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Disclosures about Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Disclosures about Fair Value of Assets and Liabilities

Schedule of fair value measurement of assets measured at fair value on recurring basis


		Fair Value Measurements Using
					Quoted Prices in			Significant
					Active Markets			Other			Significant
					for Identical			Observable			Unobservable
		Fair			Assets			Inputs			Inputs
Assets		Value			(Level 1)			(Level 2)			(Level 3)

		(In thousands)
December 31, 2023
Mortgage loans in process of securitization		$	110,599		$	—		$	110,599		$	—
Securities available for sale:
Treasury notes			128,968			128,968			—			—
Federal agencies			247,755			—			247,755			—
Mortgage-backed - Agency			14,467			—			14,467			—
Mortgage-backed - Non-agency residential - fair value option			485,500			—			—			485,500
Mortgage-backed - Agency - fair value option			236,997			—			236,997
Loans held for sale			86,663			—			86,663			—
Servicing rights			158,457			—			—			158,457
Derivative assets:
Interest rate lock commitments			140			—			—			140
Forward contracts			4			—			4			—
Interest rate swaps			2,610			—			2,610			—
Interest rate swaps (back-to-back)			12,426			—			12,426			—
Put options			25,877			—			7,223			18,654
Interest rate floors			6,576			—			—			6,576
Derivative liabilities:
Interest rate lock commitments			4			—			—			4
Forward contracts			391			—			391			—
Interest rate swaps (back-to-back)			12,426			—			12,426			—


December 31, 2022
Mortgage loans in process of securitization		$	154,194		$	—		$	154,194		$	—
Securities available for sale:
Treasury notes			36,280			36,280			—			—
Federal agencies			271,890			—			271,890			—
Mortgage-backed - Agency			15,167			—			15,167			—
Loans held for sale			82,192			—			82,192			—
Servicing rights			146,248			—			—			146,248
Derivative assets:
Interest rate lock commitments			28			—			—			28
Forward contracts			46			—			46			—
Interest rate swaps			3,030			—			3,030			—
Interest rate swaps (back-to-back)			3,041			—			3,041			—
Derivative liabilities:
Interest rate lock commitments			23			—			—			23
Forward contracts			52			—			52			—
Interest rate swaps (back-to-back)			3,041			—			3,041			—

Schedule of Level 3 reconciliation of recurring fair value measurements


		Year Ended December 31,
		2023			2022			2021

		(In thousands)
Servicing rights
Balance, beginning of period		$	146,248		$	110,348		$	82,604
Additions
Purchased servicing			513			—			2,057
Originated servicing			14,755			27,124			30,421
Subtractions
Paydowns			(7,621)			(10,985)			(16,691)
Sales of servicing			—			—			(438)
Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model			4,562			19,761			12,395
Balance, end of period		$	158,457		$	146,248		$	110,348

Available for sale securities - Mortgage-backed - Non-Agency residential - fair value option
Balance, beginning of period		$	—		$	—		$	—
Purchased securities			483,906			—			—
Changes in fair value			1,594			—			—
Balance, end of period		$	485,500		$	—		$	—

Derivative Assets - put options
Balance, beginning of period		$	—		$	—		$	—
Purchases			20,248			—			—
Changes in fair value			(1,594)			—			—
Balance, end of period		$	18,654		$	—		$	—

Derivative Assets - interest rate floors
Balance, beginning of period		$	—		$	—		$	—
Purchases			6,576			—			—
Balance, end of period		$	6,576		$	—		$	—

Derivative Assets - interest rate lock commitments
Balance, beginning of period		$	28		$	264		$	6,131
Changes in fair value			112			(236)			(5,867)
Balance, end of period		$	140		$	28		$	264

Derivative Liabilities - interest rate lock commitments
Balance, beginning of period		$	23		$	41		$	—
Changes in fair value			(19)			(18)			41
Balance, end of period		$	4			23		$	41

Schedule of fair value measurement of assets and liabilities measured at fair value on nonrecurring basis


		Fair Value Measurements Using
					Quoted Prices in			Significant
					Active Markets			Other			Significant
					for Identical			Observable			Unobservable
		Fair			Assets			Inputs			Inputs
Assets		Value			(Level 1)			(Level 2)			(Level 3)

		(In thousands)
December 31, 2023
Impaired loans (collateral-dependent)		$	47,026		$	—		$	—		$	47,026
December 31, 2022
Impaired loans (collateral-dependent)		$	4,465		$	—		$	—		$	4,465

Schedule of quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements other than goodwill


					Valuation						Weighted
		Fair Value			Technique		Unobservable Inputs		Range		Average
		(In thousands)
At December 31, 2023:
Available for sale securities - Mortgage-backed - Non-Agency residential - fair value option		$	485,500		Discounted cash flow		Market credit spread		2%		2%
Collateral dependent loans		$	47,026		Market comparable properties		Marketability discount		0% - 100%		2%
Servicing rights - Multi-family		$	122,218		Discounted cash flow		Discount rate		8% - 13%		9%
							Constant prepayment rate		0% - 50%		7%
Servicing rights - Single-family		$	30,959		Discounted cash flow		Discount rate		10% - 11%		10%
							Constant prepayment rate		6% - 16%		7%
Servicing rights - SBA		$	5,280		Discounted cash flow		Discount rate		16%		16%
							Constant prepayment rate		3% - 14%		9%
Derivative assets:
Interest rate lock commitments		$	140		Discounted cash flow		Loan closing rates		45% - 99%		78%
Put options		$	18,654		Intrinsic option value		Market credit spread		2%		2%
Interest rate floors		$	6,576		Discounted cash flow		Discount rate		6%-7%		7%
Derivative liabilities - interest rate lock commitments		$	4		Discounted cash flow		Loan closing rates		45% - 99%		78%

At December 31, 2022:
Collateral-dependent impaired loans		$	4,465		Market comparable properties		Marketability discount		4% - 54%		5%
Servicing rights - Multi-family		$	111,690		Discounted cash flow		Discount rate		8% - 13%		9%
							Constant prepayment rate		0% - 39%		8%
Servicing rights - Single-family		$	29,926		Discounted cash flow		Discount rate		9% - 10%		9%
							Constant prepayment rate		7% - 10%		7%
Servicing rights - SBA		$	4,632		Discounted cash flow		Discount rate		16%		16%
							Constant prepayment rate		3% - 12%		8%
Derivative assets - interest rate lock commitments		$	28		Discounted cash flow		Loan closing rates		60% - 87%		77%
Derivative liabilities - interest rate lock commitments		$	23		Discounted cash flow		Loan closing rates		60% - 87%		77%

Schedule of carrying amount and estimated fair value of financial instruments


					Fair Value Measurements Using
								Quoted Prices in			Significant
								Active Markets			Other			Significant
								for Identical			Observable			Unobservable
		Carrying			Fair			Assets			Inputs			Inputs
Assets		Value			Value			(Level 1)			(Level 2)			(Level 3)

		(In thousands)
December 31, 2023
Financial assets:
Cash and cash equivalents		$	584,422		$	584,422		$	584,422		$	—		$	—
Securities purchased under agreements to resell			3,349			3,349			—			3,349			—
Securities held to maturity			1,204,217			1,203,535			—			484,288			719,247
FHLB stock			48,578			48,578			—			48,578			—
Loans held for sale			3,058,093			3,058,093			—			3,058,093			—
Loans receivable, net			10,127,801			10,088,468			—			—			10,088,468
Interest receivable			91,346			91,346			—			91,346			—
Financial liabilities:
Deposits			14,061,460			14,062,457			8,894,058			5,168,399			—
Short-term subordinated debt			64,922			64,922			—			64,922			—
FHLB advances			771,392			771,029			—			771,029			—
Other borrowing			7,934			7,934			—			7,934			—
Credit linked notes			119,879			119,878			—			119,878			—
Interest payable			43,423			43,423			—			43,423			—


December 31, 2022
Financial assets:
Cash and cash equivalents		$	226,164		$	226,164		$	226,164		$	—		$	—
Securities purchased under agreements to resell			3,464			3,464			—			3,464			—
Securities held to maturity			1,119,078			1,118,966			—			247,182			871,784
FHLB stock			39,130			39,130			—			39,130			—
Loans held for sale			2,828,384			2,828,384			—			2,828,384			—
Loans receivable, net			7,426,858			7,431,731			—			—			7,431,731
Interest receivable			56,262			56,262			—			56,262			—
Financial liabilities:
Deposits			10,071,345			10,064,941			7,082,056			2,982,885			—
Short-term subordinated debt			21,000			21,000			—			21,000			—
FHLB advances			859,392			858,984			—			858,984			—
Other borrowing			50,000			50,000			—			50,000			—
Interest payable			23,384			23,384			—			23,384			—