Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

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

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	—