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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2025
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 March 31, 2025 and December 31, 2024 in the consolidated statements of financial condition utilizing the hierarchy structure described above:

March 31, 2025

Level 1

Level 2

Level 3

Total

Assets:

Investment securities available-for-sale

U.S. Treasuries

$

73,263

$

$

$

73,263

Mortgage-backed securities:

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

204,245

204,245

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

354,169

354,169

Corporate debt

1,973

1,973

Loans held for sale

11,885

11,885

Interest rate swap derivatives

33,711

33,711

Mortgage banking derivatives

684

684

Total assets at fair value

$

73,263

$

605,983

$

684

$

679,930

Liabilities:

Interest rate swap derivatives

$

$

10,888

$

$

10,888

Mortgage banking derivatives

85

85

Total liabilities at fair value

$

$

10,888

$

85

$

10,973

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

Table of Changes in Level 3 Financial Instruments

The table below details the changes in level 3 financial instruments during the three months ended March 31, 2025:

Mortgage banking

derivatives, net

Balance at December 31, 2024

$

376

Gain included in earnings, net

356

Fees and (costs) included in earnings, net

(133)

Balance at March 31, 2025

$

599

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 during the three months ended March 31, 2025 and 2024:

March 31, 2025

Total

Losses from fair value changes

Individually evaluated loans

$

52,522

$

15,036

March 31, 2024

Total

Losses from fair value changes

Individually evaluated loans

$

47,470

$

278