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Fair Value Measurements (Tables)

6 Months Ended

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						—

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
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
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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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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
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-Topic 820
-Publisher FASB
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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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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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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

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

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-Name Accounting Standards Codification
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-Section 50
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