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Fair Value (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2020 using:
(In thousands)Level 1Level 2Level 3Balance at September 30, 2020
Assets    
Investment securities:    
Obligations of states and political subdivisions— 304,506 304,506 
U.S. Government sponsored entities’ asset-backed securities— 726,297 — 726,297 
Corporate debt securities— 2,011 — 2,011 
Equity securities1,558 — 484 2,042 
Mortgage loans held for sale— 48,265 — 48,265 
Mortgage IRLCs— 2,878 — 2,878 
Loan interest rate swaps— 4,503 — 4,503 
Liabilities    
Fair value swap$— $— $226 $226 
Borrowing interest rate swap— 1,026 — 1,026 
Loan interest rate swaps— 4,503 — 4,503 
 
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 and nine months ended September 30, 2020 and 2019, for financial instruments measured on a recurring basis and classified as Level 3:

Level 3 Fair Value Measurements
Three months ended September 30, 2020 and 2019
(In thousands)Equity
Securities		Fair value
swap
Balance at July 1, 2020$471 $(226)
Total gains  
Included in other income13 — 
Balance at September 30, 2020$484 $(226)
Balance at July 1, 2019$433 $(226)
Total gains  
Included in other income5 — 
Balance at September 30, 2019$438 $(226)

Level 3 Fair Value Measurements
Nine months ended September 30, 2020 and 2019

(In thousands)Equity
Securities		Fair value
swap
Balance at January 1, 2020$456 $(226)
Total gains  
Included in other income28 — 
Balance at September 30, 2020$484 $(226)
Balance at January 1, 2019$424 $(226)
Total gains  
Included in other income14 — 
Balance at September 30, 2019$438 $(226)
Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis
The following tables present assets and liabilities measured at fair value on a nonrecurring basis. Collateral dependent impaired loans are carried at fair value if they have been charged down to fair value or if a specific valuation allowance has been established. As of September 30, 2020, there were no PCI loans carried at fair value. A new cost basis is established at the time a property is initially recorded in OREO. OREO properties are carried at fair value if a devaluation has been taken with respect to the property's value subsequent to the initial measurement.
Fair Value Measurements at September 30, 2020 using:
(In thousands)Level 1Level 2Level 3Balance at September 30, 2020
Impaired loans recorded at fair value:    
Commercial real estate$— $— $16,054 $16,054 
Residential real estate— — 172 172 
Total impaired loans recorded at fair value$— $— $16,226 $16,226 
MSRs$— $11,029 $— $11,029 
OREO recorded at fair value:
Residential real estate— — 767 767 
Total OREO recorded at fair value$— $— $767 $767 
Other repossessed assets$— $— $3,392 $3,392 
 
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.

September 30, 2020
(In thousands)Recorded InvestmentPrior Charge-OffsSpecific Valuation AllowanceCarrying Balance
Impaired loans recorded at fair value$19,395 $247 $3,169 $16,226 
Remaining impaired loans 96,785 316 5,497 91,288 
Total impaired loans$116,180 $563 $8,666 $107,514 

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 September 30, 2020 and December 31, 2019:

September 30, 2020
(In thousands)Fair ValueValuation TechniqueUnobservable Input(s)
Range
(Weighted Average) (1)
Impaired loans:    
Commercial real estate$16,054 Sales comparison approachAdj to comparables
0.0% - 139.0% (20.6%)
Income approachCapitalization rate
9.0% - 20.0% (9.6%)
Residential real estate$172 Sales comparison approachAdj to comparables
2.7% - 47.8% (10.6%)
Other real estate owned:
Residential real estate$767 Sales comparison approachAdj to comparables
7.6% - 11.2% (8.9%)

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 approachAdj to comparables
0.0% - 56.0% (26.5%)
Cost approachAccumulated depreciation
93.1% (93.1%)
Residential real estate$217 Sales comparison approachAdj to comparables
0.0% - 53.5% (10.8%)
Other real estate owned:
Commercial real estate$2,295 Sales comparison approachAdj to comparables
0.9% - 68.4% (34.7%)
Income approachCapitalization rate
13.0% (13.0%)
Residential real estate$738 Sales comparison approachAdj to comparables
4.6% - 54.6% (39.2%)
Fair Value, by Balance Sheet Grouping
The fair value of certain financial instruments at September 30, 2020 and December 31, 2019, was as follows:

September 30, 2020
  Fair Value Measurements
(In thousands)Carrying valueLevel 1Level 2Level 3Total fair value
Financial assets:
Cash and money market instruments$246,709 $246,709 $— $— $246,709 
Investment securities (1)
1,032,814 — 1,032,814 — 1,032,814 
Other investment securities (2)
2,042 1,558 — 484 2,042 
Loans held for sale48,265 — 48,265 — 48,265 
Mortgage IRLCs2,878 — 2,878 — 2,878 
Impaired loans carried at fair value16,226 — — 16,226 16,226 
Other loans, net7,124,139 — — 7,168,180 7,168,180 
Loans receivable, net$7,191,508 $— $51,143 $7,184,406 $7,235,549 
Financial liabilities:     
Time deposits$931,201 $— $938,492 $— $938,492 
Other5,374 5,374 — — 5,374 
Deposits (excluding demand deposits)$936,575 $5,374 $938,492 $— $943,866 
Short-term borrowings$320,435 $— $320,435 $— $320,435 
Long-term debt135,000 — 142,849 — 142,849 
Subordinated notes187,668 — 180,209 — 180,209 
Derivative financial instruments - assets:
Loan interest rate swaps$4,503 $— $4,503 $— $4,503 
Derivative financial instruments - liabilities:     
Fair value swap$226 $— $— $226 $226 
Borrowing interest rate swap1,026 — 1,026 — 1,026 
Loan interest rate swaps4,503 — 4,503 — 4,503 

(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.