Fair Value (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring and Nonrecurring Basis

Under ASC 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at March 31, 2018 and December 31, 2017 included:

			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
	Fair Value		Assets		Inputs		Inputs
	Measurements		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
March 31, 2018:
Available for sale debt securities (1)	$	982,958	$	100	$	982,858	$	0
Loans held for sale (2)		20,887		0		20,887		0
Loans (3)		7,139		0		6,607		532
Other real estate owned (4)		10,288		0		3,826		6,462
Equity securities (5)		6,242		6,242		0		0
December 31, 2017:
Available for sale debt securities (1)(5)	$	949,460	$	100	$	949,360	$	0
Loans held for sale (2)		24,306		0		24,306		0
Loans (3)		4,192		0		3,454		738
Other real estate owned (4)		7,640		0		60		7,580
Equity securities (5)		6,344		6,344		0		0

(1) See Note D for further detail of fair value of individual investment categories.

(2) Recurring fair value basis determined using observable market data.

(3) See Note F. Nonrecurring fair value adjustments to loans identified as impaired reflect full or partial write-downs that are based on the loan’s observable market price or current appraised value of the collateral in accordance with ASC 310.

(4) Fair value is measured on a nonrecurring basis in accordance with ASC 360.

(5) Prior to adoption of ASU 2016-01 on January 1, 2018, an investment in shares of a mutual fund that invests primarily in CRA-qualified debt securities was classified as an available for sale security. Beginning in 2018, this security is reported at fair value in Other Assets. Fair value is determined based on market quotations.

Schedule of contractual balance and gains or losses aggregate fair value

The aggregate fair value and contractual balance of loans for sale as of March 31, 2018 and December 31, 2017 is as follows:

	March 31,		December 31,
(In thousands)	2018		2017
Aggregate fair value	$	20,887	$	24,306
Contractual balance		20,303		23,627
Excess		584		679

Fair Value Measurements, Recurring and Nonrecurring

The carrying amount and fair value of the Company’s other significant financial instruments that are not measured at fair value on a recurring basis in the balance sheet as of March 31, 2018 and December 31, 2017 is as follows:

			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
	Carrying		Assets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
	( In thousands)
March 31, 2018:
Financial Assets
Debt securities held to maturity (1)	$	400,647	$	0	$	391,867	$	0
Time deposits with other banks		12,553		0		0		12,475
Loans, net		3,861,868		0		0		3,852,712
Financial Liabilities
Deposit liabilities		4,719,543		0		0		4,713,262
Subordinated debt		70,591		0		61,591		0
December 31, 2017:
Financial Assets
Debt securities held to maturity (1)	$	416,863	$	0	$	414,472		0
Time deposits with other banks		12,553		0		0		12,493
Loans, net		3,786,063		0		0		3,760,754
Financial Liabilities
Deposit liabilities		4,592,720		0		0		4,588,515
Subordinated debt		70,521		0		61,530		0

(1) See Note D for further detail of recurring fair value basis of individual investment categories.