3 unchanged sentences
CONSOLIDATED BALANCE SHEETS
−Removed: June 30, 2024 December 31, 2023
+Added: September 30, 2024 December 31, 2023
(in thousands, except share data) (Unaudited)
32 unchanged sentences
CONSOLIDATED INCOME STATEMENTS
−Removed: Quarter Ended June 30, Six Months Ended June 30,
+Added: Quarter Ended September 30, Nine Months Ended September 30,
(in thousands, except share and per share data) 2024 2023 2024 2023
43 unchanged sentences
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
−Removed: Quarter Ended June 30, Six Months Ended June 30,
+Added: Quarter Ended September 30, Nine Months Ended September 30,
(in thousands) 2024 2023 2024 2023
19 unchanged sentences
income (loss) Total shareholders' equity
−Removed: For the quarter ended June 30, 2023
−Removed: Balance, March 31, 2023 18,767,811 $ 227,293 $ 433,459 $ ( 85,758 ) $ 574,994
+Added: For the quarter ended September 30, 2023
+Added: Balance, June 30, 2023 18,776,597 $ 228,260 $ 400,132 $ ( 100,769 ) $ 527,623
Net income (loss) — — 2,295 — 2,295
4 unchanged sentences
— — ( 1,894 ) — ( 1,894 )
−Removed: Common stock repurchased
−Removed: ( 99 ) ( 1 ) — — ( 1 )
−Removed: Balance, June 30, 2023
+Added: Balance, September 30, 2023
18,794,030 $ 228,972 $ 400,533 $ ( 127,018 ) $ 502,487
−Removed: For the six months ended June 30, 2023
+Added: For the nine months ended September 30, 2023
Balance, December 31, 2022
8 unchanged sentences
( 13,094 ) ( 316 ) — — ( 316 )
−Removed: Balance, June 30, 2023
+Added: Balance, September 30, 2023
18,794,030 $ 228,972 $ 400,533 $ ( 127,018 ) $ 502,487
−Removed: For the quarter ended June 30, 2024
−Removed: Balance, March 31, 2024
+Added: For the quarter ended September 30, 2024
+Added: Balance, June 30, 2024
18,857,565 $ 231,721 $ 381,622 $ ( 93,226 ) $ 520,117
1 unchanged sentence
Share-based compensation expense — 924 — — 924
−Removed: Common stock issued - Stock grants — — — — —
Other comprehensive income (loss) — — — 24,556 24,556
−Removed: Common stock repurchased
−Removed: Balance, June 30, 2024
+Added: Balance, September 30, 2024
18,857,565 $ 232,645 $ 374,340 $ ( 68,670 ) $ 538,315
−Removed: For the six months ended June 30, 2024
+Added: For the nine months ended September 30, 2024
Balance, December 31, 2023
7 unchanged sentences
( 12,973 ) ( 134 ) — — ( 134 )
−Removed: Balance, June 30, 2024
+Added: Balance, September 30, 2024
18,857,565 $ 232,645 $ 374,340 $ ( 68,670 ) $ 538,315
3 unchanged sentences
CONSOLIDATED STATEMENTS OF CASH FLOWS
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended September 30,
(in thousands) 2024 2023
1 unchanged sentence
Net income (loss) $ ( 21,017 ) $ ( 24,089 )
−Removed: Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
+Added: Adjustments to reconcile net income (loss) to net cash used in operating activities:
Goodwill impairment charge — 39,857
16 unchanged sentences
Amortization of servicing rights 4,284 4,363
+Added: Gain on sale of OREO — ( 621 )
Net change in trading securities ( 13,468 ) ( 2,584 )
15 unchanged sentences
Net cash provided by investing activities 214,890 392,276
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended September 30,
(in thousands) 2024 2023
8 unchanged sentences
Net cash used in financing activities ( 177,626 ) ( 236,908 )
+Added: Net increase (decrease) in cash and cash equivalents
( 9,778 ) 153,876
−Removed: Net increase in cash and cash equivalents 3,067 100,273
Cash and cash equivalents, beginning of year 215,664 72,828
6 unchanged sentences
Increase in lease assets and lease liabilities 3,536 2,538
+Added: LHFI foreclosed and transferred to OREO — 107
Loans transferred from LHFI to LHFS, net 1,171 2,507
31 unchanged sentences
Subject to terms and conditions of the merger agreement, as amended, the companies will combine in an all-stock transaction in which HomeStreet shareholders will receive 0.3867 of a share of FirstSun common stock for each share of HomeStreet common stock.
−Removed: The parties to the Merger expect to complete the Merger in late 2024, subject to the satisfaction of closing conditions, including receipt of required regulatory approvals and satisfaction or waiver of other closing conditions.
+Added: On October 29, 2024 First Sun and the Company announced that based on discussions with the Federal Reserve and the Texas Department of Banking, regulatory approvals necessary for the Merger to proceed have not been obtained and FirstSun and Sunflower Bank have been asked to withdraw their merger applications.
+Added: FirstSun and the Company are discussing the pursuit of an alternative regulatory structure for the Merger.
+Added: The parties are also discussing terms on which they would terminate the merger agreement if no alternative structure is feasible.
+Added: There can be no assurance that an alternative regulatory structure may ultimately be feasible.
Recent Accounting Developments
In October 2023, the FASB issued ASU 2023-06, "Disclosure Improvements - Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative." The amendments in ASU 2023-06 modify the disclosure or presentation requirements of a variety of Topics in the Codification, with the intention of clarifying or improving them and align the requirements in the codification with the SEC's regulations (and will be removed from the SEC regulations).
−Removed: ASU 2023-06 should be adopted prospectively, and the effective date varies and is determined for each individual disclosure based on the effective date of the SEC's removal of the related disclosure.
+Added: ASU 2023-06 should be adopted prospectively, and the effective date varies and is determined for each individual disclosure based
+Added: on the effective date of the SEC's removal of the related disclosure.
ASU 2023-06 will not have an impact on the Company's financial position or results of operation as it is disclosure only.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):
−Removed: Improvements to Reportable Segment Disclosures, which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker
−Removed: uses reported segment profit or loss information in assessing segment performance and allocating resources.
+Added: Improvements to Reportable Segment Disclosures, which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources.
The update will be effective for annual periods beginning after December 15, 2023.
2 unchanged sentences
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):
−Removed: Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S.
+Added: Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and taxes paid both in the U.S.
and foreign jurisdictions.
4 unchanged sentences
The following table sets forth certain information regarding the amortized cost basis and fair values of our investment securities AFS and held-to-maturity ("HTM"):
−Removed: At June 30, 2024
+Added: At September 30, 2024
(in thousands) Amortized
24 unchanged sentences
$ 2,371 $ — $ ( 40 ) $ 2,331
−Removed: At June 30, 2024, and December 31, 2023, the Company held $ 26 million and $ 25 million, respectively, of trading securities, consisting of US Treasury notes used as economic hedges of our single family mortgage servicing rights, which are carried at fair value and included within investment securities on the balance sheet.
−Removed: For the quarters ended June 30, 2024 and 2023, net losses of $ 0.3 million and $ 1.1 million on trading securities, respectively, and for the six months ended June 30, 2024 and 2023, net losses of $ 0.9 million and $ 0.4 million on trading securities, respectively, were recorded in servicing income.
+Added: At September 30, 2024, and December 31, 2023, the Company held $ 38 million and $ 25 million, respectively, of trading securities, consisting of US Treasury notes used as economic hedges of our single family mortgage servicing rights, which are carried at fair value and included within investment securities on the balance sheet.
+Added: For the quarters ended September 30, 2024 and 2023, net gains of $ 1.1 million and net losses of $ 0.9 million on trading securities, respectively, and for the nine months ended September 30, 2024 and 2023, net gains of $ 0.2 million and net losses of $ 1.4 million on trading securities, respectively, were recorded in servicing income.
MBS and CMOs represent securities issued or guaranteed by government sponsored enterprises ("GSEs").
1 unchanged sentence
Municipal bonds are comprised of general obligation bonds (i.e., backed by the general credit of the issuer) and revenue bonds (i.e., backed by either collateral or revenues from the specific project being financed) issued by various municipal corporations.
−Removed: As of June 30, 2024 and December 31, 2023, substantially all securities held, including municipal bonds and corporate debt securities, were rated investment grade based upon nationally recognized statistical rating organizations where available and, where not available, based upon internal ratings.
+Added: As of September 30, 2024 and December 31, 2023, substantially all securities held, including municipal bonds and corporate debt securities, were rated investment grade based upon nationally recognized statistical rating organizations where available and, where not available, based upon internal ratings.
Investment securities AFS that were in an unrealized loss position are presented in the following tables based on the length of time the individual securities have been in an unrealized loss position:
−Removed: At June 30, 2024
+Added: At September 30, 2024
Less than 12 months 12 months or more Total
25 unchanged sentences
The decline in value is not related to any issuer- or industry-specific credit event.
−Removed: The Company has not identified any expected credit losses on its debt securities as of June 30, 2024 or December 31, 2023.
+Added: The Company has not identified any expected credit losses on its debt securities as of September 30, 2024 or December 31, 2023.
The Company bases this conclusion in part on its periodic review of the credit ratings of the AFS securities or reviews of the financial condition of the issuers.
−Removed: In addition, as of June 30, 2024 and December 31, 2023, the Company had not made a decision to sell any of its debt securities held, nor did the Company consider it more likely than not that it would be required to sell such securities before recovery of their amortized cost basis.
+Added: In addition, as of September 30, 2024 and December 31, 2023, the Company had not made a decision to sell any of its debt securities held, nor did the Company consider it more likely than not that it would be required to sell such securities before recovery of their amortized cost basis.
The following tables present the fair value of investment securities AFS and HTM by contractual maturity along with the associated contractual yield:
−Removed: At June 30, 2024
+Added: At September 30, 2024
Within one year After one year
39 unchanged sentences
MBS and CMOs are excluded from the tables above because such securities are not due on a single maturity date.
−Removed: The weighted average yield of MBS and CMOs as of June 30, 2024 and December 31, 2023 was 3.09 % and 3.21 %, respectively.
+Added: The weighted average yield of MBS and CMOs as of September 30, 2024 and December 31, 2023 was 3.12 % and 3.21 %, respectively.
Sales of AFS investment securities were as follows:
−Removed: Quarter Ended June 30, Six Months Ended June 30,
+Added: Quarter Ended September 30, Nine Months Ended September 30,
(in thousands) 2024 2023 2024 2023
3 unchanged sentences
The following table summarizes the carrying value of securities pledged as collateral to secure public deposits, borrowings and other purposes as permitted or required by law:
−Removed: (in thousands) At June 30, 2024 At December 31, 2023
+Added: (in thousands) At September 30, 2024 At December 31, 2023
Federal Reserve Bank to secure borrowings $ 283,038 $ 647,104
3 unchanged sentences
The Company assesses the creditworthiness of the counterparties that hold the pledged collateral and has determined that these arrangements have little credit risk.
−Removed: Tax-exempt interest income on investment securities was $ 2.8 million for both quarters ended June 30, 2024 and 2023 and $ 5.6 million for both six months ended June 30, 2024 and 2023 .
+Added: Tax-exempt interest income on investment securities was $ 2.8 million for both quarters ended September 30, 2024 and 2023, and $ 8.4 million for both the nine months ended September 30, 2024 and 2023.
NOTE 3- LOANS AND CREDIT QUALITY:
3 unchanged sentences
LHFI consists of the following:
−Removed: (in thousands) At June 30, 2024 At December 31, 2023
+Added: (in thousands) At September 30, 2024 At December 31, 2023
Non-owner occupied CRE $ 590,956 $ 641,885
14 unchanged sentences
$ 7,294,603 $ 7,382,404
−Removed: (1) Includes $ 1.3 million at June 30, 2024 and December 31, 2023 of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes in fair value recognized in the consolidated income statements.
−Removed: Loans totaling $ 5.1 billion at June 30, 2024 and December 31, 2023 were pledged to secure borrowings from the Federal Home Loan Bank ("FHLB") and loans totaling $ 1.2 billion at June 30, 2024 and December 31, 2023 were pledged to secure borrowings from the Federal Reserve Bank of San Francisco ("FRBSF").
+Added: (1) Includes $ 1.3 million of loans at both September 30, 2024 and December 31, 2023, where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes in fair value recognized in the consolidated income statements.
+Added: Loans totaling $ 5.2 billion and $ 5.1 billion at September 30, 2024 and December 31, 2023, respectively, were pledged to secure borrowings from the Federal Home Loan Bank ("FHLB") and loans totaling $ 1.3 billion and $ 1.2 billion at September 30, 2024 and December 31, 2023, respectively, were pledged to secure borrowings from the Federal Reserve Bank of San Francisco ("FRBSF").
Credit Risk Concentrations
LHFI are primarily secured by real estate located in the Pacific Northwest, California and Hawaii.
−Removed: At June 30, 2024, and December 31, 2023 single family loans in the state of Washington represented 12 % and 11 % of the total LHFI portfolio.
−Removed: At June 30, 2024 and December 31, 2023, multifamily loans in California represented 36 % of the total LHFI portfolio.
+Added: At September 30, 2024, and December 31, 2023 single family loans in the state of Washington represented 12 % and 11 % of the total LHFI portfolio.
+Added: At September 30, 2024 and December 31, 2023, multifamily loans in California represented 36 % of the total LHFI portfolio.
Credit Quality
1 unchanged sentence
The cumulative loss rate used as the basis for the estimate of credit losses is comprised of the Bank’s historical loss experience and eight qualitative factors for current and forecasted periods.
−Removed: As of June 30, 2024, the historical expected loss rates increased when compared to December 31, 2023 due to product mix risk and composition changes.
−Removed: During the six months ended June 30, 2024, the qualitative factors decreased due to economic conditions and improved collateral conditions, partially offset by increases related to the volume and nature of the portfolio.
+Added: As of September 30, 2024, the historical expected loss rates increased when compared to December 31, 2023 due to product mix risk and composition changes.
+Added: During the nine months ended September 30, 2024, the qualitative factors decreased due to economic conditions and improved collateral conditions, partially offset by increases related to the volume and nature of the portfolio.
Additionally, over the two-year forecast period in the markets in which it operates, the Bank expects neutral economic forecasts and neutral to improving collateral forecasts.
In addition to the ACL for LHFI, the Company maintains a separate allowance for unfunded loan commitments which is included in accounts payable and other liabilities on our consolidated balance sheets.
−Removed: The allowance for unfunded commitments was $ 1.5 million and $ 1.8 million at June 30, 2024 and December 31, 2023, respectively.
+Added: The allowance for unfunded commitments was $ 1.3 million and $ 1.8 million at September 30, 2024 and December 31, 2023, respectively.
The Bank has elected to exclude accrued interest receivable from the evaluation of the ACL.
−Removed: Accrued interest on LHFI was $ 28.8 million and $ 28.9 million at June 30, 2024 and December 31, 2023, respectively, and was reported in other assets in the consolidated balance sheets.
+Added: Accrued interest on LHFI was $ 28.5 million and $ 28.9 million at September 30, 2024 and December 31, 2023, respectively, and was reported in other assets in the consolidated balance sheets.
Activity in the ACL for LHFI and the allowance for unfunded commitments was as follows:
−Removed: Quarter Ended June 30, Six Months Ended June 30,
+Added: Quarter Ended September 30, Nine Months Ended September 30,
(in thousands) 2024 2023 2024 2023
13 unchanged sentences
Activity in the ACL for LHFI by loan portfolio and loan sub-class was as follows:
−Removed: Quarter Ended June 30, 2024
+Added: Quarter Ended September 30, 2024
(in thousands) Beginning balance Charge-offs Recoveries Provision Ending balance
16 unchanged sentences
Total ACL $ 39,741 $ ( 1,562 ) $ 368 $ 104 $ 38,651
−Removed: Quarter Ended June 30, 2023
+Added: Quarter Ended September 30, 2023
(in thousands) Beginning balance Charge-offs Recoveries Provision
17 unchanged sentences
Total ACL $ 41,500 $ ( 635 ) $ 125 $ ( 990 ) $ 40,000
−Removed: Six Months Ended June 30, 2024
+Added: Nine Months Ended September 30, 2024
(in thousands) Beginning balance Charge-offs Recoveries Provision Ending
16 unchanged sentences
Total ACL $ 40,500 $ ( 2,793 ) $ 470 $ 474 $ 38,651
−Removed: Six Months Ended June 30, 2023
+Added: Nine Months Ended September 30, 2023
(in thousands) Beginning balance Charge-offs Recoveries Provision Ending
17 unchanged sentences
The following table presents a vintage analysis of the commercial portfolio segment by loan sub-class and risk rating or delinquency status.
−Removed: At June 30, 2024
+Added: At September 30, 2024
(in thousands) 2024 2023 2022 2021 2020 2019 and prior Revolving Revolving-term Total
43 unchanged sentences
The following table presents a vintage analysis of the consumer portfolio segment by loan sub-class and delinquency status:
−Removed: At June 30, 2024
+Added: At September 30, 2024
(in thousands) 2024 2023 2022 2021 2020 2019 and prior Revolving Revolving-term Total
82 unchanged sentences
The following tables present a vintage analysis of the commercial and consumer portfolio segment by loan sub-class and gross charge-offs:
−Removed: At June 30, 2024
+Added: At September 30, 2024
(in thousands) 2024 2023 2022 2021 2020 2019 and prior Revolving Revolving-term Total
17 unchanged sentences
The following table presents the amortized cost basis of collateral-dependent loans by loan sub-class and collateral type:
−Removed: At June 30, 2024
+Added: At September 30, 2024
(in thousands) 1-4 Family Multifamily Non-residential real estate Other non-real estate Total
5 unchanged sentences
Commercial and industrial loans
+Added: Owner occupied CRE — — 205 — 205
Commercial business
1 unchanged sentence
2,963 — 4,625 1,573 9,161
+Added: Consumer loans
+Added: Single family
+Added: 832 — — — 832
Total collateral-dependent loans $ 3,795 $ 1,915 $ 24,676 $ 1,573 $ 31,959
14 unchanged sentences
The following table presents nonaccrual status for loans:
−Removed: At June 30, 2024 At December 31, 2023
+Added: At September 30, 2024 At December 31, 2023
(in thousands) Nonaccrual with no related ACL Total Nonaccrual Nonaccrual with no related ACL Total Nonaccrual
15 unchanged sentences
The following tables present an aging analysis of past due loans by loan portfolio segment and loan sub-class:
−Removed: At June 30, 2024
+Added: At September 30, 2024
Past Due and Still Accruing
47 unchanged sentences
% 0.08 % 0.05 % 0.06 % 0.53 % 0.72 % 99.28 % 100.00 %
−Removed: (1) Includes loans whose repayments are insured by the FHA or guaranteed by the VA or Small Business Administration ("SBA") of $ 11.3 million and $ 12.4 million at June 30, 2024 and December 31, 2023, respectively.
+Added: (1) Includes loans whose repayments are insured by the FHA or guaranteed by the VA or Small Business Administration ("SBA") of $ 11.0 million and $ 12.4 million at September 30, 2024 and December 31, 2023, respectively.
(2) FHA-insured and VA-guaranteed single family loans that are 90 days or more past due are maintained on accrual status if they are determined to have little to no risk of loss.
−Removed: (3) Includes $ 1.3 million of loans at June 30, 2024 and December 31, 2023 where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes in fair value recognized in our consolidated income statements.
+Added: (3) Includes $ 1.3 million of loans at both September 30, 2024 and December 31, 2023, where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes in fair value recognized in our consolidated income statements.
Loan Modifications
1 unchanged sentence
In certain instances, the Company may grant more than one type of modification.
−Removed: The granting of modifications for the quarters and six months ended June 30, 2024 and 2023 did not have a material impact on the ACL.
−Removed: The following tables provide information related to loans modified for the quarters and six months ended June 30, 2024 and 2023 to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted:
+Added: The granting of modifications for the quarters and nine months ended September 30, 2024 and 2023 did not have a material impact on the ACL.
+Added: The following tables provide information related to loans modified for the quarters and nine months ended September 30, 2024 and 2023 to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted:
Significant Payment Delay
−Removed: Quarter Ended June 30, Six Months Ended June 30,
+Added: Quarter Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
(in thousands, except percentages) Amortized Cost Basis at Period End % of Total Class of Financing Receivable Amortized Cost Basis at Period End % of Total Class of Financing Receivable Amortized Cost Basis at Period End % of Total Class of Financing Receivable Amortized Cost Basis at Period End % of Total Class of Financing Receivable
+Added: $ 1,915 0.05 % $ — — % $ 1,915 0.05 % $ — — %
Commercial business — — % — — % 90 0.03 % — — %
+Added: Single family — — % 847 0.08 % $ — — % 847 0.08 %
Term Extension
−Removed: Quarter Ended June 30, Six Months Ended June 30,
+Added: Quarter Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
1 unchanged sentence
Commercial business $ 2 — % $ 9,663 2.51 % $ 1,152 0.33 % $ 10,396 2.70 %
+Added: Single family — — % 273 0.02 % — — % 273 0.02 %
Significant Payment Delay and Term Extension
−Removed: Quarter Ended June 30, Six Months Ended June 30,
+Added: Quarter Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
(in thousands, except percentages) Amortized Cost Basis at Period End % of Total Class of Financing Receivable Amortized Cost Basis at Period End % of Total Class of Financing Receivable Amortized Cost Basis at Period End % of Total Class of Financing Receivable Amortized Cost Basis at Period End % of Total Class of Financing Receivable
+Added: Non-owner occupied CRE $ — — % $ 16,440 2.60 % $ — — % $ 16,440 2.60 %
+Added: Construction/land development — — % 3,871 0.68 % — — % 3,871 0.68 %
Single family 1,226 0.11 % 1,167 0.11 % 2,399 0.21 % 2,284 0.21 %
Interest Rate Reduction, Significant Payment Delay and Term Extension
−Removed: Quarter Ended June 30, Six Months Ended June 30,
+Added: Quarter Ended June 30, Nine Months Ended September 30,
2024 2023 2024 2023
3 unchanged sentences
Interest Rate Reduction
−Removed: Quarter Ended June 30, Six Months Ended June 30,
+Added: Quarter Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Single family — — — Reduced weighted-average contractual interest rate from 5.25 % to 5.00 %.
−Removed: — Reduced weighted-average contractual interest rate from 5.25 % to 5.00 %.
Significant Payment Delay
−Removed: Quarter Ended June 30, Six Months Ended June 30,
+Added: Quarter Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
+Added: Non-owner occupied CRE — The weighted average duration of loan payments deferred is 1.6 years
+Added: — The weighted average duration of loan payments deferred is 1.6 years.
+Added: The weighted average duration of loan payments deferred is 0.5 years
+Added: — The weighted average duration of loan payments deferred is 1.5 years
+Added: Construction/land development — The weighted average duration of loan payments deferred is 2.1 years.
+Added: — The weighted average duration of loan payments deferred is 2.1 years.
Commercial business — — The weighted average duration of loan payments deferred is 2.8 years.
8 unchanged sentences
Term Extension
−Removed: Quarter Ended June 30, Six Months Ended June 30,
+Added: Quarter Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
+Added: Non-owner occupied CRE — Added a weighted average 1.6 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
+Added: — Added a weighted average 1.6 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
+Added: Construction/land development — Added a weighted average 2.1 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
+Added: — Added a weighted average 2.1 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Commercial business Added a weighted average 0.7 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
1 unchanged sentence
Added a weighted average 0.3 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
+Added: Added a weighted average 1.2 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Single family Added a weighted average 4.9 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
4 unchanged sentences
Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.
−Removed: The following table depicts the payment status of loans that were classified as MBFDs on or after April 1, 2023 through March 31, 2024:
−Removed: Payment Status (Amortized Cost Basis) at June 30, 2024
+Added: The following table depicts the payment status of loans that were classified as MBFDs on or after July 1, 2023 through June 30, 2024:
+Added: Payment Status (Amortized Cost Basis) at September 30, 2024
(in thousands) Current 30-89 Days Past Due 90+ Days Past Due
Non-owner occupied CRE $ — $ — $ 16,230
−Removed: Construction/land development — — 3,821
Commercial business 811 — 5,570
1 unchanged sentence
Total $ 1,565 $ 419 $ 22,258
−Removed: The following table depicts the payment status of loans that were classified as MBFDs on or after April 1, 2022 through March 31, 2023:
−Removed: Payment Status (Amortized Cost Basis) at June 30, 2023
+Added: The following table depicts the payment status of loans that were classified as MBFDs on or after July 1, 2022 through June 30, 2023:
+Added: Payment Status (Amortized Cost Basis) at September 30, 2023
(in thousands) Current 30-89 Days Past Due 90+ Days Past Due
+Added: Non-owner occupied CRE $ 16,440 $ — $ —
+Added: Construction/land development 3,871 — —
Commercial business 14,335 — —
1 unchanged sentence
Total $ 42,736 $ 700 $ 518
−Removed: The following table provides the amortized cost basis as of June 30, 2024 of MBFDs on or after April 1, 2023 through March 31, 2024 and subsequently had a payment default:
+Added: The following table provides the amortized cost basis as of September 30, 2024 of MBFDs on or after July 1, 2023 through June 30, 2024 and subsequently had a payment default:
Amortized Cost Basis of Modified Loans That Subsequently Defaulted
−Removed: Quarter Ended June 30, 2024
+Added: Quarter Ended September 30, 2024
(in thousands) Significant Payment Delay Term Extension Interest Rate Reduction and Term Extension Significant Payment Delay and Term Extension Interest Rate Reduction, Significant Payment Delay and Term Extension
−Removed: Commercial business $ — $ 2,708 $ — $ — $ —
Single family $ — $ — $ — $ 419 $ —
Total $ — $ — $ — $ 419 $ —
−Removed: The following table provides the amortized cost basis as of June 30, 2023 of MBFDs on or after April 1, 2022 through March 31, 2023 and subsequently had a payment default:
+Added: The following table provides the amortized cost basis as of September 30, 2023 of MBFDs on or after July 1, 2022 through June 30, 2023 and subsequently had a payment default:
Amortized Cost Basis of Modified Loans That Subsequently Defaulted
−Removed: Quarter Ended June 30, 2023
+Added: Quarter Ended September 30, 2023
(in thousands) Significant Payment Delay Term Extension Interest Rate Reduction and Term Extension Significant Payment Delay and Term Extension Interest Rate Reduction, Significant Payment Delay and Term Extension
+Added: Commercial business $ — $ 2,990 $ — $ — $ —
Single family 235 — — 634 70
−Removed: The following table provides the amortized cost basis as of June 30, 2024 of MBFDs on or after April 1, 2023 through March 31, 2024 and subsequently had a payment default:
+Added: Total $ 235 $ 2,990 $ — $ 634 $ 70
+Added: The following table provides the amortized cost basis as of September 30, 2024 of MBFDs on or after July 1, 2023 through June 30, 2024 and subsequently had a payment default:
Amortized Cost Basis of Modified Loans That Subsequently Defaulted
−Removed: Six Months Ended June 30, 2024
+Added: Nine Months Ended September 30, 2024
(in thousands) Significant Payment Delay Term Extension Interest Rate Reduction and Term Extension Significant Payment Delay and Term Extension Interest Rate Reduction, Significant Payment Delay and Term Extension
4 unchanged sentences
Total $ 240 $ 5,570 $ — $ 16,868 $ —
−Removed: The following table provides the amortized cost basis as of June 30, 2023 of MBFDs on or after April 1, 2022 through March 31, 2023 and subsequently had a payment default:
+Added: The following table provides the amortized cost basis as of September 30, 2023 of MBFDs on or after July 1, 2022 through June 30, 2023 and subsequently had a payment default:
Amortized Cost Basis of Modified Loans That Subsequently Defaulted
−Removed: Six Months Ended June 30, 2023
+Added: Nine Months Ended September 30, 2023
(in thousands) Significant Payment Delay Term Extension Interest Rate Reduction and Term Extension Significant Payment Delay and Term Extension Interest Rate Reduction, Significant Payment Delay and Term Extension
+Added: Commercial business $ — $ 2,990 $ — $ — $ —
Single family 235 — — 2,879 1,162
+Added: Total $ 235 $ 2,990 $ — $ 2,879 $ 1,162
NOTE 4– DEPOSITS:
Deposit balances, including their weighted average rates, were as follows:
−Removed: At June 30, 2024 At December 31, 2023
+Added: At September 30, 2024 At December 31, 2023
(dollars in thousands) Amount Weighted Average Rate Amount Weighted Average Rate
9 unchanged sentences
Total deposits $ 6,435,404 2.77 % $ 6,763,378 2.58 %
−Removed: There were $ 283 million and $ 255 million in public funds included in deposits at June 30, 2024 and December 31, 2023, respectively.
+Added: There were $ 284 million and $ 255 million in public funds included in deposits at September 30, 2024 and December 31, 2023, respectively.
Certificates of deposit outstanding mature as follows:
−Removed: (in thousands) June 30, 2024
+Added: (in thousands) September 30, 2024
Within one year $ 2,932,001
3 unchanged sentences
Four to five years 1,663
−Removed: Thereafter 153
Total $ 3,181,412
−Removed: The aggregate amount of certificate of deposits in denominations of more than the FDIC limit of $250 thousand at June 30, 2024 and December 31, 2023 were $ 250 million and $ 194 million, respectively.
+Added: The aggregate amount of certificate of deposits in denominations of more than the FDIC limit of $250 thousand at September 30, 2024 and December 31, 2023 were $ 248 million and $ 194 million, respectively.
NOTE 5– DERIVATIVES AND HEDGING ACTIVITIES:
1 unchanged sentence
The notional amounts and fair values for derivatives, all of which are economic hedges are included in other assets or accounts payable and other liabilities on the consolidated balance sheet, consist of the following:
−Removed: At June 30, 2024
+Added: At September 30, 2024
Notional amount Fair value derivatives
21 unchanged sentences
Carrying value on consolidated balance sheet $ 1,064 $ ( 10,588 )
−Removed: (1) Includes net cash collateral received of $ 11.4 million and $ 9.9 million at June 30, 2024 and December 31, 2023, respectively.
+Added: (1) Includes net cash collateral received of $ 7.2 million and $ 9.9 million at September 30, 2024 and December 31, 2023, respectively.
The following table presents gross fair value and net carrying value information for derivative instruments:
1 unchanged sentence
Carrying value
−Removed: At June 30, 2024
+Added: At September 30, 2024
Derivative assets $ 8,764 $ ( 7,579 ) $ 1,185
3 unchanged sentences
Derivative liabilities ( 10,783 ) 195 ( 10,588 )
−Removed: (1) Includes net cash collateral received of $ 11.4 million and $ 9.9 million at June 30, 2024 and December 31, 2023, respectively.
+Added: (1) Includes net cash collateral received of $ 7.2 million and $ 9.9 million at September 30, 2024 and December 31, 2023, respectively.
The collateral used under the Company's master netting agreements is typically cash, but securities may be used under agreements with certain counterparties.
3 unchanged sentences
Any securities pledged to counterparties as collateral remain on the consolidated balance sheets.
−Removed: At June 30, 2024 and December 31, 2023, the Company had liabilities of $ 11.6 million and $ 10.1 million, respectively, in cash collateral received from counterparties and receivables of $ 125 thousand and $ 218 thousand, respectively, in cash collateral paid to counterparties.
+Added: At September 30, 2024 and December 31, 2023, the Company had liabilities of $ 7.4 million and $ 10.1 million, respectively, in cash collateral received from counterparties and receivables of $ 177 thousand and $ 218 thousand, respectively, in cash collateral paid to counterparties.
The following table presents the net gain (loss) recognized on economic hedge derivatives, within the respective line items in the consolidated income statements for the periods indicated:
−Removed: Quarter Ended June 30, Six Months Ended June 30,
+Added: Quarter Ended September 30, Nine Months Ended September 30,
(in thousands) 2024 2023 2024 2023
4 unchanged sentences
330 ( 247 ) ( 395 ) ( 1,475 )
+Added: ( 4 ) 1 ( 1 ) —
(1) Comprised of forward contracts used as an economic hedge of loans held for sale and interest rate lock commitments ("IRLCs") to customers.
1 unchanged sentence
(3) Impact of interest rate swap agreements executed with commercial banking customers and broker dealer counterparties.
−Removed: The interest income from US Treasury notes securities used for hedging purposes, which is included in interest income on the consolidated income statements, was $ 0.3 million and $ 0.5 million for the quarters ended June 30, 2024 and 2023, respectively, and was $ 0.6 million and $ 0.9 million for the six months ended June 30, 2024 and 2023, respectively.
−Removed: The notional amount of open interest rate swap agreements executed with commercial banking customers and broker dealer counterparties at June 30, 2024 and December 31, 2023 were $ 228 million and $ 236 million, respectively.
+Added: The interest income from US Treasury notes securities used for hedging purposes, which is included in interest income on the consolidated income statements, were $ 0.3 million for both quarters ended September 30, 2024 and 2023, and was $ 0.9 million and $ 1.1 million for the nine months ended September 30, 2024 and 2023, respectively.
+Added: The notional amount of open interest rate swap agreements executed with commercial banking customers and broker dealer counterparties at September 30, 2024 and December 31, 2023 were $ 225 million and $ 236 million, respectively.
NOTE 6– MORTGAGE BANKING OPERATIONS:
LHFS consisted of the following:
−Removed: (in thousands) At June 30, 2024 At December 31, 2023
+Added: (in thousands) At September 30, 2024 At December 31, 2023
Single family $ 38,863 $ 12,849
2 unchanged sentences
Loans sold consisted of the following for the periods indicated:
−Removed: Quarter Ended June 30, Six Months Ended June 30,
+Added: Quarter Ended September 30, Nine Months Ended September 30,
(in thousands) 2024 2023 2024 2023
3 unchanged sentences
Gain on loan origination and sale activities, including the effects of derivative risk management instruments, consisted of the following:
−Removed: Quarter Ended June 30, Six Months Ended June 30,
+Added: Quarter Ended September 30, Nine Months Ended September 30,
(in thousands) 2024 2023 2024 2023
5 unchanged sentences
The unpaid principal balance of loans serviced for others is as follows:
−Removed: (in thousands) At June 30, 2024 At December 31, 2023
+Added: (in thousands) At September 30, 2024 At December 31, 2023
Single family $ 5,198,826 $ 5,316,304
2 unchanged sentences
The following is a summary of changes in the Company's liability for estimated single-family mortgage repurchase losses:
−Removed: Quarter Ended June 30, Six Months Ended June 30,
+Added: Quarter Ended September 30, Nine Months Ended September 30,
(in thousands) 2024 2023 2024 2023
9 unchanged sentences
Advances are also made to fund the foreclosure and collection costs of delinquent loans prior to the recovery of reimbursable amounts from investors or borrowers.
−Removed: Advances of $ 3.4 million and $ 2.9 million were recorded in other assets as of June 30, 2024 and December 31, 2023, respectively.
+Added: Advances of $ 1.5 million and $ 2.9 million were recorded in other assets as of September 30, 2024 and December 31, 2023, respectively.
When the Company has the unilateral right to repurchase Ginnie Mae pool loans it has previously sold (generally loans that are more than 90 days past due), the Company records the balance of the loans as other assets and other liabilities.
−Removed: At June 30, 2024 and December 31, 2023, delinquent or defaulted mortgage loans currently in Ginnie Mae pools that the Company has recognized on its consolidated balance sheets totaled $ 5.7 million and $ 5.6 million, respectively.
+Added: At September 30, 2024 and December 31, 2023, delinquent or defaulted mortgage loans currently in Ginnie Mae pools that the Company has recognized on its consolidated balance sheets totaled $ 7.5 million and $ 5.6 million, respectively.
Revenue from mortgage servicing, including the effects of derivative risk management instruments, consisted of the following:
−Removed: Quarter Ended June 30, Six Months Ended June 30,
+Added: Quarter Ended September 30, Nine Months Ended September 30,
(in thousands) 2024 2023 2024 2023
14 unchanged sentences
(2) Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates.
−Removed: (3) The interest income from US Treasury notes securities used for hedging purposes, which is included in interest income on the consolidated income statements, was $ 0.3 million and $ 0.5 million for the quarters ended June 30, 2024 and 2023, respectively, and was $ 0.6 million and $ 0.9 million for the six months ended June 30, 2024 and 2023, respectively.
+Added: (3) The interest income from US Treasury notes securities used for hedging purposes, which is included in interest income on the consolidated income statements, was $ 0.3 million for both quarters ended September 30, 2024 and 2023, and was $ 0.9 million and $ 1.1 million for the nine months ended September 30, 2024 and 2023, respectively.
The changes in single family MSRs measured at fair value are as follows:
−Removed: Quarter Ended June 30, Six Months Ended June 30,
+Added: Quarter Ended September 30, Nine Months Ended September 30,
(in thousands) 2024 2023 2024 2023
12 unchanged sentences
Key economic assumptions used in measuring the initial fair value of capitalized single family MSRs were as follows:
−Removed: Quarter Ended June 30, Six Months Ended June 30,
+Added: Quarter Ended September 30, Nine Months Ended September 30,
(rates per annum) (1)
6 unchanged sentences
For single family MSRs, we use a discounted cash flow valuation technique which utilizes CPRs and discount rates as significant unobservable inputs as noted in the table below:
−Removed: At June 30, 2024 At December 31, 2023
+Added: At September 30, 2024 At December 31, 2023
Range of Inputs Average (1)
7 unchanged sentences
To compute hypothetical sensitivities of the value of our single family MSRs to immediate adverse changes in key assumptions, we computed the impact of changes to CPRs and in discount rates as outlined below:
−Removed: (dollars in thousands) At June 30, 2024
+Added: (dollars in thousands) At September 30, 2024
Fair value of single family MSR $ 70,800
6 unchanged sentences
The changes in multifamily and SBA MSRs measured at the lower of amortized cost or fair value were as follows:
−Removed: Quarter Ended June 30, Six Months Ended June 30,
+Added: Quarter Ended September 30, Nine Months Ended September 30,
(in thousands) 2024 2023 2024 2023
4 unchanged sentences
Key economic assumptions used in measuring the initial fair value of capitalized multifamily MSRs were as follows:
−Removed: Quarter Ended June 30, Six Months Ended June 30,
+Added: Quarter Ended September 30, Nine Months Ended September 30,
(rates per annum) (1)
4 unchanged sentences
Multifamily DUS loans typically contain yield maintenance features that significantly reduce loan prepayments, resulting in a CPR of zero for valuation purposes.
−Removed: At June 30, 2024 At December 31, 2023
+Added: At September 30, 2024 At December 31, 2023
Range of Inputs Average (1)
8 unchanged sentences
For loans that have been sold through this program, a liability is recorded for this loss sharing arrangement under the accounting guidance for guarantees.
−Removed: At both June 30, 2024 and December 31, 2023, the total unpaid principal balance of loans sold under this program was $ 1.8 billion.
−Removed: The Company's reserve liability related to this arrangement totaled $ 0.4 million and $ 0.5 million at June 30, 2024 and December 31, 2023, respectively.
−Removed: There were no actual losses incurred under this arrangement during the quarters and six months ended June 30, 2024 and 2023.
+Added: At September 30, 2024 and December 31, 2023, the total unpaid principal balance of loans sold under this program was $ 1.7 billion and $ 1.8 billion, respectively.
+Added: The Company's reserve liability related to this arrangement totaled $ 0.6 million and $ 0.5 million at September 30, 2024 and December 31, 2023, respectively.
+Added: There were no actual losses incurred under this arrangement during the quarters and nine months ended September 30, 2024 and 2023.
In the ordinary course of business, the Company sells residential mortgage loans to GSEs and other entities.
1 unchanged sentence
The Company may be required to repurchase mortgage loans or indemnify loan purchasers due to defects in the origination process of the loan, such as documentation errors, underwriting errors and judgments, early payment defaults and fraud.
−Removed: The total unpaid principal balance of loans sold on a servicing-retained basis that were subject to the terms and conditions of these representations and warranties totaled $ 5.2 billion and $ 5.3 billion as of June 30, 2024 and December 31, 2023, respectively.
−Removed: At June 30, 2024 and December 31, 2023, the Company had recorded a mortgage repurchase liability for loans sold on a servicing-retained and servicing-released basis, included in accounts payable and other liabilities on the consolidated balance sheets, of $ 1.2 million and $ 1.5 million, respectively.
+Added: The total unpaid principal balance of loans sold on a servicing-retained basis that were subject to the terms and conditions of these representations and warranties totaled $ 5.2 billion and $ 5.3 billion as of September 30, 2024 and December 31, 2023, respectively.
+Added: At September 30, 2024 and December 31, 2023, the Company had recorded a mortgage repurchase liability for loans sold on a servicing-retained and servicing-released basis, included in accounts payable and other liabilities on the consolidated balance sheets, of $ 1.1 million and $ 1.5 million, respectively.
NOTE 8– EARNINGS PER SHARE:
The following table summarizes the calculation of earnings per share:
−Removed: Quarter Ended June 30, Six Months Ended June 30,
+Added: Quarter Ended September 30, Nine Months Ended September 30,
(in thousands, except share and per share data) 2024 2023 2024 2023
9 unchanged sentences
( 0.39 ) 0.12 ( 1.11 ) ( 1.28 )
−Removed: (1) Excluded from the computation of diluted earnings per share (due to their antidilutive effect) for the quarters and six months ended June 30, 2024 and 2023 were certain unvested RSUs and PSUs.
−Removed: On a weighted average basis 559,921 and 248,840 unvested stock units convertible into shares of common stock were excluded at June 30, 2024 and 2023, respectively, because their effect would have been anti-dilutive.
+Added: (1) Excluded from the computation of diluted earnings per share (due to their antidilutive effect) for the quarters and nine months ended September 30, 2024 and 2023 were certain unvested RSUs and PSUs.
+Added: On a weighted average basis 558,665 and 236,628 unvested stock units convertible into shares of common stock were excluded at September 30, 2024 and 2023, respectively, because their effect would have been anti-dilutive.
NOTE 9– FAIR VALUE MEASUREMENT:
58 unchanged sentences
The following tables presents the levels of the fair value hierarchy for the Company's assets and liabilities measured at fair value on a recurring basis:
−Removed: At June 30, 2024
+Added: At September 30, 2024
(in thousands) Fair Value Level 1 Level 2 Level 3
52 unchanged sentences
Total liabilities $ 10,783 $ 3 $ 10,780 $ —
−Removed: There were no transfers between levels of the fair value hierarchy during the quarters and six months ended June 30, 2024 and 2023.
+Added: There were no transfers between levels of the fair value hierarchy during the quarters and nine months ended September 30, 2024 and 2023.
Level 3 Recurring Fair Value Measurements
The Company's Level 3 recurring fair value measurements consist of investment securities AFS, single family MSRs, single family LHFI where fair value option was elected, certain single family LHFS and interest rate lock commitments, which are accounted for as derivatives.
−Removed: For information regarding fair value changes and activity for single family MSRs during the quarters and six months ended June 30, 2024 and 2023, see Note 6, Mortgage Banking Operations of this Quarterly Report on Form 10-Q.
+Added: For information regarding fair value changes and activity for single family MSRs during the quarters and nine months ended September 30, 2024 and 2023, see Note 6, Mortgage Banking Operations of this Quarterly Report on Form 10-Q.
The fair value of IRLCs considers several factors, including the fair value in the secondary market of the underlying loan resulting from the exercise of the commitment, the expected net future cash flows related to the associated servicing of the loan (referred to as the value of servicing) and the probability that the commitment will not be converted into a funded loan (referred to as a fall-out factor).
17 unchanged sentences
The Company determined these loans to be level 3 recurring assets as the valuation technique included a significant unobservable input.
−Removed: The total amount of held for investment loans where fair value option election was made was $ 1.3 million at June 30, 2024 and December 31, 2023.
+Added: The total amount of held for investment loans where fair value option election was made was $ 1.3 million at September 30, 2024 and December 31, 2023.
The following information presents significant Level 3 unobservable inputs used to measure fair value of certain assets:
2 unchanged sentences
Inputs Low High Weighted Average
−Removed: June 30, 2024
+Added: September 30, 2024
Investment securities AFS $ 1,804 Income approach Implied spread to benchmark interest rate curve
9 unchanged sentences
Value of servicing 0.32 % 0.80 % 0.57 %
−Removed: We had no LHFS where the fair value was not derived with significant observable inputs at June 30, 2024 and December 31, 2023.
+Added: We had no LHFS where the fair value was not derived with significant observable inputs at September 30, 2024 and December 31, 2023.
The following table presents fair value changes and activity for certain Level 3 assets for the periods indicated:
1 unchanged sentence
Ending balance
−Removed: Quarter Ended June 30, 2024
+Added: Quarter Ended September 30, 2024
Investment securities AFS $ 1,769 $ — $ — $ ( 50 ) $ 85 $ 1,804
Single family LHFI 1,286 — — — 43 1,329
−Removed: Quarter Ended June 30, 2023
+Added: Quarter Ended September 30, 2023
Investment securities AFS $ 1,913 $ — $ — $ ( 48 ) $ ( 70 ) $ 1,795
Single family LHFI 1,269 — — — ( 44 ) 1,225
−Removed: Six Months Ended June 30, 2024
+Added: Nine Months Ended September 30, 2024
Investment securities AFS $ 1,860 $ — $ — $ ( 150 ) $ 94 $ 1,804
Single family LHFI 1,280 — — — 49 1,329
−Removed: Six Months Ended June 30, 2023
+Added: Nine Months Ended September 30, 2023
Investment securities AFS $ 2,009 $ — $ — $ ( 144 ) $ ( 70 ) $ 1,795
2 unchanged sentences
The following table presents fair value changes and activity for Level 3 interest rate lock commitments:
−Removed: Quarter Ended June 30, Six Months Ended June 30,
+Added: Quarter Ended September 30, Nine Months Ended September 30,
(in thousands) 2024 2023 2024 2023
20 unchanged sentences
Total Gains (Losses)
−Removed: At or for the Quarter Ended June 30, 2024
+Added: At or for the Quarter Ended September 30, 2024
LHFI $ 1,573 $ 7
−Removed: At or for the Quarter Ended June 30, 2023
+Added: At or for the Quarter Ended September 30, 2023
LHFI $ 3,774 $ ( 579 )
−Removed: At or for the Six Months Ended June 30, 2024
+Added: At or for the Nine Months Ended September 30, 2024
LHFI $ 1,573 $ ( 2,237 )
−Removed: At or for the Six Months Ended June 30, 2023
+Added: At or for the Nine Months Ended September 30, 2023
LHFI $ 3,774 $ ( 854 )
2 unchanged sentences
The following presents the carrying value, estimated fair value and the levels of the fair value hierarchy for the Company's financial instruments other than assets and liabilities measured at fair value on a recurring basis:
−Removed: At June 30, 2024
+Added: At September 30, 2024
(in thousands) Carrying
3 unchanged sentences
LHFI 7,293,274 7,019,085 — — 7,019,085
−Removed: LHFS – multifamily and other
−Removed: 7,634 7,654 — 7,654 —
Mortgage servicing rights – multifamily and SBA 26,322 31,970 — — 31,970
23 unchanged sentences
The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale accounted for under the fair value option:
−Removed: At June 30, 2024 At December 31, 2023
+Added: At September 30, 2024 At December 31, 2023
(in thousands) Fair Value Aggregate Unpaid Principal Balance Fair Value Less Aggregated Unpaid Principal Balance Fair Value Aggregate Unpaid Principal Balance Fair Value Less Aggregated Unpaid Principal Balance
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.