Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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
June 30, 2021
Items measured on a recurring basis:
Debt securities available-for-sale	$	249,330	$	—	$	249,330	$	—
Equity investments	90,917		13,704		69,195		8,018
Interest rate swap asset	29,167		—		29,167		—
Interest rate swap liability	(29,266)		—		(29,266)		—
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	29,746		—		—		29,746
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 and six months ended June 30, 2021 and June 30, 2020, the beginning and ending balances for equity investments and debt securities available-for-sale 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 June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
	Equity Investments		Debt Securities		Equity Investments		Debt Securities
Beginning Balance	$	7,938	$	25	$	2,540	$	25
Total gains included in earnings	40		—		438		—
Purchases	40		2,377		5,040		2,377
Transfers into Level 3	—		—		—		—
Transfers out of Level 3	—		—		—		—
Ending Balance	$	8,018	$	2,402	$	8,018	$	2,402

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 Company’s significant financial instruments not recorded at fair value as of June 30, 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
June 30, 2021
Financial Assets:
Cash and due from banks	$	1,084,029	$	1,084,029	$	—	$	—
Debt securities held-to-maturity	1,146,735		—		1,151,566		17,557
Restricted equity investments	52,519		—		—		52,519
Loans receivable, net and loans held-for-sale	7,775,844		—		—		7,764,353
Financial Liabilities:
Deposits other than time deposits	8,458,857		—		8,458,857		—
Time deposits	956,429		—		960,788		—
Other borrowings	228,564		—		263,757		—
Securities sold under agreements to repurchase with retail customers	141,475		141,475		—		—
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		—		—