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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2024
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, 2024 and December 31, 2023 in the consolidated statements of financial condition utilizing the hierarchy structure described above:

September 30, 2024

Level 1

Level 2

Level 3

Total

Assets:

Investment securities available-for-sale

U.S. Treasuries

$

49,190

$

$

$

49,190

Mortgage-backed securities:

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

196,530

196,530

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

460,496

460,496

Municipal securities

80

80

Corporate debt

1,962

1,962

Loans held for sale

16,765

16,765

Interest rate swap derivatives

30,459

30,459

Mortgage banking derivatives

640

640

Total assets at fair value

$

49,190

$

706,292

$

640

$

756,122

Liabilities:

Interest rate swap derivatives

$

$

13,377

$

$

13,377

Mortgage banking derivatives

74

74

Total liabilities at fair value

$

$

13,377

$

74

$

13,451

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

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, 2024:

Mortgage banking

derivatives, net

Balance at December 31, 2023

$

172

Gain included in earnings, net

536

Fees and costs included in earnings, net

(142)

Balance at September 30, 2024

$

566

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, 2024 and 2023:

September 30, 2024

Total

Losses from fair value changes

Individually evaluated loans

$

43,684

$

8,387

Mortgage servicing rights

4,800

13

Total

$

48,484

$

8,400

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