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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2024
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, 2024 and December 31, 2023, by level within the fair value hierarchy (in thousands):
|  | Fair Value Measurements at Reporting Date Using:
|  | June 30, 2024 |  | Quoted 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 |  | $ | 335,031 |  |  | 335,031 |  |  | — |  |  | — |
Government-agency obligations |  | 166,202 |  |  | 114,369 |  |  | 51,833 |  |  | — |
Mortgage-backed securities |  | 1,849,184 |  |  | — |  |  | 1,849,184 |  |  | — |
Asset-backed securities |  | 53,053 |  |  | — |  |  | 53,053 |  |  | — |
State and municipal obligations |  | 126,558 |  |  | — |  |  | 126,558 |  |  | — |
Corporate obligations |  | 96,755 |  |  | — |  |  | 96,755 |  |  | — |
Total available for sale debt securities |  | 2,626,783 |  |  | 449,400 |  |  | 2,177,383 |  |  | — |
Equity securities |  | 19,250 |  |  | 19,250 |  |  | — |  |  | — |
Derivative assets |  | 208,316 |  |  | — |  |  | 208,316 |  |  | — |
|  | $ | 2,854,349 |  |  | 468,650 |  |  | 2,385,699 |  |  | — |
Derivative liabilities |  | $ | 193,670 |  |  | — |  |  | 193,670 |  |  | — |
Measured on a non-recurring basis: |  |  |  |  |  |  |  |
Loans measured for impairment based on the fair value of the underlying collateral |  | $ | 18,413 |  |  | — |  |  | — |  |  | 18,413 |
Foreclosed assets |  | 11,119 |  |  | — |  |  | — |  |  | 11,119 |
|  | $ | 29,532 |  |  | — |  |  | — |  |  | 29,532 |
|  | Fair Value Measurements at Reporting Date Using:
|  | December 31, 2023 |  | Quoted 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 |  | $ | 253,878 |  |  | 253,878 |  |  | — |  |  | — |
Government-agency obligations |  | 27,498 |  |  | — |  |  | 27,498 |  |  | — |
Mortgage-backed securities |  | 1,285,609 |  |  | — |  |  | 1,285,609 |  |  | — |
Asset-backed securities |  | 32,235 |  |  | — |  |  | 32,235 |  |  | — |
State and municipal obligations |  | 56,584 |  |  | — |  |  | 56,584 |  |  | — |
Corporate obligations |  | 34,308 |  |  | — |  |  | 34,308 |  |  | — |
Total available for sale debt securities |  | 1,690,112 |  |  | 253,878 |  |  | 1,436,234 |  |  | — |
Equity Securities |  | 1,270 |  |  | 1,270 |  |  | — |  |  | — |
Derivative assets |  | 101,754 |  |  | — |  |  | 101,754 |  |  | — |
|  | $ | 1,793,136 |  |  | 255,148 |  |  | 1,537,988 |  |  | — |
Derivative liabilities |  | $ | 88,835 |  |  | — |  |  | 88,835 |  |  | — |
Measured on a non-recurring basis: |  |  |  |  |  |  |  |
Loans measured for impairment based on the fair value of the underlying collateral |  | $ | 24,139 |  |  | — |  |  | — |  |  | 24,139 |
Foreclosed assets |  | 11,651 |  |  | — |  |  | — |  |  | 11,651 |
|  | $ | 35,790 |  |  | — |  |  | — |  |  | 35,790 |
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, 2024 and December 31, 2023. Fair values are presented by level within the fair value hierarchy.
|  |  |  | Fair Value Measurements as of June 30, 2024 Using:
(Dollars in thousands) |  | Carrying value |  | Fair value |  | Quoted 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 |  | $ | 290,561 |  |  | 290,561 |  |  | 290,561 |  |  | — |  |  | — |
Available for sale debt securities: |  |  |  |  |  |  |  |  |  |
U.S. Treasury obligations |  | $ | 335,031 |  |  | 335,031 |  |  | 335,031 |  |  | — |  |  | — |
Government-agency obligations |  | 166,202 |  |  | 166,202 |  |  | 114,369 |  |  | 51,833 |  |  | — |
Mortgage-backed securities |  | 1,849,184 |  |  | 1,849,184 |  |  | — |  |  | 1,849,184 |  |  | — |
Asset-backed securities |  | 53,053 |  |  | 53,053 |  |  | — |  |  | 53,053 |  |  | — |
State and municipal obligations |  | 126,558 |  |  | 126,558 |  |  | — |  |  | 126,558 |  |  | — |
Corporate obligations |  | 96,755 |  |  | 96,755 |  |  | — |  |  | 96,755 |  |  | — |
Total available for sale debt securities |  | $ | 2,626,783 |  |  | 2,626,783 |  |  | 449,400 |  |  | 2,177,383 |  |  | — |
Held to maturity debt securities, net of allowance for credit losses: |  |  |  |  |  |  |  |  |  |
U.S. Treasury obligations |  | $ | 6,984 |  |  | 6,984 |  |  | 6,984 |  |  | — |  |  | — |
Government-agency obligations |  | 9,998 |  |  | 9,448 |  |  | — |  |  | 9,448 |  |  | — |
State and municipal obligations |  | 326,996 |  |  | 310,029 |  |  | — |  |  | 310,029 |  |  | — |
Corporate obligations |  | 6,550 |  |  | 6,230 |  |  | — |  |  | 6,230 |  |  | — |
Total held to maturity debt securities, net of allowance for credit losses |  | $ | 350,528 |  |  | 332,691 |  |  | 6,984 |  |  | 325,707 |  |  | — |
FHLBNY stock |  | 100,068 |  |  | 100,068 |  |  | 100,068 |  |  | — |  |  | — |
Equity Securities |  | 19,250 |  |  | 19,250 |  |  | 19,250 |  |  | — |  |  | — |
Loans, net of allowance for credit losses |  | 18,575,449 |  |  | 18,228,528 |  |  | — |  |  | — |  |  | 18,228,528 |
Derivative assets |  | 208,316 |  |  | 208,316 |  |  | — |  |  | 208,316 |  |  | — |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Deposits other than certificates of deposits |  | $ | 15,271,252 |  |  | 15,271,252 |  |  | 15,271,252 |  |  | — |  |  | — |
Certificates of deposit |  | 3,081,992 |  |  | 3,076,618 |  |  | — |  |  | 3,076,618 |  |  | — |
Total deposits |  | $ | 18,353,244 |  |  | 18,347,870 |  |  | 15,271,252 |  |  | 3,076,618 |  |  | — |
Borrowings |  | 2,302,058 |  |  | 2,289,206 |  |  | — |  |  | 2,289,206 |  |  | — |
Subordinated debentures |  | 412,766 |  |  | 394,729 |  |  | — |  |  | 394,729 |  |  | — |
Derivative liabilities |  | 193,670 |  |  | 193,670 |  |  | — |  |  | 193,670 |  |  | — |
|  |  |  | Fair Value Measurements as of December 31, 2023 Using:
(Dollars in thousands) |  | Carrying value |  | Fair value |  | Quoted 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 |  | $ | 180,255 |  |  | 180,255 |  |  | 180,255 |  |  | — |  |  | — |
Available for sale debt securities: |  |  |  |  |  |  |  |  |  |
U.S. Treasury obligations |  | $ | 253,878 |  |  | 253,878 |  |  | 253,878 |  |  | — |  |  | — |
Government-agency obligations |  | 27,498 |  |  | 27,498 |  |  | — |  |  | 27,498 |  |  | — |
Mortgage-backed securities |  | 1,285,609 |  |  | 1,285,609 |  |  | — |  |  | 1,285,609 |  |  | — |
Asset-backed securities |  | 32,235 |  |  | 32,235 |  |  | — |  |  | 32,235 |  |  | — |
State and municipal obligations |  | 56,584 |  |  | 56,584 |  |  | — |  |  | 56,584 |  |  | — |
Corporate obligations |  | 34,308 |  |  | 34,308 |  |  | — |  |  | 34,308 |  |  | — |
Total available for sale debt securities |  | $ | 1,690,112 |  |  | 1,690,112 |  |  | 253,878 |  |  | 1,436,234 |  |  | — |
Held to maturity debt securities: |  |  |  |  |  |  |  |  |  |
US Treasury obligations |  | $ | 5,146 |  |  | 5,147 |  |  | 5,147 |  |  | — |  |  | — |
Government-agency obligations |  | 11,058 |  |  | 10,406 |  |  | 10,406 |  |  | — |  |  | — |
State and municipal obligations |  | 339,789 |  |  | 330,360 |  |  | — |  |  | 330,360 |  |  | — |
Corporate obligations |  | 7,087 |  |  | 6,688 |  |  | — |  |  | 6,688 |  |  | — |
Total held to maturity debt securities |  | $ | 363,080 |  |  | 352,601 |  |  | 15,553 |  |  | 337,048 |  |  | — |
FHLBNY stock |  | 79,217 |  |  | 79,217 |  |  | 79,217 |  |  | — |  |  | — |
Equity Securities |  | 1,270 |  |  | 1,270 |  |  | 1,270 |  |  | — |  |  | — |
Loans, net of allowance for credit losses |  | 10,766,501 |  |  | 10,437,204 |  |  | — |  |  | — |  |  | 10,437,204 |
Derivative assets |  | 101,754 |  |  | 101,754 |  |  | — |  |  | 101,754 |  |  | — |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Deposits other than certificates of deposits |  | $ | 9,196,572 |  |  | 9,196,572 |  |  | 9,196,572 |  |  | — |  |  | — |
Certificates of deposit |  | 1,095,942 |  |  | 1,093,125 |  |  | — |  |  | 1,093,125 |  |  | — |
Total deposits |  | $ | 10,292,514 |  |  | 10,289,697 |  |  | 9,196,572 |  |  | 1,093,125 |  |  | — |
Borrowings |  | 1,970,033 |  |  | 1,960,174 |  |  | — |  |  | 1,960,174 |  |  | — |
Subordinated debentures |  | 10,695 |  |  | 9,198 |  |  | — |  |  | 9,198 |  |  | — |
Derivative liabilities |  | 88,835 |  |  | 88,835 |  |  | — |  |  | 88,835 |  |  | — |

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