Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENT (Tables)

v2.4.0.6
FAIR VALUE MEASUREMENT (Tables)
 3 Months Ended
Mar. 31, 2013
Fair Value Disclosures [Abstract]  
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 March 31, 2013 and December 31, 2012:

 

  Fair Value Measurements at March 31, 2013 Using        
  Quoted Prices in                    
  Active Markets     Significant Other     Significant        
  for Identical     Observable Inputs     Unobservable        
  Assets (Level 1)     (Level 2)     Inputs (Level 3)     Total  
Assets Measured on a Recurring Basis:   (In Thousands)  
Available for sale debt securities:                        
U.S. Treasury and government sponsored agencies   $ -     $ 27,815     $ -     $ 27,815  
Mortgage-backed securities     -       66,476       -       66,476  
State and municipal securities     -       122,303       -       122,303  
Corporate debt     -       12,840       -       12,840  
Interest rate swap agreements     -       296       -       296  
Total assets at fair value     -       229,730       -       229,730  
Liabilities Measured on a Recurring Basis:                                
Interest rate swap agreements   $ -     $ 296     $ -     $ 296  
                               
    Fair Value Measurements at December 31, 2012 Using          
    Quoted Prices in                          
    Active Markets       Significant Other       Significant          
    for Identical       Observable Inputs       Unobservable          
    Assets (Level 1)       (Level 2)       Inputs (Level 3)       Total  
Assets Measured on a Recurring Basis:     (In Thousands)  
Available for sale debt securities:                                
U.S. Treasury and government sponsored agencies   $ -     $ 28,386     $ -     $ 28,386  
Mortgage-backed securities     -       73,466       -       73,466  
State and municipal securities     -       118,177       -       118,177  
Corporate debt     -       13,848       -       13,848  
Interest rate swap agreements     -       389       -       389  
Total assets at fair value     -       234,266       -       234,266  
                               
Liabilities Measured on a Recurring Basis:                                
Interest rate swap agreements   $ -     $ 389     $ -     $ 389  
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 March 31, 2013 and December 31, 2012:

 

  Fair Value Measurements at March 31, 2013 Using  
  Quoted Prices in                    
  Active Markets     Significant Other     Significant        
  for Identical     Observable     Unobservable        
  Assets (Level 1)     Inputs (Level 2)     Inputs (Level 3)     Total  
Assets Measured on a Nonrecurring Basis:   (In Thousands)  
Impaired loans   $ -     $ -     $ 47,272     $ 47,272  
Other real estate owned and repossessed assets     -       -       8,076       8,076  
Total assets at fair value   $ -     $ -     $ 55,348     $ 55,348  
                               
    Fair Value Measurements at December 31, 2012 Using  
    Quoted Prices in                          
    Active Markets       Significant Other       Significant          
    for Identical        Observable       Unobservable          
    Assets (Level 1)       Inputs (Level 2)       Inputs (Level 3)       Total  
Assets Measured on a Nonrecurring Basis:     (In Thousands)  
Impaired loans   $ -     $ -     $ 33,883     $ 33,883  
Other real estate owned     -       -       9,685       9,685  
Total assets at fair value   $ -     $ -     $ 43,568     $ 43,568  
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 March 31, 2013 and December 31, 2012 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.

 

  March 31, 2013     December 31, 2012  
  Carrying         Carrying        
  Amount     Fair Value     Amount     Fair Value  
  (In Thousands)  
Financial Assets:                        
Level 2 inputs:                        
Available for sale debt securities   $ 229,434     $ 229,434     $ 233,877     $ 233,877  
Held to maturity debt securities     32,669       33,692       25,967       27,350  
Restricted equity securities     3,738       3,738       3,941       3,941  
Mortgage loans held for sale     15,804       15,804       25,826       25,826  
Bank owned life insurance contracts     57,485       57,485       57,014       57,014  
Derivatives     296       296       389       389  
                               
Level 3 Inputs:   $     $     $     $  
Loans, net     2,434,475       2,421,081       2,336,924       2,327,780  
                               
Financial Liabilities:                                
Level 2 inputs:                                
Deposits   $ 2,423,534     $ 2,427,935     $ 2,511,572     $ 2,516,320  
Other borrowings     19,916       19,916       19,917       19,917  
Subordinated debentures     -       -       15,050       15,050  
Derivatives     296       296       389       389