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FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2013

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)
March 31, 2013
Financial assets
Cash and due from banks		$	46,877		$	46,877		$	46,877		$	—		$	—
Interest-bearing deposits in other banks		167,632			167,632			167,632			—			—
Investment securities		1,696,428			1,696,548			816			1,683,019			12,713
Loans held for sale		17,293			17,293			—			—			17,293
Net loans and leases		2,187,792			2,106,972			—			104,189			2,002,783
Accrued interest receivable		14,148			14,148			14,148			—			—
Financial liabilities
Deposits:
Noninterest-bearing deposits		857,427			857,427			857,427			—			—
Interest-bearing demand and savings deposits		1,861,526			1,861,526			1,861,526			—			—
Time deposits		1,045,738			1,047,948			—			—			1,047,948
Long-term debt		108,276			45,029			—			45,029			—
Accrued interest payable (included in other liabilities)		1,009			1,009			1,009			—			—
Off-balance sheet financial instruments
Commitments to extend credit		568,013			2,840			—			2,840			—
Standby letters of credit and financial guarantees written		18,663			140			—			140			—
Interest rate options		64,598			183			—			183			—
Forward interest rate contracts		21,219			(61		)	—			(61		)	—
December 31, 2012
Financial assets
Cash and due from banks		$	56,473		$	56,473		$	56,473		$	—		$	—
Interest-bearing deposits in other banks		120,902			120,902			120,902			—			—
Investment securities		1,698,593			1,699,273			906			1,685,541			12,826
Loans held for sale		38,283			38,283			—			—			38,283
Net loans and leases		2,107,531			2,083,514			—			108,081			1,975,433
Accrued interest receivable		13,896			13,896			13,896			—			—
Financial liabilities
Deposits:
Noninterest-bearing deposits		843,292			843,292			843,292			—			—
Interest-bearing demand and savings deposits		1,858,849			1,858,849			1,858,849			—			—
Time deposits		978,631			981,059			—			—			981,059
Long-term debt		108,281			43,156			—			43,156			—
Accrued interest payable (included in other liabilities)		13,131			13,131			13,131			—			—
Off-balance sheet financial instruments
Commitments to extend credit		554,477			2,772			—			2,772			—
Standby letters of credit and financial guarantees written		13,813			104			—			104			—
Interest rate options		67,072			106			—			106			—
Forward interest rate contracts		49,222			(353		)	—			(353		)	—

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)
March 31, 2013
Available for sale securities:
U.S. Government sponsored entities debt securities		$	210,098		$	—		$	210,098		$	—
States and political subdivisions debt securities		193,626			—			180,913			12,713
U.S. Government sponsored entities mortgage-backed securities		995,006			—			995,006			—
Non-agency collateralized mortgage obligations		9,984			—			9,984			—
Corporate securities		127,535			—			127,535			—
Other		816			816			—			—
Derivatives:
Interest rate contracts		122			—			122			—
Amended TARP Warrant		(828		)	—			(828		)	—
Total		$	1,536,359		$	816		$	1,522,830		$	12,713
December 31, 2012
Available for sale securities:
U.S. Government sponsored entities debt securities		$	280,939		$	—		$	280,939		$	—
States and political subdivisions debt securities		185,911			—			173,085			12,826
U.S. Government sponsored entities mortgage-backed securities		941,043			—			941,043			—
Corporate securities		127,946			—			127,946			—
Other		906			906			—			—
Derivatives:
Interest rate contracts		(248		)	—			(248		)	—
Amended TARP warrant		(819		)	—			(819		)	—
Total		$	1,535,678		$	906		$	1,521,946		$	12,826

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
		(Dollars in thousands)
Balance at December 31, 2012		$	12,826
Principal payments received		(100		)
Unrealized net loss included in other comprehensive income		(86		)
Purchases, sales, issuances and settlements, net		73
Balance at March 31, 2013		$	12,713
Balance at December 31, 2011		$	12,994
Principal payments received		(95		)
Unrealized net gain included in other comprehensive income		334
Balance at March 31, 2012		$	13,233

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)
March 31, 2013
Impaired loans (1)		$	104,189		$	—		$	104,189		$	—
Other real estate (2)		10,068			—			10,068			—
December 31, 2012
Impaired loans (1)		$	108,081		$	—		$	108,081		$	—
Other real estate (2)		10,686			—			10,686			—

(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.

X

- 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

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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

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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.

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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).

+ 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

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