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

3 Months Ended

Mar. 31, 2024

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				March 31, 2024
Assets:
AFS securities:
U.S. treasury		$	124,683			$	-			$	-			$	124,683
Federal agency			-				213,304				-				213,304
State & municipal			-				86,033				-				86,033
Mortgage-backed			-				405,547				-				405,547
Collateralized mortgage obligations			-				547,026				-				547,026
Corporate			-				41,878				-				41,878
Total AFS securities		$	124,683			$	1,293,788			$	-			$	1,418,471
Equity securities			38,470				1,000				-				39,470
Derivatives			-				89,968				-				89,968
Total		$	163,153			$	1,384,756			$	-			$	1,547,909
Liabilities:
Derivatives		$	-			$	114,104			$	-			$	114,104
Total		$	-			$	114,104			$	-			$	114,104

(In thousands)		Level 1				Level 2				Level 3				December 31, 2023
Assets:
AFS securities:
U.S. treasury		$	125,024			$	-			$	-			$	125,024
Federal agency			-				214,740				-				214,740
State & municipal			-				86,306				-				86,306
Mortgage-backed			-				422,268				-				422,268
Collateralized mortgage obligations			-				541,544				-				541,544
Corporate			-				40,976				-				40,976
Total AFS securities		$	125,024			$	1,305,834			$	-			$	1,430,858
Equity securities			36,591				1,000				-				37,591
Derivatives			-				75,142				-				75,142
Total		$	161,615			$	1,381,976			$	-			$	1,543,591
Liabilities:
Derivatives		$	-			$	95,875			$	-			$	95,875
Total		$	-			$	95,875			$	-			$	95,875

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, 2024								December 31, 2023
(In thousands)		Fair Value Hierarchy				Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated Fair Value
Financial assets:
HTM securities			2			$	890,863			$	793,319			$	905,267			$	814,524
Net loans			3				9,576,040				9,173,300				9,539,684				9,216,162
Financial liabilities:
Time deposits			2			$	1,368,136			$	1,348,934			$	1,324,709			$	1,285,999
Long-term debt			2				29,759				29,315				29,796				29,416
Subordinated debt			1				120,628				116,563				120,380				113,757
Junior subordinated debt			2				101,196				103,202				101,196				102,337

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
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11

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- References

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- 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
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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