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FAIR VALUE (Tables)
9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Financial assets and Liabilities at Dates Indicated that were Accounted for at Fair Value

 

 

 

 

September 30, 2019

 

 

 

 

Quoted Prices in

 

 

 

 

Significant

 

 

 

 

 

 

 

Active Markets for

 

Significant Other

 

Unobservable

 

 

 

 

 

 

 

Identical Assets

 

Observable Inputs

 

Inputs

 

 

 

(In thousands)

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

Total

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage loans held for sale

 

$

-

 

$

78,821

 

$

-

 

$

78,821

 

Investments available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agencies

 

 

-

 

 

286,381

 

 

-

 

 

286,381

 

 

State and municipal

 

 

-

 

 

221,481

 

 

-

 

 

221,481

 

 

Mortgage-backed and asset-backed

 

 

-

 

 

376,021

 

 

-

 

 

376,021

 

 

Corporate debt

 

 

-

 

 

-

 

 

9,511

 

 

9,511

 

 

Trust preferred

 

 

-

 

 

-

 

 

310

 

 

310

 

 

Marketable equity securities

 

 

-

 

 

568

 

 

-

 

 

568

 

Interest rate swap agreements

 

 

-

 

 

2,416

 

 

-

 

 

2,416

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap agreements

 

$

-

 

$

(2,416)

 

$

-

 

$

(2,416)

 

 

 

 

December 31, 2018

 

 

 

 

Quoted Prices in

 

 

 

 

Significant

 

 

 

 

 

 

 

Active Markets for

 

Significant Other

 

Unobservable

 

 

 

 

 

 

 

Identical Assets

 

Observable Inputs

 

Inputs

 

 

 

(In thousands)

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

Total

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage loans held for sale

 

$

-

 

$

22,773

 

$

-

 

$

22,773

 

Investments available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agencies

 

 

-

 

 

296,678

 

 

-

 

 

296,678

 

 

State and municipal

 

 

-

 

 

282,024

 

 

-

 

 

282,024

 

 

Mortgage-backed and asset-backed

 

 

-

 

 

348,515

 

 

-

 

 

348,515

 

 

Corporate debt

 

 

-

 

 

-

 

 

9,240

 

 

9,240

 

 

Trust preferred

 

 

-

 

 

-

 

 

310

 

 

310

 

 

Marketable equity securities

 

 

-

 

 

568

 

 

-

 

 

568

 

Interest rate swap agreements

 

 

-

 

 

446

 

 

-

 

 

446

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap agreements

 

$

-

 

$

(446)

 

$

-

 

$

(446)

Unrealized Losses Included in Assets Measured in Condensed Consolidated Statements of Condition at Fair Value on a Recurring Basis

 

 

 

 

Significant

 

 

 

 

Unobservable

 

 

 

 

Inputs

(In thousands)

 

(Level 3)

Investments available-for-sale:

 

 

 

 

Balance at January 1, 2019

 

$

9,550

 

 

Additions of Level 3 assets

 

 

-

 

 

Sales of Level 3 assets

 

 

-

 

 

Total unrealized gain included in other comprehensive income

 

 

271

 

Balance at September 30, 2019

 

$

9,821

Assets Measured at Fair Value on Nonrecurring Basis

 

 

 

September 30, 2019

 

 

 

Quoted Prices in

 

Significant

 

 

 

 

 

 

 

 

 

 

 

 

Active Markets

 

Other

 

Significant

 

 

 

 

 

 

 

 

 

for Identical

 

Observable

 

Unobservable

 

 

 

 

 

 

(In thousands)

 

Assets (Level 1)

 

Inputs (Level 2)

 

Inputs (Level 3)

 

Total

 

Total Losses

Impaired loans

 

$

-

 

$

-

 

$

7,739

 

$

7,739

 

$

(6,961)

Other real estate owned

 

 

-

 

 

-

 

 

1,482

 

 

1,482

 

 

(281)

 

Total

 

$

-

 

$

-

 

$

9,221

 

$

9,221

 

$

(7,242)

 

 

 

December 31, 2018

 

 

 

Quoted Prices in

 

Significant

 

 

 

 

 

 

 

 

 

 

 

 

Active Markets

 

Other

 

Significant

 

 

 

 

 

 

 

 

 

for Identical

 

Observable

 

Unobservable

 

 

 

 

 

 

(In thousands)

 

Assets (Level 1)

 

Inputs (Level 2)

 

Inputs (Level 3)

 

Total

 

Total Losses

Impaired loans

 

$

-

 

$

-

 

$

6,780

 

$

6,780

 

$

(10,932)

Other real estate owned

 

 

-

 

 

-

 

 

1,584

 

 

1,584

 

 

(262)

 

Total

 

$

-

 

$

-

 

$

8,364

 

$

8,364

 

$

(11,194)

Carrying Amounts And Fair Values of Company's Financial Instruments

 

 

 

 

 

 

 

 

Fair Value Measurements

 

 

September 30, 2019

 

Quoted Prices in

 

 

 

 

 

 

 

 

 

 

 

Estimated

 

Active Markets for

 

Significant Other

 

Significant

 

 

Carrying

 

Fair

 

Identical Assets

 

Observable Inputs

 

Unobservable Inputs

(In thousands)

 

Amount

 

Value

 

(Level 1)

 

(Level 2)

 

(Level 3)

Financial Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other equity securities

 

$

51,938

 

$

51,938

 

$

-

 

$

51,938

 

$

-

Loans, net of allowance

 

 

6,541,556

 

 

6,486,722

 

 

-

 

 

-

 

 

6,486,722

Other assets (1)

 

 

112,511

 

 

112,511

 

 

-

 

 

112,511

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time deposits

 

$

1,535,555

 

$

1,540,933

 

$

-

 

$

1,540,933

 

$

-

Securities sold under retail repurchase agreements and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal funds purchased

 

 

126,008

 

 

126,008

 

 

-

 

 

126,008

 

 

-

Advances from FHLB

 

 

517,477

 

 

526,055

 

 

-

 

 

526,055

 

 

-

Subordinated debentures

 

 

37,316

 

 

37,189

 

 

-

 

 

-

 

 

37,189

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes bank owned life insurance products.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements

 

 

December 31, 2018

 

Quoted Prices in

 

 

 

 

 

 

 

 

 

 

 

Estimated

 

Active Markets for

 

Significant Other

 

Significant

 

 

Carrying

 

Fair

 

Identical Assets

 

Observable Inputs

 

Unobservable Inputs

(In thousands)

 

Amount

 

Value

 

(Level 1)

 

(Level 2)

 

(Level 3)

Financial Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other equity securities

 

$

73,389

 

$

73,389

 

$

-

 

$

73,389

 

$

-

Loans, net of allowance

 

 

6,518,148

 

 

6,376,307

 

 

-

 

 

-

 

 

6,376,307

Other assets (1)

 

 

110,823

 

 

110,823

 

 

-

 

 

110,823

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time deposits

 

$

1,526,161

 

$

1,536,238

 

$

-

 

$

1,536,238

 

$

-

Securities sold under retail repurchase agreements and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal funds purchased

 

 

327,429

 

 

327,429

 

 

-

 

 

327,429

 

 

-

Advances from FHLB

 

 

848,611

 

 

850,186

 

 

-

 

 

850,186

 

 

-

Subordinated debentures

 

 

37,425

 

 

33,588

 

 

-

 

 

-

 

 

33,588

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes bank owned life insurance products.