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FAIR VALUE (Tables)
9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Financial assets and Liabilities at Dates Indicated that were Accounted for at Fair Value
The following tables set forth the Company’s financial assets and liabilities at the dates indicated that were accounted for or disclosed at fair value. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
 September 30, 2020
 Quoted Prices in
Active Markets for
Identical Assets
Significant Other
Observable Inputs
Significant
Unobservable
Inputs
 
(In thousands)(Level 1)(Level 2)(Level 3)Total
Assets:    
Residential mortgage loans held for sale (1)$ $88,728 $ $88,728 
Investments available-for-sale:
U.S. treasuries and government agencies 139,405  139,405 
State and municipal 352,987  352,987 
Mortgage-backed and asset-backed 852,314  852,314 
Corporate debt  12,499 12,499 
Total investments available-for-sale 1,344,706 12,499 1,357,205 
Interest rate swap agreements 10,223  10,223 
Total assets$ $1,443,657 $12,499 $1,456,156 
Liabilities:
Interest rate swap agreements$ $(10,223)$ $(10,223)
Total liabilities$ $(10,223)$ $(10,223)
 (1) The outstanding principal balance for residential loans held for sale as of September 30, 2020 was $85.8 million.
 December 31, 2019
 Quoted Prices in
Active Markets for
Identical Assets
Significant Other
Observable Inputs
Significant
Unobservable
Inputs
 
(In thousands)(Level 1)(Level 2)(Level 3)Total
Assets:    
Residential mortgage loans held for sale$— $53,701 $— $53,701 
Investments available-for-sale:
U.S. treasuries and government agencies— 258,495 — 258,495 
State and municipal— 233,649 — 233,649 
Mortgage-backed and asset-backed— 570,759 — 570,759 
Corporate debt— — 9,552 9,552 
Trust preferred— — 310 310 
Total debt securities— 1,062,903 9,862 1,072,765 
Marketable equity securities— 568 — 568 
Total investments available-for-sale— 1,063,471 9,862 1,073,333 
Interest rate swap agreements— 2,507 — 2,507 
Total assets$— $1,119,679 $9,862 $1,129,541 
Liabilities:
Interest rate swap agreements$— $(2,507)$— $(2,507)
Total liabilities$— $(2,507)$— $(2,507)
 (1) The outstanding principal balance for residential loans held for sale as of December 31, 2019 was $52.6 million.
Change in Fair Value of Assets Measured in Condensed Consolidated Statements of Condition at Fair Value on a Recurring Basis
The following table provides a change in the fair value of assets measured in the Condensed Consolidated Statements of Condition at fair value with significant unobservable inputs (Level 3) on a recurring basis for the period indicated:
 Significant
Unobservable
Inputs
(In thousands)(Level 3)
Investments available-for-sale: 
Balance at January 1, 2020$9,862 
Additions of Level 3 assets3,050 
Sales of Level 3 assets(349)
Total unrealized loss included in other comprehensive income/ (loss)(64)
Balance at September 30, 2020$12,499 
Assets Measured at Fair Value on Nonrecurring Basis
The following tables set forth the Company’s financial assets subject to fair value adjustments on a nonrecurring basis at the date indicated that are valued at the lower of cost or market. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
 September 30, 2020
(In thousands)Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
Significant
Other
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
TotalTotal Losses
Loans$ $ $14,325 $14,325 $(11,326)
Other real estate owned  1,671 1,671 (282)
Total$ $ $15,996 $15,996 $(11,608)
 
 December 31, 2019
(In thousands)Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
Significant
Other
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
TotalTotal 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
The carrying amounts and fair values of the Company’s financial instruments at the dates indicated are presented in the following tables:
   Fair Value Measurements
 September 30, 2020Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
(In thousands)Carrying
Amount
Estimated
Fair
Value
Financial assets:     
Cash and cash equivalents$224,883 $224,883 $224,883 $ $ 
Residential mortgage loans held for sale88,728 88,728  88,728  
Investments available-for-sale1,357,205 1,357,205  1,344,706 12,499 
Equity securities68,528 68,528 68,528   
Loans, net of allowance10,163,621 10,332,039   10,332,039 
Interest rate swap agreements10,223 10,223  10,223  
Accrued interest receivable48,176 48,176 48,176   
Bank owned life insurance126,182 126,182  126,182  
Financial liabilities:
Time deposits$1,868,285 $1,889,807 $ $1,889,807 $ 
Other deposits8,096,684 8,096,684 8,096,684   
Securities sold under retail repurchase agreements and
federal funds purchased462,706 462,889  462,889  
Advances from FHLB444,210 457,875  457,875  
Subordinated debt230,300 234,808   234,808 
Interest rate swap agreements10,223 10,223  10,223  
Accrued interest payable6,822 6,822 6,822   

   Fair Value Measurements
 December 31, 2019Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
(In thousands)Carrying
Amount
Estimated
Fair
Value
Financial assets:     
Cash and cash equivalents$146,103 $146,103 $146,103 $— $— 
Residential mortgage loans held for sale53,701 53,701 — 53,701 — 
Investments available-for-sale1,073,333 1,073,333 — 1,063,471 9,862 
Equity securities51,803 51,803 51,803 — — 
Loans, net of allowance6,649,100 6,628,054 — — 6,628,054 
Interest rate swap agreements2,507 2,507 — 2,507 — 
Accrued interest receivable23,282 23,282 23,282 — — 
Bank owned life insurance113,171 113,171 — 113,171 — 
Financial liabilities:
Time deposits$1,542,322 $1,547,116 $— $1,547,116 $— 
Other deposits4,897,997 4,897,997 4,897,997 — — 
Securities sold under retail repurchase agreements and
federal funds purchased213,605 213,605 — 213,605 — 
Advances from FHLB513,777 520,729 — 520,729 — 
Subordinated debt209,406 200,864 — — 200,864 
Interest rate swap agreements2,507 2,507 — 2,507 — 
Accrued interest payable4,194 4,194 4,194 — —