XML 37 R28.htm IDEA: XBRL DOCUMENT v3.23.3

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule 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, 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
September 30, 2023
Items measured on a recurring basis:
Debt securities available-for-sale			$	453,208					$	42,054					$	411,154					$	—
Equity investments			50,945						—						50,945						—
Interest rate derivative asset			137,090						—						137,090						—
Interest rate derivative liability			(138,806)						—						(138,806)						—
Items measured on a non-recurring basis:
Equity investments (1) (2)			46,963						—						—						43,576
Loans measured for impairment based on the fair value of the underlying collateral (3)			19,080						—						—						19,080
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 September 30, 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 nine months ended September 30, 2023 and $20.0 million of unrealized gains for the year ended December 31, 2022.

(2)    As of September 30, 2023 and December 31, 2022, equity investments of $47.0 million and $40.1 million, respectively, included $3.4 million and $3.0 million, respectively, 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 range may vary but is generally 0% to 8% on the discount for costs to sell and 0% to 10% on appraisal adjustments.

Schedule of Equity Investments Recognized at Fair Value on a Recurring Basis

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 Nine Months Ended September 30,
																								2022
Beginning balance																								$	2,718
Transfers out of Level 3																								(2,718)
Ending balance																								$	—

Schedule of Book Value and Estimated Fair Value of 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, 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
September 30, 2023
Financial Assets:
Cash and due from banks			$	408,882					$	408,882					$	—					$	—
Debt securities held-to-maturity			1,189,339						—						1,047,342						—
Restricted equity investments			82,484						—						—						82,484
Loans receivable, net and loans held-for-sale			10,068,156						—						—						9,035,358
Financial Liabilities:
Deposits other than time deposits (1)			7,880,280						—						7,880,280						—
Time deposits			2,653,649						—						2,626,602						—
FHLB advances and other borrowings			802,239						—						770,544						—
Securities sold under agreements to repurchase with customers			82,981						82,981						—						—
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 (1)			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						—						—

(1)    The estimated fair value of non-maturity deposits does not consider any inherent value and represents the amount payable on demand. However, non-maturity deposits do contain significant inherent value to the Company, particularly when overnight funding costs are greater than the deposit costs.

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
-Name Accounting Standards Codification
-Section 50
-Paragraph 2C
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ 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
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

+ 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
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11

+ 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