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FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 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			Significant
								Active Markets for			Other Observable			Unobservable
		Carrying			Estimated			Identical Assets			Inputs			Inputs
		Amount			Fair Value			(Level 1)			(Level 2)			(Level 3)
		(Dollars in thousands)
September 30, 2013
Financial assets
Cash and due from banks		$	59,400		$	59,400		$	59,400		$	—		$	—
Interest-bearing deposits in other banks		37,499			37,499			37,499			—			—
Investment securities		1,757,611			1,747,467			838			1,737,054			9,575
Loans held for sale		12,437			12,437			—			—			12,437
Net loans and leases		2,399,090			2,240,519			—			79,320			2,161,199
Accrued interest receivable		13,765			13,765			13,765			—			—
Financial liabilities
Deposits:
Noninterest-bearing deposits		878,262			878,262			878,262			—			—
Interest-bearing demand and savings deposits		1,951,909			1,951,909			1,951,909			—			—
Time deposits		1,076,093			1,077,758			—			—			1,077,758
Short-term debt		28,000			28,000			—			28,000			—
Long-term debt		108,268			43,853			—			43,853			—
Accrued interest payable (included in other liabilities)		1,277			1,277			1,277			—			—
Off-balance sheet financial instruments
Commitments to extend credit		600,240			3,001			—			3,001			—
Standby letters of credit and financial guarantees written		18,864			141			—			141			—
Interest rate options		40,090			914			—			914			—
Forward interest rate contracts		41,492			(660		)	—			(660		)	—
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)
September 30, 2013
Available for sale securities:
Debt securities:
U.S. Government sponsored entities		$	128,392		$	—		$	128,392		$	—
States and political subdivisions		180,024			—			170,449			9,575
Corporations		140,003			—			140,003			—
Mortgage-backed securities:
U.S. Government sponsored entities		973,345			—			973,345			—
Non-agency collateralized mortgage obligations		79,346			—			79,346			—
Other		838			838			—			—
Derivatives:
Interest rate contracts		254			—			254			—
Total		$	1,502,202		$	838		$	1,491,789		$	9,575
December 31, 2012
Available for sale securities:
Debt securities:
U.S. Government sponsored entities		$	280,939		$	—		$	280,939		$	—
States and political subdivisions		185,911			—			173,085			12,826
Corporations		127,946			—			127,946			—
Mortgage-backed securities:
U.S. Government sponsored entities		941,043			—			941,043			—
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 debt  securities - States and political subdivisions
		(Dollars in thousands)
Balance at December 31, 2012		$	12,826
Principal payments received		(2,736		)
Unrealized net loss included in other comprehensive income		(589		)
Purchases, sales, issuances and settlements, net		74
Balance at September 30, 2013		$	9,575
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

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, 2013
Impaired loans (1)		$	79,320		$	—		$	79,320		$	—
Other real estate (2)		5,761			—			5,761			—
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

No definition available.

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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 Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19296-110258

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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.

+ References

Reference 1: 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=25499696&loc=d3e19279-110258



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-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258

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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=25499696&loc=d3e19190-110258

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