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Fair Values of Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2016
Investments, All Other Investments [Abstract]  
Carrying Amounts and Fair Values of Company's Financial Instruments

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 March 31, 2016 and December 31, 2015. 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
     Fair Value Measurements  
           Level 1 Inputs      Level 2 Inputs      Level 3 Inputs  

March 31, 2016

   (in thousands)  

Financial assets:

              

Securities held-to-maturity

   $ 1,412,702       $ 1,437,205       $ —        $ 1,437,205       $ —    

Loans Held-for-Sale

     48,180         48,958            48,958      

Loans (1)

     1,738,914         1,750,498         —          —          1,750,498   

Financial liabilities:

              

Time deposits

     446,185         448,690         —          448,690         —    

Other borrowed funds

     356,000         365,342         —          365,342         —    

Subordinated debentures

     36,083         36,083         —          —          36,083   

December 31, 2015

                                  

Financial assets:

              

Securities held-to-maturity

     1,438,903         1,438,960         —          1,438,960         —    

Loans (1)

     1,708,461         1,677,270         —          —          1,677,270   

Financial liabilities:

              

Time deposits

     473,426         474,046         —          474,046         —    

Other borrowed funds

     368,000         372,209         —          372,209         —    

Subordinated debentures

     36,083         36,083         —          —          36,083   

 

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