Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

Schedule of fair value assets and liabilities measured on recurring basis

The following tables present the assets and liabilities reported on the consolidated balance sheets at their fair values as of September 30, 2018 and December 31, 2017, by level within the fair value hierarchy:



	September 30, 2018
			Fair Value Measurements
	Fair 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:
Securities available-for-sale:
U.S. government and agency obligations	$	53,163	53,163	—	$	—
Mortgage-backed securities and collateralized mortgage obligations	872,686		—	872,686	—
Municipal obligations	1,587		—	1,587	—
Corporate debt securities	53,392		—	53,392	—
Trust preferred securities	4,593		—	4,593	—
Equity securities	1,655		1,655	—	—
Total securities available-for-sale	$	987,076	54,818	932,258	$	—
Derivative assets	2,625		—	2,625	—
	$	989,701	54,818	934,883	$	—

Derivative liabilities	$	230	—	230	$	—



	December 31, 2017
			Fair Value Measurements
	Fair 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:
Securities available-for-sale:
U.S. government and agency obligations	$	39,644	39,644	—	$	—
Mortgage-backed securities and collateralized mortgage obligations	606,612		—	606,612	—
Municipal obligations	1,957		—	1,957	—
Corporate debt securities	54,514		—	54,514	—
Trust preferred securities	4,656		—	4,656	—
Equity securities	3,187		3,187	—	—
Total securities available-for-sale	710,570		42,831	667,739	—
Derivative assets	490		—	490	—
	$	711,060	42,831	668,229	$	—

Derivative liabilities	$	203	—	203	$	—

Schedule of fair value assets and liabilities measured on non-recurring basis



	September 30, 2018
			Fair Value Measurements
	Fair 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 non-recurring basis:
Real estate owned	$	251	—	—	$	251
Loans measured for impairment based on the fair value of the underlying collateral	1,257		—	—	1,257
	$	1,508	—	—	$	1,508



	December 31, 2017
			Fair Value Measurements
	Fair 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 non-recurring basis:
Real estate owned	$	959	—	—	$	959
Loans measured for impairment based on the fair value of the underlying collateral	10,251				10,251
	$	11,210	—	—	$	11,210

Schedule of qualitatie information for 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 as of September 30, 2018 and September 30, 2017:



	September 30, 2018
	Fair value		Valuation methodology	Unobservable inputs	Range of inputs
	(In Thousands)
Real estate owned	$	251	Appraised Value	Discount for cost to sell	6.0%
Loans measured for impairment based on the fair value of the underlying collateral	$	1,257	Appraised Value	Discount for cost to sell	6.0% - 8.0%



	December 31, 2017
	Fair value		Valuation methodology	Unobservable inputs	Range of inputs
	(In Thousands)
Real estate owned	$	959	Appraised Value	Discount for cost to sell	6.0%
Loans measured for impairment based on the fair value of the underlying collateral	$	10,251	Appraised Value	Discount for cost to sell	6.0% - 8.0%

Schedule of fair value assets and liabilities on Consolidated Balance Sheets

The following tables present the assets and liabilities reported on the consolidated balance sheets at their fair values as of September 30, 2018 and December 31, 2017:



	September 30, 2018
			Fair Value Measurements
	Carrying Value		Total Fair Value	Quoted prices in active markets for identical assets (Level 1)	Significant other observable inputs (Level 2)	Significant unobservable inputs (Level 3)
	(In thousands)
Financial assets:
Cash and cash equivalents	$	54,834	54,834	54,834	—	$	—
Securities available-for-sale	987,076		987,076	54,818	932,258	—
Securities held-to-maturity	264,184		251,417	—	251,417	—
Federal Home Loan Bank stock	56,532		56,532	—	56,532	—
Loans held-for-sale	1,860		1,860	—	1,860	—
Loans receivable, net	4,843,297		4,706,875	—	—	4,706,875
Derivative assets	2,625		2,625	—	2,625	—

Financial liabilities:			—
Total deposits	$	4,372,345	4,355,309	—	4,355,309	$	—
Borrowings	1,135,730		1,127,940	—	1,127,940	—
Derivative liabilities	$	230	230	—	230	$	—



	December 31, 2017
			Fair Value Measurements
	Carrying Value		Total Fair Value	Quoted prices in active markets for identical assets (Level 1)	Significant other observable inputs (Level 2)	Significant unobservable inputs (Level 3)
	(In thousands)
Financial assets:
Cash and cash equivalents	$	65,498	65,498	65,498	—	$	—
Securities available-for-sale	710,570		710,570	42,831	667,739	—
Securities held-to-maturity	239,618		236,125	—	236,125	—
Federal Home Loan Bank Stock	44,664		44,664	—	44,664	—
Loans receivable, net	4,400,470		4,367,945	—	—	4,367,945
Derivative assets	490		490	—	490	—

Financial liabilities:			—
Total deposits	$	4,263,315	3,959,460	—	3,959,460	$	—
Borrowings	929,057		925,032	—	925,032	—
Derivative liabilities	203		203	—	203	—