Equity Investments

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Equity investments with readily determinable fair values at March 31, 2021 and December 31, 2020, consisted of mutual funds in the amounts of $27.1 million and $27.6 million, respectively, and were included in “Equity investments” on the Consolidated Statements of Financial Condition.

The changes in fair value for equity investments with readily determinable fair values for the three months ended March 31, 2021 and 2020 were recorded in other noninterest income and fees as summarized in the table below:


	Three Months Ended March 31,
		2021		2020
		(Dollars in thousands)
Net change in fair value recorded during the period on equity investments with readily determinable fair value		$	(484)	$	354
Net change in fair value recorded on equity investments sold during the period		—		—
Net change in fair value on equity investments with readily determinable fair values		$	(484)	$	354

At March 31, 2021 and December 31, 2020, the Company also had equity investments without readily determinable fair value which are carried at cost less any determined impairment. The balance of these investments is adjusted for changes in subsequent observable prices. At March 31, 2021, the total balance of equity investments without readily determinable fair values included in “Equity investments” on the Consolidated Statements of Financial Condition was $31.9 million, consisting of $370 thousand in correspondent bank stock, $1.0 million in Community Development Financial Institutions (“CDFI”) investments, and $30.6 million in Community Reinvestment Act (“CRA”) investments. At December 31, 2020, the total balance of equity investments without readily determinable fair values was $32.1 million, consisting of $370 thousand in correspondent bank stock, $1.0 million in CDFI investments, and $30.7 million in CRA investments.

The Company had no impairments or subsequent observable price changes for equity investments without readily determinable fair values for the three months ended March 31, 2021 and 2020.