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FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2023

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)
June 30, 2023
Assets
Securities available-for-sale:
SBA loan pools securities						$	9,215					$	—					$	9,215					$	—
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities						81,708						—						81,708						—
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations						89,260						—						89,260						—
Non-agency residential mortgage-backed securities						111,508						—						111,508						—
Collateralized loan obligations						482,831						—						482,831						—
Corporate debt securities						147,569						—						147,569						—
Derivative assets:
Interest rate swaps and foreign exchange contracts(1)						2,199						—						2,199						—
Liabilities
Derivative liabilities:
Cash flow hedges(2)						454						—						454						—
Interest rate swaps and foreign exchange contracts(2)						2,172						—						2,172						—
December 31, 2022
Assets
Securities available-for-sale:
SBA loan pools securities						$	11,187					$	—					$	11,187					$	—
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities						40,206						—						40,206						—
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations						93,191						—						93,191						—
Municipal securities						—						—						—						—
Non-agency residential mortgage-backed securities						80,492						—						80,492						—
Collateralized loan obligations						476,603						—						476,603						—
Corporate debt securities						166,618						—						166,618						—
Derivative assets:
Interest rate swaps and foreign exchange contracts(1)						2,292						—						2,292						—
Liabilities
Derivative liabilities:
Interest rate swaps and foreign exchange contracts(2)						2,251						—						2,251						—

(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)
June 30, 2023
Assets
Securities available-for-sale:
SBA loan pools securities						$	9,215					$	—					$	9,215					$	—
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities						81,708						—						81,708						—
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations						89,260						—						89,260						—
Non-agency residential mortgage-backed securities						111,508						—						111,508						—
Collateralized loan obligations						482,831						—						482,831						—
Corporate debt securities						147,569						—						147,569						—
Derivative assets:
Interest rate swaps and foreign exchange contracts(1)						2,199						—						2,199						—
Liabilities
Derivative liabilities:
Cash flow hedges(2)						454						—						454						—
Interest rate swaps and foreign exchange contracts(2)						2,172						—						2,172						—
December 31, 2022
Assets
Securities available-for-sale:
SBA loan pools securities						$	11,187					$	—					$	11,187					$	—
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities						40,206						—						40,206						—
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations						93,191						—						93,191						—
Municipal securities						—						—						—						—
Non-agency residential mortgage-backed securities						80,492						—						80,492						—
Collateralized loan obligations						476,603						—						476,603						—
Corporate debt securities						166,618						—						166,618						—
Derivative assets:
Interest rate swaps and foreign exchange contracts(1)						2,292						—						2,292						—
Liabilities
Derivative liabilities:
Interest rate swaps and foreign exchange contracts(2)						2,251						—						2,251						—

(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)
June 30, 2023
Assets
Individually evaluated loans:
Commercial and industrial						$	756					$	—					$	—					$	756
SBA						16						—						—						16
Other consumer						93						—						—						93
Other real estate owned:
Single family residential						882						—						—						882
December 31, 2022
Assets
Individually evaluated loans:
Single family residential mortgage						$	3,600					$	—					$	—					$	3,600
Commercial and industrial						7,115						—						—						7,115
SBA						3,704						—						—						3,704

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 June 30,												Six Months Ended June 30,
($ in thousands)						2023						2022						2023						2022
Individually evaluated loans:
Single family residential mortgage						$	—					$	(1)					$	(43)					$	(340)
Commercial and industrial						(5,157)						(564)						(12,300)						(1,198)
SBA						(470)						(198)						(75)						(172)
Other consumer						(152)						(216)						(170)						(243)
Commercial real estate						—						—						(300)						—
Other real estate owned:
Single family residential						(165)						—						(165)						—

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
June 30, 2023
Financial assets
Cash and cash equivalents						$	283,729					$	283,729					$	—					$	—					$	283,729
Securities held-to-maturity						328,405						—						267,045						—						267,045
Securities available-for-sale						922,091						—						922,091						—						922,091
Federal Home Loan Bank and other bank stock						60,281						—						60,281						—						60,281
Loans receivable, net of allowance for credit losses						7,075,323						—						—						6,578,187						6,578,187
Accrued interest receivable						35,821						35,821						—						—						35,821
Interest rate swaps and foreign exchange contracts						2,199						—						2,199						—						2,199
Financial liabilities
Deposits						6,871,076						5,217,484						1,642,237						—						6,859,721
Advances from Federal Home Loan Bank and Federal Reserve Bank borrowings						1,147,997						—						1,116,711						—						1,116,711
Long-term debt						274,121						—						256,378						—						256,378
Cash flow hedges						454												454												454
Interest rate swaps and foreign exchange contracts						2,172						—						2,172						—						2,172
Accrued interest payable						14,791						14,791						—						—						14,791
December 31, 2022
Financial assets
Cash and cash equivalents						$	228,896					$	228,896					$	—					$	—					$	228,896
Securities held-to-maturity						328,641						—						262,460						—						262,460
Securities available-for-sale						868,297						—						868,297						—						868,297
Federal Home Loan Bank and other bank stock						57,092						—						57,092						—						57,092
Loans receivable, net of allowance for credit losses						7,029,078						—						—						6,526,916						6,526,916
Accrued interest receivable						37,942						37,942						—						—						37,942
Interest rate swaps and foreign exchange contracts						2,292						—						2,292						—						2,292
Financial liabilities
Deposits						7,120,921						5,931,500						1,175,857						—						7,107,357
Advances from Federal Home Loan Bank						727,348						—						699,730						—						699,730
Long-term debt						274,906						—						269,673						—						269,673
Interest rate swaps and foreign exchange contracts						2,251						—						2,251						—						2,251
Accrued interest payable						7,004						7,004						—						—						7,004

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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).

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