Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 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:

	Fair Value Measurements at September 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	$	116,327	$	-	$	116,327	$	-
State and political subdivisions		970		-		970		-
Corporate bonds		41,025		-		41,025		-
Mortgage backed securities and collateralized mortgage obligations - residential		400,575		-		400,575		-
Small Business Administration- guaranteed participation securities		84,687		-		84,687		-
Mortgage backed securities and collateralized mortgage obligations - commercial		10,233		-		10,233		-
Other securities		685		35		650		-
Total securities available for sale	$	654,502	$	35	$	654,467	$	-

	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 September 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	$	4,768	$	-	$	-	$	4,768	Sales comparison approach	Adjustments for differences between comparable sales		1% - 12% (7%)
Impaired loans:
Commercial real estate		1,290		-		-		1,290	Sales comparison approach	Adjustments for differences between comparable sales		0% - 35% (26%)
Real estate mortgage - 1 to 4 family		107		-		-		107	Sales comparison approach	Adjustments for differences between comparable sales		1% - 8% (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 September 30, 2016 and December 31, 2015 are as follows:

(dollars in thousands)	Carrying		Fair Value Measurements at September 30, 2016 Using:
	Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	664,428		664,428		-		-		664,428
Securities available for sale		654,502		35		654,467		-		654,502
Held to maturity securities		48,030		-		50,991		-		50,991
Federal Reserve Bank and Federal
Home Loan Bank stock		9,579		N/A		N/A		N/A		N/A
Net loans		3,343,681		-		-		3,414,401		3,414,401
Accrued interest receivable		10,872		25		2,695		8,152		10,872
Financial liabilities:
Demand deposits		380,090		380,090		-		-		380,090
Interest bearing deposits		3,788,148		2,628,949		1,160,918		-		3,789,867
Short-term borrowings		179,204		-		179,204		-		179,204
Accrued interest payable		496		72		424		-		496

(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