Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values at June 30, 2025 and December 31, 2024, by level within the fair value hierarchy:
| | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | | | 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 | $ | 348,584 | | | $ | 348,584 | | | $ | — | | | $ | — | | | Mortgage-backed securities and collateralized mortgage obligations | 627,832 | | | — | | | 627,832 | | | — | | | Municipal obligations | 2,369 | | | — | | | 425 | | | 1,944 | | | Corporate debt securities | 78,165 | | | — | | | 69,400 | | | 8,765 | | | | | | | | | | | Total debt securities available for sale | 1,056,950 | | | 348,584 | | | 697,657 | | | 10,709 | | | Equity securities | 7,253 | | | 6,928 | | | 325 | | | — | | | Derivative assets | 11,842 | | | — | | | 11,842 | | | — | | | $ | 1,076,045 | | | $ | 355,512 | | | $ | 709,824 | | | $ | 10,709 | | | | | | | | | | | Derivative liabilities | $ | 14,403 | | | $ | — | | | $ | 14,403 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | | 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 | $ | 314,702 | | | $ | 314,702 | | | $ | — | | | $ | — | | | Mortgage-backed securities and collateralized mortgage obligations | 622,957 | | | — | | | 622,957 | | | — | | | Municipal obligations | 2,359 | | | — | | | 426 | | | 1,933 | | | Corporate debt securities | 85,928 | | | — | | | 77,360 | | | 8,568 | | | | | | | | | | | Total debt securities available for sale | 1,025,946 | | | 314,702 | | | 700,743 | | | 10,501 | | | Equity securities | 6,673 | | | 6,350 | | | 323 | | | — | | | Derivative assets | 18,895 | | | — | | | 18,895 | | | — | | | $ | 1,051,514 | | | $ | 321,052 | | | $ | 719,961 | | | $ | 10,501 | | | | | | | | | | | Derivative liabilities | $ | 20,025 | | | $ | — | | | $ | 20,025 | | | $ | — | |
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| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation |
The table below provides activity of assets reported as Level 3 during the three and six months ended June 30, 2025 and 2024:
| | | | | | | Significant Unobservable Inputs (Level 3) | | (In thousands) | | Debt securities available for sale: | | | Balance of recurring Level 3 assets -December 31, 2024 | $ | 10,501 | | | Change in fair value of Level 3 assets | (5) | | | | | Balance of recurring Level 3 assets - March 31, 2025 | $ | 10,496 | | | | | Change in fair value of Level 3 assets | 213 | | | Balance of recurring Level 3 assets - June 30, 2025 | $ | 10,709 | | | | | | | | | |
| | | | | | | Significant Unobservable Inputs (Level 3) | | (In thousands) | | Debt securities available for sale: | | | Balance of recurring Level 3 assets -December 31, 2023 | $ | 9,737 | | | Change in fair value of Level 3 assets | 174 | | | | | Balance of recurring Level 3 assets - March 31, 2024 | $ | 9,911 | | | | | | | Change in fair value of Level 3 assets | (170) | | | Balance of recurring Level 3 assets - June 30, 2024 | $ | 9,741 | | | | | | | |
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| Fair Value Measurements, Nonrecurring |
The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values on a non-recurring basis at June 30, 2025 and December 31, 2024, by level within the fair value hierarchy: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | | | 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 | $ | 8,474 | | | — | | | — | | | $ | 8,474 | | | | | | | | | | | Mortgage servicing rights | 2,493 | | | — | | | — | | | 2,493 | | | $ | 10,967 | | | $ | — | | | $ | — | | | $ | 10,967 | |
14. Fair Value Measurements (continued) | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | | 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 | $ | 3,199 | | | $ | — | | | $ | — | | | $ | 3,199 | | | Other real estate owned | 1,334 | | | — | | | — | | | 1,334 | | | Mortgage servicing rights | 2,443 | | | — | | | — | | | 2,443 | | | $ | 6,976 | | | $ | — | | | $ | — | | | $ | 6,976 | |
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| 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 June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Fair Value | | Valuation Methodology | | Unobservable Inputs | | Range of Inputs | | Weighted Average Rate | | (Dollars in thousands) | | | | | | | | | | | | Impaired loans | $ | 8,474 | | | Appraisals | | Discount for cost to sell (2) | | 6.0% - 8.0% | | 7.5 | % | | | | | | | | | | | | Mortgage servicing rights | $ | 2,493 | | | Discounted cash flow | | Prepayment speeds and discount rates (3) | | 4.1% - 29.6% | | 12.2 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Fair Value | | Valuation Methodology | | Unobservable Inputs | | Range of Inputs | | Weighted Average Rate | | (Dollars in thousands) | | | | | | | | | | | | Impaired loans | $ | 3,199 | | | Other | | A/R aging schedule | | —% | | — | % | | Real estate owned | $ | 1,334 | | | Contract sales price (1) | | Discount for cost to sell (2) | | 8.0% | | 8.0 | % | | Mortgage servicing rights | $ | 2,443 | | | Discounted cash flow | | Prepayment speeds and discount rates (3) | | 4.5% - 34.3% | | 11.7 | % | | | | | | | | | | | (1) Value based on sales contract. | (2) Value based on management's estimate of selling costs including real estate brokerage commissions, title transfer and other fees. | (3) Value of SBA servicing rights based on a discount rate of 14.50%. | | |
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| Fair Value, by Balance Sheet Grouping |
The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values at June 30, 2025 and December 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | | | 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 | $ | 248,224 | | | $ | 248,224 | | | $ | 248,224 | | | $ | — | | | $ | — | | | Debt securities available for sale | 1,056,950 | | | 1,056,950 | | | 348,584 | | | 697,657 | | | 10,709 | | | Debt securities held to maturity | 402,159 | | | 368,232 | | | — | | | 368,232 | | | — | | | Equity securities | 7,253 | | | 7,253 | | | 6,928 | | | 325 | | | — | | | Federal Home Loan Bank stock | 68,663 | | | 68,663 | | | — | | | 68,663 | | | — | | | | | | | | | | | | | Loans receivable, net | 8,111,032 | | | 7,795,470 | | | — | | | — | | | 7,795,470 | | | Derivative assets | 11,842 | | | 11,842 | | | — | | | 11,842 | | | — | | | | | | | | | | | | | Financial liabilities: | | | | | | | | | | | Deposits | $ | 8,135,483 | | | $ | 8,129,243 | | | $ | — | | | $ | 8,129,243 | | | $ | — | | | Borrowings | 1,272,578 | | | 1,278,043 | | | — | | | 1,278,043 | | | — | | | Derivative liabilities | 14,403 | | | 14,403 | | | — | | | 14,403 | | | — | |
14. Fair Value Measurements (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | | 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 | $ | 289,223 | | | $ | 289,223 | | | $ | 289,223 | | | $ | — | | | $ | — | | | Debt securities available for sale | 1,025,946 | | | 1,025,946 | | | 314,702 | | | 700,743 | | | 10,501 | | | Debt securities held to maturity | 392,840 | | | 350,153 | | | — | | | 350,153 | | | — | | | Equity securities | 6,673 | | | 6,673 | | | 6,350 | | | 323 | | | — | | | Federal Home Loan Bank stock | 60,387 | | | 60,387 | | | — | | | 60,387 | | | — | | | | | | | | | | | | | Loans receivable, net | 7,856,970 | | | 7,393,058 | | | — | | | — | | | 7,393,058 | | | Derivative assets | 18,895 | | | 18,895 | | | — | | | 18,895 | | | — | | | | | | | | | | | | | Financial liabilities: | | | | | | | | | | | Deposits | $ | 8,096,149 | | | $ | 8,088,842 | | | $ | — | | | $ | 8,088,842 | | | $ | — | | | Borrowings | 1,080,600 | | | 1,077,466 | | | — | | | 1,077,466 | | | — | | | Derivative liabilities | 20,025 | | | 20,025 | | | — | | | 20,025 | | | — | |
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