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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 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 September 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)
September 30, 2013
Securities available for sale:
U.S. Treasury		$	—			$	—			$	—			$	—
U.S. Federal agencies			—				340,904				20,000				360,904
Mortgage-backed securities			—				14,455				19,501				33,956
States and political subdivisions			—				53,386				—				53,386
Other securities			—				3,421				10,760				14,181
Derivative assets			—				3,049				—				3,049
Derivative liabilities			—				1,886				—				1,886
Loans held for sale			—				4,934				—				4,934
Mortgage servicing intangibles			—				—				595				595
September 30, 2012
Securities available for sale:
U.S. Treasury		$	—			$	—			$	—			$	—
U.S. Federal agencies			—				413,131				20,000				433,131
Mortgage-backed securities			—				22,390				—				22,390
States and political subdivisions			—				57,829				—				57,829
Other securities			—				—				10,356				10,356
Derivative assets			—				4,175				—				4,175
Derivative liabilities			—				1,868				—				1,868
Loans held for sale			—				13,384				—				13,384
Mortgage servicing intangibles			—				—				844				844

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 nine months ended September 30, 2013 and 2012 were as follows:

		Nine Months Ended
		September 30,
		2013				2012
		(Dollars in thousands)
Balance at the beginning of the year		$	30,779			$	33,225
Purchases, issuances and settlements			20,600				1,897
Sales			(251	)			(5,563	)
Gains included in earnings			182				4,424
Total unrealized losses			(454	)			(2,783	)
Balance at the end of the period		$	50,856			$	31,200

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)
Nine Months Ended September 30, 2013
Impaired loans (less specific allowance)			—				—			$	36,286			$	36,286			$	—
Foreclosed assets			—				—				307				307				(9	)
Other real estate owned			—				—				8,121				8,121				(754	)
Nine Months Ended September 30, 2012
Impaired loans (less specific allowance)			—				—			$	43,206			$	43,206			$	—
Foreclosed assets			—				—				237				237				(84	)
Other real estate owned			—				—				9,559				9,559				(1,226	)

Estimated Fair Values of Company's Financial Instruments

The estimated fair values of the Company’s financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows:

		September 30,
		2013								2012
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
		(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents		$	1,826,936			$	1,826,936			$	1,912,614			$	1,912,614
Securities held for investment			12,213				12,328				16,769				17,080
Level 3 inputs:
Loans, net			3,320,079				3,346,578				3,078,838				3,143,799
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits			5,309,464				5,338,655				5,253,505				5,275,969
Short-term borrowings			5,074				5,074				5,665				5,665
Long-term borrowings			8,938				8,889				11,255				11,333
Junior subordinated debentures			26,804				28,927				26,804				28,777
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments							1,378								1,300
Letters of credit							468								458

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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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