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FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 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)
December 31, 2021
Assets
Securities available-for-sale:
SBA loan pools securities						$	14,591					$	—					$	14,591					$	—
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities						191,969						—						191,969						—
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations						241,541						—						241,541						—
Municipal securities						119,015						—						119,015						—
Non-agency residential mortgage-backed securities						56,025						—						56,025						—
Collateralized loan obligations						518,964						—						518,964						—
Corporate debt securities						173,598						—						173,598						—
Loans held-for-sale, carried at fair value						3,408						—						2,415						993
Derivative assets:
Interest rate swaps and caps (1)						3,390						—						3,390						—
Foreign exchange contracts (1)						175						—						175						—
Liabilities
Derivative liabilities:
Interest rate swaps and caps (2)						3,594						—						3,594						—
Foreign exchange contracts (2)						146						—						146						—
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)
December 31, 2021
Assets
Securities available-for-sale:
SBA loan pools securities						$	14,591					$	—					$	14,591					$	—
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities						191,969						—						191,969						—
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations						241,541						—						241,541						—
Municipal securities						119,015						—						119,015						—
Non-agency residential mortgage-backed securities						56,025						—						56,025						—
Collateralized loan obligations						518,964						—						518,964						—
Corporate debt securities						173,598						—						173,598						—
Loans held-for-sale, carried at fair value						3,408						—						2,415						993
Derivative assets:
Interest rate swaps and caps (1)						3,390						—						3,390						—
Foreign exchange contracts (1)						175						—						175						—
Liabilities
Derivative liabilities:
Interest rate swaps and caps (2)						3,594						—						3,594						—
Foreign exchange contracts (2)						146						—						146						—
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), on a consolidated operations basis, for the periods indicated:

						Year Ended December 31,
($ in thousands)						2021						2020						2019
Loans repurchased from GNMA Loan Pools
Balance at beginning of period						$	945					$	19,233					$	25,040
Total gains or losses (realized/unrealized):
Included in earnings—fair value adjustment (1)						57						(1,347)						(16)
Additions						—						—						406
Sales, settlements, and other						(9)						(16,941)						(6,197)
Balance at end of period						$	993					$	945					$	19,233

(1)Included in fair value adjustment for loans held-for-sale in the consolidated statements of operations.

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:

						December 31,
						2021																		2020
($ in thousands)						Fair Value						Unpaid Principal Balance						Difference						Fair Value						Unpaid Principal Balance						Difference
Loans held-for-sale, carried at fair value in continuing operations:
Total loans						$	3,408					$	3,638					$	(230)					$	1,413					$	1,680					$	(267)
Nonaccrual loans (1)						128						143						(15)						654						750						(96)

(1)    Includes loans guaranteed by the U.S. government of $38 thousand and $190 thousand at December 31, 2021 and 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:

						Year Ended December 31,
($ in thousands)						2021						2020						2019
Net gains (losses) from fair value changes
Fair value adjustment for loans held-for-sale						$	206					$	(1,501)					$	106

Fair Value Assets and Liabilities Measured on a 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)						Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
December 31, 2021
Assets
Collateral dependent loans:
Commercial and industrial						$	12,272					$	—					$	—					$	12,272
SBA						$	3,886					$	—					$	—					$	3,886
December 31, 2020
Assets
Collateral dependent loans:
SBA						$	629					$	—					$	—					$	629

Gain and Losses Recognized on Assets Measured at Fair Value

The following table presents the net losses recognized on assets measured at fair value on a non-recurring basis for the periods indicated:

						Year Ended December 31,
($ in thousands)						2021						2020						2019
Individually evaluated loans:
Single family residential mortgage						$	(532)					$	(169)					$	(490)
Commercial and industrial						(1,491)						(10,292)						—
Commercial real estate						(555)						—						—
SBA						(1,888)						(2,052)						(46)
Other consumer						—						—						(88)
Other real estate owned:
Single family residential mortgage						—						—						(104)

Carrying Amounts and 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
December 31, 2021
Financial assets
Cash and cash equivalents						$	228,123					$	228,123					$	—					$	—					$	228,123
Securities available-for-sale						1,315,703						—						1,315,703						—						1,315,703
Federal Home Loan Bank and other bank stock						44,632						—						44,632						—						44,632
Loans held-for-sale						3,408						—						2,415						993						3,408
Loans receivable, net of allowance						7,158,896						—						—						7,150,703						7,150,703
Accrued interest receivable						30,991						30,991						—						—						30,991
Derivative assets						3,565						—						3,565						—						3,565
Financial liabilities
Deposits						7,439,435						6,932,717						506,711						—						7,439,428
Advances from Federal Home Loan Bank						476,059						—						500,323						—						500,323
Other borrowings						25,000						—						25,000						—						25,000
Long-term debt						274,386						—						294,404						—						294,404
Derivative liabilities						3,740						—						3,740						—						3,740
Accrued interest payable						3,546						3,546						—						—						3,546
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						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						5,313,850						773,864						—						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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