Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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 December 31, 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		$	77,800		-		77,800		-
State and political subdivisions		$	2,271		-		2,271		-
Mortgage backed securities and collateralized mortgage obligations - residential		$	483,560		-		483,560		-
Corporate bonds		$	1,500		-		1,500		-
Small Business Administration- guaranteed participation securities		$	100,496		-		100,496		-
Mortgage backed securities and collateralized mortgage obligations - commercial		$	10,447		-		10,447		-
Other securities		$	685		35		650		-
Total securities available for sale		$	676,759		35		676,724		-

	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		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 December 31, 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	$	6,441		-		-		6,441
Impaired Loans:
Commercial real estate		206		-		-		206
Real estate mortgage - 1 to 4 family:
First mortgages		2,627		-		-		2,627
Home Equity Lines of Credit		810		-		-		810

	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 December 31, 2014 and 2013 are as follows:

(dollars in thousands)			Fair Value Measurements at December 31, 2014 Using:
	Carrying Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	671,448		671,448		-		-		671,448
Securities available for sale		676,759		35		676,724		-		676,759
Held to maturity securities		70,946		-		75,342		-		75,342
Federal Reserve Bank and Federal
Home Loan Bank stock		9,228		N/A		N/A		N/A		N/A
Net loans		3,112,005		-		-		3,171,005		3,171,005
Accrued interest receivable		10,800		30		2,694		8,076		10,800
Financial liabilities:
Demand deposits		331,425		331,425		-		-		331,425
Interest bearing deposits		3,700,816		2,537,583		1,163,245		-		3,700,828
Short-term borrowings		189,116		-		189,116		-		189,116
Accrued interest payable		548		100		448		-		548

(dollars in thousands)			Fair Value Measurements at December 31, 2013 Using:
	Carrying 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