| Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis |
The following tables set forth the Company’s financial assets and liabilities measured on a recurring basis that were accounted for 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:
|
(In thousands)
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
March 31, 2025
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFS securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
104,227 |
|
|
$
|
- |
|
|
$
|
- |
|
|
$
|
104,227 |
|
|
Federal agency
|
|
|
-
|
|
|
|
223,429
|
|
|
|
-
|
|
|
|
223,429
|
|
|
State & municipal
|
|
|
-
|
|
|
|
88,702
|
|
|
|
-
|
|
|
|
88,702
|
|
|
Mortgage-backed
|
|
|
-
|
|
|
|
503,077
|
|
|
|
-
|
|
|
|
503,077
|
|
|
Collateralized mortgage obligations
|
|
|
-
|
|
|
|
739,458
|
|
|
|
-
|
|
|
|
739,458
|
|
|
Corporate
|
|
|
-
|
|
|
|
45,784
|
|
|
|
-
|
|
|
|
45,784
|
|
|
Total AFS securities
|
|
$
|
104,227
|
|
|
$
|
1,600,450
|
|
|
$
|
-
|
|
|
$
|
1,704,677
|
|
|
Equity securities
|
|
|
40,561
|
|
|
|
1,000
|
|
|
|
-
|
|
|
|
41,561
|
|
|
Derivatives
|
|
|
-
|
|
|
|
67,284
|
|
|
|
-
|
|
|
|
67,284
|
|
|
Total
|
|
$
|
144,788
|
|
|
$
|
1,668,734
|
|
|
$
|
-
|
|
|
$
|
1,813,522
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives
|
|
$
|
-
|
|
|
$
|
86,910
|
|
|
$
|
-
|
|
|
$
|
86,910
|
|
|
Total
|
|
$
|
-
|
|
|
$
|
86,910
|
|
|
$
|
-
|
|
|
$
|
86,910
|
|
|
(In thousands)
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
December 31, 2024
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFS securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
102,790 |
|
|
$
|
- |
|
|
$
|
- |
|
|
$
|
102,790 |
|
|
Federal agency
|
|
|
-
|
|
|
|
218,517
|
|
|
|
-
|
|
|
|
218,517
|
|
|
State & municipal
|
|
|
-
|
|
|
|
87,490
|
|
|
|
-
|
|
|
|
87,490
|
|
|
Mortgage-backed
|
|
|
-
|
|
|
|
464,365
|
|
|
|
-
|
|
|
|
464,365
|
|
|
Collateralized mortgage obligations
|
|
|
-
|
|
|
|
656,488
|
|
|
|
-
|
|
|
|
656,488
|
|
|
Corporate
|
|
|
-
|
|
|
|
45,014
|
|
|
|
-
|
|
|
|
45,014
|
|
|
Total AFS securities
|
|
$
|
102,790
|
|
|
$
|
1,471,874
|
|
|
$
|
-
|
|
|
$
|
1,574,664
|
|
|
Equity securities
|
|
|
41,372
|
|
|
|
1,000
|
|
|
|
-
|
|
|
|
42,372
|
|
|
Derivatives
|
|
|
-
|
|
|
|
80,847
|
|
|
|
-
|
|
|
|
80,847
|
|
|
Total
|
|
$
|
144,162
|
|
|
$
|
1,553,721
|
|
|
$
|
-
|
|
|
$
|
1,697,883
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives
|
|
$
|
-
|
|
|
$
|
104,399
|
|
|
$
|
-
|
|
|
$
|
104,399
|
|
|
Total
|
|
$
|
-
|
|
|
$
|
104,399
|
|
|
$
|
-
|
|
|
$
|
104,399
|
|
|
| Information with Regard to Estimated Fair Values of Financial Instruments |
The following table sets forth information with regard to estimated fair values of financial instruments. This table excludes financial instruments for which the
carrying amount approximates fair value. Financial instruments for which the fair value approximates carrying value include cash and cash equivalents, AFS securities, equity securities, AIR, non-maturity deposits, short-term borrowings, accrued
interest payable and derivatives.
|
|
|
|
|
March 31, 2025
|
|
|
December 31, 2024
|
|
|
(In thousands)
|
|
Fair Value
Hierarchy
|
|
|
Carrying
Amount
|
|
|
Estimated
Fair Value
|
|
|
Carrying
Amount
|
|
|
Estimated
Fair Value
|
|
|
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HTM securities
|
|
|
2
|
|
|
$
|
836,833
|
|
|
$
|
756,404
|
|
|
$
|
842,921
|
|
|
$
|
749,945
|
|
|
Net loans
|
|
|
3
|
|
|
|
9,876,895
|
|
|
|
9,567,818
|
|
|
|
9,863,654
|
|
|
|
9,458,786
|
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits
|
|
|
2
|
|
|
$
|
1,450,746
|
|
|
$
|
1,440,657
|
|
|
$
|
1,442,505
|
|
|
$
|
1,431,942
|
|
|
Long-term debt
|
|
|
2
|
|
|
|
4,605
|
|
|
|
4,444
|
|
|
|
29,644
|
|
|
|
29,439
|
|
|
Subordinated debt
|
|
|
1
|
|
|
|
121,669
|
|
|
|
118,994
|
|
|
|
121,401
|
|
|
|
118,693
|
|
|
Junior subordinated debt
|
|
|
2
|
|
|
|
101,196
|
|
|
|
104,031
|
|
|
|
101,196
|
|
|
|
105,763
|
|
|