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FAIR VALUE (Tables)
6 Months Ended
Jun. 30, 2023
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:
 June 30, 2023
 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)
$ $21,476 $ $21,476 
Available-for-sale debt securities:
U.S. treasuries and government agencies 94,345  94,345 
State and municipal 268,251  268,251 
Mortgage-backed and asset-backed 781,092  781,092 
Total available-for-sale debt securities 1,143,688  1,143,688 
Interest rate swap agreements 18,286  18,286 
Total assets$ $1,183,450 $ $1,183,450 
Liabilities:
Interest rate swap agreements$ $(18,286)$ $(18,286)
Total liabilities$ $(18,286)$ $(18,286)
 (1) The outstanding principal balance for residential loans held for sale as of June 30, 2023 was $21.7 million.
 December 31, 2022
 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)
$— $11,706 $— $11,706 
Investments available-for-sale:
U.S. treasuries and government agencies— 93,622 — 93,622 
State and municipal— 265,997 — 265,997 
Mortgage-backed and asset-backed— 854,919 — 854,919 
Total investments available-for-sale— 1,214,538 — 1,214,538 
Interest rate swap agreements— 18,596 — 18,596 
Total assets$— $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 $11.3 million.
Assets Measured at Fair Value on Nonrecurring Basis
The following tables set forth the Company’s financial assets subject to fair value adjustments on a nonrecurring basis at the date indicated that are valued at the lower of cost or market. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
 June 30, 2023
(In thousands)Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
Significant
Other
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
TotalTotal Losses
Loans$ $ $ $ $ 
Other real estate owned  611 611 (104)
Total$ $ $611 $611 $(104)


 December 31, 2022
(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)
$— $— $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).
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
 June 30, 2023Quoted 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$430,127 $430,127 $430,127 $ $ 
Residential mortgage loans held for sale21,476 21,476  21,476  
Available-for-sale debt securities1,143,688 1,143,688  1,143,688  
Held-to-maturity debt securities247,814 208,662  208,662  
Other investments72,052 72,052  72,052  
Loans, net of allowance11,249,352 10,467,917   10,467,917 
Interest rate swap agreements18,286 18,286  18,286  
Accrued interest receivable42,388 42,388 42,388   
Bank owned life insurance156,874 156,874  156,874  
Financial liabilities:
Time deposits$2,815,761 $2,786,157 $ $2,786,157 $ 
Other deposits8,143,161 8,143,161 8,143,161   
Securities sold under retail repurchase agreements and
federal funds purchased374,510 374,510  374,510  
Advances from FHLB600,000 591,850  591,850  
Subordinated debt370,504 336,107   336,107 
Interest rate swap agreements18,286 18,286  18,286  
Accrued interest payable24,436 24,436 24,436   
   Fair Value Measurements
 December 31, 2022Quoted 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 sale11,706 11,706 — 11,706 — 
Investments available-for-sale1,214,538 1,214,538 — 1,214,538 — 
Held-to-maturity debt securities259,452 220,123 — 220,123 — 
Other investments69,218 69,218 — 69,218 — 
Loans, net of allowance11,260,464 11,020,992 — — 11,020,992 
Interest rate swap agreements18,596 18,596 — 18,596 — 
Accrued interest receivable41,172 41,172 41,172 — — 
Bank owned life insurance153,016 153,016 — 153,016 — 
Financial liabilities:
Time deposits$2,118,262 $2,082,319 $— $2,082,319 $— 
Other deposits8,835,159 8,835,159 8,835,159 — — 
Securities sold under retail repurchase agreements and
federal funds purchased321,967 321,967 — 321,967 — 
Advances from FHLB550,000 549,530 — 549,530 — 
Subordinated debt370,205 332,470 — — 332,470 
Interest rate swap agreements18,596 18,596 — 18,596 — 
Accrued interest payable10,867 10,867 10,867 — —