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Fair Value (Tables)
9 Months Ended
Sep. 30, 2013
Fair Value Disclosures [Abstract]  
Financial assets and Liabilities at Dates Indicated that were Accounted for at Fair Value
The following tables set forth the Company’s financial assets and liabilities at the dates indicated that were accounted for at fair value.  Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
 
 
 
At September 30, 2013
 
(In thousands)
 
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage loans held for sale
 
$
-
 
$
10,542
 
$
-
 
$
10,542
 
Investments available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
 
-
 
 
172,243
 
 
-
 
 
172,243
 
State and municipal
 
 
-
 
 
166,866
 
 
-
 
 
166,866
 
Mortgage-backed
 
 
-
 
 
472,269
 
 
-
 
 
472,269
 
Corporate debt
 
 
-
 
 
2,005
 
 
-
 
 
2,005
 
Trust preferred
 
 
-
 
 
-
 
 
1,439
 
 
1,439
 
Marketable equity securities
 
 
-
 
 
723
 
 
-
 
 
723
 
Interest rate swap agreements
 
 
-
 
 
1,855
 
 
-
 
 
1,855
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swap agreements
 
$
-
 
$
(1,855)
 
$
-
 
$
(1,855)
 
 
 
 
At December 31, 2012
 
(In thousands)
 
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage loans held for sale
 
$
-
 
$
36,149
 
$
-
 
$
36,149
 
Investments available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
 
-
 
 
156,428
 
 
-
 
 
156,428
 
State and municipal
 
 
-
 
 
174,491
 
 
-
 
 
174,491
 
Mortgage-backed
 
 
-
 
 
490,479
 
 
-
 
 
490,479
 
Corporate debt
 
 
-
 
 
1,996
 
 
-
 
 
1,996
 
Trust preferred
 
 
-
 
 
-
 
 
1,465
 
 
1,465
 
Marketable equity securities
 
 
-
 
 
723
 
 
-
 
 
723
 
Interest rate swap agreements
 
 
-
 
 
1,280
 
 
-
 
 
1,280
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swap agreements
 
$
-
 
$
(1,280)
 
$
-
 
$
(1,280)
 
Unrealized Losses Included in Assets Measured in Condensed Consolidated Statements of Condition at Fair Value on a Recurring Basis
The following table provides unrealized losses included in assets measured in the Condensed Consolidated Statements of Condition at fair value on a recurring basis for the period indicated:
 
 
 
Significant
Unobservable
Inputs
 
(In thousands)
 
(Level 3)
 
Investments available-for-sale:
 
 
 
 
Balance at January 1, 2013
 
$
1,465
 
Total OTTI included in earnings
 
 
-
 
Principal redemption
 
 
-
 
Total unrealized losses included in other comprehensive income (loss)
 
 
(26)
 
Balance at September 30, 2013
 
$
1,439
Assets Measured at Fair Value on Nonrecurring Basis
The following table sets forth the Company’s financial assets subject to fair value adjustments (impairment) on a nonrecurring basis at the date indicated that are valued at the lower of cost or market.  Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: 
 
 
 
At September 30, 2013
 
(In thousands)
 
Quoted Prices in
Active Markets
for Identical
Assets  (Level 1)
 
Significant
Other
Observable
Inputs (Level 2)
 
Significant
Unobservable
Inputs (Level 3)
 
Total
 
Total Losses
 
Impaired loans (1)
 
$
-
 
$
-
 
$
26,859
 
$
26,859
 
$
(5,891)
 
Other real estate owned
 
 
-
 
 
-
 
 
1,662
 
 
1,662
 
 
209
 
Total
 
$
-
 
$
-
 
$
28,521
 
$
28,521
 
$
(5,682)
 
 
(1) Amounts represent the fair value of collateral for impaired loans allocated to the allowance for loan and lease losses.  Fair values are determined using actual market prices (Level 2), independent third party valuations and borrower records , discounted as appropriate (Level 3). 
 
 
 
At December 31, 2012
 
(In thousands)
 
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
 
Significant Other
Observable
Inputs (Level 2)
 
Significant
Unobservable
Inputs (Level 3)
 
Total
 
Total Losses
 
Impaired loans (1)
 
$
-
 
$
-
 
$
43,624
 
$
43,624
 
$
(6,730)
 
Other real estate owned
 
 
-
 
 
-
 
 
5,926
 
 
5,926
 
 
(188)
 
Total
 
$
-
 
$
-
 
$
49,550
 
$
49,550
 
$
(6,918)
 
 
(1) Amounts represent the fair value of collateral for impaired loans allocated to the allowance for loan and lease losses.  Fair values are determined using actual market prices (Level 2), independent third party valuations and borrower records , discounted as appropriate (Level 3).
Carrying Amounts And Fair Values of Company's Financial Instruments
The carrying amounts and fair values of the Company’s financial instruments at the dates indicated are presented in the following table:
   
 
 
 
 
 
 
 
 
Fair Value Measurements
 
 
 
September 30, 2013
 
Quoted Prices in
 
 
 
 
 
 
 
 
 
 
 
Estimated
 
Active Markets for
 
Significant Other
 
Significant
 
 
 
Carrying
 
Fair
 
Identical Assets
 
Observable Inputs
 
Unobservable Inputs
 
(In thousands)
 
Amount
 
Value
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Financial Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments held-to-maturity
 
$
225,994
 
$
220,054
 
$
-
 
$
220,054
 
$
-
 
Other equity securities
 
 
36,412
 
 
36,412
 
 
-
 
 
36,412
 
 
-
 
Loans, net of allowance
 
 
2,622,588
 
 
2,587,170
 
 
-
 
 
-
 
 
2,587,170
 
Other assets
 
 
85,578
 
 
85,578
 
 
-
 
 
85,578
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Time Deposits
 
$
479,119
 
$
479,780
 
$
-
 
$
479,780
 
$
-
 
Securities sold under retail repurchase agreements and federal funds purchased
 
 
53,177
 
 
53,177
 
 
-
 
 
53,177
 
 
-
 
Advances from FHLB
 
 
520,000
 
 
550,662
 
 
-
 
 
550,662
 
 
-
 
Subordinated debentures
 
 
35,000
 
 
8,669
 
 
-
 
 
-
 
 
8,669
 
 
 
 
 
 
 
 
 
 
Fair Value Measurements
 
 
 
December 31, 2012
 
Quoted Prices in
 
 
 
 
 
 
 
 
 
 
 
Estimated
 
Active Markets for
 
Significant Other
 
Significant
 
 
 
Carrying
 
Fair
 
Identical Assets
 
Observable Inputs
 
Unobservable Inputs
 
(In thousands)
 
Amount
 
Value
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Financial Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments held-to-maturity
 
$
215,814
 
$
222,024
 
$
-
 
$
222,024
 
$
-
 
Other equity securities
 
 
33,636
 
 
33,636
 
 
-
 
 
33,636
 
 
-
 
Loans, net of allowance
 
 
2,488,171
 
 
2,453,314
 
 
-
 
 
-
 
 
2,453,314
 
Other assets
 
 
83,714
 
 
83,714
 
 
-
 
 
83,714
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Time Deposits
 
$
524,820
 
$
528,074
 
$
-
 
$
528,074
 
$
-
 
Securities sold under retail repurchase agreements and federal funds purchased
 
 
86,929
 
 
86,929
 
 
-
 
 
86,929
 
 
-
 
Advances from FHLB
 
 
405,058
 
 
451,408
 
 
-
 
 
451,408
 
 
-
 
Subordinated debentures
 
 
35,000
 
 
9,919
 
 
-
 
 
-
 
 
9,919