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Fair Value (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value [Abstract]

Summary of financial assets and financial liabilities measured at fair value on a recurring basis

The following tables summarize financial assets and financial liabilities measured at fair value on a recurring basis segregated by the level of the valuation inputs within the fair value hierarchy for the periods indicated:

		June 30, 2012
		Total				Fair Value Measurements Using
(Amounts in thousands)		Fair Value				Level 1				Level 2				Level 3
Available-for-sale securities:
Municipal securities		$	151,991			$	—			$	151,991			$	—
Single issue trust preferred securities			44,506				—				44,506				—
Corporate FDIC insured securities			13,550				—				13,550				—
Agency MBS			306,089				—				306,089				—
Non-Agency Alt-A residential MBS			9,926				—				9,926				—
Equity securities			545				525				20				—
Total available-for-sale securities		$	526,607			$	525			$	526,082			$	—
Deferred compensation assets		$	3,467			$	3,467			$	—			$	—
Derivatives
Interest rate lock commitments		$	206			$	—			$	206			$	—
Deferred compensation liabilities		$	3,467			$	3,467			$	—			$	—
Derivative liabilities
Interest rate lock commitments		$	2			$	—			$	2			$	—

		December 31, 2011
		Total				Fair Value Measurements Using
(Amounts in thousands)		Fair Value				Level 1				Level 2				Level 3
Available-for-sale securities:
Municipal securities		$	137,815			$	—			$	137,815			$	—
Single issue trust preferred securities			40,244				—				40,244				—
Corporate FDIC insured securities			13,718				—				13,718				—
Agency MBS			280,102				—				280,102				—
Non-Agency Alt-A residential MBS			10,030				—				10,030				—
Equity securities			521				501				20				—
Total available-for-sale securities		$	482,430			$	501			$	481,929			$	—
Deferred compensation assets		$	3,210			$	3,210			$	—			$	—
Derivative assets
Interest rate lock commitments		$	135			$	—			$	135			$	—
Deferred compensation liabilities		$	3,210			$	3,210			$	—			$	—
Derivative liabilities
Interest rate lock commitments		$	6			$	—			$	6			$	—

Financial and nonfinancial assets measured at fair value on a nonrecurring basis

The following tables summarize financial and nonfinancial assets measured at fair value on a nonrecurring basis during the periods presented, segregated by the level of the valuation inputs within the fair value hierarchy that were held for the periods indicated.

		June 30, 2012
		Total				Fair Value Measurements Using
(Amounts in thousands)		Fair Value				Level 1				Level 2				Level 3
Impaired loans not covered by loss share agreements		$	6,254				—				—			$	6,254
OREO not covered by loss share agreements			3,951				—				—				3,951

		December 31, 2011
		Total				Fair Value Measurements Using
(Amounts in thousands)		Fair Value				Level 1				Level 2				Level 3
Impaired loans		$	12,022			$	—			$	—			$	12,022
OREO			5,914				—				—				5,914
Goodwill — insurance agencies			9,405				—				—				9,405

Quantitative information about financial and nonfinancial assets measured at fair value on a nonrecurring basis

The following table presents quantitative information about financial and nonfinancial assets measured at fair value on a nonrecurring basis using Level 3 valuation inputs:

(Amounts in thousands)		Fair Value at June 30, 2012				Valuation Technique		Unobservable Input		Range (Weighted Average)
Impaired loans		$	6,254			Discounted appraisals (1)		Appraisal adjustments (2)		4% to 100% (58%)
OREO			3,951			Discounted appraisals (1)		Appraisal adjustments (2)		0% to 67% (23%)

(1) Fair value is generally based on appraisals of the underlying collateral.

(2) Appraisals may be adjusted by management for customized discounting criteria, estimated sales costs, and proprietary qualitative adjustments.

Carrying amount and fair value of the Company's financial instruments

The following tables summarize the carrying amount and fair value of the Company’s financial instruments for the dates indicated:

		June 30, 2012
		Carrying								Fair Value Measurements Using
(Amounts in thousands)		Amount				Fair Value				Level 1				Level 2				Level 3
Assets
Cash and cash equivalents		$	156,165			$	156,165			$	156,165			$	—			$	—
Available-for-sale securities			526,607				526,607				525				526,082				—
Held-to-maturity securities			1,295				1,318				—				1,318				—
Loans held for sale			1,179				1,204				—				1,204				—
Loans held for investment less allowance
Covered under loss share agreements			238,777				238,777				—				—				238,777
Not covered under loss share agreements			1,542,141				1,566,485				—				—				1,566,485
FDIC receivable under loss share agreements			52,067				52,067				—				—				52,067
Accrued interest receivable			8,396				8,396				—				8,396				—
Derivative financial assets			206				206				—				206				—
Deferred compensation assets			3,467				3,467				3,467				—				—
Liabilities
Demand deposits		$	340,895			$	340,895			$	—			$	340,895			$	—
Interest-bearing demand deposits			335,686				335,686				—				335,686				—
Savings deposits			494,516				494,516				—				494,516				—
Time deposits			934,110				961,682				—				961,682				—
Securities sold under agreements to repurchase			148,367				156,643				—				156,643				—
Accrued interest payable			2,708				2,708				—				2,708				—
FHLB and other indebtedness			192,571				212,190				—				212,190				—
Derivative financial liabilities			2				2				—				2				—
Deferred compensation liabilities			3,467				3,467				3,467				—				—

		December 31, 2011
		Carrying
(Amounts in thousands)		Amount				Fair Value
Assets
Cash and cash equivalents		$	47,294			$	47,294
Investment securities			485,920				485,962
Loans held for sale			5,820				5,877
Loans held for investment less allowance			1,369,862				1,386,419
Accrued interest receivable			6,193				6,193
Derivative financial assets			135				135
Deferred compensation assets			3,210				3,210
Liabilities
Demand deposits		$	240,268			$	240,268
Interest-bearing demand deposits			275,156				275,156
Savings deposits			394,707				394,707
Time deposits			633,336				641,604
Securities sold under agreements to repurchase			129,208				136,359
Accrued interest payable			2,554				2,554
FHLB and other indebtedness			165,933				183,722
Derivative financial liabilities			6				6
Deferred compensation liabilities			3,210				3,210

X

- 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 Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 33

-Subparagraph a, b

-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.

+ References

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 14

-Subparagraph a

-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.



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 18

-Subparagraph c(2), d, e, f

-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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-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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-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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-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 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.

+ References

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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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