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Disclosures About Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of the carrying amount and estimated fair value of the entity's financial instruments included in the consolidated statement of financial condition

The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at March 31, 2020 (in thousands):



	Carrying amount		Estimated fair value	Level 1	Level 2	Level 3
Financial assets:
Cash and cash equivalents	$	276,454	276,454	276,454	—	—
Securities available-for-sale	765,579		765,579	—	765,579	—
Securities held-to-maturity	17,208		17,968	—	17,968	—
Loans receivable, net	8,737,551		8,751,479	—	—	8,751,479
Residential mortgage loans held-for-sale	6,426		6,426	—	—	6,426
Accrued interest receivable	25,531		25,531	25,531	—	—
Interest rate lock commitments	507		507	—	—	507
Forward commitments	197		197	—	197	—
Interest rate swaps	54,656		54,656	—	54,656	—
FHLB stock	13,131		13,131	—	—	—
Total financial assets	$	9,897,240	9,911,928	301,985	838,400	8,758,412

Financial liabilities:
Savings and checking deposits	$	7,298,979	7,298,979	7,298,979	—	—
Time deposits	1,493,756		1,514,631	—	—	1,514,631
Borrowed funds	191,599		194,224	194,224	—	—
Junior subordinated debentures	121,813		117,557	—	—	117,557
Interest rate swaps	55,376		55,376	—	55,376	—
Risk participation agreements	120		120	—	120	—
Accrued interest payable	834		834	834	—	—
Total financial liabilities	$	9,162,477	9,181,721	7,494,037	55,496	1,632,188

The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at December 31, 2019 (in thousands):



	Carrying amount		Estimated fair value	Level 1	Level 2	Level 3
Financial assets:
Cash and cash equivalents	$	60,846	60,846	60,846	—	—
Securities available-for-sale	819,901		819,901	—	819,901	—
Securities held-to-maturity	18,036		18,223	—	18,223	—
Loans receivable, net	8,743,024		8,666,149	—	—	8,666,149
Residential mortgage loans held-for-sale	7,709		7,709	—	—	7,709
Accrued interest receivable	25,755		25,755	25,755	—	—
Interest rate lock commitments	559		559	—	—	559
Forward commitments	145		145	—	145	—
Interest rate swaps	20,889		20,889	—	20,889	—
FHLB stock	14,740		14,740	—	—	—
Total financial assets	$	9,711,604	9,634,916	86,601	859,158	8,674,417

Financial liabilities:
Savings and checking accounts	$	7,022,597	7,022,597	7,022,597	—	—
Time deposits	1,569,410		1,574,063	—	—	1,574,063
Borrowed funds	246,336		246,341	246,341	—	—
Junior subordinated debentures	121,800		115,518	—	—	115,518
Interest rate swaps	20,952		20,952	—	20,952	—
Risk participation agreements	39		39	—	39	—
Accrued interest payable	1,142		1,142	1,142	—	—
Total financial liabilities	$	8,982,276	8,980,652	7,270,080	20,991	1,689,581

Schedule of assets and liabilities measured at fair value on a recurring basis

The following table represents assets and liabilities measured at fair value on a recurring basis at March 31, 2020 (in thousands):



	Level 1		Level 2	Level 3	Total assets at fair value
Debt securities:
Government sponsored enterprises	$	—	80,169	—	80,169
States and political subdivisions	—		44,697	—	44,697
Total debt securities	—		124,866	—	124,866

Residential mortgage-backed securities:
GNMA	—		23,167	—	23,167
FNMA	—		81,823	—	81,823
FHLMC	—		48,113	—	48,113
Non-agency	—		489	—	489
Collateralized mortgage obligations:
GNMA	—		202,997	—	202,997
FNMA	—		175,080	—	175,080
FHLMC	—		109,044	—	109,044
Total mortgage-backed securities	—		640,713	—	640,713

Interest rate lock commitments	—		—	507	507
Forward commitments	—		197	—	197
Interest rate swaps	—		54,656	—	54,656
Total assets	$	—	820,432	507	820,939

Interest rate swaps	$	—	55,376	—	55,376
Risk participation agreements	—		120	—	120
Total liabilities	$	—	55,496	—	55,496

The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2019 (in thousands):



	Level 1		Level 2	Level 3	Total assets at fair value
Debt securities:
U.S. government and agencies	$	—	14,991	—	14,991
Government sponsored enterprises	—		104,784	—	104,784
States and political subdivisions	—		26,048	—	26,048
Corporate	—		919	—	919
Total debt securities	—		146,742	—	146,742

Residential mortgage-backed securities:
GNMA	—		23,264	—	23,264
FNMA	—		89,259	—	89,259
FHLMC	—		50,139	—	50,139
Non-agency	—		497	—	497
Collateralized mortgage obligations:
GNMA	—		207,016	—	207,016
FNMA	—		184,682	—	184,682
FHLMC	—		118,302	—	118,302
Total mortgage-backed securities	—		673,159	—	673,159

Interest rate lock commitments	—		—	559	559
Forward commitments	—		145	—	145
Interest rate swaps	—		20,889	—	20,889
Total assets	$	—	840,935	559	841,494

Interest rate swaps	$	—	20,952	—	20,952
Risk participation agreements	—		39	—	39
Total liabilities	$	—	20,991	—	20,991

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis (in thousands):



	For the quarter ended March 31,
	2020		2019
Beginning balance January 1,	$	559	—

Total gains or losses:
Included in net income	—		—
Included in other comprehensive income	—		—

Purchases	—		—
Sales	52		—
Transfers from Level 3	—		—
Transfers into Level 3	—		—

Ending balance March 31,	$	507	—

Schedule of fair value measurement for nonrecurring assets

The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of March 31, 2020 (in thousands):



	Level 1		Level 2	Level 3	Total assets at fair value
Loans individually assessed	$	—	—	47,240	47,240
Real estate owned, net	—		—	1,075	1,075
Total assets	$	—	—	48,315	48,315

The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of December 31, 2019 (in thousands):



	Level 1		Level 2	Level 3	Total assets at fair value
Loans individually assessed	$	—	—	46,238	46,238
Real estate owned, net	—		—	950	950
Total assets	$	—	—	47,188	47,188

Schedule of quantitative information about assets measured at fair value on a recurring and nonrecurring basis for Level 3 fair value measurements

The following table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at March 31, 2020 (in thousands):



	Fair value		Valuation techniques	Significant unobservable inputs	Range (weighted average)
Loans individually assessed	$	47,240	Appraisal value (1)	Estimated cost to sell	10.0%
			Discounted cash flow	Discount rate	4.25% to 11.0% (7.50%)

Real estate owned, net	$	1,075	Appraisal value (1)	Estimated cost to sell	10.0%

(1)

Fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent.