Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2022 and 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
December 31, 2022
Items measured on a recurring basis:
Debt securities available-for-sale	$	457,648	$	—	$	457,648	$	—
Equity investments	61,942		430		61,511		—
Interest rate derivative assets	113,420		—		113,420		—
Interest rate derivative liability	(113,473)		—		(113,473)		—
Items measured on a non-recurring basis:
Equity investments (1) (2)	40,095		—		—		37,076
Loans measured for impairment based on the fair value of the underlying collateral (3)	9,635		—		—		9,635
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 assets	22,787		—		22,787		—
Interest rate derivative liability	(22,855)		—		(22,855)		—
Items measured on a non-recurring basis:
Equity investments	10,429		—		—		10,429
Other real estate owned	106		—		—		106
Loans measured for impairment based on the fair value of the underlying collateral (3)	16,233		—		—		16,233

(1) Primarily consists of $37.1 million of equity investments measured under the measurement alternative, which included $20.0 million of unrealized gains as a result of observable price changes in the investments for the year ended December 31, 2022.

(2) Equity investments of $40.1 million includes $3.0 million 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 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 year ended December 31, 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 Year Ended December 31,
	2022		2021
Beginning balance	$	2,718	$	2,540
Total gains included in earnings	—		178
Transfers out of Level 3	(2,718)		—
Ending balance	$	—	$	2,718

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 December 31, 2022 and 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
December 31, 2022
Financial Assets:
Cash and due from banks	$	167,946	$	167,946	$	—	$	—
Debt securities held-to-maturity	1,221,138		—		1,097,984		12,057
Restricted equity investments	109,278		—		—		109,278
Loans receivable, net and loans held-for-sale	9,869,408		—		—		9,103,137
Financial Liabilities:
Deposits other than time deposits	8,133,186		—		8,133,186		—
Time deposits	1,542,020		—		1,504,601		—
FHLB advances and other borrowings	1,406,569		—		1,416,384		—
Securities sold under agreements to repurchase with customers	69,097		69,097		—		—
December 31, 2021
Financial Assets:
Cash and due from banks	$	204,949	$	204,949	$	—	$	—
Debt securities held-to-maturity	1,139,193		—		1,138,529		14,215
Restricted equity investments	53,195		—		—		53,195
Loans receivable, net and loans held-for-sale	8,583,352		—		—		8,533,506
Financial Liabilities:
Deposits other than time deposits	8,957,815		—		8,957,815		—
Time deposits	775,001		—		773,766		—
Other borrowings	229,141		—		251,491		—
Securities sold under agreements to repurchase with customers	118,769		118,769		—		—