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

3 Months Ended

Mar. 31, 2021

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 sets 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				March 31, 2021
Assets:
AFS securities:
Federal agency		$	-			$	248,887			$	-			$	248,887
State & municipal			-				48,025				-				48,025
Mortgage-backed			-				673,239				-				673,239
Collateralized mortgage obligations			-				388,713				-				388,713
Corporate			-				28,164				-				28,164
Total AFS securities		$	-			$	1,387,028			$	-			$	1,387,028
Equity securities			30,247				2,000				-				32,247
Derivatives			-				70,713				-				70,713
Total		$	30,247			$	1,459,741			$	-			$	1,489,988
Liabilities:
Derivatives		$	-			$	70,661			$	-			$	70,661
Total		$	-			$	70,661			$	-			$	70,661

(In thousands)		Level 1				Level 2				Level 3				December 31, 2020
Assets:
AFS securities:
Federal agency		$	-			$	243,597			$	-			$	243,597
State & municipal			-				43,180				-				43,180
Mortgage-backed			-				595,839				-				595,839
Collateralized mortgage obligations			-				437,804				-				437,804
Corporate			-				28,278				-				28,278
Total AFS securities		$	-			$	1,348,698			$	-			$	1,348,698
Equity securities			28,737				2,000				-				30,737
Derivatives			-				108,779				-				108,779
Total		$	28,737			$	1,459,477			$	-			$	1,488,214
Liabilities:
Derivatives		$	-			$	108,646			$	-			$	108,646
Total		$	-			$	108,646			$	-			$	108,646

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.

			March 31, 2021						December 31, 2020
(In thousands)	Fair Value Hierarchy		Carrying Amount			Estimated Fair Value			Carrying Amount			Estimated Fair Value
Financial assets:
HTM securities	2		$	592,999		$	600,176		$	616,560		$	636,827
Net loans	3			7,634,754			7,677,033			7,390,004			7,530,033
Financial liabilities:
Time deposits	2		$	604,373		$	606,134		$	633,479		$	638,721
Long-term debt	2			14,069			14,651			39,097			39,820
Subordinated debt	1			100,000			105,024			100,000			103,277
Junior subordinated debt	2			101,196			108,841			101,196			108,926

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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