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Fair Value Measurements And Fair Value Of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Measurements And Fair Value Of Financial Instruments [Abstract]

Financial Assets and Liabilities Measured on a Recurring Basis



		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance
		(In thousands)
Assets/Liabilities at March 31, 2014
State and municipal securities	$	-	$	17,500	$	24,646	$	42,146
Mortgage-backed securities – agency /
residential		-		249,437		-		249,437
Mortgage-backed securities – private /
residential		-		534		-		534
Asset-backed securities		-		22,446		-		22,446
Marketable equity securities		-		1,535		-		1,535
Trust preferred securities		-		18,520		-		18,520
Corporate securities		-		65,061		-		65,061
Interest rate swaps - cash flow hedge		-		183		-		183

Assets/Liabilities at December 31, 2013
State and municipal securities	$	-	$	16,918	$	24,167	$	41,085
Mortgage-backed securities – agency /
residential		-		254,103		-		254,103
Mortgage-backed securities – private /
residential		-		561		-		561
Asset-backed securities		-		22,503		-		22,503
Marketable equity securities		-		1,535		-		1,535
Trust preferred securities		-		26,096		-		26,096
Corporate securities		-		39,074		-		39,074
Interest rate swaps - cash flow hedge		-		465		-		465

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)




		State and Municipal Securities
		Three Months Ended March 31, 2014

		(In thousands)
Beginning balance	$	24,167
Total unrealized gains (losses) included in:
Net income (loss)		-
Other comprehensive income (loss)		479
Sales, calls and prepayments		-
Transfer to OREO		-
Transfers in and (out) of Level 3		-
Balance end of period	$	24,646



		State and Municipal Securities
		Three Months Ended March 31, 2013

		(In thousands)
Beginning balance	$	49,889
Total unrealized gains (losses) included in:
Net income (loss)		-
Other comprehensive income (loss)		(22)
Transfer to OREO		(814)
Transfers in and (out) of Level 3		-
Balance end of period	$	49,053

Quantitative Information About Level 3 Fair Value Measurements

March 31, 2014		Fair Value	Valuation Technique	Unobservable Inputs	Range
		(In thousands)
State and municipal securities	$	24,115	discounted cash flow	discount rate	4.75%
State and municipal securities		531	matrix pricing	discount rate or yield	N/A*
Total	$	24,646



December 31, 2013		Fair Value	Valuation Technique	Unobservable Inputs	Range
		(In thousands)
State and municipal securities	$	23,636	discounted cash flow	discount rate	5.10%
State and municipal securities		531	matrix pricing	discount rate or yield	N/A*
Total	$	24,167

* The Company relies on a third-party pricing service to value non-rated municipal securities. Because of the lack of credit ratings, management considers the relationship between rates on these securities and benchmarks rates to be unobservable. The unobservable adjustments used by the third-party pricing service were not readily available.

March 31, 2014		Fair Value	Valuation Technique	Unobservable Inputs	Range
		(In thousands)
Impaired loans:
Other	$	191	sales comparison	adjustment to comparable sales	6%-8%
Total impaired loans	$	191



December 31, 2013		Fair Value	Valuation Technique	Unobservable Inputs	Range
		(In thousands)
Impaired loans:
Commercial and residential	$	115	sales comparison	adjustment to comparable sales	6%-8%
real estate
Other		231	sales comparison	adjustment to comparable sales	6%-8%
Total impaired loans	$	346


December 31, 2013		Fair Value	Valuation Technique	Unobservable Inputs	Range
		(In thousands)
Other real estate owned and
foreclosed assets:
Commercial real estate	$	1,636	broker opinion	discount to broker opinion	10% - 20%
Land		2,857	sales comparison	adjustment to comparable sales	10% - 55%
			broker opinion	discount to broker opinion	10% - 20%
Total other real estate owned
and foreclosed assets	$	4,493

Impaired Loans Measured At Fair Value On A Non-Recurring Basis



		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance
		(In thousands)
March 31, 2014
Impaired loans:
Other	$	-	$	-	$	191	$	191
Total impaired loans	$	-	$	-	$	191	$	191



		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance
		(In thousands)
December 31, 2013
Impaired loans:
Commercial and residential real estate	$	-	$	-	$	115	$	115
Other		-		-		231		231
Total impaired loans	$	-	$	-	$	346	$	346

Nonfinancial Assets And Liabilities Measured On A Nonrecurring Basis



		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance
		(In thousands)
March 31, 2014
Other real estate owned and foreclosed assets:
Commercial real estate	$	-	$	-	$	-	$	-
Land		-		-		-		-
Total other real estate owned and foreclosed assets	$	-	$	-	$	-	$	-

December 31, 2013
Other real estate owned and foreclosed assets:
Commercial real estate	$	-	$	-	$	1,636	$	1,636
Land		-		-		2,857		2,857
Total other real estate owned and foreclosed assets	$	-	$	-	$	4,493	$	4,493

Estimated Fair Values And Related Carrying Amounts Of Financial Instruments



				Fair Value Measurements at March 31, 2014:
		Carrying Amount		Level 1		Level 2		Level 3		Total
		(In thousands)
Financial assets:
Cash and cash equivalents	$	35,311	$	35,311	$	-	$	-	$	35,311
Securities available for sale		399,679		-		375,033		24,646		399,679
Securities held to maturity		54,021		-		49,268		4,190		53,458
Bank stocks		17,147		n/a		n/a		n/a		n/a
Loans held for investment, net		1,340,762		-		-		1,334,280		1,334,280
Accrued interest receivable		6,032		-		6,032		-		6,032
Interest rate swap - cash flow hedge		183		-		183		-		183

Financial liabilities:
Deposits	$	1,533,010	$	-	$	1,531,625	$	-	$	1,531,625
Federal funds purchased and sold under
agreements to repurchase		27,045		-		27,045		-		27,045
Short-term borrowings		63,017		-		63,017		-		63,017
Subordinated debentures		25,774		-		-		18,345		18,345
Long-term borrowings		110,000		-		116,778		-		116,778
Accrued interest payable		606		-		606		-		606




				Fair Value Measurements at December 31, 2013:
		Carrying Amount		Level 1		Level 2		Level 3		Total
		(In thousands)
Financial assets:
Cash and cash equivalents	$	28,077	$	28,077	$	-	$	-	$	28,077
Securities available for sale		384,957		-		360,790		24,167		384,957
Securities held to maturity		41,738		-		36,463		3,754		40,217
Bank stocks		15,605		n/a		n/a		n/a		n/a
Loans held for sale		507		558		-		-		558
Loans held for investment, net		1,298,912		-		-		1,291,439		1,291,439
Accrued interest receivable		5,156		-		5,156		-		5,156
Interest rate swap - cash flow hedge		465		-		465		-		465

Financial liabilities:
Deposits	$	1,528,457	$	-	$	1,527,034	$	-	$	1,527,034
Federal funds purchased and sold under
agreements to repurchase		24,284		-		24,284		-		24,284
Short-term borrowings		20,000		-		20,000		-		20,000
Subordinated debentures		25,774		-		-		18,351		18,351
Long-term borrowings		110,000		-		117,316		-		117,316
Accrued interest payable		600		-		600		-		600

- Definition

Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2.

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

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- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 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.

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- 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.

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-Name Statement of Financial Accounting Standard (FAS)

-Number 159

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