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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2021
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 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, 2021Quoted 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 securities49,205 — 49,205 — 
State and municipal obligations68,934 — 68,934 — 
Corporate obligations38,645 — 38,645 — 
Total available for sale debt securities1,216,936 — 1,216,936 — 
Equity securities1,026 1,026 — — 
Derivative assets76,542 — 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 assets3,554 — — 3,554 
$33,674 — — 33,674 

Fair Value Measurements at Reporting Date Using:
December 31, 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:
Agency obligations$1,009 1,009 — — 
Mortgage-backed securities938,413 — 938,413 — 
Asset-backed securities53,830 53,830 
State and municipal obligations71,258 — 71,258 — 
Corporate obligations40,979 — 40,979 — 
Total available for sale debt securities1,105,489 1,009 1,104,480 — 
Equity Securities971 971 — — 
Derivative assets101,079 — 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 assets4,475 — — 4,475 
$30,725 — — 30,725 
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 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$687,570 687,570 687,570 — — 
Available for sale debt securities:
Mortgage-backed securities1,060,152 1,060,152 — 1,060,152 — 
Asset-backed securities49,205 49,205 49,205 
State and municipal obligations68,934 68,934 — 68,934 — 
Corporate obligations38,645 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 obligations8,998 8,904 8,904 — — 
Mortgage-backed securities50 51 — 51 — 
State and municipal obligations428,571 444,776 — 444,776 — 
Corporate obligations10,283 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 stock48,998 48,998 48,998 — — 
Equity Securities1,026 1,026 1,026 — — 
Loans, net of allowance for credit losses9,717,945 9,857,891 — — 9,857,891 
Derivative assets76,542 76,542 — 76,542 — 
Financial liabilities:
Deposits other than certificates of deposits$9,334,509 9,334,509 9,334,509 — — 
Certificates of deposit963,004 967,088 — 967,088 — 
Total deposits$10,297,513 10,301,597 9,334,509 967,088 — 
Borrowings940,611 945,538 — 945,538 — 
Subordinated debentures25,173 30,325 — 30,325 — 
Derivative liabilities78,228 78,228 — 78,228 — 
Fair Value Measurements at December 31, 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$532,353 532,353 532,353 — — 
Available for sale debt securities:
U.S. Treasury obligations— — — — 
Agency obligations1,009 1,009 1,009 — — 
Mortgage-backed securities938,413 938,413 — 938,413 — 
Asset-backed securities53,830 53,830 53,830 
State and municipal obligations71,258 71,258 — 71,258 — 
Corporate obligations40,979 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 securities62 64 — 64 — 
State and municipal obligations433,589 454,973 — 454,973 — 
Corporate obligations9,714 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 stock59,489 59,489 59,489 — — 
Equity securities971 971 971 — — 
Loans, net of allowance for credit losses9,721,424 9,969,330 — — 9,969,330 
Derivative assets101,079 101,079 — 101,079 — 
Financial liabilities:
Deposits other than certificates of deposits$8,743,655 8,743,655 8,743,655 — — 
Certificates of deposit1,094,174 1,097,993 — 1,097,993 — 
Total deposits$9,837,829 9,841,648 8,743,655 1,097,993 — 
Borrowings1,175,972 1,193,024 — 1,193,024 — 
Subordinated debentures25,135 24,375 — 24,375 — 
Derivative liabilities109,148 109,148 — 109,148 —