| Financial Assets and Financial Liabilities Measured at Fair Value |
The following table summarizes financial assets and financial
liabilities measured at fair value as of September 30, 2013
and December 31, 2012, segregated by the level of the
valuation inputs within the fair value hierarchy utilized to
measure fair value (in thousands):
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|
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|
|
|
|
|
|
|
|
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|
| |
|
|
Fair Value Measurements at Reporting Date Using: |
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| |
|
Total Fair
Value |
|
|
Level 1
Inputs |
|
|
Level 2
Inputs |
|
|
Level 3
Inputs |
|
|
September 30, 2013
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|
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|
|
|
|
|
|
|
|
|
|
|
Items measured on a recurring basis:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities available-for-sale:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. agency obligations
|
|
$ |
60,484 |
|
|
$ |
— |
|
|
$ |
60,484 |
|
|
$ |
— |
|
|
Equity investments
|
|
|
8,484 |
|
|
|
8,484 |
|
|
|
— |
|
|
|
— |
|
|
Items measured on a non-recurring basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate owned
|
|
|
4,259 |
|
|
|
— |
|
|
|
— |
|
|
|
4,259 |
|
|
Loans measured for impairment based on the fair value of the
underlying collateral
|
|
|
11,391 |
|
|
|
— |
|
|
|
— |
|
|
|
11,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Fair Value Measurements at Reporting Date Using: |
|
| |
|
Total Fair
Value |
|
|
Level 1
Inputs |
|
|
Level 2
Inputs |
|
|
Level 3
Inputs |
|
|
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items measured on a recurring basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. agency obligations
|
|
$ |
139,050 |
|
|
$ |
— |
|
|
$ |
139,050 |
|
|
$ |
— |
|
|
State and municipal obligations
|
|
|
25,780 |
|
|
|
— |
|
|
|
25,780 |
|
|
|
— |
|
|
Corporate debt securities
|
|
|
43,470 |
|
|
|
— |
|
|
|
43,470 |
|
|
|
— |
|
|
Equity investments
|
|
|
5,293 |
|
|
|
5,293 |
|
|
|
— |
|
|
|
— |
|
|
Mortgage-backed securities available-for-sale
|
|
|
333,857 |
|
|
|
— |
|
|
|
333,857 |
|
|
|
— |
|
|
Items measured on a non-recurring basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate owned
|
|
|
3,210 |
|
|
|
— |
|
|
|
— |
|
|
|
3,210 |
|
|
Loans measured for impairment based on the fair value of the
underlying collateral
|
|
|
12,033 |
|
|
|
— |
|
|
|
— |
|
|
|
12,033 |
|
|
| Book Value and Estimated Fair Value of Bank's Significant Financial Instruments Not Recorded at Fair Value |
The book value and estimated fair value of the Bank’s
significant financial instruments not recorded at fair value as of
September 30, 2013 and December 31, 2012 are presented in
the following tables (in thousands):
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|
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| |
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|
Fair Value Measurements at Reporting Date Using: |
|
| |
|
Book
Value |
|
|
Level 1
Inputs |
|
|
Level 2
Inputs |
|
|
Level 3
Inputs |
|
|
September 30, 2013
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$ |
44,055 |
|
|
$ |
44,055 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Securities held-to-maturity
|
|
|
514,022 |
|
|
|
— |
|
|
|
517,173 |
|
|
|
— |
|
|
Federal Home Loan Bank of New York stock
|
|
|
15,211 |
|
|
|
— |
|
|
|
— |
|
|
|
15,211 |
|
|
Loans receivable and mortgage loans held for sale
|
|
|
1,524,991 |
|
|
|
— |
|
|
|
— |
|
|
|
1,541,323 |
|
|
Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits other than time deposits
|
|
|
1,557,236 |
|
|
|
— |
|
|
|
1,557,236 |
|
|
|
— |
|
|
Time deposits
|
|
|
211,678 |
|
|
|
— |
|
|
|
214,623 |
|
|
|
— |
|
|
Securities sold under agreements to repurchase with retail
customers
|
|
|
69,951 |
|
|
|
69,951 |
|
|
|
— |
|
|
|
— |
|
|
Federal Home Loan Bank advances and other borrowings
|
|
|
216,500 |
|
|
|
— |
|
|
|
219,370 |
|
|
|
— |
|
|
|
|
| |
|
|
|
|
Fair Value Measurements at Reporting Date Using: |
|
| |
|
Book
Value |
|
|
Level 1
Inputs |
|
|
Level 2
Inputs |
|
|
Level 3
Inputs |
|
|
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$ |
62,544 |
|
|
$ |
62,544 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Federal Home Loan Bank of New York stock
|
|
|
17,061 |
|
|
|
— |
|
|
|
— |
|
|
|
17,061 |
|
|
Loans receivable and mortgage loans held for sale
|
|
|
1,529,946 |
|
|
|
— |
|
|
|
— |
|
|
|
1,572,291 |
|
|
Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits other than time deposits
|
|
|
1,493,453 |
|
|
|
— |
|
|
|
1,493,453 |
|
|
|
— |
|
|
Time deposits
|
|
|
226,218 |
|
|
|
— |
|
|
|
231,445 |
|
|
|
— |
|
|
Securities sold under agreements to repurchase with retail
customers
|
|
|
60,791 |
|
|
|
60,791 |
|
|
|
— |
|
|
|
— |
|
|
Federal Home Loan Bank advances and other borrowings
|
|
|
252,500 |
|
|
|
— |
|
|
|
258,577 |
|
|
|
— |
|
|