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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2013
Fair Value Disclosures [Abstract]  
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:

 
 

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:







Securities available for sale:







GSE collateralized mortgage obligations
$
284,891


$


$
284,891


$

GSE mortgage-backed securities
396,734




396,734



Trust preferred securities
3,706




3,706



Municipal bonds
6,016




4,874


1,142

Mutual funds
17,219


17,219





 
 
 
 
 
 
 
 


 
 
 
 
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

 

Trust preferred securities
3,837

 

 
3,837

 

Municipal bonds
5,118

 

 
5,118

 

Mutual funds
14,996

 
14,996

 

 

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

 
$

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:







Impaired loans at fair value:







Real estate loans
$
16,822


$


$
16,822


$

Commercial business
2,818




2,818



Loans held for sale, net
6,900




6,900



OREO
4,003




4,003




 
 
 
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

 

Loans held for sale, net
803

 

 
803

 

OREO
2,636

 

 
2,636

 


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
)
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:



 

Cash and cash equivalents
$
345,352


$
345,352

 
Level 1
Loans held for sale
49,480


54,476

 
Level 2
Loans receivable—net
4,833,224


5,266,747

 
Level 3
FHLB stock
27,958


N/A

 
N/A
FDIC loss share receivable
2,430


2,430

 
Level 3
Customers’ liabilities on acceptances
6,126


6,126

 
Level 2
Financial Liabilities:



 

Noninterest bearing deposits
$
1,362,675


$
1,362,675

 
Level 2
Saving and other interest bearing demand deposits
1,495,186


1,495,186

 
Level 2
Time deposits
2,163,241


2,167,307

 
Level 2
FHLB advances
421,446


422,108

 
Level 2
Subordinated debentures
57,303


56,434

 
Level 2
Bank’s liabilities on acceptances outstanding
6,126


6,126

 
Level 2
 
December 31, 2012
 
Carrying
Amount

Estimated
Fair Value
 
Fair Value Measurement Using
 
(In thousands)
Financial Assets:



 
 
Cash and cash equivalents
$
312,916


$
312,916

 
Level 1
Loans held for sale
51,635


57,856

 
Level 2
Loans receivable—net
4,229,311


4,591,685

 
Level 3
FHLB stock
22,495


N/A

 
N/A
FDIC loss share receivable
5,797


5,797

 
Level 3
Customers’ liabilities on acceptances
10,493


10,493

 
Level 2
Financial Liabilities:
 
 
 
 
 
Noninterest bearing deposits
$
1,184,285


$
1,184,285

 
Level 2
Saving and other interest bearing demand deposits
1,428,990


1,428,990

 
Level 2
Time deposits
1,770,760


1,772,778

 
Level 2
FHLB advances
420,722


425,107

 
Level 2
Subordinated debentures
41,846


32,218

 
Level 2
Bank’s liabilities on acceptances outstanding
10,493


10,493

 
Level 2