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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2014
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables summarize financial assets and liabilities recorded at fair value on a recurring basis, segregated by the level of valuation inputs in the fair value hierarchy, as of the dates indicated:
|  | September 30, 2014 |
|  | Total |  |  | Fair Value Measurements Using |
(Amounts in thousands) |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 9,478 |  |  | $ | — |  |  | $ | 9,478 |  |  | $ | — |
Municipal securities |  |  | 141,062 |  |  |  | — |  |  |  | 141,062 |  |  |  | — |
Single issue trust preferred securities |  |  | 48,682 |  |  |  | — |  |  |  | 48,682 |  |  |  | — |
Corporate securities |  |  | 5,048 |  |  |  | — |  |  |  | 5,048 |  |  |  | — |
Agency MBS |  |  | 137,519 |  |  |  | — |  |  |  | 137,519 |  |  |  | — |
Non-Agency Alt-A residential MBS |  |  | 9,662 |  |  |  | — |  |  |  | 9,662 |  |  |  | — |
Equity securities |  |  | 242 |  |  |  | 224 |  |  |  | 18 |  |  |  | — |
Total available-for-sale securities |  | $ | 351,693 |  |  | $ | 224 |  |  | $ | 351,469 |  |  | $ | — |
Fair value loans |  | $ | 7,849 |  |  | $ | — |  |  | $ | 7,849 |  |  | $ | — |
Deferred compensation assets |  | $ | 3,266 |  |  | $ | 3,266 |  |  | $ | — |  |  | $ | — |
Derivative assets |  |  |  |  |  |  |  |  |  |  |  |
Forward sale loan commitments |  | $ | 7 |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |
Total derivative assets |  | $ | 7 |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |
Deferred compensation liabilities |  | $ | 3,266 |  |  | $ | 3,266 |  |  | $ | — |  |  | $ | — |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 189 |  |  | $ | — |  |  | $ | 189 |  |  | $ | — |
IRLCs |  |  | 7 |  |  |  | — |  |  |  | 7 |  |  |  | — |
Total derivative liabilities |  | $ | 196 |  |  | $ | — |  |  | $ | 196 |  |  | $ | — |
|  | December 31, 2013 |
|  | Total |  |  | Fair Value Measurements Using |
(Amounts in thousands) |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Available-for-sale securities: |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 9,013 |  |  | $ | — |  |  | $ | 9,013 |  |  | $ | — |
Municipal securities |  |  | 144,280 |  |  |  | — |  |  |  | 144,280 |  |  |  | — |
Single issue trust preferred securities |  |  | 46,234 |  |  |  | — |  |  |  | 46,234 |  |  |  | — |
Corporate securities |  |  | 4,871 |  |  |  | — |  |  |  | 4,871 |  |  |  | — |
Agency MBS |  |  | 300,386 |  |  |  | — |  |  |  | 300,386 |  |  |  | — |
Non-Agency Alt-A residential MBS |  |  | 9,789 |  |  |  | — |  |  |  | 9,789 |  |  |  | — |
Equity securities |  |  | 5,247 |  |  |  | 251 |  |  |  | 4,996 |  |  |  | — |
Total available-for-sale securities |  | $ | 519,820 |  |  | $ | 251 |  |  | $ | 519,569 |  |  | $ | — |
Deferred compensation assets |  | $ | 4,200 |  |  | $ | 4,200 |  |  | $ | — |  |  | $ | — |
Derivatives assets |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 43 |  |  | $ | — |  |  | $ | 43 |  |  | $ | — |
Forward sale loan commitments |  |  | 41 |  |  |  | — |  |  |  | 41 |  |  |  | — |
Total derivative assets |  | $ | 84 |  |  | $ | — |  |  | $ | 84 |  |  | $ | — |
Deferred compensation liabilities |  | $ | 4,200 |  |  | $ | 4,200 |  |  | $ | — |  |  | $ | — |
Derivative liabilities |  |  |  |  |  |  |  |
IRLCs |  | $ | 41 |  |  | $ | — |  |  | $ | 41 |  |  | $ | — |
Total derivative liabilities |  | $ | 41 |  |  | $ | — |  |  | $ | 41 |  |  | $ | — |
Assets Measured at Fair Value on Nonrecurring Basis | The following tables summarize assets measured at fair value on a nonrecurring basis, segregated by the level of valuation inputs in the fair value hierarchy, in the periods indicated:
|  | September 30, 2014 |
|  | Total |  |  | Fair Value Measurements Using |
|  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans not covered by loss share agreements |  | $ | 12,692 |  |  |  | — |  |  |  | — |  |  | $ | 12,692 |
OREO, not covered by loss share agreements |  |  | 4,183 |  |  |  | — |  |  |  | — |  |  |  | 4,183 |
OREO, covered by loss share agreements |  |  | 5,997 |  |  |  | — |  |  |  | — |  |  |  | 5,997 |
|  | December 31, 2013 |
|  | Total |  |  | Fair Value Measurements Using |
|  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans not covered by loss share agreements |  | $ | 8,935 |  |  |  | — |  |  |  | — |  |  | $ | 8,935 |
OREO, not covered by loss share agreements |  |  | 7,180 |  |  |  | — |  |  |  | — |  |  |  | 7,180 |
OREO, covered by loss share agreements |  |  | 6,433 |  |  |  | — |  |  |  | — |  |  |  | 6,433 |
Quantitative Information for Assets Measured at Fair Value on Nonrecurring Basis | The following table presents quantitative information for assets measured at fair value on a nonrecurring basis using Level 3 valuation inputs in the periods indicated:
|  | Valuation |  | Unobservable |  | Range (Weighted Average)
|  | Technique |  | Input |  | September 30, 2014 |  | December 31, 2013
Impaired loans |  | Discounted appraisals (1) |  | Appraisal adjustments (2) |  | 2% to 34% (21%) |  | 6% to 100% (47%)
OREO, not covered |  | Discounted appraisals (1) |  | Appraisal adjustments (2) |  | 10% to 58% (33%) |  | 0% to 65% (34%)
OREO, covered |  | Discounted appraisals (1) |  | Appraisal adjustments (2) |  | 10% to 52% (44%) |  | 4% to 70% (41%)
(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 Company's Financial Instruments | The following tables present the carrying amount and fair value of the Company’s financial instruments, segregated by the level of valuation inputs in the fair value hierarchy, as of the dates indicated:
|  | September 30, 2014 |
|  | Carrying |  |  |  |  |  | Fair Value Measurements Using |
(Amounts in thousands) |  | Amount |  |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 105,922 |  |  | $ | 105,922 |  |  | $ | 105,922 |  |  | $ | — |  |  | $ | — |
Available-for-sale securities |  |  | 351,693 |  |  |  | 351,693 |  |  |  | 224 |  |  |  | 351,469 |  |  |  | — |
Held-to-maturity securities |  |  | 31,029 |  |  |  | 30,903 |  |  |  | — |  |  |  | 30,903 |  |  |  | — |
Loans held for sale |  |  | 1,150 |  |  |  | 1,150 |  |  |  | — |  |  |  | 1,150 |  |  |  | — |
Loans held for investment less allowance |  |  | 1,741,633 |  |  |  | 1,778,672 |  |  |  | — |  |  |  | 7,849 |  |  |  | 1,770,823 |
FDIC indemnification asset |  |  | 29,745 |  |  |  | 19,459 |  |  |  | — |  |  |  | — |  |  |  | 19,459 |
Accrued interest receivable |  |  | 6,346 |  |  |  | 6,346 |  |  |  | — |  |  |  | 6,346 |  |  |  | — |
Derivative financial assets |  |  | 7 |  |  |  | 7 |  |  |  | — |  |  |  | 7 |  |  |  | — |
Deferred compensation assets |  |  | 3,266 |  |  |  | 3,266 |  |  |  | 3,266 |  |  |  | — |  |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand deposits |  | $ | 397,523 |  |  | $ | 397,523 |  |  | $ | — |  |  | $ | 397,523 |  |  | $ | — |
Interest-bearing demand deposits |  |  | 347,589 |  |  |  | 347,589 |  |  |  | — |  |  |  | 347,589 |  |  |  | — |
Savings deposits |  |  | 519,902 |  |  |  | 519,902 |  |  |  | — |  |  |  | 519,902 |  |  |  | — |
Time deposits |  |  | 667,261 |  |  |  | 668,014 |  |  |  | — |  |  |  | 668,014 |  |  |  | — |
Securities sold under agreements to repurchase |  |  | 114,439 |  |  |  | 116,055 |  |  |  | — |  |  |  | 116,055 |  |  |  | — |
Accrued interest payable |  |  | 1,889 |  |  |  | 1,889 |  |  |  | — |  |  |  | 1,889 |  |  |  | — |
FHLB and other indebtedness |  |  | 131,047 |  |  |  | 140,270 |  |  |  | — |  |  |  | 140,270 |  |  |  | — |
Derivative financial liabilities |  |  | 196 |  |  |  | 196 |  |  |  | — |  |  |  | 196 |  |  |  | — |
Deferred compensation liabilities |  |  | 3,266 |  |  |  | 3,266 |  |  |  | 3,266 |  |  |  | — |  |  |  | — |
|  | December 31, 2013 |
|  | Carrying |  |  |  |  |  | Fair Value Measurements Using |
(Amounts in thousands) |  | Amount |  |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 56,567 |  |  | $ | 56,567 |  |  | $ | 56,567 |  |  | $ | — |  |  | $ | — |
Available-for-sale securities |  |  | 519,820 |  |  |  | 519,820 |  |  |  | 251 |  |  |  | 519,569 |  |  |  | — |
Held-to-maturity securities |  |  | 568 |  |  |  | 579 |  |  |  | — |  |  |  | 579 |  |  |  | — |
Loans held for sale |  |  | 883 |  |  |  | 883 |  |  |  | — |  |  |  | 883 |  |  |  | — |
Loans held for investment less allowance |  |  | 1,686,644 |  |  |  | 1,655,430 |  |  |  | — |  |  |  | — |  |  |  | 1,655,430 |
FDIC indemnification asset |  |  | 34,691 |  |  |  | 34,691 |  |  |  | — |  |  |  | — |  |  |  | 34,691 |
Accrued interest receivable |  |  | 7,521 |  |  |  | 7,521 |  |  |  | — |  |  |  | 7,521 |  |  |  | — |
Derivative financial assets |  |  | 84 |  |  |  | 84 |  |  |  | — |  |  |  | 84 |  |  |  | — |
Deferred compensation assets |  |  | 4,200 |  |  |  | 4,200 |  |  |  | 4,200 |  |  |  | — |  |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand deposits |  | $ | 339,680 |  |  | $ | 339,680 |  |  | $ | — |  |  | $ | 339,680 |  |  | $ | — |
Interest-bearing demand deposits |  |  | 361,821 |  |  |  | 361,821 |  |  |  | — |  |  |  | 361,821 |  |  |  | — |
Savings deposits |  |  | 524,010 |  |  |  | 524,010 |  |  |  | — |  |  |  | 524,010 |  |  |  | — |
Time deposits |  |  | 725,231 |  |  |  | 728,999 |  |  |  | — |  |  |  | 728,999 |  |  |  | — |
Securities sold under agreements to repurchase |  |  | 118,308 |  |  |  | 121,320 |  |  |  | — |  |  |  | 121,320 |  |  |  | — |
Accrued interest payable |  |  | 2,169 |  |  |  | 2,169 |  |  |  | — |  |  |  | 2,169 |  |  |  | — |
FHLB and other indebtedness |  |  | 166,088 |  |  |  | 178,031 |  |  |  | — |  |  |  | 178,031 |  |  |  | — |
Derivative financial liabilities |  |  | 41 |  |  |  | 41 |  |  |  | — |  |  |  | 41 |  |  |  | — |
Deferred compensation liabilities |  |  | 4,200 |  |  |  | 4,200 |  |  |  | 4,200 |  |  |  | — |  |  |  | — |

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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 Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + 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 (a) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: 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=35750535&loc=d3e13433-108611 Reference 3: 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=35750535&loc=d3e13467-108611 Reference 4: 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=35750535&loc=d3e13476-108611 Reference 5: 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 Reference 6: 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 + 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=36462937&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=36462937&loc=d3e19190-110258 + Details
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