Fair Value (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value, Assets Measured on Recurring and Nonrecurring Basis

Under ASC Topic 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at December 31, 2020 and December 31, 2019 included:


	Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
(In thousands)	Measurements		Level 1		Level 2		Level 3
At December 31, 2020
Financial Assets
Available-for-sale debt securities1	$	1,398,157	$	101	$	1,398,056	$	—
Derivative financial instruments2	14,343		—		14,343		—
Loans held for sale2	68,890		—		68,890		—
Loans3	8,806		—		1,900		6,906
Other real estate owned4	12,750		—		72		12,678
Equity securities5	6,530		6,530		—		—
Financial Liabilities
Derivative financial instruments2	$	13,339	$	—	$	13,339	$	—

At December 31, 2019
Financial Assets
Available-for-sale debt securities1	$	946,855	$	100	$	946,755	$	—
Loans held for sale2	20,029		—		20,029		—
Loans3	5,123		—		1,419		3,704
Other real estate owned4	12,390		—		241		12,149
Equity securities5	6,392		6,392		—		—
1See “Note D - Securities” for further detail of fair value of individual investment categories.
2Recurring fair value basis determined using observable market data.
3See “Note E - Loans”. Nonrecurring fair value adjustments to collateral-dependent loans reflect full or partial write-downs that are based on current appraised values of the collateral in accordance with ASC Topic 310.
4Fair value is measured on a nonrecurring basis in accordance with ASC Topic 360.
5An investment in shares of a mutual fund that invests primarily in CRA-qualified debt securities, reported at fair value in Other Assets. Recurring fair value basis is determined using market quotations.

Schedule of Contractual Balance and Gains or Losses

The aggregate fair value and contractual balance of loans held for sale as of December 31, 2020 and 2019 is as follows:


	December 31,
(In thousands)	2020		2019
Aggregate fair value	$	68,890	$	20,029
Contractual balance	66,415		19,445
Excess	2,475		584

Fair Value Measurements, Recurring and Nonrecurring

The carrying amount and fair value of the Company's other significant financial instruments that were not disclosed previously in the balance sheet and for which carrying amount is not fair value as of December 31, 2020 and December 31, 2019 is as follows:


	Carrying		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
(In thousands)	Amount		Level 1		Level 2		Level 3
At December 31, 2020
Financial Assets
Held-to-maturity debt securities1	$	184,484	$	—	$	192,179	$	—
Time deposits with other banks	750		—		762		—
Loans, net	5,633,810		—		—		5,686,019
Financial Liabilities
Deposits	6,932,561		—		—		6,936,097

Subordinated debt	71,365		—		58,227		—

At December 31, 2019
Financial Assets
Held-to-maturity debt securities1	$	261,369	$	—	$	262,213	$	—
Time deposits with other banks	3,742		—		—		3,744
Loans, net	5,158,127		—		—		5,139,491
Financial Liabilities
Deposits	5,584,753		—		—		5,584,621
Federal Home Loan Bank (“FHLB”) borrowings	315,000		—		—		314,995
Subordinated debt	71,085		—		64,017		—
1See “Note D - Securities” for further detail of recurring fair value basis of individual investment categories.

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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