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Fair Value (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2013. The impaired loans shown below are those in which the value is based on the underlying collateral value.
($ in thousands) |  |  |  |  |  |
Description of Financial Instruments |  | Fair Value at June 30, 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 |  | $ | 14,459 |  |  |  | — |  |  |  | 14,459 |  |  |  | — |
Mortgage-backed securities |  |  | 164,527 |  |  |  | — |  |  |  | 164,527 |  |  |  | — |
Corporate bonds |  |  | 3,656 |  |  |  | — |  |  |  | 3,656 |  |  |  | — |
Equity securities |  |  | 3,992 |  |  |  | — |  |  |  | 3,992 |  |  |  | — |
Total available for sale securities |  | $ | 186,634 |  |  |  | — |  |  |  | 186,634 |  |  |  | — |
Nonrecurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans – covered |  | $ | 23,238 |  |  |  | — |  |  |  | — |  |  |  | 23,238 |
Impaired loans – non-covered |  |  | 14,491 |  |  |  | — |  |  |  | — |  |  |  | 14,491 |
Foreclosed real estate – covered |  |  | 32,005 |  |  |  | — |  |  |  | — |  |  |  | 32,005 |
Foreclosed real estate – non-covered |  |  | 15,425 |  |  |  | — |  |  |  | — |  |  |  | 15,425 |
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 June 30, 2013, the significant unobservable inputs used in the fair value measurements were as follows:
($ in thousands) |  |  |  |  |
Description |  | Fair Value at June 30, 2013 |  |  | Valuation Technique |  | Significant Unobservable Inputs |  | General Range of Significant Unobservable Input Values
Impaired loans – covered |  | $ | 23,238 |  |  | Appraised value |  | Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell |  | 0-10%
Impaired loans – non-covered |  |  | 14,491 |  |  | Appraised value |  | Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell |  | 0-20%
Foreclosed real estate – covered |  |  | 32,005 |  |  | Appraised value |  | Discounts to reflect current market conditions and estimated costs to sell |  | 0-10%
Foreclosed real estate – non-covered |  |  | 15,425 |  |  | 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%
Schedule of the carrying amounts and estimated fair values of financial instruments | The carrying amounts and estimated fair values of financial instruments at June 30, 2013 and December 31, 2012 are as follows:
|  |  |  | June 30, 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 |  | $ | 82,798 |  |  |  | 82,798 |  |  |  | 96,588 |  |  |  | 96,588 |
Due from banks, interest-bearing |  | Level 1 |  |  | 154,199 |  |  |  | 154,199 |  |  |  | 144,919 |  |  |  | 144,919 |
Federal funds sold |  | Level 1 |  |  | 603 |  |  |  | 603 |  |  |  | — |  |  |  | — |
Securities available for sale |  | Level 2 |  |  | 186,634 |  |  |  | 186,634 |  |  |  | 167,352 |  |  |  | 167,352 |
Securities held to maturity |  | Level 2 |  |  | 54,361 |  |  |  | 58,376 |  |  |  | 56,064 |  |  |  | 61,496 |
Presold mortgages in process of settlement |  | Level 1 |  |  | 4,552 |  |  |  | 4,552 |  |  |  | 8,490 |  |  |  | 8,490 |
Loans – non-covered, net of allowance |  | Level 3 |  |  | 2,145,767 |  |  |  | 2,087,933 |  |  |  | 2,052,500 |  |  |  | 1,998,620 |
Loans – covered, net of allowance |  | Level 3 |  |  | 234,244 |  |  |  | 234,244 |  |  |  | 277,555 |  |  |  | 277,555 |
Loans held for sale |  | Level 2 |  |  | — |  |  |  | — |  |  |  | 30,393 |  |  |  | 30,393 |
Accrued interest receivable |  | Level 1 |  |  | 9,780 |  |  |  | 9,780 |  |  |  | 10,201 |  |  |  | 10,201 |
FDIC indemnification asset |  | Level 3 |  |  | 92,950 |  |  |  | 90,180 |  |  |  | 102,559 |  |  |  | 100,396 |
Bank-owned life insurance |  | Level 1 |  |  | 43,276 |  |  |  | 43,276 |  |  |  | 27,857 |  |  |  | 27,857 |
Deposits |  | Level 2 |  |  | 2,818,353 |  |  |  | 2,820,238 |  |  |  | 2,821,360 |  |  |  | 2,823,989 |
Borrowings |  | Level 2 |  |  | 46,394 |  |  |  | 34,796 |  |  |  | 46,394 |  |  |  | 20,981 |
Accrued interest payable |  | Level 2 |  |  | 1,071 |  |  |  | 1,071 |  |  |  | 1,299 |  |  |  | 1,299 |

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: 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=25499696&loc=d3e19207-110258 Reference 2: 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=25499696&loc=SL7498348-110258 Reference 3: 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=25499696&loc=d3e19279-110258 Reference 4: 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=25499696&loc=d3e19190-110258 + Details
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