Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Fair Values of Financial Instruments [Abstract]

Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis

The following tables sets forth the Company’s financial assets and liabilities measured on a recurring basis that were accounted for 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: 

(In thousands)	Level 1		Level 2		Level 3		December 31, 2019
Assets:
AFS securities:
Federal agency	$	-	$	34,758	$	-	$	34,758
State & municipal		-		2,513		-		2,513
Mortgage-backed		-		503,626		-		503,626
Collateralized mortgage obligations		-		434,443		-		434,443
Total AFS securities	$	-	$	975,340	$	-	$	975,340
Equity securities		23,771		4,000		-		27,771
Derivatives		-		41,766		-		41,766
Total	$	23,771	$	1,021,106	$	-	$	1,044,877
Liabilities:
Derivatives	$	-	$	41,777	$	-	$	41,777
Total	$	-	$	41,777	$	-	$	41,777

(In thousands)	Level 1		Level 2		Level 3		December 31, 2018
Assets:
AFS securities:
Federal agency	$	-	$	84,299	$	-	$	84,299
State & municipal		-		29,915		-		29,915
Mortgage-backed		-		512,295		-		512,295
Collateralized mortgage obligations		-		371,987		-		371,987
Total AFS securities	$	-	$	998,496	$	-	$	998,496
Equity securities		19,053		4,000		-		23,053
Derivatives		-		20,000		-		20,000
Total	$	19,053	$	1,022,496	$	-	$	1,041,549
Liabilities:
Derivatives	$	-	$	17,572	$	-	$	17,572
Total	$	-	$	17,572	$	-	$	17,572

Information with Regard to Estimated Fair Values of Financial Instruments

The following table sets forth information with regard to estimated fair values of financial instruments. This table excludes financial instruments for which the carrying amount approximates fair value. Financial instruments for which the fair value approximates carrying value include cash and cash equivalents, AFS securities, equity securities, accrued interest receivable, non-maturity deposits, short-term borrowings, accrued interest payable and derivatives.

		December 31, 2019				December 31, 2018
(In thousands)	Fair Value Hierarchy		Carrying Amount	Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
HTM securities	2	$	630,074	$	$641,262	$	783,599	$	778,675
Net loans	3		7,074,864		6,999,690		6,822,147		6,754,460
Financial liabilities:
Time deposits	2	$	861,193	$	$858,085	$	930,678	$	920,534
Long-term debt	2		64,211		64,373		73,724		73,927
Junior subordinated debt	2		101,196		105,694		101,196		100,114