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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 and December 31, 2021, segregated by the level of valuation inputs within the fair value hierarchy used to measure fair value: 

Recurring Fair Value Measurements
March 31, 2022
(In thousands)			Total			(Level 1)			(Level 2)			(Level 3)
Available-for-sale debt securities
U.S. Treasuries			$	178,903		$	0		$	178,903		$	0
Obligations of U.S. Government sponsored entities			802,107			0			802,107			0
Obligations of U.S. states and political subdivisions			95,661			0			95,661			0
Mortgage-backed securities – residential, issued by:
U.S. Government agencies			66,277			0			66,277			0
U.S. Government sponsored entities			835,773			0			835,773			0
U.S. corporate debt securities			2,427			0			2,427			0
Total Available-for-sale debt securities			$	1,981,148		$	0		$	1,981,148		$	0
Equity securities, at fair value			$	855		$	0		$	0		$	855

Recurring Fair Value Measurements
December 31, 2021
(In thousands)			Total			(Level 1)			(Level 2)			(Level 3)
Available-for-sale debt securities
U.S. Treasuries			$	157,834		$	0		$	157,834		$	0
Obligations of U.S. Government sponsored entities			832,373			0			832,373			0
Obligations of U.S. states and political subdivisions			104,169			0			104,169			0
Mortgage-backed securities – residential, issued by:
U.S. Government agencies			77,157			0			77,157			0
U.S. Government sponsored entities			870,556			0			870,556			0
U.S. corporate debt securities			2,424			0			2,424			0
Total Available-for-sale debt securities			$	2,044,513		$	0		$	2,044,513		$	0
Equity securities, at fair value			$	902		$	0		$	0		$	902

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

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments at March 31, 2022 and December 31, 2021. The carrying amounts shown in the table are included in the Consolidated Statements of Condition under the indicated captions:

Three months ended March 31, 2022
(In thousands)						Fair value measurements at reporting date using:									Gain (losses) from fair value changes
Assets:			As of 03/31/2022			Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Three months ended 03/31/2022
Individually evaluated loans			$	1,624		$	0		$	0		$	1,624		$	0
Other real estate owned			0			0			0			0			22

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
Individually evaluated loans			$	4,537		$	0		$	4,537		$	0		$	0

Schedule of carrying amount and fair value of financial instruments

Estimated Fair Value of Financial Instruments
March 31, 2022
(In thousands)			Carrying Amount			Fair Value			(Level 1)			(Level 2)			(Level 3)
Financial Assets:
Cash and cash equivalents			$	175,075		$	175,075		$	175,075		$	0		$	0
Securities - held-to-maturity			303,524			280,917			0			280,917			0
FHLB and other stock			7,115			7,115			0			7,115			0
Accrued interest receivable			21,550			21,550			0			21,550			0
Loans/leases, net1			5,021,325			4,958,348			0			0			4,958,348
Financial Liabilities:
Time deposits			$	615,936		$	609,446		$	0		$	609,446		$	0
Other deposits			6,400,803			6,400,803			0			6,400,803			0
Fed funds purchased and securities sold
under agreements to repurchase			57,115			57,115			0			57,115			0
Other borrowings			60,000			59,260			0			59,260			0
Accrued interest payable			795			795			0			795			0

Estimated Fair Value of Financial Instruments
December 31, 2021
(In thousands)			Carrying Amount			Fair Value			(Level 1)			(Level 2)			(Level 3)
Financial Assets:
Cash and cash equivalents			$	63,107		$	63,107		$	63,107		$	0		$	0
Securities - held to maturity			284,009			282,288			0			282,288			0
FHLB and other stock			10,996			10,996			0			10,996			0
Accrued interest receivable			22,597			22,597			0			22,597			0
Loans/leases, net1			5,032,624			5,028,734			0			0			5,028,734
Financial Liabilities:
Time deposits			$	639,674		$	641,517		$	0		$	641,517		$	0
Other deposits			6,151,761			6,151,761			0			6,151,761			0
Fed funds purchased and securities
sold under agreements to repurchase			66,787			66,787			0			66,787			0
Other borrowings			124,000			125,700			0			125,700			0
Accrued interest payable			901			901			0			901			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=123874694&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
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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=123874694&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=123594938&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
-Subparagraph (a)
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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=123874694&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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