Fair Value Accounting and Measurement (Tables)

12 Months Ended

Dec. 31, 2011

Financial Assets And Liabilities Accounted For Fair Value On Recurring Basis

The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at December 31, 2011 and 2010 by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:



	Fair value at December 31, 2011		Fair Value Measurements at Reporting Date Using
	Fair value at December 31, 2011		Level 1		Level 2		Level 3
	(in thousands)
Assets
Securities available for sale
U.S. government agency and sponsored enterprise mortgage-back securities and collateralized mortgage obligations	$	695,954	$	—	$	695,954	$	—
State and municipal securities	285,763		—		285,763		—
U.S. government agency and government-sponsored enterprise securities	43,063		—		43,063		—
Other securities	3,330		—		3,330		—
Total securities available for sale	$	1,028,110	$	—	$	1,028,110	$	—
Other assets (Interest rate contracts)	$	16,302	$	—	$	16,302	$	—
Liabilities
Other liabilities (Interest rate contracts)	$	16,302	$	—	$	16,302	$	—



	Fair value at December 31, 2010		Fair Value Measurements at Reporting Date Using
	Fair value at December 31, 2010		Level 1		Level 2		Level 3
	(in thousands)
Assets
Securities available for sale
U.S. government agency and sponsored enterprise mortgage-back securities and collateralized mortgage obligations	$	506,642	$	—	$	506,642	$	—
State and municipal debt securities	253,981		—		253,981		—
Other securities	3,243		—		3,243		—
Total securities available for sale	$	763,866	$	—	$	763,866	$	—
Other assets (Interest rate contracts)	$	10,167	$	—	$	10,167	$	—
Liabilities
Other liabilities (Interest rate contracts)	$	10,167	$	—	$	10,167	$	—

Financial Assets Accounted For Fair Value On Nonrecurring Basis

The following table sets forth the Company’s assets that were measured using fair value estimates on a nonrecurring basis at December 31, 2011 and 2010:



	Fair value at December 31, 2011		Fair Value Measurements at Reporting Date Using						Losses During the Year Ended December 31, 2011
	Fair value at December 31, 2011		Level 1		Level 2		Level 3		Losses During the Year Ended December 31, 2011
	(in thousands)
Impaired loans	$	17,755	$	—	$	—	$	17,755	$	5,841
Noncovered OREO	11,233		—		—		11,233		3,089
Covered OREO	2,442		—		—		2,442		644
	$	31,430	$	—	$	—	$	31,430	$	9,574



	Fair value at December 31, 2010		Fair Value Measurements at Reporting Date Using						Losses During the Year Ended December 31, 2010
	Fair value at December 31, 2010		Level 1		Level 2		Level 3		Losses During the Year Ended December 31, 2010
	(in thousands)
Impaired loans	$	65,226	$	—	$	—	$	65,226	$	13,906
Noncovered OREO	18,266		—		—		18,266		4,155
Covered OREO	1,422		—		—		1,422		263
	$	84,914	$	—	$	—	$	84,914	$	18,324

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as Level 3. Activity in Level 3 assets measured at fair value on a recurring basis for the year ended December 31, 2011 is summarized in the following table:



	Securities available for sale - State and municipal securities
	(in thousands)
Beginning balance, January 1, 2011	$	—
Transfers into Level 3 (1)	2,950
Impairment loss included in earnings	(2,950		)
Ending Balance, December 31, 2011	$	—

_____________

(1) Transfers into Level 3 were due to a municipal security that had been categorized previously at a higher level, but the inputs to the fair value calculation for the municipal security became unobservable as the security defaulted on its principal repayment and was no longer actively traded.

Fair Value, by Balance Sheet Grouping

The following table summarizes carrying amounts and estimated fair values of selected financial instruments:



	December 31, 2011				December 31, 2010
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets
Cash and due from banks	$	91,364	$	91,364	$	55,492	$	55,492
Interest-earning deposits with banks	202,925		202,925		458,638		458,638
Securities available for sale	1,028,110		1,028,110		763,866		763,866
FHLB stock	22,215		22,215		17,908		17,908
Loans held for sale	2,148		2,148		754		754
Loans	2,827,259		2,957,345		2,371,822		2,525,113
FDIC loss-sharing asset	175,071		71,788		205,991		205,991
Interest rate contracts	16,302		16,302		10,167		10,167
Liabilities
Deposits	$	3,815,529	$	3,817,013	$	3,327,269	$	3,330,616
FHLB advances	119,009		119,849		119,405		122,722
Repurchase agreements	25,000		26,580		25,000		27,251
Other borrowings	—		—		642		642
Long-term subordinated debt	—		—		25,735		20,156
Interest rate contracts	16,302		16,302		10,167		10,167

- 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, 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, issuances, 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.

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

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Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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