Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Significant Fair Value of Assets and Liabilities Measured on Recurring and Non Recurring Basis

	Fair Value Measurements at March 31, 2020 Using:
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Measured on a recurring basis:
Assets:
Investment securities:
Debt securities available-for-sale:
Mortgage-backed securities:
Pass-through certificates:
GSE	$	310,869	$	—	$	310,869	$	—
REMICs:
GSE	623,580		—		623,580		—
Non-GSE	49		—		49		—
	934,498		—		934,498		—
Other debt securities
Municipal bonds	279		—		279		—
Corporate bonds	126,666		—		126,666		—
	126,945		—		126,945		—
Total debt securities available-for-sale	1,061,443		—		1,061,443		—
Trading securities	8,388		8,388		—		—
Equity securities	374		374		—		—
Total	$	1,070,205	$	8,762	$	1,061,443	$	—
Measured on a non-recurring basis:
Assets:
Impaired loans:
Real estate loans:
Commercial real estate	$	4,143	$	—	$	—	$	4,143
Multifamily	22		—		—		22
Home equity and lines of credit	29		—		—		29
Total impaired real estate loans	4,194		—		—		4,194
Commercial and industrial loans	14		—		—		14
Total	$	4,208	$	—	$	—	$	4,208

	Fair Value Measurements at December 31, 2019 Using:
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Measured on a recurring basis:
Assets:
Investment securities:
Debt securities available-for-sale:
Mortgage-backed securities:
Pass-through certificates:
GSE	$	329,407	$	—	$	329,407	$	—
REMICs:
GSE	643,667		—		643,667		—
Non-GSE	53		—		53		—
	973,127		—		973,127		—
Other debt securities
Municipal bonds	299		—		299		—
Corporate bonds	164,926		—		164,926		—
	165,225		—		165,225		—
Total debt securities available-for-sale	1,138,352		—		1,138,352		—
Trading securities	11,222		11,222		—		—
Equity securities	250		250		—		—
Total	$	1,149,824	$	11,472	$	1,138,352	$	—
Measured on a non-recurring basis:
Assets:
Impaired loans:
Real estate loans:
Commercial real estate	$	4,871	$	—	$	—	$	4,871
Multifamily	26		—		—		26
Home equity and lines of credit	30		—		—		30
Total impaired real estate loans	4,927		—		—		4,927
Commercial and industrial loans	15		—		—		15
Total	$	4,942	$	—	$	—	$	4,942

Level 3 Assets Measured at Fair Value on a Non-Recurring Basis

The following table presents qualitative information for Level 3 assets measured at fair value on a non-recurring basis at March 31, 2020, and December 31, 2019 (dollars in thousands):

	Fair Value				Valuation Methodology	Unobservable Inputs	Range of Inputs
	March 31, 2020		December 31, 2019				March 31, 2020	December 31, 2019
Impaired loans	$	4,208	$	4,942	Appraisals	Discount for costs to sell	7.0%	7.0%
						Discount for quick sale	10.0%	10.0%
					Discounted cash flows	Interest rates	4.13% to 6.25%	4.13% to 6.25%

Estimated Fair Values of Significant Financial Instruments

The estimated fair value of the Company’s financial instruments at March 31, 2020, and December 31, 2019, is presented in the following tables (in thousands):

	March 31, 2020
			Estimated Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	114,699	$	114,699	$	—	$	—	$	114,699
Trading securities	8,388		8,388		—		—		8,388
Debt securities available-for-sale	1,061,443		—		1,061,443		—		1,061,443
Debt securities held-to-maturity	8,706		—		9,002		—		9,002
Equity securities (1)	374		374		—		—		374
Federal Home Loan Bank of New York stock, at cost	29,855		—		29,855		—		29,855
Net loans held-for-investment	3,472,337		—		—		3,479,488		3,479,488
Derivative assets	1,072		—		1,072		—		1,072
Financial liabilities:
Deposits	$	3,485,546	$	—	$	3,495,318	$	—	$	3,495,318
Borrowed funds	716,357		—		733,159		—		733,159
Advance payments by borrowers for taxes and insurance	22,444		—		22,444		—		22,444
Derivative liabilities	1,075		—		1,075		—		1,075

	December 31, 2019
			Estimated Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	147,818	$	147,818	$	—	$	—	$	147,818
Trading securities	11,222		11,222		—		—		11,222
Debt securities available-for-sale	1,138,352		—		1,138,352		—		1,138,352
Debt securities held-to-maturity	8,762		—		8,886		—		8,886
Equity securities (1)	250		250		—				250
Federal Home Loan Bank of New York stock, at cost	39,575		—		39,575		—		39,575
Net loans held-for-investment	3,408,378		—		—		3,482,804		3,482,804
Derivative assets	79		—		79		—		79
Financial liabilities:
Deposits	$	3,408,233	$	—	$	3,412,414	$	—	$	3,412,414
Borrowed funds	857,004		—		862,980		—		862,980
Advance payments by borrowers for taxes and insurance	440,069		—		440,069		—		440,069
Derivative liabilities	79		—		79		—		79

 (1) Excludes investments measured at net asset value in the amount of $3.1 million at both March 31, 2020 and December 31, 2019, which have not been classified in the fair value hierarchy.