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Covered Assets and FDIC Loss-sharing Asset (Tables)
 12 Months Ended
Dec. 31, 2012
Covered Assets And FDIC Loss Sharing Asset [Line Items]  
Analysis of Loan Portfolio by Major Types of Loans
The following is an analysis of our covered loans, net of related allowance for losses as of December 31, 2012 and 2011:
 
 
December 31, 2012
 
December 31, 2011
Covered loans:
 
(dollars in thousands)
Commercial business
 
$
125,373

 
$
195,737

Real estate:
 
 
 
 
One-to-four family residential
 
57,150

 
79,328

Commercial and multifamily residential
 
233,106

 
311,308

Total real estate
 
290,256

 
390,636

Real estate construction:
 
 
 
 
One-to-four family residential
 
25,398

 
54,402

Commercial and multifamily residential
 
15,251

 
23,661

Total real estate construction
 
40,649

 
78,063

Consumer
 
44,516

 
56,877

Subtotal of covered loans
 
500,794

 
721,313

Less:
 
 
 
 
Valuation discount resulting from acquisition accounting
 
79,401

 
184,440

Allowance for loan losses
 
30,056

 
4,944

Covered loans, net of valuation discounts and allowance for loan losses
 
$
391,337

 
$
531,929
Changes in Accretable Yield for Acquired Loans
The following table shows the changes in accretable yield for acquired loans for the years ended December 31, 2012, 2011, and 2010:
 
 
Years Ended December 31,
 
 
2012
 
2011
 
2010
 
 
(in thousands)
Balance at beginning of period
 
$
259,669

 
$
256,572

 
$
—

Additions resulting from acquisitions
 
—

 
59,810

 
122,705

Accretion
 
(86,671
)
 
(90,378
)
 
(45,956
)
Disposals
 
(12,856
)
 
(31,483
)
 
(9,014
)
Reclassifications from nonaccretable difference
 
6,746

 
65,148

 
188,837

Balance at end of period
 
$
166,888

 
$
259,669

 
$
256,572
Schedule of Carrying Amounts for Acquired Loans at Acquisition Date
The following table shows loans acquired during 2011 for which it was probable at acquisition that all contractually required payments would not be collected:
 
 
First Heritage Bank
 
Summit Bank
 
 
May 27, 2011
 
May 20, 2011
 
 
(in thousands)
Contractually required payments of interest and principal
 
$
151,611

 
$
127,823

Nonaccretable difference
 
(34,052
)
 
(34,301
)
Cash flows expected to be collected(1)
 
117,559

 
93,522

Accretable yield
 
(36,071
)
 
(23,739
)
Carrying value of acquired loans
 
$
81,488

 
$
69,783

_________
(1) Represents undiscounted expected principal and interest cash flows
Covered OREO at Carrying Value
The following table sets forth activity in covered OREO at carrying value for the years ended December 31, 2012 and 2011:
 
 
 
December 31, 2012
 
December 31, 2011
 
 
(in thousands)
Covered OREO:
 
 
 
 
Balance, beginning of period
 
$
28,126

 
$
14,443

Established through acquisitions
 
—

 
10,387

Transfers in
 
14,166

 
15,522

OREO improvements
 
—

 
5

Additional OREO write-downs
 
(3,484
)
 
(666
)
Proceeds from sale of OREO property
 
(33,315
)
 
(20,619
)
Net gain on sale of OREO
 
10,818

 
9,054

Total covered OREO, end of period
 
$
16,311

 
$
28,126
FDIC Loss-sharing Asset
The following table shows a detailed analysis of the FDIC-loss sharing asset for the years ending December 31, 2012 and 2011:
 
 
2012
 
2011 (1)
 
 
(in thousands)
Balance at beginning of period
 
$
175,071

 
$
205,991

Adjustments not reflected in income:
 
 
 
 
Established through acquisitions
 
—

 
68,734

Cash received from the FDIC
 
(54,649
)
 
(54,200
)
FDIC reimbursable losses, net
 
399

 
4,042

Adjustments reflected in income:
 
 
 
 
Amortization, net
 
(42,940
)
 
(46,049
)
Loan impairment (recapture)
 
20,714

 
(1,318
)
Sale of other real estate
 
(7,789
)
 
(4,346
)
Write-downs of other real estate
 
5,190

 
1,474

Other
 
358

 
743

Balance at end of period
 
$
96,354

 
$
175,071

__________
(1) Reclassified to conform to the current period’s presentation
Covered Loans [Member]
  
Covered Assets And FDIC Loss Sharing Asset [Line Items]  
Changes in the Allowance for Loan and Lease Losses
The changes in the ALLL for covered loans for the years ended December 31, 2012, 2011, and 2010 are summarized as follows:
 
 
Years Ended December 31,
 
 
2012
 
2011
 
2010
 
 
(in thousands)
Balance at beginning of year
 
$
4,944

 
$
6,055

 
$
—

Loans charged off
 
(5,112
)
 
(1,488
)
 
—

Recoveries
 
4,332

 
2,025

 
—

Provision charged to expense
 
25,892

 
(1,648
)
 
6,055

Balance at end of year
 
$
30,056

 
$
4,944

 
$
6,055