Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value Measurements [Abstract]

Financial Instruments Measured at Fair Value on a Recurring and Non-recurring Basis

The results of the fair value hierarchy as of December 31, 2012, are as follows:

	Fair Value Measurements Using
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
	(dollars in thousands)
Financial Instruments Measured at Fair Value on a Recurring Basis  — Securities AFS
U.S. Treasury	$	2,004	$	—	$	2,004	$	—
U.S. Government Sponsored Enterprises		130,340		—		130,340		—
SBA Backed Securities		8,156		—		8,156		—
U.S. Government Agency and Sponsored Enterprises
Mortgage-Backed Securities		1,233,357		—		1,233,357		—
Privately Issued Residential Mortgage-Backed Securities		2,947		—		2,947		—
Obligations Issued by States and Political Subdivisions		55,174		—		1,734		53,440
Other Debt Securities		2,253		—		2,253		—
Equity Securities		570		228		—		342
Total	$	1,434,801	$	228	$	1,380,791	$	53,782
Financial Instruments Measured at Fair Value on a Non-recurring Basis
Impaired Loans	$	3,587	$	—	$	—	$	3,587

The results of the fair value hierarchy as of December 31, 2011, are as follows:

	Fair Value Measurements Using
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
	(dollars in thousands)
Financial Instruments Measured at Fair Value on a Recurring Basis — Securities AFS
U.S. Treasury	$	2,012	$	—	$	2,012	$	—
U.S. Government Sponsored Enterprises		174,957		—		174,957		—
SBA Backed Securities		8,801		—		8,801		—
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities		1,035,838		—		1,035,838		—
Privately Issued Residential Mortgage-Backed Securities		3,198		—		3,198		—
Privately Issued Commercial Mortgage-Backed Securities		—		—		—		—
Obligations Issued by States and Political Subdivisions		20,642		—		2,145		18,497
Other Debt Securities		12,610		—		12,610		—
Equity Securities		618		201		—		417
Total	$	1,258,676	$	201	$	1,239,561	$	18,914
Financial Instruments Measured at Fair Value on a Non-recurring Basis
Impaired Loans	$	1,439	$	—	$	—	$	1,439
Other Real Estate Owned	$	1,183	$	—	$	—	$	1,183

Assets measured at fair value

The following table presents additional information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands) at December 31, 2012. Management continues to monitor the assumptions used to value the assets listed below.

					Unobservable Input
Asset	Fair Value		Valuation Technique	Unobservable Input	Value or Range
Securities AFS (1)		$53,782	Discounted cash flow	Discount rate	0%-1%(2)
Impaired Loans		3,587	Appraisal of collateral(3)	Appraisal adjustments(4)	0%-25% discount

⁽¹⁾  Municipal securities generally have maturities of one year or less and, therefore, the amortized cost equates to the fair value.

⁽²⁾  Weighted averages.

⁽³⁾  Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable.

⁽⁴⁾  Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses.

The following table presents additional information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands) at December 31, 2011. Management continues to monitor the assumptions used to value the assets listed below.

					Unobservable Input
Asset	Fair Value		Valuation Technique	Unobservable Input	Value or Range
Securities AFS (1)		$18,914	Discounted cash flow	Discount rate	0%-1%(2)
Impaired Loans		1,439	Appraisal of collateral(3)	Appraisal adjustments(4)	0%-25% discount
Other real estate owned		1,183	Appraisal of collateral(3)	Appraisal adjustments(4)	0%

⁽¹⁾  Municipal securities generally have maturities of one year or less and, therefore, the amortized cost equates to the fair value.

⁽²⁾  Weighted averages.

⁽³⁾  Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable.

⁽⁴⁾  Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses.

Changes in Level 3 securities

The changes in Level 3 securities for the year ended December 31, 2012 are as shown in the table below:

	Auction Rate Securities		Obligations Issued by States and Political Subdivisions			Equity Securities			Total
	(dollars in thousands)
Balance at December 31, 2011	$	3,725	$	14,772		$	417		$	18,914
Purchases		—		90,960			—			90,960
Maturities		—		(56,214	)		(75	)		(56,289	)
Amortization		—		(41	)		—			(41	)
Change in fair value		238		—			—			238
Balance at December 31, 2012	$	3,963	$	49,477		$	342		$	53,782

The changes in Level 3 securities for the year ended December 31, 2011, are shown in the table below:

	Auction Rate Securities			Obligations Issued by States and Political Subdivisions			Equity Securities			Total
	(dollars in thousands)
Balance at December 31, 2010	$	4,393		$	15,988		$	279		$	20,660
Purchases		—			25,314			145			25,459
Maturities		—			(26,528	)		(7	)		(26,535	)
Amortization		—			(2	)		—			(2	)
Change in fair value		(668	)		—			—			(668	)
Balance at December 31, 2011	$	3,725		$	14,772		$	417		$	18,914