Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Financial Assets Measured at Fair Value on Recurring Basis

The following table sets forth the Company's financial assets that were measured at fair value on a recurring basis at September 30, 2014 and December 31, 2013, respectively, by level within the fair value hierarchy: 

			Fair Value Measurements at Reporting Date Using
Description			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
September 30, 2014
U.S. Government agency securities	$	31,827	$	—	$	31,827	$	—
Residential MBSs	60,502		—		60,502		—
Agency CMOs	434,929		—		434,929		—
Municipal securities	29,840		—		29,840		—
Securities available for sale	$	557,098	$	—	$	557,098	$	—

			Fair Value Measurements at Reporting Date Using
Description			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
December 31, 2013
U.S. Government agency securities	$	29,926	$	—	$	29,926	$	—
Residential MBSs	62,500		—		62,500		—
Agency CMOs	467,064		—		467,064		—
Municipal securities	26,433		—		26,433		—
Securities available for sale	$	585,923	$	—	$	585,923	$	—

Financial Assets Measured at Fair Value on Nonrecurring Basis

For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used were as follows: 

			Fair Value Measurements at Reporting Date Using
Description			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
September 30, 2014
Impaired loans with specific allocation	$	3,681	$	—	$	—	$	3,681
Impaired loans net of partial charge-offs	2,821		—		—		2,821
Total	$	6,502	$	—	$	—	$	6,502

			Fair Value Measurements at Reporting Date Using
Description			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
December 31, 2013
Impaired loans with specific allocation	$	5,707	$	—	$	—	$	5,707
Impaired loans net of partial charge-offs	10,428		—		—		10,428
Foreclosed assets	1,938		—		—		1,938
Total	$	18,073	$	—	$	—	$	18,073

Estimated Fair Values of Financial Instruments

The estimated fair values of the Company's financial instruments were as follows at September 30, 2014 and December 31, 2013:

Fair Value Measurements at September 30, 2014
					Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Carrying Amount		Fair  Value		(Level 1)		(Level 2)		(Level 3)
Financial assets:
Cash and cash equivalents	$	45,621	$	45,621	$	45,621	$	—	$	—
Securities	887,515		877,238		—		877,238		—
Loans, held for sale	5,088		5,132		—		—		5,132
Loans receivable, net	1,889,080		1,896,605		—		—		1,896,605
Restricted investments in bank stock	21,660		21,660		—		—		21,660
Accrued interest receivable	7,553		7,553		7,553		—		—
Financial liabilities:
Deposits	$	2,331,849	$	2,334,469	$	—	$	—	$	2,334,469
Short-term borrowings	359,200		359,200		359,200		—		—
Accrued interest payable	260		260		260		—		—
Off-balance sheet instruments:
Standby letters of credit	$	—	$	—	$	—	$	—	$	—
Commitments to extend credit	—		—		—		—		—

Fair Value Measurements at December 31, 2013
					Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Carrying Amount		Fair  Value		(Level 1)		(Level 2)		(Level 3)
Financial assets:
Cash and cash equivalents	$	44,996	$	44,996	$	44,996	$	—	$	—
Securities	869,737		849,620		—		849,620		—
Loans, held for sale	6,225		6,371		—		—		6,371
Loans receivable, net	1,727,762		1,734,609		—		—		1,734,609
Restricted investments in bank stock	20,564		20,564		—		—		20,564
Accrued interest receivable	7,059		7,059		7,059		—		—
Financial liabilities:
Deposits	$	2,239,621	$	2,241,179	$	—	$	—	$	2,241,179
Short-term borrowings	277,750		277,750		277,750		—		—
Long-term debt	15,800		12,642		—		—		12,642
Accrued interest payable	218		218		218		—		—
Off-balance sheet instruments:
Standby letters of credit	$	—	$	—	$	—	$	—	$	—
Commitments to extend credit	—		—		—		—		—