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FAIR VALUE MEASUREMENT AND DISCLOSURE (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, for the dates indicated:

(In thousands)						Fair Value						Readily Available Market Prices (Level 1)						Observable Market Data (Level 2)						Company Determined Fair Value (Level 3)
September 30, 2023
Financial assets:
Trading securities						$	4,195					$	4,195					$	—					$	—
AFS debt securities:
Obligations of states and political subdivisions						40,669						—						40,669						—
MBS issued or guaranteed by U.S. government-sponsored enterprises						424,976						—						424,976						—
CMO issued or guaranteed by U.S. government-sponsored enterprises						104,816						—						104,816						—
Corporate bonds						18,542						—						18,542						—
Loans held for sale						11,187						—						11,187						—
Customer loan swaps						19,785						—						19,785						—
Interest rate contracts						23,853						—						23,853						—
Fixed rate mortgage interest rate lock commitments						26						—						26						—
Forward delivery commitments						198						—						198						—
Financial liabilities:
Deferred compensation						$	4,195					$	4,195					$	—					$	—
Customer loan swaps						19,834						—						19,834						—
Interest rate contracts						2,817						—						2,817						—
Fixed rate mortgage interest rate lock commitments						154						—						154						—
Forward delivery commitments						2						—						2						—
December 31, 2022
Financial assets:
Trading securities						$	3,990					$	3,990					$	—					$	—
AFS debt securities:
Obligations of states and political subdivisions						49,226						—						49,226						—
MBS issued or guaranteed by U.S. government-sponsored enterprises						514,019						—						514,019						—
CMO issued or guaranteed by U.S. government-sponsored enterprises						109,347						—						109,347						—
Corporate bonds						23,283						—						23,283						—
Loans held for sale						5,197						—						5,197						—
Customer loan swaps						14,802						—						14,802						—
Interest rate contracts						13,051						—						13,051						—
Fixed rate mortgage interest rate lock commitments						31						—						31						—
Forward delivery commitments						114						—						114						—
Financial liabilities:
Deferred compensation						$	3,990					$	3,990					$	—					$	—
Customer loan swaps						14,850						—						14,850						—
Interest rate contracts						5,515						—						5,515						—
Fixed rate mortgage interest rate lock commitments						87						—						87						—

Valuation Methodology and Unobservable Inputs for Level Three Assets Measured at Fair Value on Non Recurring Basis

Carrying Amounts and Estimated Fair Value for Financial Instrument Assets and Liabilities

The estimated fair values and related carrying amounts for assets and liabilities for which fair value is only disclosed are shown below as of the dates indicated:

						Carrying Amount						Fair Value						Readily Available Market Prices (Level 1)						Observable Market Prices (Level 2)						Company Determined Market Prices (Level 3)
September 30, 2023
Financial assets:
HTM debt securities						$	549,961					$	483,547					$	—					$	483,547					$	—
Commercial real estate loans(1)(2)						1,634,347						1,532,605						—						—						1,532,605
Commercial loans(2)						395,549						379,502						—						—						379,502
Residential real estate loans(2)						1,742,359						1,460,556						—						—						1,460,556
Home equity loans(2)						231,155						228,878						—						—						228,878
Consumer loans(2)						18,596						16,385						—						—						16,385
Servicing assets						2,316						4,321						—						—						4,321
Financial liabilities:
Time deposits						$	617,609					$	609,195					$	—					$	609,195					$	—
Short-term borrowings						470,140						469,103						—						469,103						—
Junior subordinated debentures						44,331						31,475						—						31,475						—
December 31, 2022
Financial assets:
HTM debt securities						$	546,583					$	506,193					$	—					$	506,193					$	—
Commercial real estate loans(1)(2)						1,605,279						1,550,379						—						—						1,550,379
Commercial loans(2)						424,685						414,353						—						—						414,353
Residential real estate loans(2)						1,691,177						1,494,707						—						—						1,494,707
Home equity loans(2)						232,203						237,967						—						—						237,967
Consumer loans(2)						20,087						17,853						—						—						17,853
Servicing assets						2,458						4,412						—						—						4,412
Financial liabilities:
Time deposits						$	300,451					$	291,568					$	—					$	291,568					$	—
Short-term borrowings						265,176						264,779						—						264,779						—
Junior subordinated debentures						44,331						31,032						—						31,032						—

(1)    Commercial real estate loan includes non-owner-occupied and owner-occupied properties.

(2)    The presented carrying amount is net of the allocated ACL on loans.

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
-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

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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

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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-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

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