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FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019, aggregated by the level in the fair value hierarchy within which those measurements fall:
 As of December 31, 2020Fair value measurements at reporting date using:
Quoted prices in
active markets
for identical
assets (Level 1)
Significant other
observable 
inputs (Level 2)
Significant
unobservable
inputs (Level 3)
(In thousands)
Assets:
Investment securities available-for-sale
U.S. government and agencies$20,984 $ $20,984 $ 
Government-sponsored entities147,786  147,786  
Municipal bonds346,588  346,588  
Mortgage-backed securities728,335  728,335  
Total1,243,693  1,243,693  
Equity securities41,452 41,452   
Derivatives - interest rate customer swaps83,255  83,255  
Derivatives - risk participation agreements49  49  
Trading securities held in the “rabbi trust” (1)
7,204 7,204   
Liabilities:
Derivatives - interest rate customer swaps$84,590 $ $84,590 $ 
Derivatives - interest rate swaps228  228  
Derivatives - risk participation agreements375  375  
Deferred compensation “rabbi trust” (1)
7,204 7,204   

 As of December 31, 2019Fair value measurements at reporting date using:
Quoted prices in
active markets
for identical
assets (Level 1)
Significant other
observable 
inputs (Level 2)
Significant
unobservable
inputs (Level 3)
(In thousands)
Assets:
Investment securities available-for-sale
U.S. government and agencies$19,940 $— $19,940 $— 
Government-sponsored entities156,255 — 156,255 — 
Municipal bonds325,455 — 325,455 — 
Mortgage-backed securities476,634 — 476,634 — 
Total978,284 — 978,284 — 
Equity securities18,810 18,810 — — 
Derivatives - interest rate customer swaps36,089 — 36,089 — 
Derivatives - risk participation agreements10 — 10 — 
Trading securities held in the “rabbi trust” (1)
6,119 6,119 — — 
Liabilities:
Derivatives - interest rate customer swaps$36,580 $— $36,580 $— 
Derivatives - risk participation agreements242 — 242 — 
Deferred compensation “rabbi trust” (1)
6,112 6,112 — — 
___________________
(1) The Company has adopted a special trust for the Deferred Compensation Plan called a “rabbi trust.” The rabbi trust is an arrangement that is used to accumulate assets that may be used to fund the Company’s obligation to pay benefits under the Deferred Compensation Plan. To prevent immediate taxation to the executives who participate in the Deferred Compensation Plan, the amounts placed in the rabbi trust must remain subject to the claims of the Company’s creditors.
The investments chosen by the participants in the Deferred Compensation Plan are mirrored by the rabbi trust as a way to minimize the earnings volatility of the Deferred Compensation Plan.
Fair Value Measurements, Nonrecurring The following tables present the Company’s assets measured at fair value on a non-recurring basis during the periods ended December 31, 2020 and 2019, aggregated by the level in the fair value hierarchy within which those measurements fall:
 As of December 31, 2020Fair value measurements at reporting date using:Gain (losses)
from fair
value changes
Quoted prices in
active markets
for identical
assets (Level 1)
Significant 
other observable inputs
(Level 2)
Significant
unobservable
inputs (Level 3)
Year ended December 31, 2020
(In thousands)
Assets:
Impaired loans (1)$79 $ $ $79 $(1,180)
$79 $ $ $79 $(1,180)
___________________
(1)Collateral-dependent impaired loans held as of December 31, 2020 that had write-downs in fair value or whose specific reserve changed during 2020.
 As of December 31, 2019Fair value measurements at reporting date using:Gain (losses)
from fair
value changes
Quoted prices in
active markets
for identical
assets (Level 1)
Significant
other observable
inputs
(Level 2)
Significant
unobservable
inputs (Level 3)
Year ended December 31, 2019
(In thousands)
Assets:
Impaired loans (1)$109 $— $— $109 $710 
$109 $— $— $109 $710 
___________________
(1)Collateral-dependent impaired loans held as of December 31, 2019 that had write-downs in fair value or whose specific reserve changed during 2019.
Fair Value Measurement Inputs and Valuation Techniques
The following tables present additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company has utilized Level 3 inputs to determine fair value:
 As of December 31, 2020
Fair
Value
Valuation
technique
Unobservable
Input
Range of Inputs Utilized Weighted Average of Inputs Utilized
(In thousands)
Impaired Loans$79 Appraisals of
Collateral
Discount for costs to sell10%10%
Appraisal adjustments—%—%

 As of December 31, 2019
Fair
Value
Valuation
technique
Unobservable
Input
Range of Inputs Utilized Weighted Average of Inputs Utilized
(In thousands)
Impaired Loans$109 Appraisals of CollateralDiscount for costs to sell10%10%
Appraisal adjustments—%—%
Fair Value, by Balance Sheet Grouping
The following tables present the carrying values and fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis (other than certain loans, as noted below):
 As of December 31, 2020
Book ValueFair ValueQuoted prices 
in active
markets for
identical assets 
(Level 1)
Significant 
other
observable
inputs (Level 2)
Significant
unobservable
inputs (Level 3)
(In thousands)
FINANCIAL ASSETS:
Cash and cash equivalents$1,055,588 $1,055,588 $1,055,588 $ $ 
Investment securities held-to-maturity35,223 35,942  35,942  
Loans held for sale17,421 17,782  17,782  
Loans, net7,023,071 6,980,202   6,980,202 
Other financial assets57,654 57,654  57,654  
FINANCIAL LIABILITIES:
Deposits$8,595,366 $8,596,193 $ $8,596,193 $ 
Securities sold under agreements to repurchase53,472 53,472  53,472  
Federal Home Loan Bank borrowings114,659 115,284  115,284  
Junior subordinated debentures106,363 69,863   69,863 
Other financial liabilities1,734 1,734  1,734  

 As of December 31, 2019
Book ValueFair ValueQuoted prices 
in active
markets for
identical assets 
(Level 1)
Significant 
other
observable
inputs (Level 2)
Significant
unobservable
inputs (Level 3)
(In thousands)
FINANCIAL ASSETS:
Cash and cash equivalents$292,479 $292,479 $292,479 $— $— 
Investment securities held-to-maturity48,212 47,949 — 47,949 — 
Loans held for sale7,386 7,475 — 7,475 — 
Loans, net6,904,722 6,883,360 — — 6,883,360 
Other financial assets67,348 67,348 — 67,348 — 
FINANCIAL LIABILITIES:
Deposits$7,241,476 $7,241,739 $— $7,241,739 $— 
Securities sold under agreements to repurchase53,398 53,398 — 53,398 — 
Federal Home Loan Bank borrowings350,829 351,233 — 351,233 — 
Junior subordinated debentures106,363 96,363 — — 96,363 
Other financial liabilities1,957 1,957 — 1,957 —