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Fair Value (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Summary of financial assets and financial liabilities measured at fair value on recurring basis

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018, segregated by the level of valuation inputs within the fair value hierarchy used to measure fair value.

Recurring Fair Value Measurements
September 30, 2019
(In thousands)	Total				(Level 1)				(Level 2)				(Level 3)
Available-for-sale securities
U.S. Treasuries	$	1,356			$	0			$	1,356			$	0
Obligations of U.S. Government sponsored entities	316,716				0				316,716				0
Obligations of U.S. states and political subdivisions	85,836				0				85,836				0
Mortgage-backed securities – residential, issued by:
U.S. Government agencies	176,847				0				176,847				0
U.S. Government sponsored entities	559,265				0				559,265				0
U.S. corporate debt securities	2,432				0				2,432				0
Total Available-for-sale securities	$	1,142,452			$	0			$	1,142,452			$	0
Equity securities, at fair value	$	917			$	0			$	0			$	917

Recurring Fair Value Measurements
December 31, 2018
(In thousands)	Total				(Level 1)				(Level 2)				(Level 3)
Available-for-sale securities
U.S. Treasuries	$	289			$	0			$	289			$	0
Obligations of U.S. Government sponsored entities	485,898				0				485,898				0
Obligations of U.S. states and political subdivisions	85,440				0				85,440				0
Mortgage-backed securities – residential, issued by:
U.S. Government agencies	128,267				0				128,267				0
U.S. Government sponsored entities	630,558				0				630,558				0
Non-U.S. Government agencies or sponsored entities	31				0				31				0
U.S. corporate debt securities	2,175				0				2,175				0
Total Available-for-sale securities	$	1,332,658			$	0			$	1,332,658			$	0
Equity securities, at fair value	$	887			$	0			$	0			$	887

Schedule of assets measured at fair value on nonrecurring basis

Three months ended September 30, 2019
(In thousands)					Fair value measurements at reporting date using:												Gain (losses) from fair value changes
Assets:	As of 09/30/2019				Quoted prices in active markets for identical assets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)				Three months ended 9/30/2019
Impaired loans	$	10,096			$	0			$	10,096			$	0			$	(550	)
Other real estate owned	139				0				139				0				95

Three months ended September 30, 2018
(In thousands)					Fair value measurements at reporting date using:												Gain (losses) from fair value changes
Assets:	As of 09/30/2018				Quoted prices in active markets for identical assets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)				Three months ended 9/30/2018
Impaired loans	$	1,085			$	0			$	1,085			$	0			$	0
Other real estate owned	333				0				333				0				6

Nine months ended September 30, 2019
(In thousands)					Fair value measurements at reporting date using:												Gain (losses) from fair value changes
Assets:	As of 09/30/2019				Quoted prices in active markets for identical assets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)				Nine months ended 9/30/2019
Impaired loans	$	12,565			$	0			$	12,565			$	0			$	(4,184	)
Other real estate owned	888				0				888				0				95

Nine months ended September 30, 2018
(In thousands)					Fair value measurements at reporting date using:												Gain (losses) from fair value changes
Assets:	As of 09/30/2018				Quoted prices in active markets for identical assets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)				Nine months ended 9/30/2018
Impaired loans	$	3,783			$	0			$	3,783			$	0			$	(111	)
Other real estate owned	1,870				0				1,870				0				(15		)

Schedule of carrying amount and estimated fair value of financial instruments

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments at September 30, 2019 and December 31, 2018. The carrying amounts shown in the table are included in the Consolidated Statements of Condition under the indicated captions.

The fair value estimates, methods and assumptions set forth below for the Company's financial instruments, including those financial instruments carried at cost, are made solely to comply with disclosures required by generally accepted accounting principles in the United States and should be read in conjunction with the financial statements and notes included in this Report.

Estimated Fair Value of Financial Instruments
September 30, 2019
(In thousands)	Carrying Amount				Fair Value				(Level 1)				(Level 2)				(Level 3)
Financial Assets:
Cash and cash equivalents	$	127,427			$	127,427			$	127,427			$	0			$	0
Securities - held to maturity	138,657				142,583				0				142,583				0
FHLB and other stock	24,881				24,881				0				24,881				0
Accrued interest receivable	21,410				21,410				0				21,410				0
Loans/leases, net1	4,815,702				4,744,320				0				10,096				4,734,224
Financial Liabilities:
Time deposits	$	701,444			$	702,823			$	0			$	702,823			$	0
Other deposits	4,668,546				4,668,546				0				4,668,546				0
Fed funds purchased and securities sold
under agreements to repurchase	50,541				50,541				0				50,541				0
Other borrowings	429,000				430,852				0				430,852				0
Trust preferred debentures	16,992				22,149				0				22,149				0
Accrued interest payable	2,294				2,294				0				2,294				0

Estimated Fair Value of Financial Instruments
December 31, 2018
(In thousands)	Carrying Amount				Fair  Value				(Level 1)				(Level 2)				(Level 3)
Financial Assets:
Cash and cash equivalents	$	80,389			$	80,389			$	80,389			$	0			$	0
Securities - held to maturity	140,579				139,377				0				139,377				0
FHLB and other stock	52,262				52,262				0				52,262				0
Accrued interest receivable	20,922				20,922				0				20,922				0
Loans/leases, net1	4,790,529				4,649,308				0				6,500				4,642,808
Financial Liabilities:
Time deposits	$	637,295			$	631,489			$	0			$	631,489			$	0
Other deposits	4,251,664				4,251,664				0				4,251,664				0
Fed funds purchased and securities
sold under agreements to repurchase	81,842				81,842				0				81,842				0
Other borrowings	1,076,075				1,074,081				0				1,074,081				0
Trust preferred debentures	16,863				21,921				0				21,921				0
Accrued interest payable	2,408				2,408				0				2,408				0

¹ Lease receivables, although excluded from the scope of ASC Topic 825, are included in the estimated fair value amounts at their carrying value.

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

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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

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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
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