v2.4.0.6

Fair Value Accounting and Measurement (Tables)

12 Months Ended

Dec. 31, 2011

Fair Value Disclosures [Abstract]

Financial Assets And Liabilities Accounted For Fair Value On Recurring Basis

The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at December 31, 2011 and 2010 by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

		Fair value at December 31, 2011				Fair Value Measurements at Reporting Date Using
						Level 1				Level 2				Level 3
		(in thousands)
Assets
Securities available for sale
U.S. government agency and sponsored enterprise mortgage-back securities and collateralized mortgage obligations		$	695,954			$	—			$	695,954			$	—
State and municipal securities		285,763				—				285,763				—
U.S. government agency and government-sponsored enterprise securities		43,063				—				43,063				—
Other securities		3,330				—				3,330				—
Total securities available for sale		$	1,028,110			$	—			$	1,028,110			$	—
Other assets (Interest rate contracts)		$	16,302			$	—			$	16,302			$	—
Liabilities
Other liabilities (Interest rate contracts)		$	16,302			$	—			$	16,302			$	—

		Fair value  at December 31, 2010				Fair Value Measurements at Reporting Date Using
						Level 1				Level 2				Level 3
		(in thousands)
Assets
Securities available for sale
U.S. government agency and sponsored enterprise mortgage-back securities and collateralized mortgage obligations		$	506,642			$	—			$	506,642			$	—
State and municipal debt securities		253,981				—				253,981				—
Other securities		3,243				—				3,243				—
Total securities available for sale		$	763,866			$	—			$	763,866			$	—
Other assets (Interest rate contracts)		$	10,167			$	—			$	10,167			$	—
Liabilities
Other liabilities (Interest rate contracts)		$	10,167			$	—			$	10,167			$	—

Financial Assets Accounted For Fair Value On Nonrecurring Basis

The following table sets forth the Company’s assets that were measured using fair value estimates on a nonrecurring basis at December 31, 2011 and 2010:

		Fair value  at December 31, 2011				Fair Value Measurements at Reporting Date Using												Losses During the Year Ended December 31, 2011
						Level 1				Level 2				Level 3
		(in thousands)
Impaired loans		$	17,755			$	—			$	—			$	17,755			$	5,841
Noncovered OREO		11,233				—				—				11,233				3,089
Covered OREO		2,442				—				—				2,442				644
		$	31,430			$	—			$	—			$	31,430			$	9,574

		Fair value  at December 31, 2010				Fair Value Measurements at Reporting Date Using												Losses During the Year Ended December 31, 2010
						Level 1				Level 2				Level 3
		(in thousands)
Impaired loans		$	65,226			$	—			$	—			$	65,226			$	13,906
Noncovered OREO		18,266				—				—				18,266				4,155
Covered OREO		1,422				—				—				1,422				263
		$	84,914			$	—			$	—			$	84,914			$	18,324

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as Level 3. Activity in Level 3 assets measured at fair value on a recurring basis for the year ended December 31, 2011 is summarized in the following table:

		Securities available for sale - State and municipal securities
		(in thousands)
Beginning balance, January 1, 2011		$	—
Transfers into Level 3 (1)		2,950
Impairment loss included in earnings		(2,950		)
Ending Balance, December 31, 2011		$	—

_____________

(1) Transfers into Level 3 were due to a municipal security that had been categorized previously at a higher level, but the inputs to the fair value calculation for the municipal security became unobservable as the security defaulted on its principal repayment and was no longer actively traded.

Fair Value, by Balance Sheet Grouping

The following table summarizes carrying amounts and estimated fair values of selected financial instruments:

		December 31, 2011								December 31, 2010
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
		(in thousands)
Assets
Cash and due from banks		$	91,364			$	91,364			$	55,492			$	55,492
Interest-earning deposits with banks		202,925				202,925				458,638				458,638
Securities available for sale		1,028,110				1,028,110				763,866				763,866
FHLB stock		22,215				22,215				17,908				17,908
Loans held for sale		2,148				2,148				754				754
Loans		2,827,259				2,957,345				2,371,822				2,525,113
FDIC loss-sharing asset		175,071				71,788				205,991				205,991
Interest rate contracts		16,302				16,302				10,167				10,167
Liabilities
Deposits		$	3,815,529			$	3,817,013			$	3,327,269			$	3,330,616
FHLB advances		119,009				119,849				119,405				122,722
Repurchase agreements		25,000				26,580				25,000				27,251
Other borrowings		—				—				642				642
Long-term subordinated debt		—				—				25,735				20,156
Interest rate contracts		16,302				16,302				10,167				10,167

X

- Definition

Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets and liabilities that are measured on a recurring and/or nonrecurring basis.

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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