FAIR VALUE DISCLOSURES (Tables)

3 Months Ended

Mar. 31, 2015

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

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014 are reflected in the following table:



	Fair Value Measurements
(dollars in thousands)	Level 1		Level 2		Level 3	Fair Value
March 31, 2015:
Assets:
Available-for-sale investment securities:
U.S. Government sponsored agencies	$	—	252,552		—	252,552
Residential mortgage-backed	—		1,056,256		—	1,056,256
Commercial mortgage-backed	—		838		—	838
State and political subdivisions	—		29,194		—	29,194
Corporate notes	—		213,617		—	213,617
Equity investments	1,985		—		—	1,985
Mortgage loans held for sale	—		43,655		—	43,655
Derivative instruments:
Interest rate lock commitments	—		1,268		—	1,268
Forward commitments to sell mortgage-backed securities	—		(284	)	—	(284	)
Servicing rights	—		—		17,402	17,402
Total	$	1,985	1,597,096		17,402	1,616,483
December 31, 2014:
Assets:
Available-for-sale investment securities:
U.S. Government sponsored agencies	$	—	231,731		—	231,731
Residential mortgage-backed	—		1,007,844		—	1,007,844
Commercial mortgage-backed	—		837		—	837
State and political subdivisions	—		29,615		—	29,615
Corporate notes	—		173,695		—	173,695
Equity investments	1,967		—		—	1,967
Mortgage loans held for sale	—		31,411		—	31,411
Derivative instruments:
Interest rate lock commitments	—		580		—	580
Forward commitments to sell mortgage-backed securities	—		(294	)	—	(294	)
Servicing rights	—		—		18,013	18,013
Total	$	1,967	1,475,419		18,013	1,495,399

Schedule Of Servicing Assets At Fair Value Measured At Level 3 On Recurring Basis [Table Text Block]

The following table presents the changes in Level 3 assets measured on a recurring basis for the three months ended March 31, 2015 and 2014:



	Servicing Rights
	Three Months Ended
	March 31,
(dollars in thousands)	2015			2014
Balance, beginning of period	$	18,013		18,854
Total gains or losses (realized/unrealized):
Included in earnings ⁽¹⁾	(1,472		)	(232	)
Included in other comprehensive income	—			—
Issuances	822			455
Purchases	39			—
Transfers in and/or out of level 3	—			—
Balance, end of period	$	17,402		19,077

____________________


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

Fair Value Measurements, Nonrecurring [Table Text Block]

Assets measured at fair value on a nonrecurring basis as of March 31, 2015 and December 31, 2014 are reflected in the following table:



	Fair Value Measurements
(dollars in thousands)	Level 1		Level 2	Level 3	Fair Value
March 31, 2015:
Assets:
Impaired loans:
Commercial, financial and agricultural	$	—	—	7,033	7,033
Real estate construction and development	—		—	3,396	3,396
Real estate mortgage:
Residential mortgage	—		—	81,475	81,475
Home equity	—		—	5,070	5,070
Multi-family residential	—		—	17,782	17,782
Commercial real estate	—		—	3,788	3,788
Consumer and installment	—		—	4	4
Other real estate	—		—	15,227	15,227
Total	$	—	—	133,775	133,775
December 31, 2014:
Assets:
Impaired loans:
Commercial, financial and agricultural	$	—	—	8,144	8,144
Real estate construction and development	—		—	3,516	3,516
Real estate mortgage:
Residential mortgage	—		—	82,479	82,479
Home equity	—		—	5,465	5,465
Multi-family residential	—		—	18,574	18,574
Commercial real estate	—		—	7,424	7,424
Consumer and installment	—		—	22	22
Other real estate	—		—	55,666	55,666
Total	$	—	—	181,290	181,290

Fair Value, by Balance Sheet Grouping [Table Text Block]

The estimated fair value of the Company’s financial instruments at March 31, 2015 was as follows:



	March 31, 2015
	Carrying Value		Estimated Fair Value
(dollars in thousands)	Carrying Value		Level 1	Level 2	Level 3	Total
Financial Assets:
Cash and cash equivalents	$	230,735	230,735	—	—	230,735
Investment securities:
Available for sale	1,554,442		1,985	1,552,457	—	1,554,442
Held to maturity	595,335		—	597,341	—	597,341
Loans held for portfolio	3,085,600		—	—	3,096,743	3,096,743
Loans held for sale	43,655		—	43,655	—	43,655
Derivative instruments	984		—	984	—	984
Accrued interest receivable	15,867		15,867	—	—	15,867
Financial Liabilities:
Deposits	$	4,972,089	4,049,806	—	921,817	4,971,623
Securities sold under agreements to repurchase	51,032		51,032	—	—	51,032
Accrued interest payable	830		830	—	—	830
Subordinated debentures	354,305		—	—	270,473	270,473
Liability for Off-Balance Sheet Financial Instruments:
Commitments to extend credit, standby letters of credit and financial guarantees	$	12	—	—	12	12

The estimated fair value of the Company’s financial instruments at December 31, 2014 was as follows:



	December 31, 2014
	Carrying Value		Estimated Fair Value
(dollars in thousands)	Carrying Value		Level 1	Level 2	Level 3	Total
Financial Assets:
Cash and cash equivalents	$	205,402	205,402	—	—	205,402
Investment securities:
Available for sale	1,445,689		1,967	1,443,722	—	1,445,689
Held to maturity	618,148		—	614,272	—	614,272
Loans held for portfolio	3,050,958		—	—	2,937,948	2,937,948
Loans held for sale	31,411		—	31,411	—	31,411
Derivative instruments	286		—	286	—	286
Accrued interest receivable	15,064		15,064	—	—	15,064
Financial Liabilities:
Deposits	$	4,849,504	3,923,627	—	924,955	4,848,582
Securities sold under agreements to repurchase	64,875		64,875	—	—	64,875
Accrued interest payable	831		831	—	—	831
Subordinated debentures	354,286		—	—	303,191	303,191
Liability for Off-Balance Sheet Financial Instruments:
Commitments to extend credit, standby letters of credit and financial guarantees	$	12	—	—	12	12

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details

- 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+ Details