Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

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, 2016
(In Thousands)	Total		Level 1		Level 2
Securities available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	288,812	$	—	$	288,812
Non-GSE issuance REMICs and CMOs	2,217		—		2,217
GSE pass-through certificates	10,267		—		10,267
Obligations of GSEs	55,049		—		55,049
Fannie Mae stock	2		2		—
Total securities available-for-sale	$	356,347	$	2	$	356,345

	Carrying Value at December 31, 2015
(In Thousands)	Total		Level 1		Level 2
Securities available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	330,539	$	—	$	330,539
Non-GSE issuance REMICs and CMOs	3,054		—		3,054
GSE pass-through certificates	11,264		—		11,264
Obligations of GSEs	71,939		—		71,939
Fannie Mae stock	2		2		—
Total securities available-for-sale	$	416,798	$	2	$	416,796

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, 2016			At December 31, 2015
Non-performing loans held-for-sale, net		$	673		$	1,582
Impaired loans		126,192			134,910
MSR, net		8,881			11,014
REO, net		12,434			16,307
Total		$	148,180		$	163,813

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)		2016			2015
Non-performing loans held-for-sale, net (1)		$	(167	)	$	—
Impaired loans (2)		(3,019		)	(3,442		)
MSR, net (3)		(1,622		)	616
REO, net (4)		(789		)	(60		)
Total		$	(5,597	)	$	(2,886	)


(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 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, 2016
	Carrying Value		Estimated Fair Value
(In Thousands)	Carrying Value		Total		Level 2		Level 3
Financial Assets:
Securities held-to-maturity	$	2,677,930	$	2,716,702	$	2,716,702	$	—
FHLB-NY stock	137,909		137,909		137,909		—
Loans held-for-sale, net (1)	6,843		6,973		—		6,973
Loans receivable, net (1)	10,749,329		10,871,364		—		10,871,364
MSR, net (1)	8,881		8,882		—		8,882
Financial Liabilities:
Deposits	8,951,130		8,986,940		8,986,940		—
Borrowings, net	4,018,487		4,188,733		4,188,733		—



	At December 31, 2015
	Carrying Value		Estimated Fair Value
(In Thousands)	Carrying Value		Total		Level 2		Level 3
Financial Assets:
Securities held-to-maturity	$	2,296,799	$	2,286,092	$	2,286,092	$	—
FHLB-NY stock	131,137		131,137		131,137		—
Loans held-for-sale, net (1)	8,960		9,037		—		9,037
Loans receivable, net (1)	11,055,081		11,112,709		—		11,112,709
MSR, net (1)	11,014		11,017		—		11,017
Financial Liabilities:
Deposits	9,106,027		9,123,740		9,123,740		—
Borrowings, net	3,964,222		4,132,940		4,132,940		—

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