Fair Value Measurements and Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Measurements and Fair Value of Financial Instruments [Abstract]

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

The following tables set 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		June 30, 2020
Assets:
AFS securities
Federal agency	$	-	$	45,604	$	-	$	45,604
State & municipal		-		2,689		-		2,689
Mortgage-backed		-		516,581		-		516,581
Collateralized mortgage obligations		-		533,432		-		533,432
Corporate		-		10,137		-		10,137
Total AFS securities	$	-	$	1,108,443	$	-	$	1,108,443
Equity securities		25,223		4,000		-		29,223
Derivatives		-		128,968		-		128,968
Total	$	25,223	$	1,241,411	$	-	$	1,266,634
Liabilities:
Derivatives	$	-	$	128,986	$	-	$	128,986
Total	$	-	$	128,986	$	-	$	128,986

(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

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.

		June 30, 2020				December 31, 2019
(In thousands)	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
HTM securities	2	$	599,164	$	623,022	$	630,074	$	641,262
Net loans	3		7,530,638		7,455,274		7,074,864		6,999,690
Financial liabilities:
Time deposits	2	$	707,859	$	721,421	$	861,193	$	858,085
Long-term debt	2		64,154		65,416		64,211		64,373
Subordinated debt	1		100,000		99,700		-		-
Junior subordinated debt	2		101,196		101,697		101,196		105,694