FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 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 December 31, 2015
			Fair Value Measurements Using
Description	Total		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Gains (Losses) for the Year Ended December 31, 2015
Trading securities (Registered Mutual Funds):
Domestic Equity Mutual Funds	$	1,053	$	1,053	$	-	$	-	$	(27	)
International Equity Mutual Funds		281		281		-		-		(31	)
Fixed Income Mutual Funds		8,867		8,867		-		-		(53	)
Investment securities available-for-sale:
Registered Mutual Funds:
Domestic Equity Mutual Funds		1,253		1,253		-		-		9
International Equity Mutual Funds		383		383		-		-		-
Fixed Income Mutual Funds		2,120		2,120		-		-		(5	)
Pass-through MBS issued by GSEs		431		-		431		-		1,389

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		Gains (Losses) for the Year Ended December 31, 2014
Trading securities (Registered Mutual Funds):
Domestic Equity Mutual Funds	$	1,399	$	1,399	$	-	$	-	$	1
International Equity Mutual Funds		159		159		-		-		(7	)
Fixed Income Mutual Funds		7,001		7,001		-		-		19
Investment securities available-for-sale:
Agency notes		70		-		70		-		-
Registered Mutual Funds:
Domestic Equity Mutual Funds		2,160		2,160		-		-		918
International Equity Mutual Funds		415		415		-		-		56
Fixed Income Mutual Funds		1,161		1,161		-		-		23
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

There were no assets measured at fair value on a non-recurring basis as of December 31, 2015. The following table summarizes assets measured at fair value on a non-recurring basis as of December 31, 2014:

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

Loans Held for Sale - Loans held for sale are valued at the contractual sales price negotiated and agreed to by the Bank and a third party purchaser (deemed a Level 2 input).

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

			Fair Value at December 31, 2015 Using
At December 31, 2015	Carrying Amount		Level 1 Inputs			Level 2 Inputs			Level 3 Inputs			Total
Assets:
Cash and due from banks	$	64,154	$	64,154		$	-		$	-		$	64,154
Federal funds sold and other short-term investments		-		-			-			-			-
Investment securities held to maturity (TRUPS)		5,242		-			-			7,051			7,051
Loans, net (excluding impaired loans carried at fair value)		4,678,262		-			-			4,722,803			4,722,803
Accrued interest receivable		13,486		-			19			13,467			13,486
FHLBNY capital stock		58,713		N/	A		N/	A		N/	A		N/	A
Liabilities:
Savings, money market and checking accounts		2,325,463		2,325,463			-			-			2,325,463
CDs		858,847		-			865,581			-			865,581
Escrow and other deposits		77,130		77,130			-			-			77,130
FHLBNY Advances		1,166,725		-			1,170,274			-			1,170,274
Trust Preferred securities payable		70,680		-			69,973			-			69,973
Accrued interest payable		2,259		-			2,259			-			2,259

			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