16	Fair Value of Financial Instruments

The “Financial Instruments” topic of the FASB Accounting Standards Codification requires the disclosure of the estimated fair value of certain financial instruments. These estimated fair values as of December 31, 2013 and 2012 have been determined using available market information and appropriate valuation methodologies. Considerable judgment is required to interpret market data to develop estimates of fair value. The estimates presented are not necessarily indicative of amounts the Company could realize in a current market exchange. The use of alternative market assumptions and estimation methodologies could have had a material effect on these estimates of fair value.

Carrying amount and estimated fair value of financial instruments, not previously presented were as follows:


					Fair Value Measurements
December 31, 2013	Carrying Amount		Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In millions)
Assets:
Financial assets for which carrying value approximates fair value	$	726.5	$	726.5	$	726.5		—		—
Held to maturity securities and accrued interest		6.2		6.6		—	$	6.6		—
FHLB Stock		3.5		N/A		—		—		—
Loans and accrued interest		1,637.3		1,655.6		—		—	$	1,655.6

Liabilities:
Deposits with no stated maturity and accrued interest		2,517.8		2,517.8		2,517.8		—		—
Time deposits and accrued interest		116.1		116.1		—		116.1		—
Securities sold under repurchase agreements and other short-term borrowing and accrued interest		34.4		34.4		34.4		—		—
Other borrowings and accrued interest		16.5		14.6		—		14.6		—


					Fair Value Measurements
December 31, 2012	Carrying Amount		Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In millions)
Assets:
Financial assets for which carrying valueapproximates fair value	$	846.8	$	846.8	$	846.8		—		—
Held to maturity securities and accrued interest		10.2		10.8		—	$	10.8		—
FHLB Stock		4.8		N/A		—		—		—
Loans and accrued interest		1,453.2		1,490.2		—		—	$	1,490.2

Liabilities:
Deposits with no stated maturity and accrued interest		2,387.7		2,387.7		2,387.7		—		—
Time deposits and accrued interest		132.4		132.7		—		132.7		—
Securities sold under repurchase agreements and other short-term borrowing and accrued interest		34.6		34.6		34.6		—		—
Other borrowings and accrued interest		16.5		14.2		—		14.2		—

The estimated fair value of the indicated items was determined as follows:

Financial assets for which carrying value approximates fair value — The estimated fair value approximates carrying amount because of the immediate availability of these funds or based on the short maturities and current rates for similar deposits. Cash and due from banks as well as Federal funds sold are reported in this line item.

Held to maturity securities and accrued interest — The fair value of securities held to maturity was estimated based on quoted market prices or dealer quotations. Accrued interest is stated at its carrying amount which approximates fair value.

FHLB Stock — It is not practicable to determine its fair value due to restrictions placed on its transferability.

Loans and accrued interest — The fair value of loans was estimated by discounting projected cash flows at the reporting date using current rates for similar loans. Accrued interest is stated at its carrying amount which approximates fair value. The methods used to estimate the fair value of loans do not necessarily represent an exit price.

Deposits with no stated maturity and accrued interest — The estimated fair value of deposits with no stated maturity and accrued interest, as applicable, are considered to be equal to their carrying amounts.

Time deposits and accrued interest — The fair value of time deposits has been estimated by discounting projected cash flows at the reporting date using current rates for similar deposits. Accrued interest is stated at its carrying amount which approximates fair value.

Securities sold under repurchase agreements and other short-term borrowings and accrued interest —The estimated fair value of these instruments approximate carrying amount because of their short maturities and variable rates. Accrued interest is stated at its carrying amount which approximates fair value.

Other borrowings and accrued interest — The fair value of callable FHLB advances was estimated by discounting projected cash flows at the reporting date using the rate applicable to the projected call date option. Accrued interest is stated at its carrying amount which approximates fair value.