Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2016 and December 31, 2015, by level within the fair value hierarchy:



	Fair Value Measurements at Reporting Date Using:
(In thousands)	September 30, 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	$	8,031	8,031	—	—
Agency obligations	69,390		69,390	—	—
Mortgage-backed securities	935,781		—	935,781	—
State and municipal obligations	4,353		—	4,353	—
Corporate obligations	14,132		—	14,132	—
Equity securities	548		548	—	—
Total securities available for sale	1,032,235		77,969	954,266	—
Derivative assets	18,641		—	18,641	—
	$	1,050,876	77,969	972,907	—

Derivative liabilities	$	20,216	—	20,216	—

Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral	$	9,100	—	—	9,100
Foreclosed assets	10,087		—	—	10,087
	$	19,187	—	—	19,187



	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	—	—
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

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 September 30, 2016 and December 31, 2015. Fair values are presented by level within the fair value hierarchy.



			Fair Value Measurements at September 30, 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	$	159,674	159,674	159,674	—	—
Securities available for sale:
US Treasury obligations	8,031		8,031	8,031	—	—
Agency obligations	69,390		69,390	69,390	—	—
Mortgage-backed securities	935,781		935,781	—	935,781	—
State and municipal obligations	4,353		4,353	—	4,353	—
Corporate obligations	14,132		14,132	—	14,132	—
Equity securities	548		548	548	—	—
Total securities available for sale	$	1,032,235	1,032,235	77,969	954,266	—
Investment securities held to maturity:
Agency obligations	2,688		2,688	2,688	—	—
Mortgage-backed securities	1,037		1,079	—	1,079	—
State and municipal obligations	462,603		481,694	—	481,694	—
Corporate obligations	10,031		10,055	—	10,055	—
Total securities held to maturity	$	476,359	495,516	2,688	492,828	—
FHLBNY stock	71,019		71,019	71,019	—	—
Loans, net of allowance for loan losses	6,829,498		6,924,746	—	—	6,924,746
Derivative assets	18,641		18,641	—	18,641	—

Financial liabilities:
Deposits other than certificates of deposits	$	5,859,068	5,859,068	5,859,068	—	—
Certificates of deposit	668,430		670,146	—	670,146	—
Total deposits	$	6,527,498	6,529,214	5,859,068	670,146	—
Borrowings	1,522,368		1,540,977	—	1,540,977	—
Derivative liabilities	20,216		20,216	—	20,216	—



			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	—