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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

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

The following tables summarize financial assets and financial liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, segregated by the level of valuation inputs within the fair value hierarchy used to measure fair value. 

Recurring Fair Value Measurements
March 31, 2021
(In thousands)			Total			(Level 1)			(Level 2)			(Level 3)
Available-for-sale debt securities
U.S. Treasuries			$	29,111		$	0		$	29,111		$	0
Obligations of U.S. Government sponsored entities			787,787			0			787,787			0
Obligations of U.S. states and political subdivisions			119,321			0			119,321			0
Mortgage-backed securities – residential, issued by:
U.S. Government agencies			142,204			0			142,204			0
U.S. Government sponsored entities			853,976			0			853,976			0
U.S. corporate debt securities			2,416			0			2,416			0
Total Available-for-sale debt securities			$	1,934,815		$	0		$	1,934,815		$	0
Equity securities, at fair value			$	916		$	0		$	0		$	916

Recurring Fair Value Measurements
December 31, 2020
(In thousands)			Total			(Level 1)			(Level 2)			(Level 3)
Available-for-sale debt securities
Obligations of U.S. Government sponsored entities			607,480			0			607,480			0
Obligations of U.S. states and political subdivisions			129,746			0			129,746			0
Mortgage-backed securities – residential, issued by:
U.S. Government agencies			182,108			0			182,108			0
U.S. Government sponsored entities			705,480			0			705,480			0
U.S. corporate debt securities			2,379			0			2,379			0
Total Available-for-sale debt securities			$	1,627,193		$	0		$	1,627,193		$	0
Equity securities, at fair value			$	929		$	0		$	0		$	929

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

Three months ended March 31, 2021
(In thousands)						Fair value measurements at reporting date using:									Gain (losses) from fair value changes
Assets:			As of 03/31/2021			Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Three months ended 03/31/2021
Collateral dependent			$	4,537		$	0		$	4,537		$	0		$	0

Three months ended March 31, 2020
(In thousands)						Fair value measurements at reporting date using:									Gain (losses) from fair value changes
Assets:			As of 03/31/2020			Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Three months ended 03/31/2020
Collateral dependent			$	4,893		$	0		$	4,893		$	0		$	(1,290)
Other real estate owned			220			0			220			0			(52)

Schedule of carrying amount and fair value of financial instruments

Estimated Fair Value of Financial Instruments
March 31, 2021
(In thousands)			Carrying Amount			Fair Value			(Level 1)			(Level 2)			(Level 3)
Financial Assets:
Cash and cash equivalents			$	518,425		$	518,425		$	518,425		$	0		$	0
FHLB and other stock			16,382			16,382			0			16,382			0
Accrued interest receivable			31,466			31,466			0			31,466			0
Loans/leases, net1			5,243,454			5,264,218			0			4,537			5,259,681
Financial Liabilities:
Time deposits			$	749,792		$	755,432		$	0		$	755,432		$	0
Other deposits			6,196,749			6,196,749			0			6,196,749			0
Fed funds purchased and securities sold
under agreements to repurchase			47,496			47,496			0			47,496			0
Other borrowings			265,000			272,625			0			272,625			0
Trust preferred debentures			13,260			18,586			0			18,586			0
Accrued interest payable			1,606			1,606			0			1,606			0

Estimated Fair Value of Financial Instruments
December 31, 2020
(In thousands)			Carrying Amount			Fair  Value			(Level 1)			(Level 2)			(Level 3)
Financial Assets:
Cash and cash equivalents			$	388,462		$	388,462		$	388,462		$	0		$	0
FHLB and other stock			16,382			16,382			0			16,382			0
Accrued interest receivable			32,025			32,025			0			32,025			0
Loans/leases, net1			5,208,658			5,226,301			0			22,171			5,204,130
Financial Liabilities:
Time deposits			$	746,234		$	753,045		$	0		$	753,045		$	0
Other deposits			5,691,518			5,691,518			0			5,691,518			0
Fed funds purchased and securities
sold under agreements to repurchase			65,845			65,845			0			65,845			0
Other borrowings			265,000			274,238			0			274,238			0
Trust preferred debentures			13,220			18,483			0			18,483			0
Accrued interest payable			1,727			1,727			0			1,727			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

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
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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=121572278&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Section 50
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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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