Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of fair value assets and liabilities measured on recurring basis

The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values as of December 31, 2018 and 2017, by level within the fair value hierarchy:



	December 31, 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)
Securities available for sale:
U.S. government and agency obligations	$	54,157	$	54,157	$	—	$	—
Mortgage-backed securities and collateralized mortgage obligations	920,007		—		920,007		—
Municipal obligations	987		—		987		—
Corporate debt securities	53,467		—		53,467		—
Trust preferred securities	4,250		—		4,250		—
Equity securities	1,890		1,890		—		—
Total securities available for sale	1,034,758		56,047		978,711		—
Derivative assets	865		—		865		—
	$	1,035,623	$	56,047	$	979,576	$	—

Derivative liabilities	$	3,467	$	—	$	3,467	$	—



	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)
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



	December 31, 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)

Impaired loans	$	1,525	$	—	$	—	$	1,525
Real estate owned	92		—		—		92
Mortgage servicing rights	442		—		—		442
	$	2,059	$	—	$	—	$	2,059

(14) Fair Value Measurements (continued)



	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)

Impaired loans	$	10,251	$	—	$	—		$	10,251
Real estate owned	959		—		—			959
Mortgage servicing rights	316		—		—			316
	$	11,526	$	—	$	—	23	$	11,526

Schedule of qualitative 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 December 31, 2018 and 2017:



	December 31, 2018
	Fair value		Valuation methodology	Unobservable inputs	Range	Weighted average
	(In thousands)
Impaired loans	$	1,525	Appraised value ⁽²⁾	Discount for cost to sell ⁽³⁾	6.0% - 8.0%	7.5%
Real estate owned	92		Contract sales price ⁽¹⁾	Discount for cost to sell ⁽³⁾	6.0%	6.0%
Mortgage servicing rights	442		Estimated cash flow	Prepayment speeds	3.3% - 26.8%	12%



	December 31, 2017
	Fair value		Valuation methodology	Unobservable inputs	Range of inputs	Weighted average
	(In thousands)
Impaired loans	$	10,251	Appraised value ⁽²⁾	Discount for cost to sell ⁽³⁾	6.0% - 8.0%	7.2%
Real estate owned	959		Appraised value ⁽²⁾	Discount for cost to sell ⁽³⁾	6.0%	6.0%
Mortgage servicing rights	316		Estimated cash flow	Prepayment speeds	3.6% -11.0%	3.9%

(1) Value is based on signed contract for sale.
(2) Value is based on an independent appraisal of the market or fair value of the loan's underlying collateral.
(3) Includes commissions, fees and other costs.

Schedule of fair value assets and liabilities on Consolidated Balance Sheets

The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values as of December 31, 2018 and 2017:



	December 31, 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	$	42,201	$	42,201	$	42,201	$	—	$	—
Securities available for sale	1,034,758		1,034,758		56,047		978,711		—
Securities held to maturity	262,143		254,841		23,241		254,841		—
Federal Home Loan Bank stock	58,938		58,938		—		58,938		—
Loans held-for-sale	8,081		8,081				8,081		—
Loans receivable, net	4,979,182		4,841,830		—		—		4,841,830
Derivative assets	865		865		—		865		—

Financial liabilities:			—
Deposits	$	4,413,873	$	4,402,336	$	—	$	4,402,336	$	—
Borrowings	1,189,180		1,185,007		—		1,185,007		—
Derivative liabilities	3,467		3,467		—		3,467		—

(14) Fair Value Measurements (continued)



	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)
	(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		8,344		227,781		—
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:			—
Deposits	$	4,263,315	$	3,959,460	$	—	$	3,959,460	$	—
Borrowings	929,057		925,032		—		925,032		—
Derivative liabilities	203		203		—		203		—