Summary of Financial Assets and 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, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, for the dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | | Fair Value | | Readily Available Market Prices (Level 1) | | Observable Market Data (Level 2) | | Company Determined Fair Value (Level 3) | September 30, 2024 | | | | | | | | | Financial assets: | | | | | | | | | Trading securities | | $ | 5,141 | | | $ | 5,141 | | | $ | — | | | $ | — | | AFS debt securities: | | | | | | | | | | | | | | | | | | Obligations of states and political subdivisions | | 5,375 | | | — | | | 5,375 | | | — | | MBS issued or guaranteed by U.S. government-sponsored enterprises | | 443,709 | | | — | | | 443,709 | | | — | | CMO issued or guaranteed by U.S. government-sponsored enterprises | | 133,884 | | | — | | | 133,884 | | | — | | Corporate bonds | | 20,243 | | | — | | | 20,243 | | | — | | Loans held for sale | | 11,706 | | | — | | | 11,706 | | | — | | Customer loan swaps | | 6,413 | | | — | | | 6,413 | | | — | | Interest rate contracts | | 9,362 | | | — | | | 9,362 | | | — | | | | | | | | | | | Fixed rate mortgage interest rate lock commitments | | 230 | | | — | | | 230 | | | — | | Forward delivery commitments | | 81 | | | — | | | 81 | | | — | | Financial liabilities: | | | | | | | | | Deferred compensation | | $ | 5,141 | | | $ | 5,141 | | | $ | — | | | $ | — | | | | | | | | | | | Customer loan swaps | | 5,644 | | | — | | | 5,644 | | | — | | | | | | | | | | | Interest rate contracts | | 4,971 | | | — | | | 4,971 | | | — | | Fixed rate mortgage interest rate lock commitments | | 14 | | | — | | | 14 | | | — | | Forward delivery commitments | | 48 | | | — | | | 48 | | | — | | December 31, 2023 | | | | | | | | | Financial assets: | | | | | | | | | Trading securities | | $ | 4,647 | | | $ | 4,647 | | | $ | — | | | $ | — | | AFS debt securities: | | | | | | | | | | | | | | | | | | Obligations of states and political subdivisions | | 6,386 | | | — | | | 6,386 | | | — | | MBS issued or guaranteed by U.S. government-sponsored enterprises | | 460,091 | | | — | | | 460,091 | | | — | | CMO issued or guaranteed by U.S. government-sponsored enterprises | | 141,011 | | | — | | | 141,011 | | | — | | Subordinated corporate bonds | | 18,320 | | | — | | | 18,320 | | | — | | Loans held for sale | | 10,320 | | | — | | | 10,320 | | | — | | Customer loan swaps | | 10,699 | | | — | | | 10,699 | | | — | | Interest rate contracts | | 12,206 | | | — | | | 12,206 | | | — | | | | | | | | | | | | | | | | | | | | Fixed rate mortgage interest rate lock commitments | | 215 | | | — | | | 215 | | | — | | Forward delivery commitments | | 51 | | | — | | | 51 | | | — | | Financial liabilities: | | | | | | | | | Deferred compensation | | $ | 4,647 | | | $ | 4,647 | | | $ | — | | | $ | — | | Customer loan swaps | | 10,748 | | | — | | | 10,748 | | | — | | Interest rate contracts | | 3,387 | | | — | | | 3,387 | | | — | | | | | | | | | | | | | | | | | | | | Fixed rate mortgage interest rate lock commitments | | 11 | | | — | | | 11 | | | — | | Forward delivery commitments | | 132 | | | — | | | 132 | | | — | |
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Carrying Amounts and Estimated Fair Value for Financial Instrument Assets and Liabilities |
The estimated fair values and related carrying amounts for assets and liabilities for which fair value is only disclosed are shown below as of the dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | | Carrying Amount | | Fair Value | | Readily Available Market Prices (Level 1) | | Observable Market Prices (Level 2) | | Company Determined Market Prices (Level 3) | September 30, 2024 | | | | | | | | | | | Financial assets: | | | | | | | | | | | HTM debt securities | | $ | 526,251 | | | $ | 500,619 | | | $ | — | | | $ | 500,619 | | | $ | — | | Commercial real estate loans(1)(2) | | 1,689,775 | | | 1,594,862 | | | — | | | — | | | 1,594,862 | | Commercial loans(2) | | 377,706 | | | 368,193 | | | — | | | — | | | 368,193 | | Residential real estate loans(2) | | 1,752,954 | | | 1,516,218 | | | — | | | — | | | 1,516,218 | | Home equity loans(2) | | 245,680 | | | 241,323 | | | — | | | — | | | 241,323 | | Consumer loans(2) | | 15,200 | | | 14,282 | | | — | | | — | | | 14,282 | | Servicing assets | | 2,146 | | | 3,929 | | | — | | | — | | | 3,929 | | Financial liabilities: | | | | | | | | | | | Time deposits | | $ | 628,481 | | | $ | 625,516 | | | $ | — | | | $ | 625,516 | | | $ | — | | Short-term borrowings | | 516,336 | | | 515,978 | | | — | | | 515,978 | | | — | | | | | | | | | | | | | Junior subordinated debentures | | 44,331 | | | 33,248 | | | — | | | 33,248 | | | — | | December 31, 2023 | | | | | | | | | | | Financial assets: | | | | | | | | | | | HTM debt securities | | $ | 544,931 | | | $ | 510,595 | | | $ | — | | | $ | 510,595 | | | $ | — | | Commercial real estate loans(1)(2) | | 1,653,435 | | | 1,540,327 | | | — | | | — | | | 1,540,327 | | Commercial loans(2) | | 399,032 | | | 385,585 | | | — | | | — | | | 385,585 | | Residential real estate loans(2) | | 1,753,124 | | | 1,488,248 | | | — | | | — | | | 1,488,248 | | Home equity loans(2) | | 238,124 | | | 233,025 | | | — | | | — | | | 233,025 | | Consumer loans(2) | | 17,444 | | | 15,279 | | | — | | | — | | | 15,279 | | Servicing assets | | 2,274 | | | 4,124 | | | — | | | — | | | 4,124 | | Financial liabilities: | | | | | | | | | | | Time deposits | | $ | 640,539 | | | $ | 634,856 | | | $ | — | | | $ | 634,856 | | | $ | — | | Short-term borrowings | | 485,607 | | | 484,849 | | | — | | | 484,849 | | | — | | | | | | | | | | | | | Junior subordinated debentures | | 44,331 | | | 31,918 | | | — | | | 31,918 | | | — | |
(1) Commercial real estate loan includes non-owner-occupied and owner-occupied properties. (2) The presented carrying amount is net of the allocated ACL on loans.
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