FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of Fair Value of Assets and Liabilities

The carrying and estimated fair values of the Company’s financial instruments are as follows:



					Fair Level Measurements Using
(Dollars in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
As of March 31, 2020:
Financial assets:
Cash, cash equivalents and restricted cash	$	123,248	$	123,248	$	123,248	$	—	$	—
Debt securities:
Available for sale	641,474		641,474		—		641,474		—
Held to maturity	9,732		10,132		—		10,132		—
Equity securities	11,970		11,970		—		11,970		—
Loans receivable, net	6,177,657		6,234,531		—		—		6,234,531
Accrued interest receivable	20,823		20,823		2		1,467		19,354
FHLB stock	29,612		N/A		N/A		N/A		N/A
Financial liabilities:
Deposits	$	5,285,376	$	5,317,833	$	1,441,586	$	3,876,247	$	—
FHLB advances	953,694		998,314		—		998,314		—
Junior subordinated deferrable interest debentures	61,857		46,918		—		46,918		—
Senior debt	94,447		103,170		—		103,170		—
Accrued interest payable	2,635		2,635		—		2,635		—
Interest rate swaps	17,674		17,674		—		17,674		—
As of December 31, 2019:
Financial assets:
Cash, cash equivalents and restricted cash	$	91,325	$	91,325	$	91,325	$	—	$	—
Debt securities:
Available for sale	625,074		625,074		—		625,074		—
Held to maturity	10,170		10,349		—		10,349		—
Equity securities	11,782		11,782		—		11,782		—
Loans receivable, net	6,194,976		6,346,496		—		—		6,346,496
Accrued interest receivable	20,814		20,814		26		1,685		19,103
FHLB stock	30,342		N/A		N/A		N/A		N/A
Interest rate swap	1,156		1,156		—		1,156		—
Financial liabilities:
Deposits	$	5,234,717	$	5,253,511	$	1,558,029	$	3,695,482	$	—
FHLB advances	978,702		996,860		—		996,860		—
Junior subordinated deferrable interest debentures	61,857		59,272		—		59,272		—
Senior debt	94,416		99,806		—		99,806		—
Accrued interest payable	2,901		2,901		—		2,901		—
Interest rate swap	746		746		—		746		—

Schedule of Fair Value of Assets Measured on a Recurring Basis

The Company is required or permitted to record the following assets and liabilities at fair value on a recurring basis (dollars in thousands):



Description	Fair Value		Level 1		Level 2		Level 3
As of March 31, 2020:
Financial Assets:
Available for sale debt securities:
Government and Government Sponsored Entities:
Residential MBS and CMOs	$	226,414	$	—	$	226,414	$	—
Commercial MBS and CMOs	358,943		—		358,943		—
Agency bonds	56,117		—		56,117		—
Total available for sale debt securities	$	641,474	$	—	$	641,474	$	—
Equity securities	$	11,970	$	—	$	11,970	$	—
Mortgage servicing rights	$	2,262	$	—	$	—	$	2,262
Financial Liabilities:
Interest rate swaps	$	17,674	$	—	$	17,674	$	—
As of December 31, 2019:
Financial Assets:
Available for sale debt securities:
Government and Government Sponsored Entities:
Residential MBS and CMOs	$	145,192	$	—	$	145,192	$	—
Commercial MBS and CMOs	356,169		—		356,169		—
Agency bonds	123,713		—		123,713		—
Total available for sale debt securities	$	625,074	$	—	$	625,074	$	—
Equity securities	$	11,782	$	—	$	11,782	$	—
Mortgage servicing rights	$	2,657	$	—	$	—	$	2,657
Interest rate swap	$	1,156	$	—	$	1,156	$	—
Financial Liabilities:
Interest rate swap	$	746	$	—	$	746	$	—

Schedule of Fair Value of Liabilities Measured on a Recurring Basis

The Company is required or permitted to record the following assets and liabilities at fair value on a recurring basis (dollars in thousands):



Description	Fair Value		Level 1		Level 2		Level 3
As of March 31, 2020:
Financial Assets:
Available for sale debt securities:
Government and Government Sponsored Entities:
Residential MBS and CMOs	$	226,414	$	—	$	226,414	$	—
Commercial MBS and CMOs	358,943		—		358,943		—
Agency bonds	56,117		—		56,117		—
Total available for sale debt securities	$	641,474	$	—	$	641,474	$	—
Equity securities	$	11,970	$	—	$	11,970	$	—
Mortgage servicing rights	$	2,262	$	—	$	—	$	2,262
Financial Liabilities:
Interest rate swaps	$	17,674	$	—	$	17,674	$	—
As of December 31, 2019:
Financial Assets:
Available for sale debt securities:
Government and Government Sponsored Entities:
Residential MBS and CMOs	$	145,192	$	—	$	145,192	$	—
Commercial MBS and CMOs	356,169		—		356,169		—
Agency bonds	123,713		—		123,713		—
Total available for sale debt securities	$	625,074	$	—	$	625,074	$	—
Equity securities	$	11,782	$	—	$	11,782	$	—
Mortgage servicing rights	$	2,657	$	—	$	—	$	2,657
Interest rate swap	$	1,156	$	—	$	1,156	$	—
Financial Liabilities:
Interest rate swap	$	746	$	—	$	746	$	—

Schedule of Fair Value of Assets Measured on a Nonrecurring Basis

These include assets that are measured at the lower of cost or market value that were recognized at fair value which was below cost at the reporting date (dollars in thousands):



Description	Fair Value		Level 1		Level 2		Level 3
March 31, 2020
Impaired loans:
Single family residential	$	878	$	—	$	—	$	878
December 31, 2019
Impaired loans:
Single family residential	$	790	$	—	$	—	$	790