Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 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 September 30, 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	$	103,492	$	-	$	103,492	$	-
State and political subdivisions		1,963		-		1,963		-
Mortgage backed securities and collateralized mortgage obligations - residential		413,878		-		413,878		-
Small Business Administration-guaranteed participation securities		94,038		-		94,038		-
Mortgage backed securities and collateralized mortgage obligations - commercial		10,491		-		10,491		-
Other		685		35		650		-
Total securities available for sale	$	624,547	$	35	$	624,512	$	-

	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		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 September 30, 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	$	5,893	$	-	$	-	$	5,893
Impaired loans:
Commercial real estate		36		-		-		36
Real estate mortgage - 1 to 4 family:
First mortgages		630		-		-		630
Home equity lines of credit		77		-		-		77
	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 September 30, 2015 and December 31, 2014 are as follows:

(dollars in thousands)			Fair Value Measurements at
	Carrying		September 30, 2015 Using:
	Value		Level 1			Level 2			Level 3			Total
Financial assets:
Cash and cash equivalents	$	698,072		698,072			-			-			698,072
Securities available for sale		624,547		35			624,512			-			624,547
Held to maturity securities		59,998		-			63,896			-			63,896
Federal Reserve Bank and Federal
Home Loan Bank stock		9,480		N/	A		N/	A		N/	A		N/	A
Net loans		3,236,856		-			-			3,276,461			3,276,461
Accrued interest receivable		10,347		62			2,250			8,035			10,347
Financial liabilities:
Demand deposits		354,162		354,162			-			-			354,162
Interest bearing deposits		3,742,631		2,573,723			1,168,988			-			3,742,711
Short-term borrowings		184,405		-			184,405			-			184,405
Accrued interest payable		508		73			435			-			508
(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