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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value Measurements [Abstract]

Fair value of financial assets and liabilities measured on recurring basis

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2012 and 2011, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
		(Dollars in thousands)
December 31, 2012
Securities available for sale		$	—			$	536,101			$	10,025			$	546,126
Derivative assets			—				3,521				—				3,521
Derivative liabilities			—				1,801				—				1,801
Loans held for sale			—				13,661				—				13,661
Mortgage servicing intangibles			—				—				754				754
December 31, 2011
Securities available for sale		$	—			$	580,338			$	12,162			$	592,500
Derivative assets			—				7,082				—				7,082
Derivative liabilities			—				5,420				—				5,420
Loans held for sale			—				12,126				—				12,126
Mortgage servicing intangibles			—				—				1,063				1,063

Changes in level 3 assets measured at estimated fair value on a recurring basis

The changes in Level 3 assets measured at estimated fair value on a recurring basis during the years ended December 31, 2012 and 2011 were as follows:

		2012				2011
		(Dollars in thousands)
Balance at the beginning of the year		$	13,225			$	10,837
Purchases, issuances and settlements			1,376				1,344
Sales			(6,050	)			(1,954	)
Gains included in earnings			4,606				1,288
Total unrealized (losses) gains			(2,378	)			1,710
Balance at the end of the year		$	10,779			$	13,225

Assets measured at fair value on a nonrecurring basis

The following table summarizes assets measured at fair value on a nonrecurring basis and the related gains or losses recognized during the year:

		Level 1				Level 2				Level 3				Total Fair Value				Gains (Losses)
		(Dollars in thousands)
Year Ended December 31, 2012
Impaired loans (less specific allowance)			—				—			$	40,681			$	40,681			$	—
Foreclosed assets			—				—				339				339				(118	)
Other real estate owned			—				—				9,227				9,227				(1,328	)
Year Ended December 31, 2011
Impaired loans (less specific allowance)			—				—			$	18,173			$	18,173			$	—
Foreclosed assets			—				—				531				531				(98	)
Other real estate owned			—				—				16,109				16,109				(617	)

Estimated fair values of company's financial instruments

The estimated fair values of the Company’s financial instruments are as follows:

		December 31,
		2012								2011
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
		(Dollars in thousands)
FINANCIAL ASSETS
Cash and cash equivalents		$	1,945,848			$	1,945,848			$	1,708,133			$	1,708,133
Securities held for investment			16,416				16,689				22,477				22,958
Loans:
Loans (net of unearned interest)			3,242,427								3,013,498
Allowance for loan losses			(38,725	)							(37,656	)
Loans, net			3,203,702				3,264,948				2,975,842				3,022,619
FINANCIAL LIABILITIES
Deposits			5,440,830				5,466,958				5,037,735				5,052,470
Short-term borrowings			4,571				4,571				8,274				8,274
Long-term borrowings			9,178				9,224				18,476				18,578
Junior subordinated debentures			26,804				28,144				36,083				39,300
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments							1,498								1,257
Letters of credit							440								419

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

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-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 33

-Subparagraph a, b

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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 (loss), 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, issues, 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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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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