Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Summary of financial assets and financial liabilities measured at fair value on recurring basis

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021, segregated by the level of valuation inputs within the fair value hierarchy used to measure fair value:

Recurring Fair Value Measurements
June 30, 2022
(In thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Available-for-sale debt securities
U.S. Treasuries	$	174,102	$	0	$	174,102	$	0
Obligations of U.S. Government sponsored entities	793,493		0		793,493		0
Obligations of U.S. states and political subdivisions	88,078		0		88,078		0
Mortgage-backed securities – residential, issued by:
U.S. Government agencies	59,114		0		59,114		0
U.S. Government sponsored entities	774,571		0		774,571		0
U.S. corporate debt securities	2,360		0		2,360		0
Total Available-for-sale debt securities	$	1,891,718	$	0	$	1,891,718	$	0
Equity securities, at fair value	$	818	$	0	$	0	$	818

Recurring Fair Value Measurements
December 31, 2021
(In thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Available-for-sale debt securities
U.S. Treasuries	$	157,834	$	0	$	157,834	$	0
Obligations of U.S. Government sponsored entities	832,373		0		832,373		0
Obligations of U.S. states and political subdivisions	104,169		0		104,169		0
Mortgage-backed securities – residential, issued by:
U.S. Government agencies	77,157		0		77,157		0
U.S. Government sponsored entities	870,556		0		870,556		0
U.S. corporate debt securities	2,424		0		2,424		0
Total Available-for-sale debt securities	$	2,044,513	$	0	$	2,044,513	$	0
Equity securities, at fair value	$	902	$	0	$	0	$	902

Schedule of assets measured at fair value on nonrecurring basis

Three months ended June 30, 2022
(In thousands)			Fair value measurements at reporting date using:						Gain (losses) from fair value changes
Assets:	As of 06/30/2022		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Three months ended 06/30/2022
Individually evaluated loans	$	814	$	0	$	0	$	814	$	59
Other real estate owned	33		0		33		0		0

Three months ended June 30, 2021
(In thousands)			Fair value measurements at reporting date using:						Gain (losses) from fair value changes
Assets:	As of 06/30/2021		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Three months ended 06/30/2021
Individually evaluated loans	$	8,922	$	0	$	8,922	$	0	$	0

Six months ended June 30, 2022
(In thousands)			Fair value measurements at reporting date using:						Gain (losses) from fair value changes
Assets:	As of 06/30/2022		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Six months ended 06/30/2022
Individually evaluated loans	$	1,320	$	0	$	0	$	1,320	$	59
Other real estate owned	33		0		33		0		22

Six months ended June 30, 2021
(In thousands)			Fair value measurements at reporting date using:						Gain (losses) from fair value changes
Assets:	As of 06/30/2021		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Six months ended 06/30/2021
Individually evaluated loans	$	31,619	$	0	$	31,619	$	0	$	0

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, 2022 and December 31, 2021. The carrying amounts shown in the table are included in the Consolidated Statements of Condition under the indicated captions.

Estimated Fair Value of Financial Instruments
June 30, 2022
(In thousands)	Carrying Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Financial Assets:
Cash and cash equivalents	$	80,392	$	80,392	$	80,392	$	0	$	0
Securities - held-to-maturity	312,315		274,660		0		274,660		0
FHLB and other stock	17,913		17,913		0		17,913		0
Accrued interest receivable	22,420		22,420		0		22,420		0
Loans/leases, net1	5,118,710		4,958,348		0		0		4,958,348
Financial Liabilities:
Time deposits	$	594,853	$	585,487	$	0	$	585,487	$	0
Other deposits	6,174,668		6,174,668		0		6,174,668		0
Fed funds purchased and securities sold
under agreements to repurchase	50,075		50,075		0		50,075		0
Other borrowings	295,600		294,234		0		294,234		0
Accrued interest payable	815		815		0		815		0

Estimated Fair Value of Financial Instruments
December 31, 2021
(In thousands)	Carrying Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Financial Assets:
Cash and cash equivalents	$	63,107	$	63,107	$	63,107	$	0	$	0
FHLB and other stock	10,996		10,996		0		10,996		0
Accrued interest receivable	22,597		22,597		0		22,597		0
Loans/leases, net1	5,032,624		5,028,734		0		0		5,028,734
Financial Liabilities:
Time deposits	$	639,674	$	641,517	$	0	$	641,517	$	0
Other deposits	6,151,761		6,151,761		0		6,151,761		0
Fed funds purchased and securities
sold under agreements to repurchase	66,787		66,787		0		66,787		0
Other borrowings	124,000		125,700		0		125,700		0
Accrued interest payable	901		901		0		901		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.