FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes assets and liabilities measured at fair value on a recurring basis as of year-end 2023 and 2022 segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

	December 31, 2023
(In thousands)	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Trading security	$	—	$	—	$	6,142	$	6,142
Available-for-sale securities:
U.S Treasuries	7,981		—		—		7,981
Municipal bonds and obligations	—		63,853		—		63,853
Agency collateralized mortgage obligations	—		347,874		—		347,874
Agency residential mortgage-backed securities	—		417,480		—		417,480
Agency commercial mortgage-backed securities	—		145,326		—		145,326
Corporate bonds	—		35,192		3,923		39,115
Other bonds and obligations	—		656		—		656
Marketable equity securities	13,029		—		—		13,029
Loans held for investment	—		—		374		374
Loans held for sale	—		2,237		—		2,237
Derivative assets	—		45,613		55		45,668
Capitalized servicing rights	—		—		1,526		1,526
Derivative liabilities	—		75,957		—		75,957

	December 31, 2022
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
(In thousands)
Trading security	$	—	$	—	$	6,708	$	6,708
Securities available for sale:
U.S Treasuries	11,973		—		—		11,973
Municipal bonds and obligations	—		63,335		—		63,335
Agency collateralized mortgage obligations	—		531,945		—		531,945
Agency residential mortgage-backed securities	—		546,313		—		546,313
Agency commercial mortgage-backed securities	—		228,468		—		228,468
Corporate bonds	—		36,510		4,000		40,510
Other bonds and obligations	—		656				656
Marketable equity securities	12,856		—		—		12,856
Loans held for investment at fair value	—		—		605		605
Loans held for sale	—		942		—		942
Derivative assets	—		54,216		25		54,241
Capitalized servicing rights	—		—		1,846		1,846
Derivative liabilities	—		97,030		—		97,030

Schedule of Loans Held for Investment and Loans Held for Sale

The cash flow assumptions include payment schedules for loans with current payment histories and estimated collateral value for delinquent loans. All of these loans were nonperforming as of December 31, 2023.

					Aggregate Fair Value
December 31, 2023	Aggregate		Aggregate		Less Aggregate
(In thousands)	Fair Value		Unpaid Principal		Unpaid Principal
Loans held for investment at fair value	$	374	$	8,809	$	(8,435)

					Aggregate Fair Value
December 31, 2022	Aggregate		Aggregate		Less Aggregate
(In thousands)	Fair Value		Unpaid Principal		Unpaid Principal
Loans held for investment at fair value	$	605	$	10,948	$	(10,343)

Loans held for sale. The Company elected the fair value option for all mortgage loans originated for sale ("HFS") that were originated for sale on or after May 1, 2012. Loans HFS are classified as Level 2 as the fair value is based on input factors such as quoted prices for similar loans in active markets.

	Aggregate Fair Value		Aggregate Unpaid Principal		Aggregate Fair Value Less Aggregate Unpaid Principal
December 31, 2023 (In thousands)
Loans held for sale	$	2,237	$	2,205	$	32

	Aggregate Fair Value		Aggregate Unpaid Principal		Aggregate Fair Value Less Aggregate Unpaid Principal
December 31, 2022 (In thousands)
Loans held for sale	$	942	$	927	$	15

Schedule of Changes in Level 3 Assets and Liabilities that were Measured at Fair Value on a Recurring Basis

The table below presents the changes in Level 3 assets that were measured at fair value on a recurring basis at year-end 2023 and 2022:

	Assets (Liabilities)
(In thousands)	Trading Security		Securities Available for Sale		Loans Held for Investment		Commitments to Lend		Forward Commitments		Capitalized Servicing Rights
Balance as of December 31, 2021	$	8,354	$	4,030	$	1,200	$	124	$	134	$	1,966
Unrealized (loss) gain, net recognized in other non-interest income	(828)		—		314		200		(126)		(120)
Unrealized (loss) included in accumulated other comprehensive loss	—		(30)		—		—		—		—
Paydown of asset	(818)		—		(909)		—		—		—
Transfers to loans held for sale	—		—		—		(307)		—		—
Balance as of December 31, 2022	$	6,708	$	4,000	$	605	$	17	$	8	$	1,846
Unrealized gain (loss), net recognized in other non-interest income	294		—		(128)		305		13		(320)
Unrealized (loss) in included in accumulated other comprehensive loss	—		(77)		—		—		—		—
Paydown of asset	(860)		—		(103)		—		—		—
Transfers to loans held for sale	—		—				(288)		—		—
Balance as of December 31, 2023	$	6,142	$	3,923	$	374	$	34	$	21	$	1,526
Unrealized (losses)/gains relating to instruments still held at December 31, 2023	$	(60)	$	(77)	$	—	$	34	$	21	$	—
Unrealized (losses)/gains relating to instruments still held at December 31, 2022	$	(354)	$	—	$	—	$	17	$	8	$	—

Schedule of Quantitative Information about the Significant Unobservable Inputs within Level 3

Quantitative information about the significant unobservable inputs within Level 3 recurring assets/(liabilities) as of December 31, 2023 and 2022 are as follows:

	Fair Value				Significant Unobservable Input Value
(In thousands)	December 31, 2023		Valuation Techniques	Unobservable Inputs
Assets
Trading Security	$	6,142	Discounted Cash Flow	Discount Rate	4.19		%
Securities Available for Sale	3,923		Indication from Market Maker	Price	98.07		%
Loans held for investment	374		Discounted Cash Flow	Discount Rate	25.00		%
				Collateral Value	$0.0 - $18.3
Commitments to Lend	34		Historical Trend	Closing Ratio	84.29		%
			Pricing Model	Origination Costs, per loan	$	3
Forward Commitments	21		Historical Trend	Closing Ratio	84.29		%
			Pricing Model	Origination Costs, per loan	$	3
Capitalized Servicing Rights	1,526		Discounted cash flow	Constant prepayment rate (CPR)	7.63		%
				Discount rate	11.08		%
Total	$	12,020

	Fair Value				Significant Unobservable Input Value
(In thousands)	December 31, 2022		Valuation Techniques	Unobservable Inputs
Assets
Trading Security	$	6,708	Discounted Cash Flow	Discount Rate	5.92		%
Securities Available for Sale	4,000		Indication from Market Maker	Price	100.00		%
Loans held for investment	605		Discounted Cash Flow	Discount Rate	25.00		%
				Collateral Value	$0.0 -$20.4
Commitments to Lend	17		Historical Trend	Closing Ratio	80.63		%
			Pricing Model	Origination Costs, per loan	$	2
Forward Commitments	8		Historical Trend	Closing Ratio	80.63		%
			Pricing Model	Origination Costs, per loan	$	2
Capitalized Servicing Rights	1,846		Discounted cash flow	Constant prepayment rate (CPR)	11.07		%
				Discount rate	9.56		%
Total	$	13,184

The following is a summary of applicable non-recurring fair value measurements. There are no liabilities measured on a non-recurring basis.

	December 31, 2023		Fair Value Measurements as of December 31, 2023
(In thousands)	Level 3 Inputs		Level 3 Inputs
Assets
Individually evaluated loans	$	4,395	December 2023
Capitalized servicing rights	10,569		December 2023
Total	$	14,964

	December 31, 2022		Fair Value Measurements as of December 31, 2022
(In thousands)	Level 3 Inputs		Level 3 Inputs
Assets
Individually evaluated loans	$	14,571	December 2022
Loans held for sale	$	3,369	December 2022
Capitalized servicing rights	11,201		December 2022
Total	$	29,141

Quantitative information about the significant unobservable inputs within Level 3 non-recurring assets as of December 31, 2023 and 2022 are as follows:

(in thousands)	December 31, 2023		Valuation Techniques	Unobservable Inputs	Range (Weighted Average) (a)
Assets
Individually evaluated loans	$	4,395	Fair value of collateral	Discounted Cash Flow- Loss Severity	(100.00)% to (0.08)% ((67.00)%)
				Appraised value	$0 to $3,389 ($2,774)
Capitalized servicing rights	10,569		Discounted cash flow	Constant prepayment rate (CPR)	5.43% to 17.15% 12.31%
				Discount rate	10.09% to 16.59% (13.82%)
Total Assets	$	14,964

(a) Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individual properties.

(in thousands)	December 31, 2022		Valuation Techniques	Unobservable Inputs	Range (Weighted Average) (a)
Assets
Individually evaluated loans	$	14,571	Fair value of collateral	Discounted Cash Flow- Loss Severity	(100.00)% to 74.74% ((40.02)%)
				Appraised value	$0 to $2,160 ($643)
Loans held for sale	3,369		Fair value of collateral	Appraised value	$3,369
Capitalized servicing rights	11,201		Discounted cash flow	Constant prepayment rate (CPR)	5.81% to 13.18% (10.94%)
				Discount rate	9.59% to 22.70% (16.83%)
Total Assets	$	29,141

(a) Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individual properties.

Schedule of Estimated Non-recurring Fair Value of Financial Instruments

The following tables summarize the estimated fair values, which represent exit price, and related carrying amounts, of the Company’s financial instruments. Certain financial instruments and all non-financial instruments are excluded from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein may not necessarily represent the underlying fair value of the Company.

	December 31, 2023
	Carrying Amount		Fair Value
(In thousands)					Level 1		Level 2		Level 3
Financial Assets
Cash and cash equivalents	$	1,203,244	$	1,203,244	$	1,203,244	$	—	$	—
Trading security	6,142		6,142		—		—		6,142
Marketable equity securities	13,029		13,029		13,029		—		—
Securities available for sale	1,022,285		1,022,285		7,981		1,010,381		3,923
Securities held to maturity	543,351		476,228		—		474,742		1,486
FHLB stock and restricted equity securities	22,689		N/A		N/A		N/A		N/A
Net loans	8,934,329		8,768,108		—		—		8,768,108
Loans held for sale	2,237		2,237		—		2,237		—
Accrued interest receivable	53,096		53,096		—		53,096		—
Derivative assets	45,668		45,668		—		45,613		55
Financial Liabilities
Total deposits	10,633,384		10,615,655		—		10,615,655		—
Short-term debt	260,000		260,035		—		260,035		—
Long-term FHLB advances	125,223		123,747		—		123,747		—
Subordinated notes	121,363		98,138		—		98,138		—
Accrued interest payable	13,766		13,766		—		13,766		—
Derivative liabilities	75,957		75,957		—		75,957		—

	December 31, 2022
	Carrying Amount		Fair Value
(In thousands)					Level 1		Level 2		Level 3
Financial Assets
Cash and cash equivalents	$	685,355	$	685,355	$	685,355	$	—	$	—
Trading security	6,708		6,708		—		—		6,708
Marketable equity securities	12,856		12,856		12,856		—		—
Securities available for sale	1,423,200		1,423,200		11,973		1,407,227		4,000
Securities held to maturity	583,453		507,464		—		505,508		1,956
FHLB stock and restricted equity securities	7,219		N/A		N/A		N/A		N/A
Net loans	8,239,039		8,194,110		—		—		8,194,110
Loans held for sale	4,311		4,311		—		942		3,369
Accrued interest receivable	46,868		46,868		—		46,868		—
Derivative assets	54,241		54,241		—		54,216		25
Financial Liabilities
Total deposits	10,327,269		10,283,543		—		10,283,543		—
Short-term debt	—		—		—		—		—
Long-term FHLB advances	4,445		2,782		—		2,782		—
Subordinated notes	121,064		110,853		—		110,853		—
Accrued interest payable	1,610		1,610		—		1,610		—
Derivative liabilities	97,030		97,030		—		97,030		—