Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

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, 2017 and December 31, 2016, by level within the fair value hierarchy:



	Fair Value Measurements at Reporting Date Using:
(In thousands)	March 31, 2017		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	$	7,996	7,996	—	—
Agency obligations	49,108		49,108	—	—
Mortgage-backed securities	967,318		—	967,318	—
State and municipal obligations	3,791		—	3,791	—
Corporate obligations	19,348		—	19,348	—
Equity securities	558		558	—	—
Total securities available for sale	1,048,119		57,662	990,457	—
Derivative assets	7,429		—	7,429	—
	$	1,055,548	57,662	997,886	—

Derivative liabilities	$	6,872	—	6,872	—

Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral	$	13,082	—	—	13,082
Foreclosed assets	7,684		—	—	7,684
	$	20,766	—	—	20,766



	Fair Value Measurements at Reporting Date Using:
(In thousands)	December 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	$	8,008	8,008	—	—
Agency obligations	57,188		57,188	—	—
Mortgage-backed securities	951,861		—	951,861	—
State and municipal obligations	3,743		—	3,743	—
Corporate obligations	19,037		—	19,037	—
Equity securities	549		549	—	—
Total securities available for sale	$	1,040,386	65,745	974,641	—
Derivative assets	7,441		—	7,441	—
	$	1,047,827	65,745	982,082	—

Derivative liabilities	$	6,750	—	6,750	—

Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral	$	11,001	—	—	11,001
Foreclosed assets	7,991		—	—	7,991
	$	18,992	—	—	18,992

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, 2017 and December 31, 2016. Fair values are presented by level within the fair value hierarchy.



			Fair Value Measurements at March 31, 2017 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	$	158,094	158,094	158,094	—	—
Securities available for sale:
US Treasury obligations	7,996		7,996	7,996	—	—
Agency obligations	49,108		49,108	49,108	—	—
Mortgage-backed securities	967,318		967,318	—	967,318	—
State and municipal obligations	3,791		3,791	—	3,791	—
Corporate obligations	19,348		19,348	—	19,348	—
Equity securities	558		558	558	—	—
Total securities available for sale	$	1,048,119	1,048,119	57,662	990,457	—
Investment securities held to maturity:
Agency obligations	4,656		4,572	4,572	—	—
Mortgage-backed securities	680		705	—	705	—
State and municipal obligations	474,677		478,517	—	478,517	—
Corporate obligations	9,101		9,069	—	9,069	—
Total securities held to maturity	$	489,114	492,863	4,572	488,291	—
FHLBNY stock	76,636		76,636	76,636	—	—
Loans, net of allowance for loan losses	6,935,914		6,915,009	—	—	6,915,009
Derivative assets	7,429		7,429	—	7,429	—

Financial liabilities:
Deposits other than certificates of deposits	$	5,850,497	5,850,497	5,850,497	—	—
Certificates of deposit	679,373		681,891	—	681,891	—
Total deposits	$	6,529,870	6,532,388	5,850,497	681,891	—
Borrowings	1,640,559		1,643,088	—	1,643,088	—
Derivative liabilities	6,872		6,872	—	6,872	—



			Fair Value Measurements at December 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	$	144,297	144,297	144,297	—	—
Securities available for sale:
US Treasury obligations	8,008		8,008	8,008	—	—
Agency obligations	57,188		57,188	57,188	—	—
Mortgage-backed securities	951,861		951,861	—	951,861	—
State and municipal obligations	3,743		3,743	—	3,743	—
Corporate obligations	19,037		19,037	—	19,037	—
Equity securities	549		549	549	—	—
Total securities available for sale	$	1,040,386	1,040,386	65,745	974,641	—
Investment securities held to maturity:
Agency obligations	$	4,306	4,225	4,225	—	—
Mortgage-backed securities	893		924	—	924	—
State and municipal obligations	473,653		474,852	—	474,852	—
Corporate obligations	9,331		9,286	—	9,286	—
Total securities held to maturity	$	488,183	489,287	4,225	485,062	—
FHLBNY stock	75,726		75,726	75,726	—	—
Loans, net of allowance for loan losses	6,941,603		6,924,440	—	—	6,924,440
Derivative assets	7,441		7,441	—	7,441	—

Financial liabilities:
Deposits other than certificates of deposits	$	5,902,446	5,902,446	5,902,446	—	—
Certificates of deposit	651,183		653,772	—	653,772	—
Total deposits	$	6,553,629	6,556,218	5,902,446	653,772	—
Borrowings	1,612,745		1,617,023	—	1,617,023	—
Derivative liabilities	6,750		6,750	—	6,750	—