Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

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