Annual report pursuant to Section 13 and 15(d)

FAIR VALUE MEASUREMENT (Tables)

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FAIR VALUE MEASUREMENT (Tables)
 12 Months Ended
Dec. 31, 2012
Financial Assets And Liabilities Carried At Fair Value On Recurring Basis

The following table presents the Company’s financial assets and financial liabilities carried at fair value on a recurring basis as of December 31, 2012 and December 31, 2011:

 

          Fair Value Measurements at December 31, 2012 Using  
    Quoted Prices in                    
    Active Markets     Significant Other     Significant        
    for Identical     Observable Inputs     Unobservable        
    Assets (Level 1)     (Level 2)     Inputs (Level 3)     Total  
Assets Measured on a Recurring Basis:   (In Thousands)  
Available-for-sale securities:                                
U.S. Treasury and government sponsored agencies   $ -     $ 28,386     $ -     $ 28,386  
Mortgage-backed securities     -       73,466       -       73,466  
State and municipal securities     -       118,177       -       118,177  
Corporate debt     -       13,848       -       13,848  
Interest rate swap agreements     -       389       -       389  
                                 
Liabilities Measured on a Recurring Basis:                                
Interest rate swap agreements   $ -     $ 389     $ -     $ 389  

 

          Fair Value Measurements at December 31, 2011 Using  
    Quoted Prices in                    
    Active Markets     Significant Other     Significant        
    for Identical     Observable Inputs     Unobservable        
    Assets (Level 1)     (Level 2)     Inputs (Level 3)     Total  
Assets Measured on a Recurring Basis:   (In Thousands)  
Available-for-sale securities                                
U.S. Treasury and government sponsored agencies   $ -     $ 99,622     $ -     $ 99,622  
Mortgage-backed securities     -       92,580       -       92,580  
State and municipal securities     -       100,526       -       100,526  
Corporate debt     -       1,081       -       1,081  
Interest rate swap agreements     -       617       -       617  
Interest rate cap     -       9       -       9  
Total assets at fair value   $ -     $ 294,435     $ -     $ 294,435  
                                 
Liabilities Measured on a Recurring Basis:                                
Interest rate swap agreements   $ -     $ 617     $ -     $ 617  
Financial Assets And Liabilities Carried At Fair Value On Nonrecurring Basis

The carrying amount and estimated fair value of the Company’s financial instruments were as follows::

 

          Fair Value Measurements at December 31, 2012 Using  
    Quoted Prices in                    
    Active Markets     Significant Other     Significant        
    for Identical     Observable     Unobservable        
    Assets (Level 1)     Inputs (Level 2)     Inputs (Level 3)     Total  
Assets Measured on a Nonrecurring Basis:   (In Thousands)  
Impaired loans, net of related allowance   $ -       -     $ 33,883     $ 33,883  
Other real estate owned and repossessed assets     -       -       9,685       9,685  
Total assets at fair value     -       -     $ 43,568     $ 43,568  

 

          Fair Value Measurements at December 31, 2011 Using  
    Quoted Prices in                    
    Active Markets     Significant Other     Significant        
    for Identical     Observable     Unobservable        
    Assets (Level 1)     Inputs (Level 2)     Inputs (Level 3)     Total  
Assets Measured on a Nonrecurring Basis:   (In Thousands)  
Impaired loans, net of related allowance   $ -     $ -     $ 33,072     $ 33,072  
Other real estate owned     -       -       12,275       12,275  
Total assets at fair value   $ -     $ -     $ 45,347     $ 45,347  
Carrying Amount And Estimated Fair Value Of Financial Instruments

The Company’s financial assets and financial liabilities which are carried at fair value were as follows:.

 

    December 31,  
    2012     2011  
    Carrying
Amount		     Fair Value     Carrying
Amount		     Fair Value  
    (In Thousands)  
Financial Assets:                                
Level 2 Inputs:                                
Debt securities available for sale   $ 233,877     $ 233,877     $ 293,809     $ 293,809  
Debt securities held to maturity     25,967       27,350       15,209       15,999  
Restricted equity securities     3,941       3,941       3,501       3,501  
Mortgage loans held for sale     25,826       25,826       17,859       17,859  
Bank owned life insurance contracts     57,014       57,014       40,390       40,390  
Derivatives     389       389       626       626  
                                 
Level 3 Inputs:                                
Loans, net   $ 2,336,924     $ 2,327,780     $ 1,808,712     $ 1,811,612  
                                 
Financial Liabilities:                                
Level 2 Inputs:                                
Deposits   $ 2,511,572     $ 2,516,320     $ 2,143,887     $ 2,150,308  
Other borrowings     19,917       19,917       4,954       5,377  
Subordinated debentures     15,050       15,050       30,514       27,402  
Derivatives     389       389       617       617