Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Financial Assets and Financial Liabilities Measured at Fair Value

The following table summarizes financial assets and financial liabilities measured at fair value as of September 30, 2015 and December 31, 2014, 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:
September 30, 2015	Total Fair Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Items measured on a recurring basis:
Investment securities available-for-sale:
U.S. agency obligations	$	30,108	$	—	$	30,108	$	—
Items measured on a non-recurring basis:
Other real estate owned		3,262		—		—		3,262
Loans measured for impairment based on the fair value of the underlying collateral		12,844		—		—		12,844

			Fair Value Measurements at Reporting Date Using:
December 31, 2014	Total Fair Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Items measured on a recurring basis:
Investment securities available-for-sale:
U.S. agency obligations	$	19,804	$	—	$	19,804	$	—
Items measured on a non-recurring basis:
Other real estate owned		4,664		—		—		4,664
Loans measured for impairment based on the fair value of the underlying collateral		11,675		—		—		11,675

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 September 30, 2015 and December 31, 2014 are presented in the following tables (in thousands):


			Fair Value Measurements at Reporting Date Using:
September 30, 2015	Book Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Financial Assets:
Cash and due from banks	$	50,576	$	50,576	$	—	$	—
Securities held-to-maturity		392,932		—		400,852		—
Federal Home Loan Bank of New York stock		15,970		—		—		15,970
Loans receivable and mortgage loans held for sale		1,941,278		—		—		1,960,827
Financial Liabilities:
Deposits other than time deposits		1,707,685		—		1,707,685		—
Time deposits		260,086		—		261,888		—
Securities sold under agreements to repurchase with retail customers		77,993		77,993		—		—
Federal Home Loan Bank advances and other borrowings		260,506		—		262,488		—

			Fair Value Measurements at Reporting Date Using:
December 31, 2014	Book Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Financial Assets:
Cash and due from banks	$	36,117	$	36,117	$	—	$	—
Securities held-to-maturity		469,417		—		474,215		—
Federal Home Loan Bank of New York stock		19,170		—		—		19,170
Loans receivable and mortgage loans held for sale		1,693,047		—		—		1,709,819
Financial Liabilities:
Deposits other than time deposits		1,512,917		—		1,512,917		—
Time deposits		207,218		—		208,651		—
Securities sold under agreements to repurchase with retail customers		67,812		67,812		—		—
Federal Home Loan Bank advances and other borrowings		332,738		—		332,432		—