v2.4.0.8

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Financial Instruments Measured at Fair Value on a Recurring Basis

The following table summarizes financial instruments measured at fair value on a recurring basis as of September 30, 2013, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value.

	September 30, 2013
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total Fair Value
Assets
Securities available for sale
Obligations of U.S. Government-sponsored enterprises	$	—			$	93,974			$	—			$	93,974
Obligations of states and political subdivisions	—				48,151				3,042				51,193
Residential mortgage-backed securities	—				307,879				—				307,879
Total securities available for sale	$	—			$	450,004			$	3,042			$	453,046
State tax credits held for sale	—				—				20,139				20,139
Derivative financial instruments	—				1,128				—				1,128
Total assets	$	—			$	451,132			$	23,181			$	474,313
Liabilities
Derivative financial instruments	$	—			$	1,114			$	—			$	1,114
Total liabilities	$	—			$	1,114			$	—			$	1,114

Fair Value, Financial Instruments, Unobservable Input Reconciliation

	Securities available for sale, at fair value
	Three months ended September 30,								Nine months ended September 30,
(in thousands)	2013				2012				2013				2012
Beginning balance	$	3,039			$	3,042			$	3,049			$	6,763
Total (losses) gains:
Included in other comprehensive income	3				5				(7		)		20
Purchases, sales, issuances and settlements:
Purchases	—				—				—				—
Transfer in and/or out of Level 3	—				—				—				(3,736		)
Ending balance	$	3,042			$	3,047			$	3,042			$	3,047
Change in unrealized (losses) gains relating to assets still held at the reporting date	$	3			$	5			$	(7	)		$	20

	State tax credits held for sale
	Three months ended September 30,								Nine months ended September 30,
(in thousands)	2013				2012				2013				2012
Beginning balance	$	19,822			$	24,836			$	23,020			$	26,350
Total gains:
Included in earnings	317				264				422				994
Purchases, sales, issuances and settlements:
Sales	—				(31		)		(3,303		)		(2,275		)
Ending balance	$	20,139			$	25,069			$	20,139			$	25,069
Change in unrealized gains relating to assets still held at the reporting date	$	317			$	257			$	(456	)		$	439

Fair Value Measurements, Nonrecurring

The following table presents financial instruments and non-financial assets measured at fair value on a non-recurring basis as of September 30, 2013:

	(1)				(1)				(1)				(1)
(in thousands)	Total Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total (losses) gains for the three months ended September 30, 2013				Total (losses) gains for the nine months ended September 30, 2013
Impaired loans	$	3,172			$	—			$	—			$	3,172			$	(2,514	)		$	(8,046	)
Other real estate	7,528				—				—				7,528				(207		)		(961		)
Total	$	10,700			$	—			$	—			$	10,700			$	(2,721	)		$	(9,007	)

(1) The amounts represent only balances measured at fair value during the period and still held as of the reporting date.

Summary of Carrying Amount and Fair Values of Financial Instruments Reported on the Balance Sheets

Following is a summary of the carrying amounts and fair values of the Company’s financial instruments on the consolidated balance sheets at September 30, 2013, and December 31, 2012.

	September 30, 2013								December 31, 2012
(in thousands)	Carrying Amount				Estimated fair value				Carrying Amount				Estimated fair value
Balance sheet assets
Cash and due from banks	$	35,238			$	35,238			$	21,906			$	21,906
Federal funds sold	111				111				51				51
Interest-bearing deposits	71,191				71,191				95,413				95,413
Securities available for sale	453,046				453,046				640,212				640,212
Other investments, at cost	15,485				15,485				14,294				14,294
Loans held for sale	12,967				12,967				11,792				11,792
Derivative financial instruments	1,128				1,128				1,754				1,754
Portfolio loans, net	2,229,406				2,229,411				2,261,280				2,267,038
State tax credits, held for sale	55,810				60,937				61,284				66,822
Accrued interest receivable	7,897				7,897				8,497				8,497
Balance sheet liabilities
Deposits	2,447,917				2,453,970				2,658,851				2,669,113
Subordinated debentures	63,081				40,474				85,081				65,840
Federal Home Loan Bank advances	120,000				126,234				80,000				89,301
Other borrowings	178,165				178,228				245,070				245,224
Derivative financial instruments	1,114				1,114				1,979				1,979
Accrued interest payable	885				885				1,282				1,282

Estimate of the Fair Value of Financial Instruments Not Recorded at Fair Value on Balance Sheet

The following table presents the level in the fair value hierarchy for the estimated fair values of only the Company’s financial instruments that are not already presented on the condensed consolidated balance sheets at fair value at September 30, 2013, and December 31, 2012:

	Estimated Fair Value Measurement at Reporting Date Using												Balance at September 30, 2013
(in thousands)	Level 1				Level 2				Level 3
Financial Assets:
Portfolio loans, net	$	—			$	—			$	2,229,411			$	2,229,411
State tax credits, held for sale	$	—			$	—			$	40,798			$	40,798
Financial Liabilities:
Deposits	1,825,274				—				628,696				2,453,970
Subordinated debentures	—				40,474				—				40,474
Federal Home Loan Bank advances	—				126,234				—				126,234
Other borrowings	—				178,228				—				178,228
	Estimated Fair Value Measurement at Reporting Date Using												Balance at December 31, 2012
(in thousands)	Level 1				Level 2				Level 3
Financial Assets:
Portfolio loans, net	$	—			$	—			$	2,266,834			$	2,266,834
State tax credits, held for sale	$	—			$	—			$	43,802			$	43,802
Financial Liabilities:
Deposits	2,079,141				—				589,972				2,669,113
Subordinated debentures	—				65,840				—				65,840
Federal Home Loan Bank advances	—				89,301				—				89,301
Other borrowings	—				245,224				—				245,224

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Estimate Of Fair Value Financial Instruments Not Recorded At Fair Value On Balance Sheet

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Tabular disclosure of 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 nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may 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).

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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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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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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