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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [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 June 30, 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)
June 30, 2013
Securities available for sale:
U.S. Treasury		$	20,158			$	—			$	—			$	20,158
U.S. Federal agencies			—				404,522				—				404,522
Mortgage-backed securities			—				16,031				—				16,031
States and political subdivisions			—				51,929				—				51,929
Other securities			—				3,446				9,827				13,273
Derivative assets			—				2,200				—				2,200
Derivative liabilities			—				991				—				991
Loans held for sale			—				12,044				—				12,044
Mortgage servicing intangibles			—				—				638				638
June 30, 2012
Securities available for sale:
U.S. Federal agencies		$	—			$	459,566			$	—			$	459,566
Mortgage-backed securities			—				24,709				—				24,709
States and political subdivisions			—				60,538				—				60,538
Other securities			—				—				10,487				10,487
Derivative assets			—				7,652				—				7,652
Derivative liabilities			—				5,648				—				5,648
Loans held for sale			—				16,612				—				16,612
Mortgage servicing intangibles			—				—				915				915

Changes in Level 3 Assets Measured at Estimated Fair Value on Recurring Basis

The changes in Level 3 assets measured at estimated fair value on a recurring basis during the six months ended June 30, 2013 and 2012 were as follows:

		Six Months Ended June 30,
		2013				2012
		(Dollars in thousands)
Balance at the beginning of the year		$	10,779			$	13,225
Purchases, issuances and settlements			239				1,739
Sales			(121	)			(5,154	)
(Losses) gains included in earnings			5				4,110
Total unrealized (losses) gains			(437	)			(2,518	)
Balance at the end of the period		$	10,465			$	11,402

Assets Measured at Fair Value on 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)
Six Months Ended June 30, 2013
Impaired loans (less specific allowance)			—				—			$	39,035			$	39,035			$	—
Foreclosed assets			—				—				511				511				29
Other real estate owned			—				—				7,992				7,992				(705	)
Six Months Ended June 30, 2012
Impaired loans (less specific allowance)			—				—			$	43,125			$	43,125			$	—
Foreclosed assets			—				—				135				135				(86	)
Other real estate owned			—				—				10,088				10,088				(1,067	)

Estimated Fair Values of Company's Financial Instruments

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

		June 30,
		2013								2012
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
		(Dollars in thousands)
FINANCIAL ASSETS
Cash and cash equivalents		$	1,720,239			$	1,720,239			$	1,763,908			$	1,763,908
Securities held for investment			14,511				14,654				19,734				20,104
Loans:
Loans (net of unearned interest)			3,245,084								3,065,439
Allowance for loan losses			(38,982	)							(37,436	)
Loans, net			3,206,102				3,238,652				3,028,003				3,092,725
FINANCIAL LIABILITIES
Deposits			5,150,411				5,175,528				5,099,648				5,121,335
Short-term borrowings			3,522				3,522				6,340				6,340
Long-term borrowings			9,964				9,906				11,329				11,431
Junior subordinated debentures			26,804				28,991				26,804				28,970
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments							1,574								1,321
Letters of credit							437								428

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- Definition

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).

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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, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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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