XML 74 R42.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
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 value as of December 31, 2019 and 2018, by level within the fair value hierarchy (in thousands).
  Fair Value Measurements at Reporting Date Using:
 December 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$947,430  —  947,430  —  
State and municipal obligations4,079  —  4,079  —  
Corporate obligations25,410  —  25,410  —  
Total available for sale debt securities$976,919  —  976,919  —  
Equity Securities825  825  —  —  
Derivative assets39,305  —  39,305  
$1,017,049  825  1,016,224  —  
Derivative liabilities$39,356  —  39,356  —  
Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral$20,403  —  —  20,403  
Foreclosed assets2,715  —  —  2,715  
$23,118  —  —  23,118  
  Fair Value Measurements at Reporting Date Using:
 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 obligations2,912  —  2,912  —  
Corporate obligations25,198  —  25,198  —  
Total available for sale debt securities$1,063,079  —  1,063,079  —  
Equity Securities635  635  —  —  
Derivative assets15,634  —  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 assets1,565  —  —  1,565  
$4,285  —  —  4,285  
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 December 31, 2019 and December 31, 2018. Fair values are presented by level within the fair value hierarchy.
  Fair Value Measurements at December 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$186,748  186,748  186,748  —  —  
Available for sale debt securities:
Mortgage-backed securities947,430  947,430  —  947,430  —  
State and municipal obligations4,079  4,079  —  4,079  —  
Corporate obligations25,410  25,410  —  25,410  —  
Total available for sale debt securities$976,919  976,919  —  976,919  —  
Held to maturity debt securities:
Agency obligations$6,599  6,601  6,601  —  —  
Mortgage-backed securities118  122  —  122  —  
State and municipal obligations437,074  451,353  —  451,353  —  
Corporate obligations9,838  9,890  —  9,890  —  
Total held to maturity debt securities$453,629  467,966  6,601  461,365  —  
FHLBNY stock57,298  57,298  57,298  —  —  
Equity Securities825  825  825  —  —  
Loans, net of allowance for loan losses7,277,360  7,296,744  —  —  7,296,744  
Derivative assets39,305  39,305  —  39,305  —  
Financial liabilities:
Deposits other than certificates of deposits$6,368,582  6,368,582  6,368,582  —  —  
Certificates of deposit734,027  734,047  —  734,047  —  
Total deposits$7,102,609  7,102,629  6,368,582  734,047  —  
Borrowings1,125,146  1,127,569  —  1,127,569  —  
Derivative liabilities39,356  39,356  —  39,356  —  
  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 securities1,034,969  1,034,969  —  1,034,969  —  
State and municipal obligations2,912  2,912  —  2,912  —  
Corporate obligations25,198  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 securities187  190  —  190  —  
State and municipal obligations463,801  464,363  —  464,363  —  
Corporate obligations10,448  10,291  —  10,291  —  
Total held to maturity debt securities$479,425  479,740  4,896  474,844  —  
FHLBNY stock68,813  68,813  68,813  —  —  
Equity Securities635  635  635  —  —  
Loans, net of allowance for loan losses7,195,026  7,104,380  —  —  7,104,380  
Derivative assets15,634  15,634  —  15,634  —  
Financial liabilities:
Deposits other than certificates of deposits$6,079,630  6,079,630  6,079,630  —  —  
Certificates of deposit750,492  746,753  —  746,753  —  
Total deposits$6,830,122  6,826,383  6,079,630  746,753  —  
Borrowings1,442,282  1,431,001  —  1,431,001  —  
Derivative liabilities14,766  14,766  —  14,766  —