XML 116 R41.htm IDEA: XBRL DOCUMENT v2.4.0.8

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis 1 [Table Text Block]

Assets and liabilities measured at fair value on a recurring and non-recurring basis, including financial liabilities for which the Company has elected the fair value option, are summarized below:

	June 30, 2014
	Fair Value Measurements
	Level 1			Level 2			Level 3			Total
	(In thousands)
Recurring fair value measurements:
Investment securities available-for-sale	$	-		$	1,418,958		$	-		$	1,418,958
Money market investments		8,228			-			-			8,228
Derivative assets		-			2,978			6,580			9,558
Servicing assets		-			-			13,655			13,655
Derivative liabilities		-			(13,617)			(6,368)			(19,985)
	$	8,228		$	1,408,319		$	13,867		$	1,430,414
Non-recurring fair value measurements:
Impaired commercial loans	$	-		$	-		$	29,118		$	29,118
Foreclosed real estate		-			-			102,235			102,235
Other repossessed assets		-			-			16,875			16,875
	$	-		$	-		$	148,228		$	148,228

	December 31, 2013
	Fair Value Measurements
	Level 1			Level 2			Level 3			Total
	(In thousands)
Recurring fair value measurements:
Investment securities available-for-sale	$	-		$	1,568,745		$	19,680		$	1,588,425
Securities purchased under agreements to resell		-			60,000			-			60,000
Money market investments		6,967			-			-			6,967
Derivative assets		-			4,072			16,430			20,502
Servicing assets		-			-			13,801			13,801
Derivative liabilities		-			(14,937)			(15,736)			(30,673)
	$	6,967		$	1,617,880		$	34,175		$	1,659,022
Non-recurring fair value measurements:
Impaired commercial loans	$	-		$	-		$	28,353		$	28,353
Foreclosed real estate		-			-			90,024			90,024
Other repossessed assets		-			-			12,583			12,583
	$	-		$	-		$	130,960		$	130,960

		Quarter Ended June 30, 2014
					Derivative						Derivative
		Other			asset						liability
		debt			(S&P						(S&P
		securities			Purchased			Servicing			Embedded
Level 3 Instruments Only		available-for-sale			Options)			assets			Options)			Total
	(In thousands)
Balance at beginning of period		$	20,053		$	12,555		$	13,970		$	(12,120)		$	34,458
Gains (losses) included in earnings			-			(5,975)			-			5,591			(384)
Changes in fair value of investment securities available for sale included in other comprehensive income			(53)			-			-			-			(53)
New instruments acquired			-			-			490			-			490
Principal repayments			(20,000)			-			(271)			-			(20,271)
Amortization			-			-			-			161			161
Changes in fair value of servicing assets			-			-			(534)			-			(534)
Balance at end of period		$	-		$	6,580		$	13,655		$	(6,368)		$	13,867
		Six-Month Period Ended June 30, 2014
					Derivative						Derivative
		Other			asset						liability
		debt			(S&P						(S&P
		securities			Purchased			Servicing			Embedded
Level 3 Instruments Only		available-for-sale			Options)			assets			Options)			Total
	(In thousands)
Balance at beginning of period		$	19,680		$	16,430		$	13,801		$	(15,736)		$	34,175
Gains (losses) included in earnings			-			(9,850)			-			8,964			(886)
Changes in fair value of investment securities available for sale included in other comprehensive income			320			-			-			-			320
New instruments acquired			-			-			1,053			-			1,053
Principal repayments			(20,000)			-			(465)			-			(20,465)
Amortization			-			-			-			404			404
Changes in fair value of servicing assets			-			-			(734)			-			(734)
Balance at end of period		$	-		$	6,580		$	13,655		$	(6,368)		$	13,867

	Quarter Ended June 30, 2013
				Derivative						Derivative
	Other			asset						liability
	debt			(S&P						(S&P
	securities			Purchased				Servicing		Embedded
Level 3 Instruments Only	available-for-sale			Options)				assets		Options)			Total
Balance at beginning of period	$	20,042		$	15,404		$	11,543		$	(14,839)		$	32,150
Gains (losses) included in earnings		-			616			-			(516)			100
Changes in fair value of investment securities available for sale included in other comprehensive income		16			-			-			-			16
New instruments acquired		-			-			1,301			-			1,301
Principal repayments		-			-			(489)			-			(489)
Amortization		-			-			-			40			40
Changes in fair value of servicing assets		-			-			639			-			639
Balance at end of period	$	20,058		$	16,020		$	12,994		$	(15,315)		$	33,757
	Six-Month Period Ended June 30, 2013
				Derivative							Derivative
	Other			asset							liability
	debt			(S&P							(S&P
	securities			Purchased				Servicing			Embedded
Level 3 Instruments Only	available-for-sale			Options)				assets			Options)			Total
Balance at beginning of period	$	20,012		$	13,233		$	10,795		$	(12,707)		$	31,333
Gains (losses) included in earnings		-			2,787			-			(2,923)			(136)
Changes in fair value of investment securities available for sale included in other comprehensive income		46			-			-			-			46
New instruments acquired		-			-			1,994			-			1,994
Principal repayments		-			-			(557)			-			(557)
Amortization		-			-			-			315			315
Changes in fair value of servicing assets		-			-			762			-			762
Balance at end of period	$	20,058		$	16,020		$	12,994		$	(15,315)		$	33,757

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Table Text Block]

The table below presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the quarters and six-month periods ended June 30, 2014 and 2013:

		June 30, 2014
		Fair Value			Valuation Technique		Unobservable Input		Range
		(In thousands)
Derivative assets (S&P Purchased Options)		$	6,580		Option pricing model		Implied option volatility		23.23% - 35.94%
							Counterparty credit risk (based on 5-year credit default swap ("CDS") spread)		57.00% - 65.17%
Servicing assets		$	13,655		Cash flow valuation		Constant prepayment rate		5.60% - 11.24%
							Discount rate		10.00% - 12.00%
Derivative liability (S&P Embedded Options)		$	(6,838)		Option pricing model		Implied option volatility		23.23% - 35.94%
							Counterparty credit risk (based on 5-year CDS spread)		57.00% - 65.17%
Collateral dependant impaired loans		$	29,118		Fair value of property or collateral		Appraised value less disposition costs		22.20% - 29.20%

Fair Value By Balance Sheet Grouping [Text Block]

The estimated fair value and carrying value of the Company's financial instruments at June 30, 2014 and December 31, 2013 is as follows:

	June 30,						December 31,
	2014						2013
	Fair			Carrying			Fair			Carrying
	Value			Value			Value			Value
	(In thousands)
Level 1
Financial Assets:
Cash and cash equivalents	$	596,485		$	596,485		$	621,269		$	621,269
Restricted cash		15,170			15,170			82,199			82,199
Level 2
Financial Assets:
Securities purchased under agreements to resell		-			-			60,000			60,000
Trading securities		1,613			1,613			1,869			1,869
Investment securities available-for-sale		1,418,958			1,418,958			1,568,745			1,568,745
Investment securities held-to-maturity		26,844			26,706			-			-
Federal Home Loan Bank (FHLB) stock		24,381			24,381			24,450			24,450
Derivative assets		2,978			2,978			4,072			4,072
Financial Liabilities:
Derivative liabilities		13,617			13,617			14,937			14,937
Level 3
Financial Assets:
Investment securities available-for-sale		-			-			19,680			19,680
Total loans (including loans held-for-sale)
Non-covered loans, net		4,527,811			4,601,696			4,857,505			4,662,458
Covered loans, net		397,262			334,344			459,444			356,961
Derivative assets		6,580			6,580			16,430			16,430
FDIC indemnification asset		94,653			143,660			152,965			189,240
Accrued interest receivable		22,508			22,508			18,734			18,734
Servicing assets		13,655			13,655			13,801			13,801
Financial Liabilities:
Deposits		5,076,996			5,141,233			5,409,540			5,383,265
Securities sold under agreements to repurchase		1,065,181			1,012,233			1,323,903			1,267,618
Advances from FHLB		365,808			360,240			335,324			336,143
Term notes		3,741			3,837			3,638			3,663
Subordinated capital notes		88,243			100,797			99,316			100,010
Accrued expenses and other liabilities		135,406			135,406			144,424			144,424

X

- Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a,b,bb)

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2C

-URI http://asc.fasb.org/extlink&oid=25499696&loc=SL7498348-110258



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (bbb)

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13433-108611



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13467-108611



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13476-108611



Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612



Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration