| Assets and Liabilities Reported on Consolidated Statements of Financial Condition at Fair Values |
The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of June 30, 2014 and December 31, 2013, by level within the fair value hierarchy. | | | | | | | | | | | | | | | |
| Fair Value Measurements at Reporting Date Using: | (Dollars in thousands) |
| June 30, 2014 |
| Quoted Prices in Active Markets for Identical Assets (Level 1) |
| Significant Other Observable Inputs (Level 2) |
| Significant Unobservable Inputs (Level 3) | Measured on a recurring basis: |
|
|
|
|
|
|
|
| Securities available for sale: |
|
|
|
|
|
|
|
| Agency obligations |
| $ | 91,208 |
| | 91,208 |
| | — |
| | — |
| Mortgage-backed securities |
| 1,048,024 |
| | — |
| | 1,048,024 |
| | — |
| State and municipal obligations |
| 7,699 |
| | — |
| | 7,699 |
| | — |
| Corporate obligations | | 9,539 |
| | — |
| | 9,539 |
| | — |
| Equity securities |
| 516 |
| | 516 |
| | — |
| | — |
|
|
| $ | 1,156,986 |
| | 91,724 |
| | 1,065,262 |
| | — |
| Measured on a non-recurring basis: |
| | | | | | | | Loans measured for impairment based on the fair value of the underlying collateral |
| $ | 27,548 |
| | — |
| | — |
| | 27,548 |
| Foreclosed assets |
| 6,983 |
| | — |
| | — |
| | 6,983 |
|
|
| $ | 34,531 |
| | — |
| | — |
| | 34,531 |
|
| | | | | | | | | | | | | | | |
| Fair Value Measurements at Reporting Date Using: | (Dollars in thousands) |
| December 31, 2013 |
| Quoted Prices in Active Markets for Identical Assets (Level 1) |
| Significant Other Observable Inputs (Level 2) |
| Significant Unobservable Inputs (Level 3) | Measured on a recurring basis: |
|
|
|
|
|
|
|
| Securities available for sale: |
|
|
|
|
|
|
|
| Agency obligations |
| $ | 93,416 |
| | 93,416 |
| | — |
| | — |
| Mortgage-backed securities |
| 1,054,974 |
| | — |
| | 1,054,974 |
| | — |
| State and municipal obligations |
| 8,758 |
| | — |
| | 8,758 |
| | — |
| Equity securities |
| 446 |
| | 446 |
| | — |
| | — |
|
|
| $ | 1,157,594 |
| | 93,862 |
| | 1,063,732 |
| | — |
| Measured on a non-recurring basis: |
| | | | | | | | Loans measured for impairment based on the fair value of the underlying collateral |
| $ | 29,782 |
| | — |
| | — |
| | 29,782 |
| Foreclosed assets |
| 5,486 |
| | — |
| | — |
| | 5,486 |
|
|
| $ | 35,268 |
| | — |
| | — |
| | 35,268 |
|
|
| Schedule of Financial Instruments at Carrying and Fair Values |
The following tables present the Company’s financial instruments at their carrying and fair values as of June 30, 2014 and December 31, 2013. Fair values are presented by level within the fair value hierarchy. | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at June 30, 2014 Using: | (Dollars in thousands) | | Carrying value | | Fair value | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | Financial assets: | | | | | | | | | | | Cash and cash equivalents | | $ | 131,064 |
| | 131,064 |
| | 131,064 |
| | — |
| | — |
| Securities available for sale: | | | | | | | | | | | Agency obligations | | 91,208 |
| | 91,208 |
| | 91,208 |
| | — |
| | — |
| Mortgage-backed securities | | 1,048,024 |
| | 1,048,024 |
| | — |
| | 1,048,024 |
| | — |
| State and municipal obligations | | 7,699 |
| | 7,699 |
| | — |
| | 7,699 |
| | — |
| Corporate obligations | | 9,539 |
| | 9,539 |
| | — |
| | 9,539 |
| | — |
| Equity securities | | 516 |
| | 516 |
| | 516 |
| | — |
| | — |
| Total securities available for sale | | $ | 1,156,986 |
| | 1,156,986 |
| | 91,724 |
| | 1,065,262 |
| | — |
| Investment securities held to maturity: | | | | | | | | | | | Agency obligations | | $ | 7,426 |
| | 7,431 |
| | 7,431 |
| | — |
| | — |
| Mortgage-backed securities | | 3,693 |
| | 3,866 |
| | — |
| | 3,866 |
| | — |
| State and municipal obligations | | 433,464 |
| | 441,868 |
| | — |
| | 441,868 |
| | — |
| Corporate obligations | | 10,065 |
| | 10,112 |
| | — |
| | 10,112 |
| | — |
| Total securities held to maturity | | $ | 454,648 |
| | 463,277 |
| | 7,431 |
| | 455,846 |
| | — |
| FHLB-NY stock | | 70,574 |
| | 70,574 |
| | 70,574 |
| | — |
| | — |
| Loans, net of allowance for loan losses | | 5,846,194 |
| | 5,971,191 |
| | — |
| | — |
| | 5,971,191 |
| Financial liabilities: | | | | | | | | | | | Deposits other than certificates of deposits | | $ | 4,958,624 |
| | 4,958,624 |
| | 4,958,624 |
| | — |
| | — |
| Certificates of deposit | | 879,406 |
| | 885,186 |
| | — |
| | 885,186 |
| | — |
| | | 5,838,030 |
| | 5,843,810 |
| | 4,958,624 |
| | 885,186 |
| | — |
| Borrowings | | $ | 1,418,843 |
| | 1,429,973 |
| | — |
| | 1,429,973 |
| | — |
|
| | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2013 Using: | (Dollars in thousands) | | Carrying value | | Fair value | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | Financial assets: | | | | | | | | | | | Cash and cash equivalents | | $ | 101,224 |
| | 101,224 |
| | 101,224 |
| | — |
| | — |
| Securities available for sale: | | | | | | | | | | | Agency obligations | | 93,416 |
| | 93,416 |
| | 93,416 |
| | — |
| | — |
| Mortgage-backed securities | | 1,054,974 |
| | 1,054,974 |
| | — |
| | 1,054,974 |
| | — |
| State and municipal obligations | | 8,758 |
| | 8,758 |
| | — |
| | 8,758 |
| | — |
| Equity securities | | 446 |
| | 446 |
| | 446 |
| | — |
| | — |
| Total securities available for sale | | $ | 1,157,594 |
| | 1,157,594 |
| | 93,862 |
| | 1,063,732 |
| | — |
| Investment securities held to maturity: | | | | | | | | | | | Agency obligations | | $ | 7,523 |
| | 7,470 |
| | 7,470 |
| | — |
| | — |
| Mortgage-backed securities | | 5,273 |
| | 5,520 |
| | — |
| | 5,520 |
| | — |
| State and municipal obligations | | 334,750 |
| | 332,987 |
| | — |
| | 332,987 |
| | — |
| Corporate obligations | | 9,954 |
| | 9,936 |
| | — |
| | 9,936 |
| | — |
| Total securities held to maturity | | $ | 357,500 |
| | 355,913 |
| | 7,470 |
| | 348,443 |
| | — |
| FHLB-NY stock | | 58,070 |
| | 58,070 |
| | 58,070 |
| | — |
| | — |
| Loans, net of allowance for loan losses | | 5,130,149 |
| | 5,221,228 |
| | — |
| | — |
| | 5,221,228 |
| Financial liabilities: | | | | | | | | | | | Deposits other than certificates of deposits | | $ | 4,395,717 |
| | 4,395,717 |
| | 4,395,717 |
| | — |
| | — |
| Certificates of deposit | | 806,754 |
| | 813,337 |
| | — |
| | 813,337 |
| | — |
| Total deposits | | $ | 5,202,471 |
| | 5,209,054 |
| | 4,395,717 |
| | 813,337 |
| | — |
| Borrowings | | $ | 1,203,879 |
| | 1,218,136 |
| | — |
| | 1,218,136 |
| | — |
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