Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 and December 31, 2021, by level within the fair value hierarchy (in thousands):

	Fair Value Measurements at Reporting Date Using:
	March 31, 2022		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:
U.S. Treasury obligations	$	260,165	260,165	—	—
Mortgage-backed securities	1,670,464		—	1,670,464	—
Asset-backed securities	44,936		—	44,936	—
State and municipal obligations	63,846		—	63,846	—
Corporate obligations	32,926		—	32,926	—
Total available for sale debt securities	2,072,337		260,165	1,812,172	—
Equity securities	1,256		1,256	—	—
Derivative assets	79,231		—	79,231	—
	$	2,152,824	261,421	1,891,403	—
Derivative liabilities	$	60,644	—	60,644	—
Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral	$	16,173	—	—	16,173
Foreclosed assets	8,578		—	—	8,578
	$	24,751	—	—	24,751

	Fair Value Measurements at Reporting Date Using:
	December 31, 2021		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:
U.S. Treasury obligations	$	196,329	196,329	—	—
Mortgage-backed securities	1,708,831		—	1,708,831	—
Asset-backed securities	46,797		—	46,797	—
State and municipal obligations	69,707		—	69,707	—
Corporate obligations	36,187		—	36,187	—
Total available for sale debt securities	2,057,851		196,329	1,861,522	—
Equity Securities	1,325		1,325	—	—
Derivative assets	65,903		—	65,903	—
	$	2,125,079	197,654	1,927,425	—
Derivative liabilities	$	61,412	—	61,412	—
Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral	$	18,237	—	—	18,237
Foreclosed assets	8,731		—	—	8,731
	$	26,968	—	—	26,968

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, 2022 and December 31, 2021. Fair values are presented by level within the fair value hierarchy.

	Fair Value Measurements at March 31, 2022 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	$	433,146	433,146	433,146	—	—
Available for sale debt securities:
U.S. Treasury obligations	260,165		260,165	260,165	—	—
Mortgage-backed securities	1,670,464		1,670,464	—	1,670,464	—
Asset-backed securities	44,936		44,936	—	44,936	—
State and municipal obligations	63,846		63,846	—	63,846	—
Corporate obligations	32,926		32,926	—	32,926	—
Total available for sale debt securities	$	2,072,337	2,072,337	260,165	1,812,172	—
Held to maturity debt securities, net of allowance for credit losses:
US Treasury obligations	1,430		1,430	1,430	—	—
Agency obligations	9,997		9,375	9,375	—	—
Mortgage-backed securities	13		13	—	13	—
State and municipal obligations	400,606		397,415	—	397,415	—
Corporate obligations	9,912		9,431	—	9,431	—
Total held to maturity debt securities, net of allowance for credit losses	$	421,958	417,664	10,805	406,859	—
FHLBNY stock	23,973		23,973	23,973	—	—
Equity Securities	1,256		1,256	1,256	—	—
Loans, net of allowance for credit losses	9,586,607		9,586,361	—	—	9,586,361
Derivative assets	79,231		79,231	—	79,231	—
Financial liabilities:
Deposits other than certificates of deposits	$	10,674,432	10,674,432	10,674,432	—	—
Certificates of deposit	691,655		690,591	—	690,591	—
Total deposits	$	11,366,087	11,365,023	10,674,432	690,591	—
Borrowings	399,606		386,705	—	386,705	—
Subordinated debentures	10,336		9,594	—	9,594	—
Derivative liabilities	60,644		60,644	—	60,644	—

	Fair Value Measurements at December 31, 2021 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	$	712,463	712,463	712,463	—	—
Available for sale debt securities:
U.S. Treasury obligations	196,329		196,329	196,329	—	—
Mortgage-backed securities	1,708,831		1,708,831	—	1,708,831	—
Asset-backed securities	46,797		46,797	—	46,797	—
State and municipal obligations	69,707		69,707	—	69,707	—
Corporate obligations	36,187		36,187	—	36,187	—
Total available for sale debt securities	$	2,057,851	2,057,851	196,329	1,861,522	—
Held to maturity debt securities:
Agency obligations	$	9,996	9,821	9,821	—	—
Mortgage-backed securities	21		21	—	21	—
State and municipal obligations	415,699		429,552	—	429,552	—
Corporate obligations	10,434		10,315	—	10,315	—
Total held to maturity debt securities	$	436,150	449,709	9,821	439,888	—
FHLBNY stock	34,290		34,290	34,290	—	—
Equity Securities	1,325		1,325	1,325	—	—
Loans, net of allowance for credit losses	9,500,884		9,607,225	—	—	9,607,225
Derivative assets	65,903		65,903	—	65,903	—
Financial liabilities:
Deposits other than certificates of deposits	$	10,541,497	10,541,497	10,541,497	—	—
Certificates of deposit	692,515		694,041	—	694,041	—
Total deposits	$	11,234,012	11,235,538	10,541,497	694,041	—
Borrowings	626,774		625,636	—	625,636	—
Subordinated debentures	10,283		9,750	—	9,750	—
Derivative liabilities	61,412		61,412	—	61,412	—