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v3.20.1

Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2020
Fair Value Disclosures [Abstract] |
Significant Fair Value of Assets and Liabilities Measured on Recurring and Non Recurring Basis |
| Fair Value Measurements at March 31, 2020 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 | $ | 310,869 |  |  | $ | — |  |  | $ | 310,869 |  |  | $ | — |
REMICs: |  |  |  |  |  |  |
GSE | 623,580 |  |  | — |  |  | 623,580 |  |  | — |
Non-GSE | 49 |  |  | — |  |  | 49 |  |  | — |
| 934,498 |  |  | — |  |  | 934,498 |  |  | — |
Other debt securities |  |  |  |  |  |  |
Municipal bonds | 279 |  |  | — |  |  | 279 |  |  | — |
Corporate bonds | 126,666 |  |  | — |  |  | 126,666 |  |  | — |
| 126,945 |  |  | — |  |  | 126,945 |  |  | — |
Total debt securities available-for-sale | 1,061,443 |  |  | — |  |  | 1,061,443 |  |  | — |
Trading securities | 8,388 |  |  | 8,388 |  |  | — |  |  | — |
Equity securities | 374 |  |  | 374 |  |  | — |  |  | — |
Total | $ | 1,070,205 |  |  | $ | 8,762 |  |  | $ | 1,061,443 |  |  | $ | — |
Measured on a non-recurring basis: |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |
Commercial real estate | $ | 4,143 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,143 |
Multifamily | 22 |  |  | — |  |  | — |  |  | 22 |
Home equity and lines of credit | 29 |  |  | — |  |  | — |  |  | 29 |
Total impaired real estate loans | 4,194 |  |  | — |  |  | — |  |  | 4,194 |
Commercial and industrial loans | 14 |  |  | — |  |  | — |  |  | 14 |
Total | $ | 4,208 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,208 |
| Fair Value Measurements at December 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 | $ | 329,407 |  |  | $ | — |  |  | $ | 329,407 |  |  | $ | — |
REMICs: |  |  |  |  |  |  |
GSE | 643,667 |  |  | — |  |  | 643,667 |  |  | — |
Non-GSE | 53 |  |  | — |  |  | 53 |  |  | — |
| 973,127 |  |  | — |  |  | 973,127 |  |  | — |
Other debt securities |  |  |  |  |  |  |
Municipal bonds | 299 |  |  | — |  |  | 299 |  |  | — |
Corporate bonds | 164,926 |  |  | — |  |  | 164,926 |  |  | — |
| 165,225 |  |  | — |  |  | 165,225 |  |  | — |
Total debt securities available-for-sale | 1,138,352 |  |  | — |  |  | 1,138,352 |  |  | — |
Trading securities | 11,222 |  |  | 11,222 |  |  | — |  |  | — |
Equity securities | 250 |  |  | 250 |  |  | — |  |  | — |
Total | $ | 1,149,824 |  |  | $ | 11,472 |  |  | $ | 1,138,352 |  |  | $ | — |
Measured on a non-recurring basis: |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |
Commercial real estate | $ | 4,871 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,871 |
Multifamily | 26 |  |  | — |  |  | — |  |  | 26 |
Home equity and lines of credit | 30 |  |  | — |  |  | — |  |  | 30 |
Total impaired real estate loans | 4,927 |  |  | — |  |  | — |  |  | 4,927 |
Commercial and industrial loans | 15 |  |  | — |  |  | — |  |  | 15 |
Total | $ | 4,942 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,942 |
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, 2020, and December 31, 2019 (dollars in thousands):
| Fair Value |  | Valuation Methodology |  | Unobservable Inputs |  | Range of Inputs
| March 31, 2020 |  | December 31, 2019 |  |  |  |  |  | March 31, 2020 |  | December 31, 2019
Impaired loans | $ | 4,208 |  |  | $ | 4,942 |  |  | Appraisals |  | Discount for costs to sell |  | 7.0% |  | 7.0%
|  |  |  |  |  |  | Discount for quick sale |  | 10.0% |  | 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, 2020, and December 31, 2019, is presented in the following tables (in thousands):
| March 31, 2020
|  |  | Estimated Fair Value
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 114,699 |  |  | $ | 114,699 |  |  | $ | — |  |  | $ | — |  |  | $ | 114,699 |
Trading securities | 8,388 |  |  | 8,388 |  |  | — |  |  | — |  |  | 8,388 |
Debt securities available-for-sale | 1,061,443 |  |  | — |  |  | 1,061,443 |  |  | — |  |  | 1,061,443 |
Debt securities held-to-maturity | 8,706 |  |  | — |  |  | 9,002 |  |  | — |  |  | 9,002 |
Equity securities (1) | 374 |  |  | 374 |  |  | — |  |  | — |  |  | 374 |
Federal Home Loan Bank of New York stock, at cost | 29,855 |  |  | — |  |  | 29,855 |  |  | — |  |  | 29,855 |
Net loans held-for-investment | 3,472,337 |  |  | — |  |  | — |  |  | 3,479,488 |  |  | 3,479,488 |
Derivative assets | 1,072 |  |  | — |  |  | 1,072 |  |  | — |  |  | 1,072 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Deposits | $ | 3,485,546 |  |  | $ | — |  |  | $ | 3,495,318 |  |  | $ | — |  |  | $ | 3,495,318 |
Borrowed funds | 716,357 |  |  | — |  |  | 733,159 |  |  | — |  |  | 733,159 |
Advance payments by borrowers for taxes and insurance | 22,444 |  |  | — |  |  | 22,444 |  |  | — |  |  | 22,444 |
Derivative liabilities | 1,075 |  |  | — |  |  | 1,075 |  |  | — |  |  | 1,075 |
| December 31, 2019
|  |  | Estimated Fair Value
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 147,818 |  |  | $ | 147,818 |  |  | $ | — |  |  | $ | — |  |  | $ | 147,818 |
Trading securities | 11,222 |  |  | 11,222 |  |  | — |  |  | — |  |  | 11,222 |
Debt securities available-for-sale | 1,138,352 |  |  | — |  |  | 1,138,352 |  |  | — |  |  | 1,138,352 |
Debt securities held-to-maturity | 8,762 |  |  | — |  |  | 8,886 |  |  | — |  |  | 8,886 |
Equity securities (1) | 250 |  |  | 250 |  |  | — |  |  |  |  | 250 |
Federal Home Loan Bank of New York stock, at cost | 39,575 |  |  | — |  |  | 39,575 |  |  | — |  |  | 39,575 |
Net loans held-for-investment | 3,408,378 |  |  | — |  |  | — |  |  | 3,482,804 |  |  | 3,482,804 |
Derivative assets | 79 |  |  | — |  |  | 79 |  |  | — |  |  | 79 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Deposits | $ | 3,408,233 |  |  | $ | — |  |  | $ | 3,412,414 |  |  | $ | — |  |  | $ | 3,412,414 |
Borrowed funds | 857,004 |  |  | — |  |  | 862,980 |  |  | — |  |  | 862,980 |
Advance payments by borrowers for taxes and insurance | 440,069 |  |  | — |  |  | 440,069 |  |  | — |  |  | 440,069 |
Derivative liabilities | 79 |  |  | — |  |  | 79 |  |  | — |  |  | 79 |
(1) Excludes investments measured at net asset value in the amount of $3.1 million at both March 31, 2020 and December 31, 2019, which have not been classified in the fair value hierarchy.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=117815213&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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