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

December 31, 2024

Level 1

Level 2

Level 3

Total

Assets:

Investment securities available-for-sale

U.S. Treasuries

$

24,874

$

$

$

24,874

Mortgage-backed securities:

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

135,045

135,045

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

364,938

364,938

Corporate debt

1,962

1,962

Loans held for sale

24,495

24,495

Interest rate swap derivatives

39,637

39,637

Mortgage banking derivatives

386

386

Total assets at fair value

$

24,874

$

566,077

$

386

$

591,337

Liabilities:

Interest rate swap derivatives

$

$

9,076

$

$

9,076

Mortgage banking derivatives

10

10

Total liabilities at fair value

$

$

9,076

$

10

$

9,086

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 2024:

Mortgage banking

derivatives, net

Balance at December 31, 2023

$

172

Gain included in earnings, net

177

Fee income (cost) included in earnings, net

27

Balance at December 31, 2024

$

376

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, 2024 and 2023.

December 31, 2024

Total

Losses from fair value changes

Individually evaluated loans

$

64,797

$

9,439

Premises and equipment

1,795

958

Total

$

66,592

$

10,397

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