Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value of Financial Instruments [Abstract]

Assets and liabilities measured at fair value on a recurring basis

Assets and liabilities measured at fair value under ASC 820 on a recurring basis are summarized below:

	Fair Value Measurements at
	June 30, 2014 Using:
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(dollars in thousands)
Securities available-for sale:
U.S. government-sponsored enterprises	$	103,340		-		103,340		-
State and political subdivisions		3,921		-		3,921		-
Mortgage-backed securities and collateralized mortgage obligations - residential		589,517		-		589,517		-
Corporate bonds		1,402		-		1,402		-
Small Business Administration-guaranteed participation securities		102,367		-		102,367		-
Mortgage-backed securities and collateralized mortgage
obligations - commercial		10,544		-		10,544		-
Other securities and equity securities		679		35		644		-
Total securities available-for-sale	$	811,770		35		811,735		-

	Fair Value Measurements at
	December 31, 2013 Using:
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(dollars in thousands)
Securities available-for sale:
U.S. government-sponsored enterprises	$	198,829		-		198,829		-
State and political subdivisions		7,758		-		7,758		-
Mortgage-backed securities and collateralized mortgage obligations - residential		532,449		-		532,449		-
Corporate bonds		10,471		-		10,471		-
Small Business Administration-guaranteed participation securities		103,029		-		103,029
Mortgage-backed securities and collateralized mortgage obligations - commercial		10,558				10,558
Other securities and equity securities		660		10		650		-
Total securities available-for-sale	$	863,754		10		863,744		-

Assets measured at fair value on a non-recurring basis

Assets measured at fair value on a non-recurring basis are summarized below:

	Fair Value Measurements at
	June 30, 2014 Using:
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(dollars in thousands)
Other real estate owned	$	8,295		-		-		8,295
Impaired Loans:
Commercial real estate		780		-		-		780
Real estate mortgage - 1 to 4 family:
First mortgages		1,317		-		-		1,317
Home Equity Loans		13		-		-		13
Home Equity Lines of Credit		202		-		-		202
	Fair Value Measurements at
	December 31, 2013 Using:
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(dollars in thousands)
Other real estate owned	$	8,729		-		-		8,729
Impaired Loans:
Commercial real estate		1,802		-		-		1,802
Real estate mortgage - 1 to 4 family:
First mortgages		2,425		-		-		2,425
Home Equity Loans		48		-		-		48
Home Equity Lines of Credit		810		-		-		810

Carrying amounts and estimated fair values of financial instruments

In accordance with ASC 825, the carrying amounts and estimated fair values of financial instruments, at June 30, 2014 and December 31, 2013 are as follows:

(dollars in thousands)			Fair Value Measurements at
	Carrying		June 30, 2014 Using:
	Value		Level 1			Level 2			Level 3			Total
Financial assets:
Cash and cash equivalents	$	621,548		621,548			-			-			621,548
Securities available for sale		811,770		35			811,735			-			811,770
Held to maturity securities		77,926		-			82,895			-			82,895
Federal Reserve Bank and Federal Home Loan Bank stock		10,951		N/	A		N/	A		N/	A		N/	A
Net loans		2,959,215		-			-			3,002,229			3,002,229
Accrued interest receivable		11,350		-			3,233			8,117			11,350
Financial liabilities:
Demand deposits		324,277		324,277			-			-			324,277
Interest bearing deposits		3,670,910		2,528,187			1,143,337			-			3,671,524
Short-term borrowings		181,516		-			181,516			-			181,516
Accrued interest payable		466		100			366			-			466
(dollars in thousands)			Fair Value Measurements at
	Carrying		December 31, 2013 Using:
	Value		Level 1			Level 2			Level 3			Total
Financial assets:
Cash and cash equivalents	$	583,044		583,044			-			-			583,044
Securities available for sale		863,754		10			863,744			-			863,754
Held to maturity securities		86,215		-			90,305			-			90,305
Federal Reserve Bank and Federal Home Loan Bank stock		10,500		N/	A		N/	A		N/	A		N/	A
Net loans		2,861,095		-			-			2,910,940			2,910,940
Accrued interest receivable		11,198		-			3,452			7,746			11,198
Financial liabilities:
Demand deposits		318,456		318,456			-			-			318,456
Interest bearing deposits		3,608,615		2,477,567			1,132,025			-			3,609,592
Short-term borrowings		204,162		-			204,162			-			204,162
Accrued interest payable		468		101			367			-			468