FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31, 2015
		Fair Value Measurements Using
Description	Total	Level 1 Inputs	Level 2 Inputs	Level 3 Inputs
Trading securities (Registered Mutual Funds):
Domestic Equity Mutual Funds	$1,481	$1,481	$-	$-
International Equity Mutual Funds	174	174	-	-
Fixed Income Mutual Funds	7,092	7,092	-	-
Investment securities available-for-sale:
Registered Mutual Funds:
Domestic Equity Mutual Funds	2,229	2,229	-	-
International Equity Mutual Funds	440	440	-	-
Fixed Income Mutual Funds	1,177	1,177	-	-
Pass-through MBS issued by GSEs	485	-	485	-

Assets Measured at Fair Value on a Recurring Basis at December 31, 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	$1,399	$1,399	$-	$-
International Equity Mutual Funds	159	159	-	-
Fixed Income Mutual Funds	7,001	7,001	-	-
Investment securities available-for-sale:
Agency notes	70	-	70	-
Registered Mutual Funds:
Domestic Equity Mutual Funds	2,160	2,160	-	-
International Equity Mutual Funds	415	415	-	-
Fixed Income Mutual Funds	1,161	1,161	-	-
Pass-through MBS issued by GSEs	25,607	-	25,607	-
Private issuer pass through MBS	455	-	455	-
Private issuer CMOs	347	-	347	-

Fair Value Measurements, Nonrecurring

Assets Measured at Fair Value on a Non-Recurring Basis at March 31, 2015
			Fair Value Measurements Using
Description	Total		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Impaired loans:
Commercial Mixed Use Real Estate	$	4,400	$	-	$	-	$	4,400

Assets Measured at Fair Value on a Non-Recurring Basis at December 31, 2014
			Fair Value Measurements Using
Description	Total		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Impaired loans:
Commercial Mixed Use Real Estate	$	4,400	$	-	$	-	$	4,400

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 March 31, 2015:

Fair Value Derived	Valuation Technique Utilized	Significant Unobservable Input(s)	Minimum Value	Maximum Value	Weighted Average Value
$4,400	Income approach only	Capitalization rate	N/A(1)	N/A(1)	7.5%

(1)  Only one loan in 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, 2014:

Fair Value Derived	Valuation Technique Utilized	Significant Unobservable Input(s)	Minimum Value	Maximum Value	Weighted Average Value
$4,400	Income approach only	Capitalization rate	N/A(1)	N/A(1)	7.5%

(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, 2015 and December 31, 2014 were as follows:

		Fair Value at March 31, 2015 Using
At March 31, 2015	Carrying Amount	Level 1 Inputs	Level 2 Inputs	Level 3 Inputs	Total
Assets:
Cash and due from banks	$79,149	$79,149	$-	$-	$79,149
Federal funds sold and other short-term investments	250	250	-	-	250
Investment securities held to maturity (TRUPS)	5,326	-	-	6,247	6,247
Loans, net (excluding impaired loans carried at fair value)	4,212,080	-	-	4,294,434	4,294,434
Accrued interest receivable	12,798	2	31	12,765	12,798
Mortgage Servicing Rights ("MSR")	320	-	320	-	320
FHLBNY capital stock	52,782	N/A	N/A	N/A	N/A
Liabilities:
Savings, money market and checking accounts	1,914,571	1,914,571	-	-	1,914,571
Certificates of Deposit ("CDs")	927,863	-	938,214	-	938,214
Escrow and other deposits	114,476	114,476	-	-	114,476
FHLBNY Advances	1,048,725	-	1,061,362	-	1,061,362
Trust Preferred securities payable	70,680	-	70,680	-	70,680
Accrued interest payable	2,729	-	2,729	-	2,729

		Fair Value at December 31, 2014 Using
At December 31, 2014	Carrying Amount		Level 1 Inputs	Level 2 Inputs	Level 3 Inputs	Total
Assets:
Cash and due from banks	$78,187		$78,187	$-	$-	$78,187
Federal funds sold and other short-term investments	250		250	-	-	250
Investment securities held to maturity (TRUPS)	5,367		-	-	6,315	6,315
Loans, net (excluding impaired loans carried at fair value)	4,096,347		-	-	4,188,137	4,188,137
Accrued interest receivable	12,664		2	104	12,558	12,664
MSR	351		-	351	-	351
FHLBNY capital stock	58,407		N/A	N/A	N/A	N/A
Liabilities:
Savings, money market and checking accounts	1,733,474		1,733,474	-	-	1,733,474
CDs	926,318		-	934,324	-	934,324
Escrow and other deposits	91,921		91,921	-	-	91,921
FHLBNY Advances	1,173,725		-	1,186,069	-	1,186,069
Trust Preferred securities payable	70,680		-	70,680	-	70,680
Accrued interest payable	2,729		-	2,729	-	2,729