FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

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, 2013 and 2012 (in thousands):

	December 31, 2013
	Level 1		Level 2		Level 3		Total
Assets:
Securities—available-for-sale
U.S. Government and agency	$	—	$	58,660	$	—	$	58,660
Municipal bonds	—		52,855		—		52,855
Corporate bonds	—		6,964		—		6,964
Mortgage-backed securities	—		326,610		—		326,610
Asset-backed securities	—		25,191		—		25,191
	—		470,280		—		470,280
Securities—trading
U.S. Government and agency	—		1,481		—		1,481
Municipal bonds	—		5,023		—		5,023
TPS and TRUP CDOs	—		—		35,140		35,140
Mortgage-backed securities	—		20,760		—		20,760
Equity securities and other	—		68		—		68
	—		27,332		35,140		62,472
Derivatives
Interest rate lock commitments	—		130		—		130
Interest rate swaps	—		4,946		—		4,946
	$	—	$	502,688	$	35,140	$	537,828
Liabilities
Advances from FHLB at fair value	$	—	$	27,250	$	—	$	27,250
Junior subordinated debentures net of unamortized deferred issuance costs at fair value	—		—		73,928		73,928
Derivatives
Interest rate forward sales commitments	—		43		—		43
Interest rate swaps	—		4,946		—		4,946
	$	—	$	32,239	$	73,928	$	106,167

	December 31, 2012
	Level 1		Level 2		Level 3		Total
Assets:
Securities—available-for-sale
U.S. Government and agency	$	—	$	96,980	$	—	$	96,980
Municipal bonds	—		44,938		—		44,938
Corporate 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

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, 2013 and 2012 (in thousands):

	Year Ended December 31, 2013
	Level 3 Fair Value Inputs
	TPS and TRUP CDOs			Borrowings— Junior Subordinated Debentures
Beginning balance at December 31, 2012	$	35,741		$	73,063
Total gains or losses recognized
Assets gains (losses)	(181		)	—
Liabilities (gains) losses	—			865
Purchases, issuances and settlements	—			—
Paydowns and maturities	(420		)	—
Transfers in and/or out of Level 3	—			—
Ending balance at December 31, 2013	$	35,140		$	73,928
	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)	5,891			—
Liabilities (gains) losses	—			23,075
Purchases, issuances and settlements	—			—
Paydowns and maturities	(605		)	—
Transfers in and/or out of Level 3	—			—
Ending balance at December 31, 2012	$	35,741		$	73,063

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, 2013 and 2012 (in thousands):

	At or For the Year Ended December 31, 2013
	Level 1		Level 2		Level 3		Total		Net Gains/(Losses) Recognized During the Period
Impaired loans	$	—	$	—	$	10,627	$	10,627	$	(4,890	)
REO	—		—		4,044		4,044		(853		)
	At or For the Year Ended December 31, 2012
	Level 1		Level 2		Level 3		Total		Net Gains/(Losses) Recognized During the Period
Impaired loans	$	—	$	—	$	52,475	$	52,475	$	(6,381	)
REO	—		—		15,778		15,778		(1,915		)
MSRs	—		—		6,244		6,244		(400		)

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, 2013 and 2012:

			December 31
			2013		2012
Financial Instruments	Valuation Technique	Unobservable Inputs	Weighted Average Rate		Weighted Average Rate
TPS securities	Discounted cash flows	Discount rate	5.50	%	5.56	%
TRUP CDOs	Discounted cash flows	Discount rate	3.85		3.83
Junior subordinated debentures	Discounted cash flows	Discount rate	5.50		5.56
Impaired loans	Discounted cash flows	Discount rate	Various		Various
	Collateral Valuations	Market values	n/a		n/a
REO	Appraisals	Market values	n/a		n/a
MSRs	Discounted cash flows	Prepayment rate	n/a		19.80
		Discount rate	n/a		11.11

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, 2013 and 2012, whether or not recognized or recorded in the consolidated Statements of Financial Condition.  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, 2013 and 2012 are as follows (in thousands):

	December 31, 2013						December 31, 2012
	Carrying Value			Estimated Fair Value			Carrying Value			Estimated Fair Value
Assets:
Cash and due from banks	$	137,349		$	137,349		$	181,298		$	181,298
Securities—trading	62,472			62,472			71,232			71,232
Securities—available-for-sale	470,280			470,280			472,920			472,920
Securities—held-to-maturity	102,513			103,610			86,452			92,458
Loans receivable held for sale	2,734			2,751			11,920			12,059
Loans receivable	3,415,711			3,297,936			3,223,794			3,143,853
FHLB stock	35,390			35,390			36,705			36,705
BOLI	61,945			61,945			59,891			59,891
Mortgage servicing rights	8,086			11,529			6,244			6,244
Derivatives	5,076			5,076			8,863			8,863
Liabilities:
Demand, interest-bearing checking and money market	1,946,467			1,697,095			1,800,555			1,729,351
Regular savings	798,764			695,863			727,956			694,609
Certificates of deposit	872,695			867,904			1,029,293			1,033,931
Advances from FHLB at fair value	27,250			27,250			10,304			10,304
Junior subordinated debentures at fair value	73,928			73,928			73,063			73,063
Other borrowings	83,056			83,056			76,633			76,633
Derivatives	4,989			4,989			8,548			8,548
Off-balance-sheet financial instruments:
Commitments to originate loans	130			130			510			510
Commitments to sell loans	(43		)	(43		)	(195		)	(195		)