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FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Assets Measured on a Recurring Basis

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated:

					Fair Value Measurement Level
	Carrying Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
	(In thousands)
June 30, 2015
Assets
Available for sale securities:
SBA loan pools securities	$	1,618			$	—			$	1,618			$	—
U.S. government-sponsored entities and agency securities	2,000				—				2,000				—
Private label residential mortgage-backed securities	2,146				—				2,146				—
Agency mortgage-backed securities	481,529				—				481,529				—
Loans held for sale	409,799				—				409,799				—
Derivative assets (1)	11,800				—				11,800				—
Mortgage servicing rights (2)	34,198				—				—				34,198
Liabilities
Derivative liabilities (3)	557				—				557				—
December 31, 2014
Assets
Available for sale securities:
SBA loan pools securities	$	1,715			$	—			$	1,715			$	—
U.S. government-sponsored entities and agency securities	1,982				—				1,982				—
Private label residential mortgage-backed securities	3,168				—				3,168				—
Agency mortgage-backed securities	338,830				—				338,830				—
Loans held for sale	278,749				—				278,749				—
Derivative assets (1)	6,379				—				6,379				—
Mortgage servicing rights (2)	19,082				—				—				19,082
Liabilities
Derivative liabilities (3)	3,235				—				3,235				—

(1) Included in Other Assets on the Consolidated Statements of Financial Condition

(2) Included in Servicing Rights, Net and Servicing Rights Held For Sale on the Consolidated Statements of Financial Condition

(3) Included in Accrued Expenses and Other Liabilities on the Consolidated Statements of Financial Condition

Fair Value Liabilities Measured on a Recurring Basis

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated:

					Fair Value Measurement Level
	Carrying Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
	(In thousands)
June 30, 2015
Assets
Available for sale securities:
SBA loan pools securities	$	1,618			$	—			$	1,618			$	—
U.S. government-sponsored entities and agency securities	2,000				—				2,000				—
Private label residential mortgage-backed securities	2,146				—				2,146				—
Agency mortgage-backed securities	481,529				—				481,529				—
Loans held for sale	409,799				—				409,799				—
Derivative assets (1)	11,800				—				11,800				—
Mortgage servicing rights (2)	34,198				—				—				34,198
Liabilities
Derivative liabilities (3)	557				—				557				—
December 31, 2014
Assets
Available for sale securities:
SBA loan pools securities	$	1,715			$	—			$	1,715			$	—
U.S. government-sponsored entities and agency securities	1,982				—				1,982				—
Private label residential mortgage-backed securities	3,168				—				3,168				—
Agency mortgage-backed securities	338,830				—				338,830				—
Loans held for sale	278,749				—				278,749				—
Derivative assets (1)	6,379				—				6,379				—
Mortgage servicing rights (2)	19,082				—				—				19,082
Liabilities
Derivative liabilities (3)	3,235				—				3,235				—

(1) Included in Other Assets on the Consolidated Statements of Financial Condition

(2) Included in Servicing Rights, Net and Servicing Rights Held For Sale on the Consolidated Statements of Financial Condition

(3) Included in Accrued Expenses and Other Liabilities on the Consolidated Statements of Financial Condition

Reconciliation of Assets Measured at Fair Value on Recurring Basis

The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the periods indicated:

	Three Months Ended June 30,								Six Months Ended June 30,
	2015				2014				2015				2014
	(In thousands)
Mortgage servicing rights
Balance at beginning of period	$	21,165			$	8,407			$	19,082			$	13,535
Transfers out of Level 3 (1)	—				—				—				(9,185		)
Total gains or losses (realized/unrealized):
Included in earnings—realized	—				—				—				—
Included in earnings—fair value adjustment	1,538				(565		)		1,010				(250		)
Included in other comprehensive income	—				—				—				—
Amortization of premium (discount)	—				—				—				—
Additions	13,699				5,996				23,891				10,322
Sales and settlements	(2,204		)		(4,022		)		(9,785		)		(4,606		)
Balance at end of period	$	34,198			$	9,816			$	34,198			$	9,816

(1) The Company’s policy is to recognize transfers in and transfers out as of the actual date of the event or change in circumstances that causes the transfer.

Quantitative Information About Level 3 Fair Value Measurements

The following table presents quantitative information about Level 3 fair value measurements on a recurring basis as of the dates indicated:

	Fair Value (In thousands)				Valuation Technique(s)		Unobservable Input(s)		Range (Weighted Average)
June 30, 2015
Mortgage servicing rights	$	34,198			Discounted cash flow		Discount rate		9.00% to 18.00% (9.87%)
							Prepayment rate		6.09% to 33.55% (10.44%)
December 31, 2014
Mortgage servicing rights	$	13,135			Discounted cash flow		Discount rate		9.00% to 19.50% (10.09%)
							Prepayment rate		4.59% to 31.02% (13.22%)
June 30, 2014
Mortgage servicing rights	$	9,816			Discounted cash flow		Discount rate		10.00% to 16.42% (10.92%)
							Prepayment rate		4.34% to 36.13% (14.20%)

Schedule of Assets and Liabilities Measured on Non-recurring Basis

The following table presents the Company’s financial assets and liabilities measured at fair value on a non-recurring basis as of the dates indicated:

					Fair Value Measurement Level
	Carrying Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
	(In thousands)
June 30, 2015
Assets
Impaired loans:
Single family residential mortgage	$	5,271			$	—			$	—			$	5,271
Commercial and industrial	5,125				—				—				5,125
Other real estate owned:
Single family residential	50				—				—				50
December 31, 2014
Assets
Impaired loans:
Single family residential mortgage	$	6,206			$	—			$	—			$	6,206
Commercial and industrial	4,313				—				—				4,313
SBA servicing rights	484				—				—				484
Other real estate owned:
Single family residential	423				—				—				423

Schedule of Gains and (Losses) Recognized on Assets Measured at Fair Value on Non-recurring Basis

The following table presents the gains and (losses) recognized on assets measured at fair value on a non-recurring basis for the periods indicated:

	Three Months Ended June 30,								Six Months Ended June 30,
	2015				2014				2015				2014
	(In thousands)
Impaired loans:
Single family residential mortgage	$	—			$	(181	)		$	—			$	(332	)
Other consumer	—				—				—				(2		)
Other real estate owned:
Single family residential	6				—				1				—

Carrying Amounts and Estimated Fair Values of Financial Instruments

The following table presents the carrying amounts and estimated fair values of financial assets and liabilities as of the dates indicated:

	Carrying				Fair Value Measurement Level
	Amount				Level 1				Level 2				Level 3				Total
	(In thousands)
June 30, 2015
Financial assets
Cash and cash equivalents	$	458,990			$	458,990			$	—			$	—			$	458,990
Time deposits in financial institutions	1,900				1,900				—				—				1,900
Securities available for sale	487,293				—				487,293				—				487,293
Securities held to maturity	53,414				—				53,303				—				53,303
FHLB and other bank stock	34,187				—				34,187				—				34,187
Loans held for sale	746,651				—				752,707				—				752,707
Loans and leases receivable, net of allowance	4,438,308				—				—				4,539,113				4,539,113
Accrued interest receivable	14,875				14,875				—				—				14,875
Derivative assets	11,800				—				11,800				—				11,800
Financial liabilities
Deposits	5,105,010				—				—				4,945,705				4,945,705
Advances from Federal Home Loan Bank	350,000				—				350,097				—				350,097
Long term debt	264,077				—				268,498				—				268,498
Derivative liabilities	557				—				557				—				557
Accrued interest payable	4,207				4,207				—				—				4,207
December 31, 2014
Financial assets
Cash and cash equivalents	$	231,199			$	231,199			$	—			$	—			$	231,199
Time deposits in financial institutions	1,900				1,900				—				—				1,900
Securities available for sale	345,695				—				345,695				—				345,695
FHLB and other bank stock	42,241				—				42,241				—				42,241
Loans held for sale	1,187,090				—				1,195,834				—				1,195,834
Loans and leases receivable, net of allowance	3,919,642				—				—				4,045,465				4,045,465
Accrued interest receivable	15,113				15,113				—				—				15,113
Derivative assets	6,379				—				6,379				—				6,379
Financial liabilities
Deposits	4,671,831				—				—				4,575,264				4,575,264
Advances from Federal Home Loan Bank	633,000				—				633,083				—				633,083
Long term debt	93,569				—				100,788				—				100,788
Derivative liabilities	3,235				—				3,235				—				3,235
Accrued interest payable	2,044				2,044				—				—				2,044

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