XML 29 R37.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value (Tables)
3 Months Ended
Mar. 31, 2013
Fair Value  
Schedule of recorded amount of assets and liabilities measured at fair value on a recurring basis

 

 

 

 

Quoted Prices

 

 

 

 

 

 

 

 

 

In Active

 

Significant

 

 

 

 

 

 

 

Markets

 

Other

 

Significant

 

 

 

 

 

for Identical

 

Observable

 

Unobservable

 

 

 

 

 

Assets

 

Inputs

 

Inputs

 

(Dollars in thousands)

 

Fair Value

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

March 31, 2013:

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

$

290

 

$

 

$

290

 

$

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt

 

71,802

 

 

71,802

 

 

State and municipal obligations

 

148,897

 

 

145,083

 

3,814

 

Mortgage-backed securities

 

289,741

 

 

289,741

 

 

Corporate stocks

 

412

 

387

 

25

 

 

Total securities available for sale

 

510,852

 

387

 

506,651

 

3,814

 

 

 

$

511,142

 

$

387

 

$

506,941

 

$

3,814

 

Liabilities

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

$

1,692

 

$

 

$

1,692

 

$

 

 

 

 

 

 

 

 

 

 

 

December 31, 2012:

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

$

312

 

$

 

$

312

 

$

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt

 

88,518

 

 

88,518

 

 

State and municipal obligations

 

152,799

 

 

148,948

 

3,851

 

Mortgage-backed securities

 

293,187

 

 

293,187

 

 

Corporate stocks

 

379

 

354

 

25

 

 

Total securities available for sale

 

534,883

 

354

 

530,678

 

3,851

 

 

 

$

535,195

 

$

354

 

$

530,990

 

$

3,851

 

Liabilities

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

$

1,813

 

$

 

$

1,813

 

$

 

 

 

 

 

 

 

 

 

 

 

March 31, 2012:

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt

 

$

66,378

 

$

 

$

66,378

 

$

 

State and municipal obligations

 

42,008

 

 

42,008

 

 

Mortgage-backed securities

 

213,809

 

 

213,809

 

 

Corporate stocks

 

393

 

368

 

25

 

 

Total securities available for sale

 

$

322,588

 

$

368

 

$

322,220

 

$

 

Liabilities

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

$

1,280

 

$

 

$

1,280

 

$

 

Schedule of reconciliation of the beginning and ending balances of Level 3 assets and liabilities recorded at fair value on a recurring basis

 

 

 

 

 

 

(Dollars in thousands)

 

Assets

 

Liabilities

 

 

 

 

 

 

 

Fair value, January 1, 2013

 

$

3,851

 

$

 

Change in unrealized loss recognized in other comprehensive income

 

 

 

Total realized losses included in income

 

 

 

Other-than-temporary impairment losses recognized in income

 

 

 

Purchases, issuances and settlements, net

 

(37

)

 

Transfers in and/or out of level 3

 

 

 

Fair value, March 31, 2013

 

$

3,814

 

$

 

Schedule of amounts of assets and liabilities measured at fair value on a nonrecurring basis

 

 

 

 

Quoted Prices

 

 

 

 

 

 

 

 

 

In Active

 

Significant

 

 

 

 

 

 

 

Markets

 

Other

 

Significant

 

 

 

 

 

for Identical

 

Observable

 

Unobservable

 

 

 

 

 

Assets

 

Inputs

 

Inputs

 

(Dollars in thousands)

 

Fair Value

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

March 31, 2013:

 

 

 

 

 

 

 

 

 

OREO

 

$

29,508

 

$

 

$

 

$

29,508

 

Non-acquired impaired loans

 

4,418

 

 

 

4,418

 

 

 

 

 

 

 

 

 

 

 

December 31, 2012:

 

 

 

 

 

 

 

 

 

OREO

 

$

66,505

 

$

 

$

 

$

66,505

 

Non-acquired impaired loans

 

42,356

 

 

 

42,356

 

 

 

 

 

 

 

 

 

 

 

March 31, 2012:

 

 

 

 

 

 

 

 

 

OREO

 

$

37,961

 

$

 

$

 

$

37,961

 

Non-acquired impaired loans

 

5,491

 

 

 

5,491

 

Quantitative Information about Level 3 Fair Value Measurements

 

 

 

 

 

 

General

 

 

 

Valuation Technique

 

Unobservable Input

 

Range

 

Nonrecurring measurements:

 

 

 

 

 

 

 

Impaired loans

 

Discounted appraisals

 

Collateral discounts

 

0-25

%

OREO

 

Discounted appraisals

 

Collateral discounts and estimated costs to sell

 

0-25

%

Schedule of estimated fair value, and related carrying amount, of the Company's financial instruments

 

 

Carrying

 

Fair

 

 

 

 

 

 

 

(Dollars in thousands)

 

Amount

 

Value

 

Level 1

 

Level 2

 

Level 3

 

March 31, 2013

 

 

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

495,869

 

$

495,869

 

$

495,869

 

$

 

$

 

Investment securities

 

533,255

 

534,212

 

8,192

 

522,206

 

3,814

 

Loans, net of allowance for loan losses, and loans held for sale

 

3,577,056

 

3,601,445

 

 

50,449

 

3,550,996

 

FDIC receivable for loss share agreements

 

124,340

 

86,049

 

 

 

86,049

 

Accrued interest receivable

 

10,669

 

10,669

 

 

3,068

 

7,601

 

Interest rate swap — non-designated hedge

 

290

 

290

 

 

290

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

4,219,356

 

4,119,850

 

 

4,119,850

 

 

Federal funds purchased and securities sold under agreements to repurchase

 

328,701

 

328,701

 

 

328,701

 

 

Other borrowings

 

54,638

 

55,712

 

 

55,712

 

 

Accrued interest payable

 

1,602

 

1,602

 

 

1,602

 

 

Interest rate swap — cash flow hedge

 

1,402

 

1,402

 

 

1,402

 

 

Interest rate swap — non-designated hedge

 

290

 

290

 

 

290

 

 

Off balance sheet financial instruments:

 

 

 

 

 

 

 

 

 

 

 

Commitments to extend credit

 

 

6,208

 

 

6,208

 

 

Standby letters of credit and financial guarantees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2012

 

 

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

380,730

 

$

380,730

 

$

380,730

 

$

 

$

 

Investment securities

 

560,091

 

561,204

 

10,122

 

547,231

 

3,851

 

Loans, net of allowance for loan losses, and loans held for sale

 

3,634,514

 

3,665,070

 

 

65,279

 

3,599,791

 

FDIC receivable for loss share agreements

 

146,171

 

101,898

 

 

 

101,898

 

Accrued interest receivable

 

8,190

 

8,190

 

 

8,190

 

 

Interest rate swap — non-designated hedge

 

312

 

312

 

 

312

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

4,298,360

 

4,216,800

 

 

4,216,800

 

 

Federal funds purchased and securities sold under agreements to repurchase

 

238,621

 

238,621

 

 

238,621

 

 

Other borrowings

 

54,897

 

57,903

 

 

57,903

 

 

Accrued interest payable

 

2,045

 

2,045

 

 

2,045

 

 

Interest rate swap — cash flow hedge

 

1,501

 

1,501

 

 

1,501

 

 

Interest rate swap — non-designated hedge

 

312

 

312

 

 

312

 

 

Off balance sheet financial instruments:

 

 

 

 

 

 

 

 

 

 

 

Commitments to extend credit

 

 

7,371

 

 

7,371

 

 

Standby letters of credit and financial guarantees

 

 

 

 

 

 

 

 

 

Carrying

 

Fair

 

 

 

 

 

 

 

(Dollars in thousands)

 

Amount

 

Value

 

Level 1

 

Level 2

 

Level 3

 

March 31, 2012

 

 

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

403,222

 

$

403,222

 

$

403,222

 

 

 

Investment securities

 

357,448

 

358,544

 

18,660

 

339,884

 

 

Loans, net of allowance for loan losses, and loans held for sale

 

2,759,202

 

2,787,818

 

 

34,706

 

2,753,112

 

FDIC receivable for loss share agreements

 

231,331

 

143,643

 

 

 

143,643

 

Accrued interest receivable

 

9,253

 

9,253

 

 

9,253

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

3,356,637

 

3,324,145

 

 

3,324,145

 

 

Federal funds purchased and securities sold under agreements to repurchase

 

235,412

 

235,412

 

 

235,412

 

 

Other borrowings

 

46,397

 

49,128

 

 

49,128

 

 

Accrued interest payable

 

1,688

 

1,688

 

 

1,688

 

 

Interest rate swap — cash flow hedge

 

1,280

 

1,280

 

 

1,280

 

 

Off balance sheet financial instruments:

 

 

 

 

 

 

 

 

 

 

 

Commitments to extend credit

 

 

7,025

 

 

7,025

 

 

Standby letters of credit and financial guarantees