Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair value measurements of assets on a recurring basis

The following tables summarize the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 and December 31, 2018:

	December 31, 2019
	Total		Level 1		Level 2		Level 3
	(In thousands)
Assets
Investment securities available for sale:
U.S. Treasury and U.S. Government-sponsored agencies	$	105,223	$	—	$	105,223	$	—
Municipal securities	133,014		—		133,014		—
Mortgage backed securities and collateralized mortgage obligations:
Residential	339,608		—		339,608		—
Commercial	327,095		—		327,095		—
Corporate obligations	24,194		—		24,194		—
Other asset-backed securities	23,178				23,178		—
Total investment securities available for sale	952,312		—		952,312		—
Equity security	148		148		—		—
Derivative assets - interest rate swaps	8,318		—		8,318		—
Liabilities
Derivative liabilities - interest rate swaps	$	8,318	$	—	$	8,318	$	—

	December 31, 2018
	Total		Level 1		Level 2		Level 3
	(In thousands)
Assets
Investment securities available for sale:
U.S. Treasury and U.S. Government-sponsored agencies	$	101,603	$	15,936	$	85,667	$	—
Municipal securities	158,864		—		158,864		—
Mortgage backed securities and collateralized mortgage obligations:
Residential	331,602		—		331,602		—
Commercial	333,761		—		333,761		—
Corporate obligations	25,563		—		25,563		—
Other asset-backed securities	24,702		—		24,702		—
Total investment securities available for sale	976,095		15,936		960,159		—
Equity security	114		114		—		—
Derivative assets - interest rate swaps	5,095		—		5,095		—
Liabilities
Derivative liabilities - interest rate swaps	$	5,095	$	—	$	5,095	$	—

Fair value measurements of assets on a nonrecurring basis

The following tables below represent assets measured at fair value on a nonrecurring basis at December 31, 2019 and December 31, 2018 and the net losses recorded in earnings during years ended December 31, 2019 and 2018:

	Basis(1)		Fair Value at December 31, 2019
			Total		Level 1		Level 2		Level 3		Net Losses Recorded in Earnings  During the Year Ended December 31, 2019
	(In thousands)
Impaired loans:
Commercial and industrial	$	4,111	$	3,380	$	—	$	—	$	3,380	$	78
Total assets measured at fair value on a nonrecurring basis	$	4,111	$	3,380	$	—	$	—	$	3,380	$	78

⁽¹⁾  Basis represents the unpaid principal balance of impaired loans.

	Basis(1)		Fair Value at December 31, 2018
			Total		Level 1		Level 2		Level 3		Net Losses Recorded in Earnings  During the Year Ended December 31, 2018
	(In thousands)
Impaired loans:
Commercial business:
Commercial and industrial	$	117	$	107	$	—	$	—	$	107	$	10
Non-owner occupied commercial real estate	1,378		1,102		—		—		1,102		150
Total commercial business	1,495		1,209		—		—		1,209		160
Consumer	9		7		—		—		7		8
Total assets measured at fair value on a nonrecurring basis	$	1,504	$	1,216	$	—	$	—	$	1,216	$	168

⁽¹⁾ 

Basis represents the unpaid principal balance of impaired loans.

Fair value measurements for financial instruments measured at fair value on a non-recurring basis

The following tables present quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2019 and December 31, 2018:

	December 31, 2019
	Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range of Inputs; Weighted Average
	(Dollars in thousands)
Impaired loans	$	3,380	Market approach	Adjustment for differences between the comparable sales	173.5% - (18.5%); 36.8%

	December 31, 2018
	Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range of Inputs; Weighted Average
	(Dollars in thousands)
Impaired loans	$	1,216	Market approach	Adjustment for differences between the comparable sales	10.4% - (37.3%); (10.9%)

Schedule of carrying value and fair value of financial instruments

The following tables present the carrying value amount of the Company’s financial instruments and their corresponding estimated fair values at December 31, 2019 and December 31, 2018:

	December 31, 2019
	Carrying Value		Fair Value		Fair Value Measurements Using:
					Level 1		Level 2		Level 3
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	228,568	$	228,568	$	228,568	$	—	$	—
Investment securities available for sale	952,312		952,312		—		952,312		—
Loans held for sale	5,533		5,704		—		—		5,704
Total loans receivable, net	3,731,708		3,791,557		—		—		3,791,557
Accrued interest receivable	14,446		14,446		79		3,668		10,699
Derivative assets - interest rate swaps	8,318		8,318		—		8,318		—
Equity security	148		148		148		—		—
Financial Liabilities:
Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts	$	4,058,098	$	4,058,098	$	4,058,098	$	—	$	—
Certificate of deposit accounts	524,578		529,679		—		529,679		—
Securities sold under agreement to repurchase	20,169		20,169		20,169		—		—
Junior subordinated debentures	20,595		20,000		—		—		20,000
Accrued interest payable	199		199		95		64		40
Derivative liabilities - interest rate swaps	8,318		8,318		—		8,318		—

	December 31, 2018
	Carrying Value		Fair Value		Fair Value Measurements Using:
					Level 1		Level 2		Level 3
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	161,910	$	161,910	$	161,910	$	—	$	—
Investment securities available for sale	976,095		976,095		15,936		960,159		—
Federal Home Loan Bank stock	6,076		N/A		N/A		N/A		N/A
Loans held for sale	1,555		1,605		—		1,605		—
Total loans receivable, net	3,619,118		3,613,076		—		—		3,613,076
Accrued interest receivable	15,403		15,403		68		4,091		11,244
Derivative assets - interest rate swaps	5,095		5,095		—		5,095		—
Equity security	114		114		114		—		—
Financial Liabilities:
Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts	$	3,965,510	$	3,965,510	$	3,965,510	$	—	$	—
Certificate of deposit accounts	466,892		470,222		—		470,222		—
Securities sold under agreement to repurchase	31,487		31,487		31,487		—		—
Junior subordinated debentures	20,302		20,500		—		—		20,500
Accrued interest payable	191		191		63		81		47
Derivative liabilities - interest rate swaps	5,095		5,095		—		5,095		—