Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring Basis

Assets and liabilities measured at fair value on a recurring basis, segregated by fair value hierarchy level, are summarized below:

	Fair Value Measurements Using
June 30, 2012	Level 1		Level 2		Level 3		Total
	(In Thousands)
Assets:
Municipal obligations	$	—	$	7,752	$	—	$	7,752
U.S. government obligations - government sponsored agencies	—		12,663		—		12,663
Collateralized mortgage obligations — government agencies	—		162,934		—		162,934
Collateralized mortgage obligations — government sponsored enterprises	—		12,555		—		12,555
Interest rate swaps	—		3,128		—		3,128
Liabilities:
Interest rate swaps	$	—	$	3,128	$	—	$	3,128

	Fair Value Measurements Using
December 31, 2011	Level 1		Level 2		Level 3		Total
	(In Thousands)
Assets:
Municipal obligations	$	—	$	2,831	$	—	$	2,831
U.S. government obligations - government sponsored agencies	—		—		—		—
Collateralized mortgage obligations — government agencies	—		165,401		—		165,401
Collateralized mortgage obligations — government sponsored enterprises	—		2,154		—		2,154
Interest rate swaps	—		3,434		—		3,434
Liabilities:
Interest rate swaps	$	—	$	3,434	$	—	$	3,434

Fair Value Measurements, Nonrecurring Basis

Assets and liabilities measured at fair value on a non-recurring basis, segregated by fair value hierarchy are summarized below:

			As of and for the Six Months Ended June 30, 2012
	Balance at		Fair Value Measurements Using						Total Gains (Losses)
	June 30, 2012		Level 1		Level 2		Level 3
	(In Thousands)
Impaired loans	$	9,754	$	—	$	7,250	$	2,504	$	—
Foreclosed properties	1,937		—		1,937		—		(119		)

			As of and for the Year Ended December 31, 2011
	Balance at		Fair Value Measurements Using						Total Gains (Losses)
	December 31, 2011		Level 1		Level 2		Level 3
	(In Thousands)
Impaired loans	$	12,787	$	—	$	12,787	$	—	$	—
Foreclosed properties	2,236		138		1,989		109		(621		)

Foreclosed Properties

The activity of the Corporation's foreclosed properties is summarized as follows:

	As of and for the Six Months Ended June 30, 2012			As of and for the Year Ended December 31, 2011
	(In Thousands)
Foreclosed properties at the beginning of the period	$	2,236		$	1,750
Loans transferred to foreclosed properties, at lower of cost or fair value	1,258			3,119
Proceeds from sale of foreclosed properties	(1,315		)	(2,213		)
Net (loss) gain on sale of foreclosed properties	(123		)	201
Impairment valuation	(119		)	(621		)
Foreclosed properties at the end of the period	$	1,937		$	2,236

Fair Value, by Balance Sheet Grouping

The Corporation is required to disclose estimated fair values for its financial instruments. Fair value estimates, methods, and assumptions, consistent with exit price concepts for fair value measurements, are set forth below:

	June 30, 2012										December 31, 2011
	Carrying Amount		Fair Value								Carrying Amount		Fair Value
			Total		Level 1		Level 2		Level 3
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	78,369	$	78,369	$	74,369	$	—	$	4,000	$	130,093	$	130,093
Securities available-for-sale	195,904		195,904		—		195,904		—		170,386		170,386
Loans and lease receivables, net	847,711		856,902		—		7,250		849,652		836,687		840,552
Federal Home Loan Bank stock	1,519		1,519		—		—		1,519		2,367		2,367
Cash surrender value of life insurance	18,006		18,006		18,006		—		—		17,660		17,660
Accrued interest receivable	3,462		3,403		3,403		—		—		3,525		3,525
Interest rate swaps	3,128		3,128		—		3,128		—		3,434		3,434
Financial liabilities:
Deposits	$	1,029,230	$	1,029,230	$	524,736	$	504,494	$	—	$	1,051,312	$	1,068,845
Federal Home Loan Bank and other borrowings	42,396		42,723		—		42,723		—		40,292		40,899
Junior subordinated notes	10,315		6,961		—		—		6,961		10,315		6,917
Interest rate swaps	3,128		3,128		—		3,128		—		3,434		3,434
Accrued interest payable	2,378		2,378		2,378		—		—		2,625		2,625
Off balance sheet items:
Standby letters of credit	63		63		—		—		63		81		81
Commitments to extend credit	—		*		*		*		*		—		*