Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2013
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Fair Value Disclosures [Abstract] |
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Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring And Nonrecurring Basis |
The following table presents assets and liabilities measured at fair value (in thousands): | | | | | | | | | | | | | | | | | | | | |
| Total | | Level 1 | | Level 2 | | Level 3 | | Total Gains (Losses) | June 30, 2013 | | | | | | | | | | Recurring fair value measurements | | | | | | | | | | Financial Assets | | | | | | | | | | U.S. Government agencies | $ | 2,925 |
| | $ | — |
| | $ | 2,925 |
| | $ | — |
| | | Obligations of states and political subdivisions | 43,989 |
| | — |
| | 43,989 |
| | — |
| | | Mortgage-backed securities: | |
| | |
| | |
| | |
| | | U.S. Government agencies | 251,256 |
| | — |
| | 251,256 |
| | — |
| | | Private label | 2,676 |
| | — |
| | 2,676 |
| | — |
| | | Trust preferred securities | 11,707 |
| | — |
| | 9,258 |
| | 2,449 |
| | | Corporate securities | 9,844 |
| | — |
| | 9,844 |
| | — |
| | | Marketable equity securities | 4,871 |
| | 4,871 |
| | — |
| | — |
| | | Investment funds | 1,514 |
| | 1,514 |
| | — |
| | — |
| | | Derivative assets | 5,758 |
| | — |
| | 5,758 |
| | — |
| | | Financial Liabilities | |
| | |
| | |
| | |
| | | Derivative liabilities | 5,758 |
| | — |
| | 5,758 |
| | — |
| | | | | | | | | | | | | Nonrecurring fair value measurements | |
| | |
| | |
| | |
| | | Impaired loans | $ | 12,516 |
| | $ | — |
| | $ | — |
| | $ | 12,516 |
| | $ | (750 | ) | Other real estate owned | 10,837 |
| | — |
| | — |
| | 10,837 |
| | (20 | ) | | | | | | | | | | | December 31, 2012 | |
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| Recurring fair value measurements | |
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| Financial Assets | |
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| U.S. Government agencies | $ | 3,888 |
| | $ | — |
| | $ | 3,888 |
| | $ | — |
| | |
| Obligations of states and political subdivisions | 48,929 |
| | — |
| | 48,929 |
| | — |
| | |
| Mortgage-backed securities: | |
| | |
| | |
| | |
| | |
| U.S. Government agencies | 286,482 |
| | — |
| | 286,482 |
| | — |
| | |
| Private label | 3,272 |
| | — |
| | 3,272 |
| | — |
| | |
| Trust preferred securities | 12,645 |
| | — |
| | 10,260 |
| | 2,385 |
| | |
| Corporate securities | 15,947 |
| | — |
| | 15,947 |
| | — |
| | |
| Marketable equity securities | 4,185 |
| | 4,185 |
| | — |
| | — |
| | |
| Investment funds | 1,774 |
| | 1,774 |
| | — |
| | — |
| | |
| Derivative assets | 14,012 |
| | — |
| | 14,012 |
| | — |
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| Financial Liabilities | |
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| | |
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| Derivative liabilities | 14,012 |
| | — |
| | 14,012 |
| | — |
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| | | | | | | | | | | Nonrecurring fair value measurements | |
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| | |
| | |
| | |
| Impaired loans | $ | 10,679 |
| | $ | — |
| | $ | — |
| | $ | 10,679 |
| | $ | — |
| Other real estate owned | $ | 8,162 |
| | $ | — |
| | $ | — |
| | $ | 8,162 |
| | $ | (1,021 | ) | Other assets | $ | 1,000 |
| | $ | — |
| | $ | 1,000 |
| | $ | — |
| | $ | (288 | ) |
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Schedule Of Reconciliation Of Investment Securities Available For Sale Measured At Fair Value On A Recurring Basis Level 3 Assets |
The table below presents a reconcilement of the Company’s financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):
| | | | | | | | |
| Six months ended June 30, | 2013 | | 2012 | Beginning balance | $ | 2,385 |
| | $ | 1,982 |
| Impairment losses on investment securities | — |
| | — |
| Included in other comprehensive income | 1,840 |
| | 61 |
| Dispositions | (1,776 | ) | | — |
| Transfers into Level 3 | — |
| | — |
| Ending Balance | $ | 2,449 |
| | $ | 2,043 |
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Schedule Of Level 3 Financial Assets And Liabilities Measured On A Non-Recurring Basis |
| | | | | | | | |
| Six months ended June 30, | 2013 | | 2012 | | | | | Beginning balance | $ | 10,679 |
| | $ | 13,500 |
| | | | | Loans classified as impaired during the period | 3,085 |
| | — |
| Specific valuation allowance allocations | (750 | ) | | — |
| | 2,335 |
| | — |
| | | | | (Additional) reduction in specific valuation allowance allocations | — |
| | 1,371 |
| | | | | Paydowns, payoffs, other activity | (498 | ) | | (2,755 | ) | | | | | Ending balance | $ | 12,516 |
| | $ | 12,116 |
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Schedule Of Level 3 Non-Financial Assets and Liabilities Measured On a Non-Recurring Basis |
The table below presents OREO that was remeasured and reported at fair value based on significant unobservable inputs (Level 3) (in thousands):
| | | | | | | | | | Six months ended June 30, |
| 2013 | | 2012 | | | | | Beginning balance | $ | 8,162 |
| | $ | 7,948 |
| | | | | OREO remeasured at initial recognition: | | | | Carrying value of foreclosed assets prior to remeasurement | 3,307 |
| | 3,266 |
| Charge-offs recognized in the allowance for loan losses | (1,059 | ) | | (1,161 | ) | Fair value | 2,248 |
| | 2,105 |
| | | | | OREO remeasured subsequent to initial recognition | | | | Carrying value of foreclosed assets prior to remeasurement | 85 |
| | 1,581 |
| Fair value | 65 |
| | 985 |
| Write-downs included in other non-interest expense | (20 | ) | | (596 | ) | | | | | Acquired | 3,492 |
| | 728 |
| Disposed | (3,045 | ) | | (1,488 | ) | | | | | Ending balance | $ | 10,837 |
| | $ | 8,697 |
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Schedule Of Estimates Of Fair Value Of Financial Instruments |
The following table represents the estimates of fair value of financial instruments (in thousands). This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For financial liabilities such as noninterest-bearing demand, interest-bearing demand and savings deposits, the carrying amount is a reasonable estimate of fair value due to these products having no stated maturity. | | | | | | | | | | | | | | | | | | | | | | Carrying Amount | | Fair Value | | Level 1 | | Level 2 | | Level 3 | June 30, 2013 | | | | | | | | | | Assets: | Cash and cash equivalents | $ | 192,334 |
| | $ | 192,334 |
| | $ | 192,334 |
| | $ | — |
| | $ | — |
| Securities available-for-sale | 328,782 |
| | 328,782 |
| | 6,385 |
| | 319,948 |
| | 2,449 |
| Securities held-to-maturity | 4,293 |
| | 5,951 |
| | — |
| | 5,951 |
| | — |
| Other securities | 13,344 |
| | 13,344 |
| | — |
| | 13,344 |
| | — |
| Net loans | 2,507,376 |
| | 2,536,584 |
| | — |
| | — |
| | 2,536,584 |
| Accrued interest receivable | 8,275 |
| | 8,275 |
| | 8,275 |
| | — |
| | — |
| Derivative assets | 5,758 |
| | 5,758 |
| | — |
| | 5,758 |
| | — |
| | | | | | | | | | | Liabilities: | |
| | |
| | |
| | |
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| Deposits | 2,835,950 |
| | 2,844,748 |
| | 1,727,481 |
| | 1,117,267 |
| | — |
| Short-term debt | 124,343 |
| | 124,349 |
| | — |
| | 124,349 |
| | — |
| Long-term debt | 16,495 |
| | 16,463 |
| | — |
| | 16,463 |
| | — |
| Derivative liabilities | 5,758 |
| | 5,758 |
| | — |
| | 5,758 |
| | — |
| | | | | | | | | | | December 31, 2012 | |
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| Assets: | |
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| Cash and cash equivalents | 84,994 |
| | 84,994 |
| | 84,994 |
| | — |
| | — |
| Securities available-for-sale | 377,122 |
| | 377,122 |
| | 5,959 |
| | 368,778 |
| | 2,385 |
| Securities held-to-maturity | 13,454 |
| | 13,861 |
| | — |
| | 13,861 |
| | — |
| Other securities | 11,463 |
| | 11,463 |
| | — |
| | 11,463 |
| | — |
| Net loans | 2,127,560 |
| | 2,162,856 |
| | — |
| | — |
| | 2,162,856 |
| Accrued interest receivable | 6,692 |
| | 6,692 |
| | 6,692 |
| | — |
| | — |
| Derivative assets | 14,012 |
| | 14,012 |
| | — |
| | 14,012 |
| | — |
| | | | | | | | | | | Liabilities: | |
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| | |
| | |
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| Deposits | 2,409,316 |
| | 2,381,495 |
| | 1,447,954 |
| | 933,541 |
| | — |
| Short-term debt | 114,646 |
| | 114,648 |
| | — |
| | 114,648 |
| | — |
| Long-term debt | 16,495 |
| | 16,462 |
| | — |
| | 16,462 |
| | — |
| Derivative liabilities | 14,012 |
| | 14,012 |
| | — |
| | 14,012 |
| | — |
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