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FAIR VALUE (Tables)

12 Months Ended

Dec. 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 Company has elected the fair value option:

						Fair Value Measurements Using
						Quoted
						Prices In
						Active
						Markets				Significant
						For				Other				Significant
						Identical				Observable				Unobservable
						Assets				Inputs				Inputs
(In thousands)		December 31, 2021				(Level 1)				(Level 2)				(Level 3)
Assets:
Securities available for sale:
U.S. government-sponsored agencies		$	272,221			$	—			$	272,221			$	—
Mortgage-backed securities-residential			476,974				—				476,974				—
SBA pool securities			39,561				—				39,561				—
State and political subdivisions			5,476				—				5,476				—
Corporate bond			2,521				—				2,521				—
CRA investment fund			14,685				14,685				—				—
Loans held for sale, at fair value			3,040				—				3,040				—
Derivatives:
Loan level swaps			32,326				—				32,326				—
Total		$	846,804			$	14,685			$	832,119			$	—
Liabilities:
Derivatives:
Cash flow hedges		$	3,479			$	—			$	3,479			$	—
Loan level swaps			34,569				—				34,569				—
Total		$	38,048			$	—			$	38,048			$	—
(In thousands)		December 31, 2020
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:

		December 31, 2021				December 31, 2020
Residential loans contractual balance		$	2,992			$	13,295
Fair value adjustment			48				293
Total fair value of residential loans held for sale		$	3,040			$	13,588

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

The following tables summarize, at the date indicated, assets measured at fair value on a non-recurring basis:

Fair Value Measurements Using

Quoted

Prices In

Active

Markets

Significant

For

Other

Significant

Identical

Observable

Unobservable

Assets

Inputs

Inputs

(In thousands)

December 31, 2021

(Level 1)

(Level 2)

(Level 3)

Assets:

Impaired loans:

Investment commercial real estate

$

8,516

$

—

$

—

$

8,516

Fair Value Measurements Using

Quoted

Prices In

Active

Markets

Significant

For

Other

Significant

Identical

Observable

Unobservable

Assets

Inputs

Inputs

(In thousands)

December 31, 2020

(Level 1)

(Level 2)

(Level 3)

Assets:

Impaired loans:

Investment commercial real estate

$

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 December 31, 2021 are as follows:

						Fair Value Measurements at December 31, 2021 Using
(In thousands)		Carrying Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	146,804			$	146,804			$	—			$	—			$	146,804
Securities held to maturity			108,680				—				108,460				—				108,460
Securities available for sale			796,753				—				796,753				—				796,753
CRA investment fund			14,685				14,685				—				—				14,685
FHLB and FRB stock			12,950				—				—				—			N/A
Loans held for sale, at fair value			3,040				—				3,040				—				3,040
Loans held for sale, at lower of cost    or fair value			34,051				—				37,538				—				37,538
Loans, net of allowance for loan losses			4,745,024				—				—				4,767,293				4,767,293
Accrued interest receivable			21,589				—				2,443				19,146				21,589
Accrued interest receivable loan level swaps (A)			4,842				—				4,842				—				4,842
Loan level swaps			32,326				—				32,326				—				32,326
Financial liabilities
Deposits		$	5,266,149			$	4,791,341			$	476,659			$	—			$	5,268,000
Subordinated debt			132,701				—				—				140,556				140,556
Accrued interest payable			651				130				446				75				651
Accrued interest payable loan level swaps (B)			4,842				—				4,842				—				4,842
Cash flow hedges			3,479				—				3,479				—				3,479
Loan level swaps			34,569				—				34,569				—				34,569

(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
(In thousands)		Carrying 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 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

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-Topic 820
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-Section 50
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