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v3.23.2

Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 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:
| June 30, 2023
| Total |  | Level 1 |  | Level 2 |  | Level 3
| (In thousands)
Assets |  |  |  |  |  |  |
Investment securities available for sale: |  |  |  |  |  |  |
U.S. government and agency securities | $ | 64,259 |  |  | $ | — |  |  | $ | 64,259 |  |  | $ | — |
Municipal securities | 130,015 |  |  | 2,168 |  |  | 127,847 |  |  | — |
Residential CMO and MBS | 410,972 |  |  | — |  |  | 410,972 |  |  | — |
Commercial CMO and MBS | 648,341 |  |  | — |  |  | 648,341 |  |  | — |
Corporate obligations | 3,774 |  |  | — |  |  | 3,774 |  |  | — |
Other asset-backed securities | 19,189 |  |  | — |  |  | 19,189 |  |  | — |
Total investment securities available for sale | 1,276,550 |  |  | 2,168 |  |  | 1,274,382 |  |  | — |
Equity security | 244 |  |  | 244 |  |  | — |  |  | — |
Derivative assets - interest rate swaps | 28,032 |  |  | — |  |  | 28,032 |  |  | — |
Liabilities |  |  |  |  |  |  |
Derivative liabilities - interest rate swaps | $ | 28,032 |  |  | $ | — |  |  | $ | 28,032 |  |  | $ | — |
| 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 June 30, 2023
| Basis(1) |  | Total |  | Level 1 |  | Level 2 |  | Level 3
| (In thousands)
Collateral-dependent loans: |  |  |  |  |  |  |  |  |
Commercial business: |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 220 |  |  | $ | 114 |  |  | $ | — |  |  | $ | — |  |  | $ | 114 |
Owner-occupied CRE | 613 |  |  | 178 |  |  | — |  |  | — |  |  | 178 |
Total assets measured at fair value on a nonrecurring basis | $ | 833 |  |  | $ | 292 |  |  | $ | — |  |  | $ | — |  |  | $ | 292 |
(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.
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:
| June 30, 2023
| Fair Value |  | Valuation Technique(s) |  | Unobservable Input(s) |  | Range of Inputs |  | Weighted Average (1)
| (Dollars in thousands)
Collateral-dependent loans | $ | 292 |  |  | Market approach |  | Adjustments to reflect current conditions and selling costs |  | 16.1% - 16.5% |  | 16.3%
(1) Weighted by net discount to net appraisal fair value
| December 31, 2022
| Fair Value |  | Valuation Technique(s) |  | Unobservable Input(s) |  | Range of Inputs |  | Weighted Average (1)
| (Dollars in thousands)
Collateral-dependent loans | $ | 182 |  |  | Market approach |  | Adjustments to reflect current conditions and selling costs |  | 14.6% - 14.6% |  | 14.6%
(1) Weighted by net discount to net appraisal fair value
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:
| June 30, 2023
| Carrying Value |  | Fair Value |  | Fair Value Measurements Using:
|  | Level 1 |  | Level 2 |  | Level 3
| (In thousands)
Financial Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 108,378 |  |  | $ | 108,378 |  |  | $ | 108,378 |  |  | $ | — |  |  | $ | — |
Investment securities available for sale | 1,276,550 |  |  | 1,276,550 |  |  | 2,168 |  |  | 1,274,382 |  |  | — |
Investment securities held to maturity | 754,276 |  |  | 664,810 |  |  | — |  |  | 664,810 |  |  | — |
Loans held for sale | 752 |  |  | 765 |  |  | — |  |  | 765 |  |  | — |
Loans receivable, net | 4,204,936 |  |  | 4,086,835 |  |  | — |  |  | — |  |  | 4,086,835 |
Accrued interest receivable | 18,969 |  |  | 18,969 |  |  | 22 |  |  | 6,949 |  |  | 11,998 |
Derivative assets - interest rate swaps | 28,032 |  |  | 28,032 |  |  | — |  |  | 28,032 |  |  | — |
Equity security | 244 |  |  | 244 |  |  | 244 |  |  | — |  |  | — |
Financial Liabilities: |  |  |  |  |  |  |  |  |
Non-maturity deposits | $ | 5,154,380 |  |  | $ | 5,154,380 |  |  | $ | 5,154,380 |  |  | $ | — |  |  | $ | — |
Certificates of deposit | 441,163 |  |  | 446,196 |  |  | — |  |  | 446,196 |  |  | — |
Borrowings | 450,000 |  |  | 447,251 |  |  | — |  |  | 447,251 |  |  | — |
Securities sold under agreement to repurchase | 38,215 |  |  | 38,215 |  |  | 38,215 |  |  | — |  |  | — |
Junior subordinated debentures | 21,619 |  |  | 19,500 |  |  | — |  |  | — |  |  | 19,500 |
Accrued interest payable | 3,480 |  |  | 3,480 |  |  | 60 |  |  | 3,344 |  |  | 76 |
Derivative liabilities - interest rate swaps | 28,032 |  |  | 28,032 |  |  | — |  |  | 28,032 |  |  | — |
| 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 |  |  | — |

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- 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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