Fair Value Measurements (Tables)

12 Months Ended

Dec. 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 value as of December 31, 2015 and 2014, by level within the fair value hierarchy (in thousands).



			Fair Value Measurements at Reporting Date Using:
	December 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:
U.S. Treasury obligations	$	8,004	8,004	—	—
Agency obligations	82,330		82,330	—	—
Mortgage-backed securities	863,861		—	863,861	—
State and municipal obligations	4,308		—	4,308	—
Corporate obligations	5,512			5,512
Equities	519		519	—	—
Total securities available for sale	964,534		90,853	873,681	—
Derivative assets	6,854		—	6,854
	$	971,388	90,853	880,535	—

Derivative liabilities	$	6,745		6,745

Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral	$	9,481	—	—	9,481
Foreclosed assets	10,546		—	—	10,546
	$	20,027	—	—	20,027



			Fair Value Measurements at Reporting Date Using:
	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:
U.S. 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	—
Corporate obligations	6,520		—	6,520	—
Equities	524		524	—	—
Total securities available for sale	1,074,395		103,616	970,779	—
Derivative assets	2,046		—	2,046	—
	$	1,076,441	103,616	972,825	—

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



			Fair Value Measurements at December 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	$	102,226	102,226	102,226	—	—
Securities available for sale:
U.S. Treasury obligations	8,004		8,004	8,004	—	—
Agency obligations	82,330		82,330	82,330	—	—
Mortgage-backed securities	863,861		863,861	—	863,861	—
State and municipal obligations	4,308		4,308	—	4,308	—
Corporate obligations	5,512		5,512	—	5,512	—
Equity securities	519		519	519	—	—
Total securities available for sale	$	964,534	964,534	90,853	873,681	—
Investment securities held to maturity:
Agency obligations	$	4,096	4,097	4,097	—	—
Mortgage-backed securities	1,597		1,658	—	1,658	—
State and municipal obligations	458,062		472,661	—	472,661	—
Corporate obligations	9,929		9,915	—	9,915	—
Total securities held to maturity	$	473,684	488,331	4,097	484,234	—
FHLBNY stock	78,181		78,181	78,181	—	—
Loans, net of allowance for loan losses	6,476,250		6,509,502	—	—	6,509,502
Derivative assets	6,854		6,854		6,854

Financial liabilities:
Deposits other than certificates of deposits	$	5,184,266	5,184,266	5,184,266	—	—
Certificates of deposit	739,721		742,020	—	742,020	—
Total deposits	$	5,923,987	5,926,286	5,184,266	742,020	—
Borrowings	1,707,632		1,726,726	—	1,726,726	—
Derivative liabilities	6,745		6,745		6,745



			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:
U.S. 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	—
FHLBNY stock	69,789		69,789	69,789	—	—
Loans, net of allowance for loan losses	6,023,771		6,104,558	—	—	6,104,558
Derivative assets	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	—
Derivative liabilities	2,052		2,052	—	2,052	—