Fair Value Of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2014

The table below presents the balance of financial assets and liabilities at June 30, 2014 measured at fair value on a recurring basis:


				Fair Value Measurements at Reporting Date Using
				Quoted Prices in		Signficant
				Active Markets		Other		Signficant
				for Idential		Observable		Unobservable
				Assets		Inputs		Inputs
(In thousands)		Total		(Level 1)		(Level 2)		(Level 3)
Assets
U.S. Treasury Obligations	$	100	$	-	$	100	$	-
Agency MBSs		94,824		-		94,824		-
Agency CMBSs		17,684		-		17,684		-
Agency CMOs		66,232		-		66,232		-
CLOs		9,360		-		9,360		-
ABSs		393		-		393		-
Interest rate swap agreements		387		-		387		-
Total assets	$	188,980	$	-	$	188,980	$	-
Liabilities
Interest rate swap agreements		1,013		-		1,013		-
Total liabilities	$	1,013	$	-	$	1,013	$	-

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		Signficant
				Active Markets		Other		Signficant
				for Idential		Observable		Unobservable
				Assets		Inputs		Inputs
(In thousands)		Total		(Level 1)		(Level 2)		(Level 3)
Assets
U.S. Treasury Obligations	$	100	$	-	$	100	$	-
Agency MBSs		99,271		-		99,271		-
Agency CMBSs		17,638		-		17,638		-
Agency CMOs		97,209		-		97,209		-
CLOs		37,907		-		37,907		-
ABSs		388		-		388		-
Interest rate swap agreements		803		-		803		-
Total assets	$	253,316	$	-	$	253,316	$	-
Liabilities
Interest rate swap agreements		1,529		-		1,529		-
Total liabilities	$	1,529	$	-	$	1,529	$	-

The table below presents the balance of financial instruments by class at June 30, 2014 measured at fair value:


		Carrying
(In thousands)		Amount		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	101,748	$	101,748	$	101,748	$	-	$	-
Securities available for sale		188,593		188,593		-		188,593		-
Securities held to maturity		146,848		145,730		-		145,730		-
FHLB stock		5,877		N/A		N/A		N/A		N/A
Loans, net of allowance for loan losses		1,114,471		1,119,384		-		-		1,119,384
Interest rate contract-cash flow hedge		387		387		-		387		-
Accrued interest receivable		3,158		3,158		-		840		2,318
Total assets	$	1,561,082	$	1,559,000	$	101,748	$	335,550	$	1,121,702

Deposits	$	1,310,699	$	1,311,450	$	1,049,801	$	261,649	$	-
Securities sold under agreement to repurchase		141,064		141,048		-		141,048		-
Other long-term debt		2,362		2,306		-		2,306		-
Junior subordinated debentures issued to unconsolidated subsidiary trust		20,619		14,379		-		14,379		-
Interest rate contract-cash flow hedge		1,013		1,013		-		1,013		-
Accrued interest payable		175		175		15		160		-
Total liabilities	$	1,475,932	$	1,470,371	$	1,049,816	$	420,555	$	-

The table below presents the balance of financial instruments by class at December 31, 2013 measured at fair value:


		Carrying
(In thousands)		Amount		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	115,471	$	115,471	$	115,471	$	-	$	-
Securities available for sale		252,513		252,513		-		252,513		-
Securities held to maturity		140,826		137,087		-		137,087		-
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		-		-		1,155,348
Interest rate swap agreement		803		803		-		803		-
Accrued interest receivable		3,982		3,982		-		958		3,024
Total assets	$	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	$	-
Securities sold under agreement to repurchase		250,314		250,290		-		250,290		-
Other long-term debt		2,403		2,287		-		2,287		-
Junior subordinated debentures issued to unconsolidated subsidiary trust		20,619		14,189		-		14,189		-
Interest rate swap agreement		1,529		1,529		-		1,529		-
Accrued interest payable		214		214		15		199		-
Total liabilities	$	1,598,655	$	1,593,143	$	1,018,485	$	574,656	$	-