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FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

The following tables 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
		June 30,				Assets				Inputs				Inputs
(In thousands)		2022				(Level 1)				(Level 2)				(Level 3)
Assets:
Available for sale:
U.S. government-sponsored agencies		$	206,123			$	—			$	206,123			$	—
Mortgage-backed securities-residential			306,828				—				306,828				—
SBA pool securities			32,583				—				32,583				—
State and political subdivisions			4,013				—				4,013				—
Corporate bond			7,244				—				7,244				—
CRA investment fund			13,528				13,528				—				—
Loans held for sale, at fair value			515				—				515				—
Derivatives:
Cash flow hedges			1,041				—				1,041				—
Loan level swaps			19,366				—				19,366				—
Total		$	591,241			$	13,528			$	577,713			$	—
Liabilities:
Derivatives:
Cash flow hedges		$	569			$	—			$	569			$	—
Loan level swaps			19,366				—				19,366				—
Total		$	19,935			$	—			$	19,935			$	—

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)		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			$	—

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)		June 30, 2022				December 31, 2021
Residential loans contractual balance		$	510			$	2,992
Fair value adjustment			5				48
Total fair value of residential loans held for sale		$	515			$	3,040

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

June 30,

Assets

Inputs

Inputs

(In thousands)

2022

(Level 1)

(Level 2)

(Level 3)

Assets:

Individually evaluated loans:

Investment commercial real estate

$

10,000

$

—

$

—

$

10,000

Fair Value Measurements Using

Quoted

Prices in

Active

Significant

Markets For

Other

Significant

Identical

Observable

Unobservable

December 31,

Assets

Inputs

Inputs

(In thousands)

2021

(Level 1)

(Level 2)

(Level 3)

Assets:

Impaired loans:

Investment commercial real estate

$

8,516

$

—

$

—

$

8,516

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at June 30, 2022 are as follows:

						Fair Value Measurements at June 30, 2022 using
		Carrying
(In thousands)		Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	153,425			$	153,425			$	—			$	—			$	153,425
Securities available for sale			556,791				—				556,791				—				556,791
Securities held to maturity			105,048				—				95,642				—				95,642
CRA investment fund			13,528				13,528				—				—				13,528
FHLB and FRB stock			13,710				—				—				—			N/A
Loans held for sale, at fair value			515				—				515				—				515
Loans held for sale, at lower of cost or fair value			14,956				—				16,631				—				16,631
Loans, net of allowance for credit losses			5,094,851				—				—				4,961,672				4,961,672
Accrued interest receivable			23,468				—				2,088				21,380				23,468
Accrued interest receivable loan level swaps (1)			2,853				—				2,853				—				2,853
Cash flow hedges			1,041				—				1,041				—				1,041
Loan level swaps			19,366				—				19,366				—				19,366
Financial liabilities
Deposits		$	5,403,868			$	4,971,170			$	424,140			$	—			$	5,395,310
Subordinated debt			132,844				—				—				130,196				130,196
Accrued interest payable			1,030				581				374				75				1,030
Accrued interest payable loan level swaps (2)			2,853				—				2,853				—				2,853
Cash flow hedges			569				—				569				—				569
Loan level swap			19,366				—				19,366				—				19,366

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

(2)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, 2021 are as follows:

						Fair Value Measurements at December 31, 2021 using
		Carrying
(In thousands)		Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	146,804			$	146,804			$	—			$	—			$	146,804
Securities available for sale			796,753				—				796,753				—				796,753
Securities held to maturity			108,680				—				108,460				—				108,460
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 and lease 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 (1)			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 (2)			4,842				—				4,842				—				4,842
Cash flow hedges			3,479				—				3,479				—				3,479
Loan level swaps			34,569				—				34,569				—				34,569

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

(2)Included in accrued expenses and other liabilities in the Consolidated Statement of Condition.

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Tabular disclosure of residential loans held for sale.

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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

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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-Name Accounting Standards Codification
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-Section 50
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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 https://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611

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-Section 50
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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)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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