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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Financial Liabilities Measured at Fair Value

The following table summarizes financial assets and financial liabilities measured at fair value as of September 30, 2020 and December 31, 2019, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands):

									Fair Value Measurements at Reporting Date Using:
			Total Fair Value						Level 1 Inputs						Level 2 Inputs						Level 3 Inputs
September 30, 2020
Items measured on a recurring basis:
Debt securities available-for-sale			$	169,634					$	—					$	167,232					$	2,402
Equity investments			63,846						63,846						—						—
Interest rate swap asset			55,516						—						55,516						—
Interest rate swap liability			(55,719)						—						(55,719)						—
Items measured on a non-recurring basis:
Other real estate owned			106						—						—						106
Loans measured for impairment based on the fair value of the underlying collateral			27,562						—						—						27,562
December 31, 2019
Items measured on a recurring basis:
Debt securities available-for-sale			$	150,960					$	—					$	150,935					$	25
Equity investments			10,136						10,136						—						—
Interest rate swap asset			10,141						—						10,141						—
Interest rate swap liability			(10,708)						—						(10,708)						—
Items measured on a non-recurring basis:
Other real estate owned			264						—						—						264
Loans measured for impairment based on the fair value of the underlying collateral			8,794						—						—						8,794

Summary of Debt Securities, Available-for-sale

The following table reconciles, for the three and nine months ended September 30, 2020, the beginning and ending balances for debt securities available-for-sale that are recognized at fair value on a recurring basis, in the consolidated statements of financial condition, using significant unobservable inputs (in thousands):

						Three Months Ended September 30, 2020						Nine Months Ended September 30, 2020
Beginning Balance						$	2,402					$	25
Total gains (losses) included in earnings						—						—
Purchases						—						2,377
Transfers into Level 3						—						—
Transfers out of Level 3						—						—
Ending Balance						$	2,402					$	2,402

Summary of Book Value and Estimated Fair Value of Bank's Significant Financial Instruments Not Recorded at Fair Value

The book value and estimated fair value of the Bank’s significant financial instruments not recorded at fair value as of September 30, 2020 and December 31, 2019 are presented in the following tables (in thousands):

									Fair Value Measurements at Reporting Date Using:
			Book Value						Level 1 Inputs						Level 2 Inputs						Level 3 Inputs
September 30, 2020
Financial Assets:
Cash and due from banks			$	980,870					$	980,870					$	—					$	—
Debt securities held-to-maturity			871,688						—						900,099						2,320
Restricted equity investments			67,505						—						—						67,505
Loans receivable, net and loans held-for-sale			8,332,153						—						—						8,400,464
Financial Liabilities:
Deposits other than time deposits			7,721,521						—						7,721,521						—
Time deposits			1,561,767						—						1,578,325						—
Federal Home Loan Bank advances and other borrowings			590,393						—						619,102						—
Securities sold under agreements to repurchase with retail customers			142,823						142,823						—						—
December 31, 2019
Financial Assets:
Cash and due from banks			$	120,544					$	120,544					$	—					$	—
Debt securities held-to-maturity			768,873						—						774,805						2,485
Restricted equity investments			62,356						—						—						62,356
Loans receivable, net and loans held-for-sale			6,207,680						—						—						6,173,237
Financial Liabilities:
Deposits other than time deposits			5,393,145						—						5,393,145						—
Time deposits			935,632						—						936,318						—
Federal Home Loan Bank advances and other borrowings			616,061						—						626,225						—
Securities sold under agreements to repurchase with retail customers			71,739						71,739						—						—

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

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-Name Accounting Standards Codification
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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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