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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2015
Fair Value Disclosures [Abstract] |
Assets and Liabilities Measured at Fair Value on Recurring Basis | As of March 31, 2015 and December 31, 2014, assets and liabilities measured at fair value on a recurring basis are as follows:
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  |  |
|  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Observable Inputs with No Active Market with Identical Characteristics |  |  | Significant Unobservable Inputs |  |  | Balance |
|  | (In thousands) |
March 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | — |  |  | $ | 492,896 |  |  | $ | — |  |  | $ | 492,896 |
Collateralized mortgage obligations |  |  | — |  |  |  | 165,405 |  |  |  | — |  |  |  | 165,405 |
U.S. government agency securities |  |  | 63,355 |  |  |  | — |  |  |  | — |  |  |  | 63,355 |
SBA loan pools securities |  |  | — |  |  |  | 75,027 |  |  |  | — |  |  |  | 75,027 |
Municipal bonds-tax exempt |  |  | — |  |  |  | 3,676 |  |  |  | — |  |  |  | 3,676 |
Municipal bonds-taxable |  |  | — |  |  |  | 17,042 |  |  |  | — |  |  |  | 17,042 |
Corporate bonds |  |  | — |  |  |  | 16,984 |  |  |  | — |  |  |  | 16,984 |
U.S. treasury securities |  |  | 163 |  |  |  | — |  |  |  | — |  |  |  | 163 |
Other securities |  |  | — |  |  |  | 23,100 |  |  |  | — |  |  |  | 23,100 |
Equity securities |  |  | — |  |  |  | — |  |  |  | 416 |  |  |  | 416 |
Total securities available for sale |  | $ | 63,518 |  |  | $ | 794,130 |  |  | $ | 416 |  |  | $ | 858,064 |
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | — |  |  | $ | 573,286 |  |  | $ | — |  |  | $ | 573,286 |
Collateralized mortgage obligations |  |  | — |  |  |  | 188,047 |  |  |  | — |  |  |  | 188,047 |
U.S. government agency securities |  |  | 128,207 |  |  |  | — |  |  |  | — |  |  |  | 128,207 |
SBA loan pools securities |  |  | — |  |  |  | 109,447 |  |  |  | — |  |  |  | 109,447 |
Municipal bonds-tax exempt |  |  | — |  |  |  | 3,681 |  |  |  | 709 |  |  |  | 4,390 |
Municipal bonds-taxable |  |  | — |  |  |  | 16,922 |  |  |  | — |  |  |  | 16,922 |
Corporate bonds |  |  | — |  |  |  | 16,948 |  |  |  | — |  |  |  | 16,948 |
U.S. treasury securities |  |  | 163 |  |  |  | — |  |  |  | — |  |  |  | 163 |
Other securities |  |  | — |  |  |  | 22,893 |  |  |  | — |  |  |  | 22,893 |
Equity securities |  |  | — |  |  |  | — |  |  |  | 414 |  |  |  | 414 |
Total securities available for sale |  | $ | 128,370 |  |  | $ | 931,224 |  |  | $ | 1,123 |  |  | $ | 1,060,717 |
Reconciliation and Income Statement Classification of Gains and Losses for All Assets and Liabilities | The table below presents a reconciliation and income statement classification of gains and losses for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2015:
|  | Beginning Balance as of January 1, 2015 |  |  | Purchases, Issuances and Settlement |  |  | Realized Gains or Losses in Earnings |  |  | Unrealized Gains or Losses in Other Comprehensive Income |  |  | Ending Balance as of March 31, 2015 |
|  |  |  |  | (In thousands) |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds-tax exempt (1) |  | $ | 709 |  |  | $ | (709 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |
Equity securities (2) |  |  | 414 |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 416 |
(1) | A zero coupon tax credit municipal bond matured during the first quarter of 2015.
(2) | Reflects two equity securities that are not actively traded. The fair value of one equity security with a fair value of $216,000 was computed using valuation multiples (price to book and price to earnings) derived from market transactions for comparable companies. The other equity security with a fair value of $200,000 was computed using valuation multiples (price to book and price to earnings) derived from 1) market transactions for comparable companies, and 2) publicly-traded comparable companies.
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | As of March 31, 2015 and December 31, 2014, assets and liabilities measured at fair value on a non-recurring basis are as follows:
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  |  |
|  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Observable Inputs With No Active Market With Identical Characteristics |  |  | Significant Unobservable Inputs |  |  | Loss During the Three Months Ended March 31, 2015 |
|  |  |  |  | (In thousands) |  |  |  |
March 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans (excluding PCI loans) (1) |  | $ | — |  |  | $ | 32,116 |  |  | $ | 956 |  |  | $ | 1,200 |
Other real estate owned (2) |  |  | — |  |  |  | 12,114 |  |  |  | — |  |  |  | — |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  |  |
|  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Observable Inputs With No Active Market With Identical Characteristics |  |  | Significant Unobservable Inputs |  |  | Loss During the Twelve Months Ended December 31, 2014 |
|  |  |  |  | (In thousands) |  |  |  |
December 31, 2014 |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans (3) |  | $ | — |  |  | $ | 32,171 |  |  | $ | 781 |  |  | $ | 2,774 |
Other real estate owned (4) |  |  | — |  |  |  | 15,790 |  |  |  | — |  |  |  | — |
(1) | Include real estate loans of $30.1 million, commercial and industrial loans of $1.1 million, and consumer loans of $1.8 million.
(2) | Includes properties from the foreclosure of commercial property loans of $12.0 million and residential property loans of $163,000.
(3) | Include real estate loans of $30.0 million, commercial and industrial loans of $1.2 million, and consumer loans of $1.7 million.
(4) | Includes properties from the foreclosure of commercial property loans of $13.2 million and residential property loans of 2.6 million.
Estimated Fair Values of Financial Instruments | The estimated fair values of financial instruments were as follows:
|  | March 31, 2015 |
|  | Carrying |  |  | Fair Value |
|  | Amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  |  |  |  | (In thousands) |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 182,054 |  |  | $ | 182,054 |  |  | $ | — |  |  | $ | — |
Securities available for sale |  |  | 858,064 |  |  |  | 63,518 |  |  |  | 794,130 |  |  |  | 416 |
Loans receivable, net of allowance for loan losses |  |  | 2,767,080 |  |  |  | — |  |  |  | — |  |  |  | 2,772,612 |
Loans held for sale |  |  | 8,677 |  |  |  | — |  |  |  | 8,677 |  |  |  | — |
Accrued interest receivable |  |  | 9,238 |  |  |  | 9,238 |  |  |  | — |  |  |  | — |
Servicing assets |  |  | 13,321 |  |  |  | — |  |  |  | — |  |  |  | 13,321 |
Investment in FHLB stock |  |  | 17,581 |  |  |  | 17,581 |  |  |  | — |  |  |  | — |
Investment in FRB stock |  |  | 12,273 |  |  |  | 12,273 |  |  |  | — |  |  |  | — |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits |  |  | 1,064,695 |  |  |  | — |  |  |  | 1,064,695 |  |  |  | — |
Interest-bearing deposits |  |  | 2,487,981 |  |  |  | — |  |  |  | — |  |  |  | 2,500,027 |
Servicing liabilities |  |  | 5,529 |  |  |  | — |  |  |  | — |  |  |  | 5,529 |
Borrowings |  |  | 18,582 |  |  |  | — |  |  |  | — |  |  |  | 18,582 |
Accrued interest payable |  |  | 3,497 |  |  |  | 3,497 |  |  |  | — |  |  |  | — |
Off-balance sheet items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commitments to extend credit |  |  | 297,912 |  |  |  | — |  |  |  | — |  |  |  | 297,912 |
Standby letters of credit |  |  | 6,299 |  |  |  | — |  |  |  | — |  |  |  | 6,299 |
|  | December 31, 2014 |
|  | Carrying |  |  | Fair Value |
|  | Amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  |  |  |  | (In thousands) |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 158,320 |  |  | $ | 158,320 |  |  | $ | — |  |  | $ | — |
Securities available for sale |  |  | 1,060,717 |  |  |  | 128,370 |  |  |  | 931,224 |  |  |  | 1,123 |
Loans receivable, net of allowance for loan losses |  |  | 2,735,932 |  |  |  | — |  |  |  | — |  |  |  | 2,738,401 |
Loans held for sale |  |  | 5,451 |  |  |  | — |  |  |  | 5,451 |  |  |  | — |
Accrued interest receivable |  |  | 9,749 |  |  |  | 9,749 |  |  |  | — |  |  |  | — |
Servicing assets |  |  | 13,773 |  |  |  | — |  |  |  | — |  |  |  | 13,773 |
Investment in FHLB stock |  |  | 17,580 |  |  |  | 17,580 |  |  |  | — |  |  |  | — |
Investment in FRB stock |  |  | 12,273 |  |  |  | 12,273 |  |  |  | — |  |  |  | — |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits |  |  | 1,022,972 |  |  |  | — |  |  |  | 1,022,972 |  |  |  | — |
Interest-bearing deposits |  |  | 2,533,774 |  |  |  | — |  |  |  | — |  |  |  | 2,528,304 |
Servicing liabilities |  |  | 5,971 |  |  |  | — |  |  |  | — |  |  |  | 5,971 |
Borrowings |  |  | 168,544 |  |  |  | — |  |  |  | — |  |  |  | 168,544 |
Accrued interest payable |  |  | 3,450 |  |  |  | 3,450 |  |  |  | — |  |  |  | — |
Off-balance sheet items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commitments to extend credit |  |  | 309,584 |  |  |  | — |  |  |  | — |  |  |  | 309,584 |
Standby letters of credit |  |  | 8,982 |  |  |  | — |  |  |  | — |  |  |  | 8,982 |

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- 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
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- 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=36462937&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=36462937&loc=d3e19279-110258 + Details
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- 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=36462937&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=35750535&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=35750535&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=35750535&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
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- 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
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