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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2023
Fair Value Measurements |
Tables of Financial Instruments Measured At Fair Value on Recurring Basis | The tables below present the financial instruments measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022 in the consolidated statements of financial condition utilizing the hierarchy structure described above: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2023
​ | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Total
Assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Investment securities available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasuries | ​ | $ | 71,575 | ​ | $ | — | ​ | $ | — | ​ | $ | 71,575
Mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises | ​ | ​ | — | ​ | ​ | 211,205 | ​ | ​ | — | ​ | ​ | 211,205
Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises | ​ |  | — | ​ |  | 373,780 | ​ |  | — | ​ |  | 373,780
Municipal securities | ​ | ​ | — | ​ | ​ | 153 | ​ | ​ | — | ​ | ​ | 153
Corporate debt | ​ | ​ | — | ​ |  | 1,841 | ​ |  | — | ​ |  | 1,841
Loans held for sale | ​ |  | — | ​ |  | 25,172 | ​ |  | — | ​ |  | 25,172
Interest rate swap derivatives | ​ |  | — | ​ |  | 44,061 | ​ |  | — | ​ |  | 44,061
Mortgage banking derivatives | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 394 | ​ | ​ | 394
Total assets at fair value | ​ | $ | 71,575 | ​ | $ | 656,212 | ​ | $ | 394 | ​ | $ | 728,181
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swap derivatives | ​ | $ | — | ​ | $ | 12,829 | ​ | $ | — | ​ | $ | 12,829
Mortgage banking derivatives | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 133 | ​ | ​ | 133
Total liabilities at fair value | ​ | $ | — | ​ | $ | 12,829 | ​ | $ | 133 | ​ | $ | 12,962
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment securities available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasuries | ​ | $ | 71,388 | ​ | $ | — | ​ | $ | — | ​ | $ | 71,388
Mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises | ​ | ​ | — | ​ | ​ | 226,131 | ​ | ​ | — | ​ | ​ | 226,131
Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises | ​ |  | — | ​ |  | 405,926 | ​ |  | — | ​ |  | 405,926
Municipal securities | ​ | ​ | — | ​ | ​ | 153 | ​ | ​ | — | ​ | ​ | 153
Corporate debt | ​ | ​ | — | ​ |  | 1,920 | ​ |  | — | ​ | ​ | 1,920
Loans held for sale | ​ |  | — | ​ |  | 22,767 | ​ |  | — | ​ |  | 22,767
Interest rate swap derivatives | ​ |  | — | ​ |  | 44,821 | ​ |  | — | ​ |  | 44,821
Mortgage banking derivatives | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 407 | ​ | ​ | 407
Total assets at fair value | ​ | $ | 71,388 | ​ | $ | 701,718 | ​ | $ | 407 | ​ | $ | 773,513
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swap derivatives | ​ | $ | — | ​ | $ | 12,589 | ​ | $ | — | ​ | $ | 12,589
Mortgage banking derivatives | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 278 | ​ | ​ | 278
Total liabilities at fair value | ​ | $ | — | ​ | $ | 12,589 | ​ | $ | 278 | ​ | $ | 12,867
​
Table of Changes in Level 3 Financial Instruments | The table below details the changes in level 3 financial instruments during the six months ended June 30, 2023: ​
​ | ​ | ​ | ​
​ |  | ​ | Mortgage banking
​ | ​ | ​ | derivatives, net
Balance at December 31, 2022 | ​ | $ | 129
Loss included in earnings, net | ​ | ​ | 68
Fees and costs included in earnings, net | ​ |  | 64
Balance at June 30, 2023 | ​ | $ | 261
​
Table of Assets Recorded at Fair Value On a Non-Recurring Basis | The tables below provide information regarding losses from assets recorded at fair value on a non-recurring basis during the six months ended June 30, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2023
​ | ​ | Total | ​ | Losses from fair value changes
Individually evaluated loans | ​ | $ | 55,569 | ​ | $ | 679
Other real estate owned |  | ​ | 3,458 |  | ​ | 13
Total | ​ | $ | 59,027 | ​ | $ | 692
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2022
​ | ​ | Total | ​ | Losses from fair value changes
Individually evaluated loans | ​ | $ | 14,916 | ​ | $ | 1,085
Other real estate owned |  | ​ | 4,992 | ​ | ​ | 188
Mortgage servicing rights | ​ | ​ | 8,795 | ​ | ​ | 39
Total | ​ | $ | 28,703 | ​ | $ | 1,312
​

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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