Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 |
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | NYB | ||
Entity Registrant Name | NEW YORK COMMUNITY BANCORP INC | ||
Entity Central Index Key | 910073 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 443,733,981 | ||
Entity Public Float | $6.80 |
Consolidated_Statements_of_Con
Consolidated Statements of Condition (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
ASSETS: | ||||
Cash and cash equivalents | $564,150 | $644,550 | ||
Securities: | ||||
Available for sale ($11,436 and $79,905 pledged, respectively) | 173,783 | 280,738 | ||
Held-to-maturity ($4,584,886 and $4,945,905 pledged, respectively) (fair value of $7,085,971 and $7,445,244, respectively) | 6,922,667 | [1] | 7,670,282 | [2] |
Total securities | 7,096,450 | 7,951,020 | ||
Non-covered loans held for sale | 379,399 | 306,915 | ||
Non-covered loans held for investment, net of deferred loan fees and costs | 33,024,956 | 29,837,989 | ||
Less: Allowance for losses on non-covered loans | -139,857 | -141,946 | ||
Non-covered loans held for investment, net | 32,885,099 | 29,696,043 | ||
Covered loans | 2,428,622 | 2,788,618 | ||
Less: Allowance for losses on covered loans | -45,481 | -64,069 | ||
Covered loans, net | 2,383,141 | 2,724,549 | ||
Total loans, net | 35,647,639 | 32,727,507 | ||
Federal Home Loan Bank stock, at cost | 515,327 | [3] | 561,390 | [3] |
Premises and equipment, net | 319,002 | 273,299 | ||
FDIC loss share receivable | 397,811 | 492,674 | ||
Goodwill | 2,436,131 | 2,436,131 | ||
Core deposit intangibles | 7,943 | 16,240 | ||
Mortgage servicing rights | 227,297 | 241,018 | ||
Bank-owned life insurance | 915,156 | 893,522 | ||
Other real estate owned (includes $32,048 and $37,477, respectively, covered by loss sharing agreements) | 94,004 | 108,869 | ||
Other assets | 338,307 | 342,067 | ||
Total assets | 48,559,217 | 46,688,287 | ||
Deposits: | ||||
NOW and money market accounts | 12,549,600 | 10,536,947 | ||
Savings accounts | 7,051,622 | 5,921,437 | ||
Certificates of deposit | 6,420,598 | 6,932,096 | ||
Non-interest-bearing accounts | 2,306,914 | 2,270,512 | ||
Total deposits | 28,328,734 | 25,660,992 | ||
Wholesale borrowings: | ||||
Federal Home Loan Bank advances | 10,183,132 | 10,872,576 | ||
Repurchase agreements | 3,425,000 | 3,425,000 | ||
Federal funds purchased | 260,000 | 445,000 | ||
Total wholesale borrowings | 13,868,132 | 14,742,576 | ||
Other borrowings | 358,355 | 362,426 | ||
Total borrowed funds | 14,226,487 | 15,105,002 | ||
Other liabilities | 222,181 | 186,631 | ||
Total liabilities | 42,777,402 | 40,952,625 | ||
Stockholders' equity: | ||||
Preferred stock at par $0.01 (5,000,000 shares authorized; none issued) | ||||
Common stock at par $0.01 (600,000,000 shares authorized; 442,659,460 and 440,873,285 shares issued, and 442,587,190 and 440,809,365 shares outstanding, respectively) | 4,427 | 4,409 | ||
Paid-in capital in excess of par | 5,369,623 | 5,346,017 | ||
Retained earnings | 464,569 | 422,761 | ||
Treasury stock, at cost (72,270 and 63,920 shares, respectively) | -1,118 | -1,032 | ||
Accumulated other comprehensive loss, net of tax: | ||||
Net unrealized gain on securities available for sale, net of tax of $2,022 and $171, respectively | 2,990 | 277 | ||
Net unrealized loss on the non-credit portion of other-than-temporary impairment ("OTTI") losses on securities, net of tax of $3,444 and $3,586, respectively | -5,387 | -5,604 | ||
Net unrealized loss on pension and post-retirement obligations, net of tax of $36,118 and $21,126, respectively | -53,289 | -31,166 | ||
Total accumulated other comprehensive loss, net of tax | -55,686 | -36,493 | ||
Total stockholders' equity | 5,781,815 | 5,735,662 | ||
Total liabilities and stockholders' equity | $48,559,217 | $46,688,287 | ||
[1] | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At December 31, 2014, the non-credit portion of OTTI recorded in AOCL was $8.8 million (before taxes). | |||
[2] | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At December 31, 2013, the non-credit portion of OTTI recorded in AOCL was $9.2 million (before taxes). | |||
[3] | Carrying value and estimated fair value are at cost. |
Consolidated_Statements_of_Con1
Consolidated Statements of Condition (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, except Share data, unless otherwise specified | ||||
Securities available-for-sale, pledged | $11,436 | $79,905 | ||
Securities held to maturity, pledged | 4,584,886 | 4,945,905 | ||
Securities held to maturity, fair value | 7,085,971 | [1] | 7,445,244 | [2] |
Other real estate owned, covered by loss sharing agreements | 32,048 | 37,477 | ||
Preferred stock, par | $0.01 | $0.01 | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | ||
Preferred stock, issued | 0 | 0 | ||
Common stock, par | $0.01 | $0.01 | ||
Common stock, shares authorized | 600,000,000 | 600,000,000 | ||
Common stock, shares issued | 442,659,460 | 440,873,285 | ||
Common stock, shares outstanding | 442,587,190 | 440,809,365 | ||
Treasury stock, shares | 72,270 | 63,920 | ||
Net unrealized gain on securities available for sale, tax | 2,022 | 171 | ||
Net unrealized loss on the non-credit portion of other-than-temporary impairment losses on securities, tax | 3,444 | 3,586 | ||
Net unrealized loss on pension and post-retirement obligations, tax | $36,118 | $21,126 | ||
[1] | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At December 31, 2014, the non-credit portion of OTTI recorded in AOCL was $8.8 million (before taxes). | |||
[2] | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At December 31, 2013, the non-credit portion of OTTI recorded in AOCL was $9.2 million (before taxes). |
Consolidated_Statements_of_Inc
Consolidated Statements of Income and Comprehensive Income (USD $) | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
INTEREST INCOME: | |||||
Mortgage and other loans | $1,414,884 | $1,487,662 | $1,597,504 | ||
Securities and money market investments | 268,183 | 220,436 | 193,597 | ||
Total interest income | 1,683,067 | 1,708,098 | 1,791,101 | ||
INTEREST EXPENSE: | |||||
NOW and money market accounts | 39,508 | 35,884 | 36,609 | ||
Savings accounts | 35,727 | 21,950 | 13,677 | ||
Certificates of deposit | 74,511 | 83,805 | 93,880 | ||
Borrowed funds | 392,968 | 399,843 | 486,914 | ||
Total interest expense | 542,714 | 541,482 | 631,080 | ||
Net interest income | 1,140,353 | 1,166,616 | 1,160,021 | ||
Provision for losses on loans | 30,758 | ||||
(Recovery of) provision for losses on covered loans | -18,587 | 30,758 | 62,988 | ||
Net interest income after provisions for (recoveries of) loan losses | 1,158,940 | 1,135,858 | 1,097,033 | ||
NON-INTEREST INCOME: | |||||
Total loss on OTTI of securities | -612 | ||||
Less: Non-credit portion of OTTI recorded in other comprehensive income (before taxes) | 0 | 0 | 0 | ||
Net loss on OTTI recognized in earnings | -612 | ||||
Mortgage banking income | 62,953 | 78,283 | 178,643 | ||
Fee income | 36,585 | 38,179 | 38,348 | ||
Bank-owned life insurance | 27,150 | 29,938 | 30,502 | ||
Net gain on sales of securities | 14,029 | 21,036 | 2,041 | ||
FDIC indemnification (expense) income | -14,870 | 10,206 | 14,390 | ||
Loss on debt redemption | -2,313 | ||||
Other | 75,746 | 41,800 | 35,742 | ||
Total non-interest income | 201,593 | 218,830 | 297,353 | ||
Operating expenses: | |||||
Compensation and benefits | 306,848 | 313,196 | 296,874 | ||
Occupancy and equipment | 99,016 | 97,252 | 90,738 | ||
General and administrative | 173,306 | 181,330 | 206,221 | ||
Total operating expenses | 579,170 | 591,778 | 593,833 | ||
Amortization of core deposit intangibles | 8,297 | 15,784 | 19,644 | ||
Total non-interest expense | 587,467 | [1] | 607,562 | [1] | 613,477 |
Income before income taxes | 773,066 | 747,126 | 780,909 | ||
Income tax expense | 287,669 | 271,579 | 279,803 | ||
Net income | 485,397 | 475,547 | 501,106 | ||
Other comprehensive income, net of tax: | |||||
Change in net unrealized gain (loss) on securities available for sale, net of tax of $4,343; $4,765; and $8,473, respectively | 6,407 | -7,043 | 12,533 | ||
Change in the non-credit portion of OTTI losses recognized in other comprehensive income, net of tax of $142; $5,028; and $65, respectively | 217 | 7,921 | 102 | ||
Change in pension and post-retirement obligations, net of tax of $14,992; $20,116; and $807, respectively | -22,123 | 29,628 | -1,190 | ||
Less: Reclassification adjustment for sales of available-for-sale securities and loss on OTTI of securities, net of tax of $2,492; $3,578; and $801, respectively | -3,694 | -5,294 | -1,240 | ||
Total other comprehensive income (loss), net of tax | -19,193 | 25,212 | 10,205 | ||
Total comprehensive income, net of tax | 466,204 | 500,759 | 511,311 | ||
Basic earnings per share | $1.09 | $1.08 | $1.13 | ||
Diluted earnings per share | $1.09 | $1.08 | $1.13 | ||
Non-Covered Loans | |||||
INTEREST EXPENSE: | |||||
Provision for losses on loans | 18,000 | 45,000 | |||
Covered Loans | |||||
INTEREST EXPENSE: | |||||
(Recovery of) provision for losses on covered loans | ($18,587) | $12,758 | $17,988 | ||
[1] | Includes both direct and indirect expenses. |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income and Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in net unrealized gain (loss) on securities available for sale, tax | $4,343 | $4,765 | $8,473 |
Change in the non-credit portion of OTTI losses recognized in other comprehensive income, tax | 142 | 5,028 | 65 |
Change in pension and post-retirement obligations, tax | 14,992 | -20,116 | 807 |
Reclassification adjustment for sales of available for sale securities and loss on OTTI of securities, tax | $2,492 | $3,578 | $801 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | COMMON STOCK (Par Value: $0.01): | PAID-IN CAPITAL IN EXCESS OF PAR: | RETAINED EARNINGS: | TREASURY STOCK: | ACCUMULATED OTHER COMPREHENSIVE LOSS, NET OF TAX: |
In Thousands | ||||||
Balance at beginning of year at Dec. 31, 2011 | $4,374 | $5,309,269 | $324,967 | ($996) | ($71,910) | |
Shares issued for restricted stock awards, net of forfeitures | 17 | -3,430 | 3,451 | |||
Net income | 501,106 | 501,106 | ||||
Purchase of common stock (439,437; 383,640; and 272,991 shares, respectively) | -3,522 | |||||
Other comprehensive income , net of tax | 10,205 | 10,205 | ||||
Compensation expense related to restricted stock awards | 20,683 | |||||
Dividends paid on common stock ($1.00 per share in each year) | -438,539 | |||||
Tax effect of stock plans | 589 | 589 | ||||
Balance at end of year at Dec. 31, 2012 | 5,656,264 | 4,391 | 5,327,111 | 387,534 | -1,067 | -61,705 |
Shares issued for restricted stock awards, net of forfeitures | 18 | -5,093 | 5,075 | |||
Net income | 475,547 | 475,547 | ||||
Purchase of common stock (439,437; 383,640; and 272,991 shares, respectively) | -5,319 | |||||
Other comprehensive income , net of tax | 25,212 | 25,212 | ||||
Compensation expense related to restricted stock awards | 22,247 | |||||
Dividends paid on common stock ($1.00 per share in each year) | -440,308 | |||||
Exercise of stock options | 60 | -12 | 279 | |||
Tax effect of stock plans | 1,692 | 1,692 | ||||
Balance at end of year at Dec. 31, 2013 | 5,735,662 | 4,409 | 5,346,017 | 422,761 | -1,032 | -36,493 |
Shares issued for restricted stock awards, net of forfeitures | 18 | -7,073 | 7,055 | |||
Net income | 485,397 | 485,397 | ||||
Purchase of common stock (439,437; 383,640; and 272,991 shares, respectively) | -7,283 | |||||
Other comprehensive income , net of tax | -19,193 | -19,193 | ||||
Compensation expense related to restricted stock awards | 27,454 | |||||
Dividends paid on common stock ($1.00 per share in each year) | -442,204 | |||||
Exercise of stock options | -82 | 142 | ||||
Tax effect of stock plans | 3,225 | 3,225 | ||||
Effect of adopting Accounting Standards Update No. 2014-01 | -1,303 | -1,303 | ||||
Balance at end of year at Dec. 31, 2014 | $5,781,815 | $4,427 | $5,369,623 | $464,569 | ($1,118) | ($55,686) |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Shares issued for exercise of stock option, shares | 42,214 | ||
COMMON STOCK (Par Value: $0.01): | |||
Shares issued for exercise of stock option, shares | 3,574 | 9,384 | 0 |
Shares issued for restricted stock awards, shares | 1,782,601 | 1,729,950 | 1,707,286 |
RETAINED EARNINGS: | |||
Dividends paid on common stock, per share | 1 | 1 | 1 |
TREASURY STOCK: | |||
Purchase of common stock, shares | 439,437 | 383,640 | 272,991 |
Shares issued for exercise of stock option, shares | 8,990 | 20,234 | 0 |
Shares issued for restricted stock awards, shares | 422,097 | 382,471 | 271,875 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $485,397 | $475,547 | $501,106 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
(Recovery of) provision for loan losses | -18,587 | 30,758 | 62,988 |
Depreciation and amortization | 27,792 | 28,092 | 25,471 |
Amortization of discounts and premiums, net | -8,293 | -3,600 | -2,788 |
Amortization of core deposit intangibles | 8,297 | 15,784 | 19,644 |
Net gain on sales of securities | -14,029 | -21,036 | -2,041 |
Gain on sales of loans | -24,066 | -50,885 | -193,227 |
Gain on Visa shares sold | -3,856 | ||
Stock plan-related compensation | 27,454 | 22,247 | 20,721 |
Deferred tax expense | 26,151 | 25,177 | 38,713 |
Loss on OTTI of securities recognized in earnings | 612 | ||
Changes in operating assets and liabilities: | |||
Decrease (increase) in other assets | 105,575 | -92,089 | 33,108 |
(Decrease) increase in other liabilities | -16,020 | 49,442 | 6,597 |
Origination of loans held for sale | -3,189,694 | -6,213,592 | -10,925,837 |
Proceeds from sale of loans originated for sale | 3,316,296 | 7,109,473 | 10,991,561 |
Net cash provided by operating activities | 722,417 | 1,375,930 | 576,016 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from repayment of securities held to maturity | 775,347 | 680,715 | 2,468,377 |
Proceeds from repayment of securities available for sale | 9,787 | 59,362 | 426,258 |
Proceeds from sale of securities held to maturity | 139,294 | 191,142 | |
Proceeds from sale of securities available for sale | 333,725 | 631,802 | 822,618 |
Purchase of securities held to maturity | -150,338 | -4,029,981 | -3,133,279 |
Purchase of securities available for sale | -226,000 | -554,239 | -932,997 |
Proceeds from sale of Visa shares | 3,856 | ||
Net redemption (purchase) of Federal Home Loan Bank stock | 46,063 | -92,245 | 21,083 |
Net increase in loans | -3,482,686 | -2,022,625 | -1,363,967 |
Proceeds from sale of loans | 478,605 | ||
Purchase of premises and equipment, net | -73,495 | -37,242 | -38,761 |
Net cash used in investing activities | -2,145,842 | -5,173,311 | -1,730,668 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net increase in deposits | 2,667,742 | 783,471 | 2,551,867 |
Net (decrease) increase in short-term borrowed funds | -767,900 | 2,466,100 | -312,000 |
Net decrease in long-term borrowed funds | -110,615 | -791,289 | -218,222 |
Tax effect of stock plans | 3,225 | 1,692 | 589 |
Cash dividends paid on common stock | -442,204 | -440,308 | -438,539 |
Treasury stock purchases | -7,283 | -5,319 | -3,522 |
Net cash received from stock option exercises | 60 | 326 | |
Net cash provided by financing activities | 1,343,025 | 2,014,673 | 1,580,173 |
Net (decrease) increase in cash and cash equivalents | -80,400 | -1,782,708 | 425,521 |
Cash and cash equivalents at beginning of year | 644,550 | 2,427,258 | 2,001,737 |
Cash and cash equivalents at end of year | 564,150 | 644,550 | 2,427,258 |
Supplemental information: | |||
Cash paid for interest | 553,811 | 552,501 | 667,905 |
Cash paid for income taxes | 247,589 | 212,181 | 286,550 |
Non-cash investing and financing activities: | |||
Transfers to other real estate owned from loans | 86,545 | 115,215 | 91,441 |
Transfer of loans from held for investment to held for sale | $654,758 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2014 | |
Organization and Basis of Presentation | NOTE 1: ORGANIZATION AND BASIS OF PRESENTATION |
Organization | |
Formerly known as Queens County Bancorp, Inc., New York Community Bancorp, Inc. (on a stand-alone basis, the “Parent Company” or, collectively with its subsidiaries, the “Company”) was organized under Delaware law on July 20, 1993 and is the holding company for New York Community Bank and New York Commercial Bank (hereinafter referred to as the “Community Bank” and the “Commercial Bank,” respectively, and collectively as the “Banks”). In addition, for the purpose of these Consolidated Financial Statements, the “Community Bank” and the “Commercial Bank” refer not only to the respective banks but also to their respective subsidiaries. | |
The Community Bank is the primary banking subsidiary of the Company. Founded on April 14, 1859 and formerly known as Queens County Savings Bank, the Community Bank converted from a state-chartered mutual savings bank to the capital stock form of ownership on November 23, 1993, at which date the Company issued its initial offering of common stock (par value: $0.01 per share) at a price of $25.00 per share. The Commercial Bank was established on December 30, 2005. | |
Reflecting nine stock splits between September 30, 1994 and February 17, 2004, the Company’s initial offering price adjusts to $0.93 per share. All share and per share data presented in this report reflect the impact of the stock splits. | |
The Company changed its name to New York Community Bancorp, Inc. on November 21, 2000 in anticipation of completing the first of eight business combinations that expanded its footprint well beyond Queens County to encompass all five boroughs of New York City, Long Island, and Westchester County in New York, and seven counties in the northern and central parts of New Jersey. The Company expanded beyond this region to south Florida, northeast Ohio, and central Arizona through its FDIC-assisted acquisition of certain assets and its assumption of certain liabilities of AmTrust Bank (“AmTrust”) in December 2009, and extended its Arizona franchise through its FDIC-assisted acquisition of certain assets and its assumption of certain liabilities of Desert Hills Bank (“Desert Hills”) in March 2010. On June 28, 2012, the Company completed its 11th transaction when it assumed certain deposits of Aurora Bank FSB. | |
Reflecting its growth through acquisitions, the Community Bank currently operates 242 branches, four of which operate directly under the Community Bank name. The remaining 238 Community Bank branches operate through seven divisional banks: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, and Roosevelt Savings Bank in New York; Garden State Community Bank in New Jersey; AmTrust Bank in Florida and Arizona; and Ohio Savings Bank in Ohio. | |
The Commercial Bank currently operates 30 branches in Manhattan, Queens, Brooklyn, Westchester County, and Long Island (all in New York), including 18 branches that operate under the name “Atlantic Bank.” | |
Basis of Presentation | |
The following is a description of the significant accounting and reporting policies that the Company and its wholly-owned subsidiaries follow in preparing and presenting their consolidated financial statements, which conform to U.S. generally accepted accounting principles (“GAAP”) and to general practices within the banking industry. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates that are particularly susceptible to change in the near term are used in connection with the determination of the allowances for loan losses; the valuation of mortgage servicing rights (“MSRs”); the evaluation of goodwill for impairment; the evaluation of other-than-temporary impairment (“OTTI”) on securities; and the evaluation of the need for a valuation allowance on the Company’s deferred tax assets. | |
The accompanying consolidated financial statements include the accounts of the Company and other entities in which the Company has a controlling financial interest. All inter-company accounts and transactions are eliminated in consolidation. The Company currently has certain unconsolidated subsidiaries in the form of wholly-owned statutory business trusts, which were formed to issue guaranteed capital debentures (“capital securities”). Please see Note 8, “Borrowed Funds,” for additional information regarding these trusts. | |
When necessary, certain reclassifications have been made to prior-year amounts to conform to the current-year presentation. | |
Effects of New Accounting Pronouncements | |
In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-01, “Investments – Equity Method and Joint Ventures (Topic 323), Accounting for Investments in Qualified Affordable Housing Projects.” The amendments in ASU No. 2014-01 provide guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for a low-income housing tax credit. The amendments permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. The Company chose to apply this new guidance for the period beginning on January 1, 2014. | |
The impact of applying this new guidance included a $1.3 million reduction in the balance of retained earnings as of January 1, 2014. The total amount of affordable housing tax credits and other tax benefits recognized during calendar year 2014, and the related amount of amortization recognized as a component of income tax expense for that year, were $3.9 million and $2.9 million, respectively. As of December 31, 2014, the commitment of additional anticipated equity contributions of $21.7 million relating to current investments is reflected in “Other liabilities.” Retrospective application of the new amortization methodology would not result in a material change to prior-period presentations. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Summary Of Significant Accounting Policies | NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
Cash and Cash Equivalents | |||||||||||||
For cash flow reporting purposes, cash and cash equivalents include cash on hand, amounts due from banks, and money market investments, which include federal funds sold and reverse repurchase agreements. At December 31, 2014 and 2013, the Company’s cash and cash equivalents totaled $564.2 million and $644.6 million, respectively. Included in cash and cash equivalents at those dates were $135.2 million and $208.0 million of interest-bearing deposits in other financial institutions, primarily consisting of balances due from the Federal Reserve Bank of New York. Also included in cash and cash equivalents at December 31, 2014 and 2013 were federal funds sold of $6.8 million and $4.8 million, respectively. In addition, the Company had $250.0 million in pledged reverse repurchase agreements outstanding at December 31, 2014 and 2013. | |||||||||||||
In accordance with the monetary policy of the Board of Governors of the Federal Reserve System (the “FRB”), the Company was required to maintain total reserves with the Federal Reserve Bank of New York of $129.5 million and $133.7 million, respectively, at December 31, 2014 and 2013, in the form of deposits and vault cash. The Company was in compliance with this requirement at both dates. | |||||||||||||
Securities Held to Maturity and Available for Sale | |||||||||||||
The securities portfolio primarily consists of mortgage-related securities and, to a lesser extent, debt and equity (together, “other”) securities. Securities that are classified as “available for sale” are carried at their estimated fair value, with any unrealized gains or losses, net of taxes, reported as accumulated other comprehensive income or loss in stockholders’ equity. Securities that we have the intent and ability to hold to maturity are classified as “held to maturity” and carried at amortized cost, less the non-credit portion of OTTI recorded in accumulated other comprehensive loss, net of tax (“AOCL”). | |||||||||||||
The fair values of our securities—and particularly our fixed-rate securities—are affected by changes in market interest rates and credit spreads. In general, as interest rates rise and/or credit spreads widen, the fair value of fixed-rate securities will decline; as interest rates fall and/or credit spreads tighten, the fair value of fixed-rate securities will rise. We regularly conduct a review and evaluation of our securities portfolio to determine if the decline in the fair value of any security below its carrying amount is other than temporary. If we deem any decline in value to be other than temporary, the security is written down to its current fair value, creating a new cost basis, and the resultant loss (other than the OTTI on debt securities attributable to non-credit factors) is charged against earnings and recorded in non-interest income. Our assessment of a decline in fair value includes judgment as to the financial position and future prospects of the entity that issued the investment security, as well as a review of the security’s underlying collateral. Broad changes in the overall market or interest rate environment generally will not lead to a write-down. | |||||||||||||
In accordance with OTTI accounting guidance, unless we have the intent to sell, or it is more likely than not that we may be required to sell a security before recovery, OTTI is recognized as a realized loss in earnings to the extent that the decline in fair value is credit-related. If there is a decline in fair value of a security below its carrying amount and we have the intent to sell it, or it is more likely than not that we may be required to sell the security before recovery, the entire amount of the decline in fair value is charged to earnings. | |||||||||||||
Premiums and discounts on securities are amortized to expense and accreted to income over the remaining period to contractual maturity, using a method that approximates the interest method, and are adjusted for anticipated prepayments. Dividend and interest income are recognized when earned. The cost of securities sold is based on the specific identification method. | |||||||||||||
Federal Home Loan Bank Stock | |||||||||||||
As a member of the Federal Home Loan Bank of New York (the “FHLB-NY”), the Company is required to hold shares of Federal Home Loan Bank (“FHLB”) stock, which is carried at cost. The Company’s holding requirement varies based on certain factors, primarily including its outstanding borrowings from the FHLB-NY. In connection with the FDIC-assisted acquisitions of AmTrust and Desert Hills, the Company acquired stock in the FHLBs of Cincinnati and San Francisco, respectively. The Company conducts a periodic review and evaluation of its FHLB stock to determine if any impairment exists. The factors considered in this process include, among others, significant deterioration in FHLB earnings performance, credit rating, or asset quality; significant adverse changes in the regulatory or economic environment; and other factors that raise significant concerns about the creditworthiness and the ability of the applicable FHLB to continue as a going concern. | |||||||||||||
Loans | |||||||||||||
Loans, net, are carried at unpaid principal balances, including unearned discounts, purchase accounting (i.e., acquisition-date fair value) adjustments, net deferred loan origination costs or fees, and the allowances for loan losses. | |||||||||||||
Loans held for sale are originated through our mortgage banking operation and, to a lesser extent, the Community Bank, and are sold primarily to government-sponsored enterprises (“GSEs”), with the servicing typically retained. The loans originated by the mortgage banking operation are carried at fair value. The fair value of held-for-sale loans is primarily based on quoted market prices for securities backed by similar types of loans. The changes in fair value of these assets are largely driven by changes in mortgage interest rates subsequent to loan funding, and changes in the fair value of the servicing rights associated with the mortgage loans held for sale. In addition, loans originated as held for investment and subsequently designated as held for sale are transferred to held for sale at fair value. | |||||||||||||
The Company recognizes interest income on non-covered loans held for investment and held for sale using the interest method over the life of the loan. Accordingly, the Company defers certain loan origination and commitment fees, and certain loan origination costs, and amortizes the net fee or cost as an adjustment to the loan yield over the term of the related loan. When a loan is sold or repaid, the remaining net unamortized fee or cost is recognized in interest income. | |||||||||||||
Prepayment penalty income is recorded in interest income and only when cash is received. Accordingly, there are no assumptions involved in the recognition of prepayment penalty income. | |||||||||||||
Two factors are considered in determining the amount of prepayment penalty income: the prepayment penalty percentage set forth in the loan documents, and the principal balance of the loan at the time of prepayment. The volume of loans prepaying may vary from one period to another, often in connection with actual or perceived changes in the direction of market interest rates. In a low interest rate environment, or when interest rates are declining, prepayment penalties may increase as more borrowers opt to refinance. In a rising interest rate environment, or when rates are perceived to be rising, prepayment penalties may increase as borrowers seek to lock in current rates prior to further increases. | |||||||||||||
A loan generally is classified as a “non-accrual” loan when it is 90 days or more past due or when the Company no longer expects to collect all amounts due according to the contractual terms of the loan agreement. When a loan is placed on non-accrual status, management ceases the accrual of interest owed, and previously accrued interest is charged against interest income. A loan is generally returned to accrual status when the loan is current and management has reasonable assurance that the loan will be fully collectible. Interest income on non-accrual loans is recorded when received in cash. | |||||||||||||
Allowances for Loan Losses | |||||||||||||
Allowance for Losses on Non-Covered Loans | |||||||||||||
The allowance for losses on non-covered loans is increased by provisions for non-covered loan losses that are charged against earnings, and is reduced by net charge-offs and/or reversals, if any, that are credited to earnings. Although non-covered loans are held by either the Community Bank or the Commercial Bank, and a separate loan loss allowance is established for each, the total of the two allowances is available to cover all losses incurred. In addition, except as otherwise noted in the following discussion, the process for establishing the allowance for losses on non-covered loans is largely the same for each of the Community Bank and the Commercial Bank. | |||||||||||||
The methodology used for the allocation of the allowance for non-covered loan losses at December 31, 2014, 2013, and 2012 was also generally comparable, whereby the Community Bank and the Commercial Bank segregated their loss factors (used for both criticized and non-criticized loans) into a component that was primarily based on historical loss rates and a component that was primarily based on other qualitative factors that are probable to affect loan collectability. In determining the respective allowances for non-covered loan losses, management considers the Community Bank’s and the Commercial Bank’s current business strategies and credit processes, including compliance with applicable regulatory guidelines and with guidelines approved by the respective Boards of Directors with regard to credit limitations, loan approvals, underwriting criteria, and loan workout procedures. | |||||||||||||
The allowance for losses on non-covered loans is established based on management’s evaluation of incurred losses in the portfolio in accordance with GAAP, and is comprised of both specific valuation allowances and general valuation allowances. | |||||||||||||
Specific valuation allowances are established based on management’s analyses of individual loans that are considered impaired. If a non-covered loan is deemed to be impaired, management measures the extent of the impairment and establishes a specific valuation allowance for that amount. A non-covered loan is classified as “impaired” when, based on current information and/or events, it is probable that the Company will be unable to collect both the principal and interest due under the contractual terms of the loan agreement. The Company applies this classification as necessary to non-covered loans individually evaluated for impairment in its portfolios. Smaller-balance homogenous loans and loans carried at the lower of cost or fair value are evaluated for impairment on a collective, rather than individual, basis. Loans to certain borrowers who have experienced financial difficulty and for which the terms have been modified, resulting in a concession, are considered troubled debt restructurings (“TDRs”) and are classified as impaired. | |||||||||||||
Management generally measures impairment on an individual loan and determines the extent to which a specific valuation allowance is necessary by comparing the loan’s outstanding balance to either the fair value of the collateral, less the estimated cost to sell, or the present value of expected cash flows, discounted at the loan’s effective interest rate. Generally, when the fair value of the collateral, net of the estimated costs to sell, or the present value of the expected cash flows is less than the recorded investment in the loan, any shortfall is promptly charged off. | |||||||||||||
Management also follows a process to assign general valuation allowances to non-covered loan categories. General valuation allowances are established by applying management’s loan loss provisioning methodology, and reflect the inherent risk in outstanding held-for-investment loans. This loan loss provisioning methodology considers various factors in determining the appropriate quantified risk factors to use to determine the general valuation allowances. | |||||||||||||
The factors assessed begin with the historical loan loss experience for each major loan category. Management’s allowance for loan losses methodology also considers an estimate of the historical loss emergence period (which is the period of time between the event that triggers a loss and the confirmation and/or charge-off of that loss) for each loan portfolio segment. During 2014, this methodology was enhanced by estimating the loss emergence period using a more granular segmentation approach. | |||||||||||||
The allocation methodology consists of the following components: First, management determines an allowance for loan losses based on a quantitative loss factor for loans evaluated collectively for impairment. This quantitative loss factor is based primarily on historical loss rates, after considering loan type, historical loss and delinquency experience, and loss emergence periods. The quantitative loss factors applied in the methodology are periodically re-evaluated and adjusted to reflect changes in historical loss levels, loss emergence periods, or other risks. Lastly, management allocates an allowance for loan losses to qualitative loss factors. These qualitative loss factors are designed to account for losses that may not be provided for by the quantitative loss component due to other factors evaluated by management which, include, but are not limited to: | |||||||||||||
• | Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices; | ||||||||||||
• | Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; | ||||||||||||
• | Changes in the nature and volume of the portfolio and in the terms of loans; | ||||||||||||
• | Changes in the volume and severity of past due loans, the volume of non-accrual loans, and the volume and severity of adversely classified or graded loans; | ||||||||||||
• | Changes in the quality of the Company’s loan review system; | ||||||||||||
• | Changes in the value of the underlying collateral for collateral-dependent loans; | ||||||||||||
• | The existence and effect of any concentrations of credit, and changes in the level of such concentrations; | ||||||||||||
• | Changes in the experience, ability, and depth of lending management and other relevant staff; and | ||||||||||||
• | The effect of other external factors, such as competition and legal and regulatory requirements, on the level of estimated credit losses in the existing portfolio. | ||||||||||||
By considering the factors discussed above, management determines an allowance for non-covered loan loss that is applied to each significant loan portfolio segment to determine the total allowance for losses on non-covered loans. | |||||||||||||
In 2014, management changed the historical loss period used to determine the allowance for loan losses on non-covered loans to a rolling 16-quarter look-back, as it believes this to be a more appropriate reflection of the Company’s historical loss experience. This change has not had a significant effect on the allowance for losses on non-covered loans, nor is it expected to do so. | |||||||||||||
The process of establishing the allowance for losses on non-covered loans also involves: | |||||||||||||
• | Periodic inspections of the loan collateral by qualified in-house and external property appraisers and/or inspectors, as applicable; | ||||||||||||
• | Regular meetings of executive management with the pertinent Board committee, during which observable trends in the local economy and/or the real estate market are discussed; | ||||||||||||
• | Assessment of the aforementioned factors by the pertinent members of the Boards of Directors and management when making a business judgment regarding the impact of anticipated changes on the future level of loan losses; and | ||||||||||||
• | Analysis of the portfolio in the aggregate, as well as on an individual loan basis, taking into consideration payment history, underwriting analyses, and internal risk ratings. | ||||||||||||
In order to determine their overall adequacy, each of the respective non-covered loan loss allowances is reviewed quarterly by management and the Board of Directors of the Community Bank or the Commercial Bank, as applicable. | |||||||||||||
Loans, or portions of loans, are charged off in the period that such loans, or portions thereof, are deemed uncollectible. The collectability of individual loans is determined through an assessment of the financial condition and repayment capacity of the borrower and/or through an estimate of the fair value of any underlying collateral. For non-real estate-related consumer credits, the following past-due time periods determine when charge-offs are typically recorded: (1) Closed-end credits are charged off in the quarter that the loan becomes 120 days past due; (2) Open-end credits are charged off in the quarter that the loan becomes 180 days past due; and (3) Both closed-end and open-end credits are typically charged off in the quarter that the credit is 60 days past the date the Company received notification that the borrower has filed for bankruptcy. | |||||||||||||
The level of future additions to the respective non-covered loan loss allowances is based on many factors, including certain factors that are beyond management’s control. These include changes in economic and local market conditions, including declines in real estate values, and increases in vacancy rates and unemployment. Management uses the best available information to recognize losses on loans or to make additions to the loan loss allowances; however, the Community Bank and/or the Commercial Bank may be required to take certain charge-offs and/or recognize further additions to their loan loss allowances, based on the judgment of regulatory agencies with regard to information provided to them during their examinations of the Banks. | |||||||||||||
An allowance for unfunded commitments is maintained separate from the allowances for non-covered loan losses and is included in “Other liabilities” in the Consolidated Statements of Condition. | |||||||||||||
Allowance for Losses on Covered Loans | |||||||||||||
The Company has elected to account for the loans acquired in the AmTrust and Desert Hills acquisitions (the “covered loans”) based on expected cash flows. This election is in accordance with FASB Accounting Standards Codification (“ASC”) Topic 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”). In accordance with ASC 310-30, the Company maintains the integrity of a pool of multiple loans accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. | |||||||||||||
Covered loans are reported exclusive of the FDIC loss share receivable. The covered loans acquired in the AmTrust and Desert Hills acquisitions are, and will continue to be, reviewed for collectability based on the expectations of cash flows from these loans. Covered loans have been aggregated into pools of loans with common characteristics. In determining the allowance for losses on covered loans, the Company periodically performs an analysis to estimate the expected cash flows for each of the loan pools. A provision for losses on covered loans is recorded to the extent that the expected cash flows from a loan pool have decreased for credit-related items since the acquisition date. Accordingly, during the loss share recovery period, if there is a decrease in expected cash flows due to an increase in estimated credit losses compared to the estimates made at the respective acquisition dates, the decrease in the present value of expected cash flows will be recorded as a provision for covered loan losses charged to earnings, and the allowance for covered loan losses will be increased. During the loss share recovery period, a related credit to non-interest income and an increase in the FDIC loss share receivable will be recognized at the same time, and will be measured based on the applicable loss sharing agreement percentage. | |||||||||||||
Please see Note 6, “Allowances for Loan Losses” for a further discussion of the allowance for losses on covered loans, as well as additional information about the allowance for losses on non-covered loans. | |||||||||||||
FDIC Loss Share Receivable | |||||||||||||
The FDIC loss share receivable is initially recorded at fair value and is measured separately from the covered loans acquired in the AmTrust and Desert Hills acquisitions as it is not contractually embedded in any of the covered loans. The loss share receivable related to estimated future loan losses is not transferable should the Company sell a loan prior to foreclosure or maturity. The loss share receivable represents the present value of the estimated cash payments expected to be received from the FDIC for future losses on covered assets, based on the credit adjustment estimated for each covered asset and the loss sharing percentages. These cash flows are then discounted at a market-based rate to reflect the uncertainty of the timing and receipt of the loss sharing reimbursements from the FDIC. The amount ultimately collected for this asset is dependent upon the performance of the underlying covered assets, the passage of time, and claims submitted to the FDIC. | |||||||||||||
The FDIC loss share receivable is reduced as losses are recognized on covered loans and loss sharing payments are received from the FDIC. Realized losses in excess of acquisition-date estimates will result in an increase in the FDIC loss share receivable. Conversely, if realized losses are less than the acquisition-date estimates, the FDIC loss share receivable will be reduced. | |||||||||||||
Decreases in estimated reimbursements from the FDIC, if any, are recognized in income prospectively over the life of the related covered loans (or, if shorter, over the remaining term of the related loss sharing agreement). Related additions to the accretable yield on the covered loans are recognized in income prospectively over the lives of the loans. Increases in estimated reimbursements will be recognized in interest income in the same period that they are identified, and an allowance for loan losses for the related loans recorded. | |||||||||||||
Goodwill Impairment | |||||||||||||
Goodwill is presumed to have an indefinite useful life and is tested for impairment, rather than amortized, at the reporting unit level at least once a year. We performed our annual goodwill impairment test as of December 31, 2014 and found no indication of goodwill impairment at that date. In addition to being tested annually, goodwill would be tested in less than one year’s time if there were a “triggering event.” During the year ended December 31, 2014, no triggering events were identified. | |||||||||||||
The goodwill impairment analysis is a two-step test. However, a company can, under ASU No. 2011-08, “Testing Goodwill for Impairment,” first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. Under this amendment, an entity would not be required to calculate the fair value of a reporting unit unless the entity determined, based on a qualitative assessment, that it was more likely than not that its fair value was less than its carrying amount. The Company did not elect to perform a qualitative assessment of its goodwill in 2014. The first step (“Step 1”) is used to identify potential impairment, and involves comparing each reporting segment’s estimated fair value to its carrying amount, including goodwill. If the estimated fair value of a reporting segment exceeds its carrying amount, goodwill is not considered to be impaired. If the carrying amount exceeds the estimated fair value, there is an indication of potential impairment and the second step (“Step 2”) is performed to measure the amount. | |||||||||||||
Step 2 involves calculating an implied fair value of goodwill for each reporting segment for which impairment was indicated in Step 1. The implied fair value of goodwill is determined in a manner similar to the amount of goodwill calculated in a business combination, i.e., by measuring the excess of the estimated fair value of the reporting segment, as determined in Step 1, over the aggregate estimated fair values of the individual assets, liabilities, and identifiable intangibles, as if the reporting segment were being acquired in a business combination at the impairment test date. If the implied fair value of goodwill exceeds the carrying amount of goodwill assigned to the reporting segment, there is no impairment. If the carrying amount of goodwill assigned to a reporting segment exceeds the implied fair value of the goodwill, an impairment charge is recorded for the excess. An impairment loss cannot exceed the carrying amount of goodwill assigned to a reporting segment, and the loss establishes a new basis in the goodwill. Subsequent reversal of goodwill impairment losses is not permitted. | |||||||||||||
Quoted market prices in active markets are the best evidence of fair value and are used as the basis for measurement, when available. Other acceptable valuation methods include present-value measurements based on multiples of earnings or revenues, or similar performance measures. Differences in the identification of reporting units and in valuation techniques could result in materially different evaluations of impairment. | |||||||||||||
For the purpose of goodwill impairment testing, management has determined that the Company has two reporting segments: Banking Operations and Residential Mortgage Banking. All of our recorded goodwill has resulted from prior acquisitions and, accordingly, is attributed to Banking Operations. There is no goodwill associated with Residential Mortgage Banking, as this segment was acquired in our FDIC-assisted AmTrust acquisition, which resulted in a bargain purchase gain. In order to perform our annual goodwill impairment test, we determined the carrying value of the Banking Operations segment to be the carrying value of the Company and compared it to the fair value of the Company. | |||||||||||||
Core Deposit Intangibles | |||||||||||||
Core deposit intangible (“CDI”) is a measure of the value of checking and savings deposits acquired in a business combination. The fair value of the CDI stemming from any given business combination is based on the present value of the expected cost savings attributable to the core deposit funding, relative to an alternative funding source. CDI is amortized over the estimated useful lives of the existing deposit relationships acquired, but does not exceed 10 years. The Company evaluates such identifiable intangibles for impairment when an indication of impairment exists. No impairment charges were required to be recorded in 2014, 2013, or 2012. If an impairment loss is determined to exist in the future, the loss will be reflected as an expense in the Consolidated Statement of Income and Comprehensive Income for the period in which such impairment is identified. | |||||||||||||
Premises and Equipment, Net | |||||||||||||
Premises, furniture, fixtures, and equipment are carried at cost, less the accumulated depreciation computed on a straight-line basis over the estimated useful lives of the respective assets (generally 20 years for premises and three to ten years for furniture, fixtures, and equipment). Leasehold improvements are carried at cost less the accumulated amortization computed on a straight-line basis over the shorter of the related lease term or the estimated useful life of the improvement. | |||||||||||||
Depreciation and amortization are included in “Occupancy and equipment expense” in the Consolidated Statements of Income and Comprehensive Income, and amounted to $27.8 million, $28.1 million, and $25.5 million, respectively, in the years ended December 31, 2014, 2013, and 2012. | |||||||||||||
Mortgage Servicing Rights | |||||||||||||
The Company recognizes the right to service mortgage loans for others as a separate asset referred to as an MSR. MSRs are generally recognized when one-to-four family loans are sold or securitized, servicing retained. The Company initially records, and subsequently carries, MSRs at fair value. At December 31, 2014, the Company had one class of MSRs, residential MSRs. | |||||||||||||
The Company bases the fair value of its MSRs on the present value of estimated future net servicing income cash flows utilizing an internal valuation model. This model utilizes assumptions that market participants would use to estimate fair value, including estimates of prepayment speeds, discount rates, default rates, refinance rates, servicing costs, escrow account earnings, contractual servicing fee income, and ancillary income. The Company reassesses, and periodically adjusts, the underlying inputs and changes in the assumptions to reflect market conditions and assumptions that a market participant would consider in valuing the MSRs. | |||||||||||||
Changes in the fair value of MSRs primarily occur in connection with the collection/realization of expected cash flows, as well as changes in the valuation inputs and assumptions. Changes in the fair value of MSRs are reported in “Non-interest income” as a component of mortgage banking income in the period during which such changes occur. | |||||||||||||
Prior to December 31, 2014, the Company also had securitized MSRs. (Please see Note 11, “Intangible Assets,” for additional information regarding securitized MSRs.) | |||||||||||||
Offsetting Derivative Positions | |||||||||||||
In accordance with the applicable accounting guidance, the Company takes into account the impact of collateral and master netting agreements that allow it to settle all derivative contracts held with a single counterparty on a net basis, and to offset the net derivative position with the related collateral when recognizing derivative assets and liabilities. As a result, the Company’s Consolidated Statements of Condition reflect derivative contracts with negative fair values that are included in derivative assets, and contracts with positive fair values that are included in derivative liabilities, on a net basis. | |||||||||||||
Bank-Owned Life Insurance | |||||||||||||
The Company has purchased life insurance policies on certain employees. These bank-owned life insurance (“BOLI”) policies are recorded in the Consolidated Statements of Condition at their cash surrender value. Income from these policies and changes in the cash surrender value are recorded in “Non-interest income” in the Consolidated Statements of Income and Comprehensive Income. At December 31, 2014 and 2013, the Company’s investment in BOLI was $915.2 million and $893.5 million, respectively. There were no additional purchases of BOLI during the years ended December 31, 2014 or 2013. The Company’s investment in BOLI generated income of $27.2 million, $29.9 million, and $30.5 million, respectively, during the years ended December 31, 2014, 2013, and 2012. | |||||||||||||
Other Real Estate Owned | |||||||||||||
Real estate properties acquired through, or in lieu of, foreclosure are sold or rented, and are reported at the lower of cost (i.e., the unpaid balance of the loan at the acquisition date plus the expenses incurred to bring the property to a saleable condition, when appropriate) or fair value, less the estimated selling costs, at the date of acquisition. Following foreclosure, management periodically performs a valuation of the property, and the real estate is carried at the lower of the carrying amount or fair value, less the estimated selling costs. Expenses and revenues from operations and changes in valuation, if any, are included in “General and administrative” expense in the Consolidated Statements of Income and Comprehensive Income. At December 31, 2014 and 2013, the Company had other real estate owned (“OREO”) of $94.0 million and $108.9 million, respectively. The respective amounts include OREO of $32.0 million and $37.5 million that is covered under the Company’s FDIC loss sharing agreements. | |||||||||||||
Income Taxes | |||||||||||||
Income tax expense consists of income taxes that are currently payable and deferred income taxes. Deferred income tax expense is determined by recognizing deferred tax assets and liabilities for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. The Company assesses the deferred tax assets and establishes a valuation allowance when realization of a deferred asset is not considered to be “more likely than not.” The Company considers its expectation of future taxable income in evaluating the need for a valuation allowance. | |||||||||||||
The Company estimates income taxes payable based on the amount it expects to owe the various tax authorities (i.e., federal, state, and local). Income taxes represent the net estimated amount due to, or to be received from, such tax authorities. In estimating income taxes, management assesses the relative merits and risks of the appropriate tax treatment of transactions, taking into account statutory, judicial, and regulatory guidance in the context of the Company’s tax position. In this process, management also relies on tax opinions, recent audits, and historical experience. Although the Company uses the best available information to record income taxes, underlying estimates and assumptions can change over time as a result of unanticipated events or circumstances such as changes in tax laws and judicial guidance influencing its overall tax position. | |||||||||||||
Stock Incentives | |||||||||||||
Under the New York Community Bancorp, Inc. 2012 Stock Incentive Plan (the “2012 Stock Incentive Plan”), which was approved by the Company’s shareholders at its Annual Meeting on June 7, 2012, shares are available for grant as restricted stock or other forms of related rights. | |||||||||||||
At December 31, 2014, the Company had 14,480,253 shares available for grant under the 2012 Stock Incentive Plan, including 1,030,673 shares that were transferred from the New York Community Bancorp, Inc. 2006 Stock Incentive Plan (the “2006 Stock Incentive Plan”), which was approved by the Company’s shareholders at its Annual Meeting on June 7, 2006 and reapproved at its Annual Meeting on June 2, 2011. Compensation cost related to restricted stock grants is recognized on a straight-line basis over the vesting period. For a more detailed discussion of the Company’s stock-based compensation, please see Note 13, “Stock-Related Benefit Plans.” | |||||||||||||
Retirement Plans | |||||||||||||
The Company’s pension benefit obligations and post-retirement health and welfare benefit obligations, and the related costs, are calculated using actuarial concepts in accordance with GAAP. The measurement of such obligations and expenses requires that certain assumptions be made regarding several factors, most notably including the discount rate and the expected return on plan assets. The Company evaluates these critical assumptions on an annual basis. Other factors considered by the Company in its evaluation include retirement patterns, mortality, turnover, and the rate of compensation increase. | |||||||||||||
Under GAAP, actuarial gains and losses, prior service costs or credits, and any remaining transition assets or obligations that have not been recognized under previous accounting standards must be recognized in AOCL until they are amortized as a component of net periodic benefit cost. | |||||||||||||
Earnings per Share (Basic and Diluted) | |||||||||||||
Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the same method as basic EPS, however, the computation reflects the potential dilution that would occur if outstanding in-the-money stock options were exercised and converted into common stock. | |||||||||||||
Unvested stock-based compensation awards containing non-forfeitable rights to dividends are considered participating securities, and therefore are included in the two-class method for calculating EPS. Under the two-class method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. The Company grants restricted stock to certain employees under its stock-based compensation plans. Recipients receive cash dividends during the vesting periods of these awards, including on the unvested portion of such awards. Since these dividends are non-forfeitable, the unvested awards are considered participating securities and therefore have earnings allocated to them. | |||||||||||||
The following table presents the Company’s computation of basic and diluted EPS for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||
Years Ended December 31, | |||||||||||||
(in thousands, except share and per share amounts) | 2014 | 2013 | 2012 | ||||||||||
Net income | $485,397 | $475,547 | $501,106 | ||||||||||
Less: Dividends paid on and earnings allocated to participating securities | (3,425 | ) | (3,008 | ) | (4,702 | ) | |||||||
Earnings applicable to common stock | $481,972 | $472,539 | $496,404 | ||||||||||
Weighted average common shares outstanding | 440,988,102 | 439,251,238 | 437,706,702 | ||||||||||
Basic earnings per common share | $1.09 | $1.08 | $1.13 | ||||||||||
Earnings applicable to common stock | $481,972 | $472,539 | $496,404 | ||||||||||
Weighted average common shares outstanding | 440,988,102 | 439,251,238 | 437,706,702 | ||||||||||
Potential dilutive common shares (1) | — | — | 5,540 | ||||||||||
Total shares for diluted earnings per share computation | 440,988,102 | 439,251,238 | 437,712,242 | ||||||||||
Diluted earnings per common share and common share equivalents | $1.09 | $1.08 | $1.13 | ||||||||||
-1 | Options to purchase 58,560 shares, 60,300 shares, and 2,542,277 shares, respectively, of the Company’s common stock that were outstanding as of December 31, 2014, 2013, and 2012, at respective weighted average exercise prices of $18.04, $17.99, and $16.86, were excluded from the respective computations of diluted EPS because their inclusion would have had an antidilutive effect. | ||||||||||||
Impact of Recent Accounting Pronouncements | |||||||||||||
In June 2014, the FASB issued ASU No. 2014-11, “Transfers and Servicing (Topic 860)—Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” The amendments in ASU No. 2014-11 require that repurchase-to-maturity transactions be accounted for as secured borrowings consistent with the accounting for other repurchase agreements. In addition, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty (a repurchase financing), which will result in secured borrowing accounting for the repurchase agreement. The amendments require an entity to disclose information about transfers accounted for as sales in transactions that are economically similar to repurchase agreements, in which the transferor retains substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. In addition, the amendments require disclosure of the types of collateral pledged in repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions, and the tenor of those transactions. The accounting changes in ASU No. 2014-11 are effective for the first interim or annual period beginning after December 15, 2014. The disclosure for certain transactions accounted for as sales is required to be presented for interim and annual periods beginning after December 15, 2014, and the disclosure for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The adoption of ASU No. 2014-11 is not expected to have a material effect on the Company’s consolidated statement of condition or results of operations. | |||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” The amendments in ASU No. 2014-09 create Topic 606, “Revenue from Contracts with Customers,” and supersede the revenue recognition requirements in Topic 605, “Revenue Recognition,” including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, the amendments supersede the cost guidance in Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts,” and create new Subtopic 340-40, “Other Assets and Deferred Costs—Contracts with Customers.” In summary, the core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company is in the process of evaluating the effects the adoption of ASU No. 2014-09 may have on the Company’s consolidated statement of condition or results of operations. | |||||||||||||
In January 2014, the FASB issued ASU No. 2014-01, “Investments – Equity Method and Joint Ventures (Topic 323), Accounting for Investments in Qualified Affordable Housing Projects.” The amendments in ASU No. 2014-01 provide guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for low-income housing tax credits. The amendments permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method, if certain conditions are met. ASU No. 2014-01 is effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014, with early adoption permitted; it should be applied retrospectively to all periods presented. The Company adopted ASU No. 2014-01 on January 1, 2014. ASU No. 2014-01 calls for additional disclosures that will enable the reader to understand the nature of the investment and the effect of its measurement and related tax credits on a company’s financial condition and results of operations. Please see Note 9, “Federal, State, and Local Taxes” for the presentation of such disclosures. | |||||||||||||
In January 2014, the FASB issued ASU No. 2014-04, “Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40), Reclassification of Residential Real Estate-Collateralized Consumer Mortgage Loans upon Foreclosure.” The amendments in ASU No. 2014-04 clarify when an in-substance repossession or foreclosure occurs, i.e., when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. ASU No. 2014-04 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The adoption of ASU No. 2014-04 is not expected to have a material effect on the Company’s consolidated statement of condition or results of operations. |
Reclassifications_Out_of_Accum
Reclassifications Out of Accumulated Other Comprehensive Loss | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Reclassifications Out of Accumulated Other Comprehensive Loss | NOTE 3: RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE LOSS | ||||||
(in thousands) | For the Twelve Months Ended December 31, 2014 | ||||||
Details about | Amount Reclassified | Affected Line Item in the | |||||
Accumulated Other Comprehensive Loss | from Accumulated | Consolidated Statement of Income | |||||
Other Comprehensive | and Comprehensive Income | ||||||
Loss (1) | |||||||
Unrealized gains on available-for-sale securities | $ | 6,186 | Net gain on sales of securities | ||||
(2,492 | ) | Tax expense | |||||
$ | 3,694 | Net gain on sales of securities, net of tax | |||||
Amortization of defined benefit pension plan items: | |||||||
Prior-service costs | $ | 249 | Included in the computation of net periodic (credit) expense (2) | ||||
Actuarial losses | (3,763 | ) | Included in the computation of net periodic (credit) expense (2) | ||||
(3,514 | ) | Total before tax | |||||
1,419 | Tax benefit | ||||||
$ | (2,095 | ) | Amortization of defined benefit pension plan items, net of tax | ||||
Total reclassifications for the period | $ | 1,599 | |||||
-1 | Amounts in parentheses indicate expense items. | ||||||
-2 | Please see Note 12, “Employee Benefits,” for additional information. |
Securities
Securities | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Securities | NOTE 4: SECURITIES | ||||||||||||||||||||||||||||||||||||
The following tables summarize the Company’s portfolio of securities available for sale at December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(in thousands) | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||||||||||||||
Mortgage-Related Securities: | |||||||||||||||||||||||||||||||||||||
GSE(1) certificates | $ | 18,350 | $ | 1,350 | $ | — | $ | 19,700 | |||||||||||||||||||||||||||||
GSE CMOs(2) | — | — | — | — | |||||||||||||||||||||||||||||||||
Private label CMOs | — | — | — | — | |||||||||||||||||||||||||||||||||
Total mortgage-related securities | $ | 18,350 | $ | 1,350 | $ | — | $ | 19,700 | |||||||||||||||||||||||||||||
Other Securities: | |||||||||||||||||||||||||||||||||||||
Municipal bonds | $ | 841 | $ | 101 | $ | — | $ | 942 | |||||||||||||||||||||||||||||
Capital trust notes | 13,431 | 31 | 1,980 | 11,482 | |||||||||||||||||||||||||||||||||
Preferred stock | 118,205 | 5,246 | 440 | 123,011 | |||||||||||||||||||||||||||||||||
Common stock | 17,943 | 748 | 43 | 18,648 | |||||||||||||||||||||||||||||||||
Total other securities | $ | 150,420 | $ | 6,126 | $ | 2,463 | $ | 154,083 | |||||||||||||||||||||||||||||
Total securities available for sale | $ | 168,770 | $ | 7,476 | $ | 2,463 | $ | 173,783 | |||||||||||||||||||||||||||||
-1 | Government-sponsored enterprise. | ||||||||||||||||||||||||||||||||||||
-2 | Collateralized mortgage obligations. | ||||||||||||||||||||||||||||||||||||
As of December 31, 2014, the fair value of marketable equity securities included corporate preferred stock of $123.0 million and common stock of $18.6 million, with the latter primarily consisting of mutual funds that are Community Reinvestment Act-qualified investments. | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(in thousands) | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||||||||||||||
Mortgage-Related Securities: | |||||||||||||||||||||||||||||||||||||
GSE certificates | $ | 23,759 | $ | 1,442 | $ | 1 | $ | 25,200 | |||||||||||||||||||||||||||||
GSE CMOs | 62,082 | 598 | 1,861 | 60,819 | |||||||||||||||||||||||||||||||||
Private label CMOs | 10,214 | — | 12 | 10,202 | |||||||||||||||||||||||||||||||||
Total mortgage-related securities | $ | 96,055 | $ | 2,040 | $ | 1,874 | $ | 96,221 | |||||||||||||||||||||||||||||
Other Securities: | |||||||||||||||||||||||||||||||||||||
Municipal bonds | $ | 957 | $ | 69 | $ | — | $ | 1,026 | |||||||||||||||||||||||||||||
Capital trust notes | 13,419 | 60 | 1,681 | 11,798 | |||||||||||||||||||||||||||||||||
Preferred stock | 118,205 | 1,936 | 3,902 | 116,239 | |||||||||||||||||||||||||||||||||
Common stock | 51,654 | 4,093 | 293 | 55,454 | |||||||||||||||||||||||||||||||||
Total other securities | $ | 184,235 | $ | 6,158 | $ | 5,876 | $ | 184,517 | |||||||||||||||||||||||||||||
Total securities available for sale | $ | 280,290 | $ | 8,198 | $ | 7,750 | $ | 280,738 | |||||||||||||||||||||||||||||
The following tables summarize the Company’s portfolio of securities held to maturity at December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(in thousands) | Amortized | Carrying | Gross | Gross | Fair Value | ||||||||||||||||||||||||||||||||
Cost | Amount | Unrealized | Unrealized | ||||||||||||||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||||||||||||||
Mortgage-Related Securities: | |||||||||||||||||||||||||||||||||||||
GSE certificates | $ | 2,468,791 | $ | 2,468,791 | $ | 106,414 | $ | 3,838 | $ | 2,571,367 | |||||||||||||||||||||||||||
GSE CMOs | 1,610,243 | 1,610,243 | 65,075 | 711 | 1,674,607 | ||||||||||||||||||||||||||||||||
Total mortgage-related securities | $ | 4,079,034 | $ | 4,079,034 | $ | 171,489 | $ | 4,549 | $ | 4,245,974 | |||||||||||||||||||||||||||
Other Securities: | |||||||||||||||||||||||||||||||||||||
GSE debentures | $ | 2,635,989 | $ | 2,635,989 | $ | 24,173 | $ | 32,920 | $ | 2,627,242 | |||||||||||||||||||||||||||
Corporate bonds | 73,317 | 73,317 | 12,113 | — | 85,430 | ||||||||||||||||||||||||||||||||
Municipal bonds | 58,682 | 58,682 | — | 1,027 | 57,655 | ||||||||||||||||||||||||||||||||
Capital trust notes | 84,476 | 75,645 | 5,193 | 11,168 | 69,670 | ||||||||||||||||||||||||||||||||
Total other securities | $ | 2,852,464 | $ | 2,843,633 | $ | 41,479 | $ | 45,115 | $ | 2,839,997 | |||||||||||||||||||||||||||
Total securities held to maturity (1) | $ | 6,931,498 | $ | 6,922,667 | $ | 212,968 | $ | 49,664 | $ | 7,085,971 | |||||||||||||||||||||||||||
-1 | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At December 31, 2014, the non-credit portion of OTTI recorded in AOCL was $8.8 million (before taxes). | ||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(in thousands) | Amortized | Carrying | Gross | Gross | Fair Value | ||||||||||||||||||||||||||||||||
Cost | Amount | Unrealized | Unrealized | ||||||||||||||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||||||||||||||
Mortgage-Related Securities: | |||||||||||||||||||||||||||||||||||||
GSE certificates | $ | 2,529,102 | $ | 2,529,102 | $ | 30,145 | $ | 61,280 | $ | 2,497,967 | |||||||||||||||||||||||||||
GSE CMOs | 1,878,885 | 1,878,885 | 29,330 | 22,520 | 1,885,695 | ||||||||||||||||||||||||||||||||
Total mortgage-related securities | $ | 4,407,987 | $ | 4,407,987 | $ | 59,475 | $ | 83,800 | $ | 4,383,662 | |||||||||||||||||||||||||||
Other Securities: | |||||||||||||||||||||||||||||||||||||
GSE debentures | $ | 3,053,253 | $ | 3,053,253 | $ | 6,512 | $ | 208,506 | $ | 2,851,259 | |||||||||||||||||||||||||||
Corporate bonds | 72,899 | 72,899 | 11,063 | — | 83,962 | ||||||||||||||||||||||||||||||||
Municipal bonds | 60,462 | 60,462 | 19 | 3,849 | 56,632 | ||||||||||||||||||||||||||||||||
Capital trust notes | 84,871 | 75,681 | 3,134 | 9,086 | 69,729 | ||||||||||||||||||||||||||||||||
Total other securities | $ | 3,271,485 | $ | 3,262,295 | $ | 20,728 | $ | 221,441 | $ | 3,061,582 | |||||||||||||||||||||||||||
Total securities held to maturity (1) | $ | 7,679,472 | $ | 7,670,282 | $ | 80,203 | $ | 305,241 | $ | 7,445,244 | |||||||||||||||||||||||||||
-1 | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At December 31, 2013, the non-credit portion of OTTI recorded in AOCL was $9.2 million (before taxes). | ||||||||||||||||||||||||||||||||||||
At December 31, 2014 and 2013, respectively, the Company had $515.3 million and $561.4 million of FHLB stock, at cost, primarily consisting of stock in the FHLB-NY. The Company is required to maintain an investment in FHLB-NY stock in order to have access to the funding it provides. | |||||||||||||||||||||||||||||||||||||
The following table summarizes the gross proceeds, gross realized gains, and gross realized losses from the sale of available-for-sale securities during the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Gross proceeds | $ | 333,725 | $ | 631,802 | $ | 822,618 | |||||||||||||||||||||||||||||||
Gross realized gains | 6,186 | 9,529 | 2,041 | ||||||||||||||||||||||||||||||||||
Gross realized losses | — | 45 | — | ||||||||||||||||||||||||||||||||||
In addition, during the twelve months ended December 31, 2014, the Company sold held-to-maturity securities with gross proceeds of $139.3 million and realized gains of $7.8 million. During the twelve months ended December 31, 2013, the Company sold held-to-maturity securities with gross proceeds of $191.1 million and realized gains of $11.6 million. All of the held-to-maturity securities sold in 2014 and 2013 were securities on which the Company had collected a substantial portion (at least 85%) of the initial principal balance. | |||||||||||||||||||||||||||||||||||||
In the following table, the beginning balance represents the credit loss component for debt securities on which OTTI occurred prior to January 1, 2014. For credit-impaired debt securities, OTTI recognized in earnings after that date is presented as an addition in two components, based upon whether the current period is the first time a debt security was credit-impaired (initial credit impairment) or is not the first time a debt security was credit-impaired (subsequent credit impairment). | |||||||||||||||||||||||||||||||||||||
(in thousands) | For the Twelve Months | ||||||||||||||||||||||||||||||||||||
Ended December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Beginning credit loss amount as of December 31, 2013 | $ | 216,334 | |||||||||||||||||||||||||||||||||||
Add: Initial other-than-temporary credit losses | — | ||||||||||||||||||||||||||||||||||||
Subsequent other-than-temporary credit losses | — | ||||||||||||||||||||||||||||||||||||
Amount previously recognized in AOCL | — | ||||||||||||||||||||||||||||||||||||
Less: Realized losses for securities sold | — | ||||||||||||||||||||||||||||||||||||
Securities intended or required to be sold | — | ||||||||||||||||||||||||||||||||||||
Increases in expected cash flows on debt securities | 17,326 | ||||||||||||||||||||||||||||||||||||
Ending credit loss amount as of December 31, 2014 | $ | 199,008 | |||||||||||||||||||||||||||||||||||
The following table summarizes the carrying amounts and estimated fair values of held-to-maturity debt securities, and the amortized costs and estimated fair values of available-for-sale debt securities, at December 31, 2014, by contractual maturity. Mortgage-related securities held to maturity and available for sale, all of which have prepayment provisions, are distributed to a maturity category based on the ends of the estimated average lives of such securities. Principal and amortization prepayments are not shown in maturity categories as they occur, but are considered in the determination of estimated average life. | |||||||||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Mortgage- | Average | U.S. Treasury | Average | State, County, | Average | Other Debt | Average | Fair Value | ||||||||||||||||||||||||||||
Related | Yield | and GSE | Yield | and Municipal | Yield (1) | Securities (2) | Yield | ||||||||||||||||||||||||||||||
Securities | Obligations | ||||||||||||||||||||||||||||||||||||
Held-to-Maturity Securities: | |||||||||||||||||||||||||||||||||||||
Due within one year | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | — | |||||||||||||||||||
Due from one to five years | — | — | 60,125 | 4.17 | 862 | 2.96 | — | — | 66,222 | ||||||||||||||||||||||||||||
Due from five to ten years | 3,210,182 | 3.22 | 2,575,864 | 2.7 | — | — | 47,338 | 3.14 | 5,957,938 | ||||||||||||||||||||||||||||
Due after ten years | 868,852 | 3.26 | — | — | 57,820 | 2.85 | 101,624 | 5.9 | 1,061,811 | ||||||||||||||||||||||||||||
Total debt securities held to maturity | $ | 4,079,034 | 3.23 | % | $ | 2,635,989 | 2.73 | % | $ | 58,682 | 2.85 | % | $ | 148,962 | 5.02 | % | $ | 7,085,971 | |||||||||||||||||||
Available-for-Sale Securities: (3) | |||||||||||||||||||||||||||||||||||||
Due within one year | $ | 2 | 5.91 | % | $ | — | — | % | $ | 124 | 6.45 | % | $ | — | — | % | $ | 133 | |||||||||||||||||||
Due from one to five years | 3,706 | 6.77 | — | — | 577 | 6.49 | — | — | 4,517 | ||||||||||||||||||||||||||||
Due from five to ten years | 3,188 | 3.78 | — | — | 140 | 6.66 | — | — | 3,565 | ||||||||||||||||||||||||||||
Due after ten years | 11,454 | 4.82 | — | — | — | — | 13,431 | 5.7 | 23,909 | ||||||||||||||||||||||||||||
Total debt securities available for sale | $ | 18,350 | 5.03 | % | $ | — | — | % | $ | 841 | 6.51 | % | $ | 13,431 | 5.7 | % | $ | 32,124 | |||||||||||||||||||
-1 | Not presented on a tax-equivalent basis. | ||||||||||||||||||||||||||||||||||||
-2 | Includes corporate bonds and capital trust notes. Included in capital trust notes are $247,000 of pooled trust preferred securities held to maturity, all of which are due after ten years. The remaining capital trust notes consist of single-issue trust preferred securities. | ||||||||||||||||||||||||||||||||||||
-3 | As equity securities have no contractual maturity, they have been excluded from this table. | ||||||||||||||||||||||||||||||||||||
The following table presents held-to-maturity and available-for-sale securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2014: | |||||||||||||||||||||||||||||||||||||
At December 31, 2014 | Less than Twelve Months | Twelve Months or Longer | Total | ||||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||||||||||||||
Temporarily Impaired Held-to-Maturity Debt Securities: | |||||||||||||||||||||||||||||||||||||
GSE debentures | $ | — | $ | — | $ | 2,204,399 | $ | 32,920 | $ | 2,204,399 | $ | 32,920 | |||||||||||||||||||||||||
GSE certificates | — | — | 242,909 | 3,838 | 242,909 | 3,838 | |||||||||||||||||||||||||||||||
GSE CMOs | — | — | 72,209 | 711 | 72,209 | 711 | |||||||||||||||||||||||||||||||
Municipal bonds | 13,735 | 195 | 43,058 | 832 | 56,793 | 1,027 | |||||||||||||||||||||||||||||||
Capital trust notes | — | — | 25,019 | 11,168 | 25,019 | 11,168 | |||||||||||||||||||||||||||||||
Total temporarily impaired held-to-maturity debt securities | $ | 13,735 | $ | 195 | $ | 2,587,594 | $ | 49,469 | $ | 2,601,329 | $ | 49,664 | |||||||||||||||||||||||||
Temporarily Impaired Available-for-Sale Securities: | |||||||||||||||||||||||||||||||||||||
Debt Securities: | |||||||||||||||||||||||||||||||||||||
Private label CMOs | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
GSE CMOs | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Capital trust notes | — | — | 5,451 | 1,980 | 5,451 | 1,980 | |||||||||||||||||||||||||||||||
Total temporarily impaired available-for-sale debt securities | $ | — | $ | — | $ | 5,451 | $ | 1,980 | $ | 5,451 | $ | 1,980 | |||||||||||||||||||||||||
Equity securities | 53,721 | 364 | 15,174 | 119 | 68,895 | 483 | |||||||||||||||||||||||||||||||
Total temporarily impaired available-for-sale securities | $ | 53,721 | $ | 364 | $ | 20,625 | $ | 2,099 | $ | 74,346 | $ | 2,463 | |||||||||||||||||||||||||
The following table presents held-to-maturity and available-for-sale securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2013: | |||||||||||||||||||||||||||||||||||||
At December 31, 2013 | Less than Twelve Months | Twelve Months or Longer | Total | ||||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||||||||||||||
Temporarily Impaired Held-to-Maturity Debt Securities: | |||||||||||||||||||||||||||||||||||||
GSE debentures | $ | 2,777,417 | $ | 208,506 | $ | — | $ | — | $ | 2,777,417 | $ | 208,506 | |||||||||||||||||||||||||
GSE certificates | 1,684,793 | 61,280 | — | — | 1,684,793 | 61,280 | |||||||||||||||||||||||||||||||
GSE CMOs | 936,691 | 22,520 | — | — | 936,691 | 22,520 | |||||||||||||||||||||||||||||||
Municipal notes/bonds | 55,333 | 3,849 | — | — | 55,333 | 3,849 | |||||||||||||||||||||||||||||||
Capital trust notes | 24,900 | 100 | 37,181 | 8,986 | 62,081 | 9,086 | |||||||||||||||||||||||||||||||
Total temporarily impaired held-to-maturity debt securities | $ | 5,479,134 | $ | 296,255 | $ | 37,181 | $ | 8,986 | $ | 5,516,315 | $ | 305,241 | |||||||||||||||||||||||||
Temporarily Impaired Available-for-Sale Securities: | |||||||||||||||||||||||||||||||||||||
Debt Securities: | |||||||||||||||||||||||||||||||||||||
GSE certificates | $ | — | $ | — | $ | 110 | $ | 1 | $ | 110 | $ | 1 | |||||||||||||||||||||||||
Private label CMOs | 10,202 | 12 | — | — | 10,202 | 12 | |||||||||||||||||||||||||||||||
GSE CMOs | 44,725 | 1,861 | — | — | 44,725 | 1,861 | |||||||||||||||||||||||||||||||
Capital trust notes | 1,992 | 8 | 5,746 | 1,673 | 7,738 | 1,681 | |||||||||||||||||||||||||||||||
Total temporarily impaired available-for-sale debt securities | $ | 56,919 | $ | 1,881 | $ | 5,856 | $ | 1,674 | $ | 62,775 | $ | 3,555 | |||||||||||||||||||||||||
Equity securities | 75,886 | 4,195 | — | — | 75,886 | 4,195 | |||||||||||||||||||||||||||||||
Total temporarily impaired available-for-sale securities | $ | 132,805 | $ | 6,076 | $ | 5,856 | $ | 1,674 | $ | 138,661 | $ | 7,750 | |||||||||||||||||||||||||
An OTTI loss on impaired securities must be fully recognized in earnings if an investor has the intent to sell the debt security, or if it is more likely than not that the investor will be required to sell the debt security before recovery of its amortized cost. However, even if an investor does not expect to sell a debt security, it must evaluate the expected cash flows to be received and determine if a credit loss has occurred. In the event that a credit loss occurs, only the amount of impairment associated with the credit loss is recognized in earnings. Amounts relating to factors other than credit losses are recorded in AOCL. FASB guidance also requires additional disclosures regarding the calculation of credit losses, as well as factors considered by the investor in reaching a conclusion that an investment is not other-than-temporarily impaired. | |||||||||||||||||||||||||||||||||||||
Securities in unrealized loss positions are analyzed as part of the Company’s ongoing assessment of OTTI. When the Company intends to sell such securities, the Company recognizes an impairment loss equal to the full difference between the amortized cost basis and the fair value of those securities. When the Company does not intend to sell equity or debt securities in an unrealized loss position, potential OTTI is considered based on a variety of factors, including the length of time and extent to which the fair value has been less than the cost; adverse conditions specifically related to the industry, the geographic area, or financial condition of the issuer, or the underlying collateral of a security; the payment structure of the security; changes to the rating of the security by a rating agency; the volatility of the fair value changes; and changes in fair value of the security after the balance sheet date. For debt securities, the Company estimates cash flows over the remaining life of the underlying collateral to assess whether credit losses exist and, where applicable, to determine if any adverse changes in cash flows have occurred. The Company’s cash flow estimates take into account expectations of relevant market and economic data as of the end of the reporting period. As of December 31, 2014, the Company did not intend to sell its securities with an unrealized loss position, and it was more likely than not that the Company would not be required to sell these securities before recovery of their amortized cost basis. The Company believes that the securities with an unrealized loss position were not other-than-temporarily impaired as of December 31, 2014. | |||||||||||||||||||||||||||||||||||||
Other factors considered in determining whether or not an impairment is temporary include the severity of the impairment; the cause of the impairment; the near-term prospects of the issuer; and the forecasted recovery period using current estimates of volatility in market interest rates (including liquidity and risk premiums). | |||||||||||||||||||||||||||||||||||||
Management’s assertion regarding its intent not to sell, or that it is not more likely than not that the Company will be required to sell a security before its anticipated recovery, is based on a number of factors, including a quantitative estimate of the expected recovery period (which may extend to maturity), and management’s intended strategy with respect to the identified security or portfolio. If management does have the intent to sell, or believes it is more likely than not that the Company will be required to sell the security before its anticipated recovery, the unrealized loss is charged directly to earnings in the Consolidated Statement of Income and Comprehensive Income. | |||||||||||||||||||||||||||||||||||||
The unrealized losses on the Company’s GSE mortgage-related securities, GSE municipal bonds, and GSE debentures at December 31, 2014 were primarily caused by movements in market interest rates and spread volatility, rather than credit risk. It is expected that these securities will not be settled at a price that is less than the amortized cost of the Company’s investment. Because the Company does not have the intent to sell the investments, and it is not more likely than not that the Company will be required to sell them before the anticipated recovery of fair value, which may be at maturity, the Company did not consider these investments to be other than temporarily impaired at December 31, 2014. | |||||||||||||||||||||||||||||||||||||
The Company reviews quarterly financial information related to its investments in municipal bonds and capital trust notes, as well as other information that is released by each of the issuers of such bonds and notes, to determine their continued creditworthiness. The contractual terms of these investments do not permit settling the securities at prices that are less than the amortized costs of the investments; therefore, the Company expects that these investments will not be settled at prices that are less than their amortized costs. The Company continues to monitor these investments and currently estimates that the present value of expected cash flows is not less than the amortized cost of the securities. Because the Company does not have the intent to sell the investments, and it is not more likely than not that the Company will be required to sell them before the anticipated recovery of fair value, which may be at maturity, it did not consider these investments to be other than temporarily impaired at December 31, 2014. It is possible that these securities will perform worse than is currently expected, which could lead to adverse changes in cash flows from these securities and potential OTTI losses in the future. Future events that could trigger material unrecoverable declines in the fair values of the Company’s investments, and thus result in potential OTTI losses, include, but are not limited to, government intervention; deteriorating asset quality and credit metrics; significantly higher levels of default and loan loss provisions; losses in value on the underlying collateral; deteriorating credit enhancement; net operating losses; and illiquidity in the financial markets. | |||||||||||||||||||||||||||||||||||||
At December 31, 2014, the Company’s equity securities portfolio consisted of perpetual preferred stock, common stock, and mutual funds. The Company considers a decline in the fair value of available-for-sale equity securities to be other than temporary if the Company does not expect to recover the entire amortized cost basis of the security. The unrealized losses on the Company’s equity securities at December 31, 2014 were primarily caused by market volatility. The Company evaluated the near-term prospects of a recovery of fair value for each security in the portfolio, together with the severity and duration of impairment to date. Based on this evaluation, and its ability and intent to hold these investments for a reasonably sufficient period of time to realize a near-term forecasted recovery of fair value, the Company did not consider these investments to be other than temporarily impaired at December 31, 2014. Nonetheless, it is possible that these equity securities will perform worse than is currently expected, which could lead to adverse changes in their fair values, or the failure of the securities to fully recover in value as presently forecasted by management. This potentially would cause the Company to record OTTI losses in future periods. Events that could trigger material declines in the fair values of these securities include, but are not limited to, deterioration in the equity markets; a decline in the quality of the loan portfolios of the issuers in which the Company has invested; and the recording of higher loan loss provisions and net operating losses by such issuers. | |||||||||||||||||||||||||||||||||||||
The investment securities designated as having a continuous loss position for twelve months or more at December 31, 2014 consisted of sixteen agency mortgage-backed securities, seventeen GSE debt securities, three GSE CMOs, five capital trust notes, two GSE municipal bonds, and one preferred stock security. At December 31, 2013, the investment securities designated as having a continuous loss position for twelve months or more consisted of six capital trust notes and one mortgage-backed security. At December 31, 2014 and December 31, 2013, the combined market value of the respective securities represented unrealized losses of $51.6 million and $10.7 million. At December 31, 2014, the fair value of securities having a continuous loss position for twelve months or more was 1.9% below the collective amortized cost of $2.7 billion. At December 31, 2013, the fair value of such securities was 19.9% below the collective amortized cost of $53.7 million. |
Loans
Loans | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Loans | NOTE 5: LOANS | ||||||||||||||||||||||||||||||||
The following table sets forth the composition of the loan portfolio at December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Percent of | Amount | Percent of | |||||||||||||||||||||||||||||
Non-Covered | Non-Covered | ||||||||||||||||||||||||||||||||
Loans Held for | Loans Held for | ||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||
Non-Covered Loans Held for Investment: | |||||||||||||||||||||||||||||||||
Mortgage Loans: | |||||||||||||||||||||||||||||||||
Multi-family | $ | 23,831,846 | 72.21 | % | $ | 20,699,927 | 69.41 | % | |||||||||||||||||||||||||
Commercial real estate | 7,634,320 | 23.13 | 7,364,231 | 24.7 | |||||||||||||||||||||||||||||
One-to-four family | 138,915 | 0.42 | 560,730 | 1.88 | |||||||||||||||||||||||||||||
Acquisition, development, and construction | 258,116 | 0.78 | 344,100 | 1.15 | |||||||||||||||||||||||||||||
Total mortgage loans held for investment | 31,863,197 | 96.54 | 28,968,988 | 97.14 | |||||||||||||||||||||||||||||
Other Loans: | |||||||||||||||||||||||||||||||||
Commercial and industrial | 900,551 | 2.73 | 712,260 | 2.39 | |||||||||||||||||||||||||||||
Lease financing, net of unearned income of $18,913 and $5,723 | 208,670 | 0.63 | 101,431 | 0.34 | |||||||||||||||||||||||||||||
Total commercial and industrial loans | 1,109,221 | 3.36 | 813,691 | 2.73 | |||||||||||||||||||||||||||||
Other | 31,943 | 0.1 | 39,036 | 0.13 | |||||||||||||||||||||||||||||
Total other loans held for investment | 1,141,164 | 3.46 | 852,727 | 2.86 | |||||||||||||||||||||||||||||
Total non-covered loans held for investment | $ | 33,004,361 | 100 | % | $ | 29,821,715 | 100 | % | |||||||||||||||||||||||||
Net deferred loan origination costs | 20,595 | 16,274 | |||||||||||||||||||||||||||||||
Allowance for losses on non-covered loans | (139,857 | ) | (141,946 | ) | |||||||||||||||||||||||||||||
Non-covered loans held for investment, net | $ | 32,885,099 | $ | 29,696,043 | |||||||||||||||||||||||||||||
Covered loans | 2,428,622 | 2,788,618 | |||||||||||||||||||||||||||||||
Allowance for losses on covered loans | (45,481 | ) | (64,069 | ) | |||||||||||||||||||||||||||||
Covered loans, net | $ | 2,383,141 | $ | 2,724,549 | |||||||||||||||||||||||||||||
Loans held for sale | 379,399 | 306,915 | |||||||||||||||||||||||||||||||
Total loans, net | $ | 35,647,639 | $ | 32,727,507 | |||||||||||||||||||||||||||||
Non-Covered Loans | |||||||||||||||||||||||||||||||||
Non-Covered Loans Held for Investment | |||||||||||||||||||||||||||||||||
The vast majority of the loans the Company originates for investment are multi-family loans, most of which are collateralized by non-luxury apartment buildings in New York City that are rent-regulated and feature below-market rents. In addition, the Company originates commercial real estate (“CRE”) loans, most of which are collateralized by properties located in New York City and on Long Island. | |||||||||||||||||||||||||||||||||
The Company also originates one-to-four family loans; acquisition, development, and construction (“ADC”) loans; and commercial and industrial (“C&I”) loans for investment. ADC loans are primarily originated for multi-family and residential tract projects in New York City and on Long Island, while one-to-four family loans are originated both within and beyond the markets served by the Company’s branch offices. C&I loans consist of asset-based loans, equipment loans and leases, and dealer floor-plan loans (together, “specialty finance loans and leases”) that are made to nationally recognized borrowers throughout the U.S. and are senior debt-secured; and other C&I loans, both secured and unsecured, that primarily are made to small and mid-size businesses in Metro New York. Such C&I loans are typically made for working capital, business expansion, and the purchase of machinery and equipment. | |||||||||||||||||||||||||||||||||
Payments on multi-family and CRE loans generally depend on the income produced by the underlying properties which, in turn, depends on their successful operation and management. Accordingly, the ability of the Company’s borrowers to repay these loans may be impacted by adverse conditions in the local real estate market and the local economy. While the Company generally requires that such loans be qualified on the basis of the collateral property’s current cash flows, appraised value, and debt service coverage ratio, among other factors, there can be no assurance that its underwriting policies will protect the Company from credit-related losses or delinquencies. | |||||||||||||||||||||||||||||||||
The one-to-four family loans that are held for investment consist primarily of hybrid loans (both jumbo and agency-conforming) that have been made at conservative loan-to-value ratios to borrowers with a documented history of repaying their debts. | |||||||||||||||||||||||||||||||||
ADC loans typically involve a higher degree of credit risk than loans secured by improved or owner-occupied real estate. Accordingly, borrowers are required to provide a guarantee of repayment and completion, and loan proceeds are disbursed as construction progresses, as certified by in-house or third-party engineers. The risk of loss on an ADC loan is largely dependent upon the accuracy of the initial appraisal of the property’s value upon completion of construction or development; the developer’s experience; the estimated cost of construction, including interest; and the estimated time to complete and/or sell or lease such property. The Company seeks to minimize these risks by maintaining conservative lending policies and rigorous underwriting standards. However, if the estimate of value proves to be inaccurate, the cost of completion is greater than expected, or the length of time to complete and/or sell or lease the collateral property is greater than anticipated (based, for example, on a downturn in the local economy or real estate market), the property could have a value upon completion that is insufficient to assure full repayment of the loan. This could have a material adverse effect on the quality of the ADC loan portfolio, and could result in losses or delinquencies. | |||||||||||||||||||||||||||||||||
To minimize the risk involved in specialty finance lending and leasing, we participate in syndicated loans that are brought to us, and equipment loans and leases that are assigned to us, by a select group of nationally recognized sources who have had long-term relationships with our experienced lending officers. Our specialty finance loans and leases generally are made to large corporate obligors, many of which are publicly traded, carry investment grade or near-investment grade ratings, and participate in stable industries nationwide. Furthermore, each of our credits is secured with a perfected first security interest or outright ownership in the underlying collateral, and structured as senior debt or as a non-cancelable lease. To further minimize the risk involved in specialty finance lending and leasing, we re-underwrite each transaction. In addition, we retain outside counsel to conduct a further review of the underlying documentation. | |||||||||||||||||||||||||||||||||
To minimize the risks involved in other C&I lending, the Company underwrites such loans on the basis of the cash flows produced by the business; requires that such loans be collateralized by various business assets, including inventory, equipment, and accounts receivable, among others; and requires personal guarantees. However, the capacity of a borrower to repay such a C&I loan is substantially dependent on the degree to which his or her business is successful. In addition, the collateral underlying such loans may depreciate over time, may not be conducive to appraisal, or may fluctuate in value, based upon the results of operations of the business. | |||||||||||||||||||||||||||||||||
Included in non-covered loans held for investment at December 31, 2014 and 2013 were loans to non-officer directors of $129.5 million and $149.4 million, respectively. | |||||||||||||||||||||||||||||||||
Loans Held for Sale | |||||||||||||||||||||||||||||||||
The mortgage banking operation of the Community Bank was established in January 2010 to originate, aggregate, and service one-to-four family loans. Community banks, credit unions, mortgage companies, and mortgage brokers use its proprietary web-accessible mortgage banking platform to originate and close one-to-four family loans throughout the U.S. These loans are generally sold to GSEs, servicing retained. To a much lesser extent, the Community Bank uses its mortgage banking platform to originate jumbo loans which it typically sells to other financial institutions. The Company does not expect such loans to represent a material portion of the held-for-sale loans it originates. Included in the December 31, 2014 held-for-sale balance were $19.9 million of one-to-four family loans and $158.5 million of C&I loans that transferred from loans held for investment at fair value during the year. The Company also services mortgage loans for various third parties, primarily including GSEs. The unpaid principal balance of loans serviced for others was $22.4 billion and $21.5 billion at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||
Asset Quality | |||||||||||||||||||||||||||||||||
The following table presents information regarding the quality of the Company’s non-covered loans held for investment at December 31, 2014: | |||||||||||||||||||||||||||||||||
(in thousands) | Loans 30-89 | Non- | Loans | Total Past | Current | Total Loans | |||||||||||||||||||||||||||
Days Past | Accrual | 90 Days or More | Due Loans | Loans | Receivable | ||||||||||||||||||||||||||||
Due | Loans | Delinquent and | |||||||||||||||||||||||||||||||
Still Accruing | |||||||||||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||||||||||
Multi-family | $ | 464 | $ | 31,089 | $ | — | $ | 31,553 | $ | 23,800,293 | $ | 23,831,846 | |||||||||||||||||||||
Commercial real estate | 1,464 | 24,824 | — | 26,288 | 7,608,032 | 7,634,320 | |||||||||||||||||||||||||||
One-to-four family | 3,086 | 11,032 | — | 14,118 | 124,797 | 138,915 | |||||||||||||||||||||||||||
Acquisition, development, and construction | — | 654 | — | 654 | 257,462 | 258,116 | |||||||||||||||||||||||||||
Commercial and industrial(1) | 530 | 8,382 | — | 8,912 | 1,100,309 | 1,109,221 | |||||||||||||||||||||||||||
Other | 648 | 969 | — | 1,617 | 30,326 | 31,943 | |||||||||||||||||||||||||||
Total | $ | 6,192 | $ | 76,950 | $ | — | $ | 83,142 | $ | 32,921,219 | $ | 33,004,361 | |||||||||||||||||||||
-1 | Includes lease financing receivables, all of which were current. | ||||||||||||||||||||||||||||||||
The following table presents information regarding the quality of the Company’s non-covered loans held for investment at December 31, 2013: | |||||||||||||||||||||||||||||||||
(in thousands) | Loans 30-89 | Non- | Loans | Total Past | Current | Total Loans | |||||||||||||||||||||||||||
Days Past | Accrual | 90 Days or More | Due Loans | Loans | Receivable | ||||||||||||||||||||||||||||
Due | Loans | Delinquent and | |||||||||||||||||||||||||||||||
Still Accruing | |||||||||||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||||||||||
Multi-family | $ | 33,678 | $ | 58,395 | $ | — | $ | 92,073 | $ | 20,607,854 | $ | 20,699,927 | |||||||||||||||||||||
Commercial real estate | 1,854 | 24,550 | — | 26,404 | 7,337,827 | 7,364,231 | |||||||||||||||||||||||||||
One-to-four family | 1,076 | 10,937 | — | 12,013 | 548,717 | 560,730 | |||||||||||||||||||||||||||
Acquisition, development, and construction | — | 2,571 | — | 2,571 | 341,529 | 344,100 | |||||||||||||||||||||||||||
Commercial and industrial(1) | 1 | 5,735 | — | 5,736 | 807,955 | 813,691 | |||||||||||||||||||||||||||
Other | 480 | 1,349 | — | 1,829 | 37,207 | 39,036 | |||||||||||||||||||||||||||
Total | $ | 37,089 | $ | 103,537 | $ | — | $ | 140,626 | $ | 29,681,089 | $ | 29,821,715 | |||||||||||||||||||||
-1 | Includes lease financing receivables, all of which were current. | ||||||||||||||||||||||||||||||||
The following table summarizes the Company’s portfolio of non-covered loans held for investment by credit quality indicator at December 31, 2014: | |||||||||||||||||||||||||||||||||
(in thousands) | Multi-Family | Commercial | One-to-Four | Acquisition, | Total Mortgage | Commercial | Other | Total Other | |||||||||||||||||||||||||
Real Estate | Family | Development, | Loans | and | Loan Segment | ||||||||||||||||||||||||||||
and Construction | Industrial(1) | ||||||||||||||||||||||||||||||||
Credit Quality Indicator: | |||||||||||||||||||||||||||||||||
Pass | $ | 23,777,569 | $ | 7,591,223 | $ | 127,883 | $ | 256,868 | $ | 31,753,543 | $ | 1,083,173 | $ | 30,974 | $ | 1,114,147 | |||||||||||||||||
Special mention | 6,798 | 9,123 | — | — | 15,921 | 17,032 | — | 17,032 | |||||||||||||||||||||||||
Substandard | 47,479 | 33,974 | 11,032 | 1,248 | 93,733 | 9,016 | 969 | 9,985 | |||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total | $ | 23,831,846 | $ | 7,634,320 | $ | 138,915 | $ | 258,116 | $ | 31,863,197 | $ | 1,109,221 | $ | 31,943 | $ | 1,141,164 | |||||||||||||||||
-1 | Includes lease financing receivables, all of which were classified as “pass.” | ||||||||||||||||||||||||||||||||
The following table summarizes the Company’s portfolio of non-covered loans held for investment by credit quality indicator at December 31, 2013: | |||||||||||||||||||||||||||||||||
(in thousands) | Multi-Family | Commercial | One-to-Four | Acquisition, | Total Mortgage | Commercial | Other | Total Other | |||||||||||||||||||||||||
Real Estate | Family | Development, | Loans | and | Loan Segment | ||||||||||||||||||||||||||||
and Construction | Industrial(1) | ||||||||||||||||||||||||||||||||
Credit Quality Indicator: | |||||||||||||||||||||||||||||||||
Pass | $ | 20,527,460 | $ | 7,304,502 | $ | 554,132 | $ | 333,805 | $ | 28,719,899 | $ | 793,693 | $ | 37,688 | $ | 831,381 | |||||||||||||||||
Special mention | 73,549 | 25,407 | — | 7,400 | 106,356 | 13,036 | — | 13,036 | |||||||||||||||||||||||||
Substandard | 98,918 | 33,822 | 6,598 | 2,895 | 142,233 | 6,808 | 1,348 | 8,156 | |||||||||||||||||||||||||
Doubtful | — | 500 | — | — | 500 | 154 | — | 154 | |||||||||||||||||||||||||
Total | $ | 20,699,927 | $ | 7,364,231 | $ | 560,730 | $ | 344,100 | $ | 28,968,988 | $ | 813,691 | $ | 39,036 | $ | 852,727 | |||||||||||||||||
-1 | Includes lease financing receivables, all of which were classified as “pass.” | ||||||||||||||||||||||||||||||||
The preceding classifications follow regulatory guidelines and can be generally described as follows: pass loans are of satisfactory quality; special mention loans have a potential weakness or risk that may result in the deterioration of future repayment; substandard loans are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged (these loans have a well-defined weakness and there is a distinct possibility that the Company will sustain some loss); and doubtful loans, based on existing circumstances, have weaknesses that make collection or liquidation in full highly questionable and improbable. In addition, one-to-four family loans are classified utilizing an inter-regulatory agency methodology that incorporates the extent of delinquency and the loan-to-value ratios. These classifications are the most current available and generally have been updated within the last twelve months. | |||||||||||||||||||||||||||||||||
The interest income that would have been recorded under the original terms of non-accrual loans at the respective year-ends, and the interest income actually recorded on these loans in the respective years, is summarized below: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Interest income that would have been recorded | $ | 3,997 | $ | 5,156 | $ | 11,814 | |||||||||||||||||||||||||||
Interest income actually recorded | (3,017 | ) | (2,721 | ) | (5,506 | ) | |||||||||||||||||||||||||||
Interest income foregone | $ | 980 | $ | 2,435 | $ | 6,308 | |||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||
The Company is required to account for certain held-for-investment loan modifications and restructurings as troubled debt restructurings (“TDRs”). In general, a modification or restructuring of a loan constitutes a TDR if the Company grants a concession to a borrower experiencing financial difficulty. A loan modified as a TDR generally is placed on non-accrual status until the Company determines that future collection of principal and interest is reasonably assured, which requires that the borrower demonstrate performance according to the restructured terms for a period of at least six consecutive months. | |||||||||||||||||||||||||||||||||
In an effort to proactively manage delinquent loans, the Company has selectively extended to certain borrowers concessions such as rate reductions, extension of maturity dates, and forbearance agreements. As of December 31, 2014, loans on which concessions were made with respect to rate reductions and/or extension of maturity dates amounted to $39.4 million; loans on which forbearance agreements were reached amounted to $6.4 million. | |||||||||||||||||||||||||||||||||
The following table presents information regarding the Company’s TDRs as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | Accruing | Non-Accrual | Total | Accruing | Non-Accrual | Total | |||||||||||||||||||||||||||
Loan Category: | |||||||||||||||||||||||||||||||||
Multi-family | $ | 7,697 | $ | 17,879 | $ | 25,576 | $ | 10,083 | $ | 50,548 | $ | 60,631 | |||||||||||||||||||||
Commercial real estate | 8,139 | 9,939 | 18,078 | 2,198 | 15,626 | 17,824 | |||||||||||||||||||||||||||
One-to-four family | — | 260 | 260 | — | — | — | |||||||||||||||||||||||||||
Acquisition, development, and construction | — | 654 | 654 | — | — | — | |||||||||||||||||||||||||||
Commercial and industrial | — | 1,195 | 1,195 | 1,129 | 758 | 1,887 | |||||||||||||||||||||||||||
Total | $ | 15,836 | $ | 29,927 | $ | 45,763 | $ | 13,410 | $ | 66,932 | $ | 80,342 | |||||||||||||||||||||
The eligibility of a borrower for work-out concessions of any nature depends upon the facts and circumstances of each transaction, which may change from period to period, and involves judgment by Company personnel regarding the likelihood that the concession will result in the maximum recovery for the Company. | |||||||||||||||||||||||||||||||||
The financial effects of the Company’s TDRs for the twelve months ended December 31, 2014 are summarized as follows: | |||||||||||||||||||||||||||||||||
For the Twelve Months Ended December 31, 2014 | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Weighted Average Interest Rate | ||||||||||||||||||||||||||||||||
Number | Pre- | Post- | Charge-off | Capitalized | |||||||||||||||||||||||||||||
of Loans | Modification | Modification | Amount | Interest | |||||||||||||||||||||||||||||
Loan Category: | |||||||||||||||||||||||||||||||||
Multi-family | 2 | 5.61 | % | 5.61 | % | $ | — | $ | — | ||||||||||||||||||||||||
Commercial real estate | 2 | 6.71 | 5.54 | 334 | — | ||||||||||||||||||||||||||||
One-to-four family | 1 | 5.75 | 4.27 | 18 | 22 | ||||||||||||||||||||||||||||
Acquisition, development, and construction | 2 | 7 | 7 | — | — | ||||||||||||||||||||||||||||
Commercial and industrial | 1 | 5 | 5 | — | — | ||||||||||||||||||||||||||||
Total | 8 | $ | 352 | $ | 22 | ||||||||||||||||||||||||||||
In the twelve months ended December 31, 2013, the Company classified one CRE loan in the amount of $1.1 million, two C&I loans totaling $758,000, and one multi-family loan in the amount of $3.9 million as non-accrual TDRs. While other concessions were granted to the borrowers, the interest rates on the loans were maintained. As a result, these TDRs did not have a financial impact on the Company’s results of operations during the year. | |||||||||||||||||||||||||||||||||
At December 31, 2014 and 2013, none of the loans that had been modified as TDRs during the twelve months ended at those dates were in payment default. A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. | |||||||||||||||||||||||||||||||||
The Company does not consider a payment to be in default when the loan is in forbearance, or otherwise granted a delay of payment, when the agreement to forebear or allow a delay of payment is part of a modification. Subsequent to the modification, the loan is not considered to be in default until payment is contractually past due in accordance with the modified terms. However, the Company does consider a loan with multiple modifications or forbearance periods to be in default, and would also consider a loan to be in default if it was in bankruptcy or was partially charged off subsequent to modification. | |||||||||||||||||||||||||||||||||
Covered Loans | |||||||||||||||||||||||||||||||||
The following table presents the carrying value of covered loans acquired in the AmTrust and Desert Hills acquisitions as of December 31, 2014: | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Percent of | |||||||||||||||||||||||||||||||
Covered Loans | |||||||||||||||||||||||||||||||||
Loan Category: | |||||||||||||||||||||||||||||||||
One-to-four family | $ | 2,212,442 | 91.1 | % | |||||||||||||||||||||||||||||
All other loans | 216,180 | 8.9 | |||||||||||||||||||||||||||||||
Total covered loans | $ | 2,428,622 | 100 | % | |||||||||||||||||||||||||||||
The Company refers to the loans acquired in the AmTrust and Desert Hills transactions as “covered loans” because the Company is being reimbursed for a substantial portion of losses on these loans under the terms of the FDIC loss sharing agreements. Covered loans are accounted for under ASC 310-30 and are initially measured at fair value, which includes estimated future credit losses expected to be incurred over the lives of the loans. Under ASC 310-30, purchasers are permitted to aggregate acquired loans into one or more pools, provided that the loans have common risk characteristics. A pool is then accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. | |||||||||||||||||||||||||||||||||
At December 31, 2014 and 2013, the unpaid principal balances of covered loans were $2.9 billion and $3.3 billion, respectively. The carrying values of such loans were $2.4 billion and $2.8 billion, respectively, at the corresponding dates. | |||||||||||||||||||||||||||||||||
At the respective acquisition dates, the Company estimated the fair values of the AmTrust and Desert Hills loan portfolios, which represented the expected cash flows from the portfolios, discounted at market-based rates. In estimating such fair values, the Company: (a) calculated the contractual amount and timing of undiscounted principal and interest payments (the “undiscounted contractual cash flows”); and (b) estimated the expected amount and timing of undiscounted principal and interest payments (the “undiscounted expected cash flows”). The amount by which the undiscounted expected cash flows exceed the estimated fair value (the “accretable yield”) is accreted into interest income over the lives of the loans. The amount by which the undiscounted contractual cash flows exceed the undiscounted expected cash flows is referred to as the “non-accretable difference.” The non-accretable difference represents an estimate of the credit risk in the loan portfolios at the respective acquisition dates. | |||||||||||||||||||||||||||||||||
The accretable yield is affected by changes in interest rate indices for variable rate loans, changes in prepayment assumptions, and changes in expected principal and interest payments over the estimated lives of the loans. Changes in interest rate indices for variable rate loans increase or decrease the amount of interest income expected to be collected, depending on the direction of interest rates. Prepayments affect the estimated lives of covered loans and could change the amount of interest income and principal expected to be collected. Changes in expected principal and interest payments over the estimated lives of covered loans are driven by the credit outlook and by actions that may be taken with borrowers. | |||||||||||||||||||||||||||||||||
The Company periodically evaluates the estimates of the cash flows it expects to collect. Expected future cash flows from interest payments are based on variable rates at the time of the periodic evaluation. Estimates of expected cash flows that are impacted by changes in interest rate indices for variable rate loans and prepayment assumptions are treated as prospective yield adjustments and included in interest income. | |||||||||||||||||||||||||||||||||
In the twelve months ended December 31, 2014, changes in the accretable yield for covered loans were as follows: | |||||||||||||||||||||||||||||||||
(in thousands) | Accretable Yield | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 796,993 | |||||||||||||||||||||||||||||||
Reclassification from non-accretable difference | 380,171 | ||||||||||||||||||||||||||||||||
Accretion | (140,141 | ) | |||||||||||||||||||||||||||||||
Balance at end of period | $ | 1,037,023 | |||||||||||||||||||||||||||||||
In the preceding table, the line item “Reclassification from non-accretable difference” includes changes in cash flows that the Company expects to collect due to changes in prepayment assumptions, changes in interest rates on variable rate loans, and changes in loss assumptions. As of the Company’s most recent periodic evaluation, the underlying credit assumptions improved, which resulted in an increase in future expected interest cash flows and, consequently, an increase in the accretable yield. The effect of this increase was partially offset by the coupon rates on variable rate loans resetting lower, which resulted in a decrease in future expected interest cash flows and, consequently, a decrease in the accretable yield. | |||||||||||||||||||||||||||||||||
In connection with the AmTrust and Desert Hills acquisitions, the Company also acquired other real estate owned (“OREO”), all of which is covered under the FDIC loss sharing agreements. Covered OREO was initially recorded at its estimated fair value on the acquisition date, based on independent appraisals, less the estimated selling costs. Any subsequent write-downs due to declines in fair value have been charged to non-interest expense, and have been partially offset by loss reimbursements under the FDIC loss sharing agreements. Any recoveries of previous write-downs have been credited to non-interest expense and partially offset by the portion of the recovery that was due to the FDIC. | |||||||||||||||||||||||||||||||||
The FDIC loss share receivable represents the present value of the estimated losses to be reimbursed by the FDIC. The estimated losses were based on the same cash flow estimates used in determining the fair value of the covered loans. The FDIC loss share receivable is reduced as losses on covered loans are recognized and as loss sharing payments are received from the FDIC. Realized losses in excess of acquisition-date estimates result in an increase in the FDIC loss share receivable. Conversely, if realized losses are lower than the acquisition-date estimates, the FDIC loss share receivable is reduced by amortization to interest income. | |||||||||||||||||||||||||||||||||
The following table presents information regarding the Company’s covered loans that were 90 days or more past due at December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Covered Loans 90 Days or More Past Due: | |||||||||||||||||||||||||||||||||
One-to-four family | $ | 148,967 | $ | 201,425 | |||||||||||||||||||||||||||||
Other loans | 8,922 | 10,060 | |||||||||||||||||||||||||||||||
Total covered loans 90 days or more past due | $ | 157,889 | $ | 211,485 | |||||||||||||||||||||||||||||
The following table presents information regarding the Company’s covered loans that were 30 to 89 days past due at December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Covered Loans 30-89 Days Past Due: | |||||||||||||||||||||||||||||||||
One-to-four family | $ | 37,680 | $ | 52,250 | |||||||||||||||||||||||||||||
Other loans | 4,016 | 5,679 | |||||||||||||||||||||||||||||||
Total covered loans 30-89 days past due | $ | 41,696 | $ | 57,929 | |||||||||||||||||||||||||||||
At December 31, 2014, the Company had $41.7 million of covered loans that were 30 to 89 days past due, and covered loans of $157.9 million that were 90 days or more past due but considered to be performing due to the application of the yield accretion method under ASC 310-30. The remaining portion of the Company’s covered loan portfolio totaled $2.2 billion at December 30, 2014 and was considered current at that date. ASC 310-30 allows the Company to aggregate credit-impaired loans acquired in the same fiscal quarter into one or more pools, provided that the loans have common risk characteristics. A pool is then accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. | |||||||||||||||||||||||||||||||||
Loans that may have been classified as non-performing loans by AmTrust or Desert Hills were no longer classified as non-performing by the Company because, at the respective dates of acquisition, the Company believed that it would fully collect the new carrying value of these loans. The new carrying value represents the contractual balance, reduced by the portion that is expected to be uncollectible (i.e., the non-accretable difference) and by an accretable yield (discount) that is recognized as interest income. It is important to note that management’s judgment is required in reclassifying loans subject to ASC 310-30 as performing loans, and such judgment is dependent on having a reasonable expectation about the timing and amount of the cash flows to be collected, even if the loan is contractually past due. | |||||||||||||||||||||||||||||||||
The primary credit quality indicator for covered loans is the expectation of underlying cash flows. The Company recorded a recovery for losses on covered loans of $18.6 million in the twelve months ended December 31, 2014. The recovery was largely due to an increase in expected cash flows in the acquired portfolios of one-to-four family and home equity loans, and was partly offset by FDIC indemnification expense of $14.9 million recorded in non-interest income in the corresponding period. The Company recorded a provision for losses on covered loans of $12.8 million in the twelve months ended December 31, 2013. The provision was largely due to credit deterioration in the acquired portfolios of one-to-four family and home equity loans, and was partly offset by FDIC indemnification income of $10.2 million recorded in non-interest income in the corresponding period. |
Allowances_for_Loan_Losses
Allowances for Loan Losses | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Allowances for Loan Losses | NOTE 6: ALLOWANCES FOR LOAN LOSSES | ||||||||||||||||||||||||
The following table provides additional information regarding the Company’s allowances for losses on non-covered loans and covered loans, based upon the method of evaluating loan impairment: | |||||||||||||||||||||||||
(in thousands) | Mortgage | Other | Total | ||||||||||||||||||||||
Allowances for Loan Losses at December 31, 2014: | |||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 26 | $ | — | $ | 26 | |||||||||||||||||||
Loans collectively evaluated for impairment | 122,590 | 17,241 | 139,831 | ||||||||||||||||||||||
Acquired loans with deteriorated credit quality | 23,538 | 21,943 | 45,481 | ||||||||||||||||||||||
Total | $ | 146,154 | $ | 39,184 | $ | 185,338 | |||||||||||||||||||
(in thousands) | Mortgage | Other | Total | ||||||||||||||||||||||
Allowances for Loan Losses at December 31, 2013: | |||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | — | $ | — | $ | — | |||||||||||||||||||
Loans collectively evaluated for impairment | 123,991 | 17,955 | 141,946 | ||||||||||||||||||||||
Acquired loans with deteriorated credit quality | 56,705 | 7,364 | 64,069 | ||||||||||||||||||||||
Total | $ | 180,696 | $ | 25,319 | $ | 206,015 | |||||||||||||||||||
The following table provides additional information regarding the methods used to evaluate the Company’s loan portfolio for impairment: | |||||||||||||||||||||||||
(in thousands) | Mortgage | Other | Total | ||||||||||||||||||||||
Loans Receivable at December 31, 2014: | |||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 81,574 | $ | 6,806 | $ | 88,380 | |||||||||||||||||||
Loans collectively evaluated for impairment | 31,781,623 | 1,134,358 | 32,915,981 | ||||||||||||||||||||||
Acquired loans with deteriorated credit quality | 2,227,572 | 201,050 | 2,428,622 | ||||||||||||||||||||||
Total | $ | 34,090,769 | $ | 1,342,214 | $ | 35,432,983 | |||||||||||||||||||
(in thousands) | Mortgage | Other | Total | ||||||||||||||||||||||
Loans Receivable at December 31, 2013: | |||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 109,389 | $ | 6,996 | $ | 116,385 | |||||||||||||||||||
Loans collectively evaluated for impairment | 28,859,599 | 845,731 | 29,705,330 | ||||||||||||||||||||||
Acquired loans with deteriorated credit quality | 2,545,522 | 243,096 | 2,788,618 | ||||||||||||||||||||||
Total | $ | 31,514,510 | $ | 1,095,823 | $ | 32,610,333 | |||||||||||||||||||
Non-Covered Loans Held for Investment | |||||||||||||||||||||||||
The following table summarizes activity in the allowance for losses on non-covered loans held for investment for the twelve months ended December 31, 2014 and 2013: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in thousands) | Mortgage | Other | Total | Mortgage | Other | Total | |||||||||||||||||||
Balance, beginning of period | $ | 123,991 | $ | 17,955 | $ | 141,946 | $ | 124,085 | $ | 16,863 | $ | 140,948 | |||||||||||||
Charge-offs | (2,780 | ) | (5,296 | ) | (8,076 | ) | (18,265 | ) | (7,092 | ) | (25,357 | ) | |||||||||||||
Recoveries | 1,405 | 4,582 | 5,987 | 6,413 | 1,942 | 8,355 | |||||||||||||||||||
Provision for non-covered loan losses | — | — | — | 11,758 | 6,242 | 18,000 | |||||||||||||||||||
Balance, end of period | $ | 122,616 | $ | 17,241 | $ | 139,857 | $ | 123,991 | $ | 17,955 | $ | 141,946 | |||||||||||||
Please see Note 2, “Summary of Significant Accounting Polices” for additional information regarding the Company’s allowance for losses on non-covered loans. | |||||||||||||||||||||||||
The following table presents additional information about the Company’s impaired non-covered loans at December 31, 2014: | |||||||||||||||||||||||||
(in thousands) | Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||
Impaired loans with no related allowance: | |||||||||||||||||||||||||
Multi-family | $ | 45,383 | $ | 52,593 | $ | — | $ | 54,051 | $ | 1,636 | |||||||||||||||
Commercial real estate | 30,370 | 32,460 | — | 29,935 | 1,629 | ||||||||||||||||||||
One-to-four family | 2,028 | 2,069 | — | 1,254 | — | ||||||||||||||||||||
Acquisition, development, and construction | 654 | 1,024 | — | 505 | 218 | ||||||||||||||||||||
Commercial and industrial | 6,806 | 12,155 | — | 7,749 | 307 | ||||||||||||||||||||
Total impaired loans with no related allowance | $ | 85,241 | $ | 100,301 | $ | — | $ | 93,494 | $ | 3,790 | |||||||||||||||
Impaired loans with an allowance recorded: | |||||||||||||||||||||||||
Multi-family | $ | 3,139 | $ | 3,139 | $ | 26 | $ | 628 | $ | 72 | |||||||||||||||
Commercial real estate | — | — | — | 490 | — | ||||||||||||||||||||
One-to-four family | — | — | — | 61 | — | ||||||||||||||||||||
Acquisition, development, and construction | — | — | — | — | — | ||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | ||||||||||||||||||||
Total impaired loans with an allowance recorded | $ | 3,139 | $ | 3,139 | $ | 26 | $ | 1,179 | $ | 72 | |||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||
Multi-family | $ | 48,522 | $ | 55,732 | $ | 26 | $ | 54,679 | $ | 1,708 | |||||||||||||||
Commercial real estate | 30,370 | 32,460 | — | 30,425 | 1,629 | ||||||||||||||||||||
One-to-four family | 2,028 | 2,069 | — | 1,315 | — | ||||||||||||||||||||
Acquisition, development, and construction | 654 | 1,024 | — | 505 | 218 | ||||||||||||||||||||
Commercial and industrial | 6,806 | 12,155 | — | 7,749 | 307 | ||||||||||||||||||||
Total impaired loans | $ | 88,380 | $ | 103,440 | $ | 26 | $ | 94,673 | $ | 3,862 | |||||||||||||||
The following table presents additional information about the Company’s impaired non-covered loans at December 31, 2013: | |||||||||||||||||||||||||
(in thousands) | Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||
Impaired loans with no related allowance: | |||||||||||||||||||||||||
Multi-family | $ | 78,771 | $ | 94,265 | $ | — | $ | 117,208 | $ | 1,991 | |||||||||||||||
Commercial real estate | 30,619 | 32,474 | — | 43,566 | 1,604 | ||||||||||||||||||||
One-to-four family | — | — | — | 3,611 | 89 | ||||||||||||||||||||
Acquisition, development, and construction | — | — | — | 275 | — | ||||||||||||||||||||
Commercial and industrial | 6,995 | 34,199 | — | 6,890 | 366 | ||||||||||||||||||||
Total impaired loans with no related allowance | $ | 116,385 | $ | 160,938 | $ | — | $ | 171,550 | $ | 4,050 | |||||||||||||||
Impaired loans with an allowance recorded: | |||||||||||||||||||||||||
Multi-family | $ | — | $ | — | $ | — | $ | 2,442 | $ | — | |||||||||||||||
Commercial real estate | — | — | — | 900 | — | ||||||||||||||||||||
One-to-four family | — | — | — | — | — | ||||||||||||||||||||
Acquisition, development, and construction | — | — | — | — | — | ||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | ||||||||||||||||||||
Total impaired loans with an allowance recorded | $ | — | $ | — | $ | — | $ | 3,342 | $ | — | |||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||
Multi-family | $ | 78,771 | $ | 94,265 | $ | — | $ | 119,650 | $ | 1,991 | |||||||||||||||
Commercial real estate | 30,619 | 32,474 | — | 44,466 | 1,604 | ||||||||||||||||||||
One-to-four family | — | — | — | 3,611 | 89 | ||||||||||||||||||||
Acquisition, development, and construction | — | — | — | 275 | — | ||||||||||||||||||||
Commercial and industrial | 6,995 | 34,199 | — | 6,890 | 366 | ||||||||||||||||||||
Total impaired loans | $ | 116,385 | $ | 160,938 | $ | — | $ | 174,892 | $ | 4,050 | |||||||||||||||
Allowance for Losses on Covered Loans | |||||||||||||||||||||||||
Covered loans are reported exclusive of the FDIC loss share receivable. The covered loans acquired in the AmTrust and Desert Hills acquisitions are, and will continue to be, reviewed for collectability based on the expectations of cash flows from these loans. Covered loans have been aggregated into pools of loans with common characteristics. In determining the allowance for losses on covered loans, the Company periodically performs an analysis to estimate the expected cash flows for each of the pools of loans. The Company records a provision for (recovery of) losses on covered loans to the extent that the expected cash flows from a loan pool have decreased or increased since the acquisition date. | |||||||||||||||||||||||||
Accordingly, if there is a decrease in expected cash flows due to an increase in estimated credit losses (as compared to the estimates made at the respective acquisition dates), the decrease in the present value of expected cash flows is recorded as a provision for covered loan losses charged to earnings, and an allowance for covered loan losses is established. A related credit to non-interest income and an increase in the FDIC loss share receivable is recognized at the same time, and measured based on the applicable loss sharing agreement percentage. | |||||||||||||||||||||||||
If there is an increase in expected cash flows due to a decrease in estimated credit losses (as compared to the estimates made at the respective acquisition dates), the increase in the present value of expected cash flows is recorded as a recovery of the prior-period impairment charged to earnings, and the allowance for covered loan losses is reduced. A related debit to non-interest income and a decrease in the FDIC loss share receivable is recognized at the same time, and measured based on the applicable loss sharing agreement percentage. | |||||||||||||||||||||||||
The following table summarizes activity in the allowance for losses on covered loans for the years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Balance, beginning of period | $ | 64,069 | $ | 51,311 | |||||||||||||||||||||
(Recovery of) provision for losses on covered loans | (18,588 | ) | 12,758 | ||||||||||||||||||||||
Balance, end of period | $ | 45,481 | $ | 64,069 | |||||||||||||||||||||
Deposits
Deposits | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Deposits | NOTE 7: DEPOSITS | ||||||||||||||||||||||||
The following table sets forth the weighted average interest rates for each type of deposit at December 31, 2014 and 2013: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(dollars in thousands) | Amount | Percent | Weighted | Amount | Percent | Weighted | |||||||||||||||||||
of Total | Average | of Total | Average | ||||||||||||||||||||||
Interest Rate (1) | Interest Rate (1) | ||||||||||||||||||||||||
NOW and money market accounts | $ | 12,549,600 | 44.3 | % | 0.37 | % | $ | 10,536,947 | 41.06 | % | 0.32 | % | |||||||||||||
Savings accounts | 7,051,622 | 24.89 | 0.6 | 5,921,437 | 23.08 | 0.44 | |||||||||||||||||||
Certificates of deposit | 6,420,598 | 22.67 | 1.15 | 6,932,096 | 27.01 | 1.16 | |||||||||||||||||||
Non-interest-bearing accounts | 2,306,914 | 8.14 | — | 2,270,512 | 8.85 | — | |||||||||||||||||||
Total deposits | $ | 28,328,734 | 100 | % | 0.57 | % | $ | 25,660,992 | 100 | % | 0.54 | % | |||||||||||||
-1 | Excludes the effect of purchase accounting adjustments for certain certificates of deposits (“CDs”). | ||||||||||||||||||||||||
At December 31, 2014 and 2013, the aggregate amounts of deposits that had been reclassified as loan balances (i.e., overdrafts) were $5.1 million and $4.7 million, respectively. | |||||||||||||||||||||||||
The scheduled maturities of CDs at December 31, 2014 were as follows: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
1 year or less | $ | 4,974,122 | |||||||||||||||||||||||
More than 1 year through 2 years | 983,295 | ||||||||||||||||||||||||
More than 2 years through 3 years | 309,268 | ||||||||||||||||||||||||
More than 3 years through 4 years | 88,410 | ||||||||||||||||||||||||
More than 4 years through 5 years | 34,766 | ||||||||||||||||||||||||
Over 5 years | 30,737 | ||||||||||||||||||||||||
Total CDs | $ | 6,420,598 | |||||||||||||||||||||||
The following table presents a summary of CDs in amounts of $100,000 or more, by remaining term to maturity, at December 31, 2014: | |||||||||||||||||||||||||
CDs of $100,000 or More Maturing Within | |||||||||||||||||||||||||
(in thousands) | 0 – 3 | Over 3 to 6 | Over 6 to 12 | Over 12 | Total | ||||||||||||||||||||
Months | Months | Months | Months | ||||||||||||||||||||||
Total | $ | 628,443 | $ | 605,127 | $ | 1,336,910 | $ | 733,365 | $ | 3,303,845 | |||||||||||||||
At December 31, 2013, the aggregate amount of CDs of $100,000 or more was $3.4 billion. | |||||||||||||||||||||||||
Included in total deposits at December 31, 2014 and 2013 were brokered deposits of $4.0 billion and $4.1 billion, respectively. Excluding purchase accounting adjustments, brokered deposits had weighted average interest rates of 0.21% and 0.24% at the respective year-ends. Brokered money market accounts represented $2.6 billion and $3.6 billion, respectively, of the year-end 2014 and 2013 totals, and brokered non-interest-bearing accounts represented $1.4 billion and $260.5 million, respectively. Brokered CDs represented $3.5 million and $212.1 million, respectively, of brokered deposits at December 31, 2014 and 2013. |
Borrowed_Funds
Borrowed Funds | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Borrowed Funds | NOTE 8: BORROWED FUNDS | ||||||||||||||||||||||||
The following table summarizes the Company’s borrowed funds at December 31, 2014 and 2013: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Wholesale borrowings: | |||||||||||||||||||||||||
FHLB advances | $ | 10,183,132 | $ | 10,872,576 | |||||||||||||||||||||
Repurchase agreements | 3,425,000 | 3,425,000 | |||||||||||||||||||||||
Federal funds purchased | 260,000 | 445,000 | |||||||||||||||||||||||
Total wholesale borrowings | $ | 13,868,132 | $ | 14,742,576 | |||||||||||||||||||||
Other borrowings: | |||||||||||||||||||||||||
Junior subordinated debentures | $ | 358,355 | $ | 358,126 | |||||||||||||||||||||
Preferred stock of subsidiaries | — | 4,300 | |||||||||||||||||||||||
Total other borrowings | $ | 358,355 | $ | 362,426 | |||||||||||||||||||||
Total borrowed funds | $ | 14,226,487 | $ | 15,105,002 | |||||||||||||||||||||
FHLB advances at December 31, 2014 include acquisition accounting adjustments of $12.9 million. | |||||||||||||||||||||||||
Accrued interest on borrowed funds is included in “Other liabilities” in the Consolidated Statements of Condition, and amounted to $38.1 million and $38.8 million, respectively, at December 31, 2014 and 2013. | |||||||||||||||||||||||||
FHLB Advances | |||||||||||||||||||||||||
At December 31, 2014, the contractual maturities and the next call dates of FHLB advances outstanding were as follows: | |||||||||||||||||||||||||
Contractual Maturity | Earlier of Contractual Maturity | ||||||||||||||||||||||||
or Next Call Date | |||||||||||||||||||||||||
(dollars in thousands) | Amount | Weighted | Amount | Weighted | |||||||||||||||||||||
Year of Maturity | Average | Average | |||||||||||||||||||||||
Interest Rate | Interest Rate | ||||||||||||||||||||||||
2015 | $ | 2,888,875 | 0.54 | % | $ | 5,761,734 | 1.8 | % | |||||||||||||||||
2016 | — | — | 900,000 | 3.01 | |||||||||||||||||||||
2017 | 627,772 | 3.02 | 3,520,312 | 3.35 | |||||||||||||||||||||
2018 | 930,955 | 3.04 | 868 | 2.82 | |||||||||||||||||||||
2019 | 1,865,000 | 3.15 | — | — | |||||||||||||||||||||
2020 | 650,000 | 2.9 | — | — | |||||||||||||||||||||
2022 | 1,410,000 | 3.41 | — | — | |||||||||||||||||||||
2023 | 1,810,312 | 3.34 | — | — | |||||||||||||||||||||
2025 | 218 | 7.82 | 218 | 7.82 | |||||||||||||||||||||
Total FHLB advances | $ | 10,183,132 | 2.44 | % | $ | 10,183,132 | 2.44 | % | |||||||||||||||||
FHLB advances include both straight fixed-rate advances and advances under the FHLB convertible advance program, which gives the FHLB the option of either calling the advance after an initial lock-out period of up to five years and quarterly thereafter until maturity, or a one-time call at the initial call date. | |||||||||||||||||||||||||
At December 31, 2014, the Company had $2.3 billion in short-term FHLB advances with a weighted average interest rate of 0.36%. During 2014, the average balance of short-term FHLB advances was $2.6 billion, with a weighted average interest rate of 0.37%, generating interest expense of $9.8 million. At December 31, 2013, the Company had $3.1 billion in short-term FHLB advances with a weighted average interest rate of 0.38%. During 2013, the average balance of short-term FHLB advances was $1.4 billion with a weighted average interest rate of 0.38%, generating interest expense of $5.2 million. | |||||||||||||||||||||||||
At December 31, 2014 and 2013, respectively, the Banks had combined unused lines of available credit with the FHLB-NY of up to $7.9 billion and $5.4 billion. At December 31, 2014 and 2013, respectively, the Company had $388.2 million and $146.1 million outstanding in overnight advances with the FHLB-NY. During 2014, the average balance of overnight advances amounted to $245.3 million with a weighted average interest rate of 0.37%, generating interest expense of $895,000. During 2013, the average balance of overnight advances amounted to $106.3 million with a weighted average interest rate of 0.38%, generating interest expense of $400,000. During 2012, the average balance of overnight advances amounted to $29.2 million and had a weighted average interest rate of 0.38%, generating interest expense of $111,000. | |||||||||||||||||||||||||
Total FHLB advances generated interest expense of $255.2 million, $252.6 million, and $311.8 million, respectively, in the years ended December 31, 2014, 2013, and 2012. | |||||||||||||||||||||||||
Repurchase Agreements | |||||||||||||||||||||||||
The following table presents an analysis of the contractual maturities and the next call dates of the Company’s outstanding repurchase agreements at December 31, 2014: | |||||||||||||||||||||||||
Contractual Maturity | Earlier of Contractual Maturity | ||||||||||||||||||||||||
or Next Call Date | |||||||||||||||||||||||||
(dollars in thousands) | Amount | Weighted | Amount | Weighted | |||||||||||||||||||||
Year of Maturity | Average | Average | |||||||||||||||||||||||
Interest Rate | Interest Rate | ||||||||||||||||||||||||
2015 | $ | 100,000 | 2.18 | % | $ | 2,200,000 | 3.45 | % | |||||||||||||||||
2016 | 182,000 | 3.26 | 595,000 | 3.54 | |||||||||||||||||||||
2017 | 350,000 | 3.92 | 380,000 | 3.14 | |||||||||||||||||||||
2018 | 1,600,000 | 3.48 | 250,000 | 3.23 | |||||||||||||||||||||
2019 | 100,000 | 3.67 | — | — | |||||||||||||||||||||
2020 | 513,000 | 3.32 | — | — | |||||||||||||||||||||
2023 | 580,000 | 3.24 | — | — | |||||||||||||||||||||
$ | 3,425,000 | 3.41 | % | $ | 3,425,000 | 3.41 | % | ||||||||||||||||||
The following table provides the contractual maturity and weighted average interest rate of repurchase agreements, and the amortized cost and fair value (including accrued interest) of the securities collateralizing the repurchase agreements, at December 31, 2014: | |||||||||||||||||||||||||
Mortgage-Related and | GSE Debentures and | ||||||||||||||||||||||||
Other Securities | U.S. Treasury Obligations | ||||||||||||||||||||||||
(dollars in thousands) | Amount | Weighted Average | Amortized | Fair Value | Amortized | Fair Value | |||||||||||||||||||
Contractual Maturity | Interest Rate | Cost | Cost | ||||||||||||||||||||||
Over 90 days | $ | 3,425,000 | 3.41 | % | $ | 2,621,760 | $ | 2,727,437 | $ | 1,220,701 | $ | 1,210,308 | |||||||||||||
The Company had no short-term repurchase agreements outstanding at or during the years ended December 31, 2014, 2013, or 2012. | |||||||||||||||||||||||||
At December 31, 2014 and 2013, the accrued interest on repurchase agreements amounted to $11.8 million and $11.9 million, respectively. The interest expense on repurchase agreements was $119.3 million, $129.6 million, and $148.3 million, respectively, in the years ended December 31, 2014, 2013, and 2012. | |||||||||||||||||||||||||
Federal Funds Purchased | |||||||||||||||||||||||||
At December 31, 2014 and 2013, the balance of federal funds purchased was $260.0 million and $445.0 million, respectively. | |||||||||||||||||||||||||
In 2014 and 2013, the average balances of federal funds purchased amounted to $430.1 million and $85.8 million, respectively, with weighted average interest rates of 0.25% and 0.27%. The interest expense produced by federal funds purchased was $1.1 million and $230,000, respectively, for the years ended December 31, 2014 and 2013. | |||||||||||||||||||||||||
Junior Subordinated Debentures | |||||||||||||||||||||||||
At December 31, 2014 and 2013, the Company had $358.4 million and $358.1 million, respectively, of outstanding junior subordinated deferrable interest debentures (“junior subordinated debentures”) held by statutory business trusts (the “Trusts”) that issued guaranteed capital securities. The capital securities qualified as Tier 1 capital of the Company at those dates. However, with the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”), the qualification of capital securities as Tier 1 capital will be phased out by January 1, 2016. | |||||||||||||||||||||||||
The Trusts are accounted for as unconsolidated subsidiaries in accordance with GAAP. The proceeds of each issuance were invested in a series of junior subordinated debentures of the Company and the underlying assets of each statutory business trust are the relevant debentures. The Company has fully and unconditionally guaranteed the obligations under each trust’s capital securities to the extent set forth in a guarantee by the Company to each trust. The Trusts’ capital securities are each subject to mandatory redemption, in whole or in part, upon repayment of the debentures at their stated maturity or earlier redemption. | |||||||||||||||||||||||||
The following junior subordinated debentures were outstanding at December 31, 2014: | |||||||||||||||||||||||||
Issuer | Interest Rate | Junior | Capital | Date of | Stated Maturity | First Optional | |||||||||||||||||||
of Capital | Subordinated | Securities | Original Issue | Redemption Date | |||||||||||||||||||||
Securities and | Debentures | Amount | |||||||||||||||||||||||
Debentures | Amount | Outstanding | |||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
New York Community Capital Trust V (BONUSESSM Units) | 6 | % | $ | 144,429 | $ | 138,078 | Nov. 4, 2002 | Nov. 1, 2051 | Nov. 4, 2007 (1) | ||||||||||||||||
New York Community Capital Trust X | 1.841 | 123,712 | 120,000 | Dec. 14, 2006 | Dec. 15, 2036 | Dec. 15, 2011 (2) | |||||||||||||||||||
PennFed Capital Trust III | 3.491 | 30,928 | 30,000 | 2-Jun-03 | 15-Jun-33 | June 15, 2008 (2) | |||||||||||||||||||
New York Community Capital Trust XI | 1.907 | 59,286 | 57,500 | April 16, 2007 | 30-Jun-37 | June 30, 2012 (2) | |||||||||||||||||||
Total junior subordinated debentures | $ | 358,355 | $ | 345,578 | |||||||||||||||||||||
-1 | Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002. | ||||||||||||||||||||||||
-2 | Callable from this date forward. | ||||||||||||||||||||||||
On November 4, 2002, the Company completed a public offering of 5,500,000 Bifurcated Option Note Unit SecuritiESSM (“BONUSES units”), including 700,000 that were sold pursuant to the exercise of the underwriters’ over-allotment option, at a public offering price of $50.00 per share. The Company realized net proceeds from the offering of approximately $267.3 million. Each BONUSES unit consists of a capital security issued by New York Community Capital Trust V, a trust formed by the Company, and a warrant to purchase 2.4953 shares of the common stock of the Company (for a total of approximately 13.7 million common shares) at an effective exercise price of $20.04 per share. Each capital security has a maturity of 49 years, with a coupon, or distribution rate, of 6.00% on the $50.00 per share liquidation amount. The warrants and capital securities were non-callable for five years from the date of issuance and were not called by the Company when the five-year period passed on November 4, 2007. | |||||||||||||||||||||||||
The gross proceeds of the BONUSES units totaled $275.0 million and were allocated between the capital security and the warrant comprising such units in proportion to their relative values at the time of issuance. The value assigned to the warrants, $92.4 million, was recorded as a component of additional “paid-in capital” in the Company’s Consolidated Statement of Condition. The value assigned to the capital security component was $182.6 million. The $92.4 million difference between the assigned value and the stated liquidation amount of the capital securities was treated as an original issue discount, and amortized to interest expense over the 49-year life of the capital securities on a level-yield basis. At December 31, 2014, this discount totaled $67.3 million, reflecting the exchange offer described below. | |||||||||||||||||||||||||
On July 29, 2009, the Company announced the commencement of an offer to exchange shares of its common stock for any and all of the 5,498,544 outstanding BONUSES units (the “Offer to Exchange”). All holders of BONUSES units were eligible to participate in the exchange offer. A total of 1,393,063 BONUSES units were validly tendered, not withdrawn, and accepted in the exchange offer, representing 25.3% of the 5,498,544 BONUSES units outstanding at the exchange offer’s expiration date. As a result, trust preferred securities totaling $48.6 million were extinguished in August 2009. In accordance with the terms of the Offer to Exchange, the Company issued 3.4144 shares of its common stock for each BONUSES unit that was tendered, not withdrawn, and accepted. The Company issued 4.8 million shares of its common stock as a result of the Offer to Exchange. | |||||||||||||||||||||||||
In addition, the Company has three business trusts of which it owns all of the common securities (New York Community Capital Trust X, PennFed Capital Trust III, and New York Community Capital Trust XI) which were formed for the purpose of issuing Company Obligated Mandatorily Redeemable Capital Securities of Subsidiary Trusts Holding Solely Junior Subordinated Debentures (collectively, the “Capital Securities”), and are described in the table on the preceding page. Dividends on the Capital Securities are payable either quarterly or semi-annually and are deferrable, at the Company’s option, for up to five years. As of December 31, 2014, all dividends were current. As each of the Capital Securities was issued, the Trusts used the offering proceeds to purchase a like amount of Junior Subordinated Deferrable Interest Debentures (the “Debentures”) of the Company. The Debentures bear the same terms and interest rates as the related Capital Securities. The Company has fully and unconditionally guaranteed all of the obligations of the Trusts. Under current applicable regulatory guidelines, a portion of the Capital Securities qualifies as Tier I capital, and the remainder qualifies as Tier II capital. | |||||||||||||||||||||||||
Interest expense on junior subordinated debentures was $17.2 million, $17.3 million, and $25.0 million, respectively, for the years ended December 31, 2014, 2013, and 2012. |
Federal_State_Local_Taxes
Federal, State & Local Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Federal, State & Local Taxes | NOTE 9: FEDERAL, STATE, AND LOCAL TAXES | ||||||||||||
The following table summarizes the components of the Company’s net deferred tax liability at December 31, 2014 and 2013: | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Deferred Tax Assets: | |||||||||||||
Allowance for loan losses | $ | 74,508 | $ | 82,872 | |||||||||
Compensation and related benefit obligations | 29,876 | 24,585 | |||||||||||
Acquisition accounting and fair value adjustments on securities (including OTTI) | 89 | 30,356 | |||||||||||
Acquisition accounting adjustments on borrowed funds | 5,203 | 7,609 | |||||||||||
Non-accrual interest | 7,917 | 11,550 | |||||||||||
Other | 11,752 | 10,228 | |||||||||||
Gross deferred tax assets | 129,345 | 167,200 | |||||||||||
Valuation allowance | — | — | |||||||||||
Deferred tax asset after valuation allowance | $ | 129,345 | $ | 167,200 | |||||||||
Deferred Tax Liabilities: | |||||||||||||
Amortizable intangibles | $ | (1,967 | ) | $ | (3,753 | ) | |||||||
Acquisition accounting and fair value adjustments on loans (including the FDIC loss share receivable) | (18,336 | ) | (35,459 | ) | |||||||||
Mortgage servicing rights | (47,966 | ) | (61,694 | ) | |||||||||
Premises and equipment | (22,714 | ) | (24,015 | ) | |||||||||
Prepaid pension cost | (26,607 | ) | (33,551 | ) | |||||||||
Restructuring and retirement of borrowed funds | (3,111 | ) | (3,883 | ) | |||||||||
Leases | (24,117 | ) | (5,217 | ) | |||||||||
Other | (4,793 | ) | (5,439 | ) | |||||||||
Gross deferred tax liabilities | $ | (149,611 | ) | $ | (173,011 | ) | |||||||
Net deferred tax liability | $ | (20,266 | ) | $ | (5,811 | ) | |||||||
The net deferred tax liability, which is included in “Other liabilities” in the Consolidated Statements of Condition at December 31, 2014 and 2013, represents the anticipated federal, state, and local tax expenses or benefits that are expected to be realized in future years upon the utilization of the underlying tax attributes comprising said balance. | |||||||||||||
The Company has determined that all deductible temporary differences at December 31, 2014 are more likely than not to provide a benefit in reducing future federal, state, and local tax liabilities, as applicable. | |||||||||||||
The following table summarizes the Company’s income tax expense for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Federal – current | $ | 207,864 | $ | 205,985 | $ | 206,748 | |||||||
State and local – current | 53,654 | 40,417 | 30,070 | ||||||||||
Total current | 261,518 | 246,402 | 236,818 | ||||||||||
Federal – deferred | 23,814 | 20,734 | 34,275 | ||||||||||
State and local – deferred | 2,337 | 4,443 | 8,710 | ||||||||||
Total deferred | 26,151 | 25,177 | 42,985 | ||||||||||
Income tax expense reported in net income | $ | 287,669 | $ | 271,579 | $ | 279,803 | |||||||
Income tax expense (benefit) reported in stockholders’ equity | |||||||||||||
related to: | |||||||||||||
Adoption of ASU No. 2014-01 | 1,303 | — | — | ||||||||||
Securities available-for-sale | 1,851 | (8,343 | ) | 7,672 | |||||||||
Employee stock plans | (3,225 | ) | (1,692 | ) | (589 | ) | |||||||
Pension liability adjustments | (14,992 | ) | 20,116 | (807 | ) | ||||||||
Non-credit portion of OTTI losses | 142 | 5,028 | 65 | ||||||||||
Total income taxes | $ | 272,748 | $ | 286,688 | $ | 286,144 | |||||||
The following table presents a reconciliation of statutory federal income tax expense to combined actual income tax expense for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Statutory federal income tax expense at 35% | $ | 270,573 | $ | 261,494 | $ | 273,318 | |||||||
State and local income taxes, net of federal income tax effect | 36,394 | 29,159 | 25,207 | ||||||||||
Effect of tax deductibility of ESOP | (7,297 | ) | (7,153 | ) | (6,910 | ) | |||||||
Non-taxable income and expense of BOLI | (9,415 | ) | (10,381 | ) | (10,578 | ) | |||||||
Federal tax credits | (1,820 | ) | (3,111 | ) | (2,083 | ) | |||||||
Adjustments relating to prior tax years | (1,166 | ) | 150 | 86 | |||||||||
Other, net | 400 | 1,421 | 763 | ||||||||||
Total income tax expense | $ | 287,669 | $ | 271,579 | $ | 279,803 | |||||||
The Company invests in affordable housing projects through limited partnerships which generate federal Low Income Housing Tax Credits. At December 31, 2014, the balance of these investments was $37.8 million and is included in “Other assets” in the Consolidated Statements of Condition. This balance includes commitments of $21.7 million, which are expected to be funded over the next four years. The Company elected to early adopt ASU No. 2014-01, effective January 1, 2014, and to apply the proportional amortization method to these investments. Retrospective application of the new accounting guidance would not result in a material change to the prior-period presentations. Furthermore, the balance in retained earnings as of January 1, 2014 was reduced by $1.3 million to reflect the reduction of deferred tax assets relating to these investments. For a further discussion, please see Note 1, “Organization and Basis of Presentation.” Recognized in the determination of income tax expense from operations for the year ended December 31, 2014 was $3.9 million of affordable housing tax credits and other tax benefits, and an offsetting $2.9 million for the amortization of the related investments. For the years ended December 31, 2014, 2013, and 2012, the Company did not recognize any impairment losses relating to these investments. In addition, none of these investments are accounted for under the “equity method.” | |||||||||||||
On March 31, 2014, tax legislation was enacted that changed the manner in which financial institutions and their affiliates are taxed in New York State. While most of the provisions of this legislation are effective for fiscal years beginning in 2015, certain impacts of this tax law change were recognized by the Company in the year ended December 31, 2014. As a result, income tax expense reported in 2014 net income was increased by $3.5 million. | |||||||||||||
GAAP prescribes a recognition threshold and measurement attribute for use in connection with the obligation of a company to recognize, measure, present, and disclose in its financial statements uncertain tax positions that the Company has taken or expects to take on a tax return. | |||||||||||||
As of December 31, 2014, the Company had $24.8 million of unrecognized gross tax benefits. Gross tax benefits do not reflect the federal tax effect associated with state tax amounts. | |||||||||||||
The total amount of net unrecognized tax benefits at December 31, 2014 that would have affected the effective tax rate, if recognized, was $16.1 million. | |||||||||||||
Interest and penalties (if any) related to the underpayment of income taxes are classified as a component of income tax expense in the Consolidated Statements of Income and Comprehensive Income. During the years ended December 31, 2014, 2013, and 2012, the Company recognized income tax expense attributed to interest and penalties of $700,000, $900,000, and $1.0 million, respectively. Accrued interest and penalties on tax liabilities were $3.4 million and $2.2 million, respectively, at December 31, 2014 and 2013. | |||||||||||||
The following table summarizes changes in the liability for unrecognized gross tax benefits for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Uncertain tax positions at beginning of year | $ | 20,250 | $ | 24,220 | $ | 8,922 | |||||||
Additions for tax positions relating to current-year operations | 3,515 | 2,436 | 4,365 | ||||||||||
Additions for tax positions relating to prior tax years | 1,819 | 6,218 | 11,890 | ||||||||||
Subtractions for tax positions relating to prior tax years | (929 | ) | (3,641 | ) | (457 | ) | |||||||
Reductions in balance due to settlements | 124 | (8,983 | ) | (500 | ) | ||||||||
Uncertain tax positions at end of year | $ | 24,779 | $ | 20,250 | $ | 24,220 | |||||||
The Company and its subsidiaries have filed tax returns in many states. The following are the more significant tax filings that are open for examination: | |||||||||||||
• | Federal tax filings for tax years 2011 through the present; | ||||||||||||
• | New York State tax filings for tax years 2010 through the present; | ||||||||||||
• | New York City tax filings for tax years 2011 through the present; and | ||||||||||||
• | New Jersey tax filings for tax years 2012 through the present. | ||||||||||||
In addition, while the Company and some of its subsidiaries are currently under examination by certain other states, their presence and tax exposure in those states are not significant. | |||||||||||||
It is reasonably possible that there will be developments within the next twelve months that would necessitate an adjustment to the balance of unrecognized tax benefits. The Company does not expect that such settlements will have a material impact on tax expense. In addition, the Company does not believe that the ranges of possible adjustments for each federal, state, and local tax position would be material. | |||||||||||||
As a savings institution, the Community Bank is subject to a special federal tax provision regarding its frozen tax bad debt reserve. At December 31, 2014, the Community Bank’s federal tax bad debt base-year reserve was $61.5 million, with a related net federal deferred tax liability of $21.5 million, which has not been recognized since the Community Bank does not expect that this reserve will become taxable in the foreseeable future. Events that would result in taxation of this reserve include redemptions of the Community Bank’s stock or certain excess distributions by the Community Bank to the Company. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Commitments and Contingencies | NOTE 10: COMMITMENTS AND CONTINGENCIES | ||||||||||||||||
Pledged Assets | |||||||||||||||||
The Company pledges securities to serve as collateral for its repurchase agreements. At December 31, 2014 and 2013, the Company had pledged mortgage-related securities held to maturity with a carrying value of $2.9 billion at both dates. The Company also had pledged other securities held to maturity with a carrying value of $1.7 billion at December 31, 2014 and a carrying value of $2.1 billion at the prior year end. In addition, at December 31, 2014 and 2013, the Company had pledged available-for-sale mortgage-related securities with carrying values of $11.4 million and $79.9 million, respectively. | |||||||||||||||||
Loan Commitments and Letters of Credit | |||||||||||||||||
At December 31, 2014 and 2013, the Company had commitments to originate loans, including unused lines of credit, of $2.6 billion and $2.1 billion, respectively. The majority of the outstanding loan commitments at December 31, 2014 and 2013 had adjustable interest rates, and were expected to close within 90 days. | |||||||||||||||||
The following table sets forth the Company’s off-balance sheet commitments relating to outstanding loan commitments and letters of credit at December 31, 2014: | |||||||||||||||||
(in thousands) | |||||||||||||||||
Mortgage Loan Commitments: | |||||||||||||||||
Multi-family and commercial real estate | $ | 1,018,223 | |||||||||||||||
One-to-four family | 495,854 | ||||||||||||||||
Acquisition, development, and construction | 301,763 | ||||||||||||||||
Total mortgage loan commitments | $ | 1,815,840 | |||||||||||||||
Other loan commitments | 734,326 | ||||||||||||||||
Total loan commitments | $ | 2,550,166 | |||||||||||||||
Commercial, performance stand-by, and financial stand-by letters of credit | 200,983 | ||||||||||||||||
Total commitments | $ | 2,751,149 | |||||||||||||||
Lease Commitments | |||||||||||||||||
At December 31, 2014, the Company was obligated under various non-cancelable operating lease and license agreements with renewal options on properties used primarily for branch operations. The Company currently expects to renew such agreements upon their expiration in the normal course of business. The agreements contain periodic escalation clauses that provide for increases in the annual rents, commencing at various times during the lives of the agreements, which are primarily based on increases in real estate taxes and cost-of-living indices. | |||||||||||||||||
The projected minimum annual rental commitments under these agreements, exclusive of taxes and other charges, are summarized as follows: | |||||||||||||||||
(in thousands) | |||||||||||||||||
2015 | $ | 27,381 | |||||||||||||||
2016 | 26,511 | ||||||||||||||||
2017 | 23,631 | ||||||||||||||||
2018 | 18,729 | ||||||||||||||||
2019 and thereafter | 62,269 | ||||||||||||||||
Total minimum future rentals | $ | 158,521 | |||||||||||||||
The rental expense under these leases is included in “Occupancy and equipment expense” in the Consolidated Statements of Income and Comprehensive Income, and amounted to $35.2 million, $33.7 million, and $32.5 million, respectively, in the years ended December 31, 2014, 2013, and 2012. Rental income on Company-owned properties, netted in occupancy and equipment expense, was approximately $3.6 million, $3.9 million, and $3.4 million in the corresponding periods. There was no minimum future rental income under non-cancelable sublease agreements at December 31, 2014. | |||||||||||||||||
Financial Guarantees | |||||||||||||||||
The Company provides guarantees and indemnifications to its customers to enable them to complete a variety of business transactions and to enhance their credit standings. These guarantees are recorded at their respective fair values in “Other liabilities” in the Consolidated Statements of Condition. The Company deems the fair value of the guarantees to equal the consideration received. | |||||||||||||||||
The following table summarizes the Company’s guarantees and indemnifications at December 31, 2014: | |||||||||||||||||
(in thousands) | Expires | Expires | Total | Maximum Potential | |||||||||||||
Within One | After One | Outstanding | Amount of | ||||||||||||||
Year | Year | Amount | Future Payments | ||||||||||||||
Financial stand-by letters of credit | $ | 28,144 | $ | 21,827 | $ | 49,971 | $ | 112,022 | |||||||||
Performance stand-by letters of credit | 9,901 | — | 9,901 | 9,885 | |||||||||||||
Commercial letters of credit | 13,832 | 198 | 14,030 | 79,076 | |||||||||||||
Total letters of credit | $ | 51,877 | $ | 22,025 | $ | 73,902 | $ | 200,983 | |||||||||
The maximum potential amount of future payments represents the notional amounts that could be funded under the guarantees and indemnifications if there were a total default by the guaranteed parties or if indemnification provisions were triggered, as applicable, without consideration of possible recoveries under recourse provisions, or from collateral held or pledged. | |||||||||||||||||
The Company collects a fee upon the issuance of letters of credit. These fees are initially recorded by the Company as a liability, and are recognized as income at the expiration date of the respective guarantees. In addition, the Company requires adequate collateral, typically in the form of real property or personal guarantees, upon its issuance of financial stand-by, performance stand-by, and commercial letters of credit. In the event that a borrower defaults, loans with recourse or indemnification obligate the Company to purchase loans that it has sold or otherwise transferred to a third party. Also outstanding at December 31, 2014 were $191,000 of bankers’ acceptances. | |||||||||||||||||
In October 2007, Visa U.S.A., a subsidiary of Visa Inc. (“Visa”) completed a reorganization in contemplation of its initial public offering, which was subsequently completed in March 2008. As part of that reorganization, the Community Bank and the former Synergy Bank, along with many other banks across the nation, received shares of common stock of Visa. In accordance with GAAP, the Company did not recognize any value for this common stock ownership interest. | |||||||||||||||||
Visa claims that all Visa U.S.A. member banks are obligated to share with it in losses stemming from certain litigation against it and certain other named member banks (the “Covered Litigation”). Visa continues to set aside amounts in an escrow account to fund any judgments or settlements that may arise from the Covered Litigation, and reduced the amount of shares allocated to the Visa U.S.A. member banks by amounts necessary to cover such liability. Nevertheless, Visa U.S.A. member banks were required to record a liability for the fair value of their related contingent obligation to Visa U.S.A., based on the percentage of their membership interest. The Company has a $423,000 liability based on its best estimate of the combined membership interest of the Community Bank and the former Synergy Bank with regard to both settled and pending litigation in which Visa is involved. | |||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||
The Company uses various financial instruments, including derivatives, in connection with its strategies to mitigate or reduce price risk resulting from changes in interest rates. The Company’s derivative financial instruments consist of financial forward and futures contracts, interest rate lock commitments (“IRLCs”), swaps, and options, and relate to mortgage banking operations, MSRs, and other risk management activities. These instruments vary in scope based on the level and volatility of interest rates, the type of assets held, and other changing market conditions. Please see Note 15, “Derivative Financial Instruments” for further information about our use of derivative financial instruments. | |||||||||||||||||
Legal Proceedings | |||||||||||||||||
The Company is involved in various legal actions arising in the ordinary course of its business. All such actions, in the aggregate, involve amounts that are believed by management to be immaterial to the financial condition and results of operations of the Company. |
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Intangible Assets | NOTE 11: INTANGIBLE ASSETS | ||||||||||||||||
Goodwill | |||||||||||||||||
Goodwill is presumed to have an indefinite useful life and is tested for impairment, rather than amortized, at the reporting unit level, at least once a year. There were no changes in the carrying amount of goodwill during the years ended December 31, 2014 and 2013. Goodwill totaled $2.4 billion at both of these dates. | |||||||||||||||||
Core Deposit Intangibles | |||||||||||||||||
As previously noted, the Company has CDI stemming from various business combinations with other banks and thrifts. CDI is a measure of the value of checking and savings deposits acquired in a business combination. The fair value of the CDI stemming from any given business combination is based on the present value of the expected cost savings attributable to the core deposit funding, relative to an alternative source of funding. CDI is amortized over the estimated useful lives of the existing deposit relationships acquired, but does not exceed 10 years. The Company evaluates such identifiable intangibles for impairment when an indication of impairment exists. No impairment charges were required to be recorded in 2014, 2013, or 2012. If an impairment loss is determined to exist in the future, the loss will be recorded in “Non-interest expense” in the Consolidated Statements of Income and Comprehensive Income for the period in which such impairment is identified. | |||||||||||||||||
Analysis of Core Deposit Intangibles | |||||||||||||||||
The following table summarizes the gross carrying and accumulated amortization amounts of the Company’s CDI as of December 31, 2014: | |||||||||||||||||
(in thousands) | Gross Carrying | Accumulated | Net Carrying | ||||||||||||||
Amount | Amortization | Amount | |||||||||||||||
Core deposit intangibles | $ | 234,364 | $ | (226,421 | ) | $ | 7,943 | ||||||||||
For the year ended December 31, 2014, amortization expenses related to CDI totaled $8.3 million. The Company assessed the useful lives of its intangible assets at December 31, 2014 and deemed them to be appropriate. There were no impairment losses recorded for the years ended December 31, 2014, 2013, or 2012. | |||||||||||||||||
The following table summarizes the estimated future expense stemming from the amortization of the Company’s CDI: | |||||||||||||||||
(in thousands) | Core Deposit | ||||||||||||||||
Intangibles | |||||||||||||||||
2015 | $ | 5,345 | |||||||||||||||
2016 | 2,391 | ||||||||||||||||
2017 | 207 | ||||||||||||||||
Total remaining intangible assets | $ | 7,943 | |||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||
The Company had MSRs of $227.3 million and $241.0 million, respectively, at December 31, 2014 and 2013, with both balances consisting entirely of residential MSRs. | |||||||||||||||||
Residential MSRs are carried at fair value, with changes in fair value recorded as a component of non-interest income in each period. The Company uses various derivative instruments to mitigate the income statement-effect of changes in fair value due to changes in valuation inputs and assumptions regarding its residential MSRs. The effects of changes in the fair value of the derivatives are recorded in “Non-interest income” in the Consolidated Statements of Income and Comprehensive Income. MSRs do not trade in an active open market with readily observable prices. Accordingly, the Company bases the fair value of its MSRs on the present value of estimated future net servicing income cash flows. The Company estimates future net servicing income cash flows with assumptions that market participants would use to estimate fair value, including estimates of prepayment speeds, discount rates, default rates, refinance rates, servicing costs, escrow account earnings, contractual servicing fee income, and ancillary income. The Company reassesses, and periodically adjusts, the underlying inputs and assumptions to reflect market conditions and assumptions that a market participant would consider in valuing the MSR asset. | |||||||||||||||||
The value of residential MSRs at any given time is significantly affected by the mortgage interest rates that are then currently available in the marketplace which, in turn, influence mortgage loan prepayment speeds. During periods of declining interest rates, the value of MSRs generally declines as an increase in mortgage refinancing activity results in an increase in prepayments. Conversely, during periods of rising interest rates, the value of MSRs generally increases as mortgage refinancing activity declines. | |||||||||||||||||
Up to and including the third quarter of 2013, the Company had securitized MSRs in addition to residential MSRs. Securitized MSRs were carried at the lower of the initial carrying value, adjusted for amortization, or fair value, and were amortized in proportion to, and over the period of, estimated net servicing income. Such MSRs were periodically evaluated for impairment, based on the difference between their carrying amount and their current fair value. If it was determined that impairment existed, the resultant loss was charged to earnings. Reflecting amortization, the Company had no securitized MSRs at December 31, 2014 and 2013. | |||||||||||||||||
The following table sets forth the changes in the balances of residential and securitized MSRs for the years ended December 31, 2014 and 2013: | |||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | Residential | Securitized | Residential | Securitized | |||||||||||||
Carrying value, beginning of year | $ | 241,018 | $ | — | $ | 144,520 | $ | 193 | |||||||||
Additions | 34,821 | — | 80,799 | — | |||||||||||||
Increase (decrease) in fair value: | |||||||||||||||||
Due to changes in interest rates and valuation assumptions | 7,377 | — | 70,218 | — | |||||||||||||
Due to other changes (1) | (55,919 | ) | — | (54,519 | ) | — | |||||||||||
Amortization | — | — | — | (193 | ) | ||||||||||||
Carrying value, end of period | $ | 227,297 | $ | — | $ | 241,018 | $ | — | |||||||||
-1 | Net servicing cash flows, including loan payoffs, and the passage of time. | ||||||||||||||||
The following table presents the key assumptions used in calculating the fair value of the Company’s residential MSRs at the dates indicated: | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Expected Weighted Average Life | 83 months | 93 months | |||||||||||||||
Constant Prepayment Speed | 9.3 | % | 8.3 | % | |||||||||||||
Discount Rate | 10 | 10.5 | |||||||||||||||
Primary Mortgage Rate to Refinance | 4 | 4.5 | |||||||||||||||
Cost to Service (per loan per year): | |||||||||||||||||
Current | $ 63 | $ 53 | |||||||||||||||
30-59 days or less delinquent | 213 | 103 | |||||||||||||||
60-89 days delinquent | 313 | 203 | |||||||||||||||
90-119 days delinquent | 413 | 303 | |||||||||||||||
120 days or more delinquent | 563 | 553 |
Employee_Benefits
Employee Benefits | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Employee Benefits | NOTE 12: EMPLOYEE BENEFITS | ||||||||||||||||
Retirement Plans | |||||||||||||||||
On April 1, 2002, three separate pension plans for employees of the former Queens County Savings Bank, the former CFS Bank, and the former Richmond County Savings Bank were merged together and renamed the “New York Community Bancorp Retirement Plan” (the “Retirement Plan”). The pension plan for employees of the former Roslyn Savings Bank was merged into the Retirement Plan on September 30, 2004. The pension plan for employees of the former Atlantic Bank of New York was merged into the Retirement Plan on March 31, 2008. The Retirement Plan covers substantially all employees who had attained minimum age, service, and employment status requirements prior to the date when the individual plans were frozen by the banks of origin. Once frozen, the individual plans ceased to accrue additional benefits, service, and compensation factors, and became closed to employees who would otherwise have met eligibility requirements after the “freeze” date. The following table sets forth certain information regarding the Retirement Plan as of the dates indicated: | |||||||||||||||||
December 31, | |||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||
Change in Benefit Obligation: | |||||||||||||||||
Benefit obligation at beginning of year | $ | 126,841 | $ | 142,614 | |||||||||||||
Interest cost | 5,895 | 5,455 | |||||||||||||||
Actuarial loss (gain) | 31,544 | (13,393 | ) | ||||||||||||||
Annuity payments | (5,827 | ) | (6,300 | ) | |||||||||||||
Settlements | (1,392 | ) | (1,535 | ) | |||||||||||||
Benefit obligation at end of year | $ | 157,061 | $ | 126,841 | |||||||||||||
Change in Plan Assets: | |||||||||||||||||
Fair value of assets at beginning of year | $ | 219,330 | $ | 187,623 | |||||||||||||
Actual return on plan assets | 10,879 | 39,542 | |||||||||||||||
Contributions | — | — | |||||||||||||||
Annuity payments | (5,827 | ) | (6,300 | ) | |||||||||||||
Settlements | (1,392 | ) | (1,535 | ) | |||||||||||||
Fair value of assets at end of year | $ | 222,990 | $ | 219,330 | |||||||||||||
Funded status (included in “Other assets”) | $ | 65,929 | $ | 92,489 | |||||||||||||
Changes recognized in other comprehensive income for the year ended December 31: | |||||||||||||||||
Amortization of prior service cost | $ | — | $ | — | |||||||||||||
Amortization of actuarial loss | (3,289 | ) | (9,406 | ) | |||||||||||||
Net actuarial loss (gain) arising during the year | 40,100 | (36,346 | ) | ||||||||||||||
Total recognized in other comprehensive loss for the year (pre-tax) | $ | 36,811 | $ | (45,752 | ) | ||||||||||||
Accumulated other comprehensive loss (pre-tax) not yet recognized in net periodic benefit cost at December 31: | |||||||||||||||||
Prior service cost | $ | — | $ | — | |||||||||||||
Actuarial loss, net | 83,938 | 47,127 | |||||||||||||||
Total accumulated other comprehensive loss (pre-tax) | $ | 83,938 | $ | 47,127 | |||||||||||||
The decrease in the actuarial loss (gain) in the preceding table reflects a decline in market discount rates and an update to mortality assumptions to reflect new standard mortality tables released by the Society of Actuaries in October 2014. | |||||||||||||||||
In 2015, an estimated $8.2 million of unrecognized net actuarial loss for the Retirement Plan will be amortized from AOCL into net periodic benefit cost. The comparable amount recognized as net periodic benefit cost in 2014 was $3.3 million. No prior service cost will be amortized in 2015 and none was amortized in 2014. The discount rates used to determine the benefit obligation at December 31, 2014 and 2013 were 4.0% and 4.8%, respectively. | |||||||||||||||||
The discount rate reflects rates at which the benefit obligation could be effectively settled. To determine this rate, the Company considers rates of return on high-quality fixed-income investments that are currently available and are expected to be available during the period until payment of the pension benefits. The expected future payments are discounted based on a portfolio of high-quality rated bonds (above-median AA curve) for which the Company relies on the Citigroup Pension Liability Index published as of the measurement date. | |||||||||||||||||
The components of net periodic pension (credit) expense were as follows for the years indicated: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Components of net periodic pension (credit) expense: | |||||||||||||||||
Interest cost | $ | 5,895 | $ | 5,455 | $ | 5,885 | |||||||||||
Expected return on plan assets | (19,435 | ) | (16,588 | ) | (13,256 | ) | |||||||||||
Amortization of net actuarial loss | 3,289 | 9,406 | 9,737 | ||||||||||||||
Net periodic pension (credit) expense | $ | (10,251 | ) | $ | (1,727 | ) | $ | 2,366 | |||||||||
The following table indicates the weighted average assumptions used in determining the net periodic benefit cost for the years indicated: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Discount rate | 4.8 | % | 3.9 | % | 4.5 | % | |||||||||||
Expected rate of return on plan assets | 9 | 9 | 9 | ||||||||||||||
As of December 31, 2014, Retirement Plan assets were invested in two diversified investment portfolios of the Pentegra Retirement Trust (the “Trust”, formerly known as “RSI Retirement Trust”), a private placement investment fund. | |||||||||||||||||
The Company (in this context, the “Plan Sponsor”) chooses the specific asset allocation for the Retirement Plan within the parameters set forth in the Trust’s Investment Policy Statement. The long-term investment objectives are to maintain the Retirement Plan’s assets at a level that will sufficiently cover the Plan Sponsor’s long-term obligations, and to generate a return on those assets that will meet or exceed the rate at which the Plan Sponsor’s long-term obligations will grow. | |||||||||||||||||
The Retirement Plan allocates its assets in accordance with the following targets: | |||||||||||||||||
• | To hold 60% of its assets in equity securities via investment in the Trust’s Long-Term Growth—Equity (“LTGE”) Portfolio, a diversified portfolio that invests in a number of actively and passively managed equity mutual funds and collective trusts in order to diversify within U.S. and non-U.S. equity markets; | ||||||||||||||||
• | To hold 39% of its assets in intermediate-term investment-grade bonds via investment in the Trust’s Long-Term Growth—Fixed Income (“LTGFI”) Portfolio, a diversified portfolio that invests in a number of fixed-income mutual funds and collective investment trusts, primarily including intermediate-term bond funds with a focus on U.S. investment grade securities and opportunistic allocations to below-investment grade and non-U.S. investments; and | ||||||||||||||||
• | To hold 1% of its assets in a cash-equivalent portfolio for liquidity purposes. | ||||||||||||||||
In addition, the Retirement Plan holds Company shares, the value of which is roughly equal to 10% of the assets that are held by the Trust. | |||||||||||||||||
The LTGE and LTGFI portfolios are designed to provide long-term growth of equity and fixed-income assets with the objective of achieving an investment return in excess of the cost of funding the active life, deferred vested, and all 30-year term and longer obligations of retired lives in the Trust. Risk and volatility are further managed in accordance with the distinct investment objectives of the Trust’s respective portfolios. | |||||||||||||||||
The following table presents information about the investments held by the Retirement Plan as of December 31, 2014: | |||||||||||||||||
(in thousands) | Total | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Equity: | |||||||||||||||||
Large-cap value (1) | $ | 22,216 | $ | — | $ | 22,216 | $ | — | |||||||||
Large-cap growth (2) | 22,061 | — | 22,061 | — | |||||||||||||
Large-cap core (3) | 15,652 | — | 15,652 | — | |||||||||||||
Mid-cap value (4) | 5,344 | — | 5,344 | — | |||||||||||||
Mid-cap growth (5) | 5,363 | — | 5,363 | — | |||||||||||||
Mid-cap core (6) | 5,126 | — | 5,126 | — | |||||||||||||
Small-cap value (7) | 3,746 | — | 3,746 | — | |||||||||||||
Small-cap growth (8) | 3,724 | — | 3,724 | — | |||||||||||||
Small-cap core (9) | 7,500 | — | 7,500 | — | |||||||||||||
International equity (10) | 30,031 | — | 30,031 | — | |||||||||||||
Fixed Income Funds: | |||||||||||||||||
Intermediate duration (11) | 73,245 | — | 73,245 | — | |||||||||||||
Equity Securities: | |||||||||||||||||
Company common stock | 24,115 | 24,115 | — | — | |||||||||||||
Cash Equivalents: | |||||||||||||||||
Money market * | 4,867 | 916 | 3,951 | — | |||||||||||||
$ | 222,990 | $ | 25,031 | $ | 197,959 | $ | — | ||||||||||
* | Includes cash equivalents investments in equity and fixed income strategies. | ||||||||||||||||
-1 | This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks. | ||||||||||||||||
-2 | This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S. | ||||||||||||||||
-3 | This fund tracks the performance of the S&P 500 Index by purchasing the securities represented in the Index in approximately the same weightings as the Index. | ||||||||||||||||
-4 | This category employs an indexing investment approach designed to track the performance of the CRSP U.S. Mid-Cap Value Index. | ||||||||||||||||
-5 | This category employs an indexing investment approach designed to track the performance of the CRSP U.S. Mid-Cap Growth Index. | ||||||||||||||||
-6 | This category seeks to track the performance of the S&P MidCap 400 Index. | ||||||||||||||||
-7 | This category consists of a selection of investments based on the Russell 2000 Value Index. | ||||||||||||||||
-8 | This category consists of a selection of investments based on the Russell 2000 Growth Index. | ||||||||||||||||
-9 | This category consists of an index fund designed to track the Russell 2000, along with a fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10% of the market universe, or smaller than the 1000th largest U.S. company. | ||||||||||||||||
-10 | This category has investments in medium to large non-U.S. companies, including high-quality, durable growth companies and companies based in countries with stable economic and political systems. A portion of this category consists of an index fund designed to track the MSC ACWI ex-U.S. Net Dividend Return Index. | ||||||||||||||||
-11 | This category consists of three funds. The first is a diversified portfolio of high-quality bonds and other fixed-income securities, including U.S. Government obligations, mortgage-related and asset backed securities, corporate and municipal bonds, CMOs, and other securities rated Baa or better. The second fund emphasizes a more globally diversified portfolio of higher-quality, intermediate-term bonds. The third fund seeks to track the Barclays Capital U.S. Corporate A or Better 5-20 Year, Bullets-only Index. | ||||||||||||||||
Current Asset Allocation | |||||||||||||||||
The asset allocations for the Retirement Plan as of December 31, 2014 and 2013 were as follows: | |||||||||||||||||
At December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Equity securities | 65 | % | 72 | % | |||||||||||||
Debt securities | 33 | 28 | |||||||||||||||
Cash equivalents | 2 | — | |||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||
Determination of Long-Term Rate of Return | |||||||||||||||||
The long-term rate-of-return-on-assets assumption was set based on historical returns earned by equities and fixed income securities, adjusted to reflect expectations of future returns as applied to the Retirement Plan’s target allocation of asset classes. Equities and fixed income securities were assumed to earn long-term rates of return in the ranges of 6%-9% and 3%-5%, respectively, with an assumed long-term inflation rate of 2.5% reflected within these ranges. When these overall return expectations are applied to the Retirement Plan’s target allocation, the result is an expected rate of return of 5% to 8%. | |||||||||||||||||
Expected Contributions | |||||||||||||||||
The Company does not expect to contribute to the Retirement Plan in 2015. | |||||||||||||||||
Expected Future Annuity Payments | |||||||||||||||||
The following annuity payments, which reflect expected future service, as appropriate, are expected to be paid by the Retirement Plan during the years indicated: | |||||||||||||||||
(in thousands) | |||||||||||||||||
2015 | $ | 7,139 | |||||||||||||||
2016 | 7,205 | ||||||||||||||||
2017 | 7,284 | ||||||||||||||||
2018 | 7,394 | ||||||||||||||||
2019 | 7,595 | ||||||||||||||||
2020 and thereafter | 40,101 | ||||||||||||||||
Total | $ | 76,718 | |||||||||||||||
Qualified Savings Plan | |||||||||||||||||
The Company maintains a defined contribution qualified savings plan (the “Savings Plan”) in which all full-time employees are able to participate after one year of service and having attained age 21. No matching contributions are made by the Company to this plan. | |||||||||||||||||
Post-Retirement Health and Welfare Benefits | |||||||||||||||||
The Company offers certain post-retirement benefits, including medical, dental, and life insurance (the “Health & Welfare Plan”) to retired employees, depending on age and years of service at the time of retirement. The costs of such benefits are accrued during the years that an employee renders the necessary service. | |||||||||||||||||
The following table sets forth certain information regarding the Health & Welfare Plan as of the dates indicated: | |||||||||||||||||
December 31, | |||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||
Change in benefit obligation: | |||||||||||||||||
Benefit obligation at beginning of year | $ | 18,322 | $ | 20,319 | |||||||||||||
Service cost | 4 | 4 | |||||||||||||||
Interest cost | 759 | 683 | |||||||||||||||
Actuarial loss (gain) | 238 | (1,972 | ) | ||||||||||||||
Premiums and claims paid | (948 | ) | (712 | ) | |||||||||||||
Benefit obligation at end of year | $ | 18,375 | $ | 18,322 | |||||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of assets at beginning of year | $ | — | $ | — | |||||||||||||
Employer contribution | 948 | 712 | |||||||||||||||
Premiums and claims paid | (948 | ) | (712 | ) | |||||||||||||
Fair value of assets at end of year | $ | — | $ | — | |||||||||||||
Funded status (included in “Other liabilities”) | $ | (18,375 | ) | $ | (18,322 | ) | |||||||||||
Changes recognized in other comprehensive income for the year ended December 31: | |||||||||||||||||
Amortization of prior service cost | $ | 249 | $ | 249 | |||||||||||||
Amortization of actuarial gain | (474 | ) | (657 | ) | |||||||||||||
Net actuarial loss (gain) arising during the year | 238 | (1,972 | ) | ||||||||||||||
Total recognized in other comprehensive loss for the year (pre-tax) | $ | 13 | $ | (2,380 | ) | ||||||||||||
Accumulated other comprehensive loss (pre-tax) not yet recognized in net periodic benefit cost at December 31: | |||||||||||||||||
Prior service cost | $ | (1,782 | ) | $ | (2,031 | ) | |||||||||||
Actuarial loss, net | 7,400 | 7,636 | |||||||||||||||
Total accumulated other comprehensive loss (pre-tax) | $ | 5,618 | $ | 5,605 | |||||||||||||
The discount rates used in the preceding table were 4.0% and 4.3%, respectively, at December 31, 2014 and 2013. | |||||||||||||||||
The estimated net actuarial loss and the prior service liability that will be amortized from AOCL into net periodic benefit cost over the next fiscal year are $383,000 and $249,000, respectively. | |||||||||||||||||
The following table indicates the components of net periodic benefit cost for the years indicated: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Components of Net Periodic Benefit Cost: | |||||||||||||||||
Service cost | $ | 4 | $ | 4 | $ | 7 | |||||||||||
Interest cost | 759 | 683 | 641 | ||||||||||||||
Amortization of past-service liability | (249 | ) | (249 | ) | (249 | ) | |||||||||||
Amortization of net actuarial loss | 474 | 657 | 505 | ||||||||||||||
Net periodic benefit cost | $ | 988 | $ | 1,095 | $ | 904 | |||||||||||
The following table indicates the weighted average assumptions used in determining the net periodic benefit cost for the years indicated: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Discount rate | 4.3 | % | 3.5 | % | 3.9 | % | |||||||||||
Current medical trend rate | 7 | 7.5 | 8 | ||||||||||||||
Ultimate trend rate | 5 | 5 | 5 | ||||||||||||||
Year when ultimate trend rate will be reached | 2018 | 2018 | 2018 | ||||||||||||||
Had the assumed medical trend rate at December 31, 2014 increased by 1% for each future year, the accumulated post-retirement benefit obligation at that date would have increased by $890,000, and the aggregate of the benefits earned and the interest components of 2014 net post-retirement benefit cost would each have increased by $33,000. Had the assumed medical trend rate decreased by 1% for each future year, the accumulated post-retirement benefit obligation at December 31, 2014 would have declined by $750,000, and the aggregate of the benefits earned and the interest components of 2014 net post-retirement benefit cost would each have declined by $28,000. | |||||||||||||||||
Investment Policies and Strategies | |||||||||||||||||
The Health & Welfare Plan is an unfunded non-qualified pension plan and is not expected to hold assets for investment at any time. Any contributions made to the Health & Welfare Plan are used to immediately pay plan premiums and claims as they come due. | |||||||||||||||||
Expected Contributions | |||||||||||||||||
The Company expects to contribute $1.3 million to the Health & Welfare Plan to pay premiums and claims for the fiscal year ending December 31, 2015. | |||||||||||||||||
Expected Future Payments for Premiums and Claims | |||||||||||||||||
The following amounts are currently expected to be paid for premiums and claims during the years indicated under the Health & Welfare Plan: | |||||||||||||||||
(in thousands) | |||||||||||||||||
2015 | $ | 1,310 | |||||||||||||||
2016 | 1,300 | ||||||||||||||||
2017 | 1,284 | ||||||||||||||||
2018 | 1,263 | ||||||||||||||||
2019 | 1,233 | ||||||||||||||||
2020 and thereafter | 5,751 | ||||||||||||||||
Total | $ | 12,141 | |||||||||||||||
StockRelated_Benefit_Plans
Stock-Related Benefit Plans | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Stock-Related Benefit Plans | NOTE 13: STOCK-RELATED BENEFIT PLANS | ||||||||
New York Community Bank Employee Stock Ownership Plan | |||||||||
All full-time employees who have attained 21 years of age and who have completed twelve consecutive months of credited service are eligible to participate in the Employee Stock Ownership Plan (“ESOP”), with benefits vesting on a seven-year basis, starting with 20% in the third year of employment and continuing in 20% increments in each successive year. Benefits are payable upon death, retirement, disability, or separation from service, and may be paid in stock. However, in the event of a change in control, as defined in the ESOP, any unvested portion of benefits shall vest immediately. | |||||||||
In 2014, 2013, and 2012, the Company allocated 560,228; 505,354; and 644,007 shares, respectively, to participants in the ESOP. For the years ended December 31, 2014, 2013, and 2012, the Company recorded ESOP-related compensation expense of $8.8 million, $8.5 million, and $8.4 million, respectively. | |||||||||
Supplemental Executive Retirement Plan | |||||||||
In 1993, the Community Bank established a Supplemental Executive Retirement Plan (“SERP”), which provided additional unfunded, non-qualified benefits to certain participants in the ESOP in the form of Company common stock. The SERP was frozen in 1999. Trust-held assets, consisting entirely of Company common stock, amounted to 1,560,294 and 1,464,641 shares at December 31, 2014 and 2013, respectively. The cost of these shares is reflected as a reduction of paid-in capital in excess of par in the Consolidated Statements of Condition. The Company recorded no SERP-related compensation expense in 2014, 2013, or 2012. | |||||||||
Stock Incentive and Stock Option Plans | |||||||||
At December 31, 2014, the Company had a total of 14,480,253 shares available for grants as options, restricted stock, or other forms of related rights under the New York Community Bancorp, Inc. 2012 Stock Incentive Plan (the “2012 Stock Incentive Plan”), which was approved by the Company’s shareholders at its Annual Meeting on June 7, 2012. Included in this amount were 1,030,673 shares that were transferred from the 2006 Stock Incentive Plan, which was approved by the Company’s shareholders at its Annual Meeting on June 7, 2006 and reapproved at its Annual Meeting on June 2, 2011. The Company granted 2,377,498 shares of restricted stock during the twelve months ended December 31, 2014, with an average fair value of $16.79 per share on the date of grant. During 2013 and 2012, the Company granted 2,327,522, shares and 2,040,425 shares, respectively, of restricted stock. The respective shares had average fair values of $13.64, and $12.78 per share on the respective grant dates. The shares of restricted stock that were granted during the years ended December 31, 2014, 2013, and 2012 vest over a period of five years. Compensation and benefits expense related to the restricted stock grants is recognized on a straight-line basis over the vesting period, and totaled $27.5 million, $22.2 million, and $20.7 million, respectively, for the years ended December 31, 2014, 2013, and 2012. | |||||||||
The following table provides a summary of activity with regard to restricted stock awards in the year ended December 31, 2014: | |||||||||
For the Year Ended | |||||||||
December 31, 2014 | |||||||||
Number of Shares | Weighted Average | ||||||||
Grant Date | |||||||||
Fair Value | |||||||||
Unvested at beginning of year | 5,043,642 | $14.27 | |||||||
Granted | 2,377,498 | 16.79 | |||||||
Vested | (1,494,531 | ) | 14.44 | ||||||
Cancelled | (124,200 | ) | 15.3 | ||||||
Unvested at end of year | 5,802,409 | 15.24 | |||||||
As of December 31, 2014, unrecognized compensation cost relating to unvested restricted stock totaled $65.9 million. This amount will be recognized over a remaining weighted average period of 3.1 years. | |||||||||
In addition, the Company had the following stock option plans at December 31, 2014: the 1998 Richmond County Financial Corp. Stock Compensation Plan; the 1998 Long Island Financial Corp. Stock Option Plan; and the 2004 Synergy Financial Group Stock Option Plans (all plans collectively referred to as the “Stock Option Plans”). All stock options granted under the Stock Option Plans expire ten years from the date of grant. | |||||||||
The Company uses the modified prospective approach to recognize compensation costs related to share-based payments at fair value on the date of grant, and recognizes such costs in the financial statements over the vesting period during which the employee provides service in exchange for the award. As there were no unvested options at any time during 2014, 2013 or 2012, the Company did not record any compensation and benefits expense relating to stock options during those years. | |||||||||
To satisfy the exercise of options, the Company either issues new shares of common stock or uses common stock held in Treasury. In the event that Treasury stock is used, the difference between the average cost of Treasury shares and the exercise price is recorded as an adjustment to retained earnings or paid-in capital on the date of exercise. At December 31, 2014, 2013, and 2012, respectively, there were 58,560; 126,821; and 2,641,344 stock options outstanding. There were no shares available for future issuance under the Stock Option Plans at December 31, 2014. | |||||||||
The status of the Stock Option Plans at December 31, 2014, and the changes that occurred during the year ended at that date, are summarized below: | |||||||||
For the Year Ended December 31, 2014 | |||||||||
Number of Stock | Weighted Average | ||||||||
Options | Exercise Price | ||||||||
Stock options outstanding, beginning of year | 126,821 | $15.21 | |||||||
Exercised | (42,214 | ) | 12.69 | ||||||
Expired/forfeited | (26,047 | ) | 12.94 | ||||||
Stock options outstanding, end of year | 58,560 | 18.04 | |||||||
Options exercisable at year-end | 58,560 | 18.04 | |||||||
The intrinsic value of stock options outstanding and exercisable at December 31, 2014 was $0. The intrinsic values of options exercised during the twelve months ended December 31, 2014 and 2013 were $132,000 and $106,000, respectively. There were no stock options exercised during the twelve months ended December 31, 2012. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Fair Value Measurements | NOTE 14: FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||||||||||
GAAP sets forth a definition of fair value, establishes a consistent framework for measuring fair value, and requires disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. GAAP also clarifies that fair value is an “exit” price, representing the amount that would be received when selling an asset, or paid when transferring a liability, in an orderly transaction between market participants. Fair value is thus a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: | |||||||||||||||||||||||||||||||||
• | Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. | ||||||||||||||||||||||||||||||||
• | Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | ||||||||||||||||||||||||||||||||
• | Level 3 – Inputs to the valuation methodology are significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants use in pricing an asset or liability. | ||||||||||||||||||||||||||||||||
A financial instrument’s categorization within this valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||||||||||||||||||
The following tables present assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2014 and 2013, and that were included in the Company’s Consolidated Statements of Condition at those dates: | |||||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2014 Using | |||||||||||||||||||||||||||||||||
(in thousands) | Quoted Prices | Significant | Significant | Netting | Total | ||||||||||||||||||||||||||||
in Active Markets | Other | Unobservable | Adjustments(1) | Fair Value | |||||||||||||||||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||||||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Mortgage-Related Securities Available for Sale: | |||||||||||||||||||||||||||||||||
GSE certificates | $ | — | $ | 19,700 | $ | — | $ | — | $ | 19,700 | |||||||||||||||||||||||
GSE CMOs | — | — | — | — | — | ||||||||||||||||||||||||||||
Private label CMOs | — | — | — | — | — | ||||||||||||||||||||||||||||
Total mortgage-related securities | $ | — | $ | 19,700 | $ | — | $ | — | $ | 19,700 | |||||||||||||||||||||||
Other Securities Available for Sale: | |||||||||||||||||||||||||||||||||
Municipal bonds | $ | — | $ | 942 | $ | — | $ | — | $ | 942 | |||||||||||||||||||||||
Capital trust notes | — | 11,482 | — | — | 11,482 | ||||||||||||||||||||||||||||
Preferred stock | 95,051 | 27,960 | — | — | 123,011 | ||||||||||||||||||||||||||||
Common stock | 16,984 | 1,664 | — | — | 18,648 | ||||||||||||||||||||||||||||
Total other securities | $ | 112,035 | $ | 42,048 | $ | — | $ | — | $ | 154,083 | |||||||||||||||||||||||
Total securities available for sale | $ | 112,035 | $ | 61,748 | $ | — | $ | — | $ | 173,783 | |||||||||||||||||||||||
Other Assets: | |||||||||||||||||||||||||||||||||
Loans held for sale | $ | — | $ | 379,399 | $ | — | $ | — | $ | 379,399 | |||||||||||||||||||||||
Mortgage servicing rights | — | — | 227,297 | — | 227,297 | ||||||||||||||||||||||||||||
Interest rate lock commitments | — | — | 4,397 | — | 4,397 | ||||||||||||||||||||||||||||
Derivative assets-other(2) | 2,655 | 8,429 | — | (7,198 | ) | 3,886 | |||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Derivative liabilities | $ | (346 | ) | $ | (7,862 | ) | $ | — | $ | 7,696 | $ | (512 | ) | ||||||||||||||||||||
-1 | Includes cash collateral received from, and paid to, counterparties. | ||||||||||||||||||||||||||||||||
-2 | Includes $2.6 million to purchase Treasury options. | ||||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||||||||||||||||||
(in thousands) | Quoted Prices | Significant | Significant | Netting | Total | ||||||||||||||||||||||||||||
in Active | Other | Unobservable | Adjustments(1) | Fair Value | |||||||||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Mortgage-Related Securities Available for Sale: | |||||||||||||||||||||||||||||||||
GSE certificates | $ | — | $ | 25,200 | $ | — | $ | — | $ | 25,200 | |||||||||||||||||||||||
GSE CMOs | — | 60,819 | — | — | 60,819 | ||||||||||||||||||||||||||||
Private label CMOs | — | 10,202 | — | — | 10,202 | ||||||||||||||||||||||||||||
Total mortgage-related securities | $ | — | $ | 96,221 | $ | — | $ | — | $ | 96,221 | |||||||||||||||||||||||
Other Securities Available for Sale: | |||||||||||||||||||||||||||||||||
Municipal bonds | $ | — | $ | 1,026 | $ | — | $ | — | $ | 1,026 | |||||||||||||||||||||||
Capital trust notes | — | 11,798 | — | — | 11,798 | ||||||||||||||||||||||||||||
Preferred stock | 89,942 | 26,297 | — | — | 116,239 | ||||||||||||||||||||||||||||
Common stock | 52,740 | 2,714 | — | — | 55,454 | ||||||||||||||||||||||||||||
Total other securities | $ | 142,682 | $ | 41,835 | $ | — | $ | — | $ | 184,517 | |||||||||||||||||||||||
Total securities available for sale | $ | 142,682 | $ | 138,056 | $ | — | $ | — | $ | 280,738 | |||||||||||||||||||||||
Other Assets: | |||||||||||||||||||||||||||||||||
Loans held for sale | $ | — | $ | 306,915 | $ | — | $ | — | $ | 306,915 | |||||||||||||||||||||||
Mortgage servicing rights | — | — | 241,018 | — | 241,018 | ||||||||||||||||||||||||||||
Interest rate lock commitments | — | — | 258 | — | 258 | ||||||||||||||||||||||||||||
Derivative assets-other(2) | 1,267 | 5,155 | — | (4,848 | ) | 1,574 | |||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Derivative liabilities | $ | (590 | ) | $ | (7,422 | ) | $ | — | $ | 7,624 | $ | (388 | ) | ||||||||||||||||||||
-1 | Includes cash collateral received from, and paid to, counterparties. | ||||||||||||||||||||||||||||||||
-2 | Includes $1.3 million to purchase Treasury options. | ||||||||||||||||||||||||||||||||
The Company reviews and updates the fair value hierarchy classifications for its assets on a quarterly basis. Changes from one quarter to the next that are related to the observability of inputs for a fair value measurement may result in a reclassification from one hierarchy level to another. | |||||||||||||||||||||||||||||||||
A description of the methods and significant assumptions utilized in estimating the fair values of available-for-sale securities follows. | |||||||||||||||||||||||||||||||||
Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities include highly liquid government securities, exchange-traded securities, and derivatives. | |||||||||||||||||||||||||||||||||
If quoted market prices are not available for the specific security, then fair values are estimated by using pricing models. These pricing models primarily use market-based or independently sourced market parameters as inputs, including, but not limited to, yield curves, interest rates, equity or debt prices, and credit spreads. In addition to observable market information, models incorporate transaction details such as maturity and cash flow assumptions. Securities valued in this manner would generally be classified within Level 2 of the valuation hierarchy, and primarily include such instruments as mortgage-related and corporate debt securities. | |||||||||||||||||||||||||||||||||
In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. In valuing capital trust notes, which may include pooled trust preferred securities, collateralized debt obligations (“CDOs”), and certain single-issue capital trust notes, the determination of fair value may require benchmarking to similar instruments or analyzing default and recovery rates. Therefore, capital trust notes are valued using a model based on the specific collateral composition and cash flow structure of the securities. Key inputs to the model consist of market spread data for each credit rating, collateral type, and other relevant contractual features. In instances where quoted price information is available, the price is considered when arriving at a security’s fair value. Where there is limited activity or less transparency around the inputs to the valuation of preferred stock, the valuation is based on a discounted cash flow model. | |||||||||||||||||||||||||||||||||
Periodically, the Company uses fair values supplied by independent pricing services to corroborate the fair values derived from the pricing models. In addition, the Company reviews the fair values supplied by independent pricing services, as well as their underlying pricing methodologies, for reasonableness. The Company challenges pricing services’ valuations that appear to be unusual or unexpected. | |||||||||||||||||||||||||||||||||
The Company carries loans held for sale originated by the Residential Mortgage Banking segment at fair value, in accordance with ASC Topic 825, “Financial Instruments.” The fair value of loans held for sale is primarily based on quoted market prices for securities backed by similar types of loans. Changes in the fair value of these assets are largely driven by changes in interest rates subsequent to loan funding, and changes in the fair value of servicing associated with the mortgage loans held for sale. Loans held for sale are classified within Level 2 of the valuation hierarchy. | |||||||||||||||||||||||||||||||||
MSRs do not trade in an active open market with readily observable prices. The Company bases the fair value of its MSRs on the present value of estimated future net servicing income cash flows, utilizing an internal valuation model. The Company estimates future net servicing income cash flows with assumptions that market participants would use to estimate fair value, including estimates of prepayment speeds, discount rates, default rates, refinance rates, servicing costs, escrow account earnings, contractual servicing fee income, and ancillary income. The Company reassesses and periodically adjusts the underlying inputs and assumptions to reflect market conditions and assumptions that a market participant would consider in valuing the MSR asset. MSR fair value measurements use significant unobservable inputs and, accordingly, are classified within Level 3. | |||||||||||||||||||||||||||||||||
Exchange-traded derivatives that are valued using quoted prices are classified within Level 1 of the valuation hierarchy. The majority of the Company’s derivative positions are valued using internally developed models that use readily observable market parameters as their basis. These are parameters that are actively quoted and can be validated by external sources, including industry pricing services. Where the types of derivative products have been in existence for some time, the Company uses models that are widely accepted in the financial services industry. These models reflect the contractual terms of the derivatives, including the period to maturity, and market-based parameters such as interest rates, volatility, and the credit quality of the counterparty. Furthermore, many of these models do not contain a high level of subjectivity, as the methodologies used in the models do not require significant judgment, and inputs to the models are readily observable from actively quoted markets, as is the case for “plain vanilla” interest rate swaps and option contracts. Such instruments are generally classified within Level 2 of the valuation hierarchy. Derivatives that are valued based on models with significant unobservable market parameters, and that are normally traded less actively, have trade activity that is one-way, and/or are traded in less-developed markets, are classified within Level 3 of the valuation hierarchy. | |||||||||||||||||||||||||||||||||
The fair values of IRLCs for residential mortgage loans that the Company intends to sell are based on internally developed models. The key model inputs primarily include the sum of the value of the forward commitment based on the loans’ expected settlement dates and the projected values of the MSRs, loan level price adjustment factors, and historical IRLC closing ratios. The closing ratio is computed by the Company’s mortgage banking operation and is periodically reviewed by management for reasonableness. Such derivatives are classified as Level 3. | |||||||||||||||||||||||||||||||||
While the Company believes its valuation methods are appropriate and consistent with those of other market participants, the use of different methodologies or assumptions to determine the fair values of certain financial instruments could result in different estimates of fair values at a reporting date. | |||||||||||||||||||||||||||||||||
Fair Value Option | |||||||||||||||||||||||||||||||||
Loans Held for Sale | |||||||||||||||||||||||||||||||||
The Company has elected the fair value option for its loans held for sale. The Company’s loans held for sale consist of one-to-four family mortgage loans, none of which was 90 days or more past due at December 31, 2014. Management believes that the mortgage banking business operates on a short-term cycle. Therefore, in order to reflect the most relevant valuations for the key components of this business, and to reduce timing differences in amounts recognized in earnings, the Company has elected to record loans held for sale at fair value to match the recognition of IRLCs, MSRs, and derivatives, all of which are recorded at fair value in earnings. Fair value is based on independent quoted market prices of mortgage-backed securities comprised of loans with similar features to those of the Company’s loans held for sale, where available, and adjusted as necessary for such items as servicing value, guaranty fee premiums, and credit spread adjustments. | |||||||||||||||||||||||||||||||||
The following table reflects the difference between the fair value carrying amount of loans held for sale for which the Company has elected the fair value option, and the unpaid principal balance: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Aggregate | Fair Value | Fair Value | Aggregate | Fair Value | |||||||||||||||||||||||||||
Carrying | Unpaid | Carrying Amount | Carrying | Unpaid | Carrying Amount | ||||||||||||||||||||||||||||
Amount | Principal | Less Aggregate | Amount | Principal | Less Aggregate | ||||||||||||||||||||||||||||
Unpaid Principal | Unpaid Principal | ||||||||||||||||||||||||||||||||
Loans held for sale | $ | 201,012 | $ | 194,692 | $ | 6,320 | $ | 306,915 | $ | 303,805 | $ | 3,110 | |||||||||||||||||||||
Gains and Losses Included in Income for Assets Where the Fair Value Option Has Been Elected | |||||||||||||||||||||||||||||||||
The assets accounted for under the fair value option are initially measured at fair value. Gains and losses from the initial measurement and subsequent changes in fair value are recognized in earnings. | |||||||||||||||||||||||||||||||||
The following table presents the changes in fair value related to initial measurement, and the subsequent changes in fair value included in earnings, for loans held for sale and MSRs for the periods indicated: | |||||||||||||||||||||||||||||||||
Gain (Loss) Included in | |||||||||||||||||||||||||||||||||
Mortgage Banking Income | |||||||||||||||||||||||||||||||||
from Changes in Fair Value(1) | |||||||||||||||||||||||||||||||||
For the Twelve Months Ended December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Loans held for sale | $ | 11,681 | $ | (10,260 | ) | $ | 102,642 | ||||||||||||||||||||||||||
Mortgage servicing rights | (48,542 | ) | 15,699 | (88,303 | ) | ||||||||||||||||||||||||||||
Total (loss) gain | $ | (36,861 | ) | $ | 5,439 | $ | 14,339 | ||||||||||||||||||||||||||
-1 | Does not include the effect of hedging activities. | ||||||||||||||||||||||||||||||||
The Company has determined that there is no instrument-specific credit risk related to its loans held for sale, due to the short duration of such assets. | |||||||||||||||||||||||||||||||||
Changes in Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||||
The following tables present, for the twelve months ended December 31, 2014 and 2013, a roll-forward of the balance sheet amounts (including changes in fair value) for financial instruments classified in Level 3 of the valuation hierarchy: | |||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Total Realized/Unrealized | Issuances | Settlements | Transfers | Fair Value | Change in | ||||||||||||||||||||||||||
January 1, | Gains/(Losses) Recorded in | to/(from) | at Dec. 31, | Unrealized Gains/ | |||||||||||||||||||||||||||||
2014 | Level 3 | 2014 | (Losses) Related to | ||||||||||||||||||||||||||||||
Instruments Held at | |||||||||||||||||||||||||||||||||
Income/ | Comprehensive | December 31, 2014 | |||||||||||||||||||||||||||||||
Loss | (Loss) Income | ||||||||||||||||||||||||||||||||
Mortgage servicing rights | $ | 241,018 | $ | (48,542 | ) | $ | — | $ | 34,821 | $ | — | $ | — | $ | 227,297 | $ | 7,377 | ||||||||||||||||
Interest rate lock commitments | 258 | 4,139 | — | — | — | — | 4,397 | 4,397 | |||||||||||||||||||||||||
(in thousands) | Fair Value | Total Realized/Unrealized | Issuances | Settlements | Transfers | Fair Value | Change in | ||||||||||||||||||||||||||
January 1, | Gains/(Losses) Recorded in | to/(from) | at Dec. 31, | Unrealized Gains/ | |||||||||||||||||||||||||||||
2013 | Level 3 | 2013 | (Losses) Related to | ||||||||||||||||||||||||||||||
Instruments Held at | |||||||||||||||||||||||||||||||||
Income/ | Comprehensive | December 31, 2013 | |||||||||||||||||||||||||||||||
Loss | (Loss) Income | ||||||||||||||||||||||||||||||||
Available-for-sale capital securities | $ | 18,569 | $ | — | $ | — | $ | — | $ | (18,569 | ) | $ | — | $ | — | $ | — | ||||||||||||||||
Mortgage servicing rights | 144,520 | 15,699 | — | 80,799 | — | — | 241,018 | 70,218 | |||||||||||||||||||||||||
Interest rate lock commitments | 21,446 | (21,188 | ) | — | — | — | — | 258 | 258 | ||||||||||||||||||||||||
The Company’s policy is to recognize transfers in and out of Levels 1, 2, and 3 as of the end of the reporting period. There were no transfers in or out of Level 3 during the twelve months ended December 31, 2014 or 2013. During the twelve months ended December 31, 2013, the Company transferred certain preferred stock to Level 2 from Level 1 as a result of decreased observable market activity for these securities. There were no gains or losses recognized as a result of the transfer of securities during the twelve months ended December 31, 2013. | |||||||||||||||||||||||||||||||||
For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 2014, the significant unobservable inputs used in the fair value measurements were as follows: | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair Value at | Valuation Technique | Significant Unobservable Inputs | Significant | |||||||||||||||||||||||||||||
Dec. 31, 2014 | Unobservable | ||||||||||||||||||||||||||||||||
Input Value | |||||||||||||||||||||||||||||||||
Mortgage Servicing Rights | $ | 227,297 | Discounted Cash Flow | Weighted Average Constant Prepayment Rate (1) | 9.3 | % | |||||||||||||||||||||||||||
Weighted Average Discount Rate | 10 | ||||||||||||||||||||||||||||||||
Interest Rate Lock Commitments | 4,397 | Discounted Cash Flow | Weighted Average Closing Ratio | 76.81 | |||||||||||||||||||||||||||||
-1 | Represents annualized loan repayment rate assumptions. | ||||||||||||||||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of the Company’s MSRs are the weighted average constant prepayment rate and the weighted average discount rate. Significant increases or decreases in either of those inputs in isolation could result in significantly lower or higher fair value measurements. Although the constant prepayment rate and the discount rate are not directly interrelated, they generally move in opposite directions. | |||||||||||||||||||||||||||||||||
The significant unobservable input used in the fair value measurement of the Company’s IRLCs is the closing ratio, which represents the percentage of loans currently in an interest rate lock position that management estimates will ultimately close. Generally, the fair value of an IRLC is positive if the prevailing interest rate is lower than the IRLC rate, and the fair value of an IRLC is negative if the prevailing interest rate is higher than the IRLC rate. Therefore, an increase in the closing ratio (i.e., a higher percentage of loans estimated to close) will result in the fair value of the IRLC increasing if in a gain position, or decreasing if in a loss position. The closing ratio is largely dependent on the stage of processing that a loan is currently in, and the change in prevailing interest rates from the time of the interest rate lock. | |||||||||||||||||||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis | |||||||||||||||||||||||||||||||||
Certain assets are measured at fair value on a non-recurring basis. Such instruments are subject to fair value adjustments under certain circumstances (e.g., when there is evidence of impairment). The following tables present assets and liabilities that were measured at fair value on a non-recurring basis as of December 31, 2014 and 2013, and that were included in the Company’s Consolidated Statements of Condition at those dates: | |||||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2014 Using | |||||||||||||||||||||||||||||||||
(in thousands) | Quoted Prices in | Significant Other | Significant | Total Fair | |||||||||||||||||||||||||||||
Active Markets | Observable Inputs | Unobservable Inputs | Value | ||||||||||||||||||||||||||||||
for Identical | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||||||
Certain impaired loans | $ | — | $ | — | $ | 23,366 | $ | 23,366 | |||||||||||||||||||||||||
Other assets (1) | — | 15,916 | — | 15,916 | |||||||||||||||||||||||||||||
Total | $ | — | $ | 15,916 | $ | 23,366 | $ | 39,282 | |||||||||||||||||||||||||
-1 | Represents the fair value of OREO, based on the appraised value of the collateral subsequent to its initial classification as OREO. | ||||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||||||||||||||||||
(in thousands) | Quoted Prices in | Significant Other | Significant | Total Fair | |||||||||||||||||||||||||||||
Active Markets | Observable Inputs | Unobservable Inputs | Value | ||||||||||||||||||||||||||||||
for Identical | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||||||
Certain impaired loans | $ | — | $ | — | $ | 47,535 | $ | 47,535 | |||||||||||||||||||||||||
Other assets (1) | — | 19,810 | — | 19,810 | |||||||||||||||||||||||||||||
Total | $ | — | $ | 19,810 | $ | 47,535 | $ | 67,345 | |||||||||||||||||||||||||
-1 | Represents the fair value of OREO, based on the appraised value of the collateral subsequent to its initial classification as OREO. | ||||||||||||||||||||||||||||||||
The fair values of collateral-dependent impaired loans are determined using various valuation techniques, including consideration of appraised values and other pertinent real estate market data. | |||||||||||||||||||||||||||||||||
Other Fair Value Disclosures | |||||||||||||||||||||||||||||||||
FASB guidance requires the disclosure of fair value information about the Company’s on- and off-balance sheet financial instruments. When available, quoted market prices are used as the measure of fair value. In cases where quoted market prices are not available, fair values are based on present-value estimates or other valuation techniques. Such fair values are significantly affected by the assumptions used, the timing of future cash flows, and the discount rate. | |||||||||||||||||||||||||||||||||
Because assumptions are inherently subjective in nature, estimated fair values cannot be substantiated by comparison to independent market quotes. Furthermore, in many cases, the estimated fair values provided would not necessarily be realized in an immediate sale or settlement of such instruments. | |||||||||||||||||||||||||||||||||
The following tables summarize the carrying values, estimated fair values, and fair value measurement levels of financial instruments that were not carried at fair value on the Company’s Consolidated Statements of Condition at December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||||||||||||||||||
(in thousands) | Carrying | Estimated Fair | Quoted Prices in | Significant | Significant | ||||||||||||||||||||||||||||
Value | Value | Active Markets | Other | Unobservable | |||||||||||||||||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||||||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 564,150 | $ | 564,150 | $ | 564,150 | $ | — | $ | — | |||||||||||||||||||||||
Securities held to maturity | 6,922,667 | 7,085,971 | — | 7,084,959 | 1,012 | ||||||||||||||||||||||||||||
FHLB stock(1) | 515,327 | 515,327 | — | 515,327 | — | ||||||||||||||||||||||||||||
Loans, net | 35,647,639 | 36,167,980 | — | — | 36,167,980 | ||||||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||||||
Deposits | $ | 28,328,734 | $ | 28,377,897 | $ | 21,908,136 | (2) | $ | 6,469,761 | (3) | $ | — | |||||||||||||||||||||
Borrowed funds | 14,226,487 | 15,140,171 | — | 15,140,171 | — | ||||||||||||||||||||||||||||
-1 | Carrying value and estimated fair value are at cost. | ||||||||||||||||||||||||||||||||
-2 | NOW and money market accounts, savings accounts, and non-interest-bearing accounts. | ||||||||||||||||||||||||||||||||
-3 | Certificates of deposit. | ||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||||||||||||||||||
(in thousands) | Carrying Value | Estimated Fair | Quoted Prices in | Significant | Significant | ||||||||||||||||||||||||||||
Value | Active Markets | Other | Unobservable | ||||||||||||||||||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||||||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 644,550 | $ | 644,550 | $ | 644,550 | $ | — | $ | — | |||||||||||||||||||||||
Securities held to maturity | 7,670,282 | 7,445,244 | — | 7,438,091 | 7,153 | ||||||||||||||||||||||||||||
FHLB stock(1) | 561,390 | 561,390 | — | 561,390 | — | ||||||||||||||||||||||||||||
Loans, net | 32,727,507 | 32,628,361 | — | — | 32,628,361 | ||||||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||||||
Deposits | $ | 25,660,992 | $ | 25,712,388 | $ | 18,728,896 | (2) | $ | 6,983,492 | (3) | $ | — | |||||||||||||||||||||
Borrowed funds | 15,105,002 | 16,058,931 | — | 16,058,931 | — | ||||||||||||||||||||||||||||
-1 | Carrying value and estimated fair value are at cost. | ||||||||||||||||||||||||||||||||
-2 | NOW and money market accounts, savings accounts, and non-interest-bearing accounts. | ||||||||||||||||||||||||||||||||
-3 | Certificates of deposit. | ||||||||||||||||||||||||||||||||
The methods and significant assumptions used to estimate fair values for the Company’s financial instruments follow: | |||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||||||||||||||
Cash and cash equivalents include cash and due from banks and federal funds sold. The estimated fair values of cash and cash equivalents are assumed to equal their carrying values, as these financial instruments are either due on demand or have short-term maturities. | |||||||||||||||||||||||||||||||||
Securities | |||||||||||||||||||||||||||||||||
If quoted market prices are not available for a specific security, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows. These pricing models primarily use market-based or independently sourced market parameters as inputs, including, but not limited to, yield curves, interest rates, equity or debt prices, and credit spreads. In addition to observable market information, pricing models also incorporate transaction details such as maturity and cash flow assumptions. | |||||||||||||||||||||||||||||||||
Federal Home Loan Bank Stock | |||||||||||||||||||||||||||||||||
Ownership in equity securities of the FHLB is restricted and there is no established market for their resale. The carrying amount approximates the fair value. | |||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||
The loan portfolio is segregated into various components for valuation purposes in order to group loans based on their significant financial characteristics, such as loan type (mortgage or other) and payment status (performing or non-performing). The estimated fair values of mortgage and other loans are computed by discounting the anticipated cash flows from the respective portfolios. The discount rates reflect current market rates for loans with similar terms to borrowers of similar credit quality. The estimated fair values of non-performing mortgage and other loans are based on recent collateral appraisals. | |||||||||||||||||||||||||||||||||
The methods used to estimate the fair values of loans are extremely sensitive to the assumptions and estimates used. While management has attempted to use assumptions and estimates that best reflect the Company’s loan portfolio and current market conditions, a greater degree of subjectivity is inherent in these values than in those determined in active markets. Accordingly, readers are cautioned in using this information for purposes of evaluating the financial condition and/or value of the Company in and of itself or in comparison with any other company. | |||||||||||||||||||||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||||||||||||||||||
MSRs do not trade in an active market with readily observable prices. Accordingly, the Company utilizes a valuation model that calculates the present value of estimated future cash flows. The model incorporates various assumptions, including estimates of prepayment speeds, discount rates, refinance rates, servicing costs, and ancillary income. The Company reassesses and periodically adjusts the underlying inputs and assumptions to reflect current market conditions and assumptions that a market participant would consider in valuing the MSR asset. | |||||||||||||||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||||||||||||||
For exchange-traded futures and exchange-traded options, fair value is based on observable quoted market prices in an active market. For forward commitments to buy and sell loans and mortgage-backed securities, fair value is based on observable market prices for similar loans and securities in an active market. The fair value of IRLCs for one-to-four family mortgage loans that the Company intends to sell is based on internally developed models. The key model inputs primarily include the sum of the value of the forward commitment based on the loans’ expected settlement dates, the value of MSRs arrived at by an independent MSR broker, government agency price adjustment factors, and historical IRLC fall-out factors. | |||||||||||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||||||||||
The fair values of deposit liabilities with no stated maturity (i.e., NOW and money market accounts, savings accounts, and non-interest-bearing accounts) are equal to the carrying amounts payable on demand. The fair values of CDs represent contractual cash flows, discounted using interest rates currently offered on deposits with similar characteristics and remaining maturities. These estimated fair values do not include the intangible value of core deposit relationships, which comprise a significant portion of the Company’s deposit base. | |||||||||||||||||||||||||||||||||
Borrowed Funds | |||||||||||||||||||||||||||||||||
The estimated fair value of borrowed funds is based either on bid quotations received from securities dealers or the discounted value of contractual cash flows with interest rates currently in effect for borrowed funds with similar maturities and structures. | |||||||||||||||||||||||||||||||||
Off-Balance Sheet Financial Instruments | |||||||||||||||||||||||||||||||||
The fair values of commitments to extend credit and unadvanced lines of credit are estimated based on an analysis of the interest rates and fees currently charged to enter into similar transactions, considering the remaining terms of the commitments and the creditworthiness of the potential borrowers. The estimated fair values of such off-balance sheet financial instruments were insignificant at December 31, 2014 and 2013. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Derivative Financial Instruments | NOTE 15: DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||||||||||||
The Company’s derivative financial instruments consist of financial forward and futures contracts, IRLCs, and options. These derivatives relate to mortgage banking operations, MSRs, and other risk management activities, and seek to mitigate or reduce the Company’s exposure to losses from adverse changes in interest rates. These activities will vary in scope based on the level and volatility of interest rates, the type of assets held, and other changing market conditions. | |||||||||||||||||||||||||
In accordance with the applicable accounting guidance, the Company takes into account the impact of collateral and master netting agreements that allow it to settle all derivative contracts held with a single counterparty on a net basis, and to offset the net derivative position with the related collateral when recognizing derivative assets and liabilities. As a result, the Company’s Statements of Financial Condition could reflect derivative contracts with negative fair values that are included in derivative assets, and contracts with positive fair values that are included in derivative liabilities. | |||||||||||||||||||||||||
The Company held derivatives with a notional amount of $3.4 billion at December 31, 2014. Changes in the fair value of these derivatives are reflected in current-period earnings. None of these derivatives are designated as hedges for accounting purposes. | |||||||||||||||||||||||||
The Company uses various financial instruments, including derivatives, in connection with its strategies to reduce pricing risk resulting from changes in interest rates. Derivative instruments may include IRLCs entered into with borrowers or correspondents/brokers to acquire agency-conforming fixed and adjustable rate residential mortgage loans that will be held for sale, as well as Treasury options and Eurodollar futures. | |||||||||||||||||||||||||
The Company enters into forward contracts to sell fixed rate mortgage-backed securities to protect against changes in the prices of agency-conforming fixed rate loans held for sale. Forward contracts are entered into with securities dealers in an amount related to the portion of IRLCs that is expected to close. The value of these forward sales contracts moves inversely with the value of the loans in response to changes in interest rates. | |||||||||||||||||||||||||
To manage the price risk associated with fixed-rate non-conforming mortgage loans, the Company generally enters into forward contracts on mortgage-backed securities or forward commitments to sell loans to approved investors. Short positions in Eurodollar futures contracts are used to manage price risk on adjustable rate mortgage loans held for sale. | |||||||||||||||||||||||||
The Company also purchases put and call options to manage the risk associated with variations in the amount of IRLCs that ultimately close. | |||||||||||||||||||||||||
The following table sets forth information regarding the Company’s derivative financial instruments at December 31, 2014: | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
(in thousands) | Notional | Unrealized (1) | |||||||||||||||||||||||
Amount | Gain | Loss | |||||||||||||||||||||||
Treasury options | $ | 610,000 | $ | 12 | $ | 337 | |||||||||||||||||||
Treasury futures | 25,000 | 57 | — | ||||||||||||||||||||||
Eurodollar futures | 75,000 | 11 | 9 | ||||||||||||||||||||||
Forward commitments to sell loans/mortgage-backed securities | 1,050,470 | 8 | 7,862 | ||||||||||||||||||||||
Forward commitments to buy loans/mortgage-backed securities | 1,104,469 | 8,421 | — | ||||||||||||||||||||||
Interest rate lock commitments | 495,794 | 4,397 | — | ||||||||||||||||||||||
Total derivatives | $ | 3,360,733 | $ | 12,906 | $ | 8,208 | |||||||||||||||||||
-1 | Derivatives in a net gain position are recorded as “Other assets” and derivatives in a net loss position are recorded as “Other liabilities” in the Consolidated Statements of Condition. | ||||||||||||||||||||||||
In addition, the Company mitigates a portion of the risk associated with changes in the value of MSRs. The general strategy for mitigating this risk is to purchase derivative instruments, the value of which changes in the opposite direction of interest rates, thus partially offsetting changes in the value of our servicing assets, which tends to move in the same direction as interest rates. Accordingly, the Company purchases Eurodollar futures and call options on Treasury securities, and enters into forward contracts to purchase mortgage-backed securities. | |||||||||||||||||||||||||
The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the periods indicated: | |||||||||||||||||||||||||
Gain (Loss) Included in Mortgage Banking Income | |||||||||||||||||||||||||
For the Twelve Months Ended December 31, | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Treasury options | $ | 1,968 | $ | (10,224 | ) | $ | (120 | ) | |||||||||||||||||
Treasury and Eurodollar futures | 333 | (38 | ) | (1,468 | ) | ||||||||||||||||||||
Forward commitments to buy/sell loans/mortgage-backed securities | 12,009 | 17,727 | 3,026 | ||||||||||||||||||||||
Total gain | $ | 14,310 | $ | 7,465 | $ | 1,438 | |||||||||||||||||||
The Company has in place an enforceable master netting arrangement with every counterparty. All master netting arrangements include rights to offset associated with the Company’s recognized derivative assets, derivative liabilities, and cash collateral received and pledged. Accordingly, the Company, where appropriate, offsets all derivative asset and liability positions with the cash collateral received and pledged. | |||||||||||||||||||||||||
The following tables present the effect the master netting arrangements had on the presentation of the derivative assets in the Consolidated Statements of Condition as of the dates indicated: | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
(in thousands) | Gross | Gross Amount | Net Amount of | Gross Amounts Not | Net | ||||||||||||||||||||
Amount of | Offset in the | Assets Presented | Offset in the | Amount | |||||||||||||||||||||
Recognized | Statement of | in the Statement | Consolidated Statement | ||||||||||||||||||||||
Assets(1) | Condition | of Condition | of Condition | ||||||||||||||||||||||
Financial | Cash | ||||||||||||||||||||||||
Instruments | Collateral | ||||||||||||||||||||||||
Received | |||||||||||||||||||||||||
Derivatives | $ | 15,481 | $ | 7,198 | $ | 8,283 | $ | — | $ | — | $ | 8,283 | |||||||||||||
-1 | Includes $2.6 million to purchase Treasury options. | ||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(in thousands) | Gross | Gross | Net | Gross Amounts Not | Net | ||||||||||||||||||||
Amount of | Amount | Amount | Offset in the | Amount | |||||||||||||||||||||
Recognized | Offset in | of Assets | Consolidated Statement | ||||||||||||||||||||||
Assets(1) | the | Presented | of Condition | ||||||||||||||||||||||
Statement | in the | ||||||||||||||||||||||||
of | Statement | ||||||||||||||||||||||||
Condition | of | ||||||||||||||||||||||||
Condition | Financial | Cash | |||||||||||||||||||||||
Instruments | Collateral | ||||||||||||||||||||||||
Received | |||||||||||||||||||||||||
Derivatives | $ | 6,680 | $ | 4,848 | $ | 1,832 | $ | — | $ | — | $ | 1,832 | |||||||||||||
-1 | Includes $1.3 million to purchase Treasury options. | ||||||||||||||||||||||||
The following tables present the effect the master netting arrangements had on the presentation of the derivative liabilities in the Consolidated Statements of Condition as of the dates indicated: | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
(in thousands) | Gross | Gross Amount | Net Amount of | Gross Amounts Not | Net | ||||||||||||||||||||
Amount of | Offset in the | Liabilities | Offset in the | Amount | |||||||||||||||||||||
Recognized | Statement of | Presented in the | Consolidated Statement | ||||||||||||||||||||||
Liabilities | Condition | Statement of | of Condition | ||||||||||||||||||||||
Condition | Financial | Cash | |||||||||||||||||||||||
Instruments | Collateral | ||||||||||||||||||||||||
Pledged | |||||||||||||||||||||||||
Derivatives | $ | 8,208 | $ | 7,696 | $ | 512 | $ | — | $ | — | $ | 512 | |||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(in thousands) | Gross | Gross Amount | Net Amount of | Gross Amounts Not | Net | ||||||||||||||||||||
Amount of | Offset in the | Liabilities | Offset in the | Amount | |||||||||||||||||||||
Recognized | Statement of | Presented in the | Consolidated Statement | ||||||||||||||||||||||
Liabilities | Condition | Statement of | of Condition | ||||||||||||||||||||||
Condition | Financial | Cash | |||||||||||||||||||||||
Instruments | Collateral | ||||||||||||||||||||||||
Pledged | |||||||||||||||||||||||||
Derivatives | $ | 8,012 | $ | 7,624 | $ | 388 | $ | — | $ | — | $ | 388 |
Dividend_Restriction_On_Subsid
Dividend Restriction On Subsidiary Banks | 12 Months Ended |
Dec. 31, 2014 | |
Dividend Restriction On Subsidiary Banks | NOTE 16: DIVIDEND RESTRICTIONS ON SUBSIDIARY BANKS |
Various legal restrictions limit the extent to which the Company’s subsidiary banks can supply funds to the Parent Company and its non-bank subsidiaries. The Company’s subsidiary banks would require the approval of the Superintendent of the New York State Department of Financial Services (the “NYDFS”) if the dividends they declared in any calendar year were to exceed the total of their respective net profits for that year combined with their respective retained net profits for the preceding two calendar years, less any required transfer to paid-in capital. The term “net profits” is defined as the remainder of all earnings from current operations plus actual recoveries on loans, investments, and other assets, after deducting from the total thereof all current operating expenses, actual losses if any, and all federal, state, and local taxes. In 2014, dividends of $410.0 million were paid by the Banks to the Parent Company; at December 31, 2014, the Banks could have paid additional dividends of $195.9 million to the Parent Company without regulatory approval. |
Parent_Company_Only_Financial_
Parent Company Only Financial Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Parent Company Only Financial Information | NOTE 17: PARENT COMPANY-ONLY FINANCIAL INFORMATION | ||||||||||||
The following tables present the condensed financial statements for New York Community Bancorp, Inc. (parent company only): | |||||||||||||
Condensed Statements of Condition | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
ASSETS: | |||||||||||||
Cash and cash equivalents | $ | 89,518 | $ | 126,165 | |||||||||
Securities available for sale | 2,002 | 2,545 | |||||||||||
Investments in subsidiaries | 6,039,718 | 5,961,367 | |||||||||||
Receivables from subsidiaries | 7,859 | 5,152 | |||||||||||
Other assets | 32,165 | 32,458 | |||||||||||
Total assets | $ | 6,171,262 | $ | 6,127,687 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | |||||||||||||
Junior subordinated debentures | $ | 358,355 | $ | 358,126 | |||||||||
Other liabilities | 31,092 | 33,899 | |||||||||||
Total liabilities | 389,447 | 392,025 | |||||||||||
Stockholders’ equity | 5,781,815 | 5,735,662 | |||||||||||
Total liabilities and stockholders’ equity | $ | 6,171,262 | $ | 6,127,687 | |||||||||
Condensed Statements of Income | |||||||||||||
Years Ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Interest income | $ | 715 | $ | 702 | $ | 1,121 | |||||||
Dividends received from subsidiaries | 410,000 | 450,000 | 485,000 | ||||||||||
Gain on sale of securities | 261 | — | — | ||||||||||
Loss on debt redemption | — | — | (2,313 | ) | |||||||||
Other income | 520 | 525 | 1,174 | ||||||||||
Gross income | 411,496 | 451,227 | 484,982 | ||||||||||
Operating expenses | 42,370 | 38,268 | 44,651 | ||||||||||
Income before income tax benefit and equity in undistributed earnings of subsidiaries | 369,126 | 412,959 | 440,331 | ||||||||||
Income tax benefit | 17,570 | 16,547 | 20,029 | ||||||||||
Income before equity in undistributed earnings of subsidiaries | 386,696 | 429,506 | 460,360 | ||||||||||
Equity in undistributed earnings of subsidiaries | 98,701 | 46,041 | 40,746 | ||||||||||
Net income | $ | 485,397 | $ | 475,547 | $ | 501,106 | |||||||
Condensed Statements of Cash Flows | |||||||||||||
Years Ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||
Net income | $ | 485,397 | $ | 475,547 | $ | 501,106 | |||||||
Change in other assets | 293 | (3,841 | ) | (154 | ) | ||||||||
Change in other liabilities | (2,807 | ) | 6,342 | (8,799 | ) | ||||||||
Other, net | 30,739 | 24,135 | 21,474 | ||||||||||
Equity in undistributed earnings of subsidiaries | (98,701 | ) | (46,041 | ) | (40,746 | ) | |||||||
Net cash provided by operating activities | $ | 414,921 | $ | 456,142 | $ | 472,881 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||
Proceeds from sales and repayments of securities | $ | 566 | $ | 151 | $ | 1,276 | |||||||
Change in receivable from subsidiaries, net | (2,707 | ) | 1,428 | (409 | ) | ||||||||
Net cash (used in) provided by investing activities | $ | (2,141 | ) | $ | 1,579 | $ | 867 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||
Treasury stock purchases | $ | (7,283 | ) | $ | (5,319 | ) | $ | (3,522 | ) | ||||
Cash dividends paid on common stock | (442,204 | ) | (440,308 | ) | (438,539 | ) | |||||||
Net cash received from exercise of stock options | 60 | 326 | — | ||||||||||
Payments for debt redemptions | — | — | (159,210 | ) | |||||||||
Net cash used in financing activities | $ | (449,427 | ) | $ | (445,301 | ) | $ | (601,271 | ) | ||||
Net (decrease) increase in cash and cash equivalents | (36,647 | ) | 12,420 | (127,523 | ) | ||||||||
Cash and cash equivalents at beginning of year | 126,165 | 113,745 | 241,268 | ||||||||||
Cash and cash equivalents at end of year | $ | 89,518 | $ | 126,165 | $ | 113,745 | |||||||
Regulatory_Matters
Regulatory Matters | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Regulatory Matters | NOTE 18: REGULATORY MATTERS | ||||||||||||||||||||||||
The Company is subject to examination, regulation, and periodic reporting under the Bank Holding Company Act of 1956, as amended, which is administered by the FRB. The FRB has adopted capital adequacy guidelines for bank holding companies (on a consolidated basis) that are substantially similar to those of the FDIC for the Banks. | |||||||||||||||||||||||||
The following tables present the regulatory capital ratios for the Company at December 31, 2014 and 2013, in comparison with the minimum amounts and ratios required by the FRB for capital adequacy purposes: | |||||||||||||||||||||||||
Risk-Based Capital | |||||||||||||||||||||||||
At December 31, 2014 | Leverage Capital | Tier 1 | Total | ||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total regulatory capital | $ | 3,731,430 | 8.04 | % | $ | 3,731,430 | 12.3 | % | $ | 3,919,248 | 12.92 | % | |||||||||||||
Minimum for capital adequacy purposes | 1,856,755 | 4 | 1,213,802 | 4 | 2,427,605 | 8 | |||||||||||||||||||
Excess | $ | 1,874,675 | 4.04 | % | $ | 2,517,628 | 8.3 | % | $ | 1,491,643 | 4.92 | % | |||||||||||||
Risk-Based Capital | |||||||||||||||||||||||||
At December 31, 2013 | Leverage Capital | Tier 1 | Total | ||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total regulatory capital | $ | 3,664,082 | 8.39 | % | $ | 3,664,082 | 12.84 | % | $ | 3,870,921 | 13.56 | % | |||||||||||||
Minimum for capital adequacy purposes | 1,745,857 | 4 | 1,141,644 | 4 | 2,283,287 | 8 | |||||||||||||||||||
Excess | $ | 1,918,225 | 4.39 | % | $ | 2,522,438 | 8.84 | % | $ | 1,587,634 | 5.56 | % | |||||||||||||
The Banks are subject to regulation, examination, and supervision by the NYDFS and the FDIC (the “Regulators”). The Banks are also governed by numerous federal and state laws and regulations, including the FDIC Improvement Act of 1991, which established five categories of capital adequacy ranging from well capitalized to critically undercapitalized. Such classifications are used by the FDIC to determine various matters, including prompt corrective action and each institution’s FDIC deposit insurance premium assessments. Capital amounts and classifications are also subject to the Regulators’ qualitative judgments about the components of capital and risk weightings, among other factors. | |||||||||||||||||||||||||
The quantitative measures established to ensure capital adequacy require that banks maintain minimum amounts and ratios of leverage capital to average assets, and of Tier 1 and total risk-based capital to risk-weighted assets (as such measures are defined in the regulations). At December 31, 2014, the Banks exceeded all the capital adequacy requirements to which they were subject. | |||||||||||||||||||||||||
As of December 31, 2014, the most recent notifications from the FDIC categorized the Community Bank and the Commercial Bank as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as well capitalized, a bank must maintain a minimum leverage capital ratio of 5.00%; a minimum Tier 1 risk-based capital ratio of 6.00%; and a minimum total risk-based capital ratio of 10.00%. In the opinion of management, no conditions or events have transpired since said notification to change these capital adequacy classifications. | |||||||||||||||||||||||||
The following tables present the actual capital amounts and ratios for the Community Bank at December 31, 2014 and 2013 in comparison to the minimum amounts and ratios required for capital adequacy purposes: | |||||||||||||||||||||||||
Risk-Based Capital | |||||||||||||||||||||||||
At December 31, 2014 | Leverage Capital | Tier 1 | Total | ||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total regulatory capital | $ | 3,285,870 | 7.73 | % | $ | 3,285,870 | 12.02 | % | $ | 3,461,741 | 12.66 | % | |||||||||||||
Minimum for capital adequacy purposes | 1,701,174 | 4 | 1,093,835 | 4 | 2,187,669 | 8 | |||||||||||||||||||
Excess | $ | 1,584,696 | 3.73 | % | $ | 2,192,035 | 8.02 | % | $ | 1,274,072 | 4.66 | % | |||||||||||||
Risk-Based Capital | |||||||||||||||||||||||||
At December 31, 2013 | Leverage Capital | Tier 1 | Total | ||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total regulatory capital | $ | 3,196,870 | 7.86 | % | $ | 3,196,870 | 12.22 | % | $ | 3,391,944 | 12.96 | % | |||||||||||||
Minimum for capital adequacy purposes | 1,627,696 | 4 | 1,046,793 | 4 | 2,093,586 | 8 | |||||||||||||||||||
Excess | $ | 1,569,174 | 3.86 | % | $ | 2,150,077 | 8.22 | % | $ | 1,298,358 | 4.96 | % | |||||||||||||
The following tables present the actual capital amounts and ratios for the Commercial Bank at December 31, 2014 and 2013 in comparison to the minimum amounts and ratios required for capital adequacy purposes: | |||||||||||||||||||||||||
Risk-Based Capital | |||||||||||||||||||||||||
At December 31, 2014 | Leverage Capital | Tier 1 | Total | ||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total regulatory capital | $ | 364,591 | 9.25 | % | $ | 364,591 | 12.08 | % | $ | 376,538 | 12.47 | % | |||||||||||||
Minimum for capital adequacy purposes | 157,599 | 4 | 120,755 | 4 | 241,509 | 8 | |||||||||||||||||||
Excess | $ | 206,992 | 5.25 | % | $ | 243,836 | 8.08 | % | $ | 135,029 | 4.47 | % | |||||||||||||
Risk-Based Capital | |||||||||||||||||||||||||
At December 31, 2013 | Leverage Capital | Tier 1 | Total | ||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total regulatory capital | $ | 354,423 | 11.49 | % | $ | 354,423 | 14.84 | % | $ | 366,076 | 15.33 | % | |||||||||||||
Minimum for capital adequacy purposes | 123,393 | 4 | 95,517 | 4 | 191,033 | 8 | |||||||||||||||||||
Excess | $ | 231,030 | 7.49 | % | $ | 258,906 | 10.84 | % | $ | 175,043 | 7.33 | % | |||||||||||||
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting | NOTE 19: SEGMENT REPORTING | ||||||||||||
The Company’s operations are divided into two reportable business segments: Banking Operations and Residential Mortgage Banking. These operating segments have been identified based on the Company’s organizational structure. The segments require unique technology and marketing strategies, and offer different products and services. While the Company is managed as an integrated organization, individual executive managers are held accountable for the operations of these business segments. | |||||||||||||
The Company measures and presents information for internal reporting purposes in a variety of ways. The internal reporting system presently used by management in the planning and measurement of operating activities, and to which most managers are held accountable, is based on organizational structure. | |||||||||||||
The management accounting process uses various estimates and allocation methodologies to measure the performance of the operating segments. To determine financial performance for each segment, the Company allocates capital, funding charges and credits, certain non-interest expenses, and income tax provisions to each segment, as applicable. Allocation methodologies are subject to periodic adjustment as the internal management accounting system is revised and/or as business or product lines within the segments change. In addition, because the development and application of these methodologies is a dynamic process, the financial results presented may be periodically revised. | |||||||||||||
The Company seeks to maximize shareholder value by, among other means, optimizing the return on stockholders’ equity and managing risk. Capital is assigned to each segment, the combination of which is equivalent to the Company’s consolidated total, on an economic basis, using management’s assessment of the inherent risks associated with the segment. Capital allocations are made to cover the following risk categories: credit risk, liquidity risk, interest rate risk, option risk, basis risk, market risk, and operational risk. | |||||||||||||
The Company allocates expenses to the reportable segments based on various factors, including the volume and amount of loans produced and the number of full-time equivalent employees. Income taxes are allocated to the various segments based on taxable income and statutory rates applicable to the segment. | |||||||||||||
Banking Operations Segment | |||||||||||||
The Banking Operations segment serves consumers and businesses by offering and servicing a variety of loan and deposit products and other financial services. | |||||||||||||
Residential Mortgage Banking Segment | |||||||||||||
The Residential Mortgage Banking segment originates, aggregates, sells, and services one-to-four family mortgage loans. Mortgage loan products consist primarily of agency-conforming fixed- and adjustable-rate loans and, to a lesser extent, jumbo hybrid loans, for the purpose of purchasing or refinancing one-to-four family homes. The Residential Mortgage Banking segment earns interest on loans held in the warehouse and non-interest income from the origination and servicing of loans. It also recognizes gains or losses on the sale of such loans. | |||||||||||||
The following tables provide a summary of the Company’s segment results for the years ended December 31, 2014 and 2013, on an internally managed accounting basis: | |||||||||||||
For the Twelve Months Ended December 31, 2014 | |||||||||||||
(in thousands) | Banking | Residential Mortgage | Total | ||||||||||
Operations | Banking | Company | |||||||||||
Net interest income | $ | 1,126,162 | $ | 14,191 | $ | 1,140,353 | |||||||
Recoveries of loan losses | (18,587 | ) | — | (18,587 | ) | ||||||||
Non-Interest Income: | |||||||||||||
Third party(1) | 135,834 | 65,759 | 201,593 | ||||||||||
Inter-segment | (13,521 | ) | 13,521 | — | |||||||||
Total non-interest income | 122,313 | 79,280 | 201,593 | ||||||||||
Non-interest expense(2) | 528,436 | 59,031 | 587,467 | ||||||||||
Income before income tax expense | 738,626 | 34,440 | 773,066 | ||||||||||
Income tax expense | 274,179 | 13,490 | 287,669 | ||||||||||
Net income | $ | 464,447 | $ | 20,950 | $ | 485,397 | |||||||
Identifiable segment assets (period-end) | $ | 47,897,672 | $ | 661,545 | $ | 48,559,217 | |||||||
-1 | Includes ancillary fee income. | ||||||||||||
-2 | Includes both direct and indirect expenses. | ||||||||||||
For the Twelve Months Ended December 31, 2013 | |||||||||||||
(in thousands) | Banking | Residential Mortgage | Total | ||||||||||
Operations | Banking | Company | |||||||||||
Net interest income | $ | 1,144,820 | $ | 21,796 | $ | 1,166,616 | |||||||
Provisions for loan losses | 30,758 | — | 30,758 | ||||||||||
Non-Interest Income: | |||||||||||||
Third party(1) | 137,534 | 81,296 | 218,830 | ||||||||||
Inter-segment | (16,607 | ) | 16,607 | — | |||||||||
Total non-interest income | 120,927 | 97,903 | 218,830 | ||||||||||
Non-interest expense(2) | 533,951 | 73,611 | 607,562 | ||||||||||
Income before income tax expense | 701,038 | 46,088 | 747,126 | ||||||||||
Income tax expense | 254,738 | 16,841 | 271,579 | ||||||||||
Net income | $ | 446,300 | $ | 29,247 | $ | 475,547 | |||||||
Identifiable segment assets (period-end) | $ | 46,015,332 | $ | 672,955 | $ | 46,688,287 | |||||||
-1 | Includes ancillary fee income. | ||||||||||||
-2 | Includes both direct and indirect expenses. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Basis of Presentation | Basis of Presentation | ||||||||||||
The following is a description of the significant accounting and reporting policies that the Company and its wholly-owned subsidiaries follow in preparing and presenting their consolidated financial statements, which conform to U.S. generally accepted accounting principles (“GAAP”) and to general practices within the banking industry. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates that are particularly susceptible to change in the near term are used in connection with the determination of the allowances for loan losses; the valuation of mortgage servicing rights (“MSRs”); the evaluation of goodwill for impairment; the evaluation of other-than-temporary impairment (“OTTI”) on securities; and the evaluation of the need for a valuation allowance on the Company’s deferred tax assets. | |||||||||||||
The accompanying consolidated financial statements include the accounts of the Company and other entities in which the Company has a controlling financial interest. All inter-company accounts and transactions are eliminated in consolidation. The Company currently has certain unconsolidated subsidiaries in the form of wholly-owned statutory business trusts, which were formed to issue guaranteed capital debentures (“capital securities”). Please see Note 8, “Borrowed Funds,” for additional information regarding these trusts. | |||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||||||||
For cash flow reporting purposes, cash and cash equivalents include cash on hand, amounts due from banks, and money market investments, which include federal funds sold and reverse repurchase agreements. At December 31, 2014 and 2013, the Company’s cash and cash equivalents totaled $564.2 million and $644.6 million, respectively. Included in cash and cash equivalents at those dates were $135.2 million and $208.0 million of interest-bearing deposits in other financial institutions, primarily consisting of balances due from the Federal Reserve Bank of New York. Also included in cash and cash equivalents at December 31, 2014 and 2013 were federal funds sold of $6.8 million and $4.8 million, respectively. In addition, the Company had $250.0 million in pledged reverse repurchase agreements outstanding at December 31, 2014 and 2013. | |||||||||||||
In accordance with the monetary policy of the Board of Governors of the Federal Reserve System (the “FRB”), the Company was required to maintain total reserves with the Federal Reserve Bank of New York of $129.5 million and $133.7 million, respectively, at December 31, 2014 and 2013, in the form of deposits and vault cash. The Company was in compliance with this requirement at both dates. | |||||||||||||
Securities Held to Maturity and Available for Sale | Securities Held to Maturity and Available for Sale | ||||||||||||
The securities portfolio primarily consists of mortgage-related securities and, to a lesser extent, debt and equity (together, “other”) securities. Securities that are classified as “available for sale” are carried at their estimated fair value, with any unrealized gains or losses, net of taxes, reported as accumulated other comprehensive income or loss in stockholders’ equity. Securities that we have the intent and ability to hold to maturity are classified as “held to maturity” and carried at amortized cost, less the non-credit portion of OTTI recorded in accumulated other comprehensive loss, net of tax (“AOCL”). | |||||||||||||
The fair values of our securities—and particularly our fixed-rate securities—are affected by changes in market interest rates and credit spreads. In general, as interest rates rise and/or credit spreads widen, the fair value of fixed-rate securities will decline; as interest rates fall and/or credit spreads tighten, the fair value of fixed-rate securities will rise. We regularly conduct a review and evaluation of our securities portfolio to determine if the decline in the fair value of any security below its carrying amount is other than temporary. If we deem any decline in value to be other than temporary, the security is written down to its current fair value, creating a new cost basis, and the resultant loss (other than the OTTI on debt securities attributable to non-credit factors) is charged against earnings and recorded in non-interest income. Our assessment of a decline in fair value includes judgment as to the financial position and future prospects of the entity that issued the investment security, as well as a review of the security’s underlying collateral. Broad changes in the overall market or interest rate environment generally will not lead to a write-down. | |||||||||||||
In accordance with OTTI accounting guidance, unless we have the intent to sell, or it is more likely than not that we may be required to sell a security before recovery, OTTI is recognized as a realized loss in earnings to the extent that the decline in fair value is credit-related. If there is a decline in fair value of a security below its carrying amount and we have the intent to sell it, or it is more likely than not that we may be required to sell the security before recovery, the entire amount of the decline in fair value is charged to earnings. | |||||||||||||
Premiums and discounts on securities are amortized to expense and accreted to income over the remaining period to contractual maturity, using a method that approximates the interest method, and are adjusted for anticipated prepayments. Dividend and interest income are recognized when earned. The cost of securities sold is based on the specific identification method. | |||||||||||||
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock | ||||||||||||
As a member of the Federal Home Loan Bank of New York (the “FHLB-NY”), the Company is required to hold shares of Federal Home Loan Bank (“FHLB”) stock, which is carried at cost. The Company’s holding requirement varies based on certain factors, primarily including its outstanding borrowings from the FHLB-NY. In connection with the FDIC-assisted acquisitions of AmTrust and Desert Hills, the Company acquired stock in the FHLBs of Cincinnati and San Francisco, respectively. The Company conducts a periodic review and evaluation of its FHLB stock to determine if any impairment exists. The factors considered in this process include, among others, significant deterioration in FHLB earnings performance, credit rating, or asset quality; significant adverse changes in the regulatory or economic environment; and other factors that raise significant concerns about the creditworthiness and the ability of the applicable FHLB to continue as a going concern. | |||||||||||||
Loans | Loans | ||||||||||||
Loans, net, are carried at unpaid principal balances, including unearned discounts, purchase accounting (i.e., acquisition-date fair value) adjustments, net deferred loan origination costs or fees, and the allowances for loan losses. | |||||||||||||
Loans held for sale are originated through our mortgage banking operation and, to a lesser extent, the Community Bank, and are sold primarily to government-sponsored enterprises (“GSEs”), with the servicing typically retained. The loans originated by the mortgage banking operation are carried at fair value. The fair value of held-for-sale loans is primarily based on quoted market prices for securities backed by similar types of loans. The changes in fair value of these assets are largely driven by changes in mortgage interest rates subsequent to loan funding, and changes in the fair value of the servicing rights associated with the mortgage loans held for sale. In addition, loans originated as held for investment and subsequently designated as held for sale are transferred to held for sale at fair value. | |||||||||||||
The Company recognizes interest income on non-covered loans held for investment and held for sale using the interest method over the life of the loan. Accordingly, the Company defers certain loan origination and commitment fees, and certain loan origination costs, and amortizes the net fee or cost as an adjustment to the loan yield over the term of the related loan. When a loan is sold or repaid, the remaining net unamortized fee or cost is recognized in interest income. | |||||||||||||
Prepayment penalty income is recorded in interest income and only when cash is received. Accordingly, there are no assumptions involved in the recognition of prepayment penalty income. | |||||||||||||
Two factors are considered in determining the amount of prepayment penalty income: the prepayment penalty percentage set forth in the loan documents, and the principal balance of the loan at the time of prepayment. The volume of loans prepaying may vary from one period to another, often in connection with actual or perceived changes in the direction of market interest rates. In a low interest rate environment, or when interest rates are declining, prepayment penalties may increase as more borrowers opt to refinance. In a rising interest rate environment, or when rates are perceived to be rising, prepayment penalties may increase as borrowers seek to lock in current rates prior to further increases. | |||||||||||||
A loan generally is classified as a “non-accrual” loan when it is 90 days or more past due or when the Company no longer expects to collect all amounts due according to the contractual terms of the loan agreement. When a loan is placed on non-accrual status, management ceases the accrual of interest owed, and previously accrued interest is charged against interest income. A loan is generally returned to accrual status when the loan is current and management has reasonable assurance that the loan will be fully collectible. Interest income on non-accrual loans is recorded when received in cash. | |||||||||||||
Allowances for Loan Losses | Allowances for Loan Losses | ||||||||||||
Allowance for Losses on Non-Covered Loans | |||||||||||||
The allowance for losses on non-covered loans is increased by provisions for non-covered loan losses that are charged against earnings, and is reduced by net charge-offs and/or reversals, if any, that are credited to earnings. Although non-covered loans are held by either the Community Bank or the Commercial Bank, and a separate loan loss allowance is established for each, the total of the two allowances is available to cover all losses incurred. In addition, except as otherwise noted in the following discussion, the process for establishing the allowance for losses on non-covered loans is largely the same for each of the Community Bank and the Commercial Bank. | |||||||||||||
The methodology used for the allocation of the allowance for non-covered loan losses at December 31, 2014, 2013, and 2012 was also generally comparable, whereby the Community Bank and the Commercial Bank segregated their loss factors (used for both criticized and non-criticized loans) into a component that was primarily based on historical loss rates and a component that was primarily based on other qualitative factors that are probable to affect loan collectability. In determining the respective allowances for non-covered loan losses, management considers the Community Bank’s and the Commercial Bank’s current business strategies and credit processes, including compliance with applicable regulatory guidelines and with guidelines approved by the respective Boards of Directors with regard to credit limitations, loan approvals, underwriting criteria, and loan workout procedures. | |||||||||||||
The allowance for losses on non-covered loans is established based on management’s evaluation of incurred losses in the portfolio in accordance with GAAP, and is comprised of both specific valuation allowances and general valuation allowances. | |||||||||||||
Specific valuation allowances are established based on management’s analyses of individual loans that are considered impaired. If a non-covered loan is deemed to be impaired, management measures the extent of the impairment and establishes a specific valuation allowance for that amount. A non-covered loan is classified as “impaired” when, based on current information and/or events, it is probable that the Company will be unable to collect both the principal and interest due under the contractual terms of the loan agreement. The Company applies this classification as necessary to non-covered loans individually evaluated for impairment in its portfolios. Smaller-balance homogenous loans and loans carried at the lower of cost or fair value are evaluated for impairment on a collective, rather than individual, basis. Loans to certain borrowers who have experienced financial difficulty and for which the terms have been modified, resulting in a concession, are considered troubled debt restructurings (“TDRs”) and are classified as impaired. | |||||||||||||
Management generally measures impairment on an individual loan and determines the extent to which a specific valuation allowance is necessary by comparing the loan’s outstanding balance to either the fair value of the collateral, less the estimated cost to sell, or the present value of expected cash flows, discounted at the loan’s effective interest rate. Generally, when the fair value of the collateral, net of the estimated costs to sell, or the present value of the expected cash flows is less than the recorded investment in the loan, any shortfall is promptly charged off. | |||||||||||||
Management also follows a process to assign general valuation allowances to non-covered loan categories. General valuation allowances are established by applying management’s loan loss provisioning methodology, and reflect the inherent risk in outstanding held-for-investment loans. This loan loss provisioning methodology considers various factors in determining the appropriate quantified risk factors to use to determine the general valuation allowances. | |||||||||||||
The factors assessed begin with the historical loan loss experience for each major loan category. Management’s allowance for loan losses methodology also considers an estimate of the historical loss emergence period (which is the period of time between the event that triggers a loss and the confirmation and/or charge-off of that loss) for each loan portfolio segment. During 2014, this methodology was enhanced by estimating the loss emergence period using a more granular segmentation approach. | |||||||||||||
The allocation methodology consists of the following components: First, management determines an allowance for loan losses based on a quantitative loss factor for loans evaluated collectively for impairment. This quantitative loss factor is based primarily on historical loss rates, after considering loan type, historical loss and delinquency experience, and loss emergence periods. The quantitative loss factors applied in the methodology are periodically re-evaluated and adjusted to reflect changes in historical loss levels, loss emergence periods, or other risks. Lastly, management allocates an allowance for loan losses to qualitative loss factors. These qualitative loss factors are designed to account for losses that may not be provided for by the quantitative loss component due to other factors evaluated by management which, include, but are not limited to: | |||||||||||||
• | Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices; | ||||||||||||
• | Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; | ||||||||||||
• | Changes in the nature and volume of the portfolio and in the terms of loans; | ||||||||||||
• | Changes in the volume and severity of past due loans, the volume of non-accrual loans, and the volume and severity of adversely classified or graded loans; | ||||||||||||
• | Changes in the quality of the Company’s loan review system; | ||||||||||||
• | Changes in the value of the underlying collateral for collateral-dependent loans; | ||||||||||||
• | The existence and effect of any concentrations of credit, and changes in the level of such concentrations; | ||||||||||||
• | Changes in the experience, ability, and depth of lending management and other relevant staff; and | ||||||||||||
• | The effect of other external factors, such as competition and legal and regulatory requirements, on the level of estimated credit losses in the existing portfolio. | ||||||||||||
By considering the factors discussed above, management determines an allowance for non-covered loan loss that is applied to each significant loan portfolio segment to determine the total allowance for losses on non-covered loans. | |||||||||||||
In 2014, management changed the historical loss period used to determine the allowance for loan losses on non-covered loans to a rolling 16-quarter look-back, as it believes this to be a more appropriate reflection of the Company’s historical loss experience. This change has not had a significant effect on the allowance for losses on non-covered loans, nor is it expected to do so. | |||||||||||||
The process of establishing the allowance for losses on non-covered loans also involves: | |||||||||||||
• | Periodic inspections of the loan collateral by qualified in-house and external property appraisers and/or inspectors, as applicable; | ||||||||||||
• | Regular meetings of executive management with the pertinent Board committee, during which observable trends in the local economy and/or the real estate market are discussed; | ||||||||||||
• | Assessment of the aforementioned factors by the pertinent members of the Boards of Directors and management when making a business judgment regarding the impact of anticipated changes on the future level of loan losses; and | ||||||||||||
• | Analysis of the portfolio in the aggregate, as well as on an individual loan basis, taking into consideration payment history, underwriting analyses, and internal risk ratings. | ||||||||||||
In order to determine their overall adequacy, each of the respective non-covered loan loss allowances is reviewed quarterly by management and the Board of Directors of the Community Bank or the Commercial Bank, as applicable. | |||||||||||||
Loans, or portions of loans, are charged off in the period that such loans, or portions thereof, are deemed uncollectible. The collectability of individual loans is determined through an assessment of the financial condition and repayment capacity of the borrower and/or through an estimate of the fair value of any underlying collateral. For non-real estate-related consumer credits, the following past-due time periods determine when charge-offs are typically recorded: (1) Closed-end credits are charged off in the quarter that the loan becomes 120 days past due; (2) Open-end credits are charged off in the quarter that the loan becomes 180 days past due; and (3) Both closed-end and open-end credits are typically charged off in the quarter that the credit is 60 days past the date the Company received notification that the borrower has filed for bankruptcy. | |||||||||||||
The level of future additions to the respective non-covered loan loss allowances is based on many factors, including certain factors that are beyond management’s control. These include changes in economic and local market conditions, including declines in real estate values, and increases in vacancy rates and unemployment. Management uses the best available information to recognize losses on loans or to make additions to the loan loss allowances; however, the Community Bank and/or the Commercial Bank may be required to take certain charge-offs and/or recognize further additions to their loan loss allowances, based on the judgment of regulatory agencies with regard to information provided to them during their examinations of the Banks. | |||||||||||||
An allowance for unfunded commitments is maintained separate from the allowances for non-covered loan losses and is included in “Other liabilities” in the Consolidated Statements of Condition. | |||||||||||||
Allowance for Losses on Covered Loans | |||||||||||||
The Company has elected to account for the loans acquired in the AmTrust and Desert Hills acquisitions (the “covered loans”) based on expected cash flows. This election is in accordance with FASB Accounting Standards Codification (“ASC”) Topic 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”). In accordance with ASC 310-30, the Company maintains the integrity of a pool of multiple loans accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. | |||||||||||||
Covered loans are reported exclusive of the FDIC loss share receivable. The covered loans acquired in the AmTrust and Desert Hills acquisitions are, and will continue to be, reviewed for collectability based on the expectations of cash flows from these loans. Covered loans have been aggregated into pools of loans with common characteristics. In determining the allowance for losses on covered loans, the Company periodically performs an analysis to estimate the expected cash flows for each of the loan pools. A provision for losses on covered loans is recorded to the extent that the expected cash flows from a loan pool have decreased for credit-related items since the acquisition date. Accordingly, during the loss share recovery period, if there is a decrease in expected cash flows due to an increase in estimated credit losses compared to the estimates made at the respective acquisition dates, the decrease in the present value of expected cash flows will be recorded as a provision for covered loan losses charged to earnings, and the allowance for covered loan losses will be increased. During the loss share recovery period, a related credit to non-interest income and an increase in the FDIC loss share receivable will be recognized at the same time, and will be measured based on the applicable loss sharing agreement percentage. | |||||||||||||
Please see Note 6, “Allowances for Loan Losses” for a further discussion of the allowance for losses on covered loans, as well as additional information about the allowance for losses on non-covered loans. | |||||||||||||
FDIC Loss Share Receivable | FDIC Loss Share Receivable | ||||||||||||
The FDIC loss share receivable is initially recorded at fair value and is measured separately from the covered loans acquired in the AmTrust and Desert Hills acquisitions as it is not contractually embedded in any of the covered loans. The loss share receivable related to estimated future loan losses is not transferable should the Company sell a loan prior to foreclosure or maturity. The loss share receivable represents the present value of the estimated cash payments expected to be received from the FDIC for future losses on covered assets, based on the credit adjustment estimated for each covered asset and the loss sharing percentages. These cash flows are then discounted at a market-based rate to reflect the uncertainty of the timing and receipt of the loss sharing reimbursements from the FDIC. The amount ultimately collected for this asset is dependent upon the performance of the underlying covered assets, the passage of time, and claims submitted to the FDIC. | |||||||||||||
The FDIC loss share receivable is reduced as losses are recognized on covered loans and loss sharing payments are received from the FDIC. Realized losses in excess of acquisition-date estimates will result in an increase in the FDIC loss share receivable. Conversely, if realized losses are less than the acquisition-date estimates, the FDIC loss share receivable will be reduced. | |||||||||||||
Decreases in estimated reimbursements from the FDIC, if any, are recognized in income prospectively over the life of the related covered loans (or, if shorter, over the remaining term of the related loss sharing agreement). Related additions to the accretable yield on the covered loans are recognized in income prospectively over the lives of the loans. Increases in estimated reimbursements will be recognized in interest income in the same period that they are identified, and an allowance for loan losses for the related loans recorded. | |||||||||||||
Goodwill Impairment | Goodwill Impairment | ||||||||||||
Goodwill is presumed to have an indefinite useful life and is tested for impairment, rather than amortized, at the reporting unit level at least once a year. We performed our annual goodwill impairment test as of December 31, 2014 and found no indication of goodwill impairment at that date. In addition to being tested annually, goodwill would be tested in less than one year’s time if there were a “triggering event.” During the year ended December 31, 2014, no triggering events were identified. | |||||||||||||
The goodwill impairment analysis is a two-step test. However, a company can, under ASU No. 2011-08, “Testing Goodwill for Impairment,” first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. Under this amendment, an entity would not be required to calculate the fair value of a reporting unit unless the entity determined, based on a qualitative assessment, that it was more likely than not that its fair value was less than its carrying amount. The Company did not elect to perform a qualitative assessment of its goodwill in 2014. The first step (“Step 1”) is used to identify potential impairment, and involves comparing each reporting segment’s estimated fair value to its carrying amount, including goodwill. If the estimated fair value of a reporting segment exceeds its carrying amount, goodwill is not considered to be impaired. If the carrying amount exceeds the estimated fair value, there is an indication of potential impairment and the second step (“Step 2”) is performed to measure the amount. | |||||||||||||
Step 2 involves calculating an implied fair value of goodwill for each reporting segment for which impairment was indicated in Step 1. The implied fair value of goodwill is determined in a manner similar to the amount of goodwill calculated in a business combination, i.e., by measuring the excess of the estimated fair value of the reporting segment, as determined in Step 1, over the aggregate estimated fair values of the individual assets, liabilities, and identifiable intangibles, as if the reporting segment were being acquired in a business combination at the impairment test date. If the implied fair value of goodwill exceeds the carrying amount of goodwill assigned to the reporting segment, there is no impairment. If the carrying amount of goodwill assigned to a reporting segment exceeds the implied fair value of the goodwill, an impairment charge is recorded for the excess. An impairment loss cannot exceed the carrying amount of goodwill assigned to a reporting segment, and the loss establishes a new basis in the goodwill. Subsequent reversal of goodwill impairment losses is not permitted. | |||||||||||||
Quoted market prices in active markets are the best evidence of fair value and are used as the basis for measurement, when available. Other acceptable valuation methods include present-value measurements based on multiples of earnings or revenues, or similar performance measures. Differences in the identification of reporting units and in valuation techniques could result in materially different evaluations of impairment. | |||||||||||||
For the purpose of goodwill impairment testing, management has determined that the Company has two reporting segments: Banking Operations and Residential Mortgage Banking. All of our recorded goodwill has resulted from prior acquisitions and, accordingly, is attributed to Banking Operations. There is no goodwill associated with Residential Mortgage Banking, as this segment was acquired in our FDIC-assisted AmTrust acquisition, which resulted in a bargain purchase gain. In order to perform our annual goodwill impairment test, we determined the carrying value of the Banking Operations segment to be the carrying value of the Company and compared it to the fair value of the Company. | |||||||||||||
Core Deposit Intangibles | Core Deposit Intangibles | ||||||||||||
Core deposit intangible (“CDI”) is a measure of the value of checking and savings deposits acquired in a business combination. The fair value of the CDI stemming from any given business combination is based on the present value of the expected cost savings attributable to the core deposit funding, relative to an alternative funding source. CDI is amortized over the estimated useful lives of the existing deposit relationships acquired, but does not exceed 10 years. The Company evaluates such identifiable intangibles for impairment when an indication of impairment exists. No impairment charges were required to be recorded in 2014, 2013, or 2012. If an impairment loss is determined to exist in the future, the loss will be reflected as an expense in the Consolidated Statement of Income and Comprehensive Income for the period in which such impairment is identified. | |||||||||||||
Premises and Equipment, Net | Premises and Equipment, Net | ||||||||||||
Premises, furniture, fixtures, and equipment are carried at cost, less the accumulated depreciation computed on a straight-line basis over the estimated useful lives of the respective assets (generally 20 years for premises and three to ten years for furniture, fixtures, and equipment). Leasehold improvements are carried at cost less the accumulated amortization computed on a straight-line basis over the shorter of the related lease term or the estimated useful life of the improvement. | |||||||||||||
Depreciation and amortization are included in “Occupancy and equipment expense” in the Consolidated Statements of Income and Comprehensive Income, and amounted to $27.8 million, $28.1 million, and $25.5 million, respectively, in the years ended December 31, 2014, 2013, and 2012. | |||||||||||||
Mortgage Servicing Rights | Mortgage Servicing Rights | ||||||||||||
The Company recognizes the right to service mortgage loans for others as a separate asset referred to as an MSR. MSRs are generally recognized when one-to-four family loans are sold or securitized, servicing retained. The Company initially records, and subsequently carries, MSRs at fair value. At December 31, 2014, the Company had one class of MSRs, residential MSRs. | |||||||||||||
The Company bases the fair value of its MSRs on the present value of estimated future net servicing income cash flows utilizing an internal valuation model. This model utilizes assumptions that market participants would use to estimate fair value, including estimates of prepayment speeds, discount rates, default rates, refinance rates, servicing costs, escrow account earnings, contractual servicing fee income, and ancillary income. The Company reassesses, and periodically adjusts, the underlying inputs and changes in the assumptions to reflect market conditions and assumptions that a market participant would consider in valuing the MSRs. | |||||||||||||
Changes in the fair value of MSRs primarily occur in connection with the collection/realization of expected cash flows, as well as changes in the valuation inputs and assumptions. Changes in the fair value of MSRs are reported in “Non-interest income” as a component of mortgage banking income in the period during which such changes occur. | |||||||||||||
Prior to December 31, 2014, the Company also had securitized MSRs. (Please see Note 11, “Intangible Assets,” for additional information regarding securitized MSRs.) | |||||||||||||
Offsetting Derivative Positions | Offsetting Derivative Positions | ||||||||||||
In accordance with the applicable accounting guidance, the Company takes into account the impact of collateral and master netting agreements that allow it to settle all derivative contracts held with a single counterparty on a net basis, and to offset the net derivative position with the related collateral when recognizing derivative assets and liabilities. As a result, the Company’s Consolidated Statements of Condition reflect derivative contracts with negative fair values that are included in derivative assets, and contracts with positive fair values that are included in derivative liabilities, on a net basis. | |||||||||||||
Bank-Owned Life Insurance | Bank-Owned Life Insurance | ||||||||||||
The Company has purchased life insurance policies on certain employees. These bank-owned life insurance (“BOLI”) policies are recorded in the Consolidated Statements of Condition at their cash surrender value. Income from these policies and changes in the cash surrender value are recorded in “Non-interest income” in the Consolidated Statements of Income and Comprehensive Income. At December 31, 2014 and 2013, the Company’s investment in BOLI was $915.2 million and $893.5 million, respectively. There were no additional purchases of BOLI during the years ended December 31, 2014 or 2013. The Company’s investment in BOLI generated income of $27.2 million, $29.9 million, and $30.5 million, respectively, during the years ended December 31, 2014, 2013, and 2012. | |||||||||||||
Other Real Estate Owned | Other Real Estate Owned | ||||||||||||
Real estate properties acquired through, or in lieu of, foreclosure are sold or rented, and are reported at the lower of cost (i.e., the unpaid balance of the loan at the acquisition date plus the expenses incurred to bring the property to a saleable condition, when appropriate) or fair value, less the estimated selling costs, at the date of acquisition. Following foreclosure, management periodically performs a valuation of the property, and the real estate is carried at the lower of the carrying amount or fair value, less the estimated selling costs. Expenses and revenues from operations and changes in valuation, if any, are included in “General and administrative” expense in the Consolidated Statements of Income and Comprehensive Income. At December 31, 2014 and 2013, the Company had other real estate owned (“OREO”) of $94.0 million and $108.9 million, respectively. The respective amounts include OREO of $32.0 million and $37.5 million that is covered under the Company’s FDIC loss sharing agreements. | |||||||||||||
Income Taxes | Income Taxes | ||||||||||||
Income tax expense consists of income taxes that are currently payable and deferred income taxes. Deferred income tax expense is determined by recognizing deferred tax assets and liabilities for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. The Company assesses the deferred tax assets and establishes a valuation allowance when realization of a deferred asset is not considered to be “more likely than not.” The Company considers its expectation of future taxable income in evaluating the need for a valuation allowance. | |||||||||||||
The Company estimates income taxes payable based on the amount it expects to owe the various tax authorities (i.e., federal, state, and local). Income taxes represent the net estimated amount due to, or to be received from, such tax authorities. In estimating income taxes, management assesses the relative merits and risks of the appropriate tax treatment of transactions, taking into account statutory, judicial, and regulatory guidance in the context of the Company’s tax position. In this process, management also relies on tax opinions, recent audits, and historical experience. Although the Company uses the best available information to record income taxes, underlying estimates and assumptions can change over time as a result of unanticipated events or circumstances such as changes in tax laws and judicial guidance influencing its overall tax position. | |||||||||||||
Stock Incentives | Stock Incentives | ||||||||||||
Under the New York Community Bancorp, Inc. 2012 Stock Incentive Plan (the “2012 Stock Incentive Plan”), which was approved by the Company’s shareholders at its Annual Meeting on June 7, 2012, shares are available for grant as restricted stock or other forms of related rights. | |||||||||||||
At December 31, 2014, the Company had 14,480,253 shares available for grant under the 2012 Stock Incentive Plan, including 1,030,673 shares that were transferred from the New York Community Bancorp, Inc. 2006 Stock Incentive Plan (the “2006 Stock Incentive Plan”), which was approved by the Company’s shareholders at its Annual Meeting on June 7, 2006 and reapproved at its Annual Meeting on June 2, 2011. Compensation cost related to restricted stock grants is recognized on a straight-line basis over the vesting period. For a more detailed discussion of the Company’s stock-based compensation, please see Note 13, “Stock-Related Benefit Plans.” | |||||||||||||
Retirement Plans | Retirement Plans | ||||||||||||
The Company’s pension benefit obligations and post-retirement health and welfare benefit obligations, and the related costs, are calculated using actuarial concepts in accordance with GAAP. The measurement of such obligations and expenses requires that certain assumptions be made regarding several factors, most notably including the discount rate and the expected return on plan assets. The Company evaluates these critical assumptions on an annual basis. Other factors considered by the Company in its evaluation include retirement patterns, mortality, turnover, and the rate of compensation increase. | |||||||||||||
Under GAAP, actuarial gains and losses, prior service costs or credits, and any remaining transition assets or obligations that have not been recognized under previous accounting standards must be recognized in AOCL until they are amortized as a component of net periodic benefit cost. | |||||||||||||
Earnings per Share (Basic and Diluted) | Earnings per Share (Basic and Diluted) | ||||||||||||
Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the same method as basic EPS, however, the computation reflects the potential dilution that would occur if outstanding in-the-money stock options were exercised and converted into common stock. | |||||||||||||
Unvested stock-based compensation awards containing non-forfeitable rights to dividends are considered participating securities, and therefore are included in the two-class method for calculating EPS. Under the two-class method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. The Company grants restricted stock to certain employees under its stock-based compensation plans. Recipients receive cash dividends during the vesting periods of these awards, including on the unvested portion of such awards. Since these dividends are non-forfeitable, the unvested awards are considered participating securities and therefore have earnings allocated to them. | |||||||||||||
The following table presents the Company’s computation of basic and diluted EPS for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||
Years Ended December 31, | |||||||||||||
(in thousands, except share and per share amounts) | 2014 | 2013 | 2012 | ||||||||||
Net income | $485,397 | $475,547 | $501,106 | ||||||||||
Less: Dividends paid on and earnings allocated to participating securities | (3,425 | ) | (3,008 | ) | (4,702 | ) | |||||||
Earnings applicable to common stock | $481,972 | $472,539 | $496,404 | ||||||||||
Weighted average common shares outstanding | 440,988,102 | 439,251,238 | 437,706,702 | ||||||||||
Basic earnings per common share | $1.09 | $1.08 | $1.13 | ||||||||||
Earnings applicable to common stock | $481,972 | $472,539 | $496,404 | ||||||||||
Weighted average common shares outstanding | 440,988,102 | 439,251,238 | 437,706,702 | ||||||||||
Potential dilutive common shares (1) | — | — | 5,540 | ||||||||||
Total shares for diluted earnings per share computation | 440,988,102 | 439,251,238 | 437,712,242 | ||||||||||
Diluted earnings per common share and common share equivalents | $1.09 | $1.08 | $1.13 | ||||||||||
-1 | Options to purchase 58,560 shares, 60,300 shares, and 2,542,277 shares, respectively, of the Company’s common stock that were outstanding as of December 31, 2014, 2013, and 2012, at respective weighted average exercise prices of $18.04, $17.99, and $16.86, were excluded from the respective computations of diluted EPS because their inclusion would have had an antidilutive effect. | ||||||||||||
Impact of Recent Accounting Pronouncements | Impact of Recent Accounting Pronouncements | ||||||||||||
In June 2014, the FASB issued ASU No. 2014-11, “Transfers and Servicing (Topic 860)—Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” The amendments in ASU No. 2014-11 require that repurchase-to-maturity transactions be accounted for as secured borrowings consistent with the accounting for other repurchase agreements. In addition, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty (a repurchase financing), which will result in secured borrowing accounting for the repurchase agreement. The amendments require an entity to disclose information about transfers accounted for as sales in transactions that are economically similar to repurchase agreements, in which the transferor retains substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. In addition, the amendments require disclosure of the types of collateral pledged in repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions, and the tenor of those transactions. The accounting changes in ASU No. 2014-11 are effective for the first interim or annual period beginning after December 15, 2014. The disclosure for certain transactions accounted for as sales is required to be presented for interim and annual periods beginning after December 15, 2014, and the disclosure for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The adoption of ASU No. 2014-11 is not expected to have a material effect on the Company’s consolidated statement of condition or results of operations. | |||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” The amendments in ASU No. 2014-09 create Topic 606, “Revenue from Contracts with Customers,” and supersede the revenue recognition requirements in Topic 605, “Revenue Recognition,” including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, the amendments supersede the cost guidance in Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts,” and create new Subtopic 340-40, “Other Assets and Deferred Costs—Contracts with Customers.” In summary, the core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company is in the process of evaluating the effects the adoption of ASU No. 2014-09 may have on the Company’s consolidated statement of condition or results of operations. | |||||||||||||
In January 2014, the FASB issued ASU No. 2014-01, “Investments – Equity Method and Joint Ventures (Topic 323), Accounting for Investments in Qualified Affordable Housing Projects.” The amendments in ASU No. 2014-01 provide guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for low-income housing tax credits. The amendments permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method, if certain conditions are met. ASU No. 2014-01 is effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014, with early adoption permitted; it should be applied retrospectively to all periods presented. The Company adopted ASU No. 2014-01 on January 1, 2014. ASU No. 2014-01 calls for additional disclosures that will enable the reader to understand the nature of the investment and the effect of its measurement and related tax credits on a company’s financial condition and results of operations. Please see Note 9, “Federal, State, and Local Taxes” for the presentation of such disclosures. | |||||||||||||
In January 2014, the FASB issued ASU No. 2014-04, “Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40), Reclassification of Residential Real Estate-Collateralized Consumer Mortgage Loans upon Foreclosure.” The amendments in ASU No. 2014-04 clarify when an in-substance repossession or foreclosure occurs, i.e., when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. ASU No. 2014-04 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The adoption of ASU No. 2014-04 is not expected to have a material effect on the Company’s consolidated statement of condition or results of operations. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Computation of Basic and Diluted Earnings Per Share | The following table presents the Company’s computation of basic and diluted EPS for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||
Years Ended December 31, | |||||||||||||
(in thousands, except share and per share amounts) | 2014 | 2013 | 2012 | ||||||||||
Net income | $485,397 | $475,547 | $501,106 | ||||||||||
Less: Dividends paid on and earnings allocated to participating securities | (3,425 | ) | (3,008 | ) | (4,702 | ) | |||||||
Earnings applicable to common stock | $481,972 | $472,539 | $496,404 | ||||||||||
Weighted average common shares outstanding | 440,988,102 | 439,251,238 | 437,706,702 | ||||||||||
Basic earnings per common share | $1.09 | $1.08 | $1.13 | ||||||||||
Earnings applicable to common stock | $481,972 | $472,539 | $496,404 | ||||||||||
Weighted average common shares outstanding | 440,988,102 | 439,251,238 | 437,706,702 | ||||||||||
Potential dilutive common shares (1) | — | — | 5,540 | ||||||||||
Total shares for diluted earnings per share computation | 440,988,102 | 439,251,238 | 437,712,242 | ||||||||||
Diluted earnings per common share and common share equivalents | $1.09 | $1.08 | $1.13 | ||||||||||
-1 | Options to purchase 58,560 shares, 60,300 shares, and 2,542,277 shares, respectively, of the Company’s common stock that were outstanding as of December 31, 2014, 2013, and 2012, at respective weighted average exercise prices of $18.04, $17.99, and $16.86, were excluded from the respective computations of diluted EPS because their inclusion would have had an antidilutive effect. |
Reclassifications_Out_of_Accum1
Reclassifications Out of Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Reclassifications of Accumulated Other Comprehensive Loss | RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE LOSS | ||||||
(in thousands) | For the Twelve Months Ended December 31, 2014 | ||||||
Details about | Amount Reclassified | Affected Line Item in the | |||||
Accumulated Other Comprehensive Loss | from Accumulated | Consolidated Statement of Income | |||||
Other Comprehensive | and Comprehensive Income | ||||||
Loss (1) | |||||||
Unrealized gains on available-for-sale securities | $ | 6,186 | Net gain on sales of securities | ||||
(2,492 | ) | Tax expense | |||||
$ | 3,694 | Net gain on sales of securities, net of tax | |||||
Amortization of defined benefit pension plan items: | |||||||
Prior-service costs | $ | 249 | Included in the computation of net periodic (credit) expense (2) | ||||
Actuarial losses | (3,763 | ) | Included in the computation of net periodic (credit) expense (2) | ||||
(3,514 | ) | Total before tax | |||||
1,419 | Tax benefit | ||||||
$ | (2,095 | ) | Amortization of defined benefit pension plan items, net of tax | ||||
Total reclassifications for the period | $ | 1,599 | |||||
-1 | Amounts in parentheses indicate expense items. | ||||||
-2 | Please see Note 12, “Employee Benefits,” for additional information. |
Securities_Tables
Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Summary of Portfolio of Securities Available for Sale | The following tables summarize the Company’s portfolio of securities available for sale at December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(in thousands) | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||||||||||||||
Mortgage-Related Securities: | |||||||||||||||||||||||||||||||||||||
GSE(1) certificates | $ | 18,350 | $ | 1,350 | $ | — | $ | 19,700 | |||||||||||||||||||||||||||||
GSE CMOs(2) | — | — | — | — | |||||||||||||||||||||||||||||||||
Private label CMOs | — | — | — | — | |||||||||||||||||||||||||||||||||
Total mortgage-related securities | $ | 18,350 | $ | 1,350 | $ | — | $ | 19,700 | |||||||||||||||||||||||||||||
Other Securities: | |||||||||||||||||||||||||||||||||||||
Municipal bonds | $ | 841 | $ | 101 | $ | — | $ | 942 | |||||||||||||||||||||||||||||
Capital trust notes | 13,431 | 31 | 1,980 | 11,482 | |||||||||||||||||||||||||||||||||
Preferred stock | 118,205 | 5,246 | 440 | 123,011 | |||||||||||||||||||||||||||||||||
Common stock | 17,943 | 748 | 43 | 18,648 | |||||||||||||||||||||||||||||||||
Total other securities | $ | 150,420 | $ | 6,126 | $ | 2,463 | $ | 154,083 | |||||||||||||||||||||||||||||
Total securities available for sale | $ | 168,770 | $ | 7,476 | $ | 2,463 | $ | 173,783 | |||||||||||||||||||||||||||||
-1 | Government-sponsored enterprise. | ||||||||||||||||||||||||||||||||||||
-2 | Collateralized mortgage obligations. | ||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(in thousands) | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||||||||||||||
Mortgage-Related Securities: | |||||||||||||||||||||||||||||||||||||
GSE certificates | $ | 23,759 | $ | 1,442 | $ | 1 | $ | 25,200 | |||||||||||||||||||||||||||||
GSE CMOs | 62,082 | 598 | 1,861 | 60,819 | |||||||||||||||||||||||||||||||||
Private label CMOs | 10,214 | — | 12 | 10,202 | |||||||||||||||||||||||||||||||||
Total mortgage-related securities | $ | 96,055 | $ | 2,040 | $ | 1,874 | $ | 96,221 | |||||||||||||||||||||||||||||
Other Securities: | |||||||||||||||||||||||||||||||||||||
Municipal bonds | $ | 957 | $ | 69 | $ | — | $ | 1,026 | |||||||||||||||||||||||||||||
Capital trust notes | 13,419 | 60 | 1,681 | 11,798 | |||||||||||||||||||||||||||||||||
Preferred stock | 118,205 | 1,936 | 3,902 | 116,239 | |||||||||||||||||||||||||||||||||
Common stock | 51,654 | 4,093 | 293 | 55,454 | |||||||||||||||||||||||||||||||||
Total other securities | $ | 184,235 | $ | 6,158 | $ | 5,876 | $ | 184,517 | |||||||||||||||||||||||||||||
Total securities available for sale | $ | 280,290 | $ | 8,198 | $ | 7,750 | $ | 280,738 | |||||||||||||||||||||||||||||
Summary of Portfolio of Securities Held to Maturity | The following tables summarize the Company’s portfolio of securities held to maturity at December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(in thousands) | Amortized | Carrying | Gross | Gross | Fair Value | ||||||||||||||||||||||||||||||||
Cost | Amount | Unrealized | Unrealized | ||||||||||||||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||||||||||||||
Mortgage-Related Securities: | |||||||||||||||||||||||||||||||||||||
GSE certificates | $ | 2,468,791 | $ | 2,468,791 | $ | 106,414 | $ | 3,838 | $ | 2,571,367 | |||||||||||||||||||||||||||
GSE CMOs | 1,610,243 | 1,610,243 | 65,075 | 711 | 1,674,607 | ||||||||||||||||||||||||||||||||
Total mortgage-related securities | $ | 4,079,034 | $ | 4,079,034 | $ | 171,489 | $ | 4,549 | $ | 4,245,974 | |||||||||||||||||||||||||||
Other Securities: | |||||||||||||||||||||||||||||||||||||
GSE debentures | $ | 2,635,989 | $ | 2,635,989 | $ | 24,173 | $ | 32,920 | $ | 2,627,242 | |||||||||||||||||||||||||||
Corporate bonds | 73,317 | 73,317 | 12,113 | — | 85,430 | ||||||||||||||||||||||||||||||||
Municipal bonds | 58,682 | 58,682 | — | 1,027 | 57,655 | ||||||||||||||||||||||||||||||||
Capital trust notes | 84,476 | 75,645 | 5,193 | 11,168 | 69,670 | ||||||||||||||||||||||||||||||||
Total other securities | $ | 2,852,464 | $ | 2,843,633 | $ | 41,479 | $ | 45,115 | $ | 2,839,997 | |||||||||||||||||||||||||||
Total securities held to maturity (1) | $ | 6,931,498 | $ | 6,922,667 | $ | 212,968 | $ | 49,664 | $ | 7,085,971 | |||||||||||||||||||||||||||
-1 | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At December 31, 2014, the non-credit portion of OTTI recorded in AOCL was $8.8 million (before taxes). | ||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(in thousands) | Amortized | Carrying | Gross | Gross | Fair Value | ||||||||||||||||||||||||||||||||
Cost | Amount | Unrealized | Unrealized | ||||||||||||||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||||||||||||||
Mortgage-Related Securities: | |||||||||||||||||||||||||||||||||||||
GSE certificates | $ | 2,529,102 | $ | 2,529,102 | $ | 30,145 | $ | 61,280 | $ | 2,497,967 | |||||||||||||||||||||||||||
GSE CMOs | 1,878,885 | 1,878,885 | 29,330 | 22,520 | 1,885,695 | ||||||||||||||||||||||||||||||||
Total mortgage-related securities | $ | 4,407,987 | $ | 4,407,987 | $ | 59,475 | $ | 83,800 | $ | 4,383,662 | |||||||||||||||||||||||||||
Other Securities: | |||||||||||||||||||||||||||||||||||||
GSE debentures | $ | 3,053,253 | $ | 3,053,253 | $ | 6,512 | $ | 208,506 | $ | 2,851,259 | |||||||||||||||||||||||||||
Corporate bonds | 72,899 | 72,899 | 11,063 | — | 83,962 | ||||||||||||||||||||||||||||||||
Municipal bonds | 60,462 | 60,462 | 19 | 3,849 | 56,632 | ||||||||||||||||||||||||||||||||
Capital trust notes | 84,871 | 75,681 | 3,134 | 9,086 | 69,729 | ||||||||||||||||||||||||||||||||
Total other securities | $ | 3,271,485 | $ | 3,262,295 | $ | 20,728 | $ | 221,441 | $ | 3,061,582 | |||||||||||||||||||||||||||
Total securities held to maturity (1) | $ | 7,679,472 | $ | 7,670,282 | $ | 80,203 | $ | 305,241 | $ | 7,445,244 | |||||||||||||||||||||||||||
-1 | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At December 31, 2013, the non-credit portion of OTTI recorded in AOCL was $9.2 million (before taxes). | ||||||||||||||||||||||||||||||||||||
Summary of Gross Proceeds, Gross Realized Gains, and Gross Realized Losses from Sale of Available-for-Sale Securities | The following table summarizes the gross proceeds, gross realized gains, and gross realized losses from the sale of available-for-sale securities during the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Gross proceeds | $ | 333,725 | $ | 631,802 | $ | 822,618 | |||||||||||||||||||||||||||||||
Gross realized gains | 6,186 | 9,529 | 2,041 | ||||||||||||||||||||||||||||||||||
Gross realized losses | — | 45 | — | ||||||||||||||||||||||||||||||||||
Credit Loss Component of Other Than Temporary Impairment on Debt Securities | In the following table, the beginning balance represents the credit loss component for debt securities on which OTTI occurred prior to January 1, 2014. For credit-impaired debt securities, OTTI recognized in earnings after that date is presented as an addition in two components, based upon whether the current period is the first time a debt security was credit-impaired (initial credit impairment) or is not the first time a debt security was credit-impaired (subsequent credit impairment). | ||||||||||||||||||||||||||||||||||||
(in thousands) | For the Twelve Months | ||||||||||||||||||||||||||||||||||||
Ended December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Beginning credit loss amount as of December 31, 2013 | $ | 216,334 | |||||||||||||||||||||||||||||||||||
Add: Initial other-than-temporary credit losses | — | ||||||||||||||||||||||||||||||||||||
Subsequent other-than-temporary credit losses | — | ||||||||||||||||||||||||||||||||||||
Amount previously recognized in AOCL | — | ||||||||||||||||||||||||||||||||||||
Less: Realized losses for securities sold | — | ||||||||||||||||||||||||||||||||||||
Securities intended or required to be sold | — | ||||||||||||||||||||||||||||||||||||
Increases in expected cash flows on debt securities | 17,326 | ||||||||||||||||||||||||||||||||||||
Ending credit loss amount as of December 31, 2014 | $ | 199,008 | |||||||||||||||||||||||||||||||||||
Summary of Carrying Amount and Estimated Fair Value of Held-to-Maturity Debt Securities and Amortized Cost and Estimated Fair Value of Available-for-Sale Debt Securities by Contractual Maturity | The following table summarizes the carrying amounts and estimated fair values of held-to-maturity debt securities, and the amortized costs and estimated fair values of available-for-sale debt securities, at December 31, 2014, by contractual maturity. Mortgage-related securities held to maturity and available for sale, all of which have prepayment provisions, are distributed to a maturity category based on the ends of the estimated average lives of such securities. Principal and amortization prepayments are not shown in maturity categories as they occur, but are considered in the determination of estimated average life. | ||||||||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Mortgage- | Average | U.S. Treasury | Average | State, County, | Average | Other Debt | Average | Fair Value | ||||||||||||||||||||||||||||
Related | Yield | and GSE | Yield | and Municipal | Yield (1) | Securities (2) | Yield | ||||||||||||||||||||||||||||||
Securities | Obligations | ||||||||||||||||||||||||||||||||||||
Held-to-Maturity Securities: | |||||||||||||||||||||||||||||||||||||
Due within one year | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | — | |||||||||||||||||||
Due from one to five years | — | — | 60,125 | 4.17 | 862 | 2.96 | — | — | 66,222 | ||||||||||||||||||||||||||||
Due from five to ten years | 3,210,182 | 3.22 | 2,575,864 | 2.7 | — | — | 47,338 | 3.14 | 5,957,938 | ||||||||||||||||||||||||||||
Due after ten years | 868,852 | 3.26 | — | — | 57,820 | 2.85 | 101,624 | 5.9 | 1,061,811 | ||||||||||||||||||||||||||||
Total debt securities held to maturity | $ | 4,079,034 | 3.23 | % | $ | 2,635,989 | 2.73 | % | $ | 58,682 | 2.85 | % | $ | 148,962 | 5.02 | % | $ | 7,085,971 | |||||||||||||||||||
Available-for-Sale Securities: (3) | |||||||||||||||||||||||||||||||||||||
Due within one year | $ | 2 | 5.91 | % | $ | — | — | % | $ | 124 | 6.45 | % | $ | — | — | % | $ | 133 | |||||||||||||||||||
Due from one to five years | 3,706 | 6.77 | — | — | 577 | 6.49 | — | — | 4,517 | ||||||||||||||||||||||||||||
Due from five to ten years | 3,188 | 3.78 | — | — | 140 | 6.66 | — | — | 3,565 | ||||||||||||||||||||||||||||
Due after ten years | 11,454 | 4.82 | — | — | — | — | 13,431 | 5.7 | 23,909 | ||||||||||||||||||||||||||||
Total debt securities available for sale | $ | 18,350 | 5.03 | % | $ | — | — | % | $ | 841 | 6.51 | % | $ | 13,431 | 5.7 | % | $ | 32,124 | |||||||||||||||||||
-1 | Not presented on a tax-equivalent basis. | ||||||||||||||||||||||||||||||||||||
-2 | Includes corporate bonds and capital trust notes. Included in capital trust notes are $247,000 of pooled trust preferred securities held to maturity, all of which are due after ten years. The remaining capital trust notes consist of single-issue trust preferred securities. | ||||||||||||||||||||||||||||||||||||
-3 | As equity securities have no contractual maturity, they have been excluded from this table. | ||||||||||||||||||||||||||||||||||||
Summary of Held-to-Maturity and Available-for-Sale Securities having Continuous Unrealized Loss Position | The following table presents held-to-maturity and available-for-sale securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2014: | ||||||||||||||||||||||||||||||||||||
At December 31, 2014 | Less than Twelve Months | Twelve Months or Longer | Total | ||||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||||||||||||||
Temporarily Impaired Held-to-Maturity Debt Securities: | |||||||||||||||||||||||||||||||||||||
GSE debentures | $ | — | $ | — | $ | 2,204,399 | $ | 32,920 | $ | 2,204,399 | $ | 32,920 | |||||||||||||||||||||||||
GSE certificates | — | — | 242,909 | 3,838 | 242,909 | 3,838 | |||||||||||||||||||||||||||||||
GSE CMOs | — | — | 72,209 | 711 | 72,209 | 711 | |||||||||||||||||||||||||||||||
Municipal bonds | 13,735 | 195 | 43,058 | 832 | 56,793 | 1,027 | |||||||||||||||||||||||||||||||
Capital trust notes | — | — | 25,019 | 11,168 | 25,019 | 11,168 | |||||||||||||||||||||||||||||||
Total temporarily impaired held-to-maturity debt securities | $ | 13,735 | $ | 195 | $ | 2,587,594 | $ | 49,469 | $ | 2,601,329 | $ | 49,664 | |||||||||||||||||||||||||
Temporarily Impaired Available-for-Sale Securities: | |||||||||||||||||||||||||||||||||||||
Debt Securities: | |||||||||||||||||||||||||||||||||||||
Private label CMOs | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
GSE CMOs | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Capital trust notes | — | — | 5,451 | 1,980 | 5,451 | 1,980 | |||||||||||||||||||||||||||||||
Total temporarily impaired available-for-sale debt securities | $ | — | $ | — | $ | 5,451 | $ | 1,980 | $ | 5,451 | $ | 1,980 | |||||||||||||||||||||||||
Equity securities | 53,721 | 364 | 15,174 | 119 | 68,895 | 483 | |||||||||||||||||||||||||||||||
Total temporarily impaired available-for-sale securities | $ | 53,721 | $ | 364 | $ | 20,625 | $ | 2,099 | $ | 74,346 | $ | 2,463 | |||||||||||||||||||||||||
The following table presents held-to-maturity and available-for-sale securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2013: | |||||||||||||||||||||||||||||||||||||
At December 31, 2013 | Less than Twelve Months | Twelve Months or Longer | Total | ||||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||||||||||||||
Temporarily Impaired Held-to-Maturity Debt Securities: | |||||||||||||||||||||||||||||||||||||
GSE debentures | $ | 2,777,417 | $ | 208,506 | $ | — | $ | — | $ | 2,777,417 | $ | 208,506 | |||||||||||||||||||||||||
GSE certificates | 1,684,793 | 61,280 | — | — | 1,684,793 | 61,280 | |||||||||||||||||||||||||||||||
GSE CMOs | 936,691 | 22,520 | — | — | 936,691 | 22,520 | |||||||||||||||||||||||||||||||
Municipal notes/bonds | 55,333 | 3,849 | — | — | 55,333 | 3,849 | |||||||||||||||||||||||||||||||
Capital trust notes | 24,900 | 100 | 37,181 | 8,986 | 62,081 | 9,086 | |||||||||||||||||||||||||||||||
Total temporarily impaired held-to-maturity debt securities | $ | 5,479,134 | $ | 296,255 | $ | 37,181 | $ | 8,986 | $ | 5,516,315 | $ | 305,241 | |||||||||||||||||||||||||
Temporarily Impaired Available-for-Sale Securities: | |||||||||||||||||||||||||||||||||||||
Debt Securities: | |||||||||||||||||||||||||||||||||||||
GSE certificates | $ | — | $ | — | $ | 110 | $ | 1 | $ | 110 | $ | 1 | |||||||||||||||||||||||||
Private label CMOs | 10,202 | 12 | — | — | 10,202 | 12 | |||||||||||||||||||||||||||||||
GSE CMOs | 44,725 | 1,861 | — | — | 44,725 | 1,861 | |||||||||||||||||||||||||||||||
Capital trust notes | 1,992 | 8 | 5,746 | 1,673 | 7,738 | 1,681 | |||||||||||||||||||||||||||||||
Total temporarily impaired available-for-sale debt securities | $ | 56,919 | $ | 1,881 | $ | 5,856 | $ | 1,674 | $ | 62,775 | $ | 3,555 | |||||||||||||||||||||||||
Equity securities | 75,886 | 4,195 | — | — | 75,886 | 4,195 | |||||||||||||||||||||||||||||||
Total temporarily impaired available-for-sale securities | $ | 132,805 | $ | 6,076 | $ | 5,856 | $ | 1,674 | $ | 138,661 | $ | 7,750 | |||||||||||||||||||||||||
Loans_Tables
Loans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Composition of Loan Portfolio | The following table sets forth the composition of the loan portfolio at December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Percent of | Amount | Percent of | |||||||||||||||||||||||||||||
Non-Covered | Non-Covered | ||||||||||||||||||||||||||||||||
Loans Held for | Loans Held for | ||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||
Non-Covered Loans Held for Investment: | |||||||||||||||||||||||||||||||||
Mortgage Loans: | |||||||||||||||||||||||||||||||||
Multi-family | $ | 23,831,846 | 72.21 | % | $ | 20,699,927 | 69.41 | % | |||||||||||||||||||||||||
Commercial real estate | 7,634,320 | 23.13 | 7,364,231 | 24.7 | |||||||||||||||||||||||||||||
One-to-four family | 138,915 | 0.42 | 560,730 | 1.88 | |||||||||||||||||||||||||||||
Acquisition, development, and construction | 258,116 | 0.78 | 344,100 | 1.15 | |||||||||||||||||||||||||||||
Total mortgage loans held for investment | 31,863,197 | 96.54 | 28,968,988 | 97.14 | |||||||||||||||||||||||||||||
Other Loans: | |||||||||||||||||||||||||||||||||
Commercial and industrial | 900,551 | 2.73 | 712,260 | 2.39 | |||||||||||||||||||||||||||||
Lease financing, net of unearned income of $18,913 and $5,723 | 208,670 | 0.63 | 101,431 | 0.34 | |||||||||||||||||||||||||||||
Total commercial and industrial loans | 1,109,221 | 3.36 | 813,691 | 2.73 | |||||||||||||||||||||||||||||
Other | 31,943 | 0.1 | 39,036 | 0.13 | |||||||||||||||||||||||||||||
Total other loans held for investment | 1,141,164 | 3.46 | 852,727 | 2.86 | |||||||||||||||||||||||||||||
Total non-covered loans held for investment | $ | 33,004,361 | 100 | % | $ | 29,821,715 | 100 | % | |||||||||||||||||||||||||
Net deferred loan origination costs | 20,595 | 16,274 | |||||||||||||||||||||||||||||||
Allowance for losses on non-covered loans | (139,857 | ) | (141,946 | ) | |||||||||||||||||||||||||||||
Non-covered loans held for investment, net | $ | 32,885,099 | $ | 29,696,043 | |||||||||||||||||||||||||||||
Covered loans | 2,428,622 | 2,788,618 | |||||||||||||||||||||||||||||||
Allowance for losses on covered loans | (45,481 | ) | (64,069 | ) | |||||||||||||||||||||||||||||
Covered loans, net | $ | 2,383,141 | $ | 2,724,549 | |||||||||||||||||||||||||||||
Loans held for sale | 379,399 | 306,915 | |||||||||||||||||||||||||||||||
Total loans, net | $ | 35,647,639 | $ | 32,727,507 | |||||||||||||||||||||||||||||
Quality of Non-Covered Loans | The following table presents information regarding the quality of the Company’s non-covered loans held for investment at December 31, 2014: | ||||||||||||||||||||||||||||||||
(in thousands) | Loans 30-89 | Non- | Loans | Total Past | Current | Total Loans | |||||||||||||||||||||||||||
Days Past | Accrual | 90 Days or More | Due Loans | Loans | Receivable | ||||||||||||||||||||||||||||
Due | Loans | Delinquent and | |||||||||||||||||||||||||||||||
Still Accruing | |||||||||||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||||||||||
Multi-family | $ | 464 | $ | 31,089 | $ | — | $ | 31,553 | $ | 23,800,293 | $ | 23,831,846 | |||||||||||||||||||||
Commercial real estate | 1,464 | 24,824 | — | 26,288 | 7,608,032 | 7,634,320 | |||||||||||||||||||||||||||
One-to-four family | 3,086 | 11,032 | — | 14,118 | 124,797 | 138,915 | |||||||||||||||||||||||||||
Acquisition, development, and construction | — | 654 | — | 654 | 257,462 | 258,116 | |||||||||||||||||||||||||||
Commercial and industrial(1) | 530 | 8,382 | — | 8,912 | 1,100,309 | 1,109,221 | |||||||||||||||||||||||||||
Other | 648 | 969 | — | 1,617 | 30,326 | 31,943 | |||||||||||||||||||||||||||
Total | $ | 6,192 | $ | 76,950 | $ | — | $ | 83,142 | $ | 32,921,219 | $ | 33,004,361 | |||||||||||||||||||||
-1 | Includes lease financing receivables, all of which were current. | ||||||||||||||||||||||||||||||||
The following table presents information regarding the quality of the Company’s non-covered loans held for investment at December 31, 2013: | |||||||||||||||||||||||||||||||||
(in thousands) | Loans 30-89 | Non- | Loans | Total Past | Current | Total Loans | |||||||||||||||||||||||||||
Days Past | Accrual | 90 Days or More | Due Loans | Loans | Receivable | ||||||||||||||||||||||||||||
Due | Loans | Delinquent and | |||||||||||||||||||||||||||||||
Still Accruing | |||||||||||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||||||||||
Multi-family | $ | 33,678 | $ | 58,395 | $ | — | $ | 92,073 | $ | 20,607,854 | $ | 20,699,927 | |||||||||||||||||||||
Commercial real estate | 1,854 | 24,550 | — | 26,404 | 7,337,827 | 7,364,231 | |||||||||||||||||||||||||||
One-to-four family | 1,076 | 10,937 | — | 12,013 | 548,717 | 560,730 | |||||||||||||||||||||||||||
Acquisition, development, and construction | — | 2,571 | — | 2,571 | 341,529 | 344,100 | |||||||||||||||||||||||||||
Commercial and industrial(1) | 1 | 5,735 | — | 5,736 | 807,955 | 813,691 | |||||||||||||||||||||||||||
Other | 480 | 1,349 | — | 1,829 | 37,207 | 39,036 | |||||||||||||||||||||||||||
Total | $ | 37,089 | $ | 103,537 | $ | — | $ | 140,626 | $ | 29,681,089 | $ | 29,821,715 | |||||||||||||||||||||
-1 | Includes lease financing receivables, all of which were current. | ||||||||||||||||||||||||||||||||
Non-Covered Loan Portfolio by Credit Quality Indicator | The following table summarizes the Company’s portfolio of non-covered loans held for investment by credit quality indicator at December 31, 2014: | ||||||||||||||||||||||||||||||||
(in thousands) | Multi-Family | Commercial | One-to-Four | Acquisition, | Total Mortgage | Commercial | Other | Total Other | |||||||||||||||||||||||||
Real Estate | Family | Development, | Loans | and | Loan Segment | ||||||||||||||||||||||||||||
and Construction | Industrial(1) | ||||||||||||||||||||||||||||||||
Credit Quality Indicator: | |||||||||||||||||||||||||||||||||
Pass | $ | 23,777,569 | $ | 7,591,223 | $ | 127,883 | $ | 256,868 | $ | 31,753,543 | $ | 1,083,173 | $ | 30,974 | $ | 1,114,147 | |||||||||||||||||
Special mention | 6,798 | 9,123 | — | — | 15,921 | 17,032 | — | 17,032 | |||||||||||||||||||||||||
Substandard | 47,479 | 33,974 | 11,032 | 1,248 | 93,733 | 9,016 | 969 | 9,985 | |||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total | $ | 23,831,846 | $ | 7,634,320 | $ | 138,915 | $ | 258,116 | $ | 31,863,197 | $ | 1,109,221 | $ | 31,943 | $ | 1,141,164 | |||||||||||||||||
-1 | Includes lease financing receivables, all of which were classified as “pass.” | ||||||||||||||||||||||||||||||||
The following table summarizes the Company’s portfolio of non-covered loans held for investment by credit quality indicator at December 31, 2013: | |||||||||||||||||||||||||||||||||
(in thousands) | Multi-Family | Commercial | One-to-Four | Acquisition, | Total Mortgage | Commercial | Other | Total Other | |||||||||||||||||||||||||
Real Estate | Family | Development, | Loans | and | Loan Segment | ||||||||||||||||||||||||||||
and Construction | Industrial(1) | ||||||||||||||||||||||||||||||||
Credit Quality Indicator: | |||||||||||||||||||||||||||||||||
Pass | $ | 20,527,460 | $ | 7,304,502 | $ | 554,132 | $ | 333,805 | $ | 28,719,899 | $ | 793,693 | $ | 37,688 | $ | 831,381 | |||||||||||||||||
Special mention | 73,549 | 25,407 | — | 7,400 | 106,356 | 13,036 | — | 13,036 | |||||||||||||||||||||||||
Substandard | 98,918 | 33,822 | 6,598 | 2,895 | 142,233 | 6,808 | 1,348 | 8,156 | |||||||||||||||||||||||||
Doubtful | — | 500 | — | — | 500 | 154 | — | 154 | |||||||||||||||||||||||||
Total | $ | 20,699,927 | $ | 7,364,231 | $ | 560,730 | $ | 344,100 | $ | 28,968,988 | $ | 813,691 | $ | 39,036 | $ | 852,727 | |||||||||||||||||
-1 | Includes lease financing receivables, all of which were classified as “pass.” | ||||||||||||||||||||||||||||||||
Details of Interest Income on Non-Accrual Loans | The interest income that would have been recorded under the original terms of non-accrual loans at the respective year-ends, and the interest income actually recorded on these loans in the respective years, is summarized below: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Interest income that would have been recorded | $ | 3,997 | $ | 5,156 | $ | 11,814 | |||||||||||||||||||||||||||
Interest income actually recorded | (3,017 | ) | (2,721 | ) | (5,506 | ) | |||||||||||||||||||||||||||
Interest income foregone | $ | 980 | $ | 2,435 | $ | 6,308 | |||||||||||||||||||||||||||
Information Regarding Troubled Debt Restructurings | The following table presents information regarding the Company’s TDRs as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | Accruing | Non-Accrual | Total | Accruing | Non-Accrual | Total | |||||||||||||||||||||||||||
Loan Category: | |||||||||||||||||||||||||||||||||
Multi-family | $ | 7,697 | $ | 17,879 | $ | 25,576 | $ | 10,083 | $ | 50,548 | $ | 60,631 | |||||||||||||||||||||
Commercial real estate | 8,139 | 9,939 | 18,078 | 2,198 | 15,626 | 17,824 | |||||||||||||||||||||||||||
One-to-four family | — | 260 | 260 | — | — | — | |||||||||||||||||||||||||||
Acquisition, development, and construction | — | 654 | 654 | — | — | — | |||||||||||||||||||||||||||
Commercial and industrial | — | 1,195 | 1,195 | 1,129 | 758 | 1,887 | |||||||||||||||||||||||||||
Total | $ | 15,836 | $ | 29,927 | $ | 45,763 | $ | 13,410 | $ | 66,932 | $ | 80,342 | |||||||||||||||||||||
Financial Effects of Troubled Debt Restructurings | The financial effects of the Company’s TDRs for the twelve months ended December 31, 2014 are summarized as follows: | ||||||||||||||||||||||||||||||||
For the Twelve Months Ended December 31, 2014 | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Weighted Average Interest Rate | ||||||||||||||||||||||||||||||||
Number | Pre- | Post- | Charge-off | Capitalized | |||||||||||||||||||||||||||||
of Loans | Modification | Modification | Amount | Interest | |||||||||||||||||||||||||||||
Loan Category: | |||||||||||||||||||||||||||||||||
Multi-family | 2 | 5.61 | % | 5.61 | % | $ | — | $ | — | ||||||||||||||||||||||||
Commercial real estate | 2 | 6.71 | 5.54 | 334 | — | ||||||||||||||||||||||||||||
One-to-four family | 1 | 5.75 | 4.27 | 18 | 22 | ||||||||||||||||||||||||||||
Acquisition, development, and construction | 2 | 7 | 7 | — | — | ||||||||||||||||||||||||||||
Commercial and industrial | 1 | 5 | 5 | — | — | ||||||||||||||||||||||||||||
Total | 8 | $ | 352 | $ | 22 | ||||||||||||||||||||||||||||
Covered Loans Acquired in AmTrust and Desert Hills Acquisitions | The following table presents the carrying value of covered loans acquired in the AmTrust and Desert Hills acquisitions as of December 31, 2014: | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Percent of | |||||||||||||||||||||||||||||||
Covered Loans | |||||||||||||||||||||||||||||||||
Loan Category: | |||||||||||||||||||||||||||||||||
One-to-four family | $ | 2,212,442 | 91.1 | % | |||||||||||||||||||||||||||||
All other loans | 216,180 | 8.9 | |||||||||||||||||||||||||||||||
Total covered loans | $ | 2,428,622 | 100 | % | |||||||||||||||||||||||||||||
Changes in Accretable Yield for Covered Loans | In the twelve months ended December 31, 2014, changes in the accretable yield for covered loans were as follows: | ||||||||||||||||||||||||||||||||
(in thousands) | Accretable Yield | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 796,993 | |||||||||||||||||||||||||||||||
Reclassification from non-accretable difference | 380,171 | ||||||||||||||||||||||||||||||||
Accretion | (140,141 | ) | |||||||||||||||||||||||||||||||
Balance at end of period | $ | 1,037,023 | |||||||||||||||||||||||||||||||
Covered Loans Thirty to Eighty Nine Days, Ninety Days or More Past Due | The following table presents information regarding the Company’s covered loans that were 90 days or more past due at December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Covered Loans 90 Days or More Past Due: | |||||||||||||||||||||||||||||||||
One-to-four family | $ | 148,967 | $ | 201,425 | |||||||||||||||||||||||||||||
Other loans | 8,922 | 10,060 | |||||||||||||||||||||||||||||||
Total covered loans 90 days or more past due | $ | 157,889 | $ | 211,485 | |||||||||||||||||||||||||||||
The following table presents information regarding the Company’s covered loans that were 30 to 89 days past due at December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Covered Loans 30-89 Days Past Due: | |||||||||||||||||||||||||||||||||
One-to-four family | $ | 37,680 | $ | 52,250 | |||||||||||||||||||||||||||||
Other loans | 4,016 | 5,679 | |||||||||||||||||||||||||||||||
Total covered loans 30-89 days past due | $ | 41,696 | $ | 57,929 | |||||||||||||||||||||||||||||
Allowances_for_Loan_Losses_Tab
Allowances for Loan Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Activity in Allowance for Loan Losses | The following table provides additional information regarding the Company’s allowances for losses on non-covered loans and covered loans, based upon the method of evaluating loan impairment: | ||||||||||||||||||||||||
(in thousands) | Mortgage | Other | Total | ||||||||||||||||||||||
Allowances for Loan Losses at December 31, 2014: | |||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 26 | $ | — | $ | 26 | |||||||||||||||||||
Loans collectively evaluated for impairment | 122,590 | 17,241 | 139,831 | ||||||||||||||||||||||
Acquired loans with deteriorated credit quality | 23,538 | 21,943 | 45,481 | ||||||||||||||||||||||
Total | $ | 146,154 | $ | 39,184 | $ | 185,338 | |||||||||||||||||||
(in thousands) | Mortgage | Other | Total | ||||||||||||||||||||||
Allowances for Loan Losses at December 31, 2013: | |||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | — | $ | — | $ | — | |||||||||||||||||||
Loans collectively evaluated for impairment | 123,991 | 17,955 | 141,946 | ||||||||||||||||||||||
Acquired loans with deteriorated credit quality | 56,705 | 7,364 | 64,069 | ||||||||||||||||||||||
Total | $ | 180,696 | $ | 25,319 | $ | 206,015 | |||||||||||||||||||
Additional Information Regarding Methods Used to Evaluate Loan Portfolio for Impairment | The following table provides additional information regarding the methods used to evaluate the Company’s loan portfolio for impairment: | ||||||||||||||||||||||||
(in thousands) | Mortgage | Other | Total | ||||||||||||||||||||||
Loans Receivable at December 31, 2014: | |||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 81,574 | $ | 6,806 | $ | 88,380 | |||||||||||||||||||
Loans collectively evaluated for impairment | 31,781,623 | 1,134,358 | 32,915,981 | ||||||||||||||||||||||
Acquired loans with deteriorated credit quality | 2,227,572 | 201,050 | 2,428,622 | ||||||||||||||||||||||
Total | $ | 34,090,769 | $ | 1,342,214 | $ | 35,432,983 | |||||||||||||||||||
(in thousands) | Mortgage | Other | Total | ||||||||||||||||||||||
Loans Receivable at December 31, 2013: | |||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 109,389 | $ | 6,996 | $ | 116,385 | |||||||||||||||||||
Loans collectively evaluated for impairment | 28,859,599 | 845,731 | 29,705,330 | ||||||||||||||||||||||
Acquired loans with deteriorated credit quality | 2,545,522 | 243,096 | 2,788,618 | ||||||||||||||||||||||
Total | $ | 31,514,510 | $ | 1,095,823 | $ | 32,610,333 | |||||||||||||||||||
Additional Information Regarding Impaired Non-Covered Loans | The following table presents additional information about the Company’s impaired non-covered loans at December 31, 2014: | ||||||||||||||||||||||||
(in thousands) | Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||
Impaired loans with no related allowance: | |||||||||||||||||||||||||
Multi-family | $ | 45,383 | $ | 52,593 | $ | — | $ | 54,051 | $ | 1,636 | |||||||||||||||
Commercial real estate | 30,370 | 32,460 | — | 29,935 | 1,629 | ||||||||||||||||||||
One-to-four family | 2,028 | 2,069 | — | 1,254 | — | ||||||||||||||||||||
Acquisition, development, and construction | 654 | 1,024 | — | 505 | 218 | ||||||||||||||||||||
Commercial and industrial | 6,806 | 12,155 | — | 7,749 | 307 | ||||||||||||||||||||
Total impaired loans with no related allowance | $ | 85,241 | $ | 100,301 | $ | — | $ | 93,494 | $ | 3,790 | |||||||||||||||
Impaired loans with an allowance recorded: | |||||||||||||||||||||||||
Multi-family | $ | 3,139 | $ | 3,139 | $ | 26 | $ | 628 | $ | 72 | |||||||||||||||
Commercial real estate | — | — | — | 490 | — | ||||||||||||||||||||
One-to-four family | — | — | — | 61 | — | ||||||||||||||||||||
Acquisition, development, and construction | — | — | — | — | — | ||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | ||||||||||||||||||||
Total impaired loans with an allowance recorded | $ | 3,139 | $ | 3,139 | $ | 26 | $ | 1,179 | $ | 72 | |||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||
Multi-family | $ | 48,522 | $ | 55,732 | $ | 26 | $ | 54,679 | $ | 1,708 | |||||||||||||||
Commercial real estate | 30,370 | 32,460 | — | 30,425 | 1,629 | ||||||||||||||||||||
One-to-four family | 2,028 | 2,069 | — | 1,315 | — | ||||||||||||||||||||
Acquisition, development, and construction | 654 | 1,024 | — | 505 | 218 | ||||||||||||||||||||
Commercial and industrial | 6,806 | 12,155 | — | 7,749 | 307 | ||||||||||||||||||||
Total impaired loans | $ | 88,380 | $ | 103,440 | $ | 26 | $ | 94,673 | $ | 3,862 | |||||||||||||||
The following table presents additional information about the Company’s impaired non-covered loans at December 31, 2013: | |||||||||||||||||||||||||
(in thousands) | Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||
Impaired loans with no related allowance: | |||||||||||||||||||||||||
Multi-family | $ | 78,771 | $ | 94,265 | $ | — | $ | 117,208 | $ | 1,991 | |||||||||||||||
Commercial real estate | 30,619 | 32,474 | — | 43,566 | 1,604 | ||||||||||||||||||||
One-to-four family | — | — | — | 3,611 | 89 | ||||||||||||||||||||
Acquisition, development, and construction | — | — | — | 275 | — | ||||||||||||||||||||
Commercial and industrial | 6,995 | 34,199 | — | 6,890 | 366 | ||||||||||||||||||||
Total impaired loans with no related allowance | $ | 116,385 | $ | 160,938 | $ | — | $ | 171,550 | $ | 4,050 | |||||||||||||||
Impaired loans with an allowance recorded: | |||||||||||||||||||||||||
Multi-family | $ | — | $ | — | $ | — | $ | 2,442 | $ | — | |||||||||||||||
Commercial real estate | — | — | — | 900 | — | ||||||||||||||||||||
One-to-four family | — | — | — | — | — | ||||||||||||||||||||
Acquisition, development, and construction | — | — | — | — | — | ||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | ||||||||||||||||||||
Total impaired loans with an allowance recorded | $ | — | $ | — | $ | — | $ | 3,342 | $ | — | |||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||
Multi-family | $ | 78,771 | $ | 94,265 | $ | — | $ | 119,650 | $ | 1,991 | |||||||||||||||
Commercial real estate | 30,619 | 32,474 | — | 44,466 | 1,604 | ||||||||||||||||||||
One-to-four family | — | — | — | 3,611 | 89 | ||||||||||||||||||||
Acquisition, development, and construction | — | — | — | 275 | — | ||||||||||||||||||||
Commercial and industrial | 6,995 | 34,199 | — | 6,890 | 366 | ||||||||||||||||||||
Total impaired loans | $ | 116,385 | $ | 160,938 | $ | — | $ | 174,892 | $ | 4,050 | |||||||||||||||
Non-Covered Loans | |||||||||||||||||||||||||
Activity in Allowance for Loan Losses | The following table summarizes activity in the allowance for losses on non-covered loans held for investment for the twelve months ended December 31, 2014 and 2013: | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in thousands) | Mortgage | Other | Total | Mortgage | Other | Total | |||||||||||||||||||
Balance, beginning of period | $ | 123,991 | $ | 17,955 | $ | 141,946 | $ | 124,085 | $ | 16,863 | $ | 140,948 | |||||||||||||
Charge-offs | (2,780 | ) | (5,296 | ) | (8,076 | ) | (18,265 | ) | (7,092 | ) | (25,357 | ) | |||||||||||||
Recoveries | 1,405 | 4,582 | 5,987 | 6,413 | 1,942 | 8,355 | |||||||||||||||||||
Provision for non-covered loan losses | — | — | — | 11,758 | 6,242 | 18,000 | |||||||||||||||||||
Balance, end of period | $ | 122,616 | $ | 17,241 | $ | 139,857 | $ | 123,991 | $ | 17,955 | $ | 141,946 | |||||||||||||
Covered Loans | |||||||||||||||||||||||||
Activity in Allowance for Loan Losses | The following table summarizes activity in the allowance for losses on covered loans for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Balance, beginning of period | $ | 64,069 | $ | 51,311 | |||||||||||||||||||||
(Recovery of) provision for losses on covered loans | (18,588 | ) | 12,758 | ||||||||||||||||||||||
Balance, end of period | $ | 45,481 | $ | 64,069 | |||||||||||||||||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Weighted Average Interest Rates for Each Type of Deposit | The following table sets forth the weighted average interest rates for each type of deposit at December 31, 2014 and 2013: | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(dollars in thousands) | Amount | Percent | Weighted | Amount | Percent | Weighted | |||||||||||||||||||
of Total | Average | of Total | Average | ||||||||||||||||||||||
Interest Rate (1) | Interest Rate (1) | ||||||||||||||||||||||||
NOW and money market accounts | $ | 12,549,600 | 44.3 | % | 0.37 | % | $ | 10,536,947 | 41.06 | % | 0.32 | % | |||||||||||||
Savings accounts | 7,051,622 | 24.89 | 0.6 | 5,921,437 | 23.08 | 0.44 | |||||||||||||||||||
Certificates of deposit | 6,420,598 | 22.67 | 1.15 | 6,932,096 | 27.01 | 1.16 | |||||||||||||||||||
Non-interest-bearing accounts | 2,306,914 | 8.14 | — | 2,270,512 | 8.85 | — | |||||||||||||||||||
Total deposits | $ | 28,328,734 | 100 | % | 0.57 | % | $ | 25,660,992 | 100 | % | 0.54 | % | |||||||||||||
-1 | Excludes the effect of purchase accounting adjustments for certain certificates of deposits (“CDs”). | ||||||||||||||||||||||||
Scheduled Maturities of Core Deposit Intangibles | The scheduled maturities of CDs at December 31, 2014 were as follows: | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
1 year or less | $ | 4,974,122 | |||||||||||||||||||||||
More than 1 year through 2 years | 983,295 | ||||||||||||||||||||||||
More than 2 years through 3 years | 309,268 | ||||||||||||||||||||||||
More than 3 years through 4 years | 88,410 | ||||||||||||||||||||||||
More than 4 years through 5 years | 34,766 | ||||||||||||||||||||||||
Over 5 years | 30,737 | ||||||||||||||||||||||||
Total CDs | $ | 6,420,598 | |||||||||||||||||||||||
Core Deposit Intangibles in Amounts of One Hundred Thousand or more, by Remaining Term to Maturity | The following table presents a summary of CDs in amounts of $100,000 or more, by remaining term to maturity, at December 31, 2014: | ||||||||||||||||||||||||
CDs of $100,000 or More Maturing Within | |||||||||||||||||||||||||
(in thousands) | 0 – 3 | Over 3 to 6 | Over 6 to 12 | Over 12 | Total | ||||||||||||||||||||
Months | Months | Months | Months | ||||||||||||||||||||||
Total | $ | 628,443 | $ | 605,127 | $ | 1,336,910 | $ | 733,365 | $ | 3,303,845 |
Borrowed_Funds_Tables
Borrowed Funds (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Summary of Borrowed Funds | The following table summarizes the Company’s borrowed funds at December 31, 2014 and 2013: | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Wholesale borrowings: | |||||||||||||||||||||||||
FHLB advances | $ | 10,183,132 | $ | 10,872,576 | |||||||||||||||||||||
Repurchase agreements | 3,425,000 | 3,425,000 | |||||||||||||||||||||||
Federal funds purchased | 260,000 | 445,000 | |||||||||||||||||||||||
Total wholesale borrowings | $ | 13,868,132 | $ | 14,742,576 | |||||||||||||||||||||
Other borrowings: | |||||||||||||||||||||||||
Junior subordinated debentures | $ | 358,355 | $ | 358,126 | |||||||||||||||||||||
Preferred stock of subsidiaries | — | 4,300 | |||||||||||||||||||||||
Total other borrowings | $ | 358,355 | $ | 362,426 | |||||||||||||||||||||
Total borrowed funds | $ | 14,226,487 | $ | 15,105,002 | |||||||||||||||||||||
Contractual Maturities and Next Call Dates of Outstanding Federal Home Loan Bank Advances | At December 31, 2014, the contractual maturities and the next call dates of FHLB advances outstanding were as follows: | ||||||||||||||||||||||||
Contractual Maturity | Earlier of Contractual Maturity | ||||||||||||||||||||||||
or Next Call Date | |||||||||||||||||||||||||
(dollars in thousands) | Amount | Weighted | Amount | Weighted | |||||||||||||||||||||
Year of Maturity | Average | Average | |||||||||||||||||||||||
Interest Rate | Interest Rate | ||||||||||||||||||||||||
2015 | $ | 2,888,875 | 0.54 | % | $ | 5,761,734 | 1.8 | % | |||||||||||||||||
2016 | — | — | 900,000 | 3.01 | |||||||||||||||||||||
2017 | 627,772 | 3.02 | 3,520,312 | 3.35 | |||||||||||||||||||||
2018 | 930,955 | 3.04 | 868 | 2.82 | |||||||||||||||||||||
2019 | 1,865,000 | 3.15 | — | — | |||||||||||||||||||||
2020 | 650,000 | 2.9 | — | — | |||||||||||||||||||||
2022 | 1,410,000 | 3.41 | — | — | |||||||||||||||||||||
2023 | 1,810,312 | 3.34 | — | — | |||||||||||||||||||||
2025 | 218 | 7.82 | 218 | 7.82 | |||||||||||||||||||||
Total FHLB advances | $ | 10,183,132 | 2.44 | % | $ | 10,183,132 | 2.44 | % | |||||||||||||||||
Analysis of Contractual Maturities and Next Call Dates of Outstanding Repurchase Agreements | The following table presents an analysis of the contractual maturities and the next call dates of the Company’s outstanding repurchase agreements at December 31, 2014: | ||||||||||||||||||||||||
Contractual Maturity | Earlier of Contractual Maturity | ||||||||||||||||||||||||
or Next Call Date | |||||||||||||||||||||||||
(dollars in thousands) | Amount | Weighted | Amount | Weighted | |||||||||||||||||||||
Year of Maturity | Average | Average | |||||||||||||||||||||||
Interest Rate | Interest Rate | ||||||||||||||||||||||||
2015 | $ | 100,000 | 2.18 | % | $ | 2,200,000 | 3.45 | % | |||||||||||||||||
2016 | 182,000 | 3.26 | 595,000 | 3.54 | |||||||||||||||||||||
2017 | 350,000 | 3.92 | 380,000 | 3.14 | |||||||||||||||||||||
2018 | 1,600,000 | 3.48 | 250,000 | 3.23 | |||||||||||||||||||||
2019 | 100,000 | 3.67 | — | — | |||||||||||||||||||||
2020 | 513,000 | 3.32 | — | — | |||||||||||||||||||||
2023 | 580,000 | 3.24 | — | — | |||||||||||||||||||||
$ | 3,425,000 | 3.41 | % | $ | 3,425,000 | 3.41 | % | ||||||||||||||||||
Details of Repurchase Agreements | The following table provides the contractual maturity and weighted average interest rate of repurchase agreements, and the amortized cost and fair value (including accrued interest) of the securities collateralizing the repurchase agreements, at December 31, 2014: | ||||||||||||||||||||||||
Mortgage-Related and | GSE Debentures and | ||||||||||||||||||||||||
Other Securities | U.S. Treasury Obligations | ||||||||||||||||||||||||
(dollars in thousands) | Amount | Weighted Average | Amortized | Fair Value | Amortized | Fair Value | |||||||||||||||||||
Contractual Maturity | Interest Rate | Cost | Cost | ||||||||||||||||||||||
Over 90 days | $ | 3,425,000 | 3.41 | % | $ | 2,621,760 | $ | 2,727,437 | $ | 1,220,701 | $ | 1,210,308 | |||||||||||||
Junior Subordinated Debentures Outstanding | The following junior subordinated debentures were outstanding at December 31, 2014: | ||||||||||||||||||||||||
Issuer | Interest Rate | Junior | Capital | Date of | Stated Maturity | First Optional | |||||||||||||||||||
of Capital | Subordinated | Securities | Original Issue | Redemption Date | |||||||||||||||||||||
Securities and | Debentures | Amount | |||||||||||||||||||||||
Debentures | Amount | Outstanding | |||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
New York Community Capital Trust V (BONUSESSM Units) | 6 | % | $ | 144,429 | $ | 138,078 | Nov. 4, 2002 | Nov. 1, 2051 | Nov. 4, 2007 (1) | ||||||||||||||||
New York Community Capital Trust X | 1.841 | 123,712 | 120,000 | Dec. 14, 2006 | Dec. 15, 2036 | Dec. 15, 2011 (2) | |||||||||||||||||||
PennFed Capital Trust III | 3.491 | 30,928 | 30,000 | 2-Jun-03 | 15-Jun-33 | June 15, 2008 (2) | |||||||||||||||||||
New York Community Capital Trust XI | 1.907 | 59,286 | 57,500 | April 16, 2007 | 30-Jun-37 | June 30, 2012 (2) | |||||||||||||||||||
Total junior subordinated debentures | $ | 358,355 | $ | 345,578 | |||||||||||||||||||||
-1 | Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002. | ||||||||||||||||||||||||
-2 | Callable from this date forward. |
Federal_State_Local_Taxes_Tabl
Federal, State & Local Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Components of Net Deferred Tax (Liability) Assets | The following table summarizes the components of the Company’s net deferred tax liability at December 31, 2014 and 2013: | ||||||||||||
December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Deferred Tax Assets: | |||||||||||||
Allowance for loan losses | $ | 74,508 | $ | 82,872 | |||||||||
Compensation and related benefit obligations | 29,876 | 24,585 | |||||||||||
Acquisition accounting and fair value adjustments on securities (including OTTI) | 89 | 30,356 | |||||||||||
Acquisition accounting adjustments on borrowed funds | 5,203 | 7,609 | |||||||||||
Non-accrual interest | 7,917 | 11,550 | |||||||||||
Other | 11,752 | 10,228 | |||||||||||
Gross deferred tax assets | 129,345 | 167,200 | |||||||||||
Valuation allowance | — | — | |||||||||||
Deferred tax asset after valuation allowance | $ | 129,345 | $ | 167,200 | |||||||||
Deferred Tax Liabilities: | |||||||||||||
Amortizable intangibles | $ | (1,967 | ) | $ | (3,753 | ) | |||||||
Acquisition accounting and fair value adjustments on loans (including the FDIC loss share receivable) | (18,336 | ) | (35,459 | ) | |||||||||
Mortgage servicing rights | (47,966 | ) | (61,694 | ) | |||||||||
Premises and equipment | (22,714 | ) | (24,015 | ) | |||||||||
Prepaid pension cost | (26,607 | ) | (33,551 | ) | |||||||||
Restructuring and retirement of borrowed funds | (3,111 | ) | (3,883 | ) | |||||||||
Leases | (24,117 | ) | (5,217 | ) | |||||||||
Other | (4,793 | ) | (5,439 | ) | |||||||||
Gross deferred tax liabilities | $ | (149,611 | ) | $ | (173,011 | ) | |||||||
Net deferred tax liability | $ | (20,266 | ) | $ | (5,811 | ) | |||||||
Income Tax Expense (Benefits) | The following table summarizes the Company’s income tax expense for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||
December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Federal – current | $ | 207,864 | $ | 205,985 | $ | 206,748 | |||||||
State and local – current | 53,654 | 40,417 | 30,070 | ||||||||||
Total current | 261,518 | 246,402 | 236,818 | ||||||||||
Federal – deferred | 23,814 | 20,734 | 34,275 | ||||||||||
State and local – deferred | 2,337 | 4,443 | 8,710 | ||||||||||
Total deferred | 26,151 | 25,177 | 42,985 | ||||||||||
Income tax expense reported in net income | $ | 287,669 | $ | 271,579 | $ | 279,803 | |||||||
Income tax expense (benefit) reported in stockholders’ equity | |||||||||||||
related to: | |||||||||||||
Adoption of ASU No. 2014-01 | 1,303 | — | — | ||||||||||
Securities available-for-sale | 1,851 | (8,343 | ) | 7,672 | |||||||||
Employee stock plans | (3,225 | ) | (1,692 | ) | (589 | ) | |||||||
Pension liability adjustments | (14,992 | ) | 20,116 | (807 | ) | ||||||||
Non-credit portion of OTTI losses | 142 | 5,028 | 65 | ||||||||||
Total income taxes | $ | 272,748 | $ | 286,688 | $ | 286,144 | |||||||
Reconciliation of Statutory Federal Income Tax Expense Reported in Net Income to Combined Actual Income Tax Expense | The following table presents a reconciliation of statutory federal income tax expense to combined actual income tax expense for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||
December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Statutory federal income tax expense at 35% | $ | 270,573 | $ | 261,494 | $ | 273,318 | |||||||
State and local income taxes, net of federal income tax effect | 36,394 | 29,159 | 25,207 | ||||||||||
Effect of tax deductibility of ESOP | (7,297 | ) | (7,153 | ) | (6,910 | ) | |||||||
Non-taxable income and expense of BOLI | (9,415 | ) | (10,381 | ) | (10,578 | ) | |||||||
Federal tax credits | (1,820 | ) | (3,111 | ) | (2,083 | ) | |||||||
Adjustments relating to prior tax years | (1,166 | ) | 150 | 86 | |||||||||
Other, net | 400 | 1,421 | 763 | ||||||||||
Total income tax expense | $ | 287,669 | $ | 271,579 | $ | 279,803 | |||||||
Changes in Liability for Unrecognized Gross Tax Benefits | The following table summarizes changes in the liability for unrecognized gross tax benefits for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||
December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Uncertain tax positions at beginning of year | $ | 20,250 | $ | 24,220 | $ | 8,922 | |||||||
Additions for tax positions relating to current-year operations | 3,515 | 2,436 | 4,365 | ||||||||||
Additions for tax positions relating to prior tax years | 1,819 | 6,218 | 11,890 | ||||||||||
Subtractions for tax positions relating to prior tax years | (929 | ) | (3,641 | ) | (457 | ) | |||||||
Reductions in balance due to settlements | 124 | (8,983 | ) | (500 | ) | ||||||||
Uncertain tax positions at end of year | $ | 24,779 | $ | 20,250 | $ | 24,220 | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Off-Balance-Sheet Outstanding Loan Commitments and Letters of Credit | The following table sets forth the Company’s off-balance sheet commitments relating to outstanding loan commitments and letters of credit at December 31, 2014: | ||||||||||||||||
(in thousands) | |||||||||||||||||
Mortgage Loan Commitments: | |||||||||||||||||
Multi-family and commercial real estate | $ | 1,018,223 | |||||||||||||||
One-to-four family | 495,854 | ||||||||||||||||
Acquisition, development, and construction | 301,763 | ||||||||||||||||
Total mortgage loan commitments | $ | 1,815,840 | |||||||||||||||
Other loan commitments | 734,326 | ||||||||||||||||
Total loan commitments | $ | 2,550,166 | |||||||||||||||
Commercial, performance stand-by, and financial stand-by letters of credit | 200,983 | ||||||||||||||||
Total commitments | $ | 2,751,149 | |||||||||||||||
Projected Minimum Annual Rental Commitments, Exclusive of Taxes and Other Charges | The projected minimum annual rental commitments under these agreements, exclusive of taxes and other charges, are summarized as follows: | ||||||||||||||||
(in thousands) | |||||||||||||||||
2015 | $ | 27,381 | |||||||||||||||
2016 | 26,511 | ||||||||||||||||
2017 | 23,631 | ||||||||||||||||
2018 | 18,729 | ||||||||||||||||
2019 and thereafter | 62,269 | ||||||||||||||||
Total minimum future rentals | $ | 158,521 | |||||||||||||||
Guarantees and Indemnifications | The following table summarizes the Company’s guarantees and indemnifications at December 31, 2014: | ||||||||||||||||
(in thousands) | Expires | Expires | Total | Maximum Potential | |||||||||||||
Within One | After One | Outstanding | Amount of | ||||||||||||||
Year | Year | Amount | Future Payments | ||||||||||||||
Financial stand-by letters of credit | $ | 28,144 | $ | 21,827 | $ | 49,971 | $ | 112,022 | |||||||||
Performance stand-by letters of credit | 9,901 | — | 9,901 | 9,885 | |||||||||||||
Commercial letters of credit | 13,832 | 198 | 14,030 | 79,076 | |||||||||||||
Total letters of credit | $ | 51,877 | $ | 22,025 | $ | 73,902 | $ | 200,983 | |||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Gross Carrying and Accumulated Amortization Amounts of Core Deposit Intangibles and Mortgage Servicing Rights | The following table summarizes the gross carrying and accumulated amortization amounts of the Company’s CDI as of December 31, 2014: | ||||||||||||||||
(in thousands) | Gross Carrying | Accumulated | Net Carrying | ||||||||||||||
Amount | Amortization | Amount | |||||||||||||||
Core deposit intangibles | $ | 234,364 | $ | (226,421 | ) | $ | 7,943 | ||||||||||
Summary of Estimated Future Expense Stemming From Amortization of Core Deposit Intangibles and Mortgage Servicing Rights | The following table summarizes the estimated future expense stemming from the amortization of the Company’s CDI: | ||||||||||||||||
(in thousands) | Core Deposit | ||||||||||||||||
Intangibles | |||||||||||||||||
2015 | $ | 5,345 | |||||||||||||||
2016 | 2,391 | ||||||||||||||||
2017 | 207 | ||||||||||||||||
Total remaining intangible assets | $ | 7,943 | |||||||||||||||
Changes in Residential and Securitized Mortgage Servicing Rights | The following table sets forth the changes in the balances of residential and securitized MSRs for the years ended December 31, 2014 and 2013: | ||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | Residential | Securitized | Residential | Securitized | |||||||||||||
Carrying value, beginning of year | $ | 241,018 | $ | — | $ | 144,520 | $ | 193 | |||||||||
Additions | 34,821 | — | 80,799 | — | |||||||||||||
Increase (decrease) in fair value: | |||||||||||||||||
Due to changes in interest rates and valuation assumptions | 7,377 | — | 70,218 | — | |||||||||||||
Due to other changes (1) | (55,919 | ) | — | (54,519 | ) | — | |||||||||||
Amortization | — | — | — | (193 | ) | ||||||||||||
Carrying value, end of period | $ | 227,297 | $ | — | $ | 241,018 | $ | — | |||||||||
-1 | Net servicing cash flows, including loan payoffs, and the passage of time. | ||||||||||||||||
Key Assumptions Used in Calculation of Fair Value of Residential Mortgage Servicing Rights | The following table presents the key assumptions used in calculating the fair value of the Company’s residential MSRs at the dates indicated: | ||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Expected Weighted Average Life | 83 months | 93 months | |||||||||||||||
Constant Prepayment Speed | 9.3 | % | 8.3 | % | |||||||||||||
Discount Rate | 10 | 10.5 | |||||||||||||||
Primary Mortgage Rate to Refinance | 4 | 4.5 | |||||||||||||||
Cost to Service (per loan per year): | |||||||||||||||||
Current | $ 63 | $ 53 | |||||||||||||||
30-59 days or less delinquent | 213 | 103 | |||||||||||||||
60-89 days delinquent | 313 | 203 | |||||||||||||||
90-119 days delinquent | 413 | 303 | |||||||||||||||
120 days or more delinquent | 563 | 553 |
Employee_Benefits_Tables
Employee Benefits (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Weighted Average Assumptions used in Determining Net Periodic Benefit Cost | The following table indicates the weighted average assumptions used in determining the net periodic benefit cost for the years indicated: | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Discount rate | 4.8 | % | 3.9 | % | 4.5 | % | |||||||||||
Expected rate of return on plan assets | 9 | 9 | 9 | ||||||||||||||
Investments Held by Retirement Plan | The following table presents information about the investments held by the Retirement Plan as of December 31, 2014: | ||||||||||||||||
(in thousands) | Total | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Equity: | |||||||||||||||||
Large-cap value (1) | $ | 22,216 | $ | — | $ | 22,216 | $ | — | |||||||||
Large-cap growth (2) | 22,061 | — | 22,061 | — | |||||||||||||
Large-cap core (3) | 15,652 | — | 15,652 | — | |||||||||||||
Mid-cap value (4) | 5,344 | — | 5,344 | — | |||||||||||||
Mid-cap growth (5) | 5,363 | — | 5,363 | — | |||||||||||||
Mid-cap core (6) | 5,126 | — | 5,126 | — | |||||||||||||
Small-cap value (7) | 3,746 | — | 3,746 | — | |||||||||||||
Small-cap growth (8) | 3,724 | — | 3,724 | — | |||||||||||||
Small-cap core (9) | 7,500 | — | 7,500 | — | |||||||||||||
International equity (10) | 30,031 | — | 30,031 | — | |||||||||||||
Fixed Income Funds: | |||||||||||||||||
Intermediate duration (11) | 73,245 | — | 73,245 | — | |||||||||||||
Equity Securities: | |||||||||||||||||
Company common stock | 24,115 | 24,115 | — | — | |||||||||||||
Cash Equivalents: | |||||||||||||||||
Money market * | 4,867 | 916 | 3,951 | — | |||||||||||||
$ | 222,990 | $ | 25,031 | $ | 197,959 | $ | — | ||||||||||
* | Includes cash equivalents investments in equity and fixed income strategies. | ||||||||||||||||
-1 | This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks. | ||||||||||||||||
-2 | This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S. | ||||||||||||||||
-3 | This fund tracks the performance of the S&P 500 Index by purchasing the securities represented in the Index in approximately the same weightings as the Index. | ||||||||||||||||
-4 | This category employs an indexing investment approach designed to track the performance of the CRSP U.S. Mid-Cap Value Index. | ||||||||||||||||
-5 | This category employs an indexing investment approach designed to track the performance of the CRSP U.S. Mid-Cap Growth Index. | ||||||||||||||||
-6 | This category seeks to track the performance of the S&P MidCap 400 Index. | ||||||||||||||||
-7 | This category consists of a selection of investments based on the Russell 2000 Value Index. | ||||||||||||||||
-8 | This category consists of a selection of investments based on the Russell 2000 Growth Index. | ||||||||||||||||
-9 | This category consists of an index fund designed to track the Russell 2000, along with a fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10% of the market universe, or smaller than the 1000th largest U.S. company. | ||||||||||||||||
-10 | This category has investments in medium to large non-U.S. companies, including high-quality, durable growth companies and companies based in countries with stable economic and political systems. A portion of this category consists of an index fund designed to track the MSC ACWI ex-U.S. Net Dividend Return Index. | ||||||||||||||||
-11 | This category consists of three funds. The first is a diversified portfolio of high-quality bonds and other fixed-income securities, including U.S. Government obligations, mortgage-related and asset backed securities, corporate and municipal bonds, CMOs, and other securities rated Baa or better. The second fund emphasizes a more globally diversified portfolio of higher-quality, intermediate-term bonds. The third fund seeks to track the Barclays Capital U.S. Corporate A or Better 5-20 Year, Bullets-only Index. | ||||||||||||||||
Weighted Average Asset Allocations for Retirement Plan | The asset allocations for the Retirement Plan as of December 31, 2014 and 2013 were as follows: | ||||||||||||||||
At December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Equity securities | 65 | % | 72 | % | |||||||||||||
Debt securities | 33 | 28 | |||||||||||||||
Cash equivalents | 2 | — | |||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||
Expected Future Annuity Payments by Retirement Plan | The following annuity payments, which reflect expected future service, as appropriate, are expected to be paid by the Retirement Plan during the years indicated: | ||||||||||||||||
(in thousands) | |||||||||||||||||
2015 | $ | 7,139 | |||||||||||||||
2016 | 7,205 | ||||||||||||||||
2017 | 7,284 | ||||||||||||||||
2018 | 7,394 | ||||||||||||||||
2019 | 7,595 | ||||||||||||||||
2020 and thereafter | 40,101 | ||||||||||||||||
Total | $ | 76,718 | |||||||||||||||
Weighted Average Assumptions used in Determining Net Periodic Benefit Cost of Health and Welfare Plan | The following table indicates the weighted average assumptions used in determining the net periodic benefit cost for the years indicated: | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Discount rate | 4.3 | % | 3.5 | % | 3.9 | % | |||||||||||
Current medical trend rate | 7 | 7.5 | 8 | ||||||||||||||
Ultimate trend rate | 5 | 5 | 5 | ||||||||||||||
Year when ultimate trend rate will be reached | 2018 | 2018 | 2018 | ||||||||||||||
Expected Future Payments for Premiums and Claims under Health and Welfare Plan | The following amounts are currently expected to be paid for premiums and claims during the years indicated under the Health & Welfare Plan: | ||||||||||||||||
(in thousands) | |||||||||||||||||
2015 | $ | 1,310 | |||||||||||||||
2016 | 1,300 | ||||||||||||||||
2017 | 1,284 | ||||||||||||||||
2018 | 1,263 | ||||||||||||||||
2019 | 1,233 | ||||||||||||||||
2020 and thereafter | 5,751 | ||||||||||||||||
Total | $ | 12,141 | |||||||||||||||
Pension Benefits | |||||||||||||||||
Information Regarding Benefit Plan | The following table sets forth certain information regarding the Retirement Plan as of the dates indicated: | ||||||||||||||||
December 31, | |||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||
Change in Benefit Obligation: | |||||||||||||||||
Benefit obligation at beginning of year | $ | 126,841 | $ | 142,614 | |||||||||||||
Interest cost | 5,895 | 5,455 | |||||||||||||||
Actuarial loss (gain) | 31,544 | (13,393 | ) | ||||||||||||||
Annuity payments | (5,827 | ) | (6,300 | ) | |||||||||||||
Settlements | (1,392 | ) | (1,535 | ) | |||||||||||||
Benefit obligation at end of year | $ | 157,061 | $ | 126,841 | |||||||||||||
Change in Plan Assets: | |||||||||||||||||
Fair value of assets at beginning of year | $ | 219,330 | $ | 187,623 | |||||||||||||
Actual return on plan assets | 10,879 | 39,542 | |||||||||||||||
Contributions | — | — | |||||||||||||||
Annuity payments | (5,827 | ) | (6,300 | ) | |||||||||||||
Settlements | (1,392 | ) | (1,535 | ) | |||||||||||||
Fair value of assets at end of year | $ | 222,990 | $ | 219,330 | |||||||||||||
Funded status (included in “Other assets”) | $ | 65,929 | $ | 92,489 | |||||||||||||
Changes recognized in other comprehensive income for the year ended December 31: | |||||||||||||||||
Amortization of prior service cost | $ | — | $ | — | |||||||||||||
Amortization of actuarial loss | (3,289 | ) | (9,406 | ) | |||||||||||||
Net actuarial loss (gain) arising during the year | 40,100 | (36,346 | ) | ||||||||||||||
Total recognized in other comprehensive loss for the year (pre-tax) | $ | 36,811 | $ | (45,752 | ) | ||||||||||||
Accumulated other comprehensive loss (pre-tax) not yet recognized in net periodic benefit cost at December 31: | |||||||||||||||||
Prior service cost | $ | — | $ | — | |||||||||||||
Actuarial loss, net | 83,938 | 47,127 | |||||||||||||||
Total accumulated other comprehensive loss (pre-tax) | $ | 83,938 | $ | 47,127 | |||||||||||||
Components of Net Periodic Benefit Cost | The components of net periodic pension (credit) expense were as follows for the years indicated: | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Components of net periodic pension (credit) expense: | |||||||||||||||||
Interest cost | $ | 5,895 | $ | 5,455 | $ | 5,885 | |||||||||||
Expected return on plan assets | (19,435 | ) | (16,588 | ) | (13,256 | ) | |||||||||||
Amortization of net actuarial loss | 3,289 | 9,406 | 9,737 | ||||||||||||||
Net periodic pension (credit) expense | $ | (10,251 | ) | $ | (1,727 | ) | $ | 2,366 | |||||||||
Post-Retirement Benefits | |||||||||||||||||
Information Regarding Benefit Plan | The following table sets forth certain information regarding the Health & Welfare Plan as of the dates indicated: | ||||||||||||||||
December 31, | |||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||
Change in benefit obligation: | |||||||||||||||||
Benefit obligation at beginning of year | $ | 18,322 | $ | 20,319 | |||||||||||||
Service cost | 4 | 4 | |||||||||||||||
Interest cost | 759 | 683 | |||||||||||||||
Actuarial loss (gain) | 238 | (1,972 | ) | ||||||||||||||
Premiums and claims paid | (948 | ) | (712 | ) | |||||||||||||
Benefit obligation at end of year | $ | 18,375 | $ | 18,322 | |||||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of assets at beginning of year | $ | — | $ | — | |||||||||||||
Employer contribution | 948 | 712 | |||||||||||||||
Premiums and claims paid | (948 | ) | (712 | ) | |||||||||||||
Fair value of assets at end of year | $ | — | $ | — | |||||||||||||
Funded status (included in “Other liabilities”) | $ | (18,375 | ) | $ | (18,322 | ) | |||||||||||
Changes recognized in other comprehensive income for the year ended December 31: | |||||||||||||||||
Amortization of prior service cost | $ | 249 | $ | 249 | |||||||||||||
Amortization of actuarial gain | (474 | ) | (657 | ) | |||||||||||||
Net actuarial loss (gain) arising during the year | 238 | (1,972 | ) | ||||||||||||||
Total recognized in other comprehensive loss for the year (pre-tax) | $ | 13 | $ | (2,380 | ) | ||||||||||||
Accumulated other comprehensive loss (pre-tax) not yet recognized in net periodic benefit cost at December 31: | |||||||||||||||||
Prior service cost | $ | (1,782 | ) | $ | (2,031 | ) | |||||||||||
Actuarial loss, net | 7,400 | 7,636 | |||||||||||||||
Total accumulated other comprehensive loss (pre-tax) | $ | 5,618 | $ | 5,605 | |||||||||||||
Components of Net Periodic Benefit Cost | The following table indicates the components of net periodic benefit cost for the years indicated: | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Components of Net Periodic Benefit Cost: | |||||||||||||||||
Service cost | $ | 4 | $ | 4 | $ | 7 | |||||||||||
Interest cost | 759 | 683 | 641 | ||||||||||||||
Amortization of past-service liability | (249 | ) | (249 | ) | (249 | ) | |||||||||||
Amortization of net actuarial loss | 474 | 657 | 505 | ||||||||||||||
Net periodic benefit cost | $ | 988 | $ | 1,095 | $ | 904 | |||||||||||
StockRelated_Benefit_Plans_Tab
Stock-Related Benefit Plans (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Summary of Activity for Restricted Stock Awards | The following table provides a summary of activity with regard to restricted stock awards in the year ended December 31, 2014: | ||||||||
For the Year Ended | |||||||||
December 31, 2014 | |||||||||
Number of Shares | Weighted Average | ||||||||
Grant Date | |||||||||
Fair Value | |||||||||
Unvested at beginning of year | 5,043,642 | $14.27 | |||||||
Granted | 2,377,498 | 16.79 | |||||||
Vested | (1,494,531 | ) | 14.44 | ||||||
Cancelled | (124,200 | ) | 15.3 | ||||||
Unvested at end of year | 5,802,409 | 15.24 | |||||||
Summary of Activity for Stock Option Plans | The status of the Stock Option Plans at December 31, 2014, and the changes that occurred during the year ended at that date, are summarized below: | ||||||||
For the Year Ended December 31, 2014 | |||||||||
Number of Stock | Weighted Average | ||||||||
Options | Exercise Price | ||||||||
Stock options outstanding, beginning of year | 126,821 | $15.21 | |||||||
Exercised | (42,214 | ) | 12.69 | ||||||
Expired/forfeited | (26,047 | ) | 12.94 | ||||||
Stock options outstanding, end of year | 58,560 | 18.04 | |||||||
Options exercisable at year-end | 58,560 | 18.04 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2014 and 2013, and that were included in the Company’s Consolidated Statements of Condition at those dates: | ||||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2014 Using | |||||||||||||||||||||||||||||||||
(in thousands) | Quoted Prices | Significant | Significant | Netting | Total | ||||||||||||||||||||||||||||
in Active Markets | Other | Unobservable | Adjustments(1) | Fair Value | |||||||||||||||||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||||||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Mortgage-Related Securities Available for Sale: | |||||||||||||||||||||||||||||||||
GSE certificates | $ | — | $ | 19,700 | $ | — | $ | — | $ | 19,700 | |||||||||||||||||||||||
GSE CMOs | — | — | — | — | — | ||||||||||||||||||||||||||||
Private label CMOs | — | — | — | — | — | ||||||||||||||||||||||||||||
Total mortgage-related securities | $ | — | $ | 19,700 | $ | — | $ | — | $ | 19,700 | |||||||||||||||||||||||
Other Securities Available for Sale: | |||||||||||||||||||||||||||||||||
Municipal bonds | $ | — | $ | 942 | $ | — | $ | — | $ | 942 | |||||||||||||||||||||||
Capital trust notes | — | 11,482 | — | — | 11,482 | ||||||||||||||||||||||||||||
Preferred stock | 95,051 | 27,960 | — | — | 123,011 | ||||||||||||||||||||||||||||
Common stock | 16,984 | 1,664 | — | — | 18,648 | ||||||||||||||||||||||||||||
Total other securities | $ | 112,035 | $ | 42,048 | $ | — | $ | — | $ | 154,083 | |||||||||||||||||||||||
Total securities available for sale | $ | 112,035 | $ | 61,748 | $ | — | $ | — | $ | 173,783 | |||||||||||||||||||||||
Other Assets: | |||||||||||||||||||||||||||||||||
Loans held for sale | $ | — | $ | 379,399 | $ | — | $ | — | $ | 379,399 | |||||||||||||||||||||||
Mortgage servicing rights | — | — | 227,297 | — | 227,297 | ||||||||||||||||||||||||||||
Interest rate lock commitments | — | — | 4,397 | — | 4,397 | ||||||||||||||||||||||||||||
Derivative assets-other(2) | 2,655 | 8,429 | — | (7,198 | ) | 3,886 | |||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Derivative liabilities | $ | (346 | ) | $ | (7,862 | ) | $ | — | $ | 7,696 | $ | (512 | ) | ||||||||||||||||||||
-1 | Includes cash collateral received from, and paid to, counterparties. | ||||||||||||||||||||||||||||||||
-2 | Includes $2.6 million to purchase Treasury options. | ||||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||||||||||||||||||
(in thousands) | Quoted Prices | Significant | Significant | Netting | Total | ||||||||||||||||||||||||||||
in Active | Other | Unobservable | Adjustments(1) | Fair Value | |||||||||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Mortgage-Related Securities Available for Sale: | |||||||||||||||||||||||||||||||||
GSE certificates | $ | — | $ | 25,200 | $ | — | $ | — | $ | 25,200 | |||||||||||||||||||||||
GSE CMOs | — | 60,819 | — | — | 60,819 | ||||||||||||||||||||||||||||
Private label CMOs | — | 10,202 | — | — | 10,202 | ||||||||||||||||||||||||||||
Total mortgage-related securities | $ | — | $ | 96,221 | $ | — | $ | — | $ | 96,221 | |||||||||||||||||||||||
Other Securities Available for Sale: | |||||||||||||||||||||||||||||||||
Municipal bonds | $ | — | $ | 1,026 | $ | — | $ | — | $ | 1,026 | |||||||||||||||||||||||
Capital trust notes | — | 11,798 | — | — | 11,798 | ||||||||||||||||||||||||||||
Preferred stock | 89,942 | 26,297 | — | — | 116,239 | ||||||||||||||||||||||||||||
Common stock | 52,740 | 2,714 | — | — | 55,454 | ||||||||||||||||||||||||||||
Total other securities | $ | 142,682 | $ | 41,835 | $ | — | $ | — | $ | 184,517 | |||||||||||||||||||||||
Total securities available for sale | $ | 142,682 | $ | 138,056 | $ | — | $ | — | $ | 280,738 | |||||||||||||||||||||||
Other Assets: | |||||||||||||||||||||||||||||||||
Loans held for sale | $ | — | $ | 306,915 | $ | — | $ | — | $ | 306,915 | |||||||||||||||||||||||
Mortgage servicing rights | — | — | 241,018 | — | 241,018 | ||||||||||||||||||||||||||||
Interest rate lock commitments | — | — | 258 | — | 258 | ||||||||||||||||||||||||||||
Derivative assets-other(2) | 1,267 | 5,155 | — | (4,848 | ) | 1,574 | |||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Derivative liabilities | $ | (590 | ) | $ | (7,422 | ) | $ | — | $ | 7,624 | $ | (388 | ) | ||||||||||||||||||||
-1 | Includes cash collateral received from, and paid to, counterparties. | ||||||||||||||||||||||||||||||||
-2 | Includes $1.3 million to purchase Treasury options. | ||||||||||||||||||||||||||||||||
Difference between Fair Value Option and Unpaid Principal Balance | The following table reflects the difference between the fair value carrying amount of loans held for sale for which the Company has elected the fair value option, and the unpaid principal balance: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Aggregate | Fair Value | Fair Value | Aggregate | Fair Value | |||||||||||||||||||||||||||
Carrying | Unpaid | Carrying Amount | Carrying | Unpaid | Carrying Amount | ||||||||||||||||||||||||||||
Amount | Principal | Less Aggregate | Amount | Principal | Less Aggregate | ||||||||||||||||||||||||||||
Unpaid Principal | Unpaid Principal | ||||||||||||||||||||||||||||||||
Loans held for sale | $ | 201,012 | $ | 194,692 | $ | 6,320 | $ | 306,915 | $ | 303,805 | $ | 3,110 | |||||||||||||||||||||
Changes in Fair Value of Loans Held For Sale | The following table presents the changes in fair value related to initial measurement, and the subsequent changes in fair value included in earnings, for loans held for sale and MSRs for the periods indicated: | ||||||||||||||||||||||||||||||||
Gain (Loss) Included in | |||||||||||||||||||||||||||||||||
Mortgage Banking Income | |||||||||||||||||||||||||||||||||
from Changes in Fair Value(1) | |||||||||||||||||||||||||||||||||
For the Twelve Months Ended December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Loans held for sale | $ | 11,681 | $ | (10,260 | ) | $ | 102,642 | ||||||||||||||||||||||||||
Mortgage servicing rights | (48,542 | ) | 15,699 | (88,303 | ) | ||||||||||||||||||||||||||||
Total (loss) gain | $ | (36,861 | ) | $ | 5,439 | $ | 14,339 | ||||||||||||||||||||||||||
-1 | Does not include the effect of hedging activities. | ||||||||||||||||||||||||||||||||
Rollforward of Financial Instruments Classified in Level Three of Valuation Hierarchy | The following tables present, for the twelve months ended December 31, 2014 and 2013, a roll-forward of the balance sheet amounts (including changes in fair value) for financial instruments classified in Level 3 of the valuation hierarchy: | ||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Total Realized/Unrealized | Issuances | Settlements | Transfers | Fair Value | Change in | ||||||||||||||||||||||||||
January 1, | Gains/(Losses) Recorded in | to/(from) | at Dec. 31, | Unrealized Gains/ | |||||||||||||||||||||||||||||
2014 | Level 3 | 2014 | (Losses) Related to | ||||||||||||||||||||||||||||||
Instruments Held at | |||||||||||||||||||||||||||||||||
Income/ | Comprehensive | December 31, 2014 | |||||||||||||||||||||||||||||||
Loss | (Loss) Income | ||||||||||||||||||||||||||||||||
Mortgage servicing rights | $ | 241,018 | $ | (48,542 | ) | $ | — | $ | 34,821 | $ | — | $ | — | $ | 227,297 | $ | 7,377 | ||||||||||||||||
Interest rate lock commitments | 258 | 4,139 | — | — | — | — | 4,397 | 4,397 | |||||||||||||||||||||||||
(in thousands) | Fair Value | Total Realized/Unrealized | Issuances | Settlements | Transfers | Fair Value | Change in | ||||||||||||||||||||||||||
January 1, | Gains/(Losses) Recorded in | to/(from) | at Dec. 31, | Unrealized Gains/ | |||||||||||||||||||||||||||||
2013 | Level 3 | 2013 | (Losses) Related to | ||||||||||||||||||||||||||||||
Instruments Held at | |||||||||||||||||||||||||||||||||
Income/ | Comprehensive | December 31, 2013 | |||||||||||||||||||||||||||||||
Loss | (Loss) Income | ||||||||||||||||||||||||||||||||
Available-for-sale capital securities | $ | 18,569 | $ | — | $ | — | $ | — | $ | (18,569 | ) | $ | — | $ | — | $ | — | ||||||||||||||||
Mortgage servicing rights | 144,520 | 15,699 | — | 80,799 | — | — | 241,018 | 70,218 | |||||||||||||||||||||||||
Interest rate lock commitments | 21,446 | (21,188 | ) | — | — | — | — | 258 | 258 | ||||||||||||||||||||||||
Significant Unobservable Inputs used in Fair Value Measurement | For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 2014, the significant unobservable inputs used in the fair value measurements were as follows: | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair Value at | Valuation Technique | Significant Unobservable Inputs | Significant | |||||||||||||||||||||||||||||
Dec. 31, 2014 | Unobservable | ||||||||||||||||||||||||||||||||
Input Value | |||||||||||||||||||||||||||||||||
Mortgage Servicing Rights | $ | 227,297 | Discounted Cash Flow | Weighted Average Constant Prepayment Rate (1) | 9.3 | % | |||||||||||||||||||||||||||
Weighted Average Discount Rate | 10 | ||||||||||||||||||||||||||||||||
Interest Rate Lock Commitments | 4,397 | Discounted Cash Flow | Weighted Average Closing Ratio | 76.81 | |||||||||||||||||||||||||||||
-1 | Represents annualized loan repayment rate assumptions. | ||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | The following tables present assets and liabilities that were measured at fair value on a non-recurring basis as of December 31, 2014 and 2013, and that were included in the Company’s Consolidated Statements of Condition at those dates: | ||||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2014 Using | |||||||||||||||||||||||||||||||||
(in thousands) | Quoted Prices in | Significant Other | Significant | Total Fair | |||||||||||||||||||||||||||||
Active Markets | Observable Inputs | Unobservable Inputs | Value | ||||||||||||||||||||||||||||||
for Identical | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||||||
Certain impaired loans | $ | — | $ | — | $ | 23,366 | $ | 23,366 | |||||||||||||||||||||||||
Other assets (1) | — | 15,916 | — | 15,916 | |||||||||||||||||||||||||||||
Total | $ | — | $ | 15,916 | $ | 23,366 | $ | 39,282 | |||||||||||||||||||||||||
-1 | Represents the fair value of OREO, based on the appraised value of the collateral subsequent to its initial classification as OREO. | ||||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||||||||||||||||||
(in thousands) | Quoted Prices in | Significant Other | Significant | Total Fair | |||||||||||||||||||||||||||||
Active Markets | Observable Inputs | Unobservable Inputs | Value | ||||||||||||||||||||||||||||||
for Identical | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||||||
Certain impaired loans | $ | — | $ | — | $ | 47,535 | $ | 47,535 | |||||||||||||||||||||||||
Other assets (1) | — | 19,810 | — | 19,810 | |||||||||||||||||||||||||||||
Total | $ | — | $ | 19,810 | $ | 47,535 | $ | 67,345 | |||||||||||||||||||||||||
-1 | Represents the fair value of OREO, based on the appraised value of the collateral subsequent to its initial classification as OREO. | ||||||||||||||||||||||||||||||||
Summary of Carrying Values, Estimated Fair Values and Fair Value Measurement Levels of Financial Instruments | The following tables summarize the carrying values, estimated fair values, and fair value measurement levels of financial instruments that were not carried at fair value on the Company’s Consolidated Statements of Condition at December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||||||||||||||||||
(in thousands) | Carrying | Estimated Fair | Quoted Prices in | Significant | Significant | ||||||||||||||||||||||||||||
Value | Value | Active Markets | Other | Unobservable | |||||||||||||||||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||||||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 564,150 | $ | 564,150 | $ | 564,150 | $ | — | $ | — | |||||||||||||||||||||||
Securities held to maturity | 6,922,667 | 7,085,971 | — | 7,084,959 | 1,012 | ||||||||||||||||||||||||||||
FHLB stock(1) | 515,327 | 515,327 | — | 515,327 | — | ||||||||||||||||||||||||||||
Loans, net | 35,647,639 | 36,167,980 | — | — | 36,167,980 | ||||||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||||||
Deposits | $ | 28,328,734 | $ | 28,377,897 | $ | 21,908,136 | (2) | $ | 6,469,761 | (3) | $ | — | |||||||||||||||||||||
Borrowed funds | 14,226,487 | 15,140,171 | — | 15,140,171 | — | ||||||||||||||||||||||||||||
-1 | Carrying value and estimated fair value are at cost. | ||||||||||||||||||||||||||||||||
-2 | NOW and money market accounts, savings accounts, and non-interest-bearing accounts. | ||||||||||||||||||||||||||||||||
-3 | Certificates of deposit. | ||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||||||||||||||||||
(in thousands) | Carrying Value | Estimated Fair | Quoted Prices in | Significant | Significant | ||||||||||||||||||||||||||||
Value | Active Markets | Other | Unobservable | ||||||||||||||||||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||||||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 644,550 | $ | 644,550 | $ | 644,550 | $ | — | $ | — | |||||||||||||||||||||||
Securities held to maturity | 7,670,282 | 7,445,244 | — | 7,438,091 | 7,153 | ||||||||||||||||||||||||||||
FHLB stock(1) | 561,390 | 561,390 | — | 561,390 | — | ||||||||||||||||||||||||||||
Loans, net | 32,727,507 | 32,628,361 | — | — | 32,628,361 | ||||||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||||||
Deposits | $ | 25,660,992 | $ | 25,712,388 | $ | 18,728,896 | (2) | $ | 6,983,492 | (3) | $ | — | |||||||||||||||||||||
Borrowed funds | 15,105,002 | 16,058,931 | — | 16,058,931 | — | ||||||||||||||||||||||||||||
-1 | Carrying value and estimated fair value are at cost. | ||||||||||||||||||||||||||||||||
-2 | NOW and money market accounts, savings accounts, and non-interest-bearing accounts. | ||||||||||||||||||||||||||||||||
-3 | Certificates of deposit. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Derivative Financial Instruments | The following table sets forth information regarding the Company’s derivative financial instruments at December 31, 2014: | ||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
(in thousands) | Notional | Unrealized (1) | |||||||||||||||||||||||
Amount | Gain | Loss | |||||||||||||||||||||||
Treasury options | $ | 610,000 | $ | 12 | $ | 337 | |||||||||||||||||||
Treasury futures | 25,000 | 57 | — | ||||||||||||||||||||||
Eurodollar futures | 75,000 | 11 | 9 | ||||||||||||||||||||||
Forward commitments to sell loans/mortgage-backed securities | 1,050,470 | 8 | 7,862 | ||||||||||||||||||||||
Forward commitments to buy loans/mortgage-backed securities | 1,104,469 | 8,421 | — | ||||||||||||||||||||||
Interest rate lock commitments | 495,794 | 4,397 | — | ||||||||||||||||||||||
Total derivatives | $ | 3,360,733 | $ | 12,906 | $ | 8,208 | |||||||||||||||||||
-1 | Derivatives in a net gain position are recorded as “Other assets” and derivatives in a net loss position are recorded as “Other liabilities” in the Consolidated Statements of Condition. | ||||||||||||||||||||||||
Effect of Derivative Instruments on Consolidated Statements of Income and Comprehensive Income | The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the periods indicated: | ||||||||||||||||||||||||
Gain (Loss) Included in Mortgage Banking Income | |||||||||||||||||||||||||
For the Twelve Months Ended December 31, | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Treasury options | $ | 1,968 | $ | (10,224 | ) | $ | (120 | ) | |||||||||||||||||
Treasury and Eurodollar futures | 333 | (38 | ) | (1,468 | ) | ||||||||||||||||||||
Forward commitments to buy/sell loans/mortgage-backed securities | 12,009 | 17,727 | 3,026 | ||||||||||||||||||||||
Total gain | $ | 14,310 | $ | 7,465 | $ | 1,438 | |||||||||||||||||||
Effect of Master Netting Arrangements on Presentation of Derivative Assets and Liabilities in Consolidated Statements of Financial Condition | The following tables present the effect the master netting arrangements had on the presentation of the derivative assets in the Consolidated Statements of Condition as of the dates indicated: | ||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
(in thousands) | Gross | Gross Amount | Net Amount of | Gross Amounts Not | Net | ||||||||||||||||||||
Amount of | Offset in the | Assets Presented | Offset in the | Amount | |||||||||||||||||||||
Recognized | Statement of | in the Statement | Consolidated Statement | ||||||||||||||||||||||
Assets(1) | Condition | of Condition | of Condition | ||||||||||||||||||||||
Financial | Cash | ||||||||||||||||||||||||
Instruments | Collateral | ||||||||||||||||||||||||
Received | |||||||||||||||||||||||||
Derivatives | $ | 15,481 | $ | 7,198 | $ | 8,283 | $ | — | $ | — | $ | 8,283 | |||||||||||||
-1 | Includes $2.6 million to purchase Treasury options. | ||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(in thousands) | Gross | Gross | Net | Gross Amounts Not | Net | ||||||||||||||||||||
Amount of | Amount | Amount | Offset in the | Amount | |||||||||||||||||||||
Recognized | Offset in | of Assets | Consolidated Statement | ||||||||||||||||||||||
Assets(1) | the | Presented | of Condition | ||||||||||||||||||||||
Statement | in the | ||||||||||||||||||||||||
of | Statement | ||||||||||||||||||||||||
Condition | of | ||||||||||||||||||||||||
Condition | Financial | Cash | |||||||||||||||||||||||
Instruments | Collateral | ||||||||||||||||||||||||
Received | |||||||||||||||||||||||||
Derivatives | $ | 6,680 | $ | 4,848 | $ | 1,832 | $ | — | $ | — | $ | 1,832 | |||||||||||||
-1 | Includes $1.3 million to purchase Treasury options. | ||||||||||||||||||||||||
The following tables present the effect the master netting arrangements had on the presentation of the derivative liabilities in the Consolidated Statements of Condition as of the dates indicated: | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
(in thousands) | Gross | Gross Amount | Net Amount of | Gross Amounts Not | Net | ||||||||||||||||||||
Amount of | Offset in the | Liabilities | Offset in the | Amount | |||||||||||||||||||||
Recognized | Statement of | Presented in the | Consolidated Statement | ||||||||||||||||||||||
Liabilities | Condition | Statement of | of Condition | ||||||||||||||||||||||
Condition | Financial | Cash | |||||||||||||||||||||||
Instruments | Collateral | ||||||||||||||||||||||||
Pledged | |||||||||||||||||||||||||
Derivatives | $ | 8,208 | $ | 7,696 | $ | 512 | $ | — | $ | — | $ | 512 | |||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(in thousands) | Gross | Gross Amount | Net Amount of | Gross Amounts Not | Net | ||||||||||||||||||||
Amount of | Offset in the | Liabilities | Offset in the | Amount | |||||||||||||||||||||
Recognized | Statement of | Presented in the | Consolidated Statement | ||||||||||||||||||||||
Liabilities | Condition | Statement of | of Condition | ||||||||||||||||||||||
Condition | Financial | Cash | |||||||||||||||||||||||
Instruments | Collateral | ||||||||||||||||||||||||
Pledged | |||||||||||||||||||||||||
Derivatives | $ | 8,012 | $ | 7,624 | $ | 388 | $ | — | $ | — | $ | 388 |
Parent_Company_Only_Financial_1
Parent Company Only Financial Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Statements of Condition | Condensed Statements of Condition | ||||||||||||
December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
ASSETS: | |||||||||||||
Cash and cash equivalents | $ | 89,518 | $ | 126,165 | |||||||||
Securities available for sale | 2,002 | 2,545 | |||||||||||
Investments in subsidiaries | 6,039,718 | 5,961,367 | |||||||||||
Receivables from subsidiaries | 7,859 | 5,152 | |||||||||||
Other assets | 32,165 | 32,458 | |||||||||||
Total assets | $ | 6,171,262 | $ | 6,127,687 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | |||||||||||||
Junior subordinated debentures | $ | 358,355 | $ | 358,126 | |||||||||
Other liabilities | 31,092 | 33,899 | |||||||||||
Total liabilities | 389,447 | 392,025 | |||||||||||
Stockholders’ equity | 5,781,815 | 5,735,662 | |||||||||||
Total liabilities and stockholders’ equity | $ | 6,171,262 | $ | 6,127,687 | |||||||||
Condensed Statements of Income | Condensed Statements of Income | ||||||||||||
Years Ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Interest income | $ | 715 | $ | 702 | $ | 1,121 | |||||||
Dividends received from subsidiaries | 410,000 | 450,000 | 485,000 | ||||||||||
Gain on sale of securities | 261 | — | — | ||||||||||
Loss on debt redemption | — | — | (2,313 | ) | |||||||||
Other income | 520 | 525 | 1,174 | ||||||||||
Gross income | 411,496 | 451,227 | 484,982 | ||||||||||
Operating expenses | 42,370 | 38,268 | 44,651 | ||||||||||
Income before income tax benefit and equity in undistributed earnings of subsidiaries | 369,126 | 412,959 | 440,331 | ||||||||||
Income tax benefit | 17,570 | 16,547 | 20,029 | ||||||||||
Income before equity in undistributed earnings of subsidiaries | 386,696 | 429,506 | 460,360 | ||||||||||
Equity in undistributed earnings of subsidiaries | 98,701 | 46,041 | 40,746 | ||||||||||
Net income | $ | 485,397 | $ | 475,547 | $ | 501,106 | |||||||
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows | ||||||||||||
Years Ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||
Net income | $ | 485,397 | $ | 475,547 | $ | 501,106 | |||||||
Change in other assets | 293 | (3,841 | ) | (154 | ) | ||||||||
Change in other liabilities | (2,807 | ) | 6,342 | (8,799 | ) | ||||||||
Other, net | 30,739 | 24,135 | 21,474 | ||||||||||
Equity in undistributed earnings of subsidiaries | (98,701 | ) | (46,041 | ) | (40,746 | ) | |||||||
Net cash provided by operating activities | $ | 414,921 | $ | 456,142 | $ | 472,881 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||
Proceeds from sales and repayments of securities | $ | 566 | $ | 151 | $ | 1,276 | |||||||
Change in receivable from subsidiaries, net | (2,707 | ) | 1,428 | (409 | ) | ||||||||
Net cash (used in) provided by investing activities | $ | (2,141 | ) | $ | 1,579 | $ | 867 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||
Treasury stock purchases | $ | (7,283 | ) | $ | (5,319 | ) | $ | (3,522 | ) | ||||
Cash dividends paid on common stock | (442,204 | ) | (440,308 | ) | (438,539 | ) | |||||||
Net cash received from exercise of stock options | 60 | 326 | — | ||||||||||
Payments for debt redemptions | — | — | (159,210 | ) | |||||||||
Net cash used in financing activities | $ | (449,427 | ) | $ | (445,301 | ) | $ | (601,271 | ) | ||||
Net (decrease) increase in cash and cash equivalents | (36,647 | ) | 12,420 | (127,523 | ) | ||||||||
Cash and cash equivalents at beginning of year | 126,165 | 113,745 | 241,268 | ||||||||||
Cash and cash equivalents at end of year | $ | 89,518 | $ | 126,165 | $ | 113,745 | |||||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Regulatory Capital Ratios for Company in Comparison With Minimum Amounts and Ratios Required by Federal Reserve Board of Governors | The following tables present the regulatory capital ratios for the Company at December 31, 2014 and 2013, in comparison with the minimum amounts and ratios required by the FRB for capital adequacy purposes: | ||||||||||||||||||||||||
Risk-Based Capital | |||||||||||||||||||||||||
At December 31, 2014 | Leverage Capital | Tier 1 | Total | ||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total regulatory capital | $ | 3,731,430 | 8.04 | % | $ | 3,731,430 | 12.3 | % | $ | 3,919,248 | 12.92 | % | |||||||||||||
Minimum for capital adequacy purposes | 1,856,755 | 4 | 1,213,802 | 4 | 2,427,605 | 8 | |||||||||||||||||||
Excess | $ | 1,874,675 | 4.04 | % | $ | 2,517,628 | 8.3 | % | $ | 1,491,643 | 4.92 | % | |||||||||||||
Risk-Based Capital | |||||||||||||||||||||||||
At December 31, 2013 | Leverage Capital | Tier 1 | Total | ||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total regulatory capital | $ | 3,664,082 | 8.39 | % | $ | 3,664,082 | 12.84 | % | $ | 3,870,921 | 13.56 | % | |||||||||||||
Minimum for capital adequacy purposes | 1,745,857 | 4 | 1,141,644 | 4 | 2,283,287 | 8 | |||||||||||||||||||
Excess | $ | 1,918,225 | 4.39 | % | $ | 2,522,438 | 8.84 | % | $ | 1,587,634 | 5.56 | % | |||||||||||||
Actual Capital Amounts and Ratios for Community Bank in Comparison to Minimum Amounts and Ratios Required | The following tables present the actual capital amounts and ratios for the Community Bank at December 31, 2014 and 2013 in comparison to the minimum amounts and ratios required for capital adequacy purposes: | ||||||||||||||||||||||||
Risk-Based Capital | |||||||||||||||||||||||||
At December 31, 2014 | Leverage Capital | Tier 1 | Total | ||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total regulatory capital | $ | 3,285,870 | 7.73 | % | $ | 3,285,870 | 12.02 | % | $ | 3,461,741 | 12.66 | % | |||||||||||||
Minimum for capital adequacy purposes | 1,701,174 | 4 | 1,093,835 | 4 | 2,187,669 | 8 | |||||||||||||||||||
Excess | $ | 1,584,696 | 3.73 | % | $ | 2,192,035 | 8.02 | % | $ | 1,274,072 | 4.66 | % | |||||||||||||
Risk-Based Capital | |||||||||||||||||||||||||
At December 31, 2013 | Leverage Capital | Tier 1 | Total | ||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total regulatory capital | $ | 3,196,870 | 7.86 | % | $ | 3,196,870 | 12.22 | % | $ | 3,391,944 | 12.96 | % | |||||||||||||
Minimum for capital adequacy purposes | 1,627,696 | 4 | 1,046,793 | 4 | 2,093,586 | 8 | |||||||||||||||||||
Excess | $ | 1,569,174 | 3.86 | % | $ | 2,150,077 | 8.22 | % | $ | 1,298,358 | 4.96 | % | |||||||||||||
Actual Capital Amounts and Ratios for Commercial Bank in Comparison With Minimum Amounts and Ratios Required | The following tables present the actual capital amounts and ratios for the Commercial Bank at December 31, 2014 and 2013 in comparison to the minimum amounts and ratios required for capital adequacy purposes: | ||||||||||||||||||||||||
Risk-Based Capital | |||||||||||||||||||||||||
At December 31, 2014 | Leverage Capital | Tier 1 | Total | ||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total regulatory capital | $ | 364,591 | 9.25 | % | $ | 364,591 | 12.08 | % | $ | 376,538 | 12.47 | % | |||||||||||||
Minimum for capital adequacy purposes | 157,599 | 4 | 120,755 | 4 | 241,509 | 8 | |||||||||||||||||||
Excess | $ | 206,992 | 5.25 | % | $ | 243,836 | 8.08 | % | $ | 135,029 | 4.47 | % | |||||||||||||
Risk-Based Capital | |||||||||||||||||||||||||
At December 31, 2013 | Leverage Capital | Tier 1 | Total | ||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total regulatory capital | $ | 354,423 | 11.49 | % | $ | 354,423 | 14.84 | % | $ | 366,076 | 15.33 | % | |||||||||||||
Minimum for capital adequacy purposes | 123,393 | 4 | 95,517 | 4 | 191,033 | 8 | |||||||||||||||||||
Excess | $ | 231,030 | 7.49 | % | $ | 258,906 | 10.84 | % | $ | 175,043 | 7.33 | % | |||||||||||||
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
Nov. 23, 1993 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 23, 1993 | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||
Initial public offering of common stock, par value per share | $0.01 | $0.01 | $0.01 | $0.01 |
Initial public offering of common stock, price per share | $25 | |||
Description of nine stock splits | Reflecting nine stock splits between September 30, 1994 and February 17, 2004, the Company's initial offering price adjusts to $0.93 per share. | |||
Effect of adopting Accounting Standards Update 2014-01 | ($1,303,000) | |||
Affordable housing tax credits and other tax benefits recognized | 3,900,000 | |||
Affordable housing tax credits and other tax benefits, related amortization recognized | 2,900,000 | |||
Commitment of additional anticipated equity contributions relating to current investments | $21,700,000 | |||
New York Community Bank | ||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||
Number of branches | 242 | |||
New York Community Bank | Directly Operated Banks | ||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||
Number of branches | 4 | |||
New York Community Bank | Seven Divisional Banks | ||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||
Number of branches | 238 | |||
New York Commercial Bank | ||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||
Number of branches | 30 | |||
New York Commercial Bank | Atlantic Bank | ||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||
Number of branches | 18 | |||
Adjusted for Nine Stock Split | ||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||
Initial public offering of common stock, price per share | $0.93 |
Recovered_Sheet1
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Significant Accounting Policies [Line Items] | |||
Cash and cash equivalents, interest-bearing deposits in other financial institutions | $564,200,000 | $644,600,000 | |
Cash and cash equivalents, interest-bearing deposits in other financial institutions, Federal Reserve Bank of New York | 135,200,000 | 208,000,000 | |
Cash and cash equivalents, federal funds sold | 6,800,000 | 4,800,000 | |
Cash and cash equivalents, outstanding reverse repurchase agreements | 250,000,000 | 250,000,000 | |
Minimum amount required to be maintained as total reserves with the Federal Reserve Bank of New York | 129,500,000 | 133,700,000 | |
Depreciation and amortization | 27,792,000 | 28,092,000 | 25,471,000 |
Bank-owned life insurance | 915,156,000 | 893,522,000 | |
Bank-owned life insurance income | 27,150,000 | 29,938,000 | 30,502,000 |
Purchase of bank-owned life insurance policy | 0 | 0 | |
Other real estate owned | 94,004,000 | 108,869,000 | |
Other real estate owned, covered by FDIC loss sharing agreements | $32,048,000 | $37,477,000 | |
Shares available for grant | 14,480,253 | ||
Building | |||
Significant Accounting Policies [Line Items] | |||
Premises, furniture, fixtures, and equipment, estimated useful lives (in years) | 20 years | ||
Options and Restricted Stock | |||
Significant Accounting Policies [Line Items] | |||
Shares available for grant | 14,480,253 | ||
Two Thousand Twelve Incentive Plan | |||
Significant Accounting Policies [Line Items] | |||
Shares transferred | 1,030,673 | ||
Maximum | Furniture and Fixtures | |||
Significant Accounting Policies [Line Items] | |||
Premises, furniture, fixtures, and equipment, estimated useful lives (in years) | 10 years | ||
Maximum | Equipment | |||
Significant Accounting Policies [Line Items] | |||
Premises, furniture, fixtures, and equipment, estimated useful lives (in years) | 10 years | ||
Minimum | Furniture and Fixtures | |||
Significant Accounting Policies [Line Items] | |||
Premises, furniture, fixtures, and equipment, estimated useful lives (in years) | 3 years | ||
Minimum | Equipment | |||
Significant Accounting Policies [Line Items] | |||
Premises, furniture, fixtures, and equipment, estimated useful lives (in years) | 3 years | ||
Core deposit intangibles | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Core deposit intangible, estimated useful lives (in years) | 10 years |
Computation_of_Basic_and_Dilut
Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income | $485,397 | $475,547 | $501,106 | |
Less: Dividends paid on and earnings allocated to participating securities | -3,425 | -3,008 | -4,702 | |
Earnings applicable to common stock | $481,972 | $472,539 | $496,404 | |
Weighted average common shares outstanding | 440,988,102 | 439,251,238 | 437,706,702 | |
Basic earnings per common share | $1.09 | $1.08 | $1.13 | |
Potential dilutive common shares | 5,540 | [1] | ||
Total shares for diluted earnings per share computation | 440,988,102 | 439,251,238 | 437,712,242 | |
Diluted earnings per common share and common share equivalents | $1.09 | $1.08 | $1.13 | |
[1] | Options to purchase 58,560 shares, 60,300 shares, and 2,542,277 shares, respectively, of the Company's common stock that were outstanding as of December 31, 2014, 2013, and 2012, at respective weighted average exercise prices of $18.04, $17.99, and $16.86, were excluded from the respective computations of diluted EPS because their inclusion would have had an antidilutive effect. |
Computation_of_Basic_and_Dilut1
Computation of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Options to purchase shares that were not included in the respective computation of diluted EPS because their inclusion would have had an antidilutive effect | 58,560 | 60,300 | 2,542,277 |
Options to purchase shares that were not included in the respective computation of diluted EPS because their inclusion would have had an antidilutive effect, weighted average exercise prices | $18.04 | $17.99 | $16.86 |
Reclassifications_of_Accumulat
Reclassifications of Accumulated Other Comprehensive Loss (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net gain on sales of securities | $14,029 | $21,036 | $2,041 | |
Income before income taxes | 773,066 | 747,126 | 780,909 | |
Income tax expense (Benefit) | -287,669 | -271,579 | -279,803 | |
Net gain on sales of securities, net of tax | -3,694 | -5,294 | -1,240 | |
Total reclassifications for the period | 1,599 | [1] | ||
Reclassification out of Accumulated Other Comprehensive Income (loss) | Unrealized gains on available for sale securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net gain on sales of securities | 6,186 | [1] | ||
Income tax expense (Benefit) | -2,492 | [1] | ||
Net gain on sales of securities, net of tax | 3,694 | [1] | ||
Reclassification out of Accumulated Other Comprehensive Income (loss) | Amortization of defined benefit pension | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Prior-service costs | 249 | [1],[2] | ||
Actuarial losses | -3,763 | [1],[2] | ||
Income before income taxes | -3,514 | [1] | ||
Income tax expense (Benefit) | 1,419 | [1] | ||
Amortization of defined benefit pension plan items, net of tax | ($2,095) | [1] | ||
[1] | Amounts in parentheses indicate expense items. | |||
[2] | Please see Note 12, "Employee Benefits," for additional information. |
Summary_of_Portfolio_of_Securi
Summary of Portfolio of Securities Available for Sale (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $168,770 | $280,290 | |
Gross Unrealized Gain | 7,476 | 8,198 | |
Gross Unrealized Loss | 2,463 | 7,750 | |
Fair Value | 173,783 | 280,738 | |
Mortgage-Related Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 18,350 | 96,055 | |
Gross Unrealized Gain | 1,350 | 2,040 | |
Gross Unrealized Loss | 1,874 | ||
Fair Value | 19,700 | 96,221 | |
Mortgage-Related Securities | GSE certificates | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 18,350 | [1] | 23,759 |
Gross Unrealized Gain | 1,350 | [1] | 1,442 |
Gross Unrealized Loss | 1 | ||
Fair Value | 19,700 | [1] | 25,200 |
Mortgage-Related Securities | GSE CMOs | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 62,082 | ||
Gross Unrealized Gain | 598 | ||
Gross Unrealized Loss | 1,861 | ||
Fair Value | 60,819 | ||
Mortgage-Related Securities | Private label CMOs | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 10,214 | ||
Gross Unrealized Loss | 12 | ||
Fair Value | 10,202 | ||
Other Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 150,420 | 184,235 | |
Gross Unrealized Gain | 6,126 | 6,158 | |
Gross Unrealized Loss | 2,463 | 5,876 | |
Fair Value | 154,083 | 184,517 | |
Other Securities | Municipal bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 841 | 957 | |
Gross Unrealized Gain | 101 | 69 | |
Fair Value | 942 | 1,026 | |
Other Securities | Capital trust notes | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 13,431 | 13,419 | |
Gross Unrealized Gain | 31 | 60 | |
Gross Unrealized Loss | 1,980 | 1,681 | |
Fair Value | 11,482 | 11,798 | |
Other Securities | Preferred stock | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 118,205 | 118,205 | |
Gross Unrealized Gain | 5,246 | 1,936 | |
Gross Unrealized Loss | 440 | 3,902 | |
Fair Value | 123,011 | 116,239 | |
Other Securities | Common stock | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 17,943 | 51,654 | |
Gross Unrealized Gain | 748 | 4,093 | |
Gross Unrealized Loss | 43 | 293 | |
Fair Value | $18,648 | $55,454 | |
[1] | Government-sponsored enterprise. |
Securities_Additional_Informat
Securities - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Schedule of Investments [Line Items] | ||||
Available for Sale, fair value | $173,783,000 | $280,738,000 | ||
Federal Home Loan Bank stock, at cost | 515,327,000 | [1] | 561,390,000 | [1] |
Proceeds from sales of held to maturity securities | 139,294,000 | 191,142,000 | ||
Gain realized gains from sales of held to maturity securities | 7,800,000 | 11,600,000 | ||
Investment securities designated as having a continuous loss position for twelve months or more, unrealized losses | 51,600,000 | 10,700,000 | ||
Investment securities designated as having a continuous loss position for twelve months or more, percentage below collective amortized cost | 1.90% | 19.90% | ||
Investment securities designated as having a continuous loss position for twelve months or more, amortized cost | 2,700,000,000 | 53,700,000 | ||
Mortgage-Related Securities | ||||
Schedule of Investments [Line Items] | ||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 16 | 1 | ||
Agency Debt Securities | ||||
Schedule of Investments [Line Items] | ||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 17 | |||
GSE CMOs | ||||
Schedule of Investments [Line Items] | ||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 3 | |||
Capital trust notes | ||||
Schedule of Investments [Line Items] | ||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 5 | 6 | ||
Municipal bonds | ||||
Schedule of Investments [Line Items] | ||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 2 | |||
Preferred stock securities | ||||
Schedule of Investments [Line Items] | ||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 1 | |||
Minimum | ||||
Schedule of Investments [Line Items] | ||||
Percentage of amount collected to recognize sale of securities | 85.00% | |||
Other Securities | ||||
Schedule of Investments [Line Items] | ||||
Available for Sale, fair value | 154,083,000 | 184,517,000 | ||
Other Securities | Common stock | ||||
Schedule of Investments [Line Items] | ||||
Available for Sale, fair value | 18,648,000 | 55,454,000 | ||
Other Securities | Preferred stock | ||||
Schedule of Investments [Line Items] | ||||
Available for Sale, fair value | $123,011,000 | $116,239,000 | ||
[1] | Carrying value and estimated fair value are at cost. |
Summary_of_Portfolio_of_Securi1
Summary of Portfolio of Securities Held to Maturity (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | $6,931,498 | [1] | $7,679,472 | [2] |
Carrying Amount | 6,922,667 | [1] | 7,670,282 | [2] |
Gross Unrealized Gain | 212,968 | [1] | 80,203 | [2] |
Gross Unrealized Loss | 49,664 | [1] | 305,241 | [2] |
Fair Value | 7,085,971 | [1] | 7,445,244 | [2] |
Mortgage-Related Securities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 4,079,034 | 4,407,987 | ||
Carrying Amount | 4,079,034 | 4,407,987 | ||
Gross Unrealized Gain | 171,489 | 59,475 | ||
Gross Unrealized Loss | 4,549 | 83,800 | ||
Fair Value | 4,245,974 | 4,383,662 | ||
Mortgage-Related Securities | GSE certificates | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 2,468,791 | 2,529,102 | ||
Carrying Amount | 2,468,791 | 2,529,102 | ||
Gross Unrealized Gain | 106,414 | 30,145 | ||
Gross Unrealized Loss | 3,838 | 61,280 | ||
Fair Value | 2,571,367 | 2,497,967 | ||
Mortgage-Related Securities | GSE CMOs | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 1,610,243 | 1,878,885 | ||
Carrying Amount | 1,610,243 | 1,878,885 | ||
Gross Unrealized Gain | 65,075 | 29,330 | ||
Gross Unrealized Loss | 711 | 22,520 | ||
Fair Value | 1,674,607 | 1,885,695 | ||
Other Securities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 2,852,464 | 3,271,485 | ||
Carrying Amount | 2,843,633 | 3,262,295 | ||
Gross Unrealized Gain | 41,479 | 20,728 | ||
Gross Unrealized Loss | 45,115 | 221,441 | ||
Fair Value | 2,839,997 | 3,061,582 | ||
Other Securities | GSE debentures | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 2,635,989 | 3,053,253 | ||
Carrying Amount | 2,635,989 | 3,053,253 | ||
Gross Unrealized Gain | 24,173 | 6,512 | ||
Gross Unrealized Loss | 32,920 | 208,506 | ||
Fair Value | 2,627,242 | 2,851,259 | ||
Other Securities | Corporate bonds | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 73,317 | 72,899 | ||
Carrying Amount | 73,317 | 72,899 | ||
Gross Unrealized Gain | 12,113 | 11,063 | ||
Fair Value | 85,430 | 83,962 | ||
Other Securities | Municipal bonds | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 58,682 | 60,462 | ||
Carrying Amount | 58,682 | 60,462 | ||
Gross Unrealized Gain | 19 | |||
Gross Unrealized Loss | 1,027 | 3,849 | ||
Fair Value | 57,655 | 56,632 | ||
Other Securities | Capital trust notes | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 84,476 | 84,871 | ||
Carrying Amount | 75,645 | 75,681 | ||
Gross Unrealized Gain | 5,193 | 3,134 | ||
Gross Unrealized Loss | 11,168 | 9,086 | ||
Fair Value | $69,670 | $69,729 | ||
[1] | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At December 31, 2014, the non-credit portion of OTTI recorded in AOCL was $8.8 million (before taxes). | |||
[2] | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At December 31, 2013, the non-credit portion of OTTI recorded in AOCL was $9.2 million (before taxes). |
Summary_of_Portfolio_of_Securi2
Summary of Portfolio of Securities Held to Maturity (Parenthetical) (Detail) (Held-to-maturity Securities, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Held-to-maturity Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Non-credit portion of OTTI recorded in AOCL, before taxes | $8.80 | $9.20 |
Summary_of_Gross_Proceeds_Gros
Summary of Gross Proceeds, Gross Realized Gains, and Gross Realized Losses from Sale of Available-for-Sale Securities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Gain (Loss) on Investments [Line Items] | |||
Gross proceeds | $333,725 | $631,802 | $822,618 |
Gross realized gains | 6,186 | 9,529 | 2,041 |
Gross realized losses | $45 |
Credit_Loss_Component_of_Other
Credit Loss Component of Other Than Temporary Impairment on Debt Securities (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |
Beginning OTTI credit loss amount | $216,334 |
Add: Initial other-than-temporary credit losses | 0 |
Subsequent other-than-temporary credit losses | 0 |
Amount previously recognized in AOCL | 0 |
Less: Realized losses for securities sold | 0 |
Securities intended or required to be sold | 0 |
Increases in expected cash flows on debt securities | 17,326 |
Ending OTTI credit loss amount | $199,008 |
Summary_of_Carrying_Amount_and
Summary of Carrying Amount and Estimated Fair Value of Held-to-Maturity Debt Securities and Amortized Cost and Estimated Fair Value of Available-for-Sale Debt Securities by Contractual Maturity (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Held-to-Maturity Securities: | ||||
Carrying Amount | $6,922,667 | [1] | $7,670,282 | [2] |
Held-to-Maturity Securities: | ||||
Due within one year | 0 | |||
Due from one to five years | 66,222 | |||
Due from five to ten years | 5,957,938 | |||
Due after ten years | 1,061,811 | |||
Total debt securities held to maturity | 7,085,971 | [1] | 7,445,244 | [2] |
Available-for-Sale Securities: | ||||
Due within one year | 133 | [3] | ||
Due from one to five years | 4,517 | [3] | ||
Due from five to ten years | 3,565 | [3] | ||
Due after ten years | 23,909 | [3] | ||
Total debt securities available for sale | 32,124 | [3] | ||
Mortgage-Related Securities | ||||
Held-to-Maturity Securities: | ||||
Due within one year | 0 | |||
Due from five to ten years | 3,210,182 | |||
Due after ten years | 868,852 | |||
Carrying Amount | 4,079,034 | 4,407,987 | ||
Available-for-Sale Securities: | ||||
Due within one year | 2 | [3] | ||
Due from one to five years | 3,706 | [3] | ||
Due from five to ten years | 3,188 | [3] | ||
Due after ten years | 11,454 | [3] | ||
Total debt securities available for sale | 18,350 | [3] | ||
Held-to-Maturity Securities, Average Yield | ||||
Due within one year, Average Yield | 0.00% | |||
Due from five to ten years, Average Yield | 3.22% | |||
Due after ten years, Average Yield | 3.26% | |||
Total debt securities held to maturity, Average Yield | 3.23% | |||
Available-for-Sale Securities, Average Yield | ||||
Due within one year, Average Yield | 5.91% | [3] | ||
Due from one to five years, Average Yield | 6.77% | [3] | ||
Due from five to ten years, Average Yield | 3.78% | [3] | ||
Due after ten years, Average Yield | 4.82% | [3] | ||
Total debt securities available for sale, Average Yield | 5.03% | [3] | ||
Held-to-Maturity Securities: | ||||
Total debt securities held to maturity | 4,245,974 | 4,383,662 | ||
U.S. Treasury and GSE Obligations | ||||
Held-to-Maturity Securities: | ||||
Due within one year | 0 | |||
Due from one to five years | 60,125 | |||
Due from five to ten years | 2,575,864 | |||
Carrying Amount | 2,635,989 | |||
Held-to-Maturity Securities, Average Yield | ||||
Due within one year, Average Yield | 0.00% | |||
Due from one to five years, Average Yield | 4.17% | |||
Due from five to ten years, Average Yield | 2.70% | |||
Total debt securities held to maturity, Average Yield | 2.73% | |||
State, county, and municipal | ||||
Held-to-Maturity Securities: | ||||
Due within one year | 0 | |||
Due from one to five years | 862 | |||
Due after ten years | 57,820 | |||
Carrying Amount | 58,682 | |||
Available-for-Sale Securities: | ||||
Due within one year | 124 | [3] | ||
Due from one to five years | 577 | [3] | ||
Due from five to ten years | 140 | [3] | ||
Total debt securities available for sale | 841 | [3] | ||
Held-to-Maturity Securities, Average Yield | ||||
Due within one year, Average Yield | 0.00% | [4] | ||
Due from one to five years, Average Yield | 2.96% | [4] | ||
Due after ten years, Average Yield | 2.85% | [4] | ||
Total debt securities held to maturity, Average Yield | 2.85% | [4] | ||
Available-for-Sale Securities, Average Yield | ||||
Due within one year, Average Yield | 6.45% | [3],[4] | ||
Due from one to five years, Average Yield | 6.49% | [3],[4] | ||
Due from five to ten years, Average Yield | 6.66% | [3],[4] | ||
Total debt securities available for sale, Average Yield | 6.51% | [3],[4] | ||
Other Debt Securities | ||||
Held-to-Maturity Securities: | ||||
Due within one year | 0 | [5] | ||
Due from five to ten years | 47,338 | [5] | ||
Due after ten years | 101,624 | [5] | ||
Carrying Amount | 148,962 | [5] | ||
Available-for-Sale Securities: | ||||
Due after ten years | 13,431 | [3],[5] | ||
Total debt securities available for sale | $13,431 | [3],[5] | ||
Held-to-Maturity Securities, Average Yield | ||||
Due within one year, Average Yield | 0.00% | |||
Due from five to ten years, Average Yield | 3.14% | |||
Due after ten years, Average Yield | 5.90% | |||
Total debt securities held to maturity, Average Yield | 5.02% | |||
Available-for-Sale Securities, Average Yield | ||||
Due after ten years, Average Yield | 5.70% | [3] | ||
Total debt securities available for sale, Average Yield | 5.70% | [3] | ||
[1] | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At December 31, 2014, the non-credit portion of OTTI recorded in AOCL was $8.8 million (before taxes). | |||
[2] | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At December 31, 2013, the non-credit portion of OTTI recorded in AOCL was $9.2 million (before taxes). | |||
[3] | As equity securities have no contractual maturity, they have been excluded from this table. | |||
[4] | Not presented on a tax-equivalent basis. | |||
[5] | Includes corporate bonds and capital trust notes. Included in capital trust notes are $247,000 of pooled trust preferred securities held to maturity, all of which are due after ten years. The remaining capital trust notes consist of single-issue trust preferred securities. |
Summary_of_Carrying_Amount_and1
Summary of Carrying Amount and Estimated Fair Value of Held-to-Maturity Debt Securities and Amortized Cost and Estimated Fair Value of Available-for-Sale Debt Securities by Contractual Maturity (Parenthetical) (Detail) (Other Debt Securities, USD $) | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | ||
Investments Classified by Contractual Maturity Date [Line Items] | ||
Due after ten years | $101,624 | [1] |
Pooled trust preferred securities | ||
Investments Classified by Contractual Maturity Date [Line Items] | ||
Due after ten years | $247,000 | |
[1] | Includes corporate bonds and capital trust notes. Included in capital trust notes are $247,000 of pooled trust preferred securities held to maturity, all of which are due after ten years. The remaining capital trust notes consist of single-issue trust preferred securities. |
Summary_of_HeldtoMaturity_and_
Summary of Held-to-Maturity and Available-for-Sale Securities Having Continuous Unrealized Loss Position (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Investments [Line Items] | ||||
Temporarily Impaired Held-to-Maturity, Total Unrealized Loss | $49,664 | [1] | $305,241 | [2] |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 53,721 | 132,805 | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 364 | 6,076 | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 20,625 | 5,856 | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 2,099 | 1,674 | ||
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 74,346 | 138,661 | ||
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 2,463 | 7,750 | ||
Debt Securities | ||||
Schedule of Investments [Line Items] | ||||
Temporarily Impaired Held-to-Maturity, Less than Twelve Months Fair Value | 13,735 | 5,479,134 | ||
Temporarily Impaired Held-to-Maturity, Less than Twelve Months Unrealized Loss | 195 | 296,255 | ||
Temporarily Impaired Held-to-Maturity, Twelve Months or Longer Fair Value | 2,587,594 | 37,181 | ||
Temporarily Impaired Held-to-Maturity, Twelve Months or Longer Unrealized Loss | 49,469 | 8,986 | ||
Temporarily Impaired Held-to-Maturity, Total Fair Value | 2,601,329 | 5,516,315 | ||
Temporarily Impaired Held-to-Maturity, Total Unrealized Loss | 49,664 | 305,241 | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 56,919 | |||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 1,881 | |||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 5,451 | 5,856 | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 1,980 | 1,674 | ||
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 5,451 | 62,775 | ||
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 1,980 | 3,555 | ||
Debt Securities | GSE debentures | ||||
Schedule of Investments [Line Items] | ||||
Temporarily Impaired Held-to-Maturity, Less than Twelve Months Fair Value | 2,777,417 | |||
Temporarily Impaired Held-to-Maturity, Less than Twelve Months Unrealized Loss | 208,506 | |||
Temporarily Impaired Held-to-Maturity, Twelve Months or Longer Fair Value | 2,204,399 | |||
Temporarily Impaired Held-to-Maturity, Twelve Months or Longer Unrealized Loss | 32,920 | |||
Temporarily Impaired Held-to-Maturity, Total Fair Value | 2,204,399 | 2,777,417 | ||
Temporarily Impaired Held-to-Maturity, Total Unrealized Loss | 32,920 | 208,506 | ||
Debt Securities | GSE certificates | ||||
Schedule of Investments [Line Items] | ||||
Temporarily Impaired Held-to-Maturity, Less than Twelve Months Fair Value | 1,684,793 | |||
Temporarily Impaired Held-to-Maturity, Less than Twelve Months Unrealized Loss | 61,280 | |||
Temporarily Impaired Held-to-Maturity, Twelve Months or Longer Fair Value | 242,909 | |||
Temporarily Impaired Held-to-Maturity, Twelve Months or Longer Unrealized Loss | 3,838 | |||
Temporarily Impaired Held-to-Maturity, Total Fair Value | 242,909 | 1,684,793 | ||
Temporarily Impaired Held-to-Maturity, Total Unrealized Loss | 3,838 | 61,280 | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 110 | |||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 1 | |||
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 110 | |||
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 1 | |||
Debt Securities | GSE CMOs | ||||
Schedule of Investments [Line Items] | ||||
Temporarily Impaired Held-to-Maturity, Less than Twelve Months Fair Value | 936,691 | |||
Temporarily Impaired Held-to-Maturity, Less than Twelve Months Unrealized Loss | 22,520 | |||
Temporarily Impaired Held-to-Maturity, Twelve Months or Longer Fair Value | 72,209 | |||
Temporarily Impaired Held-to-Maturity, Twelve Months or Longer Unrealized Loss | 711 | |||
Temporarily Impaired Held-to-Maturity, Total Fair Value | 72,209 | 936,691 | ||
Temporarily Impaired Held-to-Maturity, Total Unrealized Loss | 711 | 22,520 | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 44,725 | |||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 1,861 | |||
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 44,725 | |||
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 1,861 | |||
Debt Securities | Municipal bonds | ||||
Schedule of Investments [Line Items] | ||||
Temporarily Impaired Held-to-Maturity, Less than Twelve Months Fair Value | 13,735 | 55,333 | ||
Temporarily Impaired Held-to-Maturity, Less than Twelve Months Unrealized Loss | 195 | 3,849 | ||
Temporarily Impaired Held-to-Maturity, Twelve Months or Longer Fair Value | 43,058 | |||
Temporarily Impaired Held-to-Maturity, Twelve Months or Longer Unrealized Loss | 832 | |||
Temporarily Impaired Held-to-Maturity, Total Fair Value | 56,793 | 55,333 | ||
Temporarily Impaired Held-to-Maturity, Total Unrealized Loss | 1,027 | 3,849 | ||
Debt Securities | Capital trust notes | ||||
Schedule of Investments [Line Items] | ||||
Temporarily Impaired Held-to-Maturity, Less than Twelve Months Fair Value | 24,900 | |||
Temporarily Impaired Held-to-Maturity, Less than Twelve Months Unrealized Loss | 100 | |||
Temporarily Impaired Held-to-Maturity, Twelve Months or Longer Fair Value | 25,019 | 37,181 | ||
Temporarily Impaired Held-to-Maturity, Twelve Months or Longer Unrealized Loss | 11,168 | 8,986 | ||
Temporarily Impaired Held-to-Maturity, Total Fair Value | 25,019 | 62,081 | ||
Temporarily Impaired Held-to-Maturity, Total Unrealized Loss | 11,168 | 9,086 | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 1,992 | |||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 8 | |||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 5,451 | 5,746 | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 1,980 | 1,673 | ||
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 5,451 | 7,738 | ||
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 1,980 | 1,681 | ||
Debt Securities | Private label CMOs | ||||
Schedule of Investments [Line Items] | ||||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 10,202 | |||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 12 | |||
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 10,202 | |||
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 12 | |||
Equity securities | ||||
Schedule of Investments [Line Items] | ||||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 53,721 | 75,886 | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 364 | 4,195 | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 15,174 | |||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 119 | |||
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 68,895 | 75,886 | ||
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | $483 | $4,195 | ||
[1] | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At December 31, 2014, the non-credit portion of OTTI recorded in AOCL was $8.8 million (before taxes). | |||
[2] | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At December 31, 2013, the non-credit portion of OTTI recorded in AOCL was $9.2 million (before taxes). |
Composition_of_Loan_Portfolio_
Composition of Loan Portfolio (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $33,004,361 | $29,821,715 | |||
Net deferred loan origination costs | 20,595 | 16,274 | |||
Non-Covered Loans, Percentage | 100.00% | 100.00% | |||
Allowance for losses on non-covered loans | -139,857 | -141,946 | -140,948 | ||
Non-covered loans held for investment, net | 32,885,099 | 29,696,043 | |||
Covered loans | 2,428,622 | 2,788,618 | |||
Allowance for losses on covered loans | -45,481 | -64,069 | -51,311 | ||
Covered loans, net | 2,383,141 | 2,724,549 | |||
Loans held for sale | 379,399 | 306,915 | |||
Total loans, net | 35,647,639 | 32,727,507 | |||
Multi-Family | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | 23,831,846 | 20,699,927 | |||
Non-Covered Loans, Percentage | 72.21% | 69.41% | |||
Commercial Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | 7,634,320 | 7,364,231 | |||
Non-Covered Loans, Percentage | 23.13% | 24.70% | |||
One-to-four family | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | 138,915 | 560,730 | |||
Non-Covered Loans, Percentage | 0.42% | 1.88% | |||
Covered loans | 2,212,442 | ||||
Loans held for sale | 19,900 | ||||
Acquisition, Development and Construction | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | 258,116 | 344,100 | |||
Non-Covered Loans, Percentage | 0.78% | 1.15% | |||
Mortgage Receivable | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | 31,863,197 | 28,968,988 | |||
Non-Covered Loans, Percentage | 96.54% | 97.14% | |||
Allowance for losses on non-covered loans | -122,616 | -123,991 | -124,085 | ||
Commercial and Industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | 1,109,221 | [1],[2] | 813,691 | [1],[2] | |
Commercial and Industrial | Other loan | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | 900,551 | 712,260 | |||
Non-Covered Loans, Percentage | 2.73% | 2.39% | |||
Lease financing, unearned income | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | 208,670 | 101,431 | |||
Non-Covered Loans, Percentage | 0.63% | 0.34% | |||
Total Commercial and Industrial Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | 1,109,221 | 813,691 | |||
Non-Covered Loans, Percentage | 3.36% | 2.73% | |||
Loans held for sale | 158,500 | ||||
Other | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | 31,943 | 39,036 | |||
Non-Covered Loans, Percentage | 0.10% | 0.13% | |||
Total Other Loan Segment | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $1,141,164 | $852,727 | |||
Non-Covered Loans, Percentage | 3.46% | 2.86% | |||
[1] | Includes lease financing receivables, all of which were classified as "pass." | ||||
[2] | Includes lease financing receivables, all of which were current. |
Composition_of_Loan_Portfolio_1
Composition of Loan Portfolio (Parenthetical) (Detail) (Lease financing, unearned income, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Lease financing, unearned income | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unearned income | $18,913 | $5,723 |
Loans_Additional_Information_D
Loans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Investment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for sale | $379,399,000 | $306,915,000 | |
Number of loans classified as a non-accrual TDRs | 8 | ||
Covered loans | 2,428,622,000 | 2,788,618,000 | |
(Recovery of) provision for losses on loans | -18,587,000 | 30,758,000 | 62,988,000 |
FDIC indemnification income | 14,900,000 | 10,200,000 | |
Covered Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans 30-89 days past due | 41,696,000 | 57,929,000 | |
Total covered loans 90 days or more past due | 157,889,000 | 211,485,000 | |
Covered loan portfolio, current | 2,200,000,000 | ||
(Recovery of) provision for losses on loans | -18,587,000 | 12,758,000 | 17,988,000 |
Financing Receivable Troubled Debt Restructurings Rate Reductions | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Delinquent loans selectively extended to certain borrowers, rate reductions, forbearance of arrears, and extension of maturity dates | 39,400,000 | ||
Financing Receivable Troubled Debt Restructurings Forbearance Of Arrears | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Delinquent loans selectively extended to certain borrowers, rate reductions, forbearance of arrears, and extension of maturity dates | 6,400,000 | ||
Mortgage Receivable | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Unpaid principal balance of serviced loans | 22,400,000,000 | 21,500,000,000 | |
One-to-four family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for sale | 19,900,000 | ||
Number of loans classified as a non-accrual TDRs | 1 | ||
Covered loans | 2,212,442,000 | ||
One-to-four family | Covered Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans 30-89 days past due | 37,680,000 | 52,250,000 | |
Total covered loans 90 days or more past due | 148,967,000 | 201,425,000 | |
Total Commercial and Industrial Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for sale | 158,500,000 | ||
Commercial Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of loans classified as a non-accrual TDRs | 2 | 1 | |
Loan classified as non accrual TDRs | 1,100,000 | ||
Commercial and Industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of loans classified as a non-accrual TDRs | 1 | 2 | |
Loan classified as non accrual TDRs | 758,000 | ||
Multi-Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of loans classified as a non-accrual TDRs | 2 | 1 | |
Loan classified as non accrual TDRs | 3,900,000 | ||
Non-officer directors | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Outstanding loans to non-officer directors | 129,500,000 | 149,400,000 | |
Am Trust Bank and Desert Hills Bank | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | $2,900,000,000 | $3,300,000,000 |
Quality_of_NonCovered_Loans_De
Quality of Non-Covered Loans (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-Covered Loans | $33,004,361 | $29,821,715 | ||
Multi-Family | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non- Accrual | 3,900 | |||
Non-Covered Loans | 23,831,846 | 20,699,927 | ||
Commercial Real Estate | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non- Accrual | 1,100 | |||
Non-Covered Loans | 7,634,320 | 7,364,231 | ||
One-to-four family | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-Covered Loans | 138,915 | 560,730 | ||
Acquisition, Development and Construction | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-Covered Loans | 258,116 | 344,100 | ||
Commercial and Industrial | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non- Accrual | 758 | |||
Non-Covered Loans | 1,109,221 | [1],[2] | 813,691 | [1],[2] |
Other | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-Covered Loans | 31,943 | 39,036 | ||
Non-Covered Loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30-89 Days Past Due | 6,192 | 37,089 | ||
Non- Accrual | 76,950 | 103,537 | ||
Total Past Due | 83,142 | 140,626 | ||
Current | 32,921,219 | 29,681,089 | ||
Non-Covered Loans | Multi-Family | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30-89 Days Past Due | 464 | 33,678 | ||
Non- Accrual | 31,089 | 58,395 | ||
Total Past Due | 31,553 | 92,073 | ||
Current | 23,800,293 | 20,607,854 | ||
Non-Covered Loans | Commercial Real Estate | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30-89 Days Past Due | 1,464 | 1,854 | ||
Non- Accrual | 24,824 | 24,550 | ||
Total Past Due | 26,288 | 26,404 | ||
Current | 7,608,032 | 7,337,827 | ||
Non-Covered Loans | One-to-four family | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30-89 Days Past Due | 3,086 | 1,076 | ||
Non- Accrual | 11,032 | 10,937 | ||
Total Past Due | 14,118 | 12,013 | ||
Current | 124,797 | 548,717 | ||
Non-Covered Loans | Acquisition, Development and Construction | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non- Accrual | 654 | 2,571 | ||
Total Past Due | 654 | 2,571 | ||
Current | 257,462 | 341,529 | ||
Non-Covered Loans | Commercial and Industrial | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30-89 Days Past Due | 530 | [1] | 1 | [1] |
Non- Accrual | 8,382 | [1] | 5,735 | [1] |
Total Past Due | 8,912 | [1] | 5,736 | [1] |
Current | 1,100,309 | [1] | 807,955 | [1] |
Non-Covered Loans | Other | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30-89 Days Past Due | 648 | 480 | ||
Non- Accrual | 969 | 1,349 | ||
Total Past Due | 1,617 | 1,829 | ||
Current | $30,326 | $37,207 | ||
[1] | Includes lease financing receivables, all of which were current. | |||
[2] | Includes lease financing receivables, all of which were classified as "pass." |
NonCovered_Loan_Portfolio_by_C
Non-Covered Loan Portfolio by Credit Quality Indicator (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | $33,004,361 | $29,821,715 | ||
Multi-Family | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 23,831,846 | 20,699,927 | ||
Multi-Family | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 23,777,569 | 20,527,460 | ||
Multi-Family | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 6,798 | 73,549 | ||
Multi-Family | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 47,479 | 98,918 | ||
Commercial Real Estate | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 7,634,320 | 7,364,231 | ||
Commercial Real Estate | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 7,591,223 | 7,304,502 | ||
Commercial Real Estate | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 9,123 | 25,407 | ||
Commercial Real Estate | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 33,974 | 33,822 | ||
Commercial Real Estate | Doubtful | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 500 | |||
One-to-four family | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 138,915 | 560,730 | ||
One-to-four family | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 127,883 | 554,132 | ||
One-to-four family | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 11,032 | 6,598 | ||
Acquisition, Development and Construction | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 258,116 | 344,100 | ||
Acquisition, Development and Construction | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 256,868 | 333,805 | ||
Acquisition, Development and Construction | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 7,400 | |||
Acquisition, Development and Construction | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 1,248 | 2,895 | ||
Mortgage Receivable | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 31,863,197 | 28,968,988 | ||
Mortgage Receivable | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 31,753,543 | 28,719,899 | ||
Mortgage Receivable | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 15,921 | 106,356 | ||
Mortgage Receivable | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 93,733 | 142,233 | ||
Mortgage Receivable | Doubtful | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 500 | |||
Commercial and Industrial | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 1,109,221 | [1],[2] | 813,691 | [1],[2] |
Commercial and Industrial | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 1,083,173 | [1] | 793,693 | [1] |
Commercial and Industrial | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 17,032 | [1] | 13,036 | [1] |
Commercial and Industrial | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 9,016 | [1] | 6,808 | [1] |
Commercial and Industrial | Doubtful | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 154 | [1] | ||
Other | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 31,943 | 39,036 | ||
Other | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 30,974 | 37,688 | ||
Other | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 969 | 1,348 | ||
Total Other Loan Segment | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 1,141,164 | 852,727 | ||
Total Other Loan Segment | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 1,114,147 | 831,381 | ||
Total Other Loan Segment | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 17,032 | 13,036 | ||
Total Other Loan Segment | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | 9,985 | 8,156 | ||
Total Other Loan Segment | Doubtful | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-Covered Loans | $154 | |||
[1] | Includes lease financing receivables, all of which were classified as "pass." | |||
[2] | Includes lease financing receivables, all of which were current. |
Details_of_Interest_Income_on_
Details of Interest Income on Non-Accrual Loans (Detail) (Non-Covered Loans, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Non-Covered Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income that would have been recorded | $3,997 | $5,156 | $11,814 |
Interest income actually recorded | -3,017 | -2,721 | -5,506 |
Interest income foregone | $980 | $2,435 | $6,308 |
Information_Regarding_Troubled
Information Regarding Troubled Debt Restructurings (Detail) (Non-Covered Loans, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | $45,763 | $80,342 |
Multi-Family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 25,576 | 60,631 |
Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 18,078 | 17,824 |
One-to-four family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 260 | |
Acquisition, Development and Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 654 | |
Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 1,195 | 1,887 |
Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 15,836 | 13,410 |
Accruing | Multi-Family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 7,697 | 10,083 |
Accruing | Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 8,139 | 2,198 |
Accruing | Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 1,129 | |
Non-Accrual | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 29,927 | 66,932 |
Non-Accrual | Multi-Family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 17,879 | 50,548 |
Non-Accrual | Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 9,939 | 15,626 |
Non-Accrual | One-to-four family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 260 | |
Non-Accrual | Acquisition, Development and Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 654 | |
Non-Accrual | Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | $1,195 | $758 |
Summary_of_Financial_Effects_o
Summary of Financial Effects of Troubled Debt Restructurings (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Investment | Investment | |
Financing Receivable, Modifications [Line Items] | ||
Trouble debt restructuring, number of loans | 8 | |
Trouble debt restructuring, charge-off amount | 352 | |
Capitalized interest | 22 | |
Multi-Family | ||
Financing Receivable, Modifications [Line Items] | ||
Trouble debt restructuring, number of loans | 2 | 1 |
Weighted Average Interest Rate, Pre-Modification | 5.61% | |
Weighted Average Interest Rate, Post-Modification | 5.61% | |
Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Trouble debt restructuring, number of loans | 2 | 1 |
Weighted Average Interest Rate, Pre-Modification | 6.71% | |
Weighted Average Interest Rate, Post-Modification | 5.54% | |
Trouble debt restructuring, charge-off amount | 334 | |
One-to-four family | ||
Financing Receivable, Modifications [Line Items] | ||
Trouble debt restructuring, number of loans | 1 | |
Weighted Average Interest Rate, Pre-Modification | 5.75% | |
Weighted Average Interest Rate, Post-Modification | 4.27% | |
Trouble debt restructuring, charge-off amount | 18 | |
Capitalized interest | 22 | |
Acquisition, Development and Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Trouble debt restructuring, number of loans | 2 | |
Weighted Average Interest Rate, Pre-Modification | 7.00% | |
Weighted Average Interest Rate, Post-Modification | 7.00% | |
Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Trouble debt restructuring, number of loans | 1 | 2 |
Weighted Average Interest Rate, Pre-Modification | 5.00% | |
Weighted Average Interest Rate, Post-Modification | 5.00% |
Covered_Loans_Acquired_in_AmTr
Covered Loans Acquired in AmTrust and Desert Hills Acquisitions (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Covered loans | $2,428,622 | $2,788,618 |
Percent of Covered Loans | 100.00% | |
One-to-four family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Covered loans | 2,212,442 | |
Percent of Covered Loans | 91.10% | |
Other loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Covered loans | $216,180 | |
Percent of Covered Loans | 8.90% |
Changes_in_Accretable_Yield_fo
Changes in Accretable Yield for Covered Loans (Detail) (Covered Loans, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Covered Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Balance at beginning of period | $796,993 |
Reclassification from non-accretable difference | 380,171 |
Accretion | -140,141 |
Balance at end of period | $1,037,023 |
Covered_Loans_Thirty_to_Eighty
Covered Loans Thirty to Eighty Nine Days, Ninety Days or More Past Due (Detail) (Covered Loans, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 90 days or more past due | $157,889 | $211,485 |
Loans 30-89 Days Past Due | 41,696 | 57,929 |
One-to-four family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 90 days or more past due | 148,967 | 201,425 |
Loans 30-89 Days Past Due | 37,680 | 52,250 |
Other loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 90 days or more past due | 8,922 | 10,060 |
Loans 30-89 Days Past Due | $4,016 | $5,679 |
Activity_in_Allowance_for_Loss
Activity in Allowance for Losses for Non-Covered Loans and Covered Loans (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, Individually evaluated for impairment | $26 | |
Allowance for Loan Losses, Collectively evaluated for impairment | 139,831 | 141,946 |
Allowance for Loan Losses, Acquired loans with deteriorated credit quality | 45,481 | 64,069 |
Allowance for Loan Losses | 185,338 | 206,015 |
Mortgage Receivable | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, Individually evaluated for impairment | 26 | |
Allowance for Loan Losses, Collectively evaluated for impairment | 122,590 | 123,991 |
Allowance for Loan Losses, Acquired loans with deteriorated credit quality | 23,538 | 56,705 |
Allowance for Loan Losses | 146,154 | 180,696 |
Other loan | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 17,241 | 17,955 |
Allowance for Loan Losses, Acquired loans with deteriorated credit quality | 21,943 | 7,364 |
Allowance for Loan Losses | $39,184 | $25,319 |
Additional_Information_Regardi
Additional Information Regarding Methods used to Evaluate Loan Portfolio for Impairment (Detail) (Additional Information Loan Portfolio, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans individually evaluated for impairment | $88,380 | $116,385 |
Loans collectively evaluated for impairment | 32,915,981 | 29,705,330 |
Acquired loans with deteriorated credit quality | 2,428,622 | 2,788,618 |
Total | 35,432,983 | 32,610,333 |
Mortgage Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans individually evaluated for impairment | 81,574 | 109,389 |
Loans collectively evaluated for impairment | 31,781,623 | 28,859,599 |
Acquired loans with deteriorated credit quality | 2,227,572 | 2,545,522 |
Total | 34,090,769 | 31,514,510 |
Other loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans individually evaluated for impairment | 6,806 | 6,996 |
Loans collectively evaluated for impairment | 1,134,358 | 845,731 |
Acquired loans with deteriorated credit quality | 201,050 | 243,096 |
Total | $1,342,214 | $1,095,823 |
Activity_in_Allowance_for_Loss1
Activity in Allowance for Losses for Non-Covered Loans Held for Investment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Valuation Allowance [Line Items] | |||
Balance, beginning of period | $141,946 | $140,948 | |
Charge-offs | -8,076 | -25,357 | |
Recoveries | 5,987 | 8,355 | |
Provision for loan losses | 30,758 | ||
Balance, end of period | 139,857 | 141,946 | |
Non-Covered Loans | |||
Valuation Allowance [Line Items] | |||
Provision for loan losses | 18,000 | 45,000 | |
Mortgage Receivable | |||
Valuation Allowance [Line Items] | |||
Balance, beginning of period | 123,991 | 124,085 | |
Charge-offs | -2,780 | -18,265 | |
Recoveries | 1,405 | 6,413 | |
Balance, end of period | 122,616 | 123,991 | |
Mortgage Receivable | Non-Covered Loans | |||
Valuation Allowance [Line Items] | |||
Provision for loan losses | 11,758 | ||
Other loan | |||
Valuation Allowance [Line Items] | |||
Balance, beginning of period | 17,955 | 16,863 | |
Charge-offs | -5,296 | -7,092 | |
Recoveries | 4,582 | 1,942 | |
Balance, end of period | 17,241 | 17,955 | |
Other loan | Non-Covered Loans | |||
Valuation Allowance [Line Items] | |||
Provision for loan losses | $6,242 |
Additional_Information_about_I
Additional Information about Impaired Loans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | $85,241 | $116,385 |
Impaired loans with no related allowance, Unpaid Principal Balance | 100,301 | 160,938 |
Impaired loans with no related allowance, Average Recorded Investment | 93,494 | 171,550 |
Impaired loans with no related allowance, Interest Income Recognized | 3,790 | 4,050 |
Impaired loans with an allowance recorded, Recorded Investment | 3,139 | |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 3,139 | |
Impaired loans with an allowance recorded, Related Allowance | 26 | |
Impaired loans with an allowance recorded, Average Recorded Investment | 1,179 | 3,342 |
Impaired loans with an allowance recorded, Interest Income Recognized | 72 | |
Total impaired loans, Recorded Investment | 88,380 | 116,385 |
Total impaired loans, Unpaid Principal Balance | 103,440 | 160,938 |
Total impaired loans, Related Allowance | 26 | |
Total impaired loans, Average Recorded Investment | 94,673 | 174,892 |
Total impaired loans, Interest Income Recognized | 3,862 | 4,050 |
Multi-Family | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 45,383 | 78,771 |
Impaired loans with no related allowance, Unpaid Principal Balance | 52,593 | 94,265 |
Impaired loans with no related allowance, Average Recorded Investment | 54,051 | 117,208 |
Impaired loans with no related allowance, Interest Income Recognized | 1,636 | 1,991 |
Impaired loans with an allowance recorded, Recorded Investment | 3,139 | |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 3,139 | |
Impaired loans with an allowance recorded, Related Allowance | 26 | |
Impaired loans with an allowance recorded, Average Recorded Investment | 628 | 2,442 |
Impaired loans with an allowance recorded, Interest Income Recognized | 72 | |
Total impaired loans, Recorded Investment | 48,522 | 78,771 |
Total impaired loans, Unpaid Principal Balance | 55,732 | 94,265 |
Total impaired loans, Related Allowance | 26 | |
Total impaired loans, Average Recorded Investment | 54,679 | 119,650 |
Total impaired loans, Interest Income Recognized | 1,708 | 1,991 |
Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 30,370 | 30,619 |
Impaired loans with no related allowance, Unpaid Principal Balance | 32,460 | 32,474 |
Impaired loans with no related allowance, Average Recorded Investment | 29,935 | 43,566 |
Impaired loans with no related allowance, Interest Income Recognized | 1,629 | 1,604 |
Impaired loans with an allowance recorded, Average Recorded Investment | 490 | 900 |
Total impaired loans, Recorded Investment | 30,370 | 30,619 |
Total impaired loans, Unpaid Principal Balance | 32,460 | 32,474 |
Total impaired loans, Average Recorded Investment | 30,425 | 44,466 |
Total impaired loans, Interest Income Recognized | 1,629 | 1,604 |
One-to-four family | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 2,028 | |
Impaired loans with no related allowance, Unpaid Principal Balance | 2,069 | |
Impaired loans with no related allowance, Average Recorded Investment | 1,254 | 3,611 |
Impaired loans with no related allowance, Interest Income Recognized | 89 | |
Impaired loans with an allowance recorded, Average Recorded Investment | 61 | |
Total impaired loans, Recorded Investment | 2,028 | |
Total impaired loans, Unpaid Principal Balance | 2,069 | |
Total impaired loans, Average Recorded Investment | 1,315 | 3,611 |
Total impaired loans, Interest Income Recognized | 89 | |
Acquisition, Development and Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 654 | |
Impaired loans with no related allowance, Unpaid Principal Balance | 1,024 | |
Impaired loans with no related allowance, Average Recorded Investment | 505 | 275 |
Impaired loans with no related allowance, Interest Income Recognized | 218 | |
Total impaired loans, Recorded Investment | 654 | |
Total impaired loans, Unpaid Principal Balance | 1,024 | |
Total impaired loans, Average Recorded Investment | 505 | 275 |
Total impaired loans, Interest Income Recognized | 218 | |
Commercial and Industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 6,806 | 6,995 |
Impaired loans with no related allowance, Unpaid Principal Balance | 12,155 | 34,199 |
Impaired loans with no related allowance, Average Recorded Investment | 7,749 | 6,890 |
Impaired loans with no related allowance, Interest Income Recognized | 307 | 366 |
Total impaired loans, Recorded Investment | 6,806 | 6,995 |
Total impaired loans, Unpaid Principal Balance | 12,155 | 34,199 |
Total impaired loans, Average Recorded Investment | 7,749 | 6,890 |
Total impaired loans, Interest Income Recognized | $307 | $366 |
Activity_in_Allowance_for_Loss2
Activity in Allowance for Losses on Covered Loans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Valuation Allowance [Line Items] | |||
Balance, beginning of period | $64,069 | $51,311 | |
(Recoveries of) provisions for loan losses | -18,587 | 30,758 | 62,988 |
Balance, end of period | 45,481 | 64,069 | 51,311 |
Covered | |||
Valuation Allowance [Line Items] | |||
(Recoveries of) provisions for loan losses | ($18,588) | $12,758 |
Weighted_Average_Interest_Rate
Weighted Average Interest Rates for Each Type of Deposit (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Amount | ||||
NOW and money market accounts | $12,549,600 | $10,536,947 | ||
Savings accounts | 7,051,622 | 5,921,437 | ||
Certificates of deposit | 6,420,598 | 6,932,096 | ||
Non-interest-bearing accounts | 2,306,914 | 2,270,512 | ||
Total deposits | $28,328,734 | $25,660,992 | ||
Percent of Total | ||||
NOW and money market accounts, percent | 44.30% | 41.06% | ||
Savings accounts, percent | 24.89% | 23.08% | ||
Certificates of deposit, percent | 22.67% | 27.01% | ||
Non-interest-bearing accounts, percent | 8.14% | 8.85% | ||
Total deposits, percent | 100.00% | 100.00% | ||
Weighted Average Interest Rate | ||||
NOW and money market accounts, weighted average interest rate | 0.37% | [1] | 0.32% | [1] |
Savings accounts, weighted average interest rate | 0.60% | [1] | 0.44% | [1] |
Certificates of deposit, weighted average interest rate | 1.15% | [1] | 1.16% | [1] |
Non-interest-bearing accounts, weighted average interest rate | 0.00% | [1] | 0.00% | [1] |
Total deposits, weighted average interest rate | 0.57% | [1] | 0.54% | [1] |
[1] | Excludes the effect of purchase accounting adjustments for certain certificates of deposits ("CDs"). |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Investments [Line Items] | ||
Aggregate amounts of deposits reclassified as loan balances | $5,100,000 | $4,700,000 |
Aggregate amount of CDs of $100,000 or more | 3,303,845,000 | 3,400,000,000 |
Brokered deposits | 4,000,000,000 | 4,100,000,000 |
Brokered deposits, weighted average interest rates | 0.21% | 0.24% |
Money Market Accounts | ||
Schedule of Investments [Line Items] | ||
Brokered deposits | 2,600,000,000 | 3,600,000,000 |
Non Interest Bearing Accounts | ||
Schedule of Investments [Line Items] | ||
Brokered deposits | 1,400,000,000 | 260,500,000 |
Certificates of Deposits | ||
Schedule of Investments [Line Items] | ||
Brokered deposits | $3,500,000 | $212,100,000 |
Scheduled_Maturities_of_Core_D
Scheduled Maturities of Core Deposit Intangibles (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Time deposits by maturity | ||
1 year or less | $4,974,122 | |
More than 1 year through 2 years | 983,295 | |
More than 2 years through 3 years | 309,268 | |
More than 3 years through 4 years | 88,410 | |
More than 4 years through 5 years | 34,766 | |
Over 5 years | 30,737 | |
Total CDs | $6,420,598 | $6,932,096 |
Core_Deposit_Intangibles_in_Am
Core Deposit Intangibles in Amounts of One Hundred Thousand or more, by Remaining Term to Maturity (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
CDs of $100,000 or More Maturing Within, 0-3 Months | $628,443 | |
CDs of $100,000 or More Maturing Within, Over 3 to 6 Months | 605,127 | |
CDs of $100,000 or More Maturing Within, Over 6 to 12 Months | 1,336,910 | |
CDs of $100,000 or More Maturing Within, Over 12 Months | 733,365 | |
CDs of $100,000 or More Maturing Within, Total | $3,303,845 | $3,400,000 |
Summary_of_Borrowed_Funds_Deta
Summary of Borrowed Funds (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Outstanding [Line Items] | ||
FHLB advances | $10,183,132 | $10,872,576 |
Repurchase agreements | 3,425,000 | 3,425,000 |
Federal funds purchased | 260,000 | 445,000 |
Total wholesale borrowings | 13,868,132 | 14,742,576 |
Junior subordinated debentures | 358,355 | 358,126 |
Preferred stock of subsidiaries | 4,300 | |
Total other borrowings | 358,355 | 362,426 |
Total borrowed funds | $14,226,487 | $15,105,002 |
Borrowed_Funds_Additional_Info
Borrowed Funds - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||
Nov. 04, 2002 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 30, 2009 | Jul. 29, 2009 | |
Debt Instrument [Line Items] | ||||||
Accrued interest | $38,100,000 | $38,800,000 | ||||
Short-term FHLB advances | 2,300,000,000 | 3,100,000,000 | ||||
Short-term FHLB advances weighted average interest rate | 0.36% | 0.38% | ||||
Short-term FHLB advances, average balance | 2,600,000,000 | 1,400,000,000 | ||||
Short-term FHLB advances, average balance, weighted average interest rate | 0.37% | 0.38% | ||||
Short-term FHLB advances, interest expense | 9,800,000 | 5,200,000 | ||||
Interest expense | 392,968,000 | 399,843,000 | 486,914,000 | |||
Federal funds purchased | 260,000,000 | 445,000,000 | ||||
Federal funds purchased, average balance | 430,100,000 | 85,800,000 | ||||
Federal fund purchased Weighted average interest rate | 0.25% | 0.27% | ||||
Federal fund purchased, interest expenses | 1,100,000 | 230,000 | ||||
Junior Subordinated Debentures Amount Outstanding | 358,355,000 | 358,126,000 | ||||
Capital security, call option (in years) | 5 years | |||||
Dividends on the Capital Securities, deferred period in Years | 5 years | |||||
FHLB - NY | ||||||
Debt Instrument [Line Items] | ||||||
Unused line of credit | 7,900,000,000 | 5,400,000,000 | ||||
Borrowings under line of credit | 388,200,000 | 146,100,000 | ||||
Line of credit, average balance | 245,300,000 | 106,300,000 | 29,200,000 | |||
Line of credit, weighted average interest rate | 0.37% | 0.38% | 0.38% | |||
Interest expense | 895,000 | 400,000 | 111,000 | |||
Federal Home Loan Bank Advances | ||||||
Debt Instrument [Line Items] | ||||||
Acquisition accounting adjustments | 12,900,000 | |||||
Interest expense | 255,200,000 | 252,600,000 | 311,800,000 | |||
Repurchase Agreements | ||||||
Debt Instrument [Line Items] | ||||||
Accrued interest | 11,800,000 | 11,900,000 | ||||
Interest expense | 119,300,000 | 129,600,000 | 148,300,000 | |||
BONUSESSM units | New York Community Capital Trust V (BONUSESSM Units) | ||||||
Debt Instrument [Line Items] | ||||||
Public offering of Bifurcated Option Note Unit Securities ("BONUSES units") | 5,500,000 | |||||
Public offering of units, exercise of underwriters' over-allotment option | 700,000 | |||||
Public offering of units, offering price per share | 50 | |||||
Public offering of units, net proceeds | 267,300,000 | |||||
Gross proceeds of BONUSES, debt | 275,000,000 | |||||
Difference between the assigned value and the stated liquidation amount of the capital securities is treated as an original issue discount | 92,400,000 | |||||
Original issue discount amortized amount | 67,300,000 | |||||
BONUSESSM units | New York Community Capital Trust V (BONUSESSM Units) | Capital Units | ||||||
Debt Instrument [Line Items] | ||||||
Warrant to purchase, number of shares | 2.4953 | |||||
Warrant to purchase, exercise price per share | 20.04 | |||||
Capital security, term (in years) | 49 years | |||||
Capital security, coupon or distribution rate | 6.00% | |||||
Capital security, per share liquidation amount | 50 | |||||
Gross proceeds of BONUSES | 182,600,000 | |||||
Outstanding BONUSES units | 5,498,544 | |||||
BONUSES units, participated in the exchange offer | 1,393,063 | |||||
BONUSES units, percentage of outstanding units participated in the exchange offer | 25.30% | |||||
Trust preferred securities were extinguished | 48,600,000 | |||||
Number of shares issued for each BONUSES units | 3.4144 | |||||
Common stock issued as a result of the Offer to Exchange, shares | 4,800,000 | |||||
BONUSESSM units | New York Community Capital Trust V (BONUSESSM Units) | Capital Units | Total | ||||||
Debt Instrument [Line Items] | ||||||
Warrant to purchase, total number of shares | 13,700,000 | |||||
BONUSESSM units | New York Community Capital Trust V (BONUSESSM Units) | Warrant | ||||||
Debt Instrument [Line Items] | ||||||
Gross proceeds of BONUSES | 92,400,000 | |||||
Junior Subordinated Debt | ||||||
Debt Instrument [Line Items] | ||||||
Interest expense | $17,200,000 | $17,300,000 | $25,000,000 | |||
Number of business trusts owned | 3 |
Contractual_Maturities_and_Nex
Contractual Maturities and Next Call Dates of Outstanding Federal Home Loan Bank Advances (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amount | ||
2015 | $2,300,000 | $3,100,000 |
Contractual Maturity | ||
Amount | ||
2015 | 2,888,875 | |
2017 | 627,772 | |
2018 | 930,955 | |
2019 | 1,865,000 | |
2020 | 650,000 | |
2022 | 1,410,000 | |
2023 | 1,810,312 | |
2025 | 218 | |
Total FHLB advances | 10,183,132 | |
Weighted Average Interest Rate | ||
2015 | 0.54% | |
2017 | 3.02% | |
2018 | 3.04% | |
2019 | 3.15% | |
2020 | 2.90% | |
2022 | 3.41% | |
2023 | 3.34% | |
2025 | 7.82% | |
Total FHLB advances | 2.44% | |
Earlier of Contractual Maturity or Next Call Date | ||
Amount | ||
2015 | 5,761,734 | |
2016 | 900,000 | |
2017 | 3,520,312 | |
2018 | 868 | |
2025 | 218 | |
Total FHLB advances | $10,183,132 | |
Weighted Average Interest Rate | ||
2015 | 1.80% | |
2016 | 3.01% | |
2017 | 3.35% | |
2018 | 2.82% | |
2025 | 7.82% | |
Total FHLB advances | 2.44% |
Analysis_of_Contractual_Maturi
Analysis of Contractual Maturities and Next Call Dates of Outstanding Repurchase Agreements (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amount | ||
Repurchase agreements | $3,425,000 | $3,425,000 |
Weighted Average Interest Rate | ||
Contractual Maturity Over 90 days, Weighted Average Interest Rate | 3.41% | |
Contractual Maturity | ||
Amount | ||
2015 | 100,000 | |
2016 | 182,000 | |
2017 | 350,000 | |
2018 | 1,600,000 | |
2019 | 100,000 | |
2020 | 513,000 | |
2023 | 580,000 | |
Repurchase agreements | 3,425,000 | |
Weighted Average Interest Rate | ||
2015 | 2.18% | |
2016 | 3.26% | |
2017 | 3.92% | |
2018 | 3.48% | |
2019 | 3.67% | |
2020 | 3.32% | |
2023 | 3.24% | |
Contractual Maturity Over 90 days, Weighted Average Interest Rate | 3.41% | |
Earlier of Contractual Maturity or Next Call Date | ||
Amount | ||
2015 | 2,200,000 | |
2016 | 595,000 | |
2017 | 380,000 | |
2018 | 250,000 | |
2019 | 2,200,000 | |
Repurchase agreements | $3,425,000 | |
Weighted Average Interest Rate | ||
2015 | 3.45% | |
2016 | 3.54% | |
2017 | 3.14% | |
2018 | 3.23% | |
Contractual Maturity Over 90 days, Weighted Average Interest Rate | 3.41% |
Details_of_Repurchase_Agreemen
Details of Repurchase Agreements (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Outstanding [Line Items] | ||
Contractual Maturity Over 90 days, amount | $3,425,000 | $3,425,000 |
Contractual Maturity Over 90 days, Weighted Average Interest Rate | 3.41% | |
Mortgage-Related Securities | ||
Debt Outstanding [Line Items] | ||
Contractual Maturity Over 90 days, Amortized Cost | 2,621,760 | |
Contractual Maturity Over 90 days, Fair Value | 2,727,437 | |
U.S. Treasury and GSE Obligations | ||
Debt Outstanding [Line Items] | ||
Contractual Maturity Over 90 days, Amortized Cost | 1,220,701 | |
Contractual Maturity Over 90 days, Fair Value | $1,210,308 |
Junior_Subordinated_Debentures
Junior Subordinated Debentures Outstanding (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | |
Subordinated Borrowing [Line Items] | |||
Junior Subordinated Debentures Amount Outstanding | $358,355 | $358,126 | |
Capital Securities Amount Outstanding | 345,578 | ||
New York Community Capital Trust V (BONUSESSM Units) | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | 6.00% | ||
Junior Subordinated Debentures Amount Outstanding | 144,429 | ||
Capital Securities Amount Outstanding | 138,078 | ||
Date of Original Issue | 4-Nov-02 | ||
Stated Maturity | 1-Nov-51 | ||
First Optional Redemption Date | 4-Nov-07 | [1] | |
New York Community Capital Trust X | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | 1.84% | ||
Junior Subordinated Debentures Amount Outstanding | 123,712 | ||
Capital Securities Amount Outstanding | 120,000 | ||
Date of Original Issue | 14-Dec-06 | ||
Stated Maturity | 15-Dec-36 | ||
First Optional Redemption Date | 15-Dec-11 | [2] | |
PennFed Capital Trust III | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | 3.49% | ||
Junior Subordinated Debentures Amount Outstanding | 30,928 | ||
Capital Securities Amount Outstanding | 30,000 | ||
Date of Original Issue | 2-Jun-03 | ||
Stated Maturity | 15-Jun-33 | ||
First Optional Redemption Date | 15-Jun-08 | [2] | |
New York Community Capital Trust XI | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | 1.91% | ||
Junior Subordinated Debentures Amount Outstanding | 59,286 | ||
Capital Securities Amount Outstanding | $57,500 | ||
Date of Original Issue | 16-Apr-07 | ||
Stated Maturity | 30-Jun-37 | ||
First Optional Redemption Date | 30-Jun-12 | [2] | |
[1] | Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002. | ||
[2] | Callable from this date forward. |
Components_of_Net_Deferred_Tax
Components of Net Deferred Tax (Liabilities) Asset (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets: | ||
Allowance for loan losses | $74,508 | $82,872 |
Compensation and related benefit obligations | 29,876 | 24,585 |
Acquisition accounting and fair value adjustments on securities (including OTTI) | 89 | 30,356 |
Acquisition accounting adjustments on borrowed funds | 5,203 | 7,609 |
Non-accrual interest | 7,917 | 11,550 |
Other | 11,752 | 10,228 |
Gross deferred tax assets | 129,345 | 167,200 |
Valuation allowance | 0 | 0 |
Deferred tax asset after valuation allowance | 129,345 | 167,200 |
Deferred Tax Liabilities: | ||
Amortizable intangibles | -1,967 | -3,753 |
Acquisition accounting and fair value adjustments on loans (including the FDIC loss share receivable) | -18,336 | -35,459 |
Mortgage servicing rights | -47,966 | -61,694 |
Premises and equipment | -22,714 | -24,015 |
Prepaid pension cost | -26,607 | -33,551 |
Restructuring and retirement of borrowed funds | -3,111 | -3,883 |
Leases | -24,117 | -5,217 |
Other | -4,793 | -5,439 |
Gross deferred tax liabilities | -149,611 | -173,011 |
Net deferred tax liability | ($20,266) | ($5,811) |
Income_Tax_Expense_Benefit_Det
Income Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | |||
Federal - current | $207,864 | $205,985 | $206,748 |
State and local - current | 53,654 | 40,417 | 30,070 |
Total current | 261,518 | 246,402 | 236,818 |
Federal - deferred | 23,814 | 20,734 | 34,275 |
State and local - deferred | 2,337 | 4,443 | 8,710 |
Total deferred | 26,151 | 25,177 | 42,985 |
Total income tax expense | 287,669 | 271,579 | 279,803 |
Adoption of ASU No. 2014-01 | 1,303 | ||
Securities available-for-sale | 1,851 | -8,343 | 7,672 |
Employee stock plans | -3,225 | -1,692 | -589 |
Pension liability adjustments | -14,992 | 20,116 | -807 |
Non-credit portion of OTTI losses | 142 | 5,028 | 65 |
Total income taxes | $272,748 | $286,688 | $286,144 |
Reconciliation_of_Statutory_Fe
Reconciliation of Statutory Federal Income Tax Expense Reported in Net Income to Combined Actual Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Provision of Income Taxes [Line Items] | |||
Statutory federal income tax expense at 35% | $270,573 | $261,494 | $273,318 |
State and local income taxes, net of federal income tax effect | 36,394 | 29,159 | 25,207 |
Effect of tax deductibility of ESOP | -7,297 | -7,153 | -6,910 |
Non-taxable income and expense of BOLI | -9,415 | -10,381 | -10,578 |
Federal tax credits | -1,820 | -3,111 | -2,083 |
Adjustments relating to prior tax years | -1,166 | 150 | 86 |
Other, net | 400 | 1,421 | 763 |
Total income tax expense | $287,669 | $271,579 | $279,803 |
Reconciliation_of_Statutory_Fe1
Reconciliation of Statutory Federal Income Tax Expense Reported in Net Income to Combined Actual Income Tax Expense (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Reconciliation of Provision of Income Taxes [Line Items] | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
Federal_State_and_Local_Taxes_
Federal, State and Local Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Line Items] | ||||
Outstanding amount of the investment | $37,800,000 | |||
Commitment of additional anticipated equity contributions relating to current investments | 21,700,000 | |||
Commitments period | 4 years | |||
Effect of adopting Accounting Standards Update 2014-01 | -1,303,000 | |||
Affordable housing tax credits and other tax benefits recognized | 3,900,000 | |||
Affordable housing tax credits and other tax benefits, related amortization recognized | 2,900,000 | |||
Affordable housing tax credits and other tax benefits, impairment losses | 0 | 0 | 0 | |
Increased in income tax expense | 3,500,000 | |||
Unrecognized gross tax benefits | 24,779,000 | 20,250,000 | 24,220,000 | 8,922,000 |
Total amount of net unrecognized tax benefits that would affect the effective tax rate, if recognized | 16,100,000 | |||
Income tax benefit attributed to interest and penalties | 700,000 | 900,000 | 1,000,000 | |
Accrued interest and penalties on tax liabilities | 3,400,000 | 2,200,000 | ||
Net deferred tax liabilities | 149,611,000 | 173,011,000 | ||
Special Federal Tax Provision | ||||
Income Taxes [Line Items] | ||||
Tax bad debt base-year reserves | 61,500,000 | |||
Net deferred tax liabilities | $21,500,000 |
Changes_in_Liability_for_Unrec
Changes in Liability for Unrecognized Gross Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Contingency [Line Items] | |||
Uncertain tax positions at beginning of year | $20,250 | $24,220 | $8,922 |
Additions for tax positions relating to current-year operations | 3,515 | 2,436 | 4,365 |
Additions for tax positions relating to prior tax years | 1,819 | 6,218 | 11,890 |
Subtractions for tax positions relating to prior tax years | -929 | -3,641 | -457 |
Reductions in balance due to settlements | 124 | -8,983 | -500 |
Uncertain tax positions at end of year | $24,779 | $20,250 | $24,220 |
Recovered_Sheet2
Commitments And Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Loss Contingencies [Line Items] | |||
Securities held to maturity, mortgaged related securities, pledged | $2,900,000,000 | $2,900,000,000 | |
Securities held to maturity, other securities, pledged | 1,700,000,000 | 2,100,000,000 | |
Securities available for sale, mortgaged-related securities, pledged | 11,400,000 | 79,900,000 | |
Commitments | 2,751,149,000 | ||
Rental expense under non-cancelable operating lease and license agreements | 35,200,000 | 33,700,000 | 32,500,000 |
Rental income on bank-owned properties, netted in occupancy and equipment expense | 3,600,000 | 3,900,000 | 3,400,000 |
Bankers acceptance outstanding | 191,000 | ||
Total loans | |||
Loss Contingencies [Line Items] | |||
Commitments | 2,550,166,000 | 2,100,000,000 | |
Visa Litigation | |||
Loss Contingencies [Line Items] | |||
Fair value contingent obligation to visa U.S.A., based on percentage of membership interest | $423,000 |
OffBalance_Sheet_Outstanding_L
Off-Balance Sheet Outstanding Loan Commitments and Letters of Credit (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments | $2,751,149 | |
Total mortgage loan commitments | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments | 1,815,840 | |
Total mortgage loan commitments | Multifamily and Commercial Real Estate | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments | 1,018,223 | |
Total mortgage loan commitments | One-to-four family | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments | 495,854 | |
Total mortgage loan commitments | Acquisition, Development and Construction | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments | 301,763 | |
Other loan commitments | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments | 734,326 | |
Total loans | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments | 2,550,166 | 2,100,000 |
Commercial, performance stand-by, and financial stand-by letters of credit | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments | $200,983 |
Projected_Minimum_Annual_Renta
Projected Minimum Annual Rental Commitments, Exclusive of Taxes and Other Charges (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Lease Arrangements [Line Items] | |
2015 | $27,381 |
2016 | 26,511 |
2017 | 23,631 |
2018 | 18,729 |
2019 and thereafter | 62,269 |
Total minimum future rentals | $158,521 |
Guarantees_and_Indemnification
Guarantees and Indemnifications (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Guarantor Obligations [Line Items] | |
Guarantees and Indemnifications Outstanding Amount, Expires Within One Year | $51,877 |
Guarantees and Indemnifications Outstanding Amount, Expires After One Year | 22,025 |
Guarantees and Indemnifications, Total Outstanding Amount | 73,902 |
Guarantees and Indemnifications, Maximum Potential Amount of Future Payments | 200,983 |
Financial Standby Letter of Credit | |
Guarantor Obligations [Line Items] | |
Guarantees and Indemnifications Outstanding Amount, Expires Within One Year | 28,144 |
Guarantees and Indemnifications Outstanding Amount, Expires After One Year | 21,827 |
Guarantees and Indemnifications, Total Outstanding Amount | 49,971 |
Guarantees and Indemnifications, Maximum Potential Amount of Future Payments | 112,022 |
Performance Guarantee | |
Guarantor Obligations [Line Items] | |
Guarantees and Indemnifications Outstanding Amount, Expires Within One Year | 9,901 |
Guarantees and Indemnifications, Total Outstanding Amount | 9,901 |
Guarantees and Indemnifications, Maximum Potential Amount of Future Payments | 9,885 |
Commercial Letters of Credit | |
Guarantor Obligations [Line Items] | |
Guarantees and Indemnifications Outstanding Amount, Expires Within One Year | 13,832 |
Guarantees and Indemnifications Outstanding Amount, Expires After One Year | 198 |
Guarantees and Indemnifications, Total Outstanding Amount | 14,030 |
Guarantees and Indemnifications, Maximum Potential Amount of Future Payments | $79,076 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets And Liabilities [Line Items] | |||
Goodwill | $2,436,131,000 | $2,436,131,000 | |
Amortization of core deposit intangibles | 8,297,000 | 15,784,000 | 19,644,000 |
Impairment losses of intangible assets | 0 | 0 | 0 |
Mortgaged servicing rights | 227,297,000 | 241,018,000 | |
Core deposit intangibles | |||
Finite-Lived Intangible Assets And Liabilities [Line Items] | |||
Amortization of core deposit intangibles | $7,943,000 | ||
Core deposit intangibles | Maximum | |||
Finite-Lived Intangible Assets And Liabilities [Line Items] | |||
Amortization period for core deposit intangibles (in years) | 10 years |
Gross_Carrying_and_Accumulated
Gross Carrying and Accumulated Amortization Amounts of Core Deposit Intangibles (Detail) (Core deposit intangibles, USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Core deposit intangibles | |
Indefinite-lived Intangible Assets [Line Items] | |
Gross Carrying Amount | $234,364 |
Accumulated Amortization | -226,421 |
Net Carrying Amount | $7,943 |
Summary_of_Estimated_Future_Ex
Summary of Estimated Future Expense Stemming from Amortization of Core Deposit Intangibles (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Expected Amortization Expense [Line Items] | |||
Total remaining intangible assets | $8,297 | $15,784 | $19,644 |
Core deposit intangibles | |||
Expected Amortization Expense [Line Items] | |||
2015 | 5,345 | ||
2016 | 2,391 | ||
2017 | 207 | ||
Total remaining intangible assets | $7,943 |
Changes_in_Residential_and_Sec
Changes in Residential and Securitized Mortgage Servicing Rights (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Finite-Lived Intangible Assets [Line Items] | ||||
Carrying value, end of period | $227,297 | $241,018 | ||
Mortgage Servicing Rights Residential | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Carrying value, beginning of year | 241,018 | 144,520 | ||
Additions | 34,821 | 80,799 | ||
Due to changes in interest rates and valuation assumptions | 7,377 | 70,218 | ||
Increase (decrease) in fair value, due to other changes | -55,919 | [1] | -54,519 | [1] |
Carrying value, end of period | 227,297 | 241,018 | ||
Securitized Mortgage Servicing Rights | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Carrying value, beginning of year | 193 | |||
Amortization | ($193) | |||
[1] | Net servicing cash flows, including loan payoffs, and the passage of time. |
Key_Assumptions_Used_in_Calcul
Key Assumptions Used in Calculating Fair Value of Residential Mortgage Servicing Rights (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Mortgage Loans on Real Estate [Line Items] | ||
Expected Weighted Average Life | 83 months | 93 months |
Constant Prepayment Speed | 9.30% | 8.30% |
Discount Rate | 10.00% | 10.50% |
Primary Mortgage Rate to Refinance | 4.00% | 4.50% |
Current | ||
Mortgage Loans on Real Estate [Line Items] | ||
Cost to service per loan per year | 63 | 53 |
30-59 days or less delinquent | ||
Mortgage Loans on Real Estate [Line Items] | ||
Cost to service per loan per year | 213 | 103 |
60-89 days delinquent | ||
Mortgage Loans on Real Estate [Line Items] | ||
Cost to service per loan per year | 313 | 203 |
90-119 days delinquent | ||
Mortgage Loans on Real Estate [Line Items] | ||
Cost to service per loan per year | 413 | 303 |
120 days or more delinquent | ||
Mortgage Loans on Real Estate [Line Items] | ||
Cost to service per loan per year | 563 | 553 |
Retirement_Plan_Based_on_Measu
Retirement Plan, Based on Measurement Date (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in plan assets: | |||
Fair value of assets at end of year | $222,990 | ||
Pension Benefits | |||
Change in Benefit Obligation: | |||
Benefit obligation at beginning of year | 126,841 | 142,614 | |
Interest cost | 5,895 | 5,455 | 5,885 |
Actuarial loss (gain) | 31,544 | -13,393 | |
Annuity payments | -5,827 | -6,300 | |
Settlements | -1,392 | -1,535 | |
Benefit obligation at end of year | 157,061 | 126,841 | 142,614 |
Change in plan assets: | |||
Fair value of assets at beginning of year | 219,330 | 187,623 | |
Actual return on plan assets | 10,879 | 39,542 | |
Contributions | 0 | 0 | |
Annuity payments | -5,827 | -6,300 | |
Settlements | -1,392 | -1,535 | |
Fair value of assets at end of year | 222,990 | 219,330 | 187,623 |
Funded status (included in "Other assets") | 65,929 | 92,489 | |
Changes recognized in other comprehensive income for the year ended December 31: | |||
Amortization of prior service cost | 0 | 0 | |
Amortization of actuarial loss | -3,289 | -9,406 | |
Net actuarial loss (gain) arising during the year | 40,100 | -36,346 | |
Total recognized in other comprehensive loss for the year (pre-tax) | 36,811 | -45,752 | |
Accumulated other comprehensive loss (pre-tax) not yet recognized in net periodic benefit cost at December 31: | |||
Prior service cost | 0 | 0 | |
Actuarial loss, net | 83,938 | 47,127 | |
Total accumulated other comprehensive loss (pre-tax) | $83,938 | $47,127 |
Employee_Benefits_Additional_I
Employee Benefits - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted average asset allocation | 100.00% | 100.00% | 100.00% | |
Percentage of company stock held equal to plan assets | 10.00% | 10.00% | ||
Period of obligations for retired lives in trust | 30 years | |||
Long term inflation rate | 2.50% | |||
Minimum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected rate of return on equity security | 6.00% | |||
Expected rate of return on fixed income security | 3.00% | |||
Overall expected rate of return | 5.00% | 5.00% | ||
Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected rate of return on equity security | 9.00% | |||
Expected rate of return on fixed income security | 5.00% | |||
Overall expected rate of return | 8.00% | 8.00% | ||
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated unrecognized net actuarial loss (gain) that will be amortized from accumulated other comprehensive loss into net periodic benefit cost | 8,200,000 | |||
Amount recognized of net actuarial loss into net periodic benefit cost | -3,289,000 | -9,406,000 | -9,737,000 | |
Discount rates used to determine the benefit obligation | 4.00% | 4.00% | 4.80% | |
Percentage of assets allocated to equities to be considered well funded | 60.00% | 60.00% | ||
Percentage of assets allocated to fixed income to be considered well funded | 39.00% | 39.00% | ||
Post-Retirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated unrecognized net actuarial loss (gain) that will be amortized from accumulated other comprehensive loss into net periodic benefit cost | 383,000 | |||
Amount recognized of net actuarial loss into net periodic benefit cost | -474,000 | -657,000 | -505,000 | |
Discount rates used to determine the benefit obligation | 4.00% | 4.00% | 4.30% | |
Estimated prior service cost that will be amortized from accumulated other comprehensive loss (gain) into net periodic benefit cost | 249,000 | |||
Effect of 1% increase in assumed medical trend rate on accumulated post-retirement benefit obligation | 890,000 | |||
Effect of 1% increase in assumed medical trend rate on benefits earned and the interest components | 33,000 | |||
Effect of 1% decrease in assumed medical trend rate on accumulated post-retirement benefit obligation | 750,000 | |||
Effect of 1% decrease in assumed medical trend rate on benefits earned and the interest components | 28,000 | |||
Contribution to Health & Welfare Plan to pay premiums and claims in the next fiscal year | 1,300,000 | |||
Cash Equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted average asset allocation | 1.00% | 1.00% |
Components_of_Net_Periodic_Pen
Components of Net Periodic Pension (credit) Expense (Detail) (Pension Benefits, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits | |||
Components of net periodic pension (credit) expense: | |||
Interest cost | $5,895 | $5,455 | $5,885 |
Expected return on plan assets | -19,435 | -16,588 | -13,256 |
Amortization of net actuarial loss | 3,289 | 9,406 | 9,737 |
Net periodic pension (credit) expense | ($10,251) | ($1,727) | $2,366 |
Weighted_Average_Assumptions_U
Weighted Average Assumptions Used in Determining Net Periodic Benefit Cost for Pension (Detail) (Pension Benefits) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.80% | 3.90% | 4.50% |
Expected rate of return on plan assets | 9.00% | 9.00% | 9.00% |
Investments_Held_by_New_York_C
Investments Held by New York Community Plan (Detail) (USD $) | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | $222,990 | |
Mutual Funds - Equity | Large-Cap Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 22,216 | [1] |
Mutual Funds - Equity | Large-Cap Growth | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 22,061 | [2] |
Mutual Funds - Equity | Large-Cap Core | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 15,652 | [3] |
Mutual Funds - Equity | United States Mid Cap Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 5,344 | [4] |
Mutual Funds - Equity | Mid Cap Growth | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 5,363 | [5] |
Mutual Funds - Equity | Mid Cap Core | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 5,126 | [6] |
Mutual Funds - Equity | US Small-Cap Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 3,746 | [7] |
Mutual Funds - Equity | Small Cap Value Growth | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 3,724 | [8] |
Mutual Funds - Equity | Small-Cap Core | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 7,500 | [9] |
Mutual Funds - Equity | International Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 30,031 | [10] |
Fixed Income Funds | Intermediate Duration | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 73,245 | [11] |
Equity securities | Common stock | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 24,115 | |
Cash Equivalents | Money Market | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 4,867 | [12] |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 25,031 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities | Common stock | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 24,115 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash Equivalents | Money Market | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 916 | [12] |
Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 197,959 | |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | Large-Cap Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 22,216 | [1] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | Large-Cap Growth | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 22,061 | [2] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | Large-Cap Core | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 15,652 | [3] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | United States Mid Cap Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 5,344 | [4] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | Mid Cap Growth | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 5,363 | [5] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | Mid Cap Core | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 5,126 | [6] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | US Small-Cap Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 3,746 | [7] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | Small Cap Value Growth | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 3,724 | [8] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | Small-Cap Core | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 7,500 | [9] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | International Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 30,031 | [10] |
Significant Other Observable Inputs (Level 2) | Fixed Income Funds | Intermediate Duration | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 73,245 | [11] |
Significant Other Observable Inputs (Level 2) | Cash Equivalents | Money Market | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | $3,951 | [12] |
[1] | This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks. | |
[2] | This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S. | |
[3] | This fund tracks the performance of the S&P 500 Index by purchasing the securities represented in the Index in approximately the same weightings as the Index. | |
[4] | This category employs an indexing investment approach designed to track the performance of the CRSP U.S. Mid-Cap Value Index. | |
[5] | This category employs an indexing investment approach designed to track the performance of the CRSP U.S. Mid-Cap Growth Index. | |
[6] | This category seeks to track the performance of the S&P MidCap 400 Index. | |
[7] | This category consists of a selection of investments based on the Russell 2000 Value Index. | |
[8] | This category consists of a selection of investments based on the Russell 2000 Growth Index. | |
[9] | This category consists of an index fund designed to track the Russell 2000, along with a fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10% of the market universe, or smaller than the 1000th largest U.S. company. | |
[10] | This category has investments in medium to large non-U.S. companies, including high-quality, durable growth companies and companies based in countries with stable economic and political systems. A portion of this category consists of an index fund designed to track the MSC ACWI ex-U.S. Net Dividend Return Index. | |
[11] | This category consists of three funds. The first is a diversified portfolio of high-quality bonds and other fixed-income securities, including U.S. Government obligations, mortgage-related and asset backed securities, corporate and municipal bonds, CMOs, and other securities rated Baa or better. The second fund emphasizes a more globally diversified portfolio of higher-quality, intermediate-term bonds. The third fund seeks to track the Barclays Capital U.S. Corporate A or Better 5-20 Year, Bullets-only Index. | |
[12] | Includes cash equivalents investments in equity and fixed income strategies. |
Investments_Held_by_New_York_C1
Investments Held by New York Community Plan (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum | Fixed Income Funds | Barclays Capital Inc | |
Defined Benefit Plan Disclosure [Line Items] | |
Funding period | 5 years |
Minimum | Common/Collective Trusts - Equity | Large-Cap Value | |
Defined Benefit Plan Disclosure [Line Items] | |
Number of stocks held | 60 |
Maximum | Fixed Income Funds | Barclays Capital Inc | |
Defined Benefit Plan Disclosure [Line Items] | |
Funding period | 20 years |
Maximum | Common/Collective Trusts - Equity | Large-Cap Value | |
Defined Benefit Plan Disclosure [Line Items] | |
Number of stocks held | 70 |
Weighted_Average_Asset_Allocat
Weighted Average Asset Allocations for Retirement Plan (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocation | 100.00% | 100.00% |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocation | 65.00% | 72.00% |
Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocation | 33.00% | 28.00% |
Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocation | 2.00% |
Expected_Future_Annuity_Paymen
Expected Future Annuity Payments by Retirement Plan (Detail) (Pension Benefits, USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $7,139 |
2016 | 7,205 |
2017 | 7,284 |
2018 | 7,394 |
2019 | 7,595 |
2020 and thereafter | 40,101 |
Total | $76,718 |
Certain_Information_Regarding_
Certain Information Regarding Health and Welfare Plan (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in plan assets: | |||
Fair value of assets at end of year | $222,990 | ||
Post-Retirement Benefits | |||
Change in Benefit Obligation: | |||
Benefit obligation at beginning of year | 18,322 | 20,319 | |
Service cost | 4 | 4 | 7 |
Interest cost | 759 | 683 | 641 |
Actuarial loss (gain) | 238 | -1,972 | |
Premiums and claims paid | -948 | -712 | |
Benefit obligation at end of year | 18,375 | 18,322 | 20,319 |
Change in plan assets: | |||
Fair value of assets at beginning of year | 0 | 0 | |
Employer contribution | 948 | 712 | |
Premiums and claims paid | -948 | -712 | |
Fair value of assets at end of year | 0 | 0 | 0 |
Funded status (included in "Other liabilities") | -18,375 | -18,322 | |
Changes recognized in other comprehensive income for the year ended December 31: | |||
Amortization of prior service cost | 249 | 249 | |
Amortization of actuarial gain | -474 | -657 | |
Net actuarial loss (gain) arising during the year | 238 | -1,972 | |
Total recognized in other comprehensive loss for the year (pre-tax) | 13 | -2,380 | |
Accumulated other comprehensive loss (pre-tax) not yet recognized in net periodic benefit cost at December 31: | |||
Prior service cost | -1,782 | -2,031 | |
Actuarial loss, net | 7,400 | 7,636 | |
Total accumulated other comprehensive loss (pre-tax) | $5,618 | $5,605 |
Components_of_Net_Periodic_Ben
Components of Net Periodic Benefit Cost of Health and Welfare Plan (Detail) (Post-Retirement Benefits, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Post-Retirement Benefits | |||
Components of Net Periodic Benefit Cost: | |||
Service cost | $4 | $4 | $7 |
Interest cost | 759 | 683 | 641 |
Amortization of past-service liability | -249 | -249 | -249 |
Amortization of net actuarial loss | 474 | 657 | 505 |
Net periodic pension (credit) expense | $988 | $1,095 | $904 |
Recovered_Sheet3
Weighted Average Assumptions used in Determining Net Periodic Benefit Cost of Health and Welfate Plan (Detail) (Post-Retirement Benefits) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Post-Retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.30% | 3.50% | 3.90% |
Current medical trend rate | 7.00% | 7.50% | 8.00% |
Ultimate trend rate | 5.00% | 5.00% | 5.00% |
Year when ultimate trend rate will be reached | 2018 | 2018 | 2018 |
Expected_Future_Payments_for_P
Expected Future Payments for Premiums and Claims Under Health and Welfare Plan (Detail) (Post-Retirement Benefits, USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Post-Retirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $1,310 |
2016 | 1,300 |
2017 | 1,284 |
2018 | 1,263 |
2019 | 1,233 |
2020 and thereafter | 5,751 |
Total | $12,141 |
Stock_Related_Benefit_Plans_Ad
Stock - Related Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant | 14,480,253 | ||
Shares granted | 2,377,498 | ||
Shares granted, weighted average grant date fair value | $16.79 | ||
Unrecognized compensation cost relating to unvested restricted stock | $65,900,000 | ||
Unrecognized compensation cost relating to unvested restricted stock, recognition period (in years) | 3 years 1 month 6 days | ||
Stock option plans expiration period from date of grant | 10 years | ||
Stock option outstanding | 58,560 | 126,821 | 2,641,344 |
Intrinsic value of stock options outstanding and exercisable | 0 | ||
Intrinsic values of options exercised | 132,000 | 106,000 | 0 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted, vesting period | 5 years | ||
Shares granted | 2,327,522 | 2,040,425 | |
Shares granted, weighted average grant date fair value | $13.64 | $12.78 | |
Compensation and benefits expense | 27,500,000 | 22,200,000 | 20,700,000 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant | 0 | ||
Two Thousand Twelve Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares transferred | 1,030,673 | ||
Stock Incentive Plan Twenty Twelve | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 2,377,498 | ||
Shares granted, weighted average grant date fair value | $16.79 | ||
Supplemental Executive Retirement Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Trust held assets of Supplemental Executive Retirement Plan (SERP), shares | 1,560,294 | 1,464,641 | |
New York Community Bank | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Description of the ESOP Plan | All full-time employees who have attained 21 years of age and who have completed twelve consecutive months of credited service are eligible to participate in the Employee Stock Ownership Plan ("ESOP"), with benefits vesting on a seven-year basis, | ||
Full-time employees, age to participate in plan | 21 | ||
Shares granted, vesting period | 7 years | ||
Allocated shares to participants in the ESOP | 560,228 | 505,354 | 644,007 |
ESOP-related compensation expense | $8,800,000 | $8,500,000 | $8,400,000 |
New York Community Bank | Third year of employment | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of shares vested | 20.00% | ||
New York Community Bank | Each successive year after third year | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of shares vested | 20.00% |
Summary_of_Activity_for_Restri
Summary of Activity for Restricted Stock Awards (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Number of Shares | |
Unvested at beginning of year | 5,043,642 |
Granted | 2,377,498 |
Vested | -1,494,531 |
Cancelled | -124,200 |
Unvested at end of period | 5,802,409 |
Weighted Average Grant Date Fair Value | |
Unvested at beginning of year | $14.27 |
Granted | $16.79 |
Vested | $14.44 |
Cancelled | $15.30 |
Unvested at end of period | $15.24 |
Summary_of_Activity_for_Stock_
Summary of Activity for Stock Option Plans (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2012 | |
Number of Stock Options | ||
Stock options outstanding, beginning of year | 126,821 | 2,641,344 |
Exercised | -42,214 | |
Expired/forfeited | -26,047 | |
Stock options outstanding, end of period | 58,560 | 2,641,344 |
Options exercisable, end of period | 58,560 | |
Weighted Average Exercise Price | ||
Stock options outstanding, beginning of year | $15.21 | |
Exercised | $12.69 | |
Expired/forfeited | $12.94 | |
Stock options outstanding, end of year | $18.04 | |
Options exercisable, at year-end | $18.04 |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | $173,783 | $280,738 | ||
Loans held for sale | 201,012 | 306,915 | ||
Mortgage servicing rights | 227,297 | 241,018 | ||
Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 19,700 | 96,221 | ||
Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 154,083 | 184,517 | ||
GSE certificates | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 19,700 | [1] | 25,200 | |
GSE CMOs | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 60,819 | |||
Private label CMOs | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 10,202 | |||
Municipal bonds | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 942 | 1,026 | ||
Capital trust notes | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 11,482 | 11,798 | ||
Preferred stock | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 123,011 | 116,239 | ||
Common stock | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 18,648 | 55,454 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 173,783 | 280,738 | ||
Loans held for sale | 379,399 | 306,915 | ||
Mortgage servicing rights | 227,297 | 241,018 | ||
Interest rate lock commitments | 4,397 | 258 | ||
Derivative assets-other | 3,886 | [2] | 1,574 | [3] |
Derivative liabilities | -512 | -388 | ||
Fair Value, Measurements, Recurring | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 19,700 | 96,221 | ||
Fair Value, Measurements, Recurring | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 154,083 | 184,517 | ||
Fair Value, Measurements, Recurring | GSE certificates | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 19,700 | 25,200 | ||
Fair Value, Measurements, Recurring | GSE CMOs | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 60,819 | |||
Fair Value, Measurements, Recurring | Private label CMOs | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 10,202 | |||
Fair Value, Measurements, Recurring | Municipal bonds | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 942 | 1,026 | ||
Fair Value, Measurements, Recurring | Capital trust notes | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 11,482 | 11,798 | ||
Fair Value, Measurements, Recurring | Preferred stock | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 123,011 | 116,239 | ||
Fair Value, Measurements, Recurring | Common stock | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 18,648 | 55,454 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 112,035 | 142,682 | ||
Derivative assets-other | 2,655 | [2] | 1,267 | [3] |
Derivative liabilities | -346 | -590 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 112,035 | 142,682 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Preferred stock | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 95,051 | 89,942 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Common stock | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 16,984 | 52,740 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 61,748 | 138,056 | ||
Loans held for sale | 379,399 | 306,915 | ||
Derivative assets-other | 8,429 | [2] | 5,155 | [3] |
Derivative liabilities | -7,862 | -7,422 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 19,700 | 96,221 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 42,048 | 41,835 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | GSE certificates | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 19,700 | 25,200 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | GSE CMOs | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 60,819 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Private label CMOs | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 10,202 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Municipal bonds | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 942 | 1,026 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Capital trust notes | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 11,482 | 11,798 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Preferred stock | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 27,960 | 26,297 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Common stock | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 1,664 | 2,714 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage servicing rights | 227,297 | 241,018 | ||
Interest rate lock commitments | 4,397 | 258 | ||
Fair Value, Measurements, Recurring | Netting Adjustment | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets-other | -7,198 | [2],[4] | -4,848 | [3],[4] |
Derivative liabilities | $7,696 | [4] | $7,624 | [4] |
[1] | Government-sponsored enterprise. | |||
[2] | Includes $2.6 million to purchase Treasury options. | |||
[3] | Includes $1.3 million to purchase Treasury options. | |||
[4] | Includes cash collateral received from, and paid to, counterparties. |
Assets_and_Liabilities_Measure1
Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) (Quoted Prices in Active Markets for Identical Assets (Level 1), Treasury Options, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Treasury Options | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets-other | $2,600 | $1,300 |
Difference_between_Fair_Value_
Difference between Fair Value Option and Unpaid Principal Balance (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Carrying Amount | $201,012 | $306,915 |
Aggregate Unpaid Principal | 194,692 | 303,805 |
Fair Value Carrying Amount Less Aggregate Unpaid Principal | $6,320 | $3,110 |
Changes_in_Fair_Value_of_Loans
Changes in Fair Value of Loans Held for Sale (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Mortgage Banking Income | ($36,861) | [1] | $5,439 | [1] | $14,339 | [1] |
Loans held for sale | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Mortgage Banking Income | 11,681 | [1] | -10,260 | [1] | 102,642 | [1] |
Mortgage servicing rights | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Mortgage Banking Income | ($48,542) | [1] | $15,699 | [1] | ($88,303) | [1] |
[1] | Does not include the effect of hedging activities. |
Rollforward_of_Financial_Instr
Rollforward of Financial Instruments Classified in Level Three of Valuation Hierarchy (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Available-for-sale capital securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Beginning Balance | $18,569 | |
Total Realized/Unrealized Gains/(Losses) Recorded in Comprehensive (Loss) Income | 0 | |
Settlements | -18,569 | |
Mortgage servicing rights | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Beginning Balance | 241,018 | 144,520 |
Total Realized/Unrealized Gains/(Losses) Recorded in (Loss) Income | -48,542 | 15,699 |
Total Realized/Unrealized Gains/(Losses) Recorded in Comprehensive (Loss) Income | 0 | |
Issuances | 34,821 | 80,799 |
Fair Value, Ending Balance | 227,297 | 241,018 |
Change in Unrealized Gains and (Losses) Related to Instruments Held | 7,377 | 70,218 |
Interest rate lock commitments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Beginning Balance | 258 | 21,446 |
Total Realized/Unrealized Gains/(Losses) Recorded in (Loss) Income | 4,139 | -21,188 |
Total Realized/Unrealized Gains/(Losses) Recorded in Comprehensive (Loss) Income | 0 | |
Fair Value, Ending Balance | 4,397 | 258 |
Change in Unrealized Gains and (Losses) Related to Instruments Held | $4,397 | $258 |
Significant_Unobservable_Input
Significant Unobservable Inputs used in Fair Value Measurement (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Mortgage servicing rights | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair value | $227,297 | $241,018 | $144,520 | |
Valuation Technique | Discounted Cash Flow | |||
Weighted Average Constant Prepayment Rate | 9.30% | [1] | ||
Weighted Average Discount Rate | 10.00% | |||
Interest rate lock commitments | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair value | $4,397 | $258 | $21,446 | |
Valuation Technique | Discounted Cash Flow | |||
Weighted Average Closing Ratio | 76.81% | |||
[1] | Represents annualized loan repayment rate assumptions. |
Assets_and_Liabilities_Measure2
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) (Fair Value, Measurements, Nonrecurring, USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Certain impaired loans | $23,366 | $47,535 | ||
Other assets | 15,916 | [1] | 19,810 | [1] |
Total | 39,282 | 67,345 | ||
Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 15,916 | [1] | 19,810 | [1] |
Total | 15,916 | 19,810 | ||
Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Certain impaired loans | 23,366 | 47,535 | ||
Total | $23,366 | $47,535 | ||
[1] | Represents the fair value of OREO, based on the appraised value of the collateral subsequent to its initial classification as OREO. |
Summary_of_Carrying_Values_Est
Summary of Carrying Values, Estimated Fair Values and Fair Value Measurement Levels of Financial Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | ||||||
Financial Assets: | ||||||
Cash and cash equivalents | $564,150 | $644,550 | $2,427,258 | $2,001,737 | ||
Securities held to maturity | 6,922,667 | [1] | 7,670,282 | [2] | ||
FHLB stock | 515,327 | [3] | 561,390 | [3] | ||
Loans, net | 35,647,639 | 32,727,507 | ||||
Cash and cash equivalents | 564,150 | 644,550 | ||||
Securities held to maturity | 7,085,971 | [1] | 7,445,244 | [2] | ||
FHLB stock | 515,327 | [3] | 561,390 | [3] | ||
Loans, net | 36,167,980 | 32,628,361 | ||||
Financial Liabilities: | ||||||
Deposits | 28,328,734 | 25,660,992 | ||||
Borrowed funds | 14,226,487 | 15,105,002 | ||||
Deposits | 28,377,897 | 25,712,388 | ||||
Borrowed funds | 15,140,171 | 16,058,931 | ||||
Financial Assets: | ||||||
Cash and cash equivalents | 564,150 | 644,550 | 2,427,258 | 2,001,737 | ||
Securities held to maturity | 6,922,667 | [1] | 7,670,282 | [2] | ||
FHLB stock | 515,327 | [3] | 561,390 | [3] | ||
Loans, net | 35,647,639 | 32,727,507 | ||||
Cash and cash equivalents | 564,150 | 644,550 | ||||
Securities held to maturity | 7,085,971 | [1] | 7,445,244 | [2] | ||
FHLB stock | 515,327 | [3] | 561,390 | [3] | ||
Loans, net | 36,167,980 | 32,628,361 | ||||
Financial Liabilities: | ||||||
Deposits | 28,328,734 | 25,660,992 | ||||
Borrowed funds | 14,226,487 | 15,105,002 | ||||
Deposits | 28,377,897 | 25,712,388 | ||||
Borrowed funds | 15,140,171 | 16,058,931 | ||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||||
Financial Assets: | ||||||
Cash and cash equivalents | 564,150 | 644,550 | ||||
Financial Liabilities: | ||||||
Deposits | 21,908,136 | [4] | 18,728,896 | [4] | ||
Financial Assets: | ||||||
Cash and cash equivalents | 564,150 | 644,550 | ||||
Financial Liabilities: | ||||||
Deposits | 21,908,136 | [4] | 18,728,896 | [4] | ||
Significant Other Observable Inputs (Level 2) | ||||||
Financial Assets: | ||||||
Securities held to maturity | 7,084,959 | 7,438,091 | ||||
FHLB stock | 515,327 | [3] | 561,390 | [3] | ||
Financial Liabilities: | ||||||
Deposits | 6,469,761 | [5] | 6,983,492 | [5] | ||
Borrowed funds | 15,140,171 | 16,058,931 | ||||
Financial Assets: | ||||||
Securities held to maturity | 7,084,959 | 7,438,091 | ||||
FHLB stock | 515,327 | [3] | 561,390 | [3] | ||
Financial Liabilities: | ||||||
Deposits | 6,469,761 | [5] | 6,983,492 | [5] | ||
Borrowed funds | 15,140,171 | 16,058,931 | ||||
Significant Unobservable Inputs (Level 3) | ||||||
Financial Assets: | ||||||
Securities held to maturity | 1,012 | 7,153 | ||||
Loans, net | 36,167,980 | 32,628,361 | ||||
Financial Assets: | ||||||
Securities held to maturity | 1,012 | 7,153 | ||||
Loans, net | $36,167,980 | $32,628,361 | ||||
[1] | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At December 31, 2014, the non-credit portion of OTTI recorded in AOCL was $8.8 million (before taxes). | |||||
[2] | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At December 31, 2013, the non-credit portion of OTTI recorded in AOCL was $9.2 million (before taxes). | |||||
[3] | Carrying value and estimated fair value are at cost. | |||||
[4] | NOW and money market accounts, savings accounts, and non-interest-bearing accounts. | |||||
[5] | Certificates of deposit. |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (Nondesignated, USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Nondesignated | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative financial instruments held, notional amount | $3,360,733 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Detail) (Nondesignated, USD $) | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $3,360,733 | |
Treasury Options | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 610,000 | |
Treasury Futures | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 25,000 | |
Eurodollar Futures | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 75,000 | |
Forward commitments to sell loans/mortgage-backed securities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,050,470 | |
Forward commitments to buy loans/mortgage-backed securities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,104,469 | |
Interest rate lock commitments | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 495,794 | |
Other Asset | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized Gain | 12,906 | [1] |
Other Asset | Treasury Options | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized Gain | 12 | [1] |
Other Asset | Treasury Futures | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized Gain | 57 | [1] |
Other Asset | Eurodollar Futures | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized Gain | 11 | [1] |
Other Asset | Forward commitments to sell loans/mortgage-backed securities | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized Gain | 8 | [1] |
Other Asset | Forward commitments to buy loans/mortgage-backed securities | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized Gain | 8,421 | [1] |
Other Asset | Interest rate lock commitments | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized Gain | 4,397 | [1] |
Other Liability | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized Loss | 8,208 | [1] |
Other Liability | Treasury Options | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized Loss | 337 | [1] |
Other Liability | Eurodollar Futures | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized Loss | 9 | [1] |
Other Liability | Forward commitments to sell loans/mortgage-backed securities | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized Loss | $7,862 | [1] |
[1] | Derivatives in a net gain position are recorded as "Other assets" and derivatives in a net loss position are recorded as "Other liabilities" in the Consolidated Statements of Condition. |
Effect_of_Derivative_Instrumen
Effect of Derivative Instruments on Consolidated Statements of Income and Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Included in Mortgage Banking Income | $14,310 | $7,465 | $1,438 |
Treasury Options | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Included in Mortgage Banking Income | 1,968 | -10,224 | -120 |
Treasury/Eurodollar futures | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Included in Mortgage Banking Income | 333 | -38 | -1,468 |
Forward commitments to buy/sell loans/mortgage-backed securities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Included in Mortgage Banking Income | $12,009 | $17,727 | $3,026 |
Effect_of_Master_Netting_Arran
Effect of Master Netting Arrangements on Presentation of Derivative Assets and Liabilities in Consolidated Statements of Financial Condition (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Derivative Financial Instruments, Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Gross Amounts of Recognized Liabilities | $8,208 | $8,012 | ||
Gross Amounts Offset in the Statement of Condition | 7,696 | 7,624 | ||
Net Amounts of Liabilities Presented in the Statement of Condition | 512 | 388 | ||
Financial Instruments | 0 | 0 | ||
Cash Collateral Received | 0 | 0 | ||
Net Amount | 512 | 388 | ||
Derivative Financial Instruments, Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Gross Amounts Of Recognized Assets | 15,481 | [1] | 6,680 | [2] |
Gross Amounts offset in the statement of Condition | 7,198 | 4,848 | ||
Net Amounts of Assets Presented in the Statement of Condition | 8,283 | 1,832 | ||
Financial Instruments | 0 | 0 | ||
Cash Collateral Received | 0 | 0 | ||
Net Amount | $8,283 | $1,832 | ||
[1] | Includes $2.6 million to purchase Treasury options. | |||
[2] | Includes $1.3 million to purchase Treasury options. |
Effect_of_Master_Netting_Arran1
Effect of Master Netting Arrangements on Presentation of Derivative Assets and Liabilities in Consolidated Statements of Financial Condition (Parenthetical) (Detail) (Treasury Options, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Treasury Options | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts Of Recognized Assets | $2,600 | $1,300 |
Dividend_Restrictions_On_Subsi
Dividend Restrictions On Subsidiary Banks - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | |
Dividend paid to the Parent Company | $410 |
Additional dividends that could have been paid to the Parent Company without regulatory approval | $195.90 |
Condensed_Statements_of_Condit
Condensed Statements of Condition (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
ASSETS: | ||||
Cash and cash equivalents | $564,150 | $644,550 | $2,427,258 | $2,001,737 |
Securities available for sale | 173,783 | 280,738 | ||
Other assets | 338,307 | 342,067 | ||
Total assets | 48,559,217 | 46,688,287 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Junior subordinated debentures | 358,355 | 358,126 | ||
Other liabilities | 222,181 | 186,631 | ||
Total liabilities | 42,777,402 | 40,952,625 | ||
Stockholders' equity | 5,781,815 | 5,735,662 | 5,656,264 | |
Total liabilities and stockholders' equity | 48,559,217 | 46,688,287 | ||
Parent Company | ||||
ASSETS: | ||||
Cash and cash equivalents | 89,518 | 126,165 | 113,745 | 241,268 |
Securities available for sale | 2,002 | 2,545 | ||
Investments in subsidiaries | 6,039,718 | 5,961,367 | ||
Receivables from subsidiaries | 7,859 | 5,152 | ||
Other assets | 32,165 | 32,458 | ||
Total assets | 6,171,262 | 6,127,687 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Junior subordinated debentures | 358,355 | 358,126 | ||
Other liabilities | 31,092 | 33,899 | ||
Total liabilities | 389,447 | 392,025 | ||
Stockholders' equity | 5,781,815 | 5,735,662 | ||
Total liabilities and stockholders' equity | $6,171,262 | $6,127,687 |
Condensed_Statements_of_Income
Condensed Statements of Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||
Interest income | $1,683,067 | $1,708,098 | $1,791,101 |
Gain on sale of securities | 14,029 | 21,036 | 2,041 |
Other income | 75,746 | 41,800 | 35,742 |
Operating expenses | 579,170 | 591,778 | 593,833 |
Income before income taxes | 773,066 | 747,126 | 780,909 |
Income tax benefit | -287,669 | -271,579 | -279,803 |
Net income | 485,397 | 475,547 | 501,106 |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest income | 715 | 702 | 1,121 |
Dividends received from subsidiaries | 410,000 | 450,000 | 485,000 |
Gain on sale of securities | 261 | ||
Loss on debt redemption | -2,313 | ||
Other income | 520 | 525 | 1,174 |
Gross income | 411,496 | 451,227 | 484,982 |
Operating expenses | 42,370 | 38,268 | 44,651 |
Income before income taxes | 369,126 | 412,959 | 440,331 |
Income tax benefit | 17,570 | 16,547 | 20,029 |
Income before equity in undistributed earnings of subsidiaries | 386,696 | 429,506 | 460,360 |
Equity in undistributed earnings of subsidiaries | 98,701 | 46,041 | 40,746 |
Net income | $485,397 | $475,547 | $501,106 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flow (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $485,397 | $475,547 | $501,106 |
Change in other assets | 105,575 | -92,089 | 33,108 |
Change in other liabilities | -16,020 | 49,442 | 6,597 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Treasury stock purchases | -7,283 | -5,319 | -3,522 |
Cash dividends paid on common stock | -442,204 | -440,308 | -438,539 |
Net cash received from exercise of stock options | 60 | 326 | |
Net (decrease) increase in cash and cash equivalents | -80,400 | -1,782,708 | 425,521 |
Cash and cash equivalents at beginning of year | 644,550 | 2,427,258 | 2,001,737 |
Cash and cash equivalents at end of year | 564,150 | 644,550 | 2,427,258 |
Parent Company | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | 485,397 | 475,547 | 501,106 |
Change in other assets | 293 | -3,841 | -154 |
Change in other liabilities | -2,807 | 6,342 | -8,799 |
Other, net | 30,739 | 24,135 | 21,474 |
Equity in undistributed earnings of subsidiaries | -98,701 | -46,041 | -40,746 |
Net cash provided by operating activities | 414,921 | 456,142 | 472,881 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from sales and repayments of securities | 566 | 151 | 1,276 |
Change in receivable from subsidiaries, net | -2,707 | 1,428 | -409 |
Net cash (used in) provided by investing activities | -2,141 | 1,579 | 867 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Treasury stock purchases | -7,283 | -5,319 | -3,522 |
Cash dividends paid on common stock | -442,204 | -440,308 | -438,539 |
Net cash received from exercise of stock options | 60 | 326 | |
Payments for debt redemptions | -159,210 | ||
Net cash used in financing activities | -449,427 | -445,301 | -601,271 |
Net (decrease) increase in cash and cash equivalents | -36,647 | 12,420 | -127,523 |
Cash and cash equivalents at beginning of year | 126,165 | 113,745 | 241,268 |
Cash and cash equivalents at end of year | $89,518 | $126,165 | $113,745 |
Regulatory_Capital_Ratios_for_
Regulatory Capital Ratios for in Comparison With Minimum Amounts and Ratios Required by Federal Reserve Board of Governors (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Leverage Capital Amount | ||
Total regulatory capital, Leverage Capital Amount | $3,731,430 | $3,664,082 |
Minimum for capital adequacy purposes, Leverage capital amount | 1,856,755 | 1,745,857 |
Excess, Leverage capital amount | 1,874,675 | 1,918,225 |
Leverage Capital Ratio | ||
Total regulatory capital, Leverage capital ratio | 8.04% | 8.39% |
Minimum for capital adequacy purposes, Leverage capital ratio | 4.00% | 4.00% |
Excess, Leverage capital ratio | 4.04% | 4.39% |
Tier 1 Amount | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Amount | 3,731,430 | 3,664,082 |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Amount | 1,213,802 | 1,141,644 |
Excess, Risk-Based Capital, Tier 1 Amount | 2,517,628 | 2,522,438 |
Tier 1 Ratio | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Ratio | 12.30% | 12.84% |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Ratio | 4.00% | 4.00% |
Excess, Risk-Based Capital, Tier 1 Ratio | 8.30% | 8.84% |
Total Amount | ||
Total regulatory capital, Risk-Based Capital, Total Amount | 3,919,248 | 3,870,921 |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Amount | 2,427,605 | 2,283,287 |
Excess, Risk-Based Capital, Total Amount | $1,491,643 | $1,587,634 |
Total Ratio | ||
Total regulatory capital, Risk-Based Capital, Total Ratio | 12.92% | 13.56% |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Ratio | 8.00% | 8.00% |
Excess, Risk-Based Capital, Total Ratio | 4.92% | 5.56% |
Regulatory_Matters_Additional_
Regulatory Matters - Additional Information (Detail) | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Minimum leverage capital ratio to be categorized as well capitalized | 5.00% |
Minimum Tier 1 risk based capital ratio to be categorized as well capitalized | 6.00% |
Minimum total risk based capital ratio to be categorized as well capitalized | 10.00% |
Actual_Capital_Amounts_and_Rat
Actual Capital Amounts and Ratios for Community Bank in Comparison to Minimum Amounts and Ratios Required (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Leverage Capital Amount | ||
Total regulatory capital, Leverage Capital Amount | $3,731,430 | $3,664,082 |
Minimum for capital adequacy purposes, Leverage capital amount | 1,856,755 | 1,745,857 |
Excess, Leverage capital amount | 1,874,675 | 1,918,225 |
Leverage Capital Ratio | ||
Total regulatory capital, Leverage capital ratio | 8.04% | 8.39% |
Minimum for capital adequacy purposes, Leverage capital ratio | 4.00% | 4.00% |
Excess, Leverage capital ratio | 4.04% | 4.39% |
Tier 1 Amount | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Amount | 3,731,430 | 3,664,082 |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Amount | 1,213,802 | 1,141,644 |
Excess, Risk-Based Capital, Tier 1 Amount | 2,517,628 | 2,522,438 |
Tier 1 Ratio | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Ratio | 12.30% | 12.84% |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Ratio | 4.00% | 4.00% |
Excess, Risk-Based Capital, Tier 1 Ratio | 8.30% | 8.84% |
Total Amount | ||
Total regulatory capital, Risk-Based Capital, Total Amount | 3,919,248 | 3,870,921 |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Amount | 2,427,605 | 2,283,287 |
Excess, Risk-Based Capital, Total Amount | 1,491,643 | 1,587,634 |
Total Ratio | ||
Total regulatory capital, Risk-Based Capital, Total Ratio | 12.92% | 13.56% |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Ratio | 8.00% | 8.00% |
Excess, Risk-Based Capital, Total Ratio | 4.92% | 5.56% |
New York Community Bank | ||
Leverage Capital Amount | ||
Total regulatory capital, Leverage Capital Amount | 3,285,870 | 3,196,870 |
Minimum for capital adequacy purposes, Leverage capital amount | 1,701,174 | 1,627,696 |
Excess, Leverage capital amount | 1,584,696 | 1,569,174 |
Leverage Capital Ratio | ||
Total regulatory capital, Leverage capital ratio | 7.73% | 7.86% |
Minimum for capital adequacy purposes, Leverage capital ratio | 4.00% | 4.00% |
Excess, Leverage capital ratio | 3.73% | 3.86% |
Tier 1 Amount | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Amount | 3,285,870 | 3,196,870 |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Amount | 1,093,835 | 1,046,793 |
Excess, Risk-Based Capital, Tier 1 Amount | 2,192,035 | 2,150,077 |
Tier 1 Ratio | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Ratio | 12.02% | 12.22% |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Ratio | 4.00% | 4.00% |
Excess, Risk-Based Capital, Tier 1 Ratio | 8.02% | 8.22% |
Total Amount | ||
Total regulatory capital, Risk-Based Capital, Total Amount | 3,461,741 | 3,391,944 |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Amount | 2,187,669 | 2,093,586 |
Excess, Risk-Based Capital, Total Amount | $1,274,072 | $1,298,358 |
Total Ratio | ||
Total regulatory capital, Risk-Based Capital, Total Ratio | 12.66% | 12.96% |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Ratio | 8.00% | 8.00% |
Excess, Risk-Based Capital, Total Ratio | 4.66% | 4.96% |
Actual_Capital_Amounts_and_Rat1
Actual Capital Amounts and Ratios for Commercial Bank in Comparison With Minimum Amounts and Ratios Required (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Total regulatory capital, Leverage Capital Amount | ||
Total regulatory capital, Leverage Capital Amount | $3,731,430 | $3,664,082 |
Minimum for capital adequacy purposes, Leverage capital amount | 1,856,755 | 1,745,857 |
Excess, Leverage capital amount | 1,874,675 | 1,918,225 |
Leverage Capital Ratio | ||
Total regulatory capital, Leverage capital ratio | 8.04% | 8.39% |
Minimum for capital adequacy purposes, Leverage capital ratio | 4.00% | 4.00% |
Excess, Leverage capital ratio | 4.04% | 4.39% |
Tier 1 Amount | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Amount | 3,731,430 | 3,664,082 |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Amount | 1,213,802 | 1,141,644 |
Excess, Risk-Based Capital, Tier 1 Amount | 2,517,628 | 2,522,438 |
Tier 1 Ratio | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Ratio | 12.30% | 12.84% |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Ratio | 4.00% | 4.00% |
Excess, Risk-Based Capital, Tier 1 Ratio | 8.30% | 8.84% |
Total Amount | ||
Total regulatory capital, Risk-Based Capital, Total Amount | 3,919,248 | 3,870,921 |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Amount | 2,427,605 | 2,283,287 |
Excess, Risk-Based Capital, Total Amount | 1,491,643 | 1,587,634 |
Total Ratio | ||
Total regulatory capital, Risk-Based Capital, Total Ratio | 12.92% | 13.56% |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Ratio | 8.00% | 8.00% |
Excess, Risk-Based Capital, Total Ratio | 4.92% | 5.56% |
New York Commercial Bank | ||
Total regulatory capital, Leverage Capital Amount | ||
Total regulatory capital, Leverage Capital Amount | 364,591 | 354,423 |
Minimum for capital adequacy purposes, Leverage capital amount | 157,599 | 123,393 |
Excess, Leverage capital amount | 206,992 | 231,030 |
Leverage Capital Ratio | ||
Total regulatory capital, Leverage capital ratio | 9.25% | 11.49% |
Minimum for capital adequacy purposes, Leverage capital ratio | 4.00% | 4.00% |
Excess, Leverage capital ratio | 5.25% | 7.49% |
Tier 1 Amount | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Amount | 364,591 | 354,423 |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Amount | 120,755 | 95,517 |
Excess, Risk-Based Capital, Tier 1 Amount | 243,836 | 258,906 |
Tier 1 Ratio | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Ratio | 12.08% | 14.84% |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Ratio | 4.00% | 4.00% |
Excess, Risk-Based Capital, Tier 1 Ratio | 8.08% | 10.84% |
Total Amount | ||
Total regulatory capital, Risk-Based Capital, Total Amount | 376,538 | 366,076 |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Amount | 241,509 | 191,033 |
Excess, Risk-Based Capital, Total Amount | $135,029 | $175,043 |
Total Ratio | ||
Total regulatory capital, Risk-Based Capital, Total Ratio | 12.47% | 15.33% |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Ratio | 8.00% | 8.00% |
Excess, Risk-Based Capital, Total Ratio | 4.47% | 7.33% |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Segment | |
Segment Reporting Information [Line Items] | |
Number of reportable business segments | 2 |
Segment_Results_Detail
Segment Results (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Segment Reporting Information [Line Items] | |||||
Net interest income | $1,140,353 | $1,166,616 | $1,160,021 | ||
Recoveries of loan losses | -18,587 | 30,758 | 62,988 | ||
Provisions for loan losses | 30,758 | ||||
Non-Interest Income | 201,593 | 218,830 | 297,353 | ||
Non-interest expense | 587,467 | [1] | 607,562 | [1] | 613,477 |
Income before income taxes | 773,066 | 747,126 | 780,909 | ||
Income tax expense | 287,669 | 271,579 | 279,803 | ||
Net income | 485,397 | 475,547 | 501,106 | ||
Identifiable segment assets (period-end) | 48,559,217 | 46,688,287 | |||
Third Party | |||||
Segment Reporting Information [Line Items] | |||||
Non-Interest Income | 201,593 | [2] | 218,830 | [2] | |
Banking Operations | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 1,126,162 | 1,144,820 | |||
Recoveries of loan losses | -18,587 | ||||
Provisions for loan losses | 30,758 | ||||
Non-Interest Income | 122,313 | 120,927 | |||
Non-interest expense | 528,436 | [1] | 533,951 | [1] | |
Income before income taxes | 738,626 | 701,038 | |||
Income tax expense | 274,179 | 254,738 | |||
Net income | 464,447 | 446,300 | |||
Identifiable segment assets (period-end) | 47,897,672 | 46,015,332 | |||
Banking Operations | Third Party | |||||
Segment Reporting Information [Line Items] | |||||
Non-Interest Income | 135,834 | [2] | 137,534 | [2] | |
Banking Operations | Inter-segment | |||||
Segment Reporting Information [Line Items] | |||||
Non-Interest Income | -13,521 | -16,607 | |||
Residential Mortgage Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 14,191 | 21,796 | |||
Non-Interest Income | 79,280 | 97,903 | |||
Non-interest expense | 59,031 | [1] | 73,611 | [1] | |
Income before income taxes | 34,440 | 46,088 | |||
Income tax expense | 13,490 | 16,841 | |||
Net income | 20,950 | 29,247 | |||
Identifiable segment assets (period-end) | 661,545 | 672,955 | |||
Residential Mortgage Banking | Third Party | |||||
Segment Reporting Information [Line Items] | |||||
Non-Interest Income | 65,759 | [2] | 81,296 | [2] | |
Residential Mortgage Banking | Inter-segment | |||||
Segment Reporting Information [Line Items] | |||||
Non-Interest Income | $13,521 | $16,607 | |||
[1] | Includes both direct and indirect expenses. | ||||
[2] | Includes ancillary fee income. |