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FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables) | 9 Months Ended
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Sep. 30, 2012
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES |
Schedule of carrying amount and estimated fair value of financial instruments |
|  |  |  |  |  | Fair Value Measurement Using |
|  |  |  |  |  | Quoted Prices in |  |  |  | Significant |
|  |  |  |  |  | Active Markets for |  | Significant Other |  | Unobservable |
|  | Carrying |  | Estimated |  | Identical Assets |  | Observable Inputs |  | Inputs |
|  | amount |  | fair value |  | (Level 1) |  | (Level 2) |  | (Level 3) |
|  | (Dollars in thousands) |
September 30, 2012 |  |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 61,078 |  | $ | 61,078 |  | $ | 61,078 |  | $ | — |  | $ | — |
Interest-bearing deposits in other banks |  | 159,595 |  | 159,595 |  | 159,595 |  | — |  | — |
Investment securities |  | 1,663,279 |  | 1,664,558 |  | 897 |  | 1,650,648 |  | 13,013 |
Loans held for sale |  | 24,080 |  | 24,080 |  | — |  | — |  | 24,080 |
Net loans and leases |  | 2,013,235 |  | 1,973,852 |  | — |  | 114,401 |  | 1,859,451 |
Accrued interest receivable |  | 13,198 |  | 13,198 |  | 13,198 |  | — |  | — |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits |  | 803,796 |  | 803,796 |  | 803,796 |  | — |  | — |
Interest-bearing demand and savings deposits |  | 1,825,495 |  | 1,825,495 |  | 1,825,495 |  | — |  | — |
Time deposits |  | 992,299 |  | 995,030 |  | — |  | — |  | 995,030 |
Long-term debt |  | 108,285 |  | 41,892 |  | — |  | 41,892 |  | — |
Accrued interest payable (included in other liabilities) |  | 12,265 |  | 12,265 |  | 12,265 |  | — |  | — |
Off-balance sheet financial instruments |  |  |  |  |  |  |  |  |  |  |
Commitments to extend credit |  | 536,820 |  | 2,684 |  | — |  | 2,684 |  | — |
Standby letters of credit and financial guarantees written |  | 14,391 |  | 108 |  | — |  | 108 |  | — |
Interest rate options |  | 145,543 |  | 2,212 |  | — |  | 2,212 |  | — |
Forward interest rate contracts |  | 41,151 |  | (893 | ) | — |  | (893 | ) | — |
December 31, 2011 |  |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 76,233 |  | $ | 76,233 |  | $ | 76,233 |  | $ | — |  | $ | — |
Interest-bearing deposits in other banks |  | 180,839 |  | 180,839 |  | 180,839 |  | — |  | — |
Investment securities |  | 1,493,925 |  | 1,493,970 |  | 970 |  | 1,480,006 |  | 12,994 |
Loans held for sale |  | 50,290 |  | 50,290 |  | — |  | 12,414 |  | 37,876 |
Net loans and leases |  | 1,942,354 |  | 1,858,267 |  | — |  | 131,836 |  | 1,726,431 |
Accrued interest receivable |  | 11,674 |  | 11,674 |  | 11,674 |  | — |  | — |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits |  | 729,149 |  | 729,149 |  | 729,149 |  | — |  | — |
Interest-bearing demand and savings deposits |  | 1,705,551 |  | 1,705,551 |  | 1,705,551 |  | — |  | — |
Time deposits |  | 1,008,828 |  | 1,012,121 |  | — |  | — |  | 1,012,121 |
Short-term borrowings |  | 34 |  | 34 |  | — |  | 34 |  | — |
Long-term debt |  | 158,298 |  | 89,646 |  | — |  | 89,646 |  | — |
Accrued interest payable (included in other liabilities) |  | 10,019 |  | 10,019 |  | 10,019 |  | — |  | — |
Off-balance sheet financial instruments |  |  |  |  |  |  |  |  |  |  |
Commitments to extend credit |  | 451,378 |  | 2,257 |  | — |  | 2,257 |  | — |
Standby letters of credit and financial guarantees written |  | 13,159 |  | 99 |  | — |  | 99 |  | — |
Interest rate options |  | 68,979 |  | 515 |  | — |  | 515 |  | — |
Forward interest rate contracts |  | 33,776 |  | (413 | ) | — |  | (413 | ) | — |
Forward foreign exchange contracts |  | 547 |  | 1 |  | — |  | 1 |  | — |
Schedule of balances of assets and liabilities measured at fair value on a recurring basis |
|  |  |  | Fair Value at Reporting Date Using |
|  |  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs |
|  | Fair Value |  | (Level 1) |  | (Level 2) |  | (Level 3) |
|  | (Dollars in thousands) |
September 30, 2012 |  |  |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |  |  |
U.S. Government sponsored entities debt securities |  | $ | 316,997 |  | $ | — |  | $ | 316,997 |  | $ | — |
States and political subdivisions debt securities |  | 162,824 |  | — |  | 149,811 |  | 13,013 |
U.S. Government sponsored entities mortgage-backed securities |  | 967,699 |  | — |  | 967,699 |  | — |
Corporate securities |  | 51,129 |  | — |  | 51,129 |  | — |
Other |  | 897 |  | 897 |  | — |  | — |
Derivatives: |  |  |  |  |  |  |  |  |
Interest rate contracts |  | 1,319 |  | — |  | 1,319 |  | — |
Amended TARP Warrant |  | (800 | ) | — |  | (800 | ) | — |
Total |  | $ | 1,500,065 |  | $ | 897 |  | $ | 1,486,155 |  | $ | 13,013 |
December 31, 2011 |  |  |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |  |  |
U.S. Government sponsored entities debt securities |  | $ | 373,177 |  | $ | — |  | $ | 373,177 |  | $ | — |
States and political subdivisions debt securities |  | 12,994 |  | — |  | — |  | 12,994 |
U.S. Government sponsored entities mortgage-backed securities |  | 1,097,302 |  | — |  | 1,097,302 |  | — |
Corporate securities |  | 8,551 |  | — |  | 8,551 |  | — |
Other |  | 970 |  | 970 |  | — |  | — |
Derivatives: |  |  |  |  |  |  |  |  |
Interest rate contracts |  | 102 |  | — |  | 102 |  | — |
Amended TARP Warrant |  | (677 | ) | — |  | (677 | ) | — |
Total |  | $ | 1,492,419 |  | $ | 970 |  | $ | 1,478,455 |  | $ | 12,994 |
Schedule of changes in Level 3 assets and liabilities measured at fair value on a recurring basis |
|  | Available for sale states and political subdivisions debt securities |  | Available for sale non-agency collateralized mortgage obligations (1) |
|  | (Dollars in thousands) |
Balance at December 31, 2011 |  | $ | 12,994 |  | $ | — |
Principal payments received |  | (285 | ) | — |
Unrealized net gain included in other comprehensive income |  | 304 |  | — |
Balance at September 30, 2012 |  | $ | 13,013 |  | $ | — |
Balance at December 31, 2010 |  | $ | 12,619 |  | $ | 17 |
Principal payments received |  | (264 | ) | (17 | )
Balance at September 30, 2011 |  | $ | 12,355 |  | $ | — |
(1) Represents available for sale non-agency collateralized mortgage obligations previously classified as Level 2 for which the market became inactive during 2008; therefore the fair value measurement was derived from discounted cash flow models using unobservable inputs and assumptions.
Schedule of level of valuation assumptions used to determine the fair value of assets measured on a nonrecurring basis |
|  |  |  | Fair Value Measurements Using |
|  |  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs |
|  | Fair Value |  | (Level 1) |  | (Level 2) |  | (Level 3) |
|  | (Dollars in thousands) |
September 30, 2012 |  |  |  |  |  |  |  |  |
Impaired loans (1) |  | $ | 114,401 |  | $ | — |  | $ | 114,401 |  | $ | — |
Other real estate (2) |  | 47,378 |  | — |  | 47,378 |  | — |
December 31, 2011 |  |  |  |  |  |  |  |  |
Loans held for sale (1) |  | $ | 12,414 |  | $ | — |  | $ | 12,414 |  | $ | — |
Impaired loans (1) |  | 131,836 |  | — |  | 131,836 |  | — |
Other real estate (2) |  | 61,681 |  | — |  | 61,681 |  | — |
(1) Represents carrying value and related write-downs of loans for which adjustments are based on agreed upon purchase prices for the loans or the appraised value of the collateral. (2) Represents other real estate that is carried at the lower of carrying value or fair value less costs to sell. Fair value is generally based upon independent market prices or appraised values of the collateral.

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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) whether recognized or not in the financial statements (off-balance sheet) because they fail to meet some other criterion for recognition and the measurements of those instruments, assets and liabilities. Such 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 No definition available. + Details
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- Definition 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). + References Reference 1: 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. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19296-110258 + Details
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- Definition 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. + 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 (c) -URI http://asc.fasb.org/extlink&oid=7578670&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 3 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph c -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 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). + References Reference 1: 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 + Details
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