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Fair Value (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value

Schedule of assets and liabilities measured at fair value

		September 30, 2012
		Fair Value Measurements Using Significant
		Unobservable Inputs (Level 3)
(Dollar amounts in thousands)		Level 1			Level 2			Level 3			Total
U.S. Government agencies		$	—		$	1,884		$	—		$	1,884
Mortgage Backed Securities-residential		—			282,519			—			282,519
Mortgage Backed Securities-commercial		—			49			—			49
Collateralized mortgage obligations		—			165,075			—			165,075
State and municipal		—			191,910			9,911			201,821
Collateralized debt obligations		—			—			4,805			4,805
Equities		353			—			—			353
TOTAL		$	353		$	641,437		$	14,716		$	656,506
Derivative Assets					2,220
Derivative Liabilities					(2,220		)

		December 31, 2011
		Fair Value Measurements Using Significant
		Unobservable Inputs (Level 3)
(Dollar amounts in thousands)		Level 1			Level 2			Level 3			Total
U.S. Government agencies		$	—		$	4,013		$	—		$	4,013
Mortgage Backed Securities-residential		—			311,788			—			311,788
Mortgage Backed Securities-commercial		—			101			—			101
Collateralized mortgage obligations		—			147,947			—			147,947
State and municipal		—			186,056			9,525			195,581
Collateralized debt obligations		—			—			4,771			4,771
Equities		375			—			1,711			2,086
TOTAL		$	375		$	649,905		$	16,007		$	666,287
Derivative Assets					2,447
Derivative Liabilities					(2,447		)

Roll forward of financial instruments having fair value measurements using significant unobservable inputs (Level 3)

		Fair Value Measurements Using SignificantUnobservable Inputs (Level 3)
		Three months ended September 30, 2012
					State and			Collateralized
					municipal			debt
		Equities			obligations			obligations			Total
Beginning balance, July 1		$	—		$	10,066		$	4,379		$	14,445
Total realized/unrealized gains or losses
Included in earnings		—			—			—			—
Included in other comprehensive income		—			—			426			426
Transfers & Purchases		—			—			—			—
Settlements		—			(155		)	—			(155		)
Ending balance, September 30		$	—		$	9,911		$	4,805		$	14,716

		Fair Value Measurements Using SignificantUnobservable Inputs (Level 3)
		Nine months ended September 30, 2012
					State and			Collateralized
					municipal			debt
		Equities			obligations			obligations			Total
Beginning balance, January 1		$	1,711		$	9,525		$	4,771		$	16,007
Total realized/unrealized gains or losses
Included in earnings		435			—			(285		)	150
Included in other comprehensive income		(446		)	—			655			209
Transfers & Purchases		—			1,186			—			1,186
Settlements		(1,700		)	(800		)	(336		)	(2,836		)
Ending balance, September 30		$	—		$	9,911		$	4,805		$	14,716

		Fair Value Measurements Using SignificantUnobservable Inputs (Level 3)
					December 31, 2011
					State and			Collateralized
					municipal			debt
		Equities			obligations			obligations			Total
Beginning balance, January 1		$	1,518		$	—		$	2,190		$	3,708
Total realized/unrealized gains or losses
Included in earnings		—			—			—			—
Included in other comprehensive income		193			—			2,581			2,774
Transfers & Purchases		—			9,672			—			9,672
Settlements		—			(147		)	—			(147		)
Ending balance, December 31		$	1,711		$	9,525		$	4,771		$	16,007

Schedule of quantitative information about recurring and non-recurring Level 3 fair value measurements

		Fair Value			Valuation Technique(s)		Unobservable Input(s)		Range
State and municipal obligations		$	9,911		Discounted cash flow		Discount rate		3.05%-5.50%
							Probability of default		0%
Other real estate		$	8,670		Sales comparison/income approach		Discount rate for age of appraisal and market conditions		5.00%-20.00%
Impaired Loans		28,984			Sales comparison/income approach		Discount rate for age of appraisal and market conditions		0.00%-50.00%

Schedule of loans identified as impaired by class of loans

		September 30, 2012
(Dollar amounts in thousands)		Unpaid Principal Balance			Allowance for Loan Losses Allocated			Fair Value
Commercial
Commercial & Industrial		$	17,885		$	3,925		$	13,960
Farmland		891			49			842
Non Farm, Non Residential		7,581			182			7,399
Agriculture		—			—			—
All Other Commercial		1,315			56			1,259
Residential
First Liens		1,255			190			1,065
Home Equity		197			—			197
Junior Liens		—			—			—
Multifamily		5,540			1,278			4,262
All Other Residential		—			—			—
Consumer
Motor Vehicle		—			—			—
All Other Consumer		—			—			—
TOTAL		$	34,664		$	5,680		$	28,984

		December 31, 2011
(Dollar amounts in thousands)		Unpaid Principal Balance			Allowance for Loan Losses Allocated			Fair Value
Commercial
Commercial & Industrial		$	17,890		$	2,664		$	15,226
Farmland		891			49			842
Non Farm, Non Residential		9,260			957			8,303
Agriculture		—			—			—
All Other Commercial		1,517			66			1,451
Residential
First Liens		1,963			190			1,773
Home Equity		—			—			—
Junior Liens		879			347			532
Multifamily		250			—			250
All Other Residential		—			—			—
Consumer
Motor Vehicle		—			—			—
All Other Consumer		—			—			—
TOTAL		$	32,650		$	4,273		$	28,377

Schedule of fair value measurement using fair value hierarchy for other real estate

		September 30, 2012
		Fair Value Measurment Using
(Dollar amounts in thousands)		Carrying Value			Level 1			Level 2			Level 3
Other real estate - commercial		$	6,198		$	—		$	—		$	6,198
Other real estate - residential		2,472			—			—			2,472
TOTAL		$	8,670		$	—		$	—		$	8,670

		December 31, 2011
		Fair Value Measurment Using
(Dollar amounts in thousands)		Carrying Value			Level 1			Level 2			Level 3
Other real estate - commercial		$	2,080		$	—		$	—		$	2,080
Other real estate - residential		2,884			—			—			2,884
TOTAL		$	4,964		$	—		$	—		$	4,964

Schedule of carrying amount and estimated fair value of financial instruments

		September 30, 2012
		Carrying			Fair Value
(Dollar amounts in thousands)		Value			Level 1				Level 2			Level 3			Total
Cash and due from banks		$	63,638		$	18,484			$	45,154		$	—		$	63,638
Federal funds sold		55,773			—				55,773			—			55,773
Securities available—for—sale		656,506			353				641,437			14,716			656,506
Restricted stock		21,296			n/a				n/a			n/a			n/a
Loans, net		1,836,704			—							1,929,537			1,929,537
FDIC Indemnification Asset		1,602			—				1,602			—			1,602
Accrued interest receivable		12,785			—				4,041			8,744			12,785
Deposits		(2,259,670		)	—				(2,264,791		)	—			(2,264,791		)
Short—term borrowings		(43,997		)	—				(43,997		)	—			(43,997		)
Federal Home Loan Bank advances		(119,814		)	—				(126,065		)	—			(126,065		)
Other borrowings		(6,049		)	—				(6,049		)	—			(6,049		)
Accrued interest payable		(1,211		)	—				(1,211		)	—			(1,211		)
		December 31, 2011
		Carrying			Fair
(Dollar amounts in thousands)		Value			Value
Cash and due from banks		134,280			134,280
Federal funds sold		11,725			11,725
Securities available—for—sale		666,287			666,287
Restricted stock		22,282			n/a
Loans, net		1,874,438			1,888,263
FDIC Indemnification Asset		2,384			2,384
Accrued interest receivable		12,947			12,947
Deposits		(2,274,499		)	(2,279,739		)
Short—term borrowings		(100,022		)	(100,022		)
Federal Home Loan Bank advances		(140,231		)	(144,089		)
Other borrowings		(6,196		)	(6,196		)
Accrued interest payable		(1,829		)	(1,829		)

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Tabular disclosure of fair value measurement using fair value hierarchy, including carrying value of other real estate properties.

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Tabular disclosure of the fair value measurement of assets and liabilities 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 liabilities) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets and liabilities) are reported in the statement of income (or activities); (2) purchases, sales, issuances, 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 and liability.

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Tabular disclosure related to 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 recurring and/or nonrecurring basis in periods after initial recognition. Disclosures 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) as well as transfers between levels 1 and 2.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 6

-Footnote 4

-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 the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain 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 quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

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