Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2015 Using:
	Carrying		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
(dollars in thousands)
Securities available for sale:
U.S. government sponsored enterprises	$	152,082	$	-	$	152,082	$	-
State and political subdivisions		1,969		-		1,969		-
Mortgage backed securities and collateralized mortgage obligations - residential		429,205		-		429,205		-
Small Business Administration- guaranteed participation securities		95,323		-		95,323		-
Mortgage backed securities and collateralized mortgage obligations - commercial		10,399		-		10,399		-
Other		685		35		650		-
Total securities available for sale	$	689,663	$	35	$	689,628	$	-

	Fair Value Measurements at December 31, 2014 Using:
	Carrying		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Value		(Level 1)		(Level 2)		(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		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 June 30, 2015 Using:
	Carrying		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
(dollars in thousands)
Other real estate owned	$	6,108	$	-	$	-	$	6,108
Impaired loans:
Commercial real estate		36		-		-		36
Real estate mortgage - 1 to 4 family:
First mortgages		1,536		-		-		1,536
Home equity lines of credit		89		-		-		89

	Fair Value Measurements at December 31, 2014 Using:
	Carrying		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Value		(Level 1)		(Level 2)		(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 June 30, 2015 and December 31, 2014 are as follows:

(dollars in thousands)			Fair Value Measurements at
	Carrying		June 30, 2015 Using:
	Value		Level 1			Level 2			Level 3			Total
Financial assets:
Cash and cash equivalents	$	678,585		678,585			-			-			678,585
Securities available for sale		689,663		35			689,628			-			689,663
Held to maturity securities		63,543		-			67,689			-			67,689
Federal Reserve Bank and Federal
Home Loan Bank stock		9,480		N/	A		N/	A		N/	A		N/	A
Net loans		3,197,377		-			-			3,252,841			3,252,841
Accrued interest receivable		10,807		26			2,652			8,129			10,807
Financial liabilities:
Demand deposits		355,783		355,783			-			-			355,783
Interest bearing deposits		3,781,658		2,596,394			1,185,529			-			3,781,923
Short-term borrowings		170,750		-			170,750			-			170,750
Accrued interest payable		515		77			438			-			515

(dollars in thousands)			Fair Value Measurements at
	Carrying		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