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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

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, 2020 and December 31, 2019, by level within the fair value hierarchy (in thousands):

						Fair Value Measurements at Reporting Date Using:
						September 30, 2020						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:
Available for sale debt securities:
Agency obligations						$	1,084					1,084						—						—
Mortgage-backed securities						934,171						—						934,171						—
Asset-backed securities						53,868						—						53,868						—
State and municipal obligations						70,518						—						70,518						—
Corporate obligations						40,750						—						40,750						—
Total available for sale debt securities						1,100,391						1,084						1,099,307						—
Equity securities						869						869						—						—
Derivative assets						117,722						—						117,722						—
						$	1,218,982					1,953						1,217,029						—
Derivative liabilities						$	126,577					—						126,577						—
Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral						$	17,998					—						—						17,998
Foreclosed assets						4,720						—						—						4,720
						$	22,718					—						—						22,718

						Fair Value Measurements at Reporting Date Using:
						December 31, 2019						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:
Available for sale debt securities:
Mortgage-backed securities						$	947,430					—						947,430						—
State and municipal obligations						4,079						—						4,079						—
Corporate obligations						25,410						—						25,410						—
Total available for sale debt securities						976,919						—						976,919						—
Equity Securities						825						825						—						—
Derivative assets						39,305						—						39,305						—
						$	1,017,049					825						1,016,224						—
Derivative liabilities						$	39,356					—						39,356						—
Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral						$	20,403					—						—						20,403
Foreclosed assets						2,715						—						—						2,715
						$	23,118					—						—						23,118

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, 2020 and December 31, 2019. Fair values are presented by level within the fair value hierarchy.

												Fair Value Measurements at September 30, 2020 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						$	510,138					510,138						510,138						—						—
Available for sale debt securities:
Agency obligations						1,084						1,084						1,084						—						—
Mortgage-backed securities						934,171						934,171						—						934,171						—
Asset-backed securities						53,868						53,868												53,868
State and municipal obligations						70,518						70,518						—						70,518						—
Corporate obligations						40,750						40,750						—						40,750						—
Total available for sale debt securities						$	1,100,391					1,100,391						1,084						1,099,307						—
Held to maturity debt securities, net of allowance for credit losses:
Agency obligations						9,100						9,088						9,088						—						—
Mortgage-backed securities						75						77						—						77						—
State and municipal obligations						428,465						449,448						—						449,448						—
Corporate obligations						8,951						9,080						—						9,080						—
Total held to maturity debt securities, net of allowance for credit losses						$	446,591					467,693						9,088						458,605						—
FHLBNY stock						69,975						69,975						69,975						—						—
Equity Securities						869						869						869						—						—
Loans, net of allowance for credit losses						9,650,495						9,917,269						—						—						9,917,269
Derivative assets						117,722						117,722						—						117,722						—
Financial liabilities:
Deposits other than certificates of deposits						$	8,414,553					8,414,553						8,414,553						—						—
Certificates of deposit						1,144,688						1,148,156						—						1,148,156						—
Total deposits						$	9,559,241					9,562,709						8,414,553						1,148,156						—
Borrowings						1,413,029						1,424,689						—						1,424,689						—
Subordinated debentures						25,099						24,050						—						24,050						—
Derivative liabilities						126,577						126,577						—						126,577						—

												Fair Value Measurements at December 31, 2019 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						$	186,748					186,748						186,748						—						—
Available for sale debt securities:
Mortgage-backed securities						947,430						947,430						—						947,430						—
State and municipal obligations						4,079						4,079						—						4,079						—
Corporate obligations						25,410						25,410						—						25,410						—
Total available for sale debt securities						$	976,919					976,919						—						976,919						—
Held to maturity debt securities:
Agency obligations						$	6,599					6,601						6,601						—						—
Mortgage-backed securities						118						122						—						122						—
State and municipal obligations						437,074						451,353						—						451,353						—
Corporate obligations						9,838						9,890						—						9,890						—
Total held to maturity debt securities						$	453,629					467,966						6,601						461,365						—
FHLBNY stock						57,298						57,298						57,298						—						—
Equity Securities						825						825						825						—						—
Loans, net of allowance for credit losses						7,277,360						7,296,744						—						—						7,296,744
Derivative assets						39,305						39,305						—						39,305						—
Financial liabilities:
Deposits other than certificates of deposits						$	6,368,582					6,368,582						6,368,582						—						—
Certificates of deposit						734,027						734,047						—						734,047						—
Total deposits						$	7,102,609					7,102,629						6,368,582						734,047						—
Borrowings						1,125,146						1,127,569						—						1,127,569						—
Derivative liabilities						39,356						39,356						—						39,356						—

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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