Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value Measurements [Abstract]

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

	Level 1		Level 2		Level 3		Totals
September 30, 2012
Financial assets:
Securities available for sale:
Obligations of other U.S. Government agencies and corporations	$	—	$	2,447	$	—	$	2,447
Residential mortgage-backed securities:
Government agency mortgage backed securities		—		174,582		—		174,582
Government agency collateralized mortgage obligations		—		116,926		—		116,926
Commercial mortgage-backed securities:
Government agency mortgage backed securities		—		40,095		—		40,095
Government agency collateralized mortgage obligations		—		5,451		—		5,451
Trust preferred securities		—		—		15,342		15,342
Other debt securities		—		23,664		—		23,664
Other equity securities		—		3,033		—		3,033
Total securities available for sale		—		366,198		15,342		381,540
Derivative instruments:
Interest rate contracts		—		3,360		—		3,360
Interest rate lock commitments		—		2,862		—		2,862
Total derivative instruments		—		6,222		—		6,222
Mortgage loans held for sale		—		39,131		—		39,131
Total financial assets	$	—	$	411,551	$	15,342	$	426,893
Financial liabilities:
Derivative instruments:
Interest rate swap	$	—	$	2,234	$	—	$	2,234
Interest rate contracts		—		3,340		—		3,340
Forward commitments		—		1,819		—		1,819
Total derivative instruments		—		7,393		—		7,393
Total financial liabilities	$	—	$	7,393	$	—	$	7,393

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

	Level 1		Level 2		Level 3		Totals
December 31, 2011
Financial assets:
Securities available for sale:
Obligations of other U.S. Government agencies and corporations	$	—	$	17,395	$	—	$	17,395
Residential mortgage-backed securities:
Government agency mortgage backed securities		—		230,667		—		230,667
Government agency collateralized mortgage obligations		—		136,987		—		136,987
Commercial mortgage-backed securities:
Government agency mortgage backed securities		—		36,669		—		36,669
Government agency collateralized mortgage obligations		—		5,316		—		5,316
Trust preferred securities		—		—		12,785		12,785
Other debt securities		—		21,875		—		21,875
Other equity securities		—		—		2,237		2,237
Total securities available for sale		—		448,909		15,022		463,931
Derivative instruments:
Interest rate contracts		—		2,132		—		2,132
Interest rate lock commitments		—		1,197		—		1,197
Total derivative instruments		—		3,329		—		3,329
Total financial assets	$	—	$	452,238	$	15,022	$	467,260
Financial liabilities:
Derivative instruments:
Interest rate contracts	$	—	$	2,063	$	—	$	2,063
Forward commitments		—		427		—		427
Total derivative instruments		—		2,490		—		2,490
Total financial liabilities	$	—	$	2,490	$	—	$	2,490

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

	Securities available for sale
Three Months Ended September 30, 2012	Trust preferred securities		Other equity securities			Total
Balance at July 1, 2012	$	12,672	$	2,790		$	15,462
Realized gains (losses) included in net income		0		0			0
Unrealized gains (losses) included in other comprehensive income		2,670		243			2,913
Reclassification adjustment		—		—			—
Purchases		—		—			—
Sales		—		—			—
Issues		—		—			—
Settlements		—		—			—
Transfers into Level 3		—		—			—
Transfers out of Level 3		—		(3,033	)		(3,033	)
Balance at September 30, 2012	$	15,342	$	—		$	15,342

	Securities available for sale
Three Months Ended September 30, 2011	Trust preferred securities		Other equity securities			Total
Balance at July 1, 2011	$	1,473	$	27,910		$	29,383
Realized gains (losses) included in net income		0		82			82
Unrealized gains (losses) included in other comprehensive income		8,513		(353	)		8,160
Capitalization of interest		—		—			—
Additions through acquisition		—		—			—
Sales		—		—			—
Issues		—		—			—
Settlements		—		(695	)		(695	)
Transfers into Level 3		—		—			—
Transfers out of Level 3		—		(12,453	)		(12,453	)
Balance at September 30, 2011	$	9,986	$	14,491		$	24,477

	Securities available for sale
Nine Months Ended September 30, 2012	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 (losses) included in other comprehensive income		3,509			782			4,291
Reclassification adjustment		(952	)		—			(952	)
Purchases		—			—			—
Sales		—			—			—
Issues		—			—			—
Settlements		—			—			—
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			(3,033	)		(3,033	)
Balance at September 30, 2012	$	15,342		$	—		$	15,342

Financial instrument	Fair Value		Valuation Technique		Significant Unobservable Inputs	Range of Inputs
Trust preferred securities	$	15,342		Discounted cash flows	Default rate		0 -100	%

Impaired loans measured at fair value on a nonrecurring basis

September 30, 2012	Level 1		Level 2		Level 3		Totals
Impaired loans		—		—	$	25,291	$	25,291
OREO		—		—		33,956		33,956
Total	$	—	$	—	$	59,247	$	59,247

December 31, 2011	Level 1		Level 2		Level 3		Totals
Impaired loans		—		—	$	46,596	$	46,596
OREO		—		—		23,945		23,945
Total	$	—	$	—	$	70,541	$	70,541

OREO measured at fair value on a nonrecurring basis

	Securities available for sale
Nine Months Ended September 30, 2011	Trust preferred securities			Other equity securities			Total
Balance at January 1, 2011	$	1,433		$	29,841		$	31,274
Realized gains (losses) included in net income		(256	)		23			(233	)
Unrealized gains (losses) included in other comprehensive income		7,595			(77	)		7,518
Capitalization of interest		1,214			—			1,214
Additions through acquisition		—			1,194			1,194
Sales		—			—			—
Issues		—			—			—
Settlements		—			(4,037	)		(4,037	)
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			(12,453	)		(12,453	)
Balance at September 30, 2011	$	9,986		$	14,491		$	24,477

	September 30, 2012			December 31, 2011
OREO covered under loss-share agreements:
Carrying amount prior to remeasurement	$	20,208		$	7,111
Impairment recognized in results of operations		(1,081	)		(305	)
Increase in FDIC loss-share indemnification asset		(4,326	)		(1,221	)
Fair value	$	14,801		$	5,585
OREO not covered under loss-share agreements:
Carrying amount prior to remeasurement	$	20,538		$	25,252
Impairment recognized in results of operations		(1,383	)		(6,892	)
Fair value	$	19,155		$	18,360

Financial instrument	Fair Value		Valuation Technique	Significant Unobservable Inputs	Range of Inputs
Impaired loans	$	25,291	Appraised value of collateral less estimated costs to sell	Estimated costs to sell	4-10%
OREO		33,956	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

September 30, 2012	Aggregate Fair  Value		Aggregate Unpaid Principal Balance		Difference
Mortgage loans held for sale measured at fair value	$	39,131	$	37,604	$	1,527
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

			Fair Value
As of September 30, 2012	Carrying Value		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	118,418	$	118,418	$	—	$	—	$	118,418
Securities held to maturity		299,139		—		316,698		—		316,698
Securities available for sale		381,540		—		366,198		15,342		381,540
Mortgage loans held for sale		39,131		—		39,131		—		39,131
Loans covered under loss-share agreements		260,545		—		—		263,858		263,858
Loans not covered under loss-share agreements, net		2,495,549		—		—		2,529,182		2,529,182
FDIC loss-share indemnification asset		46,175		—		—		46,175		46,175
Derivative instruments		6,222		—		6,222		—		6,222
Financial liabilities
Deposits	$	3,396,028	$	4,605,979	$	1,214,293	$	—	$	5,820,272
Short-term borrowings		64,959		64,959		—		—		64,959
Federal Home Loan Bank advances		82,299		—		90,720		—		90,720
Junior subordinated debentures		75,649		—		28,480		—		28,480
Derivative instruments		7,393		—		7,393		—		7,393

As of December 31, 2011	Carrying Value		Fair Value
Financial assets
Cash and cash equivalents	$	209,017	$	209,017
Securities held to maturity		332,410		344,618
Securities available for sale		463,931		463,931
Mortgage loans held for sale		28,222		28,222
Loans covered under loss-share agreements		339,462		351,318
Loans not covered under loss-share agreements, net		2,197,282		2,220,159
FDIC loss-share indemnification asset		107,754		107,754
Derivative instruments		3,329		3,329
Financial liabilities
Deposits	$	3,412,237	$	3,420,775
Short-term borrowings		11,485		11,485
Federal Home Loan Bank advances		117,454		127,976
Junior subordinated debentures		75,770		28,832
TLGP Senior Note		50,000		50,384
Derivative instruments		2,490		2,490