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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

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, 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
September 30, 2022
(In thousands)			Total			(Level 1)			(Level 2)			(Level 3)
Available-for-sale debt securities
U.S. Treasuries			$	166,604		$	0		$	166,604		$	0
Obligations of U.S. Government sponsored entities			730,028			0			730,028			0
Obligations of U.S. states and political subdivisions			83,061			0			83,061			0
Mortgage-backed securities – residential, issued by:
U.S. Government agencies			55,059			0			55,059			0
U.S. Government sponsored entities			703,814			0			703,814			0
U.S. corporate debt securities			2,370			0			2,370			0
Total Available-for-sale debt securities			$	1,740,936		$	0		$	1,740,936		$	0
Equity securities, at fair value			$	771		$	0		$	0		$	771

Recurring Fair Value Measurements
December 31, 2021
(In thousands)			Total			(Level 1)			(Level 2)			(Level 3)
Available-for-sale debt securities
U.S. Treasuries			$	138,928		$	0		$	138,928		$	0
Obligations of U.S. Government sponsored entities			810,343			0			810,343			0
Obligations of U.S. states and political subdivisions			109,911			0			109,911			0
Mortgage-backed securities – residential, issued by:
U.S. Government agencies			89,320			0			89,320			0
U.S. Government sponsored entities			916,004			0			916,004			0
U.S. corporate debt securities			2,421			0			2,421			0
Total Available-for-sale debt securities			$	2,066,927		$	0		$	2,066,927		$	0
Equity securities, at fair value			$	910		$	0		$	0		$	910

Schedule of assets measured at fair value on nonrecurring basis

Three months ended September 30, 2022
(In thousands)						Fair value measurements at reporting date using:									Gain (losses) from fair value changes
Assets:			As of 09/30/2022			Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Three months ended 9/30/2022
Individually evaluated loans			$	8,099		$	0		$	0		$	8,099		$	0
Other real estate owned			247			0						247			27

Three months ended September 30, 2021
(In thousands)						Fair value measurements at reporting date using:									Gain (losses) from fair value changes
Assets:			As of 09/30/2021			Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Three months ended 9/30/2021
Individually evaluated loans			$	1,122		$	0		$	0		$	1,122		$	(150)

Nine months ended September 30, 2022
(In thousands)						Fair value measurements at reporting date using:									Gain (losses) from fair value changes
Assets:			As of 09/30/2022			Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Nine months ended 9/30/2022
Individually evaluated loans			$	10,138		$	0		$	0		$	10,138		$	59
Other real estate owned			247			0						247			49

Nine months ended September 30, 2021
(In thousands)						Fair value measurements at reporting date using:									Gain (losses) from fair value changes
Assets:			As of 09/30/2021			Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Nine months ended 9/30/2021
Individually evaluated loans			$	30,848		$	0		$	0		$	30,848		$	(150)

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, 2022 and December 31, 2021. The carrying amounts shown in the table are included in the Consolidated Statements of Condition under the indicated captions.

Estimated Fair Value of Financial Instruments
September 30, 2022
(In thousands)			Carrying Amount			Fair Value			(Level 1)			(Level 2)			(Level 3)
Financial Assets:
Cash and cash equivalents			$	103,612		$	103,612		$	103,612		$	0		$	0
Securities - held-to-maturity			312,329			258,755			0			258,755			0
FHLB and other stock			9,156			9,156			0			9,156			0
Accrued interest receivable			22,083			22,083			0			22,083			0
Loans/leases, net1			5,163,664			4,954,596			0			0			4,954,596
Financial Liabilities:
Time deposits			$	599,612		$	584,165		$	0		$	584,165		$	0
Other deposits			6,337,114			6,337,114			0			6,337,114			0
Fed funds purchased and securities sold
under agreements to repurchase			55,340			55,340			0			55,340			0
Other borrowings			101,000			98,817			0			98,817			0
Accrued interest payable			881			881			0			881			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
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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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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 https://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611

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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
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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