Fair Value Information (Tables)

9 Months Ended

Sep. 30, 2013

Assets and Liabilities Measured at Fair Value on Recurring Basis

The tables below presents the balances of assets and liabilities measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012.


	Carrying Value at September 30, 2013		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Dollars in thousands)
Description of assets
Investment securities—AFS:
Government agency	$	333,013	$	—	$	333,013	$	—
Residential mortgage-backed securities		1,289,624		—		1,289,624		—
CMO’s / REMIC’s—residential		389,208		—		389,208		—
Municipal bonds		600,724		—		600,724		—
Other securities		4,738		—		4,738		—

Total investment securities—AFS		2,617,307		—		2,617,307		—
Interest rate swaps		13,393		—		13,393		—

Total assets	$	2,630,700	$	—	$	2,630,700	$	—

Description of liability
Interest rate swaps	$	13,393	$	—	$	13,393	$	—

Total liabilities	$	13,393	$	—	$	13,393	$	—


	Carrying Value at December 31, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Dollars in thousands)
Description of assets
Investment securities—AFS:
Government agency	$	359,300	$	—	$	359,300	$	—
Residential mortgage-backed securities		887,598		—		887,598		—
CMO’s / REMIC’s—residential		571,960		—		571,960		—
Municipal bonds		625,429		—		625,429		—
Other securities		5,100		—		5,100		—

Total investment securities—AFS		2,449,387		—		2,449,387		—
Interest rate swaps		23,966		—		23,966		—

Total assets	$	2,473,353	$	—	$	2,473,353	$	—

Description of liability
Interest rate swaps	$	23,966	$	—	$	23,966	$	—

Total liabilities	$	23,966	$	—	$	23,966	$	—

Assets and Liabilities Measured at Fair Value on Non-Recurring Basis

For assets measured at fair value on a non-recurring basis that were still held on the balance sheet at September 30, 2013 and December 31, 2012, respectively, the following tables provide the level of valuation assumptions used to determine each adjustment and the carrying value of the related assets for investments that had losses during the period.


	Carrying Value at September 30, 2013		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses for the Nine Months Ended September 30, 2013
	(Dollars in thousands)
Description of assets
Impaired loans-non-covered	$	13,857	$	—	$	—	$	13,857	$	3,288
OREO-non-covered		—		—		—		—		—
OREO-covered		—		—		—		—		—

Total assets	$	13,857	$	—	$	—	$	13,857	$	3,288


	Carrying Value at December 31, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses for the Year Ended December 31, 2012
	(Dollars in thousands)
Description of assets
Impaired loans-non-covered	$	12,460	$	—	$	—	$	12,460	$	3,930
OREO-non-covered		3,008		—		—		3,008		336
OREO-covered		1,067		—		—		1,067		467

Total assets	$	16,535	$	—	$	—	$	16,535	$	4,733

Estimated Fair Value of Financial Instruments

The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.


	September 30, 2013
	Carrying Amount		Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
	(Dollars in thousands)
Assets
Total cash and cash equivalents	$	131,442	$	131,442	$	—	$	—	$	131,442
Interest-earning balances due from depository institutions		70,000		—		70,000		—		70,000
FHLB stock		39,420		—		39,420		—		39,420
Investment securities available-for-sale		2,617,307		—		2,617,307		—		2,617,307
Investment securities held-to-maturity		1,850		—		—		2,305		2,305
Total loans, net of allowance for loan losses		3,363,973		—		—		3,423,040		3,423,040
Accrued interest receivable		21,860		—		21,860		—		21,860
Swaps		13,393		—		13,393		—		13,393
Liabilities
Deposits:
Noninterest-bearing	$	2,538,461	$	2,538,461	$	—	$	—	$	2,538,461
Interest-bearing		2,357,025		—		2,358,090		—		2,358,090
Borrowings		807,503		—		829,776		—		829,776
Junior subordinated debentures		25,774		—		25,783		—		25,783
Accrued interest payable		1,106		—		1,106		—		1,106
Swaps		13,393		—		13,393		—		13,393


	December 31, 2012
	Carrying Amount		Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
	(Dollars in thousands)
Assets
Total cash and cash equivalents	$	98,431	$	98,431	$	—	$	—	$	98,431
Interest-earning balances due from depository institutions		70,000		—		70,000		—		70,000
FHLB stock		56,651		—		56,651		—		56,651
Investment securities available-for-sale		2,449,387		—		2,449,387		—		2,449,387
Investment securities held-to-maturity		2,050		—		—		2,515		2,515
Total loans, net of allowance for loan losses		3,355,087		—		—		3,503,332		3,503,332
Accrued interest receivable		22,355		—		22,355		—		22,355
Swaps		23,966		—		23,966		—		23,966
Liabilities
Deposits:
Noninterest-bearing	$	2,420,993	$	2,420,993	$	—	$	—	$	2,420,993
Interest-bearing		2,352,994		—		2,354,126		—		2,354,126
Borrowings		698,178		—		727,512		—		727,512
Junior subordinated debentures		67,012		—		67,415		—		67,415
Accrued interest payable		1,493		—		1,493		—		1,493
Swaps		23,966		—		23,966		—		23,966

- Definition

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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