Fair Value Measurements - (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2017 and December 31, 2016 on the consolidated statements of financial condition utilizing the hierarchy structure described above:


	June 30, 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	$	—	$	195,341	$	—	$	195,341
Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises		—		668,631		—		668,631
Municipal securities		—		2,058		—		2,058
Interest rate swap derivatives		—		10,694		—		10,694
Mortgage banking derivatives		—		—		157		157
Total assets at fair value	$	—	$	876,724	$	157	$	876,881
Liabilities:
Interest rate swap derivatives	$	—	$	4,729	$	—	$	4,729
Mortgage banking derivatives		—		—		26		26
Total liabilities at fair value	$	—	$	4,729	$	26	$	4,755


	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		—		—		26		26
Total liabilities at fair value	$	—	$	3,279	$	26	$	3,305

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, 2017 and June 30, 2016:


		Mortgage banking
		derivatives, net
Balance at December 31, 2016	$	261
Loss included in earnings, net		(130)
Balance at June 30, 2017	$	131

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, 2017 and 2016:


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

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

The below valuation utilizes third party appraisal or broker price opinions, and is classified as level 3 due to the significant judgment involved:


	Fair value at
	June 30, 2017		Valuation technique	Unobservable input	Qualitative measures
Impaired loans		39,379	Appraised value	Appraised values
				Discount rate	0% - 25%

June 30, 2017

Losses from fair value changes

Other real estate owned

Impaired loans