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FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2020
Fair Value Disclosures [Abstract] |
Fair Value Assets Measured on a Recurring Basis | The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated:
|  |  |  | Fair Value Measurement Level
($ in thousands) |  | Carrying Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
March 31, 2020 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities |  | $ | 104,021 |  |  | $ | — |  |  | $ | 104,021 |  |  | $ | — |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations |  | 139,419 |  |  | — |  |  | 139,419 |  |  | — |
Municipal securities |  | 54,385 |  |  | — |  |  | 54,385 |  |  | — |
Non-agency residential mortgage-backed securities |  | 160 |  |  | — |  |  | 160 |  |  | — |
Collateralized loan obligations |  | 623,571 |  |  | — |  |  | 623,571 |  |  | — |
Corporate debt securities |  | 47,871 |  |  | — |  |  | 47,871 |  |  | — |
Loans held-for-sale, carried at fair value |  | 20,234 |  |  | — |  |  | 3,107 |  |  | 17,127 |
Derivative assets: |  |  |  |  |  |  |  |
Interest rate swaps and caps (1) |  | 8,242 |  |  | — |  |  | 8,242 |  |  | — |
Foreign exchange contracts (1) |  | 369 |  |  | — |  |  | 369 |  |  | — |
Liabilities |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate swaps and caps (2) |  | 8,881 |  |  | — |  |  | 8,881 |  |  | — |
Foreign exchange contracts (2) |  | 182 |  |  | — |  |  | 182 |  |  | — |
December 31, 2019 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities |  | $ | 36,456 |  |  | $ | — |  |  | $ | 36,456 |  |  | $ | — |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations |  | 91,299 |  |  | — |  |  | 91,299 |  |  | — |
Municipal securities |  | 52,689 |  |  | — |  |  | 52,689 |  |  | — |
Non-agency residential mortgage-backed securities |  | 196 |  |  | — |  |  | 196 |  |  | — |
Collateralized loan obligations |  | 718,361 |  |  | — |  |  | 718,361 |  |  | — |
Corporate debt securities |  | 13,579 |  |  | — |  |  | 13,579 |  |  | — |
Loans held-for-sale, carried at fair value |  | 22,642 |  |  | — |  |  | 3,409 |  |  | 19,233 |
Derivative assets: |  |  |  |  |  |  |  |
Interest rate swaps and caps (1) |  | 3,445 |  |  | — |  |  | 3,445 |  |  | — |
Foreign exchange contracts (1) |  | 138 |  |  | — |  |  | 138 |  |  | — |
Liabilities |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate swaps and caps (2) |  | 3,717 |  |  | — |  |  | 3,717 |  |  | — |
Foreign exchange contracts (2) |  | 136 |  |  | — |  |  | 136 |  |  | — |
(1) | Included in Other assets in the Consolidated Statements of Financial Condition.
(2) Included in Accrued expenses and Other liabilities in the Consolidated Statements of Financial Condition.
Fair Value Liabilities Measured on a Recurring Basis | The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated:
|  |  |  | Fair Value Measurement Level
($ in thousands) |  | Carrying Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
March 31, 2020 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities |  | $ | 104,021 |  |  | $ | — |  |  | $ | 104,021 |  |  | $ | — |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations |  | 139,419 |  |  | — |  |  | 139,419 |  |  | — |
Municipal securities |  | 54,385 |  |  | — |  |  | 54,385 |  |  | — |
Non-agency residential mortgage-backed securities |  | 160 |  |  | — |  |  | 160 |  |  | — |
Collateralized loan obligations |  | 623,571 |  |  | — |  |  | 623,571 |  |  | — |
Corporate debt securities |  | 47,871 |  |  | — |  |  | 47,871 |  |  | — |
Loans held-for-sale, carried at fair value |  | 20,234 |  |  | — |  |  | 3,107 |  |  | 17,127 |
Derivative assets: |  |  |  |  |  |  |  |
Interest rate swaps and caps (1) |  | 8,242 |  |  | — |  |  | 8,242 |  |  | — |
Foreign exchange contracts (1) |  | 369 |  |  | — |  |  | 369 |  |  | — |
Liabilities |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate swaps and caps (2) |  | 8,881 |  |  | — |  |  | 8,881 |  |  | — |
Foreign exchange contracts (2) |  | 182 |  |  | — |  |  | 182 |  |  | — |
December 31, 2019 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities |  | $ | 36,456 |  |  | $ | — |  |  | $ | 36,456 |  |  | $ | — |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations |  | 91,299 |  |  | — |  |  | 91,299 |  |  | — |
Municipal securities |  | 52,689 |  |  | — |  |  | 52,689 |  |  | — |
Non-agency residential mortgage-backed securities |  | 196 |  |  | — |  |  | 196 |  |  | — |
Collateralized loan obligations |  | 718,361 |  |  | — |  |  | 718,361 |  |  | — |
Corporate debt securities |  | 13,579 |  |  | — |  |  | 13,579 |  |  | — |
Loans held-for-sale, carried at fair value |  | 22,642 |  |  | — |  |  | 3,409 |  |  | 19,233 |
Derivative assets: |  |  |  |  |  |  |  |
Interest rate swaps and caps (1) |  | 3,445 |  |  | — |  |  | 3,445 |  |  | — |
Foreign exchange contracts (1) |  | 138 |  |  | — |  |  | 138 |  |  | — |
Liabilities |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate swaps and caps (2) |  | 3,717 |  |  | — |  |  | 3,717 |  |  | — |
Foreign exchange contracts (2) |  | 136 |  |  | — |  |  | 136 |  |  | — |
(1) | Included in Other assets in the Consolidated Statements of Financial Condition.
(2) Included in Accrued expenses and Other liabilities in the Consolidated Statements of Financial Condition.
Reconciliation of Assets Measured at Fair Value on Recurring Basis | The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3), on a consolidated operations basis, for the periods indicated:
|  | Three Months Ended March 31,
($ in thousands) |  | 2020 |  | 2019
Loans repurchased from GNMA Loan Pools |  |  |  |
Balance at beginning of period |  | $ | 19,233 |  |  | $ | 25,040 |
Total (losses) gains (realized/unrealized): |  |  |  |
Included in earnings—fair value adjustment |  | (1,391 | ) |  | 3 |
Additions |  | — |  |  | — |
Sales, settlements, and other |  | (715 | ) |  | (1,974 | )
Balance at end of period |  | $ | 17,127 |  |  | $ | 23,069 |
Fair value option of certain assets | The following table presents the fair value and aggregate principal balance of certain assets, on a consolidated operations basis, under the fair value option:
|  | March 31, 2020 |  | December 31, 2019
($ in thousands) |  | Fair Value |  | Unpaid Principal Balance |  | Difference |  | Fair Value |  | Unpaid Principal Balance |  | Difference
Loans held-for-sale, carried at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Total loans |  | $ | 20,234 |  |  | $ | 22,675 |  |  | $ | (2,441 | ) |  | $ | 22,642 |  |  | $ | 23,455 |  |  | $ | (813 | )
Non-accrual loans (1) |  | 5,795 |  |  | 6,901 |  |  | (1,106 | ) |  | 8,125 |  |  | 8,370 |  |  | (245 | )
(1) | Includes loans guaranteed by the U.S. government of $4.5 million and $6.7 million, respectively, at March 31, 2020 and December 31, 2019.
The following table presents changes in fair value related to initial measurement and subsequent changes in fair value included in earnings for these assets measured at fair value for the periods indicated:
|  | Three Months Ended March 31,
($ in thousands) |  | 2020 |  | 2019
Net (losses) gains from fair value changes: |  |  |  |
Fair value adjustment for loans held for sale |  | $ | (1,586 | ) |  | $ | 1 |
Schedule of Assets and Liabilities Measured on Non-recurring Basis | The following table presents our financial assets and liabilities measured at fair value on a non-recurring basis as of the dates indicated:
|  |  |  | Fair Value Measurement Level
($ in thousands) |  | Carrying Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
March 31, 2020 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 18,275 |  |  | $ | — |  |  | $ | — |  |  | $ | 18,275 |
SBA |  | 3,866 |  |  | — |  |  | — |  |  | 3,866 |
December 31, 2019 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |  |
Single family residential mortgage |  | $ | 3,678 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,678 |
Commercial and industrial |  | 15,409 |  |  | — |  |  | — |  |  | 15,409 |
SBA |  | 1,711 |  |  | — |  |  | — |  |  | 1,711 |
Schedule of Gains and (Losses) Recognized on Assets Measured at Fair Value on Non-recurring Basis | The following table presents the losses recognized on assets measured at fair value on a non-recurring basis for the periods indicated:
|  | Three Months Ended March 31,
($ in thousands) |  | 2020 |  | 2019
Impaired loans: |  |  |  |
Single family residential mortgage |  | $ | (553 | ) |  | $ | (490 | )
Commercial and industrial |  | (965 | ) |  | — |
SBA |  | (112 | ) |  | (54 | )
Other consumer |  | — |  |  | (88 | )
Carrying Amounts and Estimated Fair Values of Financial Instruments | nts The following table presents the carrying amounts and estimated fair values of financial assets and liabilities as of the dates indicated:
|  | Carrying Amount |  | Fair Value Measurement Level
($ in thousands) |  |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
March 31, 2020 |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 435,992 |  |  | $ | 435,992 |  |  | $ | — |  |  | $ | — |  |  | $ | 435,992 |
Securities available-for-sale |  | 969,427 |  |  | — |  |  | 969,427 |  |  | — |  |  | 969,427 |
Federal Home Loan Bank and other bank stock |  | 57,237 |  |  | — |  |  | 57,237 |  |  | — |  |  | 57,237 |
Loans held-for-sale, carried at fair value |  | 20,234 |  |  | — |  |  | 3,107 |  |  | 17,127 |  |  | 20,234 |
Loans receivable, net of allowance for loan losses |  | 5,589,221 |  |  | — |  |  | — |  |  | 5,711,245 |  |  | 5,711,245 |
Accrued interest receivable |  | 24,639 |  |  | 24,639 |  |  | — |  |  | — |  |  | 24,639 |
Derivative assets |  | 8,611 |  |  | — |  |  | 8,611 |  |  | — |  |  | 8,611 |
Financial liabilities |  |  |  |  |  |  |  |  |  |
Deposits |  | 5,562,838 |  |  | — |  |  | — |  |  | 5,570,289 |  |  | 5,570,289 |
Advances from Federal Home Loan Bank |  | 978,000 |  |  | — |  |  | 1,023,811 |  |  | — |  |  | 1,023,811 |
Long term debt |  | 173,479 |  |  | — |  |  | 184,104 |  |  | — |  |  | 184,104 |
Derivative liabilities |  | 9,063 |  |  | — |  |  | 9,063 |  |  | — |  |  | 9,063 |
Accrued interest payable |  | 7,210 |  |  | 7,210 |  |  | — |  |  | — |  |  | 7,210 |
December 31, 2019 |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 373,472 |  |  | $ | 373,472 |  |  | $ | — |  |  | $ | — |  |  | $ | 373,472 |
Securities available-for-sale |  | 912,580 |  |  | — |  |  | 912,580 |  |  | — |  |  | 912,580 |
Federal Home Loan Bank and other bank stock |  | 59,420 |  |  | — |  |  | 59,420 |  |  | — |  |  | 59,420 |
Loans held-for-sale |  | 22,642 |  |  | — |  |  | 3,409 |  |  | 19,233 |  |  | 22,642 |
Loans receivable, net of allowance for credit losses |  | 5,894,236 |  |  | — |  |  | — |  |  | 5,894,732 |  |  | 5,894,732 |
Accrued interest receivable |  | 24,523 |  |  | 24,523 |  |  | — |  |  | — |  |  | 24,523 |
Derivative assets |  | 3,583 |  |  | — |  |  | 3,583 |  |  | — |  |  | 3,583 |
Financial liabilities |  |  |  |  |  |  |  |  |  |
Deposits |  | 5,427,167 |  |  | — |  |  | — |  |  | 5,430,536 |  |  | 5,430,536 |
Advances from Federal Home Loan Bank |  | 1,195,000 |  |  | — |  |  | 1,222,709 |  |  | — |  |  | 1,222,709 |
Long-term debt |  | 173,421 |  |  | — |  |  | 180,213 |  |  | — |  |  | 180,213 |
Derivative liabilities |  | 3,853 |  |  | — |  |  | 3,853 |  |  | — |  |  | 3,853 |
Accrued interest payable |  | 4,687 |  |  | 4,687 |  |  | — |  |  | — |  |  | 4,687 |

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