Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022, 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, 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
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 asset	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

(1) As of December 31, 2023 and 2022, equity investments of $47.0 million and $40.1 million, respectively, included $43.6 million and $37.1 million, respectively, of equity investments measured under the measurement alternative. This included no unrealized gains or losses for the year ended December 31, 2023 and $20.0 million of unrealized gains for the year ended December 31, 2022.

(2) As of December 31, 2023 and 2022, equity investments of $47.0 million and $40.1 million, respectively, included $3.4 million and $3.0 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 Fair Value Measured on Recurring Basis, Unobservable Input Reconciliation

The following table reconciles 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,
	December 31, 2022
Beginning balance	$	2,718



Transfers out of Level 3	(2,718)

Ending balance	$	—

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, 2023 and 2022 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, 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		—		—
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 (1)	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		—		—

(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.