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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

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 March 31, 2013 and 2012, 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)
March 31, 2013
Securities available for sale		$	20,304			$	518,963			$	10,124			$	549,391
Derivative assets			—				3,424				—				3,424
Derivative liabilities			—				1,658				—				1,658
Loans held for sale			—				10,287				—				10,287
Mortgage servicing intangibles			—				—				709				709
March 31, 2012
Securities available for sale		$	—			$	543,069			$	9,373			$	552,442
Derivative assets			—				10,578				—				10,578
Derivative liabilities			—				8,576				—				8,576
Loans held for sale			—				15,585				—				15,585
Mortgage servicing intangibles			—				—				1,004				1,004

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 three months ended March 31, 2013 and 2012 were as follows:

		Three Months Ended March 31,
		2013				2012
		(Dollars in thousands)
Balance at the beginning of the year		$	10,779			$	13,225
Purchases, issuances and settlements			116				173
Sales			(15	)			(4,928	)
(Losses) gains included in earnings			(30	)			3,973
Total unrealized losses			(17	)			(2,066	)
Balance at the end of the period		$	10,833			$	10,377

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 period:

		Level 1				Level 2				Level 3				Total Fair Value				Gains (Losses)
		(Dollars in thousands)
Three Months Ended March 31, 2013
Impaired loans (less specific allowance)			—				—			$	40,852			$	40,852			$	—
Foreclosed assets			—				—			$	326			$	326			$	13
Other real estate owned			—				—			$	9,098			$	9,098			$	(87	)
Three Months Ended March 31, 2012
Impaired loans (less specific allowance)			—				—			$	46,243			$	46,243			$	—
Foreclosed assets			—				—			$	403			$	403			$	(1	)
Other real estate owned			—				—			$	12,005			$	12,005			$	(154	)

Estimated fair values of company's financial instruments

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

		March 31,
		2013								2012
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
		(Dollars in thousands)
FINANCIAL ASSETS
Cash and cash equivalents		$	1,716,052			$	1,716,052			$	1,836,954			$	1,836,954
Securities held for investment			16,099				16,317				21,359				21,788
Loans:
Loans (net of unearned interest)			3,219,967								3,049,376
Allowance for loan losses			(38,664	)							(37,633	)
Loans, net			3,181,303				3,240,479				3,011,743				3,047,715
FINANCIAL LIABILITIES
Deposits			5,174,512				5,200,273				5,152,856				5,186,324
Short-term borrowings			4,891				4,891				7,323				7,323
Long-term borrowings			11,040				11,010				13,403				13,440
Junior subordinated debentures			26,804				31,093				36,083				39,289
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments							1,556								1,197
Letters of credit							469								463

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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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-Publisher FASB

-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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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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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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