FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Fair Value of Financial Instruments, by Balance Sheet Grouping

The following table presents estimated fair values of the Company’s financial instruments as of December 31, 2016 and 2015, whether or not recognized or recorded in the Consolidated Statements of Financial Condition (in thousands):



		December 31, 2016				December 31, 2015
	Level	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Assets:
Cash and due from banks	1	$	247,719	$	247,719	$	261,917	$	261,917
Securities—trading	2,3	24,568		24,568		34,134		34,134
Securities—available-for-sale	2	800,917		800,917		1,138,573		1,138,573
Securities—held-to-maturity	2,3	267,873		270,528		220,666		226,627
Loans receivable held for sale	2	246,353		246,815		44,712		45,600
Loans receivable	3	7,451,148		7,337,608		7,314,504		7,084,631
FHLB stock	3	12,506		12,506		16,057		16,057
BOLI	1	158,936		158,936		156,865		156,865
Mortgage servicing rights	3	15,249		16,740		13,295		17,370
Derivatives:
Interest rate swaps	2	8,330		8,330		11,984		11,984
Interest rate lock and forward sales commitments	2	482		482		471		471
Liabilities:
Demand, interest-bearing checking and money market	2	5,552,690		5,552,690		5,416,556		5,416,556
Regular savings	2	1,523,391		1,523,391		1,284,642		1,284,642
Certificates of deposit	2	1,045,333		1,028,866		1,353,870		1,332,825
Advances from FHLB at fair value	2	54,216		54,216		133,381		133,381
Junior subordinated debentures at fair value	3	95,200		95,200		92,480		92,480
Other borrowings	2	105,685		105,685		98,325		98,325
Derivatives:
Interest rate swaps	2	8,330		8,330		11,984		11,984
Interest rate lock and forward sales commitments	2	289		289		50		50

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present financial assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy of the fair value measurements for those assets and liabilities as of December 31, 2016 and 2015 (in thousands):



	December 31, 2016
	Level 1		Level 2		Level 3		Total
Assets:
Securities—trading
U.S. Government and agency	$	—	$	1,326	$	—	$	1,326
Municipal bonds	—		335		—		335
Corporate Bonds (TPS securities)	—		—		21,143		21,143
Mortgage-backed securities	—		1,641		—		1,641
Equity securities	—		123		—		123
	—		3,425		21,143		24,568

Securities—available-for-sale
U.S. Government and agency	$	—	$	56,978	$	—	$	56,978
Municipal bonds	—		109,853		—		109,853
Corporate bonds	—		10,283		—		10,283
Mortgage-backed securities	—		594,712		—		594,712
Asset-backed securities	—		28,993		—		28,993
Equity securities	—		98		—		98
	—		800,917		—		800,917

Loans held for sale	—		9,600		—		9,600

Derivatives
Interest rate lock and forward sales commitments	—		482		—		482
Interest rate swaps	—		8,330		—		8,330
	$	—	$	822,754	$	21,143	$	843,897
Liabilities
Advances from FHLB at fair value	$	—	$	54,216	$	—	$	54,216
Junior subordinated debentures at fair value	—		—		95,200		95,200
Derivatives
Interest rate lock and forward sales commitments	—		289		—		289
Interest rate swaps	—		8,330		—		8,330
	$	—	$	62,835	$	95,200	$	158,035



	December 31, 2015
	Level 1		Level 2		Level 3		Total
Assets:
Securities—trading
U.S. Government and agency	$	—	$	1,368	$	—	$	1,368
Municipal bonds	—		341		—		341
Corporate Bonds (TPS securities)	—		—		18,699		18,699
Mortgage-backed securities	—		13,663		—		13,663
Equity securities	—		63		—		63
	—		15,435		18,699		34,134
Securities—available-for-sale
U.S. Government and agency	$	—	$	30,231	$	—	$	30,231
Municipal bonds	—		143,319		—		143,319
Corporate bonds	—		15,981		—		15,981
Mortgage-backed securities	—		918,259		—		918,259
Asset-backed securities	—		30,685		—		30,685
Equity securities	—		98		—		98
	—		1,138,573		—		1,138,573
Derivatives
Interest rate lock and forward sales commitments	—		471		—		471
Interest rate swaps	—		11,984		—		11,984
	$	—	$	1,166,463	$	18,699	$	1,185,162
Liabilities
Advances from FHLB at fair value	$	—	$	133,381	$	—	$	133,381
Junior subordinated debentures at fair value	—		—		92,480		92,480
Derivatives
Interest rate lock and forward sales commitments	—		50		—		50
Interest rate swaps	—		11,984		—		11,984
	$	—	$	145,415	$	92,480	$	237,895

Schedule of Valuation Technique, Unobservable Input, and Qualitative Information for Unobservable Inputs

The following table provides a description of the valuation technique, unobservable inputs, and qualitative information about the unobservable inputs for the Company's assets and liabilities classified as Level 3 and measured at fair value on a recurring and nonrecurring basis at December 31, 2016:



			December 31
			2016
Financial Instruments	Valuation Technique	Unobservable Inputs	Weighted Average Rate
Corporate Bonds (TPS securities)	Discounted cash flows	Discount rate	6.00	%
Junior subordinated debentures	Discounted cash flows	Discount rate	6.00	%
REO	Appraisals	Discount to appraised value	0% to 45%

Schedule of Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation of the assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the year ended December 31, 2016 and 2015 (in thousands):



	Year Ended December 31, 2016
	Level 3 Fair Value Inputs
	TPS Securities			Borrowings— Junior Subordinated Debentures
Beginning balance at December 31, 2015	$	18,699		$	92,480
Total gains or losses recognized
Assets gains	719			—
Liabilities losses	—			2,720
Purchases, issuances and settlements, net	1,725			—
Paydowns and maturities	—			—
Transfers in and/or out of Level 3	—			—
Ending balance at December 31, 2016	$	21,143		$	95,200

	Year Ended December 31, 2015
	Level 3 Fair Value Inputs
	TPS and TRUP CDOs			Borrowings— Junior Subordinated Debentures
Beginning balance at December 31, 2014	$	19,119		$	78,001
Total gains or losses recognized
Assets gains	537			—
Liabilities losses	—			2,714
Purchases, issuances and settlements	5,697			11,765
Paydowns and maturities	(6,654		)	—
Ending balance at December 31, 2015	$	18,699		$	92,480

Schedule of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

The following table presents financial assets and liabilities measured at fair value on a non-recurring basis and the level within the fair value hierarchy of the fair value measurements for those assets at December 31, 2016 and 2015 (in thousands):



	December 31, 2016
	Level 1		Level 2		Level 3		Total
REO	$	—	$	—	$	11,081	$	11,081

	December 31, 2015
	Level 1		Level 2		Level 3		Total
Impaired loans	$	—	$	—	$	2,372	$	2,372
REO	—		—		11,627		11,627

The following table presents the losses resulting from non-recurring fair value adjustments for the years ended December 31, 2016 and 2015 (in thousands):



	For the year ended December 31,
	2016			2015
Impaired loans	$	(182	)	$	(110	)
REO	(671		)	(231		)
Total loss from nonrecurring measurements	$	(853	)	$	(341	)