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FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 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
		June 30,				Assets				Inputs				Inputs
(In thousands)		2023				(Level 1)				(Level 2)				(Level 3)
Assets:
Available for sale:
U.S. government-sponsored agencies		$	193,129			$	—			$	193,129			$	—
Mortgage-backed securities-residential			312,526				—				312,526				—
SBA pool securities			24,878				—				24,878				—
State and political subdivisions			1,848				—				1,848				—
Corporate bond			8,138				—				8,138				—
CRA investment fund			12,985				12,985				—				—
Derivatives:
Cash flow hedges			11,248				—				11,248				—
Loan level swaps			36,331				—				36,331				—
Total		$	601,083			$	12,985			$	588,098			$	—
Liabilities:
Derivatives:
Loan level swaps			36,331				—				36,331				—
Total		$	36,331			$	—			$	36,331			$	—

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

June 30,

Assets

Inputs

Inputs

(In thousands)

2023

(Level 1)

(Level 2)

(Level 3)

Assets:

Individually evaluated loans:

Multifamily property

$

7,728

$

—

$

—

$

7,728

Commercial and industrial

1,317

—

—

1,317

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 June 30, 2023 are as follows:

						Fair Value Measurements at June 30, 2023 using
		Carrying
(In thousands)		Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	171,628			$	171,628			$	—			$	—			$	171,628
Securities available for sale			540,519				—				540,519				—				540,519
Securities held to maturity			110,438				—				95,501				—				95,501
CRA investment fund			12,985				12,985				—				—				12,985
FHLB and FRB stock			35,402				—				—				—			N/A
Loans held for sale, at lower of cost or fair value			14,198				—				15,493				—				15,493
Loans, net of allowance for credit losses			5,372,312				—				—				5,224,990				5,224,990
Accrued interest receivable			20,865				—				2,763				18,102				20,865
Accrued interest receivable loan level swaps (A)			368				—				368				—				368
Cash flow hedges			11,248				—				11,248				—				11,248
Loan level swaps			36,331				—				36,331				—				36,331
Financial liabilities
Deposits		$	5,198,497			$	4,734,126			$	455,274			$	—			$	5,189,400
Short-term borrowings			485,360				—				485,360				—				485,360
Subordinated debt			133,131				—				—				114,185				114,185
Accrued interest payable			4,767				4,070				570				127				4,767
Accrued interest payable loan level swaps (B)			368				—				368				—				368
Loan level swap			36,331				—				36,331				—				36,331

(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

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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
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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
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-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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