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FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 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)
December 31, 2015
Assets
Available-for-sale securities:
SBA loan pools securities	$	1,504			$	—			$	1,504			$	—
Private label residential mortgage-backed securities	1,768				—				1,768				—
Corporate bonds	26,152				—				26,152				—
Collateralized loan obligation	111,468				—				111,468				—
Agency mortgage-backed securities	692,704				—				692,704				—
Loans held-for-sale, carried at fair value	379,155				—				360,864				18,291
Derivative assets (1)	9,042				—				9,042				—
Mortgage servicing rights (2)	49,939				—				—				49,939
Liabilities
Derivative liabilities (3)	1,067				—				1,067				—
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, carried at fair value	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)
December 31, 2015
Assets
Available-for-sale securities:
SBA loan pools securities	$	1,504			$	—			$	1,504			$	—
Private label residential mortgage-backed securities	1,768				—				1,768				—
Corporate bonds	26,152				—				26,152				—
Collateralized loan obligation	111,468				—				111,468				—
Agency mortgage-backed securities	692,704				—				692,704				—
Loans held-for-sale, carried at fair value	379,155				—				360,864				18,291
Derivative assets (1)	9,042				—				9,042				—
Mortgage servicing rights (2)	49,939				—				—				49,939
Liabilities
Derivative liabilities (3)	1,067				—				1,067				—
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, carried at fair value	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:

	Private Label Residential Mortgage  Backed Securities				Mortgage Servicing Rights				Loans Repurchased from Ginnie Mae Loan Pools				Total
	(In thousands)
Balance at December 31, 2012	$	2,214			$	1,739			$	—			$	3,953
Transfers in (out of) Level 3 (1)	—				—				—				—
Total gains or losses (realized/unrealized):
Included in earnings-fair value adjustment	—				1,360				—				1,360
Additions	—				11,463				—				11,463
Sales and settlements	(2,214		)		(1,027		)		—				(3,241		)
Balance at December 31, 2013	$	—			$	13,535			$	—			$	13,535
Transfers in (out of) Level 3 (1)	$	—			$	—			$	—			$	—
Total gains or losses (realized/unrealized):
Included in earnings-fair value adjustment	—				(233		)		—				(233		)
Additions	—				26,399				—				26,399
Sales and settlements	—				(20,619		)		—				(20,619		)
Balance at December 31, 2014	$	—			$	19,082			$	—			$	19,082
Transfers in (out of) Level 3 (1)	$	—			$	—			$	1,088			$	1,088
Total gains or losses (realized/unrealized):
Included in earnings-fair value adjustment	—				(3,568		)		—				(3,568		)
Additions	—				45,263				18,555				63,818
Sales and settlements	—				(10,838		)		(1,352		)		(12,190		)
Balance at December 31, 2015	$	—			$	49,939			$	18,291			$	68,230

(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, as of the dates indicated, quantitative information about Level 3 fair value measurements on a recurring basis, other than the mortgage servicing rights that were valued based on a market bid that settled subsequent to that date and loans that become severely delinquent and are repurchased out of Ginnie Mae loan pools that were valued based on an estimate of the expected loss the Company will incur on these loans, which was included as Level 3 at December 31, 2014 and 2015:

	Fair Value (In thousands)				Valuation Technique(s)		Unobservable Input(s)		Range (Weighted Average)
December 31, 2015
Mortgage servicing rights	$	49,939			Discounted cash flow		Discount rate		9.00% to 18.00% (9.75%)
							Prepayment rate		6.07% to 35.01% (11.81%)
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%)
December 31, 2013
Mortgage servicing rights	$	13,535			Discounted cash flow		Discount rate		10.00% to 17.94% (10.26%)
							Prepayment rate		4.19% to 34.54% (9.85%)

Fair Value Assets and Liabilities Measured on a 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)
December 31, 2015
Assets
Impaired loans:
Single family residential mortgage	$	3,585			$	—			$	—			$	3,585
Commercial and industrial	1,073				—				—				1,073
Other real estate owned:
Single family residential	1,097				—				—				1,097
December 31, 2014
Assets
Impaired loans:
Single family residential mortgage	$	6,206			$	—			$	—			$	6,206
Commercial real estate	4,313				—				—				4,313
SBA servicing rights	484				—				—				484
Other real estate owned:
Single family residential	423				—				—				423

Gain and Losses Recognized on Assets Measured at Fair Value

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

	Year Ended December 31,
	2015				2014				2013
	(In thousands)
Impaired loans:
Single family residential mortgage	$	—			$	(375	)		$	(1,143	)
Commercial real estate	—				88				—
Multi-family	—				—				(465		)
SBA	4				—				—
Other consumer	—				(2		)		(2		)
SBA servicing assets	—				(42		)		—
Other real estate owned	(15		)		34				367

Carrying Amounts and Estimated Fair Values of Financial Instruments

	Year Ended December 31,
	2015				2014				2013
	(In thousands)
Impaired loans:
Single family residential mortgage	$	—			$	(375	)		$	(1,143	)
Commercial real estate	—				88				—
Multi-family	—				—				(465		)
SBA	4				—				—
Other consumer	—				(2		)		(2		)
SBA servicing assets	—				(42		)		—
Other real estate owned	(15		)		34				367

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)
December 31, 2015
Financial assets
Cash and cash equivalents	$	156,124			$	156,124			$	—			$	—			$	156,124
Time deposits in financial institutions	1,500				1,500				—				—				1,500
Securities available-for-sale	833,596				—				833,596				—				833,596
Securities held-to-maturity	962,203				—				932,285				—				932,285
FHLB and other bank stock	59,069				—				59,069				—				59,069
Loans held-for-sale	668,841				—				654,559				18,291				672,850
Loans and leases receivable, net of allowance	5,148,861				—				—				5,244,251				5,244,251
Accrued interest receivable	22,800				22,800				—				—				22,800
Derivative assets	9,042				—				9,042				—				9,042
Financial liabilities
Deposits	6,303,085				—				—				6,010,606				6,010,606
Advances from Federal Home Loan Bank	930,000				—				929,727				—				929,727
Long term debt	261,876				—				264,269				—				264,269
Derivative liabilities	1,067				—				1,067				—				1,067
Accrued interest payable	4,234				4,234				—				—				4,234
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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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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