Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

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 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, 2015
U.S. Government agency securities	$	33,694	$	—	$	33,694	$	—
Residential MBSs	55,123		—		55,123		—
Agency CMOs	282,661		—		282,661		—
Municipal securities	30,132		—		30,132		—
Securities available for sale	$	401,610	$	—	$	401,610	$	—



			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, 2014
U.S. Government agency securities	$	32,788	$	—	$	32,788	$	—
Residential MBSs	60,149		—		60,149		—
Agency CMOs	405,009		—		405,009		—
Municipal securities	30,092		—		30,092		—
Securities available for sale	$	528,038	$	—	$	528,038	$	—

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, 2015
Impaired collateral dependent loans with specific allocations	$	4,564	$	—	$	—	$	4,564
Impaired collateral dependent loans net of partial charge-offs	3,477		—		—		3,477
Foreclosed assets	170		—		—		170
Total	$	8,211	$	—	$	—	$	8,211



			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, 2014
Impaired collateral dependent loans with specific allocations	$	3,882	$	—	$	—	$	3,882
Impaired collateral dependent loans net of partial charge-offs	5,263		—		—		5,263
Total	$	9,145	$	—	$	—	$	9,145

Estimated Fair Values of Financial Instruments

The estimated fair values of the Company's financial instruments were as follows:



Fair Value Measurements at September 30, 2015
					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	$	47,995	$	47,995	$	47,995	$	—	$	—
Securities	726,988		728,020		—		728,020		—
Loans, held for sale	5,380		5,856		—		—		5,856
Loans receivable, net	2,070,962		2,076,158		—		—		2,076,158
Restricted investments in bank stock	11,775		11,775		—		—		11,775
Accrued interest receivable	7,188		7,188		7,188		—		—
Financial liabilities:
Deposits	$	2,445,487	$	2,448,381	$	—	$	—	$	2,448,381
Short-term borrowings	200,295		200,295		200,295		—		—
Long-term debt	25,000		24,932		—		—		24,932
Accrued interest payable	350		350		350		—		—
Off-balance sheet instruments:
Standby letters of credit	$	—	$	—	$	—	$	—	$	—
Commitments to extend credit	—		—		—		—		—



Fair Value Measurements at December 31, 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	$	42,832	$	42,832	$	42,832	$	—	$	—
Securities	853,032		847,961		—		847,961		—
Loans, held for sale	4,996		5,037		—		—		5,037
Loans receivable, net	1,973,536		1,980,846		—		—		1,980,846
Restricted investments in bank stock	15,223		15,223		—		—		15,223
Accrued interest receivable	7,349		7,349		7,349		—		—
Financial liabilities:
Deposits	$	2,380,672	$	2,383,085	$	—	$	—	$	2,383,085
Short-term borrowings	333,475		333,475		333,475		—		—
Accrued interest payable	325		325		325		—		—
Off-balance sheet instruments:
Standby letters of credit	$	—	$	—	$	—	$	—	$	—
Commitments to extend credit	—		—		—		—		—