Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 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
	September 30, 2014 Using:
					Significant
			Quoted Prices in		Other		Significant
			Active Markets for		Observable		Unobservable
	Carrying		Identical Assets		Inputs		Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
(dollars in thousands)
Securities available for sale:
U.S. government sponsored enterprises	$	83,087		-		83,087		-
State and political subdivisions		2,769		-		2,769		-
Mortgage backed securities and collateralized mortgage obligations - residential		523,779		-		523,779		-
Corporate bonds		1,401		-		1,401		-
Small Business Administration- guaranteed participation securities		100,491		-		100,491		-
Mortgage backed securities and collateralized mortgage obligations - commercial		10,417		-		10,417		-
Other securities and equity securities		679		35		644		-
Total securities available for sale	$	722,623		35		722,588		-

	Fair Value Measurements at
	December 31, 2013 Using:
					Significant
			Quoted Prices in		Other		Significant
			Active Markets for		Observable		Unobservable
	Carrying		Identical Assets		Inputs		Inputs
	Value		(Level 1)		(Level 2)		(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
	September 30, 2014 Using:
					Significant
			Quoted Prices in		Other		Significant
			Active Markets for		Observable		Unobservable
	Carrying		Identical Assets		Inputs		Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
(dollars in thousands)
Other real estate owned	$	6,426		-		-		6,426
Impaired Loans:
Commercial real estate		207		-		-		207
Real estate mortgage - 1 to 4 family:
First mortgages		1,777		-		-		1,777
Home Equity Loans		13		-		-		13
Home Equity Lines of Credit		721		-		-		721
	Fair Value Measurements at
	December 31, 2013 Using:
					Significant
			Quoted Prices in		Other		Significant
			Active Markets for		Observable		Unobservable
	Carrying		Identical Assets		Inputs		Inputs
	Value		(Level 1)		(Level 2)		(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 September 30, 2014 and December 31, 2013 are as follows:

(dollars in thousands)			Fair Value Measurements at
	Carrying		September 30, 2014 Using:
	Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	630,655		630,655		-		-		630,655
Securities available for sale		722,623		35		722,588		-		722,623
Held to maturity securities		74,179		-		78,693		-		78,693
Federal Reserve Bank and Federal
Home Loan Bank stock		9,228		N/A		N/A		N/A		N/A
Net loans		3,036,517		-		-		3,085,228		3,085,228
Accrued interest receivable		10,791		-		2,766		8,025		10,791
Financial liabilities:
Demand deposits		327,527		327,527		-		-		327,527
Interest bearing deposits		3,657,514		2,517,595		1,140,473		-		3,658,068
Short-term borrowings		179,957		-		179,957		-		179,957
Accrued interest payable		500		98		402		-		500
(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