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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 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 September 30, 2023 and December 31, 2022 in the consolidated statements of financial condition utilizing the hierarchy structure described above: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023
​ | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Total
Assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Investment securities available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasuries | ​ | $ | 71,862 | ​ | $ | — | ​ | $ | — | ​ | $ | 71,862
Mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises | ​ | ​ | — | ​ | ​ | 196,848 | ​ | ​ | — | ​ | ​ | 196,848
Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises | ​ |  | — | ​ |  | 348,942 | ​ |  | — | ​ |  | 348,942
Municipal securities | ​ | ​ | — | ​ | ​ | 152 | ​ | ​ | — | ​ | ​ | 152
Corporate debt | ​ | ​ | — | ​ |  | 1,849 | ​ |  | — | ​ |  | 1,849
Loans held for sale | ​ |  | — | ​ |  | 19,048 | ​ |  | — | ​ |  | 19,048
Interest rate swap derivatives | ​ |  | — | ​ |  | 52,584 | ​ |  | — | ​ |  | 52,584
Mortgage banking derivatives | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 435 | ​ | ​ | 435
Total assets at fair value | ​ | $ | 71,862 | ​ | $ | 619,423 | ​ | $ | 435 | ​ | $ | 691,720
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swap derivatives | ​ | $ | — | ​ | $ | 15,935 | ​ | $ | — | ​ | $ | 15,935
Mortgage banking derivatives | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 57 | ​ | ​ | 57
Total liabilities at fair value | ​ | $ | — | ​ | $ | 15,935 | ​ | $ | 57 | ​ | $ | 15,992
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 nine months ended September 30, 2023: ​
​ | ​ | ​ | ​
​ |  | ​ | Mortgage banking
​ | ​ | ​ | derivatives, net
Balance at December 31, 2022 | ​ | $ | 129
Loss included in earnings, net | ​ | ​ | 147
Fees and costs included in earnings, net | ​ |  | 102
Balance at September 30, 2023 | ​ | $ | 378
​
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 nine months ended September 30, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023
​ | ​ | Total | ​ | Losses from fair value changes
Individually evaluated loans | ​ | $ | 42,642 | ​ | $ | 1,218
Other real estate owned |  | ​ | 3,416 |  | ​ | 55
Premises and equipment |  | ​ | 13,169 | ​ | ​ | 244
Total | ​ | $ | 59,227 | ​ | $ | 1,517
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2022
​ | ​ | Total | ​ | Losses from fair value changes
Individually evaluated loans | ​ | $ | 20,504 | ​ | $ | 1,338
Other real estate owned |  | ​ | 3,695 | ​ | ​ | 452
Mortgage servicing rights | ​ | ​ | 9,133 | ​ | ​ | 6
Total | ​ | $ | 33,332 | ​ | $ | 1,796
​

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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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