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Disclosures about Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

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)
March 31, 2024
Mortgage loans in process of securitization		$	142,629		$	—		$	142,629		$	—
Securities available for sale:
Treasury notes			109,103			109,103			—			—
Federal agencies			238,501			—			238,501			—
Mortgage-backed - Agency			13,044			—			13,044			—
Mortgage-backed - Non-agency residential - fair value option			472,192			—			—			472,192
Mortgage-backed - Agency - fair value option			228,448			—			228,448			—
Loans held for sale			84,513			—			84,513			—
Servicing rights			172,200			—			—			172,200
Derivative assets:
Interest rate lock commitments			174			—			—			174
Forward contracts			9			—			9			—
Interest rate swaps			3,985			—			3,985			—
Interest rate swaps (back-to-back)			15,259			—			15,259			—
Put options			33,490			—			10,514			22,976
Interest rate floors			8,910			—			—			8,910
Derivative liabilities:
Interest rate lock commitments			22			—			—			22
Forward contracts			110			—			110			—
Interest rate swaps (back-to-back)			15,259			—			15,259			—


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			—

Schedule of Level 3 reconciliation of recurring fair value measurements


		Three Months Ended March 31,
		2024			2023

		(In thousands)
Servicing rights
Balance, beginning of period		$	158,457		$	146,248
Additions
Originated servicing			2,166			2,173
Subtractions
Paydowns			(2,387)			(1,698)
Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model			13,964			(2,856)
Balance, end of period		$	172,200		$	143,867

Available for sale securities - Mortgage-backed - Non-Agency residential - fair value option
Balance, beginning of period		$	485,500		$	—
Paydowns			(8,986)			—
Changes in fair value			(4,322)			—
Balance, end of period		$	472,192		$	—

Derivative Assets - put options
Balance, beginning of period		$	18,654		$	—
Changes in fair value			4,322			—
Balance, end of period		$	22,976		$	—

Derivative Assets - interest rate floors
Balance, beginning of period		$	6,576		$	—
Changes in fair value			2,334			—
Balance, end of period		$	8,910		$	—

Derivative Assets - interest rate lock commitments
Balance, beginning of period		$	140		$	28
Changes in fair value			34			190
Balance, end of period		$	174		$	218

Derivative Liabilities - interest rate lock commitments
Balance, beginning of period		$	4		$	23
Changes in fair value			18			(19)
Balance, end of period		$	22		$	4

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


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

		(In thousands)
March 31, 2024
Collateral dependent loans		$	420		$	—		$	—		$	420
December 31, 2023
Collateral dependent loans		$	47,026		$	—		$	—		$	47,026

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 March 31, 2024:
Available for sale securities - Mortgage-backed - Non-Agency residential - fair value option		$	472,192		Discounted cash flow		Market credit spread		2%		2%
Collateral dependent loans		$	420		Market comparable properties		Marketability discount		24% - 27%		26%
Servicing rights - Multi-family		$	135,314		Discounted cash flow		Discount rate		8% - 13%		9%
							Constant prepayment rate		0% - 73%		7%
Servicing rights - Single-family		$	31,898		Discounted cash flow		Discount rate		10% - 11%		10%
							Constant prepayment rate		6% - 15%		7%
Servicing rights - SBA		$	4,988		Discounted cash flow		Discount rate		16%		16%
							Constant prepayment rate		3% - 14%		9%
Derivative assets:
Interest rate lock commitments		$	174		Discounted cash flow		Loan closing rates		50% - 99%		82%
Put options		$	22,976		Intrinsic option value		Market credit spread		2%		2%
Interest rate floors		$	8,910		Discounted cash flow		Discount rate		6%-8%		7%
Derivative liabilities - interest rate lock commitments		$	22		Discounted cash flow		Loan closing rates		50% - 99%		82%

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%

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)
March 31, 2024
Financial assets:
Cash and cash equivalents		$	508,755		$	508,755		$	508,755		$	—		$	—
Securities purchased under agreements to resell			3,329			3,329			—			3,329			—
Securities held to maturity			1,175,167			1,176,178			—			466,573			709,605
FHLB stock			64,215			64,215			—			64,215			—
Loans held for sale			3,418,618			3,418,618			—			3,418,618			—
Loans receivable, net			10,690,513			10,646,477			—			—			10,646,477
Interest receivable			90,303			90,303			—			90,303			—
Financial liabilities:
Deposits			13,975,661			13,973,624			8,018,126			5,955,498			—
Short-term subordinated debt			64,922			64,922			—			64,922			—
FHLB advances			1,426,299			1,425,888			—			1,425,888			—
Other borrowing			232,934			232,934			—			232,934			—
Credit linked notes			111,830			111,828			—			111,828			—
Interest payable			51,790			51,790			—			51,790			—

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			—