Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Summary 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, 2021 and December 31, 2020, 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, 2021
Items measured on a recurring basis:
Debt securities available-for-sale	$	268,511	$	—	$	268,511	$	—
Equity investments	50,159		13,693		28,528		7,938
Interest rate swap asset	27,084		—		27,084		—
Interest rate swap liability	(27,160)		—		(27,160)		—
Items measured on a non-recurring basis:
Other real estate owned	106		—		—		106
Loans measured for impairment based on the fair value of the underlying collateral	33,747		—		—		33,747
December 31, 2020
Items measured on a recurring basis:
Debt securities available-for-sale	$	183,302	$	—	$	183,302	$	—
Equity investments	107,079		104,539		—		2,540
Interest rate swap asset	45,289		—		45,289		—
Interest rate swap liability	(45,429)		—		(45,429)		—
Items measured on a non-recurring basis:
Other real estate owned	106		—		—		106
Loans measured for impairment based on the fair value of the underlying collateral	35,366		—		—		35,366

Summary of Debt Securities, Available-for-sale

The following table reconciles, for the three months ended March 31, 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):

	Three Months Ended March 31, 2021
Beginning Balance	$	2,540
Total gains (losses) included in earnings	398
Purchases	5,000
Transfers into Level 3	—
Transfers out of Level 3	—
Ending Balance	$	7,938

Summary of 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 Bank’s significant financial instruments not recorded at fair value as of March 31, 2021 and December 31, 2020 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, 2021
Financial Assets:
Cash and due from banks	$	1,173,665	$	1,173,665	$	—	$	—
Debt securities held-to-maturity	1,082,326		—		1,081,590		18,155
Restricted equity investments	52,199		—		—		52,199
Loans receivable, net and loans held-for-sale	7,863,765		—		—		7,822,353
Financial Liabilities:
Deposits other than time deposits	8,392,054		—		8,392,054		—
Time deposits	1,110,758		—		1,118,867		—
Other borrowings	228,176		—		241,122		—
Securities sold under agreements to repurchase with retail customers	134,465		134,465		—		—
December 31, 2020
Financial Assets:
Cash and due from banks	$	1,272,134	$	1,272,134	$	—	$	—
Debt securities held-to-maturity	937,253		—		952,365		16,101
Restricted equity investments	51,705		—		—		51,705
Loans receivable, net and loans held-for-sale	7,750,381		—		—		7,806,743
Financial Liabilities:
Deposits other than time deposits	8,054,833		—		8,054,833		—
Time deposits	1,372,783		—		1,383,173		—
FHLB advances and other borrowings	235,471		—		251,798		—
Securities sold under agreements to repurchase with retail customers	128,454		128,454		—		—