XML 33 R29.htm IDEA: XBRL DOCUMENT v2.4.0.8
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2014
Fair Value Disclosures [Abstract]  
Financial assets and liabilities accounted for at fair value on a recurring basis
The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2014 and December 31, 2013, by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
March 31, 2014
Total
Fair Value
 
Quoted Prices
in Active Markets for
Identical Assets
 
Significant
Other Observable Inputs
 
Significant Unobservable Inputs
(dollars in thousands)
 
(Level 1)
 
(Level 2)
 
(Level 3)
Assets
 
 
 
 
 
 
 
U.S. Government agencies
$
1,004

 
$
—

 
$
1,004

 
$
—

State and municipal bonds
84,135

 
—

 
84,135

 
—

Agency mortgage-backed securities/ collateralized mortgage obligations
1,343,917

 
—

 
1,343,917

 
—

Non-agency collateralized mortgage obligations
3,349

 
—

 
3,349

 
—

Corporate securities and other
4,321

 
61

 
3,085

 
1,175

Marketable equity securities
5,578

 
4,512

 
—

 
1,066

Investment securities, available-for-sale
$
1,442,304

 
$
4,573

 
$
1,435,490

 
$
2,241

 
 
 
 
 
 
 
 
Interest rate swap agreements
$
20,119

 
$
—

 
$
20,119

 
$
—

 
 
 
 
 
 
 
 
Liabilities
 

 
 

 
 

 
 

Interest rate swap agreements
$
20,119

 
$
—

 
$
20,119

 
$
—

Forward sale commitments
290

 
—

 
290

 
—

Interest rate locks
42

 
—

 
42

 
—

 
 
 
 
 
 
 
 
December 31, 2013
Total
Fair Value
 
Quoted Prices
in Active Markets for
Identical Assets
 
Significant
Other Observable Inputs
 
Significant Unobservable Inputs
(dollars in thousands)
 
(Level 1)
 
(Level 2)
 
(Level 3)
Assets
 

 
 

 
 

 
 

U.S. Government agencies
$
990

 
$
—

 
$
990

 
$
—

State and municipal bonds
214,711

 
—

 
214,711

 
—

Agency mortgage-backed securities/ collateralized mortgage obligations
1,659,180

 
—

 
1,659,180

 
—

Non-agency collateralized mortgage obligations
4,258

 
—

 
4,258

 
—

Corporate securities and other
9,668

 
61

 
4,922

 
4,685

Marketable equity securities
5,300

 
4,241

 
—

 
1,059

Investment securities, available-for-sale
$
1,894,107

 
$
4,302

 
$
1,884,061

 
$
5,744

 
 
 
 
 
 
 
 
Interest rate swap agreements
$
21,624

 
$
—

 
$
21,624

 
$
—

 
 
 
 
 
 
 
 
Liabilities
 

 
 

 
 

 
 

Interest rate swap agreements
$
21,624

 
$
—

 
$
21,624

 
$
—

Forward sale commitments
84

 
—

 
84

 
—

Interest rate locks
42

 
—

 
42

 
—
Activity for assets measured at fair value on recurring basis
The following table presents activity for investment securities measured at fair value on a recurring basis for the three months ended March 31, 2014:
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
Beginning Balance
January 1, 2014
 
Gains/(losses)
included in
earnings (l)
 
Gains/(losses)
included in other
comprehensive
income
 
Purchases
 
Sales
 
Maturities/
Calls/Paydowns
 
Reclassified
Securities (m)
 
Transfers
 
Ending Balance
March 31, 2014
Corporate securities and other
$
61

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
61

Marketable equity securities
4,241

 
—

 
271

 
—

 
—

 
—

 
—

 
—

 
4,512

Total level 1
4,302

 
—

 
271

 
—

 
—

 
—

 
—

 
—

 
4,573

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 2
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies
990

 
—

 
14

 
—

 
—

 
—

 
—

 
—

 
1,004

State and municipal bonds
214,711

 
924

 
4,071

 
—

 
—

 
(3,690
)
 
(131,881
)
 
—

 
84,135

Agency mortgage-backed securities/ collateralized mortgage obligations
1,659,180

 
(1,036
)
 
19,688

 
81,144

 
—

 
(64,419
)
 
(350,640
)
 
—

 
1,343,917

Non-agency collateralized mortgage obligations
4,258

 
9

 
24

 
—

 
(476
)
 
(466
)
 
—

 
—

 
3,349

Corporate securities and other
4,922

 
—

 
174

 
—

 
—

 
—

 
(2,011
)
 
—

 
3,085

Total level 2
1,884,061

 
(103
)
 
23,971

 
81,144

 
(476
)
 
(68,575
)
 
(484,532
)
 
—

 
1,435,490

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 3
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate securities and other
4,685

 
2

 
41

 
—

 
—

 
—

 
(3,553
)
 
—

 
1,175

Marketable equity securities
1,059

 
—

 
7

 
—

 
—

 
—

 
—

 
—

 
1,066

Total level 3
5,744

 
2

 
48

 
—

 
—

 
—

 
(3,553
)
 
—

 
2,241

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total available-for-sale securities
$
1,894,107

 
$
(101
)
 
$
24,290

 
$
81,144

 
$
(476
)
 
$
(68,575
)
 
$
(488,085
)
 
$
—

 
$
1,442,304

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(l) Includes amortization/accretion
 
 
 
 
 
 
 
 
 
 
 
 
(m) Securities reclassified from available-for-sale to held-to-maturity at March 31, 2014. Refer to Footnote 3 for further details.
Fair Value Measurements, Nonrecurring
The following table sets forth the Company’s financial assets subject to fair value adjustments (impairment) on a non-recurring basis. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
(dollars in thousands)
 
 
Quoted Prices
in Active Markets for
Identical Assets
 
Significant
Other Observable Inputs
 
Significant Unobservable Inputs
March 31, 2014
Balance
 
(Level 1)
 
(Level 2)
 
(Level 3)
Loans held-for-sale
$
3,087

 
$
—

 
$
3,087

 
$
—

Impaired loans, net
43,706

 
—

 
—

 
43,706

OREO and other repossessed assets
2,138

 
—

 
—

 
2,138

 
 
 
 
 
 
 
 
December 31, 2013
 

 
 

 
 

 
 

Loans held-for-sale
$
4,951

 
$
—

 
$
4,951

 
$
—

Impaired loans, net
49,412

 
—

 
—

 
49,412

OREO and other repossessed assets
1,278

 
—

 
—

 
1,278
Carrying amount and fair value of assets and liabilities considered to be financial instruments
The estimation methodologies, resulting fair values and recorded carrying amounts are as follows:
 
March 31, 2014
 
December 31, 2013
(dollars in thousands)
Carrying Amount
 
Fair Value
 
Carrying Amount
 
Fair Value
Assets
 
 
 
 
 
 
 
Cash and cash equivalents
$
184,326

 
$
184,326

 
$
283,523

 
$
283,523

Investment securities available-for-sale
1,442,304

 
1,442,304

 
1,894,107

 
1,894,107

Investment securities held-to-maturity
918,340

 
936,088

 
438,445

 
452,202

Loans held-for-sale
5,171

 
5,503

 
4,951

 
5,077

Loans, net of allowance for loan losses
5,279,304

 
5,149,433

 
5,236,901

 
5,168,470

OREO and other repossessed assets
2,138

 
2,138

 
1,278

 
1,278

Interest rate swap agreements
20,119

 
20,119

 
21,624

 
21,624

 
 
 
 
 
 
 
 
Liabilities
 

 
 

 
 

 
 

Non-interest bearing deposits
$
1,028,572

 
$
1,028,572

 
$
970,051

 
$
970,051

Interest bearing deposits, non-maturity
3,895,427

 
3,895,427

 
3,852,036

 
3,852,036

Deposits with stated maturities
1,215,425

 
1,217,734

 
1,250,491

 
1,253,920

Customer repurchase agreements
561,170

 
561,170

 
551,736

 
551,736

Repurchase agreements
50,000

 
50,775

 
50,000

 
51,332

Federal Home Loan Bank advances
557,434

 
565,153

 
603,232

 
611,890

Subordinated debentures
77,321

 
77,321

 
77,321

 
77,321

Interest rate swap agreements
20,119

 
20,119

 
21,624

 
21,624

Forward sale commitments
290

 
290

 
84

 
84

Interest rate locks
42

 
42

 
42

 
42