Fair Value (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value [Abstract]

Assets and Liabilities Reported on the Consolidated Statements of Financial Condition at their Fair Value on a Recurring Basis

The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair value on a recurring basis as of June 30, 2012 and December 31, 2011 by level within the fair value hierarchy. As required by GAAP, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

	As of June 30, 2012
(Dollar amounts in thousands)	Quoted Prices in Active Markets for Identical Assets or Liabilities (Level I)		Significant Other Observable Inputs (Level II)		Significant Unobservable Inputs (Level III)		Total
Assets:
Securities available for sale
Trust preferred securities	$	—	$	1,828	$	35,604	$	37,432
Municipal securities		—		187,426		—		187,426
Equity securities		1,724		—		—		1,724
Corporate bonds		—		204,655		—		204,655
Mortgage backed securities
U.S. sponsored entities		—		710,985		—		710,985
Private label		—		7,195		—		7,195
Subtotal mortgage-backed securites		—		718,180		—		718,180
Total securities available for sale	$	1,724	$	1,112,089	$	35,604	$	1,149,417
Other Assets
Interest rate caps	$	—	$	132	$	—	$	132
Total other assets	$	—	$	132	$	—	$	132
Liabilities
Other Liabilities
Interest rate swaps	$	—	$	5,854	$	—	$	5,854
Total other liabilities	$	—	$	5,854	$	—	$	5,854

	As of December 31, 2011
(Dollar amounts in thousands)	Quoted Prices in Active Markets for Identical Assets or Liabilities (Level I)		Significant Other Observable Inputs (Level II)		Significant Unobservable Inputs (Level III)		Total
Assets:
Securities available for sale
Trust preferred securities	$	—	$	1,755	$	35,789	$	37,544
Municipal securities		—		184,485		—		184,485
Equity securities		2,103		—		—		2,103
Corporate bonds		—		164,779		—		164,779
Mortgage backed securities
U.S. sponsored entities		—		732,302		—		732,302
Private label		—		8,903		—		8,903
Subtotal mortgage-backed securities		—		741,205		—		741,205
Total securities available for sale	$	2,103	$	1,092,224	$	35,789	$	1,130,116
Other Assets
Interest rate caps	$	—	$	532	$	—	$	532
Total other assets	$	—	$	532	$	—	$	532
Liabilities:
Other Liabilties
Interest rate swaps	$	—	$	5,531	$	—	$	5,531
Total other liabilities	$	—	$	5,531	$	—	$	5,531

Schedule of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level III)

	Securities available for sale June 30,
	2012			2011
Beginning balance January 1,	$	35,789		$	37,361
Total net realized/unrealized gains (losses)
Included in earnings:
Interest income on securities		7			7
Net realized loss on securities available for sale		(5	)		—
Included in other comprehensive income		(187	)		813
Transfers in and/or out of Level III		—			—
Purchases, issuances and settlements
Purchases		—			—
Issuances		—			—
Sales		—			—
Settlements		—			(500	)
Ending balance, June 30,	$	35,604		$	37,681

Changes in unrealized gains and losses recorded in earnings for Level III assets and liabilities

The following table summarizes changes in unrealized gains and losses recorded in earnings for the three month period ended June 30, 2012 and 2011 for Level III assets and liabilities that are still held at June 30, 2012 and 2011.

	Securities available for sale June 30,
	2012			2011
Interest income on securities	$	7		$	7
Net realized loss on securities available for sale		(5	)		—
Total	$	2		$	7

Fair value level III assets measured at fair value on a recurring or non-recurring basis

For Level III assets measured at fair value on a recurring or non-recurring basis as of June 30, 2012, the significant observable inputs used in the fair value measurements were as follows:

(Dollar amounts in thousands)	Fair Value at June 30, 2012		Fair Value at December 31, 2011		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Trust Preferred Securities	$	35,604	$	35,789	Discounted Cash Flow	Credit Spreads	40-85 basis points
						Liquidity Risk Adjustments	15-65 basis points
						Default Rates	.5% -1%
Impaired Loans		15,118		14,054	Discounted Cash Flow	N/A	N/A
					Appraisal of collateral (1)	N/A	N/A
Real estate acquired through foreclosure		3,710		3,883	Appraisal of collateral (1)	N/A	N/A
Servicing assets		9		16	Discounted Cash Flow	N/A	N/A

(1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally includes various level III inputs which are not identifiable.