Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Measurements

Summary of assets measured and reported at estimated fair value on a recurring basis

March 31, 2024	Level 1		Level 2		Level 3		Fair Value
Assets:	(in thousands)
Available-for-sale debt securities:
U.S. Treasury securities	$	77,422	$	—	$	—	$	77,422
U.S. Government agencies		—		3,999		—		3,999
Agency mortgage-backed securities		—		10,925		—		10,925
Agency collateralized mortgage obligations		—		2,260		—		2,260
Corporate bonds		—		84,618		9,868		94,486
Municipal obligations		—		18,077		—		18,077
Total available-for-sale debt securities	$	77,422	$	119,879	$	9,868	$	207,169
Derivative assets	$	—	$	29,291	$	—	$	29,291
Liabilities:
Derivative liabilities	$	—	$	29,298	$	—	$	29,298

December 31, 2023	Level 1		Level 2		Level 3		Fair Value
Assets:	(in thousands)
Available-for-sale debt securities:
U.S. Treasury securities	$	64,352	$	—	$	—	$	64,352
Agency mortgage-backed securities		—		11,430		—		11,430
Agency collateralized mortgage obligations		—		2,418		—		2,418
Corporate bonds		—		82,367		9,868		92,235
Municipal obligations		—		19,030		—		19,030
Total available-for-sale debt securities	$	64,352	$	115,245	$	9,868	$	189,465
Derivative assets	$	—	$	27,769	$	—	$	27,769
Liabilities:
Derivative liabilities	$	—	$	27,786	$	—	$	27,786

Summary of assets measured at fair value on a non-recurring basis

The following table summarizes assets measured at fair value on a non-recurring basis:

	March 31, 2024
	Level 1		Level 2		Level 3		Fair Value
	(in thousands)
Collateral-dependent loans	$	—	$	—	$	4,330	$	4,330
Mortgage servicing rights	$	—	$	—	$	2,581	$	2,581

	December 31, 2023
	Level 1		Level 2		Level 3		Fair Value
	(in thousands)
Collateral-dependent loans	$	—	$	—	$	4,432	$	4,432
Mortgage servicing rights	$	—	$	—	$	2,640	$	2,640

Summary of significant unobservable inputs used in the fair value measurements for Level 3 assets and liabilities measured at fair value on a nonrecurring basis

	Significant	Significant
	Valuation	Observable	Unobservable
	Technique	Inputs	Inputs
Collateral-dependent loans	Appraisal Value/ Comparison Sales	Appraisals and/or sales of comparable properties	Appraisals discounted 5 to 20% for sales commission and other holding costs
Mortgage servicing rights	Discounted Cash Flows	Comparable sales	Weighted average discount rate - 12% Constant prepayment rate – 6.16%

Summary of estimated fair values, related carrying amounts, and valuation level of the financial instruments

	March 31, 2024
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	315,031	$	315,031	$	315,031	$	—	$	—
Loans receivable, net		3,920,317		3,800,573		—		—		3,800,573
Accrued interest receivable		17,843		17,843		17,843		—		—
Federal Home Loan Bank stock		4,357		4,357		—		4,357		—
Federal Reserve Bank stock		10,319		10,319		—		10,319		—
Non-public investments		13,619		13,619		—		—		13,619
Bank-owned life insurance ("BOLI")		50,917		50,917		—		50,917		—
Financial Liabilities:
Deposits, other than time deposits	$	2,008,407	$	2,008,407	$	2,008,407	$	—	$	—
Time deposits		1,763,646		1,760,995		—		1,760,995		—
FHLB Borrowings		60,837		60,627		—		60,627		—

	December 31, 2023
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	272,591	$	272,591	$	272,591	$	—	$	—
Loans receivable, net		3,857,057		3,732,361		—		—		3,732,361
Accrued interest receivable		17,284		17,284		17,284		—		—
Federal Home Loan Bank stock		14,558		14,558		—		14,558		—
Federal Reserve Bank stock		10,323		10,323		—		10,323		—
Non-public investments		13,852		13,852		—		—		13,852
Bank-owned life insurance ("BOLI")		50,516		50,516		—		50,516		—
Financial Liabilities:
Deposits, other than time deposits	$	1,890,313	$	1,890,313	$	1,890,313	$	—	$	—
Time deposits		1,497,035		1,495,008		—		1,495,008		—
FHLB Borrowings		283,338		283,172		—		283,172		—