Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value Measurements [Abstract]

Financial assets and liabilities measured at fair value on a recurring basis

The following tables present the balances of financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2012 and 2011.

	December 31, 2012
	(In Thousands)
Description	Total		Level I		Level II		Level III
Assets:
U.S. government agencies	$	15,822	$	—	$	15,822	$	—
Obligations of states and political subdivisions	78,300		—		78,300		—
Mortgage-backed securities:
Agency	166,943		—		166,943		—
Non-agency	15,579		—		15,579		—
Other asset-backed securities	34,642				34,642
Corporate preferred stock	62		—		62		—
Corporate securities	8,109		—		8,109		—
Mortgage interest rate locks	35		—		35		—
Interest rate swaps	80		—		80		—
Liabilities:
Interest rate swaps	541		—		541		—
Mortgage banking hedge instruments	39		—		39		—

	December 31, 2011
	(In Thousands)
Description	Total		Level I		Level II		Level III
Assets:
U.S. government agencies	$	9,343	$	—	$	9,343	$	—
Obligations of states and political subdivisions	67,542		—		67,542		—
Mortgage-backed securities:
Agency	187,070		—		187,070		—
Non-agency	18,206		—		18,206		—
Other asset-backed securities	15,796				15,796
Corporate preferred stock	40		—		40		—
Corporate securities	9,976		—		9,976		—
Trust preferred securities	269		—		269		—
Liabilities:
Derivative financial instruments (Note 24)	314		—		314		—

Financial and non-financial assets measured at fair value on a nonrecurring basis

The following table summarizes the Company's financial assets that were measured at fair value on a nonrecurring basis as of December 31, 2012 and December 31, 2011.

	December 31, 2012
	(In Thousands)
	Total		Level I		Level II		Level III
Assets:
Impaired loans	$	12,343	$	—	$	11,165	$	1,178
Mortgages held for sale	82,114		—		82,114		—
	December 31, 2011
	(In Thousands)
Description	Total		Level I		Level II		Level III
Assets:
Impaired loans	$	10,648	$	—	$	6,767	$	3,881
Mortgages held for sale	92,514		—		92,514		—

Estimated fair values and related carrying amounts of financial instruments

The estimated fair values, and related carrying amounts, of the Company's financial instruments at December 31, 2012 are as follows:

					December 31, 2012
					Fair value measurements using:
	Carrying Amount		Total Fair Value		Level I		Level II		Level III
	(In thousands)
Financial assets:
Cash and cash equivalents	$	54,415	$	54,415	$	54,415	$	—	—
Securities	319,457		319,457		—		319,457		—
Loans held for sale	82,114		82,114		—		82,114		—
Net portfolio loans	695,166		716,358		—		1,178		715,180
Bank-owned life insurance	16,484		16,484		—		16,484		—
Accrued interest receivable	3,974		3,974		—		3,974		—
Mortgage interest rate locks	35		35		—		35		—
Interest rate swaps	80		80		—		80		—
Financial liabilities:
Deposits	$	981,900	$	984,682	$	—	$	984,682	—
Securities sold under agreements
to repurchase	33,975		33,975		—		33,975		—
Short-term debt	11,873		11,873		—		11,873		—
FHLB borrowings	72,912		78,912		—		78,912		—
Trust preferred capital notes	5,155		5,221		—		5,221		—
Accrued interest payable	654		654		—		654		—
Interest rate swaps	541		541		—		541		—
Mortgage banking hedge instruments	39		39		—		39		—

The estimated fair values, and related carrying amounts, of the Company's financial instruments at December 31, 2011 are as follows:

	2011
	Carrying Amount		Fair Value
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	51,270	$	51,270
Securities	308,242		308,242
Loans held for sale	92,514		92,514
Net portfolio loans	656,770		678,245
Accrued interest receivable	4,221		4,221
Financial liabilities:
Deposits	$	929,869	$	934,322
Securities sold under agreements to repurchase	31,686		31,686
Short-term debt	28,331		28,331
FHLB borrowings and other debt	82,912		83,899
Trust preferred capital notes	5,155		5,216
Accrued interest payable	844		844
Interest rate swap	314		314

The estimated fair values, and related carrying amounts, of the Company's financial instruments at December 31, 2012 are as follows:

					December 31, 2012
					Fair value measurements using:
	Carrying Amount		Total Fair Value		Level I		Level II		Level III
	(In thousands)
Financial assets:
Cash and cash equivalents	$	54,415	$	54,415	$	54,415	$	—	—
Securities	319,457		319,457		—		319,457		—
Loans held for sale	82,114		82,114		—		82,114		—
Net portfolio loans	695,166		716,358		—		1,178		715,180
Bank-owned life insurance	16,484		16,484		—		16,484		—
Accrued interest receivable	3,974		3,974		—		3,974		—
Mortgage interest rate locks	35		35		—		35		—
Interest rate swaps	80		80		—		80		—
Financial liabilities:
Deposits	$	981,900	$	984,682	$	—	$	984,682	—
Securities sold under agreements
to repurchase	33,975		33,975		—		33,975		—
Short-term debt	11,873		11,873		—		11,873		—
FHLB borrowings	72,912		78,912		—		78,912		—
Trust preferred capital notes	5,155		5,221		—		5,221		—
Accrued interest payable	654		654		—		654		—
Interest rate swaps	541		541		—		541		—
Mortgage banking hedge instruments	39		39		—		39		—

The estimated fair values, and related carrying amounts, of the Company's financial instruments at December 31, 2011 are as follows:

	2011
	Carrying Amount		Fair Value
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	51,270	$	51,270
Securities	308,242		308,242
Loans held for sale	92,514		92,514
Net portfolio loans	656,770		678,245
Accrued interest receivable	4,221		4,221
Financial liabilities:
Deposits	$	929,869	$	934,322
Securities sold under agreements to repurchase	31,686		31,686
Short-term debt	28,331		28,331
FHLB borrowings and other debt	82,912		83,899
Trust preferred capital notes	5,155		5,216
Accrued interest payable	844		844
Interest rate swap	314		314

Quantitative information about Level III fair value measurements

The following table presents quantitative information as of December 31, 2012 about Level III fair value measurements for financial assets measured at fair value on a non-recurring basis:

					Range
	Fair Value (in thousands)		Valuation Technique	Unobservable Inputs	(Weighted Average)
Impaired Loans	$	1,178	Discounted appraised value	Discount for selling costs and age of appraisals.	10% - 30% (21%)
Other real estate owned	$	2,310	Discounted appraised value	Discount for selling costs, construction status, and age of appraisals.	12% - 12% (12%)