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Fair Value Measurements (Tables)
9 Months Ended
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