XML 105 R29.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2013
Fair Value Measurements and Fair Value of Financial Instruments [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
Assets Measured at Fair Value on a Recurring Basis |  | June 30, 2013 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
|  | (in thousands) |
U.S. Treasury & agency securities |  | $ | 42,138 |  | $ | 42,138 |  | $ | — |  | $ | — |
Federal agency obligations |  |  | 13,858 |  |  | — |  |  | 13,858 |  |  | — |
Residential mortgage pass-through securities |  |  | 49,386 |  |  | — |  |  | 49,386 |  |  | — |
Commercial mortgage pass-through securities |  |  | 9,421 |  |  | — |  |  | 9,421 |  |  | — |
Obligations of U.S. states and political subdivisions |  |  | 40,408 |  |  | — |  |  | 40,408 |  |  | — |
Trust preferred securities |  |  | 19,687 |  |  | — |  |  | 19,615 |  |  | 72 |
Corporate bonds and notes |  |  | 218,802 |  |  | — |  |  | 218,802 |  |  | — |
Asset-backed securities |  |  | 19,281 |  |  | — |  |  | 19,281 |  |  | — |
Certificates of deposit |  |  | 2,403 |  |  | — |  |  | 2,403 |  |  | — |
Equity securities |  |  | 255 |  |  | 255 |  |  | — |  |  | — |
Other securities |  |  | 4,134 |  |  | 4,134 |  |  | — |  |  | — |
Investment securities available-for-sale |  | $ | 419,773 |  | $ | 46,527 |  | $ | 373,174 |  | $ | 72 |
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
Assets Measured at Fair Value on a Recurring Basis |  | December 31, 2012 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
|  | (in thousands) |
U.S. treasury and agency securities |  | $ | 11,909 |  | $ | 11,909 |  | $ | — |  | $ | — |
Federal agency obligations |  |  | 20,535 |  |  | — |  |  | 20,535 |  |  | — |
Residential mortgage pass-through securities |  |  | 53,784 |  |  | — |  |  | 53,784 |  |  | — |
Commercial mortgage pass-through securities |  |  | 9,969 |  |  | — |  |  | 9,969 |  |  | — |
Obligations of U.S. states and political subdivisions |  |  | 107,714 |  |  | 469 |  |  | 107,245 |  |  | — |
Trust preferred securities |  |  | 21,249 |  |  | — |  |  | 21,213 |  |  | 36 |
Corporate bonds and notes |  |  | 237,405 |  |  | — |  |  | 237,405 |  |  | — |
Collateralized mortgage obligations |  |  | 2,120 |  |  | — |  |  | 2,120 |  |  | — |
Asset-backed securities |  |  | 19,742 |  |  | — |  |  | 19,742 |  |  | — |
Certificates of deposit |  |  | 2,865 |  |  | — |  |  | 2,865 |  |  | — |
Equity securities |  |  | 325 |  |  | 325 |  |  | — |  |  | — |
Other securities |  |  | 9,198 |  |  | 9,198 |  |  | — |  |  | — |
Securities available-for-sale |  | $ | 496,815 |  | $ | 21,901 |  | $ | 474,878 |  | $ | 36 |
Schedule of Changes in Investment Securities Available-for-Sale |
|  | Three Months Ended |  | Six Months Ended |
|  | June 30, |  | June 30, |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
|  | (in thousands) |
Balance, beginning of the period |  | $ | 44 |  | $ | 1,963 |  | $ | 36 |  | $ | 2,115 |
Interest payment deferrals |  |  | 15 |  |  | 34 |  |  | 29 |  |  | 68 |
Principal repayments |  |  | — |  |  | (112) |  |  | — |  |  | (170) |
Total net losses included in net income |  |  | — |  |  | (28) |  |  | — |  |  | (28) |
Total net unrealized (losses) gains |  |  | 13 |  |  | (1) |  |  | 7 |  |  | (129) |
Balance, end of the period |  | $ | 72 |  | $ | 1,856 |  | $ | 72 |  | $ | 1,856 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques |
For assets measured at fair value on a non-recurring basis, the fair value measurements used at June 30, 2013 and December 31, 2012 were as follows:
Impaired Loans |  | Valuation Techniques |  | Range of Unobservable Inputs
Residential |  | Appraisals of collateral value |  | Adjustment for age of comparable sales, generally a decline of 0-25%
Commercial |  | Discounted cash flow model |  | Discount rate from 0% to 6%
Commercial Real Estate |  | Appraisals of collateral value |  | Market capitalization rates between 8% to 12%. Market rental rates for similar properties
Construction |  | Appraisals of collateral value |  | Adjustment for age comparable sales. Generally a decline of 5% to no change
Other Real Estate Owned |  |  |  |
Residential |  | Appraisals of collateral value |  | Adjustment for age of comparable sales, generally a decline of 0-25%
Commercial |  | Appraisals of collateral value |  | Adjustment for age of comparable sales, generally a decline of 15% to no change
Schedule of Assets at Fair Value on a Non-recurring Basis |
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
Assets Measured at Fair Value on a Non- Recurring Basis |  | June 30, 2013 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
|  | (in thousands) |
Impaired loans |  | $ | 112 |  | $ | — |  | $ | — |  | $ | 112 |
Other real estate owned |  |  | 220 |  |  | — |  |  | — |  |  | 220 |
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
Assets Measured at Fair Value on a Non-Recurring Basis |  | December 31, 2012 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
|  | (in thousands) |
Impaired loans |  | $ | 4,790 |  | $ | — |  | $ | — |  | $ | 4,790 |
Other real estate owned |  |  | 1,300 |  |  | — |  |  | — |  |  | 1,300 |
Schedule of Fair Value Hierarchy |
|  |  |  |  |  |  |  | Fair Value Measurements |
|  | Carrying Amount |  | 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) |
June 30, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 61,959 |  | $ | 61,959 |  | $ | 61,959 |  | $ | — |  | $ | — |
Investment securities available-for-sale |  |  | 419,773 |  |  | 419,773 |  |  | 46,527 |  |  | 373,174 |  |  | 72 |
Investment securities held-to-maturity |  |  | 136,786 |  |  | 135,354 |  |  | — |  |  | 135,354 |  |  | — |
Restricted investment in bank stocks |  |  | 8,986 |  |  | 8,986 |  |  | — |  |  | 8,986 |  |  | — |
Loans held for sale |  |  | 585 |  |  | 585 |  |  | 585 |  |  | — |  |  | — |
Net loans |  |  | 892,620 |  |  | 896,236 |  |  | — |  |  | — |  |  | 896,236 |
Accrued interest receivable |  |  | 6,850 |  |  | 6,850 |  |  | — |  |  | 4,393 |  |  | 2,457 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non interest-bearing deposits |  |  | 219,669 |  |  | 219,669 |  |  | — |  |  | 219,669 |  |  | — |
Interest-bearing deposits |  |  | 1,061,225 |  |  | 1,061,989 |  |  | — |  |  | 1,061,989 |  |  | — |
Long-term borrowings |  |  | 146,000 |  |  | 158,608 |  |  | — |  |  | 158,608 |  |  | — |
Subordinated debentures |  |  | 5,155 |  |  | 5,024 |  |  | — |  |  | 5,024 |  |  | — |
Accrued interest payable |  |  | 811 |  |  | 811 |  |  | — |  |  | 811 |  |  | — |
December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 104,134 |  | $ | 104,134 |  | $ | 104,134 |  | $ | — |  | $ | — |
Interest bearing deposits with banks |  |  | 2,004 |  |  | 2,004 |  |  | 2,004 |  |  | — |  |  | — |
Investment securities available-for-sale |  |  | 496,815 |  |  | 496,815 |  |  | 21,901 |  |  | 474,878 |  |  | 36 |
Investment securities held-to-maturity |  |  | 58,064 |  |  | 62,431 |  |  | — |  |  | 62,431 |  |  | — |
Restricted investment in bank stocks |  |  | 8,964 |  |  | 8,964 |  |  | — |  |  | 8,964 |  |  | — |
Loans held for sale |  |  | 1,491 |  |  | 1,491 |  |  | 1,491 |  |  | — |  |  | — |
Net loans |  |  | 879,435 |  |  | 897,030 |  |  | — |  |  | — |  |  | 897,030 |
Accrued interest receivable |  |  | 6,849 |  |  | 6,849 |  |  | — |  |  | 4,465 |  |  | 2,384 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non interest-bearing deposits |  |  | 215,071 |  |  | 215,071 |  |  | — |  |  | 215,071 |  |  | — |
Interest-bearing deposits |  |  | 1,091,851 |  |  | 1,092,822 |  |  | — |  |  | 1,092,822 |  |  | — |
Long-term borrowings |  |  | 146,000 |  |  | 162,992 |  |  | — |  |  | 162,992 |  |  | — |
Subordinated debentures |  |  | 5,155 |  |  | 5,046 |  |  | — |  |  | 5,046 |  |  | — |
Accrued interest payable |  |  | 874 |  |  | 874 |  |  | — |  |  | 874 |  |  | — |

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 5 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19296-110258 + 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 inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, used to measure similar assets in prior periods (non-recurring basis) by class of asset or liability. + 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=25499696&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
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 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 Reference 2: 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=28364263&loc=d3e13433-108611 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=28364263&loc=d3e13467-108611 Reference 4: 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=28364263&loc=d3e13476-108611 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 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=25499696&loc=d3e19190-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration