Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

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, 2020 and December 31, 2019, 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, 2020
Items measured on a recurring basis:
Debt securities available-for-sale	$	153,239		$	—	$	150,837		$	2,402
Equity investments	13,830			13,830		—			—
Interest rate swap asset	56,087			—		56,087			—
Interest rate swap liability	(56,306		)	—		(56,306		)	—
Items measured on a non-recurring basis:
Other real estate owned	248			—		—			248
Loans measured for impairment based on the fair value of the underlying collateral	30,372			—		—			30,372
December 31, 2019
Items measured on a recurring basis:
Debt securities available-for-sale	$	150,960		$	—	$	150,935		$	25
Equity investments	10,136			10,136		—			—
Interest rate swap asset	10,141			—		10,141			—
Interest rate swap liability	(10,708		)	—		(10,708		)	—
Items measured on a non-recurring basis:
Other real estate owned	264			—		—			264
Loans measured for impairment based on the fair value of the underlying collateral	8,794			—		—			8,794

Debt Securities, Available-for-sale

The following table reconciles, for the three and six months ended June 30, 2020, the beginning and ending balances for 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):

	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020
Beginning Balance	$	25	$	25
Total gains (losses) included in earnings	—		—
Purchases	2,377		2,377
Transfers into Level 3	—		—
Transfers out of Level 3	—		—
Ending Balance	$	2,402	$	2,402

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 June 30, 2020 and December 31, 2019 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, 2020
Financial Assets:
Cash and due from banks	$	721,049	$	721,049	$	—	$	—
Debt securities held-to-maturity	867,959		—		893,577		2,320
Restricted equity investments	68,091		—		—		68,091
Loans receivable, net and loans held-for-sale	8,357,279		—		—		8,450,433
Financial Liabilities:
Deposits other than time deposits	7,321,783		—		7,321,783		—
Time deposits	1,645,971		—		1,665,244		—
Federal Home Loan Bank advances and other borrowings	590,232		—		620,651		—
Securities sold under agreements to repurchase with retail customers	152,821		152,821		—		—
December 31, 2019
Financial Assets:
Cash and due from banks	$	120,544	$	120,544	$	—	$	—
Debt securities held-to-maturity	768,873		—		774,805		2,485
Restricted equity investments	62,356		—		—		62,356
Loans receivable, net and loans held-for-sale	6,207,680		—		—		6,173,237
Financial Liabilities:
Deposits other than time deposits	5,393,145		—		5,393,145		—
Time deposits	935,632		—		936,318		—
Federal Home Loan Bank advances and other borrowings	616,061		—		626,225		—
Securities sold under agreements to repurchase with retail customers	71,739		71,739		—		—