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Fair Value Measurements (Tables)

9 Months Ended

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, net1			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, net1			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.

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://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

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X

- 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
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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- References

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X

- 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

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