Annual report pursuant to Section 13 and 15(d)

FAIR VALUE MEASUREMENT (Tables)

v3.6.0.2
FAIR VALUE MEASUREMENT (Tables)
12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
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, 2016 and December 31, 2015:
 
 
 
Fair Value Measurements at December 31, 2016 Using
 
 
 
Quoted Prices in
 
 
 
 
 
 
 
 
 
 
 
 
Active Markets
 
Significant Other
 
Significant
 
 
 
 
 
 
for Identical
 
Observable Inputs
 
Unobservable
 
 
 
 
 
 
Assets (Level 1)
 
(Level 2)
 
Inputs (Level 3)
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In Thousands)
 
Assets Measured on a Recurring Basis:
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and government sponsored agencies
 
$
-
 
$
46,254
 
$
-
 
$
46,254
 
Mortgage-backed securities
 
 
-
 
 
227,190
 
 
-
 
 
227,190
 
State and municipal securities
 
 
-
 
 
139,930
 
 
-
 
 
139,930
 
Corporate debt
 
 
-
 
 
9,001
 
 
-
 
 
9,001
 
Total assets at fair value
 
$
-
 
$
422,375
 
$
-
 
$
422,375
 
 
 
 
Fair Value Measurements at December 31, 2015 Using
 
 
 
Quoted Prices in
 
 
 
 
 
 
 
 
 
 
 
 
Active Markets
 
Significant Other
 
Significant
 
 
 
 
 
 
for Identical
 
Observable Inputs
 
Unobservable
 
 
 
 
 
 
Assets (Level 1)
 
(Level 2)
 
Inputs (Level 3)
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In Thousands)
 
Assets Measured on a Recurring Basis:
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and government sponsored agencies
 
$
-
 
$
45,009
 
$
-
 
$
45,009
 
Mortgage-backed securities
 
 
-
 
 
136,954
 
 
-
 
 
136,954
 
State and municipal securities
 
 
-
 
 
146,033
 
 
-
 
 
146,033
 
Corporate debt
 
 
-
 
 
14,942
 
 
-
 
 
14,942
 
Total assets at fair value
 
$
-
 
$
342,938
 
$
-
 
$
342,938
 
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, 2016 Using
 
 
 
Quoted Prices in
 
 
 
 
 
 
 
 
 
 
 
 
Active Markets
 
Significant Other
 
Significant
 
 
 
 
 
 
for Identical
 
Observable
 
Unobservable
 
 
 
 
 
 
Assets (Level 1)
 
Inputs (Level 2)
 
Inputs (Level 3)
 
Total
 
 
 
(In Thousands)
 
Assets Measured on a Nonrecurring Basis:
 
 
 
 
 
 
 
 
 
 
 
 
 
Impaired loans
 
$
-
 
 
-
 
$
37,437
 
$
37,437
 
Other real estate owned and repossessed assets
 
 
-
 
 
-
 
 
4,988
 
 
4,988
 
Total assets at fair value
 
 
-
 
 
-
 
$
42,425
 
$
42,425
 
 
 
 
Fair Value Measurements at December 31, 2015 Using
 
 
 
Quoted Prices in
 
 
 
 
 
 
 
 
 
 
 
 
Active Markets
 
 
Significant Other
 
 
Significant
 
 
 
 
 
 
for Identical
 
 
Observable
 
 
Unobservable
 
 
 
 
 
 
Assets (Level 1)
 
 
Inputs (Level 2)
 
 
Inputs (Level 3)
 
 
Total
 
 
 
(In Thousands)
 
Assets Measured on a Nonrecurring Basis:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Impaired loans
 
$
-
 
 
$
-
 
 
$
27,808
 
 
$
27,808
 
Other real estate owned
 
 
-
 
 
 
-
 
 
 
5,392
 
 
 
5,392
 
Total assets at fair value
 
$
-
 
 
$
-
 
 
$
33,200
 
 
$
33,200
 
Carrying Amount And Estimated Fair Value Of Financial Instruments
This table includes those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis.
 
 
 
December 31,
 
 
 
2016
 
2015
 
 
 
Carrying
Amount
 
Fair Value
 
Carrying
Amount
 
Fair Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In Thousands)
 
Financial Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1 Inputs:
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
623,562
 
$
623,562
 
$
317,450
 
$
317,450
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 2 Inputs:
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities available for sale
 
$
422,375
 
$
422,375
 
$
342,938
 
$
342,938
 
Debt securities held to maturity
 
 
25,052
 
 
25,431
 
 
27,426
 
 
27,910
 
Equity securities
 
 
1,024
 
 
1,024
 
 
4,954
 
 
4,954
 
Federal funds sold
 
 
160,435
 
 
160,435
 
 
34,785
 
 
34,785
 
Mortgage loans held for sale
 
 
4,675
 
 
4,736
 
 
8,249
 
 
8,249
 
Bank owned life insurance contracts
 
 
114,388
 
 
114,388
 
 
91,594
 
 
91,594
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 3 Inputs:
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities held to maturity
 
$
37,512
 
$
37,871
 
$
-
 
$
-
 
Loans, net
 
 
4,859,877
 
 
4,872,689
 
 
4,172,956
 
 
4,179,835
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 2 Inputs:
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits
 
$
5,420,311
 
$
5,417,320
 
$
4,223,888
 
$
4,223,181
 
Federal funds purchased
 
 
355,944
 
 
355,944
 
 
352,360
 
 
352,360
 
Other borrowings
 
 
55,262
 
 
54,203
 
 
55,637
 
 
54,480