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

9 Months Ended

Sep. 30, 2024

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, 2024
Assets:
AFS securities:
U.S. treasury	$	128,538	$	-	$	-	$	128,538
Federal agency		-		222,639		-		222,639
State & municipal		-		88,903		-		88,903
Mortgage-backed		-		421,724		-		421,724
Collateralized mortgage obligations		-		604,129		-		604,129
Corporate		-		43,405		-		43,405
Total AFS securities	$	128,538	$	1,380,800	$	-	$	1,509,338
Equity securities		40,974		1,000		-		41,974
Derivatives		-		63,367		-		63,367
Total	$	169,512	$	1,445,167	$	-	$	1,614,679
Liabilities:
Derivatives	$	-	$	80,236	$	-	$	80,236
Total	$	-	$	80,236	$	-	$	80,236

(In thousands)	Level 1		Level 2		Level 3		December 31, 2023
Assets:
AFS securities:
U.S. treasury	$	125,024	$	-	$	-	$	125,024
Federal agency		-		214,740		-		214,740
State & municipal		-		86,306		-		86,306
Mortgage-backed		-		422,268		-		422,268
Collateralized mortgage obligations		-		541,544		-		541,544
Corporate		-		40,976		-		40,976
Total AFS securities	$	125,024	$	1,305,834	$	-	$	1,430,858
Equity securities		36,591		1,000		-		37,591
Derivatives		-		75,142		-		75,142
Total	$	161,615	$	1,381,976	$	-	$	1,543,591
Liabilities:
Derivatives	$	-	$	95,875	$	-	$	95,875
Total	$	-	$	95,875	$	-	$	95,875

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, 2024				December 31, 2023
(In thousands)	Fair Value Hierarchy		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
HTM securities		2	$	854,941	$	781,868	$	905,267	$	814,524
Net loans		3		9,791,254		9,536,670		9,539,684		9,216,162
Financial liabilities:
Time deposits		2	$	1,433,124	$	1,424,694	$	1,324,709	$	1,285,999
Long-term debt		2		29,682		29,666		29,796		29,416
Subordinated debt		1		121,138		117,140		120,380		113,757
Junior subordinated debt		2		101,196		103,968		101,196		102,337