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Fair Value (Tables) | 6 Months Ended
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Jun. 30, 2012
Fair Value Tables |
Financial instruments that were measured at fair value on a recurring and nonrecurring basis | The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring and nonrecurring basis at June 30, 2012.
($ in thousands) |  |  |  |  |  |
Description of Financial Instruments |  | Fair Value at June 30, 2012 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Recurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprise securities |  | $ | 29,626 |  |  |  | — |  |  |  | 29,626 |  |  |  | — |
Mortgage-backed securities |  |  | 119,536 |  |  |  | — |  |  |  | 119,536 |  |  |  | — |
Corporate bonds |  |  | 13,139 |  |  |  | — |  |  |  | 13,139 |  |  |  | — |
Equity securities |  |  | 9,606 |  |  |  | 423 |  |  |  | 9,183 |  |  |  | — |
Total available for sale securities |  | $ | 171,907 |  |  |  | 423 |  |  |  | 171,484 |  |  |  | — |
Nonrecurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans – covered |  | $ | 58,129 |  |  |  | — |  |  |  | — |  |  |  | 58,129 |
Impaired loans – non-covered |  |  | 94,602 |  |  |  | — |  |  |  | — |  |  |  | 94,602 |
Other real estate – covered |  |  | 70,850 |  |  |  | — |  |  |  | 70,850 |  |  |  | — |
Other real estate – non-covered |  |  | 37,895 |  |  |  | — |  |  |  | 37,895 |  |  |  | — |
The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring and nonrecurring basis at December 31, 2011.
($ in thousands) |  |  |  |  |  |
Description of Financial Instruments |  | Fair Value at December 31, 2011 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Recurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprise securities |  | $ | 34,665 |  |  |  | — |  |  |  | 34,665 |  |  |  | — |
Mortgage-backed securities |  |  | 124,105 |  |  |  | — |  |  |  | 124,105 |  |  |  | — |
Corporate bonds |  |  | 12,488 |  |  |  | — |  |  |  | 12,488 |  |  |  | — |
Equity securities |  |  | 11,368 |  |  |  | 398 |  |  |  | 10,969 |  |  |  | — |
Total available for sale securities |  | $ | 182,626 |  |  |  | 398 |  |  |  | 182,227 |  |  |  | — |
Nonrecurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans – covered |  | $ | 55,690 |  |  |  | — |  |  |  | 55,690 |  |  |  | — |
Impaired loans – non-covered |  |  | 85,286 |  |  |  | — |  |  |  | 85,286 |  |  |  | — |
Other real estate – covered |  |  | 85,272 |  |  |  | — |  |  |  | 85,272 |  |  |  | — |
Other real estate – non-covered |  |  | 37,023 |  |  |  | — |  |  |  | 37,023 |  |  |  | — |
The carrying amounts and estimated fair values of financial instruments | The carrying amounts and estimated fair values of financial instruments at June 30, 2012 and December 31, 2011 are as follows:
|  | June 30, 2012 |  | December 31, 2011 |
($ in thousands) | Level in Fair Value Hierarchy |  | Carrying Amount |  |  | Estimated Fair Value |  |  | Carrying Amount |  |  | Estimated Fair Value |  |
Cash and due from banks, noninterest-bearing | Level 1 |  | $ | 58,872 |  |  |  | 58,872 |  |  |  | 80,341 |  |  |  | 80,341 |  |  |
Due from banks, interest-bearing | Level 1 |  |  | 203,313 |  |  |  | 203,313 |  |  |  | 135,218 |  |  |  | 135,218 |  |  |
Federal funds sold | Level 1 |  |  | — |  |  |  | — |  |  |  | 608 |  |  |  | 608 |  |  |
Securities available for sale | Level 2 |  |  | 171,907 |  |  |  | 171,907 |  |  |  | 182,626 |  |  |  | 182,626 |  |  |
Securities held to maturity | Level 2 |  |  | 56,182 |  |  |  | 61,676 |  |  |  | 57,988 |  |  |  | 62,754 |  |  |
Presold mortgages in process of settlement | Level 1 |  |  | 4,053 |  |  |  | 4,053 |  |  |  | 6,090 |  |  |  | 6,090 |  |  |
Loans – non-covered, net of allowance | Level 3 |  |  | 2,067,383 |  |  |  | 2,006,670 |  |  |  | 2,033,542 |  |  |  | 1,987,979 |  |  |
Loans – covered, net of allowance | Level 3 |  |  | 316,964 |  |  |  | 316,964 |  |  |  | 355,426 |  |  |  | 355,426 |  |  |
FDIC indemnification asset | Level 3 |  |  | 116,902 |  |  |  | 116,501 |  |  |  | 121,677 |  |  |  | 121,004 |  |  |
Accrued interest receivable | Level 1 |  |  | 10,932 |  |  |  | 10,932 |  |  |  | 11,779 |  |  |  | 11,779 |  |  |
Deposits | Level 2 |  |  | 2,838,298 |  |  |  | 2,841,563 |  |  |  | 2,755,037 |  |  |  | 2,759,504 |  |  |
Securities sold under agreements to repurchase | Level 2 |  |  | — |  |  |  | — |  |  |  | 17,105 |  |  |  | 17,105 |  |  |
Borrowings | Level 2 |  |  | 111,394 |  |  |  | 86,451 |  |  |  | 133,925 |  |  |  | 106,333 |  |  |
Accrued interest payable | Level 2 |  |  | 1,549 |  |  |  | 1,549 |  |  |  | 1,872 |  |  |  | 1,872 |  |  |

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- Definition Tabular disclosure related to 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 recurring and/or nonrecurring basis in periods after initial recognition. Disclosures 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) as well as transfers between levels 1 and 2. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 6 -Footnote 4 -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. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a,b,bb) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -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. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=7578670&loc=SL7498348-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 33 -Subparagraph a, b -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. + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 14 -Subparagraph a -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. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 18 -Subparagraph c(2), d, e, f -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. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15 -Subparagraph b-d -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. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13467-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 19 -Subparagraph a, b, c(1), d(1) -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. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph a, c(1), c(2), c(3), d -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. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 10 -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. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 + Details
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