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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 and December 31, 2022, segregated by the level of valuation inputs within the fair value hierarchy used to measure fair value: 

Recurring Fair Value Measurements
March 31, 2023
(In thousands)			Total			(Level 1)			(Level 2)			(Level 3)
Available-for-sale debt securities
U.S. Treasuries			$	170,814		$	0		$	170,814		$	0
Obligations of U.S. Government sponsored entities			599,762			0			599,762			0
Obligations of U.S. states and political subdivisions			86,684			0			86,684			0
Mortgage-backed securities – residential, issued by:
U.S. Government agencies			50,891			0			50,891			0
U.S. Government sponsored entities			675,310			0			675,310			0
U.S. corporate debt securities			2,393			0			2,393			0
Total Available-for-sale debt securities			$	1,585,854		$	0		$	1,585,854		$	0
Equity securities, at fair value			$	790		$	0		$	0		$	790

Recurring Fair Value Measurements
December 31, 2022
(In thousands)			Total			(Level 1)			(Level 2)			(Level 3)
Available-for-sale debt securities
U.S. Treasuries			$	167,251		$	0		$	167,251		$	0
Obligations of U.S. Government sponsored entities			601,167			0			601,167			0
Obligations of U.S. states and political subdivisions			85,281			0			85,281			0
Mortgage-backed securities – residential, issued by:
U.S. Government agencies			52,668			0			52,668			0
U.S. Government sponsored entities			686,222			0			686,222			0
U.S. corporate debt securities			2,378			0			2,378			0
Total Available-for-sale debt securities			$	1,594,967		$	0		$	1,594,967		$	0
Equity securities, at fair value			$	777		$	0		$	0		$	777

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, 2023 and 2022. The carrying amounts shown in the table are included in the Consolidated Statements of Condition under the indicated captions:

Three months ended March 31, 2023
(In thousands)						Fair value measurements at reporting date using:									Gain (losses) from fair value changes
Assets:			As of 03/31/2023			Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Three months ended 03/31/2023
Individually evaluated loans			$	0		$	0		$	0		$	0		$	826
Other real estate owned			36			0						36			22

December 31, 2022
(In thousands)						Fair value measurements at reporting date using:									Gain (losses) from fair value changes
Assets:			As of 12/31/2022			Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Three months ended 12/31/2022
Individually evaluated loans			$	9,460		$	0		$	0		$	9,460		$	59
Other real estate owned			152			0			0			152			15

Schedule of carrying amount and fair value of financial instruments

Estimated Fair Value of Financial Instruments
March 31, 2023
(In thousands)			Carrying Amount			Fair Value			(Level 1)			(Level 2)			(Level 3)
Financial Assets:
Cash and cash equivalents			$	70,537		$	70,537		$	70,537		$	0		$	0
Securities - held-to-maturity			312,357			267,099			0			267,099			0
FHLB and other stock			19,326			19,326			0			19,326			0
Accrued interest receivable			23,629			23,629			0			23,629			0
Loans/leases, net1			5,227,572			4,911,105			0			0			4,911,105
Financial Liabilities:
Time deposits			$	725,338		$	713,125		$	0		$	713,125		$	0
Other deposits			5,783,671			5,783,671			0			5,783,671			0
Fed funds purchased and securities sold
under agreements to repurchase			63,491			63,491			0			63,491			0
Other borrowings			327,000			324,849			0			324,849			0
Accrued interest payable			1,579			1,579			0			1,579			0

Estimated Fair Value of Financial Instruments
December 31, 2022
(In thousands)			Carrying Amount			Fair Value			(Level 1)			(Level 2)			(Level 3)
Financial Assets:
Cash and cash equivalents			$	77,837		$	77,837		$	77,837		$	0		$	0
Securities - held to maturity			312,344			261,692			0			261,692			0
FHLB and other stock			17,720			17,720			0			17,720			0
Accrued interest receivable			24,865			24,865			0			24,865			0
Loans/leases, net1			5,222,977			4,939,246			0			0			4,939,246
Financial Liabilities:
Time deposits			$	631,411		$	616,488		$	0		$	616,488		$	0
Other deposits			5,970,884			5,970,884			0			5,970,884			0
Fed funds purchased and securities
sold under agreements to repurchase			56,278			56,278			0			56,278			0
Other borrowings			291,300			289,234			0			289,234			0
Accrued interest payable			1,420			1,420			0			1,420			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

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

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

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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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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