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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2016 and 2015, and that were included in the Company’s Consolidated Statements of Condition at those dates:

		Fair Value Measurements at December 31, 2016
(in thousands)		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Netting Adjustments(1)				Total Fair Value
Assets:
Mortgage-Related Securities Available for Sale:
GSE certificates		$	—			$	7,326			$	—			$	—			$	7,326
Total mortgage-related securities		$	—			$	7,326			$	—			$	—			$	7,326
Other Securities Available for Sale:
Municipal bonds		$	—			$	631			$	—			$	—			$	631
Capital trust notes			—				7,243				—				—				7,243
Preferred stock			42,724				29,260				—				—				71,984
Mutual funds and common stock			—				17,097				—				—				17,097
Total other securities		$	42,724			$	54,231			$	—			$	—			$	96,955
Total securities available for sale		$	42,724			$	61,557			$	—			$	—			$	104,281
Other Assets:
Loans held for sale		$	—			$	409,152			$	—			$	—			$	409,152
Mortgage servicing rights			—				—				228,099				—				228,099
Interest rate lock commitments			—				—				982				—				982
Derivative assets-other (2)			2,611				16,829				—				(17,861	)			1,579
Liabilities:
Derivative liabilities		$	(6,009	)		$	(17,719	)		$	—			$	16,588			$	(7,140	)

(1) Includes cash collateral received from, and paid to, counterparties.

(2) Includes $1.9 million to purchase Treasury options.

		Fair Value Measurements at December 31, 2015
(in thousands)		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Netting Adjustments(1)				Total Fair Value
Assets:
Mortgage-Related Securities Available for Sale:
GSE certificates		$	—			$	53,852			$	—			$	—			$	53,852
Total mortgage-related securities		$	—			$	53,852			$	—			$	—			$	53,852
Other Securities Available for Sale:
Municipal bonds		$	—			$	795			$	—			$	—			$	795
Capital trust notes			—				6,964				—				—				6,964
Preferred stock			96,641				28,731				—				—				125,372
Mutual funds and common stock			—				17,272				—				—				17,272
Total other securities		$	96,641			$	53,762			$	—			$	—			$	150,403
Total securities available for sale		$	96,641			$	107,614			$	—			$	—			$	204,255
Other Assets:
Loans held for sale		$	—			$	367,221			$	—			$	—			$	367,221
Mortgage servicing rights			—				—				243,389				—				243,389
Interest rate lock commitments			—				—				2,526				—				2,526
Derivative assets-other (2)			1,875				1,342				—				(1,024	)			2,193
Liabilities:
Derivative liabilities		$	(1,539	)		$	(2,783	)		$	—			$	3,986			$	(336	)

(1) Includes cash collateral received from, and paid to, counterparties.

(2) Includes $1.9 million to purchase Treasury options.

Difference between Fair Value Option and Unpaid Principal Balance

The following table reflects the difference between the fair value carrying amount of loans held for sale, for which the Company has elected the fair value option, and the unpaid principal balance:

		December 31, 2016												December 31, 2015
(in thousands)		Fair Value Carrying Amount				Aggregate Unpaid Principal				Fair Value Carrying Amount Less Aggregate Unpaid Principal				Fair Value Carrying Amount				Aggregate Unpaid Principal				Fair Value Carrying Amount Less Aggregate Unpaid Principal
Loans held for sale		$	409,152			$	408,928			$	224			$	367,221			$	359,587			$	7,634

Changes in Fair Value of Loans Held For Sale

 The following table presents the changes in fair value related to initial measurement, and the subsequent changes in fair value included in earnings, for loans held for sale and MSRs for the periods indicated:

		(Loss) Gain Included in Mortgage Banking Income from Changes in Fair Value(1)
		For the Twelve Months Ended December 31,
(in thousands)		2016				2015(2)				2014(2)
Loans held for sale		$	(5,616	)		$	(472	)		$	4,961
Mortgage servicing rights			(27,453	)			(5,610	)			(31,541	)
Total (loss) gain		$	(33,069	)		$	(6,082	)		$	(26,580	)

(1) Does not include the effect of hedging activities, which is included in “Other non-interest income.”

(2) The presentation of the 2015 and 2014 amounts has been modified to conform with the 2016 presentation.

Rollforward of Financial Instruments Classified in Level Three of Valuation Hierarchy

The following tables present, for the twelve months ended December 31, 2016 and 2015, a roll-forward of the balance sheet amounts (including changes in fair value) for financial instruments classified in Level 3 of the valuation hierarchy:

(in thousands)		Fair Value January 1, 2016				Total Realized/Unrealized (Losses)/Gains Recorded in								Issuances				Settlements				Transfers to/(from) Level 3				Fair Value at Dec. 31, 2016				Change in Unrealized (Losses)/Gains Related to Instruments Held at December 31, 2016
						(Loss)/ Income				Comprehensive (Loss) Income
Mortgage servicing rights		$	243,389			$	(27,453	)		$	—			$	45,588			$	(33,425	)		$	—			$	228,099			$	(27,453	)
Interest rate lock commitments			2,526				(1,544	)			—				—				—				—				982				982
(in thousands)		Fair Value January 1, 2015				Total Realized/Unrealized (Losses)/Gains Recorded in								Issuances				Settlements				Transfers to/(from) Level 3				Fair Value at Dec. 31, 2015				Change in Unrealized (Losses)/Gains Related to Instruments Held at December 31, 2015
						(Loss)/ Income				Comprehensive (Loss) Income
Mortgage servicing rights		$	227,297			$	(5,610	)		$	—			$	48,990			$	(27,288	)		$	—			$	243,389			$	(5,610	)
Interest rate lock commitments			4,397				(1,871	)			—				—				—				—				2,526				2,526

Significant Unobservable Inputs used in Fair Value Measurement

For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 2016, the significant unobservable inputs used in the fair value measurements were as follows:

(dollars in thousands)

Fair Value at Dec. 31, 2016

Valuation Technique

Significant Unobservable Inputs

Significant Unobservable Input Value

Mortgage servicing rights

$

228,099

Discounted Cash Flow

Weighted Average Constant Prepayment Rate (1)

8.70

%

Weighted Average Discount Rate

10.05

Interest rate lock commitments

982

Discounted Cash Flow

Weighted Average Closing Ratio

69.28

(1) Represents annualized loan repayment rate assumptions.

Summary of Carrying Values, Estimated Fair Values and Fair Value Measurement Levels of Financial Instruments

The following tables present assets and liabilities that were measured at fair value on a non-recurring basis as of December 31, 2016 and 2015, and that were included in the Company’s consolidated statements of condition at those dates:

		Fair Value Measurements at December 31, 2016 Using
(in thousands)		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total Fair Value
Certain impaired loans (1)		$	—			$	—			$	15,635			$	15,635
Other assets (2)			—				—				5,684				5,684
Total		$	—			$	—			$	21,319			$	21,319

(1) Represents the fair value of impaired loans, based on the value of the collateral.

(2) Represents the fair value of OREO, based on the appraised value of the collateral subsequent to its initial classification as OREO.

		Fair Value Measurements at December 31, 2015 Using
(in thousands)		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total Fair Value
Certain impaired loans (1)		$	—			$	—			$	3,930			$	3,930
Other assets (2)			—				—				7,982				7,982
Total		$	—			$	—			$	11,912			$	11,912

(1) Represents the fair value of impaired loans, based on the value of the collateral.

(2) Represents the fair value of OREO, based on the appraised value of the collateral subsequent to its initial classification as OREO.

Assets and Liabilities Measured at Fair Value on Non-Recurring Basis

The following tables summarize the carrying values, estimated fair values, and fair value measurement levels of financial instruments that were not carried at fair value on the Company’s Consolidated Statements of Condition at December 31, 2016 and 2015:

		December 31, 2016
										Fair Value Measurement Using
(in thousands)		Carrying Value				Estimated Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Financial Assets:
Cash and cash equivalents		$	557,850			$	557,850			$	557,850			$	—			$	—
Securities held to maturity			3,712,776				3,813,959				200,220				3,613,739				—
FHLB stock (1)			590,934				590,934				—				590,934				—
Loans, net			39,308,016				39,416,469				—				—				39,416,469
Financial Liabilities:
Deposits		$	28,887,903			$	28,888,064			$	21,310,733	(2)		$	7,577,331	(3)		$	—
Borrowed funds			13,673,379				13,633,943				—				13,633,943				—

(1) Carrying value and estimated fair value are at cost.

(2) NOW and money market accounts, savings accounts, and non-interest-bearing accounts.

(3) Certificates of deposit.

		December 31, 2015
										Fair Value Measurement Using
(in thousands)		Carrying Value				Estimated Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Financial Assets:
Cash and cash equivalents		$	537,674			$	537,674			$	537,674			$	—			$	—
Securities held to maturity			5,969,390				6,108,529				—				6,107,697				832
FHLB stock (1)			663,971				663,971				—				663,971				—
Loans, net			38,011,995				38,245,434				—				—				38,245,434
Financial Liabilities:
Deposits		$	28,426,758			$	28,408,915			$	23,114,271	(2)		$	5,294,644	(3)		$	—
Borrowed funds			15,748,405				15,685,616				—				15,685,616				—

(1) Carrying value and estimated fair value are at cost.

(2) NOW and money market accounts, savings accounts, and non-interest-bearing accounts.

(3) Certificates of deposit.

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Fair Value, Assets Measured on Recurring Basis, Valuation Techniques.

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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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 (loss), 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, issues, 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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Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) the reasons for electing a fair value option for each eligible item or group of similar eligible items and (b) if the fair value option is elected for some but not all eligible items within a group of similar eligible items: (i) a description of those similar items and the reasons for partial election and (ii) information of how the group of similar items relates to individual balance sheet line items; (c) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, information of how each line item in the statement of financial position relates to major categories of assets and liabilities presented in accordance with other fair value disclosures; (2) for items included in the income statement: (a) a description of how interest and dividends are measured and where they are reported in the income statement; (b) how the gains or losses attributable to changes in instrument-specific credit risk were determined; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk: (i) qualitative information about the reasons for the changes and (ii) how the gains and losses attributable to changes in instrument-specific credit risk were determined; and (3) certain other disclosures as required or determined to be provided.

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