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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Instruments, by Balance Sheet Grouping
The following table presents estimated fair values of the Company’s financial instruments as of June 30, 2021 and December 31, 2020, whether or not measured at fair value in the Consolidated Statements of Financial Condition (dollars in thousands):
 June 30, 2021December 31, 2020
 LevelCarrying
Value
Estimated
Fair Value
Carrying
Value
Estimated
Fair Value
Assets:    
Cash and cash equivalents1$1,467,931 $1,467,931 $1,234,183 $1,234,183 
Securities—trading325,097 25,097 24,980 24,980 
Securities—available-for-sale23,275,979 3,275,979 2,322,593 2,322,593 
Securities—held-to-maturity2436,199 461,203 410,038 436,882 
Securities—held-to-maturity319,167 18,774 11,769 11,799 
Securities purchased under agreements to resell2300,000 300,000 — — 
Loans held for sale271,741 72,221 243,795 245,667 
Loans receivable39,654,181 9,720,998 9,870,982 9,810,293 
FHLB stock314,001 14,001 16,358 16,358 
Bank-owned life insurance1192,677 192,677 191,830 191,830 
Mortgage servicing rights315,612 20,503 15,223 18,084 
Derivatives:
Interest rate swaps
228,038 28,038 39,066 39,066 
Interest rate lock and forward sales commitments
2,33,372 3,372 5,641 5,641 
Liabilities:    
Demand, interest checking and money market accounts210,117,359 10,117,359 9,253,494 9,253,494 
Regular savings22,646,302 2,646,302 2,398,482 2,398,482 
Certificates of deposit2873,047 874,731 915,320 919,920 
FHLB advances2100,000 101,266 150,000 152,779 
Other borrowings2237,736 237,736 184,785 184,785 
Subordinated notes, net398,380 98,380 98,201 98,201 
Junior subordinated debentures3117,520 117,520 116,974 116,974 
Derivatives:
Interest rate swaps
216,466 16,466 22,336 22,336 
Interest rate lock and forward sales commitments
2438 438 1,755 1,755 
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present financial assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy of the fair value measurements for those assets and liabilities as of June 30, 2021 and December 31, 2020 (in thousands):
 June 30, 2021
 Level 1Level 2Level 3Total
Assets:    
Securities—trading    
Corporate bonds (Trust Preferred Securities)$— $— $25,097 $25,097 
Securities—available-for-sale    
U.S. Government and agency obligations— 95,102 — 95,102 
Municipal bonds— 328,666 — 328,666 
Corporate bonds— 272,076 — 272,076 
Mortgage-backed or related securities— 2,501,497 — 2,501,497 
Asset-backed securities— 78,638 — 78,638 
 — 3,275,979 — 3,275,979 
Loans held for sale— 44,762 — 44,762 
Derivatives    
Interest rate swaps— 28,038 — 28,038 
Interest rate lock and forward sales commitments— 798 2,574 3,372 
$— $3,349,577 $27,671 $3,377,248 
Liabilities:    
Junior subordinated debentures
$— $— $117,520 $117,520 
Derivatives    
Interest rate swaps— 16,466 — 16,466 
Interest rate lock and forward sales commitments— 438 — 438 
 $— $16,904 $117,520 $134,424 
 December 31, 2020
 Level 1Level 2Level 3Total
Assets:    
Securities—trading    
Corporate bonds (Trust Preferred Securities)$— $— $24,980 $24,980 
Securities—available-for-sale    
U.S. Government and agency obligations— 141,735 — 141,735 
Municipal bonds— 303,518 — 303,518 
Corporate bonds— 221,769 — 221,769 
Mortgage-backed securities— 1,646,152 — 1,646,152 
Asset-backed securities— 9,419 — 9,419 
 — 2,322,593 — 2,322,593 
Loans held for sale— 133,554 — 133,554 
Derivatives    
Interest rate swaps— 39,066 — 39,066 
Interest rate lock and forward sales commitments— 420 5,221 5,641 
 $— $2,495,633 $30,201 $2,525,834 
Liabilities:    
Junior subordinated debentures, net of unamortized deferred issuance costs
$— $— $116,974 $116,974 
Derivatives    
Interest rate swaps— 22,336 — 22,336 
Interest rate lock and forward sales commitments— 1,755 — 1,755 
 $— $24,091 $116,974 $141,065 
Schedule of Valuation Technique, Unobservable Input, and Qualitative Information for Unobservable Inputs
The following table provides a description of the valuation technique, unobservable inputs, and qualitative information about the unobservable inputs for certain of the Company’s assets and liabilities classified as Level 3 and measured at fair value on a recurring and non-recurring basis at June 30, 2021 and December 31, 2020:
Weighted Average Rate / Range
Financial InstrumentsValuation TechniquesUnobservable InputsJune 30, 2021December 31, 2020
Corporate bonds (TPS securities)Discounted cash flowsDiscount rate4.15 %4.24 %
Junior subordinated debenturesDiscounted cash flowsDiscount rate4.15 %4.24 %
Loans individually evaluatedCollateral valuationsDiscount to appraised value
8.5% to 20.0%
0.0% to 20.0%
REOAppraisalsDiscount to appraised value56.76 %51.86 %
Interest rate lock commitmentsPricing modelPull-through rate89.65 %86.35 %
Schedule of Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables provide a reconciliation of the assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the three and six months ended June 30, 2021 and 2020 (in thousands):
Three Months EndedSix Months Ended
June 30, 2021June 30, 2021
 Level 3 Fair Value InputsLevel 3 Fair Value Inputs
 TPS SecuritiesBorrowings—Junior Subordinated DebenturesInterest Rate Lock CommitmentsTPS SecuritiesBorrowings—
Junior
Subordinated
Debentures
Interest rate lock and forward sales commitments
Beginning balance$25,039 $117,248 $2,937 $24,980 $116,974 $5,221 
Total gains or losses recognized    
Assets gains (losses)58 — (363)117 — (2,647)
Liabilities losses— 272 — 546 — 
Ending balance at June 30, 2021$25,097 $117,520 $2,574 $25,097 $117,520 $2,574 
Three Months EndedSix Months Ended
June 30, 2020June 30, 2020
 Level 3 Fair Value InputsLevel 3 Fair Value Inputs
 TPS SecuritiesBorrowings—Junior Subordinated DebenturesInterest Rate Lock CommitmentsTPS SecuritiesBorrowings—
Junior
Subordinated
Debentures
Interest rate lock and forward sales commitments
Beginning balance$21,040 $99,795 $2,517 $25,636 $119,304 $791 
Total gains or losses recognized    
Assets (losses) gains2,199 — 3,299 (2,397)— 5,025 
Liabilities gains— 9,818 — — (9,691)— 
Ending balance at June 30, 2020$23,239 $109,613 $5,816 $23,239 $109,613 $5,816 
Schedule of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
The following tables present financial assets measured at fair value on a non-recurring basis and the level within the fair value hierarchy of the fair value measurements for those assets as of June 30, 2021 and December 31, 2020 (in thousands):
 June 30, 2021
 Level 1Level 2Level 3Total
Loans individually evaluated$— $— $3,111 $3,111 
REO— — 763 763 
 December 31, 2020
 Level 1Level 2Level 3Total
Loans individually evaluated$— $— $3,482 $3,482 
REO— — 816 816 
The following table presents the losses resulting from non-recurring fair value adjustments for the three and six months ended June 30, 2021 and 2020 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Loans individually evaluated$(1)$(2,000)$(303)$(2,000)
REO— — — — 
Total loss from non-recurring measurements$(1)$(2,000)$(303)$(2,000)