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FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2021
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, 2021 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |
SBA loan pools securities |  | $ | 16,733 |  |  | $ | — |  |  | $ | 16,733 |  |  | $ | — |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities |  | 123,300 |  |  | — |  |  | 123,300 |  |  | — |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations |  | 210,956 |  |  | — |  |  | 210,956 |  |  | — |
Municipal securities |  | 85,538 |  |  | — |  |  | 85,538 |  |  | — |
Non-agency residential mortgage-backed securities |  | 158 |  |  | — |  |  | 158 |  |  | — |
Collateralized loan obligations |  | 683,873 |  |  | — |  |  | 683,873 |  |  | — |
Corporate debt securities |  | 150,272 |  |  | — |  |  | 150,272 |  |  | — |
Loans held-for-sale, carried at fair value |  | 1,408 |  |  | — |  |  | 465 |  |  | 943 |
Derivative assets: |  |  |  |  |  |  |  |
Interest rate swaps and caps (1) |  | 4,452 |  |  | — |  |  | 4,452 |  |  | — |
Foreign exchange contracts (1) |  | 255 |  |  | — |  |  | 255 |  |  | — |
Liabilities |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate swaps and caps (2) |  | 4,663 |  |  | — |  |  | 4,663 |  |  | — |
Foreign exchange contracts (2) |  | 243 |  |  | — |  |  | 243 |  |  | — |
December 31, 2020 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |
SBA loan pools securities |  | $ | 17,354 |  |  | $ | — |  |  | $ | 17,354 |  |  | $ | — |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities |  | 106,384 |  |  | — |  |  | 106,384 |  |  | — |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations |  | 211,831 |  |  | — |  |  | 211,831 |  |  | — |
Municipal securities |  | 68,623 |  |  | — |  |  | 68,623 |  |  | — |
Non-agency residential mortgage-backed securities |  | 160 |  |  | — |  |  | 160 |  |  | — |
Collateralized loan obligations |  | 677,785 |  |  | — |  |  | 677,785 |  |  | — |
Corporate debt securities |  | 149,294 |  |  | — |  |  | 149,294 |  |  | — |
Loans held-for-sale, carried at fair value |  | 1,413 |  |  | — |  |  | 468 |  |  | 945 |
Derivative assets: |  |  |  |  |  |  |  |
Interest rate swaps and caps (1) |  | 7,304 |  |  | — |  |  | 7,304 |  |  | — |
Foreign exchange contracts (1) |  | 328 |  |  | — |  |  | 328 |  |  | — |
Liabilities |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate swaps and caps (2) |  | 7,789 |  |  | — |  |  | 7,789 |  |  | — |
Foreign exchange contracts (2) |  | 313 |  |  | — |  |  | 313 |  |  | — |
(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, 2021 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |
SBA loan pools securities |  | $ | 16,733 |  |  | $ | — |  |  | $ | 16,733 |  |  | $ | — |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities |  | 123,300 |  |  | — |  |  | 123,300 |  |  | — |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations |  | 210,956 |  |  | — |  |  | 210,956 |  |  | — |
Municipal securities |  | 85,538 |  |  | — |  |  | 85,538 |  |  | — |
Non-agency residential mortgage-backed securities |  | 158 |  |  | — |  |  | 158 |  |  | — |
Collateralized loan obligations |  | 683,873 |  |  | — |  |  | 683,873 |  |  | — |
Corporate debt securities |  | 150,272 |  |  | — |  |  | 150,272 |  |  | — |
Loans held-for-sale, carried at fair value |  | 1,408 |  |  | — |  |  | 465 |  |  | 943 |
Derivative assets: |  |  |  |  |  |  |  |
Interest rate swaps and caps (1) |  | 4,452 |  |  | — |  |  | 4,452 |  |  | — |
Foreign exchange contracts (1) |  | 255 |  |  | — |  |  | 255 |  |  | — |
Liabilities |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate swaps and caps (2) |  | 4,663 |  |  | — |  |  | 4,663 |  |  | — |
Foreign exchange contracts (2) |  | 243 |  |  | — |  |  | 243 |  |  | — |
December 31, 2020 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |
SBA loan pools securities |  | $ | 17,354 |  |  | $ | — |  |  | $ | 17,354 |  |  | $ | — |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities |  | 106,384 |  |  | — |  |  | 106,384 |  |  | — |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations |  | 211,831 |  |  | — |  |  | 211,831 |  |  | — |
Municipal securities |  | 68,623 |  |  | — |  |  | 68,623 |  |  | — |
Non-agency residential mortgage-backed securities |  | 160 |  |  | — |  |  | 160 |  |  | — |
Collateralized loan obligations |  | 677,785 |  |  | — |  |  | 677,785 |  |  | — |
Corporate debt securities |  | 149,294 |  |  | — |  |  | 149,294 |  |  | — |
Loans held-for-sale, carried at fair value |  | 1,413 |  |  | — |  |  | 468 |  |  | 945 |
Derivative assets: |  |  |  |  |  |  |  |
Interest rate swaps and caps (1) |  | 7,304 |  |  | — |  |  | 7,304 |  |  | — |
Foreign exchange contracts (1) |  | 328 |  |  | — |  |  | 328 |  |  | — |
Liabilities |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate swaps and caps (2) |  | 7,789 |  |  | — |  |  | 7,789 |  |  | — |
Foreign exchange contracts (2) |  | 313 |  |  | — |  |  | 313 |  |  | — |
(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) for the periods indicated:
|  | Three Months Ended March 31, |  |
($ in thousands) |  | 2021 |  | 2020 |  |  |  |
Loans repurchased from GNMA Loan Pools |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 945 |  |  | $ | 19,233 |  |  |  |  |
Total gains (losses) (realized/unrealized): |  |  |  |  |  |  |  |
Included in earnings—fair value adjustment |  | — |  |  | (1,391) |  |  |  |  |
Sales, settlements, and other |  | (2) |  |  | (715) |  |  |  |  |
Balance at end of period |  | $ | 943 |  |  | $ | 17,127 |  |  |  |  |
Fair value option of certain assets | The following table presents the fair value and aggregate principal balance of certain assets under the fair value option:
|  | March 31, 2021 |  | December 31, 2020
($ in thousands) |  | Fair Value |  | Unpaid Principal Balance |  | Difference |  | Fair Value |  | Unpaid Principal Balance |  | Difference
Loans held-for-sale, carried at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Total loans |  | $ | 1,408 |  |  | $ | 1,674 |  |  | $ | (266) |  |  | $ | 1,413 |  |  | $ | 1,680 |  |  | $ | (267) |
Nonaccrual loans (1) |  | 654 |  |  | 750 |  |  | (96) |  |  | 654 |  |  | 750 |  |  | (96) |
(1)Includes loans guaranteed by the U.S. government of $181 thousand and $190 thousand at March 31, 2021 and December 31, 2020. The following table presents changes in fair value related to initial measurement and subsequent changes in fair value included in earnings for these assets measured at fair value for the periods indicated:
|  | Three Months Ended March 31, |  |
($ in thousands) |  | 2021 |  | 2020 |  |  |  |
Net gains (losses) from fair value changes: |  |  |  |  |  |  |  |
Fair value adjustment for loans held-for-sale |  | $ | — |  |  | $ | (1,586) |  |  |  |  |
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, 2021 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Collateral dependent loans: |  |  |  |  |  |  |  |
SBA |  | $ | 794 |  |  | $ | — |  |  | $ | — |  |  | $ | 794 |
December 31, 2020 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Collateral dependent loans: |  |  |  |  |  |  |  |
SBA |  | $ | 629 |  |  | $ | — |  |  | $ | — |  |  | $ | 629 |
Schedule of Gains and (Losses) Recognized on Assets Measured at Fair Value on Non-recurring Basis | The following table presents the gains (losses) recognized on assets measured at fair value on a non-recurring basis for the periods indicated:
|  | Three Months Ended March 31, |  |
($ in thousands) |  | 2021 |  | 2020 |  |  |  |
Collateral dependent loans: |  |  |  |  |  |  |  |
Single family residential mortgage |  | $ | — |  |  | $ | 22 |  |  |  |  |
Commercial and industrial |  | 18 |  |  | (1,331) |  |  |  |  |
SBA |  | (133) |  |  | (519) |  |  |  |  |
Carrying Amounts and Estimated Fair Values of Financial Instruments | Estimated Fair Values of Financial Instruments 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, 2021 |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 379,509 |  |  | $ | 379,509 |  |  | $ | — |  |  | $ | — |  |  | $ | 379,509 |
Securities available-for-sale |  | 1,270,830 |  |  | — |  |  | 1,270,830 |  |  | — |  |  | 1,270,830 |
Federal Home Loan Bank and other bank stock |  | 44,964 |  |  | — |  |  | 44,964 |  |  | — |  |  | 44,964 |
Loans held-for-sale, carried at fair value |  | 1,408 |  |  | — |  |  | 465 |  |  | 943 |  |  | 1,408 |
Loans receivable, net of allowance for credit losses |  | 5,685,048 |  |  | — |  |  | — |  |  | 5,754,031 |  |  | 5,754,031 |
Accrued interest receivable |  | 30,270 |  |  | 30,270 |  |  | — |  |  | — |  |  | 30,270 |
Derivative assets |  | 4,707 |  |  | — |  |  | 4,707 |  |  | — |  |  | 4,707 |
Financial liabilities |  |  |  |  |  |  |  |  |  |
Deposits |  | 6,142,042 |  |  | — |  |  | — |  |  | 6,143,213 |  |  | 6,143,213 |
Advances from Federal Home Loan Bank |  | 635,105 |  |  | — |  |  | 669,799 |  |  | — |  |  | 669,799 |
Long-term debt |  | 256,441 |  |  | — |  |  | 272,260 |  |  | — |  |  | 272,260 |
Derivative liabilities |  | 4,906 |  |  | — |  |  | 4,906 |  |  | — |  |  | 4,906 |
Accrued interest payable |  | 6,718 |  |  | 6,718 |  |  | — |  |  | — |  |  | 6,718 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 220,819 |  |  | $ | 220,819 |  |  | $ | — |  |  | $ | — |  |  | $ | 220,819 |
Securities available-for-sale |  | 1,231,431 |  |  | — |  |  | 1,231,431 |  |  | — |  |  | 1,231,431 |
Federal Home Loan Bank and other bank stock |  | 44,506 |  |  | — |  |  | 44,506 |  |  | — |  |  | 44,506 |
Loans held-for-sale |  | 1,413 |  |  | — |  |  | 468 |  |  | 945 |  |  | 1,413 |
Loans receivable, net of allowance for credit losses |  | 5,817,375 |  |  | — |  |  | — |  |  | 5,936,708 |  |  | 5,936,708 |
Accrued interest receivable |  | 29,445 |  |  | 29,445 |  |  | — |  |  | — |  |  | 29,445 |
Derivative assets |  | 7,632 |  |  | — |  |  | 7,632 |  |  | — |  |  | 7,632 |
Financial liabilities |  |  |  |  |  |  |  |  |  |
Deposits |  | 6,085,800 |  |  | — |  |  | — |  |  | 6,087,714 |  |  | 6,087,714 |
Advances from Federal Home Loan Bank |  | 539,795 |  |  | — |  |  | 585,416 |  |  | — |  |  | 585,416 |
Long-term debt |  | 256,315 |  |  | — |  |  | 273,230 |  |  | — |  |  | 273,230 |
Derivative liabilities |  | 8,102 |  |  | — |  |  | 8,102 |  |  | — |  |  | 8,102 |
Accrued interest payable |  | 3,714 |  |  | 3,714 |  |  | — |  |  | — |  |  | 3,714 |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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