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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

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

			Fair Value Measurements at June 30, 2021 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:
U.S. Government agency			$	2,754					$	—					$	2,754					$	—
Mortgage-backed securities:
Pass-through certificates:
GSE			229,767						—						229,767						—
REMICs:
GSE			740,378						—						740,378						—
			970,145						—						970,145						—
Other debt securities:
Municipal bonds			78						—						78						—
Corporate bonds			124,446						—						124,446						—
			124,524						—						124,524						—
Total debt securities available-for-sale			1,097,423						—						1,097,423						—
Trading securities			12,743						12,743						—						—
Equity securities			219						219						—						—
Total			$	1,110,385					$	12,962					$	1,097,423					$	—
Measured on a non-recurring basis:
Assets:
Loans individually evaluated for impairment:
Real estate loans:
Commercial real estate			$	3,799					$	—					$	—					$	3,799
One-to-four family residential mortgage			854						—						—						854
Multifamily			9						—						—						9
Home equity and lines of credit			29						—						—						29
Total individually evaluated real estate loans			4,691						—						—						4,691
Commercial and industrial loans			14						—						—						14
Other real estate owned			100						—						—						100
Total			$	4,805					$	—					$	—					$	4,805

			Fair Value Measurements at December 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:
U.S. Government agency securities			$	3,158					$	—					$	3,158					$	—
Mortgage-backed securities:
Pass-through certificates:
GSE			281,343						—						281,343						—
REMICs:
GSE			890,965						—						890,965						—
Non-GSE			4						—						4						—
			1,172,312						—						1,172,312						—
Other debt securities:
Municipal bonds			123						—						123						—
Corporate bonds			88,418						—						88,418						—
Asset-backed securities			794						—						794						—
			89,335						—						89,335						—
Total debt securities available-for-sale			1,264,805						—						1,264,805						—
Trading securities			12,291						12,291						—						—
Equity securities			253						253						—						—
Total			$	1,277,349					$	12,544					$	1,264,805					$	—
Measured on a non-recurring basis:
Assets:
Impaired loans:
Real estate loans:
Commercial real estate			$	5,268					$	—					$	—					$	5,268
Multifamily			16						—						—						16
Home equity and lines of credit			28						—						—						28
Total impaired real estate loans			5,312						—						—						5,312
Commercial and industrial loans			13						—						—						13
Total			$	5,325					$	—					$	—					$	5,325

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, 2021 and December 31, 2020 (dollars in thousands):

Fair Value

Valuation Methodology

Unobservable Inputs

Range of Inputs

June 30, 2021

December 31, 2020

June 30, 2021

December 31, 2020

Individually evaluated loans

$

4,705

$

5,325

Appraisals

Discount for costs to sell

7.0%

7.0%

Discount for quick sale

10.0%

10.0%

Discounted cash flows

Interest rates

4.88% to 6.25%

4.88% to 6.25%

Other real estate owned

100

—

Appraisals

Discount for costs to sell

7.0%

N/A

Estimated Fair Values of Significant Financial Instruments

The estimated fair value of the Company’s financial instruments at June 30, 2021 and December 31, 2020, is presented in the following tables (in thousands):

			June 30, 2021
									Estimated Fair Value
			Carrying Value						Level 1						Level 2						Level 3						Total
Financial assets:
Cash and cash equivalents			$	193,184					$	193,184					$	—					$	—					$	193,184
Trading securities			12,743						12,743						—						—						12,743
Debt securities available-for-sale			1,097,423						—						1,097,423						—						1,097,423
Debt securities held-to-maturity			6,417						—						6,703						—						6,703
Equity securities			219						219						—						—						219
FHLBNY stock, at cost			24,508						—						24,508						—						24,508
Net loans held-for-investment			3,777,780						—						—						3,894,985						3,894,985
Derivative assets			788						—						788						—						788
Financial liabilities:
Deposits			$	4,108,269					$	—					$	4,112,519					$	—					$	4,112,519
Borrowed funds			470,329						—						481,011						—						481,011
Advance payments by borrowers for taxes and insurance			24,203						—						24,203						—						24,203
Derivative liabilities			790						—						790						—						790

			December 31, 2020
									Estimated Fair Value
			Carrying Value						Level 1						Level 2						Level 3						Total
Financial assets:
Cash and cash equivalents			$	87,544					$	87,544					$	—					$	—					$	87,544
Trading securities			12,291						12,291						—						—						12,291
Debt securities available-for-sale			1,264,805						—						1,264,805						—						1,264,805
Debt securities held-to-maturity			7,234						—						7,574						—						7,574
Equity securities			253						253						—						—						253
FHLBNY stock, at cost			28,641						—						28,641						—						28,641
Loans held-for-sale			19,895						—						—						19,895						19,895
Net loans held-for-investment			3,785,631						—						—						3,842,054						3,842,054
Derivative assets			1,498						—						1,498						—						1,498
Financial liabilities:
Deposits			$	4,076,551					$	—					$	4,082,538					$	—					$	4,082,538
Borrowed funds			591,789						—						609,900						—						609,900
Advance payments by borrowers for taxes and insurance			19,677						—						19,677						—						19,677
Derivative liabilities			1,502						—						1,502						—						1,502

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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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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