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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2013
Fair Value Measurements [Abstract]  
Significant Fair Value of Assets and Liabilities Measured on Recurring and Non Recurring Basis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using:

 

September 30, 2013

 

Quoted Prices in Active Markets for Identical Assets (Level 1)

 

Significant Other Observable Inputs        (Level 2)

 

Significant Unobservable Inputs        (Level 3)

 

(in thousands)

Measured on a recurring basis:

 

Assets:

 

 

 

 

 

 

 

Investment securities:

 

 

 

 

 

 

 

Available-for-sale:

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

 

 

 

 

 

GSE

$                   905,126

 

$                            -

 

$                 905,126

 

$                   -

Non-GSE
5,100 

 

 -

 
5,100 

 

 -

Other securities

 

 

 

 

 

 

 

GSE bonds
30,361 

 

 -

 
30,361 

 

 

Corporate bonds
80,279 

 

 -

 
80,279 

 

 -

Equities
2,189 

 
2,189 

 

 -

 

 -

Total available-for-sale
1,023,055 

 
2,189 

 
1,020,866 

 

 -

Trading securities
5,706 

 
5,706 

 

 -

 

 -

Total

$                1,028,761

 

$                    7,895

 

$              1,020,866

 

$                   -

Measured on a non-recurring basis:

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

Impaired loans:

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

Commercial real estate

$                     24,166

 

$                            -

 

$                             -

 

$          24,166

One-to-four family residential mortgage
340 

 

 -

 

 -

 
340 

Construction and land
108 

 

 -

 

 -

 
108 

Multifamily
1,596 

 

 -

 

 -

 
1,596 

Home equity and lines of credit
1,740 

 

 -

 

 -

 
1,740 

Total impaired real estate loans
27,950 

 

 -

 

 -

 
27,950 

Commercial and industrial loans
719 

 

 -

 

 -

 
719 

Other real estate owned
664 

 

 -

 

 -

 
664 

Total

$                     29,333

 

$                            -

 

$                             -

 

$          29,333

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using:

 

December 31, 2012

 

Quoted Prices in Active Markets for Identical Assets (Level 1)

 

Significant Other Observable Inputs        (Level 2)

 

Significant Unobservable Inputs        (Level 3)

 

(in thousands)

Measured on a recurring basis:

 

Assets:

 

 

 

 

 

 

 

Investment securities:

 

 

 

 

 

 

 

Available-for-sale:

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

 

 

 

 

 

GSE

$                1,180,455

 

$                            -

 

$              1,180,455

 

$                   -

Non-GSE
7,776 

 

 -

 
7,776 

 

 -

Other securities

 

 

 

 

 

 

 

Corporate bonds
74,402 

 

 -

 
74,402 

 

 -

Equities
12,998 

 
12,998 

 

 -

 

 -

Total available-for-sale
1,275,631 

 
12,998 

 
1,262,633 

 

 -

Trading securities
4,677 

 
4,677 

 

 -

 

 -

Total

$                1,280,308

 

$                  17,675

 

$              1,262,633

 

$                   -

Measured on a non-recurring basis:

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

Impaired loans:

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

Commercial real estate

$                     29,109

 

$                            -

 

$                             -

 

$          29,109

One-to-four family residential mortgage
1,827 

 

 -

 

 -

 
1,827 

Construction and land
2,070 

 

 -

 

 -

 
2,070 

Multifamily
1,530 

 

 -

 

 -

 
1,530 

Home equity and lines of credit
1,943 

 

 -

 

 -

 
1,943 

Total impaired real estate loans
36,479 

 

 -

 

 -

 
36,479 

Commercial and industrial loans
452 

 

 -

 

 -

 
452 

Other real estate owned
870 

 

 -

 

 -

 
870 

Total

$                     37,801

 

$                            -

 

$                             -

 

$          37,801

 

 
Level 3 Assets Measured at Fair Value on a Non-Recurring Basis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value

 

Valuation Methodology

 

Unobservable Inputs       

 

Range of Inputs

 

(in thousands)

 

 

 

 

 

 

Impaired loans

$           28,669

 

Appraisals

 

Discount for costs to sell

 

7.0%

 

 

 

 

 

Discount for quick sale

 

10.0% - 25.0%

 

 

 

 

 

Discount for dated appraisal utilizing changes in real estate indexes

 

Varies

 

 

 

Discounted cash flows

 

Interest rates

 

Varies

Other real estate owned

$                664

 

Appraisals

 

Discount for costs to sell

 

7.0%

 

 

 

 

 

Discount for dated appraisal utilizing changes in real estate indexes

 

Varies

 

Estimated Fair Values of Significant Financial Instruments

 

 

 

 

 

 

 

 

 

 

 

September 30, 2013

 

 

 

Estimated Fair Value

 

Carrying Value

 

Level 1

 

Level 2

 

    Level 3

 

Total

Financial assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$       93,653

 

$       93,653

 

$                -

 

$               -

 

$       93,653

Trading securities
5,706 

 
5,706 

 

 -

 

 -

 
5,706 

Securities available-for-sale
1,023,055 

 
2,189 

 
1,020,866 

 

 -

 
1,023,055 

Federal Home Loan Bank of New York stock, at cost
16,882 

 

 -

 
16,882 

 

 -

 
16,882 

Net loans held-for-investment
1,370,753 

 

 -

 

 -

 
1,393,111 

 
1,393,111 

Financial liabilities:

 

 

 

 

 

 

 

 

 

Deposits

$  1,492,586

 

$                 -

 

$  1,496,242

 

$               -

 

$  1,496,242

Repurchase agreements and other borrowings
492,181 

 

 -

 
500,276 

 

 -

 
500,276 

Advance payments by borrowers
6,683 

 

 -

 
6,683 

 

 -

 
6,683 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2012

 

 

 

Estimated Fair Value

 

Carrying Value

 

Level 1

 

Level 2

 

    Level 3

 

Total

Financial assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$      128,761

 

$      128,761

 

$                -

 

$               -

 

$     128,761

Trading securities
4,677 

 
4,677 

 

 -

 

 -

 
4,677 

Securities available-for-sale
1,275,631 

 
12,998 

 
1,262,633 

 

 -

 
1,275,631 

Securities held-to-maturity
2,220 

 

 -

 
2,309 

 

 -

 
2,309 

Federal Home Loan Bank of New York stock, at cost
12,550 

 

 -

 
12,550 

 

 -

 
12,550 

Loans held-for-sale
5,447 

 

 -

 

 -

 
5,447 

 
5,447 

Net loans held-for-investment
1,216,558 

 

 -

 

 -

 
1,289,599 

 
1,289,599 

Financial liabilities:

 

 

 

 

 

 

 

 

 

Deposits

$   1,956,860

 

$                  -

 

$  1,962,053

 

$               -

 

$  1,962,053

Repurchase agreements and other borrowings
419,122 

 

 -

 
432,719 

 

 -

 
432,719 

Advance payments by borrowers
3,488 

 

 -

 
3,488 

 

 -

 
3,488