Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Fair values of financial assets and liabilities measured on a recurring basis

The following table presents assets and liabilities that are measured at fair value on a recurring basis as of the dates presented:

	Level 1		Level 2		Level 3		Totals
December 31, 2013
Financial assets:
Securities available for sale:
Obligations of other U.S. Government agencies and corporations	$	—	$	6,068	$	—	$	6,068
Residential mortgage-backed securities:
Government agency mortgage backed securities	—		259,992		—		259,992
Government agency collateralized mortgage obligations	—		146,545		—		146,545
Commercial mortgage-backed securities:
Government agency mortgage backed securities	—		42,041		—		42,041
Government agency collateralized mortgage obligations	—		5,066		—		5,066
Trust preferred securities	—		—		17,671		17,671
Other debt securities	—		19,554		—		19,554
Other equity securities	—		4,317		—		4,317
Total securities available for sale	—		483,583		17,671		501,254
Derivative instruments:
Interest rate swap	—		208		—		208
Interest rate contracts	—		1,812		—		1,812
Interest rate lock commitments	—		464		—		464
Forward commitments	—		335		—		335
Total derivative instruments	—		2,819		—		2,819
Mortgage loans held for sale	—		33,440		—		33,440
Total financial assets	$	—	$	519,842	$	17,671	$	537,513
Financial liabilities:
Derivative instruments:
Interest rate swap	$	—	$	1,428	$	—	$	1,428
Interest rate contracts	—		1,812		—		1,812
Interest rate lock commitments	—		52		—		52
Forward commitments	—		24		—		24
Total derivative instruments	—		3,316		—		3,316
Total financial liabilities	$	—	$	3,316	$	—	$	3,316

	Level 1		Level 2		Level 3		Totals
December 31, 2012
Financial assets:
Securities available for sale:
Obligations of other U.S. Government agencies and corporations	$	—	$	2,442	$	—	$	2,442
Residential mortgage-backed securities:
Government agency mortgage backed securities	—		144,817		—		144,817
Government agency collateralized mortgage obligations	—		117,521		—		117,521
Commercial mortgage-backed securities:
Government agency mortgage backed securities	—		45,058		—		45,058
Government agency collateralized mortgage obligations	—		5,407		—		5,407
Trust preferred securities	—		—		15,068		15,068
Other debt securities	—		22,930		—		22,930
Other equity securities	—		3,068		—		3,068
Total securities available for sale	—		341,243		15,068		356,311
Derivative instruments:
Interest rate contracts	—		3,083		—		3,083
Interest rate lock commitments	—		1,571		—		1,571
Total derivative instruments	—		4,654		—		4,654
Mortgage loans held for sale	$	—	$	34,845	$	—	$	34,845
Total financial assets	$	—	$	380,742	$	15,068	$	395,810
Financial liabilities:
Derivative instruments:
Interest rate swap	$	—	$	2,164	$	—	$	2,164
Interest rate contracts	—		3,152		—		3,152
Forward commitments	—		198		—		198
Total derivative instruments	—		5,514		—		5,514
Total financial liabilities	$	—	$	5,514	$	—	$	5,514

Reconciliation for assets and liabilities measured at fair value on a recurring basis

The following tables provide a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs:

	Securities available for sale
	Trust preferred securities			Other equity securities			Total
Balance at January 1, 2012	$	12,785		$	2,237		$	15,022
Realized gains (losses) included in net income	—			14			14
Unrealized gains included in other comprehensive income	4,081			782			4,863
Reclassification adjustment	(952		)	—			(952		)
Sales	—			—			—
Issues	—			—			—
Settlements	(846		)	—			(846		)
Transfers into Level 3	—			—			—
Transfers out of Level 3	—			(3,033		)	(3,033		)
Balance at December 31, 2012	$	15,068		$	—		$	15,068
Realized gains (losses) included in net income	—			—			—
Unrealized gains (losses) included in other comprehensive income	3,684			—			3,684
Sales	—			—			—
Issues	—			—			—
Settlements	(1,081		)	—			(1,081		)
Transfers into Level 3	—			—			—
Transfers out of Level 3	—			—			—
Balance at December 31, 2013	$	17,671		$	—		$	17,671

Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on recurring basis

The following table presents information as of December 31, 2013 about significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis:

Financial instrument	Fair Value		Valuation Technique	Significant Unobservable Inputs	Range of Inputs
Trust preferred securities	$	17,671	Discounted cash flows	Default rate	0-100%

Impaired loans measured at fair value on a nonrecurring basis

Consolidated Balance Sheets as of the dates presented and the level within the fair value hierarchy each is classified:

	Level 1		Level 2		Level 3		Totals
December 31, 2013
Impaired loans	$	—	$	—	$	11,900	$	11,900
OREO	—		—		36,306		36,306
Total	$	—	$	—	$	48,206	$	48,206

	Level 1		Level 2		Level 3		Totals
December 31, 2012
Impaired loans	$	—	$	—	$	20,178	$	20,178
OREO	—		—		33,761		33,761
Total	$	—	$	—	$	53,939	$	53,939

OREO measured at fair value on a nonrecurring basis

The following table presents OREO measured at fair value on a nonrecurring basis that was still held in the Consolidated Balance Sheets as of the dates presented:

	December 31, 2013			December 31, 2012
OREO covered under loss-share agreements:
Carrying amount prior to remeasurement	$	13,067		$	19,254
Impairment recognized in results of operations	(707		)	(901		)
Increase in FDIC loss-share indemnification asset	(2,829		)	(3,602		)
Receivable from other guarantor	(768		)	(41		)
Fair value	$	8,763		$	14,710
OREO not covered under loss-share agreements:
Carrying amount prior to remeasurement	$	30,436		$	22,277
Impairment recognized in results of operations	(2,893		)	(3,226		)
Fair value	$	27,543		$	19,051

Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on non recurring basis

The following table presents information as of December 31, 2013 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:

Financial instrument	Fair Value		Valuation Technique	Significant Unobservable Inputs	Range of Inputs
Impaired loans	$	11,900	Appraised value of collateral less estimated costs to sell	Estimated costs to sell	4-10%
OREO	$	36,306	Appraised value of property less estimated costs to sell	Estimated costs to sell	4-10%

Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value

The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of:

	Aggregate Fair  Value		Aggregate Unpaid Principal Balance		Difference
December 31, 2013
Mortgage loans held for sale measured at fair value	$	33,440	$	33,217	$	223
Past due loans of 90 days or more	—		—		—
Nonaccrual loans	—		—		—

Assets and liabilities not measured and reported at fair value on a recurring basis or nonrecurring basis

The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented:

			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
December 31, 2013
Financial assets
Cash and cash equivalents	$	246,648	$	246,648	$	—	$	—	$	246,648
Securities held to maturity	412,075		—		408,567		—		408,567
Securities available for sale	501,254		—		483,583		17,671		501,254
Mortgage loans held for sale	33,440		—		33,440		—		33,440
Loans covered under loss-share agreements	181,674		—		—		182,244		182,244
Loans not covered under loss-share agreements, net	3,651,679		—		—		3,590,446		3,590,446
FDIC loss-share indemnification asset	26,273		—		—		26,273		26,273
Mortgage servicing rights	8,994						9,840		9,840
Derivative instruments	2,818		—		2,818		—		2,818
Financial liabilities
Deposits	$	4,841,912	$	3,327,688	$	1,520,667	$	—	$	4,848,355
Short-term borrowings	2,283		2,283		—		—		2,283
Federal Home Loan Bank advances	75,405		—		80,989		—		80,989
Junior subordinated debentures	94,187		—		78,301		—		78,301
Derivative instruments	3,096		—		3,096		—		3,096

			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
December 31, 2012
Financial assets
Cash and cash equivalents	$	132,420	$	132,420	$	—	$	—	$	132,420
Securities held to maturity	317,766		—		334,475		—		334,475
Securities available for sale	356,311		—		341,243		15,068		356,311
Mortgage loans held for sale	34,845		—		34,845		—		34,845
Loans covered under loss-share agreements	237,088		—		—		235,890		235,890
Loans not covered under loss-share agreements, net	2,528,818		—		—		2,452,937		2,452,937
FDIC loss-share indemnification asset	44,153		—		—		44,153		44,153
Derivative instruments	4,654		—		4,654		—		4,654
Financial liabilities
Deposits	$	3,461,221	$	2,268,568	$	1,200,785	$	—	$	3,469,353
Short-term borrowings	5,254		5,254		—		—		5,254
Federal Home Loan Bank advances	83,843		—		99,870		—		99,870
Junior subordinated debentures	75,609		—		27,985		—		27,985
Derivative instruments	5,514		—		5,514		—		5,514