Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Carrying Values and Estimated Fair Values of Financial Instruments

The following is a summary of the carrying values and estimated fair values of the Company’s significant financial instruments as of the dates indicated:

	June 30, 2022				December 31, 2021
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
	(dollars in thousands)
Financial assets
Cash and cash equivalents	$	25,023	$	25,023	$	180,153	$	180,153
Securities available for sale		173,952		173,952		197,803		197,803
Securities held to maturity		1,105,858		990,221		977,061		971,092
Loans, net		3,489,368		3,374,268		3,284,610		3,230,339
Loans held for sale		—		—		1,490		1,528
FHLB of Boston stock		10,518		10,518		4,816		4,816
Accrued interest receivable		10,061		10,061		9,162		9,162
Mortgage servicing rights		1,020		1,655		1,083		1,518
Interest rate contracts		244		244		3,513		3,513
Loan level interest rate swaps		33,276		33,276		23,431		23,431
Risk participation agreements out to counterparties		37		37		107		107
Financial liabilities
Deposits		4,264,057		4,261,934		4,331,152		4,330,991
Borrowings		252,867		252,691		16,510		16,523
Loan level interest rate swaps		33,276		33,276		23,431		23,431
Risk participation agreements in with counterparties		113		113		293		293

Summary of Certain Assets and Liabilities Reported at Fair Value on a Recurring Basis

The following tables summarize certain assets and liabilities reported at fair value on a recurring basis:

	Fair Value as of June 30, 2022
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Measured on a recurring basis
Securities available for sale
U.S. GSE obligations	$	—	$	21,075	$	—	$	21,075
Mortgage-backed securities		—		151,130		—		151,130
Corporate debt securities		—		1,747		—		1,747
Other assets
Interest rate swaps with customers		—		33,276		—		33,276
Risk participation agreements-out to counterparties		—		37		—		37
Interest rate contracts		—		244		—		244
Other liabilities
Interest rate swaps with customers		—		33,276		—		18,161
Risk participation agreements-in with counterparties		—		113		—		113

	Fair Value as of December 31, 2021
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Measured on a recurring basis
Securities available for sale
U.S. GSE obligations	$	—	$	23,011	$	—	$	23,011
Mortgage-backed securities		—		173,028		—		173,028
Corporate debt securities		—		1,764		—		1,764
Other assets
Interest rate swaps with customers		—		23,431		—		23,431
Risk participation agreements-out to counterparties		—		107		—		107
Interest rate contracts		—		3,513		—		3,513
Other liabilities
Mirror swaps with counterparties		—		23,431		—		23,431
Risk participation agreements-in with counterparties		—		293		—		293

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

The following tables present the carrying value of assets held at June 30, 2022 and December 31, 2021, which were measured at fair value on a non-recurring basis:

	June 30, 2022
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Items recorded at fair value on a non-recurring basis
Assets
Individually evaluated collateral dependent loans	$	—	$	—	$	278	$	278
Total	$	—	$	—	$	278	$	278

	December 31, 2021
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Items recorded at fair value on a non-recurring basis
Assets
Loans held for sale	$	1,490	$	—	$	—	$	1,490
Individually evaluated collateral dependent loans		—		—		130		130
Total	$	1,490	$	—	$	130	$	1,620