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Disclosures about Fair Value of Assets and Liabilities (Tables)
6 Months Ended
Jun. 30, 2014
Text Block [Abstract]  
Fair Value Measurements of Assets and Liabilities Recognized on a Recurring Basis

The following table presents the fair value measurements of assets and liabilities recognized in the accompanying condensed consolidated financial statements measured at fair value on a recurring basis and the level within the FASB ASC fair value hierarchy in which the fair value measurements fall at the following:

 

     Fair Value     Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
    Significant
Unobservable
Inputs
(Level 3)
 

June 30, 2014

         

Available-for-sale securities

         

U.S. Treasury and federal agencies

   $ 35,532      $ —         $ 35,532      $ —     

State and municipal

     49,381        —           49,381        —     

Federal agency collateralized mortgage obligations

     115,242        —           115,242        —     

Federal agency mortgage-backed pools

     162,587        —           162,587        —     

Private labeled mortgage-backed pools

     920        —           920        —     

Corporate notes

     756        —           756        —     
  

 

 

   

 

 

    

 

 

   

 

 

 

Total available-for-sale securities

     364,418        —           364,418        —     

Hedged loans

     108,194        —           108,194        —     

Forward sale commitments

     641        —           641        —     

Interest rate swap agreements

     (4,065     —           (4,065     —     

Commitments to originate loans

     —          —           —          —     

December 31, 2013

         

Available-for-sale securities

         

U.S. Treasury and federal agencies

   $ 43,134      $ —         $ 43,134      $ —     

State and municipal

     177,898        —           177,898        —     

Federal agency collateralized mortgage obligations

     114,706        —           114,706        —     

Federal agency mortgage-backed pools

     170,894        —           170,894        —     

Private labeled mortgage-backed pools

     1,226        —           1,226        —     

Corporate notes

     733        —           733        —     
  

 

 

   

 

 

    

 

 

   

 

 

 

Total available-for-sale securities

     508,591        —           508,591        —     

Hedged loans

     95,372        —           95,372        —     

Forward sale commitments

     212        —           212        —     

Interest rate swap agreements

     (2,773     —           (2,773     —     

Commitments to originate loans

     (22     —           (22     —     
Realized Gains and Losses Included in Net Income for Periods in Condensed Consolidated Statements of Income

Realized gains and losses included in net income for the periods are reported in the condensed consolidated statements of income as follows:

 

     Three Months Ended June 30     Six Months Ended June 30  
Non Interest Income    2014     2013     2014     2013  
Total gains and losses from:    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  

Hedged loans

   $ 544      $ (1,444   $ 751      $ (1,846

Fair value interest rate swap agreements

     (544     1,444        (751     1,846   

Derivative loan commitments

     210        (396     450        (408
  

 

 

   

 

 

   

 

 

   

 

 

 
   $ 210      $ (396   $ 450      $ (408
  

 

 

   

 

 

   

 

 

   

 

 

 
Other Assets Measured at Fair Value on Nonrecurring Basis

Certain other assets are measured at fair value on a nonrecurring basis in the ordinary course of business and are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment):

 

     Fair
Value
     Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs
(Level 3)
 

June 30, 2014

           

Impaired loans

   $ 6,575       $ —         $ —         $ 6,575   

Mortgage servicing rights

     7,313         —           —           7,313   

December 31, 2013

           

Impaired loans

   $ 6,114       $ —         $ —         $ 6,114   

Mortgage servicing rights

     7,039         —           —           7,039   
Qualitative Information about Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements, Other than Goodwill

The following table presents qualitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements, other than goodwill.

 

     Fair Value at
June 30, 2014
    

Valuation Technique

  

Unobservable Inputs

  

Range (Weighted
Average)

Impaired loans

   $ 6,575       Collateral based measurement    Discount to reflect current market conditions and ultimate collectability   

10% - 15% (12%)

Mortgage servicing rights

   $ 7,313       Discounted cashflows    Discount rate, Constant prepayment rate, Probably of default   

10% - 15% (12%),

  4% - 7% (4.6%),

  1% - 10% (4.5%)

     Fair Value at
December 31, 2013
    

Valuation Technique

  

Unobservable Inputs

  

Range (Weighted
Average)

Impaired loans

   $ 6,114       Collateral based measurement    Discount to reflect current market conditions and ultimate collectability   

10% - 15% (12%)

Mortgage servicing rights

   $ 7,039       Discounted cashflows    Discount rate, Constant prepayment rate, Probably of default   

10% - 15% (12%),

  4% - 7% (4.6%),

  1% - 10% (4.5%)