XML 131 R45.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2019 and 2018, by level within the fair value hierarchy:

 
December 31, 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
$
42,386

 
$
42,386

 
$
—

 
$
—

Mortgage-backed securities and collateralized mortgage obligations
979,881

 
—

 
979,881

 
—

       Municipal obligations
2,284

 
—

 
2,284

 
—

       Corporate debt securities
69,180

 
—

 
69,180

 
—

       Trust preferred securities
4,605

 
—

 
4,605

 
—

            Total debt securities available for sale
1,098,336

 
42,386

 
1,055,950

 
—

Equity securities
2,855

 
2,587

 
268

 
—

Derivative assets
185

 
—

 
185

 
—

 
$
1,101,376

 
$
44,973

 
$
1,056,403

 
$
—

 
 
 
 
 
 
 
 
Derivative liabilities
$
11,546

 
$
—

 
$
11,546

 
$
—













(16)    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)
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 and liabilities reported on the Consolidated Statements of Financial Condition at their fair values as of December 31, 2019 and 2018, by level within the fair value hierarchy:
 
December 31, 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)
 
 
 
 
 
 
 
 
Impaired loans
$
1,063

 
$
—

 
$
—

 
$
1,063

Mortgage servicing rights
681

 
—

 
—

 
681

 
$
1,744

 
$
—

 
$
—

 
$
1,744


 
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 information for Level 3 assets measured at fair value on a non-recurring basis as of December 31, 2019 and 2018:
 
December 31, 2019
 
Fair Value
 
Valuation Methodology
 
Unobservable Inputs
 
Range of Inputs
 
Weighted Average
 
(Dollars in thousands)
Impaired loans
$
1,063

 
Estimated cash flow
 
Expected value of future cash flows (5)
 
—%
 
—%
Mortgage servicing rights
681

 
Estimated cash flow
 
Prepayment speeds and discount rates (4)
 
3.6% - 24.0%
 
12.7%




(16)    Fair Value Measurements (continued)

 
December 31, 2018
 
Fair Value
 
Valuation Methodology
 
Unobservable Inputs
 
Range of Inputs
 
Weighted Average
 
(Dollars 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(4)
 
3.3% - 26.8%
 
12.0%
 
 
 
 
 
 
 
 
 
 
(1) Value is based on signed contract for sale.
(2) Value is based on an independent appraisal of the fair value of the loan's underlying collateral.
(3) Includes commissions, fees and other costs.
(4) Value of SBA servicing rights based on a discount rate of 11.75%.
(5) Value based on management's estimate of expected future cash flows.
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, 2019 and 2018:















(16)    Fair Value Measurements (continued)

 
December 31, 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
$
75,547

 
$
75,547

 
$
75,547

 
$
—

 
$
—

Debt securities available for sale
1,098,336

 
1,098,336

 
42,386

 
1,055,950

 
—

Debt securities held to maturity
285,756

 
289,505

 
19,960

 
269,545

 
—

Equity securities, at fair value
2,855

 
2,855

 
2,587

 
268

 


Federal Home Loan Bank stock
69,579

 
69,579

 
—

 
69,579

 
—

Loans receivable, net
6,135,857

 
6,219,008

 
—

 
—

 
6,219,008

Derivative assets
185

 
185

 
—

 
185

 
—

 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 
 
 
 
 
 
 
 
Deposits
$
5,645,842

 
$
5,654,075

 
$
—

 
$
5,654,075

 
$
—

Borrowings
1,407,022

 
1,411,962

 
—

 
1,411,962

 
—

Derivative liabilities
11,546

 
11,546

 
—

 
11,546

 
—


 
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

 
—