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.
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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, 2023 | | 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 | | $ | 430,127 | | | $ | 430,127 | | | $ | 430,127 | | | $ | — | | | $ | — | | Residential mortgage loans held for sale | | 21,476 | | | 21,476 | | | — | | | 21,476 | | | — | | Available-for-sale debt securities | | 1,143,688 | | | 1,143,688 | | | — | | | 1,143,688 | | | — | | Held-to-maturity debt securities | | 247,814 | | | 208,662 | | | — | | | 208,662 | | | — | | Other investments | | 72,052 | | | 72,052 | | | — | | | 72,052 | | | — | | Loans, net of allowance | | 11,249,352 | | | 10,467,917 | | | — | | | — | | | 10,467,917 | | Interest rate swap agreements | | 18,286 | | | 18,286 | | | — | | | 18,286 | | | — | | Accrued interest receivable | | 42,388 | | | 42,388 | | | 42,388 | | | — | | | — | | Bank owned life insurance | | 156,874 | | | 156,874 | | | — | | | 156,874 | | | — | | | | | | | | | | | | | Financial liabilities: | | | | | | | | | | | Time deposits | | $ | 2,815,761 | | | $ | 2,786,157 | | | $ | — | | | $ | 2,786,157 | | | $ | — | | Other deposits | | 8,143,161 | | | 8,143,161 | | | 8,143,161 | | | — | | | — | | Securities sold under retail repurchase agreements and | | | | | | | | | | | federal funds purchased | | 374,510 | | | 374,510 | | | — | | | 374,510 | | | — | | Advances from FHLB | | 600,000 | | | 591,850 | | | — | | | 591,850 | | | — | | Subordinated debt | | 370,504 | | | 336,107 | | | — | | | — | | | 336,107 | | Interest rate swap agreements | | 18,286 | | | 18,286 | | | — | | | 18,286 | | | — | | Accrued interest payable | | 24,436 | | | 24,436 | | | 24,436 | | | — | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements | | | December 31, 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 | | | — | | Investments available-for-sale | | 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 | | | — | | | — | |
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