Fair Values of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2019

Investments, All Other Investments [Abstract]

Carrying Amounts and Fair Values of Company's Financial Instruments

The following presents (in thousands) the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of March 31, 2019 and December 31, 2018. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, short-term investments, FHLBB stock and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits, short-term borrowings and accrued interest payable.

March 31, 2019	Carrying Amount		Estimated Fair Value		Fair Value Measurements Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
	(in thousands)
Financial assets:
Securities held-to-maturity	$	2,110,555	$	2,074,443	$	—	$	2,074,443	$	—
Loans (1)		2,310,660		2,321,747		—		—		2,321,747
Financial liabilities:
Time deposits		542,079		542,733		—		542,733		—
Other borrowed funds		257,148		259,045		—		259,045		—
Subordinated debentures		36,083		36,083		—		36,083		—
December 31, 2018
Financial assets:
Securities held-to-maturity	$	2,046,647	$	1,991,421	$	—	$	1,991,421	$	—
Loans (1)		2,257,035		2,279,712		—		—		2,279,712
Financial liabilities:
Time deposits		560,579		559,988		—		559,988		—
Other borrowed funds		202,378		203,122		—		203,122		—
Subordinated debentures		36,083		36,083		—		36,083		—

(1) Comprised of loans (including collateral dependent impaired loans), net of deferred loan costs and the allowance for loan losses.