FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2014

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 segmented 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 June 30, 2014
			Fair Value Measurements Using
Description	Total		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Trading securities (Registered Mutual Funds):
Domestic Equity Mutual Funds	$	1,368	$	1,368	$	-	$	-
International Equity Mutual Funds		169		169		-		-
Fixed Income Mutual Funds		5,521		5,521		-		-
Investment securities available-for-sale:
Agency notes		70		-		70		-
Registered Mutual Funds:
Domestic Equity Mutual Funds		2,106		2,106		-		-
International Equity Mutual Funds		442		442		-		-
Fixed Income Mutual Funds		1,148		1,148		-		-
Pass-through MBS issued by GSEs		28,002		-		28,002		-
CMOs  issued by GSEs		17		-		17		-
Private issuer pass through MBS		542		-		542		-
Private issuer CMOs		454		-		454		-

Assets Measured at Fair Value on a Recurring Basis at December 31, 2013
			Fair Value Measurements Using
Description	Total		Level 1 Inputs		Level2 Inputs		Level3 Inputs
Trading securities (Registered Mutual Funds):
Domestic Equity Mutual Funds	$	1,311	$	1,311	$	-	$	-
International Equity Mutual Funds		164		164		-		-
Fixed Income Mutual Funds		5,347		5,347		-		-
Investment securities available-for-sale:
Agency notes		15,091		-		15,091		-
Registered Mutual Funds:
Domestic Equity Mutual Funds		2,016		2,016		-		-
International Equity Mutual Funds		427		427		-		-
Fixed Income Mutual Funds		1,115		1,115		-		-
Pass-through MBS issued by GSEs		29,959		-		29,959		-
CMOs  issued by GSEs		321		-		321		-
Private issuer pass through MBS		680		-		680		-
Private issuer CMOs		583		-		583		-

Fair Value Measurements, Nonrecurring

Assets Measured at Fair Value on a Non-Recurring Basis at June 30, 2014
				Fair Value Measurements Using
Description	Total			Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Impaired loans:
One- to Four Family Residential, Including Condominium and Cooperative Apartment		$	477		-		-		$	477
Commercial Mixed Use Real Estate			4,400		-		-			4,400
Commercial Real Estate			207		-		-			207

Assets Measured at Fair Value on a Non-Recurring Basis at December 31, 2013
				Fair Value Measurements Using
Description	Total			Level 1 Inputs			Level 2 Inputs			Level 3 Inputs
Impaired loans:
One- to Four Family Residential, Including Condominium and Cooperative Apartment		$	$ 477		$	-		$	-		$	$ 477
Multifamily Residential and Residential Mixed Use Real Estate			325			-			-			325
Commercial Mixed Use Real Estate			4,400			-			-			4,400
Commercial Real Estate			5,707			-			-			5,707

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 June 30, 2014:

Fair Value Derived		Valuation Technique Utilized	Significant Unobservable Input(s)	Maximum Value			Minimum Vale			Weighted Average Value
$	4,607	Income approach only	Capitalization rate		N/A	(1)		N/A	(1)		7.5	%
			Reduction for planned expedited disposal		N/A	(1)		N/A	(1)		0.4	%
	477	Blended income and sales comparison approaches	Reduction to the sales comparison value to reconcile differences between comparable sales		0.0	%		15.0	%		8.3	%
			Capitalization rate (income approach component)		7.8	%		8.5	%		8.1	%
			Reduction for planned expedited disposal		20.0	%		27.5	%		23.3	%

(1) 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, 2013:

Fair Value Derived		Valuation Technique Utilized	Significant Unobservable Input(s)	Maximum Value			Minimum Value			Weighted Average Value
$	4607	Income approach only	Capitalization rate		N/A	(1)		N/A	(1)		7.5	%
			Reduction for planned expedited disposal		N/A	(1)		N/A	(1)		0.4	%
	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 based upon comparable note sale experience		N/A	(1)		N/A	(1)		17.0	%

(1) 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 March 31, 2014 and December 31, 2013 were as follows:

			Fair Value at June 30, 2014 Using
At June 30, 2014	Carrying Amount		Level 1 Inputs			Level 2 Inputs			Level 3 Inputs			Total
Assets:
Cash and due from banks	$	57,213	$	57,213		$	-		$	-		$	57,213
Investment securities held to maturity (TRUPS)		5,330		-			-			6,125			6,125
Loan, net		3,955,358		-			-			4,056,915			4,056,915
Accrued interest receivable		12,494		1			115			12,378			12,494
Mortgage Servicing Rights ("MSR")		415		-			415			-			415
FHLBNY capital stock		53,269		N/	A		N/	A		N/	A		N/	A
Liabilities:
Savings, money market and checking accounts	$	1,786,064	$	1,786,064		$	-		$	-		$	1,786,064
Certificates of Deposit  ("CDs")		867,016		-			878,535			-			878,535
Escrow and other deposits		76,930		76,930			-			-			76,930
FHLBNY Advances		1,018,150		-			1,037,962			-			1,037,962
Trust Preferred securities payable		70,680		-			70,680			-			70,680
Accrued interest payable		2,959		-			2,959			-			2,959

			Fair Value at December 31, 2013 Using
At December 31, 2013	Carrying Amount		Level 1 Inputs			Level 2 Inputs			Level 3 Inputs			Total
Assets:
Cash and due from banks	$	45,777	$	45,777		$	-		$	-		$	45,777
Investment securities held to maturity (TRUPS)		5,341		-			-			5,163			5,163
Loans, net		3,679,366		-			-			3,718,604			3,718,604
Premises held for sale		3,624		-			4,400			-			4,400
Accrued interest receivable		12,066		-			178			11,888			12,066
MSR		628		-			1,006			-			1,006
FHLBNY capital stock		48,051		N/	A		N/	A		N/	A		N/	A
Liabilities:
Savings, money market and checking accounts	$	1,678,737	$	1,678,737		$	-		$	-		$	1,678,737
CDs		828,409		-			839,059			-			839,059
Escrow and other deposits		69,404		69,404			-			-			69,404
FHLBNY Advances		910,000		-			934,336			-			934,336
Trust Preferred securities payable		70,680		-			70,680			-			70,680
Accrued interest payable		2,642		-			2,642			-			2,642