| 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, 2013 and December 31, 2012:
| | | | | Fair Value Measurements at December 31, 2013 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 | | $ | - | | $ | 32,274 | | $ | - | | $ | 32,274 | | | Mortgage-backed securities | | | - | | | 88,240 | | | - | | | 88,240 | | | State and municipal securities | | | - | | | 129,831 | | | - | | | 129,831 | | | Corporate debt | | | - | | | 15,875 | | | - | | | 15,875 | | | Total assets at fair value | | $ | - | | $ | 266,220 | | $ | - | | $ | 266,220 | | | | | | | | 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 | | | | | (In Thousands) | | | Assets Measured on a Recurring Basis: | | | | | 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 | | | Total assets at fair value | | $ | - | | $ | 234,266 | | $ | - | | $ | 234,266 | | | | | | | | | | | | | | | | | | Liabilities Measured on a Recurring Basis: | | | | | | | | | | | | | | | Interest rate swap agreements | | $ | - | | $ | 389 | | $ | - | | $ | 389 | |
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| 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, 2013 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 | | $ | - | | - | | $ | 25,696 | | $ | 25,696 | | | Other real estate owned and repossessed assets | | | - | | - | | | 12,861 | | | 12,861 | | | Total assets at fair value | | | - | | - | | $ | 38,557 | | $ | 38,557 | | | | | | | 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 | | | | | (In Thousands) | | | Assets Measured on a Nonrecurring Basis: | | | | | Impaired loans | | $ | - | | $ | - | | $ | 33,883 | | $ | 33,883 | | | Other real estate owned | | | - | | | - | | | 9,721 | | | 9,721 | | | Total assets at fair value | | $ | - | | $ | - | | $ | 43,604 | | $ | 43,604 | |
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| 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, | | | | | 2013 | | 2012 | | | | | Carrying
Amount | | Fair Value | | Carrying Amount | | Fair Value | | | | | | | | | | | | | | | | | | | | (In Thousands) | | | Financial Assets: | | | | | | | | | | | | | | | Level 2 Inputs: | | | | | | | | | | | | | | | Debt securities available for sale | | $ | 266,220 | | $ | 266,220 | | $ | 233,877 | | $ | 233,877 | | | Debt securities held to maturity | | | 32,274 | | | 31,315 | | | 25,967 | | | 27,350 | | | Restricted equity securities | | | 3,738 | | | 3,738 | | | 3,941 | | | 3,941 | | | Federal funds sold | | | 8,634 | | | 8,634 | | | 3,291 | | | 3,291 | | | Mortgage loans held for sale | | | 8,134 | | | 8,134 | | | 25,826 | | | 25,826 | | | Bank owned life insurance contracts | | | 69,008 | | | 69,008 | | | 57,014 | | | 57,014 | | | Derivatives | | | - | | | - | | | 389 | | | 389 | | | | | | | | | | | | | | | | | | Level 3 Inputs: | | | | | | | | | | | | | | | Loans, net | | $ | 2,828,205 | | $ | 2,825,924 | | $ | 2,336,924 | | $ | 2,327,780 | | | | | | | | | | | | | | | | | | Financial Liabilities: | | | | | | | | | | | | | | | Level 2 Inputs: | | | | | | | | | | | | | | | Deposits | | $ | 3,019,642 | | $ | 3,021,847 | | $ | 2,511,572 | | $ | 2,516,320 | | | Federal funds purchased | | | 174,380 | | | 174,380 | | | 117,065 | | | 117,065 | | | Other borrowings | | | 19,940 | | | 19,940 | | | 19,917 | | | 19,917 | | | Subordinated debentures | | | - | | | - | | | 15,050 | | | 15,050 | | | Derivatives | | | - | | | - | | | 389 | | | 389 | |
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