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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 and December 31, 2022, 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, 2023
Items measured on a recurring basis:
Debt securities available-for-sale			$	452,195					$	—					$	452,195					$	—
Equity investments			54,440						272						54,168						—
Interest rate derivative asset			92,302						—						92,302						—
Interest rate derivative liability			(91,701)						—						(91,701)						—
Items measured on a non-recurring basis:
Equity investments (1) (2)			46,567						—						—						43,576
Loans measured for impairment based on the fair value of the underlying collateral (3)			9,700						—						—						9,700
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 asset			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

(1)    As of March 31, 2023 and December 31, 2022, primarily consists of $43.6 million and $37.1 million, respectively, of equity investments measured under the measurement alternative. This included no unrealized gains or losses for the three months ended March 31, 2023 as a result of observable price changes in the investment and $20.0 million of unrealized gains for the year ended December 31, 2022.

(2)    As of March 31, 2023 and December 31, 2022, equity investments of $46.6 million and $40.1 million, respectively, included $3.0 million for both periods, 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 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 Three Months Ended March 31,
												2022
Beginning balance												$	2,718
Transfers out of Level 3												(2,718)
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 Company’s significant financial instruments not recorded at fair value as of March 31, 2023 and December 31, 2022 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, 2023
Financial Assets:
Cash and due from banks			$	496,193					$	496,193					$	—					$	—
Debt securities held-to-maturity			1,245,424						—						1,140,797						8,876
Restricted equity investments			115,750						—						—						115,750
Loans receivable, net and loans held-for-sale			9,988,834						—						—						9,196,738
Financial Liabilities:
Deposits other than time deposits			7,606,128						—						7,606,128						—
Time deposits			2,386,967						—						2,356,875						—
FHLB advances and other borrowings			1,542,229						—						1,524,195						—
Securities sold under agreements to repurchase with customers			70,938						70,938						—						—
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						—						—

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.

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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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