Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v2.4.0.6
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2012
Fair Value Measurements [Abstract]  
Schedule of financial assets and liabilities measured at fair value on recurring basis
                                 
    Fair Value Measurements at June 30, 2012 using  
    Quoted Prices in
Active Markets
for Identical
Assets		     Significant Other
Observable
Inputs		     Significant
Unobservable
Inputs		        
    Level 1     Level 2     Level 3     Balance  

ASSETS

                                

Interest rate swap—loans

   $ —       $ 34     $ —       $ 34  

Securities available for sale:

                                

U.S. government and agency securities

     —         3,576       —         3,576  

Obligations of states and political subdivisions

     —         207,782       —         207,782  

Corporate and other bonds

     —         9,391       —         9,391  

Mortgage-backed securities

     —         403,511       —         403,511  

Other securities

     —         3,283       —         3,283  
         

LIABILITIES

                                

Interest rate swap—loans

   $ —       $ 34     $ —       $ 34  

Cash flow hedge—trust

     —         4,582       —         4,582  

 

                                 
    Fair Value Measurements at December 31, 2011 using  
    Quoted Prices in
Active Markets
for Identical
Assets		     Significant Other
Observable
Inputs		     Significant
Unobservable
Inputs		        
    Level 1     Level 2     Level 3     Balance  

ASSETS

                                

Interest rate swap—loans

   $ —       $ 66     $ —       $ 66  

Securities available for sale:

                                

U.S. government and agency securities

     —         4,284       —         4,284  

Obligations of states and political subdivisions

     —         200,207       —         200,207  

Corporate and other bonds

     —         12,240       —         12,240  

Mortgage-backed securities

     —         400,318       —         400,318  

Other securities

     —         3,117       —         3,117  
         

LIABILITIES

                                

Interest rate swap—loans

   $ —       $ 66     $ —       $ 66  

Cash flow hedge—trust

     —         4,293       —         4,293  
Schedule of financial assets measured at fair value on nonrecurring basis
                                 
    Fair Value Measurements at June 30, 2012 using  
    Quoted Prices in
Active Markets
for Identical
Assets		     Significant Other
Observable
Inputs		     Significant
Unobservable
Inputs		        
    Level 1     Level 2     Level 3     Balance  

ASSETS

                                

Loans held for sale

   $ —       $ 100,066     $ —       $ 100,066  

Impaired loans

     —         —         47,075       47,075  

Other real estate owned

     —         —         35,802       35,802  

 

                                 
    Fair Value Measurements at December 31, 2011 using  
    Quoted Prices in
Active Markets
for Identical
Assets		     Significant Other
Observable
Inputs		     Significant
Unobservable
Inputs		        
    Level 1     Level 2     Level 3     Balance  

ASSETS

                                

Loans held for sale

   $ —       $ 74,823     $ —       $ 74,823  

Impaired loans

     —         —         63,423       63,423  

Other real estate owned

     —         —         32,263       32,263  
Summary of changes in Level 3 assets measured at estimated fair value on a nonrecurring basis
                 
    Fair Value Measurements at June 30, 2012  
    Impaired Loans     Other Real Estate Owned  

Balance—January 1, 2012

   $ 63,423     $ 32,263  

Total gains (losses) realized/unrealized:

                

Included in earnings

     —         (206 ) 

Additions

     19,388       10,822  

Sales

     —         (7,077 ) 

Net Payments and Upgrades

     (35,736 )      —    
   

 

 

    

 

 

  

Balance—June 30, 2012

   $ 47,075     $ 35,802  
   

 

 

    

 

 

  
Summary of quantitative information about Level 3 Fair Value Measurements
                         
    Fair Value Measurements at June 30, 2012  
    Fair Value    

Valuation Technique(s)

  

Unobservable Inputs

   Weighted Average  

ASSETS

                        

Commercial Construction

   $ 12,021     Market comparables   Discount applied to market comparables (1)     15 % 

Commercial Real Estate—Owner Occupied

     4,780     Market comparables   Discount applied to market comparables (1)     9 % 

Commercial Real Estate—Non-Owner Occupied

     8,118     Market comparables   Discount applied to market comparables (1)     0 % 

Raw Land and Lots

     9,085     Market comparables   Discount applied to market comparables (1)     29 % 

Single Family Investment Real Estate

     4,076     Market comparables   Discount applied to market comparables (1)     7 % 

Commercial and Industrial

     8,062     Market comparables   Discount applied to market comparables (1)     9 % 

Other (2)

     933     Market comparables   Discount applied to market comparables (1)     15 % 
   

 

 

                  

Total Impaired Loans

     47,075                  
         

Other real estate owned

     35,802     Market comparables   Discount applied to market comparables (1)     31 % 
   

 

 

                  

Total

   $ 82,877                  
   

 

 

                  

 

(1) 

A discount percentage is applied based on age of independent appraisals, current market conditions, and experience within the local market.

(2) 

The “Other” category of the impaired loans section from the table above consists of Mortgage, Consumer Construction, HELOCs, and Other Consumer.

Carrying values and estimated fair values of the Company's financial instruments
                                         
          Fair Value Measurements at June 30, 2012 using  
          Quoted Prices in
Active Markets
for Identical
Assets		     Significant Other
Observable
Inputs		     Significant
Unobservable
Inputs		     Total Fair
Value		  
    Carrying Value     Level 1     Level 2     Level 3     Balance  

ASSETS

                                        

Cash and cash equivalents

   $ 72,384     $ 72,384     $ —       $ —       $ 72,384  

Securities available for sale

     627,543       —         627,543       —         627,543  

Restricted stock

     19,291       —         19,291       —         19,291  

Loans held for sale

     100,066       —         100,066       —         100,066  

Net loans

     2,846,805       —         2,807,105       47,075       2,854,180  

Interest rate swap—loans

     34       —         34       —         34  

Accrued interest receivable

     16,947       —         16,947       —         16,947  
           

LIABILITIES

                                        

Deposits

   $ 3,218,986     $ —       $ 3,233,300     $ —       $ 3,233,300  

Borrowings

     291,329       —         290,084       —         290,084  

Accrued interest payable

     911       —         911       —         911  

Cash flow hedge—trust

     4,582       —         4,582       —         4,582  

Interest rate swap—loans

     34       —         34       —         34  

 

                                         
          Fair Value Measurements at December 31, 2011 using  
          Quoted Prices in
Active Markets
for Identical
Assets		     Significant Other
Observable
Inputs		     Significant
Unobservable
Inputs		     Total Fair
Value		  
    Carrying Value     Level 1     Level 2     Level 3     Balance  

ASSETS

                                        

Cash and cash equivalents

   $ 96,659     $ 96,659     $ —       $ —       $ 96,659  

Securities available for sale

     620,166       —         620,166       —         620,166  

Restricted stock

     20,661       —         20,661       —         20,661  

Loans held for sale

     74,823       —         74,823       —         74,823  

Net loans

     2,779,113       —         2,731,491       63,423       2,794,914  

Interest rate swap—loans

     66       —         66       —         66  

Accrued interest receivable

     16,626       —         16,626       —         16,626  
           

LIABILITIES

                                        

Deposits

   $ 3,175,105     $ —       $ 3,191,256     $ —       $ 3,191,256  

Borrowings

     278,686       —         277,374       —         277,374  

Accrued interest payable

     1,865       —         1,865       —         1,865  

Cash flow hedge—trust

     4,293       —         4,293       —         4,293  

Interest rate swap—loans

     66       —         66       —         66