Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENT (Tables)

v2.4.0.8
FAIR VALUE MEASUREMENT (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2013 and December 31, 2012:
  
 
 
Fair Value Measurements at June 30, 2013 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
 
$
-
 
$
18,168
 
$
-
 
$
18,168
Mortgage-backed securities
 
 
-
 
 
67,670
 
 
-
 
 
67,670
State and municipal securities
 
 
-
 
 
126,104
 
 
-
 
 
126,104
Corporate debt
 
 
-
 
 
15,828
 
 
-
 
 
15,828
Interest rate swap agreements
 
 
-
 
 
216
 
 
-
 
 
216
Total assets at fair value
 
$
-
 
$
227,986
 
$
-
 
$
227,986
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities Measured on a Recurring Basis:
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swap agreements
 
$
-
 
$
216
 
$
-
 
$
216
  
 
 
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
 
 
(In Thousands)
Assets Measured on a Recurring Basis:
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale 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
 
 
 
-
 
 
234,266
 
 
-
 
 
234,266
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2013 and December 31, 2012:
  
 
 
Fair Value Measurements at June 30, 2013 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
 
$
-
 
 
-
 
$
40,249
 
$
40,249
Other real estate owned and repossessed assets
 
 
-
 
 
-
 
 
9,071
 
 
9,071
Total assets at fair value
 
 
-
 
 
-
 
$
49,320
 
$
49,320
  
 
 
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
 
 
(In Thousands)
Assets Measured on a Nonrecurring Basis:
 
 
 
 
 
 
 
 
 
 
 
 
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 June 30, 2013 and December 31, 2012 are presented in the following table.
   
 
 
June 30, 2013
 
December 31, 2012
 
 
Carrying
 
 
 
 
Carrying
 
 
 
 
 
Amount
 
Fair Value
 
Amount
 
Fair Value
 
 
(In Thousands)
Financial Assets:
 
 
 
 
 
 
 
 
 
 
 
 
Level 2 inputs:
 
 
 
 
 
 
 
 
 
 
 
 
Available for sale debt securities
 
$
227,770
 
$
227,770
 
$
233,877
 
$
233,877
Held to maturity debt securities
 
 
33,808
 
 
33,292
 
 
25,967
 
 
27,350
Restricted equity securities
 
 
3,738
 
 
3,738
 
 
3,941
 
 
3,941
Mortgage loans held for sale
 
 
16,374
 
 
16,374
 
 
25,826
 
 
25,826
Bank owned life insurance contracts
 
 
57,969
 
 
57,969
 
 
57,014
 
 
57,014
Derivative
 
 
216
 
 
216
 
 
389
 
 
389
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 3 inputs:
 
 
 
 
 
 
 
 
 
 
 
 
Loans, net
 
 
2,561,435
 
 
2,527,995
 
 
2,336,924
 
 
2,327,780
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Level 2 inputs:
 
 
 
 
 
 
 
 
 
 
 
 
Deposits
 
 
2,674,977
 
 
2,678,041
 
 
2,511,572
 
 
2,516,320
Federal funds purchased
 
 
175,475
 
 
175,475
 
 
117,065
 
 
117,065
Other borrowings
 
 
19,924
 
 
19,924
 
 
19,917
 
 
19,917
Subordinated debentures
 
 
-
 
 
-
 
 
15,050
 
 
15,050
Derivative
 
 
216
 
 
216
 
 
389
 
 
389