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FAIR VALUE | 9 Months Ended
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Sep. 30, 2011
FAIR VALUE [Abstract] |
FAIR VALUE | NOTE 3 - FAIR VALUE Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various methods including market and income approaches. Based on these approaches, the Company utilizes certain assumptions that market participants would use in pricing the asset or liability. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of the inputs used in the valuation techniques, the Company is required to provide the following information according to the fair value hierarchy noted below. The hierarchy is based on the quality and reliability of the information used to determine fair values. The hierarchy gives the highest priority to quoted prices available in active markets and the lowest priority to data lacking transparency. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:
| · | Level 1 – Quoted prices for identical instruments that are highly liquid, observable and actively traded in over-the-counter markets. Level 1 financial instruments typically include U.S. Treasury securities.
| · | Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable and can be corroborated by market data. Level 2 financial instruments typically include U.S. Government debt and agency mortgage-backed securities, municipal securities, single issue trust preferred securities, equity swap agreements, foreign exchange options, interest rate swaps and other real estate owned (“OREO”).
| · | Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category typically includes mortgage servicing assets, impaired loans, private-label mortgage-backed securities, pooled trust preferred securities and derivatives payable.
The Company records investment securities available-for-sale, equity swap agreements, derivative liabilities, foreign exchange options and interest rate swaps at fair value on a recurring basis. Certain other assets such as mortgage servicing assets, impaired loans, other real estate owned, loans held for sale, goodwill, premiums on acquired deposits and other investments are recorded at fair value on a nonrecurring basis. Nonrecurring fair value measurements typically involve assets that are periodically evaluated for impairment and for which any impairment is recorded in the period in which the remeasurement is performed. In determining the appropriate hierarchy levels, the Company performs a detailed analysis of assets and liabilities that are subject to fair value disclosure. The following tables present both financial and nonfinancial assets and liabilities that are measured at fair value on a recurring and nonrecurring basis. These assets and liabilities are reported on the condensed consolidated balance sheets at their fair values as of September 30, 2011 and December 31, 2010. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. There were no transfers in and out of Levels 1 and 2 during the first nine months of 2011. There were also no transfers in and out of Levels 1 and 3 or Levels 2 and 3 during the first nine months of 2011.
|  | Assets (Liabilities) Measured at Fair Value on a Recurring Basis |
|  | as of September 30, 2011 |
|  | Fair Value Measurements September 30, 2011 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
|  | (In thousands) |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 20,761 |  |  | $ | 20,761 |  |  | $ | - |  |  | $ | - |
U.S. Government agency and U.S. Government sponsored enterprise debt securities |  |  | 642,951 |  |  |  | - |  |  |  | 642,951 |  |  |  | - |
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  |  | 16,823 |  |  |  | - |  |  |  | 16,823 |  |  |  | - |
Residential mortgage-backed securities |  |  | 1,093,829 |  |  |  | - |  |  |  | 1,093,829 |  |  |  | - |
Municipal securities |  |  | 77,466 |  |  |  | - |  |  |  | 77,466 |  |  |  | - |
Other residential mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Non-investment grade |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Corporate debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  |  | 1,403,432 |  |  |  | - |  |  |  | 1,403,432 |  |  |  | - |
Non-investment grade |  |  | 14,195 |  |  |  | - |  |  |  | 11,840 |  |  |  | 2,355 |
Other securities |  |  | 10,135 |  |  |  | - |  |  |  | 10,135 |  |  |  | - |
Total investment securities available-for-sale |  | $ | 3,279,592 |  |  | $ | 20,761 |  |  | $ | 3,256,476 |  |  | $ | 2,355 |
Equity swap agreements |  | $ | 200 |  |  | $ | - |  |  | $ | 200 |  |  | $ | - |
Foreign exchange options |  |  | 4,392 |  |  |  | - |  |  |  | 4,392 |  |  |  | - |
Interest rate swaps |  |  | 17,791 |  |  |  | - |  |  |  | 17,791 |  |  |  | - |
Derivative liabilities |  |  | (20,206 | ) |  |  | - |  |  |  | (17,237 | ) |  |  | (2,969 | )
|  | Assets (Liabilities) Measured at Fair Value on a Recurring Basis |
|  | as of December 31, 2010 |
|  | Fair Value Measurements December 31, 2010 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
|  | (In thousands) |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 20,454 |  |  | $ | 20,454 |  |  | $ | - |  |  | $ | - |
U.S. Government agency and U.S. Government sponsored enterprise debt securities |  |  | 1,333,465 |  |  |  | - |  |  |  | 1,333,465 |  |  |  | - |
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  |  | 19,132 |  |  |  | - |  |  |  | 19,132 |  |  |  | - |
Residential mortgage-backed securities |  |  | 306,714 |  |  |  | - |  |  |  | 306,714 |  |  |  | - |
Municipal securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Other residential mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Non-investment grade |  |  | 6,254 |  |  |  | - |  |  |  | - |  |  |  | 6,254 |
Corporate debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  |  | 1,056,867 |  |  |  | - |  |  |  | 1,056,867 |  |  |  | - |
Non-investment grade |  |  | 38,730 |  |  |  | - |  |  |  | 35,957 |  |  |  | 2,773 |
Other securities |  |  | 94,325 |  |  |  | - |  |  |  | 94,325 |  |  |  | - |
Total investment securities available-for-sale |  | $ | 2,875,941 |  |  | $ | 20,454 |  |  | $ | 2,846,460 |  |  | $ | 9,027 |
Equity swap agreements |  | $ | 206 |  |  | $ | - |  |  | $ | 206 |  |  | $ | - |
Foreign exchange options |  |  | 5,084 |  |  |  | - |  |  |  | 5,084 |  |  |  | - |
Interest rate swaps |  |  | 13 |  |  |  | - |  |  |  | 13 |  |  |  | - |
Derivative liabilities |  |  | (3,463 | ) |  |  | - |  |  |  | (14 | ) |  |  | (3,449 | )
|  | Assets Measured at Fair Value on a Non-Recurring Basis |
|  | as of and for the Three Months Ended September 30, 2011 |
|  | Fair Value Measurements as of September 30, 2011 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total Gains (Losses) for the Three Months Ended September 30, 2011 |
|  | (In thousands) |
Non-covered impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total residential |  | $ | 9,637 |  |  | $ | - |  |  | $ | - |  |  | $ | 9,637 |  |  | $ | (3,142 | )
Total commercial real estate |  |  | 40,997 |  |  |  | - |  |  |  | - |  |  |  | 40,997 |  |  |  | (16,645 | )
Total commercial and industrial |  |  | 4,405 |  |  |  | - |  |  |  | - |  |  |  | 4,405 |  |  |  | (6,328 | )
Total consumer |  |  | 315 |  |  |  | - |  |  |  | - |  |  |  | 315 |  |  |  | (265 | )
Total non-covered impaired loans |  | $ | 55,354 |  |  | $ | - |  |  | $ | - |  |  | $ | 55,354 |  |  | $ | (26,380 | )
Mortgage servicing assets (single-family, multifamily and commercial) |  | $ | 12,495 |  |  | $ | - |  |  | $ | - |  |  | $ | 12,495 |  |  | $ | (212 | )
Non-covered OREO |  | $ | 36 |  |  | $ | - |  |  | $ | 36 |  |  | $ | - |  |  | $ | (17 | )
Covered OREO (1) |  | $ | 18,068 |  |  | $ | - |  |  | $ | 18,068 |  |  | $ | - |  |  | $ | (3,252 | )
Loans held for sale |  | $ | 2,714 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,714 |  |  | $ | (260 | )
|  | Assets Measured at Fair Value on a Non-Recurring Basis |
|  | as of and for the Three Months Ended September 30, 2010 |
|  | Fair Value Measurements as of September 30, 2010 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total Gains (Losses) for the Three Months Ended September 30, 2010 |
|  | (In thousands) |
Non-covered impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total residential |  | $ | 2,694 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,694 |  |  | $ | (772 | )
Total commercial real estate |  |  | 41,212 |  |  |  | - |  |  |  | - |  |  |  | 41,212 |  |  |  | (16,046 | )
Total commercial and industrial |  |  | 7,830 |  |  |  | - |  |  |  | - |  |  |  | 7,830 |  |  |  | (3,053 | )
Total consumer |  |  | 167 |  |  |  | - |  |  |  | - |  |  |  | 167 |  |  |  | 96 |
Total non-covered impaired loans |  | $ | 51,903 |  |  | $ | - |  |  | $ | - |  |  | $ | 51,903 |  |  | $ | (19,775 | )
Mortgage servicing assets (single-family, multifamily and commercial) |  | $ | 15,973 |  |  | $ | - |  |  | $ | - |  |  | $ | 15,973 |  |  | $ | (284 | )
Non-covered OREO |  | $ | 2,574 |  |  | $ | - |  |  | $ | 2,574 |  |  | $ | - |  |  | $ | (1,099 | )
Covered OREO (1) |  | $ | 27,205 |  |  | $ | - |  |  | $ | 27,205 |  |  | $ | - |  |  | $ | (6,569 | )
Loans held for sale |  | $ | 359 |  |  | $ | - |  |  | $ | - |  |  | $ | 359 |  |  | $ | (228 | )
_____________________
(1) | Covered OREO results from the WFIB and UCB FDIC-assisted acquisitions for which the Company entered into shared-loss agreements with the FDIC whereby the FDIC will reimburse the Company for 80% of eligible losses. As such, the Company's liability for losses is 20% of the $3.3 million in losses, or $650 thousand, and 20% of the $6.6 million in losses, or $1.3 million, for the three months ended September 30, 2011 and 2010, respectively.
|  | Assets Measured at Fair Value on a Non-Recurring Basis |
|  | as of and for the Nine Months Ended September 30, 2011 |
|  | Fair Value Measurements as of September 30, 2011 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total Gains (Losses) for the Nine Months Ended September 30, 2011 |
|  | (In thousands) |
Non-covered impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total residential |  | $ | 12,533 |  |  | $ | - |  |  | $ | - |  |  | $ | 12,533 |  |  | $ | (3,727 | )
Total commercial real estate |  |  | 44,840 |  |  |  | - |  |  |  | - |  |  |  | 44,840 |  |  |  | (34,192 | )
Total commercial and industrial |  |  | 5,513 |  |  |  | - |  |  |  | - |  |  |  | 5,513 |  |  |  | (9,915 | )
Total consumer |  |  | 359 |  |  |  | - |  |  |  | - |  |  |  | 359 |  |  |  | (443 | )
Total non-covered impaired loans |  | $ | 63,245 |  |  | $ | - |  |  | $ | - |  |  | $ | 63,245 |  |  | $ | (48,277 | )
Mortgage servicing assets (single-family, multifamily and commercial) |  | $ | 12,495 |  |  | $ | - |  |  | $ | - |  |  | $ | 12,495 |  |  | $ | (675 | )
Non-covered OREO |  | $ | 13,692 |  |  | $ | - |  |  | $ | 13,692 |  |  | $ | - |  |  | $ | (1,529 | )
Covered OREO (1) |  | $ | 110,133 |  |  | $ | - |  |  | $ | 110,133 |  |  | $ | - |  |  | $ | (18,655 | )
Loans held for sale |  | $ | 2,714 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,714 |  |  | $ | (260 | )
|  | Assets Measured at Fair Value on a Non-Recurring Basis |
|  | as of and for the Nine Months Ended September 30, 2010 |
|  | Fair Value Measurements as of September 30, 2010 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total Gains (Losses) for the Nine Months Ended September 30, 2010 |
|  | (In thousands) |
Non-covered impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total residential |  | $ | 5,953 |  |  | $ | - |  |  | $ | - |  |  | $ | 5,953 |  |  | $ | (2,234 | )
Total commercial real estate |  |  | 74,630 |  |  |  | - |  |  |  | - |  |  |  | 74,630 |  |  |  | (36,230 | )
Total commercial and industrial |  |  | 7,925 |  |  |  | - |  |  |  | - |  |  |  | 7,925 |  |  |  | (4,836 | )
Total consumer |  |  | 166 |  |  |  | - |  |  |  | - |  |  |  | 166 |  |  |  | (245 | )
Total non-covered impaired loans |  | $ | 88,674 |  |  | $ | - |  |  | $ | - |  |  | $ | 88,674 |  |  | $ | (43,545 | )
Mortgage servicing assets (single-family, multifamily and commercial) |  | $ | 15,973 |  |  | $ | - |  |  | $ | - |  |  | $ | 15,973 |  |  | $ | (348 | )
Non-covered OREO |  | $ | 4,101 |  |  | $ | - |  |  | $ | 4,101 |  |  | $ | - |  |  | $ | (4,012 | )
Covered OREO (1) |  | $ | 57,234 |  |  | $ | - |  |  | $ | 57,234 |  |  | $ | - |  |  | $ | (32,496 | )
Loans held for sale |  | $ | 3,737 |  |  | $ | - |  |  | $ | - |  |  | $ | 3,737 |  |  | $ | (2,059 | )
_____________________
(1) | Covered OREO results from the WFIB and UCB FDIC-assisted acquisitions for which the Company entered into shared-loss agreements with the FDIC whereby the FDIC will reimburse the Company for 80% of eligible losses. As such, the Company's liability for losses is 20% of the $18.7 million in losses, or $3.7 million, and 20% of the $32.5 million in losses, or $6.5 million, for the nine months ended September 30, 2011 and 2010, respectively.
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. The following tables provide a reconciliation of the beginning and ending balances for major asset and liability categories measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2011 and 2010:
|  | Investment Securities Available-for-Sale |  |  |  |
|  |  |  |  | Other Residential Mortgage-Backed Securities, |  |  | Corporate Debt Securities |  |  |  |
|  | Total |  |  | Non-Investment Grade |  |  | Investment Grade |  |  | Non-Investment Grade |  |  | Derivatives Payable |
|  | (In thousands) |
Beginning balance, July 1, 2011 |  | $ | 2,453 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,453 |  |  | $ | (3,247 | )
Total gains or (losses): (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 278 |
Included in accumulated other comprehensive loss (unrealized) (2) |  |  | (90 | ) |  |  | - |  |  |  | - |  |  |  | (90 | ) |  |  | - |
Purchases, issuances, sales, settlements (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Issuances |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Sales |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Settlements |  |  | (8 | ) |  |  | - |  |  |  | - |  |  |  | (8 | ) |  |  | - |
Transfer from investment grade to non-investment grade |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Transfers in and/or out of Level 3 (4) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Ending balance, September 30, 2011 |  | $ | 2,355 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,355 |  |  | $ | (2,969 | )
Changes in unrealized losses included in earnings relating to assets and liabilities still held at September 30, 2011 |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (278 | )
|  | Investment Securities Available-for-Sale |  |  |  |
|  |  |  |  | Other Residential Mortgage-Backed Securities, |  |  | Corporate Debt Securities |  |  |  |
|  | Total |  |  | Non-Investment Grade |  |  | Investment Grade |  |  | Non-Investment Grade |  |  | Derivatives Payable |
|  | (In thousands) |
Beginning balance, July 1, 2010 |  | $ | 15,350 |  |  | $ | 12,506 |  |  | $ | - |  |  | $ | 2,844 |  |  | $ | (1,888 | )
Total gains or (losses): (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings |  |  | (864 | ) |  |  | - |  |  |  | - |  |  |  | (864 | ) |  |  | (459 | )
Included in accumulated other comprehensive loss (unrealized) (2) |  |  | 508 |  |  |  | 328 |  |  |  | - |  |  |  | 180 |  |  |  | - |
Purchases, issuances, sales, settlements (3) |  |  | (7 | ) |  |  | - |  |  |  | - |  |  |  | (7 | ) |  |  | (254 | )
Transfer from investment grade to non-investment grade |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Transfers in and/or out of Level 3 (4) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Ending balance, September 30, 2010 |  | $ | 14,987 |  |  | $ | 12,834 |  |  | $ | - |  |  | $ | 2,153 |  |  | $ | (2,601 | )
Changes in unrealized losses included in earnings relating to to assets and liabilities still held at September 30, 2010 |  | $ | 888 |  |  | $ | - |  |  | $ | - |  |  | $ | 888 |  |  | $ | 459 |
_______________________
(1) | Total gains or losses represent the total realized and unrealized gains and losses recorded for Level 3 assets and liabilities. Realized gains or losses are reported in the condensed consolidated statements of income.
(2) | Unrealized gains or losses on investment securities are reported in accumulated other comprehensive loss, net of tax, in the condensed consolidated statements of changes in stockholders' equity and comprehensive income.
(3) | Purchases, issuances, sales, and settlements represent Level 3 assets and liabilities that were either purchased, issued, sold, or settled during the period. The amounts are recorded at their end of period fair values.
(4) | Transfers in and/or out represent existing assets and liabilities that were either previously categorized as a higher level and the inputs to the model became unobservable or assets and liabilities that were previously classified as Level 3 and the lowest significant input became observable during the period. These assets and liabilities are recorded at their end of period fair values.
|  | Investment Securities Available-for-Sale |  |  |  |
|  |  |  |  | Other Residential Mortgage-Backed Securities, |  |  | Corporate Debt Securities |  |  |  |
|  | Total |  |  | Non-Investment Grade |  |  | Investment Grade |  |  | Non-Investment Grade |  |  | Derivatives Payable |
|  | (In thousands) |
Beginning balance, January 1, 2011 |  | $ | 9,027 |  |  | $ | 6,254 |  |  | $ | - |  |  | $ | 2,773 |  |  | $ | (3,449 | )
Total gains or (losses): (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings |  |  | (6,124 | ) |  |  | (5,660 | ) |  |  | - |  |  |  | (464 | ) |  |  | 480 |
Included in accumulated other comprehensive loss (unrealized) (2) |  |  | 8,756 |  |  |  | 8,763 |  |  |  | - |  |  |  | (7 | ) |  |  | - |
Purchases, issuances, sales, settlements (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Issuances |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Sales |  |  | (9,357 | ) |  |  | (9,357 | ) |  |  | - |  |  |  | - |  |  |  | - |
Settlements |  |  | 53 |  |  |  | - |  |  |  | - |  |  |  | 53 |  |  |  | - |
Transfer from investment grade to non-investment grade |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Transfers in and/or out of Level 3 (4) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Ending balance, September 30, 2011 |  | $ | 2,355 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,355 |  |  | $ | (2,969 | )
Changes in unrealized losses included in earnings relating to assets and liabilities still held at September 30, 2011 |  | $ | 464 |  |  | $ | - |  |  | $ | - |  |  | $ | 464 |  |  | $ | (480 | )
|  | Investment Securities Available-for-Sale |  |  |  |
|  |  |  |  | Other Residential Mortgage-Backed Securities, |  |  | Corporate Debt Securities |  |  |  |
|  | Total |  |  | Non-Investment Grade |  |  | Investment Grade |  |  | Non-Investment Grade |  |  | Derivatives Payable |
|  | (In thousands) |
Beginning balance, January 1, 2010 |  | $ | 15,671 |  |  | $ | 12,738 |  |  | $ | 978 |  |  | $ | 1,955 |  |  | $ | (14,185 | )
Total gains or (losses): (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings |  |  | (7,589 | ) |  |  | 436 |  |  |  | 5 |  |  |  | (8,030 | ) |  |  | (625 | )
Included in accumulated other comprehensive loss (unrealized) (2) |  |  | 7,047 |  |  |  | 90 |  |  |  | 308 |  |  |  | 6,649 |  |  |  | - |
Purchases, issuances, sales, settlements (3) |  |  | (142 | ) |  |  | (430 | ) |  |  | (9 | ) |  |  | 297 |  |  |  | 12,209 |
Transfer from investment grade to non-investment grade |  |  | - |  |  |  | - |  |  |  | (1,282 | ) |  |  | 1,282 |  |  |  | - |
Transfers in and/or out of Level 3 (4) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Ending balance, September 30, 2010 |  | $ | 14,987 |  |  | $ | 12,834 |  |  | $ | - |  |  | $ | 2,153 |  |  | $ | (2,601 | )
Changes in unrealized losses included in earnings relating to to assets and liabilities still held at September 30, 2010 |  | $ | 8,107 |  |  | $ | - |  |  | $ | - |  |  | $ | 8,107 |  |  | $ | 625 |
_______________________
(1) | Total gains or losses represent the total realized and unrealized gains and losses recorded for Level 3 assets and liabilities. Realized gains or losses are reported in the condensed consolidated statements of income.
(2) | Unrealized gains or losses on investment securities are reported in accumulated other comprehensive loss, net of tax, in the condensed consolidated statements of changes in stockholders' equity and comprehensive income.
(3) | Purchases, issuances, sales, and settlements represent Level 3 assets and liabilities that were either purchased, issued, sold, or settled during the period. The amounts are recorded at their end of period fair values.
(4) | Transfers in and/or out represent existing assets and liabilities that were either previously categorized as a higher level and the inputs to the model became unobservable or assets and liabilities that were previously classified as Level 3 and the lowest significant input became observable during the period. These assets and liabilities are recorded at their end of period fair values.
Valuation Methodologies Investment Securities Available-for-Sale-The fair values of available-for-sale investment securities are generally determined by prices obtained from independent external pricing service providers who have experience in valuing these securities or reference to the average of at least two quoted market prices obtained from independent external brokers. In obtaining such valuation information from third parties, the Company has reviewed the methodologies used to develop the resulting fair values. The Company's Level 3 available-for-sale securities include four pooled trust preferred securities. The fair values of these investment securities represent less than 1% of the total available-for-sale investment securities. The fair values of the pooled trust preferred securities have traditionally been based on the average of at least two quoted market prices obtained from independent external brokers since broker quotes in an active market are given the highest priority. However, as a result of the continued illiquidity in the pool trust preferred securities market, the market for these securities has been inactive since mid-2007. It is the Company's view that current broker prices (which are typically non-binding) on certain pooled trust preferred securities are based on forced liquidation or distressed sale values in very inactive markets that are not representative of the fair value of these securities. As such, the Company considered what weight, if any, to place on transactions that are not orderly when estimating fair value. For the pooled trust preferred securities, the fair value was derived based on discounted cash flow analyses (the income method) prepared by management. In order to determine the appropriate discount rate used in calculating fair values derived from the income method for the pooled trust preferred securities, the Company has made assumptions using an exit price approach related to the implied rate of return which have been adjusted for general changes in market rates, estimated changes in credit quality and liquidity risk premium, specific nonperformance, and default experience in the collateral underlying the securities. The losses recorded in the period are recognized in noninterest income. Equity Swap Agreements-The Company has entered into equity swap agreements to hedge against market fluctuations in a promotional equity index certificate of deposit product offered to bank customers. This deposit product, which has a term of 5 years, pays interest based on the performance of the Hang Seng China Enterprises Index (“HSCEI”). The fair value of these equity swap agreements is based on the income approach. The fair value is based on the change in the value of the HSCEI and the volatility of the call option over the life of the individual swap agreement. The option value is derived based on the volatility, the interest rate, and the time remaining to maturity of the call option. The Company's consideration of its counterparty's credit risk resulted in a nominal adjustment to the valuation of the equity swap agreements for the nine months ended September 30, 2011. The valuation of equity swap agreements falls within Level 2 of the fair value hierarchy due to the observable nature of the inputs used in deriving the fair value of these derivative contracts. The fair value of the derivative contracts is provided by a third party that the Company places reliance on. Derivatives Liabilities-The Company's derivatives liabilities include derivatives payable that falls within Level 3 and all other derivative liabilities which fall within Level 2. The derivatives payable are recorded in conjunction with certain certificates of deposit (“host instrument”). These CD's pay interest based on changes in either the HSCEI or based on changes in the Chinese currency Renminbi (“RMB”), as designated, and are included in interest-bearing deposits on the condensed consolidated balance sheets. The fair value of these embedded derivatives is based on the income approach. The Company's consideration of its own credit risk resulted in a nominal adjustment to the valuation of the derivative liabilities for the nine months ended September 30, 2011. The valuation of the derivatives payable falls within Level 3 of the fair value hierarchy since the significant inputs used in deriving the fair value of these derivative contracts are not directly observable. The Level 2 derivative liabilities are mostly comprised of the off-setting interest rate swaps. Refer to “Interest Rate Swaps” within this footnote for complete discussion. Foreign Exchange Options-The Company has entered into foreign exchange option contracts with major investment firms. The settlement amount is determined based upon the performance of the Chinese currency RMB relative to the U.S. Dollar (“USD”) over the 5-year term of the contract. The performance amount is computed based on the average quarterly value of the RMB per the USD as compared to the initial value. The fair value of the derivative contract is provided by third parties and is determined based on the change in the RMB and the volatility of the option over the life of the agreement. The option value is derived based on the volatility of the option, interest rate, currency rate and time remaining to the maturity. The Company's consideration of the counterparty's credit risk resulted in a $0.3 million adjustment to the valuation of the foreign exchange options for the nine months ended September 30, 2011. The valuation of the option contract falls within Level 2 of the fair value hierarchy due to the observable nature of the inputs used in deriving the fair value of this derivative contract. Interest Rate Swaps-The Company has entered into pay-fixed, receive-variable swap contracts with institutional counterparties to hedge against interest rate swap products offered to bank customers. This product allows borrowers to lock in attractive intermediate and long-term interest rates by entering into a pay-fixed, receive-variable swap contract with the Company, resulting in the customer obtaining a synthetic fixed rate loan. The Company has also entered into pay-variable, receive-fixed swap contracts with institutional counterparties to hedge against certificates of deposit issued. This product allows the Company to lock in attractive floating rate funding. The fair value of the interest rate swap contracts is based on a discounted cash flow approach. The Company's consideration of the counterparty's credit risk resulted in a $1.1 million adjustment as of September 30, 2011. The valuation of the interest swaps falls within Level 2 of the fair value hierarchy due to the observable nature of the inputs used in deriving the fair value of the derivative contracts. Mortgage Servicing Assets (“MSAs”)-The Company records MSAs in conjunction with its loan sale and securitization activities since the servicing of the underlying loans is retained by the Bank. MSAs are initially measured at fair value using an income approach. The initial fair value of MSAs is determined based on the present value of estimated net future cash flows related to contractually-specified servicing fees. The valuation for MSAs falls within Level 3 of the fair value hierarchy since there are no quoted prices for MSAs and the significant inputs used to determine fair value are not directly observable. The valuation of MSAs is determined using a discounted cash flow approach utilizing the appropriate yield curve and several market-derived assumptions including prepayment speeds, servicing cost, delinquency and foreclosure costs and behavior, and float earnings rate. Net cash flows are present valued using a market-derived discount rate. The resulting fair value is then compared to recently observed bulk market transactions with similar characteristics. Impaired Loans-The Company's impaired loans are generally measured using the fair value of the underlying collateral, which is determined based on the most recent valuation information received. The fair values may be adjusted based on factors such as the Company's historical knowledge and changes in market conditions from the time of valuation. Impaired loans fall within Level 3 of the fair value hierarchy since they are measured at fair value based on the most recent valuation information received on the underlying collateral. Other Real Estate Owned-The Company's OREO represents properties acquired through foreclosure or through full or partial satisfaction of loans and are recorded at estimated fair value less cost to sell at the time of foreclosure and at the lower of cost or estimated fair value less cost to sell subsequent to acquisition. The fair values of OREO properties are based on third party appraisals, broker price opinions, or accepted written offers. These valuations are reviewed and approved by the Company's appraisal department, credit review department, or OREO department. OREO properties are classified as Level 2 assets in the fair value hierarchy. The non-covered OREO balance of $21.2 million and the covered OREO balance of $87.3 million are included in the condensed consolidated balance sheets as of September 30, 2011. Loans Held for Sale-The Company's loans held for sale are carried at the lower of cost or market value. These loans are currently comprised of mostly student loans. For those loans, the fair value of loans held for sale is derived from current market prices and comparative current sales. For the remainder of the loans held for sale, which fall within Level 3, the fair value is derived from third party sale analysis, existing sale agreements, or appraisal reports on the loans' underlying collateral. As such, the Company records any fair value adjustments on a nonrecurring basis. Fair Value of Financial Instruments The carrying amounts and fair values of the Company's financial instruments as of September 30, 2011 and December 31, 2010 were as follows:
|  | September 30, 2011 |  |  | December 31, 2010 |
|  | Carrying |  |  |  |  |  | Carrying |  |  |  |
|  | Amount or |  |  |  |  |  | Amount or |  |  |  |
|  | Notional |  |  | Estimated |  |  | Notional |  |  | Estimated |
|  | Amount |  |  | Fair Value |  |  | Amount |  |  | Fair Value |
|  | (In thousands) |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,105,888 |  |  | $ | 1,105,888 |  |  | $ | 1,333,949 |  |  | $ | 1,333,949 |
Short-term investments |  |  | 66,009 |  |  |  | 66,009 |  |  |  | 143,560 |  |  |  | 143,560 |
Federal funds sold |  |  | 30,000 |  |  |  | 30,000 |  |  |  | - |  |  |  | - |
Securities purchased under resale agreements |  |  | 951,824 |  |  |  | 982,118 |  |  |  | 500,000 |  |  |  | 505,826 |
Investment securities available-for-sale |  |  | 3,279,592 |  |  |  | 3,279,592 |  |  |  | 2,875,941 |  |  |  | 2,875,941 |
Loans held for sale |  |  | 251,920 |  |  |  | 257,631 |  |  |  | 220,055 |  |  |  | 225,221 |
Loans receivable, net |  |  | 13,718,668 |  |  |  | 13,284,682 |  |  |  | 13,231,075 |  |  |  | 13,043,932 |
Investment in Federal Home Loan Bank stock |  |  | 143,381 |  |  |  | 143,381 |  |  |  | 162,805 |  |  |  | 162,805 |
Investment in Federal Reserve Bank stock |  |  | 47,384 |  |  |  | 47,384 |  |  |  | 47,285 |  |  |  | 47,285 |
Accrued interest receivable |  |  | 93,042 |  |  |  | 93,042 |  |  |  | 82,090 |  |  |  | 82,090 |
Equity swap agreements |  |  | 22,709 |  |  |  | 200 |  |  |  | 22,884 |  |  |  | 206 |
Foreign exchange options |  |  | 85,614 |  |  |  | 4,392 |  |  |  | 85,614 |  |  |  | 5,084 |
Interest rate swaps |  |  | 510,898 |  |  |  | 17,791 |  |  |  | 4,098 |  |  |  | 13 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer deposit accounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand, savings and money market deposits |  |  | 9,824,307 |  |  |  | 9,119,064 |  |  |  | 8,875,806 |  |  |  | 7,896,736 |
Time deposits |  |  | 7,484,393 |  |  |  | 7,519,569 |  |  |  | 6,765,453 |  |  |  | 6,762,892 |
Federal funds purchased |  |  | - |  |  |  | - |  |  |  | 22 |  |  |  | 22 |
Federal Home Loan Bank advances |  |  | 457,075 |  |  |  | 489,680 |  |  |  | 1,214,148 |  |  |  | 1,199,151 |
Securities sold under repurchase agreements |  |  | 1,024,949 |  |  |  | 1,077,835 |  |  |  | 1,083,545 |  |  |  | 1,296,522 |
Notes payable |  |  | 85,014 |  |  |  | 85,014 |  |  |  | 49,690 |  |  |  | 49,690 |
Accrued interest payable |  |  | 16,352 |  |  |  | 16,352 |  |  |  | 13,797 |  |  |  | 13,797 |
Long-term debt |  |  | 214,178 |  |  |  | 139,143 |  |  |  | 235,570 |  |  |  | 125,633 |
Derivative liabilities |  |  | 486,235 |  |  |  | 20,206 |  |  |  | 79,640 |  |  |  | 3,463 |
The methods and assumptions used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value are explained below: Cash and Cash Equivalents-The carrying amounts approximate fair values due to the short-term nature of these instruments. Short-Term Investments-The fair values of short-term investments generally approximate their book values due to their short maturities. Securities Purchased Under Resale Agreements-Securities purchased under resale agreements with original maturities of 90 days or less are included in cash and cash equivalents. The fair value of securities purchased under resale agreements with original maturities of more than 90 days is estimated by discounting the cash flows based on expected maturities or repricing dates utilizing estimated market discount rates. Investment Securities Available-for-Sale-The fair values of the investment securities available-for-sale are generally determined by reference to the average of at least two quoted market prices obtained from independent external brokers or independent external pricing service providers who have experience in valuing these securities. In obtaining such valuation information from third parties, the Company has reviewed the methodologies used to develop the resulting fair values. For private-label mortgage-backed securities and pooled trust preferred securities, fair values are based on discounted cash flow analyses. Loans Held for Sale-The fair value of loans held for sale is derived from current market prices and comparative current sales. For loans held for sale, which fall within Level 3, the fair value is derived from third party sale analysis, existing sale agreements, or appraisal reports. Loans Receivable, net (includes covered and non-covered loans)-The fair value of loans is determined based on the discounted cash flow approach. The discount rate is derived from the associated yield curve plus spreads, and reflects the offering rates in the market for loans with similar financial characteristics. No adjustments have been made for changes in credit within the loan portfolio. It is management's opinion that the allowance for loan losses pertaining to performing and nonperforming loans results in a fair valuation of credit for such loans. Investment in Federal Home Loan Bank Stock and Federal Reserve Bank Stock-The carrying amount approximates fair value, as the stock may be sold back to the Federal Home Loan Bank and the Federal Reserve Bank at carrying value. Accrued Interest Receivable-The carrying amount of accrued interest receivable approximates fair value due to its short-term nature. Equity Swap Agreements-The fair value of the derivative contracts is provided by a third party and is determined based on the change in value of the HSCEI and the volatility of the call option over the life of the individual swap agreement. The option value is derived based on the volatility of the option, interest rate, and time remaining to maturity. We also considered the counterparty's credit risk in determining the fair value. Foreign Exchange Options-The fair value of the derivative contracts is provided by third parties and is determined based on the change in the RMB and the volatility of the option over the life of the agreement. The option value is derived based on the volatility of the option, interest rate, and time remaining to maturity. We also considered the counterparty's credit risk in determining the fair value. Interest Rate Swaps-The fair value of the interest rate swap contracts is provided by a third party and is determined based on a discounted cash flow approach. The Company also considered the counterparty's credit risk in determining the fair value. Customer Deposit Accounts-The fair value of customer deposit accounts is determined based on the discounted cash flow approach. The discount rate is derived from the associated yield curve, plus spread, if any. For core deposits (demand, savings, and money market deposits), the cash outflows are projected by the decay rate based on the Bank's core deposit premium study and are discounted using the London Interbank Offered Rate (“LIBOR”) yield curve. For time deposits, the cash flows are based on the contractual runoff and are discounted by the Bank's current offering rates, plus spread. Federal Funds Sold and Federal Funds Purchased-The carrying amounts approximate fair values due to the short-term nature of these instruments. Federal Home Loan Bank Advances-The fair value of Federal Home Loan Bank (“FHLB”) advances is estimated based on the discounted value of contractual cash flows, using rates currently offered by the FHLB of San Francisco for fixed-rate credit advances with similar remaining maturities at each reporting date. Securities Sold Under Repurchase Agreements-For securities sold under repurchase agreements with original maturities of 90 days or less, the carrying amounts approximate fair values due to the short-term nature of these instruments. At September 30, 2011 and December 31, 2010, most of the securities sold under repurchase agreements are long-term in nature and the fair values of securities sold under repurchase agreements are calculated by discounting future cash flows based on expected maturities or repricing dates, utilizing estimated market discount rates, and taking into consideration the call features of each instrument. Notes Payable-The carrying amount of notes payable approximates fair value as these notes are payable on demand. Accrued Interest Payable-The carrying amount of accrued interest payable approximates fair value due to its short-term nature. Long-Term Debt-The fair values of long-term debt are estimated by discounting the cash flows through maturity based on current market rates the Bank would pay for new issuances. Derivatives Liabilities-The Company's derivatives liabilities include “derivatives payable” and all other derivative liabilities. The Company's derivatives payable are recorded in conjunction with certain certificates of deposit (“host instrument”). These CD's pay interest based on changes in either the HSCEI or based on changes in the RMB, as designated. The fair value of derivatives payable is estimated using the income approach. Additionally, we considered our own credit risk in determining the valuation. The other derivative liabilities are mostly comprised of the off-setting interest rate swaps. The fair value of the interest rate swap contracts is provided by a third party and is determined based on a discounted cash flow approach. The Company also considered the counterparty's credit risk in determining the fair value. The fair value estimates presented herein are based on pertinent information available to management as of each reporting date. Although we are not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date, and therefore, current estimates of fair value may differ significantly from the amounts presented herein.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 17-22, 27, 28 -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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15C, 15D -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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