Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

Schedule of carrying values of assets measured at estimated fair value on recurring basis and level within the fair value hierarchy

The following tables set forth the carrying values of our assets measured at estimated fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated.



	Carrying Value at June 30, 2015
(In Thousands)	Total		Level 1		Level 2
Securities available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	316,400	$	—	$	316,400
Non-GSE issuance REMICs and CMOs	4,006		—		4,006
GSE pass-through certificates	12,309		—		12,309
Obligations of GSEs	96,028		—		96,028
Fannie Mae stock	2		2		—
Total securities available-for-sale	$	428,745	$	2	$	428,743

	Carrying Value at December 31, 2014
(In Thousands)	Total		Level 1		Level 2
Securities available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	268,998	$	—	$	268,998
Non-GSE issuance REMICs and CMOs	5,104		—		5,104
GSE pass-through certificates	13,557		—		13,557
Obligations of GSEs	96,698		—		96,698
Fannie Mae stock	2		2		—
Total securities available-for-sale	$	384,359	$	2	$	384,357

Schedule of carrying values of assets measured at fair value on non-recurring basis which fall within Level 3 of the fair value hierarchy

The following table sets forth the carrying values of those of our assets which were measured at fair value on a non-recurring basis at the dates indicated. The fair value measurements for all of these assets fall within Level 3 of the fair value hierarchy.



		Carrying Value
(In Thousands)	At June 30, 2015			At December 31, 2014
Non-performing loans held-for-sale, net		$	150		$	153
Impaired loans		141,775			140,663
MSR, net		11,463			11,401
REO, net		15,300			19,375
Total		$	168,688		$	171,592

Schedule of losses recognized on assets measured at fair value on non-recurring basis

The following table provides information regarding the gains (losses) recognized on our assets measured at fair value on a non-recurring basis for the periods indicated.



	For the Six Months Ended June 30,
(In Thousands)		2015			2014
Non-performing loans held-for-sale, net (1)		$	—		$	(8,806	)
Impaired loans (2)		(3,442		)	(2,220		)
MSR, net (3)		616			(123		)
REO, net (4)		(60		)	(1,888		)
Total		$	(2,886	)	$	(13,037	)


(1)	Losses are charged against the allowance for loan losses in the case of a write-down upon the transfer of a loan to held-for-sale. Losses subsequent to the transfer of a loan to held-for-sale are charged to other non-interest income.


(2)	Losses are charged against the allowance for loan losses.


(3)	Gains (losses) are credited/charged to mortgage banking income, net.


(4)	Gains (losses) are credited/charged to the allowance for loan losses in the case of an estimated fair value adjustment upon the transfer of a loan to REO. Losses subsequent to the transfer of a loan to REO are charged to REO expense which is a component of other non-interest expense.

Schedule of carrying values and estimated fair values of financial instruments

The following tables set forth the carrying values and estimated fair values of our financial instruments which are carried in the consolidated statements of financial condition at either cost or at lower of cost or fair value in accordance with GAAP, and are not measured or recorded at fair value on a recurring basis, and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated.



	At June 30, 2015
	Carrying Value		Estimated Fair Value
(In Thousands)	Carrying Value		Total		Level 2		Level 3
Financial Assets:
Securities held-to-maturity	$	2,156,882	$	2,152,091	$	2,152,091	$	—
FHLB-NY stock	138,384		138,384		138,384		—
Loans held-for-sale, net (1)	8,318		8,354		—		8,354
Loans receivable, net (1)	11,406,556		11,466,373		—		11,466,373
MSR, net (1)	11,463		11,466		—		11,466
Financial Liabilities:
Deposits	9,227,770		9,253,520		9,253,520		—
Borrowings, net	4,058,957		4,264,239		4,264,239		—



	At December 31, 2014
	Carrying Value		Estimated Fair Value
(In Thousands)	Carrying Value		Total		Level 2		Level 3
Financial Assets:
Securities held-to-maturity	$	2,133,804	$	2,131,371	$	2,131,371	$	—
FHLB-NY stock	140,754		140,754		140,754		—
Loans held-for-sale, net (1)	7,640		7,955		—		7,955
Loans receivable, net (1)	11,845,848		11,967,608		—		11,967,608
MSR, net (1)	11,401		11,406		—		11,406
Financial Liabilities:
Deposits	9,504,909		9,534,918		9,534,918		—
Borrowings, net	4,187,691		4,395,604		4,395,604		—

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(1)	Includes assets measured at fair value on a non-recurring basis.