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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value of Financial Instruments  
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 June 30, 2025 and December 31, 2024 in the consolidated statements of financial condition utilizing the hierarchy structure described above:

June 30, 2025

Level 1

Level 2

Level 3

Total

Assets:

Investment securities available-for-sale

U.S. Treasuries

$

73,698

$

$

$

73,698

Mortgage-backed securities:

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

216,002

216,002

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

339,532

339,532

Corporate debt

1,990

1,990

Loans held for sale

20,784

20,784

Interest rate swap derivatives

32,051

32,051

Mortgage banking derivatives

572

572

Total assets at fair value

$

73,698

$

610,359

$

572

$

684,629

Liabilities:

Interest rate swap derivatives

$

$

10,982

$

$

10,982

Mortgage banking derivatives

248

248

Total liabilities at fair value

$

$

10,982

$

248

$

11,230

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 six months ended June 30, 2025:

Mortgage banking

derivatives, net

Balance at December 31, 2024

$

376

Gain included in earnings, net

18

Fees and (costs) included in earnings, net

(70)

Balance at June 30, 2025

$

324

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 six months ended June 30, 2025 and 2024:

June 30, 2025

Total

Losses from fair value changes

Individually evaluated loans

$

51,395

$

15,994

SBA servicing rights

2,792

68

Total

$

54,187

$

16,062

June 30, 2024

Total

Losses from fair value changes

Individually evaluated loans

$

46,406

$

4,883