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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
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 December 31, 2022 and 2021, whether or not recognized or recorded in the Consolidated Statements of Financial Condition (in thousands):
 December 31, 2022December 31, 2021
 LevelCarrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Assets:    
Cash and cash equivalents1$243,062 $243,062 $2,134,300 $2,134,300 
Securities—trading328,694 28,694 26,981 26,981 
Securities—available-for-sale22,789,031 2,789,031 3,638,993 3,638,993 
Securities—held-to-maturity21,109,319 933,513 464,008 484,483 
Securities—held-to-maturity38,648 8,667 57,347 57,370 
Securities purchased under agreements to resell2300,000 300,000 300,000 300,000 
Loans held for sale256,857 56,948 96,487 96,914 
Loans receivable, net310,005,259 9,810,965 8,952,664 9,100,516 
Equity securities1553 553 1,000 1,298 
FHLB stock312,000 12,000 12,000 12,000 
Bank-owned life insurance1297,565 297,565 244,156 244,156 
Mortgage servicing rights315,331 35,148 16,045 24,393 
SBA servicing rights3835 835 1,161 1,161 
Investments in limited partnerships312,427 12,427 10,257 10,257 
Derivatives:
Interest rate swaps219,339 19,339 20,826 20,826 
Interest rate lock and forward sales commitments2,3142 142 1,555 1,555 
Liabilities:    
Demand, interest checking and money market accounts210,186,439 10,186,439 10,703,586 10,703,586 
Regular savings22,710,090 2,710,090 2,784,716 2,784,716 
Certificates of deposit2723,530 702,581 838,631 836,877 
FHLB advances250,000 50,000 50,000 50,287 
Other borrowings2232,799 232,799 264,490 264,490 
Subordinated notes, net298,947 96,718 98,564 105,241 
Junior subordinated debentures374,857 74,857 119,815 119,815 
Derivatives:
Interest rate swaps237,150 37,150 11,615 11,615 
Interest rate lock and forward sales commitments2,3118 118 140 140 
Risk participation agreement267 67 — — 
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present financial assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy of the fair value measurements for those assets and liabilities as of December 31, 2022 and 2021 (in thousands):
 December 31, 2022
 Level 1Level 2Level 3Total
Assets:    
Securities—trading
Corporate bonds (TPS securities)$— $— $28,694 $28,694 
Securities—available-for-sale    
U.S. Government and agency obligations— 55,108 — 55,108 
Municipal bonds— 261,209 — 261,209 
Corporate bonds— 121,853 — 121,853 
Mortgage-backed or related securities— 2,139,336 — 2,139,336 
Asset-backed securities— 211,525 — 211,525 
 — 2,789,031 — 2,789,031 
Loans held for sale(1)
— 2,305 — 2,305 
Equity securities553 — — 553 
SBA servicing rights— — 835 835 
Investment in limited partnerships— — 12,427 12,427 
Derivatives
Interest rate swaps— 19,339 — 19,339 
Interest rate lock and forward sales commitments— 61 81 142 
 $553 $2,810,736 $42,037 $2,853,326 
Liabilities:    
Junior subordinated debentures$— $— $74,857 $74,857 
Derivatives    
Interest rate swaps— 37,150 — 37,150 
Interest rate lock and forward sales commitments— 76 42 118 
Risk participation agreement— 67 — 67 
 $— $37,293 $74,899 $112,192 
 December 31, 2021
 Level 1Level 2Level 3Total
Assets:    
Securities—trading    
Corporate bonds (TPS securities)$— $— $26,981 $26,981 
Securities—available-for-sale    
U.S. Government and agency obligations— 201,332 — 201,332 
Municipal bonds— 308,612 — 308,612 
Corporate bonds— 117,347 — 117,347 
Mortgage-backed or related securities— 2,805,268 — 2,805,268 
Asset-backed securities— 206,434 — 206,434 
 — 3,638,993 — 3,638,993 
Loans held for sale(1)
— 39,775 — 39,775 
SBA servicing rights— — 1,161 1,161 
Investment in limited partnerships— — 10,257 10,257 
Derivatives    
Interest rate swaps— 20,826 — 20,826 
Interest rate lock and forward sales commitments— 88 1,467 1,555 
 $— $3,699,682 $39,866 $3,739,548 
Liabilities    
Junior subordinated debentures$— $— $119,815 $119,815 
Derivatives    
Interest rate swaps— 11,615 — 11,615 
Interest rate lock and forward sales commitments— 140 — 140 
 $— $11,755 $119,815 $131,570 

(1)    The unpaid principal balance of residential mortgage loans held for sale carried at fair value on a recurring basis was $2.2 million and $38.6 million at December 31, 2022 and 2021, respectively.
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 quantitative and qualitative information about the unobservable inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a recurring and non-recurring basis at December 31, 2022 and 2021:
December 31
20222021
Financial InstrumentsValuation TechniqueUnobservable InputsWeighted Average RateWeighted Average Rate
Corporate bonds (TPS securities)Discounted cash flowsDiscount rate8.27 %3.71 %
Junior subordinated debenturesDiscounted cash flowsDiscount rate8.27 %3.71 %
Loans individually evaluatedCollateral valuationsDiscount to appraised valuen/a
8.5% to 20.0%
REOAppraisalsDiscount to appraised value68.35 %60.91 %
Interest rate lock commitmentsPricing modelPull-through rate78.65 %86.64 %
Investments in limited partnershipsNet Asset ValueInfrequent transactionsn/an/a
SBA servicing rightsDiscounted cash flowsConstant prepayment rate14.10%12.25%
Schedule of Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table provides a reconciliation of the assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the years ended December 31, 2022 and 2021 (in thousands):
Level 3 Fair Value Inputs
 TPS SecuritiesBorrowings— Junior Subordinated DebenturesInterest Rate Lock and Forward Sales CommitmentsInvestments in Limited PartnershipsSBA Servicing Asset
Balance, January 1, 2021$24,980 $116,974 $5,221 $2,819 $— 
Net change recognized in earnings2,001 — (3,754)2,615 1,161 
Net change recognized in AOCI— 11,089 — — — 
Purchases, issuances and settlements— — — 4,823 — 
Redemptions— (8,248)— — — 
Balance, December 31, 202126,981 119,815 1,467 10,257 1,161 
Net change recognized in earnings1,713 — (1,428)(460)(326)
Net change recognized in AOCI— 5,560 — — — 
Purchases, issuances and settlements— — — 2,630 — 
Redemptions— (50,518)— — — 
Balance, December 31, 2022$28,694 $74,857 $39 $12,427 $835 
Schedule of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
The following tables present financial assets and liabilities measured at fair value on a non-recurring basis and the level within the fair value hierarchy of the fair value measurements for those assets at December 31, 2022 and 2021 (in thousands):
 December 31, 2022
 Level 1Level 2Level 3Total
Loans individually evaluated$— $— $1,883 $1,883 
REO— — 340 340 
Loans held for sale— 49,474 — 49,474 
 December 31, 2021
 Level 1Level 2Level 3Total
Loans individually evaluated$— $— $2,989 $2,989 
REO— — 852 852 
fair value, measured on nonrecurring basis, Losses from fair value adjustments
The following table presents the losses resulting from non-recurring fair value adjustments for the years ended December 31, 2022, 2021 and 2020 (in thousands):
For the years ended December 31,
202220212020
Loans individually evaluated$(626)$(303)$(3,482)
REO— — (45)
Loans held for sale(2,538)— — 
Total loss from non-recurring measurements$(3,164)$(303)$(3,527)