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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
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 December 31, 2024 and 2023 segregated by the level of valuation inputs within the fair value hierarchy used to measure fair value:

Recurring Fair Value Measurements
December 31, 2024
(In thousands)(Level 1)(Level 2)(Level 3)
Assets
Available-for-sale debt securities
U.S. Treasuries$71,497 $$71,497 $
Obligations of U.S. Government sponsored entities380,280 380,280 
Obligations of U.S. states and political subdivisions77,694 77,694 
Mortgage-backed securities – residential, issued by:
U.S. Government agencies63,254 63,254 
U.S. Government sponsored entities636,360 636,360 
U.S. corporate debt securities2,447 2,447 
Total Available-for-sale debt securities$1,231,532 $$1,231,532 $
Equity securities, at fair value768 768 
Derivatives designated as hedging instruments864 864 
Derivatives not designated as hedging instruments1,831 1,831 
Liabilities
Derivatives not designated as hedging instruments$2,073 $$2,073 $
Recurring Fair Value Measurements
December 31, 2023
(In thousands)(Level 1)(Level 2)(Level 3)
Assets
Available-for-sale debt securities
U.S. Treasuries$109,904 $$109,904 $
Obligations of U.S. Government sponsored entities456,458 456,458 
Obligations of U.S. states and political subdivisions81,924 81,924 
Mortgage-backed securities – residential, issued by:
U.S. Government agencies45,240 45,240 
U.S. Government sponsored entities720,830 720,830 
U.S. corporate debt securities2,294 2,294 
Total Available-for-sale debt securities$1,416,650 $$1,416,650 $
Equity securities, at fair value787 787 
Derivatives designated as hedging instruments1,503 1,503 
Derivatives not designated as hedging instruments1,610 1,610 
Liabilities
Derivatives not designated as hedging instruments$1,826 $$1,826 $
Schedule of Assets and Liabilities Measured at Fair Value on a Non Recurring Basis
(In thousands)Fair value measurements at reporting
date using:
Gain (losses)
from fair
value changes
As ofQuoted prices in active markets for identical assetsSignificant other observable inputsSignificant unobservable inputsYear ended
Assets:12/31/2024(Level 1)(Level 2)(Level 3)12/31/2024
Individually evaluated loans$7,471 $$$7,471 $249 
Other real estate owned14,314 14,314 43 
 
(In thousands)Fair value measurements at reporting
date using:
Gain (losses)
from fair
value changes
As ofQuoted prices in active markets for identical assetsSignificant other observable inputsSignificant unobservable inputsYear ended
Assets:12/31/2023(Level 1)(Level 2)(Level 3)12/31/2023
Individually evaluated loans$40,681 $$$40,681 $826 
Other real estate owned131 131 23 
Schedule of Carrying Amount and Fair Value of Financial Instruments
The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments at December 31, 2024 and 2023. The carrying amounts shown in the table are included in the Consolidated Statements of Condition under the indicated captions. The fair value estimates, methods and assumptions set forth below for the Company’s financial instruments, including those financial instruments carried at cost, are made solely to comply with disclosures required by GAAP and does not always incorporate the exit-price concept of fair value prescribed by ASC Topic 820-10 and should be read in conjunction with the financial statements and notes included in this Report.
Estimated Fair Value of Financial Instruments
December 31, 2024
(In thousands)Carrying
Amount
Fair Value(Level 1)(Level 2)(Level 3)
Financial Assets:
Cash and cash equivalents$134,398 $134,398 $134,398 $$
Securities - held-to-maturity312,462 267,295 267,295 
FHLB stock and other stock42,255 42,255 42,255 
Accrued interest receivable28,823 28,823 28,823 
Loans/leases, net1
5,963,426 5,584,661 5,584,661 
Financial Liabilities:
Time deposits$1,068,375 $1,064,548 $$1,064,548 $
Other deposits5,403,430 5,403,430 5,403,430 
Fed funds purchased and securities sold
under agreements to repurchase37,036 37,036 37,036 
Other borrowings790,247 789,915 789,915 
Trust preferred debentures
Accrued interest payable4,854 4,854 4,854 
 1 Lease receivables, although excluded from the scope of ASC Topic 825, are included in the estimated fair value amounts at their carrying value.

Estimated Fair Value of Financial Instruments
December 31, 2023
(In thousands)Carrying
Amount
Fair Value(Level 1)(Level 2)(Level 3)
Financial Assets:
Cash and cash equivalents$79,542 $79,542 $79,542 $$
Securities - held-to-maturity312,401 267,455 267,455 
FHLB stock and other stock33,719 33,719 33,719 
Accrued interest receivable26,107 26,107 26,107 
Loans/leases, net1
5,554,351 5,126,679 5,126,679 
Financial Liabilities:
Time deposits$998,013 $990,933 $$990,933 $
Other deposits5,401,834 5,401,834 5,401,834 
Fed funds purchased and securities sold
under agreements to repurchase50,996 50,996 50,996 
Other borrowings602,100 600,814 600,814 
Accrued interest payable3,474 3,474 3,474 
1 Lease receivables, although excluded from the scope of ASC Topic 825, are included in the estimated fair value amounts at their carrying value.