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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Significant Fair Value of Assets and Liabilities Measured on Recurring and Non Recurring Basis

	Fair Value Measurements at March 31, 2019 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:
Debt securities available-for-sale:
Mortgage-backed securities:
Pass-through certificates:
GSE	$	404,537			$	—			$	404,537			$	—
REMICs:
GSE	263,492				—				263,492				—
Non-GSE	57				—				57				—
	668,086				—				668,086				—
Other debt securities
Municipal bonds	274				—				274				—
Corporate bonds	225,912				—				225,912				—
	226,186				—				226,186				—
Total debt securities available-for-sale	894,272				—				894,272				—
Trading securities	9,759				9,759				—				—
Equity securities	414				414				—				—
Total	$	904,445			$	10,173			$	894,272			$	—
Measured on a non-recurring basis:
Assets:
Impaired loans:
Real estate loans:
Commercial real estate	$	4,679			$	—			$	—			$	4,679
One-to-four family residential mortgage	461				—				—				461
Multifamily	35				—				—				35
Home equity and lines of credit	26				—				—				26
Total impaired real estate loans	5,201				—				—				5,201
Commercial and industrial loans	15				—				—				15
Total	$	5,216			$	—			$	—			$	5,216

	Fair Value Measurements at December 31, 2018 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:
Debt securities available-for-sale:
Mortgage-backed securities:
Pass-through certificates:
GSE	$	314,788			$	—			$	314,788			$	—
REMICs:
GSE	250,163				—				250,163				—
Non-GSE	58				—				58				—
	565,009				—				565,009				—
Other debt securities
Municipal bonds	273				—				273				—
Corporate bonds	242,749				—				242,749				—
	243,022				—				243,022				—
Total debt securities available-for-sale	808,031				—				808,031				—
Trading securities	8,968				8,968				—				—
Equity securities	237				237				—				—
Total	$	817,236			$	9,205			$	808,031			$	—
Measured on a non-recurring basis:
Assets:
Impaired loans:
Real estate loans:
Commercial real estate	$	4,847			$	—			$	—			$	4,847
One-to-four family residential mortgage	765				—				—				765
Multifamily	39				—				—				39
Home equity and lines of credit	28				—				—				28
Total impaired real estate loans	5,679				—				—				5,679
Commercial and industrial loans	18				—				—				18
Total	$	5,697			$	—			$	—			$	5,697

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 March 31, 2019, and December 31, 2018 (dollars in thousands):

Fair Value

Valuation Methodology

Unobservable Inputs

Range of Inputs

March 31, 2019

December 31, 2018

March 31, 2019

December 31, 2018

Impaired loans

$

5,216

$

5,697

Appraisals

Discount for costs to sell

7.0%

7.0%

Discount for quick sale

10% to 15%

10.0%

Discounted cash flows

Interest rates

4.13% to 6.25%

4.13% to 6.25%

Estimated Fair Values of Significant Financial Instruments

The estimated fair value of the Company’s financial instruments at March 31, 2019, and December 31, 2018, is presented in the following tables (in thousands):

	March 31, 2019
					Estimated Fair Value
	Carrying Value				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents	$	85,825			$	85,825			$	—			$	—			$	85,825
Trading securities	9,759				9,759				—				—				9,759
Debt securities available-for-sale	894,272				—				894,272				—				894,272
Debt securities held-to-maturity	9,448				—				9,320				—				9,320
Equity securities (1)	414				414				—				—				414
Federal Home Loan Bank of New York stock, at cost	22,517				—				22,517				—				22,517
Net loans held-for-investment	3,228,374				—				—				3,251,646				3,251,646
Financial liabilities:
Deposits	$	3,375,205			$	—			$	3,379,925			$	—			$	3,379,925
Borrowed funds	409,244				—				407,588				—				407,588
Advance payments by borrowers for taxes and insurance	20,723				—				20,723				—				20,723

	December 31, 2018
					Estimated Fair Value
	Carrying Value				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents	$	77,762			$	77,762			$	—			$	—			$	77,762
Trading securities	8,968				8,968				—				—				8,968
Debt securities available-for-sale	808,031				—				808,031				—				808,031
Debt securities held-to-maturity	9,505				—				9,249				—				9,249
Equity securities (1)	237				237				—								237
Federal Home Loan Bank of New York stock, at cost	22,517				—				22,517				—				22,517
Net loans held-for-investment	3,217,673				—				—				3,236,136				3,236,136
Financial liabilities:
Deposits	$	3,286,512			$	—			$	3,291,085			$	—			$	3,291,085
Borrowed funds	408,891				—				403,476				—				403,476
Advance payments by borrowers for taxes and insurance	18,007				—				18,007				—				18,007

 (1) Excludes investments measured at net asset value of $1.1 million at March 31, 2019 and $1.0 million at December 31, 2018, which have not been classified in the fair value hierarchy.

X

- 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.

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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).

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