Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31, 2015 and December 31, 2014, by level within the fair value hierarchy:



	Fair Value Measurements at Reporting Date Using:
(Dollars in thousands)	March 31, 2015		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:
US Treasury obligations	$	8,071	8,071	—	—
Agency obligations	95,157		95,157	—	—
Mortgage-backed securities	932,113		—	932,113	—
State and municipal obligations	6,083		—	6,083	—
Corporate obligations	5,596		—	5,596	—
Equity securities	539		539	—	—
Total securities available for sale	1,047,559		103,767	943,792	—
Asset derivatives	3,216		—	3,216	—
	$	1,050,775	103,767	947,008	—

Liability derivatives	$	3,285	—	3,285	—

Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral	$	23,010	—	—	23,010
Foreclosed assets	5,924		—	—	5,924
	$	28,934	—	—	28,934



	Fair Value Measurements at Reporting Date Using:
(Dollars in thousands)	December 31, 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:
US Treasury obligations	$	8,016	8,016		—		—
Agency obligations	95,076		95,076		—		—
Mortgage-backed securities	957,257		—		957,257		—
State and municipal obligations	7,002		—		7,002		—
Equity securities	524		524		—		—
	1,074,395		103,616		970,779		—
Asset derivatives	2,046		—		2,046
	$	1,076,441	$	103,616	$	972,825	$	—

Liability derivatives	$	2,052			2,052

Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral	$	23,086	—		—		23,086
Foreclosed assets	5,098		—		—		5,098
	$	28,184	—		—		28,184

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 March 31, 2015 and December 31, 2014. Fair values are presented by level within the fair value hierarchy.



			Fair Value Measurements at March 31, 2015 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	$	90,874	90,874	90,874	—		—
Securities available for sale:
US Treasury obligations	8,071		8,071	8,071	—		—
Agency obligations	95,157		95,157	95,157	—		—
Mortgage-backed securities	932,113		932,113	—	932,113		—
State and municipal obligations	6,083		6,083	—	6,083		—
Corporate obligations	5,596		5,596	—	5,596		—
Equity securities	539		539	539	—		—
Total securities available for sale	$	1,047,559	1,047,559	103,767	943,792		—
Investment securities held to maturity:
Agency obligations	7,131		7,143	7,143	—		—
Mortgage-backed securities	2,511		2,620	—	2,620		—
State and municipal obligations	453,339		467,121	—	467,121		—
Corporate obligations	10,723		10,787	—	10,787		—
Total securities held to maturity	$	473,704	487,671	7,143	480,528		—
FHLB-NY stock	67,455		67,455	67,455	—		—
Loans, net of allowance for loan losses	6,063,589		6,165,229	—	—		6,165,229
Asset derivative	3,216		3,216	—	3,216		—

Financial liabilities:
Deposits other than certificates of deposits	$	5,017,129	5,017,129	5,017,129	—		—
Certificates of deposit	805,922		809,036	—	809,036		—
Total deposits	5,823,051		5,826,165	5,017,129	809,036		—
Borrowings	1,468,404		1,489,209	—	1,489,209		—
Liability derivative	3,285		3,285	—	3,285	845,000	—



			Fair Value Measurements at December 31, 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	$	103,762	103,762	103,762	—	—
Securities available for sale:
US Treasury obligations	8,016		8,016	8,016	—	—
Agency obligations	95,076		95,076	95,076	—	—
Mortgage-backed securities	957,257		957,257	—	957,257	—
State and municipal obligations	7,002		7,002	—	7,002	—
Corporate obligations	6,520		6,520	—	6,520	—
Equity securities	524		524	524	—	—
Total securities available for sale	$	1,074,395	1,074,395	103,616	970,779	—
Investment securities held to maturity:
Agency obligations	$	6,813	6,810	6,810	—	—
Mortgage-backed securities	2,816		2,939	—	2,939	—
State and municipal obligations	449,410		462,238	—	462,238	—
Corporate obligations	10,489		10,486	—	10,486	—
Total securities held to maturity	$	469,528	482,473	6,810	475,663	—
FHLB-NY stock	69,789		69,789	69,789	—	—
Loans, net of allowance for loan losses	6,023,771		6,104,558	—	—	6,104,558
Asset derivative	2,046		2,046		2,046

Financial liabilities:
Deposits other than certificates of deposits	$	4,966,834	4,966,834	4,966,834	—	—
Certificates of deposit	825,689		830,233	—	830,233	—
Total deposits	$	5,792,523	5,797,067	4,966,834	830,233	—
Borrowings	1,509,851		1,516,966	—	1,516,966	—
Liability derivative	2,052		2,052		2,052

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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