FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2013

FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables present the assets that are reported on the consolidated statements of financial condition at fair value as of the date indicated by level within the fair value hierarchy.  Financial assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

Assets Measured at Fair Value on a Recurring Basis at September 30, 2013
			Fair Value Measurements Using
Description	Total		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Trading securities (Registered Mutual Funds):
Domestic Equity Mutual Funds	$	1,217	$	1,217	$	-	$	-
International Equity Mutual Funds		156		156		-		-
Fixed Income Mutual Funds		3,889		3,889		-		-
Investment securities available-for-sale:
Agency notes		15,117		-		15,117		-
Registered Mutual Funds:
Domestic Equity Mutual Funds		1,836		1,836		-		-
International Equity Mutual Funds		397		397		-		-
Fixed Income Mutual Funds		1,118		1,118		-		-
Pass-through MBS issued by GSEs		32,305		-		32,305		-
CMOs  issued by GSEs		535		-		535		-
Private issuer pass through MBS		728		-		728		-
Private issuer CMOs		658		-		658		-

Assets Measured at Fair Value on a Recurring Basis at December 31, 2012
			Fair Value Measurements Using
Description	Total		Level 1 Inputs		Level2 Inputs		Level3 Inputs
Trading securities (Registered Mutual Funds):
Domestic Equity Mutual Funds	$	930	$	930	$	-	$	-
International Equity Mutual Funds		129		129		-		-
Fixed Income Mutual Funds		3,815		3,815		-		-
Investment securities available-for-sale:
Agency notes		29,945		-		29,945		-
Registered Mutual Funds:
Domestic Equity Mutual Funds		1,502		1,502		-		-
International Equity Mutual Funds		358		358		-		-
Fixed Income Mutual Funds		1,145		1,145		-		-
Pass-through MBS issued by GSEs		44,678		-		44,678		-
CMOs  issued by GSEs		2,462		-		2,462		-
Private issuer pass through MBS		955		-		955		-
Private issuer CMOs		926		-		926		-

Fair Value Measurements, Nonrecurring

The agency notes owned by the Company possessed the highest possible credit rating published by at least one established credit rating agency as of both September 30, 2013 and December 31, 2012.  Obtaining market values as of September 30, 2013 and December 31, 2012 for these securities utilizing significant observable inputs was not difficult due to their continued marketplace demand.  The pass-through MBS and CMOs issued by GSEs all possessed the highest possible credit rating published by at least one established credit rating agency as of both September 30, 2013 and December 31, 2012.  Obtaining market values as of September 30, 2013 and December 31, 2012 for these securities utilizing significant observable inputs was not difficult due to their considerable demand.

Assets Measured at Fair Value on a Non-Recurring Basis at September 30, 2013
				Fair Value Measurements Using
Description	Total			Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Impaired loans:
One- to Four Family Residential and Cooperative Unit		$	477		-		-		$	477
Multifamily Residential and Residential Mixed Use Real Estate			325		-		-			325
Commercial Real Estate			5,707		-		-			5,707

Assets Measured at Fair Value on a Non-Recurring Basis at December 31, 2012
				Fair Value Measurements Using
Description	Total			Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Impaired loans:
Multifamily Residential and Residential Mixed Use Real Estate		$	450		-		-		$	450
Commercial Real Estate			6,472		-		-			6,472

Fair Value Inputs, Assets, Quantitative Information

The following table presents quantitative information about Level 3 fair value measurements for impaired loans measured at fair value on a non-recurring basis at September 30, 2013:

Fair Value Derived		Valuation Technique Utilized	Significant Unobservable Input(s)	Range of Values			Weighted Average Value
$	207	Income approach only	Capitalization rate		N/A	*		7.5	%
			Reduction for planned expedited disposal		N/A	*		10.0	%
	802	Blended income and sales comparison approaches	Reduction to the sales comparison value to reconcile differences between comparable sales		0.0 %-15.0	%		5.0	%
			Capitalization rate (income approach component)		7.8 %-8.5	%		8.3	%
			Reduction for planned expedited disposal		20.0 %-30.0	%		26.0	%
	5,500	Previously negotiated note sales	Discount to unpaid principal balance from likely realizable value of a note sale negotiated on terms deemed acceptable		N/A	*		17.0	%

*Only one loan in this population.

The following table presents quantitative information about Level 3 fair value measurements for impaired loans measured at fair value on a non-recurring basis at December 31, 2012:

Fair Value Derived		Valuation Technique Utilized	Significant Unobservable Input(s)	Range of Values			Weighted Average Value
$	207	Income approach only	Capitalization rate		N/A	*		7.5	%
			Reduction for planned expedited disposal		N/A	*		10.0	%
	1,215	Blended income and sales comparison approaches	Reduction to the sales comparison value to reconcile differences between comparable sales		0.0 %-6.0	%		3.8	%
			Capitalization rate (income approach component)		7.3 %-7.5	%		7.4	%
			Reduction for planned expedited disposal		10.0 %-25.0	%		15.6	%
	5,500	Previously negotiated note sales	Discount to unpaid principal balance from likely realizable value of a note sale negotiated on terms deemed acceptable		N/A	*		17.0	%

*Only one loan in this population.

Fair Value, by Balance Sheet Grouping

The carrying amounts and estimated fair values of financial instruments (other than those measured at fair value on either a recurring or non-recurring basis) at September 30, 2013 and December 31, 2012 were as follows:

			Fair Value at September 30, 2013 Using
At September 30, 2013	Carrying Amount		Level 1 Inputs			Level 2 Inputs			Level 3 Inputs			Total
Assets:
Cash and due from banks	$	65,713	$	65,713		$	-		$	-		$	65,713
Investment securities held to maturity (TRUPS)		5,622		-			-			6,138			6,138
Loan, net		3,641,999		-			-			3,673,735			3,673,735
Accrued interest receivable		11,908		2			194			11,712			11,908
Mortgage Servicing Rights ("MSR")		705		-			1,076			-			1,076
FHLBNY capital stock		41,863		N/	A		N/	A		N/	A		N/	A
Liabilities:
Savings, money market and checking accounts	$	1,756,570	$	1,756,570		$	-		$	-		$	1,756,570
Certificates of Deposit  ("CDs")		852,594		-			864,333			-			864,333
Escrow and other deposits		98,160		98,160			-			-			98,160
FHLBNY Advances		772,500		-			802,251			-			802,251
Trust Preferred securities payable		70,680		-			70,680			-			70,680
Accrued interest payable		2,923		-			2,923			-			2,923

			Fair Value at December 31, 2012 Using
At December 31, 2012	Carrying Amount		Level 1 Inputs			Level 2 Inputs			Level 3 Inputs			Total
Assets:
Cash and due from banks	$	79,076	$	79,076		$	-		$	-		$	79,076
Investment securities held to maturity (TRUPS)		5,927		-			-			6,267			6,267
Loans, net		3,478,336		-			-			3,602,583			3,602,583
Loans held for sale		560		-			560			-			560
Accrued interest receivable		13,518		-			359			13,159			13,518
MSR		1,115		-			1,511			-			1,511
FHLBNY capital stock		45,011		N/	A		N/	A		N/	A		N/	A
Liabilities:
Savings, money market and checking accounts	$	1,587,454	$	1,587,454		$	-		$	-		$	1,587,454
CDs		891,975		-			907,657			-			907,657
Escrow and other deposits		82,753		82,753			-			-			82,753
FHLBNY Advances		842,500		-			885,774			-			885,774
Trust Preferred securities payable		70,680		-			70,680			-			70,680
Accrued interest payable		2,827		-			2,827			-			2,827