Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

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, 2019 and December 31, 2018, by level within the fair value hierarchy:


	Fair Value Measurements at Reporting Date Using:
(In thousands)	March 31, 2019		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:


Mortgage-backed securities	$	1,054,482	—	1,054,482	—
State and municipal obligations	4,088		—	4,088	—
Corporate obligations	25,031		—	25,031	—
Total available for sale debt securities	$	1,083,601	—	1,083,601	—
Equity securities	724		724	—	—
Derivative assets	17,718		—	17,718	—
	$	1,102,043	724	1,101,319	—

Derivative liabilities	$	17,959	—	17,959	—

Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral	$	9,868	—	—	9,868
Foreclosed assets	1,264		—	—	1,264
	$	11,132	—	—	11,132


	Fair Value Measurements at Reporting Date Using:
(In thousands)	December 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:


Mortgage-backed securities	$	1,034,969	—	1,034,969	—
State and municipal obligations	2,912		—	2,912	—
Corporate obligations	25,198		—	25,198	—
Total available for sale debt securities	$	1,063,079	—	1,063,079	—
Equity Securities	635		635	—	—
Derivative assets	15,634		—	15,634	—
	$	1,079,348	635	1,078,713	—

Derivative liabilities	$	14,766	—	14,766	—

Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral	$	4,285	—	—	4,285
Foreclosed assets	1,565		—	—	1,565
	$	5,850	—	—	5,850

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, 2019 and December 31, 2018. Fair values are presented by level within the fair value hierarchy.


			Fair Value Measurements at March 31, 2019 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	$	141,658	141,658	141,658	—	—
Available for sale debt securities:


Mortgage-backed securities	1,054,482		1,054,482	—	1,054,482	—
State and municipal obligations	4,088		4,088	—	4,088	—
Corporate obligations	25,031		25,031	—	25,031	—
Total available for sale debt securities	$	1,083,601	1,083,601	—	1,083,601	—
Held to maturity debt securities:
Agency obligations	4,620		4,570	4,570	—	—
Mortgage-backed securities	170		173	—	173	—
State and municipal obligations	456,554		464,447	—	464,447	—
Corporate obligations	10,695		10,637	—	10,637	—
Total held to maturity debt securities	$	472,039	479,827	4,570	475,257	—
FHLBNY stock	68,634		68,634	68,634	—	—
Equity Securities	724		724	724	—	—
Loans, net of allowance for loan losses	7,168,491		7,122,478	—	—	7,122,478
Derivative assets	17,718		17,718	—	17,718	—

Financial liabilities:
Deposits other than certificates of deposits	$	6,098,854	6,098,854	6,098,854	—	—
Certificates of deposit	804,602		801,845	—	801,845	—
Total deposits	$	6,903,456	6,900,699	6,098,854	801,845	—
Borrowings	1,398,490		1,393,046	—	1,393,046	—
Derivative liabilities	17,959		17,959	—	17,959	—


			Fair Value Measurements at December 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	$	142,661	142,661	142,661	—	—
Available for sale debt securities:

Agency obligations	—		—	—	—	—
Mortgage-backed securities	1,034,969		1,034,969	—	1,034,969	—
State and municipal obligations	2,912		2,912	—	2,912	—
Corporate obligations	25,198		25,198	—	25,198	—
Total available for sale debt securities	$	1,063,079	1,063,079	—	1,063,079	—
Held to maturity debt securities:

Agency obligations	$	4,989	4,896	4,896	—	—
Mortgage-backed securities	187		190	—	190	—
State and municipal obligations	463,801		464,363	—	464,363	—
Corporate obligations	10,448		10,291	—	10,291	—
Total held to maturity debt securities	$	479,425	479,740	4,896	474,844	—
FHLBNY stock	68,813		68,813	68,813	—	—
Equity Securities	635		635	635	—	—
Loans, net of allowance for loan losses	7,195,026		7,104,380	—	—	7,104,380
Derivative assets	15,634		15,634	—	15,634	—

Financial liabilities:
Deposits other than certificates of deposits	$	6,079,630	6,079,630	6,079,630	—	—
Certificates of deposit	750,492		746,753	—	746,753	—
Total deposits	$	6,830,122	6,826,383	6,079,630	746,753	—
Borrowings	1,442,282		1,431,001	—	1,431,001	—
Derivative liabilities	14,766		14,766	—	14,766	—