Fair Value Of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value of Financial Instruments [Abstract]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]

For Level 3 assets and liabilities measured at fair value on a recurring and non-recurring basis as of September 30, 2013, the significant unobservable inputs used in the fair value measurements were as follows:



		Fair Value at September 30, 2013	Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Recurring:

Investment Securities – available for sale	$	16,273	Discounted Cash Flow	Discount Rate	Swap+16%; Range of Libor+ 6.00% to 18%

Cash Flow Hedge	$	(548)	Discounted Cash Flow	Reuters Third Party Market Quote	99.9% (weighted avg 99.9%)

Non-recurring:

Impaired Loans	$	10,865	Market Comparable Properties	Marketability Discount	10% (1) (weighted avg 10%)

OREO	$	6,365	Market Comparable Properties	Marketability Discount	10% (1) (weighted avg 10%)

NOTE:

(1)	Range would include discounts taken since appraisal and estimated values

Assets And Liabilities Measured At Fair Value On A Recurring And Nonrecurring Basis [Table Text Block]

For assets measured at fair value on a recurring and non-recurring basis, the fair value measurements by level within the fair value hierarchy used at September 30, 2013 and December 31, 2012 are as follows:


			Fair Value Measurements at
			September 30, 2013 Using
			(In Thousands)
		Assets Measured at Fair Value	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description		09/30/2013	(Level 1)		(Level 2)		(Level 3)
Recurring:
Investment securities available-for-sale:
U.S. government agencies	$	85,443		$	85,443
Residential mortgage-backed agencies	$	83,785		$	83,785
Commercial mortgage-backed agencies	$	27,281		$	27,281
Collateralized mortgage obligations	$	27,935		$	27,935
Obligations of states and political subdivisions	$	56,293		$	56,293
Collateralized debt obligations	$	16,273				$	16,273
Financial Derivative	$	(548)				$	(548)
Non-recurring:
Impaired loans	$	10,865				$	10,865
Other real estate owned	$	6,365				$	6,365



			Fair Value Measurements at
			December 31, 2012 Using
			(In Thousands)
		Assets Measured at Fair Value	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description		12/31/2012	(Level 1)		(Level 2)		(Level 3)
Recurring:
Investment securities available-for-sale:
U.S. government agencies	$	40,320		$	40,320
Residential mortgage-backed agencies	$	44,108		$	44,108
Commercial mortgage-backed agencies	$	37,618		$	37,618
Collateralized mortgage obligations	$	31,731		$	31,731
Obligations of states and political subdivisions	$	58,054		$	58,054
Collateralized debt obligations	$	11,442				$	11,442
Financial Derivative	$	(849)				$	(849)
Non-recurring:
Impaired loans	$	13,560				$	13,560
Other real estate owned	$	3,165				$	3,165

Reconciliation Of Fair Valued Assets Measured On A Recurring Basis [Table Text Block]

The following tables show a reconciliation of the beginning and ending balances for fair valued assets measured on a recurring basis using Level 3 significant unobservable inputs for the nine- and three- months ended September 30, 2013 and 2012:


		Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
		(In Thousands)

		Investment Securities		Cash Flow
		Available for Sale		Hedge
Beginning balance January 1, 2013	$	11,442	$	(849)
Total gains/(losses) realized/unrealized:
Included in other comprehensive income		4,831		301
Ending balance September 30, 2013	$	16,273	$	(548)

The amount of total gains or losses for the period
included in earnings attributable to the change in
realized/unrealized gains or losses related to assets
still held at the reporting date	$	0	$	0


		Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
		(In Thousands)

		Investment Securities		Cash Flow
		Available for Sale		Hedge
Beginning balance July 1, 2013	$	15,030	$	(619)
Total gains/(losses) realized/unrealized:
Included in other comprehensive income		1,243		71
Ending balance September 30, 2013	$	16,273	$	(548)

The amount of total gains or losses for the period
included in earnings attributable to the change in
realized/unrealized gains or losses related to assets
still held at the reporting date	$	0	$	0


		Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
		(In Thousands)

		Investment Securities		Cash Flow
		Available for Sale		Hedge
Beginning balance January 1, 2012	$	9,447	$	(1,034)
Total gains/(losses) realized/unrealized:
Included in other comprehensive income		585		88
Ending September 30, 2012	$	10,032	$	(946)

The amount of total gains or losses for the period
included in earnings attributable to the change in
realized/unrealized gains or losses related to assets
still held at the reporting date	$	0	$	0


		Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
		(In Thousands)

		Investment Securities		Cash Flow
		Available for Sale		Hedge
Beginning balance July 1, 2012	$	9,339	$	(955)
Total gains/(losses) realized/unrealized:
Included in other comprehensive income		693		9
Ending balance September 30, 2012	$	10,032	$	(946)

The amount of total gains or losses for the period
included in earnings attributable to the change in
realized/unrealized gains or losses related to assets
still held at the reporting date	$	0	$	0

Fair Value By Balance Sheet Grouping [Table Text Block]

The following tables present fair value information about financial instruments, whether or not recognized in the Consolidated Statement of Financial Condition, for which it is practicable to estimate that value. The actual carrying amounts and estimated fair values of the Corporation’s financial instruments that are included in the Consolidated Statement of Financial Condition are as follows:



	September 30, 2013					Fair Value Measurements
	Carrying		Fair		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Amount		Value		(Level 1)		(Level 2)		(Level 3)
Financial Assets:
Cash and due from banks	$	58,190	$	58,190	$	58,190
Interest bearing deposits in banks		13,345		13,345		13,345
Investment securities - AFS		297,010		297,010			$	280,737	$	16,273
Investment securities - HTM		3,900		3,536						3,536
Restricted Bank stock		7,913		7,913				7,913
Loans, net		821,057		825,215						825,215
Accrued interest receivable		3,988		3,988				3,988

Financial Liabilities:
Deposits – non-maturity		630,545		630,545				630,545
Deposits – time deposits		343,848		350,711				350,711
Short-term borrowed funds		59,106		59,106				59,106
Long-term borrowed funds		182,688		189,430				189,430
Accrued interest payable		7,199		7,199				7,199
Financial derivative		548		548						548
Off balance sheet financial instruments		0		0		0



	December 31, 2012					Fair Value Measurements
	Carrying		Fair		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Amount		Value		(Level 1)		(Level 2)		(Level 3)
Financial Assets:
Cash and due from banks	$	71,290	$	71,290	$	71,290
Interest bearing deposits in banks		11,778		11,778		11,778
Investment securities - AFS		223,273		223,273			$	211,831	$	11,442
Investment securities - HTM		4,040		4,347						4,347
Restricted Bank stock		8,349		8,349				8,349
Loans, net		858,782		865,405						865,405
Accrued interest receivable		4,494		4,494				4,494

Financial Liabilities:
Deposits- non-maturity		593,224		593,224				593,224
Deposits- time deposits		383,660		392,155				392,155
Short-term borrowed funds		39,257		39,257				39,257
Long-term borrowed funds		182,735		190,531				190,531
Accrued interest payable		5,415		5,415				5,415
Financial derivative		849		849						849
Off balance sheet financial instruments		0		0		0

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References+ Details

- 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+ Details

- 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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