Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

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 March 31, 2013 and December 31, 2012.

	March 31, 2013
	(In thousands)
	Total		Level I		Level II		Level III
Assets:
U.S. government agencies	$	15,244	$	—	$	15,244	$	—
Obligations of states and political subdivisions	82,464		—		82,464		—
Mortgage-backed securities:
Agency	169,600		—		169,600		—
Non-agency	19,399		—		19,399		—
Other asset-backed securities	35,361		—		35,361		—
Corporate preferred stock	67		—		67		—
Corporate securities	9,515		—		9,515		—
Mortgage interest rate locks	69		—		69		—
Interest rate swaps	21		—		21		—
Liabilities:
Interest rate swaps	$	423	$	—	$	423	$	—
Mortgage banking hedge instruments	81		—		81		—

	December 31, 2012
	(In thousands)
	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 swap	541		—		541		—
Mortgage banking hedge instruments	39		—		39		—

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 March 31, 2013 and December 31, 2012:

	March 31, 2013
	(In thousands)
Description	Total		Level I		Level II		Level III
Assets:
Loans held for sale	$	48,721	$	—	$	48,721	$	—
Impaired loans	10,994		—		9,094		1,900
	December 31, 2012
	(In thousands)
Description	Total		Level I		Level II		Level III
Assets:
Loans held for sale	$	82,114	$	—	$	82,114	$	—
Impaired loans	12,343		—		11,165		1,178

The following table summarizes the Company's non-financial assets that were measured at fair value on a nonrecurring basis during the period.

	March 31, 2013
	(In thousands)
Description	Total		Level I		Level II		Level III
Assets:
Other real estate owned	$	7,904	$	—	$	7,904	$	—
	December 31, 2012
	(In thousands)
Description	Total		Level I		Level II		Level III
Assets:
Other real estate owned	$	9,929	$	—	$	7,619	$	2,310

Quantitative information about Level III fair value measurements

The following table presents quantitative information as of March 31, 2013 about Level III fair value measurements for financial assets measured at fair value on a non-recurring basis:

	Fair Value (in thousands)		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Impaired Loans	$	1,900	Discounted appraised value	Discount for selling costs and age of appraisals.	10% - 30% (21%)

Estimated fair values and related carrying amounts of financial instruments

The estimated fair values, and related carrying amounts, of the Company's financial instruments as of March 31, 2013 are as follows:

					March 31, 2013
					Fair value measurements using:
	Carrying Amount		Total Fair Value		Level I		Level II		Level III
	(In thousands)
Financial assets:
Cash and cash equivalents	$	50,450	$	50,450	$	50,450	$	—	—
Securities	331,650		331,650		—		331,650		—
Loans held for sale	48,721		48,721		—		48,721		—
Net portfolio loans	701,078		720,404		—		9,094		711,310
Bank-owned life insurance	16,604		16,604		—		16,604		—
Accrued interest receivable	4,107		4,107		—		4,107		—
Mortgage interest rate locks	69		69		—		69		—
Interest rate swaps	21		21		—		21		—
Financial liabilities:
Deposits	$	966,076	$	969,470	$	—	$	969,470	—
Securities sold under agreements
to repurchase	31,880		31,880		—		31,880		—
Short-term debt	519		519		—		519		—
FHLB borrowings	85,000		85,840		—		85,840		—
Trust preferred capital notes	5,155		5,206		—		5,206		—
Accrued interest payable	617		617		—		617		—
Interest rate swap	423		423		—		423		—
Mortgage banking hedge instruments	81		81		—		81		—

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		—		11,165		705,193
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		—