Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v2.4.0.6
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2012
Fair Value Measurements [Abstract]  
Schedule of financial assets and liabilities measured at fair value on recurring basis
                                 
    Fair Value Measurements at December 31, 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

   $ —       $ 18     $ —       $ 18  

Securities available for sale:

                                

U.S. government and agency securities

     —         2,849       —         2,849  

Obligations of states and political subdivisions

     —         229,778       —         229,778  

Corporate and other bonds

     —         7,212       —         7,212  

Mortgage-backed securities

     —         342,174       —         342,174  

Other securities

     —         3,369       —         3,369  
         

LIABILITIES

                                
         

Interest rate swap - loans

   $ —       $ 18     $ —       $ 18  

Cash flow hedge - trust

     —         4,489       —         4,489  

 

                                 
    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 December 31, 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

   $ —       $ 167,698     $ —       $ 167,698  

Impaired loans

     —         —         30,104       30,104  

Other real estate owned

     —         —         32,834       32,834  

 

                                 
    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 quantitative information about Level 3 Fair Value Measurements
                         
    Fair Value Measurements at December 31, 2012  
    Fair Value    

Valuation Technique(s)

  

Unobservable Inputs

   Weighted
Average		  

ASSETS

                        
         

Commercial Construction

   $ 3,190     Market comparables   Discount applied to market comparables (1)     6 % 

Commercial Real Estate - Owner Occupied

     2,001     Market comparables   Discount applied to market comparables (1)     13 % 

Commercial Real Estate - Non-Owner Occupied

     13,100     Market comparables   Discount applied to market comparables (1)     9 % 

Raw Land and Lots

     7,300     Market comparables   Discount applied to market comparables (1)     6 % 

Single Family Investment Real Estate

     1,241     Market comparables   Discount applied to market comparables (1)     6 % 

Commercial and Industrial

     1,810     Market comparables   Discount applied to market comparables (1)     23 % 

Other (2)

     1,462     Market comparables   Discount applied to market comparables (1)     27 % 
   

 

 

                  

Total Impaired Loans

     30,104                  
         

Other real estate owned

     32,834     Market comparables   Discount applied to market comparables  (1)     33 % 
   

 

 

                  

Total

   $ 62,938                  
   

 

 

                  

 

(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, Mortgage, Consumer Construction, HELOCs, and Other Consumer.

Carrying values and estimated fair values of the Company's financial instruments
                                         
          Fair Value Measurements at December 31, 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

   $ 82,902     $ 82,902     $ —       $ —       $ 82,902  

Securities available for sale

     585,382       —         585,382       —         585,382  

Restricted stock

     20,687       —         20,687       —         20,687  

Loans held for sale

     167,698       —         167,698       —         167,698  

Net loans

     2,931,931       —         —         2,956,339       2,956,339  

Interest rate swap - loans

     18       —         18       —         18  

Accrued interest receivable

     19,663       —         19,663       —         19,663  
           

LIABILITIES

                                        

Deposits

   $ 3,297,767     $ —       $ 3,309,149     $ —       $ 3,309,149  

Borrowings

     329,395       —         309,019       —         309,019  

Accrued interest payable

     1,414       —         1,414       —         1,414  

Cash flow hedge - trust

     4,489       —         4,489       —         4,489  

Interest rate swap - loans

     18       —         18       —         18  

 

                                         
          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       —         —         2,794,914       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