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Fair Value Measurements (Tables)
 6 Months Ended
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, 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$335,031 335,031 — — 
Government-agency obligations166,202 114,369 51,833 — 
Mortgage-backed securities1,849,184 — 1,849,184 — 
Asset-backed securities53,053 — 53,053 — 
State and municipal obligations126,558 — 126,558 — 
Corporate obligations96,755 — 96,755 — 
Total available for sale debt securities2,626,783 449,400 2,177,383 — 
Equity securities19,250 19,250 — — 
Derivative assets208,316 — 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 assets11,119 — — 11,119 
$29,532 — — 29,532 
Fair Value Measurements at Reporting Date Using:
December 31, 2023Quoted 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 obligations27,498 — 27,498 — 
Mortgage-backed securities1,285,609 — 1,285,609 — 
Asset-backed securities32,235 — 32,235 — 
State and municipal obligations56,584 — 56,584 — 
Corporate obligations34,308 — 34,308 — 
Total available for sale debt securities1,690,112 253,878 1,436,234 — 
Equity Securities1,270 1,270 — — 
Derivative assets101,754 — 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 assets11,651 — — 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 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$290,561 290,561 290,561 — — 
Available for sale debt securities:
U.S. Treasury obligations$335,031 335,031 335,031 — — 
Government-agency obligations166,202 166,202 114,369 51,833 — 
Mortgage-backed securities1,849,184 1,849,184 — 1,849,184 — 
Asset-backed securities53,053 53,053 — 53,053 — 
State and municipal obligations126,558 126,558 — 126,558 — 
Corporate obligations96,755 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 obligations9,998 9,448 — 9,448 — 
State and municipal obligations326,996 310,029 — 310,029 — 
Corporate obligations6,550 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 stock100,068 100,068 100,068 — — 
Equity Securities19,250 19,250 19,250 — — 
Loans, net of allowance for credit losses18,575,449 18,228,528 — — 18,228,528 
Derivative assets208,316 208,316 — 208,316 — 
Financial liabilities:
Deposits other than certificates of deposits$15,271,252 15,271,252 15,271,252 — — 
Certificates of deposit3,081,992 3,076,618 — 3,076,618 — 
Total deposits$18,353,244 18,347,870 15,271,252 3,076,618 — 
Borrowings2,302,058 2,289,206 — 2,289,206 — 
Subordinated debentures412,766 394,729 — 394,729 — 
Derivative liabilities193,670 193,670 — 193,670 — 
Fair Value Measurements as of December 31, 2023 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$180,255 180,255 180,255 — — 
Available for sale debt securities:
U.S. Treasury obligations$253,878 253,878 253,878 — — 
Government-agency obligations27,498 27,498 — 27,498 — 
Mortgage-backed securities1,285,609 1,285,609 — 1,285,609 — 
Asset-backed securities32,235 32,235 — 32,235 — 
State and municipal obligations56,584 56,584 — 56,584 — 
Corporate obligations34,308 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 obligations11,058 10,406 10,406 — — 
State and municipal obligations339,789 330,360 — 330,360 — 
Corporate obligations7,087 6,688 — 6,688 — 
Total held to maturity debt securities$363,080 352,601 15,553 337,048 — 
FHLBNY stock79,217 79,217 79,217 — — 
Equity Securities1,270 1,270 1,270 — — 
Loans, net of allowance for credit losses10,766,501 10,437,204 — — 10,437,204 
Derivative assets101,754 101,754 — 101,754 — 
Financial liabilities:
Deposits other than certificates of deposits$9,196,572 9,196,572 9,196,572 — — 
Certificates of deposit1,095,942 1,093,125 — 1,093,125 — 
Total deposits$10,292,514 10,289,697 9,196,572 1,093,125 — 
Borrowings1,970,033 1,960,174 — 1,960,174 — 
Subordinated debentures10,695 9,198 — 9,198 — 
Derivative liabilities88,835 88,835 — 88,835 —