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Fair Value (Tables)
12 Months Ended
Dec. 31, 2014
Fair Value Disclosures [Abstract]  
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
In addition, it includes guidance on identifying circumstances that indicate a transaction is not orderly. Under ASC 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at December 31, 2014 and 2013 included:
 
 
 
 
 
Quoted Prices in
 
Significant Other
 
Significant Other
 
 
 
Fair Value
 
Active Markets for
 
Observable
 
Unobservable
 
 
 
Measurements
 
Identical Assets
 
Inputs
 
Inputs
 
(Dollars in thousands)
 
December 31, 2014
 
Level 1
 
Level 2
 
Level 3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available for sale securities (3)
 
$
741,375
 
$
3,899
 
$
737,476
 
$
0
 
Loans available for sale (4)
 
 
12,078
 
 
0
 
 
12,078
 
 
0
 
Loans (1)
 
 
10,409
 
 
0
 
 
8,324
 
 
2,085
 
OREO (2)
 
 
7,462
 
 
0
 
 
1,468
 
 
5,994
 
 
 
 
 
 
Quoted Prices in
 
Significant Other
 
Significant Other
 
 
 
Fair Value
 
Active Markets for
 
Observable
 
Unobservable
 
 
 
Measurements
 
Identical Assets
 
Inputs
 
Inputs
 
(Dollars in thousands)
 
December 31, 2013
 
Level 1
 
Level 2
 
Level 3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available for sale securities (3)
 
$
641,611
 
$
100
 
$
641,511
 
$
0
 
Loans available for sale (4)
 
 
13,832
 
 
0
 
 
13,832
 
 
0
 
Loans (1)
 
 
17,323
 
 
0
 
 
10,325
 
 
6,998
 
OREO (2)
 
 
6,860
 
 
0
 
 
1,301
 
 
5,559
 
 
(1) See Note E. Nonrecurring fair value adjustments to loans identified as impaired reflect full or partial write-downs that are based on the loan's observable market price or current appraised value of the collateral in accordance with ASC 310.
(2) Fair value is measured on a nonrecurring basis in accordance with ASC 360.
(3) See Note D for further detail of recurring fair value basis of individual investment categories.
(4) Recurring fair value basis determined using observable market data.
Fair Value Measurements, Recurring and Nonrecurring
The carrying amount and fair value of the Company's other significant financial instruments that are not measured at fair value on a recurring basis in the balance sheet as of December 31 is as follows:
 
 
 
 
 
Quoted Prices in
 
Significant Other
 
Significant Other
 
 
 
Carrying
 
Active Markets for
 
Observable
 
Unobservable
 
 
 
Amount
 
Identical Assets
 
Inputs
 
Inputs
 
 
 
December 31, 2014
 
Level 1
 
Level 2
 
Level 3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In Thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities held to maturity
 
$
207,904
 
$
0
 
$
207,904
 
$
0
 
Loans, net
 
 
1,794,405
 
 
0
 
 
0
 
 
1,814,746
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits
 
 
2,416,534
 
 
0
 
 
0
 
 
2,417,355
 
Borrowings
 
 
50,000
 
 
0
 
 
52,735
 
 
0
 
Subordinated debt
 
 
64,583
 
 
0
 
 
53,861
 
 
0
 
 
 
 
 
 
Quoted Prices in
 
Significant Other
 
Significant Other
 
 
 
Carrying
 
Active Markets for
 
Observable
 
Unobservable
 
 
 
Amount
 
Identical Assets
 
Inputs
 
Inputs
 
 
 
December 31, 2013
 
Level 1
 
Level 2
 
Level 3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In Thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities held to maturity
 
$
0
 
$
0
 
$
0
 
$
0
 
Loans, net
 
 
1,266,816
 
 
0
 
 
0
 
 
1,272,893
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits
 
 
1,806,045
 
 
0
 
 
0
 
 
1,807,183
 
Borrowings
 
 
50,000
 
 
0
 
 
53,856
 
 
0
 
Subordinated debt
 
 
53,610
 
 
0
 
 
42,888
 
 
0