XML 63 R36.htm IDEA: XBRL DOCUMENT
v3.2.0.727

Fair value measurements (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2015
Fair Value Disclosures [Abstract] |
Schedule of estimated fair values of certain of the Company's financial instruments | The following table presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments. For stock in Federal Home Loan Bank, the carrying amount is a reasonable estimate of fair value. For financial liabilities such as noninterest-bearing demand, interest-bearing demand, and savings and money market deposits, the carrying amount is a reasonable estimate of fair value as these liabilities have no stated maturity.
|  |  |  | Estimated fair value
|  | Carrying amount |  | Quoted prices in active markets for identical assets |  | Significant other observable inputs |  | Significant unobservable inputs |  |
(in thousands) |  |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | Total
June 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 10 |  |  | $ | — |  |  | $ | 10 |  |  | $ | — |  |  | $ | 10 |
Available-for-sale investment securities |  | 693,520 |  |  | — |  |  | 693,520 |  |  | — |  |  | 693,520 |
Stock in Federal Home Loan Bank |  | 10,678 |  |  | — |  |  | 10,678 |  |  | — |  |  | 10,678 |
Loans receivable, net |  | 4,416,398 |  |  | — |  |  | — |  |  | 4,578,184 |  |  | 4,578,184 |
Derivative assets |  | 454 |  |  | 2 |  |  | 452 |  |  | — |  |  | 454 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposit liabilities |  | 4,803,271 |  |  | — |  |  | 4,802,813 |  |  | — |  |  | 4,802,813 |
Short-term borrowings—other than bank |  | 124,543 |  |  | — |  |  | 124,543 |  |  | — |  |  | 124,543 |
The Utilities’ short-term borrowings (included in amount above) |  | 88,993 |  |  | — |  |  | 88,993 |  |  | — |  |  | 88,993 |
Other bank borrowings |  | 314,157 |  |  | — |  |  | 321,317 |  |  | — |  |  | 321,317 |
Long-term debt, net—other than bank |  | 1,506,546 |  |  | — |  |  | 1,602,894 |  |  | — |  |  | 1,602,894 |
The Utilities’ long-term debt, net (included in amount above) |  | 1,206,546 |  |  | — |  |  | 1,295,917 |  |  | — |  |  | 1,295,917 |
Derivative liabilities |  | 15 |  |  | — |  |  | 15 |  |  | — |  |  | 15 |
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 10 |  |  | $ | — |  |  | $ | 10 |  |  | $ | — |  |  | $ | 10 |
Available-for-sale investment securities |  | 550,394 |  |  | — |  |  | 550,394 |  |  | — |  |  | 550,394 |
Stock in Federal Home Loan Bank |  | 69,302 |  |  | — |  |  | 69,302 |  |  | — |  |  | 69,302 |
Loans receivable, net |  | 4,397,457 |  |  | — |  |  | — |  |  | 4,578,822 |  |  | 4,578,822 |
Derivative assets |  | 398 |  |  | — |  |  | 398 |  |  | — |  |  | 398 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposit liabilities |  | 4,623,415 |  |  | — |  |  | 4,623,773 |  |  | — |  |  | 4,623,773 |
Short-term borrowings—other than bank |  | 118,972 |  |  | — |  |  | 118,972 |  |  | — |  |  | 118,972 |
Other bank borrowings |  | 290,656 |  |  | — |  |  | 298,837 |  |  | — |  |  | 298,837 |
Long-term debt, net—other than bank |  | 1,506,546 |  |  | — |  |  | 1,622,736 |  |  | — |  |  | 1,622,736 |
The Utilities’ long-term debt, net (included in amount above) |  | 1,206,546 |  |  | — |  |  | 1,313,893 |  |  | — |  |  | 1,313,893 |
Derivative liabilities |  | 114 |  |  | 71 |  |  | 43 |  |  | — |  |  | 114 |
Schedule of assets measured at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring basis were as follows:
|  | June 30, 2015 |  | December 31, 2014
|  | Fair value measurements using |  | Fair value measurements using
(in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Money market funds (“other” segment) |  | $ | — |  |  | $ | 10 |  |  | $ | — |  |  | $ | — |  |  | $ | 10 |  |  | $ | — |
Available-for-sale investment securities (bank segment) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-related securities-FNMA, FHLMC and GNMA |  | $ | — |  |  | $ | 525,061 |  |  | $ | — |  |  | $ | — |  |  | $ | 430,834 |  |  | $ | — |
U.S. Treasury and federal agency obligations |  | — |  |  | 168,459 |  |  | — |  |  | — |  |  | 119,560 |  |  | — |
|  | $ | — |  |  | $ | 693,520 |  |  | $ | — |  |  | $ | — |  |  | $ | 550,394 |  |  | $ | — |
Derivative assets 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate lock commitments |  | $ | — |  |  | $ | 448 |  |  | $ | — |  |  | $ | — |  |  | $ | 393 |  |  | $ | — |
Forward commitments |  | 2 |  |  | 4 |  |  | — |  |  | — |  |  | 5 |  |  | — |
|  | $ | 2 |  |  | $ | 452 |  |  | $ | — |  |  | $ | — |  |  | $ | 398 |  |  | $ | — |
Derivative liabilities 1 |  |  |  |  |  |  |  |  |  |  |  |
Interest rate lock commitments |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |
Forward commitments |  | — |  |  | 13 |  |  | — |  |  | 71 |  |  | 40 |  |  | — |
|  | $ | — |  |  | $ | 15 |  |  | $ | — |  |  | $ | 71 |  |  | $ | 43 |  |  | $ | — |
1 Derivatives are carried at fair value with changes in value reflected in the balance sheet in other assets or other liabilities and included in mortgage banking income.
Schedule of assets measured at fair value on a nonrecurring basis | Assets measured at fair value on a nonrecurring basis were as follows:
|  |  |  | Fair value measurements
(in thousands) |  | Balance |  | Level 1 |  | Level 2 |  | Level 3
June 30, 2015 |  |  |  |  |  |  |  |
Loans |  | $ | 658 |  |  | $ | — |  |  | $ | — |  |  | $ | 658 |
December 31, 2014 |  |  |  |  |  |  |  |
Loans |  | 2,445 |  |  | — |  |  | — |  |  | 2,445 |
Real estate acquired in settlement of loans |  | 288 |  |  | — |  |  | — |  |  | 288 |
Schedule of significant unobservable inputs used in the fair value measurement | Key assumptions used in estimating the fair value of the bank’s mortgage servicing rights were as follows:
(dollars in thousands) |  | June 30, 2015 |  |  | December 31, 2014 |
Unpaid principal balance |  | $ | 1,467,492 |  |  | $ | 1,391,030 |
Weighted average note rate |  | 4.02 | % |  | 4.07 | %
Weighted average discount rate |  | 9.5 | % |  | 9.6 | %
Weighted average prepayment speed |  | 11.0 | % |  | 9.5 | %
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis:
|  |  |  |  |  |  |  | Significant unobservable input value 1
($ in thousands) |  | Fair value |  | Valuation technique |  | Significant unobservable input |  | Range |  | Weighted Average
June 30, 2015 |  |  |  |  |  |  |  |  |  |
Residential loans |  | $ | 658 |  |  | Fair value of property or collateral |  | Appraised value less 7% selling costs |  | 31-91% |  | 66%
Total loans |  | $ | 658 |  |  |  |  |  |  |  |  |
December 31, 2014 |  |  |  |  |  |  |  |  |  |
Residential loans |  | $ | 2,297 |  |  | Fair value of property or collateral |  | Appraised value less 7% selling costs |  | 39-99% |  | 83%
Home equity lines of credit |  | 3 |  |  | Fair value of property or collateral |  | Appraised value less 7% selling costs |  |  |  | 7%
Commercial loans |  | 145 |  |  | Fair value of property or collateral |  | Fair value of business assets |  |  |  | 91%
Total loans |  | $ | 2,445 |  |  |  |  |  |  |  |  |
Real estate acquired in settlement of loans |  | $ | 288 |  |  | Fair value of property or collateral |  | Appraised value less 7% selling cost |  | 100% |  | 100%
1 Represent percent of outstanding principal balance.

X
- Definition 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). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
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 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13476-108611 Reference 2: 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=36462937&loc=d3e19207-110258 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=35750535&loc=d3e13467-108611 Reference 4: 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 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 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13433-108611 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + 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=36462937&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: 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=36462937&loc=d3e19190-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration