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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair value measurements of assets on a recurring basis

The following tables summarize the balances of assets and liabilities measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019:

			September 30, 2020
			Total						Level 1						Level 2						Level 3
			(In thousands)
Assets
Investment securities available for sale:
U.S. government and agency securities			$	51,893					$	—					$	51,893					$	—
Municipal securities			205,310						—						205,310						—
Residential CMO and MBS			222,581						—						222,581						—
Commercial CMO and MBS			304,682						—						304,682						—
Corporate obligations			20,171						—						20,171						—
Other asset-backed securities			29,855						—						29,855						—
Total investment securities available for sale			834,492						—						834,492						—
Equity security			111						111						—						—
Derivative assets - interest rate swaps			30,024						—						30,024						—
Liabilities
Derivative liabilities - interest rate swaps			$	30,460					$	—					$	30,460					$	—

			December 31, 2019
			Total						Level 1						Level 2						Level 3
			(In thousands)
Assets
Investment securities available for sale:
U.S. government and agency securities			$	105,223					$	—					$	105,223					$	—
Municipal securities			133,014						—						133,014						—
Residential CMO and MBS			339,608						—						339,608						—
Commercial CMO and MBS			327,095						—						327,095						—
Corporate obligations			24,194						—						24,194						—
Other asset-backed securities			23,178						—						23,178						—
Total investment securities available for sale			952,312						—						952,312						—
Equity Security			148						148						—						—
Derivative assets - interest rate swaps			8,318						—						8,318						—
Liabilities
Derivative liabilities - interest rate swaps			$	8,318					$	—					$	8,318					$	—

Fair value measurements of assets on a nonrecurring basis

e

Fair value measurements for financial instruments measured at fair value on a non-recurring basis

The following tables present quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at September 30, 2020 and December 31, 2019:

September 30, 2020

Fair Value

Valuation Technique(s)

Unobservable Input(s)

Range of Inputs; Weighted Average

(Dollars in thousands)

Collateral-dependent loans

$

27

Market approach

Adjustment for differences between the comparable sales

N/A(1)

(1)Quantitative disclosures are not provided for collateral-dependent loans because there were no adjustments made to the appraisal or stated values during the current period.

December 31, 2019

Fair Value

Valuation Technique(s)

Unobservable Input(s)

Range of Inputs; Weighted Average

(Dollars in thousands)

Impaired loans

$

3,380

Market approach

Adjustment for differences between the comparable sales

173.5% - (18.5%); 36.8%

Schedule of carrying value and fair value of financial instruments

The following tables present the carrying value amount of the Company’s financial instruments and their

corresponding estimated fair values at September 30, 2020 and December 31, 2019:

			September 30, 2020
			Carrying Value						Fair Value						Fair Value Measurements Using:
															Level 1						Level 2						Level 3
			(In thousands)
Financial Assets:
Cash and cash equivalents			$	576,242					$	576,242					$	576,242					$	—					$	—
Investment securities available for sale			834,492						834,492						—						834,492						—
Loans held for sale			8,250						8,562						—						—						8,562
Loans receivable, net			4,593,390						4,752,565						—						—						4,752,565
Accrued interest receivable			18,888						18,888						9						3,316						15,563
Derivative assets - interest rate swaps			30,024						30,024						—						30,024						—
Equity security			111						111						111						—						—
Financial Liabilities:
Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts			$	5,245,008					$	5,245,008					$	5,245,008					$	—					$	—
Certificate of deposit accounts			444,040						447,017						—						447,017						—
Securities sold under agreement to repurchase			29,043						29,043						29,043						—						—
Junior subordinated debentures			20,814						18,500						—						—						18,500
Accrued interest payable			109						109						44						45						20
Derivative liabilities - interest rate swaps			30,460						30,460						—						30,460						—

			December 31, 2019
			Carrying Value						Fair Value						Fair Value Measurements Using:
															Level 1						Level 2						Level 3
			(In thousands)
Financial Assets:
Cash and cash equivalents			$	228,568					$	228,568					$	228,568					$	—					$	—
Investment securities available for sale			952,312						952,312						—						952,312						—
Loans held for sale			5,533						5,704						—						—						5,704
Loans receivable, net			3,731,708						3,791,557						—						—						3,791,557
Accrued interest receivable			14,446						14,446						79						3,668						10,699
Derivative assets - interest rate swaps			8,318						8,318						—						8,318						—
Equity security			148						148						148						—						—
Financial Liabilities:
Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts			$	4,058,098					$	4,058,098					$	4,058,098					$	—					$	—
Certificate of deposit accounts			524,578						529,679						—						529,679						—
Securities sold under agreement to repurchase			20,169						20,169						20,169						—						—
Junior subordinated debentures			20,595						20,000						—						—						20,000
Accrued interest payable			199						199						95						64						40
Derivative liabilities - interest rate swaps			8,318						8,318						—						8,318						—

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

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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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

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-Section 50
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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

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