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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Of Financial Instruments 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 December 31, 2013. The impaired loans shown below are those loans in which the value is based on the underlying collateral value.

($ in thousands)
Description of Financial Instruments		Fair Value at December 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		$	18,245				—				18,245				—
Mortgage-backed securities			147,187				—				147,187				—
Corporate bonds			3,598				—				3,598				—
Equity securities			4,011				—				4,011				—
Total available for sale securities		$	173,041				—				173,041				—

Nonrecurring
Impaired loans – covered		$	15,284				—				—				15,284
Impaired loans – non-covered			13,020				—				—				13,020
Foreclosed real estate – covered			24,497				—				—				24,497
Foreclosed real estate – non-covered			12,251				—				—				12,251

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. The impaired loans shown below are those loans in which the value is based on the underlying collateral value.

($ 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 December 31, 2013, the significant unobservable inputs used in the fair value measurements were as follows:

($ in thousands)
Description		Fair Value at December 31, 2013				Valuation Technique		Significant Unobservable Inputs		General Range of Significant Unobservable Input Values
Impaired loans – covered		$	15,284			Appraised value		Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell		0-10%
Impaired loans – non-covered			13,020			Appraised value		Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell		0-37%
Foreclosed real estate – covered			24,497			Appraised value		Discounts to reflect current market conditions and estimated costs to sell		0-10%
Foreclosed real estate – non-covered			12,251			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		0-10%
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		0-10%
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

Fair value estimates as of December 31, 2013 and 2012 and limitations thereon are set forth below for the Company’s financial instruments. See Note 1(p) for a discussion of fair value methods and assumptions, as well as fair value information for off-balance sheet financial instruments.

				December 31, 2013								December 31, 2012
($ in thousands)		Level in Fair Value Hierarchy		Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated F air Value

Cash and due from banks, noninterest-bearing		Level 1		$	83,881				83,881				96,588				96,588
Due from banks, interest-bearing		Level 1			136,644				136,644				144,919				144,919
Federal funds sold		Level 1			2,749				2,749				—				—
Securities available for sale		Level 2			173,041				173,041				167,352				167,352
Securities held to maturity		Level 2			53,995				56,700				56,064				61,496
Presold mortgages in process of settlement		Level 1			5,422				5,422				8,490				8,490
Total loans, net of allowance		Level 3			2,414,689				2,352,834				2,330,055				2,276,175
Loans held for sale		Level 2			—				—				30,393				30,393
Accrued interest receivable		Level 1			9,649				9,649				10,201				10,201
FDIC indemnification asset		Level 3			48,622				47,032				102,559				100,396
Bank-owned life insurance		Level 1			44,040				44,040				27,857				27,857

Deposits		Level 2			2,751,019				2,752,375				2,821,360				2,823,989
Borrowings		Level 2			46,394				34,795				46,394				20,981
Accrued interest payable		Level 2			879				879				1,299				1,299

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.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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