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FAIR VALUE (Tables)
9 Months Ended
Sep. 30, 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:
 September 30, 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)
$ $44,678 $ $44,678 
Investments available-for-sale:
U.S. treasuries and government agencies 47,729  47,729 
State and municipal 327,793  327,793 
Mortgage-backed and asset-backed 1,046,624  1,046,624 
Corporate debt  7,409 7,409 
Total investments available-for-sale 1,422,146 7,409 1,429,555 
Interest rate swap agreements 6,290  6,290 
Total assets$ $1,473,114 $7,409 $1,480,523 
Liabilities:
Interest rate swap agreements$ $(6,290)$ $(6,290)
Total liabilities$ $(6,290)$ $(6,290)
 (1) The outstanding principal balance for residential loans held for sale as of September 30, 2021 was $43.5 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)(414)
Balance at September 30, 2021$7,409 
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, 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)
$ $ $721 $721 $(6,771)
Other real estate owned  1,105 1,105 (74)
Total$ $ $1,826 $1,826 $(6,845)
(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
 September 30, 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$1,114,633 $1,114,633 $1,114,633 $ $ 
Residential mortgage loans held for sale44,678 44,678  44,678  
Investments available-for-sale1,429,555 1,429,555  1,422,146 7,409 
Equity securities41,097 41,097 41,097   
Loans, net of allowance9,613,428 9,677,624   9,677,624 
Interest rate swap agreements6,290 6,290  6,290  
Accrued interest receivable36,219 36,219 36,219   
Bank owned life insurance146,710 146,710  146,710  
Financial liabilities:
Time deposits$1,508,854 $1,515,231 $ $1,515,231 $ 
Other deposits9,478,546 9,478,546 9,478,546   
Securities sold under retail repurchase agreements and
federal funds purchased147,504 147,504  147,504  
Advances from FHLB     
Subordinated debt172,639 174,659   174,659 
Interest rate swap agreements6,290 6,290  6,290  
Accrued interest payable3,714 3,714 3,714   
   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 — —