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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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:

			March 31, 2023
			Total						Level 1						Level 2						Level 3
			(In thousands)
Assets
Investment securities available for sale:
U.S. government and agency securities			$	64,550					$	19,865					$	44,685					$	—
Municipal securities			132,497						—						132,497						—
Residential CMO and MBS			433,712						—						433,712						—
Commercial CMO and MBS			663,497						—						663,497						—
Corporate obligations			3,817						—						3,817						—
Other asset-backed securities			19,999						—						19,999						—
Total investment securities available for sale			1,318,072						19,865						1,298,207						—
Equity security			215						215						—						—
Derivative assets - interest rate swaps			24,498						—						24,498						—
Liabilities
Derivative liabilities - interest rate swaps			$	24,498					$	—					$	24,498					$	—

			December 31, 2022
			Total						Level 1						Level 2						Level 3
			(In thousands)
Assets
Investment securities available for sale:
U.S. government and agency securities			$	63,859					$	19,779					$	44,080					$	—
Municipal securities			153,026						5,399						147,627						—
Residential CMO and MBS			424,386						—						424,386						—
Commercial CMO and MBS			664,421						—						664,421						—
Corporate obligations			3,834						—						3,834						—
Other asset-backed securities			21,917						—						21,917						—
Total investment securities available for sale			1,331,443						25,178						1,306,265						—
Equity security			185						185						—						—
Derivative assets - interest rate swaps			30,107						—						30,107						—
Liabilities
Derivative liabilities - interest rate swaps			$	30,107					$	—					$	30,107					$	—

Fair value measurements of assets on a nonrecurring basis

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

									Fair Value at March 31, 2023
			Basis(1)						Total						Level 1						Level 2						Level 3
			(In thousands)
Collateral-dependent loans:
Commercial business:
Commercial and industrial			$	220					$	119					$	—					$	—					$	119
Total assets measured at fair value on a nonrecurring basis			$	220					$	119					$	—					$	—					$	119

(1) Basis represents the outstanding principal balance of collateral-dependent loans.

									Fair Value at December 31, 2022
			Basis(1)						Total						Level 1						Level 2						Level 3
			(In thousands)
Collateral-dependent loans:
Commercial business:
Owner-occupied CRE			613						182						—						—						182
Total assets measured at fair value on a nonrecurring basis			$	613					$	182					$	—					$	—					$	182

(1) Basis represents the outstanding principal balance of collateral-dependent loans.

The following table represents the gains (losses) on collateral dependent loans and represents the amount of provision for (reversal of) credit losses on loans and/or charge-offs during the periods indicated:

			Three Months Ended March 31,
			2023						2022
			(In thousands)
Collateral-dependent loans:
Commercial business:
Commercial and industrial			$	(100)					$	(12)
Net loss from nonrecurring fair value adjustments			$	(100)					$	(12)

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:

March 31, 2023

Fair Value

Valuation Technique(s)

Unobservable Input(s)

Range of Inputs; Weighted Average

(Dollars in thousands)

Collateral-dependent loans

$

119

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, 2022

Fair Value

Valuation Technique(s)

Unobservable Input(s)

Range of Inputs; Weighted Average

(Dollars in thousands)

Collateral-dependent loans

$

182

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.

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:

			March 31, 2023
			Carrying Value						Fair Value						Fair Value Measurements Using:
															Level 1						Level 2						Level 3
			(In thousands)
Financial Assets:
Cash and cash equivalents			$	301,481					$	301,481					$	301,481					$	—					$	—
Investment securities available for sale			1,318,072						1,318,072						19,865						1,298,207						—
Investment securities held to maturity			760,163						684,647						—						684,647						—
Loans receivable, net			4,083,003						3,944,954						—						—						3,944,954
Accrued interest receivable			18,548						18,548						360						6,472						11,716
Derivative assets - interest rate swaps			24,498						24,498						—						24,498						—
Equity security			215						215						215						—						—
Financial Liabilities:
Non-maturity deposits			$	5,392,668					$	5,392,668					$	5,392,668					$	—					$	—
Certificates of deposit			396,354						400,142						—						400,142						—
Federal Home Loan Bank advances			383,100						383,100						—						383,100						—
Securities sold under agreement to repurchase			39,161						39,161						39,161						—						—
Junior subordinated debentures			21,546						18,750						—						—						18,750
Accrued interest payable			392						392						66						252						74
Derivative liabilities - interest rate swaps			24,498						24,498						—						24,498						—

			December 31, 2022
			Carrying Value						Fair Value						Fair Value Measurements Using:
															Level 1						Level 2						Level 3
			(In thousands)
Financial Assets:
Cash and cash equivalents			$	103,590					$	103,590					$	103,590					$	—					$	—
Investment securities available for sale			1,331,443						1,331,443						25,178						1,306,265						—
Investment securities held to maturity			766,396						673,434						—						673,434						—
Loans receivable, net			4,007,872						3,841,821						—						—						3,841,821
Accrued interest receivable			18,547						18,547						349						6,892						11,306
Derivative assets - interest rate swaps			30,107						30,107						—						30,107						—
Equity security			185						185						185						—						—
Financial Liabilities:
Non-maturity deposits			$	5,617,267					$	5,617,267					$	5,617,267					$	—					$	—
Certificates of deposit			307,573						308,325						—						308,325						—
Securities sold under agreement to repurchase			46,597						46,597						46,597						—						—
Junior subordinated debentures			21,473						20,000						—						—						20,000
Accrued interest payable			143						143						57						13						73
Derivative liabilities - interest rate swaps			30,107						30,107						—						30,107						—

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).

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-Name Accounting Standards Codification
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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.

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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).

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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.

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-Section 50
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-Subparagraph (a)
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