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FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

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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