Summary of financial assets and financial liabilities measured at fair value on recurring basis |
The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022, segregated by the level of valuation inputs within the fair value hierarchy used to measure fair value: | | | | | | | | | | | | | | | Recurring Fair Value Measurements | | | | | June 30, 2023 | | | | | (In thousands) | Total | (Level 1) | (Level 2) | (Level 3) | Assets | | | | | Available-for-sale debt securities | | | | | U.S. Treasuries | $ | 168,094 | | $ | 0 | | $ | 168,094 | | $ | 0 | | Obligations of U.S. Government sponsored entities | 523,543 | | 0 | | 523,543 | | 0 | | Obligations of U.S. states and political subdivisions | 82,047 | | 0 | | 82,047 | | 0 | | Mortgage-backed securities – residential, issued by: | | | | | U.S. Government agencies | 48,942 | | 0 | | 48,942 | | 0 | | U.S. Government sponsored entities | 643,135 | | 0 | | 643,135 | | 0 | | | | | | | U.S. corporate debt securities | 2,242 | | 0 | | 2,242 | | 0 | | Total Available-for-sale debt securities | $ | 1,468,003 | | $ | 0 | | $ | 1,468,003 | | $ | 0 | | | | | | | Equity securities, at fair value | $ | 778 | | $ | 0 | | $ | 0 | | $ | 778 | | Derivatives designated as hedging instruments | 3,420 | | 0 | | 3,420 | | 0 | | Liabilities | | | | | Derivatives not designated as hedging instruments | $ | 18 | | $ | 0 | | $ | 18 | | $ | 0 | |
| | | | | | | | | | | | | | | Recurring Fair Value Measurements | | | | | December 31, 2022 | | | | | (In thousands) | Total | (Level 1) | (Level 2) | (Level 3) | Assets | | | | | Available-for-sale debt securities | | | | | U.S. Treasuries | $ | 167,251 | | $ | 0 | | $ | 167,251 | | $ | 0 | | Obligations of U.S. Government sponsored entities | 601,167 | | 0 | | 601,167 | | 0 | | Obligations of U.S. states and political subdivisions | 85,281 | | 0 | | 85,281 | | 0 | | Mortgage-backed securities – residential, issued by: | | | | | U.S. Government agencies | 52,668 | | 0 | | 52,668 | | 0 | | U.S. Government sponsored entities | 686,222 | | 0 | | 686,222 | | 0 | | | | | | | U.S. corporate debt securities | 2,378 | | 0 | | 2,378 | | 0 | | Total Available-for-sale debt securities | $ | 1,594,967 | | $ | 0 | | $ | 1,594,967 | | $ | 0 | | | | | | | Equity securities, at fair value | $ | 777 | | $ | 0 | | $ | 0 | | $ | 777 | | | | | | | Liabilities | | | | | Derivatives not designated as hedging instruments | $ | 21 | | $ | 0 | | $ | 21 | | $ | 0 | |
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Schedule of carrying amount and estimated fair value of financial instruments |
The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments at June 30, 2023 and December 31, 2022. The carrying amounts shown in the table are included in the Consolidated Statements of Condition under the indicated captions.
| | | | | | | | | | | | | | | | | | Estimated Fair Value of Financial Instruments | | June 30, 2023 | | | | | | (In thousands) | Carrying Amount | Fair Value | (Level 1) | (Level 2) | (Level 3) | Financial Assets: | | | | | | Cash and cash equivalents | $ | 81,614 | | $ | 81,614 | | $ | 81,614 | | $ | 0 | | $ | 0 | | | | | | | | Securities - held-to-maturity | 312,369 | | 262,444 | | 0 | | 262,444 | | 0 | | FHLB and other stock | 23,649 | | 23,649 | | 0 | | 23,649 | | 0 | | Accrued interest receivable | 24,147 | | 24,147 | | 0 | | 24,147 | | 0 | | Loans/leases, net1 | 5,303,820 | | 4,920,418 | | 0 | | 0 | | 4,920,418 | | | | | | | | Financial Liabilities: | | | | | | | | | | | | Time deposits | $ | 770,594 | | $ | 757,593 | | $ | 0 | | $ | 757,593 | | $ | 0 | | Other deposits | 5,684,057 | | 5,684,057 | | 0 | | 5,684,057 | | 0 | | Fed funds purchased and securities sold | | | | | | under agreements to repurchase | 50,483 | | 50,483 | | 0 | | 50,483 | | 0 | | Other borrowings | 387,100 | | 384,013 | | 0 | | 384,013 | | 0 | | | | | | | | Accrued interest payable | 2,162 | | 2,162 | | 0 | | 2,162 | | 0 | |
| | | | | | | | | | | | | | | | | | Estimated Fair Value of Financial Instruments | December 31, 2022 | | | | | | (In thousands) | Carrying Amount | Fair Value | (Level 1) | (Level 2) | (Level 3) | Financial Assets: | | | | | | Cash and cash equivalents | $ | 77,837 | | $ | 77,837 | | $ | 77,837 | | $ | 0 | | $ | 0 | | | | | | | | FHLB and other stock | 17,720 | | 17,720 | | 0 | | 17,720 | | 0 | | Accrued interest receivable | 24,865 | | 24,865 | | 0 | | 24,865 | | 0 | | Loans/leases, net1 | 5,222,977 | | 4,939,246 | | 0 | | 0 | | 4,939,246 | | | | | | | | Financial Liabilities: | | | | | | | | | | | | Time deposits | $ | 631,411 | | $ | 616,488 | | $ | 0 | | $ | 616,488 | | $ | 0 | | Other deposits | 5,970,884 | | 5,970,884 | | 0 | | 5,970,884 | | 0 | | Fed funds purchased and securities | | | | | | sold under agreements to repurchase | 56,278 | | 56,278 | | 0 | | 56,278 | | 0 | | Other borrowings | 291,300 | | 289,234 | | 0 | | 289,234 | | 0 | | | | | | | | Accrued interest payable | 1,420 | | 1,420 | | 0 | | 1,420 | | 0 | |
1 Lease receivables, although excluded from the scope of ASC Topic 825, are included in the estimated fair value amounts at their carrying value.
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