Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

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 values as of March 31, 2020 and December 31, 2019, by level within the fair value hierarchy:

	Fair Value Measurements at Reporting Date Using:
(In thousands)	March 31, 2020		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	$	960,177	—	960,177	—
State and municipal obligations	4,049		—	4,049	—
Corporate obligations	25,607		—	25,607	—
Total available for sale debt securities	$	989,833	—	989,833	—
Equity securities	685		685	—	—
Derivative assets	111,608		—	111,608	—
	$	1,102,126	685	1,101,441	—
Derivative liabilities	$	120,176	—	120,176	—
Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral	$	15,895	—	—	15,895
Foreclosed assets	4,219		—	—	4,219
	$	20,114	—	—	20,114

	Fair Value Measurements at Reporting Date Using:
(In thousands)	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 obligations	4,079		—	4,079	—
Corporate obligations	25,410		—	25,410	—
Total available for sale debt securities	$	976,919	—	976,919	—
Equity Securities	825		825	—	—
Derivative assets	39,305		—	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 assets	2,715		—	—	2,715
	$	23,118	—	—	23,118

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, 2020 and December 31, 2019. Fair values are presented by level within the fair value hierarchy.

			Fair Value Measurements at March 31, 2020 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	$	370,577	370,577	370,577	—	—
Available for sale debt securities:
Mortgage-backed securities	960,177		960,177	—	960,177	—
State and municipal obligations	4,049		4,049	—	4,049	—
Corporate obligations	25,607		25,607	—	25,607	—
Total available for sale debt securities	$	989,833	989,833	—	989,833	—
Held to maturity debt securities, net of allowance for credit losses
Agency obligations	7,417		7,432	7,432	—	—
Mortgage-backed securities	104		108	—	108	—
State and municipal obligations	428,611		442,366	—	442,366	—
Corporate obligations	9,312		9,318	—	9,318	—
Total held to maturity debt securities, net of allowance for credit losses	$	445,444	459,224	7,432	451,792	—
FHLBNY stock	61,198		61,198	61,198	—	—
Equity Securities	685		685	685	—	—
Loans, net of allowance for credit losses	7,296,901		7,513,881	—	—	7,513,881
Derivative assets	111,608		111,608	—	111,608	—
Financial liabilities:
Deposits other than certificates of deposits	$	6,513,994	6,513,994	6,513,994	—	—
Certificates of deposit	696,766		696,151	—	696,151	—
Total deposits	$	7,210,760	7,210,145	6,513,994	696,151	—
Borrowings	1,213,777		1,223,866	—	1,223,866	—
Derivative liabilities	120,176		120,176	—	120,176	—

			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 securities	947,430		947,430	—	947,430	—
State and municipal obligations	4,079		4,079	—	4,079	—
Corporate obligations	25,410		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 securities	118		122	—	122	—
State and municipal obligations	437,074		451,353	—	451,353	—
Corporate obligations	9,838		9,890	—	9,890	—
Total held to maturity debt securities	$	453,629	467,966	6,601	461,365	—
FHLBNY stock	57,298		57,298	57,298	—	—
Equity Securities	825		825	825	—	—
Loans, net of allowance for credit losses	7,277,360		7,296,744	—	—	7,296,744
Derivative assets	39,305		39,305	—	39,305	—
Financial liabilities:
Deposits other than certificates of deposits	$	6,368,582	6,368,582	6,368,582	—	—
Certificates of deposit	734,027		734,047	—	734,047	—
Total deposits	$	7,102,609	7,102,629	6,368,582	734,047	—
Borrowings	1,125,146		1,127,569	—	1,127,569	—
Derivative liabilities	39,356		39,356	—	39,356	—