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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 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:

 

December 31, 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

$                   855,571

 

$                            -

 

$                 855,571

 

$                   -

Non-GSE
4,552 

 

 -

 
4,552 

 

 -

Other securities

 

 

 

 

 

 

 

Corporate bonds
76,452 

 

 -

 
76,452 

 

 -

Equities
510 

 
510 

 

 -

 

 -

Total available-for-sale
937,085 

 
510 

 
936,575 

 

 -

Trading securities
5,998 

 
5,998 

 

 -

 

 -

Total

$                   943,083

 

$                    6,508

 

$                 936,575

 

$                   -

Measured on a non-recurring basis:

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

Impaired loans:

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

Commercial real estate

$                     23,572

 

$                            -

 

$                             -

 

$          23,572

One-to-four family residential mortgage
340 

 

 -

 

 -

 
340 

Construction and land
109 

 

 -

 

 -

 
109 

Multifamily
1,579 

 

 -

 

 -

 
1,579 

Home equity and lines of credit
1,342 

 

 -

 

 -

 
1,342 

Total impaired real estate loans
26,942 

 

 -

 

 -

 
26,942 

Commercial and industrial loans
616 

 

 -

 

 -

 
616 

Other real estate owned
634 

 

 -

 

 -

 
634 

Total

$                     28,192

 

$                            -

 

$                             -

 

$          28,192

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

$           27,558

 

Appraisals

 

Discount for costs to sell

 

7.0%

 

 

 

 

 

Discount for quick sale

 

10.0% - 25.0%

 

 

 

Discounted cash flows

 

Interest rates

 

1.1% - 7.5%

Other real estate owned

$                634

 

Appraisals

 

Discount for costs to sell

 

7.0%

 

Estimated Fair Values Of Significant Financial Instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

 

 

Estimated Fair Value

 

Carrying Value

 

Level 1

 

Level 2

 

    Level 3

 

Total

Financial assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$       61,239

 

$       61,239

 

$                -

 

$               -

 

$       61,239

Trading securities
5,998 

 
5,998 

 

 -

 

 -

 
5,998 

Securities available-for-sale
937,085 

 
510 

 
936,575 

 

 -

 
937,085 

Federal Home Loan Bank of New York stock, at cost
17,516 

 

 -

 
17,516 

 

 -

 
17,516 

Loans held-for-sale
471 

 

 -

 

 -

 
471 

 
471 

Net loans held-for-investment
1,489,476 

 

 -

 

 -

 
1,472,096 

 
1,472,096 

Financial liabilities:

 

 

 

 

 

 

 

 

 

Deposits

$  1,492,689

 

$                 -

 

$  1,495,810

 

$               -

 

$  1,495,810

Repurchase agreements and other borrowings
470,325 

 

 -

 
476,893 

 

 -

 
476,893 

Advance payments by borrowers
6,441 

 

 -

 
6,441 

 

 -

 
6,441 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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