Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENT (Tables)

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FAIR VALUE MEASUREMENT (Tables)
 6 Months Ended
Jun. 30, 2012
Financial Assets And Liabilities Carried At Fair Value On Recurring Basis

The following table presents the Company’s financial assets and financial liabilities carried at fair value on a recurring basis as of June 30, 2012 and December 31, 2011:

 

 

    Fair Value Measurements at June 30, 2012 Using        
    Quoted Prices in                    
    Active Markets     Significant Other     Significant        
    for Identical     Observable Inputs     Unobservable        
    Assets (Level 1)     (Level 2)     Inputs (Level 3)     Total  
    (In Thousands)  
Assets Measured on a Recurring Basis:                                
Available-for-sale securities:                                
U.S. Treasury and government sponsored agencies   $ -     $ 87,915     $ -     $ 87,915  
Mortgage-backed securities     -       89,330       -       89,330  
State and municipal securities     -       113,463       -       113,463  
Corporate debt     -       5,800       -       5,800  
Interest rate swap agreements     -       563       -       563  
Total assets at fair value   $ -     $ 297,071     $ -     $ 297,071  
                                 
Liabilities Measured on a Recurring Basis:                                
Interest rate swap agreements   $ -     $ 563     $ -     $ 563  

 

    Fair Value Measurements at December 31, 2011 Using        
    Quoted Prices in                    
    Active Markets     Significant Other     Significant        
    for Identical     Observable Inputs     Unobservable        
    Assets (Level 1)     (Level 2)     Inputs (Level 3)     Total  
    (In Thousands)  
Assets Measured on a Recurring Basis:                                
Available-for-sale securities                                
U.S. Treasury and government sponsored agencies   $ -     $ 99,622     $ -     $ 99,622  
Mortgage-backed securities     -       92,580       -       92,580  
State and municipal securities     -       100,526       -       100,526  
Corporate debt     -       1,081       -       1,081  
Interest rate swap agreements     -       617       -       617  
Interest rate cap     -       9       -       9  
Total assets at fair value   $ -     $ 294,435     $ -     $ 294,435  
                                 
Liabilities Measured on a Recurring Basis:                                
Interest rate swap agreements   $ -     $ 617     $ -     $ 617  
Financial Assets And Liabilities Carried At Fair Value On Nonrecurring Basis

The following table presents the Company’s financial assets and financial liabilities carried at fair value on a nonrecurring basis as of June 30, 2012 and December 31, 2011:

 

  Fair Value Measurements at June 30, 2012 Using        
  Quoted Prices in              
  Active Markets     Significant Other     Significant      
  for Identical     Observable     Unobservable      
  Assets (Level 1)     Inputs (Level 2)     Inputs (Level 3)     Total  
  (In Thousands)  
Assets Measured on a Nonrecurring Basis:             
Impaired loans   $ -       -     $ 35,425     $ 35,425  
Other real estate owned and repossessed assets     -       -       9,834       9,834  
Total assets at fair value     -       -     $ 45,259     $ 45,259  

 

  Fair Value Measurements at December 31, 2011 Using        
  Quoted Prices in                  
  Active Markets     Significant Other     Significant      
  for Identical     Observable     Unobservable      
  Assets (Level 1)     Inputs (Level 2)     Inputs (Level 3)     Total  
  (In Thousands)  
Assets Measured on a Nonrecurring Basis:             
Impaired loans   $ -     $ -     $ 33,072     $ 33,072  
Other real estate owned     -       -       12,275       12,275  
Total assets at fair value   $ -     $ -     $ 45,347     $ 45,347  
Carrying Amount And Estimated Fair Value Of Financial Instruments

The carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of June 30, 2012 and December 31, 2011 are presented in the following table. This table includes those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis.

 

 

    June 30, 2012     December 31, 2011  
    Carrying           Carrying        
    Amount     Fair Value     Amount     Fair Value  
    (In Thousands)  
Financial Assets:                                
Level 2 inputs:                                
Cash and cash equivalents   $ 155,802     $ 155,802     $ 242,933     $ 242,933  
Investment securities available for sale     284,797       296,508       282,647       293,809  
Investment securities held to maturity     21,011       22,193       15,209       15,999  
Restricted equity securities     4,018       4,018       3,501       3,501  
Mortgage loans held for sale     15,000       15,000       17,859       17,859  
Accrued interest and dividends receivable     8,057       8,057       8,192       8,192  
Bank owned life insurance contracts     41,165       41,165       40,390       40,390  
Derivatives     563       563       626       626  
                                 
Level 3 inputs:                                
Loans, net     1,999,350       1,997,175       1,808,712       1,811,612  
                                 
Financial Liabilities:                                
Level 2 inputs:                                
Deposits     2,240,902       2,246,238       2,143,887       2,150,308  
Federal funds purchased     80,205       80,205       79,265       79,265  
Borrowings     -       -       4,954       5,377  
Trust preferred securities     30,514       27,385       30,514       27,402  
Accrued interest payable     935       935       945       945  
Derivatives     563       563       617       617