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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of assets and liabilities measured at fair value on a recurring basis

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019, segregated by the level of valuation inputs within the fair value hierarchy used to measure fair value.



Recurring Fair Value Measurements
March 31, 2020
(In thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Available-for-sale debt securities
U.S. Treasuries	$	1,750	$	0	$	1,750	$	0
Obligations of U.S. Government sponsored entities	313,428		0		313,428		0
Obligations of U.S. states and political subdivisions	102,484		0		102,484		0
Mortgage-backed securities – residential, issued by:
U.S. Government agencies	174,515		0		174,515		0
U.S. Government sponsored entities	758,027		0		758,027		0
U.S. corporate debt securities	2,433		0		2,433		0
Total Available-for-sale debt securities	$	1,352,637	$	0	$	1,352,637	$	0
Equity securities, at fair value	$	930	$	0	$	0	$	930



Recurring Fair Value Measurements
December 31, 2019
(In thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Available-for-sale debt securities
U.S. Treasuries	$	1,840	$	0	$	1,840	$	0
Obligations of U.S. Government sponsored entities	372,488		0		372,488		0
Obligations of U.S. states and political subdivisions	97,785		0		97,785		0
Mortgage-backed securities – residential, issued by:
U.S. Government agencies	164,451		0		164,451		0
U.S. Government sponsored entities	659,590		0		659,590		0
U.S. corporate debt securities	2,433		0		2,433		0
Total Available-for-sale debt securities	$	1,298,587	$	0	$	1,298,587	$	0
Equity securities, at fair value	$	915	$	0	$	0	$	915

Schedule of assets and liabilities measured at fair value on a non recurring basis



Three months ended March 31, 2020
(in thousands)			Fair value measurements at reporting date using:						Gain (losses) from fair value changes
Assets:	As of 03/31/2020		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Three months ended 03/31/2020
Individually evaluated	$	4,893	$	0	$	4,893	$	0	$	(1,290	)
Other real estate owned	220		0		220		0		(52		)



Three months ended March 31, 2019
(in thousands)			Fair value measurements at reporting date using:						Gain (losses) from fair value changes
Assets:	As of 03/31/2019		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Three months ended 03/31/2019
Individually evaluated	$	4,786	$	0	$	4,786	$	0	$	(3,571	)
Other real estate owned	0		0		0		0		0

Schedule of carrying amount and fair value of financial instruments



Estimated Fair Value of Financial Instruments
March 31, 2020
(In thousands)	Carrying Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Financial Assets:
Cash and cash equivalents	$	115,263	$	115,263	$	115,263	$	0	$	0
FHLB and other stock	24,212		24,212		0		24,212		0
Accrued interest receivable	18,007		18,007		0		18,007		0
Loans/leases, net¹	4,885,418		4,834,400		0		4,893		4,829,507

Financial Liabilities:

Time deposits	$	708,933	$	716,275	$	0	$	716,275	$	0
Other deposits	4,700,430		4,700,430		0		4,700,430		0
Fed funds purchased and securities sold
under agreements to repurchase	68,993		68,993		0		68,993		0
Other borrowings	457,983		466,974		0		466,974		0
Trust preferred debentures	17,078		20,138		0		20,138		0
Accrued interest payable	2,244		2,244		0		2,244		0



Estimated Fair Value of Financial Instruments
December 31, 2019
(In thousands)	Carrying Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Financial Assets:
Cash and cash equivalents	$	137,982	$	137,982	$	137,982	$	0	$	0
FHLB and other stock	33,695		33,695		0		33,695		0
Accrued interest receivable	19,293		19,293		0		19,293		0
Loans/leases, net¹	4,877,658		4,798,268		0		14,050		4,784,218

Financial Liabilities:

Time deposits	$	675,014	$	677,205	$	0	$	677,205	$	0
Other deposits	4,537,907		4,537,907		0		4,537,907		0
Fed funds purchased and securities
sold under agreements to repurchase	60,346		60,346		0		60,346		0
Other borrowings	658,100		659,895		0		659,895		0
Trust preferred debentures	17,035		21,904		0		21,904		0
Accrued interest payable	2,486		2,486		0		2,486		0

¹ Lease receivables, although excluded from the scope of ASC Topic 825, are included in the estimated fair value amounts at their carrying value.