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Fair Value (Tables) | 9 Months Ended
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Sep. 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:
|  | September 30, 2012 |
|  | Total |  |  | Fair Value Measurements Using |
(Amounts in thousands) |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 155,928 |  |  | $ | — |  |  | $ | 155,928 |  |  | $ | — |
Single issue trust preferred securities |  |  | 42,597 |  |  |  | — |  |  |  | 42,597 |  |  |  | — |
Corporate FDIC insured securities |  |  | 13,479 |  |  |  | — |  |  |  | 13,479 |  |  |  | — |
Agency MBS |  |  | 288,283 |  |  |  | — |  |  |  | 288,283 |  |  |  | — |
Non-Agency Alt-A residential MBS |  |  | 11,212 |  |  |  | — |  |  |  | 11,212 |  |  |  | — |
Equity securities |  |  | 5,662 |  |  |  | 5,642 |  |  |  | 20 |  |  |  | — |
Total available-for-sale securities |  | $ | 517,161 |  |  | $ | 5,642 |  |  | $ | 511,519 |  |  | $ | — |
Deferred compensation assets |  | $ | 3,536 |  |  | $ | 3,536 |  |  | $ | — |  |  | $ | — |
Derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate lock commitments |  | $ | 301 |  |  | $ | — |  |  | $ | 301 |  |  | $ | — |
Deferred compensation liabilities |  | $ | 3,536 |  |  | $ | 3,536 |  |  | $ | — |  |  | $ | — |
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 segregated by the level of the valuation inputs within the fair value hierarchy that were held for the periods indicated.
|  | September 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 |  | $ | 6,900 |  |  |  | — |  |  |  | — |  |  | $ | 6,900 |
OREO not covered by loss share agreements |  |  | 5,728 |  |  |  | — |  |  |  | — |  |  |  | 5,728 |
|  | 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 September 30, 2012 |  |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average) |
Impaired loans |  | $ | 6,900 |  |  | Discounted appraisals (1) |  | Appraisal adjustments (2) |  |  | 5% to 100% (38%) |
OREO |  |  | 5,728 |  |  | Discounted appraisals (1) |  | Appraisal adjustments (2) |  |  | 0% to 73% (32%) |
(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:
|  | September 30, 2012 |
|  | Carrying |  |  |  |  |  | Fair Value Measurements Using |
(Amounts in thousands) |  | Amount |  |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 165,229 |  |  | $ | 165,229 |  |  | $ | 165,229 |  |  | $ | — |  |  | $ | — |
Available-for-sale securities |  |  | 517,161 |  |  |  | 517,161 |  |  |  | 5,642 |  |  |  | 511,519 |  |  |  | — |
Held-to-maturity securities |  |  | 816 |  |  |  | 825 |  |  |  | — |  |  |  | 825 |  |  |  | — |
Loans held for sale |  |  | 4,446 |  |  |  | 4,540 |  |  |  | — |  |  |  | 4,540 |  |  |  | — |
Loans held for investment less allowance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Covered under loss share agreements |  |  | 221,977 |  |  |  | 221,977 |  |  |  | — |  |  |  | — |  |  |  | 221,977 |
Not covered under loss share agreements |  |  | 1,541,633 |  |  |  | 1,551,116 |  |  |  | — |  |  |  | — |  |  |  | 1,551,116 |
FDIC receivable under loss share agreements |  |  | 49,477 |  |  |  | 49,477 |  |  |  | — |  |  |  | — |  |  |  | 49,477 |
Accrued interest receivable |  |  | 6,038 |  |  |  | 6,038 |  |  |  | — |  |  |  | 6,038 |  |  |  | — |
Derivative financial assets |  |  | 301 |  |  |  | 301 |  |  |  | — |  |  |  | 301 |  |  |  | — |
Deferred compensation assets |  |  | 3,536 |  |  |  | 3,536 |  |  |  | 3,536 |  |  |  | — |  |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand deposits |  | $ | 335,100 |  |  | $ | 335,100 |  |  | $ | — |  |  | $ | 335,100 |  |  | $ | — |
Interest-bearing demand deposits |  |  | 360,053 |  |  |  | 360,053 |  |  |  | — |  |  |  | 360,053 |  |  |  | — |
Savings deposits |  |  | 496,749 |  |  |  | 496,749 |  |  |  | — |  |  |  | 496,749 |  |  |  | — |
Time deposits |  |  | 872,058 |  |  |  | 882,943 |  |  |  | — |  |  |  | 882,943 |  |  |  | — |
Securities sold under agreements to repurchase |  |  | 146,904 |  |  |  | 155,062 |  |  |  | — |  |  |  | 155,062 |  |  |  | — |
Accrued interest payable |  |  | 2,548 |  |  |  | 2,548 |  |  |  | — |  |  |  | 2,548 |  |  |  | — |
FHLB and other indebtedness |  |  | 177,435 |  |  |  | 202,739 |  |  |  | — |  |  |  | 202,739 |  |  |  | — |
Derivative financial liabilities |  |  | 2 |  |  |  | 2 |  |  |  | — |  |  |  | 2 |  |  |  | — |
Deferred compensation liabilities |  |  | 3,536 |  |  |  | 3,536 |  |  |  | 3,536 |  |  |  | — |  |  |  | — |
|  | 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 |

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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 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. Reference 2: 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=7578670&loc=d3e19296-110258 + Details
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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), 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. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15 -Subparagraph b-d -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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13467-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 19 -Subparagraph a, b, c(1), d(1) -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 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph a, c(1), c(2), c(3), d -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 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 10 -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 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 + Details
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- Definition 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 + Details
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- Definition 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=7578670&loc=d3e19190-110258 + Details
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