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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020 and December 31, 2019, segregated by the level of valuation inputs within the fair value hierarchy used to measure fair value.

Recurring Fair Value Measurements
September 30, 2020
(In thousands)			Total						(Level 1)						(Level 2)						(Level 3)
Available-for-sale debt securities
Obligations of U.S. Government sponsored entities			$	612,481					$	0					$	612,481					$	0
Obligations of U.S. states and political subdivisions			129,258						0						129,258						0
Mortgage-backed securities – residential, issued by:
U.S. Government agencies			207,501						0						207,501						0
U.S. Government sponsored entities			715,160						0						715,160						0
U.S. corporate debt securities			2,366						0						2,366						0
Total Available-for-sale debt securities			$	1,666,766					$	0					$	1,666,766					$	0
Equity securities, at fair value			$	932					$	0					$	0					$	932

Recurring Fair Value Measurements
December 31, 2019
(In thousands)			Total						(Level 1)						(Level 2)						(Level 3)
Available-for-sale debt 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, issued by:
U.S. Government agencies			164,451						0						164,451						0
U.S. Government sponsored entities			659,590						0						659,590						0
U.S. corporate debt securities			2,433						0						2,433						0
Total Available-for-sale debt securities			$	1,298,587					$	0					$	1,298,587					$	0
Equity securities, at fair value			$	915					$	0					$	0					$	915

Schedule of assets measured at fair value on nonrecurring basis

Three months ended September 30, 2020
(In thousands)						Fair value measurements at reporting date using:									Gain (losses) from fair value changes
Assets:			As of 09/30/2020			Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Three months ended 9/30/2020
Individually evaluated			$	6,330		$	0		$	6,330		$	0		$	0
Other real estate owned			36			0			36			0			(4)

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

Nine months ended September 30, 2020
(In thousands)						Fair value measurements at reporting date using:									Gain (losses) from fair value changes
Assets:			As of 09/30/2020			Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Nine months ended 9/30/2020
Individually evaluated			$	10,759		$	0		$	10,759		$	0		$	(1,305)
Other real estate owned			124			0			124			0			(27)

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			0

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, 2020 and December 31, 2019. 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 U.S. GAAP and should be read in conjunction with the financial statements and notes included in this Report.

Estimated Fair Value of Financial Instruments
September 30, 2020
(In thousands)			Carrying Amount						Fair Value						(Level 1)						(Level 2)						(Level 3)
Financial Assets:
Cash and cash equivalents			$	374,739					$	374,739					$	374,739					$	0					$	0
FHLB and other stock			17,919						17,919						0						17,919						0
Accrued interest receivable			38,212						38,212						0						38,212						0
Loans/leases, net1			5,346,004						5,370,911						0						10,759						5,360,152
Financial Liabilities:
Time deposits			$	706,401					$	714,256					$	0					$	714,256					$	0
Other deposits			5,894,837						5,894,837						0						5,894,837						0
Fed funds purchased and securities sold
under agreements to repurchase			63,573						63,573						0						63,573						0
Other borrowings			285,000						295,374						0						295,374						0
Trust preferred debentures			17,163						21,240						0						21,240						0
Accrued interest payable			1,702						1,702						0						1,702						0

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
FHLB and other stock			33,695						33,695						0						33,695						0
Accrued interest receivable			19,293						19,293						0						19,293						0
Loans/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
Fed funds purchased and 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.

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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-Section 50
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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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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
-Paragraph 2
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