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Fair Value (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value Disclosures [Abstract]

Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block]

The table below shows the credit loss roll forward for the Bancorp’s pooled trust preferred securities that have been classified with other-than-temporary impairment:

		(Dollars in thousands)
		Other-than-temporary impairment
Ending balance, December 31, 2011		$	265
Additions not previously recognized			6
Ending balance, June 30, 2012		$	271

Schedule Of Fair Value, Pooled Trust Preferred Securities [Table Text Block]

The following table contains information regarding the Bancorp’s pooled trust preferred securities as of June 30, 2012:

Cusip			74043CAC1				74042TAJ0				01449TAB9				01450NAC6
Deal name			PreTSL XXIV				PreTSL XXVII				Alesco IX				Alesco XVII
Class			B-1				C-1				A-2A				B
Book value		$	1,256,972			$	1,296,077			$	1,302,536			$	1,351,903
Fair value			217,756				186,525				544,350				298,791
Unrealized gains/(losses)			(1,039,215	)			(1,109,552	)			(758,186	)			(1,053,112	)
Lowest credit rating assigned			Caa3				C				B2				C
Number of performing banks			50				26				53				43
Number of performing insurance companies			13				7				10				n/a
Number of issuers in default			17				9				2				1
Number of issuers in deferral			13				7				11				12
Defaults & deferrals as a % of performing collateral			48.89	%			39.16	%			22.16	%			37.46	%
Subordination:
As a % of performing collateral			-6.42	%			-22.78	%			31.65	%			0.89	%
As a % of performing collateral - adjusted for projected future defaults			-13.58	%			-32.31	%			26.11	%			-9.27	%
Other-than-temporary impairment model assumptions:
Defaults:
Year 1 - issuer average			2.10	%			2.40	%			2.50	%			3.10	%
Year 2 - issuer average			2.10	%			2.40	%			2.50	%			3.10	%
Year 3 - issuer average			2.10	%			2.40	%			2.50	%			3.10	%
> 3 Years - issuer average			(1	)			(1	)			(1	)			(1	)
Discount rate - 3 month Libor, plus implicit yield spread at purchase			1.48	%			1.23	%			1.27	%			1.44	%
Recovery assumptions			(2	)			(2	)			(2	)			(2	)
Prepayments			0.00	%			0.00	%			0.00	%			0.00	%
Other-than-temporary impairment		$	41,100			$	132,000			$	36,600			$	61,950

(1) - Default rates > 3 years are evaluated on a issuer by issuer basis and range from 0.25% to 5.00%.

(2) - Recovery assumptions are evaluated on a issuer by issuer basis and range from 0% to 15% with a five year lag.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

There were no transfers to or from Levels 1 and 2 during the six months ended June 30, 2012. Assets measured at fair value on a recurring basis are summarized below:

						(Dollars in thousands)
						Fair Value Measurements at June 30, 2012 Using
		June 30, 2012				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Available-for-sale debt securities
U.S. government sponsored entities		$	15,940			$	-			$	15,940			$	-
Collateralized mortgage obligations and
residential mortgage-backed securities			116,805				-				116,805				-
Municipal securities			58,713				-				58,713				-
Collateralized debt obligations			1,247				-				-				1,247
Total securities available-for-sale		$	192,705			$	-			$	191,458			$	1,247

						(Dollars in thousands)
						Fair Value Measurements at December 31, 2011 Using
		December 31, 2011				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Available-for-sale debt securities
U.S. government sponsored entities		$	15,648			$	-			$	15,648			$	-
Collateralized mortgage obligations and
residential mortgage-backed securities			111,197				-				111,197				-
Municipal securities			58,756				-				58,756				-
Collateralized debt obligations			1,361				-				-				1,361
Total securities available-for-sale		$	186,962			$	-			$	185,601			$	1,361

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

A roll forward of available-for-sale securities, which require significant adjustment based on unobservable data, are presented in the following table:

(Dollars in thousands)		Fair Value Measurements at June 30, 2012 Using Significant Unobservable Inputs (Level 3)
		Available-for- sale securities
		Collateralized Debt Obligations
Beginning balance, December 31, 2011		$	1,361
Transfers in and/or (out) of Level 3			-
Total gains or (losses)
Included in earnings			(6	)
Included in other comprehensive income			(108	)
Purchases, issuances, sales, and settlements
Purchases			-
Issuances			-
Sales			-
Settlements			-
Ending balance, June 30, 2012		$	1,247

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block]

Assets measured at fair value on a non-recurring basis are summarized below:

						(Dollars in thousands)
						Fair Value Measurements at June 30, 2012 Using
		June 30, 2012				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Impaired loans		$	18,997			$	-			$	-			$	18,997
Foreclosed real estate			1,807				-				-				1,807

						(Dollars in thousands)
						Fair Value Measurements at December 31, 2011 Using
		December 31, 2011				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Impaired loans		$	20,064			$	-			$	-			$	20,064
Foreclosed real estate			2,217				-				-				2,217

Schedule Of Carrying Amount and Fair Values Of Financial Instruments [Table Text Block]

The following table shows carrying values and related estimated fair values of financial instruments as of the dates indicated. Estimated fair values are further categorized by the inputs used to measure fair value. Items that are not financial instruments are not included.

		(Dollars in thousands)
		June 30, 2012								Estimated Fair Value Measurements at June 30, 2012 Using
		Carrying Value				Estimated Fair Value				Quoted Prices in  Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents		$	19,415			$	19,415			$	19,415			$	-			$	-
Securities available-for-sale			192,705				192,705				-				191,458				1,247
Loans receivable, net			423,312				424,833				-				-				424,833
Federal Home Loan Bank stock			3,086				3,086				-				3,086				-
Accrued interest receivable			2,547				2,547				-				2,547				-
Financial liabilities:
Non-interest bearing deposits			59,710				59,710				59,710				-				-
Interest bearing deposits			487,790				487,962				308,540				179,422				-
Repurchase agreements			21,010				21,016				14,355				6,661				-
Borrowed funds			38,054				38,598				2,054				36,544				-
Accrued interest payable			65				65				-				65				-

		(Dollars in thousands)
		December 31, 2011								Estimated Fair Value Measurements at December 31, 2011 Using
		Carrying Value				Estimated Fair Value				Quoted Prices in  Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents		$	26,367			$	26,367			$	26,367			$	-			$	-
Securities available-for-sale			186,962				186,962				-				185,601				1,361
Loans receivable, net			393,396				394,385				-				-				394,385
Federal Home Loan Bank stock			3,086				3,086				-				3,086				-
Accrued interest receivable			2,554				2,554				-				2,554				-
Financial liabilities:
Non-interest bearing deposits			55,577				55,577				55,577				-				-
Interest bearing deposits			471,304				471,622				294,382				177,240				-
Repurchase agreements			15,395				15,407				8,722				6,685				-
Borrowed funds			36,618				37,270				617				36,653				-
Accrued interest payable			67				67				-				67				-

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Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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