HOMESTREET, INC., 10-Q filed on 8/6/2025
Quarterly Report
v3.25.2
Cover - shares
 6 Months Ended
Jun. 30, 2025
Aug. 04, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-35424  
Entity Registrant Name HOMESTREET, INC.  
Entity Incorporation, State or Country Code WA  
Entity Tax Identification Number 91-0186600  
Entity Address, Address Line One 601 Union Street, Suite 2000  
Entity Address, City or Town Seattle  
Entity Address, State or Province WA  
Entity Address, Postal Zip Code 98101  
City Area Code 206  
Local Phone Number 623-3050  
Title of 12(b) Security Common Stock  
Trading Symbol HMST  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Smaller Reporting Company true  
Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   18,920,808
Entity Central Index Key 0001518715  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents $ 201,080 $ 406,600
Investment securities 1,030,981 1,057,006
Loans held for sale ("LHFS") 48,783 20,312
Loans held for investment ("LHFI") (net of allowance for credit losses of $45,806 and $38,743) 5,887,333 6,193,053
Mortgage servicing rights ("MSRs") 100,493 99,466
Premises and equipment, net 44,348 47,201
Other real estate owned ("OREO") 2,820 2,820
Intangible assets 6,184 7,141
Other assets 287,301 290,099
Total assets 7,609,323 8,123,698
Liabilities:    
Deposits 5,857,284 6,413,021
Borrowings 1,040,000 1,000,000
Long-term debt 225,316 225,131
Accounts payable and other liabilities 83,742 88,549
Total liabilities 7,206,342 7,726,701
Commitments and contingencies
Shareholders' equity:    
Common stock, no par value, authorized 160,000,000 shares; issued and outstanding, 18,920,808 shares and 18,857,565 shares 234,026 233,185
Retained earnings 242,136 251,013
Accumulated other comprehensive income (loss) (73,181) (87,201)
Total shareholders' equity 402,981 396,997
Total liabilities and shareholders' equity $ 7,609,323 $ 8,123,698
v3.25.2
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Allowance for credit losses $ 45,806 $ 38,743
Common stock, par value (in dollars per share) $ 0 $ 0
Common stock, shares authorized (in shares) 160,000,000 160,000,000
Common stock, shares issued (in shares) 18,920,808 18,857,565
Common stock, shares outstanding (in shares) 18,920,808 18,857,565
v3.25.2
Consolidated Income Statements - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Interest income:        
Loans $ 71,811 $ 87,323 $ 145,235 $ 173,579
Investment securities 8,596 10,160 17,246 20,874
Cash, Fed Funds and other 2,635 3,640 6,326 9,211
Total interest income 83,042 101,123 168,807 203,664
Interest expense:        
Deposits 34,514 43,535 72,751 86,142
Borrowings 14,658 27,887 28,965 55,670
Total interest expense 49,172 71,422 101,716 141,812
Net interest income 33,870 29,701 67,091 61,852
Provision for credit losses 6,000 0 7,000 0
Net interest income after provision for credit losses 27,870 29,701 60,091 61,852
Noninterest income:        
Net gain on loan origination and sale activities 3,235 3,036 6,451 5,342
Loan servicing income 7,550 3,410 12,408 6,442
Deposit fees 2,116 2,209 4,187 4,450
Other 2,199 4,572 4,190 6,447
Total noninterest income 15,100 13,227 27,236 22,681
Noninterest expense:        
Compensation and benefits 26,014 27,616 52,323 55,627
Information services 7,441 7,580 15,026 14,922
Occupancy 4,868 5,130 9,739 10,564
General, administrative and other 9,428 10,605 19,771 21,982
Total noninterest expense 47,751 50,931 96,859 103,095
Income (loss) before income taxes (4,781) (8,003) (9,532) (18,562)
Income tax (benefit) expense (369) (1,765) (655) (4,827)
Net income (loss) $ (4,412) $ (6,238) $ (8,877) $ (13,735)
Net income (loss) per share:        
Basic (in dollars per share) $ (0.23) $ (0.33) $ (0.47) $ (0.73)
Diluted (in dollars per share) $ (0.23) $ (0.33) $ (0.47) $ (0.73)
Weighted average shares outstanding:        
Basic (in shares) 18,920,808 18,857,566 18,920,808 18,857,218
Diluted (in shares) 18,920,808 18,857,566 18,920,808 18,857,218
v3.25.2
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ (4,412) $ (6,238) $ (8,877) $ (13,735)
Other comprehensive income (loss):        
Unrealized gain (loss) on investment securities available for sale ("AFS") 6,403 (2,505) 14,696 (8,264)
Other comprehensive income (loss) before tax 6,403 (2,505) 14,696 (8,264)
Income tax impact of:        
Unrealized gain (loss) on investment securities AFS 1,237 (620) 3,271 (1,897)
Total 1,237 (620) 3,271 (1,897)
Unrealized disparate impact of deferred tax assets valuation allowance - AOCI 868 0 2,595 0
Other comprehensive income (loss) 6,034 (1,885) 14,020 (6,367)
Total comprehensive income (loss) $ 1,622 $ (8,123) $ 5,143 $ (20,102)
v3.25.2
Consolidated Statements of Shareholders' Equity - USD ($)
$ in Thousands
Total
Common stock
Common stock
Retained earnings
Accumulated other comprehensive income (loss)
Common stock shares outstanding, beginning balance (in shares) at Dec. 31, 2023   18,810,055      
Beginning balance at Dec. 31, 2023 $ 538,387   $ 229,889 $ 395,357 $ (86,859)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) (13,735)     (13,735)  
Share-based compensation expense 1,966   1,966    
Common stock issued - Stock grants (in shares)   60,483      
Common stock issued - Stock grants 0        
Other comprehensive income (loss) (6,367)       (6,367)
Common stock repurchased (in shares)   (12,973)      
Common stock repurchased (134)   (134)    
Common stock shares outstanding, ending balance (in shares) at Jun. 30, 2024   18,857,565      
Ending balance at Jun. 30, 2024 520,117   231,721 381,622 (93,226)
Common stock shares outstanding, beginning balance (in shares) at Mar. 31, 2024   18,857,565      
Beginning balance at Mar. 31, 2024 527,333   230,814 387,860 (91,341)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) (6,238)     (6,238)  
Share-based compensation expense 907   907    
Other comprehensive income (loss) (1,885)       (1,885)
Common stock shares outstanding, ending balance (in shares) at Jun. 30, 2024   18,857,565      
Ending balance at Jun. 30, 2024 $ 520,117   231,721 381,622 (93,226)
Common stock shares outstanding, beginning balance (in shares) at Dec. 31, 2024 18,857,565 18,857,565      
Beginning balance at Dec. 31, 2024 $ 396,997   233,185 251,013 (87,201)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) (8,877)     (8,877)  
Share-based compensation expense 1,200   1,200    
Common stock issued - Stock grants (in shares)   94,688      
Common stock issued - Stock grants 0        
Other comprehensive income (loss) 14,020       14,020
Common stock repurchased (in shares)   (31,445)      
Common stock repurchased $ (359)   (359)    
Common stock shares outstanding, ending balance (in shares) at Jun. 30, 2025 18,920,808 18,920,808      
Ending balance at Jun. 30, 2025 $ 402,981   234,026 242,136 (73,181)
Common stock shares outstanding, beginning balance (in shares) at Mar. 31, 2025   18,920,808      
Beginning balance at Mar. 31, 2025 400,751   233,418 246,548 (79,215)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) (4,412)     (4,412)  
Share-based compensation expense 608   608    
Other comprehensive income (loss) $ 6,034       6,034
Common stock shares outstanding, ending balance (in shares) at Jun. 30, 2025 18,920,808 18,920,808      
Ending balance at Jun. 30, 2025 $ 402,981   $ 234,026 $ 242,136 $ (73,181)
v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (8,877) $ (13,735)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Provision for credit losses 7,000 0
Depreciation and amortization, premises and equipment 2,994 3,339
Amortization of premiums and discounts: investment securities, deposits, debt 1,061 1,104
Operating leases: excess of payments over amortization (1,460) (1,627)
Amortization of finance leases 43 99
Amortization of core deposit intangibles 957 1,250
Amortization of deferred loan fees and costs (845) (238)
Share-based compensation expense 1,200 1,966
Deferred income tax (benefit) expense (676) (7,662)
Origination of LHFS (280,713) (199,488)
Proceeds from sale of LHFS 255,810 191,557
Net fair value adjustment and gain on sale of LHFS (2,030) (1,440)
Origination of MSRs (2,372) (1,927)
Change in fair value of MSRs (1,464) 1,994
Amortization of servicing rights 2,809 2,861
Net decrease (increase) in trading securities (5,869) (1,404)
Decrease (increase) in other assets 7,346 (8,341)
Increase (decrease) in accounts payable and other liabilities (7,204) 2,096
Net cash used in operating activities (32,290) (29,596)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Principal payments on investment securities 45,791 110,008
Proceeds from sale of OREO 0 126
Net (increase) decrease in LHFI 298,019 41,689
Purchases of premises and equipment (149) (6,347)
Proceeds from sale of Federal Home Loan Bank stock 55,343 111,965
Purchases of Federal Home Loan Bank stock (56,385) (134,397)
Net cash provided by investing activities 342,619 123,044
CASH FLOWS FROM FINANCING ACTIVITIES:    
Decrease in deposits, net (555,813) (231,287)
Changes in short-term borrowings, net 40,000 276,000
Proceeds from other long-term borrowings 0 585,000
Repayment of other long-term borrowings 0 (720,000)
Repayment of finance lease principal (36) (94)
Net cash used in financing activities (515,849) (90,381)
Net increase (decrease) in cash and cash equivalents (205,520) 3,067
Cash and cash equivalents, beginning of year 406,600 215,664
Cash and cash equivalents, end of period 201,080 218,731
Cash paid (refunds received) during the period for:    
Interest 103,693 152,038
Federal and state income taxes (4,509) (676)
Non-cash activities:    
Increase in lease assets and lease liabilities 3,027 1,833
Loans transferred from LHFI to LHFS, net 1,538 793
Ginnie Mae loans recognized with the right to repurchase, net 3,521 130
Repurchase of common stock-award shares $ 359 $ 134
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
HomeStreet, Inc., a State of Washington corporation organized in 1921 (the "Corporation"), is a Washington-based diversified financial services holding company whose operations are primarily conducted through its wholly owned subsidiaries (collectively the "Company") HomeStreet Statutory Trusts and HomeStreet Bank (the "Bank"), and the Bank's subsidiaries, Continental Escrow Company, HS Properties, Inc., HS Evergreen Corporate Center LLC, and Union Street Holdings LLC. The Company is principally engaged in commercial banking, mortgage banking and consumer/retail banking activities serving customers in the Western United States.

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from those estimates. Certain amounts in the financial statements from prior periods have been reclassified to conform to the current financial statement presentation.

These unaudited interim financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the periods presented. These adjustments are of a normal recurring nature, unless otherwise disclosed in this Quarterly Report on Form 10-Q. The results of operations in the interim financial statements do not necessarily indicate the results that may be expected for the full year. The interim financial information should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 Annual Report on Form 10-K"), filed with the U.S. Securities and Exchange Commission ("SEC").

Segments

Our chief operating decision maker (“CODM”), the Chief Executive Officer, manages the Company’s business activities as one single operating and reportable segment at the consolidated level. Accordingly, our CODM uses consolidated net income to measure segment profit or loss, allocate resources and assess performance. Further, the CODM reviews and utilizes net interest income, noninterest income and noninterest expenses (compensation and benefits, information services, occupancy and general, administrative and other) at the consolidated level to manage the Company’s operations.

Recent Developments

On March 28, 2025, the Company entered into a definitive merger agreement with Mechanics Bank, whereby the Company and the Bank will merge with and into Mechanics Bank. This merger is expected to close in the third quarter of 2025.

Recent Accounting Developments

In October 2023, the FASB issued ASU 2023-06, "Disclosure Improvements - Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative." The amendments in ASU 2023-06 modify the disclosure or presentation requirements of a variety of Topics in the Codification, with the intention of clarifying or improving them and aligning the requirements in the codification with the SEC's regulations (and will be removed from the SEC regulations). ASU 2023-06 should be adopted prospectively, and the effective date varies and is determined for each individual disclosure based on the effective date of the SEC's removal of the related disclosure. We are assessing the impact of ASU 2023-06 and believe it will not have an impact on the Company's financial position or results of operation as it impacts disclosures only.

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", which expands disclosures in an entity’s income tax rate reconciliation table and taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2024. The adoption of ASU 2023-09 will not have an impact on the Company's financial position or results of operation as it impacts disclosures only. We are assessing the impact on our disclosures.
In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” ASU 2024-03 requires public companies to disclose, in the notes to the financial statements, specific information about certain costs and expenses at each interim and annual reporting period. This includes disclosing amounts related to employee compensation, depreciation, and intangible asset amortization. In addition, public companies will need to provide qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. ASU 2024-03 is effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Implementation of ASU 2024-03 may be applied prospectively or retrospectively. The adoption of ASU 2024-03 will not have an impact on the Company's financial position or results of operation as it impacts disclosures only. We are assessing the impact on our disclosures.
v3.25.2
INVESTMENT SECURITIES
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES INVESTMENT SECURITIES:
The following table sets forth certain information regarding the amortized cost basis and fair values of our investment securities AFS and held-to-maturity ("HTM"): 
At June 30, 2025
(in thousands)Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
AFS
Mortgage backed securities ("MBS"):
Residential$164,411 $201 $(4,652)$159,960 
Commercial54,248 — (5,405)48,843 
Collateralized mortgage obligations ("CMOs"):
Residential325,145 44 (24,475)300,714 
Commercial56,190 — (3,945)52,245 
Municipal bonds426,258 107 (54,783)371,582 
Corporate debt securities31,121 — (5,575)25,546 
U.S. Treasury securities22,129 — (1,631)20,498 
Agency debentures9,448 — (735)8,713 
Total$1,088,950 $352 $(101,201)$988,101 
HTM
   Municipal bonds$2,265 $— $(12)$2,253 

At December 31, 2024
(in thousands)Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
AFS
MBS:
Residential$174,887 $229 $(7,654)$167,462 
Commercial54,620 — (6,978)47,642 
CMOs:
Residential349,348 36 (31,940)317,444 
Commercial59,725 14 (4,794)54,945 
 Municipal bonds433,162 95 (54,998)378,259 
 Corporate debt securities31,136 — (6,192)24,944 
 U.S. Treasury securities22,306 — (2,319)19,987 
 Agency debentures10,320 — (1,044)9,276 
Total$1,135,504 $374 $(115,919)$1,019,959 
HTM
   Municipal bonds
$2,301 $— $(28)$2,273 
At June 30, 2025, and December 31, 2024, the Company held $41 million and $35 million, respectively, of trading securities, consisting of US Treasury notes used as economic hedges of our single family mortgage servicing rights, which are carried at fair value and included within investment securities on the balance sheet. For the quarters ended June 30, 2025 and 2024, the Company had net gains of $0.2 million and net losses of $0.3 million on trading securities, respectively, and for the six months ended June 30, 2025 and 2024, the Company had net gains of $1.0 million and net losses of $0.9 million on trading securities, respectively, which were recorded in servicing income.

MBS and CMOs represent securities issued or guaranteed by government sponsored enterprises ("GSEs"). Most of the MBS and CMO securities in our investment portfolio are guaranteed by Fannie Mae, Ginnie Mae or Freddie Mac. Municipal bonds are comprised of general obligation bonds (i.e., backed by the general credit of the issuer) and revenue bonds (i.e., backed by either collateral or revenues from the specific project being financed) issued by various municipal corporations. As of June 30, 2025 and December 31, 2024, substantially all securities held, including municipal bonds and corporate debt securities, were rated investment grade based upon nationally recognized statistical rating organizations where available and, where not available, based upon internal ratings.

Investment securities AFS that were in an unrealized loss position are presented in the following tables based on the length of time the individual securities have been in an unrealized loss position:

At June 30, 2025
 Less than 12 months12 months or moreTotal
(in thousands)Gross
unrealized
losses		Fair
value		Gross
unrealized
losses		Fair
value		Gross
unrealized
losses		Fair
value
AFS
MBS:
Residential
$(2)$526 $(4,650)$151,754 $(4,652)$152,280 
Commercial— — (5,405)48,843 (5,405)48,843 
CMOs:
Residential(13)11,685 (24,462)268,109 (24,475)279,794 
Commercial(1)3,067 (3,944)49,178 (3,945)52,245 
Municipal bonds(349)15,285 (54,434)343,646 (54,783)358,931 
Corporate debt securities— — (5,575)25,546 (5,575)25,546 
U.S. Treasury securities— — (1,631)20,498 (1,631)20,498 
Agency debentures— — (735)8,713 (735)8,713 
Total$(365)$30,563 $(100,836)$916,287 $(101,201)$946,850 
HTM
Municipal bonds$— $— $(12)$2,253 $(12)$2,253 
At December 31, 2024
 Less than 12 months12 months or moreTotal
(in thousands)Gross
unrealized
losses		Fair
value		Gross
unrealized
losses		Fair
value		Gross
unrealized
losses		Fair
value
AFS
MBS:
Residential$(2)$532 $(7,652)$158,044 $(7,654)$158,576 
Commercial— — (6,978)47,642 (6,978)47,642 
CMOs:
Residential(78)7,481 (31,862)293,297 (31,940)300,778 
Commercial— — (4,794)51,834 (4,794)51,834 
Municipal bonds(810)28,361 (54,188)340,571 (54,998)368,932 
Corporate debt securities— — (6,192)24,944 (6,192)24,944 
U.S. Treasury securities— — (2,319)19,987 (2,319)19,987 
Agency debentures— — (1,044)9,276 (1,044)9,276 
Total$(890)$36,374 $(115,029)$945,595 $(115,919)$981,969 
HTM
Municipal bonds$— $— $(28)$2,273 $(28)$2,273 

The Company has evaluated AFS securities in an unrealized loss position and has determined the decline in value is temporary and is related to the change in market interest rates since purchase. The decline in value is not related to any issuer- or industry-specific credit event. The Company has not identified any expected credit losses on its debt securities as of June 30, 2025 or December 31, 2024. The Company bases this conclusion in part on its periodic review of the credit ratings of the AFS securities or reviews of the financial condition of the issuers. In addition, as of June 30, 2025 and December 31, 2024, the Company had not made a decision to sell any of its debt securities held, nor did the Company consider it more likely than not that it would be required to sell such securities before recovery of their amortized cost basis.

The following tables present the fair value of investment securities AFS and HTM by contractual maturity along with the associated contractual yield:

 At June 30, 2025
 Within one yearAfter one year
through five years		After five years
through ten years		After
ten years		Total
(dollars in thousands)Fair
Value		Weighted
Average
Yield		Fair
Value		Weighted
Average
Yield		Fair
Value		Weighted
Average
Yield		Fair
Value		Weighted
Average
Yield		Fair
Value		Weighted
Average
Yield
AFS          
   Municipal bonds$— — %$39,308 3.54 %$55,342 2.99 %$276,932 2.89 %$371,582 2.97 %
   Corporate debt securities
— — %2,327 1.74 %23,219 4.44 %— — %25,546 4.20 %
   U.S. Treasury securities
— — %20,498 1.19 %— — %— — %20,498 1.19 %
   Agency debentures— — %1,587 2.17 %4,031 2.22 %3,095 2.21 %8,713 2.21 %
Total$— — %$63,720 2.69 %$82,592 3.36 %$280,027 2.88 %$426,339 2.95 %
HTM
   Municipal bonds2,2532.31 %$— — %$— — %$— — %$2,253 2.31 %
 At December 31, 2024
 Within one yearAfter one year
through five years		After five years
through ten years		After
ten years		Total
(dollars in thousands)Fair
Value		Weighted
Average
Yield		Fair
Value		Weighted
Average
Yield		Fair
Value		Weighted
Average
Yield		Fair
Value		Weighted
Average
Yield		Fair
Value		Weighted
Average
Yield
AFS
   Municipal bonds
$— — %$15,531 3.88 %$70,678 2.92 %$292,050 2.93 %$378,259 2.97 %
   Corporate debt securities
— — %2,735 2.08 %22,209 4.27 %— — %$24,944 4.03 %
   U.S. Treasury securities
— — %19,987 1.15 %— — %— — %$19,987 1.15 %
Agency debentures— — %1,770 2.13 %4,442 2.17 %3,064 2.14 %$9,276 2.15 %
Total$— — %$40,023 2.32 %$97,329 3.19 %$295,114 2.92 %$432,466 2.93 %
HTM
   Municipal bonds$2,273 2.29 %$— — %$— — %$— — %$2,273 2.29 %

The weighted-average yield is computed using the contractual coupon of each security weighted based on the fair value of each security. Taxable-equivalent amounts are used where applicable. MBS and CMOs are excluded from the tables above because such securities are not due on a single maturity date. The weighted average yield of MBS and CMOs as of June 30, 2025 and December 31, 2024 was 3.01%.

The following table summarizes the carrying value of securities pledged as collateral to secure public deposits, borrowings and other purposes as permitted or required by law:

(in thousands)At June 30, 2025At December 31, 2024
Federal Reserve Bank to secure borrowings$864,307 $906,475 
Washington, Oregon and California to secure public deposits195,385 195,212 
Other securities pledged1,278 1,334 
Total securities pledged as collateral$1,060,970 $1,103,021 

The Company assesses the creditworthiness of the counterparties that hold the pledged collateral and has determined that these arrangements have little credit risk.

Tax-exempt interest income on investment securities was $2.6 million and $2.8 million for quarters ended June 30, 2025 and 2024, and $5.3 million and $5.6 million for the six months ended June 30, 2025 and 2024, respectively.
v3.25.2
LOANS AND CREDIT QUALITY
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
LOANS AND CREDIT QUALITY LOANS AND CREDIT QUALITY:
The Company's LHFI is divided into two portfolio segments, commercial loans and consumer loans. Within each portfolio segment, the Company monitors and assesses credit risk based on the risk characteristics of each of the following loan classes: non-owner occupied commercial real estate ("CRE"), multifamily, construction and land development, owner occupied CRE and commercial business loans within the commercial loan portfolio segment and single family and home equity and other loans within the consumer loan portfolio segment. LHFI consists of the following:
(in thousands)At June 30, 2025At December 31, 2024
CRE
Non-owner occupied CRE$508,781 $570,750 
Multifamily2,895,342 2,992,675 
Construction/land development425,718 472,740 
Total3,829,841 4,036,165 
Commercial and industrial loans
Owner occupied CRE324,299 361,997 
Commercial business285,612 312,004 
Total
609,911 674,001 
Consumer loans
Single family1,060,566 1,109,095 
Home equity and other432,821 412,535 
Total (1)
1,493,387 1,521,630 
Total LHFI 5,933,139 6,231,796 
Allowance for credit losses ("ACL")(45,806)(38,743)
Total LHFI less ACL
$5,887,333 $6,193,053 
(1)    Includes $1.0 million and $1.3 million of loans at June 30, 2025 and December 31, 2024, respectively, where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes in fair value recognized in the consolidated income statements.

Loans totaling $3.2 billion and $4.0 billion at June 30, 2025 and December 31, 2024, respectively, were pledged to secure borrowings from the Federal Home Loan Bank ("FHLB") and loans totaling $1.9 billion and $1.4 billion at June 30, 2025 and December 31, 2024, respectively, were pledged to secure borrowings from the Federal Reserve Bank of San Francisco ("FRBSF").

Credit Risk Concentrations

LHFI are primarily secured by real estate located in the Pacific Northwest, California and Hawaii. At June 30, 2025, and December 31, 2024 single family loans in the state of Washington represented 13% of the total LHFI portfolio. At June 30, 2025 and December 31, 2024, multifamily loans in California represented 30% of the total LHFI portfolio.

Credit Quality
Management considers the level of ACL to be appropriate to cover credit losses expected over the life of the loans for the LHFI portfolio. The cumulative loss rate used as the basis for the estimate of credit losses is comprised of the Bank’s historical loss experience and eight qualitative factors for current and forecasted periods.
As of June 30, 2025, the historical expected loss rates increased when compared to December 31, 2024 due to adverse risk migration. During the six months ended June 30, 2025, the qualitative factors decreased primarily due to improved collateral conditions. Additionally, over the two-year forecast period in the markets in which it operates, the Bank expects neutral economic forecasts and neutral to improving collateral forecasts.

In addition to the ACL for LHFI, the Company maintains a separate allowance for unfunded loan commitments which is included in accounts payable and other liabilities on our consolidated balance sheets. The allowance for unfunded commitments was $1.1 million at both June 30, 2025 and December 31, 2024.
The Bank has elected to exclude accrued interest receivable from the evaluation of the ACL. Accrued interest on LHFI was $23.5 million and $25.1 million at June 30, 2025 and December 31, 2024, respectively, and was reported in other assets in the consolidated balance sheets.
Activity in the ACL for LHFI and the allowance for unfunded commitments was as follows:
 Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Beginning balance
$39,634 $39,677 $38,743 $40,500 
Provision for credit losses6,1601287,048 370 
Net (charge-offs) recoveries12 (64)15 (1,129)
Ending balance$45,806 $39,741 $45,806 $39,741 
Allowance for unfunded commitments:
Beginning balance$1,258 $1,581 $1,146 $1,823 
Provision for credit losses(160)(128)(48)(370)
Ending balance$1,098 $1,453 $1,098 $1,453 
Provision for credit losses:
Allowance for credit losses - loans$6,160 $128 $7,048 $370 
Allowance for unfunded commitments(160)(128)(48)(370)
Total$6,000 $— $7,000 $— 
Activity in the ACL for LHFI by loan portfolio and loan sub-class was as follows:

Quarter Ended June 30, 2025
(in thousands)Beginning balanceCharge-offsRecoveriesProvision Ending balance
CRE
Non-owner occupied CRE$1,658 $— $— $133 $1,791 
Multifamily13,287 — — 5,661 18,948 
Construction/land development
Multifamily construction468 — — 691 1,159 
CRE construction73 — — (2)71 
Single family construction5,704 — — (504)5,200 
Single family construction to permanent140 — — 10 150 
Total21,330 — — 5,989 27,319 
Commercial and industrial loans
Owner occupied CRE598 — — 12 610 
Commercial business10,648 (20)25 497 11,150 
     Total 11,246 (20)25 509 11,760 
Consumer loans
Single family3,702 — 1 (101)3,602 
Home equity and other3,356 (27)33 (237)3,125 
Total7,058 (27)34 (338)6,727 
Total ACL$39,634 $(47)$59 $6,160 $45,806 

Quarter Ended June 30, 2024
(in thousands)Beginning balanceCharge-offsRecoveriesProvision
Ending balance
CRE
Non-owner occupied CRE$2,131 $— $— $(354)$1,777 
Multifamily18,947 — — (1,877)17,070 
Construction/land development
Multifamily construction1,621 — — 350 1,971 
CRE construction188 — — (153)35 
Single family construction5,578 — — (133)5,445 
Single family construction to permanent435 — — (135)300 
Total28,900 — — (2,302)26,598 
Commercial and industrial loans
Owner occupied CRE836 — — (105)731 
Commercial business2,646 (39)39 2,949 5,595 
     Total 3,482 (39)— 39 — 2,844 — 6,326 
Consumer loans
Single family4,273 — 1 (430)3,844 
Home equity and other3,022 (87)22 16 2,973 
Total7,295 (87)23 (414)6,817 
Total ACL$39,677 $(126)$62 $128 $39,741 
Six Months Ended June 30, 2025
(in thousands)Beginning balanceCharge-offsRecoveriesProvisionEnding balance
CRE
Non-owner occupied CRE$1,739 $— $— $52 $1,791 
Multifamily14,909 — — 4,039 18,948 
Construction/land development
Multifamily construction849 — — 310 1,159 
CRE construction66 — — 5 71 
Single family construction6,737 — — (1,537)5,200 
Single family construction to permanent184 — — (34)150 
Total24,484 — — 2,835 27,319 
Commercial and industrial loans
Owner occupied CRE576 — — 34 610 
Commercial business6,886 (41)50 4,255 11,150 
Total7,462 (41)50 4,289 11,760 
Consumer loans
Single family3,610 — 3 (11)3,602 
Home equity and other3,187 (67)70 (65)3,125 
Total6,797 (67)73 (76)6,727 
Total ACL$38,743 $(108)$123 $7,048 $45,806 



Six Months Ended June 30, 2024
(in thousands)Beginning balanceCharge-offsRecoveriesProvisionEnding balance
CRE
Non-owner occupied CRE$2,610 $— $— $(833)$1,777 
Multifamily13,093 — — 3,977 17,070 
Construction/land development
Multifamily construction3,983 — — (2,012)1,971 
CRE construction189 — — (154)35 
Single family construction7,365 — — (1,920)5,445 
Single family construction to permanent672 — — (372)300 
Total27,912 — — (1,314)26,598 
Commercial and industrial loans
Owner occupied CRE899 — — (168)731 
Commercial business2,950 (1,120)40 3,725 5,595 
Total3,849 (1,120)40 3,557 6,326 
Consumer loans
Single family5,287 — 3 (1,446)3,844 
Home equity and other3,452 (111)59 (427)2,973 
Total8,739 (111)62 (1,873)6,817 
Total ACL$40,500 $(1,231)$102 $370 $39,741 
The following table presents a vintage analysis of the commercial portfolio segment by loan sub-class and risk rating or delinquency status.
At June 30, 2025
(in thousands)20252024202320222021
2020 and prior
RevolvingRevolving-termTotal
COMMERCIAL PORTFOLIO
Non-owner occupied CRE
Pass$3,958 $— $1,411 $69,104 $70,716 $325,125 $(30)$— $470,284 
Special Mention— — — — — 22,483 — — 22,483 
Substandard— — — — — 16,014 — — 16,014 
Total3,958 — 1,411 69,104 70,716 363,622 (30)— 508,781 
Multifamily
Pass6,748 — 76,265 1,506,962 614,383 417,712 — — 2,622,070 
Special Mention— — 15,571 50,387 28,052 61,785 — — 155,795 
Substandard— — 14,504 75,040 1,989 25,944 — — 117,477 
Total6,748 — 106,340 1,632,389 644,424 505,441 — — 2,895,342 
Multifamily construction
Pass— — 34,709 — — — — — 34,709 
Special Mention— — — 10,460 — — — — 10,460 
Substandard— — — — — — — — — 
Total— — 34,709 10,460 — — — — 45,169 
CRE construction
Pass— 737 7,465 — — — — — 8,202 
Special Mention— — — — — — — — — 
Substandard— — — — — 3,771 — — 3,771 
Total— 737 7,465 — — 3,771 — — 11,973 
Single family construction
Pass52,198 86,539 4,487 253 1,489 67 189,625 — 334,658 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total52,198 86,539 4,487 253 1,489 67 189,625 — 334,658 
Single family construction to permanent
Current
1,805 8,318 3,835 12,694 6,667 599 — — 33,918 
Past due:
30-59 days
— — — — — — — — — 
60-89 days
— — — — — — — — — 
90+ days
— — — — — — — — — 
Total1,805 8,318 3,835 12,694 6,667 599 — — 33,918 
Owner occupied CRE
Pass1,746 3,938 8,882 56,735 33,754 177,364 — — 282,419 
Special Mention— — — 6,053 4,442 28,230 — — 38,725 
Substandard— — — 320 1,577 1,258 — — 3,155 
Total1,746 3,938 8,882 63,108 39,773 206,852 — — 324,299 
Commercial business
Pass484 25,311 14,305 18,507 18,593 41,806 120,928 797 240,731 
Special Mention— 364 93 1,035 1,733 2,359 996 — 6,580 
Substandard— 729 361 23,059 — 11,374 2,778 — 38,301 
Total484 26,404 14,759 42,601 20,326 55,539 124,702 797 285,612 
Total commercial portfolio
$66,939 $125,936 $181,888 $1,830,609 $783,395 $1,135,891 $314,297 $797 $4,439,752 
The following table presents a vintage analysis of the consumer portfolio segment by loan sub-class and delinquency status:
At June 30, 2025
(in thousands)20252024202320222021
2020 and prior
RevolvingRevolving-termTotal
CONSUMER PORTFOLIO
Single family
Current
$571 $91 $29,553 $370,811 $296,464 $357,673 $— $— $1,055,163 
Past due:
30-59 days
— — 414 791 — 1,266 — — 2,471 
60-89 days
— — — — — — — — — 
90+ days
— — — 452 103 2,377 — — 2,932 
Total571 91 29,967 372,054 296,567 361,316 — — 1,060,566 
Home equity and other
Current
967 851 735 1,133 84 1,781 420,778 4,614 430,943 
Past due:
30-59 days
— 3 1 — — 38 418 60 520 
60-89 days
— 5 — — — — 305 — 310 
90+ days
— 2 — — — 5 1,041 — 1,048 
Total967 861 736 1,133 84 1,824 422,542 4,674 432,821 
Total consumer portfolio (1)
$1,538 $952 $30,703 $373,187 $296,651 $363,140 $422,542 $4,674 $1,493,387 
Total LHFI$68,477 $126,888 $212,591 $2,203,796 $1,080,046 $1,499,031 $736,839 $5,471 $5,933,139 

(1)    Includes $1.0 million of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes in fair value recognized in the consolidated income statements.
The following table presents a vintage analysis of the commercial portfolio segment by loan sub-class and risk rating or delinquency status:
At December 31, 2024
(in thousands)20242023202220212020
2019 and prior
RevolvingRevolving-termTotal
COMMERCIAL PORTFOLIO
Non-owner occupied CRE
Pass$— $1,441 $70,128 $71,493 $39,885 $347,058 $(36)$— $529,969 
Special Mention— — — — — 24,551 — — 24,551 
Substandard— — — — — 16,230 — — 16,230 
Total— 1,441 70,128 71,493 39,885 387,839 (36)— 570,750 
Multifamily
Pass1,650 106,415 1,538,855 643,044 257,110 255,643 — — 2,802,717 
Special Mention— — 66,217 4,789 73,308 23,835 — — 168,149 
Substandard— — 15,602 — — 6,207 — — 21,809 
Total1,650 106,415 1,620,674 647,833 330,418 285,685 — — 2,992,675 
Multifamily construction
Pass— 31,349 67,557 — — — — — 98,906 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total— 31,349 67,557 — — — — — 98,906 
CRE construction
Pass19 7,198 — — — — — — 7,217 
Special Mention— — — — — — — — — 
Substandard— — — — 3,821 — — — 3,821 
Total19 7,198 — — 3,821 — — — 11,038 
Single family construction
Pass121,305 22,412 5,346 7,252 — 69 164,442 — 320,826 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total121,305 22,412 5,346 7,252 — 69 164,442 — 320,826 
Single family construction to permanent
Current6,153 9,719 17,598 7,977 523 — — — 41,970 
Past due:
30-59 days — — — — — — — — — 
60-89 days — — — — — — — — — 
90+ days — — — — — — — — — 
Total6,153 9,719 17,598 7,977 523 — — — 41,970 
Owner occupied CRE
Pass5,431 10,501 58,423 33,371 41,533 168,082 3 43 317,387 
Special Mention— 1,789 6,129 7,602 317 26,203 — — 42,040 
Substandard— — 331 — — 2,239 — — 2,570 
Total5,431 12,290 64,883 40,973 41,850 196,524 3 43 361,997 
Commercial business
Pass26,706 15,721 36,209 20,347 28,207 28,836 123,003 700 279,729 
Special Mention— — 959 2,380 638 615 386 — 4,978 
Substandard243 406 11,885 — 7,192 4,628 2,920 23 27,297 
Total26,949 16,127 49,053 22,727 36,037 34,079 126,309 723 312,004 
Total commercial portfolio$161,507 $206,951 $1,895,239 $798,255 $452,534 $904,196 $290,718 $766 $4,710,166 
The following table presents a vintage analysis of the consumer portfolio segment by loan sub-class and delinquency status:
At December 31, 2024
(in thousands)20242023202220212020
2019 and prior
RevolvingRevolving-termTotal
CONSUMER PORTFOLIO
Single family
Current
$566 $30,940 $378,613 $303,920 $139,159 $251,322 $— $— $1,104,520 
Past due:
30-59 days
— — 452 — — 1,673 — — 2,125 
60-89 days
— — — — — 440 — — 440 
90+ days
— — — — — 2,010 — — 2,010 
Total 566 30,940 379,065 303,920 139,159 255,445 — — 1,109,095 
Home equity and other
Current
1,606 936 1,528 126 85 1,932 399,531 4,449 410,193 
Past due:
30-59 days
25 4 1 — — — 474 62 566 
60-89 days
— 3 4 — — — 626 — 633 
90+ days
— — — — — 10 1,127 6 1,143 
Total1,631 943 1,533 126 85 1,942 401,758 4,517 412,535 
Total consumer portfolio (1)
$2,197 $31,883 $380,598 $304,046 $139,244 $257,387 $401,758 $4,517 $1,521,630 
Total LHFI$163,704 $238,834 $2,275,837 $1,102,301 $591,778 $1,161,583 $692,476 $5,283 $6,231,796 
(1)    Includes $1.3 million of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes in fair value recognized in the consolidated income statements.

The following tables present a vintage analysis of the commercial and consumer portfolio segment by loan sub-class and gross charge-offs:
At June 30, 2025
(in thousands)20252024202320222021
2020 and prior
RevolvingRevolving-termTotal
COMMERCIAL PORTFOLIO
Commercial business
Gross charge-offs$— $— $— $(21)$— $(20)$— $— $(41)
CONSUMER PORTFOLIO
Home equity and other
Gross charge-offs— (7)(3)— — (1)(56)— (67)
Total LHFI$— $(7)$(3)$(21)$— $(21)$(56)$— $(108)

At December 31, 2024
(in thousands)20242023202220212020
2019 and prior
RevolvingRevolving-termTotal
COMMERCIAL PORTFOLIO
Commercial business
Gross charge-offs$— $— $(276)$(473)$(1,077)$(1,098)$(39)$— $(2,963)
CONSUMER PORTFOLIO
Home equity and other
Gross charge-offs— (24)(16)(1)— — (137)— (178)
Total LHFI$— $(24)$(292)$(474)$(1,077)$(1,098)$(176)$— $(3,141)
Collateral Dependent Loans
The following table presents the amortized cost basis of collateral-dependent loans by loan sub-class and collateral type:
At June 30, 2025
(in thousands)Land1-4 FamilyMultifamilyNon-residential real estateOther non-real estateTotal
CRE
Non-owner occupied CRE$— $— $— $16,014 $— $16,014 
Multifamily
— — 1,915 — — 1,915 
Construction/land development
CRE construction3,771 — — — — 3,771 
   Total
3,771 — 1,915 16,014 — 21,700 
Commercial and industrial loans
Commercial business
4,362 2,882 — — 2,529 9,773 
Consumer loans
Single family
— 832 — — — 832 
  Total collateral-dependent loans$8,133 $3,714 $1,915 $16,014 $2,529 $32,305 
At December 31, 2024
(in thousands)Land1-4 FamilyMultifamilyNon-residential real estateOther non-real estateTotal
CRE
Non-owner occupied CRE$— $— $— $16,230 $— $16,230 
Multifamily
— — 1,915 — — 1,915 
Construction/land development
CRE construction3,821 — — — — 3,821 
   Total
3,821 — 1,915 16,230 — 21,966 
Commercial and industrial loans
Owner occupied CRE— — — 205 — 205 
Commercial business
4,420 2,927 — — 3,269 10,616 
   Total
4,420 2,927 — 205 3,269 10,821 
Consumer loans
Single family
— 832 — — — 832 
Total collateral-dependent loans$8,241 $3,759 $1,915 $16,435 $3,269 $33,619 
Nonaccrual and Past Due Loans
The following table presents nonaccrual status for loans:
At June 30, 2025At December 31, 2024
(in thousands)Nonaccrual with no related ACLTotal NonaccrualNonaccrual with no related ACLTotal Nonaccrual
CRE
Non-owner occupied CRE$16,014 $16,014 $16,230 $16,230 
Multifamily
1,915 1,915 1,915 1,915 
Construction/land development
CRE construction3,771 3,771 3,821 3,821 
   Total
21,700 21,700 21,966 21,966 
Commercial and industrial loans
Owner occupied CRE905 905 1,161 1,161 
        Commercial business9,250 25,214 8,509 25,740 
   Total
10,155 26,119 9,670 26,901 
Consumer loans
Single family
832 3,850 1,106 2,990 
Home equity and other— 3,563 — 3,137 
   Total
832 7,413 1,106 6,127 
Total nonaccrual loans$32,687 $55,232 $32,742 $54,994 

The following tables present an aging analysis of past due loans by loan portfolio segment and loan sub-class:
At June 30, 2025
Past Due and Still Accruing
(in thousands)30-59 days60-89 days90 days or
more		Nonaccrual
Total past
due and nonaccrual (1)
CurrentTotal
loans
CRE
Non-owner occupied CRE$— $— $— $16,014 $16,014 $492,767 $508,781 
Multifamily— — — 1,915 1,915 2,893,427 2,895,342 
Construction/land development
Multifamily construction— — — — — 45,169 45,169 
CRE construction— — — 3,771 3,771 8,202 11,973 
Single family construction— — — — — 334,658 334,658 
Single family construction to permanent— — — — — 33,918 33,918 
Total
— — — 21,700 21,700 3,808,141 3,829,841 
Commercial and industrial loans
Owner occupied CRE254 — — 905 1,159 323,140 324,299 
Commercial business26 — — 25,214 25,240 260,372 285,612 
Total
280 — — 26,119 26,399 583,512 609,911 
Consumer loans
Single family
4,060 2,085 3,737 (2)3,850 13,732 1,046,834 1,060,566 
Home equity and other260 29 — 3,563 3,852 428,969 432,821 
Total
4,320 2,114 3,737 7,413 17,584 1,475,803 1,493,387 (3)
Total loans$4,600 $2,114 $3,737 $55,232 $65,683 $5,867,456 $5,933,139 
%0.08 %0.04 %0.06 %0.93 %1.11 %98.89 %100.00 %
At December 31, 2024
Past Due and Still Accruing
(in thousands)30-59 days60-89 days90 days or
more		Nonaccrual
Total past
due and nonaccrual (1)
CurrentTotal
loans
CRE
Non-owner occupied CRE$— $— $— $16,230 $16,230 $554,520 $570,750 
Multifamily— — — 1,915 1,915 2,990,760 2,992,675 
Construction/land development
Multifamily construction— — — — — 98,906 98,906 
CRE construction— — — 3,821 3,821 7,217 11,038 
Single family construction— — — — — 320,826 320,826 
Single family construction to permanent— — — — — 41,970 41,970 
Total
— — — 21,966 21,966 4,014,199 4,036,165 
Commercial and industrial loans
Owner occupied CRE— — — 1,161 1,161 360,836 361,997 
Commercial business— — — 25,740 25,740 286,264 312,004 
Total
— — — 26,901 26,901 647,100 674,001 
Consumer loans
Single family
4,601 1,096 4,354 (2)2,990 13,041 1,096,054 1,109,095 
Home equity and other344 631 — 3,137 4,112 408,423 412,535 
Total
4,945 1,727 4,354 6,127 17,153 1,504,477 1,521,630 (3)
Total loans$4,945 $1,727 $4,354 $54,994 $66,020 $6,165,776 $6,231,796 
%0.08 %0.03 %0.07 %0.88 %1.06 %98.94 %100.00 %
(1)     Includes loans whose repayments are insured by the FHA or guaranteed by the VA or Small Business Administration ("SBA") of $11.4 million and $11.3 million at June 30, 2025 and December 31, 2024, respectively.
(2)    FHA-insured and VA-guaranteed single family loans that are 90 days or more past due are maintained on accrual status if they are determined to have little to no risk of loss.
(3)    Includes $1.0 million and $1.3 million of loans at June 30, 2025 and December 31, 2024, respectively, where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes in fair value recognized in our consolidated income statements.
Loan Modifications

The Company provides modifications to borrowers experiencing financial difficulty ("MBFD"), which may include delays in payment of amounts due, extension of the terms of the notes or reduction in the interest rates on the notes. In certain instances, the Company may grant more than one type of modification. The granting of modifications for the quarters and six months ended June 30, 2025 and 2024 did not have a material impact on the ACL. The following tables provide information related to loans modified for the quarters and six months ended June 30, 2025 and 2024 to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted:
Significant Payment Delay
Quarter Ended June 30,Six Months Ended June 30,
2025202420252024
(in thousands, except percentages)Amortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing Receivable
Multifamily
$1,915 0.07 %$— — %$1,915 0.07 %$— — %
Commercial business— — %— — %— — %97 0.03 %
Term Extension
Quarter Ended June 30,Six Months Ended June 30,
2025202420252024
(in thousands, except percentages)Amortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing Receivable
Commercial business$996 0.35 %$— — %$996 0.35 %$3,455 0.92 %
Significant Payment Delay and Term Extension
Quarter Ended June 30,Six Months Ended June 30,
2025202420252024
(in thousands, except percentages)Amortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing Receivable
Commercial business$729 0.26 %$— — %$1,840 0.64 %$— — %
Single family318 0.03 %804 0.07 %590 0.06 %1,177 0.03 %
The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty:

Significant Payment Delay
Quarter Ended June 30,Six Months Ended June 30,
2025202420252024
Multifamily
The weighted average duration of loan payments deferred is 0.3 years
—
The weighted average duration of loan payments deferred is 2.0 years
—
Commercial business
The weighted average duration of loan payments deferred is 1.8 years
—
The weighted average duration of loan payments deferred is 3.8 years.
The weighted average duration of loan payments deferred is 2.8 years
Single Family
Provided payment deferrals to borrowers. A weighted average 2.34% of loan balances were capitalized and added to the remaining term of the loan.
Provided payment deferrals to borrowers. A weighted average 1.06% of loan balances were capitalized and added to the remaining term of the loan.
Provided payment deferrals to borrowers. A weighted average 1.67% of loan balances were capitalized and added to the remaining term of the loan.
Provided payment deferrals to borrowers. A weighted average 1.00% of loan balances were capitalized and added to the remaining term of the loan.
Term Extension
Quarter Ended June 30,Six Months Ended June 30,
2025202420252024
Commercial business
Added a weighted average 1.1 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
—
Added a weighted average 2.4 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Added a weighted average 0.4 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Single family
Added a weighted average 5.6 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Added a weighted average 2.8 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Added a weighted average 6.4 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Added a weighted average 3.0 years to the life of loans, which reduced the monthly payment amounts to the borrowers.

Upon determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.
The following table depicts the payment status of loans that were classified as MBFDs on or after April 1, 2024 through March 31, 2025:
Payment Status (Amortized Cost Basis) at June 30, 2025
(in thousands)Current30-89 Days Past Due90+ Days Past Due
Non-owner occupied CRE$18,447 $— $— 
Multifamily— — 1,915 
Construction/land development— — 3,771 
Owner occupied CRE254 — — 
Commercial business2,852 — 4,362 
Single family2,585 176 418 
Total$24,138 $176 $10,466 


The following table depicts the payment status of loans that were classified as MBFDs on or after April 1, 2023 through March 31, 2024:

Payment Status (Amortized Cost Basis) at June 30, 2024
(in thousands)Current30-89 Days Past Due90+ Days Past Due
Non-owner occupied CRE$— $— $16,230 
Construction/land development— — 3,821 
Commercial business1,597 2,708 4,420 
Single family1,155 833 1,417 
Total$2,752 $3,541 $25,888 


The following table provides the amortized cost basis as of June 30, 2025 of MBFDs on or after April 1, 2024 through March 31, 2025 and subsequently had a payment default:

Amortized Cost Basis of Modified Loans That Subsequently Defaulted
Quarter Ended June 30, 2025
(in thousands)Significant Payment DelayTerm ExtensionInterest Rate Reduction and Term ExtensionSignificant Payment Delay and Term ExtensionInterest Rate Reduction, Significant Payment Delay and Term Extension
Owner occupied CRE$— $— $— $254 $— 
Single family— — — 203 — 
Total$— $— $— $457 $— 
The following table provides the amortized cost basis as of June 30, 2024 of MBFDs on or after April 1, 2023 through March 31, 2024 and subsequently had a payment default:
Amortized Cost Basis of Modified Loans That Subsequently Defaulted
Quarter Ended June 30, 2024
(in thousands)Significant Payment DelayTerm ExtensionInterest Rate Reduction and Term ExtensionSignificant Payment Delay and Term ExtensionInterest Rate Reduction, Significant Payment Delay and Term Extension
Commercial business$— $2,708 $— $— $— 
Single family833 — — — — 
Total$833 $2,708 $— $— $— 


The following table provides the amortized cost basis as of June 30, 2025 of MBFDs on or after April 1, 2024 through March 31, 2025 and subsequently had a payment default:

Amortized Cost Basis of Modified Loans That Subsequently Defaulted
Six Months Ended June 30, 2025
(in thousands)Significant Payment DelayTerm ExtensionInterest Rate Reduction and Term ExtensionSignificant Payment Delay and Term ExtensionInterest Rate Reduction, Significant Payment Delay and Term Extension
Owner occupied CRE$— $— $— $254 $— 
Single family— — — 378 — 
Total$— $— $— $632 $— 

The following table provides the amortized cost basis as of June 30, 2024 of MBFDs on or after April 1, 2023 through March 31, 2024 and subsequently had a payment default:
Amortized Cost Basis of Modified Loans That Subsequently Defaulted
Six Months Ended June 30, 2024
(in thousands)Significant Payment DelayTerm ExtensionInterest Rate Reduction and Term ExtensionSignificant Payment Delay and Term ExtensionInterest Rate Reduction, Significant Payment Delay and Term Extension
Non-owner occupied CRE$— $— $— $16,240 $— 
Construction/land development— — — 3,824 — 
Commercial business— 7,128 — — — 
Single family1,074 — — 351 — 
Total$1,074 $7,128 $— $20,415 $— 
v3.25.2
DEPOSITS
 6 Months Ended
Jun. 30, 2025
Deposits Liabilities, Balance Sheet, Reported Amounts [Abstract]  
DEPOSITS DEPOSITS:
Deposit balances, including their weighted average rates, were as follows: 

At June 30, 2025At December 31, 2024
(dollars in thousands)AmountWeighted Average RateAmountWeighted Average Rate
Noninterest-bearing demand deposits$1,203,680 — %$1,195,781 — %
Interest bearing:
Interest-bearing demand deposits 322,151 0.17 %323,112 0.35 %
Savings 233,074 0.06 %229,659 0.06 %
Money market 1,363,793 1.95 %1,396,697 1.72 %
Certificates of deposit
Brokered deposits210,067 4.24 %751,406 4.61 %
Other2,524,519 3.91 %2,516,366 4.37 %
Total interest bearing deposits4,653,604 2.88 %5,217,240 3.31 %
Total deposits$5,857,284 2.30 %$6,413,021 2.65 %

There were $319 million and $315 million in public funds included in deposits at June 30, 2025 and December 31, 2024, respectively.
Certificates of deposit outstanding mature as follows: 

(in thousands)June 30, 2025
Within one year$2,719,131 
One to two years12,117 
Two to three years1,273 
Three to four years868 
Four to five years1,197 
Thereafter— 
Total$2,734,586 
The aggregate amount of certificate of deposits in denominations of more than the FDIC limit of $250 thousand at June 30, 2025 and December 31, 2024 were $277 million and $265 million, respectively.
v3.25.2
DERIVATIVES AND HEDGING ACTIVITIES
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES AND HEDGING ACTIVITIES DERIVATIVES AND HEDGING ACTIVITIES:
To reduce the risk of significant interest rate fluctuations on the value of certain assets and liabilities, such as single family mortgage LHFS and MSRs, the Company utilizes derivatives as economic hedges. The notional amounts and fair values for derivatives, all of which are economic hedges are included in other assets or accounts payable and other liabilities on the consolidated balance sheet, consist of the following: 
At June 30, 2025
Notional amountFair value derivatives
(in thousands) AssetLiability
Forward sale commitments$149,516 $426 $(657)
Interest rate lock commitments39,722 918 (2)
Interest rate swaps204,450 6,583 (6,583)
Total derivatives before netting$393,688 7,927 (7,242)
Netting adjustment/Cash collateral (1)
(6,932)230 
Carrying value on consolidated balance sheet$995 $(7,012)

At December 31, 2024
Notional amountFair value derivatives
(in thousands) AssetLiability
Forward sale commitments$87,912 $237 $(402)
Interest rate lock commitments16,757 175 (49)
Interest rate swaps222,917 10,250 (10,250)
Futures5,200 1 — 
Options5,800 3 — 
Total derivatives before netting$338,586 10,666 (10,701)
Netting adjustment/Cash collateral (1)
(10,388)219 
Carrying value on consolidated balance sheet$278 $(10,482)
(1)    Includes net cash collateral received of $6.7 million and $10.2 million at June 30, 2025 and December 31, 2024, respectively.

The following table presents gross fair value and net carrying value information for derivative instruments:

(in thousands)Gross fair value
Netting adjustments/ Cash collateral (1)
Carrying value
At June 30, 2025
Derivative assets$7,927 $(6,932)$995 
Derivative liabilities(7,242)230 (7,012)
At December 31, 2024
Derivative assets$10,666 $(10,388)$278 
Derivative liabilities(10,701)219 (10,482)
(1)    Includes net cash collateral received of $6.7 million and $10.2 million at June 30, 2025 and December 31, 2024, respectively.
The collateral used under the Company's master netting agreements is typically cash, but securities may be used under agreements with certain counterparties. Receivables related to cash collateral that has been paid to counterparties are included in other assets. Payables related to cash collateral that has been received from counterparties are included in accounts payable and other liabilities. Interest is owed on amounts received from counterparties and we earn interest on cash paid to counterparties. Any securities pledged to counterparties as collateral remain on the consolidated balance sheets. At June 30, 2025 and December 31, 2024, the Company had liabilities of $6.9 million and $10.4 million, respectively, in cash collateral received from counterparties and receivables of $0.2 million and $0.2 million, respectively, in cash collateral paid to counterparties.
The following table presents the net gain (loss) recognized on economic hedge derivatives, within the respective line items in the consolidated income statements for the periods indicated:
 Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Recognized in noninterest income:
Net gain (loss) on loan origination and sale activities (1)
$285 $226 $346 $312 
Loan servicing income (loss) (2)
(272)(225)(81)(725)
Other (3)
— — — 3 
(1)Comprised of forward contracts used as an economic hedge of loans held for sale and interest rate lock commitments ("IRLCs") to customers.
(2)Comprised of futures, US Treasury options and forward contracts used as economic hedges of single family MSRs.
(3)Impact of interest rate swap agreements executed with commercial banking customers and broker dealer counterparties.

The interest income from US Treasury notes securities used for hedging purposes, which is included in interest income on the consolidated income statements, were $0.5 million and $0.3 million for quarters ended June 30, 2025 and 2024, respectively and were $0.9 million and $0.6 million for the six months ended June 30, 2025 and 2024, respectively.
The notional amount of open interest rate swap agreements executed with commercial banking customers and broker dealer counterparties at June 30, 2025 and December 31, 2024 were $204 million and $223 million, respectively.
v3.25.2
MORTGAGE BANKING OPERATIONS
 6 Months Ended
Jun. 30, 2025
Mortgage Banking [Abstract]  
MORTGAGE BANKING OPERATIONS MORTGAGE BANKING OPERATIONS:
LHFS consisted of the following:
 
(in thousands)At June 30, 2025At December 31, 2024
Single family$29,999 $20,312 
CRE, multifamily and SBA18,784 — 
Total$48,783 $20,312 

Loans sold consisted of the following for the periods indicated: 
Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Single family$105,197 $98,081 $187,594 $168,460 
CRE, multifamily and SBA12,894 13,539 67,089 21,735 
Total$118,091 $111,620 $254,683 $190,195 
Gain on loan origination and sale activities, including the effects of derivative risk management instruments, consisted of the following: 
 Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Single family$3,182 $2,718 $5,465 $4,704 
CRE, multifamily and SBA53 318 986 638 
Total$3,235 $3,036 $6,451 $5,342 

The Company's portfolio of loans serviced for others is primarily comprised of loans held in U.S. government and agency MBS issued by Fannie Mae, Freddie Mac and Ginnie Mae. The unpaid principal balance of loans serviced for others is as follows:

(in thousands)At June 30, 2025At December 31, 2024
Single family $5,107,214 $5,179,373 
CRE, multifamily and SBA 1,912,416 1,918,172 
Total$7,019,630 $7,097,545 


The following is a summary of changes in the Company's liability for estimated single-family mortgage repurchase losses:

 Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Balance, beginning of period$999 $1,317 $1,032 $1,481 
Additions, net of adjustments (1)
(223)(20)(326)(148)
Realized (losses) recoveries, net (2)
(28)(95)42 (131)
Balance, end of period$748 $1,202 $748 $1,202 
(1) Includes additions for new loan sales and changes in estimated probable future repurchase losses on previously sold loans.
(2) Includes principal losses and accrued interest on repurchased loans, "make-whole" settlements, settlements with claimants and certain related expenses.

The Company has agreements with certain investors to advance scheduled principal and interest amounts on delinquent loans. Advances are also made to fund the foreclosure and collection costs of delinquent loans prior to the recovery of reimbursable amounts from investors or borrowers. Advances of $1.6 million were recorded in other assets as of both June 30, 2025 and December 31, 2024.

When the Company has the unilateral right to repurchase Ginnie Mae pool loans it has previously sold (generally loans that are more than 90 days past due), the Company records the balance of the loans as other assets and other liabilities. At June 30, 2025 and December 31, 2024, delinquent or defaulted mortgage loans currently in Ginnie Mae pools that the Company has recognized on its consolidated balance sheets totaled $8.6 million and $5.1 million, respectively.
Revenue from mortgage servicing, including the effects of derivative risk management instruments, consisted of the following:
 Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Servicing income, net:
Servicing fees and other$6,348 $6,562 $12,855 $12,916 
Amortization of single family MSRs (1)
(1,598)(1,713)(3,180)(3,141)
Amortization of multifamily and SBA MSRs(1,455)(1,459)(2,809)(2,861)
Total
3,295 3,390 6,866 6,914 
Risk management, single family MSRs:
Changes in fair value of MSRs due to assumptions (2)
4,373 529 4,644 1,147 
Net gain (loss) from economic hedging (3)
(118)(509)898 (1,619)
Total
4,255 20 5,542 (472)
               Loan servicing income $7,550 $3,410 $12,408 $6,442 
(1) Represents changes due to collection/realization of expected cash flows and curtailments.
(2) Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates.
(3)    The interest income from US Treasury notes securities used for hedging purposes, which is included in interest income on the consolidated income statements, was $0.5 million and $0.3 million for quarters ended June 30, 2025 and 2024, respectively, and $0.9 million and $0.6 million for the six months ended June 30, 2025 and 2024, respectively.

The changes in single family MSRs measured at fair value are as follows:

Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Beginning balance$72,285 $74,056 $72,901 $74,249 
Additions and amortization:
Originations
931 853 1,626 1,470 
Amortization (1)
(1,598)(1,713)(3,180)(3,141)
Net additions and amortization
(667)(860)(1,554)(1,671)
Changes in fair value assumptions (2)
4,373 529 4,644 1,147 
Ending balance$75,991 $73,725 $75,991 $73,725 
(1) Represents changes due to collection/realization of expected cash flows and curtailments.
(2) Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates.


Key economic assumptions used in measuring the initial fair value of capitalized single family MSRs were as follows: 

Quarter Ended June 30,Six Months Ended June 30,
(rates per annum) (1)
2025202420252024
Constant prepayment rate ("CPR") (2)
19.24 %17.46 %18.67 %18.28 %
Discount rate 11.28 %10.45 %10.77 %10.33 %
(1) Based on a weighted average.
(2) Represents an expected lifetime average CPR used in the model.
For single family MSRs, we use a discounted cash flow valuation technique which utilizes CPRs and discount rates as significant unobservable inputs as noted in the table below:
At June 30, 2025At December 31, 2024
Range of Inputs
Average (1)
Range of Inputs
Average (1)
CPRs (2)
5.05% - 12.13%
6.82 %
6.00% - 13.50%
6.60 %
Discount Rates
8.69% - 15.85%
9.13 %
10.00% - 17.00%
11.00 %
(1) Weighted averages of all the inputs within the range.
(2) Represents the expected lifetime average CPR used in the model.

To compute hypothetical sensitivities of the value of our single family MSRs to immediate adverse changes in key assumptions, we computed the impact of changes to CPRs and in discount rates as outlined below:

(dollars in thousands)At June 30, 2025
Fair value of single family MSR$75,991 
Expected weighted-average life (in years)8.24
CPR
Impact on fair value of 25 basis points adverse change in interest rates$(1,005)
Impact on fair value of 50 basis points adverse change in interest rates$(2,092)
Discount rate
Impact on fair value of 100 basis points increase$(2,838)
Impact on fair value of 200 basis points increase$(5,642)

The changes in multifamily and SBA MSRs measured at the lower of amortized cost or fair value were as follows: 

Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Beginning balance$25,674 $28,863 $26,565 $29,987 
Originations283 179 746 457 
Amortization(1,455)(1,459)(2,809)(2,861)
Ending balance$24,502 $27,583 $24,502 $27,583 

Key economic assumptions used in measuring the initial fair value of capitalized multifamily MSRs were as follows:
 
Quarter Ended June 30,Six Months Ended June 30,
(rates per annum) (1)
2025202420252024
Discount rate13.10 %13.00 %13.10 %13.00 %
(1)Based on a weighted average.
For multifamily MSRs, we use a discounted cash flow valuation technique which utilizes CPRs and discount rates as significant unobservable inputs as noted in the table below. Multifamily DUS loans typically contain yield maintenance features that significantly reduce loan prepayments, resulting in a CPR of zero for valuation purposes.

At June 30, 2025At December 31, 2024
Range of Inputs
Average (1)
Range of Inputs
Average (1)
Discount Rates
13.00% - 15.00%
13.10 %
13.00% - 15.00%
13.10 %
(1) Weighted averages of all the inputs within the range.
v3.25.2
GUARANTEES AND MORTGAGE REPURCHASE LIABILITY
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
GUARANTEES AND MORTGAGE REPURCHASE LIABILITY GUARANTEES AND MORTGAGE REPURCHASE LIABILITY:
In the ordinary course of business, the Company sells loans through the Fannie Mae Multifamily Delegated Underwriting and Servicing Program ("DUS"®) that are subject to a credit loss sharing arrangement. The Company services the loans for Fannie Mae and shares in the risk of loss with Fannie Mae under the terms of the DUS contracts. Under the DUS program, the Company and Fannie Mae share losses on a pro rata basis, where the Company is responsible for losses incurred up to one-third of the principal balance on each loan with two-thirds of the loss covered by Fannie Mae. For loans that have been sold through this program, a liability is recorded for this loss sharing arrangement under the accounting guidance for guarantees. At June 30, 2025 and December 31, 2024, the total unpaid principal balance of loans sold under this program was $1.8 billion. The Company's reserve liability related to this arrangement totaled $0.9 million and $0.7 million at June 30, 2025 and December 31, 2024, respectively. There were no actual losses incurred under this arrangement during the quarters and six months ended June 30, 2025 and 2024.

In the ordinary course of business, the Company sells residential mortgage loans to GSEs and other entities. Under the terms of these sales agreements, the Company has made representations and warranties that the loans sold meet certain requirements. The Company may be required to repurchase mortgage loans or indemnify loan purchasers due to defects in the origination process of the loan, such as documentation errors, underwriting errors and judgments, early payment defaults and fraud. The total unpaid principal balance of loans sold on a servicing-retained basis that were subject to the terms and conditions of these representations and warranties totaled $5.1 billion and $5.2 billion as of June 30, 2025 and December 31, 2024, respectively.
At June 30, 2025 and December 31, 2024, the Company had recorded a mortgage repurchase liability for loans sold on a servicing-retained and servicing-released basis, included in accounts payable and other liabilities on the consolidated balance sheets of $0.7 million
v3.25.2
EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE:
The following table summarizes the calculation of earnings (loss) per share: 
 Quarter Ended June 30,Six Months Ended June 30,
(in thousands, except share and per share data)2025202420252024
Net income (loss)$(4,412)$(6,238)$(8,877)$(13,735)
Weighted average shares:
Basic weighted-average number of common shares outstanding
18,920,808 18,857,566 18,920,808 18,857,218 
Dilutive effect of outstanding common stock equivalents — — — — 
Diluted weighted-average number of common shares outstanding18,920,808 18,857,566 18,920,808 18,857,218 
Net income (loss) per share:
Basic earnings per share$(0.23)$(0.33)$(0.47)$(0.73)
Diluted earnings per share (1)
(0.23)(0.33)(0.47)(0.73)
(1) Excluded from the computation of diluted earnings per share (due to their antidilutive effect) for the quarters and six months ended June 30, 2025 and 2024 were certain unvested RSUs and PSUs. On a weighted average basis 395,023 and 559,921 unvested stock units convertible into shares of common stock were excluded at June 30, 2025 and 2024, respectively, because their effect would have been anti-dilutive.
v3.25.2
FAIR VALUE MEASUREMENT
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT FAIR VALUE MEASUREMENT:
The term "fair value" is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The Company's approach is to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements.

Fair Value Hierarchy

A three-level valuation hierarchy has been established under ASC 820 for disclosure of fair value measurements. The valuation hierarchy is based on the observability of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The levels are defined as follows:

• Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. This includes quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability for substantially the full term of the financial instrument.
• Level 3 – Unobservable inputs for the asset or liability. These inputs reflect the Company's assumptions of what market participants would use in pricing the asset or liability.
The Company's policy regarding transfers between levels of the fair value hierarchy is that all transfers are assumed to occur at the end of the reporting period.

Estimation of Fair Value
Fair value is based on quoted market prices, when available. In cases where a quoted price for an asset or liability is not available, the Company uses valuation models to estimate fair value. These models incorporate inputs such as forward yield curves, loan prepayment assumptions, expected loss assumptions, market volatilities and pricing spreads utilizing market-based inputs where readily available. The Company believes its valuation methods are appropriate and consistent with those that would be used by other market participants. However, imprecision in estimating unobservable inputs and other factors may result in these fair value measurements not reflecting the amount realized in an actual sale or transfer of the asset or liability in a current market exchange.
The following table summarizes the fair value measurement methodologies, including significant inputs and assumptions and classification of the Company's assets and liabilities valued at fair value on a recurring basis.
Asset/Liability classValuation methodology, inputs and assumptionsClassification
Investment securities
Trading securitiesFair Value is based on quoted prices in an active market.Level 1 recurring fair value measurement.
Investment securities AFS
Observable market prices of identical or similar securities are used where available.Level 2 recurring fair value measurement.
If market prices are not readily available, value is based on discounted cash flows using the following significant inputs:
 
•      Expected prepayment speeds 
•      Estimated credit losses 
•      Market liquidity adjustments
Level 3 recurring fair value measurement.
LHFS
Single family loans, excluding loans transferred from held for investment
Fair value is based on observable market data, including:
 
•       Quoted market prices, where available 
•       Dealer quotes for similar loans 
•       Forward sale commitments
Level 2 recurring fair value measurement.
When not derived from observable market inputs, fair value is based on discounted cash flows, which considers the following inputs:
•       Benchmark yield curve  
•       Estimated discount spread to the benchmark yield curve 
•       Expected prepayment speeds
Estimated fair value classified as Level 3.
Mortgage servicing rights
Single family MSRs
For information on how the Company measures the fair value of its single family MSRs, including key economic assumptions and the sensitivity of fair value to changes in those assumptions, see Note 6, Mortgage Banking Operations.
Level 3 recurring fair value measurement.
Derivatives
Futures and OptionsFair value is based on closing exchange prices.Level 1 recurring fair value measurement.
Forward sale commitments Interest rate swapsFair value is based on quoted prices for identical or similar instruments, when available. When quoted prices are not available, fair value is based on internally developed modeling techniques, which require the use of multiple observable market inputs including:
 
            •       Forward interest rates 
            •       Interest rate volatilities		Level 2 recurring fair value measurement.
IRLC
The fair value considers several factors including:

•       Fair value of the underlying loan based on quoted prices in the secondary market, when available. 
•       Value of servicing
•       Fall-out factor
Level 3 recurring fair value measurement.
The following tables presents the levels of the fair value hierarchy for the Company's assets and liabilities measured at fair value on a recurring basis: 
At June 30, 2025
(in thousands)Fair ValueLevel 1Level 2Level 3
Assets:
Trading securities - U.S. Treasury securities$40,615 $40,615 $— $— 
Investment securities AFS
Mortgage backed securities:
Residential159,960 — 158,293 1,667 
Commercial48,843 — 48,843 — 
Collateralized mortgage obligations:
Residential300,714 — 300,714 — 
Commercial52,245 — 52,245 — 
Municipal bonds371,582 — 371,582 — 
Corporate debt securities25,546 — 25,546 — 
U.S. Treasury securities20,498 — 20,498 — 
Agency debentures8,713 — 8,713 — 
Single family LHFS29,999 — 29,999 — 
Single family LHFI959 — — 959 
Single family mortgage servicing rights 75,991 — — 75,991 
Derivatives
Forward sale commitments426 — 426 — 
Interest rate lock commitments918 — — 918 
Interest rate swaps6,583 — 6,583 — 
Total assets$1,143,592 $40,615 $1,023,442 $79,535 
Liabilities:
Derivatives
Forward sale commitments$657 $— $657 $— 
Interest rate lock commitments2 — — 2 
Interest rate swaps6,583 — 6,583 — 
Total liabilities$7,242 $— $7,240 $2 
At December 31, 2024
(in thousands)Fair ValueLevel 1Level 2Level 3
Assets:
Trading securities - U.S. Treasury securities$34,746 $34,746 $— $— 
Investment securities AFS
Mortgage backed securities:
Residential
167,462 — 165,764 1,698 
Commercial
47,642 — 47,642 — 
Collateralized mortgage obligations:
Residential317,444 — 317,444 — 
Commercial54,945 — 54,945 — 
Municipal bonds378,259 — 378,259 — 
Corporate debt securities24,944 — 24,944 — 
U.S. Treasury securities19,987 — 19,987 — 
Agency debentures9,276 — 9,276 — 
Single family LHFS 20,312 — 20,312 — 
Single family LHFI1,287 — — 1,287 
Single family mortgage servicing rights72,901 — — 72,901 
Derivatives
Futures1 1 — — 
Forward sale commitments237 — 237 — 
Options3 3 — 
Interest rate lock commitments175 — — 175 
Interest rate swaps10,250 — 10,250 — 
Total assets$1,159,871 $34,750 $1,049,060 $76,061 
Liabilities:
Derivatives
Forward sale commitments$402 $— $402 $— 
Interest rate lock commitments49 — — 49 
Interest rate swaps10,250 — 10,250 — 
Total liabilities$10,701 $— $10,652 $49 

There were no transfers between levels of the fair value hierarchy during the quarters and six months ended June 30, 2025 and 2024.

Level 3 Recurring Fair Value Measurements

The Company's Level 3 recurring fair value measurements consist of investment securities AFS, single family MSRs, single family LHFI where fair value option was elected, certain single family LHFS and interest rate lock commitments, which are accounted for as derivatives. For information regarding fair value changes and activity for single family MSRs during the quarter ended and six months ended June 30, 2025 and 2024, see Note 6, Mortgage Banking Operations of this Quarterly Report on Form 10-Q.

The fair value of IRLCs considers several factors, including the fair value in the secondary market of the underlying loan resulting from the exercise of the commitment, the expected net future cash flows related to the associated servicing of the loan (referred to as the value of servicing) and the probability that the commitment will not be converted into a funded loan (referred to as a fall-out factor). The fair value of IRLCs on LHFS, while based on interest rates observable in the market, is highly dependent on the ultimate closing of the loans. The significance of the fall-out factor to the fair value measurement of an individual IRLC is generally highest at the time that the rate lock is initiated and declines as closing procedures are performed and the underlying loan gets closer to funding. The fall-out factor applied is based on historical experience. The value of servicing is impacted by a variety of factors, including prepayment assumptions, discount rates, delinquency rates, contractually specified servicing fees, servicing costs and underlying portfolio characteristics. Because these inputs are not observable in
market trades, the fall-out factor and value of servicing are considered to be Level 3 inputs. The fair value of IRLCs decreases in value upon an increase in the fall-out factor and increases in value upon an increase in the value of servicing. Changes in the fall-out factor and value of servicing do not increase or decrease based on movements in other significant unobservable inputs.

The Company recognizes unrealized gains and losses from the time that an IRLC is initiated until the gain or loss is realized at the time the loan closes, which generally occurs within 30-90 days. For IRLCs that fall out, any unrealized gain or loss is reversed, which generally occurs at the end of the commitment period. The gains and losses recognized on IRLC derivatives generally correlates to volume of single family interest rate lock commitments made during the reporting period (after adjusting for estimated fallout) while the amount of unrealized gains and losses realized at settlement generally correlates to the volume of single family closed loans during the reporting period.

The Company uses the discounted cash flow model to estimate the fair value of certain loans that have been transferred from held for sale to held for investment and single family LHFS when the fair value of the loans is not derived using observable market inputs. The key assumption in the valuation model is the implied spread to benchmark interest rate curve. The implied spread is not directly observable in the market and is derived from third party pricing which is based on market information from comparable loan pools. The fair value estimate of single family loans that have been transferred from held for sale to held for investment are sensitive to changes in the benchmark interest rate which might result in a significantly higher or lower fair value measurement.

The Company transferred certain loans from held for sale to held for investment. These loans were originated as held for sale loans where the Company had elected fair value option. The Company determined these loans to be level 3 recurring assets as the valuation technique included a significant unobservable input. The total amount of held for investment loans where fair value option election was made was $1.0 million and $1.3 million at June 30, 2025 and December 31, 2024, respectively.

The following information presents significant Level 3 unobservable inputs used to measure fair value of certain assets:

(dollars in thousands)Fair ValueValuation
Technique		Significant Unobservable
Inputs		LowHighWeighted Average
June 30, 2025
Investment securities AFS$1,667 Income approach
Implied spread to benchmark interest rate curve
2.25%2.25%2.25%
Single family LHFI959 Income approachImplied spread to benchmark interest rate curve3.17%3.65%3.23%
Interest rate lock commitments, net916 Income approachFall-out factor0.70%22.84%11.84%
Value of servicing0.76%1.41%1.05%
December 31, 2024
Investment securities AFS$1,698 Income approach
Implied spread to benchmark interest rate curve
2.25%2.25%2.25%
Single family LHFI1,287 Income approachImplied spread to benchmark interest rate curve2.94%5.56%3.69%
Interest rate lock commitments, net126 Income approachFall-out factor0.83%29.13%9.28%
Value of servicing0.78%2.15%1.37%

We had no LHFS where the fair value was not derived with significant observable inputs at June 30, 2025 and December 31, 2024.
The following table presents fair value changes and activity for certain Level 3 assets for the periods indicated:

(in thousands)Beginning balanceAdditionsTransfersPayoffs/Sales
Change in mark to market (1)
Ending balance
Quarter Ended June 30, 2025
Investment securities AFS$1,699 $— $— $(50)$18 $1,667 
Single family LHFI1,248 — — (282)(7)959 
Quarter Ended June 30, 2024
Investment securities AFS$1,791 $— $— $(50)$28 $1,769 
Single family LHFI1,285 — — — 1 1,286 
Six Months Ended June 30, 2025
Investment securities AFS$1,698 $— $— $(100)$69 $1,667 
Single family LHFI1,287 — (50)(282)4 959 
Six Months Ended June 30, 2024
Investment securities AFS$1,860 $— $— $(100)$9 $1,769 
Single family LHFI1,280 — — — 6 1,286 
(1) Changes in fair value for single LHFI are recorded in other noninterest income on the consolidated income statements.

The following table presents fair value changes and activity for Level 3 interest rate lock commitments:
Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Beginning balance, net$556 $336 $126 $411 
Total realized/unrealized gains
2,026 1,172 3,873 1,589 
Settlements(1,666)(1,025)(3,083)(1,517)
Ending balance, net$916 $483 $916 $483 

Nonrecurring Fair Value Measurements

Certain assets held by the Company are not included in the tables above, but are measured at fair value on a periodic basis. These assets include certain LHFI and OREO that are carried at the lower of cost or fair value of the underlying collateral, less the estimated costs to sell. The estimated fair values of real estate collateral are generally based on internal evaluations and appraisals of such collateral, which use the market approach and income approach methodologies. We have omitted disclosure related to quantitative inputs given the insignificance of assets measured on a nonrecurring basis.

The fair value of commercial properties is generally based on third-party appraisals that consider recent sales of comparable properties, including their income-generating characteristics, adjusted (generally based on unobservable inputs) to reflect the general assumptions that a market participant would make when analyzing the property for purchase. The Company uses a fair value of collateral technique to apply adjustments to the appraisal value of certain commercial LHFI that are collateralized by real estate.

The Company uses a fair value of collateral technique to apply adjustments to the stated value of certain commercial LHFI that are not collateralized by real estate and to the appraisal value of OREO.

Residential properties are generally based on unadjusted third-party appraisals. Factors considered in determining the fair value include geographic sales trends, the value of comparable surrounding properties as well as the condition of the property.

These adjustments include management assumptions that are based on the type of collateral dependent loan and may increase or decrease an appraised value. Management adjustments vary significantly depending on the location, physical characteristics and income producing potential of each individual property. The quality and volume of market information available at the time of the appraisal can vary from period-to-period and cause significant changes to the nature and magnitude of the unobservable inputs used. Given these variations, changes in these unobservable inputs are generally not a reliable indicator for how fair value will increase or decrease from period to period.
The following table presents assets classified as Level 3 that had changes in their recorded fair value for the periods indicated and what we still held at the end of the respective reporting period:

(in thousands)
Fair Value (1)
Total Gains (Losses)
At or for the Quarter Ended June 30, 2025
      LHFI $1,380 $5 
At or for the Quarter Ended June 30, 2024
LHFI$3,131 $(2,692)
At or for the Six Months Ended June 30, 2025
LHFI $1,380 $26 
At or for the Six Months Ended June 30, 2024
LHFI$3,131 $(2,743)
(1) Represents the carrying value of loans for which adjustments are based on the fair value of the collateral.

Fair Value of Financial Instruments

The following presents the carrying value, estimated fair value and the levels of the fair value hierarchy for the Company's financial instruments other than assets and liabilities measured at fair value on a recurring basis: 

 At June 30, 2025
(in thousands)Carrying
Value		Fair
Value		Level 1Level 2Level 3
Assets:
Cash and cash equivalents$201,080 $201,080 $201,080 $— $— 
Investment securities HTM2,265 2,253 — 2,253 — 
LHFI5,886,374 5,663,119 — — 5,663,119 
LHFS – multifamily and other
18,784 18,795 — 18,795 — 
Mortgage servicing rights – multifamily and SBA24,502 30,339 — — 30,339 
Federal Home Loan Bank stock51,718 51,718 — 51,718 — 
Other assets - GNMA EBO loans8,632 8,632 — — 8,632 
Liabilities:
Certificates of deposit$2,734,586 $2,729,172 $— $2,729,172 $— 
Borrowings1,040,000 1,045,449 — 1,045,449 — 
Long-term debt225,316 191,710 — 191,710 — 
 At December 31, 2024
(in thousands)Carrying
Value		Fair
Value		Level 1Level 2Level 3
Assets:
Cash and cash equivalents $406,600 $406,600 $406,600 $— $— 
Investment securities HTM2,301 2,273 — 2,273 — 
LHFI6,191,766 5,864,426 — — 5,864,426 
Mortgage servicing rights – multifamily and SBA26,565 32,361 — — 32,361 
Federal Home Loan Bank stock50,676 50,676 — 50,676 — 
Other assets-GNMA EBO loans5,111 5,111 — — 5,111 
Liabilities:
Certificates of deposit$3,267,772 $3,262,350 $— $3,262,350 $— 
Borrowings1,000,000 1,001,873 — 1,001,873 — 
Long-term debt225,131 184,124 — 184,124 — 
Fair Value Option

Single family loans held for sale accounted under the fair value option are measured initially at fair value with subsequent changes in fair value recognized in earnings. Gains and losses from such changes in fair value are recognized in net gain on mortgage loan origination and sale activities within noninterest income. The change in fair value of loans held for sale is primarily driven by changes in interest rates subsequent to loan funding and changes in fair value of the related servicing asset, resulting in revaluation adjustments to the recorded fair value. The use of the fair value option allows the change in the fair value of loans to more effectively offset the change in fair value of derivative instruments that are used as economic hedges of loans held for sale.

The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale accounted for under the fair value option:

At June 30, 2025At December 31, 2024
(in thousands)Fair ValueAggregate Unpaid Principal BalanceFair Value Less Aggregated Unpaid Principal BalanceFair ValueAggregate Unpaid Principal BalanceFair Value Less Aggregated Unpaid Principal Balance
Single family LHFS$29,999 $29,256 $743 $20,312 $20,137 $175 
v3.25.2
LOW INCOME HOUSING TAX CREDIT ("LIHTC") INVESTMENTS
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
LOW INCOME HOUSING TAX CREDIT ("LIHTC") INVESTMENTS LIHTC") INVESTMENTS:
The Company has LIHTC investments that are designed to promote qualified affordable housing programs and generate a return primarily through the realization of federal tax credits. The Company accounts for these investments by amortizing the cost of tax credit investments over the life of the investment using a proportional amortization method. The current balances of these investments, which are included in other assets in the consolidated balance sheets, were $34.5 million and $37.3 million as of June 30, 2025 and December 31, 2024, respectively.

The following table presents other information related to the Company’s LIHTC investments for the periods indicated:

Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Tax credits and other tax benefits recognized$1,126 $1,019 $2,823 $2,687 
LIHTC amortization expense1,405 1,367 2,810 2,734 
v3.25.2
SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS:On July 16, 2025, the Company entered into an agreement to sell its Government National Mortgage Association (“Ginnie Mae”) mortgage servicing portfolio to an entity experienced in servicing loans, including Ginnie Mae loans. The principal balance of the loans in the Ginnie Mae servicing portfolio sold under the purchase agreement was $797 million and the value of the related mortgage servicing rights was $15.7 million on June 30, 2025. The sale closed on August 1, 2025 and no gain or loss was recognized.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from those estimates.
Reclassifications Certain amounts in the financial statements from prior periods have been reclassified to conform to the current financial statement presentation.
Segments
Segments

Our chief operating decision maker (“CODM”), the Chief Executive Officer, manages the Company’s business activities as one single operating and reportable segment at the consolidated level. Accordingly, our CODM uses consolidated net income to measure segment profit or loss, allocate resources and assess performance. Further, the CODM reviews and utilizes net interest income, noninterest income and noninterest expenses (compensation and benefits, information services, occupancy and general, administrative and other) at the consolidated level to manage the Company’s operations.

Recent Developments

On March 28, 2025, the Company entered into a definitive merger agreement with Mechanics Bank, whereby the Company and the Bank will merge with and into Mechanics Bank. This merger is expected to close in the third quarter of 2025.
Recent Accounting Developments
Recent Accounting Developments

In October 2023, the FASB issued ASU 2023-06, "Disclosure Improvements - Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative." The amendments in ASU 2023-06 modify the disclosure or presentation requirements of a variety of Topics in the Codification, with the intention of clarifying or improving them and aligning the requirements in the codification with the SEC's regulations (and will be removed from the SEC regulations). ASU 2023-06 should be adopted prospectively, and the effective date varies and is determined for each individual disclosure based on the effective date of the SEC's removal of the related disclosure. We are assessing the impact of ASU 2023-06 and believe it will not have an impact on the Company's financial position or results of operation as it impacts disclosures only.

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", which expands disclosures in an entity’s income tax rate reconciliation table and taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2024. The adoption of ASU 2023-09 will not have an impact on the Company's financial position or results of operation as it impacts disclosures only. We are assessing the impact on our disclosures.
In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” ASU 2024-03 requires public companies to disclose, in the notes to the financial statements, specific information about certain costs and expenses at each interim and annual reporting period. This includes disclosing amounts related to employee compensation, depreciation, and intangible asset amortization. In addition, public companies will need to provide qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. ASU 2024-03 is effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Implementation of ASU 2024-03 may be applied prospectively or retrospectively. The adoption of ASU 2024-03 will not have an impact on the Company's financial position or results of operation as it impacts disclosures only. We are assessing the impact on our disclosures.
Derivatives and Hedging Activities To reduce the risk of significant interest rate fluctuations on the value of certain assets and liabilities, such as single family mortgage LHFS and MSRs, the Company utilizes derivatives as economic hedges.
Fair Value Measurement
The term "fair value" is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The Company's approach is to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements.

Fair Value Hierarchy

A three-level valuation hierarchy has been established under ASC 820 for disclosure of fair value measurements. The valuation hierarchy is based on the observability of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The levels are defined as follows:

• Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. This includes quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability for substantially the full term of the financial instrument.
• Level 3 – Unobservable inputs for the asset or liability. These inputs reflect the Company's assumptions of what market participants would use in pricing the asset or liability.
The Company's policy regarding transfers between levels of the fair value hierarchy is that all transfers are assumed to occur at the end of the reporting period.

Estimation of Fair Value
Fair value is based on quoted market prices, when available. In cases where a quoted price for an asset or liability is not available, the Company uses valuation models to estimate fair value. These models incorporate inputs such as forward yield curves, loan prepayment assumptions, expected loss assumptions, market volatilities and pricing spreads utilizing market-based inputs where readily available. The Company believes its valuation methods are appropriate and consistent with those that would be used by other market participants. However, imprecision in estimating unobservable inputs and other factors may result in these fair value measurements not reflecting the amount realized in an actual sale or transfer of the asset or liability in a current market exchange.
The following table summarizes the fair value measurement methodologies, including significant inputs and assumptions and classification of the Company's assets and liabilities valued at fair value on a recurring basis.
Asset/Liability classValuation methodology, inputs and assumptionsClassification
Investment securities
Trading securitiesFair Value is based on quoted prices in an active market.Level 1 recurring fair value measurement.
Investment securities AFS
Observable market prices of identical or similar securities are used where available.Level 2 recurring fair value measurement.
If market prices are not readily available, value is based on discounted cash flows using the following significant inputs:
 
•      Expected prepayment speeds 
•      Estimated credit losses 
•      Market liquidity adjustments
Level 3 recurring fair value measurement.
LHFS
Single family loans, excluding loans transferred from held for investment
Fair value is based on observable market data, including:
 
•       Quoted market prices, where available 
•       Dealer quotes for similar loans 
•       Forward sale commitments
Level 2 recurring fair value measurement.
When not derived from observable market inputs, fair value is based on discounted cash flows, which considers the following inputs:
•       Benchmark yield curve  
•       Estimated discount spread to the benchmark yield curve 
•       Expected prepayment speeds
Estimated fair value classified as Level 3.
Mortgage servicing rights
Single family MSRs
For information on how the Company measures the fair value of its single family MSRs, including key economic assumptions and the sensitivity of fair value to changes in those assumptions, see Note 6, Mortgage Banking Operations.
Level 3 recurring fair value measurement.
Derivatives
Futures and OptionsFair value is based on closing exchange prices.Level 1 recurring fair value measurement.
Forward sale commitments Interest rate swapsFair value is based on quoted prices for identical or similar instruments, when available. When quoted prices are not available, fair value is based on internally developed modeling techniques, which require the use of multiple observable market inputs including:
 
            •       Forward interest rates 
            •       Interest rate volatilities		Level 2 recurring fair value measurement.
IRLC
The fair value considers several factors including:

•       Fair value of the underlying loan based on quoted prices in the secondary market, when available. 
•       Value of servicing
•       Fall-out factor
Level 3 recurring fair value measurement.
v3.25.2
INVESTMENT SECURITIES (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Fair Value of Available-for-Sale Securities
The following table sets forth certain information regarding the amortized cost basis and fair values of our investment securities AFS and held-to-maturity ("HTM"): 
At June 30, 2025
(in thousands)Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
AFS
Mortgage backed securities ("MBS"):
Residential$164,411 $201 $(4,652)$159,960 
Commercial54,248 — (5,405)48,843 
Collateralized mortgage obligations ("CMOs"):
Residential325,145 44 (24,475)300,714 
Commercial56,190 — (3,945)52,245 
Municipal bonds426,258 107 (54,783)371,582 
Corporate debt securities31,121 — (5,575)25,546 
U.S. Treasury securities22,129 — (1,631)20,498 
Agency debentures9,448 — (735)8,713 
Total$1,088,950 $352 $(101,201)$988,101 
HTM
   Municipal bonds$2,265 $— $(12)$2,253 

At December 31, 2024
(in thousands)Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
AFS
MBS:
Residential$174,887 $229 $(7,654)$167,462 
Commercial54,620 — (6,978)47,642 
CMOs:
Residential349,348 36 (31,940)317,444 
Commercial59,725 14 (4,794)54,945 
 Municipal bonds433,162 95 (54,998)378,259 
 Corporate debt securities31,136 — (6,192)24,944 
 U.S. Treasury securities22,306 — (2,319)19,987 
 Agency debentures10,320 — (1,044)9,276 
Total$1,135,504 $374 $(115,919)$1,019,959 
HTM
   Municipal bonds
$2,301 $— $(28)$2,273 
Amortized Cost and Fair Value of Held-to-Maturity Securities
The following table sets forth certain information regarding the amortized cost basis and fair values of our investment securities AFS and held-to-maturity ("HTM"): 
At June 30, 2025
(in thousands)Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
AFS
Mortgage backed securities ("MBS"):
Residential$164,411 $201 $(4,652)$159,960 
Commercial54,248 — (5,405)48,843 
Collateralized mortgage obligations ("CMOs"):
Residential325,145 44 (24,475)300,714 
Commercial56,190 — (3,945)52,245 
Municipal bonds426,258 107 (54,783)371,582 
Corporate debt securities31,121 — (5,575)25,546 
U.S. Treasury securities22,129 — (1,631)20,498 
Agency debentures9,448 — (735)8,713 
Total$1,088,950 $352 $(101,201)$988,101 
HTM
   Municipal bonds$2,265 $— $(12)$2,253 

At December 31, 2024
(in thousands)Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
AFS
MBS:
Residential$174,887 $229 $(7,654)$167,462 
Commercial54,620 — (6,978)47,642 
CMOs:
Residential349,348 36 (31,940)317,444 
Commercial59,725 14 (4,794)54,945 
 Municipal bonds433,162 95 (54,998)378,259 
 Corporate debt securities31,136 — (6,192)24,944 
 U.S. Treasury securities22,306 — (2,319)19,987 
 Agency debentures10,320 — (1,044)9,276 
Total$1,135,504 $374 $(115,919)$1,019,959 
HTM
   Municipal bonds
$2,301 $— $(28)$2,273 
Unrealized Gain (Loss) on Investments
Investment securities AFS that were in an unrealized loss position are presented in the following tables based on the length of time the individual securities have been in an unrealized loss position:

At June 30, 2025
 Less than 12 months12 months or moreTotal
(in thousands)Gross
unrealized
losses		Fair
value		Gross
unrealized
losses		Fair
value		Gross
unrealized
losses		Fair
value
AFS
MBS:
Residential
$(2)$526 $(4,650)$151,754 $(4,652)$152,280 
Commercial— — (5,405)48,843 (5,405)48,843 
CMOs:
Residential(13)11,685 (24,462)268,109 (24,475)279,794 
Commercial(1)3,067 (3,944)49,178 (3,945)52,245 
Municipal bonds(349)15,285 (54,434)343,646 (54,783)358,931 
Corporate debt securities— — (5,575)25,546 (5,575)25,546 
U.S. Treasury securities— — (1,631)20,498 (1,631)20,498 
Agency debentures— — (735)8,713 (735)8,713 
Total$(365)$30,563 $(100,836)$916,287 $(101,201)$946,850 
HTM
Municipal bonds$— $— $(12)$2,253 $(12)$2,253 
At December 31, 2024
 Less than 12 months12 months or moreTotal
(in thousands)Gross
unrealized
losses		Fair
value		Gross
unrealized
losses		Fair
value		Gross
unrealized
losses		Fair
value
AFS
MBS:
Residential$(2)$532 $(7,652)$158,044 $(7,654)$158,576 
Commercial— — (6,978)47,642 (6,978)47,642 
CMOs:
Residential(78)7,481 (31,862)293,297 (31,940)300,778 
Commercial— — (4,794)51,834 (4,794)51,834 
Municipal bonds(810)28,361 (54,188)340,571 (54,998)368,932 
Corporate debt securities— — (6,192)24,944 (6,192)24,944 
U.S. Treasury securities— — (2,319)19,987 (2,319)19,987 
Agency debentures— — (1,044)9,276 (1,044)9,276 
Total$(890)$36,374 $(115,029)$945,595 $(115,919)$981,969 
HTM
Municipal bonds$— $— $(28)$2,273 $(28)$2,273 
Computation of Weighted Average Yield using Coupon on the Fair Value
The following tables present the fair value of investment securities AFS and HTM by contractual maturity along with the associated contractual yield:

 At June 30, 2025
 Within one yearAfter one year
through five years		After five years
through ten years		After
ten years		Total
(dollars in thousands)Fair
Value		Weighted
Average
Yield		Fair
Value		Weighted
Average
Yield		Fair
Value		Weighted
Average
Yield		Fair
Value		Weighted
Average
Yield		Fair
Value		Weighted
Average
Yield
AFS          
   Municipal bonds$— — %$39,308 3.54 %$55,342 2.99 %$276,932 2.89 %$371,582 2.97 %
   Corporate debt securities
— — %2,327 1.74 %23,219 4.44 %— — %25,546 4.20 %
   U.S. Treasury securities
— — %20,498 1.19 %— — %— — %20,498 1.19 %
   Agency debentures— — %1,587 2.17 %4,031 2.22 %3,095 2.21 %8,713 2.21 %
Total$— — %$63,720 2.69 %$82,592 3.36 %$280,027 2.88 %$426,339 2.95 %
HTM
   Municipal bonds2,2532.31 %$— — %$— — %$— — %$2,253 2.31 %
 At December 31, 2024
 Within one yearAfter one year
through five years		After five years
through ten years		After
ten years		Total
(dollars in thousands)Fair
Value		Weighted
Average
Yield		Fair
Value		Weighted
Average
Yield		Fair
Value		Weighted
Average
Yield		Fair
Value		Weighted
Average
Yield		Fair
Value		Weighted
Average
Yield
AFS
   Municipal bonds
$— — %$15,531 3.88 %$70,678 2.92 %$292,050 2.93 %$378,259 2.97 %
   Corporate debt securities
— — %2,735 2.08 %22,209 4.27 %— — %$24,944 4.03 %
   U.S. Treasury securities
— — %19,987 1.15 %— — %— — %$19,987 1.15 %
Agency debentures— — %1,770 2.13 %4,442 2.17 %3,064 2.14 %$9,276 2.15 %
Total$— — %$40,023 2.32 %$97,329 3.19 %$295,114 2.92 %$432,466 2.93 %
HTM
   Municipal bonds$2,273 2.29 %$— — %$— — %$— — %$2,273 2.29 %
Carrying Value of Securities Pledged as Collateral
The following table summarizes the carrying value of securities pledged as collateral to secure public deposits, borrowings and other purposes as permitted or required by law:

(in thousands)At June 30, 2025At December 31, 2024
Federal Reserve Bank to secure borrowings$864,307 $906,475 
Washington, Oregon and California to secure public deposits195,385 195,212 
Other securities pledged1,278 1,334 
Total securities pledged as collateral$1,060,970 $1,103,021 
v3.25.2
LOANS AND CREDIT QUALITY (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Loans Held for Investment Within each portfolio segment, the Company monitors and assesses credit risk based on the risk characteristics of each of the following loan classes: non-owner occupied commercial real estate ("CRE"), multifamily, construction and land development, owner occupied CRE and commercial business loans within the commercial loan portfolio segment and single family and home equity and other loans within the consumer loan portfolio segment. LHFI consists of the following:
(in thousands)At June 30, 2025At December 31, 2024
CRE
Non-owner occupied CRE$508,781 $570,750 
Multifamily2,895,342 2,992,675 
Construction/land development425,718 472,740 
Total3,829,841 4,036,165 
Commercial and industrial loans
Owner occupied CRE324,299 361,997 
Commercial business285,612 312,004 
Total
609,911 674,001 
Consumer loans
Single family1,060,566 1,109,095 
Home equity and other432,821 412,535 
Total (1)
1,493,387 1,521,630 
Total LHFI 5,933,139 6,231,796 
Allowance for credit losses ("ACL")(45,806)(38,743)
Total LHFI less ACL
$5,887,333 $6,193,053 
(1)    Includes $1.0 million and $1.3 million of loans at June 30, 2025 and December 31, 2024, respectively, where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes in fair value recognized in the consolidated income statements.
Activity in Allowance for Credit Losses
Activity in the ACL for LHFI and the allowance for unfunded commitments was as follows:
 Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Beginning balance
$39,634 $39,677 $38,743 $40,500 
Provision for credit losses6,1601287,048 370 
Net (charge-offs) recoveries12 (64)15 (1,129)
Ending balance$45,806 $39,741 $45,806 $39,741 
Allowance for unfunded commitments:
Beginning balance$1,258 $1,581 $1,146 $1,823 
Provision for credit losses(160)(128)(48)(370)
Ending balance$1,098 $1,453 $1,098 $1,453 
Provision for credit losses:
Allowance for credit losses - loans$6,160 $128 $7,048 $370 
Allowance for unfunded commitments(160)(128)(48)(370)
Total$6,000 $— $7,000 $— 
Activity in the ACL for LHFI by loan portfolio and loan sub-class was as follows:

Quarter Ended June 30, 2025
(in thousands)Beginning balanceCharge-offsRecoveriesProvision Ending balance
CRE
Non-owner occupied CRE$1,658 $— $— $133 $1,791 
Multifamily13,287 — — 5,661 18,948 
Construction/land development
Multifamily construction468 — — 691 1,159 
CRE construction73 — — (2)71 
Single family construction5,704 — — (504)5,200 
Single family construction to permanent140 — — 10 150 
Total21,330 — — 5,989 27,319 
Commercial and industrial loans
Owner occupied CRE598 — — 12 610 
Commercial business10,648 (20)25 497 11,150 
     Total 11,246 (20)25 509 11,760 
Consumer loans
Single family3,702 — 1 (101)3,602 
Home equity and other3,356 (27)33 (237)3,125 
Total7,058 (27)34 (338)6,727 
Total ACL$39,634 $(47)$59 $6,160 $45,806 

Quarter Ended June 30, 2024
(in thousands)Beginning balanceCharge-offsRecoveriesProvision
Ending balance
CRE
Non-owner occupied CRE$2,131 $— $— $(354)$1,777 
Multifamily18,947 — — (1,877)17,070 
Construction/land development
Multifamily construction1,621 — — 350 1,971 
CRE construction188 — — (153)35 
Single family construction5,578 — — (133)5,445 
Single family construction to permanent435 — — (135)300 
Total28,900 — — (2,302)26,598 
Commercial and industrial loans
Owner occupied CRE836 — — (105)731 
Commercial business2,646 (39)39 2,949 5,595 
     Total 3,482 (39)— 39 — 2,844 — 6,326 
Consumer loans
Single family4,273 — 1 (430)3,844 
Home equity and other3,022 (87)22 16 2,973 
Total7,295 (87)23 (414)6,817 
Total ACL$39,677 $(126)$62 $128 $39,741 
Six Months Ended June 30, 2025
(in thousands)Beginning balanceCharge-offsRecoveriesProvisionEnding balance
CRE
Non-owner occupied CRE$1,739 $— $— $52 $1,791 
Multifamily14,909 — — 4,039 18,948 
Construction/land development
Multifamily construction849 — — 310 1,159 
CRE construction66 — — 5 71 
Single family construction6,737 — — (1,537)5,200 
Single family construction to permanent184 — — (34)150 
Total24,484 — — 2,835 27,319 
Commercial and industrial loans
Owner occupied CRE576 — — 34 610 
Commercial business6,886 (41)50 4,255 11,150 
Total7,462 (41)50 4,289 11,760 
Consumer loans
Single family3,610 — 3 (11)3,602 
Home equity and other3,187 (67)70 (65)3,125 
Total6,797 (67)73 (76)6,727 
Total ACL$38,743 $(108)$123 $7,048 $45,806 



Six Months Ended June 30, 2024
(in thousands)Beginning balanceCharge-offsRecoveriesProvisionEnding balance
CRE
Non-owner occupied CRE$2,610 $— $— $(833)$1,777 
Multifamily13,093 — — 3,977 17,070 
Construction/land development
Multifamily construction3,983 — — (2,012)1,971 
CRE construction189 — — (154)35 
Single family construction7,365 — — (1,920)5,445 
Single family construction to permanent672 — — (372)300 
Total27,912 — — (1,314)26,598 
Commercial and industrial loans
Owner occupied CRE899 — — (168)731 
Commercial business2,950 (1,120)40 3,725 5,595 
Total3,849 (1,120)40 3,557 6,326 
Consumer loans
Single family5,287 — 3 (1,446)3,844 
Home equity and other3,452 (111)59 (427)2,973 
Total8,739 (111)62 (1,873)6,817 
Total ACL$40,500 $(1,231)$102 $370 $39,741 
Designated Loan Grades by Loan Portfolio Segment and Loan Class
The following table presents a vintage analysis of the commercial portfolio segment by loan sub-class and risk rating or delinquency status.
At June 30, 2025
(in thousands)20252024202320222021
2020 and prior
RevolvingRevolving-termTotal
COMMERCIAL PORTFOLIO
Non-owner occupied CRE
Pass$3,958 $— $1,411 $69,104 $70,716 $325,125 $(30)$— $470,284 
Special Mention— — — — — 22,483 — — 22,483 
Substandard— — — — — 16,014 — — 16,014 
Total3,958 — 1,411 69,104 70,716 363,622 (30)— 508,781 
Multifamily
Pass6,748 — 76,265 1,506,962 614,383 417,712 — — 2,622,070 
Special Mention— — 15,571 50,387 28,052 61,785 — — 155,795 
Substandard— — 14,504 75,040 1,989 25,944 — — 117,477 
Total6,748 — 106,340 1,632,389 644,424 505,441 — — 2,895,342 
Multifamily construction
Pass— — 34,709 — — — — — 34,709 
Special Mention— — — 10,460 — — — — 10,460 
Substandard— — — — — — — — — 
Total— — 34,709 10,460 — — — — 45,169 
CRE construction
Pass— 737 7,465 — — — — — 8,202 
Special Mention— — — — — — — — — 
Substandard— — — — — 3,771 — — 3,771 
Total— 737 7,465 — — 3,771 — — 11,973 
Single family construction
Pass52,198 86,539 4,487 253 1,489 67 189,625 — 334,658 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total52,198 86,539 4,487 253 1,489 67 189,625 — 334,658 
Single family construction to permanent
Current
1,805 8,318 3,835 12,694 6,667 599 — — 33,918 
Past due:
30-59 days
— — — — — — — — — 
60-89 days
— — — — — — — — — 
90+ days
— — — — — — — — — 
Total1,805 8,318 3,835 12,694 6,667 599 — — 33,918 
Owner occupied CRE
Pass1,746 3,938 8,882 56,735 33,754 177,364 — — 282,419 
Special Mention— — — 6,053 4,442 28,230 — — 38,725 
Substandard— — — 320 1,577 1,258 — — 3,155 
Total1,746 3,938 8,882 63,108 39,773 206,852 — — 324,299 
Commercial business
Pass484 25,311 14,305 18,507 18,593 41,806 120,928 797 240,731 
Special Mention— 364 93 1,035 1,733 2,359 996 — 6,580 
Substandard— 729 361 23,059 — 11,374 2,778 — 38,301 
Total484 26,404 14,759 42,601 20,326 55,539 124,702 797 285,612 
Total commercial portfolio
$66,939 $125,936 $181,888 $1,830,609 $783,395 $1,135,891 $314,297 $797 $4,439,752 
The following table presents a vintage analysis of the consumer portfolio segment by loan sub-class and delinquency status:
At June 30, 2025
(in thousands)20252024202320222021
2020 and prior
RevolvingRevolving-termTotal
CONSUMER PORTFOLIO
Single family
Current
$571 $91 $29,553 $370,811 $296,464 $357,673 $— $— $1,055,163 
Past due:
30-59 days
— — 414 791 — 1,266 — — 2,471 
60-89 days
— — — — — — — — — 
90+ days
— — — 452 103 2,377 — — 2,932 
Total571 91 29,967 372,054 296,567 361,316 — — 1,060,566 
Home equity and other
Current
967 851 735 1,133 84 1,781 420,778 4,614 430,943 
Past due:
30-59 days
— 3 1 — — 38 418 60 520 
60-89 days
— 5 — — — — 305 — 310 
90+ days
— 2 — — — 5 1,041 — 1,048 
Total967 861 736 1,133 84 1,824 422,542 4,674 432,821 
Total consumer portfolio (1)
$1,538 $952 $30,703 $373,187 $296,651 $363,140 $422,542 $4,674 $1,493,387 
Total LHFI$68,477 $126,888 $212,591 $2,203,796 $1,080,046 $1,499,031 $736,839 $5,471 $5,933,139 

(1)    Includes $1.0 million of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes in fair value recognized in the consolidated income statements.
The following table presents a vintage analysis of the commercial portfolio segment by loan sub-class and risk rating or delinquency status:
At December 31, 2024
(in thousands)20242023202220212020
2019 and prior
RevolvingRevolving-termTotal
COMMERCIAL PORTFOLIO
Non-owner occupied CRE
Pass$— $1,441 $70,128 $71,493 $39,885 $347,058 $(36)$— $529,969 
Special Mention— — — — — 24,551 — — 24,551 
Substandard— — — — — 16,230 — — 16,230 
Total— 1,441 70,128 71,493 39,885 387,839 (36)— 570,750 
Multifamily
Pass1,650 106,415 1,538,855 643,044 257,110 255,643 — — 2,802,717 
Special Mention— — 66,217 4,789 73,308 23,835 — — 168,149 
Substandard— — 15,602 — — 6,207 — — 21,809 
Total1,650 106,415 1,620,674 647,833 330,418 285,685 — — 2,992,675 
Multifamily construction
Pass— 31,349 67,557 — — — — — 98,906 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total— 31,349 67,557 — — — — — 98,906 
CRE construction
Pass19 7,198 — — — — — — 7,217 
Special Mention— — — — — — — — — 
Substandard— — — — 3,821 — — — 3,821 
Total19 7,198 — — 3,821 — — — 11,038 
Single family construction
Pass121,305 22,412 5,346 7,252 — 69 164,442 — 320,826 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total121,305 22,412 5,346 7,252 — 69 164,442 — 320,826 
Single family construction to permanent
Current6,153 9,719 17,598 7,977 523 — — — 41,970 
Past due:
30-59 days — — — — — — — — — 
60-89 days — — — — — — — — — 
90+ days — — — — — — — — — 
Total6,153 9,719 17,598 7,977 523 — — — 41,970 
Owner occupied CRE
Pass5,431 10,501 58,423 33,371 41,533 168,082 3 43 317,387 
Special Mention— 1,789 6,129 7,602 317 26,203 — — 42,040 
Substandard— — 331 — — 2,239 — — 2,570 
Total5,431 12,290 64,883 40,973 41,850 196,524 3 43 361,997 
Commercial business
Pass26,706 15,721 36,209 20,347 28,207 28,836 123,003 700 279,729 
Special Mention— — 959 2,380 638 615 386 — 4,978 
Substandard243 406 11,885 — 7,192 4,628 2,920 23 27,297 
Total26,949 16,127 49,053 22,727 36,037 34,079 126,309 723 312,004 
Total commercial portfolio$161,507 $206,951 $1,895,239 $798,255 $452,534 $904,196 $290,718 $766 $4,710,166 
The following table presents a vintage analysis of the consumer portfolio segment by loan sub-class and delinquency status:
At December 31, 2024
(in thousands)20242023202220212020
2019 and prior
RevolvingRevolving-termTotal
CONSUMER PORTFOLIO
Single family
Current
$566 $30,940 $378,613 $303,920 $139,159 $251,322 $— $— $1,104,520 
Past due:
30-59 days
— — 452 — — 1,673 — — 2,125 
60-89 days
— — — — — 440 — — 440 
90+ days
— — — — — 2,010 — — 2,010 
Total 566 30,940 379,065 303,920 139,159 255,445 — — 1,109,095 
Home equity and other
Current
1,606 936 1,528 126 85 1,932 399,531 4,449 410,193 
Past due:
30-59 days
25 4 1 — — — 474 62 566 
60-89 days
— 3 4 — — — 626 — 633 
90+ days
— — — — — 10 1,127 6 1,143 
Total1,631 943 1,533 126 85 1,942 401,758 4,517 412,535 
Total consumer portfolio (1)
$2,197 $31,883 $380,598 $304,046 $139,244 $257,387 $401,758 $4,517 $1,521,630 
Total LHFI$163,704 $238,834 $2,275,837 $1,102,301 $591,778 $1,161,583 $692,476 $5,283 $6,231,796 
(1)    Includes $1.3 million of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes in fair value recognized in the consolidated income statements.

The following tables present a vintage analysis of the commercial and consumer portfolio segment by loan sub-class and gross charge-offs:
At June 30, 2025
(in thousands)20252024202320222021
2020 and prior
RevolvingRevolving-termTotal
COMMERCIAL PORTFOLIO
Commercial business
Gross charge-offs$— $— $— $(21)$— $(20)$— $— $(41)
CONSUMER PORTFOLIO
Home equity and other
Gross charge-offs— (7)(3)— — (1)(56)— (67)
Total LHFI$— $(7)$(3)$(21)$— $(21)$(56)$— $(108)

At December 31, 2024
(in thousands)20242023202220212020
2019 and prior
RevolvingRevolving-termTotal
COMMERCIAL PORTFOLIO
Commercial business
Gross charge-offs$— $— $(276)$(473)$(1,077)$(1,098)$(39)$— $(2,963)
CONSUMER PORTFOLIO
Home equity and other
Gross charge-offs— (24)(16)(1)— — (137)— (178)
Total LHFI$— $(24)$(292)$(474)$(1,077)$(1,098)$(176)$— $(3,141)
Schedule of Collateral Dependent Loans
The following table presents the amortized cost basis of collateral-dependent loans by loan sub-class and collateral type:
At June 30, 2025
(in thousands)Land1-4 FamilyMultifamilyNon-residential real estateOther non-real estateTotal
CRE
Non-owner occupied CRE$— $— $— $16,014 $— $16,014 
Multifamily
— — 1,915 — — 1,915 
Construction/land development
CRE construction3,771 — — — — 3,771 
   Total
3,771 — 1,915 16,014 — 21,700 
Commercial and industrial loans
Commercial business
4,362 2,882 — — 2,529 9,773 
Consumer loans
Single family
— 832 — — — 832 
  Total collateral-dependent loans$8,133 $3,714 $1,915 $16,014 $2,529 $32,305 
At December 31, 2024
(in thousands)Land1-4 FamilyMultifamilyNon-residential real estateOther non-real estateTotal
CRE
Non-owner occupied CRE$— $— $— $16,230 $— $16,230 
Multifamily
— — 1,915 — — 1,915 
Construction/land development
CRE construction3,821 — — — — 3,821 
   Total
3,821 — 1,915 16,230 — 21,966 
Commercial and industrial loans
Owner occupied CRE— — — 205 — 205 
Commercial business
4,420 2,927 — — 3,269 10,616 
   Total
4,420 2,927 — 205 3,269 10,821 
Consumer loans
Single family
— 832 — — — 832 
Total collateral-dependent loans$8,241 $3,759 $1,915 $16,435 $3,269 $33,619 
Schedule of Loans on Nonaccrual with no Related Allowance for Credit Loss
Nonaccrual and Past Due Loans
The following table presents nonaccrual status for loans:
At June 30, 2025At December 31, 2024
(in thousands)Nonaccrual with no related ACLTotal NonaccrualNonaccrual with no related ACLTotal Nonaccrual
CRE
Non-owner occupied CRE$16,014 $16,014 $16,230 $16,230 
Multifamily
1,915 1,915 1,915 1,915 
Construction/land development
CRE construction3,771 3,771 3,821 3,821 
   Total
21,700 21,700 21,966 21,966 
Commercial and industrial loans
Owner occupied CRE905 905 1,161 1,161 
        Commercial business9,250 25,214 8,509 25,740 
   Total
10,155 26,119 9,670 26,901 
Consumer loans
Single family
832 3,850 1,106 2,990 
Home equity and other— 3,563 — 3,137 
   Total
832 7,413 1,106 6,127 
Total nonaccrual loans$32,687 $55,232 $32,742 $54,994 
Schedule of Loans Past Due
The following tables present an aging analysis of past due loans by loan portfolio segment and loan sub-class:
At June 30, 2025
Past Due and Still Accruing
(in thousands)30-59 days60-89 days90 days or
more		Nonaccrual
Total past
due and nonaccrual (1)
CurrentTotal
loans
CRE
Non-owner occupied CRE$— $— $— $16,014 $16,014 $492,767 $508,781 
Multifamily— — — 1,915 1,915 2,893,427 2,895,342 
Construction/land development
Multifamily construction— — — — — 45,169 45,169 
CRE construction— — — 3,771 3,771 8,202 11,973 
Single family construction— — — — — 334,658 334,658 
Single family construction to permanent— — — — — 33,918 33,918 
Total
— — — 21,700 21,700 3,808,141 3,829,841 
Commercial and industrial loans
Owner occupied CRE254 — — 905 1,159 323,140 324,299 
Commercial business26 — — 25,214 25,240 260,372 285,612 
Total
280 — — 26,119 26,399 583,512 609,911 
Consumer loans
Single family
4,060 2,085 3,737 (2)3,850 13,732 1,046,834 1,060,566 
Home equity and other260 29 — 3,563 3,852 428,969 432,821 
Total
4,320 2,114 3,737 7,413 17,584 1,475,803 1,493,387 (3)
Total loans$4,600 $2,114 $3,737 $55,232 $65,683 $5,867,456 $5,933,139 
%0.08 %0.04 %0.06 %0.93 %1.11 %98.89 %100.00 %
At December 31, 2024
Past Due and Still Accruing
(in thousands)30-59 days60-89 days90 days or
more		Nonaccrual
Total past
due and nonaccrual (1)
CurrentTotal
loans
CRE
Non-owner occupied CRE$— $— $— $16,230 $16,230 $554,520 $570,750 
Multifamily— — — 1,915 1,915 2,990,760 2,992,675 
Construction/land development
Multifamily construction— — — — — 98,906 98,906 
CRE construction— — — 3,821 3,821 7,217 11,038 
Single family construction— — — — — 320,826 320,826 
Single family construction to permanent— — — — — 41,970 41,970 
Total
— — — 21,966 21,966 4,014,199 4,036,165 
Commercial and industrial loans
Owner occupied CRE— — — 1,161 1,161 360,836 361,997 
Commercial business— — — 25,740 25,740 286,264 312,004 
Total
— — — 26,901 26,901 647,100 674,001 
Consumer loans
Single family
4,601 1,096 4,354 (2)2,990 13,041 1,096,054 1,109,095 
Home equity and other344 631 — 3,137 4,112 408,423 412,535 
Total
4,945 1,727 4,354 6,127 17,153 1,504,477 1,521,630 (3)
Total loans$4,945 $1,727 $4,354 $54,994 $66,020 $6,165,776 $6,231,796 
%0.08 %0.03 %0.07 %0.88 %1.06 %98.94 %100.00 %
(1)     Includes loans whose repayments are insured by the FHA or guaranteed by the VA or Small Business Administration ("SBA") of $11.4 million and $11.3 million at June 30, 2025 and December 31, 2024, respectively.
(2)    FHA-insured and VA-guaranteed single family loans that are 90 days or more past due are maintained on accrual status if they are determined to have little to no risk of loss.
(3)    Includes $1.0 million and $1.3 million of loans at June 30, 2025 and December 31, 2024, respectively, where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes in fair value recognized in our consolidated income statements.
Schedule of Loan Modifications The following tables provide information related to loans modified for the quarters and six months ended June 30, 2025 and 2024 to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted:
Significant Payment Delay
Quarter Ended June 30,Six Months Ended June 30,
2025202420252024
(in thousands, except percentages)Amortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing Receivable
Multifamily
$1,915 0.07 %$— — %$1,915 0.07 %$— — %
Commercial business— — %— — %— — %97 0.03 %
Term Extension
Quarter Ended June 30,Six Months Ended June 30,
2025202420252024
(in thousands, except percentages)Amortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing Receivable
Commercial business$996 0.35 %$— — %$996 0.35 %$3,455 0.92 %
Significant Payment Delay and Term Extension
Quarter Ended June 30,Six Months Ended June 30,
2025202420252024
(in thousands, except percentages)Amortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing Receivable
Commercial business$729 0.26 %$— — %$1,840 0.64 %$— — %
Single family318 0.03 %804 0.07 %590 0.06 %1,177 0.03 %
The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty:

Significant Payment Delay
Quarter Ended June 30,Six Months Ended June 30,
2025202420252024
Multifamily
The weighted average duration of loan payments deferred is 0.3 years
—
The weighted average duration of loan payments deferred is 2.0 years
—
Commercial business
The weighted average duration of loan payments deferred is 1.8 years
—
The weighted average duration of loan payments deferred is 3.8 years.
The weighted average duration of loan payments deferred is 2.8 years
Single Family
Provided payment deferrals to borrowers. A weighted average 2.34% of loan balances were capitalized and added to the remaining term of the loan.
Provided payment deferrals to borrowers. A weighted average 1.06% of loan balances were capitalized and added to the remaining term of the loan.
Provided payment deferrals to borrowers. A weighted average 1.67% of loan balances were capitalized and added to the remaining term of the loan.
Provided payment deferrals to borrowers. A weighted average 1.00% of loan balances were capitalized and added to the remaining term of the loan.
Term Extension
Quarter Ended June 30,Six Months Ended June 30,
2025202420252024
Commercial business
Added a weighted average 1.1 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
—
Added a weighted average 2.4 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Added a weighted average 0.4 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Single family
Added a weighted average 5.6 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Added a weighted average 2.8 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Added a weighted average 6.4 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Added a weighted average 3.0 years to the life of loans, which reduced the monthly payment amounts to the borrowers.
Schedule of Loan Modifications, Payment Status
The following table depicts the payment status of loans that were classified as MBFDs on or after April 1, 2024 through March 31, 2025:
Payment Status (Amortized Cost Basis) at June 30, 2025
(in thousands)Current30-89 Days Past Due90+ Days Past Due
Non-owner occupied CRE$18,447 $— $— 
Multifamily— — 1,915 
Construction/land development— — 3,771 
Owner occupied CRE254 — — 
Commercial business2,852 — 4,362 
Single family2,585 176 418 
Total$24,138 $176 $10,466 


The following table depicts the payment status of loans that were classified as MBFDs on or after April 1, 2023 through March 31, 2024:

Payment Status (Amortized Cost Basis) at June 30, 2024
(in thousands)Current30-89 Days Past Due90+ Days Past Due
Non-owner occupied CRE$— $— $16,230 
Construction/land development— — 3,821 
Commercial business1,597 2,708 4,420 
Single family1,155 833 1,417 
Total$2,752 $3,541 $25,888 
Schedule of Loan Modifications with Subsequent Default
The following table provides the amortized cost basis as of June 30, 2025 of MBFDs on or after April 1, 2024 through March 31, 2025 and subsequently had a payment default:

Amortized Cost Basis of Modified Loans That Subsequently Defaulted
Quarter Ended June 30, 2025
(in thousands)Significant Payment DelayTerm ExtensionInterest Rate Reduction and Term ExtensionSignificant Payment Delay and Term ExtensionInterest Rate Reduction, Significant Payment Delay and Term Extension
Owner occupied CRE$— $— $— $254 $— 
Single family— — — 203 — 
Total$— $— $— $457 $— 
The following table provides the amortized cost basis as of June 30, 2024 of MBFDs on or after April 1, 2023 through March 31, 2024 and subsequently had a payment default:
Amortized Cost Basis of Modified Loans That Subsequently Defaulted
Quarter Ended June 30, 2024
(in thousands)Significant Payment DelayTerm ExtensionInterest Rate Reduction and Term ExtensionSignificant Payment Delay and Term ExtensionInterest Rate Reduction, Significant Payment Delay and Term Extension
Commercial business$— $2,708 $— $— $— 
Single family833 — — — — 
Total$833 $2,708 $— $— $— 


The following table provides the amortized cost basis as of June 30, 2025 of MBFDs on or after April 1, 2024 through March 31, 2025 and subsequently had a payment default:

Amortized Cost Basis of Modified Loans That Subsequently Defaulted
Six Months Ended June 30, 2025
(in thousands)Significant Payment DelayTerm ExtensionInterest Rate Reduction and Term ExtensionSignificant Payment Delay and Term ExtensionInterest Rate Reduction, Significant Payment Delay and Term Extension
Owner occupied CRE$— $— $— $254 $— 
Single family— — — 378 — 
Total$— $— $— $632 $— 

The following table provides the amortized cost basis as of June 30, 2024 of MBFDs on or after April 1, 2023 through March 31, 2024 and subsequently had a payment default:
Amortized Cost Basis of Modified Loans That Subsequently Defaulted
Six Months Ended June 30, 2024
(in thousands)Significant Payment DelayTerm ExtensionInterest Rate Reduction and Term ExtensionSignificant Payment Delay and Term ExtensionInterest Rate Reduction, Significant Payment Delay and Term Extension
Non-owner occupied CRE$— $— $— $16,240 $— 
Construction/land development— — — 3,824 — 
Commercial business— 7,128 — — — 
Single family1,074 — — 351 — 
Total$1,074 $7,128 $— $20,415 $— 
v3.25.2
DEPOSITS (Tables)
 6 Months Ended
Jun. 30, 2025
Deposits Liabilities, Balance Sheet, Reported Amounts [Abstract]  
Deposit Balances, Including Stated Rates
Deposit balances, including their weighted average rates, were as follows: 

At June 30, 2025At December 31, 2024
(dollars in thousands)AmountWeighted Average RateAmountWeighted Average Rate
Noninterest-bearing demand deposits$1,203,680 — %$1,195,781 — %
Interest bearing:
Interest-bearing demand deposits 322,151 0.17 %323,112 0.35 %
Savings 233,074 0.06 %229,659 0.06 %
Money market 1,363,793 1.95 %1,396,697 1.72 %
Certificates of deposit
Brokered deposits210,067 4.24 %751,406 4.61 %
Other2,524,519 3.91 %2,516,366 4.37 %
Total interest bearing deposits4,653,604 2.88 %5,217,240 3.31 %
Total deposits$5,857,284 2.30 %$6,413,021 2.65 %
Certificates of Deposit Outstanding
Certificates of deposit outstanding mature as follows: 

(in thousands)June 30, 2025
Within one year$2,719,131 
One to two years12,117 
Two to three years1,273 
Three to four years868 
Four to five years1,197 
Thereafter— 
Total$2,734,586 
v3.25.2
DERIVATIVES AND HEDGING ACTIVITIES (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Notional Amount and Fair Value for Derivatives The notional amounts and fair values for derivatives, all of which are economic hedges are included in other assets or accounts payable and other liabilities on the consolidated balance sheet, consist of the following: 
At June 30, 2025
Notional amountFair value derivatives
(in thousands) AssetLiability
Forward sale commitments$149,516 $426 $(657)
Interest rate lock commitments39,722 918 (2)
Interest rate swaps204,450 6,583 (6,583)
Total derivatives before netting$393,688 7,927 (7,242)
Netting adjustment/Cash collateral (1)
(6,932)230 
Carrying value on consolidated balance sheet$995 $(7,012)

At December 31, 2024
Notional amountFair value derivatives
(in thousands) AssetLiability
Forward sale commitments$87,912 $237 $(402)
Interest rate lock commitments16,757 175 (49)
Interest rate swaps222,917 10,250 (10,250)
Futures5,200 1 — 
Options5,800 3 — 
Total derivatives before netting$338,586 10,666 (10,701)
Netting adjustment/Cash collateral (1)
(10,388)219 
Carrying value on consolidated balance sheet$278 $(10,482)
(1)    Includes net cash collateral received of $6.7 million and $10.2 million at June 30, 2025 and December 31, 2024, respectively.
Fair Value, Concentration of Risk
The following table presents gross fair value and net carrying value information for derivative instruments:

(in thousands)Gross fair value
Netting adjustments/ Cash collateral (1)
Carrying value
At June 30, 2025
Derivative assets$7,927 $(6,932)$995 
Derivative liabilities(7,242)230 (7,012)
At December 31, 2024
Derivative assets$10,666 $(10,388)$278 
Derivative liabilities(10,701)219 (10,482)
(1)    Includes net cash collateral received of $6.7 million and $10.2 million at June 30, 2025 and December 31, 2024, respectively.
Net Gains (Losses) Recognized on Economic Hedge Derivatives
The following table presents the net gain (loss) recognized on economic hedge derivatives, within the respective line items in the consolidated income statements for the periods indicated:
 Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Recognized in noninterest income:
Net gain (loss) on loan origination and sale activities (1)
$285 $226 $346 $312 
Loan servicing income (loss) (2)
(272)(225)(81)(725)
Other (3)
— — — 3 
(1)Comprised of forward contracts used as an economic hedge of loans held for sale and interest rate lock commitments ("IRLCs") to customers.
(2)Comprised of futures, US Treasury options and forward contracts used as economic hedges of single family MSRs.
(3)Impact of interest rate swap agreements executed with commercial banking customers and broker dealer counterparties.
v3.25.2
MORTGAGE BANKING OPERATIONS (Tables)
 6 Months Ended
Jun. 30, 2025
Mortgage Banking [Abstract]  
Mortgage Loans on Real Estate, by Loan
LHFS consisted of the following:
 
(in thousands)At June 30, 2025At December 31, 2024
Single family$29,999 $20,312 
CRE, multifamily and SBA18,784 — 
Total$48,783 $20,312 

Loans sold consisted of the following for the periods indicated: 
Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Single family$105,197 $98,081 $187,594 $168,460 
CRE, multifamily and SBA12,894 13,539 67,089 21,735 
Total$118,091 $111,620 $254,683 $190,195 
Net Gain on Loan Origination and Sale Activity
Gain on loan origination and sale activities, including the effects of derivative risk management instruments, consisted of the following: 
 Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Single family$3,182 $2,718 $5,465 $4,704 
CRE, multifamily and SBA53 318 986 638 
Total$3,235 $3,036 $6,451 $5,342 
Company's Portfolio of Loans Serviced for Others
The Company's portfolio of loans serviced for others is primarily comprised of loans held in U.S. government and agency MBS issued by Fannie Mae, Freddie Mac and Ginnie Mae. The unpaid principal balance of loans serviced for others is as follows:

(in thousands)At June 30, 2025At December 31, 2024
Single family $5,107,214 $5,179,373 
CRE, multifamily and SBA 1,912,416 1,918,172 
Total$7,019,630 $7,097,545 
Mortgage Repurchase Losses
The following is a summary of changes in the Company's liability for estimated single-family mortgage repurchase losses:

 Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Balance, beginning of period$999 $1,317 $1,032 $1,481 
Additions, net of adjustments (1)
(223)(20)(326)(148)
Realized (losses) recoveries, net (2)
(28)(95)42 (131)
Balance, end of period$748 $1,202 $748 $1,202 
(1) Includes additions for new loan sales and changes in estimated probable future repurchase losses on previously sold loans.
(2) Includes principal losses and accrued interest on repurchased loans, "make-whole" settlements, settlements with claimants and certain related expenses.
Revenue from Mortgage Servicing, Including the Effects of Derivative Risk Management Instruments
Revenue from mortgage servicing, including the effects of derivative risk management instruments, consisted of the following:
 Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Servicing income, net:
Servicing fees and other$6,348 $6,562 $12,855 $12,916 
Amortization of single family MSRs (1)
(1,598)(1,713)(3,180)(3,141)
Amortization of multifamily and SBA MSRs(1,455)(1,459)(2,809)(2,861)
Total
3,295 3,390 6,866 6,914 
Risk management, single family MSRs:
Changes in fair value of MSRs due to assumptions (2)
4,373 529 4,644 1,147 
Net gain (loss) from economic hedging (3)
(118)(509)898 (1,619)
Total
4,255 20 5,542 (472)
               Loan servicing income $7,550 $3,410 $12,408 $6,442 
(1) Represents changes due to collection/realization of expected cash flows and curtailments.
(2) Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates.
(3)    The interest income from US Treasury notes securities used for hedging purposes, which is included in interest income on the consolidated income statements, was $0.5 million and $0.3 million for quarters ended June 30, 2025 and 2024, respectively, and $0.9 million and $0.6 million for the six months ended June 30, 2025 and 2024, respectively.
Changes in Single Family MSRs Measured at Fair Value The changes in single family MSRs measured at fair value are as follows:
Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Beginning balance$72,285 $74,056 $72,901 $74,249 
Additions and amortization:
Originations
931 853 1,626 1,470 
Amortization (1)
(1,598)(1,713)(3,180)(3,141)
Net additions and amortization
(667)(860)(1,554)(1,671)
Changes in fair value assumptions (2)
4,373 529 4,644 1,147 
Ending balance$75,991 $73,725 $75,991 $73,725 
(1) Represents changes due to collection/realization of expected cash flows and curtailments.
(2) Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates.
Key Economic Assumptions Used in Measuring Initial FV of Capitalized Single Family MSRs
Key economic assumptions used in measuring the initial fair value of capitalized single family MSRs were as follows: 

Quarter Ended June 30,Six Months Ended June 30,
(rates per annum) (1)
2025202420252024
Constant prepayment rate ("CPR") (2)
19.24 %17.46 %18.67 %18.28 %
Discount rate 11.28 %10.45 %10.77 %10.33 %
(1) Based on a weighted average.
(2) Represents an expected lifetime average CPR used in the model.
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets
For single family MSRs, we use a discounted cash flow valuation technique which utilizes CPRs and discount rates as significant unobservable inputs as noted in the table below:
At June 30, 2025At December 31, 2024
Range of Inputs
Average (1)
Range of Inputs
Average (1)
CPRs (2)
5.05% - 12.13%
6.82 %
6.00% - 13.50%
6.60 %
Discount Rates
8.69% - 15.85%
9.13 %
10.00% - 17.00%
11.00 %
(1) Weighted averages of all the inputs within the range.
(2) Represents the expected lifetime average CPR used in the model.

To compute hypothetical sensitivities of the value of our single family MSRs to immediate adverse changes in key assumptions, we computed the impact of changes to CPRs and in discount rates as outlined below:

(dollars in thousands)At June 30, 2025
Fair value of single family MSR$75,991 
Expected weighted-average life (in years)8.24
CPR
Impact on fair value of 25 basis points adverse change in interest rates$(1,005)
Impact on fair value of 50 basis points adverse change in interest rates$(2,092)
Discount rate
Impact on fair value of 100 basis points increase$(2,838)
Impact on fair value of 200 basis points increase$(5,642)
Changes in Multifamily MSRs Measured at the Lower of Amortized Cost or Fair Value
The changes in multifamily and SBA MSRs measured at the lower of amortized cost or fair value were as follows: 

Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Beginning balance$25,674 $28,863 $26,565 $29,987 
Originations283 179 746 457 
Amortization(1,455)(1,459)(2,809)(2,861)
Ending balance$24,502 $27,583 $24,502 $27,583 

Key economic assumptions used in measuring the initial fair value of capitalized multifamily MSRs were as follows:
 
Quarter Ended June 30,Six Months Ended June 30,
(rates per annum) (1)
2025202420252024
Discount rate13.10 %13.00 %13.10 %13.00 %
(1)Based on a weighted average.
For multifamily MSRs, we use a discounted cash flow valuation technique which utilizes CPRs and discount rates as significant unobservable inputs as noted in the table below. Multifamily DUS loans typically contain yield maintenance features that significantly reduce loan prepayments, resulting in a CPR of zero for valuation purposes.

At June 30, 2025At December 31, 2024
Range of Inputs
Average (1)
Range of Inputs
Average (1)
Discount Rates
13.00% - 15.00%
13.10 %
13.00% - 15.00%
13.10 %
(1) Weighted averages of all the inputs within the range.
v3.25.2
EARNINGS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table summarizes the calculation of earnings (loss) per share: 
 Quarter Ended June 30,Six Months Ended June 30,
(in thousands, except share and per share data)2025202420252024
Net income (loss)$(4,412)$(6,238)$(8,877)$(13,735)
Weighted average shares:
Basic weighted-average number of common shares outstanding
18,920,808 18,857,566 18,920,808 18,857,218 
Dilutive effect of outstanding common stock equivalents — — — — 
Diluted weighted-average number of common shares outstanding18,920,808 18,857,566 18,920,808 18,857,218 
Net income (loss) per share:
Basic earnings per share$(0.23)$(0.33)$(0.47)$(0.73)
Diluted earnings per share (1)
(0.23)(0.33)(0.47)(0.73)
(1) Excluded from the computation of diluted earnings per share (due to their antidilutive effect) for the quarters and six months ended June 30, 2025 and 2024 were certain unvested RSUs and PSUs. On a weighted average basis 395,023 and 559,921 unvested stock units convertible into shares of common stock were excluded at June 30, 2025 and 2024, respectively, because their effect would have been anti-dilutive.
v3.25.2
FAIR VALUE MEASUREMENT (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement Methodologies
The following table summarizes the fair value measurement methodologies, including significant inputs and assumptions and classification of the Company's assets and liabilities valued at fair value on a recurring basis.
Asset/Liability classValuation methodology, inputs and assumptionsClassification
Investment securities
Trading securitiesFair Value is based on quoted prices in an active market.Level 1 recurring fair value measurement.
Investment securities AFS
Observable market prices of identical or similar securities are used where available.Level 2 recurring fair value measurement.
If market prices are not readily available, value is based on discounted cash flows using the following significant inputs:
 
•      Expected prepayment speeds 
•      Estimated credit losses 
•      Market liquidity adjustments
Level 3 recurring fair value measurement.
LHFS
Single family loans, excluding loans transferred from held for investment
Fair value is based on observable market data, including:
 
•       Quoted market prices, where available 
•       Dealer quotes for similar loans 
•       Forward sale commitments
Level 2 recurring fair value measurement.
When not derived from observable market inputs, fair value is based on discounted cash flows, which considers the following inputs:
•       Benchmark yield curve  
•       Estimated discount spread to the benchmark yield curve 
•       Expected prepayment speeds
Estimated fair value classified as Level 3.
Mortgage servicing rights
Single family MSRs
For information on how the Company measures the fair value of its single family MSRs, including key economic assumptions and the sensitivity of fair value to changes in those assumptions, see Note 6, Mortgage Banking Operations.
Level 3 recurring fair value measurement.
Derivatives
Futures and OptionsFair value is based on closing exchange prices.Level 1 recurring fair value measurement.
Forward sale commitments Interest rate swapsFair value is based on quoted prices for identical or similar instruments, when available. When quoted prices are not available, fair value is based on internally developed modeling techniques, which require the use of multiple observable market inputs including:
 
            •       Forward interest rates 
            •       Interest rate volatilities		Level 2 recurring fair value measurement.
IRLC
The fair value considers several factors including:

•       Fair value of the underlying loan based on quoted prices in the secondary market, when available. 
•       Value of servicing
•       Fall-out factor
Level 3 recurring fair value measurement.
Schedule of Fair Value Hierarchy Measurement
The following tables presents the levels of the fair value hierarchy for the Company's assets and liabilities measured at fair value on a recurring basis: 
At June 30, 2025
(in thousands)Fair ValueLevel 1Level 2Level 3
Assets:
Trading securities - U.S. Treasury securities$40,615 $40,615 $— $— 
Investment securities AFS
Mortgage backed securities:
Residential159,960 — 158,293 1,667 
Commercial48,843 — 48,843 — 
Collateralized mortgage obligations:
Residential300,714 — 300,714 — 
Commercial52,245 — 52,245 — 
Municipal bonds371,582 — 371,582 — 
Corporate debt securities25,546 — 25,546 — 
U.S. Treasury securities20,498 — 20,498 — 
Agency debentures8,713 — 8,713 — 
Single family LHFS29,999 — 29,999 — 
Single family LHFI959 — — 959 
Single family mortgage servicing rights 75,991 — — 75,991 
Derivatives
Forward sale commitments426 — 426 — 
Interest rate lock commitments918 — — 918 
Interest rate swaps6,583 — 6,583 — 
Total assets$1,143,592 $40,615 $1,023,442 $79,535 
Liabilities:
Derivatives
Forward sale commitments$657 $— $657 $— 
Interest rate lock commitments2 — — 2 
Interest rate swaps6,583 — 6,583 — 
Total liabilities$7,242 $— $7,240 $2 
At December 31, 2024
(in thousands)Fair ValueLevel 1Level 2Level 3
Assets:
Trading securities - U.S. Treasury securities$34,746 $34,746 $— $— 
Investment securities AFS
Mortgage backed securities:
Residential
167,462 — 165,764 1,698 
Commercial
47,642 — 47,642 — 
Collateralized mortgage obligations:
Residential317,444 — 317,444 — 
Commercial54,945 — 54,945 — 
Municipal bonds378,259 — 378,259 — 
Corporate debt securities24,944 — 24,944 — 
U.S. Treasury securities19,987 — 19,987 — 
Agency debentures9,276 — 9,276 — 
Single family LHFS 20,312 — 20,312 — 
Single family LHFI1,287 — — 1,287 
Single family mortgage servicing rights72,901 — — 72,901 
Derivatives
Futures1 1 — — 
Forward sale commitments237 — 237 — 
Options3 3 — 
Interest rate lock commitments175 — — 175 
Interest rate swaps10,250 — 10,250 — 
Total assets$1,159,871 $34,750 $1,049,060 $76,061 
Liabilities:
Derivatives
Forward sale commitments$402 $— $402 $— 
Interest rate lock commitments49 — — 49 
Interest rate swaps10,250 — 10,250 — 
Total liabilities$10,701 $— $10,652 $49 
Schedule of Inputs Used to Measure Fair Value
The following information presents significant Level 3 unobservable inputs used to measure fair value of certain assets:

(dollars in thousands)Fair ValueValuation
Technique		Significant Unobservable
Inputs		LowHighWeighted Average
June 30, 2025
Investment securities AFS$1,667 Income approach
Implied spread to benchmark interest rate curve
2.25%2.25%2.25%
Single family LHFI959 Income approachImplied spread to benchmark interest rate curve3.17%3.65%3.23%
Interest rate lock commitments, net916 Income approachFall-out factor0.70%22.84%11.84%
Value of servicing0.76%1.41%1.05%
December 31, 2024
Investment securities AFS$1,698 Income approach
Implied spread to benchmark interest rate curve
2.25%2.25%2.25%
Single family LHFI1,287 Income approachImplied spread to benchmark interest rate curve2.94%5.56%3.69%
Interest rate lock commitments, net126 Income approachFall-out factor0.83%29.13%9.28%
Value of servicing0.78%2.15%1.37%
Schedule of Fair Value Changes and Activity for Level 3
The following table presents fair value changes and activity for certain Level 3 assets for the periods indicated:

(in thousands)Beginning balanceAdditionsTransfersPayoffs/Sales
Change in mark to market (1)
Ending balance
Quarter Ended June 30, 2025
Investment securities AFS$1,699 $— $— $(50)$18 $1,667 
Single family LHFI1,248 — — (282)(7)959 
Quarter Ended June 30, 2024
Investment securities AFS$1,791 $— $— $(50)$28 $1,769 
Single family LHFI1,285 — — — 1 1,286 
Six Months Ended June 30, 2025
Investment securities AFS$1,698 $— $— $(100)$69 $1,667 
Single family LHFI1,287 — (50)(282)4 959 
Six Months Ended June 30, 2024
Investment securities AFS$1,860 $— $— $(100)$9 $1,769 
Single family LHFI1,280 — — — 6 1,286 
(1) Changes in fair value for single LHFI are recorded in other noninterest income on the consolidated income statements.

The following table presents fair value changes and activity for Level 3 interest rate lock commitments:
Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Beginning balance, net$556 $336 $126 $411 
Total realized/unrealized gains
2,026 1,172 3,873 1,589 
Settlements(1,666)(1,025)(3,083)(1,517)
Ending balance, net$916 $483 $916 $483 
Schedule of Assets that had Changes in their Recorded Fair Value
The following table presents assets classified as Level 3 that had changes in their recorded fair value for the periods indicated and what we still held at the end of the respective reporting period:

(in thousands)
Fair Value (1)
Total Gains (Losses)
At or for the Quarter Ended June 30, 2025
      LHFI $1,380 $5 
At or for the Quarter Ended June 30, 2024
LHFI$3,131 $(2,692)
At or for the Six Months Ended June 30, 2025
LHFI $1,380 $26 
At or for the Six Months Ended June 30, 2024
LHFI$3,131 $(2,743)
(1) Represents the carrying value of loans for which adjustments are based on the fair value of the collateral.
Schedule of the Fair Value Hierarchy
The following presents the carrying value, estimated fair value and the levels of the fair value hierarchy for the Company's financial instruments other than assets and liabilities measured at fair value on a recurring basis: 

 At June 30, 2025
(in thousands)Carrying
Value		Fair
Value		Level 1Level 2Level 3
Assets:
Cash and cash equivalents$201,080 $201,080 $201,080 $— $— 
Investment securities HTM2,265 2,253 — 2,253 — 
LHFI5,886,374 5,663,119 — — 5,663,119 
LHFS – multifamily and other
18,784 18,795 — 18,795 — 
Mortgage servicing rights – multifamily and SBA24,502 30,339 — — 30,339 
Federal Home Loan Bank stock51,718 51,718 — 51,718 — 
Other assets - GNMA EBO loans8,632 8,632 — — 8,632 
Liabilities:
Certificates of deposit$2,734,586 $2,729,172 $— $2,729,172 $— 
Borrowings1,040,000 1,045,449 — 1,045,449 — 
Long-term debt225,316 191,710 — 191,710 — 
 At December 31, 2024
(in thousands)Carrying
Value		Fair
Value		Level 1Level 2Level 3
Assets:
Cash and cash equivalents $406,600 $406,600 $406,600 $— $— 
Investment securities HTM2,301 2,273 — 2,273 — 
LHFI6,191,766 5,864,426 — — 5,864,426 
Mortgage servicing rights – multifamily and SBA26,565 32,361 — — 32,361 
Federal Home Loan Bank stock50,676 50,676 — 50,676 — 
Other assets-GNMA EBO loans5,111 5,111 — — 5,111 
Liabilities:
Certificates of deposit$3,267,772 $3,262,350 $— $3,262,350 $— 
Borrowings1,000,000 1,001,873 — 1,001,873 — 
Long-term debt225,131 184,124 — 184,124 — 
Loans Held For Sale Accounted for Under the Fair Value Option
The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale accounted for under the fair value option:

At June 30, 2025At December 31, 2024
(in thousands)Fair ValueAggregate Unpaid Principal BalanceFair Value Less Aggregated Unpaid Principal BalanceFair ValueAggregate Unpaid Principal BalanceFair Value Less Aggregated Unpaid Principal Balance
Single family LHFS$29,999 $29,256 $743 $20,312 $20,137 $175 
v3.25.2
LOW INCOME HOUSING TAX CREDIT ("LIHTC") INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of information related to LIHTC investments
The following table presents other information related to the Company’s LIHTC investments for the periods indicated:

Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Tax credits and other tax benefits recognized$1,126 $1,019 $2,823 $2,687 
LIHTC amortization expense1,405 1,367 2,810 2,734 
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
segment
Asset Acquisition [Line Items]  
Number of reporting segments 1
Number of operating segments 1
v3.25.2
INVESTMENT SECURITIES - Unrealized Gain/Loss on Investment (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
AFS    
Amortized cost $ 1,088,950 $ 1,135,504
Gross unrealized gains 352 374
Gross unrealized losses (101,201) (115,919)
Fair value 988,101 1,019,959
Residential    
AFS    
Amortized cost 164,411 174,887
Gross unrealized gains 201 229
Gross unrealized losses (4,652) (7,654)
Fair value 159,960 167,462
Commercial    
AFS    
Amortized cost 54,248 54,620
Gross unrealized gains 0 0
Gross unrealized losses (5,405) (6,978)
Fair value 48,843 47,642
Residential collateralized mortgage obligations    
AFS    
Amortized cost 325,145 349,348
Gross unrealized gains 44 36
Gross unrealized losses (24,475) (31,940)
Fair value 300,714 317,444
Commercial collateralized mortgage obligations    
AFS    
Amortized cost 56,190 59,725
Gross unrealized gains 0 14
Gross unrealized losses (3,945) (4,794)
Fair value 52,245 54,945
Municipal bonds    
AFS    
Amortized cost 426,258 433,162
Gross unrealized gains 107 95
Gross unrealized losses (54,783) (54,998)
Fair value 371,582 378,259
HTM    
Amortized cost 2,265 2,301
Gross unrealized gains 0 0
Gross unrealized losses (12) (28)
Fair value 2,253 2,273
Corporate debt securities    
AFS    
Amortized cost 31,121 31,136
Gross unrealized gains 0 0
Gross unrealized losses (5,575) (6,192)
Fair value 25,546 24,944
U.S. Treasury securities    
AFS    
Amortized cost 22,129 22,306
Gross unrealized gains 0 0
Gross unrealized losses (1,631) (2,319)
Fair value 20,498 19,987
Agency debentures    
AFS    
Amortized cost 9,448 10,320
Gross unrealized gains 0 0
Gross unrealized losses (735) (1,044)
Fair value $ 8,713 $ 9,276
v3.25.2
INVESTMENT SECURITIES - Continuous Unrealized Loss on Investment (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
AFS    
AFS, Less than 12 months, Gross unrealized losses $ (365) $ (890)
AFS, Less than 12 months, Fair value 30,563 36,374
AFS, Twelve months or more, Gross unrealized losses (100,836) (115,029)
AFS, Twelve months or more, Fair value 916,287 945,595
AFS, Total, Gross unrealized losses (101,201) (115,919)
AFS, Total, Fair value 946,850 981,969
Residential    
AFS    
AFS, Less than 12 months, Gross unrealized losses (2) (2)
AFS, Less than 12 months, Fair value 526 532
AFS, Twelve months or more, Gross unrealized losses (4,650) (7,652)
AFS, Twelve months or more, Fair value 151,754 158,044
AFS, Total, Gross unrealized losses (4,652) (7,654)
AFS, Total, Fair value 152,280 158,576
Commercial    
AFS    
AFS, Less than 12 months, Gross unrealized losses 0 0
AFS, Less than 12 months, Fair value 0 0
AFS, Twelve months or more, Gross unrealized losses (5,405) (6,978)
AFS, Twelve months or more, Fair value 48,843 47,642
AFS, Total, Gross unrealized losses (5,405) (6,978)
AFS, Total, Fair value 48,843 47,642
Residential collateralized mortgage obligations    
AFS    
AFS, Less than 12 months, Gross unrealized losses (13) (78)
AFS, Less than 12 months, Fair value 11,685 7,481
AFS, Twelve months or more, Gross unrealized losses (24,462) (31,862)
AFS, Twelve months or more, Fair value 268,109 293,297
AFS, Total, Gross unrealized losses (24,475) (31,940)
AFS, Total, Fair value 279,794 300,778
Commercial collateralized mortgage obligations    
AFS    
AFS, Less than 12 months, Gross unrealized losses (1) 0
AFS, Less than 12 months, Fair value 3,067 0
AFS, Twelve months or more, Gross unrealized losses (3,944) (4,794)
AFS, Twelve months or more, Fair value 49,178 51,834
AFS, Total, Gross unrealized losses (3,945) (4,794)
AFS, Total, Fair value 52,245 51,834
Municipal bonds    
AFS    
AFS, Less than 12 months, Gross unrealized losses (349) (810)
AFS, Less than 12 months, Fair value 15,285 28,361
AFS, Twelve months or more, Gross unrealized losses (54,434) (54,188)
AFS, Twelve months or more, Fair value 343,646 340,571
AFS, Total, Gross unrealized losses (54,783) (54,998)
AFS, Total, Fair value 358,931 368,932
HTM    
HFM, Less than 12 months, Gross unrealized losses 0 0
HFM, Less than 12 months, Fair value 0 0
HFM, 12 months or more, Gross unrealized losses (12) (28)
HFM, 12 months or more, Fair value 2,253 2,273
HFM, Total, Gross unrealized losses (12) (28)
HTM, Total, Fair value 2,253 2,273
Corporate debt securities    
AFS    
AFS, Less than 12 months, Gross unrealized losses 0 0
AFS, Less than 12 months, Fair value 0 0
AFS, Twelve months or more, Gross unrealized losses (5,575) (6,192)
AFS, Twelve months or more, Fair value 25,546 24,944
AFS, Total, Gross unrealized losses (5,575) (6,192)
AFS, Total, Fair value 25,546 24,944
U.S. Treasury securities    
AFS    
AFS, Less than 12 months, Gross unrealized losses 0 0
AFS, Less than 12 months, Fair value 0 0
AFS, Twelve months or more, Gross unrealized losses (1,631) (2,319)
AFS, Twelve months or more, Fair value 20,498 19,987
AFS, Total, Gross unrealized losses (1,631) (2,319)
AFS, Total, Fair value 20,498 19,987
Agency debentures    
AFS    
AFS, Less than 12 months, Gross unrealized losses 0 0
AFS, Less than 12 months, Fair value 0 0
AFS, Twelve months or more, Gross unrealized losses (735) (1,044)
AFS, Twelve months or more, Fair value 8,713 9,276
AFS, Total, Gross unrealized losses (735) (1,044)
AFS, Total, Fair value $ 8,713 $ 9,276
v3.25.2
INVESTMENT SECURITIES - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]          
Trading gains (losses) recorded in servicing income $ 0.2 $ (0.3) $ 1.0 $ (0.9)  
Tax exempt interest income on available-for-sale securities $ 2.6 $ 2.8 $ 5.3 $ 5.6  
Mortgage Backed Securities and Collateralized Mortgage Obligations          
Debt Securities, Available-for-sale [Line Items]          
Weighted average yield 3.01%   3.01%    
US Treasury Notes Securities | Not Designated as Hedging Instrument, Economic Hedge          
Debt Securities, Available-for-sale [Line Items]          
Trading securities $ 41.0   $ 41.0   $ 35.0
v3.25.2
INVESTMENT SECURITIES - Weighted Average Yield (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
AFS    
Fair value $ 988,101 $ 1,019,959
Total    
AFS    
Due within one year, fair value $ 0 $ 0
Weighted average yield, due within one year 0.00% 0.00%
Due in one through five years, fair value $ 63,720 $ 40,023
Weighted average yield, due after one year through five years 2.69% 2.32%
Due after five years through ten years, fair value $ 82,592 $ 97,329
Weighted average yield, due after five years through ten years 3.36% 3.19%
Due after 10 years, fair value $ 280,027 $ 295,114
Weighted average yield, due after ten years 2.88% 2.92%
Fair value $ 426,339 $ 432,466
Weighted average yield 2.95% 2.93%
Municipal bonds    
AFS    
Due within one year, fair value $ 0 $ 0
Weighted average yield, due within one year 0.00% 0.00%
Due in one through five years, fair value $ 39,308 $ 15,531
Weighted average yield, due after one year through five years 3.54% 3.88%
Due after five years through ten years, fair value $ 55,342 $ 70,678
Weighted average yield, due after five years through ten years 2.99% 2.92%
Due after 10 years, fair value $ 276,932 $ 292,050
Weighted average yield, due after ten years 2.89% 2.93%
Fair value $ 371,582 $ 378,259
Weighted average yield 2.97% 2.97%
HTM    
Due within one year, fair value $ 2,253 $ 2,273
Weighted average yield, due within one year 2.31% 2.29%
Due in one through five years, fair value $ 0 $ 0
Weighted average yield, due after one year through five years 0.00% 0.00%
Due after five years through ten years, fair value $ 0 $ 0
Weighted average yield, due after five years through ten years 0.00% 0.00%
Due after ten years, fair value $ 0 $ 0
Weighted average yield, due after ten years 0.00% 0.00%
Fair Value $ 2,253 $ 2,273
Weighted average yield, total 2.31% 2.29%
Corporate debt securities    
AFS    
Due within one year, fair value $ 0 $ 0
Weighted average yield, due within one year 0.00% 0.00%
Due in one through five years, fair value $ 2,327 $ 2,735
Weighted average yield, due after one year through five years 1.74% 2.08%
Due after five years through ten years, fair value $ 23,219 $ 22,209
Weighted average yield, due after five years through ten years 4.44% 4.27%
Due after 10 years, fair value $ 0 $ 0
Weighted average yield, due after ten years 0.00% 0.00%
Fair value $ 25,546 $ 24,944
Weighted average yield 4.20% 4.03%
U.S. Treasury securities    
AFS    
Due within one year, fair value $ 0 $ 0
Weighted average yield, due within one year 0.00% 0.00%
Due in one through five years, fair value $ 20,498 $ 19,987
Weighted average yield, due after one year through five years 1.19% 1.15%
Due after five years through ten years, fair value $ 0 $ 0
Weighted average yield, due after five years through ten years 0.00% 0.00%
Due after 10 years, fair value $ 0 $ 0
Weighted average yield, due after ten years 0.00% 0.00%
Fair value $ 20,498 $ 19,987
Weighted average yield 1.19% 1.15%
Agency debentures    
AFS    
Due within one year, fair value $ 0 $ 0
Weighted average yield, due within one year 0.00% 0.00%
Due in one through five years, fair value $ 1,587 $ 1,770
Weighted average yield, due after one year through five years 2.17% 2.13%
Due after five years through ten years, fair value $ 4,031 $ 4,442
Weighted average yield, due after five years through ten years 2.22% 2.17%
Due after 10 years, fair value $ 3,095 $ 3,064
Weighted average yield, due after ten years 2.21% 2.14%
Fair value $ 8,713 $ 9,276
Weighted average yield 2.21% 2.15%
v3.25.2
INVESTMENT SECURITIES - Pledged to Secure Borrowings and Public Deposits (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Washington, Oregon and California to secure public deposits $ 195,385 $ 195,212
Other securities pledged 1,278 1,334
Asset Pledged as Collateral without Right    
Debt Securities, Available-for-sale [Line Items]    
Total securities pledged as collateral 1,060,970 1,103,021
Asset Pledged as Collateral without Right | Deposits    
Debt Securities, Available-for-sale [Line Items]    
Federal Reserve Bank to secure borrowings $ 864,307 $ 906,475
v3.25.2
LOANS AND CREDIT QUALITY - Narrative (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Financing Receivable, Impaired [Line Items]    
Number of portfolio segments | segment 2  
Loans held for investment ("LHFI") $ 5,887,333 $ 6,193,053
Allowance for unfunded commitments 1,100 1,100
Accrued interest receivable $ 23,500 $ 25,100
Washington | Single family    
Financing Receivable, Impaired [Line Items]    
Percentage of loan portfolio 13.00% 13.00%
California | Multifamily    
Financing Receivable, Impaired [Line Items]    
Percentage of loan portfolio 30.00% 30.00%
Federal Home Loan Bank Advances | Asset Pledged as Collateral without Right    
Financing Receivable, Impaired [Line Items]    
Loans held for investment ("LHFI") $ 3,200,000 $ 4,000,000
Federal Reserve Bank Advances | Asset Pledged as Collateral without Right    
Financing Receivable, Impaired [Line Items]    
Loans held for investment ("LHFI") $ 1,900,000 $ 1,400,000
v3.25.2
LOANS AND CREDIT QUALITY - Loans Held for Investment (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Loans held for investment            
Loans held for investment $ 5,933,139   $ 6,231,796      
Allowance for credit losses (45,806) $ (39,634) (38,743) $ (39,741) $ (39,677) $ (40,500)
Loans held for investment less allowance for credit losses 5,887,333   6,193,053      
Recurring            
Loans held for investment            
Single family LHFI 959   1,287      
Recurring | Level 3            
Loans held for investment            
Single family LHFI 959   1,287      
Commercial and industrial loans            
Loans held for investment            
Loans held for investment 4,439,752   4,710,166      
Commercial and industrial loans | Real Estate Sector            
Loans held for investment            
Loans held for investment 3,829,841   4,036,165      
Allowance for credit losses (27,319) (21,330) (24,484) (26,598) (28,900) (27,912)
Commercial and industrial loans | Commercial and Industrial Sector            
Loans held for investment            
Loans held for investment 609,911   674,001      
Allowance for credit losses (11,760) (11,246) (7,462) (6,326) (3,482) (3,849)
Commercial and industrial loans | Non-owner occupied CRE            
Loans held for investment            
Loans held for investment 508,781   570,750      
Allowance for credit losses (1,791) (1,658) (1,739) (1,777) (2,131) (2,610)
Commercial and industrial loans | Multifamily            
Loans held for investment            
Loans held for investment 2,895,342   2,992,675      
Allowance for credit losses (18,948) (13,287) (14,909) (17,070) (18,947) (13,093)
Commercial and industrial loans | Construction/land development            
Loans held for investment            
Loans held for investment 425,718   472,740      
Commercial and industrial loans | Owner occupied CRE            
Loans held for investment            
Loans held for investment 324,299   361,997      
Allowance for credit losses (610) (598) (576) (731) (836) (899)
Commercial and industrial loans | Commercial business            
Loans held for investment            
Loans held for investment 285,612   312,004      
Allowance for credit losses (11,150) (10,648) (6,886) (5,595) (2,646) (2,950)
Consumer loans            
Loans held for investment            
Loans held for investment 1,493,387   1,521,630      
Allowance for credit losses (6,727) (7,058) (6,797) (6,817) (7,295) (8,739)
Consumer loans | Single family            
Loans held for investment            
Loans held for investment 1,060,566   1,109,095      
Allowance for credit losses (3,602) (3,702) (3,610) (3,844) (4,273) (5,287)
Consumer loans | Home equity and other            
Loans held for investment            
Loans held for investment 432,821   412,535      
Allowance for credit losses $ (3,125) $ (3,356) $ (3,187) $ (2,973) $ (3,022) $ (3,452)
v3.25.2
LOANS AND CREDIT QUALITY - Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
ACL for LHFI        
Beginning balance $ 39,634 $ 39,677 $ 38,743 $ 40,500
Provision for credit losses 6,160 128 7,048 370
Net (charge-offs) recoveries 12 (64) 15 (1,129)
Ending balance 45,806 39,741 45,806 39,741
Allowance for unfunded commitments:        
Beginning balance 1,258 1,581 1,146 1,823
Provision for credit losses (160) (128) (48) (370)
Ending balance 1,098 1,453 1,098 1,453
Provision for credit losses:        
Allowance for credit losses - loans 6,160 128 7,048 370
Allowance for unfunded commitments (160) (128) (48) (370)
Total $ 6,000 $ 0 $ 7,000 $ 0
v3.25.2
LOANS AND CREDIT QUALITY - Activity in Allowance for Credit Losses by Loan Portfolio (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Allowance for credit losses by loan portfolio          
Beginning balance $ 39,634 $ 39,677 $ 38,743 $ 40,500 $ 40,500
Charge-offs (47) (126) (108) (1,231) (3,141)
Provision 59 62 123 102  
Provision 6,160 128 7,048 370  
Ending balance 45,806 39,741 45,806 39,741 38,743
Commercial and industrial loans | Real Estate Sector          
Allowance for credit losses by loan portfolio          
Beginning balance 21,330 28,900 24,484 27,912 27,912
Charge-offs 0 0 0 0  
Provision 0 0 0 0  
Provision 5,989 (2,302) 2,835 (1,314)  
Ending balance 27,319 26,598 27,319 26,598 24,484
Commercial and industrial loans | Commercial and Industrial Sector          
Allowance for credit losses by loan portfolio          
Beginning balance 11,246 3,482 7,462 3,849 3,849
Charge-offs (20) (39) (41) (1,120)  
Provision 25 39 50 40  
Provision 509 2,844 4,289 3,557  
Ending balance 11,760 6,326 11,760 6,326 7,462
Commercial and industrial loans | Non-owner occupied CRE          
Allowance for credit losses by loan portfolio          
Beginning balance 1,658 2,131 1,739 2,610 2,610
Charge-offs 0 0 0 0  
Provision 0 0 0 0  
Provision 133 (354) 52 (833)  
Ending balance 1,791 1,777 1,791 1,777 1,739
Commercial and industrial loans | Multifamily          
Allowance for credit losses by loan portfolio          
Beginning balance 13,287 18,947 14,909 13,093 13,093
Charge-offs 0 0 0 0  
Provision 0 0 0 0  
Provision 5,661 (1,877) 4,039 3,977  
Ending balance 18,948 17,070 18,948 17,070 14,909
Commercial and industrial loans | Multifamily construction          
Allowance for credit losses by loan portfolio          
Beginning balance 468 1,621 849 3,983 3,983
Charge-offs 0 0 0 0  
Provision 0 0 0 0  
Provision 691 350 310 (2,012)  
Ending balance 1,159 1,971 1,159 1,971 849
Commercial and industrial loans | Construction/land development          
Allowance for credit losses by loan portfolio          
Beginning balance 73 188 66 189 189
Charge-offs 0 0 0 0  
Provision 0 0 0 0  
Provision (2) (153) 5 (154)  
Ending balance 71 35 71 35 66
Commercial and industrial loans | Single family construction          
Allowance for credit losses by loan portfolio          
Beginning balance 5,704 5,578 6,737 7,365 7,365
Charge-offs 0 0 0 0  
Provision 0 0 0 0  
Provision (504) (133) (1,537) (1,920)  
Ending balance 5,200 5,445 5,200 5,445 6,737
Commercial and industrial loans | Single family construction to permanent          
Allowance for credit losses by loan portfolio          
Beginning balance 140 435 184 672 672
Charge-offs 0 0 0 0  
Provision 0 0 0 0  
Provision 10 (135) (34) (372)  
Ending balance 150 300 150 300 184
Commercial and industrial loans | Owner occupied CRE          
Allowance for credit losses by loan portfolio          
Beginning balance 598 836 576 899 899
Charge-offs 0 0 0 0  
Provision 0 0 0 0  
Provision 12 (105) 34 (168)  
Ending balance 610 731 610 731 576
Commercial and industrial loans | Commercial business          
Allowance for credit losses by loan portfolio          
Beginning balance 10,648 2,646 6,886 2,950 2,950
Charge-offs (20) (39) (41) (1,120) (2,963)
Provision 25 39 50 40  
Provision 497 2,949 4,255 3,725  
Ending balance 11,150 5,595 11,150 5,595 6,886
Consumer loans          
Allowance for credit losses by loan portfolio          
Beginning balance 7,058 7,295 6,797 8,739 8,739
Charge-offs (27) (87) (67) (111)  
Provision 34 23 73 62  
Provision (338) (414) (76) (1,873)  
Ending balance 6,727 6,817 6,727 6,817 6,797
Consumer loans | Single family          
Allowance for credit losses by loan portfolio          
Beginning balance 3,702 4,273 3,610 5,287 5,287
Charge-offs 0 0 0 0  
Provision 1 1 3 3  
Provision (101) (430) (11) (1,446)  
Ending balance 3,602 3,844 3,602 3,844 3,610
Consumer loans | Home equity and other          
Allowance for credit losses by loan portfolio          
Beginning balance 3,356 3,022 3,187 3,452 3,452
Charge-offs (27) (87) (67) (111) (178)
Provision 33 22 70 59  
Provision (237) 16 (65) (427)  
Ending balance $ 3,125 $ 2,973 $ 3,125 $ 2,973 $ 3,187
v3.25.2
LOANS AND CREDIT QUALITY - Loans Credit Quality by Year and Type (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one $ 68,477 $ 163,704
Financing receivable, year two 126,888 238,834
Financing receivable, year three 212,591 2,275,837
Financing receivable, year four 2,203,796 1,102,301
Financing receivable, year five 1,080,046 591,778
Financing receivable, prior to year five 1,499,031 1,161,583
Revolving 736,839 692,476
Revolving-term 5,471 5,283
Total 5,933,139 6,231,796
Recurring    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Single family LHFI 959 1,287
Level 3 | Recurring    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Single family LHFI 959 1,287
30-59 days    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Total 4,600 4,945
60-89 days    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Total 2,114 1,727
90+ days    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Total 3,737 4,354
Commercial loans    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 66,939 161,507
Financing receivable, year two 125,936 206,951
Financing receivable, year three 181,888 1,895,239
Financing receivable, year four 1,830,609 798,255
Financing receivable, year five 783,395 452,534
Financing receivable, prior to year five 1,135,891 904,196
Revolving 314,297 290,718
Revolving-term 797 766
Total 4,439,752 4,710,166
Commercial loans | Non-owner occupied CRE    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 3,958 0
Financing receivable, year two 0 1,441
Financing receivable, year three 1,411 70,128
Financing receivable, year four 69,104 71,493
Financing receivable, year five 70,716 39,885
Financing receivable, prior to year five 363,622 387,839
Revolving (30) (36)
Revolving-term 0 0
Total 508,781 570,750
Commercial loans | Non-owner occupied CRE | Pass    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 3,958 0
Financing receivable, year two 0 1,441
Financing receivable, year three 1,411 70,128
Financing receivable, year four 69,104 71,493
Financing receivable, year five 70,716 39,885
Financing receivable, prior to year five 325,125 347,058
Revolving (30) (36)
Revolving-term 0 0
Total 470,284 529,969
Commercial loans | Non-owner occupied CRE | Special Mention    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 0 0
Financing receivable, year two 0 0
Financing receivable, year three 0 0
Financing receivable, year four 0 0
Financing receivable, year five 0 0
Financing receivable, prior to year five 22,483 24,551
Revolving 0 0
Revolving-term 0 0
Total 22,483 24,551
Commercial loans | Non-owner occupied CRE | Substandard    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 0 0
Financing receivable, year two 0 0
Financing receivable, year three 0 0
Financing receivable, year four 0 0
Financing receivable, year five 0 0
Financing receivable, prior to year five 16,014 16,230
Revolving 0 0
Revolving-term 0 0
Total 16,014 16,230
Commercial loans | Multifamily    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 6,748 1,650
Financing receivable, year two 0 106,415
Financing receivable, year three 106,340 1,620,674
Financing receivable, year four 1,632,389 647,833
Financing receivable, year five 644,424 330,418
Financing receivable, prior to year five 505,441 285,685
Revolving 0 0
Revolving-term 0 0
Total 2,895,342 2,992,675
Commercial loans | Multifamily | Pass    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 6,748 1,650
Financing receivable, year two 0 106,415
Financing receivable, year three 76,265 1,538,855
Financing receivable, year four 1,506,962 643,044
Financing receivable, year five 614,383 257,110
Financing receivable, prior to year five 417,712 255,643
Revolving 0 0
Revolving-term 0 0
Total 2,622,070 2,802,717
Commercial loans | Multifamily | Special Mention    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 0 0
Financing receivable, year two 0 0
Financing receivable, year three 15,571 66,217
Financing receivable, year four 50,387 4,789
Financing receivable, year five 28,052 73,308
Financing receivable, prior to year five 61,785 23,835
Revolving 0 0
Revolving-term 0 0
Total 155,795 168,149
Commercial loans | Multifamily | Substandard    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 0 0
Financing receivable, year two 0 0
Financing receivable, year three 14,504 15,602
Financing receivable, year four 75,040 0
Financing receivable, year five 1,989 0
Financing receivable, prior to year five 25,944 6,207
Revolving 0 0
Revolving-term 0 0
Total 117,477 21,809
Commercial loans | Multifamily construction    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 0 0
Financing receivable, year two 0 31,349
Financing receivable, year three 34,709 67,557
Financing receivable, year four 10,460 0
Financing receivable, year five 0 0
Financing receivable, prior to year five 0 0
Revolving 0 0
Revolving-term 0 0
Total 45,169 98,906
Commercial loans | Multifamily construction | Pass    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 0 0
Financing receivable, year two 0 31,349
Financing receivable, year three 34,709 67,557
Financing receivable, year four 0 0
Financing receivable, year five 0 0
Financing receivable, prior to year five 0 0
Revolving 0 0
Revolving-term 0 0
Total 34,709 98,906
Commercial loans | Multifamily construction | Special Mention    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 0 0
Financing receivable, year two 0 0
Financing receivable, year three 0 0
Financing receivable, year four 10,460 0
Financing receivable, year five 0 0
Financing receivable, prior to year five 0 0
Revolving 0 0
Revolving-term 0 0
Total 10,460 0
Commercial loans | Multifamily construction | Substandard    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 0 0
Financing receivable, year two 0 0
Financing receivable, year three 0 0
Financing receivable, year four 0 0
Financing receivable, year five 0 0
Financing receivable, prior to year five 0 0
Revolving 0 0
Revolving-term 0 0
Total 0 0
Commercial loans | Construction/land development    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 0 19
Financing receivable, year two 737 7,198
Financing receivable, year three 7,465 0
Financing receivable, year four 0 0
Financing receivable, year five 0 3,821
Financing receivable, prior to year five 3,771 0
Revolving 0 0
Revolving-term 0 0
Total 11,973 11,038
Commercial loans | Construction/land development | Pass    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 0 19
Financing receivable, year two 737 7,198
Financing receivable, year three 7,465 0
Financing receivable, year four 0 0
Financing receivable, year five 0 0
Financing receivable, prior to year five 0 0
Revolving 0 0
Revolving-term 0 0
Total 8,202 7,217
Commercial loans | Construction/land development | Special Mention    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 0 0
Financing receivable, year two 0 0
Financing receivable, year three 0 0
Financing receivable, year four 0 0
Financing receivable, year five 0 0
Financing receivable, prior to year five 0 0
Revolving 0 0
Revolving-term 0 0
Total 0 0
Commercial loans | Construction/land development | Substandard    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 0 0
Financing receivable, year two 0 0
Financing receivable, year three 0 0
Financing receivable, year four 0 0
Financing receivable, year five 0 3,821
Financing receivable, prior to year five 3,771 0
Revolving 0 0
Revolving-term 0 0
Total 3,771 3,821
Commercial loans | Single family construction    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 52,198 121,305
Financing receivable, year two 86,539 22,412
Financing receivable, year three 4,487 5,346
Financing receivable, year four 253 7,252
Financing receivable, year five 1,489 0
Financing receivable, prior to year five 67 69
Revolving 189,625 164,442
Revolving-term 0 0
Total 334,658 320,826
Commercial loans | Single family construction | Pass    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 52,198 121,305
Financing receivable, year two 86,539 22,412
Financing receivable, year three 4,487 5,346
Financing receivable, year four 253 7,252
Financing receivable, year five 1,489 0
Financing receivable, prior to year five 67 69
Revolving 189,625 164,442
Revolving-term 0 0
Total 334,658 320,826
Commercial loans | Single family construction | Special Mention    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 0 0
Financing receivable, year two 0 0
Financing receivable, year three 0 0
Financing receivable, year four 0 0
Financing receivable, year five 0 0
Financing receivable, prior to year five 0 0
Revolving 0 0
Revolving-term 0 0
Total 0 0
Commercial loans | Single family construction | Substandard    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 0 0
Financing receivable, year two 0 0
Financing receivable, year three 0 0
Financing receivable, year four 0 0
Financing receivable, year five 0 0
Financing receivable, prior to year five 0 0
Revolving 0 0
Revolving-term 0 0
Total 0 0
Commercial loans | Single family construction to permanent    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 1,805 6,153
Financing receivable, year two 8,318 9,719
Financing receivable, year three 3,835 17,598
Financing receivable, year four 12,694 7,977
Financing receivable, year five 6,667 523
Financing receivable, prior to year five 599 0
Revolving 0 0
Revolving-term 0 0
Total 33,918 41,970
Commercial loans | Single family construction to permanent | Current    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 1,805 6,153
Financing receivable, year two 8,318 9,719
Financing receivable, year three 3,835 17,598
Financing receivable, year four 12,694 7,977
Financing receivable, year five 6,667 523
Financing receivable, prior to year five 599 0
Revolving 0 0
Revolving-term 0 0
Total 33,918 41,970
Commercial loans | Single family construction to permanent | 30-59 days    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 0 0
Financing receivable, year two 0 0
Financing receivable, year three 0 0
Financing receivable, year four 0 0
Financing receivable, year five 0 0
Financing receivable, prior to year five 0 0
Revolving 0 0
Revolving-term 0 0
Total 0 0
Commercial loans | Single family construction to permanent | 60-89 days    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 0 0
Financing receivable, year two 0 0
Financing receivable, year three 0 0
Financing receivable, year four 0 0
Financing receivable, year five 0 0
Financing receivable, prior to year five 0 0
Revolving 0 0
Revolving-term 0 0
Total 0 0
Commercial loans | Single family construction to permanent | 90+ days    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 0 0
Financing receivable, year two 0 0
Financing receivable, year three 0 0
Financing receivable, year four 0 0
Financing receivable, year five 0 0
Financing receivable, prior to year five 0 0
Revolving 0 0
Revolving-term 0 0
Total 0 0
Commercial loans | Owner occupied CRE    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 1,746 5,431
Financing receivable, year two 3,938 12,290
Financing receivable, year three 8,882 64,883
Financing receivable, year four 63,108 40,973
Financing receivable, year five 39,773 41,850
Financing receivable, prior to year five 206,852 196,524
Revolving 0 3
Revolving-term 0 43
Total 324,299 361,997
Commercial loans | Owner occupied CRE | Pass    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 1,746 5,431
Financing receivable, year two 3,938 10,501
Financing receivable, year three 8,882 58,423
Financing receivable, year four 56,735 33,371
Financing receivable, year five 33,754 41,533
Financing receivable, prior to year five 177,364 168,082
Revolving 0 3
Revolving-term 0 43
Total 282,419 317,387
Commercial loans | Owner occupied CRE | Special Mention    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 0 0
Financing receivable, year two 0 1,789
Financing receivable, year three 0 6,129
Financing receivable, year four 6,053 7,602
Financing receivable, year five 4,442 317
Financing receivable, prior to year five 28,230 26,203
Revolving 0 0
Revolving-term 0 0
Total 38,725 42,040
Commercial loans | Owner occupied CRE | Substandard    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 0 0
Financing receivable, year two 0 0
Financing receivable, year three 0 331
Financing receivable, year four 320 0
Financing receivable, year five 1,577 0
Financing receivable, prior to year five 1,258 2,239
Revolving 0 0
Revolving-term 0 0
Total 3,155 2,570
Commercial loans | Commercial business    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 484 26,949
Financing receivable, year two 26,404 16,127
Financing receivable, year three 14,759 49,053
Financing receivable, year four 42,601 22,727
Financing receivable, year five 20,326 36,037
Financing receivable, prior to year five 55,539 34,079
Revolving 124,702 126,309
Revolving-term 797 723
Total 285,612 312,004
Commercial loans | Commercial business | Pass    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 484 26,706
Financing receivable, year two 25,311 15,721
Financing receivable, year three 14,305 36,209
Financing receivable, year four 18,507 20,347
Financing receivable, year five 18,593 28,207
Financing receivable, prior to year five 41,806 28,836
Revolving 120,928 123,003
Revolving-term 797 700
Total 240,731 279,729
Commercial loans | Commercial business | Special Mention    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 0 0
Financing receivable, year two 364 0
Financing receivable, year three 93 959
Financing receivable, year four 1,035 2,380
Financing receivable, year five 1,733 638
Financing receivable, prior to year five 2,359 615
Revolving 996 386
Revolving-term 0 0
Total 6,580 4,978
Commercial loans | Commercial business | Substandard    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 0 243
Financing receivable, year two 729 406
Financing receivable, year three 361 11,885
Financing receivable, year four 23,059 0
Financing receivable, year five 0 7,192
Financing receivable, prior to year five 11,374 4,628
Revolving 2,778 2,920
Revolving-term 0 23
Total 38,301 27,297
Consumer loans    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one   2,197
Financing receivable, year one, net 1,538  
Financing receivable, year two 952 31,883
Financing receivable, year three 30,703 380,598
Financing receivable, year four 373,187 304,046
Financing receivable, year five 296,651 139,244
Financing receivable, prior to year five 363,140 257,387
Revolving 422,542 401,758
Revolving-term 4,674 4,517
Total 1,493,387 1,521,630
Consumer loans | Single family    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one   566
Financing receivable, year one, net 571  
Financing receivable, year two 91 30,940
Financing receivable, year three 29,967 379,065
Financing receivable, year four 372,054 303,920
Financing receivable, year five 296,567 139,159
Financing receivable, prior to year five 361,316 255,445
Revolving 0 0
Revolving-term 0 0
Total 1,060,566 1,109,095
Consumer loans | Single family | Current    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one   566
Financing receivable, year one, net 571  
Financing receivable, year two 91 30,940
Financing receivable, year three 29,553 378,613
Financing receivable, year four 370,811 303,920
Financing receivable, year five 296,464 139,159
Financing receivable, prior to year five 357,673 251,322
Revolving 0 0
Revolving-term 0 0
Total 1,055,163 1,104,520
Consumer loans | Single family | 30-59 days    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one   0
Financing receivable, year one, net 0  
Financing receivable, year two 0 0
Financing receivable, year three 414 452
Financing receivable, year four 791 0
Financing receivable, year five 0 0
Financing receivable, prior to year five 1,266 1,673
Revolving 0 0
Revolving-term 0 0
Total 2,471 2,125
Consumer loans | Single family | 60-89 days    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one   0
Financing receivable, year one, net 0  
Financing receivable, year two 0 0
Financing receivable, year three 0 0
Financing receivable, year four 0 0
Financing receivable, year five 0 0
Financing receivable, prior to year five 0 440
Revolving 0 0
Revolving-term 0 0
Total 0 440
Consumer loans | Single family | 90+ days    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one   0
Financing receivable, year one, net 0  
Financing receivable, year two 0 0
Financing receivable, year three 0 0
Financing receivable, year four 452 0
Financing receivable, year five 103 0
Financing receivable, prior to year five 2,377 2,010
Revolving 0 0
Revolving-term 0 0
Total 2,932 2,010
Consumer loans | Home equity and other    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 967 1,631
Financing receivable, year two 861 943
Financing receivable, year three 736 1,533
Financing receivable, year four 1,133 126
Financing receivable, year five 84 85
Financing receivable, prior to year five 1,824 1,942
Revolving 422,542 401,758
Revolving-term 4,674 4,517
Total 432,821 412,535
Consumer loans | Home equity and other | Current    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 967 1,606
Financing receivable, year two 851 936
Financing receivable, year three 735 1,528
Financing receivable, year four 1,133 126
Financing receivable, year five 84 85
Financing receivable, prior to year five 1,781 1,932
Revolving 420,778 399,531
Revolving-term 4,614 4,449
Total 430,943 410,193
Consumer loans | Home equity and other | 30-59 days    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 0 25
Financing receivable, year two 3 4
Financing receivable, year three 1 1
Financing receivable, year four 0 0
Financing receivable, year five 0 0
Financing receivable, prior to year five 38 0
Revolving 418 474
Revolving-term 60 62
Total 520 566
Consumer loans | Home equity and other | 60-89 days    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 0 0
Financing receivable, year two 5 3
Financing receivable, year three 0 4
Financing receivable, year four 0 0
Financing receivable, year five 0 0
Financing receivable, prior to year five 0 0
Revolving 305 626
Revolving-term 0 0
Total 310 633
Consumer loans | Home equity and other | 90+ days    
Financing Receivable, before Allowance for Credit Loss [Abstract]    
Financing receivable, year one 0 0
Financing receivable, year two 2 0
Financing receivable, year three 0 0
Financing receivable, year four 0 0
Financing receivable, year five 0 0
Financing receivable, prior to year five 5 10
Revolving 1,041 1,127
Revolving-term 0 6
Total $ 1,048 $ 1,143
v3.25.2
LOANS AND CREDIT QUALITY - Gross Charge-offs by Year and Type (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Financing Receivable, Credit Quality Indicator [Line Items]          
Financing receivable, year one, Gross charge-offs     $ 0   $ 0
Financing receivable, year two, Gross charge-offs     (7)   (24)
Financing receivable, year three, Gross charge-offs     (3)   (292)
Financing receivable, year four, Gross charge-offs     (21)   (474)
Financing receivable, year five, Gross charge-offs     0   (1,077)
Financing receivable, prior to year five, Gross charge-offs, net     (21)   (1,098)
Revolving     (56)   (176)
Revolving-term     0   0
Total $ (47) $ (126) (108) $ (1,231) (3,141)
Commercial loans | Commercial business          
Financing Receivable, Credit Quality Indicator [Line Items]          
Financing receivable, year one, Gross charge-offs     0   0
Financing receivable, year two, Gross charge-offs     0   0
Financing receivable, year three, Gross charge-offs     0   (276)
Financing receivable, year four, Gross charge-offs     (21)   (473)
Financing receivable, year five, Gross charge-offs     0   (1,077)
Financing receivable, prior to year five, Gross charge-offs, net     (20)   (1,098)
Revolving     0   (39)
Revolving-term     0   0
Total (20) (39) (41) (1,120) (2,963)
Consumer loans          
Financing Receivable, Credit Quality Indicator [Line Items]          
Total (27) (87) (67) (111)  
Consumer loans | Home equity and other          
Financing Receivable, Credit Quality Indicator [Line Items]          
Financing receivable, year one, Gross charge-offs     0   0
Financing receivable, year two, Gross charge-offs     (7)   (24)
Financing receivable, year three, Gross charge-offs     (3)   (16)
Financing receivable, year four, Gross charge-offs     0   (1)
Financing receivable, year five, Gross charge-offs     0   0
Financing receivable, prior to year five, Gross charge-offs, net     (1)   0
Revolving     (56)   (137)
Revolving-term     0   0
Total $ (27) $ (87) $ (67) $ (111) $ (178)
v3.25.2
LOANS AND CREDIT QUALITY - Collateral Dependent Loans (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss $ 5,933,139 $ 6,231,796
CRE | Non-owner occupied CRE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 508,781 570,750
CRE | Multifamily    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 2,895,342 2,992,675
Commercial and industrial loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 4,439,752 4,710,166
Commercial and industrial loans | Commercial and Industrial Sector    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 609,911 674,001
Commercial and industrial loans | Non-owner occupied CRE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 508,781 570,750
Commercial and industrial loans | Owner occupied CRE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 324,299 361,997
Commercial and industrial loans | Commercial business    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 285,612 312,004
Consumer loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 1,493,387 1,521,630
Consumer loans | Single family    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 1,060,566 1,109,095
Total    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 32,305 33,619
Total | CRE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 21,700 21,966
Total | CRE | Non-owner occupied CRE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 16,014 16,230
Total | CRE | Multifamily    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 1,915 1,915
Total | CRE | CRE construction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 3,771 3,821
Total | Commercial and industrial loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss   10,821
Total | Commercial and industrial loans | Owner occupied CRE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss   205
Total | Commercial and industrial loans | Commercial business    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 9,773 10,616
Total | Consumer loans | Single family    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 832 832
Land    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 8,133 8,241
Land | CRE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 3,771 3,821
Land | CRE | Non-owner occupied CRE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 0 0
Land | CRE | Multifamily    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 0 0
Land | CRE | CRE construction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 3,771 3,821
Land | Commercial and industrial loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss   4,420
Land | Commercial and industrial loans | Owner occupied CRE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss   0
Land | Commercial and industrial loans | Commercial business    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 4,362 4,420
Land | Consumer loans | Single family    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 0 0
1-4 Family    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 3,714 3,759
1-4 Family | CRE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 0 0
1-4 Family | CRE | Non-owner occupied CRE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 0 0
1-4 Family | CRE | Multifamily    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 0 0
1-4 Family | CRE | CRE construction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 0 0
1-4 Family | Commercial and industrial loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss   2,927
1-4 Family | Commercial and industrial loans | Owner occupied CRE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss   0
1-4 Family | Commercial and industrial loans | Commercial business    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 2,882 2,927
1-4 Family | Consumer loans | Single family    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 832 832
Multifamily    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 1,915 1,915
Multifamily | CRE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 1,915 1,915
Multifamily | CRE | Non-owner occupied CRE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 0 0
Multifamily | CRE | Multifamily    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 1,915 1,915
Multifamily | CRE | CRE construction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 0 0
Multifamily | Commercial and industrial loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss   0
Multifamily | Commercial and industrial loans | Owner occupied CRE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss   0
Multifamily | Commercial and industrial loans | Commercial business    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 0 0
Multifamily | Consumer loans | Single family    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 0 0
Non-residential real estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 16,014 16,435
Non-residential real estate | CRE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 16,014 16,230
Non-residential real estate | CRE | Non-owner occupied CRE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 16,014 16,230
Non-residential real estate | CRE | Multifamily    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 0 0
Non-residential real estate | CRE | CRE construction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 0 0
Non-residential real estate | Commercial and industrial loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss   205
Non-residential real estate | Commercial and industrial loans | Owner occupied CRE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss   205
Non-residential real estate | Commercial and industrial loans | Commercial business    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 0 0
Non-residential real estate | Consumer loans | Single family    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 0 0
Other non-real estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 2,529 3,269
Other non-real estate | CRE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 0 0
Other non-real estate | CRE | Non-owner occupied CRE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 0 0
Other non-real estate | CRE | Multifamily    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 0 0
Other non-real estate | CRE | CRE construction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 0 0
Other non-real estate | Commercial and industrial loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss   3,269
Other non-real estate | Commercial and industrial loans | Owner occupied CRE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss   0
Other non-real estate | Commercial and industrial loans | Commercial business    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss 2,529 3,269
Other non-real estate | Consumer loans | Single family    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans before allowance for credit loss $ 0 $ 0
v3.25.2
LOANS AND CREDIT QUALITY - Loans on Nonaccrual with No Related Allowance (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Financing Receivable, Nonaccrual [Line Items]    
Nonaccrual with no related ACL $ 32,687 $ 32,742
Total Nonaccrual 55,232 54,994
CRE    
Financing Receivable, Nonaccrual [Line Items]    
Nonaccrual with no related ACL 21,700 21,966
Total Nonaccrual 21,700 21,966
CRE | Non-owner occupied CRE    
Financing Receivable, Nonaccrual [Line Items]    
Nonaccrual with no related ACL 16,014 16,230
Total Nonaccrual 16,014 16,230
CRE | Multifamily    
Financing Receivable, Nonaccrual [Line Items]    
Nonaccrual with no related ACL 1,915 1,915
Total Nonaccrual 1,915 1,915
CRE | Construction/land development    
Financing Receivable, Nonaccrual [Line Items]    
Nonaccrual with no related ACL 3,771 3,821
Total Nonaccrual 3,771 3,821
Commercial and industrial loans    
Financing Receivable, Nonaccrual [Line Items]    
Nonaccrual with no related ACL 10,155 9,670
Total Nonaccrual 26,119 26,901
Commercial and industrial loans | Owner occupied CRE    
Financing Receivable, Nonaccrual [Line Items]    
Nonaccrual with no related ACL 905 1,161
Total Nonaccrual 905 1,161
Commercial and industrial loans | Commercial business    
Financing Receivable, Nonaccrual [Line Items]    
Nonaccrual with no related ACL 9,250 8,509
Total Nonaccrual 25,214 25,740
Consumer loans    
Financing Receivable, Nonaccrual [Line Items]    
Nonaccrual with no related ACL 832 1,106
Total Nonaccrual 7,413 6,127
Consumer loans | Single family    
Financing Receivable, Nonaccrual [Line Items]    
Nonaccrual with no related ACL 832 1,106
Total Nonaccrual 3,850 2,990
Consumer loans | Home equity and other    
Financing Receivable, Nonaccrual [Line Items]    
Nonaccrual with no related ACL 0 0
Total Nonaccrual $ 3,563 $ 3,137
v3.25.2
LOANS AND CREDIT QUALITY - Aging Analysis (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss $ 5,933,139 $ 6,231,796
Nonaccrual 55,232 54,994
Total past due and nonaccrual $ 65,683 $ 66,020
Nonaccrual, percent of total loans 0.93% 0.88%
Past due and nonaccrual, percent of total loans 1.11% 1.06%
Not past due, percent of total loans 98.89% 98.94%
Percent of total loans 100.00% 100.00%
Federal Housing Administration, Veteran Affairs, or Small Business Administration    
Financing Receivable, Past Due [Line Items]    
Total past due and nonaccrual $ 11,400 $ 11,300
Recurring    
Financing Receivable, Past Due [Line Items]    
Single family LHFI 959 1,287
Level 3 | Recurring    
Financing Receivable, Past Due [Line Items]    
Single family LHFI 959 1,287
30-59 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss $ 4,600 $ 4,945
Past due, percent of total loans 0.08% 0.08%
60-89 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss $ 2,114 $ 1,727
Past due, percent of total loans 0.04% 0.03%
90+ days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss $ 3,737 $ 4,354
Past due, percent of total loans 0.06% 0.07%
Current    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss $ 5,867,456 $ 6,165,776
CRE    
Financing Receivable, Past Due [Line Items]    
Nonaccrual 21,700 21,966
CRE | Real Estate Sector    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 3,829,841 4,036,165
Nonaccrual 21,700 21,966
Total past due and nonaccrual 21,700 21,966
CRE | Real Estate Sector | 30-59 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
CRE | Real Estate Sector | 60-89 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
CRE | Real Estate Sector | 90+ days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
CRE | Real Estate Sector | Current    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 3,808,141 4,014,199
CRE | Non-owner occupied CRE    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 508,781 570,750
Nonaccrual 16,014 16,230
Total past due and nonaccrual 16,014 16,230
CRE | Non-owner occupied CRE | 30-59 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
CRE | Non-owner occupied CRE | 60-89 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
CRE | Non-owner occupied CRE | 90+ days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
CRE | Non-owner occupied CRE | Current    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 492,767 554,520
CRE | Multifamily    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 2,895,342 2,992,675
Nonaccrual 1,915 1,915
Total past due and nonaccrual 1,915 1,915
CRE | Multifamily | 30-59 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
CRE | Multifamily | 60-89 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
CRE | Multifamily | 90+ days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
CRE | Multifamily | Current    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 2,893,427 2,990,760
CRE | Multifamily construction    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 45,169 98,906
Nonaccrual 0 0
Total past due and nonaccrual 0 0
CRE | Multifamily construction | 30-59 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
CRE | Multifamily construction | 60-89 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
CRE | Multifamily construction | 90+ days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
CRE | Multifamily construction | Current    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 45,169 98,906
CRE | Construction/land development    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 11,973 11,038
Nonaccrual 3,771 3,821
Total past due and nonaccrual 3,771 3,821
CRE | Construction/land development | 30-59 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
CRE | Construction/land development | 60-89 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
CRE | Construction/land development | 90+ days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
CRE | Construction/land development | Current    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 8,202 7,217
CRE | Single family construction    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 334,658 320,826
Nonaccrual 0 0
Total past due and nonaccrual 0 0
CRE | Single family construction | 30-59 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
CRE | Single family construction | 60-89 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
CRE | Single family construction | 90+ days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
CRE | Single family construction | Current    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 334,658 320,826
CRE | Single family construction to permanent    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 33,918 41,970
Nonaccrual 0 0
Total past due and nonaccrual 0 0
CRE | Single family construction to permanent | 30-59 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
CRE | Single family construction to permanent | 60-89 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
CRE | Single family construction to permanent | 90+ days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
CRE | Single family construction to permanent | Current    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 33,918 41,970
Commercial loans, adjusted for credit analysis | Commercial and Industrial Sector    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 609,911 674,001
Nonaccrual 26,119 26,901
Total past due and nonaccrual 26,399 26,901
Commercial loans, adjusted for credit analysis | Commercial and Industrial Sector | 30-59 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 280 0
Commercial loans, adjusted for credit analysis | Commercial and Industrial Sector | 60-89 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
Commercial loans, adjusted for credit analysis | Commercial and Industrial Sector | 90+ days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
Commercial loans, adjusted for credit analysis | Commercial and Industrial Sector | Current    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 583,512 647,100
Commercial loans, adjusted for credit analysis | Owner occupied CRE    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 324,299 361,997
Nonaccrual   1,161
Total past due and nonaccrual 1,159 1,161
Commercial loans, adjusted for credit analysis | Owner occupied CRE | 30-59 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 254 0
Commercial loans, adjusted for credit analysis | Owner occupied CRE | 60-89 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
Commercial loans, adjusted for credit analysis | Owner occupied CRE | 90+ days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
Commercial loans, adjusted for credit analysis | Owner occupied CRE | Current    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 323,140 360,836
Commercial loans, adjusted for credit analysis | Commercial business    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 285,612 312,004
Nonaccrual   25,740
Total past due and nonaccrual 25,240 25,740
Commercial loans, adjusted for credit analysis | Commercial business | 30-59 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 26 0
Commercial loans, adjusted for credit analysis | Commercial business | 60-89 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
Commercial loans, adjusted for credit analysis | Commercial business | 90+ days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
Commercial loans, adjusted for credit analysis | Commercial business | Current    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 260,372 286,264
Consumer portfolio segment, adjusted for credit analysis    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 1,493,387 1,521,630
Nonaccrual 7,413 6,127
Total past due and nonaccrual 17,584 17,153
Consumer portfolio segment, adjusted for credit analysis | 30-59 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 4,320 4,945
Consumer portfolio segment, adjusted for credit analysis | 60-89 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 2,114 1,727
Consumer portfolio segment, adjusted for credit analysis | 90+ days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 3,737 4,354
Consumer portfolio segment, adjusted for credit analysis | Current    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 1,475,803 1,504,477
Consumer portfolio segment, adjusted for credit analysis | Single family    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 1,060,566 1,109,095
Nonaccrual   2,990
Total past due and nonaccrual 13,732 13,041
Consumer portfolio segment, adjusted for credit analysis | Single family | 30-59 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 4,060 4,601
Consumer portfolio segment, adjusted for credit analysis | Single family | 60-89 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 2,085 1,096
Consumer portfolio segment, adjusted for credit analysis | Single family | 90+ days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 3,737 4,354
Consumer portfolio segment, adjusted for credit analysis | Single family | Current    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 1,046,834 1,096,054
Consumer portfolio segment, adjusted for credit analysis | Home equity and other    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 432,821 412,535
Nonaccrual 3,563 3,137
Total past due and nonaccrual 3,852 4,112
Consumer portfolio segment, adjusted for credit analysis | Home equity and other | 30-59 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 260 344
Consumer portfolio segment, adjusted for credit analysis | Home equity and other | 60-89 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 29 631
Consumer portfolio segment, adjusted for credit analysis | Home equity and other | 90+ days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
Consumer portfolio segment, adjusted for credit analysis | Home equity and other | Current    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 428,969 408,423
Commercial loans    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 4,439,752 4,710,166
Nonaccrual 26,119 26,901
Commercial loans | Real Estate Sector    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 3,829,841 4,036,165
Commercial loans | Commercial and Industrial Sector    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 609,911 674,001
Commercial loans | Non-owner occupied CRE    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 508,781 570,750
Commercial loans | Multifamily construction    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 45,169 98,906
Commercial loans | Construction/land development    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 11,973 11,038
Commercial loans | Single family construction    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 334,658 320,826
Commercial loans | Single family construction to permanent    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 33,918 41,970
Commercial loans | Single family construction to permanent | 30-59 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
Commercial loans | Single family construction to permanent | 60-89 days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
Commercial loans | Single family construction to permanent | 90+ days    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 0 0
Commercial loans | Owner occupied CRE    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 324,299 361,997
Nonaccrual 905 1,161
Commercial loans | Commercial business    
Financing Receivable, Past Due [Line Items]    
Loans before allowance for credit loss 285,612 312,004
Nonaccrual $ 25,214 $ 25,740
v3.25.2
LOANS AND CREDIT QUALITY - Loan Modifications (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Commercial loans, adjusted for credit analysis | Multifamily | Significant Payment Delay        
Financing Receivable, Modified [Line Items]        
Amortized Cost Basis at Period End $ 1,915 $ 0 $ 1,915 $ 0
% of Total Class of Financing Receivable 0.07% 0.00% 0.07% 0.00%
Commercial loans, adjusted for credit analysis | Commercial business | Significant Payment Delay        
Financing Receivable, Modified [Line Items]        
Amortized Cost Basis at Period End $ 0 $ 0 $ 0 $ 97
% of Total Class of Financing Receivable 0.00% 0.00% 0.00% 0.03%
Commercial loans, adjusted for credit analysis | Commercial business | Term Extension        
Financing Receivable, Modified [Line Items]        
Amortized Cost Basis at Period End $ 996 $ 0 $ 996 $ 3,455
% of Total Class of Financing Receivable 0.35% 0.00% 0.35% 0.92%
Commercial loans, adjusted for credit analysis | Commercial business | Significant Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Amortized Cost Basis at Period End $ 729 $ 0 $ 1,840 $ 0
% of Total Class of Financing Receivable 0.26% 0.00% 0.64% 0.00%
Consumer loans | Single family | Significant Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Amortized Cost Basis at Period End $ 318 $ 804 $ 590 $ 1,177
% of Total Class of Financing Receivable 0.03% 0.07% 0.06% 0.03%
v3.25.2
LOANS AND CREDIT QUALITY - Loan Modifications, Financial Effect (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Commercial loans | Multifamily | Significant Payment Delay        
Financing Receivable, Modified [Line Items]        
Weighted average time added to life of loans (in years) 3 months 18 days   2 years  
Commercial loans | Commercial business | Significant Payment Delay        
Financing Receivable, Modified [Line Items]        
Weighted average time added to life of loans (in years) 1 year 9 months 18 days   3 years 9 months 18 days 2 years 9 months 18 days
Commercial loans | Commercial business | Term Extension        
Financing Receivable, Modified [Line Items]        
Weighted average time added to life of loans (in years) 1 year 1 month 6 days   2 years 4 months 24 days 4 months 24 days
Consumer loans | Single family | Significant Payment Delay        
Financing Receivable, Modified [Line Items]        
Weighted average percent of loan balances capitalized and added to term of loan 2.34% 1.06% 1.67% 1.00%
Consumer loans | Single family | Term Extension        
Financing Receivable, Modified [Line Items]        
Weighted average time added to life of loans (in years) 5 years 7 months 6 days 2 years 9 months 18 days 6 years 4 months 24 days 3 years
v3.25.2
LOANS AND CREDIT QUALITY - Loan Modifications, by Payment Status (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Current    
Financing Receivable, Modified [Line Items]    
Loans modified $ 24,138 $ 2,752
30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loans modified 176 3,541
90+ Days Past Due    
Financing Receivable, Modified [Line Items]    
Loans modified 10,466 25,888
Non-owner occupied CRE | Commercial loans | Current    
Financing Receivable, Modified [Line Items]    
Loans modified 18,447 0
Non-owner occupied CRE | Commercial loans | 30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loans modified 0 0
Non-owner occupied CRE | Commercial loans | 90+ Days Past Due    
Financing Receivable, Modified [Line Items]    
Loans modified 0 16,230
Multifamily | Commercial loans | Current    
Financing Receivable, Modified [Line Items]    
Loans modified 0  
Multifamily | Commercial loans | 30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loans modified 0  
Multifamily | Commercial loans | 90+ Days Past Due    
Financing Receivable, Modified [Line Items]    
Loans modified 1,915  
Construction/land development | Commercial loans | Current    
Financing Receivable, Modified [Line Items]    
Loans modified 0 0
Construction/land development | Commercial loans | 30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loans modified 0 0
Construction/land development | Commercial loans | 90+ Days Past Due    
Financing Receivable, Modified [Line Items]    
Loans modified 3,771 3,821
Owner occupied CRE | Commercial loans | Current    
Financing Receivable, Modified [Line Items]    
Loans modified 254  
Owner occupied CRE | Commercial loans | 30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loans modified 0  
Owner occupied CRE | Commercial loans | 90+ Days Past Due    
Financing Receivable, Modified [Line Items]    
Loans modified 0  
Commercial business | Commercial loans | Current    
Financing Receivable, Modified [Line Items]    
Loans modified 2,852 1,597
Commercial business | Commercial loans | 30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loans modified 0 2,708
Commercial business | Commercial loans | 90+ Days Past Due    
Financing Receivable, Modified [Line Items]    
Loans modified 4,362 4,420
Single family | Consumer loans | Current    
Financing Receivable, Modified [Line Items]    
Loans modified 2,585 1,155
Single family | Consumer loans | 30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loans modified 176 833
Single family | Consumer loans | 90+ Days Past Due    
Financing Receivable, Modified [Line Items]    
Loans modified $ 418 $ 1,417
v3.25.2
LOANS AND CREDIT QUALITY - Loan Modifications with Subsequent Default, by Loan Modification (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Significant Payment Delay        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default $ 0 $ 833 $ 0 $ 1,074
Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default 0 2,708 0 7,128
Interest Rate Reduction and Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default 0 0 0 0
Significant Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default 457 0 632 20,415
Interest Rate Reduction, Significant Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default 0 0 0 0
Commercial loans | Owner occupied CRE | Significant Payment Delay        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default 0      
Commercial loans | Owner occupied CRE | Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default 0      
Commercial loans | Owner occupied CRE | Interest Rate Reduction and Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default 0      
Commercial loans | Owner occupied CRE | Significant Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default 254      
Commercial loans | Owner occupied CRE | Interest Rate Reduction, Significant Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default 0      
Commercial loans | Commercial business | Significant Payment Delay        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default   0   0
Commercial loans | Commercial business | Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default   2,708   7,128
Commercial loans | Commercial business | Interest Rate Reduction and Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default   0   0
Commercial loans | Commercial business | Significant Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default   0   0
Commercial loans | Commercial business | Interest Rate Reduction, Significant Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default   0   0
Consumer loans | Single family | Significant Payment Delay        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default 0 833   1,074
Consumer loans | Single family | Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default   0 0 0
Consumer loans | Single family | Interest Rate Reduction and Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default 0 0 0 0
Consumer loans | Single family | Significant Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default 203 0 378 351
Consumer loans | Single family | Interest Rate Reduction, Significant Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default $ 0 $ 0 0 0
Commercial business | Owner occupied CRE | Significant Payment Delay        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default     0  
Commercial business | Owner occupied CRE | Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default     0  
Commercial business | Owner occupied CRE | Interest Rate Reduction and Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default     0  
Commercial business | Owner occupied CRE | Significant Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default     254  
Commercial business | Owner occupied CRE | Interest Rate Reduction, Significant Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default     $ 0  
Commercial business | Non-owner occupied CRE | Significant Payment Delay        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default       0
Commercial business | Non-owner occupied CRE | Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default       0
Commercial business | Non-owner occupied CRE | Interest Rate Reduction and Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default       0
Commercial business | Non-owner occupied CRE | Significant Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default       16,240
Commercial business | Non-owner occupied CRE | Interest Rate Reduction, Significant Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default       0
Commercial business | Construction/land development | Significant Payment Delay        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default       0
Commercial business | Construction/land development | Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default       0
Commercial business | Construction/land development | Interest Rate Reduction and Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default       0
Commercial business | Construction/land development | Significant Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default       3,824
Commercial business | Construction/land development | Interest Rate Reduction, Significant Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Loan modifications with subsequent default       $ 0
v3.25.2
DEPOSITS - Schedule of Deposit Balances (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Deposit balances, including stated rates    
Noninterest-bearing demand deposits $ 1,203,680 $ 1,195,781
Interest bearing:    
Interest-bearing demand deposits 322,151 323,112
Savings 233,074 229,659
Money market 1,363,793 1,396,697
Certificates of deposit    
Brokered deposits 210,067 751,406
Other 2,524,519 2,516,366
Total interest bearing deposits 4,653,604 5,217,240
Total deposits $ 5,857,284 $ 6,413,021
Weighted Average Rate, Interest-bearing demand deposits 0.17% 0.35%
Weighted Average Rate, Savings 0.06% 0.06%
Weighted Average Rate, Money market 1.95% 1.72%
Weighted Average Rate, Brokered deposit 4.24% 4.61%
Weighted Average Rate, Other certificates of deposit 3.91% 4.37%
Weighted Average Rate, Domestic, Total interest bearing deposits 2.88% 3.31%
Weighted Average Rate, Domestic, Total deposits 2.30% 2.65%
v3.25.2
DEPOSITS - Schedule of Deposit Maturity (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Certificates of deposit outstanding  
Within one year $ 2,719,131
One to two years 12,117
Two to three years 1,273
Three to four years 868
Four to five years 1,197
Thereafter 0
Total $ 2,734,586
v3.25.2
DEPOSITS - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Deposits Liabilities, Balance Sheet, Reported Amounts [Abstract]    
Time deposits, at or above FDIC insurance limit $ 277 $ 265
Public funds included in deposits $ 319 $ 315
v3.25.2
DERIVATIVES AND HEDGING ACTIVITIES - Fair Value of Derivatives (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Notional amount $ 393,688 $ 338,586
Derivative Asset [Abstract]    
Total derivatives before netting, Fair value derivatives, Asset 7,927 10,666
Netting adjustments/cash collateral, Fair value derivative, Asset (6,932) (10,388)
Net amount - derivative assets 995 278
Derivative Liability [Abstract]    
Total derivatives before netting, Fair value derivatives, Liability (7,242) (10,701)
Netting adjustments/cash collateral, Fair value derivative, Liability 230 219
Net amount, derivative liabilities (7,012) (10,482)
Liability for cash collateral received from counterparties 6,700 10,200
Forward sale commitments    
Derivatives, Fair Value [Line Items]    
Notional amount 149,516 87,912
Derivative Asset [Abstract]    
Total derivatives before netting, Fair value derivatives, Asset 426 237
Derivative Liability [Abstract]    
Total derivatives before netting, Fair value derivatives, Liability (657) (402)
Interest rate lock commitments    
Derivatives, Fair Value [Line Items]    
Notional amount 39,722 16,757
Derivative Asset [Abstract]    
Total derivatives before netting, Fair value derivatives, Asset 918 175
Derivative Liability [Abstract]    
Total derivatives before netting, Fair value derivatives, Liability (2) (49)
Interest rate swaps    
Derivatives, Fair Value [Line Items]    
Notional amount 204,450 222,917
Derivative Asset [Abstract]    
Total derivatives before netting, Fair value derivatives, Asset 6,583 10,250
Derivative Liability [Abstract]    
Total derivatives before netting, Fair value derivatives, Liability $ (6,583) (10,250)
Futures    
Derivatives, Fair Value [Line Items]    
Notional amount   5,200
Derivative Asset [Abstract]    
Total derivatives before netting, Fair value derivatives, Asset   1
Derivative Liability [Abstract]    
Total derivatives before netting, Fair value derivatives, Liability   0
Options    
Derivatives, Fair Value [Line Items]    
Notional amount   5,800
Derivative Asset [Abstract]    
Total derivatives before netting, Fair value derivatives, Asset   3
Derivative Liability [Abstract]    
Total derivatives before netting, Fair value derivatives, Liability   $ 0
v3.25.2
DERIVATIVES AND HEDGING ACTIVITIES - Master Netting Agreements (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Derivative Asset [Abstract]    
Derivative assets, Gross fair value $ 7,927 $ 10,666
Derivative assets, Netting adjustments/Cash collateral (6,932) (10,388)
Derivative Asset, Fair Value, Amount Offset Against Collateral 995 278
Derivative Liability [Abstract]    
Derivative liabilities, Gross fair value (7,242) (10,701)
Netting adjustments/cash collateral, derivative liabilities (230) (219)
Derivative Liability, Including Not Subject to Master Netting Arrangement, after Offset and Deduction (7,012) (10,482)
Liability for cash collateral received from counterparties $ 6,700 $ 10,200
v3.25.2
DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Derivative [Line Items]          
Liability for cash collateral received from counterparties $ 6,900   $ 6,900   $ 10,400
Receivable for cash collateral paid to counterparties 200   200   200
Notional amount of open interest rate swap agreements 393,688   393,688   338,586
Interest income, securities, US treasury 500 $ 300 900 $ 600  
Interest rate swaps, back-to-back          
Derivative [Line Items]          
Notional amount of open interest rate swap agreements $ 204,000   $ 204,000   $ 223,000
v3.25.2
DERIVATIVES AND HEDGING ACTIVITIES - Gain (Loss) Recognized in Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Net gain (loss) on loan origination and sale activities        
Derivative Instruments, Gain (Loss) [Line Items]        
Net gain (loss) from economic hedging $ 285 $ 226 $ 346 $ 312
Loan servicing income (loss)        
Derivative Instruments, Gain (Loss) [Line Items]        
Net gain (loss) from economic hedging (272) (225) (81) (725)
Other        
Derivative Instruments, Gain (Loss) [Line Items]        
Net gain (loss) from economic hedging $ 0 $ 0 $ 0 $ 3
v3.25.2
MORTGAGE BANKING OPERATIONS - Loans Held for Sale (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans held for sale $ 48,783 $ 20,312
Single family | Residential Portfolio Segment    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans held for sale 29,999 20,312
CRE, multifamily and SBA | Commercial loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans held for sale $ 18,784 $ 0
v3.25.2
MORTGAGE BANKING OPERATIONS - Loans Sold (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Proceeds from sale of loans originated as held for sale $ 118,091 $ 111,620 $ 254,683 $ 190,195
Single family        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Proceeds from sale of loans originated as held for sale 105,197 98,081 187,594 168,460
CRE, multifamily and SBA | Commercial loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Proceeds from sale of loans originated as held for sale $ 12,894 $ 13,539 $ 67,089 $ 21,735
v3.25.2
MORTGAGE BANKING OPERATIONS - Gain on Origination and Sale (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Gain on mortgage loan origination and sale activities [Line Items]        
Gain on loan origination and sale activities $ 3,235 $ 3,036 $ 6,451 $ 5,342
Single family        
Gain on mortgage loan origination and sale activities [Line Items]        
Gain on loan origination and sale activities 3,182 2,718 5,465 4,704
CRE, multifamily and SBA | Commercial loans        
Gain on mortgage loan origination and sale activities [Line Items]        
Gain on loan origination and sale activities $ 53 $ 318 $ 986 $ 638
v3.25.2
MORTGAGE BANKING OPERATIONS - Loans Serviced for Others (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans serviced for others $ 7,019,630 $ 7,097,545
Single family | Residential Portfolio Segment    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans serviced for others 5,107,214 5,179,373
CRE, multifamily and SBA | Commercial loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans serviced for others $ 1,912,416 $ 1,918,172
v3.25.2
MORTGAGE BANKING OPERATIONS - Mortgage Repurchase Liability (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Consumer loans | Single family | Significant Payment Delay        
Mortgage Repurchase Losses [Roll Forward]        
Weighted average percent of loan balances capitalized and added to term of loan 2.34% 1.06% 1.67% 1.00%
Representations and warranties reserve for loan receivables        
Mortgage Repurchase Losses [Roll Forward]        
Balance, beginning of period $ 999 $ 1,317 $ 1,032 $ 1,481
Additions, net of adjustments (223) (20) (326) (148)
Realized (losses) recoveries, net (28) (95) 42 (131)
Balance, end of period $ 748 $ 1,202 $ 748 $ 1,202
v3.25.2
MORTGAGE BANKING OPERATIONS - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Financing Receivable, Impaired [Line Items]    
Servicing advances $ 1.6 $ 1.6
GNMA Early buyout loans    
Financing Receivable, Impaired [Line Items]    
Loans receivable, in Ginnie Mae pool $ 8.6 $ 5.1
v3.25.2
MORTGAGE BANKING OPERATIONS - Revenue from Mortgage Servicing (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Servicing income, net:        
Servicing fees and other $ 6,348 $ 6,562 $ 12,855 $ 12,916
Amortization of multifamily and SBA MSRs     (2,809) (2,861)
Net servicing income 3,295 3,390 6,866 6,914
Risk management, single family MSRs:        
Changes in fair value of MSRs due to assumptions 4,373 529 4,644 1,147
Net gain (loss) from economic hedging (118) (509) 898 (1,619)
Mortgage servicing rights, risk management 4,255 20 5,542 (472)
Loan servicing income 7,550 3,410 12,408 6,442
Interest income, securities, US treasury 500 300 900 600
Single family        
Servicing income, net:        
Amortization of single family MSRs 1,598 1,713 3,180 3,141
Risk management, single family MSRs:        
Changes in fair value of MSRs due to assumptions (4,373) (529) (4,644) (1,147)
Single family | Residential Portfolio Segment        
Servicing income, net:        
Amortization of single family MSRs (1,598) (1,713) (3,180) (3,141)
Multifamily | Residential Portfolio Segment        
Servicing income, net:        
Amortization of multifamily and SBA MSRs $ (1,455) $ (1,459) $ (2,809) $ (2,861)
v3.25.2
MORTGAGE BANKING OPERATIONS - Single Family MSR Roll Forward (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Additions and amortization:        
Changes in fair value of MSR assumptions $ (4,373) $ (529) $ (4,644) $ (1,147)
Single family        
Servicing Asset at Fair Value, Amount [Roll Forward]        
Beginning balance 72,285 74,056 72,901 74,249
Additions and amortization:        
Originations 931 853 1,626 1,470
Amortization (1,598) (1,713) (3,180) (3,141)
Net additions and amortization (667) (860) (1,554) (1,671)
Changes in fair value of MSR assumptions 4,373 529 4,644 1,147
Ending balance $ 75,991 $ 73,725 $ 75,991 $ 73,725
v3.25.2
MORTGAGE BANKING OPERATIONS - Key Economic Assumptions (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
CPRs | Weighted Average          
Fair Value Measurement Inputs and Valuation Techniques          
Measurement input (as a percent) 0.0682   0.0682   0.0660
CPRs | Single family | Low          
Fair Value Measurement Inputs and Valuation Techniques          
Measurement input (as a percent) 0.0505   0.0505   0.0600
CPRs | Single family | High          
Fair Value Measurement Inputs and Valuation Techniques          
Measurement input (as a percent) 0.1213   0.1213   0.1350
CPRs | Single family | Weighted Average          
Fair Value Measurement Inputs and Valuation Techniques          
Servicing asset, measurement input 19.24% 17.46% 18.67% 18.28%  
Discount rate | Weighted Average          
Fair Value Measurement Inputs and Valuation Techniques          
Measurement input (as a percent) 0.0913   0.0913   0.1100
Discount rate | Single family | Low          
Fair Value Measurement Inputs and Valuation Techniques          
Measurement input (as a percent) 0.0869   0.0869   0.1000
Discount rate | Single family | High          
Fair Value Measurement Inputs and Valuation Techniques          
Measurement input (as a percent) 0.1585   0.1585   0.1700
Discount rate | Single family | Weighted Average          
Fair Value Measurement Inputs and Valuation Techniques          
Servicing asset, measurement input 11.28% 10.45% 10.77% 10.33%  
v3.25.2
MORTGAGE BANKING OPERATIONS - Sensitivity Analysis (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Key economic assumptions and the sensitivity of the current fair value for single family MSRs            
Expected weighted-average life (in years) 8 years 2 months 26 days          
CPR            
Impact on fair value of 25 basis points adverse change in interest rates $ (1,005)          
Impact on fair value of 50 basis points adverse change in interest rates (2,092)          
Discount rate            
Impact on fair value of 100 basis points increase (2,838)          
Impact on fair value of 200 basis points increase (5,642)          
Single family            
Key economic assumptions and the sensitivity of the current fair value for single family MSRs            
Fair value of single family MSR $ 75,991 $ 72,285 $ 72,901 $ 73,725 $ 74,056 $ 74,249
v3.25.2
MORTGAGE BANKING OPERATIONS - Multifamily and SBA MSR Roll Forward (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Servicing Asset at Amortized Value, Balance [Roll Forward]        
Beginning balance $ 25,674 $ 28,863 $ 26,565 $ 29,987
Originations 283 179 746 457
Amortization (1,455) (1,459) (2,809) (2,861)
Ending balance $ 24,502 $ 27,583 $ 24,502 $ 27,583
v3.25.2
MORTGAGE BANKING OPERATIONS - Key Economic Assumptions (Details)
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Fair Value Measurement Inputs and Valuation Techniques      
Expected weighted-average life (in years) 8 years 2 months 26 days    
Weighted Average | Discount rate      
Fair Value Measurement Inputs and Valuation Techniques      
Measurement input (as a percent) 0.0913 0.1100  
Weighted Average | Multifamily | Discount rate      
Fair Value Measurement Inputs and Valuation Techniques      
Measurement input (as a percent) 0.1310 0.1310 0.1300
High | Multifamily | Discount rate      
Fair Value Measurement Inputs and Valuation Techniques      
Measurement input (as a percent) 0.1500 0.1500  
Low | Multifamily | Discount rate      
Fair Value Measurement Inputs and Valuation Techniques      
Measurement input (as a percent) 0.1300 0.1300  
v3.25.2
GUARANTEES AND MORTGAGE REPURCHASE LIABILITY (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Single family | Residential Portfolio Segment          
Loss Contingencies [Line Items]          
Loans subject to representations and warranties $ 5,100,000,000   $ 5,100,000,000   $ 5,200,000,000
Loss sharing relationship          
Loss Contingencies [Line Items]          
Reserve liability related to multifamily DUS program 900,000   900,000   700,000
Loss sharing relationship | Multifamily          
Loss Contingencies [Line Items]          
UPB of loans sold through DUS 1,800,000,000   1,800,000,000   1,800,000,000
Losses incurred - related to DUS 0 $ 0 0 $ 0  
Credit risk          
Loss Contingencies [Line Items]          
Reserve liability related to mortgage repurchase $ 700,000   $ 700,000   $ 1,000,000.0
v3.25.2
EARNINGS PER SHARE - Schedule of EPS Calculation (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share [Abstract]        
Net income (loss) $ (4,412) $ (6,238) $ (8,877) $ (13,735)
Weighted average shares:        
Basic weighted-average number of shares outstanding (in shares) 18,920,808 18,857,566 18,920,808 18,857,218
Dilutive effect of outstanding common stock equivalents (in shares) 0 0 0 0
Diluted weighted-average number of shares outstanding (in shares) 18,920,808 18,857,566 18,920,808 18,857,218
Net income (loss) per share:        
Basic earnings per share (in dollars per share) $ (0.23) $ (0.33) $ (0.47) $ (0.73)
Diluted earnings per share (in dollars per share) $ (0.23) $ (0.33) $ (0.47) $ (0.73)
Shares excluded from EPS computation due to antidilutive effect     395,023 559,921
v3.25.2
FAIR VALUE MEASUREMENT - Schedule of Fair Value Hierarchy Measurement (Details) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Assets:    
Investment securities AFS $ 988,101,000 $ 1,019,959,000
Residential    
Assets:    
Investment securities AFS 159,960,000 167,462,000
Commercial    
Assets:    
Investment securities AFS 48,843,000 47,642,000
Municipal bonds    
Assets:    
Investment securities AFS 371,582,000 378,259,000
Corporate debt securities    
Assets:    
Investment securities AFS 25,546,000 24,944,000
U.S. Treasury securities    
Assets:    
Investment securities AFS 20,498,000 19,987,000
Agency debentures    
Assets:    
Investment securities AFS 8,713,000 9,276,000
Recurring    
Assets:    
Single family LHFS 29,999,000 20,312,000
Single family LHFI 959,000 1,287,000
Single family mortgage servicing rights 75,991,000 72,901,000
Total assets 1,143,592,000 1,159,871,000
Liabilities:    
Total liabilities 7,242,000 10,701,000
Recurring | Residential    
Assets:    
Investment securities AFS 159,960,000 167,462,000
Recurring | Commercial    
Assets:    
Investment securities AFS 48,843,000 47,642,000
Recurring | Collateralized mortgage obligations residential    
Assets:    
Investment securities AFS 300,714,000 317,444,000
Recurring | Collateralized mortgage obligations commercial    
Assets:    
Investment securities AFS 52,245,000 54,945,000
Recurring | Municipal bonds    
Assets:    
Investment securities AFS 371,582,000 378,259,000
Recurring | Corporate debt securities    
Assets:    
Investment securities AFS 25,546,000 24,944,000
Recurring | U.S. Treasury securities    
Assets:    
Trading securities - U.S. Treasury securities 40,615,000 34,746,000
Investment securities AFS 20,498,000 19,987,000
Recurring | Agency debentures    
Assets:    
Investment securities AFS 8,713,000 9,276,000
Recurring | Eurodollar Future [Member]    
Assets:    
Derivatives   1,000
Recurring | Forward sale commitments    
Assets:    
Derivatives 426,000 237,000
Liabilities:    
Derivative liabilities 657,000 402,000
Recurring | Options    
Assets:    
Derivatives   3,000
Recurring | Interest rate lock commitments    
Assets:    
Derivatives 918,000 175,000
Liabilities:    
Derivative liabilities 2,000 49,000
Recurring | Interest rate swaps    
Assets:    
Derivatives 6,583,000 10,250,000
Liabilities:    
Derivative liabilities 6,583,000 10,250,000
Level 1 | Recurring    
Assets:    
Single family LHFS 0 0
Single family LHFI 0 0
Single family mortgage servicing rights 0 0
Total assets 40,615,000 34,750,000
Liabilities:    
Total liabilities 0 0
Level 1 | Recurring | Residential    
Assets:    
Investment securities AFS 0 0
Level 1 | Recurring | Commercial    
Assets:    
Investment securities AFS 0 0
Level 1 | Recurring | Collateralized mortgage obligations residential    
Assets:    
Investment securities AFS 0 0
Level 1 | Recurring | Collateralized mortgage obligations commercial    
Assets:    
Investment securities AFS 0 0
Level 1 | Recurring | Municipal bonds    
Assets:    
Investment securities AFS 0 0
Level 1 | Recurring | Corporate debt securities    
Assets:    
Investment securities AFS 0 0
Level 1 | Recurring | U.S. Treasury securities    
Assets:    
Trading securities - U.S. Treasury securities 40,615,000 34,746,000
Level 1 | Recurring | Agency debentures    
Assets:    
Investment securities AFS 0 0
Level 1 | Recurring | Eurodollar Future [Member]    
Assets:    
Derivatives   1,000
Level 1 | Recurring | Forward sale commitments    
Assets:    
Derivatives 0 0
Liabilities:    
Derivative liabilities 0 0
Level 1 | Recurring | Options    
Assets:    
Derivatives   3,000
Level 1 | Recurring | Interest rate lock commitments    
Assets:    
Derivatives 0 0
Liabilities:    
Derivative liabilities 0 0
Level 1 | Recurring | Interest rate swaps    
Assets:    
Derivatives 0 0
Liabilities:    
Derivative liabilities 0 0
Level 1 | Recurring | Us Treasury Collateralized Mortgage Obligations    
Assets:    
Investment securities AFS 0 0
Level 2 | Recurring    
Assets:    
Single family LHFS 29,999,000 20,312,000
Single family LHFI 0 0
Single family mortgage servicing rights 0 0
Total assets 1,023,442,000 1,049,060,000
Liabilities:    
Total liabilities 7,240,000 10,652,000
Level 2 | Recurring | Residential    
Assets:    
Investment securities AFS 158,293,000 165,764,000
Level 2 | Recurring | Commercial    
Assets:    
Investment securities AFS 48,843,000 47,642,000
Level 2 | Recurring | Collateralized mortgage obligations residential    
Assets:    
Investment securities AFS 300,714,000 317,444,000
Level 2 | Recurring | Collateralized mortgage obligations commercial    
Assets:    
Investment securities AFS 52,245,000 54,945,000
Level 2 | Recurring | Municipal bonds    
Assets:    
Investment securities AFS 371,582,000 378,259,000
Level 2 | Recurring | Corporate debt securities    
Assets:    
Investment securities AFS 25,546,000 24,944,000
Level 2 | Recurring | U.S. Treasury securities    
Assets:    
Trading securities - U.S. Treasury securities 0 0
Level 2 | Recurring | Agency debentures    
Assets:    
Investment securities AFS 8,713,000 9,276,000
Level 2 | Recurring | Eurodollar Future [Member]    
Assets:    
Derivatives   0
Level 2 | Recurring | Forward sale commitments    
Assets:    
Derivatives 426,000 237,000
Liabilities:    
Derivative liabilities 657,000 402,000
Level 2 | Recurring | Options    
Assets:    
Derivatives   0
Level 2 | Recurring | Interest rate lock commitments    
Assets:    
Derivatives 0 0
Liabilities:    
Derivative liabilities 0 0
Level 2 | Recurring | Interest rate swaps    
Assets:    
Derivatives 6,583,000 10,250,000
Liabilities:    
Derivative liabilities 6,583,000 10,250,000
Level 2 | Recurring | Us Treasury Collateralized Mortgage Obligations    
Assets:    
Investment securities AFS 20,498,000 19,987,000
Level 3 | Recurring    
Assets:    
Single family LHFS 0 0
Single family LHFI 959,000 1,287,000
Single family mortgage servicing rights   72,901,000
Total assets 79,535,000 76,061,000
Liabilities:    
Total liabilities 2,000 49,000
Level 3 | Recurring | Residential    
Assets:    
Investment securities AFS 1,667,000 1,698,000
Level 3 | Recurring | Commercial    
Assets:    
Investment securities AFS 0 0
Level 3 | Recurring | Collateralized mortgage obligations residential    
Assets:    
Investment securities AFS 0 0
Level 3 | Recurring | Collateralized mortgage obligations commercial    
Assets:    
Investment securities AFS 0 0
Level 3 | Recurring | Municipal bonds    
Assets:    
Investment securities AFS 0 0
Level 3 | Recurring | Corporate debt securities    
Assets:    
Investment securities AFS 0 0
Level 3 | Recurring | U.S. Treasury securities    
Assets:    
Trading securities - U.S. Treasury securities 0 0
Level 3 | Recurring | Agency debentures    
Assets:    
Investment securities AFS 0 0
Level 3 | Recurring | Eurodollar Future [Member]    
Assets:    
Derivatives   0
Level 3 | Recurring | Forward sale commitments    
Assets:    
Derivatives 0 0
Liabilities:    
Derivative liabilities 0 0
Level 3 | Recurring | Options    
Assets:    
Derivatives  
Level 3 | Recurring | Interest rate lock commitments    
Assets:    
Derivatives 918,000 175,000
Liabilities:    
Derivative liabilities 2,000 49,000
Level 3 | Recurring | Interest rate swaps    
Assets:    
Derivatives 0 0
Liabilities:    
Derivative liabilities 0 0
Level 3 | Recurring | Us Treasury Collateralized Mortgage Obligations    
Assets:    
Investment securities AFS $ 0 $ 0
v3.25.2
FAIR VALUE MEASUREMENT - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Transfers between levels of fair value hierarchy $ 0 $ 0 $ 0 $ 0  
Recurring          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Single family LHFI 959,000   959,000   $ 1,287,000
Level 3 | Recurring          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Single family LHFI $ 959,000   $ 959,000   $ 1,287,000
v3.25.2
FAIR VALUE MEASUREMENT - Schedule of Level 3 Unobservable Inputs (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Interest rate lock commitments            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Interest rate lock commitments, net $ 916 $ 556 $ 126 $ 483 $ 336 $ 411
Recurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Single family LHFI 959   1,287      
Recurring | Level 3            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Debt Securities, Available-for-Sale 1,667   1,698      
Single family LHFI 959   1,287      
Recurring | Level 3 | Single family            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Single family LHFI 959   1,287      
Recurring | Level 3 | Interest rate lock commitments            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Interest rate lock commitments, net $ 916   $ 126      
Implied spread to benchmark interest rate curve | Low | Recurring | Level 3            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Implied spread to benchmark interest rate curve 0.0225   0.0225      
Implied spread to benchmark interest rate curve | Low | Recurring | Level 3 | Single family            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Implied spread to benchmark interest rate curve 0.0317   0.0294      
Implied spread to benchmark interest rate curve | High | Recurring | Level 3            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Implied spread to benchmark interest rate curve 0.0225   0.0225      
Implied spread to benchmark interest rate curve | High | Recurring | Level 3 | Single family            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Implied spread to benchmark interest rate curve 0.0365   0.0556      
Implied spread to benchmark interest rate curve | Weighted Average | Recurring | Level 3            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Implied spread to benchmark interest rate curve 0.0225   0.0225      
Implied spread to benchmark interest rate curve | Weighted Average | Recurring | Level 3 | Single family            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Implied spread to benchmark interest rate curve 0.0323   0.0369      
Fall-out factor | Low | Recurring | Level 3 | Interest rate lock commitments            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Fall-out factor, Value of servicing 0.0070   0.0083      
Fall-out factor | High | Recurring | Level 3 | Interest rate lock commitments            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Fall-out factor, Value of servicing 0.2284   0.2913      
Fall-out factor | Weighted Average | Recurring | Level 3 | Interest rate lock commitments            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Fall-out factor, Value of servicing 0.1184   0.0928      
Value of servicing | Low | Recurring | Level 3 | Interest rate lock commitments            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Fall-out factor, Value of servicing 0.0076   0.0078      
Value of servicing | High | Recurring | Level 3 | Interest rate lock commitments            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Fall-out factor, Value of servicing 0.0141   0.0215      
Value of servicing | Weighted Average | Recurring | Level 3 | Interest rate lock commitments            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Fall-out factor, Value of servicing 0.0105   0.0137      
v3.25.2
FAIR VALUE MEASUREMENT - Schedule of Fair Value Changes and Activity for Level 3 (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Debt Securities, Available-For-Sale        
Fair Value Changes and Activity for Level 3 [Roll Forward]        
Beginning balance $ 1,699 $ 1,791 $ 1,698 $ 1,860
Additions 0 0 0 0
Transfers 0 0 0 0
Payoffs/Sales (50) (50) (100) (100)
Change in mark to market 18 28 69 9
Ending balance 1,667 1,769 1,667 1,769
Single family LHFI        
Fair Value Changes and Activity for Level 3 [Roll Forward]        
Beginning balance 1,248 1,285 1,287 1,280
Additions 0 0 0 0
Transfers 0 0 (50) 0
Payoffs/Sales (282) 0 (282) 0
Change in mark to market (7) 1 4 6
Ending balance $ 959 $ 1,286 $ 959 $ 1,286
v3.25.2
FAIR VALUE MEASUREMENT - Level 3 Interest Lock Commitments (Details) - Interest rate lock commitments - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Fair Value Changes and Activity for Level 3 [Roll Forward]        
Beginning balance, net $ 556 $ 336 $ 126 $ 411
Total realized/unrealized gains 2,026 1,172 3,873 1,589
Settlements (1,666) (1,025) (3,083) (1,517)
Ending balance, net $ 916 $ 483 $ 916 $ 483
v3.25.2
FAIR VALUE MEASUREMENT - FV Unobservable Inputs - Nonrecurring Basis (Details) - Nonrecurring - Level 3 - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Fair Value $ 1,380 $ 3,131 $ 1,380 $ 3,131
Total Gains (Losses) $ 5 $ (2,692) $ 26 $ (2,743)
v3.25.2
FAIR VALUE MEASUREMENT - FV of Financial Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets:    
Other assets - GNMA EBO loans $ 5,887,333 $ 6,193,053
Fair Value    
Assets:    
Cash and cash equivalents 201,080 406,600
Investment securities HTM 2,253 2,273
LHFI 5,663,119 5,864,426
Federal Home Loan Bank stock 51,718 50,676
Liabilities:    
Certificates of deposit 2,729,172 3,262,350
Borrowings 1,045,449 1,001,873
Long-term debt 191,710 184,124
Carrying Value    
Assets:    
Cash and cash equivalents 201,080 406,600
Investment securities HTM 2,265 2,301
LHFI 5,886,374 6,191,766
Federal Home Loan Bank stock 51,718 50,676
Liabilities:    
Certificates of deposit 2,734,586 3,267,772
Borrowings 1,040,000 1,000,000
Long-term debt 225,316 225,131
Multifamily | Fair Value    
Assets:    
LHFS – multifamily and other 18,795  
Mortgage servicing rights – multifamily and SBA 30,339 32,361
Multifamily | Carrying Value    
Assets:    
LHFS – multifamily and other 18,784  
Mortgage servicing rights – multifamily and SBA 24,502 26,565
Other assets - GNMA EBO loans | Fair Value    
Assets:    
Other assets - GNMA EBO loans 8,632 5,111
Other assets - GNMA EBO loans | Carrying Value    
Assets:    
Other assets - GNMA EBO loans 8,632 5,111
Level 1 | Fair Value    
Assets:    
Cash and cash equivalents 201,080 406,600
Investment securities HTM 0 0
LHFI 0 0
Federal Home Loan Bank stock 0 0
Liabilities:    
Certificates of deposit 0 0
Borrowings 0 0
Long-term debt 0 0
Level 1 | Multifamily | Fair Value    
Assets:    
LHFS – multifamily and other 0  
Mortgage servicing rights – multifamily and SBA 0 0
Level 1 | Other assets - GNMA EBO loans | Fair Value    
Assets:    
Other assets - GNMA EBO loans 0 0
Level 2 | Fair Value    
Assets:    
Cash and cash equivalents 0 0
Investment securities HTM 2,253 2,273
LHFI 0 0
Federal Home Loan Bank stock 51,718 50,676
Liabilities:    
Certificates of deposit 2,729,172 3,262,350
Borrowings 1,045,449 1,001,873
Long-term debt 191,710 184,124
Level 2 | Multifamily | Fair Value    
Assets:    
LHFS – multifamily and other 18,795  
Mortgage servicing rights – multifamily and SBA 0 0
Level 2 | Other assets - GNMA EBO loans | Fair Value    
Assets:    
Other assets - GNMA EBO loans 0 0
Level 3 | Fair Value    
Assets:    
Cash and cash equivalents 0 0
Investment securities HTM 0 0
LHFI 5,663,119 5,864,426
Federal Home Loan Bank stock 0 0
Liabilities:    
Certificates of deposit 0 0
Borrowings 0 0
Long-term debt 0 0
Level 3 | Multifamily | Fair Value    
Assets:    
LHFS – multifamily and other 0  
Mortgage servicing rights – multifamily and SBA 30,339 32,361
Level 3 | Other assets - GNMA EBO loans | Fair Value    
Assets:    
Other assets - GNMA EBO loans $ 8,632 $ 5,111
v3.25.2
FAIR VALUE MEASUREMENT - Fair Value Option (Details) - Recurring - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Single family LHFS $ 29,999 $ 20,312
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Single family LHFS 29,999 20,312
Aggregate Unpaid Principal Balance 29,256 20,137
Fair Value Less Aggregated Unpaid Principal Balance $ 743 $ 175
v3.25.2
LOW INCOME HOUSING TAX CREDIT ("LIHTC") INVESTMENTS - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]    
Current balance of investment $ 34.5 $ 37.3
v3.25.2
LOW INCOME HOUSING TAX CREDIT ("LIHTC") INVESTMENTS - Schedule of information related to LIHTC investments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]        
Tax credits and other tax benefits recognized $ 1,126 $ 1,019 $ 2,823 $ 2,687
LIHTC amortization expense $ 1,405 $ 1,367 $ 2,810 $ 2,734
v3.25.2
SUBSEQUENT EVENTS (Details) - Government National Mortgage Association (GNMA) - USD ($)
$ in Millions
 6 Months Ended
Aug. 01, 2025
Jun. 30, 2025
Subsequent Event [Line Items]    
Servicing Asset at Fair Value, Disposals   $ 15.7
Subsequent Event    
Subsequent Event [Line Items]    
Sale of Ginnie Mae servicing portfolio $ 797.0  
Gain (loss) on sale of Ginnie Mae servicing portfolio $ 0.0