Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016 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	$	66,920	$	-	$	66,920	$	-
State and political subdivisions		974		-		974		-
Mortgage backed securities and collateralized mortgage obligations - residential		422,189		-		422,189		-
Small Business Administration-guaranteed participation securities		89,053		-		89,053		-
Mortgage backed securities and collateralized mortgage obligations - commercial		10,307		-		10,307		-
Other securities		685		35		650		-
Total securities available for sale	$	590,128	$	35	$	590,093	$	-

	Fair Value Measurements at December 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	$	86,737	$	-	$	86,737	$	-
State and political subdivisions		1,290		-		1,290		-
Mortgage backed securities and collateralized mortgage obligations - residential		411,729		-		411,729		-
Small Business Administration-guaranteed participation securities		90,416		-		90,416		-
Mortgage backed securities and collateralized mortgage obligations - commercial		10,180		-		10,180		-
Other securities		685		35		650		-
Total securities available for sale	$	601,037	$	35	$	601,002	$	-

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, 2016 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	$	5,684	$	-	$	-	$	5,684
Impaired loans:
Commercial real estate		921		-		-		921
Real estate mortgage - 1 to 4 family:
First mortgages		2,029		-		-		2,029
Home Equity Loans		53		-		-		53
Home equity lines of credit		401		-		-		401

	Fair Value Measurements at December 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	$	6,455	$	-	$	-	$	6,455
Impaired loans:
Commercial real estate		878		-		-		878
Real estate mortgage - 1 to 4 family:
First mortgages		2,601		-		-		2,601
Home Equity Loans		53		-		-		53
Home equity lines of credit		455		-		-		455

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, 2016 and December 31, 2015 are as follows:

(dollars in thousands)	Carrying		Fair Value Measurements at March 31, 2016 Using:
	Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	760,178		760,178		-		-		760,178
Securities available for sale		590,128		35		590,093		-		590,128
Held to maturity securities		53,574		-		56,708		-		56,708
Federal Reserve Bank and Federal Home Loan Bank stock		9,480		N/A		N/A		N/A		N/A
Net loans		3,256,981		-		-		3,318,262		3,318,262
Accrued interest receivable		9,925		19		2,135		7,771		9,925
Financial liabilities:
Demand deposits		359,060		359,060		-		-		359,060
Interest bearing deposits		3,783,428		2,614,541		1,170,835		-		3,785,376
Short-term borrowings		169,528		-		169,528		-		169,528
Accrued interest payable		549		86		463		-		549

(dollars in thousands)	Carrying		Fair Value Measurements at December 31, 2015 Using:
	Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	718,156		718,156		-		-		718,156
Securities available for sale		601,037		35		601,002		-		601,037
Held to maturity securities		56,465		-		59,439		-		59,439
Federal Reserve Bank and Federal Home Loan Bank stock		9,480		N/A		N/A		N/A		N/A
Net loans		3,248,542		-		-		3,279,167		3,279,167
Accrued interest receivable		10,262		80		2,370		7,812		10,262
Financial liabilities:
Demand deposits		365,081		365,081		-		-		365,081
Interest bearing deposits		3,735,297		2,627,367		1,111,240		-		3,738,607
Short-term borrowings		191,226		-		191,226		-		191,226
Accrued interest payable		501		74		427		-		501