Fair Value Measurements - (Tables)

3 Months Ended

Mar. 31, 2017

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 March 31, 2017 and December 31, 2016 in the consolidated statements of financial condition utilizing the hierarchy structure described above:


	March 31, 2017
	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	$	—	$	210,034	$	—	$	210,034
Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises		—		708,209		—		708,209
Municipal securities		—		2,954		—		2,954
Interest rate swap derivatives		—		12,580		—		12,580
Mortgage banking derivatives		—		—		283		283
Total assets at fair value	$	—	$	933,777	$	283	$	934,060
Liabilities:
Interest rate swap derivatives	$	—	$	3,401	$	—	$	3,401
Mortgage banking derivatives		—		—		75		75
Total liabilities at fair value	$	—	$	3,401	$	75	$	3,476


	December 31, 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	$	—	$	227,160	$	—	$	227,160
Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises		—		652,739		—		652,739
Municipal securities		—		3,648		—		3,648
Interest rate swap derivatives		—		11,428		—		11,428
Mortgage banking derivatives		—		—		287		287
Total assets at fair value	$	—	$	894,975	$	287	$	895,262
Liabilities:
Interest rate swap derivatives	$	—	$	3,279	$	—	$	3,279
Mortgage banking derivatives		—		—		187		187
Total liabilities at fair value	$	—	$	3,279	$	187	$	3,466

Table of Changes in Level 3 Financial Instruments

The table below details the changes in level 3 financial instruments during the three months ended March 31, 2017:


		Mortgage banking
		derivatives, net
Balance at December 31, 2016	$	100
Gain included in earnings, net		108
Balance at March 31, 2017	$	208

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 three months ended March 31, 2017 and 2016:

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
	March 31, 2017		Valuation technique	Unobservable input	Qualitative measures
Other available-for-sale securities	$	419	Par value	Par value
Municipal securities		265	Par value	Par value
Impaired loans		41,103	Appraised value	Appraised values
				Discount rate	0% - 25%

March 31, 2017

Losses from fair value changes

Other real estate owned

Impaired loans