FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2016

FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

Schedule of Assets and Liabilities Measured on Recurring Basis

The following tables present the assets and liabilities measured at fair value on a recurring basis as of the dates indicated, segmented by level within the fair value hierarchy.  Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

			Fair Value Measurements at September 30, 2016 Using
	Total		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Financial Assets
Trading securities (Registered Mutual Funds):
Domestic Equity Mutual Funds	$	834	$	834	$	-	$	-
International Equity Mutual Funds		222		222		-		-
Fixed Income Mutual Funds		5,834		5,834		-		-
Investment securities available-for-sale:
Registered Mutual Funds:
Domestic Equity Mutual Funds		1,307		1,307		-		-
International Equity Mutual Funds		397		397		-		-
Fixed Income Mutual Funds		2,229		2,229		-		-
Pass-through MBS issued by GSEs		3,647		-		3,647		-
Financial Liabilities
Derivative – interest rate product	$	249		-	$	249		-

			Fair Value Measurements at December 31, 2015 Using
	Total		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Financial Assets
Trading securities (Registered Mutual Funds):
Domestic Equity Mutual Funds	$	1,053	$	1,053	$	-	$	-
International Equity Mutual Funds		281		281		-		-
Fixed Income Mutual Funds		8,867		8,867		-		-
Investment securities available-for-sale:
Registered Mutual Funds:
Domestic Equity Mutual Funds		1,253		1,253		-		-
International Equity Mutual Funds		383		383		-		-
Fixed Income Mutual Funds		2,120		2,120		-		-
Pass-through MBS issued by GSEs		431		-		431		-

Carrying Amounts and Estimated Fair Values of Financial Instruments

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, 2016 and December 31, 2015 were as follows:

			Fair Value Measurements at September 30, 2016 Using
	Carrying Amount		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Financial Assets
Cash and due from banks	$	80,870	$	80,870	$	-	$	-	$	80,870
Investment securities held to maturity (TRUPS)		5,356		-		-		6,858		6,858
Loans, net		5,470,117		-		-		5,507,493		5,507,493
Accrued interest receivable		15,192		-		11		15,181		15,192
FHLBNY capital stock		46,739		N/A		N/A		N/A		N/A
Financial Liabilities
Savings, money market and checking accounts		3,091,323		3,091,323		-		-		3,091,323
Certificates of Deposits (“CDs”)		1,067,941		-		1,076,637		-		1,076,637
Escrow and other deposits		117,309		117,309		-		-		117,309
FHLBNY Advances		882,125		-		888,141		-		888,141
Trust Preferred securities payable		70,680		-		70,327		-		70,327
Accrued interest payable		2,291		-		2,291		-		2,291

			Fair Value Measurements at December 31, 2015 Using
	Carrying Amount		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Financial Assets
Cash and due from banks	$	64,154	$	64,154	$	-	$	-	$	64,154
Investment securities held to maturity (TRUPS)		5,242		-		-		7,051		7,051
Loans, net		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
Financial 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