XML 66 R51.htm IDEA: XBRL DOCUMENT v3.20.4

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 at the dates indicated:

			December 31, 2020
			Total						Level 1						Level 2						Level 3
			(In thousands)
Assets
Investment securities available for sale:
U.S. government and agency securities			$	45,660					$	—					$	45,660					$	—
Municipal securities			209,968						—						209,968						—
Residential CMO and MBS			201,872						—						201,872						—
Commercial CMO and MBS			303,746						—						303,746						—
Corporate obligations			11,096						—						11,096						—
Other asset-backed securities			29,821												29,821						—
Total investment securities available for sale			802,163						—						802,163						—
Equity security			131						131						—						—
Derivative assets - interest rate swaps			25,740						—						25,740						—
Liabilities
Derivative liabilities - interest rate swaps			$	26,162					$	—					$	26,162					$	—

			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

The following tables below represent assets measured at fair value on a nonrecurring basis at the dates indicated:

			Basis(1)						Fair Value at December 31, 2020
									Total						Level 1						Level 2						Level 3
			(In thousands)
Collateral-dependent loans:
Commercial business:
Commercial and industrial			$	1,305					$	1,289					$	—					$	—					$	1,289
Prepaid expenses and other assets:
Branch held for sale (2)			1,330						1,330						—						—						1,330
Total assets measured at fair value on a nonrecurring basis			$	2,635					$	2,619					$	—					$	—					$	2,619

(1)Basis represents the outstanding principal balance of collateral-dependent loans and the carrying value of the branch held for sale.

(2) In October 2020, one branch was reclassified as held for sale in accordance with ASC 360-10. As part of the transfer, the branch was written down to its net realizable value at that time.

			Basis(1)						Fair Value at December 31, 2019
									Total						Level 1						Level 2						Level 3
			(In thousands)
Impaired loans:
Commercial business:
Commercial and industrial			$	4,111					$	3,380					$	—					$	—					$	3,380
Total assets measured at fair value on a nonrecurring basis			$	4,111					$	3,380					$	—					$	—					$	3,380

(1)Basis represents the outstanding principal balance of impaired loans.

The following table represents the net realized losses (gains) recorded in earnings resulting from nonrecurring fair value adjustments during the periods indicated:

			Year ended December 31,
			2020						2019						2018
			(In thousands)
Collateral-dependent loans:
Commercial business:
Commercial and industrial			$	8					$	78					$	10
Non-owner occupied CRE			—						—						150
Total commercial business			8						78						160
Consumer			—						—						8
Prepaid expenses and other assets:
Branch held for sale			$	630					$	—					$	—
Net losses recorded in earnings resulting from nonrecurring fair value adjustments			$	638					$	78					$	168

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 the dates indicated:

December 31, 2020

Fair Value

Valuation Technique(s)

Unobservable Input(s)

Range of Inputs; Weighted Average

(Dollars in thousands)

Collateral-dependent loans

$

1,289

Market approach

Adjustment for differences between the comparable sales

0.6% - (40.1%); (24.1%)

Branch held for sale

1,330

Market approach

Adjustment for differences between the comparable sales

140.7% - (40.3%); 33.2%

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 the dates indicated:

			December 31, 2020
			Carrying Value						Fair Value						Fair Value Measurements Using:
															Level 1						Level 2						Level 3
			(In thousands)
Financial Assets:
Cash and cash equivalents			$	743,322					$	743,322					$	743,322					$	—					$	—

			December 31, 2020
			Carrying Value						Fair Value						Fair Value Measurements Using:
															Level 1						Level 2						Level 3
Investment securities available for sale			802,163						802,163						—						802,163						—
Loans held for sale			4,932						5,156						—						—						5,156
Loans receivable, net			4,398,462						4,556,862						—						—						4,556,862
Accrued interest receivable			19,418						19,418						2						3,648						15,768
Bank owned life insurance			107,580						107,580						107,580						—						—
Derivative assets - interest rate swaps			25,740						25,740						—						25,740						—
Equity security			131						131						131						—						—
Financial Liabilities:
Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts			$	5,198,456					$	5,198,456					$	5,198,456					$	—					$	—
Certificates of deposit			399,534						402,071						—						402,701						—
Securities sold under agreement to repurchase			35,683						35,683						35,683						—						—
Junior subordinated debentures			20,887						18,500						—						—						18,500
Accrued interest payable			94						94						42						33						19
Derivative liabilities - interest rate swaps			26,162						26,162						—						26,162						—

			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
Bank owned life insurance			103,616						103,616						103,616
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					$	—					$	—
Certificates of deposit			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

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 http://asc.fasb.org/extlink&oid=117815213&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 http://asc.fasb.org/extlink&oid=117815213&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 http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

+ Details

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

X

- 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

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 (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

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 http://asc.fasb.org/extlink&oid=117815213&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 (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum: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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=121572278&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 http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum: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