FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

The following tables summarizes, at the dates indicated, assets measured at fair value on a recurring basis, including financial assets for which the Corporation has elected the fair value option:

Assets Measured on a Recurring Basis

			Fair Value Measurements Using
			Quoted
			Prices in
			Active		Significant
			Markets For		Other		Significant
			Identical		Observable		Unobservable
	June 30,		Assets		Inputs		Inputs
(In thousands)	2022		(Level 1)		(Level 2)		(Level 3)
Assets:
Available for sale:
U.S. government-sponsored agencies	$	206,123	$	—	$	206,123	$	—
Mortgage-backed securities-residential		306,828		—		306,828		—
SBA pool securities		32,583		—		32,583		—
State and political subdivisions		4,013		—		4,013		—
Corporate bond		7,244		—		7,244		—
CRA investment fund		13,528		13,528		—		—
Loans held for sale, at fair value		515		—		515		—
Derivatives:
Cash flow hedges		1,041		—		1,041		—
Loan level swaps		19,366		—		19,366		—
Total	$	591,241	$	13,528	$	577,713	$	—
Liabilities:
Derivatives:
Cash flow hedges	$	569	$	—	$	569	$	—
Loan level swaps		19,366		—		19,366		—
Total	$	19,935	$	—	$	19,935	$	—

Assets Measured on a Recurring Basis

			Fair Value Measurements Using
			Quoted
			Prices in
			Active		Significant
			Markets For		Other		Significant
			Identical		Observable		Unobservable
	December 31,		Assets		Inputs		Inputs
(In thousands)	2021		(Level 1)		(Level 2)		(Level 3)
Assets:
Securities available for sale:
U.S. government-sponsored agencies	$	272,221	$	—	$	272,221	$	—
Mortgage-backed securities-residential		476,974		—		476,974		—
SBA pool securities		39,561		—		39,561		—
State and political subdivisions		5,476		—		5,476		—
Corporate bond		2,521		—		2,521		—
CRA investment fund		14,685		14,685		—		—
Loans held for sale, at fair value		3,040		—		3,040		—
Derivatives:
Loan level swaps		32,326		—		32,326		—
Total	$	846,804	$	14,685	$	832,119	$	—
Liabilities:
Derivatives:
Cash flow hedges	$	3,479	$	—	$	3,479	$	—
Loan level swaps		34,569		—		34,569		—
Total	$	38,048	$	—	$	38,048	$	—

Schedule of Residential Loans Held for Sale

The following tables present residential loans held for sale, at fair value at the dates indicated:

(In thousands)	June 30, 2022		December 31, 2021
Residential loans contractual balance	$	510	$	2,992
Fair value adjustment		5		48
Total fair value of residential loans held for sale	$	515	$	3,040

Schedule of Assets Measured at Fair Value on Non-Recurring Basis

The following tables summarize, at the dates indicated, assets measured at fair value on a non-recurring basis:

			Fair Value Measurements Using
			Quoted
			Prices in
			Active		Significant
			Markets For		Other		Significant
			Identical		Observable		Unobservable
	June 30,		Assets		Inputs		Inputs
(In thousands)	2022		(Level 1)		(Level 2)		(Level 3)
Assets:
Individually evaluated loans:
Investment commercial real estate	$	10,000	$	—	$	—	$	10,000

			Fair Value Measurements Using
			Quoted
			Prices in
			Active		Significant
			Markets For		Other		Significant
			Identical		Observable		Unobservable
	December 31,		Assets		Inputs		Inputs
(In thousands)	2021		(Level 1)		(Level 2)		(Level 3)
Assets:
Impaired loans:
Investment commercial real estate	$	8,516	$	—	$	—	$	8,516

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at June 30, 2022 are as follows:

			Fair Value Measurements at June 30, 2022 using
	Carrying
(In thousands)	Amount		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	153,425	$	153,425	$	—	$	—	$	153,425
Securities available for sale		556,791		—		556,791		—		556,791
Securities held to maturity		105,048		—		95,642		—		95,642
CRA investment fund		13,528		13,528		—		—		13,528
FHLB and FRB stock		13,710		—		—		—	N/A
Loans held for sale, at fair value		515		—		515		—		515
Loans held for sale, at lower of cost or fair value		14,956		—		16,631		—		16,631
Loans, net of allowance for credit losses		5,094,851		—		—		4,961,672		4,961,672
Accrued interest receivable		23,468		—		2,088		21,380		23,468
Accrued interest receivable loan level swaps (1)		2,853		—		2,853		—		2,853
Cash flow hedges		1,041		—		1,041		—		1,041
Loan level swaps		19,366		—		19,366		—		19,366
Financial liabilities
Deposits	$	5,403,868	$	4,971,170	$	424,140	$	—	$	5,395,310
Subordinated debt		132,844		—		—		130,196		130,196
Accrued interest payable		1,030		581		374		75		1,030
Accrued interest payable loan level swaps (2)		2,853		—		2,853		—		2,853
Cash flow hedges		569		—		569		—		569
Loan level swap		19,366		—		19,366		—		19,366

(1)Included in other assets in the Consolidated Statement of Condition.

(2)Included in accrued expenses and other liabilities in the Consolidated Statement of Condition.

The carrying amounts and estimated fair values of financial instruments at December 31, 2021 are as follows:

			Fair Value Measurements at December 31, 2021 using
	Carrying
(In thousands)	Amount		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	146,804	$	146,804	$	—	$	—	$	146,804
Securities available for sale		796,753		—		796,753		—		796,753
Securities held to maturity		108,680		—		108,460		—		108,460
CRA investment fund		14,685		14,685		—		—		14,685
FHLB and FRB stock		12,950		—		—		—	N/A
Loans held for sale, at fair value		3,040		—		3,040		—		3,040
Loans held for sale, at lower of cost or fair value		34,051		—		37,538		—		37,538
Loans, net of allowance for loan and lease losses		4,745,024		—		—		4,767,293		4,767,293
Accrued interest receivable		21,589		—		2,443		19,146		21,589
Accrued interest receivable loan level swaps (1)		4,842		—		4,842		—		4,842
Loan level swaps		32,326		—		32,326		—		32,326
Financial liabilities
Deposits	$	5,266,149	$	4,791,341	$	476,659	$	—	$	5,268,000
Subordinated debt		132,701		—		—		140,556		140,556
Accrued interest payable		651		130		446		75		651
Accrued interest payable loan level swaps (2)		4,842		—		4,842		—		4,842
Cash flow hedges		3,479		—		3,479		—		3,479
Loan level swaps		34,569		—		34,569		—		34,569

(1)Included in other assets in the Consolidated Statement of Condition.

(2)Included in accrued expenses and other liabilities in the Consolidated Statement of Condition.