Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

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:

	September 30, 2023				December 31, 2022
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
	(dollars in thousands)
Financial assets
Cash and cash equivalents	$	25,353	$	25,353	$	30,719	$	30,719
Securities available for sale		136,253		136,253		153,416		153,416
Securities held to maturity		980,591		784,636		1,051,997		885,586
Loans, net		3,989,773		3,574,502		4,025,082		3,783,051
FHLB of Boston stock		12,321		12,321		6,264		6,264
Accrued interest receivable		15,255		15,255		14,118		14,118
Mortgage servicing rights		1,511		2,345		1,665		2,336
Interest rate contracts - cash flow hedge		799		799		1,966		1,966
Loan level interest rate swaps		59,287		59,287		50,784		50,784
Risk participation agreements out to counterparties		6		6		23		23
Interest rate contracts - fair value hedge		6,329		6,329		—		—
Financial liabilities
Deposits, excluding wholesale deposits		4,082,582		4,078,271		4,433,817		4,429,190
Wholesale deposits		483,344		483,028		381,559		381,505
Borrowings		233,905		232,431		105,212		105,202
Loan level interest rate swaps		59,287		59,287		50,784		50,784
Risk participation agreements in with counterparties		18		18		43		43

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 September 30, 2023
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Measured on a recurring basis
Securities available for sale
U.S. GSE obligations	$	—	$	19,486	$	—	$	19,486
Mortgage-backed securities		—		116,767		—		116,767
Other assets
Interest rate swaps with clients		—		59,287		—		59,287
Risk participation agreements -out to counterparties		—		6		—		6
Interest rate contracts - cash flow hedge		—		799		—		799
Interest rate contracts - fair value hedge		—		6,329		—		6,329
Other liabilities
Interest rate swaps with counterparties		—		59,287		—		59,287
Risk participation agreements-in with counterparties		—		18		—		18

	Fair Value as of December 31, 2022
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Measured on a recurring basis
Securities available for sale
U.S. GSE obligations	$	—	$	19,733	$	—	$	19,733
Mortgage-backed securities		—		132,683		—		132,683
Corporate debt securities		—		1,000		—		1,000
Other assets
Interest rate swaps with clients		—		50,784		—		50,784
Risk participation agreements-out to counterparties		—		23		—		23
Interest rate contracts		—		1,966		—		1,966
Other liabilities
Interest rate swaps with counterparties		—		50,784		—		50,784
Risk participation agreements-in with counterparties		—		43		—		43

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 September 30, 2023 and December 31, 2022, which were measured at fair value on a non-recurring basis:

	September 30, 2023
	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	$	—	$	—	$	9,321	$	9,321
Total	$	—	$	—	$	9,321	$	9,321

	December 31, 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	$	—	$	—	$	103	$	103
Total	$	—	$	—	$	103	$	103