Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31, 2015 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	$	108,248	$	-	$	108,248	$	-
State and political subdivisions		1,974		-		1,974		-
Mortgage backed securities and collateralized mortgage obligations - residential		445,273		-		445,273		-
Corporate bonds		1,500		-		1,500		-
Small Business Administration-guaranteed participation securities		98,668		-		98,668		-
Mortgage backed securities and collateralized mortgage obligations - commercial		10,503		-		10,503		-
Other securities		685		35		650		-
Total securities available for sale	$	666,851	$	35	$	666,816	$	-

	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	$	-

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 March 31, 2015 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	$	6,958	$	-	$	-	$	6,958
Impaired loans:
Commercial real estate		65		-		-		65
Real estate mortgage - 1 to 4 family:
First mortgages		1,640		-		-		1,640
Home equity lines of credit		59		-		-		59
	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

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 March 31, 2015 and December 31, 2014 are as follows:

(dollars in thousands)	Carrying		Fair Value Measurements at March 31, 2015 Using:
	Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	750,126		750,126		-		-		750,126
Securities available for sale		666,851		35		666,816		-		666,851
Held to maturity securities		67,260		-		71,675		-		71,675
Federal Reserve Bank and Federal Home Loan Bank stock		9,228		N/A		N/A		N/A		N/A
Net loans		3,147,681		-		-		3,190,778		3,190,778
Accrued interest receivable		10,376		60		2,315		8,001		10,376
Financial liabilities:
Demand deposits		347,315		347,315		-		-		347,315
Interest bearing deposits		3,769,853		2,573,620		1,196,715		-		3,770,335
Short-term borrowings		194,738		-		194,738		-		194,738
Accrued interest payable		570		97		473		-		570
(dollars in thousands)	Carrying		Fair Value Measurements at December 31, 2014 Using:
	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