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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

					Fair Value Measurements at the End of the Reporting Period Using
	December 31, 2013				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
	(In thousands)
Assets:
Securities available for sale:
U.S. Government agency and U.S. Government sponsored enterprises:
GSE collateralized mortgage obligations	$	274,101			$	—			$	274,101			$	—
GSE mortgage-backed securities	404,996				—				404,996				—
Trust preferred security	3,697				—				3,697				—
Municipal bonds	5,936				—				4,824				1,112
Mutual funds	17,021				17,021				—				—

There were no transfers between Level 1, 2 and 3 during the period ended December 31, 2013.

				Fair Value Measurements at the End of the Reporting Period Using
	December 31, 2012			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
	(In thousands)
Assets:
Securities available for sale:
U.S. Government agency and U.S. Government sponsored enterprises:
Collateralized mortgage obligations	254,912			—			254,912			—
Mortgage-backed securities	425,540			—			425,540			—
Trust preferred security	3,837			—			3,837			—
Municipal bonds	5,118			—			5,118			—
Mutual funds	14,996			14,996			—			—

Assets Measured at Fair Value on a Non-recurring Basis

Assets measured at fair value on a non-recurring basis are summarized below:

					Fair Value Measurements at the End of the Reporting Period Using
	December 31, 2013				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
	(In thousands)
Assets:
Impaired loans at fair value:
Real estate loans	$	18,746			$	—			$	18,746			$	—
Commercial business	2,383				—				2,383				—
Loans held for sale, net	6,900				—				6,900				—
Other real estate owned	4,003				—				4,003				—

					Fair Value Measurements at the End of the Reporting Period Using
	December 31, 2012				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
	(In thousands)
Assets:
Impaired loans at fair value:
Real estate loans	$	4,443			$	—			$	4,443			$	—
Commercial business	1,164				—				1,164				—
Loans held for sale, net	803				—				803				—
Other real estate owned	2,636				—				2,636				—

For assets measured at fair value on a non-recurring basis, the total net (losses) gains, which include charge offs, recoveries, specific reserves, and gains and losses on sales recognized in 2013 and 2012 are summarized below:

	For the year ended December 31,
	2013				2012
	(In thousands)
Assets:
Impaired loans at fair value:
Real estate loans	$	(9,892	)		$	1,169
Commercial business	(6,100		)		(3,809		)
Loans held for sale, net	(530		)		(2,004		)
Other real estate owned	(2,360		)		(2,786		)

Carrying Amounts and Estimated Fair Values of Financial Instruments

Carrying amounts and estimated fair values of financial instruments, not previously presented, at December 31, 2013 and December 31, 2012 were as follows:

	December 31, 2013
	Carrying Amount				Estimated Fair Value				Fair Value Measurement Using
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	316,705			$	316,705			Level 1
Loans held for sale	44,115				45,975				Level 2
Loans receivable—net	5,006,856				5,450,008				Level 3
FDIC loss share receivable	1,110				1,110				Level 3
Customers’ liabilities on acceptances	5,602				5,602				Level 2
Financial Liabilities:
Noninterest bearing deposits	$	1,399,454			$	1,399,454			Level 2
Saving and other interest bearing demand deposits	1,598,514				1,598,514				Level 2
Time deposits	2,150,089				2,156,514				Level 2
FHLB advances	421,352				421,258				Level 2
Subordinated debentures	57,410				56,544				Level 2
Bank’s liabilities on acceptances outstanding	5,602				5,602				Level 2
	December 31, 2012
	Carrying Amount				Estimated Fair Value				Fair Value Measurement Using
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	312,916			$	312,916			Level 1
Loans held for sale	51,635				57,856				Level 2
Loans receivable—net	4,229,311				4,591,685				Level 3
FDIC loss share receivable	5,797				5,797				Level 3
Customers’ liabilities on acceptances	10,493				10,493				Level 2
Financial Liabilities:
Noninterest bearing deposits	1,184,285				1,184,285				Level 2
Saving and other interest bearing demand deposits	1,428,990				1,428,990				Level 2
Time deposits	1,770,760				1,772,778				Level 2
FHLB advances	420,722				425,107				Level 2
Subordinated debentures	41,846				32,218				Level 2
Bank’s liabilities on acceptances outstanding	10,493				10,493				Level 2

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=25499696&loc=d3e19296-110258

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

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-Name Accounting Standards Codification

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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

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-Publisher FASB

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