Fair Value (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value Tables

Financial instruments that were measured at fair value on a recurring and nonrecurring basis

The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring and nonrecurring basis at September 30, 2012.

($ in thousands)
Description of Financial Instruments	Fair Value at September 30, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Recurring
Securities available for sale:
Government-sponsored enterprise securities	$	20,614		—		20,614		—
Mortgage-backed securities		128,533		—		128,533		—
Corporate bonds		3,857		—		3,857		—
Equity securities		8,403		454		7,949		—
Total available for sale securities	$	161,407		454		160,953		—
Nonrecurring
Impaired loans – covered	$	55,564		—		—		55,564
Impaired loans – non-covered		107,935		—		—		107,935
Foreclosed real estate – covered		58,367		—		58,367		—
Foreclosed real estate – non-covered		38,065		—		38,065		—

The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring and nonrecurring basis at December 31, 2011.

($ in thousands)
Description of Financial Instruments	Fair Value at December 31, 2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Recurring
Securities available for sale:
Government-sponsored enterprise securities	$	34,665		—		34,665		—
Mortgage-backed securities		124,105		—		124,105		—
Corporate bonds		12,488		—		12,488		—
Equity securities		11,368		398		10,969		—
Total available for sale securities	$	182,626		398		182,227		—
Nonrecurring
Impaired loans – covered	$	55,690		—		55,690		—
Impaired loans – non-covered		85,286		—		85,286		—
Foreclosed real estate – covered		85,272		—		85,272		—
Foreclosed real estate – non-covered		37,023		—		37,023		—

The carrying amounts and estimated fair values of financial instruments

The carrying amounts and estimated fair values of financial instruments at September 30, 2012 and December 31, 2011 are as follows:

		September 30, 2012				December 31, 2011
($ in thousands)	Level in Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Cash and due from banks, noninterest-bearing	Level 1	$	79,991		79,991		80,341		80,341
Due from banks, interest-bearing	Level 1		202,693		202,693		135,218		135,218
Federal funds sold	Level 1		519		519		608		608
Securities available for sale	Level 2		161,407		161,407		182,626		182,626
Securities held to maturity	Level 2		56,123		61,877		57,988		62,754
Presold mortgages in process of settlement	Level 1		4,380		4,380		6,090		6,090
Loans – non-covered, net of allowance	Level 3		2,091,920		2,048,424		2,033,542		1,987,979
Loans – covered, net of allowance	Level 3		299,603		299,603		355,426		355,426
FDIC indemnification asset	Level 3		107,615		107,388		121,677		121,004
Accrued interest receivable	Level 1		10,720		10,720		11,779		11,779
Deposits	Level 2		2,834,464		2,838,106		2,755,037		2,759,504
Securities sold under agreements to repurchase	Level 2		—		—		17,105		17,105
Borrowings	Level 2		111,394		86,662		133,925		106,333
Accrued interest payable	Level 2		1,421		1,421		1,872		1,872