Fair Value Measurements (Tables)
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12 Months Ended |
Dec. 31, 2014
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Fair Value Disclosures [Abstract] |
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Fair values of financial assets and liabilities measured on a recurring basis |
The following table presents assets and liabilities that are measured at fair value on a recurring basis as of the dates presented: | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Totals | December 31, 2014 | | | | | | | | Financial assets: | | | | | | | | Securities available for sale: | | | | | | | | Obligations of other U.S. Government agencies and corporations | $ | — |
| | $ | 6,147 |
| | $ | — |
| | $ | 6,147 |
| Residential mortgage-backed securities: | | | | | | | | Government agency mortgage backed securities | — |
| | 296,359 |
| | — |
| | 296,359 |
| Government agency collateralized mortgage obligations | — |
| | 157,436 |
| | — |
| | 157,436 |
| Commercial mortgage-backed securities: | | | | | | | | Government agency mortgage backed securities | — |
| | 47,185 |
| | — |
| | 47,185 |
| Government agency collateralized mortgage obligations | — |
| | 5,172 |
| | — |
| | 5,172 |
| Trust preferred securities | — |
| | — |
| | 19,756 |
| | 19,756 |
| Other debt securities | — |
| | 17,930 |
| | — |
| | 17,930 |
| Other equity securities | — |
| | 3,599 |
| | — |
| | 3,599 |
| Total securities available for sale | — |
| | 533,828 |
| | 19,756 |
| | 553,584 |
| Derivative instruments: | | | | | | | | Interest rate swap | — |
| | — |
| | — |
| | — |
| Interest rate contracts | — |
| | 2,142 |
| | — |
| | 2,142 |
| Interest rate lock commitments | — |
| | 1,584 |
| | — |
| | 1,584 |
| Forward commitments | — |
| | 5 |
| | — |
| | 5 |
| Total derivative instruments | — |
| | 3,731 |
| | — |
| | 3,731 |
| Mortgage loans held for sale | — |
| | 25,628 |
| | — |
| | 25,628 |
| Total financial assets | $ | — |
| | $ | 563,187 |
| | $ | 19,756 |
| | $ | 582,943 |
| Financial liabilities: | | | | | | | | Derivative instruments: | | | | | | | | Interest rate swap | $ | — |
| | $ | 3,847 |
| | $ | — |
| | $ | 3,847 |
| Interest rate contracts | — |
| | 2,143 |
| | — |
| | 2,143 |
| Interest rate lock commitments | — |
| | — |
| | — |
| | — |
| Forward commitments | — |
| | 303 |
| | — |
| | 303 |
| Total derivative instruments | — |
| | 6,293 |
| | — |
| | 6,293 |
| Total financial liabilities | $ | — |
| | $ | 6,293 |
| | $ | — |
| | $ | 6,293 |
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| | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Totals | December 31, 2013 | | | | | | | | Financial assets: | | | | | | | | Securities available for sale: | | | | | | | | Obligations of other U.S. Government agencies and corporations | $ | — |
| | $ | 6,068 |
| | $ | — |
| | $ | 6,068 |
| Residential mortgage-backed securities: | | | | | | | | Government agency mortgage backed securities | — |
| | 259,992 |
| | — |
| | 259,992 |
| Government agency collateralized mortgage obligations | — |
| | 146,545 |
| | — |
| | 146,545 |
| Commercial mortgage-backed securities: | | | | | | | | Government agency mortgage backed securities | — |
| | 42,041 |
| | — |
| | 42,041 |
| Government agency collateralized mortgage obligations | — |
| | 5,066 |
| | — |
| | 5,066 |
| Trust preferred securities | — |
| | — |
| | 17,671 |
| | 17,671 |
| Other debt securities | — |
| | 19,554 |
| | — |
| | 19,554 |
| Other equity securities | — |
| | 4,317 |
| | — |
| | 4,317 |
| Total securities available for sale | — |
| | 483,583 |
| | 17,671 |
| | 501,254 |
| Derivative instruments: | | | | | | | | Interest rate swap | — |
| | 208 |
| | — |
| | 208 |
| Interest rate contracts | — |
| | 1,812 |
| | — |
| | 1,812 |
| Interest rate lock commitments | — |
| | 464 |
| | — |
| | 464 |
| Forward commitments | — |
| | 335 |
| | — |
| | 335 |
| Total derivative instruments | — |
| | 2,819 |
| | — |
| | 2,819 |
| Mortgage loans held for sale | — |
| | 33,440 |
| | — |
| | 33,440 |
| Total financial assets | $ | — |
| | $ | 519,842 |
| | $ | 17,671 |
| | $ | 537,513 |
| Financial liabilities: | | | | | | | | Derivative instruments: | | | | | | | | Interest rate swap | $ | — |
| | $ | 1,428 |
| | $ | — |
| | $ | 1,428 |
| Interest rate contracts | — |
| | 1,812 |
| | — |
| | 1,812 |
| Interest rate lock commitments | — |
| | 52 |
| | — |
| | 52 |
| Forward commitments | — |
| | 24 |
| | — |
| | 24 |
| Total derivative instruments | — |
| | 3,316 |
| | — |
| | 3,316 |
| Total financial liabilities | $ | — |
| | $ | 3,316 |
| | $ | — |
| | $ | 3,316 |
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Reconciliation for assets and liabilities measured at fair value on a recurring basis |
The following tables provide a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs: | | | | | | | | | | Securities available for sale | | Trust preferred securities | | Total | Balance at January 1, 2013 | $ | 15,068 |
| | $ | 15,068 |
| Realized gains (losses) included in net income | — |
| | — |
| Unrealized gains included in other comprehensive income | 3,684 |
| | 3,684 |
| Reclassification adjustment | — |
| | — |
| Sales | — |
| | — |
| Issues | — |
| | — |
| Settlements | (1,081 | ) | | (1,081 | ) | Transfers into Level 3 | — |
| | — |
| Transfers out of Level 3 | — |
| | — |
| Balance at December 31, 2013 | $ | 17,671 |
| | $ | 17,671 |
| Realized gains included in net income | 33 |
| | 33 |
| Unrealized gains included in other comprehensive income | 3,216 |
| | 3,216 |
| Sales | — |
| | — |
| Issues | — |
| | — |
| Settlements | (1,164 | ) | | (1,164 | ) | Transfers into Level 3 | — |
| | — |
| Transfers out of Level 3 | — |
| | — |
| Balance at December 31, 2014 | $ | 19,756 |
| | $ | 19,756 |
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Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on recurring basis |
The following table presents information as of December 31, 2014 about significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis: | | | | | | | | | | | | Financial instrument | | Fair Value | | Valuation Technique | | Significant Unobservable Inputs | | Range of Inputs | Trust preferred securities | | $ | 19,756 |
| | Discounted cash flows | | Default rate | | 0-100% |
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Impaired loans measured at fair value on a nonrecurring basis |
Consolidated Balance Sheets as of the dates presented and the level within the fair value hierarchy each is classified: | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Totals | December 31, 2014 | | | | | | | | Impaired loans | $ | — |
| | $ | — |
| | $ | 12,360 |
| | $ | 12,360 |
| OREO | — |
| | — |
| | 4,460 |
| | 4,460 |
| Total | $ | — |
| | $ | — |
| | $ | 16,820 |
| | $ | 16,820 |
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| | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Totals | December 31, 2013 | | | | | | | | Impaired loans | $ | — |
| | $ | — |
| | $ | 11,900 |
| | $ | 11,900 |
| OREO | — |
| | — |
| | 36,306 |
| | 36,306 |
| Total | $ | — |
| | $ | — |
| | $ | 48,206 |
| | $ | 48,206 |
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OREO measured at fair value on a nonrecurring basis |
The following table presents OREO measured at fair value on a nonrecurring basis that was still held in the Consolidated Balance Sheets as of the dates presented: | | | | | | | | | | December 31, 2014 | | December 31, 2013 | OREO covered under loss-share agreements: | | | | Carrying amount prior to remeasurement | $ | 3,162 |
| | $ | 13,067 |
| Impairment recognized in results of operations | (185 | ) | | (707 | ) | Increase in FDIC loss-share indemnification asset | (742 | ) | | (2,829 | ) | Receivable from other guarantor | (422 | ) | | (768 | ) | Fair value | $ | 1,813 |
| | $ | 8,763 |
| OREO not covered under loss-share agreements: | | | | Carrying amount prior to remeasurement | $ | 3,513 |
| | $ | 30,436 |
| Impairment recognized in results of operations | (866 | ) | | (2,893 | ) | Fair value | $ | 2,647 |
| | $ | 27,543 |
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Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on non recurring basis |
The following table presents information as of December 31, 2014 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis: | | | | | | | | | | | | Financial instrument | | Fair Value | | Valuation Technique | | Significant Unobservable Inputs | | Range of Inputs | Impaired loans | | $ | 12,360 |
| | Appraised value of collateral less estimated costs to sell | | Estimated costs to sell | | 4-10% | OREO | | $ | 4,460 |
| | Appraised value of property less estimated costs to sell | | Estimated costs to sell | | 4-10% |
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Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value |
The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of December 31, 2014: | | | | | | | | | | | | | | Aggregate Fair Value | | Aggregate Unpaid Principal Balance | | Difference | Mortgage loans held for sale measured at fair value | $ | 25,628 |
| | $ | 25,258 |
| | $ | 370 |
| Past due loans of 90 days or more | — |
| | — |
| | — |
| Nonaccrual loans | — |
| | — |
| | — |
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Assets and liabilities not measured and reported at fair value on a recurring basis or nonrecurring basis |
The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented: | | | | | | | | | | | | | | | | | | | | | | | | Fair Value | | Carrying Value | | Level 1 | | Level 2 | | Level 3 | | Total | December 31, 2014 | | | | | | | | | | Financial assets | | | | | | | | | | Cash and cash equivalents | $ | 161,583 |
| | $ | 161,583 |
| | $ | — |
| | $ | — |
| | $ | 161,583 |
| Securities held to maturity | 430,163 |
| | — |
| | 442,488 |
| | — |
| | 442,488 |
| Securities available for sale | 553,584 |
| | — |
| | 533,828 |
| | 19,756 |
| | 553,584 |
| Mortgage loans held for sale | 25,628 |
| | — |
| | 25,628 |
| | — |
| | 25,628 |
| Loans covered under loss-share agreements | 143,041 |
| | — |
| | — |
| | 143,487 |
| | 143,487 |
| Loans not covered under loss-share agreements, net | 3,844,833 |
| | — |
| | — |
| | 3,751,727 |
| | 3,751,727 |
| FDIC loss-share indemnification asset | 12,516 |
| | — |
| | — |
| | 12,516 |
| | 12,516 |
| Mortgage servicing rights | 11,662 |
| |
|
| |
|
| | 12,378 |
| | 12,378 |
| Derivative instruments | 3,731 |
| | — |
| | 3,731 |
| | — |
| | 3,731 |
| Financial liabilities | | | | | | | | | | Deposits | $ | 4,838,418 |
| | $ | 3,532,266 |
| | $ | 1,309,421 |
| | $ | — |
| | $ | 4,841,687 |
| Short-term borrowings | 32,403 |
| | 32,403 |
| | — |
| | — |
| | 32,403 |
| Other long-term borrowings | 237 |
| | 237 |
| | — |
| | — |
| | 237 |
| Federal Home Loan Bank advances | 61,611 |
| | — |
| | 92,532 |
| | — |
| | 92,532 |
| Junior subordinated debentures | 94,574 |
| | — |
| | 80,971 |
| | — |
| | 80,971 |
| Derivative instruments | 6,293 |
| | — |
| | 6,293 |
| | — |
| | 6,293 |
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| | | | | | | | | | | | | | | | | | | | | | | | Fair Value | | Carrying Value | | Level 1 | | Level 2 | | Level 3 | | Total | December 31, 2013 | | | | | | | | | | Financial assets |
|
| |
|
| | | | | | | Cash and cash equivalents | $ | 246,648 |
| | $ | 246,648 |
| | $ | — |
| | $ | — |
| | $ | 246,648 |
| Securities held to maturity | 412,075 |
| | — |
| | 408,567 |
| | — |
| | 408,567 |
| Securities available for sale | 501,254 |
| | — |
| | 483,583 |
| | 17,671 |
| | 501,254 |
| Mortgage loans held for sale | 33,440 |
| | — |
| | 33,440 |
| | — |
| | 33,440 |
| Loans covered under loss-share agreements | 181,674 |
| | — |
| | — |
| | 182,244 |
| | 182,244 |
| Loans not covered under loss-share agreements, net | 3,651,679 |
| | — |
| | — |
| | 3,590,446 |
| | 3,590,446 |
| Mortgage servicing rights | 8,994 |
| | — |
| | — |
| | 9,840 |
| | 9,840 |
| FDIC loss-share indemnification asset | 26,273 |
| | — |
| | — |
| | 26,273 |
| | 26,273 |
| Derivative instruments | 2,819 |
| | — |
| | 2,819 |
| | — |
| | 2,819 |
| Financial liabilities | | | | | | | | | | Deposits | $ | 4,841,912 |
| | $ | 3,327,688 |
| | $ | 1,520,667 |
| | $ | — |
| | $ | 4,848,355 |
| Short-term borrowings | 2,283 |
| | 2,283 |
| | — |
| | — |
| | 2,283 |
| Federal Home Loan Bank advances | 75,405 |
| | — |
| | 80,989 |
| | — |
| | 80,989 |
| Junior subordinated debentures | 94,187 |
| | — |
| | 78,301 |
| | — |
| | 78,301 |
| Derivative instruments | 3,316 |
| | — |
| | 3,316 |
| | — |
| | 3,316 |
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