Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2013

Carrying Value and Estimated Fair Value of Assets

As of the dates indicated, the carrying amount and estimated fair value of the Corporation’s financial instruments are as follows:

	Fair Value Hierarchy Level*	As of September 30, 2013				As of December 31 2012
(dollars in thousands)		Carrying Amount		Estimated Fair  Value		Carrying Amount		Estimated Fair  Value
Financial assets:
Cash and cash equivalents	Level 1	$	96,161	$	96,161	$	175,686	$	175,686
Investment securities, available for sale	See Note 17		319,917		319,917		316,614		316,614
Investment securities, trading	Level 2		2,357		2,357		1,447		1,447
Loans held for sale	Level 2		1,284		1,284		3,412		3,482
Net portfolio loans and leases	Level 3		1,484,988		1,473,844		1,384,031		1,412,619
Mortgage servicing rights	Level 3		4,744		5,622		4,491		4,638
Other assets	Level 3		22,629		22,629		21,735		21,735
Total financial assets		$	1,932,080	$	1,921,814	$	1,907,416	$	1,936,221
Financial liabilities:
Deposits	Level 2	$	1,550,656	$	1,550,683	$	1,634,682	$	1,635,374
Short-term borrowings	Level 2		75,588		75,588		9,403		9,403
Long-term FHLB advances and other borrowings	Level 2		191,645		191,190		161,315		164,273
Other liabilities	Level 2		23,323		23,323		26,921		26,921
Total financial liabilities		$	1,841,212	$	1,840,784	$	1,832,321	$	1,835,971

* see Note 17 for a description of fair value hierarchy levels