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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2015
Fair Value Disclosures [Abstract] |
Significant Fair Value of Assets and Liabilities Measured on Recurring and Non Recurring Basis |
| Fair Value Measurements at June 30, 2015 Using:
| Carrying Value |  | 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 | $ | 606,332 |  |  | $ | — |  |  | $ | 606,332 |  |  | $ | — |
Non-GSE | 811 |  |  | — |  |  | 811 |  |  | — |
Other securities: |  |  |  |  |  |  |
Corporate bonds | 32,740 |  |  | — |  |  | 32,740 |  |  | — |
Equities | 329 |  |  | 329 |  |  | — |  |  | — |
Total available-for-sale | 640,212 |  |  | 329 |  |  | 639,883 |  |  | — |
Trading securities | 6,799 |  |  | 6,799 |  |  | — |  |  | — |
Total | $ | 647,011 |  |  | $ | 7,128 |  |  | $ | 639,883 |  |  | $ | — |
Measured on a non-recurring basis: |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |
Commercial real estate | $ | 15,704 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,704 |
One-to-four family residential mortgage | 1,745 |  |  | — |  |  | — |  |  | 1,745 |
Multifamily | 1,294 |  |  | — |  |  | — |  |  | 1,294 |
Home equity and lines of credit | 287 |  |  | — |  |  | — |  |  | 287 |
Total impaired real estate loans | 19,030 |  |  | — |  |  | — |  |  | 19,030 |
Other real estate owned | 423 |  |  | — |  |  | — |  |  | 423 |
Total | $ | 19,453 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,453 |
| Fair Value Measurements at December 31, 2014 Using:
| Carrying Value |  | 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 | $ | 699,790 |  |  | $ | — |  |  | $ | 699,790 |  |  | $ | — |
Non-GSE | 1,026 |  |  | — |  |  | 1,026 |  |  | — |
Other securities: |  |  |  |  |  |  |
Corporate bonds | 70,013 |  |  | — |  |  | 70,013 |  |  | — |
Equities | 410 |  |  | 410 |  |  | — |  |  | — |
Total available-for-sale | 771,239 |  |  | 410 |  |  | 770,829 |  |  | — |
Trading securities | 6,422 |  |  | 6,422 |  |  | — |  |  | — |
Total | $ | 777,661 |  |  | $ | 6,832 |  |  | $ | 770,829 |  |  | $ | — |
Measured on a non-recurring basis: |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |
Commercial real estate | $ | 17,438 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,438 |
One-to-four family residential mortgage | 672 |  |  | — |  |  | — |  |  | 672 |
Multifamily | 1,513 |  |  | — |  |  | — |  |  | 1,513 |
Home equity and lines of credit | 278 |  |  | — |  |  | — |  |  | 278 |
Total impaired real estate loans | 19,901 |  |  | — |  |  | — |  |  | 19,901 |
Commercial and industrial loans | 440 |  |  | — |  |  | — |  |  | 440 |
Other real estate owned | 752 |  |  | — |  |  | — |  |  | 752 |
Total | $ | 21,093 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,093 |
Level 3 Assets Measured at Fair Value on a Non-Recurring Basis | The following table presents qualitative information for Level 3 assets measured at fair value on a non-recurring basis at June 30, 2015 and December 31, 2014 (dollars in thousands).
| Fair Value |  | Valuation Methodology |  | Unobservable Inputs |  | Range of Inputs
| June 30, 2015 |  | December 31, 2014 |  |  |  |  |  | June 30, 2015 |  | December 31, 2014
Impaired loans | $ | 19,030 |  |  | $ | 20,341 |  |  | Appraisals |  | Discount for costs to sell |  | 7.0% |  | 7.0%
|  |  |  |  |  |  | Discount for quick sale |  | 10.0% - 40.0% |  | 10.0% - 40.0%
|  |  |  |  | Discounted cash flows |  | Interest rates |  | 4.6% to 7.5% |  | 4.6% to 7.5%
Other real estate owned | $ | 423 |  |  | $ | 752 |  |  | Appraisals |  | Discount for costs to sell |  | 7.0% |  | 7.0%
Estimated Fair Values of Significant Financial Instruments | The estimated fair value of the Company’s significant financial instruments at June 30, 2015, and December 31, 2014, is presented in the following tables (in thousands).
| June 30, 2015
|  |  | Estimated Fair Value
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 75,785 |  |  | $ | 75,785 |  |  | $ | — |  |  | $ | — |  |  | $ | 75,785 |
Trading securities | 6,799 |  |  | 6,799 |  |  | — |  |  | — |  |  | 6,799 |
Securities available-for-sale | 640,212 |  |  | 329 |  |  | 639,883 |  |  | — |  |  | 640,212 |
Securities held-to-maturity | 3,921 |  |  | — |  |  | 3,965 |  |  | — |  |  | 3,965 |
Federal Home Loan Bank of New York stock, at cost | 25,353 |  |  | — |  |  | 25,353 |  |  | — |  |  | 25,353 |
Loans held-for-sale | 325 |  |  | — |  |  | — |  |  | 325 |  |  | — |
Net loans held-for-investment | 2,178,118 |  |  | — |  |  | — |  |  | 2,203,946 |  |  | 2,203,946 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Deposits | $ | 1,980,099 |  |  | $ | — |  |  | $ | 1,984,059 |  |  | $ | — |  |  | $ | 1,984,059 |
Repurchase agreements, Federal Home Loan Bank advances and and other borrowings | 579,078 |  |  | — |  |  | 581,642 |  |  | — |  |  | 581,642 |
Advance payments by borrowers | 9,696 |  |  | — |  |  | 9,696 |  |  | — |  |  | 9,696 |
| December 31, 2014
|  |  | Estimated Fair Value
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 76,709 |  |  | $ | 76,709 |  |  | $ | — |  |  | $ | — |  |  | $ | 76,709 |
Trading securities | 6,422 |  |  | 6,422 |  |  | — |  |  | — |  |  | 6,422 |
Securities available-for-sale | 771,239 |  |  | 410 |  |  | 770,829 |  |  | — |  |  | 771,239 |
Securities held-to-maturity | 3,609 |  |  | — |  |  | 3,691 |  |  | — |  |  | 3,691 |
Federal Home Loan Bank of New York stock, at cost | 29,219 |  |  | — |  |  | 29,219 |  |  | — |  |  | 29,219 |
Net loans held-for-investment | 1,916,703 |  |  | — |  |  | — |  |  | 1,949,511 |  |  | 1,949,511 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Deposits | $ | 1,620,665 |  |  | $ | — |  |  | $ | 1,622,536 |  |  | $ | — |  |  | $ | 1,622,536 |
Repurchase agreements, Federal Home Loan Bank advances and and other borrowings | 778,658 |  |  | — |  |  | 781,196 |  |  | — |  |  | 781,196 |
Advance payments by borrowers | 7,792 |  |  | — |  |  | 7,792 |  |  | — |  |  | 7,792 |

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a,b,bb) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=36462937&loc=SL7498348-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258 + Details
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