Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Financial Assets and Financial Liabilities Measured at Fair Value

The following table summarizes financial assets and financial liabilities measured at fair value as of June 30, 2014 and December 31, 2013, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands):

			Fair Value Measurements at Reporting Date Using:
	Total Fair Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
June 30, 2014
Items measured on a recurring basis:
Investment securities available-for-sale:
U.S. agency obligations	$	25,094	$	—	$	25,094	$	—
Equity investments		7,209		7,209		—		—
Items measured on a non-recurring basis:
Other real estate owned		4,968		—		—		4,968
Loans measured for impairment based on the fair value of the underlying collateral		14,794		—		—		14,794
			Fair Value Measurements at Reporting Date Using:
	Total Fair Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
December 31, 2013
Items measured on a recurring basis:
Investment securities available-for-sale:
U.S. agency obligations	$	35,289	$	—	$	35,289	$	—
Equity investments		8,547		8,547		—		—
Items measured on a non-recurring basis:
Other real estate owned		4,345		—		—		4,345
Loans measured for impairment based on the fair value of the underlying collateral		15,446		—		—		15,446

Book Value and Estimated Fair Value of Bank's Significant Financial Instruments Not Recorded at Fair Value

The book value and estimated fair value of the Bank’s significant financial instruments not recorded at fair value as of June 30, 2014 and December 31, 2013 are presented in the following tables (in thousands):

			Fair Value Measurements at Reporting Date Using:
	Book Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
June 30, 2014
Financial Assets:
Cash and due from banks	$	43,817	$	43,817	$	—	$	—
Securities held-to-maturity		478,389		—		484,524		600
Federal Home Loan Bank of New York stock		20,246		—		—		20,246
Loans receivable and mortgage loans held for sale		1,633,114		—		—		1,652,659
Financial Liabilities:
Deposits other than time deposits		1,490,791		—		1,490,791		—
Time deposits		214,719		—		216,988		—
Securities sold under agreements to repurchase with retail customers		62,341		62,341		—		—
Federal Home Loan Bank advances and other borrowings		332,500		—		332,380		—
			Fair Value Measurements at Reporting Date Using:
	Book Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
December 31, 2013
Financial Assets:
Cash and due from banks	$	33,958	$	33,958	$	—	$	—
Securities held-to-maturity		495,599		—		493,432		1,650
Federal Home Loan Bank of New York stock		14,518		—		—		14,518
Loans receivable and mortgage loans held for sale		1,542,245		—		—		1,561,208
Financial Liabilities:
Deposits other than time deposits		1,528,820		—		1,528,820		—
Time deposits		217,943		—		220,409		—
Securities sold under agreements to repurchase with retail customers		68,304		68,304		—		—
Federal Home Loan Bank advances and other borrowings		202,500		—		201,393		—