Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

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):

			Fair Value Measurements at Reporting Date Using:
	Total Fair Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
September 30, 2013
Items measured on a recurring basis:
Investment securities available-for-sale:
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):

			Fair Value Measurements at Reporting Date Using:
	Book Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
September 30, 2013
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		—