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FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

The following table summarizes, at the dates 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
		March 31,				Assets				Inputs				Inputs
(In thousands)		2021				(Level 1)				(Level 2)				(Level 3)
Assets:
Available for sale:
U.S. government-sponsored agencies		$	221,337			$	—			$	221,337			$	—
Mortgage-backed securities-residential			596,620				—				596,620				—
SBA pool securities			46,243				—				46,243				—
State and political subdivisions			8,053				—				8,053				—
Corporate bond			3,048				—				3,048				—
CRA investment fund			14,852				14,852				—				—
Loans held for sale, at fair value			9,219				—				9,219				—
Derivatives:
Loan level swaps			45,301				—				45,301				—
Total		$	944,673			$	14,852			$	929,821			$	—
Liabilities:
Derivatives:
Cash flow hedges		$	8,166			$	—			$	8,166			$	—
Loan level swaps			45,301				—				45,301				—
Total		$	53,467			$	—			$	53,467			$	—

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)		2020				(Level 1)				(Level 2)				(Level 3)
Assets:
Securities available for sale:
U.S. treasuries		$	2,613			$	—			$	2,613			$	—
U.S. government-sponsored agencies			83,771				—				83,771				—
Mortgage-backed securities-residential			476,058				—				476,058				—
SBA pool securities			49,129				—				49,129				—
State and political subdivisions			8,089				—				8,089				—
Corporate bond			3,029				—				3,029				—
CRA investment fund			15,117				15,117				—				—
Loans held for sale, at fair value			13,588				—				13,588				—
Derivatives:
Loan level swaps			79,529				—				79,529				—
Total		$	730,923			$	15,117			$	715,806			$	—
Liabilities:
Derivatives:
Cash flow hedges		$	9,616			$	—			$	9,616			$	—
Loan level swaps			79,529				—				79,529				—
Total		$	89,145			$	—			$	89,145			$	—

Schedule of Residential Loans Held for Sale

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

(In thousands)		March 31, 2021				December 31, 2020
Residential loans contractual balance		$	9,029			$	13,295
Fair value adjustment			190				293
Total fair value of residential loans held for sale		$	9,219			$	13,588

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

The following tables summarize, at the dates 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

March 31,

Assets

Inputs

Inputs

(In thousands)

2021

(Level 1)

(Level 2)

(Level 3)

Assets:

Impaired loans:

Commercial and industrial

$

1,800

$

—

$

—

$

1,800

Fair Value Measurements Using

Quoted

Prices in

Active

Significant

Markets For

Other

Significant

Identical

Observable

Unobservable

December 31,

Assets

Inputs

Inputs

(In thousands)

2020

(Level 1)

(Level 2)

(Level 3)

Assets:

Impaired loans:

Commercial and industrial

$

2,300

$

—

$

—

$

2,300

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at March 31, 2021 are as follows:

						Fair Value Measurements at March 31, 2021 using
		Carrying
(In thousands)		Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	476,537			$	476,537			$	—			$	—			$	476,537
Securities available for sale			875,301				—				875,301				—				875,301
CRA investment fund			14,852				14,852				—				—				14,852
FHLB and FRB stock			13,699				—				—				—			N/A
Loans held for sale, at fair value			9,219				—				9,219				—				9,219
Loans held for sale, at lower of cost or fair value			53,185				—				53,399				—				53,399
Loans, net of allowance for loan and lease losses			4,310,395				—				—				4,511,593				4,511,593
Accrued interest receivable			23,916				—				2,244				21,672				23,916
Accrued interest receivable loan level swaps (A)			4,660				—				4,660				—				4,660
Loan level swaps			45,301				—				45,301				—				45,301
Financial liabilities
Deposits		$	4,944,913			$	4,404,837			$	545,549			$	—			$	4,950,386
Short-term borrowings			15,000				—				15,000				—				15,000
Paycheck Protection Program Liquidity Facility			168,180				—				168,180				—				168,180
Subordinated debt			181,837				—				—				181,076				181,076
Accrued interest payable			3,499				147				1,159				2,193				3,499
Accrued interest payable loan level swaps			4,660				—				4,660				—				4,660
Cash flow hedges			8,166				—				8,166				—				8,166
Loan level swap			45,301				—				45,301				—				45,301

(A) Included in other assets in the Consolidated Statement of Condition.

The carrying amounts and estimated fair values of financial instruments at December 31, 2020 are as follows:

						Fair Value Measurements at December 31, 2020 using
		Carrying
(In thousands)		Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	653,322			$	653,322			$	—			$	—			$	653,322
Securities available for sale			622,689				—				622,689				—				622,689
CRA investment fund			15,117				15,117				—				—				15,117
FHLB and FRB stock			13,709				—				—				—			N/A
Loans held for sale, at fair value			13,588				—				13,588				—				13,588
Loans held for sale, at lower of cost or fair value			18,520				—				19,115				—				19,115
Loans, net of allowance for loan and lease losses			4,305,128				—				—				4,462,243				4,462,243
Accrued interest receivable			22,495				—				1,653				20,842				22,495
Loan level swaps			79,529				—				79,529				—				79,529
Financial liabilities
Deposits		$	4,818,484			$	4,222,370			$	604,036			$	—			$	4,826,406
Short-term borrowings			15,000				—				15,000				—				15,000
Paycheck Protection Program Liquidity Facility			177,086				—				177,086				—				177,086
Subordinated debt			181,794				—				—				183,348				183,348
Accrued interest payable			1,650				150				1,347				153				1,650
Cash flow hedges			9,616				—				9,616				—				9,616
Loan level swaps			79,529				—				79,529				—				79,529

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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
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