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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Financial Assets and Financial Liabilities Measured at Fair Value

The following table summarizes financial assets and financial liabilities measured at fair value as of December 31, 2020 and 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
December 31, 2020
Items measured on a recurring basis:
Debt securities available-for-sale						$	183,302					$	—					$	183,302					$	—
Equity investments						107,079						104,539						—						2,540
Interest rate swaps asset						45,289						—						45,289						—
Interest rate swaps liability						(45,429)						—						(45,429)						—
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						35,366						—						—						35,366
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 swaps asset						10,141						—						10,141						—
Interest rate swaps 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

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table reconciles, for the year ended December 31, 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):

						For the Year Ended
						December 31, 2020
Beginning balance						$	25
Total gains (losses) included in earnings						—
Purchases						2,377
Transfers into Level 3						—
Transfers out of Level 3						—
Maturities						(2,402)
Ending balance						$	—

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 December 31, 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
December 31, 2020
Financial assets:
Cash and due from banks						$	1,272,134					$	1,272,134					$	—					$	—
Debt securities held-to-maturity						937,253						—						952,365						16,101
Restricted equity investments						51,705						—						—						51,705
Loans receivable, net and loans held-for-sale						7,750,381						—						—						7,806,743
Financial liabilities:
Deposits other than time deposits						8,054,833						—						8,054,833						—
Time deposits						1,372,783						—						1,383,173						—
FHLB advances and other borrowings						235,471						—						251,798						—
Securities sold under agreements to repurchase with retail customers						128,454						128,454						—						—
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						—
FHLB advances and other borrowings						616,061						—						626,225						—
Securities sold under agreements to repurchase with retail customers						71,739						71,139						—						—

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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- 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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