Disclosures about Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Disclosures about Fair Value of Assets and Liabilities

Schedule of fair value measurement of assets measured at fair value on recurring basis


		Fair Value Measurements Using
					Quoted Prices in			Significant
					Active Markets			Other			Significant
					for Identical			Observable			Unobservable
		Fair			Assets			Inputs			Inputs
Assets		Value			(Level 1)			(Level 2)			(Level 3)

		(In thousands)
March 31, 2026
Mortgage loans in process of securitization		$	437,001		$	—		$	437,001		$	—
Securities available for sale:
Treasury notes			31,340			31,340			—			—
Federal Agencies			258,802			—			258,802			—
Mortgage-backed - Agency			3,547			—			3,547			—
Mortgage-backed - Non-Agency residential - fair value option			371,222			—			371,222			—
Mortgage-backed - Agency - fair value option			178,985			—			178,985			—
Loans held for sale			163,426			—			163,426			—
Loans receivable			46,427			—			46,427			—
Servicing rights			229,576			—			—			229,576
Derivative assets:
Interest rate lock commitments			142			—			—			142
Forward contracts			1,023			—			1,023			—
Interest rate swaps			2,565			—			2,565			—
Interest rate swaps, caps and floors (back-to-back)			4,847			—			4,847			—
Put options			45,494			—			6,617			38,877
Interest rate floors			12,236			—			—			12,236
Derivative liabilities:
Interest rate lock commitments			1,174			—			—			1,174
Forward contracts			121			—			121			—
Credit default swaps			69			—			—			69
Interest rate swaps, caps and floors (back-to-back)			4,847			—			4,847			—


December 31, 2025
Mortgage loans in process of securitization		$	620,094		$	—		$	620,094		$	—
Securities available for sale:
Treasury notes			30,680			30,680			—			—
Federal Agencies			259,508			—			259,508			—
Mortgage-backed - Agency			3,556			—			3,556			—
Mortgage-backed - Non-Agency residential - fair value option			385,460			—			385,460			—
Mortgage-backed - Agency - fair value option			185,854			—			185,854			—
Loans held for sale			76,980			—			76,980			—
Loans receivable			47,318			—			47,318			—
Servicing rights			217,296			—			—			217,296
Derivative assets:
Interest rate lock commitments			227			—			—			227
Forward contracts			2			—			2			—
Interest rate swaps			2,354			—			2,354			—
Interest rate swaps, caps and floors (back-to-back)			7,289			—			7,289			—
Put options			37,570			—			5,640			31,930
Interest rate floors			9,540			—			—			9,540
Derivative liabilities:
Interest rate lock commitments			107			—			—			107
Forward contracts			467			—			467			—
Interest rate swaps, caps and floors (back-to-back)			7,289			—			7,289			—

Schedule of Level 3 reconciliation of recurring fair value measurements


		Three Months Ended March 31,
		2026			2025

		(In thousands)
Servicing rights
Balance, beginning of period		$	217,296		$	189,935
Purchased servicing			125			—
Originated servicing			5,749			3,338
Paydowns			(2,532)			(2,808)
Gain (loss) recognized			8,938			(754)
Balance, end of period		$	229,576		$	189,711

Derivative assets - put options
Balance, beginning of period		$	31,930		$	31,296
Gain (loss) recognized			6,947			(3,001)
Balance, end of period		$	38,877		$	28,295

Derivative assets - interest rate floors
Balance, beginning of period		$	9,540		$	4,043
Gain (loss) recognized			2,696			(2,258)
Balance, end of period		$	12,236		$	1,785

Derivative liabilities - credit defaults swaps
Balance, beginning of period		$	—		$	—
Gain (loss) recognized			(69)			—
Balance, end of period		$	(69)		$	—

Derivative assets - interest rate lock commitments
Balance, beginning of period		$	227		$	30
Gain (loss) recognized			(85)			96
Balance, end of period		$	142		$	126

Derivative liabilities - interest rate lock commitments
Balance, beginning of period		$	(107)		$	(176)
Gain (loss) recognized			(1,067)			88
Balance, end of period		$	(1,174)		$	(88)

Schedule of fair value measurement of assets and liabilities measured at fair value on nonrecurring basis


		Fair Value Measurements Using
					Quoted Prices in			Significant			Significant
					Active Markets for			Other Observable			Unobservable
		Fair			Identical Assets			Inputs			Inputs
Assets		Value			(Level 1)			(Level 2)			(Level 3)

		(In thousands)
March 31, 2026
Collateral dependent loans		$	45,278		$	—		$	—		$	45,278
Other real estate owned			81			—			—			81

December 31, 2025
Collateral dependent loans		$	143,771		$	—		$	—		$	143,771
Other real estate owned			60,145			—			—			60,145

Schedule of quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements other than goodwill


					Valuation						Weighted
		Fair Value			Technique		Unobservable Inputs		Range		Average Rate

		(In thousands)
At March 31, 2026:
Collateral dependent loans		$	45,278		Market comparable properties		Marketability discount and costs to sell		5% - 93%		44%
Other real estate owned			81		Market comparable properties		Marketability discount and costs to sell		15%		15%
Servicing rights - Multi-family			173,922		Discounted cash flow		Discount rate		8% - 15%		9%
							Constant prepayment rate		0% - 100%		8%
							Earnings rate on escrows		4%		4%
Servicing rights - Single-family			34,393		Discounted cash flow		Discount rate		9% - 12%		9%
							Constant prepayment rate		3% - 100%		8%
Servicing rights - Healthcare			15,899		Discounted cash flow		Discount rate		10% - 13%		11%
							Constant prepayment rate		1% - 100%		6%
							Earnings rate on escrows		4%		4%
Servicing rights - SBA			5,362		Discounted cash flow		Discount rate		16%		16%
							Constant prepayment rate		11% - 33%		14%
Derivative assets:
Interest rate lock commitments			142		Discounted cash flow		Loan closing rates		51% - 99%		84%
Put options			38,877		Intrinsic value		Market credit spread		4%		4%
Interest rate floors			12,236		Discounted cash flow		Discount rate		5% - 7%		7%
Derivative liabilities:
Interest rate lock commitments			1,174		Discounted cash flow		Loan closing rates		51% - 99%		84%
Credit default swaps			69		Discounted cash flow		Corporate default rate		0% - 7%		4%
							Market credit spread		13%		13%

At December 31, 2025:
Collateral dependent loans		$	143,771		Market comparable properties		Marketability discount and costs to sell		12% - 70%		31%
Other real estate owned			60,145		Market comparable properties		Marketability discount and costs to sell		6% - 9%		9%
Servicing rights - Multi-family			164,224		Discounted cash flow		Discount rate		8% - 15%		9%
							Constant prepayment rate		0% - 100%		8%
							Earnings rate on escrows		3%		3%
Servicing rights - Single-family			33,151		Discounted cash flow		Discount rate		9% - 12%		9%
							Constant prepayment rate		3% - 53%		9%
Servicing rights - Healthcare			15,105		Discounted cash flow		Discount rate		8% - 13%		11%
							Constant prepayment rate		1% - 100%		7%
							Earnings rate on escrows		3%		3%
Servicing rights - SBA			4,816		Discounted cash flow		Discount rate		16%		16%
							Constant prepayment rate		10% - 31%		16%
Derivative assets:
Interest rate lock commitments			227		Discounted cash flow		Loan closing rates		45% - 99%		99%
Put options			31,930		Intrinsic value		Market credit spread		4%		4%
Interest rate floors			9,540		Discounted cash flow		Discount rate		5% - 7%		6%
Derivative liabilities - interest rate lock commitments			107		Discounted cash flow		Loan closing rates		45% - 99%		99%

Schedule of carrying amount and estimated fair value of financial instruments


					Fair Value Measurements Using
								Quoted Prices in			Significant
								Active Markets			Other			Significant
								for Identical			Observable			Unobservable
		Carrying			Fair			Assets			Inputs			Inputs
		Value			Value			(Level 1)			(Level 2)			(Level 3)

		(In thousands)
March 31, 2026
Financial assets:
Cash and cash equivalents		$	83,215		$	83,215		$	83,215		$	—		$	—
Securities purchased under agreements to resell			1,511			1,511			—			1,511			—
Securities held to maturity			1,425,982			1,426,444			—			676,189			750,255
FHLB stock and other equity securities			227,589			227,589			—			196,391			31,198
Loans held for sale			4,546,262			4,546,262			—			4,546,262			—
Loans receivable, net			11,399,882			11,410,486			—			—			11,410,486
Interest receivable			77,326			77,326			—			77,326			—
Financial liabilities:
Deposits			12,951,753			12,951,958			11,825,797			1,126,161			—
Subordinated debt			71,800			71,800			—			71,800			—
FHLB advances			4,358,756			4,358,387			—			4,358,387			—
Other borrowing			342,934			342,934			—			342,934			—
Interest payable			24,516			24,516			—			24,516			—

December 31, 2025
Financial assets:
Cash and cash equivalents		$	212,202		$	212,202		$	212,202		$	—		$	—
Securities purchased under agreements to resell			1,520			1,520			—			1,520			—
Securities held to maturity			1,543,659			1,543,554			—			712,490			831,064
FHLB stock and other equity securities			227,589			227,589			—			196,391			31,198
Loans held for sale			3,796,032			3,796,032			—			3,796,032			—
Loans receivable, net			10,904,063			10,950,634			—			—			10,950,634
Interest receivable			81,807			81,807			—			81,807			—
Financial liabilities:
Deposits			13,041,192			13,041,901			11,179,428			1,862,473			—
Subordinated debt			71,800			71,800			—			71,800			—
FHLB advances			3,762,858			3,762,110			—			3,762,110			—
Other borrowing			7,934			7,934			—			7,934			—
Interest payable			25,345			25,345			—			25,345			—

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details