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Fair Value (Tables) | 3 Months Ended
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Mar. 31, 2013
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 March 31, 2013.
($ in thousands) |  |  |  |  |  |
Description of Financial Instruments |  | Fair Value at March 31, 2013 |  |  | 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 |  | $ | 11,588 |  |  |  | — |  |  |  | 11,588 |  |  |  | — |
Mortgage-backed securities |  |  | 150,773 |  |  |  | — |  |  |  | 150,773 |  |  |  | — |
Corporate bonds |  |  | 3,865 |  |  |  | — |  |  |  | 3,865 |  |  |  | — |
Equity securities |  |  | 3,988 |  |  |  | — |  |  |  | 3,988 |  |  |  | — |
Total available for sale securities |  | $ | 170,214 |  |  |  | — |  |  |  | 170,214 |  |  |  | — |
Nonrecurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans – covered |  | $ | 23,608 |  |  |  | — |  |  |  | — |  |  |  | 23,608 |
Impaired loans – non-covered |  |  | 17,634 |  |  |  | — |  |  |  | — |  |  |  | 17,634 |
Foreclosed real estate – covered |  |  | 30,156 |  |  |  | — |  |  |  | — |  |  |  | 30,156 |
Foreclosed real estate – non-covered |  |  | 20,115 |  |  |  | — |  |  |  | — |  |  |  | 20,115 |
The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring and nonrecurring basis at December 31, 2012.
($ in thousands) |  |  |  |  |  |
Description of Financial Instruments |  | Fair 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) |
Recurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprise securities |  | $ | 11,596 |  |  |  | — |  |  |  | 11,596 |  |  |  | — |
Mortgage-backed securities |  |  | 146,926 |  |  |  | — |  |  |  | 146,926 |  |  |  | — |
Corporate bonds |  |  | 3,813 |  |  |  | — |  |  |  | 3,813 |  |  |  | — |
Equity securities |  |  | 5,017 |  |  |  | — |  |  |  | 5,017 |  |  |  | — |
Total available for sale securities |  | $ | 167,352 |  |  |  | — |  |  |  | 167,352 |  |  |  | — |
Nonrecurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans – covered |  | $ | 12,234 |  |  |  | — |  |  |  | — |  |  |  | 12,234 |
Impaired loans – non-covered |  |  | 21,021 |  |  |  | — |  |  |  | — |  |  |  | 21,021 |
Foreclosed real estate – covered |  |  | 47,290 |  |  |  | — |  |  |  | — |  |  |  | 47,290 |
Foreclosed real estate – non-covered |  |  | 26,285 |  |  |  | — |  |  |  | — |  |  |  | 26,285 |
Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis | For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of March 31, 2013, the significant unobservable inputs used in the fair value measurements were as follows:
($ in thousands) |  |  |  |  |
Description |  | Fair Value at March 31, 2013 |  |  | Valuation Technique |  | Significant Unobservable Inputs |  | General Range of Significant Unobservable Input Values
Impaired loans – covered |  | $ | 23,608 |  |  | Appraised value |  | Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell |  | 0-10%
Impaired loans – non-covered |  |  | 17,634 |  |  | Appraised value |  | Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell |  | 0-25%
Foreclosed real estate – covered |  |  | 30,156 |  |  | Appraised value |  | Discounts to reflect current market conditions and estimated costs to sell |  | 0-10%
Foreclosed real estate – non-covered |  |  | 20,115 |  |  | Appraised value |  | Discounts to reflect current market conditions, abbreviated holding period and estimated costs to sell |  | 0-40%
For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of December 31, 2012, the significant unobservable inputs used in the fair value measurements were as follows:
($ in thousands) |  |  |  |  |
Description |  | Fair Value at December 31, 2012 |  |  | Valuation Technique |  | Significant Unobservable Inputs |  | General Range of Significant Unobservable Input Values
Impaired loans – covered |  | $ | 12,234 |  |  | Appraised value |  | Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell |  | 0-49%
Impaired loans – non-covered |  |  | 21,021 |  |  | Appraised value |  | Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell |  | 0-21%
Foreclosed real estate – covered |  |  | 47,290 |  |  | Appraised value |  | Discounts to reflect current market conditions and estimated costs to sell |  | 0-29%
Foreclosed real estate – non-covered |  |  | 26,285 |  |  | Appraised value |  | Discounts to reflect current market conditions, abbreviated holding period and estimated costs to sell |  | 0-40%
The carrying amounts and estimated fair values of financial instruments | The carrying amounts and estimated fair values of financial instruments at March 31, 2013 and December 31, 2012 are as follows:
|  |  |  | March 31, 2013 |  |  | December 31, 2012 |
($ 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 |  | $ | 73,205 |  |  |  | 73,205 |  |  |  | 96,588 |  |  |  | 96,588 |
Due from banks, interest-bearing |  | Level 1 |  |  | 242,890 |  |  |  | 242,890 |  |  |  | 144,919 |  |  |  | 144,919 |
Federal funds sold |  | Level 1 |  |  | 249 |  |  |  | 249 |  |  |  | — |  |  |  | — |
Securities available for sale |  | Level 2 |  |  | 170,214 |  |  |  | 170,214 |  |  |  | 167,352 |  |  |  | 167,352 |
Securities held to maturity |  | Level 2 |  |  | 55,649 |  |  |  | 60,758 |  |  |  | 56,064 |  |  |  | 61,496 |
Presold mortgages in process of settlement |  | Level 1 |  |  | 4,584 |  |  |  | 4,584 |  |  |  | 8,490 |  |  |  | 8,490 |
Loans – non-covered, net of allowance |  | Level 3 |  |  | 2,087,922 |  |  |  | 2,035,916 |  |  |  | 2,052,500 |  |  |  | 1,998,620 |
Loans – covered, net of allowance |  | Level 3 |  |  | 258,440 |  |  |  | 258,440 |  |  |  | 277,555 |  |  |  | 277,555 |
Loans held for sale |  | Level 2 |  |  | — |  |  |  | — |  |  |  | 30,393 |  |  |  | 30,393 |
Accrued interest receivable |  | Level 1 |  |  | 9,737 |  |  |  | 9,737 |  |  |  | 10,201 |  |  |  | 10,201 |
FDIC indemnification asset |  | Level 3 |  |  | 100,594 |  |  |  | 98,818 |  |  |  | 102,559 |  |  |  | 100,396 |
Bank-owned life insurance |  | Level 1 |  |  | 27,193 |  |  |  | 27,193 |  |  |  | 27,857 |  |  |  | 27,857 |
Deposits |  | Level 2 |  |  | 2,857,567 |  |  |  | 2,860,592 |  |  |  | 2,821,360 |  |  |  | 2,823,989 |
Borrowings |  | Level 2 |  |  | 46,394 |  |  |  | 20,457 |  |  |  | 46,394 |  |  |  | 20,981 |
Accrued interest payable |  | Level 2 |  |  | 1,118 |  |  |  | 1,118 |  |  |  | 1,299 |  |  |  | 1,299 |

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- Definition The tabular disclosure for level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis, + References No definition available. + Details
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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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