FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2022
U.S. Government agency securities	$	62,746	$	—	$	62,746	$	—
U.S. State and Municipal securities		10,238		—		10,238		—
Residential mortgage securities		412,121		—		412,121		—
Commercial mortgage securities		16,208		—		16,208		—
Asset-backed securities		4,415		—		4,415		—
CRA Mutual Fund		2,173		2,173		—		—
Derivative assets - interest rate cap		12,076		—		12,076		—
	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 March 31, 2022	Amount		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		Value
Financial Assets:
Cash and due from banks	$	32,483	$	32,483	$	—	$	—	$	32,483
Overnight deposits		1,381,475		1,381,475		—		—		1,381,475
Securities held-to-maturity		467,893		—		436,825		—		436,825
Loans, net		4,083,309		—		—		4,111,399		4,111,399
Other investments
FRB Stock		11,421		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
Time deposits at banks		498		498		—		—		498
Receivable from prepaid card programs, net		62,129		—		—		62,129		62,129
Accrued interest receivable		16,186		—		765		15,421		16,186
Financial Liabilities:
Non-interest-bearing demand deposits	$	3,176,048	$	3,176,048	$	—	$	—	$	3,176,048
Money market and savings deposits		2,689,424		2,689,424		—		—		2,689,424
Time deposits		73,891		—		73,233		—		73,233
Trust preferred securities payable		20,620		—		—		19,965		19,965
Subordinated debt, net of issuance cost		—		—		—		—		—
Prepaid debit cardholder balances		24,092		—		—		24,092		24,092
Accrued interest payable		297		5		180		112		297
Secured borrowings		32,322		—		32,322		—		32,322

			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