The following presents (in thousands) the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of December 31, 2013 and December 31, 2012. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, short-term investments, FHLBB stock and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits, short-term borrowings and accrued interest payable.


	Carrying Amount		Estimated Fair Value		Level 1 Inputs		Fair Value Measurements Level 2 Inputs		Level 3 Inputs
(dollars in thousands)
December 31, 2013
Financial assets:
Securities held-to-maturity	$	1,487,884	$	1,464,449	$	—	$	1,464,449	$	—
Loans⁽¹⁾		1,243,822		1,214,192		—		—		1,214,192
Financial liabilities:
Time deposits		382,224		386,742		—		386,742		—
Other borrowed funds		255,144		254,736		—		254,736		—
Subordinated debentures		36,083		39,503		—		—		39,503
December 31, 2012
Financial assets:
Securities held-to-maturity	$	275,507	$	281,924	$	—	$	281,924	$	—
Loans⁽¹⁾		1,092,591		1,124,716		—		—		1,124,716
Financial liabilities:
Time deposits		419,983		424,253		—		424,253		—
Other borrowed funds		195,144		205,481		—		205,481		—
Subordinated debentures		36,083		43,423		—		—		43,423

(1)	Comprised of loans (including collateral dependent impaired loans), net of deferred loan costs and the allowance for loan losses.