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Fair Value (Tables)

12 Months Ended

Dec. 31, 2020

Assets and liabilities measured at fair value on a recurring basis

The following table represents financial instruments reported on the consolidated statements of condition at their fair value as of December 31, 2020 by level within the fair value measurement hierarchy.


					Fair Value Measurements at
					Reporting Date Using
					(in Thousands)
					Quoted
					Prices in
					Active			Significant
		Assets/Liabilities			Markets for			Other			Significant
		Measured at			Identical			Observable			Unobservable
		Fair Value			Assets			Inputs			Inputs
		December 31, 2020			(Level 1)			(Level 2)			(Level 3)
Measured on a recurring basis:
Assets:
Available for sale debt securities
Residential mortgage-backed securities		$	3,029,954		$	—		$	3,029,954		$	—
States and political subdivisions			50,814			—			50,814			—
Equity Securities			6,202			6,202			—			—
		$	3,086,970		$	6,202		$	3,080,768		$	—

The following table represents financial instruments reported on the consolidated balance sheets at their fair value as of December 31, 2019 by level within the fair value measurement hierarchy.


					Fair Value Measurements at
					Reporting Date Using
					(in Thousands)
					Quoted
					Prices in
					Active			Significant
		Assets/Liabilities			Markets for			Other			Significant
		Measured at			Identical			Observable			Unobservable
		Fair Value			Assets			Inputs			Inputs
		December 31, 2019			(Level 1)			(Level 2)			(Level 3)
Measured on a recurring basis:
Assets:
Available for sale securities
Residential mortgage - backed securities		$	3,285,548		$	—		$	3,285,548		$	—
States and political subdivisions			93,375			—			93,375			—
Equity Securities			6,095			6,095			—			—
		$	3,385,018		$	6,095		$	3,378,923		$	—

Assets measured at fair value on a non-recurring basis

The following table represents financial instruments measured at fair value on a non-recurring basis as of and for the period ended December 31, 2020 by level within the fair value measurement hierarchy:

Fair Value Measurements at Reporting

Date Using

(in thousands)

Quoted

Assets/Liabilities

Prices in

Measured at

Active

Significant

Fair Value

Markets for

Other

Significant

Net Provision

Period ended

Identical

Observable

Unobservable

(Credit)

December 31,

Assets

Inputs

Inputs

During

2020

(Level 1)

(Level 2)

(Level 3)

Period

Measured on a non-recurring basis:

Assets:

Watch-List doubtful loans

$

393

$

—

$

—

$

393

$

(86)

Other real estate owned

6,241

—

—

6,241

1,539

The following table represents financial instruments measured at fair value on a non-recurring basis as of and for the year ended December 31, 2019 by level within the fair value measurement hierarchy:

Fair Value Measurements at Reporting

Date Using

(in thousands)

Quoted

Assets/Liabilities

Prices in

Measured at

Active

Significant

Fair Value

Markets

Other

Significant

Net (Credit)

Year ended

for Identical

Observable

Unobservable

Provision

December 31,

Assets

Inputs

Inputs

During

2019

(Level 1)

(Level 2)

(Level 3)

Period

Measured on a non-recurring basis:

Assets:

Impaired loans

$

826

$

—

$

—

$

826

$

43

Other real estate owned

21,614

—

—

21,614

322

Equity investment without a readily determinable fair value

28,166

—

—

28,166

4,775