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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Summary of financial assets and financial liabilities measured at fair value on recurring basis he following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 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
June 30, 2020
(In thousands)Total(Level 1)(Level 2)(Level 3)
Available-for-sale debt securities
U.S. Treasuries$400  $ $400  $ 
Obligations of U.S. Government sponsored entities279,499   279,499   
Obligations of U.S. states and political subdivisions122,386   122,386   
Mortgage-backed securities – residential, issued by:
U.S. Government agencies208,347   208,347   
U.S. Government sponsored entities722,157   722,157   
U.S. corporate debt securities2,364   2,364   
Total Available-for-sale debt securities$1,335,153  $ $1,335,153  $ 
Equity securities, at fair value$934  $ $ $934  
 
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  $ $1,840  $ 
Obligations of U.S. Government sponsored entities372,488   372,488   
Obligations of U.S. states and political subdivisions97,785   97,785   
Mortgage-backed securities – residential, issued by:
U.S. Government agencies164,451   164,451   
U.S. Government sponsored entities659,590   659,590   
U.S. corporate debt securities2,433   2,433   
Total Available-for-sale debt securities$1,298,587  $ $1,298,587  $ 
Equity securities, at fair value$915  $ $ $915  
Schedule of assets measured at fair value on nonrecurring basis
Three months ended June 30, 2019
(In thousands)Fair value measurements at reporting
date using:
Gain (losses)
from fair
value changes
Assets:As of 06/30/2019Quoted prices in
active markets for
identical assets
(Level 1)
Significant other
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Three months ended 06/30/2019
Impaired loans$3,485  $ $3,485  $ $(63) 
Other real estate owned635   635    

Six months ended June 30, 2020
(In thousands)Fair value measurements at reporting
date using:
Gain (losses)
from fair
value changes
Assets:As of 06/30/2020Quoted prices in
active markets for
identical assets
(Level 1)
Significant other
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Six months ended 06/30/2020
Individually evaluated$10,130  $ $10,130  $ $(1,305) 
Other real estate owned274   274   (23) 
Six months ended June 30, 2019
(In thousands)Fair value measurements at reporting
date using:
Gain (losses)
from fair
value changes
Assets:As of 06/30/2019Quoted prices in
active markets for
identical assets
(Level 1)
Significant other
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Six months ended 06/30/2019
Impaired loans$6,294  $ $6,294  $ $(3,634) 
Other real estate owned2,229   2,229    
Schedule of carrying amount and estimated fair value of financial instruments
The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments at June 30, 2020 and December 31, 2019. The carrying amounts shown in the table are included in the Consolidated Statements of Condition under the indicated captions.
 
The fair value estimates, methods and assumptions set forth below for the Company's financial instruments, including those financial instruments carried at cost, are made solely to comply with disclosures required by U.S. GAAP and should be read in conjunction with the financial statements and notes included in this Report.
 
Estimated Fair Value of Financial Instruments
June 30, 2020
(In thousands)Carrying
Amount
Fair Value(Level 1)(Level 2)(Level 3)
Financial Assets:
Cash and cash equivalents$479,126  $479,126  $479,126  $ $ 
FHLB and other stock19,044  19,044   19,044   
Accrued interest receivable35,611  35,611   35,611   
Loans/leases, net1
5,372,203  5,348,137   2,560  5,345,577  
Financial Liabilities:
Time deposits$699,166  $707,732  $ $707,732  $ 
Other deposits5,678,355  5,678,355   5,678,355   
Fed funds purchased and securities sold
under agreements to repurchase50,889  50,889   50,889   
Other borrowings325,000  335,868   335,868   
Trust preferred debentures17,120  20,888   20,888   
Accrued interest payable1,995  1,995   1,995   
 
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  $ $ 
FHLB and other stock33,695  33,695   33,695   
Accrued interest receivable19,293  19,293   19,293   
Loans/leases, net1
4,877,658  4,798,268   14,050  4,784,218  
Financial Liabilities:
Time deposits$675,014  $677,205  $ $677,205  $ 
Other deposits4,537,907  4,537,907   4,537,907   
Fed funds purchased and securities
sold under agreements to repurchase60,346  60,346   60,346   
Other borrowings658,100  659,895   659,895   
Trust preferred debentures17,035  21,904   21,904   
Accrued interest payable2,486  2,486   2,486   
1 Lease receivables, although excluded from the scope of ASC Topic 825, are included in the estimated fair value amounts at their carrying value.