XML 59 R43.htm IDEA: XBRL DOCUMENT v3.3.1.900
Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Carrying Amount And Estimated Fair Value Of Assets And Liabilities

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

 

 

 

 

Quoted prices

 

Significant

 

 

 

 

 

 

 

in active

 

other

 

Significant

 

 

 

 

 

markets for

 

observable

 

unobservable

   

Carrying

 

Estimated

 

identical assets

 

inputs

 

inputs

 

amount

 

fair value

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

(in thousands)

Investment securities available-for-sale

$                 1,070,098 

 

$                 1,070,098 

 

$                        - 

 

$             1,070,098 

 

$                    - 

Investment securities held-to-maturity

93,590 

 

91,599 

 

7,490 

 

76,552 

 

7,557 

Federal Home Loan and Atlantic Central Bankers Bank stock

1,062 

 

1,062 

 

 -

 

 -

 

1,062 

Commercial loans held for sale

489,938 

 

489,938 

 

 -

 

 -

 

489,938 

Loans, net

1,078,077 

 

1,068,718 

 

 -

 

 -

 

1,068,718 

Investment in unconsolidated entity, senior note

166,548 

 

166,548 

 

 -

 

 -

 

166,548 

Investment in unconsolidated entity, subordinated note

11,972 

 

11,972 

 

 -

 

 -

 

11,972 

Assets held for sale

583,909 

 

583,909 

 

 -

 

 -

 

583,909 

Demand and interest checking

3,602,376 

 

3,602,376 

 

3,602,376 

 

 -

 

 -

Savings and money market

383,832 

 

383,832 

 

383,832 

 

 -

 

 -

Time deposits

428,549 

 

428,711 

 

 -

 

 -

 

428,711 

Subordinated debentures

13,401 

 

8,529 

 

 -

 

 -

 

8,529 

Securities sold under agreements to repurchase

925 

 

925 

 

925 

 

 -

 

 -

Interest rate swaps, asset

43 

 

43 

 

 -

 

43 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

 

 

 

 

Quoted prices

 

Significant

 

 

 

 

 

 

 

in active

 

other

 

Significant

 

 

 

 

 

markets for

 

observable

 

unobservable

   

Carrying

 

Estimated

 

identical assets

 

inputs

 

inputs

 

amount

 

fair value

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

(in thousands)

Investment securities available-for-sale

$                 1,493,639 

 

$                 1,493,639 

 

$                66,287 

 

$             1,425,986 

 

$              1,366 

Investment securities held-to-maturity

93,765 

 

91,914 

 

7,448 

 

 -

 

84,466 

Securities purchased under agreements to resell

46,250 

 

46,250 

 

46,250 

 

 -

 

 -

Federal Home Loan and Atlantic Central Bankers Bank stock

1,002 

 

1,002 

 

 -

 

 -

 

1,002 

Commercial loans held for sale

217,080 

 

217,080 

 

 -

 

 -

 

217,080 

Loans, net

874,593 

 

869,871 

 

 -

 

 -

 

869,871 

Investment in unconsolidated entity, senior note

178,187 

 

178,187 

 

 -

 

 -

 

178,187 

Investment in unconsolidated entity, subordinated note

15,408 

 

15,408 

 

 -

 

 -

 

15,408 

Assets held for sale

887,929 

 

887,929 

 

 -

 

 -

 

887,929 

Demand and interest checking

4,289,586 

 

4,289,586 

 

4,289,586 

 

 -

 

 -

Savings and money market

330,798 

 

330,798 

 

330,798 

 

 -

 

 -

Time deposits

1,400 

 

1,412 

 

 -

 

 -

 

1,412 

Subordinated debentures

13,401 

 

8,042 

 

 -

 

 -

 

8,042 

Securities sold under agreements to repurchase

19,414 

 

19,414 

 

19,414 

 

 -

 

 -

Interest rate swaps, liability

942 

 

942 

 

 -

 

942 

 

 -

 

Changes In Company's Level 3 Assets

 

Fair Value Measurements Using

0

Significant Unobservable Inputs

 

(Level 3)

 

 

 

 

 

 

 

 

 

Available-for-sale

 

Commercial loans

 

securities

 

held for sale

 

December 31, 2015

 

December 31, 2014

 

December 31, 2015

 

December 31, 2014

Beginning balance

$                             1,366 

 

$                                551 

 

$                             217,080 

 

$                               69,904 

Transfers into level 3

 -

 

1,279 

 

 -

 

 -

Transfers out of level 3

 -

 

(551)

 

 -

 

 -

Total gains or losses (realized/unrealized)

 

 

 

 

 

 

 

Included in earnings

(23)

 

 -

 

1,677 

 

1,846 

Included in other comprehensive income

 -

 

87 

 

 -

 

 -

Purchases, issuances, and settlements

 

 

 

 

 

 

 

Purchases

 -

 

 -

 

 

 

 

Issuances

 -

 

 -

 

681,526 

 

630,165 

Sales

(1,343)

 

 -

 

(410,345)

 

(484,835)

Settlements

 -

 

 -

 

 -

 

 -

Ending balance

$                                     - 

 

$                             1,366 

 

$                             489,938 

 

$                             217,080 

 

 

 

 

 

 

 

 

The amount of total gains or losses for the period

 

 

 

 

 

 

 

included in earnings attributable to the change in

 

 

 

 

 

 

 

unrealized gains or losses relating to assets still

 

 

 

 

 

 

 

held at the reporting date.

$                                     - 

 

$                                     - 

 

$                                 4,321 

 

$                                 3,587 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements Using

 

 

 

 

 

 

Significant Unobservable Inputs

 

 

 

 

 

 

(Level 3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment in

 

 

 

 

 

 

unconsolidated entity

 

 

 

 

 

 

December 31, 2015

 

December 31, 2014

 

 

 

 

 

Beginning balance

$                          193,595 

 

$                                    - 

 

 

 

 

 

Transfers into level 3

 -

 

 -

 

 

 

 

 

Transfers out of level 3

 -

 

 -

 

 

 

 

 

Total gains or losses (realized/unrealized)

 

 

 

 

 

 

 

 

Included in earnings

(2,430)

 

 -

 

 

 

 

 

Included in other comprehensive income

 -

 

 -

 

 

 

 

 

Purchases, issuances, and settlements

 

 

 

 

 

 

 

 

Purchases

 -

 

193,595 

 

 

 

 

 

Issuances

 -

 

 -

 

 

 

 

 

Sales

 -

 

 -

 

 

 

 

 

Settlements

(12,645)

 

 -

 

 

 

 

 

Ending balance

$                          178,520 

 

$                        193,595 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The amount of total gains or losses for the period

 

 

 

 

 

 

 

 

included in earnings attributable to the change in

 

 

 

 

 

 

 

 

unrealized gains or losses relating to assets still

 

 

 

 

 

 

 

 

held at the reporting date.

$                            (2,430)

 

$                                    - 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value, Measurements, Recurring [Member]  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Assets Measured At Fair Value On A Recurring And Nonrecurring Basis

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

 

 

Quoted prices in active

 

Significant other

 

Significant

 

 

 

markets for identical

 

observable

 

unobservable

 

Fair value

 

assets

 

inputs

 

inputs

 

December 31, 2015

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

 

 

 

 

 

 

 

Investment securities available for sale

 

 

 

 

 

 

 

U.S. Government agency securities

$                            29,238 

 

$                                    - 

 

$                              29,238 

 

$                                        - 

Federally insured student loan securities

115,149 

 

 -

 

115,149 

 

 -

Obligations of states and political subdivisions

194,859 

 

 -

 

194,859 

 

 -

Residential mortgage-backed securities

450,107 

 

 -

 

450,107 

 

 -

Commercial mortgage-backed securities

58,303 

 

 -

 

58,303 

 

 -

Commercial loan obligation securities

70,492 

 

 -

 

70,492 

 

 -

Foreign debt securities

57,132 

 

 -

 

57,132 

 

 -

Other debt securities

94,818 

 

 -

 

94,818 

 

 -

Total investment securities available for sale

1,070,098 

 

 -

 

1,070,098 

 

 -

Loans held for sale

489,938 

 

 -

 

 -

 

489,938 

Investment in unconsolidated entity, senior note

166,548 

 

 -

 

 -

 

166,548 

Investment in unconsolidated entity, subordinated note

11,972 

 

 -

 

 -

 

11,972 

Interest rate swaps, asset

43 

 

 -

 

43 

 

 -

 

$                       1,738,599 

 

$                                    - 

 

$                         1,070,141 

 

$                            668,458 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

 

 

Quoted prices in active

 

Significant other

 

Significant

 

 

 

markets for identical

 

observable

 

unobservable

 

Fair value

 

assets

 

inputs

 

inputs

 

December 31, 2014

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities available for sale

 

 

 

 

 

 

 

U.S. Government agency securities

$                            16,561 

 

$                                    - 

 

$                              16,561 

 

$                                        - 

Federally insured student loan securities

126,012 

 

 -

 

126,012 

 

 -

Obligations of states and political subdivisions

612,648 

 

1,182 

 

611,466 

 

 -

Residential mortgage-backed securities

422,129 

 

 -

 

422,129 

 

 -

Commercial mortgage-backed securities

123,239 

 

 -

 

123,239 

 

 -

Foreign debt securities

66,878 

 

14,098 

 

52,235 

 

545 

Other debt securities

126,172 

 

51,007 

 

74,344 

 

821 

Total investment securities available for sale

1,493,639 

 

66,287 

 

1,425,986 

 

1,366 

Loans held for sale

217,080 

 

 -

 

 -

 

217,080 

Investment in unconsolidated entity, senior note

178,187 

 

 -

 

 -

 

178,187 

Investment in unconsolidated entity, subordinated note

15,408 

 

 -

 

 -

 

15,408 

Interest rate swaps, liability

942 

 

 -

 

942 

 

 -

 

$                       1,903,372 

 

$                          66,287 

 

$                         1,425,044 

 

$                            412,041 

 

Fair Value, Measurements, Nonrecurring [Member]  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Assets Measured At Fair Value On A Recurring And Nonrecurring Basis

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

 

 

Quoted prices in active

 

Significant other

 

Significant

 

 

 

markets for identical

 

observable

 

unobservable

 

 

 

assets

 

inputs

 

inputs (1)

Description

December 31, 2015

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

 

 

 

 

 

 

 

Impaired loans

$                             2,428 

 

$                                    - 

 

$                                       - 

 

$                               2,428 

Intangible assets

4,929 

 

 -

 

 -

 

4,929 

 

$                             7,357 

 

$                                    - 

 

$                                       - 

 

$                               7,357 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

 

 

Quoted prices in active

 

Significant other

 

Significant

 

 

 

markets for identical

 

observable

 

unobservable

 

Fair value

 

assets

 

inputs

 

inputs (1)

Description

December 31, 2014

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impaired loans

$                             2,450 

 

$                                    - 

 

$                                       - 

 

$                               2,450 

Intangible assets

6,228 

 

 -

 

 -

 

6,228 

 

$                             8,678 

 

$                                    - 

 

$                                       - 

 

$                               8,678 

(1)

The method of valuation approach for the impaired loans was the market value approach based upon appraisals of the underlying collateral by external appraisers, reduced by 7-10% for estimated selling costs. Intangible assets are valued based upon internal analyses.