XML 51 R40.htm IDEA: XBRL DOCUMENT v3.24.2.u1
FAIR VALUE (Tables)
6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Financial Assets and Liabilities at Dates Indicated that were Accounted for at Fair Value
The following tables set forth the Company’s financial assets and liabilities at the dates indicated that were accounted for or disclosed 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:
 June 30, 2024
 Quoted Prices in
Active Markets for
Identical Assets
Significant Other
Observable Inputs
Significant
Unobservable
Inputs
 
(In thousands)(Level 1)(Level 2)(Level 3)Total
Assets:    
Residential mortgage loans held for sale (1)
$ $18,961 $ $18,961 
Available-for-sale debt securities:
U.S. treasuries and government agencies 82,959  82,959 
State and municipal 261,895  261,895 
Mortgage-backed and asset-backed 756,992  756,992 
Total available-for-sale debt securities 1,101,846  1,101,846 
Interest rate swap agreements 17,527  17,527 
Total assets$ $1,138,334 $ $1,138,334 
Liabilities:
Interest rate swap agreements$ $(17,527)$ $(17,527)
Total liabilities$ $(17,527)$ $(17,527)
 (1) The outstanding principal balance for residential loans held for sale as of June 30, 2024 was $18.5 million.
 December 31, 2023
 Quoted Prices in
Active Markets for
Identical Assets
Significant Other
Observable Inputs
Significant
Unobservable
Inputs
 
(In thousands)(Level 1)(Level 2)(Level 3)Total
Assets:    
Residential mortgage loans held for sale (1)
$— $10,836 $— $10,836 
Investments available-for-sale:
U.S. treasuries and government agencies— 96,927 — 96,927 
State and municipal— 268,214 — 268,214 
Mortgage-backed and asset-backed— 737,540 — 737,540 
Total investments available-for-sale— 1,102,681 — 1,102,681 
Interest rate swap agreements— 15,867 — 15,867 
Total assets$— $1,129,384 $— $1,129,384 
Liabilities:
Interest rate swap agreements$— $(15,867)$— $(15,867)
Total liabilities$— $(15,867)$— $(15,867)
 (1) The outstanding principal balance for residential loans held for sale as of December 31, 2023 was $10.5 million.
Assets Measured at Fair Value on Nonrecurring Basis
The following tables set forth the Company’s financial assets subject to fair value adjustments on a nonrecurring basis at the date indicated that are valued at the lower of cost or market. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
 June 30, 2024
(In thousands)Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
Significant
Other
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
TotalTotal Losses
Loans(1)
$ $ $ $ $ 
Other real estate owned  2,700 2,700  
Total$ $ $2,700 $2,700 $ 


 December 31, 2023
(In thousands)Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
Significant
Other
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
TotalTotal Losses
Loans (1)
$— $— $— $— $— 
Other real estate owned— — — — — 
Total$— $— $— $— $— 
(1) Represent outstanding collateral-dependent non-accrual loans that were written down to the fair value of the underlying collateral. Fair values are determined using actual market prices (Level 2), independent third-party valuations and borrower records, discounted as appropriate (Level 3).
Carrying Amounts and Fair Values of Company's Financial Instruments
The carrying amounts and fair values of the Company’s financial instruments at the dates indicated are presented in the following tables:
   Fair Value Measurements
 June 30, 2024Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
(In thousands)Carrying
Amount
Estimated
Fair
Value
Financial assets:     
Cash and cash equivalents$406,710 $406,710 $406,710 $ $ 
Residential mortgage loans held for sale18,961 18,961  18,961  
Available-for-sale debt securities1,101,846 1,101,846  1,101,846  
Held-to-maturity debt securities226,233 187,389  187,389  
Other investments73,432 73,432  73,432  
Loans, net of allowance11,358,058 10,522,647   10,522,647 
Interest rate swap agreements17,527 17,527  17,527  
Accrued interest receivable46,668 46,668 46,668   
Bank owned life insurance169,288 169,288  169,288  
Financial liabilities:
Time deposits$2,449,049 $2,434,990 $ $2,434,990 $ 
Other deposits8,891,179 8,891,179 8,891,179   
Securities sold under retail repurchase agreements and
federal funds purchased75,038 75,038  75,038  
Advances from FHLB500,000 494,551  494,551  
Subordinated debt371,101 350,128   350,128 
Interest rate swap agreements17,527 17,527  17,527  
Accrued interest payable13,775 13,775 13,775   

   Fair Value Measurements
 December 31, 2023Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
(In thousands)Carrying
Amount
Estimated
Fair
Value
Financial assets:     
Cash and cash equivalents$545,898 $545,898 $545,898 $— $— 
Residential mortgage loans held for sale10,836 10,836 — 10,836 — 
Investments available-for-sale1,102,681 1,102,681 — 1,102,681 — 
Held-to-maturity debt securities236,165 200,411 — 200,411 — 
Other investments75,607 75,607 — 75,607 — 
Loans, net of allowance11,246,124 10,476,059 — — 10,476,059 
Interest rate swap agreements15,867 15,867 — 15,867 — 
Accrued interest receivable46,583 46,583 46,583 — — 
Bank owned life insurance158,921 158,921 — 158,921 — 
Financial liabilities:
Time deposits$2,714,555 $2,704,013 $— $2,704,013 $— 
Other deposits8,281,983 8,281,983 8,281,983 — — 
Securities sold under retail repurchase agreements and
federal funds purchased375,032 375,032 — 375,032 — 
Advances from FHLB550,000 547,271 — 547,271 — 
Subordinated debt370,803 348,185 — — 348,185 
Interest rate swap agreements15,867 15,867 — 15,867 — 
Accrued interest payable30,367 30,367 30,367 — —