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FAIR VALUE (Tables)
3 Months Ended
Mar. 31, 2021
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:
 March 31, 2021
 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)
$ $84,930 $ $84,930 
Investments available-for-sale:
U.S. treasuries and government agencies 48,086  48,086 
State and municipal 366,032  366,032 
Mortgage-backed and asset-backed 1,006,179  1,006,179 
Corporate debt  7,583 7,583 
Total investments available-for-sale 1,420,297 7,583 1,427,880 
Interest rate swap agreements 6,402  6,402 
Total assets$ $1,511,629 $7,583 $1,519,212 
Liabilities:
Interest rate swap agreements$ $(6,402)$ $(6,402)
Total liabilities$ $(6,402)$ $(6,402)
 (1) The outstanding principal balance for residential loans held for sale as of March 31, 2021 was $83.3 million.
 December 31, 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)
$— $78,294 $— $78,294 
Investments available-for-sale:
U.S. treasuries and government agencies— 43,297 — 43,297 
State and municipal— 390,367 — 390,367 
Mortgage-backed and asset-backed— 904,432 — 904,432 
Corporate debt— — 9,925 9,925 
Total investments available-for-sale— 1,338,096 9,925 1,348,021 
Interest rate swap agreements— 9,183 — 9,183 
Total assets$— $1,425,573 $9,925 $1,435,498 
Liabilities:
Interest rate swap agreements$— $(9,183)$— $(9,183)
Total liabilities$— $(9,183)$— $(9,183)
 (1) The outstanding principal balance for residential loans held for sale as of December 31, 2020 was $75.5 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, 2021$9,925 
Additions of Level 3 assets— 
Sales of Level 3 assets(2,102)
Total unrealized loss included in other comprehensive income/ (loss)(240)
Balance at March 31, 2021$7,583 
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:
 March 31, 2021
(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 (1)
$ $ $5,513 $5,513 $(5,780)
Other real estate owned  1,354 1,354 (387)
Total$ $ $6,867 $6,867 $(6,167)
(1) Amounts represent the fair value of collateral for collateral dependent non-accrual loans allocated to the allowance for credit losses. Fair values are determined using actual market prices (Level 2), independent third party valuations and borrower records, discounted as appropriate (Level 3).

 December 31, 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 (1)
$— $— $13,901 $13,901 $(11,326)
Other real estate owned— — 1,455 1,455 (286)
Total$— $— $15,356 $15,356 $(11,612)
(1) Amounts represent the fair value of collateral for collateral dependent non-accrual loans allocated to the allowance for credit losses. Fair values are determined using actual market prices (Level 2), independent third party valuations and borrower records, discounted as appropriate (Level 3).
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
 March 31, 2021Quoted 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$228,621 $228,621 $228,621 $ $ 
Residential mortgage loans held for sale84,930 84,930  84,930  
Investments available-for-sale1,427,880 1,427,880  1,420,297 7,583 
Equity securities44,847 44,847 44,847   
Loans, net of allowance10,316,505 10,339,985   10,339,985 
Interest rate swap agreements6,402 6,402  6,402  
Accrued interest receivable44,559 44,559 44,559   
Bank owned life insurance127,567 127,567  127,567  
Financial liabilities:
Time deposits$1,675,166 $1,687,100 $ $1,687,100 $ 
Other deposits9,002,586 9,002,586 9,002,586   
Securities sold under retail repurchase agreements and
federal funds purchased189,318 189,318  189,318  
Advances from FHLB100,000 100,327  100,327  
Subordinated debt227,044 217,942   217,942 
Interest rate swap agreements6,402 6,402  6,402  
Accrued interest payable4,019 4,019 4,019   
   Fair Value Measurements
 December 31, 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$297,003 $297,003 $297,003 $— $— 
Residential mortgage loans held for sale78,294 78,294 — 78,294 — 
Investments available-for-sale1,348,021 1,348,021 — 1,338,096 9,925 
Equity securities65,760 65,760 65,760 — — 
Loans, net of allowance10,235,142 10,336,355 — — 10,336,355 
Interest rate swap agreements9,183 9,183 — 9,183 — 
Accrued interest receivable46,431 46,431 46,431 — — 
Bank owned life insurance126,887 126,887 — 126,887 — 
Financial liabilities:
Time deposits$1,657,662 $1,674,112 $— $1,674,112 $— 
Other deposits8,375,407 8,375,407 8,375,407 — — 
Securities sold under retail repurchase agreements and
federal funds purchased543,157 543,157 — 543,157 — 
Advances from FHLB379,075 390,593 — 390,593 — 
Subordinated debt227,088 227,512 — — 227,512 
Interest rate swap agreements9,183 9,183 — 9,183 — 
Accrued interest payable3,254 3,254 3,254 — —