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Fair Value Measurements and Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Measurements and Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis

The following tables set forth the Company’s financial assets and liabilities measured on a recurring basis that were accounted for at fair value. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

(In thousands)		Level 1				Level 2				Level 3				September 30, 2020
Assets:
AFS securities
Federal agency		$	-			$	195,144			$	-			$	195,144
State & municipal			-				10,883				-				10,883
Mortgage-backed			-				482,319				-				482,319
Collateralized mortgage obligations			-				491,752				-				491,752
Corporate			-				17,827				-				17,827
Total AFS securities		$	-			$	1,197,925			$	-			$	1,197,925
Equity securities			26,758				4,000				-				30,758
Derivatives			-				122,896				-				122,896
Total		$	26,758			$	1,324,821			$	-			$	1,351,579
Liabilities:
Derivatives		$	-			$	122,834			$	-			$	122,834
Total		$	-			$	122,834			$	-			$	122,834

(In thousands)		Level 1				Level 2				Level 3				December 31, 2019
Assets:
AFS securities
Federal agency		$	-			$	34,758			$	-			$	34,758
State & municipal			-				2,513				-				2,513
Mortgage-backed			-				503,626				-				503,626
Collateralized mortgage obligations			-				434,443				-				434,443
Total AFS securities		$	-			$	975,340			$	-			$	975,340
Equity securities			23,771				4,000				-				27,771
Derivatives			-				41,766				-				41,766
Total		$	23,771			$	1,021,106			$	-			$	1,044,877
Liabilities:
Derivatives		$	-			$	41,777			$	-			$	41,777
Total		$	-			$	41,777			$	-			$	41,777

Information with Regard to Estimated Fair Values of Financial Instruments

The following table sets forth information with regard to estimated fair values of financial instruments. This table excludes financial instruments for which the carrying amount approximates fair value. Financial instruments for which the fair value approximates carrying value include cash and cash equivalents, AFS securities, equity securities, accrued interest receivable, non-maturity deposits, short-term borrowings, accrued interest payable and derivatives.

			September 30, 2020						December 31, 2019
(In thousands)	Fair Value Hierarchy		Carrying Amount			Estimated Fair Value			Carrying Amount			Estimated Fair Value
Financial assets:
HTM securities	2		$	663,088		$	684,862		$	630,074		$	641,262
Net loans	3			7,447,966			7,535,955			7,074,864			6,999,690
Financial liabilities:
Time deposits	2		$	659,971		$	666,646		$	861,193		$	858,085
Long-term debt	2			64,126			65,086			64,211			64,373
Subordinated debt	1			100,000			102,781			-			-
Junior subordinated debt	2			101,196			104,447			101,196			105,694

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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- References

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X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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