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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2020
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 at June 30, 2020 and December 31, 2019, by level within the fair value hierarchy:



















14.    Fair Value Measurements (continued)

 
June 30, 2020
 
 
 
                     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
$
36,671

 
$
36,671

 
$
—

 
$
—

Mortgage-backed securities and collateralized mortgage obligations
1,056,228

 
—

 
1,056,228

 
—

Municipal obligations
1,887

 
—

 
1,887

 
—

Corporate debt securities
78,840

 
—

 
78,840

 
—

Trust preferred securities
4,299

 
—

 
4,299

 
—

Total debt securities available for sale
1,177,925

 
36,671

 
1,141,254

 
—

Equity securities
4,710

 
4,385

 
325

 
—

Derivative assets
—

 
—

 
—

 
—

 
$
1,182,635

 
$
41,056

 
$
1,141,579

 
$
—

 
 
 
 
 
 
 
 
Derivative liabilities
$
27,626

 
$
—

 
$
27,626

 
$
—


 
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

 
$
—
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 at June 30, 2020 and December 31, 2019, by level within the fair value hierarchy:
 
June 30, 2020
 
 
 
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
$
443

 
$
—

 
$
—

 
$
443

 
$
443

 
$
—

 
$
—

 
$
443

 
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
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 at June 30, 2020 and December 31, 2019:
 
June 30, 2020
 
Fair Value
 
Valuation Methodology
 
Unobservable Inputs
 
Range of Inputs
 
Weighted Average
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
Mortgage servicing rights
$
443

 
Estimated cash flow
 
Prepayment speeds and discount rates(3)
 
9.1% - 29.3%
 
17.4%

 
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 (1)
 
—%
 
—%
Mortgage servicing rights
681

 
Estimated cash flow
 
Prepayment speeds and discount rates (2)
 
3.6% - 24.0%
 
12.7%
 
 
 
 
 
 
 
 
 
 
(1) Value based on management's estimate of expected future cash flows.
(2) Value of SBA servicing rights based on a discount rate of 11.75%.
(3) Value of SBA servicing rights based on a discount rate of 10.25%.
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 at June 30, 2020 and December 31, 2019:
 
June 30, 2020
 
 
 
                          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
$
225,881

 
$
225,881

 
$
225,881

 
$
—

 
$
—

Debt securities available for sale
1,177,925

 
1,177,925

 
36,671

 
1,141,254

 
—

Debt securities held to maturity
273,997

 
289,836

 
—

 
289,836

 
—

Equity securities
4,710

 
4,710

 
4,385

 
325

 
—

Federal Home Loan Bank stock
57,843

 
57,843

 
—

 
57,843

 
—

Loans receivable, net
6,565,859

 
6,737,316

 
—

 
—

 
6,737,316

 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 
—

 
 
 
 
 
 
Deposits
$
6,581,109

 
$
6,605,444

 
$
—

 
$
6,605,444

 
$
—

Borrowings
1,129,979

 
1,143,380

 
—

 
1,143,380

 
—

Derivative liabilities
27,626

 
27,626

 
—

 
27,626

 
—

 
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
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

 
—