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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
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12 Months Ended |
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Dec. 31, 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 December 31, 2012 and 2011 (in thousands): | | | | | | | | | | | | | | | | | | December 31, 2012 | | Level 1 | | Level 2 | | Level 3 | | Total | Assets: | | | | | | | | Securities—available-for-sale | | | | | | | | U.S. Government and agency | $ | — |
| | $ | 96,980 |
| | $ | — |
| | $ | 96,980 |
| Corporate bonds | — |
| | 44,938 |
| | — |
| | 44,938 |
| Municipal bonds | — |
| | 10,729 |
| | — |
| | 10,729 |
| Mortgage-backed securities | — |
| | 277,757 |
| | — |
| | 277,757 |
| Asset-backed securities | — |
| | 42,516 |
| | — |
| | 42,516 |
| | — |
| | 472,920 |
| | — |
| | 472,920 |
| Securities—trading | | | | | | | | U.S. Government and agency | — |
| | 1,637 |
| | — |
| | 1,637 |
| Municipal bonds | — |
| | 5,684 |
| | — |
| | 5,684 |
| TPS and TRUP CDOs | — |
| | — |
| | 35,741 |
| | 35,741 |
| Mortgage-backed securities | — |
| | 28,107 |
| | — |
| | 28,107 |
| Equity securities and other | — |
| | 63 |
| | — |
| | 63 |
| | — |
| | 35,491 |
| | 35,741 |
| | 71,232 |
| Derivatives | | | | | | | | Interest rate lock commitments | — |
| | 510 |
| | — |
| | 510 |
| Interest rate swaps | — |
| | 8,353 |
| | — |
| | 8,353 |
| | $ | — |
| | $ | 517,274 |
| | $ | 35,741 |
| | $ | 553,015 |
| Liabilities | | | | | | | | Advances from FHLB at fair value | $ | — |
| | $ | 10,304 |
| |
|
| | $ | 10,304 |
| Junior subordinated debentures net of unamortized deferred issuance costs at fair value | — |
| | — |
| | 73,063 |
| | 73,063 |
| Derivatives | |
| | |
| | |
| | |
| Interest rate forward sales commitments | — |
| | 195 |
| | — |
| | 195 |
| Interest rate swaps | — |
| | 8,353 |
| | — |
| | 8,353 |
| | $ | — |
| | $ | 18,852 |
| | $ | 73,063 |
| | $ | 91,915 |
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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 |
| Corporate bonds | — |
| | 6,260 |
| | — |
| | 6,260 |
| Municipal bonds | — |
| | 27,309 |
| | — |
| | 27,309 |
| Mortgage-backed securities | — |
| | 93,255 |
| | — |
| | 93,255 |
| | — |
| | 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 forward sales commitments | — |
| | 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 year ended December 31, 2012 and 2011 (in thousands): | | | | | | | | | | Year Ended December 31, 2012 | | Level 3 Fair Value Inputs | | TPS and TRUP CDOs | | Borrowings— Junior Subordinated Debentures | Beginning balance at December 31, 2011 | $ | 30,455 |
| | $ | 49,988 |
| Total gains or losses recognized | | | | Assets gains (losses) | 5,286 |
| | — |
| Liabilities (gains) losses | — |
| | 23,075 |
| Purchases, issuances and settlements | — |
| | — |
| Paydowns and maturities | — |
| | — |
| Transfers in and/or out of Level 3 | — |
| | — |
| Ending balance at December 31, 2012 | $ | 35,741 |
| | $ | 73,063 |
| | Year Ended December 31, 2011 | | Level 3 Fair Value Inputs | | TPS and TRUP CDOs | | Borrowings— Junior Subordinated Debentures | Beginning balance at December 31, 2010 | $ | 29,661 |
| | $ | 48,425 |
| Total gains or losses recognized | | | | Assets gains (losses) | 794 |
| | — |
| Liabilities (gains) losses | — |
| | 1,563 |
| Purchases, issuances and settlements | — |
| | — |
| Paydowns and maturities | — |
| | — |
| Transfers in and/or out of Level 3 | — |
| | — |
| Ending balance at December 31, 2011 | $ | 30,455 |
| | $ | 49,988 |
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| Schedule of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis |
The following tables present financial assets and liabilities measured at fair value on a non-recurring basis and the level within the fair value hierarchy at December 31, 2012 and 2011 (in thousands): | | | | | | | | | | | | | | | | | | | | | | December 31, 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 Year | Impaired loans | $ | 52,475 |
| | $ | — |
| | $ | — |
| | $ | 52,475 |
| | $ | (6,381 | ) | REO | 15,778 |
| | — |
| | — |
| | 15,778 |
| | (1,915 | ) | MSRs | 6,244 |
| | — |
| | — |
| | 6,244 |
| | (400 | ) | | 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 Year | Impaired loans | $ | 47,959 |
| | $ | — |
| | $ | — |
| | $ | 47,959 |
| | $ | (21,902 | ) | REO | 42,965 |
| | — |
| | — |
| | 42,965 |
| | (7,325 | ) |
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| 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, 2012: | | | | | Financial Instruments | Valuation Technique | Unobservable Inputs | Weighted Average | | | | | TPS securities | Discounted cash flows | Discount rate | 5.56% | TRUP CDOs | Discounted cash flows | Discount rate | 3.83% | Junior subordinated debentures | Discounted cash flows | Discount rate | 5.56% | Impaired loans | Discounted cash flows Collateral valuations | Discount rate Market values | various
n/a | REO | Appraisals | Market values | n/a | MSRs | Discounted cash flows | Prepayment rate Discount rate | 19.80%
11.11% |
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| 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, 2012 and 2011, whether or not recognized or recorded in the consolidated balance sheets. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data in the development of the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. The carrying value and estimated fair value of financial instruments at December 31, 2012 and 2011 are as follows (in thousands): | | | | | | | | | | | | | | | | | | December 31, 2012 | | December 31, 2011 | | Carrying Value | | Estimated Fair Value | | Carrying Value | | Estimated Fair Value | Assets: | | | | | | | | Cash and due from banks | $ | 181,298 |
| | $ | 181,298 |
| | $ | 132,436 |
| | $ | 132,436 |
| Securities—trading | 71,232 |
| | 71,232 |
| | 80,727 |
| | 80,727 |
| Securities—available-for-sale | 472,920 |
| | 472,920 |
| | 465,795 |
| | 465,795 |
| Securities—held-to-maturity | 86,452 |
| | 92,458 |
| | 75,438 |
| | 80,107 |
| Loans receivable held for sale | 11,920 |
| | 12,059 |
| | 3,007 |
| | 3,069 |
| Loans receivable | 3,223,794 |
| | 3,143,853 |
| | 3,293,331 |
| | 3,224,112 |
| FHLB stock | 36,705 |
| | 36,705 |
| | 37,371 |
| | 37,371 |
| BOLI | 59,891 |
| | 59,891 |
| | 58,563 |
| | 58,563 |
| Mortgage servicing rights | 6,244 |
| | 6,244 |
| | 5,584 |
| | 5,584 |
| Derivatives | 8,863 |
| | 8,863 |
| | 6,284 |
| | 6,284 |
| Liabilities: | | | | | | | | Demand, interest-bearing-checking and money market | 1,800,555 |
| | 1,729,351 |
| | 1,555,561 |
| | 1,487,080 |
| Regular savings | 727,956 |
| | 694,609 |
| | 669,596 |
| | 630,450 |
| Certificates of deposit | 1,029,293 |
| | 1,033,931 |
| | 1,250,497 |
| | 1,258,431 |
| FHLB advances at fair value | 10,304 |
| | 10,304 |
| | 10,533 |
| | 10,533 |
| Junior subordinated debentures at fair value | 73,063 |
| | 73,063 |
| | 49,988 |
| | 49,988 |
| Other borrowings | 76,633 |
| | 76,633 |
| | 152,128 |
| | 152,128 |
| Derivatives | 8,548 |
| | 8,548 |
| | 6,283 |
| | 6,283 |
| Off-balance-sheet financial instruments: | | | | | | | | Commitments to originate loans | 510 |
| | 510 |
| | 617 |
| | 617 |
| Commitments to sell loans | (195 | ) | | (195 | ) | | (617 | ) | | (617 | ) |
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