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Fair Value (Tables)
 9 Months Ended
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