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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities measured at fair value on a recurring basis

Recurring Fair Value Measurements

December 31, 2018

(In thousands)	Fair Value 12/31/2018				(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
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	887				0				0				887

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

Recurring Fair Value Measurements

December 31, 2019

(In thousands)	Fair Value 12/31/2019				(Level 1)				(Level 2)				(Level 3)
Available-for-sale securities
U.S. Treasuries	$	1,840			$	0			$	1,840			$	0
Obligations of U.S. Government sponsored entities	372,488				0				372,488				0
Obligations of U.S. states and political subdivisions	97,785				0				97,785				0
Mortgage-backed securities - residential
U.S. Government agencies	164,451				0				164,451				0
U.S. Government sponsored entities	659,590				0				659,590				0
Non-U.S. Government agencies or sponsored entities	0				0				0				0
U.S. corporate debt securities	2,433				0				2,433				0
Total Available-for-sale securities	1,298,587				0				1,298,587				0
Equity securities	915				0				0				915

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

(In thousands)					Fair value measurements at reporting date using:												Gain (losses) from fair value changes
	As of				Quoted prices in active markets for identical assets				Significant other observable inputs				Significant unobservable inputs				Twelve months ended
Assets:	12/31/2019				(Level 1)				(Level 2)				(Level 3)				12/31/2019
Impaired loans	$	14,050			$	0			$	14,050			$	0			$	(4,184	)
Other real estate owned	315				0				315				0				(94		)

(In thousands)					Fair value measurements at reporting date using:												Gain (losses) from fair value changes
	As of				Quoted prices in active markets for identical assets				Significant other observable inputs				Significant unobservable inputs				Twelve months ended
Assets:	12/31/2018				(Level 1)				(Level 2)				(Level 3)				12/31/2018
Impaired loans	$	6,500			$	0			$	6,500			$	0			$	(173	)
Other real estate owned	1,594				0				1,594				0				(211		)

Schedule of carrying amount and fair value of financial instruments

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments at December 31, 2019 and 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 does not always incorporate the exit-price concept of fair value prescribed by ASC Topic 820-10 and should be read in conjunction with the financial statements and notes included in this Report.

Estimated Fair Value of Financial Instruments
December 31, 2019
(In thousands)	Carrying Amount				Fair Value				(Level 1)				(Level 2)				(Level 3)
Financial Assets:
Cash and cash equivalents	$	137,982			$	137,982			$	137,982			$	0			$	0
Securities - held-to-maturity	0				0				0				0				0
FHLB and FRB stock	33,695				33,695				0				33,695				0
Accrued interest receivable	19,293				19,293				0				19,293				0
Loans and leases, net1	4,877,658				4,798,268				0				14,050				4,784,218
Financial Liabilities:
Time deposits	$	675,014			$	677,205			$	0			$	677,205			$	0
Other deposits	4,537,907				4,537,907				0				4,537,907				0
Securities sold under agreements to repurchase	60,346				60,346				0				60,346				0
Other borrowings	658,100				659,895				0				659,895				0
Trust preferred debentures	17,035				21,904				0				21,904				0
Accrued interest payable	2,486				2,486				0				2,486				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.

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 FRB stock	52,262				52,262				0				52,262				0
Accrued interest receivable	20,922				20,922				0				20,922				0
Loans and 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
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
-SubTopic 10
-Section 50
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