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FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Schedule of assets measured at fair value on a recurring basis

The following table summarizes, for the periods indicated, assets measured at fair value on a recurring basis, including financial assets for which the Corporation has elected the fair value option:

Assets Measured on a Recurring Basis

						Fair Value Measurements Using
						Quoted
						Prices in
						Active				Significant
						Markets For				Other				Significant
						Identical				Observable				Unobservable
		June 30,				Assets				Inputs				Inputs
(In thousands)		2019				(Level 1)				(Level 2)				(Level 3)
Assets:
Available for sale:
U.S. government-sponsored agencies		$	71,791			$	—			$	71,791			$	—
Mortgage-backed securities-residential			283,937				—				283,937				—
SBA pool securities			3,587				—				3,587				—
State and political subdivisions			16,443				—				16,443				—
Corporate bond			3,081				—				3,081				—
CRA investment fund			4,847				4,847				—				—
Loans held for sale, at fair value			2,343				—				2,343				—
Derivatives:
Cash flow hedges			175				—				175				—
Loan level swaps			30,569				—				30,569				—
Total		$	416,773			$	4,847			$	411,926			$	—
Liabilities:
Derivatives:
Cash flow hedges		$	(4,074	)		$	—			$	(4,074	)		$	—
Loan level swaps			(30,569	)			—				(30,569	)			—
Total		$	(34,643	)		$	—			$	(34,643	)		$	—

Assets Measured on a Recurring Basis

						Fair Value Measurements Using
						Quoted
						Prices in
						Active				Significant
						Markets For				Other				Significant
						Identical				Observable				Unobservable
		December 31,				Assets				Inputs				Inputs
(In thousands)		2018				(Level 1)				(Level 2)				(Level 3)
Assets:
Securities available for sale:
U.S. government-sponsored agencies		$	102,013			$	—			$	102,013			$	—
Mortgage-backed securities-residential			251,362				—				251,362				—
SBA pool securities			3,839				—				3,839				—
State and political subdivisions			17,610				—				17,610				—
Corporate bond			3,112				—				3,112				—
CRA investment fund			4,719				4,719				—				—
Loans held for sale, at fair value			1,576				—				1,576				—
Derivatives:
Cash flow hedges			1,657				—				1,657				—
Loan level swaps			9,689				—				9,689				—
Total		$	395,577			$	4,719			$	390,858			$	—
Liabilities:
Derivatives:
Cash flow hedges		$	(849	)		$	—			$	(849	)		$	—
Loan level swaps			(9,689	)			—				(9,689	)			—
Total		$	(10,538	)		$	—			$	(10,538	)		$	—

Schedule of residential loans held for sale

The following tables present residential loans held for sale, at fair value for the periods indicated:

(In thousands)		June 30, 2019				December 31, 2018
Residential loans contractual balance		$	2,306			$	1,552
Fair value adjustment			37				24
Total fair value of residential loans held for sale		$	2,343			$	1,576

Schedule of carrying amounts and estimated fair values of financial instruments

The carrying amounts and estimated fair values of financial instruments at June 30, 2019 are as follows:

						Fair Value Measurements at June 30, 2019 using
		Carrying
(In thousands)		Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	304,027			$	304,027			$	—			$	—			$	304,027
Securities available for sale			378,839				—				378,839				—				378,839
CRA investment fund			4,847				4,847				—				—				4,847
FHLB and FRB stock			18,338				—				—				—			N/A
Loans held for sale, at fair value			2,343				—				2,343				—				2,343
Loans held for sale, at lower of cost or fair value			926				—				1,000				—				1,000
Loans, net of allowance for loan and lease losses			3,989,548				—				—				3,946,808				3,946,808
Accrued interest receivable			11,594				—				1,708				9,886				11,594
Cash flow hedges			175				—				175				—				175
Loan level swaps			30,569				—				30,569				—				30,569
Financial liabilities
Deposits		$	4,095,655			$	3,433,048			$	665,573			$	—			$	4,098,621
Federal home loan bank advances			105,000				—				108,401				—				108,401
Subordinated debt			83,305				—				—				84,400				84,400
Accrued interest payable			2,494				430				2,009				55				2,494
Cash flow hedges			4,074				—				4,074				—				4,074
Loan level swap			30,569				—				30,569				—				30,569

The carrying amounts and estimated fair values of financial instruments at December 31, 2018 are as follows:

						Fair Value Measurements at December 31, 2018 using
		Carrying
(In thousands)		Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	160,773			$	160,773			$	—			$	—			$	160,773
Securities available for sale			377,936				—				377,936				—				377,936
CRA investment fund			4,719				4,719				—				—				4,719
FHLB and FRB stock			18,533				—				—				—			N/A
Loans held for sale, at fair value			1,576				—				1,576				—				1,576
Loans held for sale, at lower of cost or fair value			3,542				—				3,654				—				3,654
Loans, net of allowance for loan and lease losses			3,889,427				—				—				3,852,004				3,852,004
Accrued interest receivable			10,814				—				1,875				8,939				10,814
Cash flow Hedges			1,657				—				1,657				—				1,657
Loan level swaps			9,689				—				9,689				—				9,689
Financial liabilities
Deposits		$	3,895,340			$	3,249,274			$	640,997			$	—			$	3,890,271
Federal home loan bank advances			108,000				—				108,950				—				108,950
Subordinated debt			83,193				—				—				82,207				82,207
Accrued interest payable			2,868				331				2,482				55				2,868
Cash flow hedges			849				—				849				—				849
Loan level swaps			9,689				—				9,689				—				9,689

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- Definition

Tabular disclosure of residential loans held for sale.

+ References

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109250915&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=99377789&loc=d3e19207-110258

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- Definition

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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258

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