Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2015
(In Thousands)	Total		Level 1		Level 2
Securities available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	333,984	$	—	$	333,984
Non-GSE issuance REMICs and CMOs	3,556		—		3,556
GSE pass-through certificates	11,734		—		11,734
Obligations of GSEs	98,182		—		98,182
Fannie Mae stock	2		2		—
Total securities available-for-sale	$	447,458	$	2	$	447,456

	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 September 30, 2015			At December 31, 2014
Non-performing loans held-for-sale, net		$	1,591		$	153
Impaired loans		135,672			140,663
MSR, net		10,488			11,401
REO, net		12,372			19,375
Total		$	160,123		$	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 Nine Months Ended September 30,
(In Thousands)		2015			2014
Non-performing loans held-for-sale, net (1)		$	(445	)	$	—
Impaired loans (2)		(3,246		)	(5,187		)
MSR, net (3)		(172		)	290
REO, net (4)		(287		)	(1,811		)
Total		$	(4,150	)	$	(6,708	)


(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 September 30, 2015
	Carrying Value		Estimated Fair Value
(In Thousands)	Carrying Value		Total		Level 2		Level 3
Financial Assets:
Securities held-to-maturity	$	2,197,629	$	2,215,444	$	2,215,444	$	—
FHLB-NY stock	128,687		128,687		128,687		—
Loans held-for-sale, net (1)	5,918		5,951		—		5,951
Loans receivable, net (1)	11,149,872		11,200,091		—		11,200,091
MSR, net (1)	10,488		10,489		—		10,489
Financial Liabilities:
Deposits	9,048,461		9,082,148		9,082,148		—
Borrowings, net	4,006,089		4,215,025		4,215,025		—



	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.