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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2022

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of Assets and Liabilities measured at fair value on a recurring basis

Assets measured at fair value on a recurring basis are summarized below (in thousands):


		Fair Value Measurement using:
					Quoted Prices
					in Active			Significant
					Markets			Other			Significant
		Carrying			For Identical			Observable			Unobservable
		Amount			Assets (Level 1)			Inputs (Level 2)			Inputs (Level 3)
At June 30, 2022
U.S. Government agency securities		$	61,579		$	—		$	61,579		$	—
U.S. State and Municipal securities			9,666			—			9,666			—
Residential mortgage securities			375,321			—			375,321			—
Commercial mortgage securities			14,984			—			14,984			—
Asset-backed securities			4,111			—			4,111			—
CRA Mutual Fund			2,107			2,107			—			—
Derivative assets - interest rate cap			14,410			—			14,410			—


		Fair Value Measurement using:
					Quoted Prices
					in Active			Significant
					Markets			Other			Significant
		Carrying			For Identical			Observable			Unobservable
		Amount			Assets (Level 1)			Inputs (Level 2)			Inputs (Level 3)

At December 31, 2021
U.S. Government agency securities		$	66,334		$	—		$	66,334		$	—
U.S. State and Municipal securities			11,499			—			11,499			—
Residential mortgage securities			466,551			—			466,551			—
Commercial mortgage securities			17,627			—			17,627			—
Asset-backed securities			4,613			—			4,613			—
CRA Mutual Fund			2,273			2,273			—			—
Derivative assets - interest rate cap			3,385			—			3,385			—

Schedule of carrying amount and estimated fair values of financial instruments

Carrying amounts and estimated fair values of financial instruments carried at amortized cost were as follows (in thousands):


					Fair Value Measurement Using:
					Quoted Prices
					in Active			Significant
					Markets			Other			Significant
		Carrying			For Identical			Observable			Unobservable			Total Fair
At June 30, 2022		Amount			Assets (Level 1)			Inputs (Level 2)			Inputs (Level 3)			Value
Financial Assets:
Cash and due from banks		$	33,143		$	33,143		$	—		$	—		$	33,143
Overnight deposits			1,308,738			1,308,738			—			—			1,308,738
Securities held-to-maturity			530,740			—			485,988			—			485,988
Loans, net			4,334,631			—			—			4,369,905			4,369,905
Other investments
FRB Stock			11,421			N/A			N/A			N/A			N/A
FHLB Stock			4,438			N/A			N/A			N/A			N/A
Disability Fund			1,000			—			1,000			—			1,000
Time deposits at banks			498			498			—			—			498
Receivable from prepaid card programs, net			68,214			—			—			68,214			68,214
Accrued interest receivable			18,203			—			860			17,343			18,203

Financial Liabilities:
Non-interest-bearing demand deposits		$	3,470,325		$	3,470,325		$	—		$	—		$	3,470,325
Money market and savings deposits			2,651,675			2,651,675			—			—			2,651,675
Time deposits			56,400			—			55,361			—			55,361
Trust preferred securities payable			20,620			—			—			19,936			19,936
Subordinated debt, net of issuance cost			—			—			—			—			—
Prepaid debit cardholder balances			23,531			—			—			23,531			23,531
Accrued interest payable			367			4			208			155			367
Secured borrowings			32,044			—			32,044			—			32,044


					Fair Value Measurement Using:
					Quoted Prices
					in Active			Significant
					Markets			Other			Significant
		Carrying			For Identical			Observable			Unobservable			Total Fair
At December 31, 2021		Amount			Assets (Level 1)			Inputs (Level 2)			Inputs (Level 3)			Value
Financial Assets:
Cash and due from banks		$	28,864		$	28,864		$	—		$	—		$	28,864
Overnight deposits			2,330,486			2,330,486			—			—			2,330,486
Securities held-to-maturity			382,099			—			380,108			—			380,108
Loans, net			3,697,200			—			—			3,721,619			3,721,619
Other investments
FRB Stock			7,430			N/A			N/A			N/A			N/A
FHLB Stock			3,070			N/A			N/A			N/A			N/A
Disability Fund			1,000			—			1,000			—			1,000
CRA - CD			498			498			—			—			498
Receivable from prepaid card programs, net			39,864			—			—			39,864			39,864
Accrued interest receivable			15,195			—			892			14,303			15,195

Financial Liabilities:
Non-interest-bearing demand deposits		$	3,668,673		$	3,668,673		$	—		$	—		$	3,668,673
Money market and savings deposits			2,687,913			2,687,913			—			—			2,687,913
Time deposits			78,986			—			79,187			—			79,187
Trust preferred securities payable			20,620			—			—			19,997			19,997
Subordinated debt, net of issuance cost			24,712			—			25,125			—			25,125
Prepaid debit cardholder balances			8,847			—			—			8,847			8,847
Accrued interest payable			746			5			633			108			746
Secured borrowings			32,461			—			32,507			—			32,507