Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2012

Carrying amount and estimated fair value of assets and liabilities

The fair values of certificates of deposit and subordinated debentures are estimated using a discounted cash flow calculation that applies current interest rates to discounted expected cash flows. Based upon time deposit maturities at June 30, 2012, the carrying values approximate their fair values. The carrying amount of accrued interest payable approximates its fair value (in thousands).

	June 30, 2012
					Quoted prices in active		Significant other		Significant
					markets for identical		observable		unobservable
	Carrying		Estimated		assets		inputs		inputs
	amount		fair value		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Cash and cash equivalents	$	698,142	$	698,142	$	698,142	$	-	$	-
Investment securities available-for-sale		582,219		582,219		3,010		578,594		615
Investment securities held-to-maturity		17,796		13,575		-		-		13,575
Federal Home Loan and Atlantic Central Bankers Bank stock		4,596		4,596		4,596		-		-
Loans receivable, net		1,804,312		1,782,607		-		-		1,782,607
Demand and interest checking		2,335,960		2,335,960		2,335,960		-		-
Savings and money market		456,614		456,614		456,614		-		-
Time deposits		29,723		29,859		-		-		29,859
Subordinated debenture		13,401		9,282		-		-		9,282
Securities sold under agreements to repurchase		21,948		21,948		21,948		-		-
Accrued interest payable		127		127		127		-		-

	December 31, 2011
	Carrying		Estimated
	amount		fair value
	(in thousands)
Cash and cash equivalents	$	749,174	$	749,174
Investment securities available-for-sale		448,204		448,204
Investment securities held-to-maturity		18,044		13,826
Federal Home Loan and Atlantic Central Bankers Bank stock		5,088		5,088
Loans receivable, net		1,744,828		1,718,698
Demand and interest checking		2,192,938		2,192,938
Savings and money market		454,343		454,343
Time deposits		35,270		35,336
Subordinated debenture		13,401		9,287
Securities sold under agreements to repurchase		33,177		33,177
Accrued interest payable		123		123

Assets measured at fair value on a recurring and nonrecurring basis

Assets measured at fair value on a nonrecurring basis, segregated by fair value hierarchy, during the periods shown are summarized below (in thousands):

			Fair Value Measurements at Reporting Date Using
			Quoted prices in active		Significant other		Significant
			markets for identical		observable		unobservable
	Fair value		assets		inputs		inputs
Description	June 30, 2012		(Level 1)		(Level 2)		(Level 3)

Impaired loans	$	27,522	$	-	$	-	$	27,522
Other real estate owned		4,919		-		-		4,919
	$	32,441	$	-	$	-	$	32,441

			Fair Value Measurements at Reporting Date Using
			Quoted prices in active		Significant other		Significant
			markets for identical		observable		unobservable
	Fair value		assets		inputs		inputs
Description	December 31, 2011		(Level 1)		(Level 2)		(Level 3)

Impaired loans	$	17,587	$	-	$	-	$	17,587
Other real estate owned		7,405		-		-		7,405
	$	24,992	$	-	$	-	$	24,992

Changes in Company's Level 3 assets

The changes in the Company's Level 3 assets are set forth below (in thousands).

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Available-for-sale
	securities
	June 30, 2012			December 31, 2011
Beginning balance	$	630		$	748
Transfers into level 3		-			-
Transfers out of level 3		-			-
Total gains or losses (realized/unrealized) Included in earnings		-			(2	)
Included in other comprehensive income		10			(62	)
Purchases, issuances, and settlements
Purchases		-			-
Issuances		-			-
Sales
Settlements		(25	)		(54	)
Ending balance	$	615		$	630

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring and/or nonrecurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References+ Details

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 14

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 18

-Subparagraph c(2), d, e, f

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15

-Subparagraph b-d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13467-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 19

-Subparagraph a, b, c(1), d(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-Subparagraph a, c(1), c(2), c(3), d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

+ Details