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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

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, 2021 and December 31, 2020, 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, 2021
Items measured on a recurring basis:
Debt securities available-for-sale			$	314,620					$	—					$	314,620					$	—
Equity investments			91,191						13,658						75,177						2,356
Interest rate derivative asset			27,503						—						27,503						—
Interest rate derivative liability			(27,589)						—						(27,589)						—
Items measured on a non-recurring basis:
Equity investments			10,123						—						—						10,123
Other real estate owned			106						—						—						106
Loans measured for impairment based on the fair value of the underlying collateral			22,114						—						—						22,114
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 derivative asset			45,289						—						45,289						—
Interest rate derivative 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

Summary of Debt Securities, Available-for-sale

The following table reconciles, for the three and nine months ended September 30, 2021 and 2020, the beginning and ending balances for equity investments and 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 Three Months Ended September 30,												For the Nine Months Ended September 30,
						2021						2020						2021						2020
						Equity Investments						Debt Securities						Equity Investments						Debt Securities
Beginning balance						$	2,978					$	2,402					$	2,540					$	25
Total losses included in earnings						(622)						—						(184)						—
Purchases						—						—						—						2,377
Ending balance						$	2,356					$	2,402					$	2,356					$	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 Company’s significant financial instruments not recorded at fair value as of September 30, 2021 and December 31, 2020 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, 2021
Financial Assets:
Cash and due from banks			$	981,126					$	981,126					$	—					$	—
Debt securities held-to-maturity			1,125,382						—						1,125,486						17,895
Restricted equity investments			53,017						—						—						53,017
Loans receivable, net and loans held-for-sale			8,153,389						—						—						8,140,267
Financial Liabilities:
Deposits other than time deposits			8,918,655						—						8,918,655						—
Time deposits			855,442						—						857,767						—
Other borrowings			228,887						—						256,577						—
Securities sold under agreements to repurchase with retail customers			143,292						143,292						—						—
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						—						—

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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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.

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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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