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FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Schedule of carrying amount and estimated fair value of financial instruments

									Fair Value Measurement Using
(dollars in thousands)	Carrying Amount				Estimated Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
September 30, 2015
Financial assets
Cash and due from banks	$	69,628			$	69,628			$	69,628			$	—			$	—
Interest-bearing deposits in other banks	14,376				14,376				14,376				—				—
Investment securities	1,527,101				1,526,922				892				1,513,278				12,752
Loans held for sale	9,786				9,786				—				—				9,786
Net loans and leases	3,034,819				2,991,526				—				36,698				2,954,828
Accrued interest receivable	13,779				13,779				13,779				—				—
Financial liabilities
Deposits:
Noninterest-bearing deposits	1,112,761				1,112,761				1,112,761				—				—
Interest-bearing demand and savings deposits	2,069,453				2,069,453				2,069,453				—				—
Time deposits	1,048,289				1,049,989				—				—				1,049,989
Short-term debt	155,000				155,000				—				155,000				—
Long-term debt	92,785				67,283				—				67,283				—
Accrued interest payable (included in other liabilities)	962				962				962				—				—
Off-balance sheet financial instruments
Commitments to extend credit	772,326				3,862				—				3,862				—
Standby letters of credit and financial guarantees written	16,418				123				—				123				—
Derivatives:
Interest rate options	11,754				177				—				177				—
Forward interest rate contracts	19,930				(173		)		—				(173		)		—

Schedule of balances of assets and liabilities measured at fair value on a recurring basis

The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014:

					Fair Value at Reporting Date Using
(dollars in thousands)	Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
September 30, 2015
Available for sale securities:
Debt securities:
States and political subdivisions	$	190,433			$	—			$	177,681			$	12,752
Corporate securities	104,698				—				104,698				—
Mortgage-backed securities:
Residential - U.S. Government sponsored entities	768,586				—				768,586				—
Residential - Non-government agencies	69,012				—				69,012				—
Commerical - Non-government agencies	138,761				—				138,761				—
Other	892				892				—				—
Total available for sale securities	1,272,382				892				1,258,738				12,752
Derivatives - Interest rate options and forward interest rate contracts	4				—				4				—
Total	$	1,272,386			$	892			$	1,258,742			$	12,752
December 31, 2014
Available for sale securities:
Debt securities:
States and political subdivisions	$	191,645			$	—			$	178,550			$	13,095
Corporate securities	100,604				—				100,604				—
Mortgage-backed securities:
Residential - U.S. Government sponsored entities	751,558				—				751,558				—
Residential - Non-government agencies	46,693				—				46,693				—
Commerical - Non-government agencies	137,641				—				137,641				—
Other	877				877				—				—
Total available for sale securities	1,229,018				877				1,215,046				13,095
Derivatives - Interest rate options and forward interest rate contracts	382				—				382				—
Total	$	1,229,400			$	877			$	1,215,428			$	13,095

Schedule of changes in Level 3 assets and liabilities measured at fair value on a recurring basis

For the nine months ended September 30, 2015 and 2014, the changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:

(dollars in thousands)	Available for Sale States and Political Subdivisions Debt Securities
Balance at December 31, 2014	$	13,095
Principal payments received	(897		)
Unrealized net gain included in other comprehensive income	554
Balance at September 30, 2015	$	12,752
Balance at December 31, 2013	$	10,518
Principal payments received	(202		)
Unrealized net gain included in other comprehensive income	74
Purchases	2,325
Balance at September 30, 2014	$	12,715

Schedule of level of valuation assumptions used to determine the fair value of assets measured on a nonrecurring basis

For assets measured at fair value on a nonrecurring basis that were recorded at fair value on our balance sheet at September 30, 2015 and December 31, 2014, the following table provides the level of valuation assumptions used to determine the respective fair values:

					Fair Value Measurements Using
(dollars in thousands)	Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
September 30, 2015
Impaired loans (1)	$	36,698			$	—			$	36,698			$	—
Other real estate (2)	1,913								1,913
December 31, 2014
Impaired loans (1)	$	70,743			$	—			$	70,743			$	—
Other real estate (2)	2,948				—				2,948				—

(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.

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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 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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-Section 50



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