Fair Value Measurements - (Tables)

6 Months Ended

Jun. 30, 2016

Tables of Financial Instruments Measured At Fair Value on Recurring Basis

The tables below present the financial instruments measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015 on the consolidated statements of financial condition utilizing the hierarchy structure described above:


	June 30, 2016
	Level 1		Level 2		Level 3		Total
Assets:
Investment securities available-for-sale:
Mortgage-backed securities (“MBS”):
Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises	$	—	$	274,242	$	—	$	274,242
Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises		—		766,194		—		766,194
Municipal securities		—		4,886		306		5,192
Other securities		—		—		419		419
Interest rate swap derivatives		—		4,465		—		4,465
Mortgage banking derivatives		—		—		414		414
Total assets at fair value	$	—	$	1,049,787	$	1,139	$	1,050,926
Liabilities:
Interest rate swap derivatives	$	—	$	28,033	$	—	$	28,033
Mortgage banking derivatives		—		—		178		178
Total liabilities at fair value	$	—	$	28,033	$	178	$	28,211


	December 31, 2015
	Level 1		Level 2		Level 3		Total
Assets:
Investment securities available-for-sale:
Mortgage-backed securities (“MBS”):
Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises	$	—	$	310,978	$	—	$	310,978
Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises		—		845,543		—		845,543
Municipal securities		—		—		306		306
Other securities		—		—		419		419
Interest rate swap derivatives		—		2,347		—		2,347
Total assets at fair value	$	—	$	1,158,868	$	725	$	1,159,593
Liabilities:
Interest rate swap derivatives	$	—	$	8,315	$	—	$	8,315
Total liabilities at fair value	$	—	$	8,315	$	—	$	8,315

Table of Changes in Level 3 Financial Instruments

The table below details the changes in level 3 financial instruments during the six months ended June 30, 2016 and June 30, 2015:


		Other		Municipal		Mortgage banking
		securities		securities		derivatives, net
Balance at December 31, 2014	$	419	$	—	$	—
Net change in Level 3		—		—		—
Balance at June 30, 2015	$	419	$	—	$	—

Balance at December 31, 2015	$	419	$	306	$	—
Gain included in earnings, net		—		—		236
Net change in Level 3		—		—		236
Balance at June 30, 2016	$	419	$	306	$	236

Table of assets recorded at fair value on a non-recurring basis

The table below provides information regarding the assets recorded at fair value on a non-recurring basis during the six months ended June 30, 2016 and 2015:


	June 30, 2016
	Total		Losses from fair value changes
Other real estate owned	$	23,242	$	104
Impaired loans		46,815		4,019


	June 30, 2015
	Total		Losses from fair value changes
Other real estate owned	$	20,367	$	757
Impaired loans		41,241		110
Premise and Equipment		813		1,089

Table of Valuation Techniques and Unobservable Inputs Used in Valuation of Financial Instruments Falling Within Level 3 of Fair Value Hierarchy

These valuations utilize third party appraisal or broker price opinions, and are classified as level 3 due to the significant judgment involved:


	Fair value at
	June 30, 2016		Valuation Technique	Unobservable Input	Qualitative Measures
Other available-for-sale securities	$	419	Par value	Par value
Municipal securities		306	Par value	Par value
Impaired loans		46,815	Appraised value	Appraised values
				Discount rate	0% - 25%