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FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

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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