| Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis |
The table below presents the balance of financial assets and liabilities at December 31, 2013 measured at fair value on a recurring basis:
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Fair Value Measurements at Reporting Date Using
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Quoted Prices in Active Markets for Identical Assets
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Significant Other Observable Inputs
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Significant Unobservable Inputs
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(In thousands)
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Total
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(Level 1)
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(Level 2)
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(Level 3)
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Assets
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U.S. Treasury Obligations
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$
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100
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$
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0
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$
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100
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$
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0
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Agency MBSs
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99,271
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0
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99,271
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0
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Agency CMBSs
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17,638
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0
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17,638
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0
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Agency CMOs
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97,209
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0
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97,209
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0
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CLOs
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37,907
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0
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37,907
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0
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ABSs
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388
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0
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388
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0
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Interest rate swap agreements
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803
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0
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803
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0
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Total assets
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$
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253,316
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$
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0
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$
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253,316
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$
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0
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Liabilities
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Interest rate swap agreements
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1,529
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0
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1,529
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0
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Total liabilities
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$
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1,529
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$
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0
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$
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1,529
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$
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0
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The table below presents the balance of financial assets and liabilities at December 31, 2012 measured at fair value on a recurring basis:
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Fair Value Measurements at Reporting Date Using
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Quoted Prices in Active Markets for Identical Assets
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Significant Other Observable Inputs
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Significant Unobservable Inputs
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(In thousands)
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Total
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(Level 1)
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(Level 2)
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(Level 3)
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Assets
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U.S. Treasury Obligations
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$
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100
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$
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0
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$
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100
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$
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0
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U.S. Agency Obligations
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10,897
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0
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10,897
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0
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U.S. GSEs
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59,366
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0
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59,366
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0
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FHLB Obligations
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24,585
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0
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24,585
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0
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Agency MBSs
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148,767
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0
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148,767
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0
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Agency CMBSs
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5,029
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0
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5,029
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0
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Agency CMOs
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230,399
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0
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230,399
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0
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Non-Agency CMOs
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4,593
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0
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4,593
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0
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CLOs
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24,527
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0
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24,527
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0
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ABSs
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418
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0
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418
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0
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Interest rate swap agreements
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552
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0
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552
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0
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Total assets
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$
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509,233
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$
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0
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$
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509,233
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$
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0
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Liabilities
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Interest rate swap agreements
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1,610
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0
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1,610
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0
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Total liabilities
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$
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1,610
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$
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0
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$
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1,610
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$
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0
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| Fair Values Of Financial Instruments |
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Carrying
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(In thousands)
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Amount
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Fair Value
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Level 1
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Level 2
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Level 3
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Cash and cash equivalents
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$
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115,471
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$
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115,471
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$
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115,471
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$
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0
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$
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0
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Securities available for sale
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252,513
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252,513
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0
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252,513
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0
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Securities held to maturity
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140,826
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137,087
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0
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137,087
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0
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FHLB stock
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7,496
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N/A
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N/A
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N/A
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N/A
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Loans, net of allowance for loan losses
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1,154,191
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1,155,348
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0
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0
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1,155,348
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Interest rate swap agreement
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803
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803
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0
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803
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0
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Accrued interest receivable
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3,982
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3,982
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0
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958
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3,024
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Total
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$
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1,675,282
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$
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1,665,204
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$
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115,471
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$
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391,361
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$
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1,158,372
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Deposits
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$
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1,323,576
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$
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1,324,634
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$
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1,018,470
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$
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306,162
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$
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0
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Securities sold under agreement to repurchase
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250,314
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250,290
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0
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250,290
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0
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Other long-term debt
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2,403
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2,287
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0
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2,287
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0
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Junior subordinated debentures issued to unconsolidated subsidiary trust
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20,619
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14,189
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0
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14,189
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0
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Interest rate swap agreement
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1,529
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1,529
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0
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1,529
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0
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Accrued interest payable
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214
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214
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15
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199
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0
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Total
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$
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1,598,654
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$
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1,593,143
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$
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1,018,485
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$
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574,656
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$
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0
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The fair value of Merchants’ financial instruments as of December 31, 2012 are summarized in the table below:
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Carrying
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(In thousands)
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Amount
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Fair Value
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Level 1
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Level 2
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Level 3
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Cash and cash equivalents
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$
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77,228
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$
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77,228
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$
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77,228
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$
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0
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$
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0
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Securities available for sale
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508,681
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508,681
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0
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508,681
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0
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Securities held to maturity
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407
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454
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0
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454
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0
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FHLB stock
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8,145
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N/A
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N/A
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N/A
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N/A
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Loans, net of allowance for loan losses
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1,071,361
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1,096,188
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0
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0
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1,096,188
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Interest rate swap agreement
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552
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552
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0
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552
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0
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Accrued interest receivable
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4,368
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4,368
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0
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1,366
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3,002
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Total assets
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$
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1,670,742
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$
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1,687,471
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$
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77,228
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$
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511,053
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$
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1,099,190
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Deposits
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$
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1,271,080
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$
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1,273,573
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$
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940,682
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$
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332,891
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$
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0
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Securities sold under agreement to repurchase
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287,520
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287,837
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0
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287,837
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0
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Other long-term debt
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2,483
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2,502
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0
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2,502
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0
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Junior subordinated debentures issued to unconsolidated subsidiary trust
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20,619
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15,177
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0
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15,177
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0
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Interest rate swap agreement
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1,610
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1,610
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0
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1,610
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0
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Accrued interest payable
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195
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195
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0
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195
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0
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Total liabilities
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$
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1,583,507
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$
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1,580,894
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$
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940,682
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$
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640,212
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$
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0
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