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FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2020

FAIR VALUE.

Schedule of assets and liabilities measured on a recurring basis

​

​	​	​	​	​	​	​	​	​	​	​
​	​	June 30, 2020
​	​	​		​	Fair Value Measurements Using:
​	​	​		​	Quoted Prices	​			​	​
​	​	​		​	In Active	​	Significant		​	​
​	​	​		​	Markets for	​	Other		​	Significant
​	​	​		​	Identical	​	Observable		​	Unobservable
​	​	Carrying		​	Assets	​	Inputs		​	Inputs
(In thousands)		Value			(Level 1)		(Level 2)			(Level 3)
Financial assets:		​	​	​		​	​	​	​
Available for sale securities:		​	​	​		​	​	​	​
U.S. Treasury securities	​	$	49,999	​	​	​	$	49,999	​	​
State and municipal obligations	​		37,479	​		​		37,479	​
U.S. GSE residential mortgage-backed securities	​		77,777	​		​		77,777	​
U.S. GSE residential collateralized mortgage obligations	​		182,551	​		​		182,551	​
U.S. GSE commercial mortgage-backed securities	​		16,916	​		​		16,916	​
U.S. GSE commercial collateralized mortgage obligations	​		102,201	​		​		102,201	​
Other asset-backed securities	​		23,875	​		​		23,875	​
Corporate bonds	​		46,948	​		​		46,948	​
Total available for sale securities	​	$	537,746	​	​	​	$	537,746	​
Derivatives	​	$	62,940	​	​	​	$	62,940	​
​	​	​	​	​	​	​	​	​	​	​
Financial liabilities:	​		​	​		​		​	​
Derivatives	​	$	75,281	​	​	​	$	75,281	​

​

​	​	​	​	​	​	​	​	​	​	​
​	​	December 31, 2019
​	​	​		​	Fair Value Measurements Using:
​	​			​	Quoted Prices	​			​	​
​	​	​		​	In Active	​	Significant		​	​
​	​	​		​	Markets for	​	Other		​	Significant
​	​	​		​	Identical	​	Observable		​	Unobservable
​	​	Carrying		​	Assets	​	Inputs		​	Inputs
(In thousands)		Value			(Level 1)		(Level 2)			(Level 3)
Financial assets:	​	​	​	​		​	​	​	​
Available for sale securities:	​	​	​	​		​	​	​	​
U.S. Treasury securities	​	$	50,822	​	​	​	$	50,822	​	​
U.S. GSE securities	​	​	4,995	​	​	​	​	4,995	​
State and municipal obligations	​		34,964	​		​		34,964	​
U.S. GSE residential mortgage-backed securities	​		84,691	​		​		84,691	​
U.S. GSE residential collateralized mortgage obligations	​		277,851	​		​		277,851	​
U.S. GSE commercial mortgage-backed securities	​		13,609	​		​		13,609	​
U.S. GSE commercial collateralized mortgage obligations	​		104,156	​		​		104,156	​
Other asset-backed securities	​		23,401	​		​		23,401	​
Corporate bonds	​		43,802	​		​		43,802	​
Total available for sale securities	​	$	638,291	​	​	​	$	638,291	​
Derivatives	​	$	15,437	​	​	​	$	15,437	​
​	​	​	​	​	​	​	​	​	​	​
Financial liabilities:	​		​	​		​		​	​
Derivatives	​	$	16,645	​	​	​	$	16,645	​

Schedule of assets measured at fair value on a non-recurring basis

​

​	​	​	​	​	​	​	​	​	​	​
​	​	June 30, 2020
​	​	​		​	Fair Value Measurements Using:
​	​			​	Quoted Prices	​	​	​
​	​	​		​	In Active	​	Significant	​
​	​	​		​	Markets for	​	Other	​	Significant
​	​	​		​	Identical	​	Observable	​	Unobservable
​	​	Carrying		​	Assets	​	Inputs	​	Inputs
(In thousands)		Value			(Level 1)		(Level 2)		(Level 3)
Loans held for sale	​	$	10,000		​	​	​		$	10,000
Collateral dependent loans	​	$	4,884		​				$	4,884

​

​	​	​	​	​	​	​	​	​	​	​
​	​	December 31, 2019
​	​	​		​	Fair Value Measurements Using:
​	​			​	Quoted Prices	​	​	​
​	​	​		​	In Active	​	Significant	​	​
​	​	​		​	Markets for	​	Other	​	Significant
​	​	​		​	Identical	​	Observable	​	Unobservable
​	​	Carrying		​	Assets	​	Inputs	​	Inputs
(In thousands)		Value			(Level 1)		(Level 2)		(Level 3)
Loans held for sale	​	$	12,643		​	​	​		$	12,643
Impaired loans	​	$	6,981		​				$	6,981

Schedule of estimated fair values and recorded carrying values of financial instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2020

​

​

​

​

Fair Value Measurements Using:

​

​

​

​

​

​

​

​

Significant

​

​

​

​

​

Quoted Prices In

Other

Significant

​

​

​

Active Markets for

Observable

Unobservable

​

​

​

​

Carrying

Identical Assets

Inputs

Inputs

​

Total

(In thousands)

Amount

(Level 1)

(Level 2)

(Level 3)

Fair Value

Financial assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and due from banks

$

67,633

$

67,633

$

—

$

—

$

67,633

Interest-bearing deposits with banks

​

422,148

​

422,148

​

—

​

—

​

422,148

Securities available for sale

​

537,746

​

—

​

537,746

​

—

​

537,746

Securities restricted

​

28,987

​

n/a

​

n/a

​

n/a

​

n/a

Securities held to maturity

​

111,307

​

—

​

115,745

​

—

​

115,745

Loans held for sale

​

​

10,000

​

​

—

​

​

—

​

​

10,000

​

​

10,000

Loans, net

​

4,577,427

​

—

​

—

​

4,628,121

​

4,628,121

Derivatives

​

62,940

​

—

​

62,940

​

—

​

62,940

Accrued interest receivable

​

15,367

​

—

​

1,854

​

13,513

​

15,367

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Certificates of deposit

​

297,999

​

—

​

301,613

​

—

​

301,613

Demand and other deposits

​

4,782,420

​

4,782,420

​

—

​

—

​

4,782,420

FHLB advances

​

340,000

​

—

​

351,543

​

—

​

351,543

Repurchase agreements

​

1,670

​

—

​

1,670

​

—

​

1,670

Subordinated debentures

​

78,990

​

—

​

88,035

​

—

​

88,035

Derivatives

​

75,281

​

—

​

75,281

​

—

​

75,281

Accrued interest payable

​

1,482

​

—

​

1,482

​

—

​

1,482

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2019

​

​

​

​

Fair Value Measurements Using:

​

​

​

​

​

​

​

​

Significant

​

​

​

​

​

​

Quoted Prices In

Other

Significant

​

​

​

​

Active Markets for

Observable

Unobservable

​

​

​

​

Carrying

Identical Assets

Inputs

Inputs

​

Total

(In thousands)

Amount

(Level 1)

(Level 2)

(Level 3)

Fair Value

Financial assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and due from banks

$

77,693

$

77,693

$

—

$

—

$

77,693

Interest-bearing deposits with banks

​

39,501

​

39,501

​

—

​

—

​

39,501

Securities available for sale

​

638,291

​

—

​

638,291

​

—

​

638,291

Securities restricted

​

32,879

​

n/a

​

n/a

​

n/a

​

n/a

Securities held to maturity

​

133,638

​

—

​

135,027

​

—

​

135,027

Loans held for sale

​

​

12,643

​

​

—

​

​

—

​

​

12,643

​

​

12,643

Loans, net

​

3,647,499

​

—

​

—

​

3,685,770

​

3,685,770

Derivatives

​

15,437

​

—

​

15,437

​

—

​

15,437

Accrued interest receivable

​

10,908

​

—

​

2,181

​

8,727

​

10,908

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Certificates of deposit

​

307,977

​

—

​

308,660

​

—

​

308,660

Demand and other deposits

​

3,506,670

​

3,506,670

​

—

​

—

​

3,506,670

FHLB advances

​

435,000

​

195,000

​

239,622

​

—

​

434,622

Repurchase agreements

​

999

​

—

​

999

​

—

​

999

Subordinated debentures

​

78,920

​

—

​

81,010

​

—

​

81,010

Derivatives

​

16,645

​

—

​

16,645

​

—

​

16,645

Accrued interest payable

​

1,467

​

—

​

1,467

​

—

​

1,467

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 3: 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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- 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=118260190&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
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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
-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

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-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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