FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Financial Assets and Liabilities Accounted for or Disclosed at Fair Value

The following tables set forth the Company’s financial assets and liabilities at the December 31 for the years 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:


	2022
(In thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Residential mortgage loans held for sale (1)	$	—	$	11,706	$	—	$	11,706
Available-for-sale debt securities:
U.S. government agencies	—		93,622		—		93,622
State and municipal	—		265,997		—		265,997
Mortgage-backed and asset-backed	—		854,919		—		854,919

Total available-for-sale debt securities	—		1,214,538		—		1,214,538
Interest rate swap agreements	—		18,596		—		18,596
Total assets	$	—	$	1,244,840	$	—	$	1,244,840

Liabilities
Interest rate swap agreements	$	—	$	(18,596)	$	—	$	(18,596)
Total liabilities	$	—	$	(18,596)	$	—	$	(18,596)

(1)The outstanding principal balance for residential loans held for sale as of December 31, 2022 was $11.3 million.


	2021
(In thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Residential mortgage loans held for sale (1)	$	—	$	39,409	$	—	$	39,409
Investments available-for-sale:
U.S. government agencies	—		68,539		—		68,539
State and municipal	—		326,402		—		326,402
Mortgage-backed and asset-backed	—		1,070,955		—		1,070,955




Total available-for-sale securities	—		1,465,896		—		1,465,896
Interest rate swap agreements	—		5,880		—		5,880
Total assets	$	—	$	1,511,185	$	—	$	1,511,185

Liabilities
Interest rate swap agreements	$	—	$	(5,880)	$	—	$	(5,880)
Total liabilities	$	—	$	(5,880)	$	—	$	(5,880)

(1)The outstanding principal balance for residential loans held for sale as of December 31, 2021 was $38.2 million.

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 non-recurring basis at December 31 for the year 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:


	2022
(In thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Total Losses
Loans (1)	$	—	$	—	$	190	$	190	$	(384)
Other real estate owned	—		—		645		645		(105)
Total	$	—	$	—	$	835	$	835	$	(489)

(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).


	2021
(In thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Total Losses
Loans (1)	$	—	$	—	$	404	$	404	$	(1,353)
Other real estate owned	—		—		1,034		1,034		(81)
Total	$	—	$	—	$	1,438	$	1,438	$	(1,434)

Carrying Amounts And Fair Values of Company's Financial Instruments

The carrying amounts and fair values of the Company’s financial instruments at December 31 for the year indicated are presented in the following table:


					Fair Value Measurements
	2022				Quoted 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	$	192,232	$	192,232	$	192,232	$	—	$	—
Residential mortgage loans held for sale	11,706		11,706		—		11,706		—
Available-for-sale debt securities	1,214,538		1,214,538		—		1,214,538		—
Held-to-maturity debt securities	259,452		220,123		—		220,123		—
Other investments	69,218		69,218		—		69,218		—
Loans, net of allowance	11,260,464		11,020,992		—		—		11,020,992
Interest rate swap agreements	18,596		18,596		—		18,596		—
Accrued interest receivable	41,172		41,172		41,172		—		—
Bank owned life insurance	153,016		153,016		—		153,016		—

Financial liabilities:
Time deposits	$	2,118,262	$	2,082,319	$	—	$	2,082,319	$	—
Other deposits	8,835,159		8,835,159		8,835,159		—		—
Securities sold under retail repurchase agreements and
federal funds purchased	321,967		321,967		—		321,967		—
Advances from FHLB	550,000		549,530		—		549,530		—
Subordinated debt	370,205		332,470		—		—		332,470
Interest rate swap agreements	18,596		18,596		—		18,596		—
Accrued interest payable	10,867		10,867		10,867		—		—


					Fair Value Measurements
	2021				Quoted 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	$	420,020	$	420,020	$	420,020	$	—	$	—
Residential mortgage loans held for sale	39,409		39,409		—		39,409		—
Investments available-for-sale	1,465,896		1,465,896		—		1,465,896		—
Other investments	41,166		41,166		—		41,166		—
Loans, net of allowance	9,857,946		9,964,924		—		—		9,964,924
Interest rate swap agreements	5,880		5,880		—		5,880		—
Accrued interest receivable	34,349		34,349		34,349		—		—
Bank owned life insurance	147,528		147,528		—		147,528		—

Financial liabilities:
Time deposits	$	1,290,862	$	1,292,598	$	—	$	1,292,598	$	—
Other deposits	9,333,869		9,333,869		9,333,869		—		—
Securities sold under retail repurchase agreements and
federal funds purchased	141,086		141,086		—		141,086		—
Advances from FHLB	—		—		—		—		—
Subordinated debt	172,712		175,780		—		—		175,780
Interest rate swap agreements	5,880		5,880		—		5,880		—
Accrued interest payable	1,516		1,516		1,516		—		—