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Fair Value (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of financial assets and liabilities measured on a recurring basis
The following table presents assets and liabilities measured at fair value on a recurring basis:
 
Fair Value Measurements at December 31, 2020 using:
(In thousands)Level 1Level 2Level 3Balance at December 31, 2020
Assets    
Investment securities:    
Obligations of states and political subdivisions$— $305,218 $— $305,218 
U.S. Government sponsored entities’ asset-backed securities— 752,109 — 752,109 
Corporate debt securities— 2,014 — $2,014 
Equity securities2,026 — 485 2,511 
Mortgage loans held for sale— 31,666 — 31,666 
Mortgage IRLCs— 1,545 — 1,545 
Loan interest rate swaps— 3,934 — 3,934 
Liabilities    
Fair value swap$— $— $226 $226 
Borrowing interest rate swap— 885 — $885 
Loan interest rate swaps— 3,934 — $3,934 
 
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 

The following methods and assumptions were used by the Company in determining the fair value of the financial assets and liabilities discussed above:

Interest rate swaps:  The fair values of interest rate swaps are based on valuation models using observable market data as of the measurement date (Level 2).

Investment securities: Fair values for investment securities are based on quoted market prices, where available (Level 1). If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments (Level 2).
For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows (Level 3).

Fair value swap: The fair value of the swap agreement entered into with the purchaser of the Visa Class B shares represents an internally developed estimate of the exposure based upon probability-weighted potential Visa litigation losses.

Mortgage Interest Rate Lock Commitments: Mortgage IRLCs are based on current secondary market pricing and are classified as Level 2.
 
Mortgage loans held for sale: Mortgage loans held for sale are carried at their fair value. Mortgage loans held for sale are estimated using market prices for similar product types and, therefore, are classified in Level 2.
Schedule of reconciliation of level 3 input for financial instruments measured on recurring basis
The table below is a reconciliation of the beginning and ending balances of the Level 3 inputs for the years ended December 31, 2020 and 2019, for financial instruments measured on a recurring basis and classified as Level 3:
 
Level 3 Fair Value Measurements
(In thousands)Equity SecuritiesFair Value Swap
Balance at January 1, 2020$456 $(226)
Total Gains (Losses)
Included in other income29 — 
Balance at December 31, 2020$485 $(226)
Balance at January 1, 2019$424 $(226)
Total Gains (Losses)
Included in other income32 — 
Balance at December 31, 2019$456 $(226)
Schedule of assets and liabilities measured at fair value on a nonrecurring basis
Fair Value Measurements at December 31, 2020 Using:
(In thousands)Level 1Level 2Level 3Balance at December 31, 2020
Impaired loans recorded at fair value:
Commercial real estate$— $— $6,749 $6,749 
Residential real estate— — 175 175 
Total impaired loans recorded at fair value$— $— $6,924 $6,924 
MSRs$— $12,179 $— $12,179 
OREO recorded at fair value:
Commercial real estate— — — — 
Residential real estate— — 735 735 
Total OREO recorded at fair value$— $— $735 $735 
Other repossessed assets$— $— $3,164 $3,164 
Fair Value Measurements at December 31, 2019 Using:
(In thousands)Level 1Level 2Level 3Balance at December 31, 2019
Impaired loans recorded at fair value:
   Commercial real estate$— $— $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 
Impaired Financing Receivables [Table Text Block]
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.

December 31, 2020
(In thousands)Recorded InvestmentPrior Charge-OffsSpecific Valuation AllowanceCarrying Balance
Impaired loans recorded at fair value$8,256 $269 $1,332 $6,924 
Remaining impaired loans 100,199 386 4,102 96,097 
Total impaired loans$108,455 $655 $5,434 $103,021 

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 
Schedule of qualitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis
The following tables present quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2020 and December 31, 2019:

December 31, 2020
(In thousands)Fair ValueValuation TechniqueUnobservable Input(s)Range (Weighted Average)
Impaired loans:    
Commercial real estate$6,749 Sales comparison approachAdj to comparables
0.0% - 139.0% (11.8%)
Income approachCapitalization rate
9.3% - 20.0% (10.3%)
Cost approachEntrepreneurial profit
10.0% (10.0%)
Cost approachAccumulated depreciation
2.6% (2.6%)
Residential real estate$175 Sales comparison approachAdj to comparables
2.0% - 47.8% (11.9%)
Other real estate owned:
Residential real estate$735 Sales comparison approachAdj to comparables
7.8% - 9.9% (8.9%)

December 31, 2019
(In thousands)Fair ValueValuation TechniqueUnobservable Input(s)Range (Weighted Average)
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 financial instruments at December 31, 2020 and December 31, 2019, was as follows:

December 31, 2020
  Fair Value Measurements
(In thousands)Carrying valueLevel 1Level 2Level 3Total fair value
Financial assets:
Cash and money market instruments$370,474 $370,474 $— $— $370,474 
Investment securities (1)
1,059,341 — 1,059,341 — 1,059,341 
Other investment securities (2)
2,511 2,026 — 485 2,511 
Mortgage loans held for sale31,666 — 31,666 — 31,666 
Mortgage IRLCs1,545 — 1,545 — 1,545 
Impaired loans carried at fair value6,924 — — 6,924 6,924 
Other loans, net7,051,975 — — 7,072,339 7,072,339 
Loans receivable, net$7,092,110 $— $33,211 $7,079,263 $7,112,474 
Financial liabilities:     
Time deposits$864,573 $— $870,804 $— $870,804 
Other1,379 1,379 — — 1,379 
Deposits (excluding demand deposits)$865,952 $1,379 $870,804 $— $872,183 
Short-term borrowings$342,230 $— $342,230 $— $342,230 
Long-term debt32,500 — 31,376 — 31,376 
Subordinated notes187,774 — 179,147 — 179,147 
Derivative financial instruments - assets:
Loan interest rate swaps3,934 — 3,934 — 3,934 
Derivative financial instruments - liabilities:    
Fair value swap$226 $— $— $226 $226 
Borrowing interest rate swap885 — 885 — 885 
Loan interest rate swaps3,934 — 3,934 — 3,934 
(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.