Disclosures about Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 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)
March 31, 2023
Mortgage loans in process of securitization	$	197,074	$	—	$	197,074	$	—
Securities available for sale:
Treasury notes		175,099		175,099		—		—
Federal agencies		290,331		—		290,331		—
Mortgage-backed - Government-sponsored entity (GSE)		214,088		—		214,088		—
Loans held for sale		85,516		—		85,516		—
Servicing rights		143,867		—		—		143,867
Derivative assets - interest rate lock commitments		218		—		—		218
Derivative assets - forward contracts		2		—		2		—
Derivative assets - interest rate swaps		1,694		—		1,694		—
Derivative assets - interest rate swaps (back-to-back)		2,461		—		2,461		—
Derivative liabilities - interest rate lock commitments		4		—		—		4
Derivative liabilities - forward contracts		235		—		235		—
Derivative liabilities - interest rate swaps (back-to-back)		2,461		—		2,461		—
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 - Government-sponsored entity (GSE)		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
Derivative assets - forward contracts		46		—		46		—
Derivative assets - interest rate swaps		3,030		—		3,030		—
Derivative assets - interest rate swaps (back-to-back)		3,041		—		3,041		—
Derivative liabilities - interest rate lock commitments		23		—		—		23
Derivative liabilities - forward contracts		52		—		52		—
Derivative liabilities - interest rate swaps (back-to-back)		3,041		—		3,041		—

Schedule of Level 3 reconciliation of recurring fair value measurements

	Three Months Ended March 31,
	2023		2022
	(In thousands)
Servicing rights
Balance, beginning of period	$	146,248	$	110,348
Additions
Originated servicing		2,173		5,792
Subtractions
Paydowns		(1,698)		(2,749)
Sales of servicing		—		—
Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model		(2,856)		7,645
Balance, end of period	$	143,867	$	121,036
Derivative Assets - interest rate lock commitments
Balance, beginning of period	$	28	$	264
Changes in fair value		190		(152)
Balance, end of period	$	218	$	112
Derivative Liabilities - interest rate lock commitments
Balance, beginning of period	$	23	$	41
Changes in fair value		(19)		730
Balance, end of period	$	4	$	771

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)
March 31, 2023
Impaired loans (collateral-dependent)	$	—	$	—	$	—	$	—
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 March 31, 2023:
Servicing rights - Multi-family	$	109,706	Discounted cash flow	Discount rate	8% - 13%	9%
				Constant prepayment rate	0 - 39%	8%
Servicing rights - Single-family	$	29,078	Discounted cash flow	Discount rate	9% - 10%	9%
				Constant prepayment rate	7% - 10%	7%
Servicing rights - SBA	$	5,083	Discounted cash flow	Discount rate	16%	16%
				Constant prepayment rate	3% - 12%	8%
Derivative assets - interest rate lock commitments	$	218	Discounted cash flow	Loan closing rates	51% - 99%	75%
Derivative liabilities - interest rate lock commitments	$	4	Discounted cash flow	Loan closing rates	51% - 99%	75%
At December 31, 2022:
Collateral dependent 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)
March 31, 2023
Financial assets:
Cash and cash equivalents	$	369,586	$	369,586	$	369,586	$	—	$	—
Securities purchased under agreements to resell		3,438		3,438		—		3,438		—
Securities held to maturity		1,104,835		1,106,582		—		239,795		866,787
FHLB stock		39,130		39,130		—		39,130		—
Loans held for sale		2,769,734		2,769,734		—		2,769,734		—
Loans receivable, net		8,575,210		8,553,015		—		—		8,553,015
Interest receivable		64,282		64,282		—		64,282		—
Financial liabilities:
Deposits		11,345,231		11,343,744		7,208,222		4,135,522		—
Short-term subordinated debt		21,000		21,000		—		21,000		—
FHLB advances		859,211		858,957		—		858,957		—
Other borrowing		200,000		200,000		—		200,000		—
Credit linked notes		153,551		154,520		—		154,520		—
Interest payable		32,605		32,605		—		32,605		—
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		—