Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013, aggregated by the level in the fair value hierarchy within which those measurements fall:

	As of March 31, 2014		Fair value measurements at reporting date using:
			Quoted prices in active markets for identical assets (Level 1)		Significant  other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	(In thousands)
Assets:
Available for sale securities:
U.S. government and agencies	$	12,029	$	10,375	$	1,654	$	—
Government-sponsored entities	233,787		—		233,787		—
Municipal bonds	229,813		—		229,813		—
Mortgage-backed securities	211,005		—		211,005		—
Other	13,897		13,897		—		—
Total available for sale securities	700,531		24,272		676,259		—
Derivatives - interest rate customer swaps	2,664		—		2,664		—
Derivatives - interest rate swaps	456		—		456		—
Other investments	5,450		5,189		261		—
Liabilities:
Derivatives - interest rate customer swaps	$	2,674	$	—	$	2,674	$	—
Derivatives - interest rate swaps	847		—		847		—
Derivatives - junior subordinated debenture interest rate swap	3,084		—		3,084		—

			Fair value measurements at reporting date using:
	As of December 31, 2013		Quoted prices in active markets for identical assets (Level 1)		Significant  other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	(In thousands)
Assets:
Available for sale securities:
U.S. government and agencies	$	2,288	$	—	$	2,288	$	—
Government-sponsored entities	227,940		—		227,940		—
Municipal bonds	218,433		—		218,433		—
Mortgage-backed securities	227,444		—		227,444		—
Other	15,624		15,624		—		—
Total available for sale securities	691,729		15,624		676,105		—
Derivatives - interest rate customer swaps	2,045		—		2,045		—
Derivatives - interest rate swaps	921		—		921		—
Other investments	5,482		5,052		430		—
Liabilities:
Derivatives - interest rate customer swaps	$	2,029	$	—	$	2,029	$	—
Derivatives - interest rate swaps	543		—		543		—
Derivatives - junior subordinated debenture interest rate swap	3,469		—		3,469		—

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block]

The following tables present the Company’s assets and liabilities measured at fair value on a non-recurring basis during the periods ended March 31, 2014 and 2013, respectively, aggregated by the level in the fair value hierarchy within which those measurements fall:

	As of March 31, 2014		Fair value measurements at reporting date using:						Gain (losses) from fair value changes
			Quoted prices in active markets for identical assets (Level 1)		Significant  other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Three months ended March 31, 2014
	(In thousands)
Assets:
Impaired loans (1)	$	803	$	—	$	—	$	803	$	—

___________________

(1) Collateral-dependent impaired loan held at March 31, 2014 that had write-downs in fair value or whose specific reserve changed during the first three months of 2014.

	As of March 31, 2013		Fair value measurements at reporting date using:						Gain (losses) from fair value changes
			Quoted prices in active markets for identical assets (Level 1)		Significant  other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Three months ended March 31, 2013
	(In thousands)
Assets:
Impaired loans (1)	$	4,494	$	—	$	—	$	4,494	$	(1,239	)

________________

(1) Collateral-dependent impaired loans held at March 31, 2013 that had write-downs in fair value or whose specific reserve changed during the first three months of 2013.

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Table Text Block]

The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company has utilized Level 3 inputs to determine fair value:

	As of March 31, 2014
	Fair Value		Valuation technique	Unobservable Input	Range of Inputs Utilized	Weighted Average of Inputs Utilized
	(In thousands)
Impaired Loans	$	803	Appraisals of Collateral	Discount for costs to sell	12%	12%
				Appraisal adjustments	25%	25%

	As of March 31, 2013
	Fair Value		Valuation technique	Unobservable Input	Range of Inputs Utilized	Weighted Average of Inputs Utilized
	(In thousands)
Impaired Loans	$	4,494	Appraisals of Collateral	Discount for costs to sell	0% - 12%	7%
				Appraisal adjustments	0% - 25%	17%

Impaired loans include those loans that were adjusted to the fair value of underlying collateral as required under ASC 310, Receivables. The amount does not include impaired loans that are measured based on expected future cash flows discounted at the respective loan’s original effective interest rate, as that amount is not considered a fair value measurement. The Company uses appraisals, which management may adjust to reflect estimated fair value declines, or apply other discounts to appraised values for unobservable factors resulting from its knowledge of the property or consideration of broker quotes. The appraisers use a market, income, and/or a cost approach in determining the value of the collateral. Therefore they have been categorized as a Level 3 measurement.

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following tables present the carrying values and fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis (other than certain loans, as noted below):

	As of March 31, 2014
	Book Value		Fair Value		Quoted prices  in active markets for identical assets  (Level 1)		Significant  other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	(In thousands)
FINANCIAL ASSETS:
Cash and cash equivalents	$	398,687	$	398,687	$	398,687	$	—	$	—
Investment securities held to maturity	127,938		127,719		—		127,719		—
Loans, net	5,085,865		5,025,835		—		—		5,025,835
Loans held for sale	2,297		2,334		—		2,334		—
Other financial assets	116,247		116,247		—		116,247		—
FINANCIAL LIABILITIES:
Deposits	5,341,644		5,345,117		—		5,345,117		—
Securities sold under agreements to repurchase	93,550		93,540		—		93,540		—
Federal Funds purchased	15,000		15,000		—		15,000		—
Federal Home Loan Bank borrowings	394,458		404,148		—		404,148		—
Junior subordinated debentures	106,363		96,363		—		—		96,363
Other financial liabilities	10,252		10,252		—		10,252		—

	As of December 31, 2013
	Book Value		Fair Value		Quoted prices  in active markets for identical assets  (Level 1)		Significant  other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	(In thousands)
FINANCIAL ASSETS:
Cash and cash equivalents	$	191,881	$	191,881	$	191,881	$	—	$	—
Investment securities held to maturity	112,014		110,917		—		110,917		—
Loans, net	5,036,088		4,985,555		—		—		4,985,555
Loans held for sale	6,123		6,130		—		6,130		—
Other financial assets	117,840		117,840		—		117,840		—
FINANCIAL LIABILITIES:
Deposits	5,110,370		5,113,224		—		5,113,224		—
Securities sold under agreements to repurchase	102,353		102,343		—		102,343		—
Federal Home Loan Bank borrowings	367,254		377,384		—		377,384		—
Junior subordinated debentures	106,363		96,363		—		—		96,363
Other financial liabilities	9,789		9,789		—		9,789		—

The estimated fair values have been determined by using available quoted market information or other appropriate valuation methodologies. The aggregate fair value amounts presented do not represent the underlying value of the Company taken as a whole.