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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 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 December 31, 2023 and 2022, in the consolidated statements of financial condition utilizing the hierarchy structure described above:

December 31, 2023

Level 1

Level 2

Level 3

Total

Assets:

    

    

    

    

    

    

    

    

Investment securities available-for-sale:

U.S. Treasuries

$

73,044

$

$

$

73,044

Mortgage-backed securities:

Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises

201,809

201,809

Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises

 

 

351,242

 

 

351,242

Municipal securities

79

79

Corporate debt

 

1,843

 

 

1,843

Loans held for sale

 

 

18,854

 

 

18,854

Interest rate swap derivatives

 

 

37,408

 

 

37,408

Mortgage banking derivatives

287

287

Total assets at fair value

$

73,044

$

611,235

$

287

$

684,566

Liabilities:

Interest rate swap derivatives

$

$

15,284

$

$

15,284

Mortgage banking derivatives

115

115

Total liabilities at fair value

$

$

15,284

$

115

$

15,399

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 2023:

    

Mortgage banking

derivatives, net

Balance at December 31, 2022

$

129

Loss included in earnings, net

(226)

Fees and costs included in earnings, net

 

269

Balance at December 31, 2023

$

172

Table of Assets Recorded at Fair Value On a Non-Recurring Basis

The tables below provide information regarding losses from the assets recorded at fair value on a non-recurring basis at December 31, 2023 and 2022.

December 31, 2023

Total

Losses from fair value changes

Individually evaluated loans

$

45,245

$

1,575

Other real estate owned

    

4,088

    

249

Premises and equipment

    

13,413

349

SBA servicing rights

2,440

75

Total

$

65,186

$

2,248

December 31, 2022

Total

Losses from fair value changes

Individually evaluated loans

$

31,384

$

2,187

Other real estate owned

    

3,731

505

Mortgage servicing rights

9,162

60

Total

$

44,277

$

2,752