Fair Value Disclosures of Financial Assets (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Balances of Assets Measured at Fair Value

The table below presents the balances of assets measured at fair value as of June 30, 2013 (there are no material liabilities measured at fair value):

	Quoted Prices in Active Markets for Identical Asset		Significant Other Observable Inputs		Significant Unobservable Inputs			Total
Description	(Level 1)		(Level 2)		(Level 3)			Fair Value
	(in Thousands)
Assets Measured at Fair Value on a Recurring Basis
Available-for-sale securities:
Collateralized mortgage obligations	$	—	$	119,249	$	6,377		$	125,626
FNMA		—		370,654		—			370,654
FHLMC		—		109,761		—			109,761
GNMA		—		108,412		—			108,412
U.S. Government and agencies		—		43,833		—			43,833
State and political subdivisions		—		55,844		—			55,844
Reverse mortgages		—		—		(422	)		(422	)
Trading Securities		—		—		12,590			12,590
Total assets measured at fair value on a recurring basis	$	—	$	807,753	$	18,545		$	826,298
Assets Measured at Fair Value on a Nonrecurring Basis
Other real estate owned	$	—	$	—	$	7,109		$	7,109
Impaired loans						45,890			45,890
Total assets measured at fair value on a nonrecurring basis	$	—	$	—	$	52,999		$	52,999

The table below presents the balances of assets measured at fair value as of December 31, 2012 (there are no material liabilities measured at fair value):

	Quoted Prices in Active Markets for Identical Asset		Significant Other Observable Inputs		Significant Unobservable Inputs			Total
Description	(Level 1)		(Level 2)		(Level 3)			Fair Value
	(in Thousands)
Assets Measured at Fair Value on a Recurring Basis
Available-for-sale securities:
Collateralized mortgage obligations	$	—	$	252,300	$	7,096		$	259,396
FNMA		—		406,255		—			406,255
FHLMC		—		59,650		—			59,650
GNMA		—		132,455		—			132,455
U.S. Government and agencies		—		46,990		—			46,990
State and political subdivisions		—		3,209		—			3,209
Reverse mortgages		—		—		(457	)		(457	)
Trading Securities		—		—		12,590			12,590
Total assets measured at fair value on a recurring basis	$	—	$	900,859	$	19,229		$	920,088
Assets Measured at Fair Value on a Nonrecurring Basis
Other real estate owned	$	—	$	—	$	4,622		$	4,622
Impaired loans		—		—		52,904			52,904
Total assets measured at fair value on a nonrecurring basis	$	—	$	—	$	57,526		$	57,526

Assets Measured at Fair Value on Recurring Basis

The changes in Level 3 assets measured at fair value on a recurring basis are summarized as follows:

	Trading Securities		Reverse Mortgages			Available- for-sale Securities			Total
(In Thousands)
Balance at December 31, 2011	$	12,432	$	(646	)		3,936		$	15,722
Total net income (losses) for the period included in net income		33		9			—			42
Purchases, sales, issuances, and settlements, net		—		180			—			180
Mark-to-market adjustment		125		—			3,160			3,285
Balance at December 31, 2012	$	12,590	$	(457	)		7,096		$	19,229
Total net income (losses) for the period included in net income		—		214			520			734
Purchases, sales, issuances, and settlements, net		—		(179	)		—			(179	)
Mark-to-market adjustment		—		—			(1,239	)		(1,239	)
Balance at June 30, 2013	$	12,590	$	(422	)	$	6,377		$	18,545

Book Value and Estimated Fair Value of Financial Instruments

The book value and estimated fair value of our financial instruments are as follows:

	Fair Value Measurement	June 30, 2013				December 31, 2012
		Book Value		Fair Value		Book Value		Fair Value
(In Thousands)
Financial assets:
Cash and cash equivalents	Level 1	$	537,522	$	537,522	$	500,887	$	500,887
Investment securities	See previous table		826,298		826,298		920,088		920,088
Loans held for sale	Level 3		14,698		14,698		12,758		12,758
Loans, net	Level 3		2,794,066		2,792,469		2,723,916		2,746,001
Stock in Federal Home Loan Bank of Pittsburgh	Level 2		39,332		39,322		31,165		31,165
Accrued interest receivable	Level 2		10,307		10,307		9,652		9,652
Financial liabilities:
Deposits	Level 2		3,054,472		2,883,634		3,274,963		3,174,907
Borrowed funds	Level 2		920,831		921,167		637,266		638,375
Standby letters of credit	Level 3		158		158		224		224
Accrued interest payable	Level 2		2,672		2,672		1,099		1,099