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2321301 - Disclosure - Benefit Plans (Tables)
(http://www.astoriabank.com/role/BenefitPlansTables)
TableSchedule of Defined Benefit Plans Disclosures [Table]
Slicers (applies to each fact value in each table cell)
Benefit PlansPeriod [Axis]
2016-01-01 - 2016-12-31
Schedule of Carrying Values of Assets
The following tables set forth the carrying values of the Astoria Bank Pension Plan’s assets measured at estimated fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated.
 
Carrying Value at December 31, 2016
(In Thousands)
Total
 
Level 1
 
Level 2
 
Level 3
PRIAC Pooled Separate Accounts (1)
$
155,925

 
$
155,925

 
$

 
$

Astoria Financial Corporation common stock
17,695

 
17,695

 

 

PRIAC Guaranteed Deposit Account
9,146

 

 

 
9,146

Cash and cash equivalents
4

 
4

 

 

Total
$
182,770

 
$
173,624

 
$

 
$
9,146

(1)
Consists of 42% large-cap equity securities, 34% debt securities, 10% international equities, 8% small-cap equity securities and 6% mid-cap equity securities.
 
Carrying Value at December 31, 2015
(In Thousands)
Total
 
Level 1
 
Level 2
 
Level 3
PRIAC Pooled Separate Accounts (1) (2)
$
155,215

 
$
155,215

 
$

 
$

Astoria Financial Corporation common stock
14,880

 
14,880

 

 

PRIAC Guaranteed Deposit Account
10,288

 

 

 
10,288

Cash and cash equivalents
4

 
4

 

 

Total
$
180,387

 
$
170,099

 
$

 
$
10,288

(1)
Consists of 44% large-cap equity securities, 33% debt securities, 11% international equities, 7% small-cap equity securities and 5% mid-cap equity securities.
(2)
Upon the adoption of ASU 2015-10, "Technical Corrections and Improvements", the fair value of the PRIAC Pooled Separate Accounts was changed from Level 2 to Level 1.
 
 
Summary of Changes in Estimated Fair Value of Level 3 Assets
The following table sets forth a summary of changes in the estimated fair value of the Astoria Bank Pension Plan’s Level 3 assets for the years indicated.
 
For the Year Ended December 31,
(In Thousands)
 
2016
 
 
 
2015
 
Fair value at beginning of year
 
$
10,288

 
 
 
$
11,858

 
Total net gain (loss), realized and unrealized, included in change in net assets (1)
 
309

 
 
 
(1
)
 
Purchases
 
9,345

 
 
 
9,000

 
Sales
 
(10,796
)
 
 
 
(10,569
)
 
Fair value at end of year
 
$
9,146

 
 
 
$
10,288

 

(1)
Includes unrealized gain related to assets held at December 31, 2016 of $207,000 for the year ended December 31, 2016 and unrealized gain related to assets held at December 31, 2015 of $210,000 for the year ended December 31, 2015.
 
 
Schedule of Information Related to Investment in Level 3 Assets
The following table presents information about significant unobservable inputs related to the Astoria Bank Pension Plan’s investment in Level 3 assets at the dates indicated.
 
PRIAC Guaranteed Deposit Account
Range at December 31,
 
2016
2015
Significant unobservable inputs:
 
 
 
 
 
 
 
 
Composite market value factor
 
0.979
-
1.037
 
0.996
-
1.137
Gross guaranteed crediting rate (1)
 
2.50%
-
3.65%
 
2.85%
-
3.35%
_______________________________
(1)
Gross guaranteed crediting rates must be greater than or equal to contractual minimum crediting rate.