Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

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 March 31, 2017
(In Thousands)	Total		Level 1		Level 2
Securities available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	227,292	$	—	$	227,292
Non-GSE issuance REMICs and CMOs	1,136		—		1,136
GSE pass-through certificates	8,576		—		8,576
Obligations of GSEs	28,893		—		28,893
Fannie Mae stock	2		2		—
Total securities available-for-sale	$	265,899	$	2	$	265,897

	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

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
(In Thousands)	At March 31, 2017			At December 31, 2016
Non-performing loans held-for-sale, net		$	141		$	143
Impaired loans		124,766			124,101
MSR, net		10,237			10,130
REO, net		13,500			14,428
Total		$	148,644		$	148,802

Schedule of Gains (Losses) Recognized on Assets Measured at Fair Value on a 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 Three Months Ended March 31,
(In Thousands)		2017			2016
Non-performing loans held-for-sale, net (1)		$	—		$	—
Impaired loans (2)		(1,704		)	(1,858		)
MSR, net (3)		215			(877		)
REO, net (4)		(623		)	(250		)
Total		$	(2,112	)	$	(2,985	)


(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 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 March 31, 2017
	Carrying Value		Estimated Fair Value
(In Thousands)	Carrying Value		Total		Level 2		Level 3
Financial Assets:
Securities held-to-maturity	$	2,769,376	$	2,721,723	$	2,721,723	$	—
FHLB-NY stock	107,166		107,166		107,166		—
Loans held-for-sale, net (1)	6,236		6,360		—		6,360
Loans receivable, net (1)	10,118,466		10,097,856		—		10,097,856
MSR, net (1)	10,237		10,240		—		10,240
Financial Liabilities:
Deposits	8,990,247		8,998,724		8,998,724		—
Borrowings, net	3,244,885		3,339,515		3,339,515		—



	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		—

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