Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v2.4.0.6
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2012
Fair Value Measurements [Abstract]  
Schedule of financial assets and liabilities measured at fair value on recurring basis
                                 
    Fair Value Measurements at September 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

   $ —       $ 39     $ —       $ 39  

Securities available for sale:

                                

U.S. government and agency securities

     —         3,027       —         3,027  

Obligations of states and political subdivisions

     —         214,363       —         214,363  

Corporate and other bonds

     —         9,257       —         9,257  

Mortgage-backed securities

     —         392,065       —         392,065  

Other securities

     —         3,355       —         3,355  
         

LIABILITIES

                                

Interest rate swap - loans

   $ —       $ 39     $ —       $ 39  

Cash flow hedge - trust

     —         4,785       —         4,785  
   
    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 September 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

   $ —       $ 141,965     $ —       $ 141,965  

Impaired loans

     —         —         36,555       36,555  

Other real estate owned

     —         —         34,440       34,440  
   
    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 September 30, 2012  
    Impaired Loans     Other Real Estate Owned  

Balance - January 1, 2012

   $ 63,423     $ 32,263  

Total gains (losses) realized/unrealized:

                

Included in earnings

     —         (442 ) 

Additions

     25,802       11,766  

Sales

     —         (9,147 ) 

Net decrease (1)

     (52,670 )      —    
   

 

 

    

 

 

  

Balance - September 30, 2012

   $ 36,555     $ 34,440  
   

 

 

    

 

 

  

 

(1) Includes payments, upgrades, charge-offs, and foreclosures.
Summary of quantitative information about Level 3 Fair Value Measurements
                                 
    Fair Value Measurements at September 30, 2012  
    Fair Value     Valuation Technique(s)     Unobservable Inputs     Weighted
Average		  

ASSETS

                               

Commercial Construction

   $ 2,922       Market comparables       Discount applied to market comparables  (1)       8 % 

Commercial Real Estate - Owner Occupied

     2,053       Market comparables       Discount applied to market comparables  (1)       13 % 

Commercial Real Estate - Non-Owner Occupied

     13,120       Market comparables       Discount applied to market comparables  (1)       7 % 

Raw Land and Lots

     9,420       Market comparables       Discount applied to market comparables  (1)       4 % 

Single Family Investment Real Estate

     1,541       Market comparables       Discount applied to market comparables  (1)       2 % 

Commercial and Industrial

     6,348       Market comparables       Discount applied to market comparables  (1)       5 % 

Other (2)

     1,151       Market comparables       Discount applied to market comparables  (1)       22 % 
   

 

 

                          

Total Impaired Loans

    36,555                          

Other real estate owned

     34,440       Market comparables       Discount applied to market comparables  (1)       31 % 
   

 

 

                          

Total

  $ 70,995                          
   

 

 

                          

 

(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 Other Commercial, Consumer Construction, Indirect Marine, HELOCs, and Other Consumer.

Carrying values and estimated fair values of the Company's financial instruments
                                         
          Fair Value Measurements at September 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

   $ 62,334     $ 62,334     $ —       $ —       $ 62,334  

Securities available for sale

     622,067       —         622,067       —         622,067  

Restricted stock

     20,687       —         20,687       —         20,687  

Loans held for sale

     141,965       —         141,965       —         141,965  

Net loans

     2,868,616       —         2,864,799       36,555       2,901,354  

Interest rate swap - loans

     39       —         39       —         39  

Accrued interest receivable

     18,565       —         18,565       —         18,565  
           

LIABILITIES

                                        

Deposits

   $ 3,199,779     $ —       $ 3,213,963     $ —       $ 3,213,963  

Borrowings

     350,686       —         332,484       —         332,484  

Accrued interest payable

     856       —         856       —         856  

Cash flow hedge - trust

     4,785       —         4,785       —         4,785  

Interest rate swap - loans

     39       —         39       —         39  

 

                                         
          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