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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Instruments, by Balance Sheet Grouping

The following table presents estimated fair values of the Company’s financial instruments as of March 31, 2021 and December 31, 2020, whether or not measured at fair value in the Consolidated Statements of Financial Condition (dollars in thousands):

									March 31, 2021												December 31, 2020
			Level						Carrying Value						Estimated Fair Value						Carrying Value						Estimated Fair Value
Assets:
Cash and cash equivalents			1						$	1,649,927					$	1,649,927					$	1,234,183					$	1,234,183
Securities—trading			3						25,039						25,039						24,980						24,980
Securities—available-for-sale			2						2,989,760						2,989,760						2,322,593						2,322,593
Securities—held-to-maturity			2						418,871						436,484						410,038						436,882
Securities—held-to-maturity			3						23,084						23,111						11,769						11,799
Loans held for sale			2						135,263						136,873						243,795						245,667
Loans receivable			3						9,947,697						9,967,242						9,870,982						9,810,293
FHLB stock			3						14,001						14,001						16,358						16,358
Bank-owned life insurance			1						191,388						191,388						191,830						191,830
Mortgage servicing rights			3						15,407						21,176						15,223						18,084
Derivatives:
Interest rate swaps			2						25,246						25,246						39,066						39,066
Interest rate lock and forward sales commitments			2,3						6,186						6,186						5,641						5,641
Liabilities:
Demand, interest checking and money market accounts			2						10,044,158						10,044,158						9,253,494						9,253,494
Regular savings			2						2,597,731						2,597,731						2,398,482						2,398,482
Certificates of deposit			2						906,978						910,069						915,320						919,920
FHLB advances			2						100,000						101,908						150,000						152,779
Other borrowings			2						216,260						216,260						184,785						184,785
Subordinated notes, net			3						98,290						98,290						98,201						98,201
Junior subordinated debentures			3						117,248						117,248						116,974						116,974
Derivatives:
Interest rate swaps			2						17,923						17,923						22,336						22,336
Interest rate lock and forward sales commitments			2						85						85						1,755						1,755

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present financial assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy of the fair value measurements for those assets and liabilities as of March 31, 2021 and December 31, 2020 (in thousands):

			March 31, 2021
			Level 1						Level 2						Level 3						Total
Assets:
Securities—trading
Corporate bonds (Trust Preferred Securities)			$	—					$	—					$	25,039					$	25,039
Securities—available-for-sale
U.S. Government and agency obligations			—						62,846						—						62,846
Municipal bonds			—						300,735						—						300,735
Corporate bonds			—						245,428						—						245,428
Mortgage-backed or related securities			—						2,377,003						—						2,377,003
Asset-backed securities			—						3,748						—						3,748
			—						2,989,760						—						2,989,760
Loans held for sale			—						59,993						—						59,993
Derivatives
Interest rate swaps			—						25,246						—						25,246
Interest rate lock and forward sales commitments			—						3,249						2,937						6,186
			$	—					$	3,078,248					$	27,976					$	3,106,224
Liabilities:
Junior subordinated debentures			$	—					$	—					$	117,248					$	117,248
Derivatives
Interest rate swaps			—						17,923						—						17,923
Interest rate lock and forward sales commitments			—						85						—						85
			$	—					$	18,008					$	117,248					$	135,256

			December 31, 2020
			Level 1						Level 2						Level 3						Total
Assets:
Securities—trading
Corporate bonds (Trust Preferred Securities)			$	—					$	—					$	24,980					$	24,980
Securities—available-for-sale
U.S. Government and agency obligations			—						141,735						—						141,735
Municipal bonds			—						303,518						—						303,518
Corporate bonds			—						221,769						—						221,769
Mortgage-backed securities			—						1,646,152						—						1,646,152
Asset-backed securities			—						9,419						—						9,419
			—						2,322,593						—						2,322,593
Loans held for sale			—						133,554						—						133,554
Derivatives
Interest rate swaps			—						39,066						—						39,066
Interest rate lock and forward sales commitments			—						420						5,221						5,641
			$	—					$	2,495,633					$	30,201					$	2,525,834
Liabilities:
Junior subordinated debentures, net of unamortized deferred issuance costs			$	—					$	—					$	116,974					$	116,974
Derivatives
Interest rate swaps			—						22,336						—						22,336
Interest rate lock and forward sales commitments			—						1,755						—						1,755
			$	—					$	24,091					$	116,974					$	141,065

Schedule of Valuation Technique, Unobservable Input, and Qualitative Information for Unobservable Inputs

The following table provides a description of the valuation technique, unobservable inputs, and qualitative information about the unobservable inputs for certain of the Company’s assets and liabilities classified as Level 3 and measured at fair value on a recurring and non-recurring basis at March 31, 2021 and December 31, 2020:

																		Weighted Average Rate / Range
Financial Instruments						Valuation Techniques						Unobservable Inputs						March 31, 2021						December 31, 2020
Corporate bonds (TPS securities)						Discounted cash flows						Discount rate						4.19		%				4.24		%
Junior subordinated debentures						Discounted cash flows						Discount rate						4.19		%				4.24		%
Loans individually evaluated						Collateral valuations						Discount to appraised value						8.5% to 20.0%						0.0% to 20.0%
REO						Appraisals						Discount to appraised value						68.35		%				51.86		%
Interest rate lock commitments						Pricing model						Pull-through rate						89.15		%				86.35		%

Schedule of Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables provide a reconciliation of the assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the three months ended March 31, 2021 and 2020 (in thousands):

			Three Months Ended
			March 31, 2021
			Level 3 Fair Value Inputs
			TPS Securities						Borrowings—Junior Subordinated Debentures						Interest Rate Lock Commitments
Beginning balance			$	24,980					$	116,974					$	5,221
Total gains or losses recognized
Assets gains (losses)			59						—						(2,284)
Liabilities losses			—						274						—
Ending balance at March 31, 2021			$	25,039					$	117,248					$	2,937
			Three Months Ended
			March 31, 2020
			Level 3 Fair Value Inputs
			TPS Securities						Borrowings—Junior Subordinated Debentures						Interest Rate Lock Commitments
Beginning balance			$	25,636					$	119,304					$	791
Total gains or losses recognized
Assets (losses) gains			(4,596)						—						1,726
Liabilities gains			—						(19,509)						—
Ending balance at March 31, 2020			$	21,040					$	99,795					$	2,517

Schedule of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

The following tables present financial assets measured at fair value on a non-recurring basis and the level within the fair value hierarchy of the fair value measurements for those assets as of March 31, 2021 and December 31, 2020 (in thousands):

			March 31, 2021
			Level 1						Level 2						Level 3						Total
Loans individually evaluated			$	—					$	—					$	627					$	627
REO			—						—						340						340
			December 31, 2020
			Level 1						Level 2						Level 3						Total
Loans individually evaluated			$	—					$	—					$	3,482					$	3,482
REO			—						—						816						816

The following table presents the losses resulting from non-recurring fair value adjustments for the three months ended March 31, 2021 and 2020 (in thousands):

						Three Months Ended March 31,
						2021						2020
Loans individually evaluated						$	302					$	—
REO						—						—
Total loss from non-recurring measurements						$	302					$	—

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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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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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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