XML 47 R35.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Fair Value Measurements (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2017
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
| March 31, 2017 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
| (Dollars in thousands)
Assets: |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |
GSE debt securities | $ | 9,998 |  |  | $ | — |  |  | $ | 9,998 |  |  | $ | — |
GSE collateralized mortgage obligations (residential) | 726,619 |  |  | — |  |  | 726,619 |  |  | — |
GSE mortgage-backed securities (residential) | 732,692 |  |  | — |  |  | 732,692 |  |  | — |
Corporate securities | 4,313 |  |  | — |  |  | 4,313 |  |  | — |
Municipal securities | 97,254 |  |  | — |  |  | 96,126 |  |  | 1,128 |
Mutual funds | 13,070 |  |  | 13,070 |  |  | — |  |  | — |
Interest rate swaps | (1,623 | ) |  | — |  |  | (1,623 | ) |  | — |
Mortgage banking derivatives | 113 |  |  | — |  |  | 113 |  |  | — |
Liabilities: |  |  |  |  |  |  |
Interest rate swaps | (1,623 | ) |  | — |  |  | (1,623 | ) |  | — |
Mortgage banking derivatives | 40 |  |  | — |  |  | 40 |  |  | — |
|  |  | Fair Value Measurements at the End of the Reporting Period Using
| December 31, 2016 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
| (Dollars in thousands)
Assets: |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |
GSE debt securities | $ | 12,008 |  |  | $ | — |  |  | $ | 12,008 |  |  | $ | — |
GSE collateralized mortgage obligations (residential) | 705,667 |  |  | — |  |  | 705,667 |  |  | — |
GSE mortgage-backed securities (residential) | 728,041 |  |  | — |  |  | 728,041 |  |  | — |
Corporate securities | 11,127 |  |  | — |  |  | 11,127 |  |  | — |
Municipal securities | 86,839 |  |  | — |  |  | 85,700 |  |  | 1,139 |
Mutual funds | 13,058 |  |  | 13,058 |  |  | — |  |  | — |
Interest rate swaps | (1,565 | ) |  | — |  |  | (1,565 | ) |  | — |
Mortgage banking derivatives | 147 |  |  | — |  |  | 147 |  |  | — |
Liabilities: |  |  |  |  |  |  |
Interest rate swaps | (1,565 | ) |  | — |  |  | (1,565 | ) |  | — |
Mortgage banking derivatives | 41 |  |  | — |  |  | 41 |  |  | — |
Schedule of Derivative Instruments | The following table reflects the notional amount and fair value of mortgage banking derivatives for the dates indicated:
| As of March 31, 2017 |  | As of December 31, 2016
(Dollars in thousands) | Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
Assets: |  |  |  |  |  |  |
Interest rate lock commitments | $ | 6,801 |  |  | $ | 113 |  |  | $ | 11,168 |  |  | $ | 130 |
Forward sale contracts related to mortgage banking | $ | 626 |  |  | $ | — |  |  | $ | 3,223 |  |  | $ | 17 |
Liabilities: |  |  |  |  |  |  |
Interest rate lock commitments | $ | — |  |  | $ | — |  |  | $ | 1,810 |  |  | $ | (3 | )
Forward sale contracts related to mortgage banking | $ | 6,175 |  |  | $ | (40 | ) |  | $ | 9,755 |  |  | $ | (38 | )
The following table reflects the notional amount and fair value of mortgage banking derivatives for the date indicated:
| As of March 31, 2017 |  | As of December 31, 2016
| Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
| (Dollars in thousands)
Assets: |  |  |  |  |  |  |
Interest rate lock commitments | $ | 6,801 |  |  | $ | 113 |  |  | $ | 11,168 |  |  | $ | 130 |
Forward sale contracts related to mortgage banking | $ | 626 |  |  | $ | — |  |  | $ | 3,223 |  |  | $ | 17 |
Liabilities: |  |  |  |  |  |  |
Interest rate lock commitments | $ | — |  |  | $ | — |  |  | $ | 1,810 |  |  | $ | (3 | )
Forward sale contracts related to mortgage banking | $ | 6,175 |  |  | $ | (40 | ) |  | $ | 9,755 |  |  | $ | (38 | )
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The table below presents a reconciliation and income statement classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2017:
|  | Three Months Ended March 31,
|  | 2017 |  | 2016
|  | (Dollars in thousands)
Beginning Balance, January 1 |  | $ | 1,139 |  |  | $ | 1,166 |
Total (losses) or gains included in other comprehensive income |  | (11 | ) |  | 43 |
Ending Balance, March 31 |  | $ | 1,128 |  |  | $ | 1,209 |
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
| March 31, 2017 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
| (Dollars in thousands)
Assets: |  |  |  |  |  |  |
Impaired loans at fair value: |  |  |  |  |  |  |
Real estate loans | $ | 65,125 |  |  | $ | — |  |  | $ | — |  |  | $ | 65,125 |
Commercial business | 9,407 |  |  | — |  |  | — |  |  | 9,407 |
Trade finance | 4,365 |  |  | — |  |  | — |  |  | 4,365 |
Consumer | 97 |  |  | — |  |  | — |  |  | 97 |
Loans held for sale, net | 6,571 |  |  | — |  |  | 6,571 |  |  | — |
OREO | 19,096 |  |  | — |  |  | — |  |  | 19,096 |
|  |  | Fair Value Measurements at the End of the Reporting Period Using
| December 31, 2016 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
| (Dollars in thousands)
Assets: |  |  |  |  |  |  |
Impaired loans at fair value: |  |  |  |  |  |  |
Real estate loans | $ | 58,882 |  |  | $ | — |  |  | $ | — |  |  | $ | 58,882 |
Commercial business | 6,563 |  |  | — |  |  | — |  |  | 6,563 |
Trade Finance | — |  |  | — |  |  | — |  |  | — |
Consumer | 253 |  |  | — |  |  | — |  |  | 253 |
Impaired loans held for sale, net | 3,788 |  |  | — |  |  | 3,788 |  |  | — |
OREO | 21,990 |  |  | — |  |  | — |  |  | 21,990 |
For assets measured at fair value on a non-recurring basis, the total net gains (losses), which include charge offs, recoveries, specific reserves, and recognized gains and losses on sales are summarized below:
| For the Three Months Ended March 31,
| 2017 |  | 2016
| (Dollars in thousands)
Assets: |  |  |
Impaired loans at fair value: |  |  |
Real estate loans | $ | (2,002 | ) |  | $ | 309 |
Commercial business | (974 | ) |  | (2,672 | )
Trade Finance | (712 | ) |  | 1,296 |
Consumer | (266 | ) |  | (62 | )
Impaired loans held for sale, net | 420 |  |  | 15 |
OREO | (595 | ) |  | (577 | )
Carrying Amounts and Estimated Fair Values of Financial Instruments | Carrying amounts and estimated fair values of financial instruments, not previously presented, at March 31, 2017 and December 31, 2016 were as follows:
| March 31, 2017
| Carrying Amount |  | Estimated Fair Value |  | Fair Value Measurement Using
| (Dollars in thousands)
Financial Assets: |  |  |  |  |
Cash and cash equivalents | $ | 461,068 |  |  | $ | 461,068 |  |  | Level 1
Interest bearing deposits in other financial institutions and other investments | 43,958 |  |  | 43,630 |  |  | Level 2/3
Loans held for sale | 19,141 |  |  | 20,291 |  |  | Level 2
Loans receivable—net | 10,471,008 |  |  | 10,633,834 |  |  | Level 3
FHLB stock | 21,203 |  |  | N/A |  |  | N/A
Accrued interest receivable | 25,683 |  |  | 25,683 |  |  | Level 2/3
Customers’ liabilities on acceptances | 2,771 |  |  | 2,771 |  |  | Level 2
Financial Liabilities: |  |  |  |  |
Noninterest bearing deposits | $ | 2,963,947 |  |  | $ | 2,963,947 |  |  | Level 2
Saving and other interest bearing demand deposits | 3,771,155 |  |  | 3,771,155 |  |  | Level 2
Time deposits | 3,968,675 |  |  | 3,963,545 |  |  | Level 2
FHLB advances | 703,850 |  |  | 698,287 |  |  | Level 2
Subordinated debentures | 100,067 |  |  | 100,067 |  |  | Level 2
Accrued interest payable | 10,592 |  |  | 10,592 |  |  | Level 2
Servicing Assets | 25,941 |  |  | 25,941 |  |  | Level 3
Acceptances outstanding | 2,771 |  |  | 2,771 |  |  | Level 2
| December 31, 2016
| Carrying Amount |  | Estimated Fair Value |  | Fair Value Measurement Using
| (Dollars in thousands)
Financial Assets: |  |  |  |  |
Cash and cash equivalents | $ | 437,334 |  |  | $ | 437,334 |  |  | Level 1
Interest bearing deposits in other financial institutions and other investments | 44,202 |  |  | 43,773 |  |  | Level 2/3
Loans held for sale | 22,785 |  |  | 24,492 |  |  | Level 2
Loans receivable—net | 10,463,989 |  |  | 10,666,642 |  |  | Level 3
FHLB stock | 21,964 |  |  | N/A |  |  | N/A
Accrued interest receivable | 26,880 |  |  | 26,880 |  |  | Level 2/3
Customers’ liabilities on acceptances | 2,899 |  |  | 2,899 |  |  | Level 2
Financial Liabilities: |  |  |  |  |
Noninterest bearing deposits | $ | 2,900,241 |  |  | $ | 2,900,241 |  |  | Level 2
Saving and other interest bearing demand deposits | 3,703,352 |  |  | 3,703,352 |  |  | Level 2
Time deposits | 4,038,442 |  |  | 4,036,664 |  |  | Level 2
FHLB advances | 754,290 |  |  | 749,486 |  |  | Level 2
Subordinated debentures | 99,808 |  |  | 99,808 |  |  | Level 2
Accrued interest payable | 10,863 |  |  | 10,863 |  |  | Level 2
Servicing Assets | 26,457 |  |  | 26,457 |  |  | Level 3
Acceptances outstanding | 2,899 |  |  | 2,899 |  |  | 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 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=66048111&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 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 Reference 3: 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=66048111&loc=d3e19207-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + 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 measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + 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 (c) -URI http://asc.fasb.org/extlink&oid=66048111&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 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
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=73719730&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=66048111&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=73719730&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=73719730&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 pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41641-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41678-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41638-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5580258-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579240-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41620-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
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=66048111&loc=d3e19190-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration