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

9 Months Ended

Sep. 30, 2021

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		September 30, 2021
Assets:
AFS securities
Federal agency	$	-	$	242,966	$	-	$	242,966
State & municipal		-		84,021		-		84,021
Mortgage-backed		-		650,195		-		650,195
Collateralized mortgage obligations		-		558,711		-		558,711
Corporate		-		40,137		-		40,137
Total AFS securities	$	-	$	1,576,030	$	-	$	1,576,030
Equity securities		32,013		1,000		-		33,013
Derivatives		-		71,481		-		71,481
Total	$	32,013	$	1,648,511	$	-	$	1,680,524
Liabilities:
Derivatives	$	-	$	71,314	$	-	$	71,314
Total	$	-	$	71,314	$	-	$	71,314

(In thousands)	Level 1		Level 2		Level 3		December 31, 2020
Assets:
AFS securities
Federal agency	$	-	$	243,597	$	-	$	243,597
State & municipal		-		43,180		-		43,180
Mortgage-backed		-		595,839		-		595,839
Collateralized mortgage obligations		-		437,804		-		437,804
Corporate		-		28,278		-		28,278
Total AFS securities	$	-	$	1,348,698	$	-	$	1,348,698
Equity securities		28,737		2,000		-		30,737
Derivatives		-		108,779		-		108,779
Total	$	28,737	$	1,459,477	$	-	$	1,488,214
Liabilities:
Derivatives	$	-	$	108,646	$	-	$	108,646
Total	$	-	$	108,646	$	-	$	108,646

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.

			September 30, 2021				December 31, 2020
(In thousands)	Fair Value Hierarchy		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
HTM securities		2	$	683,103	$	689,129	$	616,560	$	636,827
Net loans		3		7,474,466		7,615,405		7,390,004		7,530,033
Financial liabilities:
Time deposits		2	$	552,273	$	553,125	$	633,479	$	638,721
Long-term debt		2		14,020		14,376		39,097		39,820
Subordinated debt		1		100,000		107,684		100,000		103,277
Junior subordinated debt		2		101,196		109,001		101,196		108,926