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Fair Value (Tables)
 3 Months Ended
Mar. 31, 2012
Fair Value [Abstract]  
Assets And Liabilities Measured At Fair Value On A Recurring Basis

Fair Value Measurements at March 31, 2012 using:

(in thousands)

Level 1

Level 2

Level 3

Balance at

March 31, 2012

Assets

 

 

 

 

Investment securities

 

 

 

 

Obligations of U.S. Treasury and other U.S. Government sponsored entities

$-

$597,475

$-

$597,475

Obligations of states and political subdivisions

-

2,655

-

2,655

U.S. Government sponsored entities’ asset-backed securities

-

405,178

-

405,178

Equity securities

1,417

-

756

2,173

Mortgage loans held for sale

-

11,110

-

11,110

Mortgage IRLCs

-

169

-

169

 

 

 

 

 

Liabilities

 

 

 

 

Interest rate swap

$-

$673

$-

$673

Fair value swap

-

-

135

135

 

 

 

 

 

 

Fair Value Measurements at December 31, 2011 using:

(in thousands)

Level 1

Level 2

Level 3

Balance at

December 31, 2011

Assets

 

 

 

 

Investment securities

 

 

 

 

Obligations of U.S. Treasury and other U.S. Government sponsored entities

$-

$371,657

$-

$371,657

Obligations of states and political subdivisions

-

2,660

-

2,660

U.S. Government sponsored entities’ asset-backed securities

-

444,295

-

444,295

Equity securities

1,270

-

763

2,033

Mortgage loans held for sale

-

11,535

-

11,535

Mortgage IRLCs

-

251

-

251

 

 

 

 

 

Liabilities

 

 

 

 

Interest rate swap

$-

$846

$-

$846

Fair value swap

-

-

700

700
Reconciliation Of Level 3 Input For Financial Instruments Measured On Recurring Basis

 

 

 

 

 

 

Level 3 Fair Value Measurements

Three months ended March 31, 2012 and 2011

 

(in thousands)

Obligations of states and political subdivisions

Equity Securities

Fair value swap

 

Balance, at January 1, 2012

$-

$763

$(700)

 

Total gains/(losses)

 

 

 

 

Included in earnings – realized

-

-

-

 

Included in earnings – unrealized

-

-

-

 

Included in other comprehensive income

-

(7)

-

 

Purchases, sales, issuances and settlements, other

-

-

-

 

Periodic settlement of fair value swap

-

-

(565)

 

Balance March 31, 2012

$-

$756

$(135)

 

 

 

 

 

 

Balance, at January 1, 2011

$2,598

$745

$(60)

 

Total gains/(losses)

 

 

 

 

Included in earnings – realized

-

-

-

 

Included in earnings – unrealized

-

-

-

 

Included in other comprehensive income

(128)

(5)

-

 

Purchases, sales, issuances and settlements, other

-

-

-

 

Re-evaluation of fair value swap

-

-

-

 

Balance March 31, 2011

$2,470

$740

$(60)

 
Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis

Fair Value Measurements at March 31, 2012 using:

(in thousands)

Level 1

 Level 2

 Level 3

Balance at

March 31, 2012

Impaired loans:

 

 

 

 

   Commercial, financial and

     agricultural

$-

$-

$18,476

$18,476

   Commercial real estate

-

-

25,445

25,445

   Construction real estate:

 

 

 

 

      SE LLC commercial land

           and development

-

-

18,468

18,468

      Remaining commercial

-

-

8,665

8,665

   Residential real estate

-

-

12,270

12,270

Total impaired loans

$-

$-

$83,324

$83,324

Mortgage servicing rights

-

7,138

 

7,138

Other real estate owned

-

-

41,965

41,965

           

 

 

 

 

 

 

Fair Value Measurements at December 31, 2011 using:

(in thousands)

Level 1

 Level 2

 Level 3

Balance at

December 31, 2011

Impaired loans:

 

 

 

 

   Commercial, financial and

     agricultural

 

$-

 

$-

 

$19,931

 

$19,931

   Commercial real estate

-

-

24,859

24,859

   Construction real estate:

 

 

 

 

      Vision commercial land and

         development

 

-

 

-

 

21,228

 

21,228

      Remaining commercial

-

-

8,860

8,860

   Residential real estate

-

-

12,935

12,935

Total impaired loans

$-

$-

$87,813

$87,813

Mortgage servicing rights

-

5,815

-

5,815

Other real estate owned

-

-

42,272

42,272
Fair Value Of Financial Instruments

(in thousands)

March 31, 2012

 

Fair Value Measurements

 

 

 

 

 

 

 

Financial assets:

Carrying value

Level 1

Level 2

Level 3

Total fair value

 

Cash and money market instruments

$161,130

$161,130

$               -

$              -

$161,130

 

Investment securities

1,789,731

1,417

1,800,383

756

1,802,556

 

Accrued interest receivable - securities

7,027

-

7,027

-

7,027

 

Accrued interest receivable - loans

14,200

-

1

14,199

14,200

 

Mortgage loans held for sale

11,110

-

11,110

-

11,110

 

Impaired loans carried at fair value

83,324

-

-

83,324

83,324

 

Other loans

4,170,191

-

-

4,188,265

4,188,265

 

        Loans receivable, net

$4,264,625

$            -

$ 11,110

$4,271,589

$4,282,699

 

 

 

Financial liabilities:

 

 

 

 

 

 

Noninterest bearing checking accounts

$1,055,745

$  1,055,745

$               -

   $                                           

$1,055,745

 

Interest bearing transactions accounts

1,215,562

1,215,562

-

-

1,215,562

 

Savings accounts

1,001,789

1,001,789

 

-

1,001,789

 

Time deposits

1,541,374

-

1,547,748

-

1,547,748

 

Other

2,918

2,918

-

-

2,918

 

        Total deposits

$4,817,388

$  3,276,014

$ 1,547,748

$            -

$4,823,762

 

 

 

 

 

 

 

 

Short-term borrowings

$236,687

$                -

$    236,687

$              -

$236,687

 

Long-term debt

821,801

-

907,995

-

907,995

 

Subordinated debentures/notes

75,250

-

68,475

-

68,475

 

Accrued interest payable – deposits

2,824

36

2,788

-

2,824

 

Accrued interest payable – debt/borrowings

 

2,210

 

-

 

2,210

 

-

 

2,210

 

 

 

Derivative financial instruments:

 

 

 

 

 

 

Interest rate swap

$673

$           -

$673

$           -

$673

 

Fair value swap

135

-

-

135

135

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

December 31, 2011

Financial assets:

Carrying value

Fair value

Cash and money market instruments

$157,486

$157,486

Investment securities

1,640,869

1,655,219

Accrued interest receivable

19,697

19,697

Mortgage loans held for sale

11,535

11,535

Impaired loans carried at fair value

87,813

87,813

Other loans

4,149,307

4,167,224

        Loans receivable, net

$4,248,655

$4,266,572

Assets held for sale

$382,462

$ 382,462

Financial liabilities:

 

 

Noninterest bearing checking accounts

$   995,733

$   995,733

Interest bearing transactions accounts

1,037,385

1,037,385

Savings accounts

931,526

931,526

Time deposits

1,499,105

1,506,075

Other

1,365

1,365

        Total deposits

$4,465,114

$4,472,084

 

 

 

Short-term borrowings

$263,594

$263,594

Long-term debt

823,182

915,274

Subordinated debentures/notes

75,250

68,601

Accrued interest payable

4,916

4,916

Liabilities held for sale

536,186

536,991

Derivative financial instruments:

 

 

Interest rate swap

$846

$846

Fair value swap

700

700