XML 55 R43.htm IDEA: XBRL DOCUMENT
v3.22.4

Fair Value Measurements (Tables) | 12 Months Ended
--- | ---
Dec. 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 December 31, 2022 and 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
December 31, 2022 |  |  |  |  |  |  |  |
Items measured on a recurring basis: |  |  |  |  |  |  |  |
Debt securities available-for-sale |  | $ | 457,648 |  |  | $ | — |  |  | $ | 457,648 |  |  | $ | — |
Equity investments |  | 61,942 |  |  | 430 |  |  | 61,511 |  |  | — |
Interest rate derivative assets |  | 113,420 |  |  | — |  |  | 113,420 |  |  | — |
Interest rate derivative liability |  | (113,473) |  |  | — |  |  | (113,473) |  |  | — |
Items measured on a non-recurring basis: |  |  |  |  |  |  |  |
Equity investments (1) (2) |  | 40,095 |  |  | — |  |  | — |  |  | 37,076 |
Loans measured for impairment based on the fair value of the underlying collateral (3) |  | 9,635 |  |  | — |  |  | — |  |  | 9,635 |
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 assets |  | 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 (3) |  | 16,233 |  |  | — |  |  | — |  |  | 16,233 |
(1) Primarily consists of $37.1 million of equity investments measured under the measurement alternative, which included $20.0 million of unrealized gains as a result of observable price changes in the investments for the year ended December 31, 2022. (2) Equity investments of $40.1 million includes $3.0 million of certain equity investment funds measured at NAV per share (or its equivalent) as a practical expedient to fair value and these equity investments have not been classified in the fair value hierarchy levels. (3) Primarily consists of commercial loans, which are collateral dependent. The amounts are based on independent appraisals, which may be adjusted by management for qualitative factors, such as economic factors and estimated liquidation expenses. The range may vary but is generally 0% to 8% on the discount for costs to sell and 0% to 10% on appraisal adjustments.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table reconciles, for the year ended December 31, 2022 and 2021, the beginning and ending balances for equity investments 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,
|  | 2022 |  | 2021
Beginning balance |  | $ | 2,718 |  |  | $ | 2,540 |  |  |
Total gains included in earnings |  | — |  |  | 178 |  |  |
Transfers out of Level 3 |  | (2,718) |  |  | — |  |  |
Ending balance |  | $ | — |  |  | $ | 2,718 |  |  |
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 December 31, 2022 and 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
December 31, 2022 |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 167,946 |  |  | $ | 167,946 |  |  | $ | — |  |  | $ | — |
Debt securities held-to-maturity |  | 1,221,138 |  |  | — |  |  | 1,097,984 |  |  | 12,057 |
Restricted equity investments |  | 109,278 |  |  | — |  |  | — |  |  | 109,278 |
Loans receivable, net and loans held-for-sale |  | 9,869,408 |  |  | — |  |  | — |  |  | 9,103,137 |
Financial Liabilities: |  |  |  |  |  |  |  |
Deposits other than time deposits |  | 8,133,186 |  |  | — |  |  | 8,133,186 |  |  | — |
Time deposits |  | 1,542,020 |  |  | — |  |  | 1,504,601 |  |  | — |
FHLB advances and other borrowings |  | 1,406,569 |  |  | — |  |  | 1,416,384 |  |  | — |
Securities sold under agreements to repurchase with customers |  | 69,097 |  |  | 69,097 |  |  | — |  |  | — |
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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI https://asc.fasb.org/extlink&oid=126976982&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration