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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

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

									September 30, 2024												December 31, 2023
			Level						Carrying Value						Estimated Fair Value						Carrying Value						Estimated Fair Value
Assets:
Cash and cash equivalents			1						$	478,795					$	478,795					$	254,464					$	254,464
Securities—available-for-sale			2						2,212,720						2,212,720						2,348,479						2,348,479
Securities—available-for-sale			3						25,219						25,219						25,304						25,304
Securities—held-to-maturity			2						1,007,122						872,530						1,052,028						900,522
Securities—held-to-maturity			3						6,781						6,748						7,027						6,992
Loans held for sale			2						78,841						80,097						11,170						11,219
Loans receivable, net			3						11,070,021						10,845,004						10,660,812						10,250,271
Equity securities			1						443						443						449						449
FHLB stock			3						19,751						19,751						24,028						24,028
Bank-owned life insurance			1						310,400						310,400						304,366						304,366
Mortgage servicing rights			3						12,813						35,069						13,909						35,794
SBA servicing rights			3						790						790						740						740
Investments in limited partnerships			3						13,582						13,582						13,475						13,475
Derivatives:
Interest rate swaps			2						19,189						19,189						15,129						15,129
Interest rate lock and forward sales commitments			2,3						342						342						275						275
Liabilities:
Demand, interest checking and money market accounts			2						8,676,436						8,676,436						8,571,500						8,571,500
Regular savings			2						3,339,859						3,339,859						2,980,530						2,980,530
Certificates of deposit			2						1,521,853						1,516,028						1,477,467						1,465,612
FHLB advances			2						230,000						230,000						323,000						323,000
Other borrowings			2						154,533						154,533						182,877						182,877
Subordinated notes, net			2						80,170						78,904						92,851						85,536
Junior subordinated debentures			3						66,257						66,257						66,413						66,413
Derivatives:
Interest rate swaps			2						30,272						30,272						29,809						29,809
Interest rate lock and forward sales commitments			2,3						15						15						185						185
Risk participation agreement			2						28						28						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 September 30, 2024 and December 31, 2023 (in thousands):

			September 30, 2024
			Level 1						Level 2						Level 3						Total
Assets:
Securities—available-for-sale
U.S. Government and agency obligations			$	—					$	8,485					$	—					$	8,485
Municipal bonds			—						130,136						—						130,136
Corporate bonds			—						98,062						25,219						123,281
Mortgage-backed or related securities			—						1,776,197						—						1,776,197
Asset-backed securities			—						199,840						—						199,840
			—						2,212,720						25,219						2,237,939
Loans held for sale(1)			—						21,984						—						21,984
Equity securities			443						—						—						443
SBA servicing rights			—						—						790						790
Investment in limited partnerships			—						—						13,582						13,582
Derivatives
Interest rate swaps			—						19,189						—						19,189
Interest rate lock and forward sales commitments			—						—						342						342
			$	443					$	2,253,893					$	39,933					$	2,294,269
Liabilities:
Junior subordinated debentures			$	—					$	—					$	66,257					$	66,257
Derivatives
Interest rate swaps			—						30,272						—						30,272
Interest rate lock and forward sales commitments			—						14						1						15
Risk participation agreement			—						28						—						28
			$	—					$	30,314					$	66,258					$	96,572

			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 September 30, 2024 and December 31, 2023:

																		Weighted Average Rate or Range
Financial Instruments						Valuation Technique						Unobservable Inputs						September 30, 2024						December 31, 2023
Corporate bonds (TPS)						Discounted cash flows						Discount rate						10.10		%				10.84		%
Junior subordinated debentures						Discounted cash flows						Discount rate						10.10		%				10.84		%
Loans individually evaluated						Collateral valuations						Discount to appraised value						0.00% to 75.00%						8.75% to 25.00%
Interest rate lock commitments						Pricing model						Pull-through rate						91.02		%				88.24		%
SBA servicing rights						Discounted cash flows						Constant prepayment rate						18.89		%				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 nine months ended September 30, 2024 and 2023 (in thousands):

			Three Months Ended September 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			$	25,433					$	66,831					$	257					$	13,417					$	811
Net change recognized in earnings			66						—						84						(43)						(21)
Net change recognized in accumulated other comprehensive income (AOCI)			(280)						(574)						—						—						—
Purchases, issuances and settlements			—						—						—						208						—
Ending balance at September 30, 2024			$	25,219					$	66,257					$	341					$	13,582					$	790
			Nine Months Ended September 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			195						—						90						(1,137)						50
Net change recognized in AOCI			(280)						(156)						—						—						—
Purchases, issuances and settlements			—						—						—						1,244						—
Ending balance at September 30, 2024			$	25,219					$	66,257					$	341					$	13,582					$	790
			Three Months Ended September 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			$	25,659					$	67,237					$	268					$	12,776					$	845
Net change recognized in earnings			(391)						—						(191)						(268)						(128)
Net change recognized in AOCI			—						(953)						—						—						—
Purchases, issuances and settlements			—						—						—						333						—
Ending balance at September 30, 2023			$	25,268					$	66,284					$	77					$	12,841					$	717
			Nine Months Ended September 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			(3,426)						—						38						(930)						(118)
Net change recognized in AOCI			—						(8,573)						—						—						—
Purchases, issuances and settlements			—						—						—						1,344						—
Ending balance at September 30, 2023			$	25,268					$	66,284					$	77					$	12,841					$	717

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

			September 30, 2024
			Level 1						Level 2						Level 3						Total
Loans individually evaluated			$	—					$	—					$	5,346					$	5,346
Real Estate Owned (REO)			—						—						2,221						2,221
			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 nine months ended September 30, 2024 and September 30, 2023 (in thousands):
						Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
Loans individually evaluated						$	—					$	—					$	(347)					$	—
Loans held for sale						—						(456)						—						(919)
Total loss from non-recurring measurements						$	—					$	(456)					$	(347)					$	(919)

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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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