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Fair Value (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are as follows at June 30, 2013 and December 31, 2012:

						Fair Value Measurements at June 30, 2013 Using
						Quoted Prices in								Significant
						Active Markets for				Significant Other				Unobservable
						Identical Assets				Observable Inputs				Inputs
Description		Total				(Level 1)				(Level 2)				(Level 3)
Assets:
Securities Available For Sale:
U.S. Treasury		$	2,016			$	0			$	2,016			$	0
U.S. Government sponsored entities			180,062				0				180,062				0
States and political subdivisions			181,235				0				181,235				0
Residential and multi-family mortgage			271,337				0				271,337				0
Commercial mortgage			983				0				983				0
Corporate notes and bonds			13,374				0				13,374				0
Pooled trust preferred			630				0				0				630
Pooled SBA			73,663				73,663				0				0
Other securities			998				998				0				0
Total Securities Available For Sale		$	724,298			$	74,661			$	649,007			$	630
Trading Securities:
Corporate equity securities		$	3,432			$	3,432			$	0			$	0
Certificates of deposit			354				354				0				0
International mutual funds			273				273				0				0
Large cap growth mutual funds			164				164				0				0
Large cap value mutual funds			106				106				0				0
Real estate investment trust mutual funds			102				102				0				0
Corporate notes and bonds			101				0				101				0
Mid cap mutual funds			68				68				0				0
Small cap mutual funds			56				56				0				0
U.S. Government sponsored entities			54				0				54				0
Mid cap mutual funds			19				19				0				0
Total Trading Securities		$	4,729			$	4,574			$	155			$	0
Liabilities:
Interest rate swaps		$	(1,253	)		$	0			$	(1,253	)		$	0
						Fair Value Measurements at December 31, 2012 Using
						Quoted Prices in								Significant
						Active Markets for				Significant Other				Unobservable
						Identical Assets				Observable Inputs				Inputs
Description		Total				(Level 1)				(Level 2)				(Level 3)
Assets:
Securities Available For Sale:
U.S. Treasury		$	4,036			$	0			$	4,036			$	0
U.S. Government sponsored entities			163,781				0				163,781				0
States and political subdivisions			181,279				0				181,279				0
Residential and multi-family mortgage			316,822				0				316,822				0
Commercial mortgage			1,304				0				1,304				0
Corporate notes and bonds			15,024				0				13,044				1,980
Pooled trust preferred			600				0				0				600
Pooled SBA			52,927				52,631				296				0
Other securities			1,538				1,538				0				0
Total Securities Available For Sale		$	737,311			$	54,169			$	680,562			$	2,580
Trading Securities:
Corporate equity securities		$	3,117			$	3,117			$	0			$	0
Certificates of deposit			408				408				0				0
International mutual funds			287				287				0				0
Large cap growth mutual funds			157				157				0				0
Money market mutual funds			110				110				0				0
Large cap value mutual funds			104				104				0				0
Corporate notes and bonds			101				0				101				0
Real estate investment trust mutual funds			65				65				0				0
U.S. Government sponsored entities			58				0				58				0
Small cap mutual funds			26				26				0				0
Mid cap mutual funds			26				26				0				0
Total Trading Securities		$	4,459			$	4,300			$	159			$	0
Liabilities:
Interest rate swaps		$	(1,745	)		$	0			$	(1,745	)		$	0

Securities Available for Sale Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3)

The table below presents a reconciliation and income statement classification of gains and losses for all securities available for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended June 30, 2013:

		Corporate				Pooled
		notes and				trust
		bonds				preferred
Balance, April 1, 2013		$	2,067			$	558
Total gains or (losses):
Included in other comprehensive income			(116	)			72
Included in realized gains on available-for-sale securities			58				0
Sale of available-for-sale securities			(2,009	)			0
Balance, June 30, 2013		$	0			$	630

The table below presents a reconciliation and income statement classification of gains and losses for all securities available for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2013:

		Corporate notes and bonds				Pooled trust preferred
Balance, January 1, 2013		$	1,980			$	600
Total gains or (losses):
Included in other comprehensive income			(29	)			30
Included in realized gains on available-for-sale securities			58				0
Sale of available-for-sale securities			(2,009	)			0
Balance, June 30, 2013		$	0			$	630

The table below presents a reconciliation and income statement classification of gains and losses for all securities available for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended June 30, 2012:

		Corporate notes and bonds				Pooled trust preferred
Balance, April 1, 2012		$	2,040			$	340
Total gains or losses:
Included in other comprehensive income (unrealized)			31				20
Balance, June 30, 2012		$	2,071			$	360

The table below presents a reconciliation and income statement classification of gains and losses for all securities available for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2012:

		Corporate notes and bonds				Pooled trust preferred
Balance, January 1, 2012		$	2,060			$	340
Total gains or losses:
Included in other comprehensive income (unrealized)			11				20
Balance, June 30, 2012		$	2,071			$	360

Quantitative Information about Level 3 Fair Value Measurements

The following table presents quantitative information about Level 3 fair value measurements at June 30, 2013:

		Fair value				Valuation Technique		Unobservable Inputs		Input Utilized
Pooled trust preferred		$	630			Discounted cash flow		Collateral default rate		2% in 2013; 1.5% in 2014; 1.0% in 2015; 0.5% in 2016 and thereafter
								Yield Prepayment speed		12% 7.2% constant prepayment rate in 2013; 2.0% constant prepayment rate in 2014 and thereafter

The following table presents quantitative information about Level 3 fair value measurements at December 31, 2012:

		Fair value				Valuation Technique		Unobservable Inputs		Input Utilized
Corporate notes and bonds		$	1,980			Discounted cash flow		Constant prepayment rate Probability of default Discount rate		0% 0% 9.6%
Pooled trust preferred		$	600			Discounted cash flow		Collateral default rate Yield Recovery probability		2% annually for 2 years; 0.36% thereafter 13% 10%, lagged 2 years

Sale Securities Reported as Level 1 Securities as of Beginning of Period were Transferred to Level 2 Category

During the three months ended June 30, 2013 and 2012, the following available for sale securities reported as Level 1 securities as of the beginning of the period were transferred to the Level 2 category:

		2013				2012
U.S. Government sponsored entities			0			$	26,034
States and political subdivisions			0				3,771
Residential mortgage and asset backed			0				40,473
Total		$	0			$	70,278

During the six months ended June 30, 2012 and 2011, the following available for sale securities reported as Level 1 securities as of the beginning of the period were transferred to the Level 2 category:

		2013				2012
U.S. Government sponsored entities		$	0			$	2,000
States and political subdivisions			0				4,655
Residential mortgage and asset backed			0				8,577
Total		$	0			$	15,232

Assets and Liabilities Measured at Fair Value on Non-recurring Basis

Assets and liabilities measured at fair value on a non-recurring basis are as follows at June 30, 2013 and December 31, 2012:

						Fair Value Measurements at June 30, 2013 Using
Description		Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Impaired loans:
Commercial mortgages		$	9,921			$	0			$	0			$	9,921
Commercial, industrial, and agricultural			1,610				0				0				1,610
Residential real estate			74				0				0				74
						Fair Value Measurements at December 31, 2012 Using
Description		Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Impaired loans:
Commercial mortgages		$	8,422			$	0			$	0			$	8,422
Commercial, industrial, and agricultural			1,973				0				0				1,973
Residential real estate			402				0				0				402

Quantitative Information about Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on Non Recurring Basis

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at June 30, 2013:

		Fair value				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Impaired loans – commercial mortgages		$	9,921			Sales comparison approach		Adjustment for differences between the comparable sales		9% - 10% (9%)
Impaired loans – commercial, industrial, and agricultural			1,610			Income approach		Adjustment for differences in net operating income		13% - 32% (23%)
Impaired loans – residential real estate			74			Sales comparison approach		Adjustment for differences between the comparable sales		17% - 26% (23%)

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2012:

		Fair value				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Impaired loans – commercial mortgages		$	8,422			Sales comparison approach		Adjustment for differences between the comparable sales		1% - 39% (19%)
Impaired loans – commercial, industrial, and agricultural			1,973			Income approach		Adjusting for differences in net operating income		24% - 38% (27%)
Impaired loans – residential real estate			402			Sales comparison approach		Adjustment for differences between the comparable sales		10% - 15% (11%)

Carrying Amount and Fair Value of Financial Instruments

The following table presents the carrying amount and fair value of financial instruments at June 30, 2013:

		Carrying				Fair Value Measurement Using:												Total
		Amount				Level 1				Level 2				Level 3				Fair Value
ASSETS
Cash and cash equivalents		$	24,794			$	24,794			$	0			$	0			$	24,794
Interest bearing time deposits with other banks			277				0				283				0				283
Securities available for sale			724,298				74,661				649,007				630				724,298
Trading securities			4,729				4,574				155				0				4,729
Loans held for sale			53				0				54				0				54
Net loans			967,447				0				0				949,183				949,183
FHLB and other equity interests			7,565				n/a				n/a				n/a				n/a
Accrued interest receivable			7,082				402				3,493				3,187				7,082
LIABILITIES
Deposits		$	(1,546,546	)		$	(1,347,442	)		$	(198,971	)		$	0			$	(1,546,413	)
FHLB and other borrowings			(100,477	)			0				(99,872	)			0				(99,872	)
Subordinated debentures			(20,620	)			0				(10,998	)			0				(10,998	)
Interest rate swaps			(1,253	)			0				(1,253	)			0				(1,253	)
Accrued interest payable			(882	)			(223	)			(645	)			(14	)			(882	)

The following table presents the carrying amount and fair value of financial instruments at December 31, 2012:

		Carrying				Fair Value Measurement Using:												Total
		Amount				Level 1				Level 2				Level 3				Fair Value
ASSETS
Cash and cash equivalents		$	31,881			$	31,881			$	0			$	0			$	31,881
Interest bearing time deposits with other banks			225				0				230				0				230
Securities available for sale			737,311				54,169				680,562				2,580				737,311
Trading securities			4,459				4,300				159				0				4,459
Loans held for sale			2,398				0				2,460				0				2,460
Net loans			913,764				0				0				917,785				917,785
FHLB and other equity interests			6,684				n/a				n/a				n/a				n/a
Accrued interest receivable			6,863				278				3,498				3,087				6,863
LIABILITIES
Deposits		$	(1,485,003	)		$	(1,272,060	)		$	(215,485	)		$	0			$	(1,487,545	)
FHLB and other borrowings			(97,806	)			0				(105,850	)			0				(105,850	)
Subordinated debentures			(20,620	)			0				(10,682	)			0				(10,682	)
Interest rate swaps			(1,745	)			0				(1,745	)			0				(1,745	)
Accrued interest payable			(1,022	)			(301	)			(707	)			(14	)			(1,022	)

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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).

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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).

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