XML 39 R28.htm IDEA: XBRL DOCUMENT
v3.5.0.2

ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2016
ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS |
Schedule of assets and liabilities measured on a recurring basis |
|  | June 30, 2016 |
|  |  |  |  | Fair Value Measurements Using: |
|  |  |  |  |  |  |  | Significant |  |  |  |
|  |  |  |  | Quoted Prices In |  |  | Other |  |  | Significant |
|  |  |  |  | Active Markets for |  |  | Observable |  |  | Unobservable |
|  | Carrying |  |  | Identical Assets |  |  | Inputs |  |  | Inputs |
(In thousands) |  | Value |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. GSE securities |  | $ | 58,325 |  |  |  |  |  |  | $ | 58,325 |  |  |  |  |
State and municipal obligations |  |  | 110,556 |  |  |  |  |  |  |  | 110,556 |  |  |  |  |
U.S. GSE residential mortgage-backed securities |  |  | 102,074 |  |  |  |  |  |  |  | 102,074 |  |  |  |  |
U.S. GSE residential collateralized mortgage obligations |  |  | 238,598 |  |  |  |  |  |  |  | 238,598 |  |  |  |  |
U.S. GSE commercial mortgage-backed securities |  |  | 6,701 |  |  |  |  |  |  |  | 6,701 |  |  |  |  |
U.S. GSE commercial collateralized mortgage obligations |  |  | 56,911 |  |  |  |  |  |  |  | 56,911 |  |  |  |  |
Other asset backed securities |  |  | 22,310 |  |  |  |  |  |  |  | 22,310 |  |  |  |  |
Corporate bonds |  |  | 31,608 |  |  |  |  |  |  |  | 31,608 |  |  |  |  |
Total available for sale |  | $ | 627,083 |  |  |  |  |  |  | $ | 627,083 |  |  |  |  |
Derivatives |  | $ | 2,871 |  |  |  |  |  |  | $ | 2,871 |  |  |  |  |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 6,360 |  |  |  |  |  |  | $ | 6,360 |  |  |  |  |
|  | December 31, 2015 |
|  |  |  |  | Fair Value Measurements Using: |
|  |  |  |  |  |  |  | Significant |  |  |  |
|  |  |  |  | Quoted Prices In |  |  | Other |  |  | Significant |
|  |  |  |  | Active Markets for |  |  | Observable |  |  | Unobservable |
|  | Carrying |  |  | Identical Assets |  |  | Inputs |  |  | Inputs |
(In thousands) |  | Value |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. GSE securities |  | $ | 62,674 |  |  |  |  |  |  | $ | 62,674 |  |  |  |  |
State and municipal obligations |  |  | 87,935 |  |  |  |  |  |  |  | 87,935 |  |  |  |  |
U.S. GSE residential mortgage-backed securities |  |  | 200,264 |  |  |  |  |  |  |  | 200,264 |  |  |  |  |
U.S. GSE residential collateralized mortgage obligations |  |  | 317,878 |  |  |  |  |  |  |  | 317,878 |  |  |  |  |
U.S. GSE commercial mortgage-backed securities |  |  | 12,418 |  |  |  |  |  |  |  | 12,418 |  |  |  |  |
U.S. GSE commercial collateralized mortgage obligations |  |  | 64,198 |  |  |  |  |  |  |  | 64,198 |  |  |  |  |
Other asset backed securities |  |  | 22,371 |  |  |  |  |  |  |  | 22,371 |  |  |  |  |
Corporate bonds |  |  | 32,465 |  |  |  |  |  |  |  | 32,465 |  |  |  |  |
Total available for sale |  | $ | 800,203 |  |  |  |  |  |  | $ | 800,203 |  |  |  |  |
Derivatives |  | $ | 779 |  |  |  |  |  |  | $ | 779 |  |  |  |  |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 2,073 |  |  |  |  |  |  | $ | 2,073 |  |  |
Schedule of assets measured at fair value on a non-recurring basis |
|  | June 30, 2016 |
|  |  |  |  | Fair Value Measurements Using: |
|  |  |  |  |  |  |  | Significant |  |  |  |
|  |  |  |  | Quoted Prices In |  |  | Other |  |  | Significant |
|  |  |  |  | Active Markets for |  |  | Observable |  |  | Unobservable |
|  | Carrying |  |  | Identical Assets |  |  | Inputs |  |  | Inputs |
(In thousands) |  | Value |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Impaired loans |  | $ | 84 |  |  |  | — |  |  |  | — |  |  | $ | 84 |
|  | December 31, 2015 |
|  |  |  |  | Fair Value Measurements Using: |
|  |  |  |  |  |  |  | Significant |  |  |  |
|  |  |  |  | Quoted Prices In |  |  | Other |  |  | Significant |
|  |  |  |  | Active Markets for |  |  | Observable |  |  | Unobservable |
|  | Carrying |  |  | Identical Assets |  |  | Inputs |  |  | Inputs |
(In thousands) |  | Value |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Impaired loans |  | $ | 483 |  |  |  | — |  |  |  | — |  |  | $ | 483 |
Other real estate owned |  |  | 250 |  |  |  | — |  |  |  | — |  |  |  | 250 |
Schedule of estimated fair values and recorded carrying values of financial instruments |
|  | June 30, 2016 |
|  |  |  |  | Fair Value Measurements Using: |  |  |  |
|  |  |  |  |  |  |  | Significant |  |  |  |  |  |  |
|  |  |  |  | Quoted Prices In |  |  | Other |  |  | Significant |  |  |  |
|  |  |  |  | Active Markets for |  |  | Observable |  |  | Unobservable |  |  | Total |
|  | Carrying |  |  | Identical Assets |  |  | Inputs |  |  | Inputs |  |  | Fair |
(In thousands) |  | Amount |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Value |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 50,581 |  |  | $ | 50,581 |  |  | $ | - |  |  | $ | - |  |  | $ | 50,581 |
Interest bearing deposits with banks |  |  | 29,015 |  |  |  | - |  |  |  | 29,015 |  |  |  | - |  |  |  | 29,015 |
Securities available for sale |  |  | 627,083 |  |  |  | - |  |  |  | 627,083 |  |  |  | - |  |  |  | 627,083 |
Securities restricted |  |  | 20,894 |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Securities held to maturity |  |  | 222,058 |  |  |  | - |  |  |  | 229,174 |  |  |  | - |  |  |  | 229,174 |
Loans, net |  |  | 2,502,218 |  |  |  | - |  |  |  | - |  |  |  | 2,520,109 |  |  |  | 2,520,109 |
Derivatives |  |  | 2,871 |  |  |  | - |  |  |  | 2,871 |  |  |  | - |  |  |  | 2,871 |
Accrued interest receivable |  |  | 8,916 |  |  |  | - |  |  |  | 2,840 |  |  |  | 6,076 |  |  |  | 8,916 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  |  | 190,479 |  |  |  | - |  |  |  | 191,657 |  |  |  | - |  |  |  | 191,657 |
Demand and other deposits |  |  | 2,663,184 |  |  |  | 2,663,184 |  |  |  | - |  |  |  | - |  |  |  | 2,663,184 |
Federal funds purchased |  |  | 150,000 |  |  |  | 150,000 |  |  |  | - |  |  |  | - |  |  |  | 150,000 |
Federal Home Loan Bank advances |  |  | 198,842 |  |  |  | 40,000 |  |  |  | 161,990 |  |  |  | - |  |  |  | 201,990 |
Repurchase agreements |  |  | 50,895 |  |  |  | - |  |  |  | 50,939 |  |  |  | - |  |  |  | 50,939 |
Subordinated Debentures |  |  | 78,432 |  |  |  | - |  |  |  | - |  |  |  | 84,810 |  |  |  | 84,810 |
Junior Subordinated Debentures |  |  | 15,525 |  |  |  | - |  |  |  | - |  |  |  | 17,709 |  |  |  | 17,709 |
Derivatives |  |  | 6,360 |  |  |  | - |  |  |  | 6,360 |  |  |  | - |  |  |  | 6,360 |
Accrued interest payable |  |  | 1,456 |  |  |  | 103 |  |  |  | 1,353 |  |  |  | - |  |  |  | 1,456 |
|  | December 31, 2015 |
|  |  |  |  | Fair Value Measurements Using: |  |  |  |
|  |  |  |  |  |  |  | Significant |  |  |  |  |  |  |
|  |  |  |  | Quoted Prices In |  |  | Other |  |  | Significant |  |  |  |
|  |  |  |  | Active Markets for |  |  | Observable |  |  | Unobservable |  |  | Total |
|  | Carrying |  |  | Identical Assets |  |  | Inputs |  |  | Inputs |  |  | Fair |
(In thousands) |  | Amount |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Value |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 79,750 |  |  | $ | 79,750 |  |  | $ | - |  |  | $ | - |  |  | $ | 79,750 |
Interest bearing deposits with banks |  |  | 24,808 |  |  |  | - |  |  |  | 24,808 |  |  |  | - |  |  |  | 24,808 |
Securities available for sale |  |  | 800,203 |  |  |  | - |  |  |  | 800,203 |  |  |  | - |  |  |  | 800,203 |
Securities restricted |  |  | 24,788 |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Securities held to maturity |  |  | 208,351 |  |  |  | - |  |  |  | 210,003 |  |  |  | - |  |  |  | 210,003 |
Loans, net |  |  | 2,390,030 |  |  |  | - |  |  |  | - |  |  |  | 2,379,171 |  |  |  | 2,379,171 |
Derivatives |  |  | 779 |  |  |  | - |  |  |  | 779 |  |  |  | - |  |  |  | 779 |
Accrued interest receivable |  |  | 9,270 |  |  |  | - |  |  |  | 3,228 |  |  |  | 6,042 |  |  |  | 9,270 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  |  | 292,855 |  |  |  | - |  |  |  | 293,368 |  |  |  | - |  |  |  | 293,368 |
Demand and other deposits |  |  | 2,550,770 |  |  |  | 2,550,770 |  |  |  | - |  |  |  | - |  |  |  | 2,550,770 |
Federal funds purchased |  |  | 120,000 |  |  |  | 120,000 |  |  |  | - |  |  |  | - |  |  |  | 120,000 |
Federal Home Loan Bank advances |  |  | 297,507 |  |  |  | 197,243 |  |  |  | 100,772 |  |  |  | - |  |  |  | 298,015 |
Repurchase agreements |  |  | 50,891 |  |  |  | - |  |  |  | 51,480 |  |  |  | - |  |  |  | 51,480 |
Subordinated Debentures |  |  | 78,363 |  |  |  | - |  |  |  | - |  |  |  | 78,830 |  |  |  | 78,830 |
Junior Subordinated Debentures |  |  | 15,878 |  |  |  | - |  |  |  | - |  |  |  | 16,566 |  |  |  | 16,566 |
Derivatives |  |  | 2,073 |  |  |  | - |  |  |  | 2,073 |  |  |  | - |  |  |  | 2,073 |
Accrued interest payable |  |  | 1,644 |  |  |  | 93 |  |  |  | 1,551 |  |  |  | - |  |  |  | 1,644 |

X
- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13476-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration