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FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2022
Fair Value Disclosures [Abstract] |
Schedule of 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)
September 30, 2022 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |
SBA loan pools securities |  | $ | 12,106 |  |  | $ | — |  |  | $ | 12,106 |  |  | $ | — |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities |  | 10,696 |  |  | — |  |  | 10,696 |  |  | — |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations |  | 141,157 |  |  | — |  |  | 141,157 |  |  | — |
Non-agency residential mortgage-backed securities |  | 41,514 |  |  | — |  |  | 41,514 |  |  | — |
Collateralized loan obligations |  | 472,676 |  |  | — |  |  | 472,676 |  |  | — |
Corporate debt securities |  | 169,416 |  |  | — |  |  | 169,416 |  |  | — |
Derivative assets: |  |  |  |  |  |  |  |
Interest rate swaps (1) |  | 2,295 |  |  | — |  |  | 2,295 |  |  | — |
Foreign exchange contracts (1) |  | 382 |  |  | — |  |  | 382 |  |  | — |
Liabilities |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate swaps (2) |  | 2,251 |  |  | — |  |  | 2,251 |  |  | — |
Foreign exchange contracts (2) |  | 377 |  |  | — |  |  | 377 |  |  | — |
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 |  |  | — |
Derivative assets: |  |  |  |  |  |  |  |
Interest rate swaps (1) |  | 3,390 |  |  | — |  |  | 3,390 |  |  | — |
Foreign exchange contracts (1) |  | 175 |  |  | — |  |  | 175 |  |  | — |
Liabilities |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate swaps (2) |  | 3,594 |  |  | — |  |  | 3,594 |  |  | — |
Foreign exchange contracts (2) |  | 146 |  |  | — |  |  | 146 |  |  | — |
(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.
Schedule of 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)
September 30, 2022 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |
SBA loan pools securities |  | $ | 12,106 |  |  | $ | — |  |  | $ | 12,106 |  |  | $ | — |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities |  | 10,696 |  |  | — |  |  | 10,696 |  |  | — |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations |  | 141,157 |  |  | — |  |  | 141,157 |  |  | — |
Non-agency residential mortgage-backed securities |  | 41,514 |  |  | — |  |  | 41,514 |  |  | — |
Collateralized loan obligations |  | 472,676 |  |  | — |  |  | 472,676 |  |  | — |
Corporate debt securities |  | 169,416 |  |  | — |  |  | 169,416 |  |  | — |
Derivative assets: |  |  |  |  |  |  |  |
Interest rate swaps (1) |  | 2,295 |  |  | — |  |  | 2,295 |  |  | — |
Foreign exchange contracts (1) |  | 382 |  |  | — |  |  | 382 |  |  | — |
Liabilities |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate swaps (2) |  | 2,251 |  |  | — |  |  | 2,251 |  |  | — |
Foreign exchange contracts (2) |  | 377 |  |  | — |  |  | 377 |  |  | — |
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 |  |  | — |
Derivative assets: |  |  |  |  |  |  |  |
Interest rate swaps (1) |  | 3,390 |  |  | — |  |  | 3,390 |  |  | — |
Foreign exchange contracts (1) |  | 175 |  |  | — |  |  | 175 |  |  | — |
Liabilities |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate swaps (2) |  | 3,594 |  |  | — |  |  | 3,594 |  |  | — |
Foreign exchange contracts (2) |  | 146 |  |  | — |  |  | 146 |  |  | — |
(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.
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) |  | Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
September 30, 2022 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Collateral dependent loans: |  |  |  |  |  |  |  |
Single family residential mortgage |  | $ | 3,735 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,735 |
Commercial and industrial |  | 8,646 |  |  | — |  |  | — |  |  | 8,646 |
SBA |  | 3,922 |  |  | — |  |  | — |  |  | 3,922 |
December 31, 2021 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Collateral dependent loans: |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 12,272 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,272 |
SBA |  | 3,886 |  |  | — |  |  | — |  |  | 3,886 |
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 September 30, |  | Nine Months Ended September 30,
($ in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Collateral dependent loans: |  |  |  |  |  |  |  |
Single family residential mortgage |  | $ | 135 |  |  | $ | — |  |  | $ | (205) |  |  | $ | (211) |
Commercial and industrial |  | (441) |  |  | — |  |  | (1,639) |  |  | 38 |
SBA |  | (35) |  |  | (1,377) |  |  | (207) |  |  | (1,886) |
Other consumer |  | — |  |  | — |  |  | (243) |  |  | — |
Commercial real estate |  | — |  |  | 2 |  |  | — |  |  | (138) |
Schedule of 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
September 30, 2022 |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 256,058 |  |  | $ | 256,058 |  |  | $ | — |  |  | $ | — |  |  | $ | 256,058 |
Securities held-to-maturity |  | 328,757 |  |  | — |  |  | 263,352 |  |  | — |  |  | 263,352 |
Securities available-for-sale |  | 847,565 |  |  | — |  |  | 847,565 |  |  | — |  |  | 847,565 |
Federal Home Loan Bank and other bank stock |  | 54,428 |  |  | — |  |  | 54,428 |  |  | — |  |  | 54,428 |
Loans receivable, net of allowance for credit losses |  | 7,196,876 |  |  | — |  |  | — |  |  | 6,701,627 |  |  | 6,701,627 |
Accrued interest receivable |  | 35,635 |  |  | 35,635 |  |  | — |  |  | — |  |  | 35,635 |
Derivative assets |  | 2,677 |  |  | — |  |  | 2,677 |  |  | — |  |  | 2,677 |
Financial liabilities |  |  |  |  |  |  |  |  |  |
Deposits |  | 7,280,385 |  |  | 6,343,446 |  |  | 924,503 |  |  | — |  |  | 7,267,949 |
Advances from Federal Home Loan Bank |  | 727,021 |  |  | — |  |  | 702,890 |  |  | — |  |  | 702,890 |
Other borrowings |  | 10,000 |  |  | — |  |  | 10,025 |  |  | — |  |  | 10,025 |
Long-term debt |  | 274,746 |  |  | — |  |  | 272,371 |  |  | — |  |  | 272,371 |
Derivative liabilities |  | 2,628 |  |  | — |  |  | 2,628 |  |  | — |  |  | 2,628 |
Accrued interest payable |  | 7,832 |  |  | 7,832 |  |  | — |  |  | — |  |  | 7,832 |
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 receivable, net of allowance for credit losses |  | 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 |

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