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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
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, 2020 and December 31, 2019, by level within the fair value hierarchy (in thousands):
Fair Value Measurements at Reporting Date Using:
June 30, 2020Quoted 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:
Available for sale debt securities:
Mortgage-backed securities$916,985  —  916,985  —  
State and municipal obligations4,096  —  4,096  —  
Corporate obligations27,533  —  27,533  —  
Total available for sale debt securities$948,614  —  948,614  —  
Equity securities806  806  —  —  
Derivative assets118,706  —  118,706  —  
$1,068,126  806  1,067,320  —  
Derivative liabilities$129,233  —  129,233  —  
Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral$16,950  —  —  16,950  
Foreclosed assets3,272  —  —  3,272  
$20,222  —  —  20,222  
Fair Value Measurements at Reporting Date Using:
December 31, 2019Quoted 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:
Available for sale debt securities:
Mortgage-backed securities$947,430  —  947,430  —  
State and municipal obligations4,079  —  4,079  —  
Corporate obligations25,410  —  25,410  —  
Total available for sale debt securities$976,919  —  976,919  —  
Equity Securities825  825  —  —  
Derivative assets39,305  —  39,305  —  
$1,017,049  825  1,016,224  —  
Derivative liabilities$39,356  —  39,356  —  
Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral$20,403  —  —  20,403  
Foreclosed assets2,715  —  —  2,715  
$23,118  —  —  23,118  
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, 2020 and December 31, 2019. Fair values are presented by level within the fair value hierarchy.
Fair Value Measurements at June 30, 2020 Using:
(Dollars in thousands)Carrying valueFair valueQuoted 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$453,763  453,763  453,763  —  —  
Available for sale debt securities:
Mortgage-backed securities916,985  916,985  —  916,985  —  
State and municipal obligations4,096  4,096  —  4,096  —  
Corporate obligations27,533  27,533  —  27,533  —  
Total available for sale debt securities$948,614  948,614  —  948,614  —  
Held to maturity debt securities, net of allowance for credit losses:
Agency obligations6,840  6,843  6,843  —  —  
Mortgage-backed securities89  92  —  92  —  
State and municipal obligations424,085  445,202  —  445,202  —  
Corporate obligations8,289  8,450  —  8,450  —  
Total held to maturity debt securities, net of allowance for credit losses$439,303  460,587  6,843  453,744  —  
FHLBNY stock57,880  57,880  57,880  —  —  
Equity Securities806  806  806  —  —  
Loans, net of allowance for credit losses7,680,132  7,861,368  —  —  7,861,368  
Derivative assets118,706  118,706  —  118,706  —  
Financial liabilities:
Deposits other than certificates of deposits$7,048,605  7,048,605  7,048,605  —  —  
Certificates of deposit611,461  611,200  —  611,200  —  
Total deposits$7,660,066  7,659,805  7,048,605  611,200  —  
Borrowings1,175,289  1,186,863  —  1,186,863  —  
Derivative liabilities129,233  129,233  —  129,233  —  
Fair Value Measurements at December 31, 2019 Using:
(Dollars in thousands)Carrying valueFair valueQuoted 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$186,748  186,748  186,748  —  —  
Available for sale debt securities:
Mortgage-backed securities947,430  947,430  —  947,430  —  
State and municipal obligations4,079  4,079  —  4,079  —  
Corporate obligations25,410  25,410  —  25,410  —  
Total available for sale debt securities$976,919  976,919  —  976,919  —  
Held to maturity debt securities:
Agency obligations$6,599  6,601  6,601  —  —  
Mortgage-backed securities118  122  —  122  —  
State and municipal obligations437,074  451,353  —  451,353  —  
Corporate obligations9,838  9,890  —  9,890  —  
Total held to maturity debt securities$453,629  467,966  6,601  461,365  —  
FHLBNY stock57,298  57,298  57,298  —  —  
Equity Securities825  825  825  —  —  
Loans, net of allowance for credit losses7,277,360  7,296,744  —  —  7,296,744  
Derivative assets39,305  39,305  —  39,305  —  
Financial liabilities:
Deposits other than certificates of deposits$6,368,582  6,368,582  6,368,582  —  —  
Certificates of deposit734,027  734,047  —  734,047  —  
Total deposits$7,102,609  7,102,629  6,368,582  734,047  —  
Borrowings1,125,146  1,127,569  —  1,127,569  —  
Derivative liabilities39,356  39,356  —  39,356  —