XML 37 R28.htm IDEA: XBRL DOCUMENT v3.22.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
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, 2022 and December 31, 2021, 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, 2022
Items measured on a recurring basis:
Debt securities available-for-sale
$507,276 $— $507,276 $— 
Equity investments
61,963 763 61,200 — 
Interest rate derivative asset74,082 — 74,082 — 
Interest rate derivative liability(74,113)— (74,113)— 
Items measured on a non-recurring basis:
Equity investments
13,306 — 13,306 
Loans measured for impairment based on the fair value of the underlying collateral (1)
5,426 — — 5,426 
December 31, 2021
Items measured on a recurring basis:
Debt securities available-for-sale
$568,255 $— $568,255 $— 
Equity investments
90,726 14,608 73,400 2,718 
Interest rate derivative asset22,787 — 22,787 — 
Interest rate derivative liability(22,855)— (22,855)— 
Items measured on a non-recurring basis:
Equity investments10,429 — — 10,429 
Other real estate owned106 — — 106 
Loans measured for impairment based on the fair value of the underlying collateral(1)
16,233 — — 16,233 
(1) Primarily consists of commercial loans, which are collateral dependent. The amounts are based on independent appraisals, which may be adjusted by management for qualitative factors, such as economic factors and estimated liquidation expenses. The range may vary but is generally 0% to 8% on the discount for costs to sell and 0% to 10% on appraisal adjustments.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table reconciles, for the three and six months ended June 30, 2022 and 2021, the beginning and ending balances for equity investments that are recognized at fair value on a recurring basis, in the Consolidated Statements of Financial Condition, using significant unobservable inputs (in thousands):
For the Three Months Ended June 30,For the Six Months Ended June 30,
2022202120222021
Beginning balance$— $7,938 $2,718 $2,540 
Total gains included in earnings— 40 — 438 
Purchases— 40 — 5,040 
Transfers out of Level 3— — (2,718)— 
Ending balance$— $8,018 $— $8,018 
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, 2022 and December 31, 2021 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, 2022
Financial Assets:
Cash and due from banks$189,019 $189,019 $— $— 
Debt securities held-to-maturity1,068,034 — 975,027 12,505 
Restricted equity investments76,047 — — 76,047 
Loans receivable, net and loans held-for-sale9,380,688 — — 9,013,653 
Financial Liabilities:
Deposits other than time deposits8,331,509 — 8,331,509 — 
Time deposits1,499,975 — 1,472,791 — 
FHLB advances and other borrowings683,404 — 697,444 — 
Securities sold under agreements to repurchase with customers105,495 105,495 — — 
December 31, 2021
Financial Assets:
Cash and due from banks$204,949 $204,949 $— $— 
Debt securities held-to-maturity1,139,193 — 1,138,529 14,215 
Restricted equity investments53,195 — — 53,195 
Loans receivable, net and loans held-for-sale8,583,352 — — 8,533,506 
Financial Liabilities:
Deposits other than time deposits8,957,815 — 8,957,815 — 
Time deposits775,001 — 773,766 — 
Other borrowings229,141 — 251,491 — 
Securities sold under agreements to repurchase with customers118,769 118,769 — —