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

12 Months Ended

Dec. 31, 2024

Fair Value Measurements and Fair Values 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				December 31, 2024
Assets:
AFS securities
U.S. treasury		$	102,790			$	-			$	-			$	102,790
Federal agency			-				218,517				-				218,517
State & municipal			-				87,490				-				87,490
Mortgage-backed			-				464,365				-				464,365
Collateralized mortgage obligations			-				656,488				-				656,488
Corporate			-				45,014				-				45,014
Total AFS securities		$	102,790			$	1,471,874			$	-			$	1,574,664
Equity securities			41,372				1,000				-				42,372
Derivatives			-				80,847				-				80,847
Total		$	144,162			$	1,553,721			$	-			$	1,697,883
Liabilities:
Derivatives		$	-			$	104,399			$	-			$	104,399
Total		$	-			$	104,399			$	-			$	104,399

(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, AIR, non-maturity deposits, short-term borrowings, accrued interest payable and derivatives.

						December 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			$	842,921			$	749,945			$	905,267			$	814,524
Net loans			3				9,863,654				9,458,786				9,539,684				9,216,162
Financial liabilities:
Time deposits			2			$	1,442,505			$	1,431,942			$	1,324,709			$	1,285,999
Long-term debt			2				29,644				29,439				29,796				29,416
Subordinated debt			1				121,401				118,693				120,380				113,757
Junior subordinated debt			2				101,196				105,763				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 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

No definition available.

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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/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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

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