Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

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 December 31, 2024 and 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
December 31, 2024
Items measured on a recurring basis:
Debt securities available-for-sale	$	827,500	$	49,466	$	778,034	$	—
Equity investments	40,447		—		40,447		—
Interest rate derivative asset	91,352		—		91,352		—
Interest rate derivative liability	(91,483)		—		(91,483)		—
Items measured on a non-recurring basis:
Equity investments (1) (2)	43,657		—		—		39,676
Other real estate owned	1,811		—		—		1,811
Loans measured for impairment based on the fair value of the underlying collateral (3)	25,148		—		—		25,148
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 December 31, 2024 and 2023, equity investments included $39.7 million and $43.6 million, respectively, of equity investments measured under the measurement alternative. There were no unrealized gains or losses for the years ended December 31, 2024 and 2023.

(2) As of December 31, 2024 and 2023, equity investments included $4.0 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 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, 2024 and 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
December 31, 2024
Financial Assets:
Cash and due from banks	$	123,615	$	123,615	$	—	$	—
Debt securities held-to-maturity	1,045,875		—		952,917		—
Restricted equity investments	108,634		—		—		108,634
Loans receivable, net and loans held-for-sale	10,076,640		—		—		9,551,156
Financial Liabilities:
Deposits other than time deposits (1)	7,985,370		—		7,985,370		—
Time deposits	2,080,972		—		2,074,698		—
FHLB advances and other borrowings	1,270,157		—		1,264,260		—
Securities sold under agreements to repurchase with customers	60,567		60,567		—		—
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.