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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 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 September 30, 2025 and December 31, 2024 in the consolidated statements of financial condition utilizing the hierarchy structure described above:

September 30, 2025

Level 1

Level 2

Level 3

Total

Assets:

Investment securities available-for-sale

U.S. Treasuries

$

73,962

$

$

$

73,962

Mortgage-backed securities:

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

208,517

208,517

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

327,527

327,527

Corporate debt

1,990

1,990

Equity securities with readily determinable fair values

4,113

4,113

Loans held for sale

22,252

22,252

Interest rate swap derivatives

28,536

28,536

Mortgage banking derivatives

412

412

Total assets at fair value

$

78,075

$

588,822

$

412

$

667,309

Liabilities:

Interest rate swap derivatives

$

$

11,322

$

$

11,322

Mortgage banking derivatives

14

14

Total liabilities at fair value

$

$

11,322

$

14

$

11,336

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 nine months ended September 30, 2025:

Mortgage banking

derivatives, net

Balance at December 31, 2024

$

376

Gain included in earnings, net

111

Fees and (costs) included in earnings, net

(89)

Balance at September 30, 2025

$

398

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, 2025 and 2024:

September 30, 2025

Total

Losses from fair value changes

Individually evaluated loans

$

40,395

$

17,140

SBA servicing rights

2,611

41

Total

$

43,006

$

17,181

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