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FAIR VALUE (Tables)
6 Months Ended
Jun. 30, 2020
Fair Value [Abstract]  
Financial assets and Liabilities at Dates Indicated that were Accounted for at Fair Value

 

 

 

 

June 30, 2020

 

 

 

 

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

 

$

-

 

$

68,765

 

$

-

 

$

68,765

 

Investments available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries and government agencies

 

 

-

 

 

168,072

 

 

-

 

 

168,072

 

 

State and municipal

 

 

-

 

 

297,580

 

 

-

 

 

297,580

 

 

Mortgage-backed and asset-backed

 

 

-

 

 

877,955

 

 

-

 

 

877,955

 

 

Corporate debt

 

 

-

 

 

-

 

 

12,192

 

 

12,192

 

 

Marketable equity securities

 

 

-

 

 

677

 

 

-

 

 

677

 

Interest rate swap agreements

 

 

-

 

 

10,804

 

 

-

 

 

10,804

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap agreements

 

$

-

 

$

(10,804)

 

$

-

 

$

(10,804)

 

 

 

 

December 31, 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

 

$

-

 

$

53,701

 

$

-

 

$

53,701

 

Investments available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries and government agencies

 

 

-

 

 

258,495

 

 

-

 

 

258,495

 

 

State and municipal

 

 

-

 

 

233,649

 

 

-

 

 

233,649

 

 

Mortgage-backed and asset-backed

 

 

-

 

 

570,759

 

 

-

 

 

570,759

 

 

Corporate debt

 

 

-

 

 

-

 

 

9,552

 

 

9,552

 

 

Trust preferred

 

 

-

 

 

-

 

 

310

 

 

310

 

 

Marketable equity securities

 

 

-

 

 

568

 

 

-

 

 

568

 

Interest rate swap agreements

 

 

-

 

 

2,507

 

 

-

 

 

2,507

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap agreements

 

$

-

 

$

(2,507)

 

$

-

 

$

(2,507)

Change in Fair Value of 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, 2020

 

$

9,862

 

 

Additions of Level 3 assets

 

 

3,050

 

 

Sales of Level 3 assets

 

 

(329)

 

 

Total unrealized loss included in other comprehensive income/ (loss)

 

 

(391)

 

Balance at June 30, 2020

 

$

12,192

Assets Measured at Fair Value on Nonrecurring Basis

 

 

 

June 30, 2020

 

 

 

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

Loans

 

$

-

 

$

-

 

$

6,636

 

$

6,636

 

$

(6,814)

Other real estate owned

 

 

-

 

 

-

 

 

1,671

 

 

1,671

 

 

(282)

 

Total

 

$

-

 

$

-

 

$

8,307

 

$

8,307

 

$

(7,096)

 

 

 

December 31, 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

Loans

 

$

-

 

$

-

 

$

6,886

 

$

6,886

 

$

(6,299)

Other real estate owned

 

 

-

 

 

-

 

 

1,482

 

 

1,482

 

 

(281)

 

Total

 

$

-

 

$

-

 

$

8,368

 

$

8,368

 

$

(6,580)

Carrying Amounts And Fair Values of Company's Financial Instruments

 

 

 

 

 

 

 

 

 

Fair Value Measurements

 

 

 

June 30, 2020

 

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

 

$

68,853

 

$

68,853

 

$

-

 

$

68,853

 

$

-

 

Loans, net of allowance

 

 

10,179,562

 

 

10,327,479

 

 

-

 

 

-

 

 

10,327,479

 

Other assets (1)

 

 

125,477

 

 

125,477

 

 

-

 

 

125,477

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time deposits

 

$

2,166,695

 

$

2,194,176

 

$

-

 

$

2,194,176

 

$

-

 

Securities sold under retail repurchase agreements and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

federal funds purchased

 

 

988,605

 

 

988,722

 

 

-

 

 

988,722

 

 

-

 

Advances from FHLB

 

 

451,844

 

 

467,759

 

 

-

 

 

467,759

 

 

-

 

Subordinated debentures

 

 

230,301

 

 

231,114

 

 

-

 

 

-

 

 

231,114

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes bank owned life insurance products.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements

 

 

 

December 31, 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

 

$

51,803

 

$

51,803

 

$

-

 

$

51,803

 

$

-

 

Loans, net of allowance

 

 

6,649,100

 

 

6,628,054

 

 

-

 

 

-

 

 

6,628,054

 

Other assets (1)

 

 

113,171

 

 

113,171

 

 

-

 

 

113,171

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time deposits

 

$

1,542,322

 

$

1,547,116

 

$

-

 

$

1,547,116

 

$

-

 

Securities sold under retail repurchase agreements and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

federal funds purchased

 

 

213,605

 

 

213,605

 

 

-

 

 

213,605

 

 

-

 

Advances from FHLB

 

 

513,777

 

 

520,729

 

 

-

 

 

520,729

 

 

-

 

Subordinated debentures

 

 

209,406

 

 

200,864

 

 

-

 

 

-

 

 

200,864

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes bank owned life insurance products.