Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Fair Value of 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 March 31, 2024 and December 31, 2023 included:


(In thousands)	Fair Value Measurements		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
At March 31, 2024
Financial Assets
Debt securities available-for-sale1	$	1,949,463	$	192	$	1,949,271	$	—
Derivative financial instruments2	34,935		—		34,935		—
Loans held for sale2	9,475		—		9,475		—
Loans3	2,504		—		—		2,504
Other real estate owned4	7,315		—		—		7,315
Equity securities5	13,506		13,506		—		—
Financial Liabilities
Derivative financial instruments2	$	30,037	$	—	$	30,037	$	—

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	$	—
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.

Schedule of Carrying Amount and Fair Value of Other Significant Financial Instruments Not Measured on a Recurring Basis

The carrying amount and fair value of the Company’s other financial instruments that were not disclosed previously in the balance sheet and for which carrying amount is not fair value as of March 31, 2024 and December 31, 2023 is as follows:


(In thousands)	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
March 31, 2024
Financial Assets
Held-to-maturity debt securities1	$	669,896	$	—	$	540,160	$	—
Time deposits with other banks	7,856		—		7,820		—
Loans, net	9,828,879		—		—		9,580,648
Financial Liabilities
Deposits	12,015,840		—		—		12,014,568
FHLB borrowings	110,000		—		110,001		—
Long-term debt	106,468		—		101,008		—

December 31, 2023

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		—
1See “Note 3 – Securities” for further detail of recurring fair value basis of individual investment categories.