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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 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 September 30, 2020 and December 31, 2019, by level within the fair value hierarchy:
September 30, 2020
                     Fair Value Measurements
Fair ValueQuoted 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$30,668 $30,668 $— $— 
Mortgage-backed securities and collateralized mortgage obligations1,134,106 — 1,134,106 — 
Municipal obligations1,885 — 1,885 — 
Corporate debt securities74,181 — 74,181 — 
Trust preferred securities4,460 — 4,460 — 
Total debt securities available for sale1,245,300 30,668 1,214,632 — 
Equity securities4,706 4,379 327 — 
Derivative assets22,305 — 22,305 — 
$1,272,311 $35,047 $1,237,264 $— 
Derivative liabilities$47,873 $— $47,873 $— 
14.    Fair Value Measurements (continued)

December 31, 2019
Fair Value Measurements
Fair ValueQuoted 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 obligations979,881 — 979,881 — 
Municipal obligations2,284 — 2,284 — 
Corporate debt securities69,180 — 69,180 — 
Trust preferred securities4,605 — 4,605 — 
Total debt securities available for sale1,098,336 42,386 1,055,950 — 
Equity securities2,855 2,587 268 
Derivative assets185 — 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 on a non-recurring basis at September 30, 2020 and December 31, 2019, by level within the fair value hierarchy:
September 30, 2020
Fair Value Measurements
Fair ValueQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
(In thousands)
Impaired loans$708 $— $— $708 
Mortgage servicing rights$774 $— $— $774 
$1,482 $— $— $1,482 

December 31, 2019
Fair Value Measurements
Fair ValueQuoted 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 rights681 — — 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 September 30, 2020 and December 31, 2019:
September 30, 2020
Fair ValueValuation MethodologyUnobservable InputsRange of InputsWeighted Average
(Dollars in thousands)
Impaired loans$708 Estimated cash flow
Expected value of future cash flows (1)
—%—%
Mortgage servicing rights$774 Estimated cash flow
Prepayment speeds and discount rates(3)
8.9% - 27.7%
18.3%
14.    Fair Value Measurements (continued)
December 31, 2019
Fair ValueValuation MethodologyUnobservable InputsRange of InputsWeighted Average
(Dollars in thousands)
Impaired loans$1,063 Estimated cash flow
Expected value of future cash flows (1)
—%—%
Mortgage servicing rights681 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 September 30, 2020 and December 31, 2019:
September 30, 2020
                          Fair Value Measurements
Carrying ValueTotal Fair ValueQuoted 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$265,896 $265,896 $265,896 $— $— 
Debt securities available for sale1,245,300 1,245,300 30,668 1,214,632 — 
Debt securities held to maturity272,712 288,439 5,004 283,435 — 
Equity securities4,706 4,706 4,379 327 — 
Federal Home Loan Bank stock53,416 53,416 — 53,416 — 
Loans receivable, net6,392,712 6,657,586 — — 6,657,586 
Financial liabilities:— 
Deposits$6,629,648 $6,649,238 $— $6,649,238 $— 
Borrowings1,015,210 1,027,590 — 1,027,590 — 
Derivative liabilities47,873 47,873 — 47,873 — 

December 31, 2019
                           Fair Value Measurements
Carrying ValueTotal Fair ValueQuoted 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 sale1,098,336 1,098,336 42,386 1,055,950 — 
Debt securities held to maturity285,756 289,505 19,960 269,545 — 
Equity securities2,855 2,855 2,587 268 — 
Federal Home Loan Bank stock69,579 69,579 — 69,579 — 
Loans receivable, net6,135,857 6,219,008 — — 6,219,008 
Derivative assets185 185 — 185 — 
Financial liabilities:
Deposits$5,645,842 $5,654,075 $— $5,654,075 $— 
Borrowings1,407,022 1,411,962 — 1,411,962 — 
Derivative liabilities11,546 11,546 — 11,546 —