XML 44 R32.htm IDEA: XBRL DOCUMENT v3.25.3

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025 and December 31, 2024, segregated by the level of valuation inputs within the fair value hierarchy used to measure fair value: 

Recurring Fair Value Measurements
March 31, 2025
(In thousands)			Total			(Level 1)			(Level 2)			(Level 3)
Assets
Available-for-sale debt securities
U.S. Treasuries			$	72,509		$	0		$	72,509		$	0
Obligations of U.S. Government sponsored entities			387,448			0			387,448			0
Obligations of U.S. states and political subdivisions			76,883			0			76,883			0
Mortgage-backed securities – residential, issued by:
U.S. Government agencies			60,651			0			60,651			0
U.S. Government sponsored entities			659,373			0			659,373			0
U.S. corporate debt securities			2,478			0			2,478			0
Total Available-for-sale debt securities			$	1,259,342		$	0		$	1,259,342		$	0
Equity securities, at fair value			783			0			0			783
Derivatives designated as hedging instruments			514			0			514			0
Derivatives not designated as hedging instruments			3,020			0			3,020			0
Liabilities
Derivatives not designated as hedging instruments			$	3,407		$	0		$	3,407		$	0

Recurring Fair Value Measurements
December 31, 2024
(In thousands)			Total			(Level 1)			(Level 2)			(Level 3)
Assets
Available-for-sale debt securities
U.S. Treasuries			$	71,497		$	0		$	71,497		$	0
Obligations of U.S. Government sponsored entities			380,280			0			380,280			0
Obligations of U.S. states and political subdivisions			77,694			0			77,694			0
Mortgage-backed securities – residential, issued by:
U.S. Government agencies			63,254			0			63,254			0
U.S. Government sponsored entities			636,360			0			636,360			0
U.S. corporate debt securities			2,447			0			2,447			0
Total Available-for-sale debt securities			$	1,231,532		$	0		$	1,231,532		$	0
Equity securities, at fair value			768			0			0			768
Derivatives designated as hedging instruments			864			0			864			0
Derivatives not designated as hedging instruments			1,831			0			1,831			0
Liabilities
Derivatives not designated as hedging instruments			$	2,073		$	0		$	2,073		$	0

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, 2025 and 2024. The carrying amounts shown in the table are included in the Consolidated Statements of Condition under the indicated captions:

Three months ended March 31, 2025
(In thousands)						Fair value measurements at reporting date using:									Gain (losses) from fair value changes
Assets:			As of 03/31/2025			Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Three months ended 03/31/2025
Individually evaluated loans			$	36,274		$	0		$	0		$	36,274		$	80
Other real estate owned			0			0			0			0			1,898

Three months ended March 31, 2024
(In thousands)						Fair value measurements at reporting date using:									Gain (losses) from fair value changes
Assets:			As of 03/31/2024			Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Three months ended 03/31/2024
Individually evaluated loans			$	1,248		$	0		$	0		$	1,248		$	0
Other real estate owned			0			0			0			0			43

Schedule of carrying amount and fair value of financial instruments

Estimated Fair Value of Financial Instruments
March 31, 2025
(In thousands)			Carrying Amount			Fair Value			(Level 1)			(Level 2)			(Level 3)
Financial Assets:
Cash and cash equivalents			$	193,065		$	193,065		$	193,065		$	0		$	0
Securities - held-to-maturity			312,477			274,820			0			274,820			0
FHLB stock and other stock			29,127			29,127			0			29,127			0
Accrued interest receivable			28,871			28,871			0			28,871			0
Loans/leases, net1			6,005,622			5,692,732			0			0			5,692,732
Financial Liabilities:
Time deposits			$	1,183,548		$	1,180,191		$	0		$	1,180,191		$	0
Other deposits			5,569,954			5,569,954			0			5,569,954			0
Fed funds purchased and securities sold
under agreements to repurchase			122,985			122,985			0			122,985			0
Other borrowings			493,247			493,708			0			493,708			0
Accrued interest payable			4,323			4,323			0			4,323			0

Estimated Fair Value of Financial Instruments
December 31, 2024
(In thousands)			Carrying Amount			Fair Value			(Level 1)			(Level 2)			(Level 3)
Financial Assets:
Cash and cash equivalents			$	134,398		$	134,398		$	134,398		$	0		$	0
Securities - held-to-maturity			312,462			267,295			0			267,295			0
FHLB stock and other stock			42,255			42,255			0			42,255			0
Accrued interest receivable			28,823			28,823			0			28,823			0
Loans/leases, net1			5,963,426			5,584,661			0			0			5,584,661
Financial Liabilities:
Time deposits			$	1,068,375		$	1,064,548		$	0		$	1,064,548		$	0
Other deposits			5,403,430			5,403,430			0			5,403,430			0
Fed funds purchased and securities sold
under agreements to repurchase			37,036			37,036			0			37,036			0
Other borrowings			790,247			789,915			0			789,915			0
Accrued interest payable			4,854			4,854			0			4,854			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

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

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://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-13

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

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

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration