Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Assets Measured At Fair Value On A Recurring And Non-Recurring Basis

		Quoted Prices in
		Active Markets		Significant
		for Identical		Other		Significant
		Assets or		Observable		Unobservable
		Liabilities		Inputs		Inputs
		(Level 1)		(Level 2)		(Level 3)		Total
September 30, 2014
Measured on a recurring basis:
Securities available for sale:
U.S. Government agencies and government sponsored enterprises	$	-	$	115,278	$	-	$	115,278
Mortgage-backed securities		-		469,960		-		469,960
Asset-backed securities		-		241		-		241
	$	-	$	585,479	$	-	$	585,479
Measured on a nonrecurring basis:
Loans:
Loans held for sale	$	-	$	1,029	$	-	$	1,029
Collateral dependent impaired loans		-		-		1,474		1,474
Other assets:
Loan servicing rights		-		-		1,398		1,398
Other real estate owned		-		-		509		509
	$	-	$	1,029	$	3,381	$	4,410

December 31, 2013
Measured on a recurring basis:
Securities available for sale:
U.S. Government agencies and government sponsored enterprises	$	-	$	134,452	$	-	$	134,452
Mortgage-backed securities		-		474,549		-		474,549
Asset-backed securities		-		399		-		399
	$	-	$	609,400	$	-	$	609,400
Measured on a nonrecurring basis:
Loans:
Loans held for sale	$	-	$	3,381	$	-	$	3,381
Collateral dependent impaired loans		-		-		9,227		9,227
Other assets:
Loan servicing rights		-		-		1,565		1,565
Other real estate owned		-		-		333		333
	$	-	$	3,381	$	11,125	$	14,506

Additional Quantitative Information About Assets Measured At Fair Value On A Recurring And Non-Recurring Basis

		Fair			Unobservable Input
Asset		Value	Valuation Technique	Unobservable Input	Value or Range
Collateral dependent impaired loans	$	1,474	Appraisal of collateral ⁽¹⁾	Appraisal adjustments ⁽²⁾	35% - 100% discount
			Discounted cash flow	Discount rate	4.5% ⁽³⁾
				Risk premium rate	10.0% ⁽³⁾

Loan servicing rights		1,398	Discounted cash flow	Discount rate	5.3% ⁽³⁾
				Constant prepayment rate	11.7% ⁽³⁾

Other real estate owned		509	Appraisal of collateral ⁽¹⁾	Appraisal adjustments ⁽²⁾	9% - 58% discount

⁽¹⁾Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable.

⁽²⁾Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses.

⁽³⁾Weighted averages.

Carrying Amount, Estimated Fair Value, And Placement In Fair Value Hierarchy Of Financial Instruments


	Level in		September 30, 2014				December 31, 2013
	Fair Value				Estimated				Estimated
	Measurement		Carrying		Fair		Carrying		Fair
	Hierarchy		Amount		Value		Amount		Value
Financial assets:
Cash and cash equivalents	Level 1	$	87,582	$	87,582	$	59,692	$	59,692
Securities available for sale	Level 2		585,479		585,479		609,400		609,400
Securities held to maturity	Level 2		285,967		291,158		249,785		250,657
Loans held for sale	Level 2		1,029		1,038		3,381		3,381
Loans	Level 2		1,879,127		1,889,258		1,797,656		1,802,407
Loans ⁽¹⁾	Level 3		1,474		1,474		9,227		9,227
Accrued interest receivable	Level 1		8,615		8,615		8,150		8,150
FHLB and FRB stock	Level 2		13,250		13,250		19,663		19,663

Financial liabilities:
Non-maturity deposits	Level 1		1,907,854		1,907,854		1,724,133		1,724,133
Time deposits	Level 2		630,970		631,676		595,923		596,928
Short-term borrowings	Level 1		215,967		215,967		337,042		337,042
Accrued interest payable	Level 1		3,786		3,786		3,407		3,407

⁽¹⁾Comprised of collateral dependent impaired loans.

- 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.

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