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FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on 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
		September 30,				Assets				Inputs				Inputs
(In thousands)		2020				(Level 1)				(Level 2)				(Level 3)
Assets:
Available for sale:
U.S. treasuries		$	2,888			$	—			$	2,888			$	—
U.S. government-sponsored agencies			78,946				—				78,946				—
Mortgage-backed securities-residential			466,295				—				466,295				—
SBA pool securities			37,070				—				37,070				—
State and political subdivisions			8,694				—				8,694				—
Corporate bond			3,036				—				3,036				—
CRA investment fund			15,159				15,159				—				—
Loans held for sale, at fair value			13,785				—				13,785				—
Derivatives:
Loan level swaps			92,798				—				92,798				—
Total		$	718,671			$	15,159			$	703,512			$	—
Liabilities:
Derivatives:
Cash flow hedges		$	11,001			$	—			$	11,001			$	—
Loan level swaps			92,798				—				92,798				—
Total		$	103,799			$	—			$	103,799			$	—

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)		2019				(Level 1)				(Level 2)				(Level 3)
Assets:
Securities available for sale:
U.S. government-sponsored agencies		$	34,784			$	—			$	34,784			$	—
Mortgage-backed securities-residential			338,904				—				338,904				—
SBA pool securities			2,784				—				2,784				—
State and political subdivisions			11,215				—				11,215				—
Corporate bond			3,068				—				3,068				—
CRA investment fund			10,836				10,836				—				—
Loans held for sale, at fair value			2,881				—				2,881				—
Derivatives:
Cash flow hedges			121				—				121				—
Loan level swaps			32,381				—				32,381				—
Total		$	436,974			$	10,836			$	426,138			$	—
Liabilities:
Derivatives:
Cash flow hedges		$	3,788			$	—			$	3,788			$	—
Loan level swaps			32,381				—				32,381				—
Total		$	36,169			$	—			$	36,169			$	—

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)		September 30, 2020				December 31, 2019
Residential loans contractual balance		$	13,525			$	2,839
Fair value adjustment			260				42
Total fair value of residential loans held for sale		$	13,785			$	2,881

Schedule of Assets Measured at Fair Value on Non-Recurring Basis

The following tables summarize, for the periods indicated, assets measured at fair value on a non-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)

2019

(Level 1)

(Level 2)

(Level 3)

Assets:

Impaired loans:

Investment commercial real estate

$

13,467

$

—

$

—

$

13,467

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at September 30, 2020 are as follows:

						Fair Value Measurements at September 30, 2020 using
		Carrying
(In thousands)		Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	679,365			$	679,365			$	—			$	—			$	679,365
Securities available for sale			596,929				—				596,929				—				596,929
CRA investment fund			15,159				15,159				—				—				15,159
FHLB and FRB stock			18,433				—				—				—			N/A
Loans held for sale, at fair value			13,785				—				13,785				—				13,785
Loans held for sale, at lower of cost or fair value			14,455				—				14,943				—				14,943
Loans, net of allowance for loan and lease losses			4,364,506				—				—				4,493,612				4,493,612
Accrued interest receivable			22,192				—				1,807				20,385				22,192
Loan level swaps			92,798				—				92,798				—				92,798
Financial liabilities
Deposits		$	4,859,150			$	4,205,922			$	663,005			$	—			$	4,868,927
Short-term borrowings			15,000				—				15,000				—				15,000
Federal home loan bank advances			105,000				—				109,908				—				109,908
Paycheck Protection Program Liquidity Facility			183,790				—				183,790				—				183,790
Subordinated debt			83,585				—				—				84,215				84,215
Accrued interest payable			3,017				210				1,586				1,221				3,017
Cash flow hedges			11,001				—				11,001				—				11,001
Loan level swap			92,798				—				92,798				—				92,798

The carrying amounts and estimated fair values of financial instruments at December 31, 2019 are as follows:

						Fair Value Measurements at December 31, 2019 using
		Carrying
(In thousands)		Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	208,185			$	208,185			$	—			$	—			$	208,185
Securities available for sale			390,755				—				390,755				—				390,755
CRA investment fund			10,836				10,836				—				—				10,836
FHLB and FRB stock			24,068				—				—				—			N/A
Loans held for sale, at fair value			2,881				—				2,881				—				2,881
Loans held for sale, at lower of cost or fair value			14,667				—				15,126				—				15,126
Loans, net of allowance for loan and lease losses			4,350,461				—				—				4,268,481				4,268,481
Accrued interest receivable			10,494				—				1,361				9,133				10,494
Cash flow Hedges			121				—				121				—				121
Loan level swaps			32,381				—				32,381				—				32,381
Financial liabilities
Deposits		$	4,243,511			$	3,528,609			$	718,818			$	—			$	4,247,427
Short-term borrowings			128,100				—				128,100				—				128,100
Federal Home Loan Bank advances			105,000				—				108,354				—				108,354
Subordinated debt			83,417				—				—				86,536				86,536
Accrued interest payable			2,357				392				1,910				55				2,357
Cash flow hedges			3,788				—				3,788				—				3,788
Loan level swaps			32,381				—				32,381				—				32,381

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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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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
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