Fair Value Of Financial Instruments (Tables)
3 Months Ended
Mar. 31, 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 March 31, 2013, the significant unobservable inputs used in the fair value measurements were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value at March 31, 2013

Valuation Technique

Significant Unobservable Inputs

Significant Unobservable Input Value

Recurring:

 

 

 

 

 

 

 

 

 

 

 

Investment Securities – available for sale

$

13,798 

Discounted Cash Flow

Discount Rate

Swap+19%; Range of Libor+ 9% to 20%

 

 

 

 

 

 

Cash Flow Hedge

$

(748)

Discounted Cash Flow

Reuters Third Party Market Quote

99.9%                       (weighted avg 99.9%)

 

 

 

 

 

 

Non-recurring:

 

 

 

 

 

 

 

 

 

 

 

Impaired Loans

$

14,763 

Market Comparable Properties

Marketability Discount

10% (1)                (weighted avg 10%)

 

 

 

 

 

 

OREO

$

38 

Market Comparable Properties

Marketability Discount

10%  (1)                (weighted avg 10%)

 

(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 March 31, 2013 and December 31, 2012 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at

 

 

 

 

March 31, 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

 

3/31/2013

 

(Level 1)

 

(Level 2)

 

(Level 3)

Recurring:

 

 

 

 

 

 

 

 

Investment securities available-for-sale:

 

 

 

 

 

 

 

 

  U.S. government agencies

$

47,228 

 

 

$

47,228 

 

 

  Residential mortgage-backed agencies

$

81,418 

 

 

$

81,418 

 

 

  Commercial mortgage-backed agencies

$

15,026 

 

 

$

15,026 

 

 

  Collateralized mortgage obligations

$

23,279 

 

 

$

23,279 

 

 

  Obligations of states and political subdivisions

$

58,691 

 

 

$

58,691 

 

 

  Collateralized debt obligations

$

13,798 

 

 

 

 

$

13,798 

Financial Derivative

$

(748)

 

 

 

 

$

(748)

Non-recurring:

 

 

 

 

 

 

 

 

Impaired loans

$

14,763 

 

 

 

 

$

14,763 

Other real estate owned

$

38 

 

 

 

 

$

38 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 three months ended March 31, 2013 and 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements 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 realized/unrealized:

 

 

 

 

      Included in other comprehensive income

 

2,356 

 

101 

Ending balance March 31, 2013

$

13,798 

$

(748)

 

 

 

 

 

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 Measurements 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 realized/unrealized:

 

 

 

 

      Included in other comprehensive income

 

507 

 

46 

Ending balance March 31, 2012

$

9,954 

$

(988)

 

 

 

 

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 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

$

71,592 

$

71,592 

$

71,592 

 

 

 

 

Interest bearing deposits in banks

 

13,236 

 

13,236 

 

13,236 

 

 

 

 

Investment securities - AFS

 

239,440 

 

239,440 

 

 

$

225,642 

$

13,798 

Investment securities - HTM

 

4,040 

 

4,318 

 

 

 

 

 

4,318 

Restricted Bank stock

 

7,853 

 

7,853 

 

 

 

7,853 

 

 

Loans, net

 

843,644 

 

849,518 

 

 

 

 

 

849,518 

Accrued interest receivable

 

4,059 

 

4,059 

 

 

 

4,059 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

Deposits – non-maturity

 

611,585 

 

574,093 

 

 

 

574,093 

 

 

Deposits – time deposits

 

364,215 

 

372,857 

 

 

 

372,857 

 

 

Short-term borrowed funds

 

38,633 

 

38,633 

 

 

 

38,633 

 

 

Long-term borrowed funds

 

182,720 

 

190,311 

 

 

 

190,311 

 

 

Accrued interest payable

 

5,881 

 

5,881 

 

 

 

5,881 

 

 

Financial derivative

 

748 

 

748 

 

 

 

 

 

748 

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