Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and December 31, 2022 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, 2023
Financial Assets
Debt securities available-for-sale1	$	1,836,020	$	192	$	1,835,828	$	—
Derivative financial instruments2	31,481		—		31,481		—
Loans held for sale2	4,391		—		4,391		—
Loans3	15,242		—		—		15,242
Other real estate owned4	7,560		—		—		7,560
Equity securities5	13,623		13,623		—		—
Financial Liabilities
Derivative financial instruments2	$	28,879	$	—	$	28,879	$	—

At December 31, 2022
Financial Assets
Debt securities available-for-sale1	$	1,871,742	$	186	$	1,871,556	$	—
Derivative financial instruments2	23,142		—		23,142		—
Loans held for sale2	3,151		—		3,151		—
Loans3	8,513		—		1,183		7,330
Other real estate owned4	2,301		—		2,301		—
Equity securities5	8,220		8,220		—		—
Financial Liabilities
Derivative financial instruments2	$	23,142	$	—	$	23,142	$	—
1See “Note 3 - Securities” for further detail of fair value of individual investment categories.
2Recurring fair value basis determined using observable market data.
3See “Note 4 - 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.
4Fair value is measured on a nonrecurring basis in accordance with ASC Topic 360, Property, Plant, and Equipment.
5Investment in shares of mutual funds that invest primarily in CRA-qualified debt securities, reported at fair value in Other Assets. Recurring fair value basis is determined using market quotations.

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, 2023 and December 31, 2022 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, 2023
Financial Assets
Held-to-maturity debt securities1	$	680,313	$	—	$	558,359	$	—
Time deposits with other banks	5,857		—		5,756		—
Loans, net	9,898,767		—		—		9,805,693
Financial Liabilities
Deposits	11,776,935		—		—		11,775,613
FHLB borrowings	50,000		—		49,745		—
Long-term debt	109,458		—		100,851		—

At December 31, 2022
Financial Assets
Held-to-maturity debt securities1	$	747,408	$	—	$	617,741	$	—
Time deposits with other banks	3,236		—		2,989		—
Loans, net	8,022,316		—		—		7,845,375
Financial Liabilities
Deposits	9,981,595		—		—		9,976,125
FHLB borrowings	150,000		—		—		149,450
Long-term debt	84,533		—		82,226		—
1See “Note 3 - Securities” for further detail of recurring fair value basis of individual investment categories.