Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

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, 2014 and December 31, 2013, 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:
September 30, 2014	Total Fair Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Items measured on a recurring basis:
Investment securities available-for-sale:
U.S. agency obligations	$	19,977	$	—	$	19,977	$	—
Equity investments		706		706		—		—
Items measured on a non-recurring basis:
Other real estate owned		6,466		—		—		6,466
Loans measured for impairment based on the fair value of the underlying collateral		11,712		—		—		11,712

			Fair Value Measurements at Reporting Date Using:
December 31, 2013	Total Fair Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Items measured on a recurring basis:
Investment securities available-for-sale:
U.S. agency obligations	$	35,289	$	—	$	35,289	$	—
Equity investments		8,547		8,547		—		—
Items measured on a non-recurring basis:
Other real estate owned		4,345		—		—		4,345
Loans measured for impairment based on the fair value of the underlying collateral		18,902		—		—		18,902

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, 2014 and December 31, 2013 are presented in the following tables (in thousands):

			Fair Value Measurements at Reporting Date Using:
September 30, 2014	Book Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Financial Assets:
Cash and due from banks	$	27,657	$	27,657	$	—	$	—
Securities held-to-maturity		486,819		—		492,459		600
Federal Home Loan Bank of New York stock		14,785		—		—		14,785
Loans receivable and mortgage loans held for sale		1,635,122		—		—		1,645,687
Financial Liabilities:
Deposits other than time deposits		1,569,924		—		1,569,924		—
Time deposits		211,303		—		212,836		—
Securities sold under agreements to repurchase with retail customers		61,457		61,457		—		—
Federal Home Loan Bank advances and other borrowings		232,696		—		231,166		—

			Fair Value Measurements at Reporting Date Using:
December 31, 2013	Book Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Financial Assets:
Cash and due from banks	$	33,958	$	33,958	$	—	$	—
Securities held-to-maturity		495,599		—		493,432		1,650
Federal Home Loan Bank of New York stock		14,518		—		—		14,518
Loans receivable and mortgage loans held for sale		1,542,245		—		—		1,561,208
Financial Liabilities:
Deposits other than time deposits		1,528,820		—		1,528,820		—
Time deposits		217,943		—		220,409		—
Securities sold under agreements to repurchase with retail customers		68,304		68,304		—		—
Federal Home Loan Bank advances and other borrowings		202,500		—		201,393		—