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Fair Value (Tables)
 9 Months Ended
Sep. 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 September 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
September 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   $ 17,361       —       17,361       —  
        Mortgage-backed securities     147,523       —       147,523       —  
        Corporate bonds     3,651       —       3,651       —  
        Equity securities     4,000       —       4,000       —  
          Total available for sale securities   $ 172,535       —       172,535       —  
                                 
Nonrecurring                                
     Impaired loans – covered   $ 21,378       —       —       21,378  
     Impaired loans – non-covered     13,263       —       —       13,263  
     Foreclosed real estate – covered     29,193       —       —       29,193  
     Foreclosed real estate – non-covered     15,098       —       —       15,098  
                                 

 

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 September 30, 2013, the significant unobservable inputs used in the fair value measurements were as follows:

 

($ in thousands)          
Description   Fair Value at
September 30,
2013		     Valuation
Technique		   Significant Unobservable
Inputs		   General Range
of Significant
Unobservable
Input Values
Impaired loans – covered   $ 21,378     Appraised value   Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell   0-10%
Impaired loans – non-covered     13,263     Appraised value   Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell   0-30%
Foreclosed real estate – covered     29,193     Appraised value   Discounts to reflect current market conditions and estimated costs to sell   0-10%
Foreclosed real estate – non-covered     15,098     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 September 30, 2013 and December 31, 2012 are as follows:

 

      September 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  $89,383    89,383    96,588    96,588 
Due from banks, interest-bearing  Level 1   95,634    95,634    144,919    144,919 
Federal funds sold  Level 1   102    102    —    — 
Securities available for sale  Level 2   172,535    172,535    167,352    167,352 
Securities held to maturity  Level 2   54,054    56,824    56,064    61,496 
Presold mortgages in process of settlement  Level 1   2,884    2,884    8,490    8,490 
Loans – non-covered, net of allowance  Level 3   2,171,698    2,109,301    2,052,500    1,998,620 
Loans – covered, net of allowance  Level 3   222,693    222,693    277,555    277,555 
Loans held for sale  Level 2   —    —    30,393    30,393 
Accrued interest receivable  Level 1   9,663    9,663    10,201    10,201 
FDIC indemnification asset  Level 3   64,946    63,168    102,559    100,396 
Bank-owned life insurance  Level 1   43,642    43,642    27,857    27,857 
                        
Deposits  Level 2   2,740,860    2,742,456    2,821,360    2,823,989 
Borrowings  Level 2   46,394    34,796    46,394    20,981 
Accrued interest payable  Level 2   920    920    1,299    1,299