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Fair Value (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities measured at fair value

The fair value of derivatives is based on valuation models using observable market data as of the measurement date (Level 2 inputs).

		March 31, 2013
		Fair Value Measurements Using Significant
		Unobservable Inputs (Level 3)
(Dollar amounts in thousands)		Level 1				Level 2				Level 3				Carrying Value
U.S. Government entity mortgage-backed securities		$	-			$	1,793			$	-			$	1,793
Mortgage Backed Securities-residential			-				240,694				-				240,694
Mortgage Backed Securities-commercial			-			$	4,962				-				4,962
Collateralized mortgage obligations			-				319,804				-				319,804
State and municipal			-				189,803				6,502				196,305
Collateralized debt obligations			-				-				5,972				5,972
Equities			419				-				0				419
TOTAL		$	419			$	757,056			$	12,474			$	769,949
Derivative Assets							1,876
Derivative Liabilities							(1,876	)

		December 31, 2012
		Fair Value Measurements Using Significant
		Unobservable Inputs (Level 3)
(Dollar amounts in thousands)		Level 1				Level 2				Level 3				Carrying Value
U.S. Government entity mortgage-backed securities		$	-			$	1,886			$	-			$	1,886
Mortgage Backed Securities-residential			-				244,676				-				244,676
Mortgage Backed Securities-commercial			-			$	5,131				-				5,131
Collateralized mortgage obligations			-				233,320				-				233,320
State and municipal			-				189,574				9,911				199,485
Collateralized debt obligations			-				-				6,122				6,122
Equities			380				-				0				380
TOTAL		$	380			$	674,587			$	16,033			$	691,000
Derivative Assets							2,053
Derivative Liabilities							(2,053	)

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

The table below presents a reconciliation and income statement classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2013 and December 31, 2012.

		Fair Value Measurements Using SignificantUnobservable Inputs (Level 3)
		March 31, 2013
		State and				Collateralized
		municipal				debt
		obligations				obligations				Total
Beginning balance, January 1		$	9,911			$	6,122			$	16,033
Total realized/unrealized gains or losses
Included in earnings			-				-				-
Included in other comprehensive income			-				395				395
Transfers & Purchases			-				-				-
Settlements			(3,409	)			(545	)			(3,954	)
Ending balance, March 31		$	6,502			$	5,972			$	12,474

		Fair Value Measurements Using SignificantUnobservable Inputs (Level 3)
		December 31, 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			(446	)			-				(96	)			(542	)
Included in other comprehensive income			-				-				1,556				1,556
Transfers & Purchases			-				1,186				-				1,186
Settlements			(1,265	)			(800	)			(109	)			(2,174	)
Ending balance, December 31		$	-			$	9,911			$	6,122			$	16,033

Quantitative information about recurring and non-recurring Level 3

The following table presents quantitative information about recurring Level 3 fair value measurements at March 31, 2013.

		Fair Value				Valuation Technique(s)		Unobservable Input(s)		Range
State and municipal obligations		$	6,502			Discounted cash flow		Discount rate			3.05%-5.50	%
								Probability of default			0	%
Other real estate			7,752			Sales comparison/income approach		Discount rate for age			5.00%-20.00	%
								of appraisal and market
								conditions
Impaired Loans			26,789			Sales comparison/income approach		Discount rate for age
								of appraisal and market			0.00%-50.00	%
								conditions

Schedule of loans identified as impaired by class of loans

The following tables presents loans identified as impaired by class of loans as of March 31, 2013 and December 31, 2012.

						March 31, 2013
(Dollar amounts in thousands)		Carrying Value				Allowance for Loan Losses Allocated				Fair Value
Commercial
Commercial & Industrial		$	16,570			$	3,721			$	12,848
Farmland			891				191				700
Non Farm, Non Residential			8,644				1,500				7,143
Agriculture			-				-
All Other Commercial			4,326				1,297				3,029
Residential
First Liens			1,253				126				1,127
Home Equity			196				-				196
Junior Liens			-				-				-
Multifamily			5,540				3,794				1,746
All Other Residential			-				-				-
Consumer
Motor Vehicle			-				-				-
All Other Consumer			-				-				-
TOTAL		$	37,420			$	10,629			$	26,789

						December 31, 2012
(Dollar amounts in thousands)		Carrying Value				Allowance for Loan Losses Allocated				Fair Value
Commercial
Commercial & Industrial		$	17,098			$	3,153			$	13,945
Farmland			891				191				700
Non Farm, Non Residential			7,386				293				7,093
Agriculture			-				-
All Other Commercial			1,209				52				1,157
Residential
First Liens			1,254				126				1,128
Home Equity			179				-				179
Junior Liens			-				-				-
Multifamily			5,540				3,794				1,746
All Other Residential			-								-
Consumer
Motor Vehicle			-								-
All Other Consumer			-								-
TOTAL		$	33,557			$	7,609			$	25,948

		March 31, 2013
		Fair Value Measurment Using
(Dollar amounts in thousands)		Carrying Value				Level 1				Level 2				Level 3
Other real estate - commercial		$	5,656			$	-			$	-			$	5,656
Other real estate - residential			2,096				-				-				2,096
TOTAL		$	7,752			$	-			$	-			$	7,752

		December 31, 2012
		Fair Value Measurment Using
(Dollar amounts in thousands)		Carrying Value				Level 1				Level 2				Level 3
Other real estate - commercial		$	5,588			$	-			$	-			$	5,588
Other real estate - residential			2,134				-				-				2,134
TOTAL		$	7,722			$	-			$	-			$	7,722

Schedule of carrying amount and estimated fair value of financial instruments

The carrying amount and estimated fair value of financial instruments are presented in the table below and were determined based on the above assumptions:

		March 31, 2013
		Carrying				Fair Value
(Dollar amounts in thousands)		Value				Level 1				Level 2				Level 3				Total
Cash and due from banks		$	78,399			$	18,854			$	59,545			$	-			$	78,399
Federal funds sold			54,384				-				54,384				-				54,384
Securities available—for—sale			769,949				419				757,056				12,474				769,949
Restricted stock			21,292				n/a				n/a				n/a				n/a
Loans, net			1,796,259				-				-				1,875,255				1,875,255
FDIC Indemnification Asset			1,770				-				1,770				-				1,770
Accrued interest receivable			11,622				-				3,295				8,327				11,622
Deposits			(2,349,776	)			-				(2,353,844	)			-				(2,353,844	)
Short—term borrowings			(39,952	)			-				(39,952	)			-				(39,952	)
Federal Home Loan Bank advances			(114,608	)			-				(119,103	)			-				(119,103	)
Accrued interest payable			(1,053	)			-				(1,053	)			-				(1,053	)

		December 31, 2012
		Carrying				Fair Value
(Dollar amounts in thousands)		Value				Level 1				Level 2				Level 3				Total
Cash and due from banks		$	87,230			$	21,333			$	65,897			$	-			$	87,230
Federal funds sold			20,800				-				20,800				-				20,800
Securities available—for—sale			691,000				380				674,587				16,033				691,000
Restricted stock			21,292				n/a				n/a				n/a				n/a
Loans, net			1,829,978				-				-				1,916,256				1,916,256
FDIC Indemnification Asset			2,632				-				2,632				-				2,632
Accrued interest receivable			12,024				-				2,980				9,044				12,024
Deposits			(2,276,134	)			-				(2,280,910	)			-				(2,280,910	)
Short—term borrowings			(40,551	)			-				(40,551	)			-				(40,551	)
Federal Home Loan Bank advances			(119,705	)			-				(124,933	)			-				(124,933	)
Accrued interest payable			(1,163	)			-				(1,163	)			-				(1,163	)

X

- Definition

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 of fair value of impaired financing receivables.

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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.

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Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis.

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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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