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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2018
Fair Value Disclosures [Abstract]  
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