FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2018

FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

Assets and Liabilities Measured on Recurring Basis

The following tables present financial assets 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 March 31, 2018 Using
	Total		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Financial Assets
Marketable equity securities (Registered Mutual Funds):
Domestic Equity Mutual Funds	$	1,863	$	1,863		-		-
International Equity Mutual Funds		538		538		-		-
Fixed Income Mutual Funds		4,032		4,032		-		-
Debt securities available-for-sale:
Pass-through MBS issued by GSEs		237,365		-		237,365		-
Agency CMOs		117,045		-		117,045		-
Derivative – interest rate product		6,117		-		6,117		-
Financial Liabilities
Derivative – interest rate product	$	78	$	-	$	78	$	-

			Fair Value Measurements at December 31, 2017 Using
	Total		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Financial Assets
Trading securities (Registered Mutual Funds):
Domestic Equity Mutual Funds	$	460	$	460	$	-	$	-
International Equity Mutual Funds		120		120		-		-
Fixed Income Mutual Funds		2,135		2,135		-		-
Investment securities available-for-sale:
Registered Mutual Funds:
Domestic Equity Mutual Funds		1,512		1,512		-		-
International Equity Mutual Funds		445		445		-		-
Fixed Income Mutual Funds		2,049		2,049		-		-
Pass-through MBS issued by GSEs		72,629		-		72,629		-
Agency CMOs		278,755		-		278,755		-
Derivative – interest rate product		4,041		-		4,041		-

Impaired Loans Measured at Fair Value on a Non-recurring Basis

The following table presents impaired loans that were re-measured and reported at fair value through a specific valuation allowance allocation of the allowance for loan losses based upon the fair value of the underlying collateral during the reported period.

					Fair Value Measurements at March 31, 2018 Using
	Carrying Amount Before Allocation		Specific Valuation Allowance Allocation		Fair Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Impaired Loans
C&I	$	1,179	$	294	$	885	$	-	$	-	$	885

Carrying Amounts and Estimated Fair Values of Financial Instruments

The following tables present the carrying amounts and estimated fair values of financial instruments other than those measured at fair value on either a recurring or non-recurring is as follows for 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 March 31, 2018 Using
	Carrying Amount		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Financial Assets
Cash and due from banks	$	188,826	$	188,826	$	-	$	-	$	188,826
Loans, net (excluding impaired loans carried at fair value)		5,485,337		-		-		5,454,038		5,454,038
Accrued interest receivable		16,535		-		768		15,767		16,535
FHLBNY capital stock		52,514		N/A		N/A		N/A		N/A
Financial Liabilities
Savings, money market and checking accounts		3,205,950		3,205,950		-		-		3,205,950
Certificates of Deposits (“CDs”)		1,224,491		-		1,221,036		-		1,221,036
Escrow and other deposits		131,953		131,953		-		-		131,953
FHLBNY Advances		1,010,400		-		1,001,841		-		1,001,841
Subordinated debt, net		113,649		-		113,793		-		113,793
Accrued interest payable		3,318		-		3,318		-		3,318

			Fair Value Measurements at December 31, 2017 Using
	Carrying Amount		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Financial Assets
Cash and due from banks	$	169,455	$	169,455	$	-	$	-	$	169,455
Loans, net		5,581,084		-		-		5,519,746		5,519,746
Accrued interest receivable		16,543		-		751		15,792		16,543
FHLBNY capital stock		59,696		N/A		N/A		N/A		N/A
Financial Liabilities
Savings, money market and checking accounts		3,311,560		3,311,560		-		-		3,311,560
CDs		1,091,887		-		1,192,964		-		1,192,964
Escrow and other deposits		82,168		82,168		-		-		82,168
FHLBNY Advances		1,170,000		-		1,164,947		-		1,164,947
Subordinated debt, net		113,612		-		115,337		-		115,337
Accrued interest payable		1,623		-		1,623		-		1,623