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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, 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, 2024 |  |  |  |  |  |  |
Items measured on a recurring basis: |  |  |  |  |  |  |
Debt securities available-for-sale | $ | 744,944 |  |  | $ | 46,989 |  |  | $ | 697,955 |  |  | $ | — |
Equity investments | 54,788 |  |  | — |  |  | 54,788 |  |  | — |
Interest rate derivative asset | 104,149 |  |  | — |  |  | 104,149 |  |  | — |
Interest rate derivative liability | (105,118) |  |  | — |  |  | (105,118) |  |  | — |
Items measured on a non-recurring basis: |  |  |  |  |  |  |
Equity investments (1) (2) | 48,413 |  |  | — |  |  | — |  |  | 44,738 |
Loans measured for impairment based on the fair value of the underlying collateral (3) | 22,206 |  |  | — |  |  | — |  |  | 22,206 |
December 31, 2023 |  |  |  |  |  |  |
Items measured on a recurring basis: |  |  |  |  |  |  |
Debt securities available-for-sale | $ | 753,892 |  |  | $ | 43,036 |  |  | $ | 710,856 |  |  | $ | — |
Equity investments | 53,166 |  |  | — |  |  | 53,166 |  |  | — |
Interest rate derivative asset | 87,776 |  |  | — |  |  | 87,776 |  |  | — |
Interest rate derivative liability | (87,848) |  |  | — |  |  | (87,848) |  |  | — |
Items measured on a non-recurring basis: |  |  |  |  |  |  |
Equity investments (1) (2) | 46,997 |  |  | — |  |  | — |  |  | 43,576 |
Loans measured for impairment based on the fair value of the underlying collateral (3) | 18,509 |  |  | — |  |  | — |  |  | 18,509 |
(1) As of March 31, 2024 and December 31, 2023, equity investments of $48.4 million and $47.0 million, respectively, included $44.7 million and $43.6 million, respectively, of equity investments measured under the measurement alternative. This included no unrealized gains or losses for the three months ended March 31, 2024 and the year ended December 31, 2023. (2) As of March 31, 2024 and December 31, 2023, equity investments of $48.4 million and $47.0 million, respectively, included $3.7 million and $3.4 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 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 March 31, 2024 and December 31, 2023 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, 2024 |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |
Cash and due from banks | $ | 130,422 |  |  | $ | 130,422 |  |  | $ | — |  |  | $ | — |
Debt securities held-to-maturity | 1,128,666 |  |  | — |  |  | 1,029,965 |  |  | — |
Restricted equity investments | 85,689 |  |  | — |  |  | — |  |  | 85,689 |
Loans receivable, net and loans held-for-sale | 10,072,911 |  |  | — |  |  | — |  |  | 9,486,375 |
Financial Liabilities: |  |  |  |  |  |  |
Deposits other than time deposits (1) | 7,916,815 |  |  | — |  |  | 7,916,815 |  |  | — |
Time deposits | 2,320,036 |  |  | — |  |  | 2,313,553 |  |  | — |
FHLB advances and other borrowings | 1,084,158 |  |  | — |  |  | 1,068,119 |  |  | — |
Securities sold under agreements to repurchase with customers | 66,798 |  |  | 66,798 |  |  | — |  |  | — |
December 31, 2023 |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |
Cash and due from banks | $ | 153,718 |  |  | $ | 153,718 |  |  | $ | — |  |  | $ | — |
Debt securities held-to-maturity | 1,159,735 |  |  | — |  |  | 1,068,438 |  |  | — |
Restricted equity investments | 93,766 |  |  | — |  |  | — |  |  | 93,766 |
Loans receivable, net and loans held-for-sale | 10,141,887 |  |  | — |  |  | — |  |  | 9,606,498 |
Financial Liabilities: |  |  |  |  |  |  |
Deposits other than time deposits (1) | 7,989,527 |  |  | — |  |  | 7,989,527 |  |  | — |
Time deposits | 2,445,422 |  |  | — |  |  | 2,421,058 |  |  | — |
FHLB advances and other borrowings | 1,045,092 |  |  | — |  |  | 1,008,351 |  |  | — |
Securities sold under agreements to repurchase with customers | 73,148 |  |  | 73,148 |  |  | — |  |  | — |
(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.

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- 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
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- 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
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