Disclosures About Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Disclosures About Fair Value of Financial Instruments

Schedule of the carrying amount and estimated fair value of the entity's financial instruments included in the consolidated statement of financial condition

	December 31, 2013
	Carrying		Estimated
	amount		fair value	Level 1	Level 2	Level 3
Financial assets:
Cash and cash equivalents	$	391,905	391,905	391,905	—	—
Securities available-for-sale	1,016,767		1,016,767	9,850	994,666	12,251
Securities held-to-maturity	121,366		124,061	—	124,061	—
Loans receivable, net	5,734,943		6,026,711	221	—	6,026,490
Accrued interest receivable	21,821		21,821	21,821	—	—
FHLB Stock	43,715		43,715	—	—	—
Total financial assets	$	7,330,517	7,624,980	423,797	1,118,727	6,038,741
Financial liabilities:
Savings and checking accounts	$	4,001,482	4,001,482	4,001,482	—	—
Time deposits	1,667,397		1,699,937	—	—	1,699,937
Borrowed funds	881,645		896,408	156,198	—	740,210
Junior subordinated debentures	103,094		111,220	—	—	111,220
Cash flow hedges - swaps	8,037		8,037	—	8,037	—
Accrued interest payable	888		888	888	—	—
Total financial liabilities	$	6,662,543	6,717,972	4,158,568	8,037	2,551,367

	December 31, 2012
	Carrying		Estimated
	amount		fair value	Level 1	Level 2	Level 3
Financial assets:
Cash and cash equivalents	$	451,704	451,704	451,704	—	—
Securities available-for-sale	1,079,074		1,079,074	19,304	1,048,651	11,119
Securities held-to-maturity	155,081		161,969	—	161,969	—
Loans receivable, net	5,629,261		5,952,688	15,441	—	5,937,247
Accrued interest receivable	23,313		23,313	23,313	—	—
FHLB Stock	46,834		46,834	—	—	—
Total financial assets	$	7,385,267	7,715,582	509,762	1,210,620	5,948,366
Financial liabilities:
Savings and checking accounts	$	3,878,511	3,878,511	3,878,511	—	—
Time deposits	1,886,089		1,927,844	—	—	1,927,844
Borrowed funds	860,047		935,384	164,531	—	770,853
Junior subordinated debentures	103,094		116,066	—	—	116,066
Cash flow hedges - swaps	12,932		12,932	—	12,932	—
Accrued interest payable	888		888	888	—	—
Total financial liabilities	$	6,741,561	6,871,625	4,043,930	12,932	2,814,763

Schedule of assets and liabilities measured at fair value on a recurring basis

The following table represents assets and liabilities measured at fair value on a recurring basis as of December 31, 2013:

						Total
						assets at
	Level 1		Level 2		Level 3	fair value
Equity securities	$	9,850	—		—	9,850
Debt securities:
U.S. government and agencies	—		32		—	32
Government sponsored enterprises	—		316,057		—	316,057
States and political subdivisions	—		92,578		—	92,578
Corporate	—		8,925		12,251	21,176
Total debt securities	—		417,592		12,251	429,843
Residential mortgage-backed securities:
GNMA	—		32,263		—	32,263
FNMA	—		85,665		—	85,665
FHLMC	—		51,076		—	51,076
Non-agency	—		667		—	667
Collateralized mortgage obligations:
GNMA	—		11,494		—	11,494
FNMA	—		168,661		—	168,661
FHLMC	—		210,029		—	210,029
SBA	—		12,569		—	12,569
Non-agency	—		4,650		—	4,650
Total mortgage-backed securities	—		577,074		—	577,074
Interest rate swaps	—		(8,037	)	—	(8,037	)
Total assets and liabilities	$	9,850	986,629		12,251	1,008,730

The following table represents assets and liabilities measured at fair value on a recurring basis as of December 31, 2012:

						Total
						assets at
	Level 1		Level 2		Level 3	fair value
Equity securities	$	19,304	—		—	19,304
Debt securities:
U.S. government and agencies	—		40		—	40
Government sponsored enterprises	—		238,314		—	238,314
States and political subdivisions	—		134,208		—	134,208
Corporate	—		11,584		11,119	22,703
Total debt securities	—		384,146		11,119	395,265
Residential mortgage-backed securities:
GNMA	—		41,182		—	41,182
FNMA	—		106,863		—	106,863
FHLMC	—		52,559		—	52,559
Non-agency	—		695		—	695
Collateralized mortgage obligations:
GNMA	—		22,963		—	22,963
FNMA	—		189,364		—	189,364
FHLMC	—		228,631		—	228,631
SBA	—		15,775		—	15,775
Non-agency	—		6,473		—	6,473
Total mortgage-backed securities	—		664,505		—	664,505
Interest rate swaps	—		(12,932	)	—	(12,932	)
Total assets and liabilities	$	19,304	1,035,719		11,119	1,066,142

Schedule of reconciliation of debt securities measured at fair value on a recurring basis using significant unobservable inputs (Level 3)

	December 31,
	2013				2012
	Equity		Debt		Equity	Debt
	securities		securities		securities	securities
Beginning balance January 1,	$	—	11,119		—	9,657
Total net realized investment gains/ (losses) and net change in unrealized appreciation/ (depreciation):
Included in net income as OTTI	—		(713	)	—	—
Included in other comprehensive income	—		1,845		—	1,462
Purchases	—		—		—	—
Sales	—		—		—	—
Transfers into Level 3	—		—		—	—
Transfers out of Level 3	—		—		—	—
Ending balance December 31,	$	—	12,251		—	11,119

Schedule of fair value measurement for nonrecurring assets

The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of December 31, 2013:

					Total
					assets at
	Level 1		Level 2	Level 3	fair value
Loans evaluated for impairment	$	—	—	62,730	62,730
Real estate owned	—		—	18,203	18,203
Total assets	$	—	—	80,933	80,933

The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of December 31, 2012:

					Total
					assets at
	Level 1		Level 2	Level 3	fair value
Loans evaluated for impairment	$	—	—	87,087	87,087
Real estate owned	—		—	26,165	26,165
Total assets	$	—	—	113,252	113,252

Schedule of quantitative information about assets measured at fair value on a recurring and nonrecurring basis for Level 3 Fair Value Measurements

	Fair value		Valuation techniques	Significant unobservable inputs	Range (weighted average)
Debt securities	$	12,251	Discounted cash	Discount margin	0.35% to 2.10% (0.69)%
			flow	Default rates	1.00%
				Prepayment speeds	1.00% annually
Loans measured for impairment	62,730		Appraisal	Estimated costs to sell	10%
			value (1)
Real estate owned	18,203		Appraisal	Estimated costs to sell	10%
			value (1)

(1) Fair value is generally determined through independent appraisals of the underlying collateral, which may include level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent.