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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2019
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 September 30, 2019 and December 31, 2018, by level within the fair value hierarchy:














12.    Fair Value Measurements (continued)
 
September 30, 2019
 
 
 
                     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)
Debt securities available for sale:
 
 
 
 
 
 
 
U.S. government and agency obligations
$
45,131

 
$
45,131

 
$
—

 
$
—

Mortgage-backed securities and collateralized mortgage obligations
1,001,443

 
—

 
1,001,443

 
—

Municipal obligations
190

 
—

 
190

 
—

Corporate debt securities
64,600

 
—

 
64,600

 
—

Trust preferred securities
4,541

 
—

 
4,541

 
—

Total debt securities available for sale
1,115,905

 
45,131

 
1,070,774

 
—

Equity securities
1,765

 
1,765

 
—

 
—

Derivative assets
8,740

 
—

 
8,740

 
—

 
$
1,126,410

 
$
46,896

 
$
1,079,514

 
$
—

 
 
 
 
 
 
 
 
Derivative liabilities
$
22,676

 
$
—

 
$
22,676

 
$
—


 
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)
Debt 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

 
—

Total debt securities available for sale
1,032,868

 
54,157

 
978,711

 
—

Equity securities
1,890

 
1,890

 
—

 


Derivative assets
1,342

 
—

 
1,342

 
—

 
$
1,036,100

 
$
56,047

 
$
980,053

 
$
—

 
 
 
 
 
 
 
 
Derivative liabilities
$
3,944

 
$
—

 
$
3,944

 
$
—
Schedule of fair value assets and liabilities measured on non-recurring basis
The following tables present the assets reported on the consolidated statements of financial condition at their fair values as of September 30, 2019 and December 31, 2018, by level within the fair value hierarchy:
 
September 30, 2019
 
 
 
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)
 
 
 
 
 
 
 
 
Mortgage servicing rights
$
582

 
$
—

 
$
—

 
$
582

 
$
582

 
$
—

 
$
—

 
$
582











12.    Fair Value Measurements (continued)
 
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
$
125

 
$
—

 
$
—

 
$
125

Real estate owned
92

 
—

 
—

 
92

Mortgage servicing rights
442

 
—

 
—

 
442

 
$
659

 
$
—

 
$
—

 
$
659
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 September 30, 2019 and December 31, 2018:
 
September 30, 2019
 
Fair Value
 
Valuation Methodology
 
Unobservable Inputs
 
Range of Inputs
 
Weighted Average
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
Mortgage servicing rights
$
582

 
Estimated cash flow
 
Prepayment speeds
 
5.8% - 21.4%
 
13.0%

 
December 31, 2018
 
Fair Value
 
Valuation Methodology
 
Unobservable Inputs
 
Range of Inputs
 
Weighted Average
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
Impaired loans
$
125

 
Appraised value(2)
 
Discount for cost to sell(3)
 
6.0%
 
6.0%
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%
 
12.0%
 
 
 
 
 
 
 
 
 
 
(1) Value is based on signed contract for sale.
(2) Value is based on independent appraisal of the 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 September 30, 2019 and December 31, 2018:
 
September 30, 2019
 
 
 
                          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
$
57,952

 
$
57,952

 
$
57,952

 
$
—

 
$
—

Debt securities available for sale
1,115,905

 
1,115,905

 
45,131

 
1,070,774

 
—

Debt securities held to maturity
289,089

 
296,325

 
24,928

 
271,397

 
—

Equity securities
1,765

 
1,765

 
1,765

 
—

 
—

Federal Home Loan Bank stock
57,077

 
57,077

 
—

 
57,077

 
—

Loans held-for-sale
—

 
—

 
—

 
—

 
—

Loans receivable, net
5,123,468

 
5,219,669

 
—

 
—

 
5,219,669

Derivative assets
8,740

 
8,740

 
—

 
8,740

 
—

 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 
—

 
 
 
 
 
 
Deposits
$
4,783,322

 
$
4,789,970

 
$
—

 
$
4,789,970

 
$
—

Borrowings
1,129,117

 
1,133,344

 
—

 
1,133,344

 
—

Derivative liabilities
22,676

 
22,676

 
—

 
22,676

 
—






















12.    Fair Value Measurements (continued)

 
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

 
$
—

 
$
—

Debt securities available for sale
1,032,868

 
1,032,868

 
54,157

 
978,711

 
—

Debt securities held to maturity
262,143

 
254,841

 
23,241

 
231,600

 
—

Equity securities
1,890

 
1,890

 
1,890

 
—

 
—

Federal Home Loan Bank stock
58,938

 
58,938

 
—

 
58,938

 
—

Loans held-for-sale
8,081

 
8,081

 
—

 
8,081

 
—

Loans receivable, net
4,916,840

 
4,841,830

 
—

 
—

 
4,841,830

Derivative assets
1,342

 
1,342

 
—

 
1,342

 
—

 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 
 
 
 
 
 
 
 
Deposits
$
4,413,873

 
$
4,402,336

 
$
—

 
$
4,402,336

 
$
—

Borrowings
1,189,180

 
1,185,007

 
—

 
1,185,007

 
—

Derivative liabilities
3,944

 
3,944

 
—

 
3,944

 
—