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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2014
Fair Value Disclosures [Abstract]  
Assets and Liabilities Reported on Consolidated Statements of Financial Condition at Fair Values
The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of June 30, 2014 and December 31, 2013, by level within the fair value hierarchy.
 

Fair Value Measurements at Reporting Date Using:
(Dollars in thousands)

June 30, 2014

Quoted Prices in
Active  Markets for
Identical Assets
(Level 1)

Significant Other
Observable  Inputs
(Level 2)

Significant
Unobservable
Inputs (Level 3)
Measured on a recurring basis:








Securities available for sale:








Agency obligations

$
91,208

 
91,208

 
—

 
—

Mortgage-backed securities

1,048,024

 
—

 
1,048,024

 
—

State and municipal obligations

7,699

 
—

 
7,699

 
—

Corporate obligations
 
9,539

 
—

 
9,539

 
—

Equity securities

516

 
516

 
—

 
—



$
1,156,986

 
91,724

 
1,065,262

 
—

Measured on a non-recurring basis:

 
 
 
 
 
 
 
Loans measured for impairment based on the fair value of the underlying collateral

$
27,548

 
—

 
—

 
27,548

Foreclosed assets

6,983

 
—

 
—

 
6,983



$
34,531

 
—

 
—

 
34,531

 

Fair Value Measurements at Reporting Date Using:
(Dollars in thousands)

December 31, 2013

Quoted Prices in
Active  Markets for
Identical Assets
(Level 1)

Significant Other
Observable  Inputs
(Level 2)

Significant
Unobservable
Inputs (Level 3)
Measured on a recurring basis:








Securities available for sale:








Agency obligations

$
93,416

 
93,416

 
—

 
—

Mortgage-backed securities

1,054,974

 
—

 
1,054,974

 
—

State and municipal obligations

8,758

 
—

 
8,758

 
—

Equity securities

446

 
446

 
—

 
—



$
1,157,594

 
93,862

 
1,063,732

 
—

Measured on a non-recurring basis:

 
 
 
 
 
 
 
Loans measured for impairment based on the fair value of the underlying collateral

$
29,782

 
—

 
—

 
29,782

Foreclosed assets

5,486

 
—

 
—

 
5,486



$
35,268

 
—

 
—

 
35,268
Schedule of Financial Instruments at Carrying and Fair Values
The following tables present the Company’s financial instruments at their carrying and fair values as of June 30, 2014 and December 31, 2013. Fair values are presented by level within the fair value hierarchy.
 
 
 
 
Fair Value Measurements at June 30, 2014 Using:
(Dollars in thousands)
 
Carrying
value
 
Fair
value
 
Quoted Prices in
Active  Markets for
Identical Assets
(Level 1)
 
Significant  Other
Observable  Inputs
(Level 2)
 
Significant
Unobservable
Inputs (Level 3)
Financial assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
131,064

 
131,064

 
131,064

 
—

 
—

Securities available for sale:
 
 
 
 
 
 
 
 
 
 
Agency obligations
 
91,208

 
91,208

 
91,208

 
—

 
—

Mortgage-backed securities
 
1,048,024

 
1,048,024

 
—

 
1,048,024

 
—

State and municipal obligations
 
7,699

 
7,699

 
—

 
7,699

 
—

Corporate obligations
 
9,539

 
9,539

 
—

 
9,539

 
—

Equity securities
 
516

 
516

 
516

 
—

 
—

Total securities available for sale
 
$
1,156,986

 
1,156,986

 
91,724

 
1,065,262

 
—

Investment securities held to maturity:
 
 
 
 
 
 
 
 
 
 
Agency obligations
 
$
7,426

 
7,431

 
7,431

 
—

 
—

Mortgage-backed securities
 
3,693

 
3,866

 
—

 
3,866

 
—

State and municipal obligations
 
433,464

 
441,868

 
—

 
441,868

 
—

Corporate obligations
 
10,065

 
10,112

 
—

 
10,112

 
—

Total securities held to maturity
 
$
454,648

 
463,277

 
7,431

 
455,846

 
—

FHLB-NY stock
 
70,574

 
70,574

 
70,574

 
—

 
—

Loans, net of allowance for loan losses
 
5,846,194

 
5,971,191

 
—

 
—

 
5,971,191

Financial liabilities:
 
 
 
 
 
 
 
 
 
 
Deposits other than certificates of deposits
 
$
4,958,624

 
4,958,624

 
4,958,624

 
—

 
—

Certificates of deposit
 
879,406

 
885,186

 
—

 
885,186

 
—

 
 
5,838,030

 
5,843,810

 
4,958,624

 
885,186

 
—

Borrowings
 
$
1,418,843

 
1,429,973

 
—

 
1,429,973

 
—

 
 
 
 
Fair Value Measurements at December 31, 2013 Using:
(Dollars in thousands)
 
Carrying
value
 
Fair
value
 
Quoted Prices in
Active  Markets for
Identical Assets
(Level 1)
 
Significant  Other
Observable  Inputs
(Level 2)
 
Significant
Unobservable
Inputs (Level 3)
Financial assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
101,224

 
101,224

 
101,224

 
—

 
—

Securities available for sale:
 
 
 
 
 
 
 
 
 
 
Agency obligations
 
93,416

 
93,416

 
93,416

 
—

 
—

Mortgage-backed securities
 
1,054,974

 
1,054,974

 
—

 
1,054,974

 
—

State and municipal obligations
 
8,758

 
8,758

 
—

 
8,758

 
—

Equity securities
 
446

 
446

 
446

 
—

 
—

Total securities available for sale
 
$
1,157,594

 
1,157,594

 
93,862

 
1,063,732

 
—

Investment securities held to maturity:
 
 
 
 
 
 
 
 
 
 
Agency obligations
 
$
7,523

 
7,470

 
7,470

 
—

 
—

Mortgage-backed securities
 
5,273

 
5,520

 
—

 
5,520

 
—

State and municipal obligations
 
334,750

 
332,987

 
—

 
332,987

 
—

Corporate obligations
 
9,954

 
9,936

 
—

 
9,936

 
—

Total securities held to maturity
 
$
357,500

 
355,913

 
7,470

 
348,443

 
—

FHLB-NY stock
 
58,070

 
58,070

 
58,070

 
—

 
—

Loans, net of allowance for loan losses
 
5,130,149

 
5,221,228

 
—

 
—

 
5,221,228

Financial liabilities:
 
 
 
 
 
 
 
 
 
 
Deposits other than certificates of deposits
 
$
4,395,717

 
4,395,717

 
4,395,717

 
—

 
—

Certificates of deposit
 
806,754

 
813,337

 
—

 
813,337

 
—

Total deposits
 
$
5,202,471

 
5,209,054

 
4,395,717

 
813,337

 
—

Borrowings
 
$
1,203,879

 
1,218,136

 
—

 
1,218,136

 
—