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Fair Value (Tables)
 3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Assets And Liabilities Measured At Fair Value On A Recurring Basis
The following table presents assets and liabilities measured at fair value on a recurring basis:
 
Fair Value Measurements at March 31, 2020 using:
(In thousands)Level 1Level 2Level 3Balance at March 31, 2020
Assets    
Investment securities:    
Obligations of states and political subdivisions—  320,766  320,766  
U.S. Government sponsored entities’ asset-backed securities—  863,633  —  863,633  
Equity securities1,519  —  463  1,982  
Mortgage loans held for sale—  23,901  —  23,901  
Mortgage IRLCs—  1,035  —  1,035  
Loan interest rate swaps—  4,617  —  4,617  
Liabilities    
Fair value swap$—  $—  $226  $226  
Borrowing interest rate swap—  1,186  —  1,186  
Loan interest rate swaps—  4,617  —  4,617  
 
Fair Value Measurements at December 31, 2019 using:
(In thousands)Level 1Level 2Level 3Balance at December 31, 2019
Assets    
Investment securities:    
Obligations of states and political subdivisions$—  $320,491  $—  $320,491  
U.S. Government sponsored entities’ asset-backed securities—  889,210  —  889,210  
Equity securities1,537  —  456  1,993  
Mortgage loans held for sale—  12,278  —  12,278  
Mortgage IRLCs—  221  —  221  
Loan interest rate swaps—  1,870  —  1,870  
Liabilities    
Fair value swap$—  $—  $226  $226  
Borrowing interest rate swap—  575  —  575  
Loan interest rate swaps—  1,870  —  1,870  
Reconciliation Of Level 3 Input For Financial Instruments Measured On Recurring Basis
The tables below present a reconciliation of the beginning and ending balances of the Level 3 inputs for the three months ended March 31, 2020 and 2019, for financial instruments measured on a recurring basis and classified as Level 3:

Level 3 Fair Value Measurements
Three months ended March 31, 2020 and 2019
(In thousands)Equity
Securities		Fair value
swap
Balance at January 1, 2020$456  $(226) 
Total gains/(losses)  
Included in other income7  —  
Balance at March 31, 2020$463  $(226) 
Balance at January 1, 2019$424  $(226) 
Total gains/(losses)  
Included in other income9  —  
Balance at March 31, 2019$433  $(226) 
Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis
The following tables present assets and liabilities measured at fair value on a nonrecurring basis. Collateral dependent impaired loans are carried at fair value if they have been charged down to fair value or if a specific valuation allowance has been established. As of March 31, 2020, there were no PCI loans carried at fair value. A new cost basis is established at the time a property is initially recorded in OREO. OREO properties are carried at fair value if a devaluation has been taken with respect to the property's value subsequent to the initial measurement.
Fair Value Measurements at March 31, 2020 using:
(In thousands)Level 1Level 2Level 3Balance at March 31, 2020
Impaired loans recorded at fair value:    
Commercial real estate$—  $—  $1,990  $1,990  
Residential real estate—  —  164  164  
Total impaired loans recorded at fair value$—  $—  $2,154  $2,154  
MSRs$—  $8,762  $—  $8,762  
OREO recorded at fair value:
Commercial real estate—  —  2,295  2,295  
Residential real estate—  —  682  682  
Total OREO recorded at fair value$—  $—  $2,977  $2,977  
Other repossessed assets$—  $—  $3,599  $3,599  
 
Fair Value Measurements at December 31, 2019 using:
(In thousands)Level 1Level 2Level 3Balance at December 31, 2019
Impaired loans recorded at fair value:    
Commercial real estate$—  $—  $1,873  $1,873  
Residential real estate—  —  217  217  
Total impaired loans recorded at fair value$—  $—  $2,090  $2,090  
MSRs$—  $5,797  $—  $5,797  
OREO recorded at fair value:
Commercial real estate—  —  2,295  2,295  
Residential real estate—  —  738  738  
Total OREO recorded at fair value$—  $—  $3,033  $3,033  
Other repossessed assets$—  $—  $3,599  $3,599  
Schedule of impaired financing receivables additional info
The table below provides additional detail on those impaired loans which are recorded at fair value as well as the remaining impaired loan portfolio not included above. The remaining impaired loans consist of loans which are not collateral dependent as well as loans carried at cost as the fair value of the underlying collateral or the present value of expected future cash flows on each of the loans exceeded the book value for each respective credit.

March 31, 2020
(In thousands)Recorded InvestmentPrior Charge-OffsSpecific Valuation AllowanceCarrying Balance
Impaired loans recorded at fair value$2,275  $313  $121  $2,154  
Remaining impaired loans 83,576  420  5,410  78,166  
Total impaired loans$85,851  $733  $5,531  $80,320  

December 31, 2019
(In thousands)Recorded InvestmentPrior Charge-OffsSpecific Valuation AllowanceCarrying Balance
Impaired loans recorded at fair value$2,167  $313  $77  $2,090  
Remaining impaired loans 75,324  406  5,153  70,171  
Total impaired loans$77,491  $719  $5,230  $72,261  
Qualitative Information about Level 3 Fair Value Measurements Measured on Non-Recurring Basis
The following tables present qualitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at March 31, 2020 and December 31, 2019:

March 31, 2020
(In thousands)Fair ValueValuation TechniqueUnobservable Input(s)
Range
(Weighted Average) (1)
Impaired loans:    
Commercial real estate$1,990  Sales comparison approach  Adj to comparables  0.0% - 139.0% (21.4%)
Income approach  Capitalization rate  20.0% (20.0%)
Residential real estate$164  Sales comparison approach  Adj to comparables  0.0% - 53.5% (14.2%)
Other real estate owned:
Commercial real estate$2,295  Sales comparison approach  Adj to comparables  0.9% - 68.4% (34.7%)
Income approach  Capitalization rate  13.0% (13.0%)
Residential real estate$682  Sales comparison approach  Adj to comparables  4.6% - 54.6% (39.4%)

Balance at December 31, 2019
(In thousands)Fair ValueValuation TechniqueUnobservable Input(s)
Range
(Weighted Average) (1)
Impaired loans:    
Commercial real estate$1,873  Sales comparison approach  Adj to comparables  0.0% - 56.0% (26.5%)
Cost approachAccumulated depreciation93.1% (93.1%)
Residential real estate$217  Sales comparison approach  Adj to comparables  0.0% - 53.5% (10.8%)
Other real estate owned:
Commercial real estate$2,295  Sales comparison approach  Adj to comparables  0.9% - 68.4% (34.7%)
Income approach  Capitalization rate  13.0% (13.0%)
Residential real estate$738  Sales comparison approach  Adj to comparables  4.6% - 54.6% (39.2%)
Fair Value, by Balance Sheet Grouping
The fair value of certain financial instruments at March 31, 2020 and December 31, 2019, was as follows:

March 31, 2020
  Fair Value Measurements
(In thousands)Carrying valueLevel 1Level 2Level 3Total fair value
Financial assets:
Cash and money market instruments$320,920  $320,920  $—  $—  $320,920  
Investment securities (1)
1,184,399  —  1,184,399  —  1,184,399  
Other investment securities (2)
1,982  1,519  —  463  1,982  
Loans held for sale23,901  —  23,901  —  23,901  
Mortgage IRLCs1,035  —  1,035  —  1,035  
Impaired loans carried at fair value2,154  —  —  2,154  2,154  
Other loans, net6,433,926  —  —  6,451,435  6,451,435  
Loans receivable, net$6,461,016  $—  $24,936  $6,453,589  $6,478,525  
Financial liabilities:     
Time deposits1,060,835  —  1,069,209  —  1,069,209  
Other2,667  2,667  —  —  2,667  
Deposits (excluding demand deposits)$1,063,502  $2,667  $1,069,209  $—  $1,071,876  
Short-term borrowings$193,373  $—  $193,373  $—  $193,373  
Long-term debt140,000  —  150,782  —  150,782  
Subordinated notes15,000  —  13,635  —  13,635  
Derivative financial instruments - assets:
Loan interest rate swaps$4,617  $—  $4,617  $—  $4,617  
Derivative financial instruments - liabilities:     
Fair value swap$226  $—  $—  $226  $226  
Borrowing interest rate swap1,186  —  1,186  —  1,186  
Loan interest rate swaps4,617  —  4,617  —  4,617  
(1) Includes AFS debt securities.
(2) Excludes FHLB stock and FRB stock which are carried at their respective redemption values, investment securities accounted for at modified cost as these investments do not have a readily determinable fair value, and Partnership Investments valued using the NAV practical expedient.
December 31, 2019
  Fair Value Measurements
(In thousands)Carrying valueLevel 1Level 2Level 3Total fair value
Financial assets:
Cash and money market instruments$159,956  $159,956  $—  $—  $159,956  
Investment securities (1)
1,209,701  —  1,209,701  —  1,209,701  
Other investment securities (2)
1,993  1,537  —  456  1,993  
Loans held for sale12,278  —  12,278  —  12,278  
Mortgage IRLCs221  —  221  —  221  
Impaired loans carried at fair value2,090  —  —  2,090  2,090  
Other loans, net6,430,136  —  —  6,426,869  6,426,869  
Loans receivable, net$6,444,725  $—  $12,499  $6,428,959  $6,441,458  
Financial liabilities:     
Time deposits$1,139,131  $—  $1,145,537  —  $1,145,537  
Other1,273  1,273  —  —  1,273  
Deposits (excluding demand deposits)$1,140,404  $1,273  $1,145,537  $—  $1,146,810  
Short-term borrowings$230,657  $—  $230,657  $—  $230,657  
Long-term debt192,500  —  200,726  —  200,726  
Subordinated notes15,000  —  14,372  —  14,372  
Derivative financial instruments - assets:               
Loan interest rate swaps1,870  —  1,870  —  1,870  
Derivative financial instruments - liabilities:
Fair value swap$226  $—  $—  $226  $226  
Borrowing interest rate swap575  —  575  —  575  
Loan interest rate swaps1,870  —  1,870  —  1,870  
(1) Includes AFS debt securities and HTM debt securities.
(2) Excludes FHLB stock and FRB stock which are carried at their respective redemption values, investment securities accounted for at modified cost as these investments do not have a readily determinable fair value, and Partnership Investments valued using the NAV practical expedient.