XML 40 R31.htm IDEA: XBRL DOCUMENT v3.23.1

FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2023

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 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)		2023				(Level 1)				(Level 2)				(Level 3)
Assets:
Available for sale:
U.S. government-sponsored agencies		$	194,787			$	—			$	194,787			$	—
Mortgage-backed securities-residential			324,187				—				324,187				—
SBA pool securities			26,452				—				26,452				—
State and political subdivisions			1,852				—				1,852				—
Corporate bond			8,988				—				8,988				—
CRA investment fund			13,194				13,194				—				—
Derivatives:
Cash flow hedges			6,671				—				6,671				—
Loan level swaps			28,827				—				28,827				—
Total		$	604,958			$	13,194			$	591,764			$	—
Liabilities:
Derivatives:
Cash flow hedges		$	156			$	—			$	156			$	—
Loan level swaps			28,827				—				28,827				—
Total		$	28,983			$	—			$	28,983			$	—

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)		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			$	—

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)		2023				(Level 1)				(Level 2)				(Level 3)
Assets:
Individually evaluated loans:
Investment commercial real estate		$	10,132			$	—			$	—			$	10,132
Multifamily property			9,945				—				—				9,945
Commercial and industrial			1,044				—				—				1,044

Fair Value Measurements Using

Quoted

Prices in

Active

Significant

Markets For

Other

Significant

Identical

Observable

Unobservable

December 31,

Assets

Inputs

Inputs

(In thousands)

2022

(Level 1)

(Level 2)

(Level 3)

Assets:

Individually evaluated loans:

Investment commercial real estate

$

10,000

$

—

$

—

$

10,000

Commercial and industrial

743

—

—

743

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at March 31, 2023 are as follows:

						Fair Value Measurements at March 31, 2023 using
		Carrying
(In thousands)		Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	251,293			$	251,293			$	—			$	—			$	251,293
Securities available for sale			556,266				—				556,266				—				556,266
Securities held to maturity			111,609				—				97,967				—				97,967
CRA investment fund			13,194				13,194				—				—				13,194
FHLB and FRB stock			30,338				—				—				—			N/A
Loans held for sale, at lower of cost or fair value			13,800				—				15,056				—				15,056
Loans, net of allowance for credit losses			5,303,479				—				—				5,295,280				5,295,280
Accrued interest receivable			19,143				—				2,257				16,886				19,143
Accrued interest receivable loan level swaps (A)			798				—				798				—				798
Cash flow hedges			6,671				—				6,671				—				6,671
Loan level swaps			28,827				—				28,827				—				28,827
Financial liabilities
Deposits		$	5,308,842			$	4,909,894			$	390,365			$	—			$	5,300,259
Short-term borrowings			378,800				—				378,846				—				378,846
Subordinated debt			133,059				—				—				117,404				117,404
Accrued interest payable			5,717				3,411				1,305				1,001				5,717
Accrued interest payable loan level swaps (B)			798				—				798				—				798
Cash flow hedges			156				—				156				—				156
Loan level swap			28,827				—				28,827				—				28,827

(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, 2022 are as follows:

						Fair Value Measurements at December 31, 2022 using
		Carrying
(In thousands)		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 loan and lease 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.

X

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

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

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

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

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

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration