Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Summary of the Fair Value of Financial Instruments

Following is a summary of the carrying amounts and fair values of the Company’s financial instruments:

	March 31, 2021				December 31, 2020
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Balance sheet assets:
Cash and cash equivalents	$	599,659	$	599,659	$	670,528	$	670,528
Investment securities		427,244		427,244		357,726		357,726
Loans, net		876,854		880,231		879,732		883,461
Accrued interest receivable		6,458		6,458		6,850		6,850
Total	$	1,910,215	$	1,913,592	$	1,914,836	$	1,918,565
Balance sheet liabilities:
Deposits	$	1,003,135	$	1,003,135	$	1,050,856	$	1,050,856
Accounts and drafts payable		897,508		897,508		835,386		835,386
Accrued interest payable		58		58		38		38
Total	$	1,900,701	$	1,900,701	$	1,886,280	$	1,886,280

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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