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FAIR VALUE (Tables) | 9 Months Ended
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Sep. 30, 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 |
|  | September 30, |  |  | Assets |  |  | Inputs |  |  | Inputs |
(In thousands) |  | 2021 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | 274,433 |  |  | $ | — |  |  | $ | 274,433 |  |  | $ | — |
Mortgage-backed securities-residential |  |  | 515,131 |  |  |  | — |  |  |  | 515,131 |  |  |  | — |
SBA pool securities |  |  | 42,930 |  |  |  | — |  |  |  | 42,930 |  |  |  | — |
State and political subdivisions |  |  | 5,750 |  |  |  | — |  |  |  | 5,750 |  |  |  | — |
Corporate bond |  |  | 5,535 |  |  |  | — |  |  |  | 5,535 |  |  |  | — |
CRA investment fund |  |  | 14,824 |  |  |  | 14,824 |  |  |  | — |  |  |  | — |
Loans held for sale, at fair value |  |  | 3,013 |  |  |  | — |  |  |  | 3,013 |  |  |  | — |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan level swaps |  |  | 43,133 |  |  |  | — |  |  |  | 43,133 |  |  |  | — |
Total |  | $ | 904,749 |  |  | $ | 14,824 |  |  | $ | 889,925 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  | $ | 5,267 |  |  | $ | — |  |  | $ | 5,267 |  |  | $ | — |
Loan level swaps |  |  | 44,483 |  |  |  | — |  |  |  | 44,483 |  |  |  | — |
Total |  | $ | 49,750 |  |  | $ | — |  |  | $ | 49,750 |  |  | $ | — |
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) |  | September 30, 2021 |  |  | December 31, 2020 |
Residential loans contractual balance |  | $ | 2,960 |  |  | $ | 13,295 |
Fair value adjustment |  |  | 53 |  |  |  | 293 |
Total fair value of residential loans held for sale |  | $ | 3,013 |  |  | $ | 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 |
|  | September 30, |  |  | Assets |  |  | Inputs |  |  | Inputs |
(In thousands) |  | 2021 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Primary residential mortgage |  | $ | 1,057 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,057 |
Investment commercial real estate |  |  | 12,750 |  |  |  | — |  |  |  | — |  |  |  | 12,750 |
|  |  |  |  |  | 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 September 30, 2021 are as follows:
|  |  |  |  |  | Fair Value Measurements at September 30, 2021 using |
|  | Carrying |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(In thousands) |  | Amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 616,212 |  |  | $ | 616,212 |  |  | $ | — |  |  | $ | — |  |  | $ | 616,212 |
Securities available for sale |  |  | 843,779 |  |  |  | — |  |  |  | 843,779 |  |  |  | — |  |  |  | 843,779 |
CRA investment fund |  |  | 14,824 |  |  |  | 14,824 |  |  |  | — |  |  |  | — |  |  |  | 14,824 |
FHLB and FRB stock |  |  | 12,950 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | N/A |
Loans held for sale, at fair value |  |  | 3,013 |  |  |  | — |  |  |  | 3,013 |  |  |  | — |  |  |  | 3,013 |
Loans held for sale, at lower of cost or fair value |  |  | 17,235 |  |  |  | — |  |  |  | 18,627 |  |  |  | — |  |  |  | 18,627 |
Loans, net of allowance for loan and lease losses |  |  | 4,510,265 |  |  |  | — |  |  |  | — |  |  |  | 4,619,193 |  |  |  | 4,619,193 |
Accrued interest receivable |  |  | 22,790 |  |  |  | — |  |  |  | 2,028 |  |  |  | 20,762 |  |  |  | 22,790 |
Accrued interest receivable loan level swaps (A) |  |  | 4,688 |  |  |  | — |  |  |  | 4,688 |  |  |  | — |  |  |  | 4,688 |
Loan level swaps |  |  | 43,133 |  |  |  | — |  |  |  | 43,133 |  |  |  | — |  |  |  | 43,133 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 5,376,341 |  |  | $ | 4,884,174 |  |  | $ | 495,816 |  |  | $ | — |  |  | $ | 5,379,990 |
Paycheck Protection Program Liquidity Facility |  |  | 48,496 |  |  |  | — |  |  |  | 48,496 |  |  |  | — |  |  |  | 48,496 |
Subordinated debt |  |  | 132,629 |  |  |  | — |  |  |  | — |  |  |  | 130,917 |  |  |  | 130,917 |
Accrued interest payable |  |  | 2,157 |  |  |  | 132 |  |  |  | 659 |  |  |  | 1,366 |  |  |  | 2,157 |
Accrued interest payable loan level swaps (B) |  |  | 4,688 |  |  |  | — |  |  |  | 4,688 |  |  |  | — |  |  |  | 4,688 |
Cash flow hedges |  |  | 5,267 |  |  |  | — |  |  |  | 5,267 |  |  |  | — |  |  |  | 5,267 |
Loan level swap |  |  | 44,483 |  |  |  | — |  |  |  | 44,483 |  |  |  | — |  |  |  | 44,483 |
| (A) | Included in other assets in the Consolidated Statement of Condition.
| (B) | Included in accrued expenses and other liabilities 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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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 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 (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 3: 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=123874694&loc=d3e19207-110258 + Details
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- Definition 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=123594938&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=123874694&loc=d3e19207-110258 + Details
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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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