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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 and December 31, 2021, 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
March 31, 2022
Items measured on a recurring basis:
Debt securities available-for-sale			$	546,470					$	—					$	546,470					$	—
Equity investments			81,588						12,517						69,071						—
Interest rate derivative asset			45,611						—						45,611						—
Interest rate derivative liability			(45,643)						—						(45,643)						—
Items measured on a non-recurring basis:
Equity investments			12,300						—						—						12,300
Other real estate owned			106						—						—						106
Loans measured for impairment based on the fair value of the underlying collateral			16,477						—						—						16,477
December 31, 2021
Items measured on a recurring basis:
Debt securities available-for-sale			$	568,255					$	—					$	568,255					$	—
Equity investments			90,726						14,608						73,400						2,718
Interest rate derivative asset			22,787						—						22,787						—
Interest rate derivative liability			(22,855)						—						(22,855)						—
Items measured on a non-recurring basis:
Equity investments			10,429						—						—						10,429
Other real estate owned			106						—						—						106
Loans measured for impairment based on the fair value of the underlying collateral			16,233						—						—						16,233

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

The following table reconciles, for the three months ended March 31, 2022 and 2021, the beginning and ending balances for equity investments 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 March 31,
						2022						2021
						Equity Investments
Beginning balance						$	2,718					$	2,540
Total gains included in earnings						—						398
Sales						—						—
Transfers out of Level 3						(2,718)						—
Ending balance						$	—					$	2,938

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 March 31, 2022 and December 31, 2021 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
March 31, 2022
Financial Assets:
Cash and due from banks			$	210,919					$	210,919					$	—					$	—
Debt securities held-to-maturity			1,099,514						—						1,038,041						12,851
Restricted equity investments			56,704						—						—						56,704
Loans receivable, net and loans held-for-sale			9,065,679						—						—						8,798,688
Financial Liabilities:
Deposits other than time deposits			9,168,917						—						9,168,917						—
Time deposits			887,316						—						872,733						—
FHLB advances and other borrowings			269,398						—						290,103						—
Securities sold under agreements to repurchase with customers			117,782						117,782						—						—
December 31, 2021
Financial Assets:
Cash and due from banks			$	204,949					$	204,949					$	—					$	—
Debt securities held-to-maturity			1,139,193						—						1,138,529						14,215
Restricted equity investments			53,195						—						—						53,195
Loans receivable, net and loans held-for-sale			8,583,352						—						—						8,533,506
Financial Liabilities:
Deposits other than time deposits			8,957,815						—						8,957,815						—
Time deposits			775,001						—						773,766						—
Other borrowings			229,141						—						251,491						—
Securities sold under agreements to repurchase with customers			118,769						118,769						—						—

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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