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Fair Value Measurements and Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

For financial assets and liabilities measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at September 30, 2014 and December 31, 2013 are as follows:

						Fair Value Measurements at Reporting Date Using
Assets Measured at Fair Value on a Recurring Basis		September 30, 2014				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
						(in thousands)
U.S. Treasury & agency securities		$	11,385			$	11,385			$	—			$	—
Federal agency obligations			32,992				—				32,992				—
Residential mortgage pass-through securities			59,691				—				59,691				—
Commercial mortgage pass-through securities			3,016				—				3,016				—
Obligations of U.S. states and political subdivisions			8,429				—				8,429				—
Trust preferred securities			16,314				—				16,314				—
Corporate bonds and notes			135,840				—				135,840				—
Asset-backed securities			21,753				—				21,753				—
Certificates of deposit			2,124				—				2,124				—
Equity securities			289				289				—				—
Mutual funds and money market funds			15,669				15,669				—				—

Investment securities available-for-sale		$	307,502			$	27,343			$	280,159			$	—

						Fair Value Measurements at Reporting Date Using
Assets Measured at Fair Value on a Recurring Basis		December 31, 2013				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
						(in thousands)
U.S. Treasury and agency securities		$	13,519			$	13,519			$	—			$	—
Federal agency obligations			19,941				—				19,941				—
Residential mortgage pass-through securities			48,874				—				48,874				—
Commercial mortgage pass-through securities			6,991				—				6,991				—
Obligations of U.S. states and political subdivisions			31,460				—				31,460				—
Trust preferred securities			19,403				—				19,403				—
Corporate bonds and notes			158,630				—				158,630				—
Asset-backed securities			15,979				—				15,979				—
Certificates of deposit			2,262				—				2,262				—
Equity securities			287				287				—				—
Mutual funds and money market funds			5,724				5,724				—				—

Investment securities available-for-sale		$	323,070			$	19,530			$	303,540			$	—

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following tables present the changes in investment securities available-for-sale with significant unobservable inputs (Level 3) for the three months ended September 30, 2014 and 2013.

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2014				2013				2014				2013
						(in thousands)
Balance, beginning of the period		$	—			$	72			$	—			$	36
Interest payment deferrals			—				14				—				43
Principal repayments			—				—				—				—
Total net losses included in net income			—				—				—				—
Total net unrealized (losses) gains			—				8				—				15
Balance, end of the period			—			$	94				—			$	94

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block]

For assets measured at fair value on a non-recurring basis, the unobservable inputs used to derive fair value measurements at September 30, 2014 and December 31, 2013 were as follows:

						Range
Impaired Loans		Valuation Techniques		Range of Unobservable Inputs		Minimum		Maximum

Residential		Appraisals of collateral value		Adjustment for age of comparable sales		0%		25%
Commercial		Discounted cash flow model		Discount rate		0%		6%
Commercial real estate		Appraisals of collateral value		Market capitalization rates, Market rental rates for similar properties		8%		12%

Other Real Estate Owned
Residential		Appraisals of collateral value		Adjustment for age of comparable sales		0%		25%

						Range
Impaired Loans		Valuation Techniques		Range of Unobservable Inputs		Minimum		Maximum

Residential		Appraisals of collateral value		Adjustment for age of comparable sales		0%		25%
Commercial		Discounted cash flow model		Discount rate		0%		6%
Commercial real estate		Appraisals of collateral value		Market capitalization rates, Market rental rates for similar properties		8%		12%

Other Real Estate Owned
Residential		Appraisals of collateral value		Adjustment for age of comparable sales		0%		25%

Fair Value Measurements, Nonrecurring [Table Text Block]

						Fair Value Measurements at Reporting Date Using
Assets Measured at Fair Value on a Non-Recurring Basis		September 30, 2014				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
						(in thousands)
Impaired Loans
Commercial real estate		$	3,277			$	—			$	—			$	3,277

Other Real Estate Owned
Residential			1,442				—				—				1,442

						Fair Value Measurements at Reporting Date Using
Assets Measured at Fair Value on a Non-Recurring Basis		December 31, 2013				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
						(in thousands)
Impaired Loans
Commercial		$	372			$	—			$	—			$	372
Commercial real estate			4,229				—				—				4,229

Other Real Estate Owned
Residential			220				—				—				220

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Corporation’s financial instruments as of September 30, 2014 and December 31, 2013.

										Fair Value Measurements
		Carrying Amount				Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(in thousands)
September 30, 2014
Financial assets:
Cash and cash equivalents		$	138,013			$	138,013			$	138,013			$	—			$	—
Investment securities available-for-sale			307,502				307,502				27,343				280,159				—
Investment securities held-to-maturity			217,567				222,393				28,463				175,105				18,825
Investment in restricted stock, at cost			17,922				n/a				n/a				n/a				n/a
Net loans			2,414,647				2,427,263				—				—				2,427,263
Accrued interest receivable			10,976				10,976				278				3,176				7,522

Financial liabilities:
Noninterest-bearing deposits		$	471,151			$	471,151			$	471,151			$	—			$	—
Interest-bearing deposits			1,998,017				2,004,084				—				2,004,084				—
Borrowings			420,960				436,366				—				436,366				—
Subordinated debentures			5,155				4,786				—				4,786				—
Accrued interest payable			3,811				3,811				—				3,811				—

										Fair Value Measurements
		Carrying Amount				Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(in thousands)
December 31, 2013
Financial assets:
Cash and due from banks		$	82,692			$	82,692			$	82,692			$	—			$	—
Investment securities available-for-sale			323,070				323,070				19,530				303,540				—
Investment securities held-to-maturity			215,286				210,958				27,037				164,940				18,981
Investment in restricted stock, at cost			8,986				n/a				n/a				n/a				n/a
Net loans			950,610				948,606				—				—				948,606
Accrued interest receivable			6,802				6,802				102				4,034				2,666

Financial liabilities:
Noninterest-bearing deposits			227,370				227,370				227,370				—				—
Interest-bearing deposits			1,114,635				1,115,781				—				1,115,781				—
Borrowings			146,000				157,440				—				157,440				—
Subordinated debentures			5,155				5,143				—				5,143				—
Accrued interest payable			963				963				—				963				—

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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