Fair Value Measurement of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Assets and Liabilities Measured at Fair Value on Recurring and Non-Recurring Basis

The following tables present the assets and liabilities that are measured at fair value on a recurring and non-recurring basis by level within the fair value hierarchy as reported on the consolidated statements of financial condition at December 31, 2023 and 2022. The assets presented under “non-recurring fair value measurements” in the table below are not measured at fair value on an ongoing basis but are subject to fair value adjustments under certain circumstances (e.g., when an impairment loss is recognized).


			Fair Value Measurements at Reporting Date Using:
	December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Recurring fair value measurements:
Assets
Investment securities:
Equity securities	$	23,307	$	23,307	$	—	$	—
Equity securities at net asset value (NAV)	12,126		—		—		—
Trading debt securities	3,973		3,973		—		—
Available for sale debt securities:
U.S. Treasury securities	288,157		288,157		—		—
U.S. government agency securities	23,702		—		23,702		—
Obligations of states and political subdivisions	191,690		—		191,690		—
Residential mortgage-backed securities	626,572		—		626,572		—

Corporate and other debt securities	166,455		—		166,455		—
Total available for sale debt securities	1,296,576		288,157		1,008,419		—
Loans held for sale (1)	20,640		—		20,640		—
Other assets (2)	466,227		—		466,227		—
Total assets	$	1,822,849	$	315,437	$	1,495,286	$	—
Liabilities
Other liabilities (2)	$	488,103	$	—	$	488,103	$	—
Total liabilities	$	488,103	$	—	$	488,103	$	—
Non-recurring fair value measurements:

Non-performing loans held for sale (3)	$	10,000	$	—	$	10,000	$	—
Collateral dependent loans, net	90,580		—		—		90,580

Foreclosed assets	1,444		—		—		1,444
Total	$	102,024	$	—	$	10,000	$	92,024


			Fair Value Measurements at Reporting Date Using:
	December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Recurring fair value measurements:
Assets
Investment securities:
Equity securities	$	23,494	$	23,494	$	—	$	—
Equity securities at net asset value (NAV)	10,099		—		—		—
Trading debt securities	13,438		3,282		10,156		—
Available for sale debt securities:
U.S. Treasury securities	279,498		279,498		—		—
U.S. government agency securities	26,964		—		26,964		—
Obligations of states and political subdivisions	146,811		—		146,811		—
Residential mortgage-backed securities	629,818		—		629,818		—

Corporate and other debt securities	178,306		—		178,306		—

Total available for sale debt securities	1,261,397		279,498		981,899		—
Loans held for sale (1)	18,118		—		18,118		—
Other assets (2)	467,127		—		467,127		—
Total assets	$	1,793,673	$	306,274	$	1,477,300	$	—
Liabilities
Other liabilities (2)	$	607,237	$	—	$	607,237	$	—
Total liabilities	$	607,237	$	—	$	607,237	$	—
Non-recurring fair value measurements:
Collateral dependent impaired loans, net	$	92,923	$	—	$	—	$	92,923

Foreclosed assets	1,937		—		—		1,937
Total	$	94,860	$	—	$	—	$	94,860

(1)Represents residential mortgage loans held for sale that are carried at fair value and had contractual unpaid principal balances totaling $20.1 million and $17.9 million at December 31, 2023 and 2022, respectively.

(2)Derivative financial instruments are included in this category.

(3)Reported at lower of cost or market value.

Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments not measured and not reported at fair value on the consolidated statements of financial condition at December 31, 2023 and 2022 were as follows:



		2023				2022
	Fair Value Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
		(in thousands)
Financial assets
Cash and due from banks	Level 1	$	284,090	$	284,090	$	444,325	$	444,325
Interest bearing deposits with banks	Level 1	607,135		607,135		503,622		503,622
Equity securities (1)	Level 3	29,031		29,031		15,138		15,138
Held to maturity debt securities:
U.S. Treasury securities	Level 1	26,232		25,978		66,911		65,889
U.S. government agency securities	Level 2	305,996		261,555		260,392		212,712
Obligations of states and political subdivisions	Level 2	405,470		387,527		480,298		453,195
Residential mortgage-backed securities	Level 2	2,885,303		2,521,926		2,909,106		2,495,797
Trust preferred securities	Level 2	37,062		30,650		37,043		31,106
Corporate and other debt securities	Level 2	80,350		74,676		75,234		70,771
Total held to maturity debt securities (2)		3,740,413		3,302,312		3,828,984		3,329,470
Net loans	Level 3	49,764,215		47,981,499		46,458,545		44,910,049
Accrued interest receivable	Level 1	245,498		245,498		196,606		196,606
Federal Reserve Bank and Federal Home Loan Bank stock (3)	Level 2	320,727		320,727		238,056		238,056
Financial liabilities
Deposits without stated maturities	Level 1	36,066,105		36,066,105		38,080,457		38,080,457
Deposits with stated maturities	Level 2	13,176,724		13,103,381		9,556,457		9,443,253
Short-term borrowings	Level 2	917,834		901,617		138,729		138,729
Long-term borrowings	Level 2	2,328,375		2,256,997		1,543,058		1,395,991
Junior subordinated debentures issued to capital trusts	Level 2	57,108		47,374		56,760		50,923
Accrued interest payable (4)	Level 1	159,496		159,496		45,617		45,617

(1)Represent equity securities without a readily determinable fair value measured at costs less impairment, if any.

(2)The carrying amount is presented gross without the allowance for credit losses.

(3)Included in other assets.

(4)Included in accrued expenses and other liabilities.