Fair Value Measurements and Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Measurements and Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis

The following tables sets forth the Company’s financial assets and liabilities measured on a recurring basis that were accounted for at fair value. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

(In thousands)	Level 1		Level 2		Level 3		March 31, 2022
Assets:
AFS securities
U.S. treasury	$	117,635	$	-	$	-	$	117,635
Federal agency		-		225,612		-		225,612
State & municipal		-		88,302		-		88,302
Mortgage-backed		-		558,397		-		558,397
Collateralized mortgage obligations		-		617,999		-		617,999
Corporate		-		54,752		-		54,752
Total AFS securities	$	117,635	$	1,545,062	$	-	$	1,662,697
Equity securities		31,554		1,000		-		32,554
Derivatives		-		49,486		-		49,486
Total	$	149,189	$	1,595,548	$	-	$	1,744,737
Liabilities:
Derivatives	$	-	$	49,088	$	-	$	49,088
Total	$	-	$	49,088	$	-	$	49,088

(In thousands)	Level 1		Level 2		Level 3		December 31, 2021
Assets:
AFS securities
U.S. treasury	$	73,069	$	-	$	-	$	73,069
Federal agency		-		239,931		-		239,931
State & municipal		-		94,088		-		94,088
Mortgage-backed		-		606,675		-		606,675
Collateralized mortgage obligations		-		621,595		-		621,595
Corporate		-		52,003		-		52,003
Total AFS securities	$	73,069	$	1,614,292	$	-	$	1,687,361
Equity securities		32,550		1,000		-		33,550
Derivatives		-		60,625		-		60,625
Total	$	105,619	$	1,675,917	$	-	$	1,781,536
Liabilities:
Derivatives	$	-	$	60,263	$	-	$	60,263
Total	$	-	$	60,263	$	-	$	60,263

Information with Regard to Estimated Fair Values of Financial Instruments

The following table sets forth information with regard to estimated fair values of financial instruments. This table excludes financial instruments for which the carrying amount approximates fair value. Financial instruments for which the fair value approximates carrying value include cash and cash equivalents, AFS securities, equity securities, accrued interest receivable, non-maturity deposits, short-term borrowings, accrued interest payable and derivatives.

			March 31, 2022				December 31, 2021
(In thousands)	Fair Value Hierarchy		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
HTM securities		2	$	895,005	$	851,635	$	733,210	$	735,260
Net loans		3		7,560,089		7,611,744		7,407,289		7,530,768
Financial liabilities:
Time deposits		2	$	487,977	$	480,294	$	501,472	$	500,717
Long-term debt		2		13,971		13,983		13,995		14,260
Subordinated debt		1		100,000		102,218		100,000		107,402
Junior subordinated debt		2		101,196		102,624		101,196		107,569