Fair Value Of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Of Financial Instruments [Abstract]

Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis

The table below presents the balance of financial assets and liabilities at December 31, 2013 measured at fair value on a recurring basis:

			Fair Value Measurements at Reporting Date Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Assets
U.S. Treasury Obligations	$	100	$	0	$	100	$	0
Agency MBSs		99,271		0		99,271		0
Agency CMBSs		17,638		0		17,638		0
Agency CMOs		97,209		0		97,209		0
CLOs		37,907		0		37,907		0
ABSs		388		0		388		0
Interest rate swap agreements		803		0		803		0
Total assets	$	253,316	$	0	$	253,316	$	0
Liabilities
Interest rate swap agreements		1,529		0		1,529		0
Total liabilities	$	1,529	$	0	$	1,529	$	0

The table below presents the balance of financial assets and liabilities at December 31, 2012 measured at fair value on a recurring basis:

			Fair Value Measurements at Reporting Date Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Assets
U.S. Treasury Obligations	$	100	$	0	$	100	$	0
U.S. Agency Obligations		10,897		0		10,897		0
U.S. GSEs		59,366		0		59,366		0
FHLB Obligations		24,585		0		24,585		0
Agency MBSs		148,767		0		148,767		0
Agency CMBSs		5,029		0		5,029		0
Agency CMOs		230,399		0		230,399		0
Non-Agency CMOs		4,593		0		4,593		0
CLOs		24,527		0		24,527		0
ABSs		418		0		418		0
Interest rate swap agreements		552		0		552		0
Total assets	$	509,233	$	0	$	509,233	$	0
Liabilities
Interest rate swap agreements		1,610		0		1,610		0
Total liabilities	$	1,610	$	0	$	1,610	$	0

Fair Values Of Financial Instruments

	Carrying
(In thousands)	Amount		Fair Value			Level 1		Level 2		Level 3
Cash and cash equivalents	$	115,471	$	115,471	$	115,471	$	0	$	0
Securities available for sale		252,513		252,513		0		252,513		0
Securities held to maturity		140,826		137,087		0		137,087		0
FHLB stock		7,496		N/A		N/A		N/A		N/A
Loans, net of allowance for loan losses		1,154,191		1,155,348		0		0		1,155,348
Interest rate swap agreement		803		803		0		803		0
Accrued interest receivable		3,982		3,982		0		958		3,024
Total	$	1,675,282	$	1,665,204	$	115,471	$	391,361	$	1,158,372
Deposits	$	1,323,576	$	1,324,634	$	1,018,470	$	306,162	$	0
Securities sold under agreement to repurchase		250,314		250,290		0		250,290		0
Other long-term debt		2,403		2,287		0		2,287		0
Junior subordinated debentures issued to unconsolidated subsidiary trust		20,619		14,189		0		14,189		0
Interest rate swap agreement		1,529		1,529		0		1,529		0
Accrued interest payable		214		214		15		199		0
Total	$	1,598,654	$	1,593,143	$	1,018,485	$	574,656	$	0

The fair value of Merchants’ financial instruments as of December 31, 2012 are summarized in the table below:

	Carrying
(In thousands)	Amount		Fair Value			Level 1		Level 2		Level 3
Cash and cash equivalents	$	77,228	$	77,228	$	77,228	$	0	$	0
Securities available for sale		508,681		508,681		0		508,681		0
Securities held to maturity		407		454		0		454		0
FHLB stock		8,145		N/A		N/A		N/A		N/A
Loans, net of allowance for loan losses		1,071,361		1,096,188		0		0		1,096,188
Interest rate swap agreement		552		552		0		552		0
Accrued interest receivable		4,368		4,368		0		1,366		3,002
Total assets	$	1,670,742	$	1,687,471	$	77,228	$	511,053	$	1,099,190
Deposits	$	1,271,080	$	1,273,573	$	940,682	$	332,891	$	0
Securities sold under agreement to repurchase		287,520		287,837		0		287,837		0
Other long-term debt		2,483		2,502		0		2,502		0
Junior subordinated debentures issued to unconsolidated subsidiary trust		20,619		15,177		0		15,177		0
Interest rate swap agreement		1,610		1,610		0		1,610		0
Accrued interest payable		195		195		0		195		0
Total liabilities	$	1,583,507	$	1,580,894	$	940,682	$	640,212	$	0