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Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2012
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]

Note 12 – Fair Value of Financial Instruments

Following is a summary of the carrying amounts and fair values of the Company’s financial instruments:

March 31, 2012 December 31, 2011
Carrying Carrying
(In thousands) Amount Fair Value Amount Fair Value
Balance sheet assets:
       Cash and cash equivalents $ 159,116 $ 159,116 $ 235,962 $ 235,962
       Investment securities 309,209 309,209 310,612 310,612
       Loans, net 677,410 683,080 658,611 665,348
       Accrued interest receivable 5,876 5,876 6,125 6,125
              Total       $      1,151,611       $      1,157,281       $      1,211,310       $      1,218,047
Balance sheet liabilities:
       Deposits $ 515,916 $ 516,430 $ 548,368 $ 548,985
       Accounts and drafts payable 574,990 574,990 595,201 595,201
       Accrued interest payable 155 155 159 159
              Total $ 1,091,061 $ 1,091,575 $ 1,143,728 $ 1,144,345
 

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:

Cash and Other Short-term Instruments – For cash and cash equivalents, accrued interest receivable, accounts and drafts payable and accrued interest payable, the carrying amount is a reasonable estimate of fair value because of the demand nature or short maturities of these instruments.

Investment in Securities – The fair value is measured using Level 2 valuations.

Loans – The fair value of loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities.

Deposits – The fair value of demand deposits, savings deposits and certain money market deposits is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities. The fair value estimates above do not include the benefit that results from the low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the market or the benefit derived from the customer relationship inherent in existing deposits.

There were no transfers between Levels 1 and 2 of the fair value hierarchy for the three months ended March 31, 2012 and 2011. No financial instruments are measured using Level 3 inputs for the three months ended March 31, 2012 and 2011.