Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

Assets and Liabilities Reported on Consolidated Statements of Financial Condition at Fair Values

The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of September 30, 2017 and December 31, 2016, by level within the fair value hierarchy:



	Fair Value Measurements at Reporting Date Using:
(In thousands)	September 30, 2017		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Measured on a recurring basis:
Securities available for sale:
U.S. Treasury obligations	$	5,994	5,994	—	—
Agency obligations	28,035		28,035	—	—
Mortgage-backed securities	968,412		—	968,412	—
State and municipal obligations	3,807		—	3,807	—
Corporate obligations	21,459		—	21,459	—
Equity securities	598		598	—	—
Total securities available for sale	1,028,305		34,627	993,678	—
Derivative assets	8,035		—	8,035	—
	$	1,036,340	34,627	1,001,713	—

Derivative liabilities	$	7,595	—	7,595	—

Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral	$	5,525	—	—	5,525
Foreclosed assets	5,703		—	—	5,703
	$	11,228	—	—	11,228



	Fair Value Measurements at Reporting Date Using:
(In thousands)	December 31, 2016		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Measured on a recurring basis:
Securities available for sale:
U.S. Treasury obligations	$	8,008	8,008	—	—
Agency obligations	57,188		57,188	—	—
Mortgage-backed securities	951,861		—	951,861	—
State and municipal obligations	3,743		—	3,743	—
Corporate obligations	19,037		—	19,037	—
Equity securities	549		549	—	—
Total securities available for sale	$	1,040,386	65,745	974,641	—
Derivative assets	7,441		—	7,441	—
	$	1,047,827	65,745	982,082	—

Derivative liabilities	$	6,750	—	6,750	—

Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral	$	11,001	—	—	11,001
Foreclosed assets	7,991		—	—	7,991
	$	18,992	—	—	18,992

Schedule of Financial Instruments at Carrying and Fair Values

The following tables present the Company’s financial instruments at their carrying and fair values as of September 30, 2017 and December 31, 2016. Fair values are presented by level within the fair value hierarchy.



			Fair Value Measurements at September 30, 2017 Using:
(Dollars in thousands)	Carrying value		Fair value	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents	$	148,783	148,783	148,783	—	—
Securities available for sale:
U.S. Treasury obligations	5,994		5,994	5,994	—	—
Agency obligations	28,035		28,035	28,035	—	—
Mortgage-backed securities	968,412		968,412	—	968,412	—
State and municipal obligations	3,807		3,807	—	3,807	—
Corporate obligations	21,459		21,459	—	21,459	—
Equity securities	598		598	598	—	—
Total securities available for sale	$	1,028,305	1,028,305	34,627	993,678	—
Investment securities held to maturity:
Agency obligations	4,307		4,252	4,252	—	—
Mortgage-backed securities	475		492	—	492	—
State and municipal obligations	467,113		475,759	—	475,759	—
Corporate obligations	9,950		9,922	—	9,922	—
Total securities held to maturity	$	481,845	490,425	4,252	486,173	—
FHLBNY stock	70,896		70,896	70,896	—	—
Loans, net of allowance for loan losses	6,967,776		6,955,183	—	—	6,955,183
Derivative assets	8,035		8,035	—	8,035	—

Financial liabilities:
Deposits other than certificates of deposits	$	5,963,348	5,963,348	5,963,348	—	—
Certificates of deposit	627,868		628,523	—	628,523	—
Total deposits	$	6,591,216	6,591,871	5,963,348	628,523	—
Borrowings	1,525,560		1,530,444	—	1,530,444	—
Derivative liabilities	7,595		7,595	—	7,595	—



			Fair Value Measurements at December 31, 2016 Using:
(Dollars in thousands)	Carrying value		Fair value	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents	$	144,297	144,297	144,297	—	—
Securities available for sale:
U.S. Treasury obligations	8,008		8,008	8,008	—	—
Agency obligations	57,188		57,188	57,188	—	—
Mortgage-backed securities	951,861		951,861	—	951,861	—
State and municipal obligations	3,743		3,743	—	3,743	—
Corporate obligations	19,037		19,037	—	19,037	—
Equity securities	549		549	549	—	—
Total securities available for sale	$	1,040,386	1,040,386	65,745	974,641	—
Investment securities held to maturity:
Agency obligations	$	4,306	4,225	4,225	—	—
Mortgage-backed securities	893		924	—	924	—
State and municipal obligations	473,653		474,852	—	474,852	—
Corporate obligations	9,331		9,286	—	9,286	—
Total securities held to maturity	$	488,183	489,287	4,225	485,062	—
FHLBNY stock	75,726		75,726	75,726	—	—
Loans, net of allowance for loan losses	6,941,603		6,924,440	—	—	6,924,440
Derivative assets	7,441		7,441	—	7,441	—

Financial liabilities:
Deposits other than certificates of deposits	$	5,902,446	5,902,446	5,902,446	—	—
Certificates of deposit	651,183		653,772	—	653,772	—
Total deposits	$	6,553,629	6,556,218	5,902,446	653,772	—
Borrowings	1,612,745		1,617,023	—	1,617,023	—
Derivative liabilities	6,750		6,750	—	6,750	—