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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 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
 
$
1,083
  
$
1,083
  
$
-
  
$
-
 
   International Equity Mutual Funds
  
308
   
308
   
-
   
-
 
   Fixed Income Mutual Funds
  
7,386
   
7,386
   
-
   
-
 
Investment securities available-for-sale:
                
   Registered Mutual Funds:
                
      Domestic Equity Mutual Funds
  
1,288
   
1,288
   
-
   
-
 
      International Equity Mutual Funds
  
420
   
420
   
-
   
-
 
      Fixed Income Mutual Funds
  
2,134
   
2,134
   
-
   
-
 
Pass-through MBS issued by GSEs
  
459
   
-
   
459
   
-
 

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

The following table summarizes assets measured at fair value on a non-recurring basis as of the dates indicated:
 
Assets Measured at Fair Value on a Non-Recurring Basis at June 30, 2015
    
Fair Value Measurements Using
Description
 
Total
 
Level 1 Inputs
 
Level 2 Inputs
Level 3 Inputs
Loans held for sale
 
$333
 
$- 
 
$333
$- 

 
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 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 June 30, 2015 and December 31, 2014 were as follows:

    
Fair Value at June 30, 2015 Using
   
At June 30, 2015
 
Carrying
Amount
  
Level 1
Inputs
  
Level 2
Inputs
  
Level 3
Inputs
  
Total
 
Assets:
          
Cash and due from banks
 
$
67,946
  
$
67,946
  
$
-
  
$
-
  
$
67,946
 
Federal funds sold and other short-term investments
  
-
   
-
   
-
   
-
   
-
 
Investment securities held to maturity (TRUPS)
  
5,300
   
-
   
7,787
   
-
   
7,787
 
Loans, net (excluding impaired loans carried at fair value)
  
4,287,710
   
-
   
-
   
4,348,039
   
4,294,434
 
Accrued interest receivable
  
12,424
   
-
   
1
   
12,423
   
12,424
 
FHLBNY capital stock
  
52,728
   
N/
A
  
N/
A
  
N/
A
  
N/
A
Liabilities:
                    
Savings, money market and checking accounts
  
2,035,479
   
2,035,479
   
-
   
-
   
2,035,478
 
Certificates of Deposit ("CDs")
  
898,328
   
-
   
906,102
   
-
   
906,102
 
Escrow and other deposits
  
87,239
   
87,239
   
-
   
-
   
87,239
 
FHLBNY Advances
  
1,033,725
   
-
   
1,043,325
   
-
   
1,043,325
 
Trust Preferred securities payable
  
70,680
   
-
   
70,680
   
-
   
70,680
 
Accrued interest payable
  
2,504
   
-
   
2,504
   
-
   
2,504
 



    
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
 
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