Assets Measured at Fair Value on Recurring Basis |
The following table presents the Company’s assets that are measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of September 30, 2012 and December 31, 2011 (in thousands):
| | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using | September 30, 2012 | Fair Value | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | Available-for-sale securities: | | | | | | | | U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 175,475 |
| | $ | — |
| | $ | 175,475 |
| | $ | — |
| Obligations of states and political subdivisions | 54,611 |
| | — |
| | 54,611 |
| | — |
| Mortgage-backed securities | 285,412 |
| | — |
| | 285,412 |
| | — |
| Trust preferred securities | 450 |
| | — |
| | — |
| | 450 |
| Other securities | 9,804 |
| | 48 |
| | 9,756 |
| | — |
| Total available-for-sale securities | $ | 525,752 |
| | $ | 48 |
| | $ | 525,254 |
| | $ | 450 |
| December 31, 2011 | | | | | | | | Available-for-sale securities: | | | | | | | | U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 166,066 |
| | $ | — |
| | $ | 166,066 |
| | $ | — |
| Obligations of states and political subdivisions | 41,202 |
| | — |
| | 41,202 |
| | — |
| Mortgage-backed securities | 261,833 |
| | — |
| | 261,775 |
| | 58 |
| Trust preferred securities | 719 |
| | — |
| | — |
| | 719 |
| Other securities | 9,096 |
| | 29 |
| | 9,067 |
| | — |
| Total available-for-sale securities | $ | 478,916 |
| | $ | 29 |
| | $ | 478,110 |
| | $ | 777 |
|
|
Carrying Amounts and Estimated Fair Values of Financial Instruments Not Carried at Fair Value |
The following tables present estimated fair values of the Company’s financial instruments at September 30, 2012 and December 31, 2011 in accordance with FAS 107-1 and APB 28-1, codified with ASC 805 (in thousands):
| | | | | | | | | | | | | | | | | | | | | September 30, 2012 | Carrying Amount | | Fair Value | | Level 1 | | Level 2 | | Level 3 | Financial Assets | | | | | | | | | | Cash and due from banks | $ | 39,736 |
| | $ | 39,736 |
| | $ | 39,736 |
| | $ | — |
| | $ | — |
| Federal funds sold | 5,992 |
| | 5,992 |
| | 5,992 |
| | — |
| | — |
| Certificates of deposit investments | 8,504 |
| | 8,497 |
| | 8,497 |
| | — |
| | — |
| Available-for-sale securities | 525,752 |
| | 525,752 |
| | 48 |
| | 525,254 |
| | 450 |
| Held-to-maturity securities | — |
| | — |
| | — |
| | — |
| | — |
| Loans held for sale | 1,390 |
| | 1,390 |
| | — |
| | 1,390 |
| | — |
| Loans net of allowance for loan losses | 886,332 |
| | 888,925 |
| | — |
| | — |
| | 888,925 |
| Interest receivable | 7,325 |
| | 7,325 |
| | — |
| | 7,325 |
| | — |
| Federal Reserve Bank stock | 1,522 |
| | 1,522 |
| | — |
| | 1,522 |
| | — |
| Federal Home Loan Bank stock | 3,293 |
| | 3,293 |
| | — |
| | 3,293 |
| | — |
| Financial Liabilities | |
| | |
| | |
| | |
| | |
| Deposits | $ | 1,240,668 |
| | $ | 1,241,227 |
| | $ | — |
| | $ | 1,021,538 |
| | $ | 219,689 |
| Securities sold under agreements to repurchase | 111,870 |
| | 111,865 |
| | — |
| | 111,865 |
| | — |
| Interest payable | 385 |
| | 385 |
| | — |
| | 385 |
| | — |
| Federal Home Loan Bank borrowings | 9,750 |
| | 10,528 |
| | — |
| | 10,528 |
| | — |
| Junior subordinated debentures | 20,620 |
| | 11,712 |
| | — |
| | 11,712 |
| | — |
|
| | | | | | | | | December 31, 2011 | Carrying Amount | | Fair Value | Financial Assets | | | | Cash and due from banks | $ | 52,105 |
| | $ | 52,105 |
| Federal funds sold | 20,997 |
| | 20,997 |
| Certificates of deposit investments | 13,231 |
| | 13,225 |
| Available-for-sale securities | 478,916 |
| | 478,916 |
| Held-to-maturity securities | 51 |
| | 51 |
| Loans held for sale | 1,046 |
| | 1,046 |
| Loans net of allowance for loan losses | 847,908 |
| | 850,308 |
| Interest receivable | 7,052 |
| | 7,052 |
| Federal Reserve Bank stock | 1,520 |
| | 1,520 |
| Federal Home Loan Bank stock | 3,727 |
| | 3,727 |
| Financial Liabilities | |
| | |
| Deposits | $ | 1,170,734 |
| | $ | 1,172,069 |
| Securities sold under agreements to repurchase | 132,380 |
| | 132,383 |
| Interest payable | 510 |
| | 510 |
| Federal Home Loan Bank borrowings | 19,750 |
| | 20,619 |
| Other Borrowings | 8,250 |
| | 8,250 |
| Junior subordinated debentures | 20,620 |
| | 11,969 |
|
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