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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023, whether or not recognized or recorded in the Consolidated Statements of Financial Condition (dollars in thousands):

									March 31, 2024												December 31, 2023
			Level						Carrying Value						Estimated Fair Value						Carrying Value						Estimated Fair Value
Assets:
Cash and cash equivalents			1						$	209,276					$	209,276					$	254,464					$	254,464
Securities—available-for-sale			2						2,219,582						2,219,582						2,348,479						2,348,479
Securities—available-for-sale			3						25,357						25,357						25,304						25,304
Securities—held-to-maturity			2						1,031,324						862,143						1,052,028						900,522
Securities—held-to-maturity			3						6,988						6,954						7,027						6,992
Loans held for sale			2						9,357						9,441						11,170						11,219
Loans receivable, net			3						10,717,956						10,296,927						10,660,812						10,250,271
Equity securities			1						387						387						449						449
FHLB stock			3						11,741						11,741						24,028						24,028
Bank-owned life insurance			1						306,600						306,600						304,366						304,366
Mortgage servicing rights			3						13,444						36,755						13,909						35,794
SBA servicing rights			3						849						849						740						740
Investments in limited partnerships			3						12,975						12,975						13,475						13,475
Derivatives:
Interest rate swaps			2						22,848						22,848						15,129						15,129
Interest rate lock and forward sales commitments			2,3						285						285						275						275
Liabilities:
Demand, interest checking and money market accounts			2						8,500,958						8,500,958						8,571,500						8,571,500
Regular savings			2						3,171,933						3,171,933						2,980,530						2,980,530
Certificates of deposit			2						1,485,880						1,473,413						1,477,467						1,465,612
FHLB advances			2						52,000						52,000						323,000						323,000
Other borrowings			2						183,341						183,341						182,877						182,877
Subordinated notes, net			2						89,456						86,598						92,851						85,536
Junior subordinated debentures			3						66,586						66,586						66,413						66,413
Derivatives:
Interest rate swaps			2						40,099						40,099						29,809						29,809
Interest rate lock and forward sales commitments			2,3						110						110						185						185
Risk participation agreement			2						18						18						42						42

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, 2024 and December 31, 2023 (in thousands):

			March 31, 2024
			Level 1						Level 2						Level 3						Total
Assets:
Securities—available-for-sale
U.S. Government and agency obligations			$	—					$	8,893					$	—					$	8,893
Municipal bonds			—						127,009						—						127,009
Corporate bonds			—						94,084						25,357						119,441
Mortgage-backed or related securities			—						1,776,385						—						1,776,385
Asset-backed securities			—						213,211						—						213,211
			—						2,219,582						25,357						2,244,939
Loans held for sale(1)			—						7,208						—						7,208
Equity securities			387						—						—						387
SBA servicing rights			—						—						849						849
Investment in limited partnerships			—						—						12,975						12,975
Derivatives
Interest rate swaps			—						22,848						—						22,848
Interest rate lock and forward sales commitments			—						—						285						285
			$	387					$	2,249,638					$	39,466					$	2,289,491
Liabilities:
Junior subordinated debentures			$	—					$	—					$	66,586					$	66,586
Derivatives
Interest rate swaps			—						40,099						—						40,099
Interest rate lock and forward sales commitments			—						43						67						110
Risk participation agreement			—						18						—						18
			$	—					$	40,160					$	66,653					$	106,813

			December 31, 2023
			Level 1						Level 2						Level 3						Total
Assets:
Securities—available-for-sale
U.S. Government and agency obligations			$	—					$	34,189					$	—					$	34,189
Municipal bonds			—						132,905						—						132,905
Corporate bonds			—						93,819						25,304						119,123
Mortgage-backed or related securities			—						1,866,714						—						1,866,714
Asset-backed securities			—						220,852						—						220,852
			—						2,348,479						25,304						2,373,783
Loans held for sale(1)			—						9,105						—						9,105
Equity securities			449						—						—						449
SBA servicing rights			—						—						740						740
Investment in limited partnerships			—						—						13,475						13,475
Derivatives
Interest rate swaps			—						15,129						—						15,129
Interest rate lock and forward sales commitments			—						—						275						275
			$	449					$	2,372,713					$	39,794					$	2,412,956
Liabilities:
Junior subordinated debentures			$	—					$	—					$	66,413					$	66,413
Derivatives
Interest rate swaps			—						29,809						—						29,809
Interest rate lock and forward sales commitments			—						161						24						185
Risk participation agreement			—						42						—						42
			$	—					$	30,012					$	66,437					$	96,449

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 March 31, 2024 and December 31, 2023:

																		Weighted Average Rate or Range
Financial Instruments						Valuation Technique						Unobservable Inputs						March 31, 2024						December 31, 2023
Corporate bonds (TPS)						Discounted cash flows						Discount rate						10.81		%				10.84		%
Junior subordinated debentures						Discounted cash flows						Discount rate						10.81		%				10.84		%
Loans individually evaluated						Collateral valuations						Discount to appraised value						0% to 80%						8.75% to 25%
Interest rate lock commitments						Pricing model						Pull-through rate						91.41		%				88.24		%
SBA servicing rights						Discounted cash flows						Constant prepayment rate						17.92		%				16.92		%

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, 2024 and 2023 (in thousands):

			Three Months Ended
			March 31, 2024
			Level 3 Fair Value Inputs
			TPS Securities						Borrowings—Junior Subordinated Debentures						Interest Rate Lock and Forward Sales Commitments						Investments in Limited Partnerships						SBA Servicing Asset
Beginning balance			$	25,304					$	66,413					$	251					$	13,475					$	740
Net change recognized in earnings			64						—						(33)						(930)						109
Net change recognized in accumulated other comprehensive income (AOCI)			(11)						173						—						—						—
Purchases, issuances and settlements			—						—						—						430						—
Ending balance at March 31, 2024			$	25,357					$	66,586					$	218					$	12,975					$	849
			Three Months Ended
			March 31, 2023
			Level 3 Fair Value Inputs
			TPS Securities						Borrowings—Junior Subordinated Debentures						Interest Rate Lock and Forward Sales Commitments						Investments in Limited Partnerships						SBA Servicing Asset
Beginning balance			$	28,694					$	74,857					$	39					$	12,427					$	835
Net change recognized in earnings			(103)						—						441						(520)						119
Net change recognized in AOCI			—						(154)						—						—						—
Purchases, issuances and settlements			—						—						—						487						—
Ending balance at March 31, 2023			$	28,591					$	74,703					$	480					$	12,394					$	954

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 as of March 31, 2024 and December 31, 2023 (in thousands):

			March 31, 2024
			Level 1						Level 2						Level 3						Total
Loans individually evaluated			$	—					$	—					$	4,484					$	4,484
Real Estate Owned (REO)			$	—					$	—					$	448					$	448
			December 31, 2023
			Level 1						Level 2						Level 3						Total
Loans individually evaluated			$	—					$	—					$	8,308					$	8,308
REO			—						—						526						526

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