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 March 31, 2021 and December 31, 2020, by level within the fair value hierarchy (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at Reporting Date Using: | | | March 31, 2021 | | 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: | | | | | | | | | Available for sale debt securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | Mortgage-backed securities | | $ | 1,060,152 | | | — | | | 1,060,152 | | | — | | Asset-backed securities | | 49,205 | | | — | | | 49,205 | | | — | | State and municipal obligations | | 68,934 | | | — | | | 68,934 | | | — | | Corporate obligations | | 38,645 | | | — | | | 38,645 | | | — | | Total available for sale debt securities | | 1,216,936 | | | — | | | 1,216,936 | | | — | | Equity securities | | 1,026 | | | 1,026 | | | — | | | — | | Derivative assets | | 76,542 | | | — | | | 76,542 | | | — | | | | $ | 1,294,504 | | | 1,026 | | | 1,293,478 | | | — | | | | | | | | | | | Derivative liabilities | | $ | 78,228 | | | — | | | 78,228 | | | — | | | | | | | | | | | Measured on a non-recurring basis: | | | | | | | | | Loans measured for impairment based on the fair value of the underlying collateral | | $ | 30,120 | | | — | | | — | | | 30,120 | | Foreclosed assets | | 3,554 | | | — | | | — | | | 3,554 | | | | $ | 33,674 | | | — | | | — | | | 33,674 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at Reporting Date Using: | | | December 31, 2020 | | 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: | | | | | | | | | Available for sale debt securities: | | | | | | | | | | | | | | | | | | Agency obligations | | $ | 1,009 | | | 1,009 | | | — | | | — | | Mortgage-backed securities | | 938,413 | | | — | | | 938,413 | | | — | | Asset-backed securities | | 53,830 | | | | | 53,830 | | | | State and municipal obligations | | 71,258 | | | — | | | 71,258 | | | — | | Corporate obligations | | 40,979 | | | — | | | 40,979 | | | — | | Total available for sale debt securities | | 1,105,489 | | | 1,009 | | | 1,104,480 | | | — | | Equity Securities | | 971 | | | 971 | | | — | | | — | | Derivative assets | | 101,079 | | | — | | | 101,079 | | | — | | | | $ | 1,207,539 | | | 1,980 | | | 1,205,559 | | | — | | | | | | | | | | | Derivative liabilities | | $ | 109,148 | | | — | | | 109,148 | | | — | | | | | | | | | | | Measured on a non-recurring basis: | | | | | | | | | Loans measured for impairment based on the fair value of the underlying collateral | | $ | 26,250 | | | — | | | — | | | 26,250 | | Foreclosed assets | | 4,475 | | | — | | | — | | | 4,475 | | | | $ | 30,725 | | | — | | | — | | | 30,725 | |
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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 March 31, 2021 and December 31, 2020. Fair values are presented by level within the fair value hierarchy. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at March 31, 2021 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 | | $ | 687,570 | | | 687,570 | | | 687,570 | | | — | | | — | | Available for sale debt securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Mortgage-backed securities | | 1,060,152 | | | 1,060,152 | | | — | | | 1,060,152 | | | — | | Asset-backed securities | | 49,205 | | | 49,205 | | | | | 49,205 | | | | State and municipal obligations | | 68,934 | | | 68,934 | | | — | | | 68,934 | | | — | | Corporate obligations | | 38,645 | | | 38,645 | | | — | | | 38,645 | | | — | | Total available for sale debt securities | | $ | 1,216,936 | | | 1,216,936 | | | — | | | 1,216,936 | | | — | | Held to maturity debt securities, net of allowance for credit losses: | | | | | | | | | | | Agency obligations | | 8,998 | | | 8,904 | | | 8,904 | | | — | | | — | | Mortgage-backed securities | | 50 | | | 51 | | | — | | | 51 | | | — | | State and municipal obligations | | 428,571 | | | 444,776 | | | — | | | 444,776 | | | — | | Corporate obligations | | 10,283 | | | 10,262 | | | — | | | 10,262 | | | — | | Total held to maturity debt securities, net of allowance for credit losses | | $ | 447,902 | | | 463,993 | | | 8,904 | | | 455,089 | | | — | | FHLBNY stock | | 48,998 | | | 48,998 | | | 48,998 | | | — | | | — | | Equity Securities | | 1,026 | | | 1,026 | | | 1,026 | | | — | | | — | | Loans, net of allowance for credit losses | | 9,717,945 | | | 9,857,891 | | | — | | | — | | | 9,857,891 | | Derivative assets | | 76,542 | | | 76,542 | | | — | | | 76,542 | | | — | | | | | | | | | | | | | Financial liabilities: | | | | | | | | | | | Deposits other than certificates of deposits | | $ | 9,334,509 | | | 9,334,509 | | | 9,334,509 | | | — | | | — | | Certificates of deposit | | 963,004 | | | 967,088 | | | — | | | 967,088 | | | — | | Total deposits | | $ | 10,297,513 | | | 10,301,597 | | | 9,334,509 | | | 967,088 | | | — | | Borrowings | | 940,611 | | | 945,538 | | | — | | | 945,538 | | | — | | Subordinated debentures | | 25,173 | | | 30,325 | | | — | | | 30,325 | | | — | | Derivative liabilities | | 78,228 | | | 78,228 | | | — | | | 78,228 | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2020 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 | | $ | 532,353 | | | 532,353 | | | 532,353 | | | — | | | — | | Available for sale debt securities: | | | | | | | | | | | U.S. Treasury obligations | | | | — | | | — | | | — | | | — | | Agency obligations | | 1,009 | | | 1,009 | | | 1,009 | | | — | | | — | | Mortgage-backed securities | | 938,413 | | | 938,413 | | | — | | | 938,413 | | | — | | Asset-backed securities | | 53,830 | | | 53,830 | | | | | 53,830 | | | | State and municipal obligations | | 71,258 | | | 71,258 | | | — | | | 71,258 | | | — | | Corporate obligations | | 40,979 | | | 40,979 | | | — | | | 40,979 | | | — | | Total available for sale debt securities | | $ | 1,105,489 | | | 1,105,489 | | | 1,009 | | | 1,104,480 | | | — | | Held to maturity debt securities: | | | | | | | | | | | | | | | | | | | | | | Agency obligations | | $ | 7,600 | | | 7,601 | | | 7,601 | | | — | | | — | | Mortgage-backed securities | | 62 | | | 64 | | | — | | | 64 | | | — | | State and municipal obligations | | 433,589 | | | 454,973 | | | — | | | 454,973 | | | — | | Corporate obligations | | 9,714 | | | 9,813 | | | — | | | 9,813 | | | — | | Total held to maturity debt securities, net of allowance for credit losses | | $ | 450,965 | | | 472,451 | | | 7,601 | | | 464,850 | | | — | | FHLBNY stock | | 59,489 | | | 59,489 | | | 59,489 | | | — | | | — | | Equity securities | | 971 | | | 971 | | | 971 | | | — | | | — | | Loans, net of allowance for credit losses | | 9,721,424 | | | 9,969,330 | | | — | | | — | | | 9,969,330 | | Derivative assets | | 101,079 | | | 101,079 | | | — | | | 101,079 | | | — | | | | | | | | | | | | | Financial liabilities: | | | | | | | | | | | Deposits other than certificates of deposits | | $ | 8,743,655 | | | 8,743,655 | | | 8,743,655 | | | — | | | — | | Certificates of deposit | | 1,094,174 | | | 1,097,993 | | | — | | | 1,097,993 | | | — | | Total deposits | | $ | 9,837,829 | | | 9,841,648 | | | 8,743,655 | | | 1,097,993 | | | — | | Borrowings | | 1,175,972 | | | 1,193,024 | | | — | | | 1,193,024 | | | — | | Subordinated debentures | | 25,135 | | | 24,375 | | | — | | | 24,375 | | | — | | Derivative liabilities | | 109,148 | | | 109,148 | | | — | | | 109,148 | | | — | |
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