Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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:

	June 30, 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	$	116,595	$	-	$	116,595	$	-
State and political subdivisions		974		-		974		-
Mortgage backed securities and collateralized mortgage obligations - residential		404,138		-		404,138		-
Small Business Administration- guaranteed participation securities		87,740		-		87,740		-
Mortgage backed securities and collateralized mortgage obligations - commercial		10,374		-		10,374		-
Other securities		685		35		650		-
Total securities available for sale	$	620,506	$	35	$	620,471	$	-

	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 June 30, 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)		Valuation technique	Unobservable inputs	Range (Weighted Average)
(dollars in thousands)
Other real estate owned	$	4,602	$	-	$	-	$	4,602	Sales comparison approach	Adjustments for differences between comparable sales		1% - 8% (5%)
Impaired loans:
Commercial real estate		787		-		-		787	Sales comparison approach	Adjustments for differences between comparable sales		3% - 26% (12%)
Real estate mortgage - 1 to 4 family		674		-		-		674	Sales comparison approach	Adjustments for differences between comparable sales		2% - 13% (5%)

	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)		Valuation technique	Unobservable inputs	Range (Weighted Average)
(dollars in thousands)
Other real estate owned	$	6,455	$	-	$	-	$	6,455	Sales comparison approach	Adjustments for differences between comparable sales		1% - 10% (4%)
Impaired loans:
Commercial real estate		878		-		-		878	Sales comparison approach	Adjustments for differences between comparable sales		3% - 22% (11%)
Real estate mortgage - 1 to 4 family		3,109		-		-		3,109	Sales comparison approach	Adjustments for differences between comparable sales		0% - 9% (4%)

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, 2016 and December 31, 2015 are as follows:

(dollars in thousands)	Carrying		Fair Value Measurements at June 30, 2016 Using:
	Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	758,396		758,396		-		-		758,396
Securities available for sale		620,506		35		620,471		-		620,506
Held to maturity securities		50,684		-		53,890		-		53,890
Federal Reserve Bank and Federal Home Loan Bank stock		9,579		N/A		N/A		N/A		N/A
Net loans		3,299,130		-		-		3,363,721		3,363,721
Accrued interest receivable		10,704		80		2,455		8,169		10,704
Financial liabilities:
Demand deposits		376,669		376,669		-		-		376,669
Interest bearing deposits		3,803,958		2,625,391		1,179,184		-		3,804,575
Short-term borrowings		190,542		-		190,542		-		190,542
Accrued interest payable		518		78		440		-		518

(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