
— |
|
Total |
|
$ |
866,881 |
|
|
$ |
13,236 |
|
|
$ |
853,645 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
Loan level swaps |
|
|
16,353 |
|
|
|
— |
|
|
|
16,353 |
|
|
|
— |
|
Total |
|
$ |
16,353 |
|
|
$ |
— |
|
|
$ |
16,353 |
|
|
$ |
— |
|
Assets Measured on a Recurring Basis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements Using |
|
|
|
|
|
|
Quoted |
|
|
|
|
|
|
|
|
|
|
|
|
Prices in |
|
|
|
|
|
|
|
|
|
|
|
|
Active |
|
|
Significant |
|
|
|
|
|
|
|
|
|
Markets For |
|
|
Other |
|
|
Significant |
|
|
|
|
|
|
Identical |
|
|
Observable |
|
|
Unobservable |
|
|
|
December 31, |
|
|
Assets |
|
|
Inputs |
|
|
Inputs |
|
(In thousands) |
|
2024 |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government-sponsored agencies |
|
$ |
196,914 |
|
|
$ |
— |
|
|
$ |
196,914 |
|
|
$ |
— |
|
Mortgage-backed securities-residential |
|
|
548,612 |
|
|
|
— |
|
|
|
548,612 |
|
|
|
— |
|
SBA pool securities |
|
|
24,482 |
|
|
|
— |
|
|
|
24,482 |
|
|
|
— |
|
Corporate bond |
|
|
14,536 |
|
|
|
— |
|
|
|
14,536 |
|
|
|
— |
|
CRA investment fund |
|
|
13,041 |
|
|
|
13,041 |
|
|
|
— |
|
|
|
— |
|
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow hedges |
|
|
7,815 |
|
|
|
— |
|
|
|
7,815 |
|
|
|
— |
|
Loan level swaps |
|
|
22,275 |
|
|
|
— |
|
|
|
22,275 |
|
|
|
— |
|
Total |
|
$ |
827,675 |
|
|
$ |
13,041 |
|
|
$ |
814,634 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
Loan level swaps |
|
$ |
22,275 |
|
|
$ |
— |
|
|
$ |
22,275 |
|
|
$ |
— |
|
Total |
|
$ |
22,275 |
|
|
$ |
— |
|
|
$ |
22,275 |
|
|
$ |
— |
|
|
| Schedule of Assets Measured at Fair Value on Non-Recurring Basis |
The following tables summarize, at the dates indicated, assets measured at fair value on a non-recurring basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements Using |
|
|
|
|
|
|
Quoted |
|
|
|
|
|
|
|
|
|
|
|
|
Prices in |
|
|
|
|
|
|
|
|
|
|
|
|
Active |
|
|
Significant |
|
|
|
|
|
|
|
|
|
Markets For |
|
|
Other |
|
|
Significant |
|
|
|
|
|
|
Identical |
|
|
Observable |
|
|
Unobservable |
|
|
|
March 31, |
|
|
Assets |
|
|
Inputs |
|
|
Inputs |
|
(In thousands) |
|
2025 |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Individually evaluated loans: |
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily property |
|
$ |
26,311 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
26,311 |
|
Investment commercial real estate |
|
|
1,313 |
|
|
|
— |
|
|
|
— |
|
|
|
1,313 |
|
Commercial and industrial |
|
|
16,359 |
|
|
|
— |
|
|
|
— |
|
|
|
16,359 |
|
Lease financing |
|
|
679 |
|
|
|
— |
|
|
|
— |
|
|
|
679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements Using |
|
|
|
|
|
|
Quoted |
|
|
|
|
|
|
|
|
|
|
|
|
Prices in |
|
|
|
|
|
|
|
|
|
|
|
|
Active |
|
|
Significant |
|
|
|
|
|
|
|
|
|
Markets For |
|
|
Other |
|
|
Significant |
|
|
|
|
|
|
Identical |
|
|
Observable |
|
|
Unobservable |
|
|
|
December 31, |
|
|
Assets |
|
|
Inputs |
|
|
Inputs |
|
(In thousands) |
|
2024 |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Individually evaluated loans: |
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily property |
|
$ |
32,661 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
32,661 |
|
Investment commercial real estate |
|
|
1,195 |
|
|
|
— |
|
|
|
— |
|
|
|
1,195 |
|
Commercial and industrial |
|
|
21,465 |
|
|
|
— |
|
|
|
— |
|
|
|
21,465 |
|
Lease financing |
|
|
679 |
|
|
|
— |
|
|
|
— |
|
|
|
679 |
|
|
| Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments |
The carrying amounts and estimated fair values of financial instruments at March 31, 2025 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at March 31, 2025 using |
|
|
|
Carrying |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Amount |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
231,917 |
|
|
$ |
231,917 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
231,917 |
|
Securities available for sale |
|
|
832,030 |
|
|
|
— |
|
|
|
832,030 |
|
|
|
— |
|
|
|
832,030 |
|
Securities held to maturity |
|
|
100,285 |
|
|
|
— |
|
|
|
88,687 |
|
|
|
— |
|
|
|
88,687 |
|
CRA investment fund |
|
|
13,236 |
|
|
|
13,236 |
|
|
|
— |
|
|
|
— |
|
|
|
13,236 |
|
FHLB and FRB stock |
|
|
12,311 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
N/A |
|
Loans held for sale, at fair value |
|
|
707 |
|
|
|
— |
|
|
|
707 |
|
|
|
— |
|
|
|
707 |
|
Loans held for sale, at lower of cost or fair value |
|
|
7,979 |
|
|
|
— |
|
|
|
8,654 |
|
|
|
— |
|
|
|
8,654 |
|
Loans, net of allowance for credit losses |
|
|
5,672,836 |
|
|
|
— |
|
|
|
— |
|
|
|
5,541,035 |
|
|
|
5,541,035 |
|
Accrued interest receivable |
|
|
31,968 |
|
|
|
— |
|
|
|
3,422 |
|
|
|
28,546 |
|
|
|
31,968 |
|
Accrued interest receivable loan level swaps (A) |
|
|
754 |
|
|
|
— |
|
|
|
754 |
|
|
|
— |
|
|
|
754 |
|
Cash flow hedges |
|
|
5,262 |
|
|
|
— |
|
|
|
5,262 |
|
|
|
— |
|
|
|
5,262 |
|
Loan level swaps |
|
|
15,599 |
|
|
|
— |
|
|
|
15,599 |
|
|
|
— |
|
|
|
15,599 |
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
$ |
6,286,556 |
|
|
$ |
5,840,414 |
|
|
$ |
443,590 |
|
|
$ |
— |
|
|
$ |
6,284,004 |
|
Subordinated debt |
|
|
98,884 |
|
|
|
— |
|
|
|
— |
|
|
|
96,384 |
|
|
|
96,384 |
|
Accrued interest payable |
|
|
8,587 |
|
|
|
6,256 |
|
|
|
1,437 |
|
|
|
894 |
|
|
|
8,587 |
|
Accrued interest payable loan level swaps (B) |
|
|
754 |
|
|
|
— |
|
|
|
754 |
|
|
|
— |
|
|
|
754 |
|
Loan level swap |
|
|
15,599 |
|
|
|
— |
|
|
|
15,599 |
|
|
|
— |
|
|
|
15,599 |
|
(A)Included in other assets in the Consolidated Statement of Condition. (B)Included in accrued expenses and other liabilities in the Consolidated Statement of Condition. The carrying amounts and estimated fair values of financial instruments at December 31, 2024 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at December 31, 2024 using |
|
|
|
Carrying |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Amount |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
391,367 |
|
|
$ |
391,367 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
391,367 |
|
Securities available for sale |
|
|
784,544 |
|
|
|
— |
|
|
|
784,544 |
|
|
|
— |
|
|
|
784,544 |
|
Securities held to maturity |
|
|
101,635 |
|
|
|
— |
|
|
|
88,650 |
|
|
|
— |
|
|
|
88,650 |
|
CRA investment fund |
|
|
13,041 |
|
|
|
13,041 |
|
|
|
— |
|
|
|
— |
|
|
|
13,041 |
|
FHLB and FRB stock |
|
|
12,373 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
N/A |
|
Loans held for sale, at lower of cost or fair value |
|
|
8,594 |
|
|
|
— |
|
|
|
9,315 |
|
|
|
— |
|
|
|
9,315 |
|
Loans, net of allowance for loan and lease losses |
|
|
5,439,334 |
|
|
|
— |
|
|
|
— |
|
|
|
5,198,085 |
|
|
|
5,198,085 |
|
Accrued interest receivable |
|
|
29,898 |
|
|
|
— |
|
|
|
3,695 |
|
|
|
26,203 |
|
|
|
29,898 |
|
Accrued interest receivable loan level swaps (A) |
|
|
849 |
|
|
|
— |
|
|
|
849 |
|
|
|
— |
|
|
|
849 |
|
Cash flow hedges |
|
|
7,815 |
|
|
|
— |
|
|
|
7,815 |
|
|
|
— |
|
|
|
7,815 |
|
Loan level swaps |
|
|
21,426 |
|
|
|
— |
|
|
|
21,426 |
|
|
|
— |
|
|
|
21,426 |
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
$ |
6,129,022 |
|
|
$ |
5,638,163 |
|
|
$ |
488,026 |
|
|
$ |
— |
|
|
$ |
6,126,189 |
|
Subordinated debt |
|
|
133,561 |
|
|
|
— |
|
|
|
— |
|
|
|
125,750 |
|
|
|
125,750 |
|
Accrued interest payable |
|
|
8,354 |
|
|
|
6,327 |
|
|
|
1,881 |
|
|
|
146 |
|
|
|
8,354 |
|
Accrued interest payable loan level swaps (B) |
|
|
849 |
|
|
|
— |
|
|
|
849 |
|
|
|
— |
|
|
|
849 |
|
Loan level swaps |
|
|
21,426 |
|
|
|
— |
|
|
|
21,426 |
|
|
|
— |
|
|
|
21,426 |
|
(A)Included in other assets in the Consolidated Statement of Condition. (B)Included in accrued expenses and other liabilities in the Consolidated Statement of Condition.
|