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FAIR VALUE ACCOUNTING AND MEASUREMENT (Tables)
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9 Months Ended |
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Sep. 30, 2012
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| Fair Value Disclosures [Abstract] |
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| 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 as of September 30, 2012 and December 31, 2011 (in thousands): | | | | | | | | | | | | | | | | | | September 30, 2012 | | Level 1 | | Level 2 | | Level 3 | | Total | Assets: | | | | | | | | Securities—available-for-sale | | | | | | | | U.S. Government and agency | $ | — |
| | $ | 158,242 |
| | $ | — |
| | $ | 158,242 |
| Municipal bonds | — |
| | 40,003 |
| | — |
| | 40,003 |
| Corporate bonds | — |
| | 4,075 |
| | — |
| | 4,075 |
| Mortgage-backed securities | — |
| | 224,886 |
| | — |
| | 224,886 |
| Asset-backed securities | — |
| | 32,752 |
| | — |
| | 32,752 |
| | — |
| | 459,958 |
| | — |
| | 459,958 |
| Securities—trading | | | | | | | | U.S. Government and agency | — |
| | 1,642 |
| | — |
| | 1,642 |
| Municipal bonds | — |
| | 5,535 |
| | — |
| | 5,535 |
| TPS and TRUP CDOs | — |
| | — |
| | 35,180 |
| | 35,180 |
| Mortgage-backed securities | — |
| | 30,186 |
| | — |
| | 30,186 |
| Equity securities and other | — |
| | 50 |
| | — |
| | 50 |
| | — |
| | 37,413 |
| | 35,180 |
| | 72,593 |
| Derivatives | | | | | | | | Interest rate lock commitments | — |
| | 1,255 |
| | — |
| | 1,255 |
| Interest rate swaps | — |
| | 8,834 |
| | — |
| | 8,834 |
| | $ | — |
| | $ | 507,460 |
| | $ | 35,180 |
| | $ | 542,640 |
| Liabilities: | | | | | | | | Advances from FHLB at fair value | $ | — |
| | $ | 10,367 |
| | $ | — |
| | $ | 10,367 |
| Junior subordinated debentures net of unamortized deferred issuance costs at fair value | — |
| | — |
| | 73,071 |
| | 73,071 |
| Derivatives | | | | | | | | Interest rate sales forward commitments, net | — |
| | 1,081 |
| | — |
| | 1,081 |
| Interest rate swaps | — |
| | 8,834 |
| | — |
| | 8,834 |
| | $ | — |
| | $ | 20,282 |
| | $ | 73,071 |
| | $ | 93,353 |
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| | | | | | | | | | | | | | | | | | December 31, 2011 | | Level 1 | | Level 2 | | Level 3 | | Total | Assets: | | | | | | | | Securities—available-for-sale | | | | | | | | U.S. Government and agency | $ | — |
| | $ | 338,971 |
| | $ | — |
| | $ | 338,971 |
| Municipal bonds | — |
| | 6,260 |
| | — |
| | 6,260 |
| Corporate bonds | — |
| | 27,310 |
| | — |
| | 27,310 |
| Mortgage-backed securities | — |
| | 93,254 |
| | — |
| | 93,254 |
| Asset-backed securities | — |
| | — |
| | — |
| | — |
| | — |
| | 465,795 |
| | — |
| | 465,795 |
| Securities—trading | | | | | | | | U.S. Government and agency | — |
| | 2,635 |
| | — |
| | 2,635 |
| Municipal bonds | — |
| | 5,962 |
| | — |
| | 5,962 |
| TPS and TRUP CDOs | — |
| | 4,600 |
| | 30,455 |
| | 35,055 |
| Mortgage-backed securities | — |
| | 36,673 |
| | — |
| | 36,673 |
| Equity securities and other | — |
| | 402 |
| | — |
| | 402 |
| | — |
| | 50,272 |
| | 30,455 |
| | 80,727 |
| Derivatives | | | | | | | | Interest rate lock commitments | — |
| | 617 |
| | — |
| | 617 |
| Interest rate swaps | — |
| | 5,667 |
| | — |
| | 5,667 |
| | $ | — |
| | $ | 522,351 |
| | $ | 30,455 |
| | $ | 552,806 |
| Liabilities: | | | | | | | | Advances from FHLB at fair value | $ | — |
| | $ | 10,533 |
| | $ | — |
| | $ | 10,533 |
| Junior subordinated debentures net of unamortized deferred issuance costs at fair value | — |
| | — |
| | 49,988 |
| | 49,988 |
| Derivatives | | | | | | | | Interest rate sales forward commitments, net | — |
| | 617 |
| | — |
| | 617 |
| Interest rate swaps | — |
| | 5,666 |
| | — |
| | 5,666 |
| | $ | — |
| | $ | 16,816 |
| | $ | 49,988 |
| | $ | 66,804 |
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| 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 three and nine months ended September 30, 2012 and 2011 (in thousands):
| | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, 2012 | | September 30, 2012 | | Level 3 Fair Value Inputs | | Level 3 Fair Value Inputs | | TPS and TRUP CDOs | | Borrowings— Junior Subordinated Debentures | | TPS and TRUP CDOs | | Borrowings— Junior Subordinated Debentures | Beginning balance | $ | 32,493 |
| | $ | 70,553 |
| | $ | 30,455 |
| | $ | 49,988 |
| Total gains or losses recognized | | | | | | | | Assets gains, including OTTI | 2,687 |
| | — |
| | 4,725 |
| | — |
| Liabilities (gains) | — |
| | 2,518 |
| | — |
| | 23,083 |
| Ending balance at September 30, 2012 | $ | 35,180 |
| | $ | 73,071 |
| | $ | 35,180 |
| | $ | 73,071 |
| | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, 2011 | | September 30, 2011 | | Level 3 Fair Value Inputs | | Level 3 Fair Value Inputs | | TPS and TRUP CDOs | | Borrowings— Junior Subordinated Debentures | | TPS and TRUP CDOs | | Borrowings— Junior Subordinated Debentures | Beginning balance | $ | 30,728 |
| | $ | 47,986 |
| | $ | 29,661 |
| | $ | 48,425 |
| Total gains or losses recognized | | | | | | | | Assets gains, including OTTI | (91 | ) | | — |
| | 1,018 |
| | — |
| Liabilities (gains) | — |
| | 784 |
| | | | 345 |
| Paydowns and maturities | (17 | ) | | — |
| | (59 | ) | | — |
| Ending balance at September 30, 2011 | $ | 30,620 |
| | $ | 48,770 |
| | $ | 30,620 |
| | $ | 48,770 |
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| Schedule of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis |
The following tables present the fair value measurement of 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 September 30, 2012 and December 31, 2011 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | At or For the Nine Months Ended September 30, 2012 | | Fair Value | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Losses Recognized During the Period | Impaired loans | $ | 40,548 |
| | $ | — |
| | $ | — |
| | $ | 40,548 |
| | $ | 11,184 |
| REO | 20,356 |
| | — |
| | — |
| | 20,356 |
| | 3,196 |
| | | | | | | | | | | | At or For the Year Ended December 31, 2011 | | Fair Value | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Losses Recognized During the Period | Impaired loans | $ | 47,959 |
| | $ | — |
| | $ | — |
| | $ | 47,959 |
| | $ | 21,902 |
| REO | 42,965 |
| | — |
| | — |
| | 42,965 |
| | 7,325 |
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| Schedule of Fair Value of Financial Instruments, by Balance Sheet Grouping |
The estimated fair value of financial instruments is as follows (in thousands):
| | | | | | | | | | | | | | | | | | September 30, 2012 | | December 31, 2011 | | Carrying Value | | Estimated Fair Value | | Carrying Value | | Estimated Fair Value | Assets: | | | | | | | | Cash and due from banks | $ | 203,756 |
| | $ | 203,756 |
| | $ | 132,436 |
| | $ | 132,436 |
| Securities—trading | 72,593 |
| | 72,593 |
| | 80,727 |
| | 80,727 |
| Securities—available-for-sale | 459,958 |
| | 459,958 |
| | 465,795 |
| | 465,795 |
| Securities—held-to-maturity | 88,626 |
| | 95,176 |
| | 75,438 |
| | 80,107 |
| Loans receivable held for sale | 6,898 |
| | 6,960 |
| | 3,007 |
| | 3,069 |
| Loans receivable | 3,206,625 |
| | 3,131,598 |
| | 3,293,331 |
| | 3,224,112 |
| FHLB stock | 37,038 |
| | 37,038 |
| | 37,371 |
| | 37,371 |
| Bank-owned life insurance | 60,395 |
| | 60,395 |
| | 58,563 |
| | 58,563 |
| Mortgage servicing rights | 6,451 |
| | 6,451 |
| | 5,584 |
| | 5,584 |
| Derivatives | 10,090 |
| | 10,090 |
| | 6,284 |
| | 6,284 |
| Liabilities: | |
| | |
| | |
| | |
| Demand, interest checking and money market accounts | 1,709,874 |
| | 1,646,377 |
| | 1,555,561 |
| | 1,487,080 |
| Regular savings | 689,322 |
| | 659,117 |
| | 669,596 |
| | 630,450 |
| Certificates of deposit | 1,087,176 |
| | 1,092,828 |
| | 1,250,497 |
| | 1,258,431 |
| FHLB advances at fair value | 10,367 |
| | 10,367 |
| | 10,533 |
| | 10,533 |
| Junior subordinated debentures at fair value | 73,071 |
| | 73,071 |
| | 49,988 |
| | 49,988 |
| Other borrowings | 82,275 |
| | 82,275 |
| | 152,128 |
| | 152,128 |
| Derivatives | 9,915 |
| | 9,915 |
| | 6,283 |
| | 6,283 |
| Off-balance-sheet financial instruments: | |
| | |
| | |
| | |
| Commitments to originate loans | 1,255 |
| | 1,255 |
| | 617 |
| | 617 |
| Commitments to sell loans | (1,081 | ) | | (1,081 | ) | | (617 | ) | | (617 | ) |
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