Estimated Fair Value of Financial Instruments and Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities are Classified

The following table sets forth the Company’s financial assets that were accounted for at fair value on a recurring basis as of the periods presented by level within the fair value hierarchy. During the nine months ended September 30, 2013, the Company did not make any transfers between recurring Level 1 fair value measurements and recurring Level 2 fair value measurements. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

	Quoted Prices in Active  Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
	(in thousands)
September 30, 2013
Assets:
Investment securities, available for sale
U.S. treasury and government agencies	$	4,366	$	55,798	$	—	$	60,164
Mortgage backed securities		—		290,998		—		290,998
Obligations of states and political subdivisions		—		37,691		—		37,691
Corporate debt securities		—		13,404		—		13,404
Equity securities		2,741		13,564		—		16,305
Total securities available for sale		7,107		411,455		—		418,562
Non-hedging interest rate derivatives		—		361		—		361
Total Assets	$	7,107	$	411,816		—	$	418,923
Non-hedging interest rate derivatives	$	—	$	361	$	—	$	361
Total Liabilities	$	—	$	361	$	—	$	361
December 31, 2012
Assets:
Investment securities, available for sale
U.S. treasury and government agencies	$	3,493	$	83,078	$	—	$	86,571
Mortgage backed securities		—		239,559		—		239,559
Obligations of states and political subdivisions		—		38,620		—		38,620
Corporate debt securities		—		13,444		—		13,444
Equity securities		2,010		13,506		—		15,516
Total securities available for sale		5,503		388,207		—		393,710
Non-hedging interest rate derivatives		—		195		—		195
Total Assets	$	5,503	$	388,402	$	—	$	393,905
Non-hedging interest rate derivatives	$	—	$	195	$	—	$	195
Total Liabilities	$	—	$	195	$	—	$	195

Assets are Classified in their Entirety Based on Lowest Level of Input that is Significant to Fair Value Measurement

The following table sets forth the Company’s assets subject to fair value adjustments (impairment) on a nonrecurring basis. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
	(in thousands)
September 30, 2013
Assets:
Impaired Loans and Leases	$	—	$	—	$	26,061	$	26,061
Loans held for sale		—		901		—		901
Other real estate owned and other repossessed assets		—		—		2,154		2,154
December 31, 2012
Assets:
Impaired Loans and Leases	$	—	$	—	$	31,531	$	31,531
Other real estate owned and other repossessed assets		—		—		529		529

Carrying Values and Estimated Fair Values of Company's Financial Instruments

The following table presents the carrying values, fair values and placement in the fair value hierarchy of the Company’s financial instruments as of September 30, 2013 and December 31, 2012:

	Carrying 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)
September 30, 2013
Financial Instruments—Assets
Investment securities held to maturity	$	96,702	$	96,196	$	—	$	91,651	$	4,545
Federal Home Loan Bank Stock		5,965		5,965		—		5,965		—
Loans and leases		2,427,684		2,421,527		—		—		2,421,527
Financial Instruments—Liabilities
Certificates of Deposit		314,593		315,213		—		315,213		—
Other borrowings		75,000		78,905		—		78,905		—
Subordinated debentures		42,548		28,753		—		—		28,753
Commitments:
Standby letters of credit		—		7		—		—		7
December 31, 2012
Financial Instruments—Assets
Investment securities held to maturity	$	96,925	$	99,784	$	—	$	87,336	$	12,448
Federal Home Loan Bank Stock		5,382		5,382		—		5,382		—
Loans and leases		2,146,843		2,154,507		—		—		2,154,507
Financial Instruments—Liabilities
Certificates of Deposit		303,792		305,398		—		305,398		—
Other borrowings		85,000		91,325		—		91,325		—
Subordinated debentures		51,548		33,403		—		—		33,403
Commitments:
Standby letters of credit		—		4		—		—		4