Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
For financial assets and liabilities measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2015 and December 31, 2014 are as follows:
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June 30, 2015 |
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Fair Value Measurements at Reporting Date Using |
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Quoted Prices in Active Markets for Identical Assets (Level 1) |
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Significant Other Observable Inputs (Level 2) |
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Significant Unobservable Inputs (Level 3) |
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(in thousands) |
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Recurring fair value measurements: |
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Assets |
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Investment securities: |
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Available-for-sale: |
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Federal agency obligations |
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$ |
30,972 |
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$ |
— |
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$ |
30,972 |
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$ |
— |
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Residential mortgage pass-through securities |
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54,734 |
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— |
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54,734 |
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— |
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Commercial mortgage pass-through securities |
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3,023 |
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— |
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3,023 |
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— |
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Obligations of U.S. states and political subdivision |
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8,358 |
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— |
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8,358 |
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— |
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Trust preferred securities |
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16,306 |
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— |
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16,306 |
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— |
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Corporate bonds and notes |
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109,838 |
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— |
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109,838 |
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— |
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Asset-backed securities |
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24,682 |
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— |
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24,682 |
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— |
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Certificates of deposit |
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2,115 |
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— |
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2,115 |
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— |
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Equity securities |
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327 |
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327 |
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— |
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— |
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Other securities |
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13,743 |
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13,743 |
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— |
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— |
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Total available-for-sale |
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264,098 |
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14,070 |
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250,028 |
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— |
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Loans held for sale |
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124 |
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— |
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124 |
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— |
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Total assets |
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$ |
264,222 |
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$ |
14,070 |
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$ |
250,152 |
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$ |
— |
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Liabilities |
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Derivatives |
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$ |
250 |
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$ |
— |
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$ |
250 |
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$ |
— |
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Total liabilities |
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$ |
250 |
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$ |
— |
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$ |
250 |
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$ |
— |
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December 31, 2014 |
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Fair Value Measurements at Reporting Date Using |
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Quoted Prices in Active Markets for Identical Assets (Level 1) |
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Significant Other Observable Inputs (Level 2) |
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Significant Unobservable Inputs (Level 3) |
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(in thousands) |
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Recurring fair value measurements: |
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Assets |
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Investment securities: |
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Available-for-sale: |
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Federal agency obligations |
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$ |
32,817 |
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$ |
— |
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$ |
32,817 |
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$ |
— |
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Residential mortgage pass-through securities |
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60,356 |
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— |
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60,356 |
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— |
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Commercial mortgage pass-through securities |
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3,046 |
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— |
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3,046 |
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— |
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Obligations of U.S. states and political subdivision |
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8,406 |
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— |
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8,406 |
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— |
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Trust preferred securities |
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16,306 |
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— |
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16,306 |
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— |
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Corporate bonds and notes |
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125,777 |
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— |
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125,777 |
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— |
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Asset-backed securities |
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27,502 |
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— |
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27,502 |
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— |
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Certificates of deposit |
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2,123 |
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— |
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2,123 |
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— |
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Equity securities |
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307 |
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307 |
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— |
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— |
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Other securities |
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12,892 |
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12,892 |
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— |
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— |
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Total available-for-sale |
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289,532 |
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13,199 |
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276,333 |
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— |
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Derivatives |
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48 |
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— |
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48 |
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— |
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Total assets |
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$ |
289,580 |
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$ |
13,199 |
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$ |
276,381 |
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$ |
— |
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Fair Value, by Balance Sheet Grouping [Table Text Block] |
The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of June 30, 2015 and December 31, 2014.
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Fair Value Measurements |
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Carrying Amount |
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Fair Value |
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Quoted Prices in Active Markets for Identical Assets (Level 1) |
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Significant Other Observable Inputs (Level 2) |
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Significant Unobservable Inputs (Level 3) |
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(in thousands) |
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June 30, 2015 |
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Financial assets |
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Cash and cash equivalents |
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$ |
125,483 |
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$ |
125,483 |
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$ |
125,483 |
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$ |
— |
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$ |
— |
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Investment securities available-for-sale |
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264,098 |
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264,098 |
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14,070 |
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250,028 |
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— |
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Investment securities held-to-maturity |
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232,557 |
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237,205 |
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29,016 |
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189,523 |
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18,666 |
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Restricted investment in bank stocks |
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27,078 |
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n/a |
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n/a |
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n/a |
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n/a |
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Loans held for sale |
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124 |
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124 |
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124 |
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Net loans |
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2,747,808 |
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2,734,082 |
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— |
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— |
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2,734,082 |
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Accrued interest receivable |
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12,055 |
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12,055 |
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67 |
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3,458 |
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8,530 |
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Financial liabilities |
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Noninterest-bearing deposits |
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553,008 |
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553,008 |
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553,008 |
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— |
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— |
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Interest-bearing deposits |
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2,016,223 |
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2,019,036 |
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— |
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2,019,036 |
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— |
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Borrowings |
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548,758 |
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552,752 |
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— |
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552,752 |
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— |
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Subordinated debentures |
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55,155 |
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54,944 |
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— |
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54,944 |
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— |
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Derivatives |
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250 |
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250 |
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— |
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|
250 |
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— |
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Accrued interest payable |
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4,428 |
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4,428 |
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— |
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4,428 |
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— |
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Fair Value Measurements |
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Carrying Amount |
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Fair Value |
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Quoted Prices in Active Markets for Identical Assets (Level 1) |
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Significant Other Observable Inputs (Level 2) |
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Significant Unobservable Inputs (Level 3) |
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(in thousands) |
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December 31, 2014 |
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Financial assets |
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Cash and cash equivalents |
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$ |
126,847 |
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$ |
126,847 |
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$ |
126,847 |
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$ |
— |
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$ |
— |
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Investment securities available-for-sale |
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|
289,532 |
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|
289,532 |
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13,199 |
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|
276,333 |
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— |
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Investment securities held-to-maturity |
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|
224,682 |
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|
231,445 |
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|
29,184 |
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|
183,489 |
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|
18,772 |
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Restricted investment in bank stocks |
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|
23,535 |
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n/a |
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n/a |
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n/a |
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|
n/a |
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Net loans |
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2,524,481 |
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|
2,538,415 |
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— |
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— |
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|
2,538,415 |
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Derivatives |
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|
48 |
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|
48 |
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|
— |
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|
48 |
|
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|
— |
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Accrued interest receivable |
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|
11,700 |
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|
11,700 |
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|
68 |
|
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|
3,674 |
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|
7,958 |
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Financial liabilities |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Noninterest-bearing deposits |
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|
492,515 |
|
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|
492,515 |
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|
492,515 |
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|
|
— |
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— |
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Interest-bearing deposits |
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1,983,092 |
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|
1,990,484 |
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|
— |
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|
1,990,484 |
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— |
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Borrowings |
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|
495,553 |
|
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|
505,641 |
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|
— |
|
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|
505,641 |
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|
— |
|
Subordinated debentures |
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|
5,155 |
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|
4,768 |
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|
|
— |
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|
4,768 |
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|
— |
|
Accrued interest payable |
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|
3,930 |
|
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|
3,930 |
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|
— |
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|
3,930 |
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|
— |
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|