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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024 and December 31, 2023, whether or not recognized or recorded in the Consolidated Statements of Financial Condition (dollars in thousands):

									June 30, 2024												December 31, 2023
			Level						Carrying Value						Estimated Fair Value						Carrying Value						Estimated Fair Value
Assets:
Cash and cash equivalents			1						$	247,458					$	247,458					$	254,464					$	254,464
Securities—available-for-sale			2						2,172,260						2,172,260						2,348,479						2,348,479
Securities—available-for-sale			3						25,433						25,433						25,304						25,304
Securities—held-to-maturity			2						1,016,211						845,924						1,052,028						900,522
Securities—held-to-maturity			3						6,817						6,785						7,027						6,992
Loans held for sale			2						13,421						13,608						11,170						11,219
Loans receivable, net			3						10,991,000						10,597,216						10,660,812						10,250,271
Equity securities			1						362						362						449						449
FHLB stock			3						27,311						27,311						24,028						24,028
Bank-owned life insurance			1						307,948						307,948						304,366						304,366
Mortgage servicing rights			3						13,199						37,702						13,909						35,794
SBA servicing rights			3						811						811						740						740
Investments in limited partnerships			3						13,417						13,417						13,475						13,475
Derivatives:
Interest rate swaps			2						26,682						26,682						15,129						15,129
Interest rate lock and forward sales commitments			2,3						324						324						275						275
Liabilities:
Demand, interest checking and money market accounts			2						8,362,094						8,362,094						8,571,500						8,571,500
Regular savings			2						3,192,036						3,192,036						2,980,530						2,980,530
Certificates of deposit			2						1,525,133						1,513,527						1,477,467						1,465,612
FHLB advances			2						398,000						398,000						323,000						323,000
Other borrowings			2						165,956						165,956						182,877						182,877
Subordinated notes, net			2						89,561						84,492						92,851						85,536
Junior subordinated debentures			3						66,831						66,831						66,413						66,413
Derivatives:
Interest rate swaps			2						43,780						43,780						29,809						29,809
Interest rate lock and forward sales commitments			2,3						1						1						185						185
Risk participation agreement			2						13						13						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 June 30, 2024 and December 31, 2023 (in thousands):

			June 30, 2024
			Level 1						Level 2						Level 3						Total
Assets:
Securities—available-for-sale
U.S. Government and agency obligations			$	—					$	8,554					$	—					$	8,554
Municipal bonds			—						124,789						—						124,789
Corporate bonds			—						95,294						25,433						120,727
Mortgage-backed or related securities			—						1,734,865						—						1,734,865
Asset-backed securities			—						208,758						—						208,758
			—						2,172,260						25,433						2,197,693
Loans held for sale(1)			—						10,147						—						10,147
Equity securities			362						—						—						362
SBA servicing rights			—						—						811						811
Investment in limited partnerships			—						—						13,417						13,417
Derivatives
Interest rate swaps			—						26,682						—						26,682
Interest rate lock and forward sales commitments			—						66						258						324
			$	362					$	2,209,155					$	39,919					$	2,249,436
Liabilities:
Junior subordinated debentures			$	—					$	—					$	66,831					$	66,831
Derivatives
Interest rate swaps			—						43,780						—						43,780
Interest rate lock and forward sales commitments			—						—						1						1
Risk participation agreement			—						13						—						13
			$	—					$	43,793					$	66,832					$	110,625

			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 June 30, 2024 and December 31, 2023:

																		Weighted Average Rate or Range
Financial Instruments						Valuation Technique						Unobservable Inputs						June 30, 2024						December 31, 2023
Corporate bonds (TPS)						Discounted cash flows						Discount rate						10.84		%				10.84		%
Junior subordinated debentures						Discounted cash flows						Discount rate						10.84		%				10.84		%
Loans individually evaluated						Collateral valuations						Discount to appraised value						—% to 80%						8.75% to 25%
Interest rate lock commitments						Pricing model						Pull-through rate						90.92		%				88.24		%
SBA servicing rights						Discounted cash flows						Constant prepayment rate						18.97		%				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 and six months ended June 30, 2024 and 2023 (in thousands):

			Three Months Ended June 30, 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			$	25,357					$	66,586					$	218					$	12,975					$	849
Net change recognized in earnings			65						—						39						(164)						(38)
Net change recognized in accumulated other comprehensive income (AOCI)			11						245						—						—						—
Purchases, issuances and settlements			—						—						—						606						—
Ending balance at June 30, 2024			$	25,433					$	66,831					$	257					$	13,417					$	811
			Six Months Ended June 30, 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			129						—						6						(1,094)						71
Net change recognized in AOCI			—						418						—						—						—
Purchases, issuances and settlements			—						—						—						1,036						—
Ending balance at June 30, 2024			$	25,433					$	66,831					$	257					$	13,417					$	811
			Three Months Ended June 30, 2023
			Level 3 Fair Value Inputs
			TPS						Borrowings—Junior Subordinated Debentures						Interest Rate Lock and Forward Sales Commitments						Investments in Limited Partnerships						SBA Servicing Asset
Beginning balance			$	28,591					$	74,703					$	480					$	12,394					$	954
Net change recognized in earnings			(2,932)						—						(212)						(142)						(109)
Net change recognized in AOCI			—						(7,466)						—						—						—
Purchases, issuances and settlements			—						—						—						524						—
Ending balance at June 30, 2023			$	25,659					$	67,237					$	268					$	12,776					$	845
			Six Months Ended June 30, 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			(3,035)												229						(662)						10
Net change recognized in AOCI									(7,620)						—						—						—
Purchases, issuances and settlements			—						—						—						1,011						—
Ending balance at June 30, 2023			$	25,659					$	67,237					$	268					$	12,776					$	845

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 June 30, 2024 and December 31, 2023 (in thousands):

			June 30, 2024
			Level 1						Level 2						Level 3						Total
Loans individually evaluated			$	—					$	—					$	4,760					$	4,760
Real Estate Owned (REO)			$	—					$	—					$	2,564					$	2,564
			December 31, 2023
			Level 1						Level 2						Level 3						Total
Loans individually evaluated			$	—					$	—					$	8,308					$	8,308
REO			—						—						526						526

Fair Value, Nonrecurring Fair Value Adjustments, Gains and Losses

The following table presents the gains and losses resulting from non-recurring fair value adjustments for the three and six months ended June 30, 2024 and June 30, 2023 (in thousands):
						Three Months Ended June 30,												Six Months Ended June 30,
						2024						2023						2024						2023
Loans individually evaluated						$	347					$	—					$	347					$	—
Loans held for sale						—						(757)						—						(463)
Total loss from non-recurring measurements						$	347					$	(757)					$	347					$	(463)

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Fair Value, Nonrecurring Fair Value Adjustments, Gains and Losses

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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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