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FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2014

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, 2014
Financial assets
Cash and due from banks		$	85,347		$	85,347		$	85,347		$	—		$	—
Interest-bearing deposits in other banks		5,919			5,919			5,919			—			—
Investment securities		1,656,912			1,646,906			782			1,634,336			11,788
Loans held for sale		11,247			11,247			—			—			11,247
Net loans and leases		2,614,292			2,511,947			—			71,514			2,440,433
Accrued interest receivable		13,507			13,507			13,507			—			—
Financial liabilities
Deposits:
Noninterest-bearing deposits		939,138			939,138			939,138			—			—
Interest-bearing demand and savings deposits		1,975,170			1,975,170			1,975,170			—			—
Time deposits		1,071,459			1,072,383			—			—			1,072,383
Short-term debt		102,000			102,000			—			102,000			—
Long-term debt		92,795			37,992			—			37,992			—
Accrued interest payable (included in other liabilities)		983			983			983			—			—
Off-balance sheet financial instruments
Commitments to extend credit		663,708			3,319			—			3,319			—
Standby letters of credit and financial guarantees written		19,910			149			—			149			—
Interest rate options		43,984			14			—			14			—
Forward interest rate contracts		18,383			26			—			26			—
December 31, 2013
Financial assets
Cash and due from banks		$	45,092		$	45,092		$	45,092		$	—		$	—
Interest-bearing deposits in other banks		4,256			4,256			4,256			—			—
Investment securities		1,660,046			1,646,704			875			1,635,311			10,518
Loans held for sale		12,370			12,370			—			—			12,370
Net loans and leases		2,546,781			2,430,282			—			64,705			2,365,577
Accrued interest receivable		14,072			14,072			14,072			—			—
Financial liabilities
Deposits:
Noninterest-bearing deposits		891,017			891,017			891,017			—			—
Interest-bearing demand and savings deposits		1,935,635			1,935,635			1,935,635			—			—
Time deposits		1,109,521			1,111,319			—			—			1,111,319
Short-term debt		8,015			8,015			—			8,015			—
Long-term debt		92,799			39,446			—			39,446			—
Accrued interest payable (included in other liabilities)		1,040			1,040			1,040			—			—
Off-balance sheet financial instruments
Commitments to extend credit		652,717			3,264			—			3,264			—
Standby letters of credit and financial guarantees written		1,023			8			—			8			—
Interest rate options		37,093			69			—			69			—
Forward interest rate contracts		24,244			210			—			210			—

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			Significan Other Observable Inputs			Significant Unobservable Inputs
		Fair Value			(Level 1)			(Level 2)			(Level 3)
		(Dollars in thousands)
March 31, 2014
Available for sale securities:
Debt securities:
States and political subdivisions		$	185,126		$	—		$	173,338		$	11,788
Corporate securities		158,291			—			158,291			—
Mortgage-backed securities:
U.S. Government sponsored entities		899,066			—			899,066			—
Non-agency collateralized mortgage obligations		164,859			—			164,859			—
Other		782			782			—			—
Derivatives:
Interest rate contracts		40			—			40			—
Total		$	1,408,164		$	782		$	1,395,594		$	11,788
December 31, 2013
Available for sale securities:
Debt securities:
States and political subdivisions		$	179,357		$	—		$	168,839		$	10,518
Corporate securities		158,095			—			158,095			—
Mortgage-backed securities:
U.S. Government sponsored entities		927,626			—			927,626			—
Non-agency collateralized mortgage obligations		142,046			—			142,046			—
Other		875			875			—			—
Derivatives:
Interest rate contracts		279			—			279			—
Total		$	1,408,278		$	875		$	1,396,885		$	10,518

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, 2013		$	10,518
Principal payments received		(71		)
Unrealized net gain included in other comprehensive income		299
Purchases		1,042
Balance at March 31, 2014		$	11,788
Balance at December 31, 2012		$	12,826
Principal payments received		(100		)
Unrealized net loss included in other comprehensive income		(86		)
Purchases		73
Balance at March 31, 2013		$	12,713

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, 2014
Impaired loans (1)		$	71,514		$	—		$	71,514		$	—
Other real estate (2)		4,829			—			4,829			—
December 31, 2013
Impaired loans (1)		$	64,705		$	—		$	64,705		$	—
Other real estate (2)		5,163			—			5,163			—

(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

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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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-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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