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SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2016
Segment Reporting [Abstract]  
SEGMENT REPORTING
SEGMENT REPORTING
The Company utilizes an internal reporting system to measure the performance of various operating segments within the Bank and the Company overall. The Company has identified four operating segments for purposes of management reporting: (i) Commercial Banking; (ii) Mortgage Banking; (iii) Financial Advisory; and (iv) Corporate/Other. Each of these four business divisions meets the criteria of an operating segment, as each segment engages in business activities from which it earns revenues and incurs expenses and its operating results are regularly reviewed by the Company’s chief operating decision-maker, the Company's President and Chief Executive Officer, to make decisions about resources to be allocated to the segment and assess its performance and for which discrete financial information is available.
The principal business of the Commercial Banking segment consists of attracting deposits and investing these funds primarily in commercial, consumer and real estate secured loans. The principal business of the Mortgage Banking segment is originating conforming SFR loans and selling these loans in the secondary market. The principal business of the Financial Advisory segment is operated by The Palisades Group and provides services related to the purchase, sale and management of SFR mortgage loans. The Corporate/Other segment includes the holding company. The Corporate/Other segment engages in business activities through the sale of other real estate owned and loans held at the holding company and incurs interest expense on debt as well as non-interest expense for corporate related activities. During the fourth quarter of 2015, the Company developed a measurement method to allocate centrally incurred costs to its operating segments. The Company allocates shared service costs within Commercial Banking noninterest expense, as well as Corporate/Other noninterest expense, to the respective operating segments. These allocations of centrally incurred costs resulted in a reduction of noninterest expense for Commercial Banking and Corporate/Other, in the amount of $3.9 million and $3.5 million, respectively, for the three months ended March 31, 2016, and $2.6 million and $2.0 million, respectively, for the three months ended March 31, 2015. Additionally, these allocations resulted in an increase of noninterest expense for Mortgage Banking and Financial Advisory, in the amount of $6.8 million and $602 thousand, respectively, for the three months ended March 31, 2016, and $4.3 million and $272 thousand, respectively, for the three months ended March 31, 2015.
On April 4, 2016, the Company entered into an agreement to sell all of its membership interests in The Palisades Group. See Note 22 for additional information.
The following table represents the operating segments’ financial results and other key financial measures as of or for the three months ended March 31, 2016 and 2015:
 
As of or For the Three Months Ended
 
Commercial Banking
 
Mortgage Banking
 
Financial Advisory
 
Corporate/ Other
 
Inter-segment Elimination
 
Consolidated
 
(In thousands)
March 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Net interest income
$
71,527

 
$
3,172

 
$
—

 
$
(4,282
)
 
$
—

 
$
70,417

Provision for loan and lease losses
321

 
—

 
—

 
—

 
—

 
321

Noninterest income
22,831

 
28,131

 
1,815

 
—

 
(818
)
 
51,959

Noninterest expense
50,267

 
37,273

 
2,378

 
—

 
(818
)
 
89,100

Income (loss) before income taxes
$
43,770

 
$
(5,970
)
 
$
(563
)
 
$
(4,282
)
 
$
—

 
$
32,955

Total assets
$
9,096,759

 
$
506,934

 
$
11,763

 
$
259,225

 
$
(257,709
)
 
$
9,616,972

March 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Net interest income
$
51,552

 
$
2,501

 
$
—

 
$
(2,056
)
 
$
—

 
$
51,997

Provision for loan and lease losses
—

 
—

 
—

 
—

 
—

 
—

Noninterest income
7,855

 
36,928

 
2,622

 
—

 
(1,425
)
 
45,980

Noninterest expense
40,907

 
34,145

 
2,252

 
—

 
(1,425
)
 
75,879

Income (loss) before income taxes
$
18,500

 
$
5,284

 
$
370

 
$
(2,056
)
 
$
—

 
$
22,098

Total assets
$
5,684,574

 
$
406,215

 
$
2,987

 
$
25,424

 
$
(21,845
)
 
$
6,097,355