| Schedule of assets and liabilities measured at fair value on a recurring basis |
The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018, segregated by the level of valuation inputs within the fair value hierarchy used to measure fair value. | | | | | | | | | | | | | | | | | Recurring Fair Value Measurements | | | | | | | | June 30, 2019 | | | | | | | | (In thousands) | Total | | (Level 1) |
| | (Level 2) |
| | (Level 3) |
| Available-for-sale securities | | | | | | | | U.S. Treasuries | $ | 278 |
| | $ | 0 |
| | $ | 278 |
| | $ | 0 |
| Obligations of U.S. Government sponsored entities | 349,662 |
| | 0 |
| | 349,662 |
| | 0 |
| Obligations of U.S. states and political subdivisions | 80,783 |
| | 0 |
| | 80,783 |
| | 0 |
| Mortgage-backed securities – residential, issued by: | | | | | | | | U.S. Government agencies | 169,555 |
| | 0 |
| | 169,555 |
| | 0 |
| U.S. Government sponsored entities | 586,529 |
| | 0 |
| | 586,529 |
| | 0 |
| Non-U.S. Government agencies or sponsored entities | 7 |
| | 0 |
| | 7 |
| | 0 |
| U.S. corporate debt securities | 2,432 |
| | 0 |
| | 2,432 |
| | 0 |
| Total Available-for-sale securities | $ | 1,189,246 |
| | $ | 0 |
| | $ | 1,189,246 |
| | $ | 0 |
| | | | | | | | | Equity securities, at fair value | $ | 912 |
| | 0 |
| | $ | 0 |
| | 912 |
|
| | | | | | | | | | | | | | | | | Recurring Fair Value Measurements | | | | | | | | December 31, 2018 | | | | | | | | (In thousands) | Total | | (Level 1) |
| | (Level 2) |
| | (Level 3) |
| Available-for-sale securities | | | | | | | | U.S. Treasuries | $ | 289 |
| | $ | 0 |
| | $ | 289 |
| | $ | 0 |
| Obligations of U.S. Government sponsored entities | 485,898 |
| | 0 |
| | 485,898 |
| | 0 |
| Obligations of U.S. states and political subdivisions | 85,440 |
| | 0 |
| | 85,440 |
| | 0 |
| Mortgage-backed securities – residential, issued by: | | | | | | | | U.S. Government agencies | 128,267 |
| | 0 |
| | 128,267 |
| | 0 |
| U.S. Government sponsored entities | 630,558 |
| | 0 |
| | 630,558 |
| | 0 |
| Non-U.S. Government agencies or sponsored entities | 31 |
| | 0 |
| | 31 |
| | 0 |
| U.S. corporate debt securities | 2,175 |
| | 0 |
| | 2,175 |
| | 0 |
| Total Available-for-sale securities | $ | 1,332,658 |
| | $ | 0 |
| | $ | 1,332,658 |
| | $ | 0 |
| | | | | | | | | Equity securities, at fair value | $ | 887 |
| | 0 |
| | 0 |
| | $ | 887 |
|
|
| Schedule of assets and liabilities measured at fair value on a non recurring basis |
| | | | | | | | | | | | | | | | | | | | | Three months ended June 30, 2019 | (In thousands) | | | Fair value measurements at reporting
date using: | | Gain (losses)
from fair
value changes | Assets: | As of 06/30/2019 | | Quoted prices in
active markets for
identical assets
(Level 1) | | Significant other
observable inputs
(Level 2) | | Significant
unobservable inputs
(Level 3) | | Three months ended 06/30/2019 | Impaired loans | $ | 3,485 |
| | $ | 0 |
| | $ | 3,485 |
| | $ | 0 |
| | $ | (63 | ) | Other real estate owned | 635 |
| | 0 |
| | 635 |
| | 0 |
| | 0 |
|
| | | | | | | | | | | | | | | | | | | | | Three months ended June 30, 2018 | (In thousands) | | | Fair value measurements at reporting
date using: | | Gain (losses)
from fair
value changes | Assets: | As of 06/30/2018 | | Quoted prices in
active markets for
identical assets
(Level 1) | | Significant other
observable inputs
(Level 2) | | Significant
unobservable inputs
(Level 3) | | Three months ended 06/30/2018 | Impaired loans | $ | 1,865 |
| | $ | 0 |
| | $ | 1,865 |
| | $ | 0 |
| | $ | 12 |
| Other real estate owned | 185 |
| | 0 |
| | 185 |
| | 0 |
| | (21 | ) |
| | | | | | | | | | | | | | | | | | | | | Six months ended June 30, 2019 | (In thousands) | | Fair value measurements at reporting
date using: | | Gain (losses)
from fair
value changes | Assets: | As of 06/30/2019 | | Quoted prices in
active markets for
identical assets
(Level 1) | | Significant other
observable inputs
(Level 2) | | Significant
unobservable inputs
(Level 3) | | Six months ended 06/30/2019 | Impaired loans | $ | 6,294 |
| | $ | 0 |
| | $ | 6,294 |
| | $ | 0 |
| | $ | (3,634 | ) | Other real estate owned | 2,229 |
| | 0 |
| | 2,229 |
| | 0 |
| | 0 |
|
| | | | | | | | | | | | | | | | | | | | | Six months ended June 30, 2018 | (In thousands) | | Fair value measurements at reporting
date using: | | Gain (losses)
from fair
value changes | Assets: | As of 06/30/2018 | | Quoted prices in
active markets for
identical assets
(Level 1) | | Significant other
observable inputs
(Level 2) | | Significant
unobservable inputs
(Level 3) | | Six months ended 06/30/2018 | Impaired loans | $ | 6,583 |
| | $ | 0 |
| | $ | 6,583 |
| | $ | 0 |
| | $ | (111 | ) | Other real estate owned | 1,722 |
| | 0 |
| | 1,722 |
| | 0 |
| | (21 | ) |
|
| Schedule of carrying amount and fair value of financial instruments |
| | | | | | | | | | | | | | | | | | | | | Estimated Fair Value of Financial Instruments | | | June 30, 2019 | | | | | | | | | | (In thousands) | Carrying
Amount | | Fair Value | | (Level 1) | | (Level 2) | | (Level 3) | Financial Assets: | | | | | | | | | | Cash and cash equivalents | $ | 81,013 |
| | $ | 81,013 |
| | $ | 81,013 |
| | $ | 0 |
| | $ | 0 |
| Securities - held to maturity | 140,561 |
| | 143,548 |
| | 0 |
| | 143,548 |
| | 0 |
| FHLB and other stock | 40,770 |
| | 40,770 |
| | 0 |
| | 40,770 |
| | 0 |
| Accrued interest receivable | 22,206 |
| | 22,206 |
| | 0 |
| | 22,206 |
| | 0 |
| Loans/leases, net1 | 4,815,012 |
| | 4,743,186 |
| | 0 |
| | 3,485 |
| | 4,739,701 |
| | | | | | | | | | | Financial Liabilities: | | | | | | | | | | | | | | | | | | | | Time deposits | $ | 684,962 |
| | $ | 684,187 |
| | $ | 0 |
| | $ | 684,187 |
| | $ | 0 |
| Other deposits | 4,303,935 |
| | 4,303,935 |
| | 0 |
| | 4,303,935 |
| | 0 |
| Fed funds purchased and securities sold | | | | | | | | | | under agreements to repurchase | 63,978 |
| | 63,978 |
| | 0 |
| | 63,978 |
| | 0 |
| Other borrowings | 824,562 |
| | 826,182 |
| | 0 |
| | 826,182 |
| | 0 |
| Trust preferred debentures | 16,949 |
| | 22,025 |
| | 0 |
| | 22,025 |
| | 0 |
| Accrued interest payable | 2,536 |
| | 2,536 |
| | 0 |
| | 2,536 |
| | 0 |
|
| | | | | | | | | | | | | | | | | | | | | Estimated Fair Value of Financial Instruments | December 31, 2018 | | | | | | | | | | (In thousands) | Carrying
Amount | | Fair Value | | (Level 1) | | (Level 2) | | (Level 3) | Financial Assets: | | | | | | | | | | Cash and cash equivalents | $ | 80,389 |
| | $ | 80,389 |
| | $ | 80,389 |
| | $ | 0 |
| | $ | 0 |
| Securities - held to maturity | 140,579 |
| | 139,377 |
| | 0 |
| | 139,377 |
| | 0 |
| FHLB and other stock | 52,262 |
| | 52,262 |
| | 0 |
| | 52,262 |
| | 0 |
| Accrued interest receivable | 20,922 |
| | 20,922 |
| | 0 |
| | 20,922 |
| | 0 |
| Loans/leases, net1 | 4,790,529 |
| | 4,649,308 |
| | 0 |
| | 6,500 |
| | 4,642,808 |
| | | | | | | | | | | Financial Liabilities: | | | | | | | | | | | | | | | | | | | | Time deposits | $ | 637,295 |
| | $ | 631,489 |
| | $ | 0 |
| | $ | 631,489 |
| | $ | 0 |
| Other deposits | 4,251,664 |
| | 4,251,664 |
| | 0 |
| | 4,251,664 |
| | 0 |
| Fed funds purchased and securities | | | | | | | | | | sold under agreements to repurchase | 81,842 |
| | 81,842 |
| | 0 |
| | 81,842 |
| | 0 |
| Other borrowings | 1,076,075 |
| | 1,074,081 |
| | 0 |
| | 1,074,081 |
| | 0 |
| Trust preferred debentures | 16,863 |
| | 21,921 |
| | 0 |
| | 21,921 |
| | 0 |
| Accrued interest payable | 2,408 |
| | 2,408 |
| | 0 |
| | 2,408 |
| | 0 |
|
1 Lease receivables, although excluded from the scope of ASC Topic 825, are included in the estimated fair value amounts at their carrying value.
|