Fair Value Disclosures of Financial Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2014

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, 2014 (there are no material liabilities measured at fair value):

Description	Quoted Prices in Active Markets for Identical Asset (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
	(in Thousands)
Assets Measured at Fair Value on a Recurring Basis
Available-for-sale securities:
Collateralized mortgage obligations	$	—	$	162,078	$	—	$	162,078
FNMA		—		319,324		—		319,325
FHLMC		—		126,292		—		126,292
GNMA		—		84,410		—		84,409
U.S. Government and agencies		—		37,021		—		37,020
State and political subdivisions		—		112,581		—		112,582
Total assets measured at fair value on a recurring basis	$	—	$	841,706	$	—	$	841,706
Assets Measured at Fair Value on a Nonrecurring Basis
Other real estate owned	$	—	$	—	$	4,451	$	4,451
Loans held-for-sale	$	—	$	35,188	$	—	$	35,188
Impaired loans (collateral dependent)		—		—		41,439		41,439
Total assets measured at fair value on a nonrecurring basis	$	—	$	35,188	$	45,890	$	81,078

The table below presents the balances of assets measured at fair value as of December 31, 2013 (there are no material liabilities measured at fair value):

Description	Quoted Prices in Active Markets for Identical Asset (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
	(in Thousands)
Assets Measured at Fair Value on a Recurring Basis
Available-for-sale securities:
Collateralized mortgage obligations	$	—	$	97,557	$	—	$	97,557
FNMA		—		367,128		—		367,128
FHLMC		—		124,495		—		124,495
GNMA		—		95,592		—		95,592
U.S. Government and agencies		—		32,158		—		32,158
State and political subdivisions		—		100,185		—	$	100,185
Total assets measured at fair value on a recurring basis	$	—	$	817,115	$	—	$	817,115
Assets Measured at Fair Value on a Nonrecurring Basis
Other real estate owned	$	—	$	—	$	4,532	$	4,532
Impaired loans		—		—		38,379		38,379
Total assets measured at fair value on a nonrecurring basis	$	—	$	—	$	42,911	$	42,911

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	June 30, 2014				December 31, 2013
	Measurement	Book Value		Fair Value		Book Value		Fair Value
(In Thousands)
Financial assets:
Cash and cash equivalents	Level 1	$	475,189	$	475,189	$	484,426	$	484,426
Investment securities	See previous table		841,706		841,706		817,115		817,115
Loans held for sale	Level 3		35,188		35,188		31,491		31,491
Loans, net	Level 3		2,993,361		2,964,818		2,904,976		2,871,499
Reverse mortgage loans	Level 3		32,543		32,543		37,328		37,328
Stock in Federal Home Loan Bank of Pittsburgh	Level 2		37,587		37,587		35,869		35,869
Accrued interest receivable	Level 2		11,004		11,004		10,798		10,798
Financial liabilities:
Deposits	Level 2		3,153,329		2,962,149		3,186,942		2,982,420
Borrowed funds	Level 2		984,866		986,520		903,831		904,804
Standby letters of credit	Level 3		185		185		248		248
Accrued interest payable	Level 2		2,381		2,381		838		838

Estimated Fair Value of Off-Balance Sheet Financial Instruments

The estimated fair value of our off-balance sheet financial instruments is as follows:

	June 30, 2014		Dec. 31, 2013
(in thousands)
Off-balance sheet instruments:	$	—	$	—