Significant Fair Value of Assets and Liabilities Measured on Recurring and Non Recurring Basis |
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at June 30, 2020 Using: | | | | | | | | Carrying Value | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | (in thousands) | | | | | | | Measured on a recurring basis: | | | | | | | | Assets: | | | | | | | | Investment securities: | | | | | | | | Debt securities available-for-sale: | | | | | | | | Mortgage-backed securities: | | | | | | | | Pass-through certificates: | | | | | | | | GSE | $ | 289,153 | | | $ | — | | | $ | 289,153 | | | $ | — | | REMICs: | | | | | | | | GSE | 654,009 | | | — | | | 654,009 | | | — | | Non-GSE | 47 | | | — | | | 47 | | | — | | | 943,209 | | | — | | | 943,209 | | | — | | Other debt securities | | | | | | | | | | | | | | | | Municipal bonds | 254 | | | — | | | 254 | | | — | | Corporate bonds | 94,026 | | | — | | | 94,026 | | | — | | | 94,280 | | | — | | | 94,280 | | | — | | Total debt securities available-for-sale | 1,037,489 | | | — | | | 1,037,489 | | | — | | Trading securities | 10,094 | | | 10,094 | | | — | | | — | | Equity securities | 214 | | | 214 | | | — | | | — | | Total | $ | 1,047,797 | | | $ | 10,308 | | | $ | 1,037,489 | | | $ | — | | Measured on a non-recurring basis: | | | | | | | | Assets: | | | | | | | | Impaired loans: | | | | | | | | Real estate loans: | | | | | | | | Commercial real estate | $ | 6,125 | | | $ | — | | | $ | — | | | $ | 6,125 | | One-to-four family residential mortgage | 517 | | | — | | | — | | | 517 | | | | | | | | | | Multifamily | 22 | | | — | | | — | | | 22 | | Home equity and lines of credit | 28 | | | — | | | — | | | 28 | | Total impaired real estate loans | 6,692 | | | — | | | — | | | 6,692 | | Commercial and industrial loans | 14 | | | — | | | — | | | 14 | | | | | | | | | | Total | $ | 6,706 | | | $ | — | | | $ | — | | | $ | 6,706 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2019 Using: | | | | | | | | Carrying Value | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | (in thousands) | | | | | | | Measured on a recurring basis: | | | | | | | | Assets: | | | | | | | | Investment securities: | | | | | | | | Debt securities available-for-sale: | | | | | | | | Mortgage-backed securities: | | | | | | | | Pass-through certificates: | | | | | | | | GSE | $ | 329,407 | | | $ | — | | | $ | 329,407 | | | $ | — | | REMICs: | | | | | | | | GSE | 643,667 | | | — | | | 643,667 | | | — | | Non-GSE | 53 | | | — | | | 53 | | | — | | | 973,127 | | | — | | | 973,127 | | | — | | Other debt securities | | | | | | | | | | | | | | | | Municipal bonds | 299 | | | — | | | 299 | | | — | | Corporate bonds | 164,926 | | | — | | | 164,926 | | | — | | | 165,225 | | | — | | | 165,225 | | | — | | Total debt securities available-for-sale | 1,138,352 | | | — | | | 1,138,352 | | | — | | Trading securities | 11,222 | | | 11,222 | | | — | | | — | | Equity securities | 250 | | | 250 | | | — | | | — | | Total | $ | 1,149,824 | | | $ | 11,472 | | | $ | 1,138,352 | | | $ | — | | Measured on a non-recurring basis: | | | | | | | | Assets: | | | | | | | | Impaired loans: | | | | | | | | Real estate loans: | | | | | | | | Commercial real estate | $ | 4,871 | | | $ | — | | | $ | — | | | $ | 4,871 | | | | | | | | | | Multifamily | 26 | | | — | | | — | | | 26 | | Home equity and lines of credit | 30 | | | — | | | — | | | 30 | | Total impaired real estate loans | 4,927 | | | — | | | — | | | 4,927 | | Commercial and industrial loans | 15 | | | — | | | — | | | 15 | | | | | | | | | | Total | $ | 4,942 | | | $ | — | | | $ | — | | | $ | 4,942 | |
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Estimated Fair Values of Significant Financial Instruments |
The estimated fair value of the Company’s financial instruments at June 30, 2020, and December 31, 2019, is presented in the following tables (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2020 | | | | | | | | | | | | Estimated Fair Value | | | | | | | | Carrying Value | | Level 1 | | Level 2 | | Level 3 | | Total | Financial assets: | | | | | | | | | | Cash and cash equivalents | $ | 110,900 | | | $ | 110,900 | | | $ | — | | | $ | — | | | $ | 110,900 | | Trading securities | 10,094 | | | 10,094 | | | — | | | — | | | 10,094 | | Debt securities available-for-sale | 1,037,489 | | | — | | | 1,037,489 | | | — | | | 1,037,489 | | Debt securities held-to-maturity | 8,648 | | | — | | | 9,018 | | | — | | | 9,018 | | Equity securities (1) | 214 | | | 214 | | | — | | | — | | | 214 | | Federal Home Loan Bank of New York stock, at cost | 29,462 | | | — | | | 29,462 | | | — | | | 29,462 | | Net loans held-for-investment | 3,550,839 | | | — | | | — | | | 3,573,625 | | | 3,573,625 | | Derivative assets | 1,633 | | | — | | | 1,633 | | | — | | | 1,633 | | Financial liabilities: | | | | | | | | | | Deposits | $ | 3,621,658 | | | $ | — | | | $ | 3,630,542 | | | $ | — | | | $ | 3,630,542 | | Borrowed funds | 616,271 | | | — | | | 637,399 | | | — | | | 637,399 | | Advance payments by borrowers for taxes and insurance | 19,882 | | | — | | | 19,882 | | | — | | | 19,882 | | Derivative liabilities | 1,637 | | | — | | | 1,637 | | | — | | | 1,637 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2019 | | | | | | | | | | | | Estimated Fair Value | | | | | | | | Carrying Value | | Level 1 | | Level 2 | | Level 3 | | Total | Financial assets: | | | | | | | | | | Cash and cash equivalents | $ | 147,818 | | | $ | 147,818 | | | $ | — | | | $ | — | | | $ | 147,818 | | Trading securities | 11,222 | | | 11,222 | | | — | | | — | | | 11,222 | | Debt securities available-for-sale | 1,138,352 | | | — | | | 1,138,352 | | | — | | | 1,138,352 | | Debt securities held-to-maturity | 8,762 | | | — | | | 8,886 | | | — | | | 8,886 | | Equity securities (1) | 250 | | | 250 | | | — | | | | | 250 | | Federal Home Loan Bank of New York stock, at cost | 39,575 | | | — | | | 39,575 | | | — | | | 39,575 | | | | | | | | | | | | Net loans held-for-investment | 3,408,378 | | | — | | | — | | | 3,482,804 | | | 3,482,804 | | Derivative assets | 79 | | | — | | | 79 | | | — | | | 79 | | Financial liabilities: | | | | | | | | | | Deposits | $ | 3,408,233 | | | $ | — | | | $ | 3,412,414 | | | $ | — | | | $ | 3,412,414 | | Borrowed funds | 857,004 | | | — | | | 862,980 | | | — | | | 862,980 | | Advance payments by borrowers for taxes and insurance | 44,069 | | | — | | | 44,069 | | | — | | | 44,069 | | Derivative liabilities | 79 | | | — | | | 79 | | | — | | | 79 | |
(1) Excludes investments measured at net asset value in the amount of $1.1 million and $3.1 million at June 30, 2020 and December 31, 2019, respectively, which have not been classified in the fair value hierarchy.
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