Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value Measurements [Abstract]

Financial Instruments Measured at Fair Value on a Recurring Basis

The results of the fair value hierarchy as of September 30, 2012, are as follows:

Financial Instruments Measured at Fair Value on a Recurring Basis:

	Securities AFS Fair Value Measurements Using
	Carrying Value		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
	(In thousands)
U.S. Treasury	$	2,005	$	—	$	2,005	$	—
U.S. Government Sponsored Enterprises		85,369		—		85,369		—
SBA Backed Securities		8,255		—		8,255		—
U.S. Government Agency and Sponsored Mortgage Backed Securities		1,062,081		—		1,062,081		—
Privately Issued Residential Mortgage Backed Securities		3,083		—		3,083		—
Obligations Issued by States and Political Subdivisions		65,469		—		1,750		63,719
Other Debt Securities		2,264		—		2,264		—
Equity Securities		573		231		—		342
Total	$	1,229,099	$	231	$	1,164,807	$	64,061

Financial Instruments Measured at Fair Value on a Non-recurring Basis

Financial Instruments Measured at Fair Value on a Non-recurring Basis:

Impaired Loans	4,051	—	—	4,051
Other Real Estate Owned	400	—	—	400

Assets measured at fair value

The following table presents additional information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands). Management continues to monitor the assumptions used to value the assets listed below.

Asset	Fair Value		Valuation Technique	Unobservable Input	Unobservable Input Value or Range
Securities AFS (4)	$	64,061	Discounted cash flow	Discount rate	0% -1% (3)
Impaired Loans		4,051	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-25% discount
Other Real Estate Owned		400	Appraisal of collateral (1)	Appraisal adjustments (2)	0%

(1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable.

(2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses.

(3) Weighted averages

Changes in Level 3 securities

The changes in Level 3 securities for the nine-month period ended September 30, 2012 are shown in the table below:

	Auction  Rate Securities		Obligations Issued by  States & Political Subdivisions			Equity Securities			Total
	(In thousands)
Balance at December 31, 2011	$	3,725	$	14,772		$	417		$	18,914
Purchases		—		79,588			—			79,588
Maturities and calls		—		(34,333	)		(75	)		(34,408	)
Amortization		—		(33	)		—			(33	)
Changes in fair value		—		—			—			—
Balance at September 30, 2012	$	3,725	$	59,994		$	342		$	64,061

The changes in Level 3 securities for the nine-month period ended September 30, 2011, are shown in the table below:

	Auction Rate Securities		Obligations Issued by States & Political Subdivisions			Equity Securities		Total
	(In thousands)
Balance at December 31, 2010	$	4,393	$	15,988		$	279	$	20,660
Purchases		—		18,905			—		18,905
Maturities and calls		—		(21,665	)		—		(21,665	)
Amortization		—		(5	)		—		(5	)
Balance at September 30, 2011	$	4,393	$	13,223		$	279	$	17,895