v3.25.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
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 June 30, 2025 and December 31, 2024, by level within the fair value hierarchy (in thousands):
Fair Value Measurements at Reporting Date Using:
June 30, 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$319,445 319,445 — — 
Government-agency obligations40,561 — 40,561 — 
Mortgage-backed securities2,409,525 — 2,409,525 — 
Asset-backed securities44,931 — 44,931 — 
State and municipal obligations109,595 — 109,595 — 
Corporate obligations95,739 — 95,739 — 
Total available for sale debt securities3,019,796 319,445 2,700,351 — 
Equity securities19,410 19,410 — — 
Derivative assets122,776 — 122,776 — 
$3,161,982 338,855 2,823,127 — 
Derivative liabilities$124,183 — 124,183 — 
Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral$79,624 — — 79,624 
Foreclosed assets963 — — 963 
$80,587 — — 80,587 

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 
Financial Instruments at Carrying and Fair Values
The following tables present the Company’s financial instruments at their carrying and fair values as of June 30, 2025 and December 31, 2024. Fair values are presented by level within the fair value hierarchy.
Fair Value Measurements as of June 30, 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$258,925 258,925 258,925 — — 
Available for sale debt securities:
U.S. Treasury obligations$319,445 319,445 319,445 — — 
Government-agency obligations40,561 40,561 — 40,561 — 
Mortgage-backed securities2,409,525 2,409,525 — 2,409,525 — 
Asset-backed securities44,931 44,931 — 44,931 — 
State and municipal obligations109,595 109,595 — 109,595 — 
Corporate obligations95,739 95,739 — 95,739 — 
Total available for sale debt securities$3,019,796 3,019,796 319,445 2,700,351 — 
Held to maturity debt securities, net of allowance for credit losses:
Government-agency obligations8,399 8,284 — 8,284 — 
State and municipal obligations296,708 286,639 — 286,639 — 
Corporate obligations3,597 3,535 — 3,535 — 
Total held to maturity debt securities, net of allowance for credit losses$308,704 298,458 — 298,458 — 
FHLBNY stock127,021 127,021 127,021 — — 
Equity securities19,410 19,410 19,410 — — 
Loans, net of allowance for credit losses18,923,881 18,938,930 — — 18,938,930 
Derivative assets122,776 122,776 — 122,776 — 
Financial liabilities:
Deposits other than certificates of deposits$15,441,091 15,441,091 15,441,091 — — 
Certificates of deposit3,267,433 3,264,245 — 3,264,245 — 
Total deposits$18,708,524 18,705,336 15,441,091 3,264,245 — 
Borrowings2,374,660 2,377,095 — 2,377,095 — 
Subordinated debentures404,098 423,780 — 423,780 — 
Derivative liabilities124,183 124,183 — 124,183 — 
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 obligations$330,598 330,598 330,598 — — 
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 obligations9,999 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 —