FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value Disclosures [Abstract]

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

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2012 and 2011 are reflected in the following table:

	Fair Value Measurements
	Level 1		Level 2		Level 3	Fair Value
	(dollars expressed in thousands)
December 31, 2012:
Assets:
Available-for-sale investment securities:
U.S. Government sponsored agencies	$	—	310,429		—	310,429
Residential mortgage-backed	—		1,534,067		—	1,534,067
Commercial mortgage-backed	—		915		—	915
State and political subdivisions	—		4,929		—	4,929
Corporate notes	—		192,365		—	192,365
Equity investments	1,022		—		—	1,022
Mortgage loans held for sale	—		66,133		—	66,133
Derivative instruments:
Customer interest rate swap agreements	—		87		—	87
Interest rate lock commitments	—		1,837		—	1,837
Forward commitments to sell mortgage-backed securities	—		(305	)	—	(305	)
Servicing rights	—		—		14,792	14,792
Total	$	1,022	2,110,457		14,792	2,126,271
Liabilities:
Derivative instruments:
Interest rate swap agreements	$	—	—		—	—
Customer interest rate swap agreements	—		87		—	87
Nonqualified deferred compensation plan	6,443		—		—	6,443
Total	$	6,443	87		—	6,530
December 31, 2011:
Assets:
Available-for-sale investment securities:
U.S. Government sponsored agencies	$	—	341,817		—	341,817
Residential mortgage-backed	—		1,924,920		—	1,924,920
Commercial mortgage-backed	—		910		—	910
State and political subdivisions	—		5,410		—	5,410
Corporate notes	—		183,813		—	183,813
Equity investments	1,017		—		—	1,017
Mortgage loans held for sale	—		31,111		—	31,111
Derivative instruments:
Customer interest rate swap agreements	—		370		—	370
Interest rate lock commitments	—		1,381		—	1,381
Forward commitments to sell mortgage-backed securities	—		(729	)	—	(729	)
Servicing rights	—		—		15,380	15,380
Total	$	1,017	2,489,003		15,380	2,505,400
Liabilities:
Derivative instruments:
Interest rate swap agreements	$	—	807		—	807
Customer interest rate swap agreements	—		307		—	307
Nonqualified deferred compensation plan	6,531		—		—	6,531
Total	$	6,531	1,114		—	7,645

Schedule of changes in Level 3 assets measured on a recurring basis

The following table presents the changes in Level 3 assets measured on a recurring basis for the years ended December 31, 2012 and 2011:

	Servicing Rights
	2012			2011
	(dollars expressed in thousands)
Balance, beginning of year	$	15,380		19,582
Total gains or losses (realized/unrealized):
Included in earnings (1)	(5,475		)	(7,652	)
Included in other comprehensive income (loss)	—			—
Issuances	4,887			3,450
Transfers in and/or out of level 3	—			—
Balance, end of year	$	14,792		15,380

(1) Gains or losses (realized/unrealized) are included in noninterest income in the consolidated statements of operations.

Schedule of assets measured at fair value on a nonrecurring basis

Assets measured at fair value on a nonrecurring basis as of December 31, 2012 and 2011 are reflected in the following table:

	Fair Value Measurements
	Level 1		Level 2	Level 3	Fair Value
	(dollars expressed in thousands)
December 31, 2012:
Assets:
Impaired loans:
Commercial, financial and agricultural	$	—	—	18,374	18,374
Real estate construction and development	—		—	40,731	40,731
Real estate mortgage:
Bank portfolio	—		—	8,237	8,237
Mortgage Division portfolio	—		—	86,500	86,500
Home equity portfolio	—		—	6,887	6,887
Multi-family residential	—		—	33,863	33,863
Commercial real estate	—		—	26,218	26,218
Consumer and installment	—		—	27	27
Other real estate and repossessed assets	—		—	91,995	91,995
Total	$	—	—	312,832	312,832
December 31, 2011:
Assets:
Impaired loans:
Commercial, financial and agricultural	$	—	—	54,129	54,129
Real estate construction and development	—		—	79,826	79,826
Real estate mortgage:
Bank portfolio	—		—	13,894	13,894
Mortgage Division portfolio	—		—	84,083	84,083
Home equity portfolio	—		—	5,552	5,552
Multi-family residential	—		—	10,806	10,806
Commercial real estate	—		—	67,756	67,756
Consumer and installment	—		—	18	18
Other real estate and repossessed assets	—		—	129,896	129,896
Total	$	—	—	445,960	445,960

Schedule of estimated fair value of financial instruments

The estimated fair value of the Company’s financial instruments at December 31, 2012 and 2011 were as follows:

	December 31, 2012									December 31, 2011
	Carrying Value			Estimated Fair Value						Carrying Value		Estimated Fair Value
				Level 1	Level 2	Level 3		Total
	(dollars expressed in thousands)
Financial Assets:
Cash and cash equivalents	$	518,846		518,846	—	—		518,846		473,140		473,140
Investment securities:
Available for sale	2,043,727			1,022	2,042,705	—		2,043,727		2,457,887		2,457,887
Held to maturity	631,553			—	637,024	—		637,024		12,817		13,424
Loans held for portfolio	2,773,012			—	—	2,572,256		2,572,256		3,115,458		2,811,866
Loans held for sale	66,133			—	66,133	—		66,133		31,111		31,111
FRB and FHLB stock	27,329			27,329	—	—		27,329		27,078		27,078
Derivative instruments	1,619			—	1,619	—		1,619		1,022		1,022
Accrued interest receivable	18,284			18,284	—	—		18,284		21,050		21,050
Assets of discontinued operations	6,706			—	6,706	—		6,706		6,913		6,913
Financial Liabilities:
Deposits:
Noninterest-bearing demand	$	1,327,183		1,327,183	—	—		1,327,183		1,225,622		1,225,622
Interest-bearing demand	1,000,666			1,000,666	—	—		1,000,666		899,114		899,114
Savings and money market	1,880,271			1,880,271	—	—		1,880,271		1,964,905		1,964,905
Time deposits	1,284,727			—	—	1,286,730		1,286,730		1,533,414		1,536,824
Other borrowings	26,025			26,025	—	—		26,025		51,170		51,170
Derivative instruments	87			—	87	—		87		1,114		1,114
Accrued interest payable	48,541			48,541	—	—		48,541		34,343		34,343
Subordinated debentures	354,133			—	—	254,984		254,984		354,057		204,502
Liabilities of discontinued operations	155,711			—	155,711	—		155,711		174,737		174,737
Off-Balance Sheet Financial Instruments:
Commitments to extend credit, standby letters of credit and financial guarantees	$	(2,779	)	—	—	(2,779	)	(2,779	)	(2,785	)	(2,785	)