Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

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
	June 30, 2014		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:
GSE collateralized mortgage obligations	$	288,138	$	—	$	288,138	$	—
GSE mortgage-backed securities	431,194		—		431,194		—
Trust preferred securities	3,988		—		3,988		—
Municipal bonds	6,094		—		4,953		1,141
Mutual funds	17,269		17,269		—		—



			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:
GSE collateralized mortgage obligations	$	274,101	$	—	$	274,101	$	—
GSE mortgage-backed securities	404,996		—		404,996		—
Trust preferred securities	3,697		—		3,697		—
Municipal bonds	5,936		—		4,824		1,112
Mutual funds	17,021		17,021		—		—

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

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 six months ended June 30, 2014:



	Six Months Ended June 30,
	2014		2013
	(In thousands)
Beginning Balance, January 1	$	1,112	$	—
Purchases, issuances and settlements	—		1,202
Amortization	—		(9		)
Total gains or (losses) included in earnings	—		—
Total gains or (losses) included in other comprehensive income	29		(37		)
Ending Balance, June 30	$	1,141	$	1,156

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
	June 30, 2014		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	$	35,757	$	—	$	35,757	$	—
Commercial business	1,999		—		1,999		—
Trade finance	1,918		—		1,918		—
Consumer	942		—		942		—
Loans held for sale, net	—		—		—		—
OREO	2,362		—		2,362		—



			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		—
OREO	4,003		—		4,003		—

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



	For the Three Months ended June 30,						For the Six Months ended June 30,
	2014			2013			2014			2013
	(In thousands)
Assets:
Impaired loans at fair value:
Real estate loans	$	212		$	(357	)	$	1,916		$	(7,941	)
Commercial business	(242		)	(1,729		)	(3,416		)	(1,194		)
Trade Finance	(1,537		)	—			(2,196		)	—
Consumer	195			—			149			—
OREO	(320		)	(657		)	(330		)	(771		)

Carrying Amounts and Estimated Fair Values of Financial Instruments

Carrying amounts and estimated fair values of financial instruments, not previously presented, at June 30, 2014 and December 31, 2013 were as follows:



	June 30, 2014
	Carrying Amount		Estimated Fair Value		Fair Value Measurement Using
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	414,919	$	414,919	Level 1
Loans held for sale	53,324		55,990		Level 2
Loans receivable—net	5,280,187		5,661,842		Level 3
FDIC loss share receivable	—		—		Level 3
Customers’ liabilities on acceptances	5,719		5,719		Level 2
Financial Liabilities:
Noninterest bearing deposits	$	1,512,423	$	1,512,423	Level 2
Saving and other interest bearing demand deposits	1,653,561		1,653,561		Level 2
Time deposits	2,304,404		2,311,628		Level 2
FHLB advances	461,166		462,121		Level 2
Subordinated debentures	42,076		43,998		Level 2
Bank’s liabilities on acceptances outstanding	5,719		5,719		Level 2
	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

- 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.

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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.

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