Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016 and December 31, 2015, by level within the fair value hierarchy:



	Fair Value Measurements at Reporting Date Using:
(In thousands)	March 31, 2016		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	$	8,047	8,047	—	—
Agency obligations	79,600		79,600	—	—
Mortgage-backed securities	886,641		—	886,641	—
State and municipal obligations	4,322		—	4,322	—
Corporate obligations	5,075		—	5,075	—
Equity securities	521		521	—	—
Total securities available for sale	984,206		88,168	896,038	—
Derivative assets	14,407		—	14,407	—
	$	998,613	88,168	910,445	—

Derivative liabilities	$	15,565	—	15,565	—

Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral	$	10,136	—	—	10,136
Foreclosed assets	11,029		—	—	11,029
	$	21,165	—	—	21,165



	Fair Value Measurements at Reporting Date Using:
(In thousands)	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:
US 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	—
Equity securities	519		519	—	—
	$	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

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, 2016 and December 31, 2015. Fair values are presented by level within the fair value hierarchy.



			Fair Value Measurements at March 31, 2016 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	$	108,111	108,111	108,111	—	—
Securities available for sale:
US Treasury obligations	8,047		8,047	8,047	—	—
Agency obligations	79,600		79,600	79,600	—	—
Mortgage-backed securities	886,641		886,641	—	886,641	—
State and municipal obligations	4,322		4,322	—	4,322	—
Corporate obligations	5,075		5,075	—	5,075	—
Equity securities	521		521	521	—	—
Total securities available for sale	$	984,206	984,206	88,168	896,038	—
Investment securities held to maturity:
Agency obligations	4,197		4,205	4,205	—	—
Mortgage-backed securities	1,403		1,458	—	1,458	—
State and municipal obligations	457,427		475,733	—	475,733	—
Corporate obligations	9,907		9,953	—	9,953	—
Total securities held to maturity	$	472,934	491,349	4,205	487,144	—
FHLBNY stock	72,135		72,135	72,135	—	—
Loans, net of allowance for loan losses	6,575,936		6,557,405	—	—	6,557,405
Derivative assets	14,407		14,407	—	14,407	—

Financial liabilities:
Deposits other than certificates of deposits	$	5,359,244	5,359,244	5,359,244	—	—
Certificates of deposit	795,618		797,686	—	797,686	—
Total deposits	$	6,154,862	6,156,930	5,359,244	797,686	—
Borrowings	1,570,141		1,587,301	—	1,587,301	—
Derivative liabilities	15,565		15,565	—	15,565	—



			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:
US 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	—