Fair Value Measurements (Tables)
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9 Months Ended |
Sep. 30, 2013
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Fair Value Disclosures [Abstract] |
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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:
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| Fair Value Measurements at the End of the Reporting Period Using | | September 30, 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: |
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| Securities available for sale: |
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| GSE collateralized mortgage obligations | $ | 284,891 |
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| $ | — |
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| $ | 284,891 |
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| $ | — |
| GSE mortgage-backed securities | 396,734 |
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| — |
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| 396,734 |
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| — |
| Trust preferred securities | 3,706 |
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| — |
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| 3,706 |
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| — |
| Municipal bonds | 6,016 |
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| — |
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| 4,874 |
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| 1,142 |
| Mutual funds | 17,219 |
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| 17,219 |
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| — |
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| — |
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| | | | | | | | | | | | | | | | | | | | Fair Value Measurements at the End of the Reporting Period Using | | December 31, 2012 | | 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 | $ | 254,912 |
| | $ | — |
| | $ | 254,912 |
| | $ | — |
| GSE mortgage-backed securities | 425,540 |
| | — |
| | 425,540 |
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| Trust preferred securities | 3,837 |
| | — |
| | 3,837 |
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| Municipal bonds | 5,118 |
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| | 5,118 |
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| Mutual funds | 14,996 |
| | 14,996 |
| | — |
| | — |
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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 nine months ended September 30, 2013: | | | | | | | | | | | | Nine Months Ended September 30, | | | 2013 | | 2012 | | | (In thousands) | Beginning Balance, January 1 | | $ | — |
| | $ | — |
| Purchases, issuances and settlements | | 1,202 |
| | — |
| Amortization | | (15 | ) | | — |
| Total gains or (losses) included in earnings | | — |
| | — |
| Total gains or (losses) included in other comprehensive income | | (45 | ) | | — |
| Ending Balance, September 30 | | $ | 1,142 |
| | $ | — |
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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 | | September 30, 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: |
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| Impaired loans at fair value: |
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| Real estate loans | $ | 16,822 |
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| $ | — |
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| $ | 16,822 |
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| $ | — |
| Commercial business | 2,818 |
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| — |
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| 2,818 |
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| — |
| Loans held for sale, net | 6,900 |
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| — |
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| 6,900 |
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| — |
| OREO | 4,003 |
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| — |
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| 4,003 |
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| — |
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| | | | | | | | | | | | | | | | | | | | Fair Value Measurements at the End of the Reporting Period Using | | December 31, 2012 | | 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 | $ | 4,443 |
| | $ | — |
| | $ | 4,443 |
| | $ | — |
| Commercial business | 1,164 |
| | — |
| | 1,164 |
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| Loans held for sale, net | 803 |
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| | 803 |
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| OREO | 2,636 |
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| | 2,636 |
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For assets measured at fair value on a non-recurring basis, the total net (losses) gains, which include charge offs, recoveries, specific reserves, and gains and losses on sales recognized are summarized below:
| | | | | | | | | | | | | | | | | | For the three months ended September 30, | | For the nine months ended September 30, | | 2013 | | 2012 | | 2013 | | 2012 | | (In thousands) | Assets: | | | | | | | | Impaired loans at fair value: | | | | | | | | Real estate loans | $ | (1,759 | ) | | $ | (186 | ) | | $ | (9,700 | ) | | $ | 1,234 |
| Commercial business | (509 | ) | | (1,064 | ) | | (1,703 | ) | | (3,472 | ) | Loans held for sale, net | (530 | ) | | (380 | ) | | (530 | ) | | (536 | ) | OREO | (570 | ) | | (1,611 | ) | | (956 | ) | | (2,433 | ) |
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Carrying Amounts and Estimated Fair Values of Financial Instruments |
Carrying amounts and estimated fair values of financial instruments, not previously presented, at September 30, 2013 and December 31, 2012 were as follows: | | | | | | | | | | | | September 30, 2013 | | Carrying Amount |
| Estimated Fair Value | | Fair Value Measurement Using | | (In thousands) | Financial Assets: |
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| Cash and cash equivalents | $ | 345,352 |
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| $ | 345,352 |
| | Level 1 | Loans held for sale | 49,480 |
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| 54,476 |
| | Level 2 | Loans receivable—net | 4,833,224 |
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| 5,266,747 |
| | Level 3 | FHLB stock | 27,958 |
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| N/A |
| | N/A | FDIC loss share receivable | 2,430 |
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| 2,430 |
| | Level 3 | Customers’ liabilities on acceptances | 6,126 |
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| 6,126 |
| | Level 2 | Financial Liabilities: |
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| Noninterest bearing deposits | $ | 1,362,675 |
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| $ | 1,362,675 |
| | Level 2 | Saving and other interest bearing demand deposits | 1,495,186 |
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| 1,495,186 |
| | Level 2 | Time deposits | 2,163,241 |
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| 2,167,307 |
| | Level 2 | FHLB advances | 421,446 |
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| 422,108 |
| | Level 2 | Subordinated debentures | 57,303 |
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| 56,434 |
| | Level 2 | Bank’s liabilities on acceptances outstanding | 6,126 |
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| 6,126 |
| | Level 2 | | December 31, 2012 | | Carrying Amount |
| Estimated Fair Value | | Fair Value Measurement Using | | (In thousands) | Financial Assets: |
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| | | Cash and cash equivalents | $ | 312,916 |
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| $ | 312,916 |
| | Level 1 | Loans held for sale | 51,635 |
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| 57,856 |
| | Level 2 | Loans receivable—net | 4,229,311 |
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| 4,591,685 |
| | Level 3 | FHLB stock | 22,495 |
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| N/A |
| | N/A | FDIC loss share receivable | 5,797 |
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| 5,797 |
| | Level 3 | Customers’ liabilities on acceptances | 10,493 |
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| 10,493 |
| | Level 2 | Financial Liabilities: | | | | | | Noninterest bearing deposits | $ | 1,184,285 |
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| $ | 1,184,285 |
| | Level 2 | Saving and other interest bearing demand deposits | 1,428,990 |
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| 1,428,990 |
| | Level 2 | Time deposits | 1,770,760 |
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| 1,772,778 |
| | Level 2 | FHLB advances | 420,722 |
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| 425,107 |
| | Level 2 | Subordinated debentures | 41,846 |
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| 32,218 |
| | Level 2 | Bank’s liabilities on acceptances outstanding | 10,493 |
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| 10,493 |
| | Level 2 |
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