Fair Value (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of financial assets measured at fair value on a recurring basis

The following table summarizes the financial assets measured at fair value on a recurring basis segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

Assets and Liabilities Measured on a Recurring Basis

March 31, 2022	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(In Thousands)
Assets:
Available for sale securities:
Obligations of U.S. federal government corporations and         agencies	$	—	$	161,433	$	—	$	161,433
Mortgage-backed securities		—		200,824		—		200,824
Collateralized mortgage obligations		—		305,529		—		305,529
Asset-backed securities		—		213,097		—		213,097
Corporate bonds		—		72,719		—		72,719
Obligations of state and political subdivisions		—		265,764		—		265,764
Equity securities		13,454		—		—		13,454
Loans held for sale, at fair value		—		37,014		116,484		153,498
Interest rate swaps		—		2,338		—		2,338
Mortgage banking derivative		—		9,923		—		9,923
Liabilities:
Interest rate swaps		—		2,338		—		2,338
Cash flow hedge derivative		—		16,180		—		16,180

December 31, 2021	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(In Thousands)
Assets:
Available for sale securities:
Obligations of U.S. federal government corporations and   agencies	$	—	$	174,710	$	—	$	174,710
Mortgage-backed securities		—		206,751		—		206,751
Collateralized mortgage obligations		—		260,168		—		260,168
Asset-backed securities		—		220,536		—		220,536
Corporate bonds		—		70,893		—		70,893
Obligations of state and political subdivisions		—		273,202		—		273,202
Equity securities		14,097		—		—		14,097
Loans held for sale, at fair value		—		28,780		134,167		162,947
Interest rate swaps		—		1,287		—		1,287
Mortgage banking derivative		—		2,336		—		2,336
Liabilities:
Interest rate swaps		—		1,292		—		1,292

Summary of Reconciliation of all Assets Measured at Fair Value on Recurring Basis using Significant Unobservable Inputs (Level 3)

The table below presents a reconciliation of assets that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three month periods ended March 31, 2022 and 2021.

There were no securities that were measured at Level 3 for the three month periods ended March 31, 2022 and 2021.

	Construction loans held for sale
	Three Months Ended March 31,
	2022			2021
Balance of recurring Level 3 assets at beginning of period	$	134,167		$	123,029
Total gains (losses) for the period
Included in change in fair value of loans held for sale		(13,459	)		(5,568	)
Originations		36,343			34,003
Sales		(40,567	)		(16,826	)
Balance of recurring Level 3 assets at end of period	$	116,484		$	134,638

Schedule of Level 3 assets and liabilities measured at fair value on a recurring or nonrecurring basis

For Level 3 assets and liabilities measured at fair value on a recurring basis, the significant unobservable inputs used in the fair value measurements were as follows:

March 31, 2022	Fair Value		Valuation Technique	Unobservable Inputs	Range of Inputs
			(Dollars in Thousands)
Construction loans held for sale	$	116,484	Quoted market price	Time discount using the 60 day forward contract	0.00% - 1.52%

December 31, 2021	Fair Value		Valuation Technique	Unobservable Inputs	Range of Inputs
			(Dollars in Thousands)
Construction loans held for sale	$	134,167	Quoted market price	Time discount using the 60 day forward contract	0.00% - 1.86%

For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of March 31, 2022, the significant unobservable inputs used in the fair value measurements were as follows:

	Fair Value		Valuation Technique	Unobservable Inputs	Range of Inputs			Weighted Average
			(Dollars in Thousands)
Individually analyzed Loans-    Applies to loan classes with an    appraisal valuation	$	5,199	Appraisals which utilize sales comparison, net income and cost approach	Discounts for collection issues and changes in market conditions	20-50%				31.38	%
Individually analyzed Loans-    Applies to loan classes without    an appraisal valuation	$	5,033	Equitable Recoupment claim estimate	Discounts for collection issues		25	%		25.00	%

For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2021, the significant unobservable inputs used in the fair value measurements were as follows:

	Fair Value		Valuation Technique	Unobservable Inputs	Range of Inputs			Weighted Average
			(Dollars in Thousands)
Individually analyzed Loans-    Applies to loan classes with an    appraisal valuation	$	5,821	Appraisals which utilize sales comparison, net income and cost approach	Discounts for collection issues and changes in market conditions	20-50%				35.18	%
Individually analyzed Loans-    Applies to loan classes without    an appraisal valuation	$	5,492	Equitable Recoupment claim estimate	Discounts for collection issues		25	%		25.00	%

Schedule of financial assets measured at fair value on a non-recurring basis

The following table summarizes the financial assets measured at fair value on a non-recurring basis segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

Assets and Liabilities Measured on a Non-Recurring Basis

March 31, 2022	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(In Thousands)
Individually analyzed loans
Residential	$	—	$	—	$	16		16
Commercial real estate		—		—		3,218		3,218
Commercial		—		—		6,998		6,998
Total individually analyzed loans		—		—		10,232		10,232
Mortgage servicing rights		—		20,715		—		20,715

December 31, 2021	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(In Thousands)
Individually analyzed loans
Commercial real estate	$	—	$	—	$	2,749	$	2,749
Commercial		—		—		8,564		8,564
Total individually analyzed loans		—		—		11,313		11,313
Mortgage servicing rights		—		19,538		—		19,538

Schedule of FHLB advances with maturities

FHLB advances with maturities greater than 90 days are valued based on a DCF analysis, using interest rates currently being quoted for similar characteristics and maturities resulting in a Level 2 classification. The cost or value of any call or put options is based on the estimated cost to settle the option at March 31, 2022.

The carrying value and estimated fair values of financial instruments at March 31, 2022 and December 31, 2021, were as follows:

			Fair Value Measurements at March 31, 2022
			(In Thousands)
	Carrying Value		Total		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	153,766	$	153,766	$	153,766	$	—	$	—
Securities available for sale		1,219,365		1,219,365		—		1,219,365		—
Equity securities		13,454		13,454		13,454		—		—
Accrued interest receivable		21,765		21,765		21,765		—		—
Federal Home Loan Bank Stock		15,332	N/A		N/A		N/A		N/A
Loans receivable, net		5,321,136		5,319,654		—		—		5,319,654
Loans held for sale, carried at fair value		153,498		153,498		—		37,014		116,484
Financial Liabilities:
Deposits	$	6,317,235	$	6,306,616	$	5,592,560	$	714,056	$	—
Advances from Federal Home Loan Bank		150,000		150,000		—		150,000		—
Subordinated debentures		85,008		84,168		—		84,168		—

			Fair Value Measurements at December 31, 2021
			(In Thousands)
	Carrying Value		Total		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	161,566	$	161,566	$	161,566	$	—	$	—
Securities available for sale		1,206,260		1,206,260		—		1,206,260		—
Equity securities		14,097		14,097		14,097		—		—
Accrued interest receivable		20,767		20,767		20,767		—		—
Federal Home Loan Bank Stock		11,585	N/A		N/A		N/A		N/A
Loans receivable, net		5,229,700		5,265,689		—		—		5,265,689
Loans held for sale, carried at fair value		162,947		162,947		—		28,780		134,167
Financial Liabilities:
Deposits	$	6,282,051	$	6,280,336	$	5,481,928	$	798,408	$	—
Subordinated debentures		84,976		85,417		—		—		85,417