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Fair Value (Tables)
 6 Months Ended
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