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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of financial assets and financial liabilities measured at fair value on recurring basis | The following tables summarize financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023, segregated by the level of valuation inputs within the fair value hierarchy used to measure fair value:
Recurring Fair Value Measurements |  |  |  |
September 30, 2024 |  |  |  |
(In thousands) | Total | (Level 1) | (Level 2) | (Level 3)
Assets |  |  |  |
Available-for-sale debt securities |  |  |  |
U.S. Treasuries | $ | 82,111 |  | $ | 0 |  | $ | 82,111 |  | $ | 0 |
Obligations of U.S. Government sponsored entities | 400,205 |  | 0 |  | 400,205 |  | 0 |
Obligations of U.S. states and political subdivisions | 79,518 |  | 0 |  | 79,518 |  | 0 |
Mortgage-backed securities – residential, issued by: |  |  |  |
U.S. Government agencies | 67,100 |  | 0 |  | 67,100 |  | 0 |
U.S. Government sponsored entities | 677,953 |  | 0 |  | 677,953 |  | 0 |
U.S. corporate debt securities | 2,392 |  | 0 |  | 2,392 |  | 0 |
Total Available-for-sale debt securities | $ | 1,309,279 |  | $ | 0 |  | $ | 1,309,279 |  | $ | 0 |
Equity securities, at fair value | 801 |  | 0 |  | 0 |  | 801 |
Derivatives designated as hedging instruments | 362 |  | 0 |  | 362 |  | 0 |
Derivatives not designated as hedging instruments | 4,452 |  | 0 |  | 4,452 |  | 0 |
Liabilities |  |  |  |
Derivatives not designated as hedging instruments | $ | 4,880 |  | $ | 0 |  | $ | 4,880 |  | $ | 0 |
Recurring Fair Value Measurements |  |  |  |
December 31, 2023 |  |  |  |
(In thousands) | Total | (Level 1) | (Level 2) | (Level 3)
Assets |  |  |  |
Available-for-sale debt securities |  |  |  |
U.S. Treasuries | $ | 109,904 |  | $ | 0 |  | $ | 109,904 |  | $ | 0 |
Obligations of U.S. Government sponsored entities | 456,458 |  | 0 |  | 456,458 |  | 0 |
Obligations of U.S. states and political subdivisions | 81,924 |  | 0 |  | 81,924 |  | 0 |
Mortgage-backed securities – residential, issued by: |  |  |  |
U.S. Government agencies | 45,240 |  | 0 |  | 45,240 |  | 0 |
U.S. Government sponsored entities | 720,830 |  | 0 |  | 720,830 |  | 0 |
U.S. corporate debt securities | 2,294 |  | 0 |  | 2,294 |  | 0 |
Total Available-for-sale debt securities | $ | 1,416,650 |  | $ | 0 |  | $ | 1,416,650 |  | $ | 0 |
Equity securities, at fair value | 787 |  | 0 |  | 0 |  | 787 |
Derivatives designated as hedging instruments | 1,503 |  | 0 |  | 1,503 |  | 0 |
Derivatives not designated as hedging instruments | 1,610 |  | 0 |  | 1,610 |  | 0 |
Liabilities |  |  |  |
Derivatives not designated as hedging instruments | $ | 1,826 |  | $ | 0 |  | $ | 1,826 |  | $ | 0 |
Schedule of assets measured at fair value on nonrecurring basis |
Three months ended September 30, 2024
(In thousands) |  | Fair value measurements at reporting date using: | Gain (losses) from fair value changes
Assets: | As of 09/30/2024 | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Three months ended 9/30/2024
Individually evaluated loans | $ | 1,211 |  | $ | 0 |  | $ | 0 |  | $ | 1,211 |  | $ | 0 |
Three months ended September 30, 2023
(In thousands) |  | Fair value measurements at reporting date using: | Gain (losses) from fair value changes
Assets: | As of 09/30/2023 | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Three months ended 9/30/2023
Other real estate owned | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 1 |
Nine months ended September 30, 2024
(In thousands) | Fair value measurements at reporting date using: | Gain (losses) from fair value changes
Assets: | As of 09/30/2024 | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Nine months ended 9/30/2024
Individually evaluated loans | $ | 3,420 |  | $ | 0 |  | $ | 0 |  | $ | 3,420 |  | $ | 0 |
Other real estate owned | 81 |  | 0 |  | 0 |  | 81 |  | 43 |
Nine months ended September 30, 2023
(In thousands) | Fair value measurements at reporting date using: | Gain (losses) from fair value changes
Assets: | As of 09/30/2023 | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Nine months ended 9/30/2023
Individually evaluated loans | $ | 3,742 |  | $ | 0 |  | $ | 0 |  | $ | 3,742 |  | $ | 826 |
Other real estate owned | 0 |  | 0 |  |  | 0 |  | 23 |
Schedule of carrying amount and estimated fair value of financial instruments | The following tables present the carrying amounts and estimated fair values of the Company’s financial instruments at September 30, 2024 and December 31, 2023. The carrying amounts shown in the tables are included in the Consolidated Statements of Condition under the indicated captions.
Estimated Fair Value of Financial Instruments |
September 30, 2024 |  |  |  |  |
(In thousands) | Carrying Amount | Fair Value | (Level 1) | (Level 2) | (Level 3)
Financial Assets: |  |  |  |  |
Cash and cash equivalents | $ | 132,320 |  | $ | 132,320 |  | $ | 132,320 |  | $ | 0 |  | $ | 0 |
Securities - held-to-maturity | 312,446 |  | 276,599 |  | 0 |  | 276,599 |  | 0 |
FHLB stock and other stock | 30,936 |  | 30,936 |  | 0 |  | 30,936 |  | 0 |
Accrued interest receivable | 28,194 |  | 28,194 |  | 0 |  | 28,194 |  | 0 |
Loans/leases, net 1 | 5,825,877 |  | 5,489,226 |  | 0 |  | 0 |  | 5,489,226 |
Financial Liabilities: |  |  |  |  |
Time deposits | $ | 1,042,007 |  | $ | 1,039,418 |  | $ | 0 |  | $ | 1,039,418 |  | $ | 0 |
Other deposits | 5,535,889 |  | 5,535,889 |  | 0 |  | 5,535,889 |  | 0 |
Fed funds purchased and securities sold |  |  |  |  |
under agreements to repurchase | 67,506 |  | 67,506 |  | 0 |  | 67,506 |  | 0 |
Other borrowings | 539,327 |  | 541,082 |  | 0 |  | 541,082 |  | 0 |
Accrued interest payable | 3,957 |  | 3,957 |  | 0 |  | 3,957 |  | 0 |
Estimated Fair Value of Financial Instruments
December 31, 2023 |  |  |  |  |
(In thousands) | Carrying Amount | Fair Value | (Level 1) | (Level 2) | (Level 3)
Financial Assets: |  |  |  |  |
Cash and cash equivalents | $ | 79,542 |  | $ | 79,542 |  | $ | 79,542 |  | $ | 0 |  | $ | 0 |
Securities - held to maturity | 312,401 |  | 267,455 |  | 0 |  | 267,455 |  | 0 |
FHLB stock and other stock | 33,719 |  | 33,719 |  | 0 |  | 33,719 |  | 0 |
Accrued interest receivable | 26,107 |  | 26,107 |  | 0 |  | 26,107 |  | 0 |
Loans/leases, net 1 | 5,554,351 |  | 5,126,679 |  | 0 |  | 0 |  | 5,126,679 |
Financial Liabilities: |  |  |  |  |
Time deposits | $ | 998,013 |  | $ | 990,933 |  | $ | 0 |  | $ | 990,933 |  | $ | 0 |
Other deposits | 5,401,834 |  | 5,401,834 |  | 0 |  | 5,401,834 |  | 0 |
Fed funds purchased and securities sold |  |  |  |  |
under agreements to repurchase | 50,996 |  | 50,996 |  | 0 |  | 50,996 |  | 0 |
Other borrowings | 602,100 |  | 600,814 |  | 0 |  | 600,814 |  | 0 |
Accrued interest payable | 3,474 |  | 3,474 |  | 0 |  | 3,474 |  | 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.

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- 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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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/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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