Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Carrying Values of Assets Measured at Estimated Fair Value on a Recurring Basis

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 December 31, 2016
(In Thousands)	Total		Level 1			Level 2
Securities available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	240,793		$	—	$	240,793
Non-GSE issuance REMICs and CMOs	1,443			—		1,443
GSE pass-through certificates	8,930			—		8,930
Obligations of GSEs	28,875			—		28,875
Fannie Mae stock	4			4		—
Total securities available-for-sale	$	280,045		$	4	$	280,041



	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 a Non-Recurring Basis

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 at December 31,
(In Thousands)		2016		2015
Non-performing loans held-for-sale, net		$	143	$	1,582
Impaired loans		124,101		134,910
MSR, net		10,130		11,014
REO, net		14,428		16,307
Total		$	148,802	$	163,813

Schedule of Information Regarding Gains (Losses) Recognized on Assets

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



	For the Year Ended December 31,
(In Thousands)	2016			2015			2014
Non-performing loans held-for-sale, net (1)	$	—		$	(445	)	$	—
Impaired loans (2)	(6,513		)	(4,284		)	(6,311		)
MSR, net (3)	(25		)	568			60
REO, net (4)	(845		)	(824		)	(1,654		)
Total	$	(7,383	)	$	(4,985	)	$	(7,905	)


(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)

Upon the transfer of a loan to REO, losses are charged to the allowance for loan losses and gains are credited to the allowance for loan losses, to the extent of prior period loan charge-offs taken, or credited to fair value gain which is a component of other non-interest income. 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

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 December 31, 2016
	Carrying Value		Estimated Fair Value
(In Thousands)	Carrying Value		Total		Level 2		Level 3
Financial Assets:
Securities held-to-maturity	$	2,740,132	$	2,690,546	$	2,690,546	$	—
FHLB-NY stock	124,807		124,807		124,807		—
Loans held-for-sale, net (1)	11,584		11,589		—		11,589
Loans receivable, net (1)	10,331,087		10,318,246		—		10,318,246
MSR, net (1)	10,130		10,133		—		10,133
Financial Liabilities:
Deposits	8,877,055		8,887,745		8,887,745		—
Borrowings, net	3,634,752		3,747,657		3,747,657		—



	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.