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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30, 2023 and December 31, 2022, segregated by the level of valuation inputs within the fair value hierarchy used to measure fair value:


Recurring Fair Value Measurements
September 30, 2023
(In thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Assets
Available-for-sale debt securities
U.S. Treasuries	$	107,294	$	0	$	107,294	$	0
Obligations of U.S. Government sponsored entities	459,941		0		459,941		0
Obligations of U.S. states and political subdivisions	77,237		0		77,237		0
Mortgage-backed securities – residential, issued by:
U.S. Government agencies	45,399		0		45,399		0
U.S. Government sponsored entities	696,309		0		696,309		0

U.S. corporate debt securities	2,330		0		2,330		0
Total Available-for-sale debt securities	$	1,388,510	$	0	$	1,388,510	$	0

Equity securities, at fair value	$	741	$	0	$	0	$	741
Derivatives designated as hedging instruments	3,991		0		3,991		0
Derivatives not designated as hedging instruments	47		0		47		0
Liabilities
Derivatives not designated as hedging instruments	$	56	$	0	$	56	$	0


Recurring Fair Value Measurements
December 31, 2022
(In thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Assets
Available-for-sale debt securities
U.S. Treasuries	$	167,251	$	0	$	167,251	$	0
Obligations of U.S. Government sponsored entities	601,167		0		601,167		0
Obligations of U.S. states and political subdivisions	85,281		0		85,281		0
Mortgage-backed securities – residential, issued by:
U.S. Government agencies	52,668		0		52,668		0
U.S. Government sponsored entities	686,222		0		686,222		0

U.S. corporate debt securities	2,378		0		2,378		0
Total Available-for-sale debt securities	$	1,594,967	$	0	$	1,594,967	$	0

Equity securities, at fair value	$	777	$	0	$	0	$	777


Liabilities
Derivatives not designated as hedging instruments	$	21	$	0	$	21	$	0

Schedule of assets measured at fair value on nonrecurring basis


Three months ended September 30, 2023
(In thousands)			Fair value measurements at reporting date using:						Gain (losses) from fair value changes
Assets:	As of 09/30/2023		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Three months ended 9/30/2023

Other real estate owned	$	0	$	0	$	0	$	0	$	1


Three months ended September 30, 2022
(In thousands)			Fair value measurements at reporting date using:						Gain (losses) from fair value changes
Assets:	As of 9/30/2022		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Three months ended 9/30/2022
Individually evaluated loans	$	8,099	$	0	$	0	$	8,099	$	0
Other real estate owned	247		0				247		27


Nine months ended September 30, 2023
(In thousands)			Fair value measurements at reporting date using:						Gain (losses) from fair value changes
Assets:	As of 09/30/2023		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Nine months ended 9/30/2023
Individually evaluated loans	$	3,742	$	0	$	0	$	3,742	$	826
Other real estate owned	0		0		0		0		23


Nine months ended September 30, 2022
(In thousands)			Fair value measurements at reporting date using:						Gain (losses) from fair value changes
Assets:	As of 09/30/2022		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Nine months ended 9/30/2022
Individually evaluated loans	$	10,138	$	0	$	0	$	10,138	$	59
Other real estate owned	247		0				247		49

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 September 30, 2023 and December 31, 2022. 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
September 30, 2023
(In thousands)	Carrying Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Financial Assets:
Cash and cash equivalents	$	140,216	$	140,216	$	140,216	$	0	$	0

Securities - held-to-maturity	312,385		252,978		0		252,978		0
FHLB and other stock	19,985		19,985		0		19,985		0
Accrued interest receivable	26,535		26,535		0		26,535		0
Loans/leases, net1	5,385,524		4,994,285		0		0		4,994,285

Financial Liabilities:

Time deposits	$	880,412	$	869,728	$	0	$	869,728	$	0
Other deposits	5,743,024		5,743,024		0		5,743,024		0
Fed funds purchased and securities sold
under agreements to repurchase	56,120		56,120		0		56,120		0
Other borrowings	296,800		293,922		0		293,922		0

Accrued interest payable	2,392		2,392		0		2,392		0


Estimated Fair Value of Financial Instruments
December 31, 2022
(In thousands)	Carrying Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Financial Assets:
Cash and cash equivalents	$	77,837	$	77,837	$	77,837	$	0	$	0
Securities - held to maturity	312,344		261,692		0		261,692		0
FHLB and other stock	17,720		17,720		0		17,720		0
Accrued interest receivable	24,865		24,865		0		24,865		0
Loans/leases, net1	5,222,977		4,939,246		0		0		4,939,246

Financial Liabilities:

Time deposits	$	631,411	$	616,488	$	0	$	616,488	$	0
Other deposits	5,970,884		5,970,884		0		5,970,884		0
Fed funds purchased and securities
sold under agreements to repurchase	56,278		56,278		0		56,278		0
Other borrowings	291,300		289,234		0		289,234		0

Accrued interest payable	1,420		1,420		0		1,420		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.