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FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

The following tables summarize, 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, 2022				(Level 1)				(Level 2)				(Level 3)
Assets:
Securities available for sale:
U.S. government-sponsored agencies		$	190,542			$	—			$	190,542			$	—
Mortgage-backed securities-residential			325,738				—				325,738				—
SBA pool securities			27,427				—				27,427				—
State and political subdivisions			1,849				—				1,849				—
Corporate bond			9,092				—				9,092				—
CRA investment fund			12,985				12,985				—				—
Derivatives:
Cash flow hedges			9,289				—				9,289				—
Loan level swaps			38,265				—				38,265				—
Total		$	615,187			$	12,985			$	602,202			$	—
Liabilities:
Derivatives:
Loan level swaps			38,265				—				38,265				—
Total		$	38,265			$	—			$	38,265			$	—
(In thousands)		December 31, 2021
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 table presents residential loans held for sale, at fair value, at the dates indicated:

		December 31, 2022				December 31, 2021
Residential loans contractual balance		$	—			$	2,992
Fair value adjustment			—				48
Total fair value of residential loans held for sale		$	—			$	3,040

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, 2022

(Level 1)

(Level 2)

(Level 3)

Assets:

Individually evaluated loans:

Investment commercial real estate

$

10,000

$

—

$

—

$

10,000

Commercial and industrial

743

—

—

743

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

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at December 31, 2022 are as follows:

						Fair Value Measurements at December 31, 2022 Using
(In thousands)		Carrying Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	190,075			$	190,075			$	—			$	—			$	190,075
Securities available for sale			554,648				—				554,648				—				554,648
Securities held to maturity			102,291				—				87,187				—				87,187
CRA investment fund			12,985				12,985				—				—				12,985
FHLB and FRB stock			30,672				—				—				—			N/A
Loans held for sale, at lower of cost    or fair value			15,626				—				17,176				—				17,176
Loans, net of allowance for credit losses			5,224,417				—				—				5,141,201				5,141,201
Accrued interest receivable			25,157				—				2,393				22,764				25,157
Accrued interest receivable loan level swaps (A)			1,092				—				1,092				—				1,092
Cash flow hedges			9,289				—				9,289				—				9,289
Loan level swaps			38,265				—				38,265				—				38,265
Financial liabilities
Deposits		$	5,205,164			$	4,835,249			$	356,975			$	—			$	5,192,224
Short-term borrowings			379,530				—				379,530				—				379,530
Subordinated debt			132,987				—				—				119,865				119,865
Accrued interest payable			2,997				2,509				413				75				2,997
Accrued interest payable loan level swaps (B)			1,092				—				1,092				—				1,092
Loan level swaps			38,265				—				38,265				—				38,265

(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, 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 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 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.

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

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