FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2020:
Financial assets:
Cash, cash equivalents and restricted cash	$	170,197	$	170,197	$	170,197	$	—	$	—
Debt securities:
Available for sale	635,324		635,324		—		635,324		—
Held to maturity	9,400		9,839		—		9,839		—
Equity securities	12,070		12,070		—		12,070		—

Loans receivable, net	6,235,054		6,350,735		—		—		6,350,735
Accrued interest receivable	20,388		20,388		3		1,145		19,240
FHLB stock	29,612		N/A		N/A		N/A		N/A

Financial liabilities:
Deposits	$	5,383,519	$	5,418,120	$	1,762,465	$	3,655,655	$	—
FHLB advances	961,747		1,007,759		—		1,007,759		—
Junior subordinated deferrable interest debentures	61,857		52,968		—		52,968		—
Senior debt	94,478		103,109		—		103,109		—
Accrued interest payable	1,253		1,253		—		1,253		—
Interest rate swaps	14,723		14,723		—		14,723		—
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 June 30, 2020:
Financial Assets:
Available for sale debt securities:
Government and Government Sponsored Entities:
Residential MBS and CMOs	$	261,617	$	—	$	261,617	$	—
Commercial MBS and CMOs	358,011		—		358,011		—
Agency bonds	15,696		—		15,696		—
Total available for sale debt securities	$	635,324	$	—	$	635,324	$	—
Equity securities	$	12,070	$	—	$	12,070	$	—
Mortgage servicing rights	$	2,028	$	—	$	—	$	2,028

Financial Liabilities:
Interest rate swaps	$	14,723	$	—	$	14,723	$	—
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 June 30, 2020:
Financial Assets:
Available for sale debt securities:
Government and Government Sponsored Entities:
Residential MBS and CMOs	$	261,617	$	—	$	261,617	$	—
Commercial MBS and CMOs	358,011		—		358,011		—
Agency bonds	15,696		—		15,696		—
Total available for sale debt securities	$	635,324	$	—	$	635,324	$	—
Equity securities	$	12,070	$	—	$	12,070	$	—
Mortgage servicing rights	$	2,028	$	—	$	—	$	2,028

Financial Liabilities:
Interest rate swaps	$	14,723	$	—	$	14,723	$	—
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
June 30, 2020
Impaired loans:
Single family residential	$	878	$	—	$	—	$	878
December 31, 2019
Impaired loans:
Single family residential	$	790	$	—	$	—	$	790