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FAIR VALUE MEASUREMENT (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurement Methodologies

The following table summarizes the fair value measurement methodologies, including significant inputs and assumptions and classification of the Company's assets and liabilities valued at fair value on a recurring basis.

Asset/Liability class

Valuation methodology, inputs and assumptions

Classification

Investment securities

Trading securities

Fair Value is based on quoted prices in an active market.

Level 1 recurring fair value measurement.

Investment securities AFS

Observable market prices of identical or similar securities are used where available.

Level 2 recurring fair value measurement.

If market prices are not readily available, value is based on discounted cash flows using the following significant inputs: •      Expected prepayment speeds  •      Estimated credit losses  •      Market liquidity adjustments

Level 3 recurring fair value measurement.

LHFS

Single family loans, excluding loans transferred from held for investment

Fair value is based on observable market data, including: •       Quoted market prices, where available  •       Dealer quotes for similar loans  •       Forward sale commitments

Level 2 recurring fair value measurement.

When not derived from observable market inputs, fair value is based on discounted cash flows, which considers the following inputs: •       Benchmark yield curve   •       Estimated discount spread to the benchmark yield curve  •       Expected prepayment speeds

Estimated fair value classified as Level 3.

Mortgage servicing rights

Single family MSRs

For information on how the Company measures the fair value of its single family MSRs, including key economic assumptions and the sensitivity of fair value to changes in those assumptions, see Note 6, Mortgage Banking Operations.

Level 3 recurring fair value measurement.

Derivatives

Futures and Options

Fair value is based on closing exchange prices.

Level 1 recurring fair value measurement.

Forward sale commitments Interest rate swaps

Fair value is based on quoted prices for identical or similar instruments, when available. When quoted prices are not available, fair value is based on internally developed modeling techniques, which require the use of multiple observable market inputs including:               •       Forward interest rates              •       Interest rate volatilities

Level 2 recurring fair value measurement.

IRLC

The fair value considers several factors including: •       Fair value of the underlying loan based on quoted prices in the secondary market, when available.  •       Value of servicing •       Fall-out factor

Level 3 recurring fair value measurement.

Schedule of Fair Value Hierarchy Measurement

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: 

			At June 30, 2025
(in thousands)			Fair Value						Level 1						Level 2						Level 3
Assets:
Trading securities - U.S. Treasury securities			$	40,615					$	40,615					$	—					$	—
Investment securities AFS
Mortgage backed securities:
Residential			159,960						—						158,293						1,667
Commercial			48,843						—						48,843						—
Collateralized mortgage obligations:
Residential			300,714						—						300,714						—
Commercial			52,245						—						52,245						—
Municipal bonds			371,582						—						371,582						—
Corporate debt securities			25,546						—						25,546						—
U.S. Treasury securities			20,498						—						20,498						—
Agency debentures			8,713						—						8,713						—
Single family LHFS			29,999						—						29,999						—
Single family LHFI			959						—						—						959
Single family mortgage servicing rights			75,991						—						—						75,991
Derivatives
Forward sale commitments			426						—						426						—
Interest rate lock commitments			918						—						—						918
Interest rate swaps			6,583						—						6,583						—
Total assets			$	1,143,592					$	40,615					$	1,023,442					$	79,535
Liabilities:
Derivatives
Forward sale commitments			$	657					$	—					$	657					$	—
Interest rate lock commitments			2						—						—						2
Interest rate swaps			6,583						—						6,583						—
Total liabilities			$	7,242					$	—					$	7,240					$	2

			At December 31, 2024
(in thousands)			Fair Value						Level 1						Level 2						Level 3
Assets:
Trading securities - U.S. Treasury securities			$	34,746					$	34,746					$	—					$	—
Investment securities AFS
Mortgage backed securities:
Residential			167,462						—						165,764						1,698
Commercial			47,642						—						47,642						—
Collateralized mortgage obligations:
Residential			317,444						—						317,444						—
Commercial			54,945						—						54,945						—
Municipal bonds			378,259						—						378,259						—
Corporate debt securities			24,944						—						24,944						—
U.S. Treasury securities			19,987						—						19,987						—
Agency debentures			9,276						—						9,276						—
Single family LHFS			20,312						—						20,312						—
Single family LHFI			1,287						—						—						1,287
Single family mortgage servicing rights			72,901						—						—						72,901
Derivatives
Futures			1						1						—						—
Forward sale commitments			237						—						237						—
Options			3						3						—
Interest rate lock commitments			175						—						—						175
Interest rate swaps			10,250						—						10,250						—
Total assets			$	1,159,871					$	34,750					$	1,049,060					$	76,061
Liabilities:
Derivatives
Forward sale commitments			$	402					$	—					$	402					$	—
Interest rate lock commitments			49						—						—						49
Interest rate swaps			10,250						—						10,250						—
Total liabilities			$	10,701					$	—					$	10,652					$	49

Schedule of Inputs Used to Measure Fair Value

The following information presents significant Level 3 unobservable inputs used to measure fair value of certain assets:

(dollars in thousands)			Fair Value						Valuation Technique						Significant Unobservable Inputs						Low						High						Weighted Average
June 30, 2025
Investment securities AFS			$	1,667					Income approach						Implied spread to benchmark interest rate curve						2.25%						2.25%						2.25%
Single family LHFI			959						Income approach						Implied spread to benchmark interest rate curve						3.17%						3.65%						3.23%
Interest rate lock commitments, net			916						Income approach						Fall-out factor						0.70%						22.84%						11.84%
															Value of servicing						0.76%						1.41%						1.05%
December 31, 2024
Investment securities AFS			$	1,698					Income approach						Implied spread to benchmark interest rate curve						2.25%						2.25%						2.25%
Single family LHFI			1,287						Income approach						Implied spread to benchmark interest rate curve						2.94%						5.56%						3.69%
Interest rate lock commitments, net			126						Income approach						Fall-out factor						0.83%						29.13%						9.28%
															Value of servicing						0.78%						2.15%						1.37%

Schedule of Fair Value Changes and Activity for Level 3

The following table presents fair value changes and activity for certain Level 3 assets for the periods indicated:

(in thousands)						Beginning balance						Additions						Transfers						Payoffs/Sales						Change in mark to market (1)						Ending balance
Quarter Ended June 30, 2025
Investment securities AFS						$	1,699					$	—					$	—					$	(50)					$	18					$	1,667
Single family LHFI						1,248						—						—						(282)						(7)						959
Quarter Ended June 30, 2024
Investment securities AFS						$	1,791					$	—					$	—					$	(50)					$	28					$	1,769
Single family LHFI						1,285						—						—						—						1						1,286
Six Months Ended June 30, 2025
Investment securities AFS						$	1,698					$	—					$	—					$	(100)					$	69					$	1,667
Single family LHFI						1,287						—						(50)						(282)						4						959
Six Months Ended June 30, 2024
Investment securities AFS						$	1,860					$	—					$	—					$	(100)					$	9					$	1,769
Single family LHFI						1,280						—						—						—						6						1,286

(1) Changes in fair value for single LHFI are recorded in other noninterest income on the consolidated income statements.

The following table presents fair value changes and activity for Level 3 interest rate lock commitments:

			Quarter Ended June 30,												Six Months Ended June 30,
(in thousands)			2025						2024						2025						2024
Beginning balance, net			$	556					$	336					$	126					$	411
Total realized/unrealized gains			2,026						1,172						3,873						1,589
Settlements			(1,666)						(1,025)						(3,083)						(1,517)
Ending balance, net			$	916					$	483					$	916					$	483

Schedule of Assets that had Changes in their Recorded Fair Value

The following table presents assets classified as Level 3 that had changes in their recorded fair value for the periods indicated and what we still held at the end of the respective reporting period:

(in thousands)			Fair Value (1)						Total Gains (Losses)
At or for the Quarter Ended June 30, 2025
LHFI			$	1,380					$	5
At or for the Quarter Ended June 30, 2024
LHFI			$	3,131					$	(2,692)
At or for the Six Months Ended June 30, 2025
LHFI			$	1,380					$	26
At or for the Six Months Ended June 30, 2024
LHFI			$	3,131					$	(2,743)

(1) Represents the carrying value of loans for which adjustments are based on the fair value of the collateral.

Schedule of the Fair Value Hierarchy

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: 

			At June 30, 2025
(in thousands)			Carrying Value						Fair Value						Level 1						Level 2						Level 3
Assets:
Cash and cash equivalents			$	201,080					$	201,080					$	201,080					$	—					$	—
Investment securities HTM			2,265						2,253						—						2,253						—
LHFI			5,886,374						5,663,119						—						—						5,663,119
LHFS – multifamily and other			18,784						18,795						—						18,795						—
Mortgage servicing rights – multifamily and SBA			24,502						30,339						—						—						30,339
Federal Home Loan Bank stock			51,718						51,718						—						51,718						—
Other assets - GNMA EBO loans			8,632						8,632						—						—						8,632
Liabilities:
Certificates of deposit			$	2,734,586					$	2,729,172					$	—					$	2,729,172					$	—
Borrowings			1,040,000						1,045,449						—						1,045,449						—
Long-term debt			225,316						191,710						—						191,710						—

			At December 31, 2024
(in thousands)			Carrying Value						Fair Value						Level 1						Level 2						Level 3
Assets:
Cash and cash equivalents			$	406,600					$	406,600					$	406,600					$	—					$	—
Investment securities HTM			2,301						2,273						—						2,273						—
LHFI			6,191,766						5,864,426						—						—						5,864,426
Mortgage servicing rights – multifamily and SBA			26,565						32,361						—						—						32,361
Federal Home Loan Bank stock			50,676						50,676						—						50,676						—
Other assets-GNMA EBO loans			5,111						5,111						—						—						5,111
Liabilities:
Certificates of deposit			$	3,267,772					$	3,262,350					$	—					$	3,262,350					$	—
Borrowings			1,000,000						1,001,873						—						1,001,873						—
Long-term debt			225,131						184,124						—						184,124						—

Loans Held For Sale Accounted for Under the Fair Value Option

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:

			At June 30, 2025																		At December 31, 2024
(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
Single family LHFS			$	29,999					$	29,256					$	743					$	20,312					$	20,137					$	175

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