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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
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 $$168,094 $
Obligations of U.S. Government sponsored entities523,543 523,543 
Obligations of U.S. states and political subdivisions82,047 82,047 
Mortgage-backed securities – residential, issued by:
U.S. Government agencies48,942 48,942 
U.S. Government sponsored entities643,135 643,135 
U.S. corporate debt securities2,242 2,242 
Total Available-for-sale debt securities$1,468,003 $0 $1,468,003 $0 
Equity securities, at fair value$778 $0 $0 $778 
Derivatives designated as hedging instruments3,420 0 3,420 0 
Liabilities
Derivatives not designated as hedging instruments$18 $0 $18 $0 
Recurring Fair Value Measurements
December 31, 2022
(In thousands)Total(Level 1)(Level 2)(Level 3)
Assets
Available-for-sale debt securities
U.S. Treasuries$167,251 $$167,251 $
Obligations of U.S. Government sponsored entities601,167 601,167 
Obligations of U.S. states and political subdivisions85,281 85,281 
Mortgage-backed securities – residential, issued by:
U.S. Government agencies52,668 52,668 
U.S. Government sponsored entities686,222 686,222 
U.S. corporate debt securities2,378 2,378 
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 
Schedule of assets measured at fair value on nonrecurring basis
Three months ended June 30, 2023
(In thousands)Fair value measurements at reporting
date using:
Gain (losses)
from fair
value changes
Assets:As of 06/30/2023Quoted prices in
active markets for
identical assets
(Level 1)
Significant other
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Three months ended 06/30/2023
Individually evaluated loans$8,822 $$$8,822 $

Three months ended June 30, 2022
(In thousands)Fair value measurements at reporting
date using:
Gain (losses)
from fair
value changes
Assets:As of 06/30/2022Quoted prices in
active markets for
identical assets
(Level 1)
Significant other
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
06/30/2022
Individually evaluated loans$814 $$$814 $59 
Other real estate owned33 33 

Six months ended June 30, 2023
(In thousands)Fair value measurements at reporting
date using:
Gain (losses)
from fair
value changes
Assets:As of 06/30/2023Quoted prices in
active markets for
identical assets
(Level 1)
Significant other
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Six months ended 06/30/2023
Individually evaluated loans$8,822 $$$8,822 $826 
Other real estate owned36 36 22 

Six months ended June 30, 2022
(In thousands)Fair value measurements at reporting
date using:
Gain (losses)
from fair
value changes
Assets:As of 06/30/2022Quoted prices in
active markets for
identical assets
(Level 1)
Significant other
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Six months ended 06/30/2022
Individually evaluated loans$1,320 $$$1,320 $59 
Other real estate owned33 33 22 
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 $$
Securities - held-to-maturity312,369 262,444 262,444 
FHLB and other stock23,649 23,649 23,649 
Accrued interest receivable24,147 24,147 24,147 
Loans/leases, net1
5,303,820 4,920,418 4,920,418 
Financial Liabilities:
Time deposits$770,594 $757,593 $$757,593 $
Other deposits5,684,057 5,684,057 5,684,057 
Fed funds purchased and securities sold
under agreements to repurchase50,483 50,483 50,483 
Other borrowings387,100 384,013 384,013 
Accrued interest payable2,162 2,162 2,162 
 
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 $$
FHLB and other stock17,720 17,720 17,720 
Accrued interest receivable24,865 24,865 24,865 
Loans/leases, net1
5,222,977 4,939,246 4,939,246 
Financial Liabilities:
Time deposits$631,411 $616,488 $$616,488 $
Other deposits5,970,884 5,970,884 5,970,884 
Fed funds purchased and securities
sold under agreements to repurchase56,278 56,278 56,278 
Other borrowings291,300 289,234 289,234 
Accrued interest payable1,420 1,420 1,420 
1 Lease receivables, although excluded from the scope of ASC Topic 825, are included in the estimated fair value amounts at their carrying value.