Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018 and December 31, 2017, by level within the fair value hierarchy:



	Fair Value Measurements at Reporting Date Using:
(In thousands)	March 31, 2018		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:
Available for sale debt securities:
Agency obligations	$	6,999	6,999	—	—
Mortgage-backed securities	1,003,603		—	1,003,603	—
State and municipal obligations	3,330		—	3,330	—
Corporate obligations	25,372		—	25,372	—
Total available for sale debt securities	1,039,304		6,999	1,032,305	—
Equity securities	655		655	—	—
Derivative assets	11,486		—	11,486	—
	$	1,051,445	7,654	1,043,791	—

Derivative liabilities	$	9,560	—	9,560	—

Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral	$	18,689	—	—	18,689
Foreclosed assets	7,252		—	—	7,252
	$	25,941	—	—	25,941



	Fair Value Measurements at Reporting Date Using:
(In thousands)	December 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:
Available for sale debt securities:
Agency obligations	$	19,005	19,005	—	—
Mortgage-backed securities	988,367		—	988,367	—
State and municipal obligations	3,388		—	3,388	—
Corporate obligations	26,394		—	26,394	—
Total available for sale debt securities	1,037,154		19,005	1,018,149	—
Equity securities	658		658	—	—
Derivative assets	7,219		—	7,219
	$	1,045,031	19,663	1,025,368	—

Derivative liabilities	$	6,315	—	6,315	—

Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral	$	6,971	—	—	6,971
Foreclosed assets	6,864		—	—	6,864
	$	13,835	—	—	13,835

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, 2018 and December 31, 2017. Fair values are presented by level within the fair value hierarchy.



			Fair Value Measurements at March 31, 2018 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	$	133,514	133,514	133,514	—	—
Available for sale debt securities:
Agency obligations	6,999		6,999	6,999	—	—
Mortgage-backed securities	1,003,603		1,003,603	—	1,003,603	—
State and municipal obligations	3,330		3,330	—	3,330	—
Corporate obligations	25,372		25,372	—	25,372	—
Total available for sale debt securities	$	1,039,304	1,039,304	6,999	1,032,305	—
Held to maturity debt securities:
Agency obligations	4,616		4,489	4,489	—	—
Mortgage-backed securities	311		322	—	322	—
State and municipal obligations	452,031		451,177	—	451,177	—
Corporate obligations	9,987		9,799	—	9,799	—
Total held to maturity debt securities	$	466,945	465,787	4,489	461,298	—
FHLBNY stock	74,597		74,597	74,597	—	—
Equity Securities	655		655	655	—	—
Loans, net of allowance for loan losses	7,228,617		7,130,722	—	—	7,130,722
Derivative assets	11,486		11,486	—	11,486	—

Financial liabilities:
Deposits other than certificates of deposits	$	6,091,309	6,091,309	6,091,309	—	—
Certificates of deposit	665,274		662,475	—	662,475	—
Total deposits	$	6,756,583	6,753,784	6,091,309	662,475	—
Borrowings	1,590,088		1,582,518	—	1,582,518	—
Derivative liabilities	9,560		9,560	—	9,560	—



			Fair Value Measurements at December 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	$	190,834	190,834	190,834	—	—
Available for sale debt securities:
Agency obligations	19,005		19,005	19,005	—	—
Mortgage-backed securities	988,367		988,367	—	988,367	—
State and municipal obligations	3,388		3,388	—	3,388	—
Corporate obligations	$	26,394	26,394	—	26,394	—
Total available for sale debt securities	$	1,037,154	1,037,154	19,005	1,018,149	—
Held to maturity debt securities:
Agency obligations	$	4,308	4,221	4,221	—	—
Mortgage-backed securities	382		396	—	396	—
State and municipal obligations	462,942		470,484	—	470,484	—
Corporate obligations	10,020		9,938	—	9,938	—
Total held to maturity debt securities	$	477,652	485,039	4,221	480,818	—
FHLBNY stock	81,184		81,184	81,184	—	—
Equity Securities	658		658	658	—	—
Loans, net of allowance for loan losses	7,265,523		7,217,705	—	—	7,217,705
Derivative assets	7,219		7,219	—	7,219	—

Financial liabilities:
Deposits other than certificates of deposits	$	6,079,357	6,079,357	6,079,357	—	—
Certificates of deposit	634,809		632,744	—	632,744	—
Total deposits	$	6,714,166	6,712,101	6,079,357	632,744	—
Borrowings	1,742,514		1,739,102	—	1,739,102	—
Derivative liabilities	6,315		6,315	—	6,315	—