Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 02, 2017 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | NYB | |
Entity Registrant Name | NEW YORK COMMUNITY BANCORP INC | |
Entity Central Index Key | 910,073 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 489,072,101 |
Consolidated Statements of Cond
Consolidated Statements of Condition - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | ||
Assets: | ||||
Cash and cash equivalents | $ 1,129,846 | $ 557,850 | ||
Securities: | ||||
Available-for-sale ($899,420 pledged at June 30, 2017) | 3,171,117 | [1] | 104,281 | |
Held-to-maturity ($1,930,533 pledged and fair value of $3,813,959 at December 31, 2016) | [2] | 3,712,776 | ||
Total securities | 3,171,117 | 3,817,057 | ||
Loans held for sale (includes $1,480,733 of covered loans) | 1,803,724 | 409,152 | ||
Non-covered loans held for investment, net of deferred loan fees and costs | 37,251,039 | 37,382,722 | ||
Less: Allowance for losses on non-covered loans | (154,683) | (158,290) | ||
Non-covered loans held for investment, net | 37,096,356 | 37,224,432 | ||
Covered loans | 1,500,000 | 1,698,133 | ||
Less: Allowance for losses on covered loans | (23,701) | |||
Covered loans, net | 1,674,432 | |||
Total loans, net | 38,900,080 | 39,308,016 | ||
Federal Home Loan Bank stock, at cost | [3] | 589,067 | 590,934 | |
Premises and equipment, net | 380,322 | 373,675 | ||
FDIC loss share receivable | 187,973 | 243,686 | ||
Goodwill | 2,436,131 | 2,436,131 | ||
Core deposit intangibles | 24 | 208 | ||
Bank-owned life insurance | 960,706 | 949,026 | ||
Other assets held for sale (includes $16,801 of other real estate owned covered by Loss Share Agreements) | 237,512 | |||
Other assets (includes $16,990 of other real estate owned covered by Loss Share Agreements at December 31, 2016) | 354,880 | 649,972 | ||
Total assets | 48,347,658 | 48,926,555 | ||
Deposits: | ||||
NOW and money market accounts | 12,813,876 | 13,395,080 | ||
Savings accounts | 5,136,373 | 5,280,374 | ||
Certificates of deposit | 8,230,853 | 7,577,170 | ||
Non-interest-bearing accounts | 2,712,463 | 2,635,279 | ||
Total deposits | 28,893,565 | 28,887,903 | ||
Wholesale borrowings: | ||||
Federal Home Loan Bank advances | 11,554,500 | 11,664,500 | ||
Repurchase agreements | 450,000 | 1,500,000 | ||
Federal funds purchased | 150,000 | |||
Total wholesale borrowings | 12,004,500 | 13,314,500 | ||
Junior subordinated debentures | 359,026 | 358,879 | ||
Total borrowed funds | 12,363,526 | 13,673,379 | ||
Other liabilities | 355,789 | 241,282 | ||
Total liabilities | 41,612,880 | 42,802,564 | ||
Stockholders' equity: | ||||
Preferred stock at par $0.01 (5,000,000 shares authorized): Series A (515,000 shares issued and outstanding) | 502,840 | |||
Common stock at par $0.01 (900,000,000 shares authorized; 489,060,712 and 487,067,889 shares issued; and 489,023,298 and 487,056,676 shares outstanding, respectively) | 4,891 | 4,871 | ||
Paid-in capital in excess of par | 6,055,441 | 6,047,558 | ||
Retained earnings | 173,409 | 128,435 | ||
Treasury stock, at cost (37,414 and 11,213 shares, respectively) | (502) | (160) | ||
Accumulated other comprehensive loss, net of tax: | ||||
Net unrealized gain (loss) on securities available for sale, net of tax of $37,238 and $534, respectively | 52,202 | (753) | ||
Net unrealized loss on the non-credit portion of other-than-temporary impairment ("OTTI") losses on securities, net of tax of $3,338 and $3,351, respectively | (5,221) | (5,241) | ||
Net unrealized loss on pension and post-retirement obligations, net of tax of $32,614 and $34,355, respectively | (48,282) | (50,719) | ||
Total accumulated other comprehensive loss, net of tax | (1,301) | (56,713) | ||
Total stockholders' equity | 6,734,778 | 6,123,991 | ||
Total liabilities and stockholders' equity | $ 48,347,658 | $ 48,926,555 | ||
[1] | The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At June 30, 2017, the non-credit portion of OTTI recorded in AOCL was $8.6 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, 2016, the non-credit portion of OTTI recorded in AOCL was $8.6 million (before taxes). | |||
[3] | Carrying value and estimated fair value are at cost. |
Consolidated Statements of Con3
Consolidated Statements of Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Securities Available-for-sale, pledged | $ 899,420 | ||
Securities held to maturity, pledged | $ 1,930,533 | ||
Securities held to maturity, fair value | [1] | 3,813,959 | |
Loans held for sale, covered loans | 1,803,724 | 409,152 | |
Other real estate owned covered by loss share agreements | $ 237,512 | ||
Other real estate owned, covered by loss share agreements | $ 16,990 | ||
Preferred stock, par | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |
Preferred stock, Series A shares issued | 515,000 | 515,000 | |
Preferred stock, Series A shares outstanding | 515,000 | 515,000 | |
Common stock, par | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 900,000,000 | 900,000,000 | |
Common stock, shares issued | 489,060,712 | 487,067,889 | |
Common stock, shares outstanding | 489,023,298 | 487,056,676 | |
Treasury stock, shares | 37,414 | 11,213 | |
Net unrealized gain (loss) on securities available for sale, tax | $ 37,238 | $ 534 | |
Net unrealized loss on the non-credit portion of other-than-temporary impairment losses on securities, tax | 3,338 | 3,351 | |
Net unrealized loss on pension and post-retirement obligations, tax | 32,614 | $ 34,355 | |
Covered Loans | |||
Loans held for sale, covered loans | 1,480,733 | ||
Other real estate owned covered by loss share agreements | $ 16,801 | ||
[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, 2016, the non-credit portion of OTTI recorded in AOCL was $8.6 million (before taxes). |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Interest Income: | |||||
Mortgage and other loans | $ 361,330 | $ 370,482 | $ 719,732 | $ 731,205 | |
Securities and money market investments | 37,745 | 49,133 | 78,462 | 112,220 | |
Total interest income | 399,075 | 419,615 | 798,194 | 843,425 | |
Interest Expense: | |||||
NOW and money market accounts | 24,084 | 15,286 | 43,793 | 29,905 | |
Savings accounts | 7,150 | 7,354 | 13,960 | 17,562 | |
Certificates of deposit | 24,006 | 18,738 | 46,137 | 34,628 | |
Borrowed funds | 56,066 | 52,664 | 111,618 | 107,891 | |
Total interest expense | 111,306 | 94,042 | 215,508 | 189,986 | |
Net interest income | 287,769 | 325,573 | 582,686 | 653,439 | |
Provision (recovery) for losses on loans | (6,261) | 895 | (10,269) | 719 | |
Net interest income after provisions for (recovery of) loan losses | 294,030 | 324,678 | 592,955 | 652,720 | |
Non-Interest Income: | |||||
Mortgage banking income | 8,196 | 6,957 | 17,960 | 11,095 | |
Fee income | 8,151 | 7,917 | 16,011 | 15,840 | |
Bank-owned life insurance | 6,519 | 6,843 | 12,856 | 16,179 | |
Net gain on sales of loans | 1,397 | 5,878 | 1,131 | 11,653 | |
Net gain on sales of securities | 26,936 | 13 | 28,915 | 176 | |
FDIC indemnification expense | (14,325) | (1,479) | (18,961) | (3,797) | |
Other | 13,563 | 11,237 | 24,697 | 21,457 | |
Total non-interest income | [1] | 50,437 | 37,366 | 82,609 | 72,603 |
Operating expenses: | |||||
Compensation and benefits | 92,860 | 85,847 | 188,414 | 175,151 | |
Occupancy and equipment | 23,403 | 23,675 | 48,462 | 49,490 | |
General and administrative | 47,472 | 49,533 | 93,648 | 90,803 | |
Total operating expenses | 163,735 | 159,055 | 330,524 | 315,444 | |
Amortization of core deposit intangibles | 30 | 606 | 184 | 1,452 | |
Merger-related expenses | 1,250 | 2,463 | |||
Total non-interest expense | [2] | 163,765 | 160,911 | 330,708 | 319,359 |
Income before income taxes | 180,702 | 201,133 | 344,856 | 405,964 | |
Income tax expense | 65,447 | 74,673 | 125,644 | 149,595 | |
Net income | 115,255 | 126,460 | 219,212 | 256,369 | |
Preferred stock dividends | 8,207 | 8,207 | |||
Net income available to common shareholders | $ 107,048 | $ 126,460 | $ 211,005 | $ 256,369 | |
Basic earnings per common share | $ 0.22 | $ 0.26 | $ 0.43 | $ 0.52 | |
Diluted earnings per share | $ 0.22 | $ 0.26 | $ 0.43 | $ 0.52 | |
Net income | $ 115,255 | $ 126,460 | $ 219,212 | $ 256,369 | |
Other comprehensive income, net of tax: | |||||
Change in net unrealized gain/loss on securities available for sale, net of tax of $38,189; $836; $38,542; and $1,582, respectively | 53,538 | 1,180 | 54,033 | 2,242 | |
Change in the non-credit portion of OTTI losses recognized in other comprehensive income, net of tax of $0; $12; $13; and $24, respectively | 1 | 19 | 20 | 38 | |
Change in pension and post-retirement obligations, net of tax of $869; $946; $1,741 and $1,891, respectively | 1,219 | 1,335 | 2,437 | 2,671 | |
Less: Reclassification adjustment for sales of available-for-sale securities, net of tax of $770 | (1,078) | ||||
Total other comprehensive income, net of tax | 54,758 | 2,534 | 55,412 | 4,951 | |
Total comprehensive income, net of tax | 170,013 | 128,994 | 274,624 | 261,320 | |
Non-Covered Loans | |||||
Interest Expense: | |||||
Provision (recovery) for losses on loans | 11,645 | 2,744 | 13,432 | 5,465 | |
Covered Loans | |||||
Interest Expense: | |||||
Provision (recovery) for losses on loans | $ (17,906) | $ (1,849) | $ (23,701) | $ (4,746) | |
[1] | Includes ancillary fee income. | ||||
[2] | Includes both direct and indirect expenses. |
Consolidated Statements of Inc5
Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Change in net unrealized gain/loss on securities available for sale, tax | $ 38,189 | $ 836 | $ 38,542 | $ 1,582 |
Change in the non-credit portion of OTTI losses recognized in other comprehensive income, tax | 0 | 12 | 13 | 24 |
Change in pension and post-retirement obligations, tax | $ 869 | $ 946 | 1,741 | $ 1,891 |
Reclassification adjustment for sales of available-for-sale securities, tax | $ 770 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands | Total | Preferred Stock (Par Value: $0.01): | Common Stock (Par Value: $0.01): | Paid-in Capital in Excess of Par: | Retained Earnings: | Treasury Stock: | Accumulated Other Comprehensive Loss, net of tax: |
Balance at beginning of year at Dec. 31, 2016 | $ 6,123,991 | $ 4,871 | $ 6,047,558 | $ 128,435 | $ (160) | $ (56,713) | |
Net income | 219,212 | 219,212 | |||||
Purchase of common stock (686,207 shares) | (10,634) | ||||||
Issuance of preferred stock (515,000 shares) | $ 502,840 | ||||||
Other comprehensive income, net of tax | 55,412 | 55,412 | |||||
Dividends paid on common stock ($0.34 per share) | (166,031) | ||||||
Shares issued for restricted stock awards (1,992,823 shares) | 20 | (10,312) | 10,292 | ||||
Dividends paid on preferred stock ($15.94 per share) | (8,207) | (8,207) | |||||
Compensation expense related to restricted stock awards | 18,195 | ||||||
Balance at end of period at Jun. 30, 2017 | $ 6,734,778 | $ 502,840 | $ 4,891 | $ 6,055,441 | $ 173,409 | $ (502) | $ (1,301) |
Consolidated Statement of Chan7
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Preferred Stock (Par Value: $0.01): | |
Issuance of preferred stock, shares | 515,000 |
Common Stock (Par Value: $0.01): | |
Shares issued for restricted stock awards, shares | 1,992,823 |
Retained Earnings: | |
Dividends paid on common stock, per share | $ / shares | $ 0.34 |
Dividends paid on preferred stock, per share | $ / shares | $ 15.94 |
Treasury Stock: | |
Purchase of common stock, shares | 686,207 |
Shares issued for restricted stock awards, shares | 660,006 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flows from Operating Activities: | ||
Net income | $ 219,212 | $ 256,369 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for (recovery of) loan losses | (10,269) | 719 |
Depreciation and amortization | 16,001 | 16,325 |
Amortization of discounts and premiums, net | (2,130) | (15,983) |
Amortization of core deposit intangibles | 184 | 1,452 |
Net gain on sales of securities | (28,915) | (176) |
Net gain on sales of loans | (10,501) | (35,460) |
Stock-based compensation | 18,195 | 16,367 |
Deferred tax expense | 27,766 | 20,250 |
Changes in operating assets and liabilities: | ||
Decrease in other assets | 101,612 | 297,480 |
Increase (decrease) in other liabilities | 51,393 | (21,206) |
Origination of loans held for sale | (1,122,084) | (2,176,235) |
Proceeds from sales of loans originated for sale | 1,275,991 | 1,927,800 |
Net cash provided by operating activities | 536,455 | 287,702 |
Cash Flows from Investing Activities: | ||
Proceeds from repayment of securities held to maturity | 175,375 | 2,176,943 |
Proceeds from repayment of securities available for sale | 2,614 | 49,959 |
Proceeds from sales of securities held to maturity | 547,925 | |
Proceeds from sales of securities available for sale | 139,009 | 112,676 |
Purchases of securities held to maturity | (13,030) | (10,086) |
Purchase of securities available for sale | (84,000) | (112,500) |
Redemption of Federal Home Loan Bank stock | 65,161 | 337,180 |
Purchase of Federal Home Loan Bank stock | (63,294) | (260,044) |
Proceeds from sales of loans | 364,164 | 1,037,760 |
Other changes in loans, net | (89,365) | (1,864,187) |
Purchase of premises and equipment, net | (22,648) | (60,939) |
Net cash provided by investing activities | 1,021,911 | 1,406,762 |
Cash Flows from Financing Activities: | ||
Net increase in deposits | 5,662 | 456,234 |
Net decrease in short-term borrowed funds | (460,000) | (2,021,400) |
(Repayments of) proceeds from long-term borrowed funds | (850,000) | 181,000 |
Net proceeds from issuance of preferred stock | 502,840 | |
Cash dividends paid on common stock | (166,031) | (165,347) |
Cash dividends paid on preferred stock | (8,207) | |
Payments relating to treasury shares received for restricted stock award tax payments | (10,634) | (8,336) |
Net cash used in financing activities | (986,370) | (1,557,849) |
Net increase in cash and cash equivalents | 571,996 | 136,615 |
Cash and cash equivalents at beginning of period | 557,850 | 537,674 |
Cash and cash equivalents at end of period | 1,129,846 | 674,289 |
Supplemental information: | ||
Cash paid for interest | 214,315 | 185,450 |
Cash paid for income taxes | 67,651 | 125,209 |
Non-cash investing and financing activities: | ||
Transfers to other real estate owned from loans | 9,558 | 15,233 |
Transfer of loans from held for investment to held for sale | 1,843,765 | 1,026,107 |
Shares issued for restricted stock awards | 10,312 | $ 8,709 |
Securities transferred from held to maturity to available for sale | $ 3,040,305 |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Organization and Basis of Presentation | Note 1. Organization and Basis of Presentation Organization 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”). 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, which was formerly known as Queens County Bancorp, Inc. 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 ($0.93 per share on a split-adjusted basis, reflecting the impact of nine stock splits between 1994 and 2004). The Commercial Bank was established on December 30, 2005. Reflecting its growth through acquisitions, the Community Bank currently operates 225 branches, two of which operate directly under the Community Bank name. The remaining 223 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 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”) of 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 securities (“capital securities”). See Note 7, “Borrowed Funds,” for additional information regarding these trusts. When necessary, certain reclassifications are made to prior-year amounts to conform to the current-year presentation. In the Consolidated Statements of Cash Flows for the six months ended June 30, 2016, Federal Home Loan Bank (“FHLB”) stock is presented on a gross basis to conform to the presentation for the six months ended June 30, 2017. |
Computation of Earnings per Com
Computation of Earnings per Common Share | 6 Months Ended |
Jun. 30, 2017 | |
Computation of Earnings per Common Share | Note 2. Computation of Earnings per Common Share Basic earnings per common share (“EPS”) is computed by dividing the net income available to common shareholders 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 paid on the Company’s common stock 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 on the common stock. 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 periods indicated: Three Months Ended Six Months Ended June 30, June 30, (in thousands, except share and per share data) 2017 2016 2017 2016 Net income available to common shareholders $ 107,048 $ 126,460 $ 211,005 $ 256,369 Less: Dividends paid on and earnings allocated to participating securities (873 ) (983 ) (1,693 ) (1,962 ) Earnings applicable to common stock $ 106,175 $ 125,477 $ 209,312 $ 254,407 Weighted average common shares outstanding 487,282,404 485,303,073 486,899,209 484,954,235 Basic earnings per common share $ 0.22 $ 0.26 $ 0.43 $ 0.52 Earnings applicable to common stock $ 106,175 $ 125,477 $ 209,312 $ 254,407 Weighted average common shares outstanding 487,282,404 485,303,073 486,899,209 484,954,235 Potential dilutive common shares (1) — — — — Total shares for diluted earnings per share computation 487,282,404 485,303,073 486,899,209 484,954,235 Diluted earnings per common share and common share equivalents $ 0.22 $ 0.26 $ 0.43 $ 0.52 (1) At June 30, 2017 and 2016, there were no stock options outstanding. |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2017 | |
Reclassifications Out of Accumulated Other Comprehensive Loss | Note 3. Reclassifications Out of Accumulated Other Comprehensive Loss (in thousands) For the Six Months Ended June 30, 2017 Details about Accumulated Other Comprehensive Loss Amount Reclassified (1) Affected Line Item in the Consolidated Statement of Operations and Comprehensive Income Unrealized gains on available-for-sale securities $ 1,848 Net gain on sales of securities (770 ) Income tax expense $ 1,078 Net gain on sales of securities, net of tax Amortization of defined benefit pension plan items: Past service liability $ 124 Included in the computation of net periodic (credit) expense (2) Actuarial losses (4,242 ) Included in the computation of net periodic (credit) expense (2) (4,118 ) Total before tax 1,716 Tax benefit $ (2,402 ) Amortization of defined benefit pension plan items, net of tax Total reclassifications for the period $ (1,324 ) (1) Amounts in parentheses indicate expense items. (2) See Note 9, “Pension and Other Post-Retirement Benefits,” for additional information. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2017 | |
Securities | Note 4. Securities The following tables summarize the Company’s portfolio of securities available for sale at the dates indicated: June 30, 2017 (in thousands) Amortized Gross Gross Fair Mortgage-Related Securities: GSE (1) $ 1,941,943 $ 61,714 $ 1,014 $ 2,002,643 GSE CMOs (2) 598,229 23,376 — 621,605 Total mortgage-related securities $ 2,540,172 $ 85,090 $ 1,014 $ 2,624,248 Other Securities: U. S. Treasury obligations $ 200,021 $ — $ 29 $ 199,992 GSE debentures 88,315 2,919 — 91,234 Corporate bonds 74,456 11,664 — 86,120 Municipal bonds 71,339 113 939 70,513 Capital trust notes 75,206 2,538 11,319 66,425 Preferred stock 15,293 142 — 15,435 Mutual funds and common stock (3) 16,874 471 195 17,150 Total other securities $ 541,504 $ 17,847 $ 12,482 $ 546,869 Total securities available for sale (4) $ 3,081,676 $ 102,937 $ 13,496 $ 3,171,117 (1) Government-sponsored enterprise. (2) Collateralized mortgage obligations. (3) Primarily consists of mutual funds that are Community Reinvestment Act-qualified investments. (4) The amortized cost includes the non-credit portion of OTTI recorded in accumulated other comprehensive loss (“AOCL”). At June 30, 2017, the non-credit portion of OTTI recorded in AOCL was $8.6 million (before taxes). December 31, 2016 (in thousands) Amortized Gross Gross Fair Mortgage-Related Securities: GSE certificates $ 7,786 $ — $ 460 $ 7,326 Other Securities: Municipal bonds $ 583 $ 48 $ — $ 631 Capital trust notes 9,458 2 2,217 7,243 Preferred stock 70,866 1,446 328 71,984 Mutual funds and common stock 16,874 484 261 17,097 Total other securities $ 97,781 $ 1,980 $ 2,806 $ 96,955 Total securities available for sale $ 105,567 $ 1,980 $ 3,266 $ 104,281 The following table summarizes the Company’s portfolio of securities held to maturity at December 31, 2016: (in thousands) Amortized Carrying Gross Gross Fair Value Mortgage-Related Securities: GSE certificates $ 2,193,489 $ 2,193,489 $ 64,431 $ 2,399 $ 2,255,521 GSE CMOs 1,019,074 1,019,074 36,895 57 1,055,912 Total mortgage-related securities $ 3,212,563 $ 3,212,563 $ 101,326 $ 2,456 $ 3,311,433 Other Securities: U. S. Treasury obligations $ 200,293 $ 200,293 $ — $ 73 $ 200,220 GSE debentures 88,457 88,457 3,836 — 92,293 Corporate bonds 74,217 74,217 9,549 — 83,766 Municipal bonds 71,554 71,554 — 1,789 69,765 Capital trust notes 74,284 65,692 2,662 11,872 56,482 Total other securities $ 508,805 $ 500,213 $ 16,047 $ 13,734 $ 502,526 Total securities held to maturity (1) $ 3,721,368 $ 3,712,776 $ 117,373 $ 16,190 $ 3,813,959 (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, 2016, the non-credit portion of OTTI recorded in AOCL was $8.6 million (before taxes). At June 30, 2017 and December 31, 2016, respectively, the Company had $589.1 million and $590.9 million of FHLB-NY stock, at cost. 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 and gross realized gains from the sale of available-for-sale securities during the periods indicated: For the Six Months Ended June 30, (in thousands) 2017 2016 Gross proceeds $ 139,009 $ 112,676 Gross realized gains 1,986 176 In addition, during the six months ended June 30, 2017, the Company sought to take advantage of favorable bond market conditions and sold held-to-maturity securities with an amortized cost of $521.0 million resulting in gross proceeds of $547.9 million including a gross realized gain of $26.9 million. Accordingly, the Company transferred the remaining $3.0 billion of held-to-maturity securities to available-for-sale with a net unrealized gain of $82.8 million classified in other comprehensive loss in the Consolidated Statements of Condition. Having our securities portfolio classified as available-for-sale improves the Company’s interest rate risk sensitivity and liquidity measures and provides the Company with more options in meeting the expected future Liquidity Coverage Ratio (“LCR”) requirements. In the following table, the beginning balance represents the credit loss component for debt securities on which OTTI occurred prior to January 1, 2017. 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 Six Months Ended June 30, 2017 Beginning credit loss amount as of December 31, 2016 $ 197,552 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 — Increase in cash flows on debt securities 99 Ending credit loss amount as of June 30, 2017 $ 197,453 The following table summarizes, by contractual maturity, the carrying amounts of available-for-sale securities at June 30, 2017: (dollars in thousands) Mortgage- Average U.S. Treasury Average State, County, Average (1) Other Debt (2) Average Fair Value Available-for-Sale Securities: (3) Due within one year $ — — % $ 259,463 1.42 % $ 149 6.47 % $ — — % $ 260,589 Due from one to five years 879,036 3.34 6,950 3.84 437 6.59 48,254 3.46 972,669 Due from five to ten years 1,458,818 3.15 21,923 3.52 — — 26,202 9.06 1,562,656 Due after ten years 202,318 3.07 — — 70,753 2.88 75,206 4.80 342,619 Total securities available for sale $ 2,540,172 3.21 % $ 288,336 1.64 % $ 71,339 2.91 % $ 149,662 5.11 % $ 3,138,533 (1) Not presented on a tax-equivalent basis. (2) Includes corporate bonds and capital trust notes. (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 June 30, 2017: 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 Available-for-Sale Securities: GSE certificates $ 219,080 $ 1,014 $ — $ — $ 219,080 $ 1,014 U. S. Treasury obligations 199,992 29 — — 199,992 29 Municipal bonds 52,876 939 — — 52,876 939 Capital trust notes — — 32,396 11,319 32,396 11,319 Equity securities 11,611 195 — — 11,611 195 Total temporarily impaired available-for-sale securities $ 483,559 $ 2,177 $ 32,396 $ 11,319 $ 515,955 $ 13,496 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, 2016: Less than Twelve Months Twelve Months or Longer Total (in thousands) Fair Value Unrealized Fair Unrealized Fair Value Unrealized Temporarily Impaired Held-to-Maturity Securities: GSE certificates $ 268,891 $ 2,399 $ — $ — $ 268,891 $ 2,399 GSE CMOs 42,980 57 — — 42,980 57 U. S. Treasury obligations 200,220 73 — — 200,220 73 Municipal bonds 69,765 1,789 — — 69,765 1,789 Capital trust notes — — 24,364 11,872 24,364 11,872 Total temporarily impaired held-to-maturity securities $ 581,856 $ 4,318 $ 24,364 $ 11,872 $ 606,220 $ 16,190 Temporarily Impaired Available-for-Sale Securities: GSE certificates $ 7,326 $ 460 $ — $ — $ 7,326 $ 460 Capital trust notes — — 5,241 2,217 5,241 2,217 Equity securities 29,059 589 — — 29,059 589 Total temporarily impaired available-for-sale securities $ 36,385 $ 1,049 $ 5,241 $ 2,217 $ 41,626 $ 3,266 An OTTI loss on impaired debt 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 of impairment relating to factors other than credit losses are recorded in AOCL. At June 30, 2017, the Company had unrealized losses on certain GSE mortgage-related securities, U.S. Treasury obligations, municipal bonds, capital trust notes, and equity securities. The unrealized losses on the Company’s GSE mortgage-related securities, U.S. Treasury obligations, municipal bonds, and capital trust notes at June 30, 2017 were primarily caused by movements in market interest rates and spread volatility, rather than credit risk. These securities are not expected to be settled at a price that is less than the amortized cost of the Company’s investment. The Company reviews quarterly financial information related to its investments in capital trust notes, as well as other information that is released by each of the issuers of such notes, to determine their continued creditworthiness. 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. 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; net operating losses; and illiquidity in the financial markets. The Company considers a decline in the fair value of 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 June 30, 2017 were caused by market volatility. The Company evaluated the near-term prospects of recovering the fair value of these securities, together with the severity and duration of impairment to date, and determined that they were not other-than-temporarily impaired. Nonetheless, it is possible that these equity securities will perform worse than is currently expected, which could lead to adverse changes in their fair value, or to the failure of the securities to fully recover in value as currently anticipated by management. Either event could cause the Company to record an OTTI loss in a future period. Events that could trigger a material decline in the fair value of these securities include, but are not limited to, deterioration in the equity markets; a decline in the quality of the loan portfolio of the issuer in which the Company has invested; and the recording of higher loan loss provisions and net operating losses by such issuer. The investment securities designated as having a continuous loss position for twelve months or more at June 30, 2017 and December 31, 2016 consisted of five capital trust notes. At June 30, 2017, the fair value of securities having a continuous loss position for twelve months or more was 25.9% below the collective amortized cost of $43.7 million. At December 31, 2016, the fair value of such securities was 32.2% below the collective amortized cost of $43.7 million. At June 30, 2017 and December 31, 2016, the combined market value of the respective securities represented unrealized losses of $11.3 million and $14.1 million, respectively. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2017 | |
Loans | Note 5: Loans The following table sets forth the composition of the loan portfolio at the dates indicated: June 30, 2017 December 31, 2016 Amount Percent of Non-Covered Amount Percent of Non-Covered (dollars in thousands) Non-Covered Loans Held for Investment: Mortgage Loans: Multi-family $ 26,859,208 72.15 % $ 26,945,052 72.13 % Commercial real estate 7,540,633 20.26 7,724,362 20.68 One-to-four family 412,945 1.11 381,081 1.02 Acquisition, development, and construction 373,041 1.00 381,194 1.02 Total mortgage loans held for investment $ 35,185,827 94.52 $ 35,431,689 94.85 Other Loans: Commercial and industrial 1,485,487 3.99 1,341,216 3.59 Lease financing, net of unearned income of $56,205 and $60,278, respectively 544,995 1.47 559,229 1.50 Total commercial and industrial loans (1) 2,030,482 5.46 1,900,445 5.09 Purchased credit-impaired loans 5,406 0.01 5,762 0.01 Other 4,129 0.01 18,305 0.05 Total other loans held for investment 2,040,017 5.48 1,924,512 5.15 Total non-covered loans held for investment $ 37,225,844 100.00 % $ 37,356,201 100.00 % Net deferred loan origination costs 25,195 26,521 Allowance for losses on non-covered loans (154,683 ) (158,290 ) Non-covered loans held for investment, net $ 37,096,356 $ 37,224,432 Covered loans — 1,698,133 Allowance for losses on covered loans — (23,701 ) Covered loans, net $ — $ 1,674,432 Loans held for sale 1,803,724 409,152 Total loans, net $ 38,900,080 $ 39,308,016 (1) Includes specialty finance loans of $1.5 billion at June 30, 2017 and $1.3 billion at December 31, 2016, and other commercial and industrial loans of $566.4 million and $632.9 million, respectively, at June 30, 2017 and December 31, 2016. Non-Covered Loans Non-Covered Loans Held for Investment The 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 with rent-regulated units and below-market rents. In addition, the Company originates commercial real estate (“CRE”) loans, most of which are collateralized by income-producing properties such as office buildings, retail centers, mixed-use buildings, and multi-tenanted light industrial properties that are located in New York City and on Long Island. To a lesser extent, the Company also originates one-to-four family loans, acquisition, development, and construction (“ADC”) loans, and commercial and industrial (“C&I”) loans, for investment. One-to-four family loans held for investment are originated through the Company’s mortgage banking operation and primarily consist of jumbo prime adjustable rate mortgages made to borrowers with a solid credit history. ADC loans are primarily originated for multi-family and residential tract projects in New York City and on Long Island. C&I loans consist of asset-based loans, equipment loans and leases, and dealer floor-plan loans (together, “specialty finance loans and leases”) that 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; and “other” C&I loans that primarily are made to small and mid-size businesses in Metro New York. “Other” C&I loans are typically made for working capital, business expansion, and the purchase of machinery and equipment. The repayment of multi-family and CRE loans generally depends on the income produced by the underlying properties which, in turn, depends on their successful operation and management. To mitigate the potential for credit losses, the Company underwrites its loans in accordance with credit standards it considers to be prudent, looking first at the consistency of the cash flows being produced by the underlying property. In addition, multi-family buildings and CRE properties are inspected as a prerequisite to approval, and independent appraisers, whose appraisals are carefully reviewed by the Company’s in-house appraisers, perform appraisals on the collateral properties. In many cases, a second independent appraisal review is performed. To further manage its credit risk, the Company’s lending policies limit the amount of credit granted to any one borrower and typically require conservative debt service coverage ratios and loan-to-value ratios. Nonetheless, 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. Accordingly, there can be no assurance that its underwriting policies will protect the Company from credit-related losses or delinquencies. 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 Company seeks to minimize the credit risk on ADC loans 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, 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. In addition, the Company utilizes the same stringent appraisal process for ADC loans as it does for its multi-family and CRE loans. To minimize the risk involved in specialty finance lending and leasing, the Company participates in syndicated loans that are brought to it, and equipment loans and leases that are assigned to it, by a select group of nationally recognized sources who have had long-term relationships with its experienced lending officers. Each of these 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, each transaction is re-underwritten. In addition, outside counsel is retained 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 typically requires personal guarantees. However, the capacity of a borrower to repay such a C&I loan is substantially dependent on the degree to which the 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 June 30, 2017 and December 31, 2016, respectively, were loans of $58.2 million and $91.8 million to officers, directors, and their related interests and parties. There were no loans to principal shareholders at either of those dates. Non-covered purchased credit-impaired (“PCI”) loans, which had a carrying value of $5.4 million and an unpaid principal balance of $6.2 million at June 30, 2017, are loans that had been covered under an FDIC Loss Share Agreement that expired in March 2015 and that now are included in non-covered loans. Such loans continue to be accounted for under Accounting Standards Codification (“ASC”) 310-30 and were initially measured at fair value, which included 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. Loans Held for Sale The Community Bank’s mortgage banking operation originates, aggregates, sells, and services 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 nationwide. 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 that are typically sold to other financial institutions. Such loans have not represented, nor are they expected to represent, a material portion of the held-for-sale loans originated by the Community Bank. In addition, the Community Bank currently services mortgage loans for various third parties, primarily including GSEs. On June 27, 2017, the Company entered into an agreement to sell its mortgage banking business, which was acquired as part of its 2009 FDIC-assisted acquisition of AmTrust Bank (“AmTrust”) and is reported under the Company’s Residential Mortgage Banking segment, to Freedom Mortgage Corporation (“Freedom”). Freedom will acquire both the Company’s origination and servicing platforms, as well as our mortgage servicing rights asset of approximately $220.6 million and loans of approximately $266.9 million. Additionally, the Company has received approval from the FDIC to sell the assets covered under our Loss Share Agreements (the “LSA”) and we have entered into an agreement to sell the majority of our one-to-four family residential mortgage-related assets of approximately $1.5 billion, including those covered under the LSA, to an affiliate of Cerberus Capital Management, L.P. (“Cerberus”). The transactions are expected to close during the third quarter of 2017, subject to certain closing conditions. The decision to sell the mortgage banking business and to sell the assets covered under our LSA was the result of an evaluation with the Board of Directors and our outside advisors. Selling to a large, national, full-service mortgage banking company that would keep certain employees and maintain operations in the region were important considerations during the evaluation process. These actions are consistent with the Company’s strategic objectives. Such sales allow the Company to focus on its core business model, including growth through acquisitions, generate liquidity which will be redeployed into higher-earning assets, enhance returns through improved efficiencies, and reposition our balance sheet. Asset Quality The following table presents information regarding the quality of the Company’s non-covered loans held for investment (excluding non-covered PCI loans) at June 30, 2017: (in thousands) Loans 30-89 Days (1) Non-Accrual (1) Loans 90 Days or Total Past Due Current Total Loans Multi-family $ 4,201 $ 9,820 $ — $ 14,021 $ 26,845,187 $ 26,859,208 Commercial real estate 1,586 4,497 — 6,083 7,534,550 7,540,633 One-to-four family 297 10,724 — 11,021 401,924 412,945 Acquisition, development, and construction — 6,200 — 6,200 366,841 373,041 Commercial and industrial (2) (3) 6,036 49,484 — 55,520 1,974,962 2,030,482 Other 15 1,263 — 1,278 2,851 4,129 Total $ 12,135 $ 81,988 $ — $ 94,123 $ 37,126,315 $ 37,220,438 (1) Excludes $595 thousand of non-covered PCI loans that were 90 days or more past due. (2) Includes lease financing receivables, all of which were current. (3) Includes $6.0 million and $34.3 million of taxi medallion loans or taxi medallion-related loans that were 30 to 89 days past due and 90 days or more past due, respectively. The following table presents information regarding the quality of the Company’s non-covered loans held for investment (excluding non-covered PCI loans) at December 31, 2016: (in thousands) Loans 30-89 Days (1) Non-Accrual (1) Loans 90 Days or Total Past Due Current Total Loans Multi-family $ 28 $ 13,558 $ — $ 13,586 $ 26,931,466 $ 26,945,052 Commercial real estate — 9,297 — 9,297 7,715,065 7,724,362 One-to-four family 2,844 9,679 — 12,523 368,558 381,081 Acquisition, development, and construction — 6,200 — 6,200 374,994 381,194 Commercial and industrial (2) (3) 7,263 16,422 — 23,685 1,876,760 1,900,445 Other 248 1,313 — 1,561 16,744 18,305 Total $ 10,383 $ 56,469 $ — $ 66,852 $ 37,283,587 $ 37,350,439 (1) Excludes $6 thousand and $869 thousand of non-covered PCI loans that were 30 to 89 days past due and 90 days or more past due, respectively. (2) Includes lease financing receivables, all of which were current. (3) Includes $6.8 million and $15.2 million of taxi medallion loans that were 30 to 89 days past due and 90 days or more past due, respectively. The following table summarizes the Company’s portfolio of non-covered loans held for investment (excluding non-covered PCI loans) by credit quality indicator at June 30, 2017: Mortgage Loans Other Loans (in thousands) Multi-Family Commercial One-to-Four Family Acquisition, Total Commercial (1) Other Total Other Credit Quality Indicator: Pass $ 26,664,141 $ 7,525,701 $ 410,772 $ 324,789 $ 34,925,403 $ 1,910,975 $ 4,121 $ 1,915,096 Special mention 100,089 8,515 — 42,052 150,656 38,503 — 38,503 Substandard 94,978 6,417 2,173 6,200 109,768 81,004 8 81,012 Doubtful — — — — — — — — Total $ 26,859,208 $ 7,540,633 $ 412,945 $ 373,041 $ 35,185,827 $ 2,030,482 $ 4,129 $ 2,034,611 (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 (excluding non-covered PCI loans) by credit quality indicator at December 31, 2016: Mortgage Loans Other Loans (in thousands) Multi-Family Commercial One-to-Four Family Acquisition, Total Commercial (1) Other Total Other Credit Quality Indicator: Pass $ 26,754,622 $ 7,701,773 $ 371,179 $ 341,784 $ 35,169,358 $ 1,771,975 $ 16,992 $ 1,788,967 Special mention 164,325 12,604 — 33,210 210,139 54,979 — 54,979 Substandard 26,105 9,985 9,902 6,200 52,192 73,491 1,313 74,804 Doubtful — — — — — — — — Total $ 26,945,052 $ 7,724,362 $ 381,081 $ 381,194 $ 35,431,689 $ 1,900,445 $ 18,305 $ 1,918,750 (1) Includes lease financing receivables, all of which were classified as “pass.” The preceding classifications are the most current ones available and generally have been updated within the last twelve months. In addition, they follow regulatory guidelines and can generally be described as follows: pass loans are of satisfactory quality; special mention loans have potential weaknesses that deserve management’s close attention; 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 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 based on the duration of the delinquency. 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, among other things, 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 June 30, 2017, loans on which concessions were made with respect to rate reductions and/or extension of maturity dates amounted to $37.4 million; loans on which forbearance agreements were reached amounted to $2.6 million. The following table presents information regarding the Company’s TDRs as of the dates indicated: June 30, 2017 December 31, 2016 (in thousands) Accruing Non-Accrual Total Accruing Non-Accrual Total Loan Category: Multi-family $ 1,962 $ 8,061 $ 10,023 $ 1,981 $ 8,755 $ 10,736 Commercial real estate — 891 891 — 1,861 1,861 One-to-four family 219 3,021 3,240 222 1,749 1,971 Commercial and industrial 177 25,512 25,689 1,263 3,887 5,150 Other — 201 201 — 202 202 Total $ 2,358 $ 37,686 $ 40,044 $ 3,466 $ 16,454 $ 19,920 The eligibility of a borrower for work-out concessions of any nature depends upon the facts and circumstances of each loan, 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 three months ended June 30, 2017 and 2016 are summarized as follows: For the Three Months Ended June 30, 2017 Weighted Average (dollars in thousands) Number Pre-Modification Post-Modification Pre-Modification Post- Charge-off Capitalized Loan Category: One-to-four family 3 $ 544 $ 657 5.90 % 2.00 % $ — $ 7 Commercial and industrial 13 22,752 18,722 3.49 3.45 825 — Total 16 $ 23,296 $ 19,379 $ 825 $ 7 For the Three Months Ended June 30, 2016 Weighted Average (dollars in thousands) Number Pre-Modification Post-Modification Pre-Modification Post- Charge-off Capitalized Loan Category: One-to-four family 1 $ 1 $ 108 4.13 % 2.00 % $ — $ 2 Commercial and industrial 1 651 650 3.30 3.30 — — Total 2 $ 652 $ 758 $ — $ 2 The financial effects of the Company’s TDRs for the six months ended June 30, 2017 and 2016 are summarized as follows: For the Six Months Ended June 30, 2017 Weighted Average (dollars in thousands) Number Pre-Modification Post-Modification Pre-Modification Post- Charge-off Capitalized Loan Category: One-to-four family 4 $ 809 $ 994 5.93 % 2.21 % $ — $ 12 Commercial and industrial 30 30,714 23,151 3.45 3.45 4,104 — Total 34 $ 31,523 $ 24,145 $ 4,104 $ 12 For the Six Months Ended June 30, 2016 Weighted Average (dollars in thousands) Number Pre-Modification Post-Modification Pre-Modification Post- Charge-off Capitalized Loan Category: Multi-family 1 $ 9,340 $ 8,503 4.63 % 4.00 % $ — $ — One-to-four family 3 477 636 3.62 3.07 — 6 Commercial and industrial 2 $ 1,397 $ 1,300 3.30 3.20 47 — Total 6 $ 11,214 $ 10,439 $ 47 $ 6 At June 30, 2017, one non-covered one-to-four family loan, in the amount of $255,000, that had been modified as a TDR during the twelve months ended at that date was 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 the borrower were in bankruptcy or if the loan were partially charged off subsequent to modification. Covered Loans The following table presents the carrying value of held-for-sale covered loans which were acquired in the acquisitions of AmTrust and Desert Hills Bank (“Desert Hills”) as of June 30, 2017: (dollars in thousands) Amount Percent of Covered Loan Category: One-to-four family $ 1,433,324 96.8 % Other loans 47,409 3.2 Total covered loans held for sale $ 1,480,733 100.0 % The Company refers to certain 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 LSA. 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 June 30, 2017 and December 31, 2016, the unpaid principal balance of covered loans was $1.8 billion and $2.1 billion, respectively. The carrying value of such loans was $1.5 billion and $1.7 billion 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. On a quarterly basis, the Company 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 quarterly 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 six months ended June 30, 2017, changes in the accretable yield for covered loans were as follows: (in thousands) Accretable Yield Balance at beginning of period $ 647,470 Reclassification to non-accretable difference (11,381 ) Accretion (62,625 ) Balance at end of period $ 573,464 In the preceding table, the line item “Reclassification to 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 quarterly evaluation, prepayment assumptions increased, which resulted in a decrease in future expected interest cash flows and, consequently, a decrease in the accretable yield. The effect of this decrease was partially offset with an improvement in the underlying credit assumptions and the resetting of rates on variable rate loans at a slightly higher level, which resulted in an increase in future expected interest cash flows and, consequently, an increase in the accretable yield. Reflecting the foreclosure of certain loans acquired in the AmTrust and Desert Hills acquisitions, the Company owns certain other real estate owned (“OREO”) that is covered under its LSA with the FDIC (“covered OREO”). Covered OREO was initially recorded at its estimated fair value on the respective dates of acquisition, 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 non-interest 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. At June 30, 2017 and December 31, 2016, respectively, the Company held residential mortgage loans of $71.6 million and $78.6 million that were in the process of foreclosure. The vast majority of such loans were covered loans. The following table presents information regarding the Company’s covered loans (which, as of June 30, 2017 are classified as held for sale) that were 90 days or more past due at the dates indicated: (in thousands) June 30, 2017 December 31, 2016 Covered Loans 90 Days or More Past Due: One-to-four $ 120,815 $ 124,820 Other loans 8,278 6,645 Total covered loans 90 days or more past due $ 129,093 $ 131,465 The following table presents information regarding the Company’s covered loans (which, as of June 30, 2017 are classified as held for sale) that were 30 to 89 days past due at the dates indicated: (in thousands) June 30, 2017 December 31, 2016 Covered Loans 30-89 One-to-four $ 17,718 $ 21,112 Other loans 5,134 1,536 Total covered loans 30-89 $ 22,852 $ 22,648 At June 30, 2017, the Company had $22.9 million of covered loans that were 30 to 89 days past due, and covered loans of $129.1 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. Loans that may have been classified as non-performing non-performing non-accretable 310-30 The primary credit quality indicator for covered loans is the expectation of underlying cash flows. In the three and six months ended June 30, 2017, the Company recorded recoveries of losses on covered loans of $17.9 million and $23.7 million, respectively. The recoveries were largely due to an increase in expected cash flows in the acquired portfolios of one-to-four “Non-interest In the three and six months ended June 30, 2016, the Company recorded recoveries of losses on covered loans of $1.8 million and $4.7 million, respectively. The recoveries were largely due to an increase in expected cash flows in the acquired portfolios of one-to-four “Non-interest |
Allowances for Loan Losses
Allowances for Loan Losses | 6 Months Ended |
Jun. 30, 2017 | |
Allowances for Loan Losses | Note 6. Allowances for Loan Losses The following tables provide additional information regarding the Company’s allowances for losses on non-covered (in thousands) Mortgage Other Total Allowances for Loan Losses at June 30, 2017: Loans individually evaluated for impairment $ — $ — $ — Loans collectively evaluated for impairment 120,325 32,492 152,817 Acquired loans with deteriorated credit quality 1,396 470 1,866 Total $ 121,721 $ 32,962 $ 154,683 (in thousands) Mortgage Other Total Allowances for Loan Losses at December 31, 2016: Loans individually evaluated for impairment $ — $ 577 $ 577 Loans collectively evaluated for impairment 123,925 32,022 155,947 Acquired loans with deteriorated credit quality 11,984 13,483 25,467 Total $ 135,909 $ 46,082 $ 181,991 The following tables provide additional information regarding the methods used to evaluate the Company’s loan portfolio for impairment: (in thousands) Mortgage Other Total Loans Receivable at June 30, 2017: Loans individually evaluated for impairment $ 21,549 $ 49,661 $ 71,210 Loans collectively evaluated for impairment 35,164,278 1,984,950 37,149,228 Acquired loans with deteriorated credit quality 4,595 811 5,406 Total $ 35,190,422 $ 2,035,422 $ 37,225,844 (in thousands) Mortgage Other Total Loans Receivable at December 31, 2016: Loans individually evaluated for impairment $ 29,660 $ 18,592 $ 48,252 Loans collectively evaluated for impairment 35,402,029 1,900,158 37,302,187 Acquired loans with deteriorated credit quality 1,614,755 89,140 1,703,895 Total $ 37,046,444 $ 2,007,890 $ 39,054,334 Allowance for Losses on Non-Covered The following table summarizes activity in the allowance for losses on non-covered For the Six Months Ended June 30, 2017 2016 (in thousands) Mortgage Other Total Mortgage Other Total Balance, beginning of period $ 125,416 $ 32,874 $ 158,290 $ 124,478 $ 22,646 $ 147,124 Charge-offs (90 ) (17,646 ) (17,736 ) (153 ) (1,098 ) (1,251 ) Recoveries 180 517 697 1,140 581 1,721 (Recovery of) provision for non-covered (3,785 ) 17,217 13,432 3,231 2,234 5,465 Balance, end of period $ 121,721 $ 32,962 $ 154,683 $ 128,696 $ 24,363 $ 153,059 See “Critical Accounting Policies” for additional information regarding the Company’s allowance for losses on non-covered The following table presents additional information about the Company’s impaired non-covered (in thousands) Recorded Unpaid Related Average Interest Impaired loans with no related allowance: Multi-family $ 10,029 $ 12,640 $ — $ 10,331 $ 285 Commercial real estate 3,148 8,933 — 5,147 44 One-to-four 2,173 2,442 — 3,204 26 Acquisition, development, and construction 6,200 15,500 — 6,200 — Other 49,660 69,896 — 28,181 452 Total impaired loans with no related allowance $ 71,210 $ 109,411 $ — $ 53,063 $ 807 Impaired loans with an allowance recorded: Multi-family $ — $ — $ — $ — $ — Commercial real estate — — — — — One-to-four — — — — — Acquisition, development, and construction — — — — — Other — — — 4,370 — Total impaired loans with an allowance recorded $ — $ — $ — $ 4,370 $ — Total impaired loans: Multi-family $ 10,029 $ 12,640 $ — $ 10,331 $ 285 Commercial real estate 3,148 8,933 — 5,147 44 One-to-four 2,173 2,442 — 3,204 26 Acquisition, development, and construction 6,200 15,500 — 6,200 — Other 49,660 69,896 — 32,551 452 Total impaired loans $ 71,210 $ 109,411 $ — $ 57,433 $ 807 The following table presents additional information about the Company’s impaired non-covered (in thousands) Recorded Unpaid Related Average Interest Impaired loans with no related allowance: Multi-family $ 10,742 $ 13,133 $ — $ 11,431 $ 627 Commercial real estate 9,117 14,868 — 10,461 143 One-to-four 3,601 4,267 — 3,079 124 Acquisition, development, and construction 6,200 15,500 — 1,550 414 Other 6,739 7,955 — 8,261 92 Total impaired loans with no related allowance $ 36,399 $ 55,723 $ — $ 34,782 $ 1,400 Impaired loans with an allowance recorded: Multi-family $ — $ — $ — $ — $ — Commercial real estate — — — — — One-to-four — — — — — Acquisition, development, and construction — — — — — Other 11,853 13,529 577 4,574 213 Total impaired loans with an allowance recorded $ 11,853 $ 13,529 $ 577 $ 4,574 $ 213 Total impaired loans: Multi-family $ 10,742 $ 13,133 $ — $ 11,431 $ 627 Commercial real estate 9,117 14,868 — 10,461 143 One-to-four 3,601 4,267 — 3,079 124 Acquisition, development, and construction 6,200 15,500 — 1,550 414 Other 18,592 21,484 577 12,835 305 Total impaired loans $ 48,252 $ 69,252 $ 577 $ 39,356 $ 1,613 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 the allowance for covered loan losses is increased. A related credit to non-interest 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 The following table summarizes activity in the allowance for losses on covered loans (which, as of June 30, 2017, are classified as held for sale) for the periods indicated: For the Six Months Ended June 30, (in thousands) 2017 2016 Balance, beginning of period $ 23,701 $ 31,395 Recovery of losses on covered loans (23,701 ) (4,746 ) Balance, end of period $ — $ 26,649 |
Borrowed Funds
Borrowed Funds | 6 Months Ended |
Jun. 30, 2017 | |
Borrowed Funds | Note 7. Borrowed Funds The following table summarizes the Company’s borrowed funds at the dates indicated: (in thousands) June 30, 2017 December 31, Wholesale Borrowings: FHLB advances $ 11,554,500 $ 11,664,500 Repurchase agreements 450,000 1,500,000 Federal funds purchased — 150,000 Total wholesale borrowings $ 12,004,500 $ 13,314,500 Junior subordinated debentures 359,026 358,879 Total borrowed funds $ 12,363,526 $ 13,673,379 The following table summarizes the Company’s repurchase agreements accounted for as secured borrowings at June 30, 2017: Remaining Contractual Maturity of the Agreements (in thousands) Overnight and Up to 30–90 Days Greater than GSE debentures and mortgage-related securities $ — $ — $ — $ 450,000 At June 30, 2017 and December 31, 2016, the Company had $359.0 million and $358.9 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 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 June 30, 2017: (dollars in thousands) Issuer Interest Junior Capital Date of Stated Maturity First Optional New York Community Capital Trust V (BONUSES SM 6.000 % $ 145,100 $ 138,749 Nov. 4, 2002 Nov. 1, 2051 Nov. 4, 2007 (1) New York Community Capital Trust X 2.846 123,712 120,000 Dec. 14, 2006 Dec. 15, 2036 Dec. 15, 2011 (2) PennFed Capital Trust III 4.496 30,928 30,000 June 2, 2003 June 15, 2033 June 15, 2008 (2) New York Community Capital Trust XI 2.946 59,286 57,500 April 16, 2007 June 30, 2037 June 30, 2012 (2) Total junior subordinated debentures $ 359,026 $ 346,249 (1) Callable subject to certain conditions as described in the prospectus filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 4, 2002. (2) Callable from this date forward. |
Mortgage Servicing Rights
Mortgage Servicing Rights | 6 Months Ended |
Jun. 30, 2017 | |
Mortgage Servicing Rights | Note 8. Mortgage Servicing Rights The Company records a separate servicing asset representing the right to service third-party loans. Such MSRs are initially recorded at their fair value as a component of the sale proceeds. The fair values of MSRs are based on an analysis of discounted cash flows that incorporates estimates of (1) market servicing costs, (2) market-based estimates of ancillary servicing revenue, (3) market-based prepayment rates, and (4) market profit margins. MSRs are subsequently measured at either fair value or are amortized in proportion to, and over the period of, estimated net servicing income. The Company elects one of those methods on a class basis. A class is determined based on (1) the availability of market inputs used in determining the fair value of servicing assets, and/or (2) the Company’s method for managing the risks of servicing assets. The Company had MSRs of $225.4 million and $234.0 million, respectively, at June 30, 2017 and December 31, 2016. Both period-end one-to-four In connection with the aforementioned agreement to sell the mortgage banking business, residential MSRs were classified as held-for-sale The total unpaid principal balance of loans serviced for others was $24.8 billion and $25.1 billion at June 30, 2017 and December 31, 2016, respectively. Residential MSRs are carried at fair value, with changes in fair value recorded as a component of non-interest “Non-interest The value of residential MSRs at any given time is significantly affected by the mortgage interest rates that are then available in the marketplace. These, in turn, influence mortgage loan prepayment speeds. The rate of prepayment of serviced residential loans is the most significant estimate involved in the measurement process. Actual prepayment rates may differ from those projected by management due to changes in a variety of economic factors, including prevailing interest rates and the availability of alternative financing sources to borrowers. During periods of declining interest rates, the value of residential MSRs generally declines as an increase in mortgage refinancing activity results in an increase in prepayments and a decrease in the carrying value of residential MSRs through a charge to earnings in the current period. Conversely, during periods of rising interest rates, the value of residential MSRs generally increases as mortgage refinancing activity declines and the actual prepayments of loans being serviced occur more slowly than had been expected. This results in the carrying value of residential MSRs and servicing income being higher than previously anticipated. Accordingly, the value of residential MSRs that is actually realized could differ from the value initially recorded. The collective amount of contractually specified servicing fees, late fees, and ancillary fees, which is recorded as “Mortgage banking income” in the Consolidated Statements of Income and Comprehensive Income, were $352,000 and $663,000 for the three and six months ended June 30, 2017, respectively and $322,000 and $632,000 for the three and six months ended June 30, 2016, respectively. Participation MSRs are initially carried at fair value and are subsequently amortized and carried at the lower of their fair value or amortized amount. The amortization is recorded in proportion to, and over the period of, estimated net servicing income, with impairment of those servicing assets evaluated through an assessment of their fair value via a discounted cash-flow method. The net carrying value is compared to the discounted estimated future net cash flows to determine whether adjustments should be made to carrying values or amortization schedules. Impairment of participation MSRs is recognized through a valuation allowance and a charge to current-period earnings if it is considered to be temporary, or through a direct write-down of the asset and a charge to current-period earnings if it is considered to be other than temporary. The predominant risk characteristics of the underlying loans that are used to stratify the participation MSRs for measurement purposes generally include the (1) loan origination date, (2) loan rate, (3) loan type and size, (4) loan maturity date, and (5) geographic location. Changes in the carrying value of participation MSRs due to amortization or declines in fair value (i.e., impairment), if any, are reported in “Other income” in the period during which such changes occur. In the six months ended June 30, 2017 and 2016, there was no impairment related to the Company’s participation MSRs. The following tables set forth the changes in the balances of residential MSRs and participation MSRs for the periods indicated: For the Three Months Ended June 30, 2017 2016 (in thousands) Residential Participation Residential Participation Carrying value, beginning of period $ 228,800 $ 5,506 $ 208,087 $ 5,181 Additions 4,408 150 11,232 1,018 Increase (decrease) in fair value: Due to changes in interest rates (3,921 ) — (13,521 ) — Due to model assumption changes (1) — — (4,250 ) — Due to loan payoffs (7,706 ) — (10,371 ) — Due to passage of time and other changes (995 ) — (2,846 ) — Amortization — (803 ) — (536 ) Carrying value, end of period $ 220,586 $ 4,853 $ 188,331 $ 5,663 (1) Represents changes in fair value driven by changes to the inputs to the valuation model related to assumed prepayment speeds. For the Six Months Ended June 30, 2017 2016 (in thousands) Residential Participation Residential Participation Carrying value, beginning of period $ 228,099 $ 5,862 $ 243,389 $ 4,345 Additions 11,982 556 19,180 2,268 Increase (decrease) in fair value: Due to changes in interest rates (1,908 ) — (37,807 ) — Due to model assumption changes (1) — (13,088 ) — Due to loan payoffs (14,669 ) — (19,121 ) — Due to passage of time and other changes (2,918 ) — (4,222 ) — Amortization — (1,565 ) — (950 ) Carrying value, end of period $ 220,586 $ 4,853 $ 188,331 $ 5,663 (1) Represents changes in fair value driven by changes to the inputs to the valuation model related to assumed prepayment speeds. The following table presents the key assumptions used in calculating the fair value of the Company’s residential MSRs at the dates indicated: June 30, 2017 December 31, 2016 Expected weighted average life 80 months 82 months Constant prepayment speed 9.16 % 8.70 % Discount rate 10.05 10.05 Primary mortgage rate to refinance 4.05 4.11 Cost to service (per loan per year): Current $64 $64 30-59 214 214 60-89 364 364 90-119 464 464 120 days or more delinquent 864 864 The increase in the constant prepayment speed was primarily attributable to an increase in the housing price index used by the Company’s third-party valuation specialist, suggesting that homebuyer demand has increased and newly created equity could lead to more refinancing. |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 6 Months Ended |
Jun. 30, 2017 | |
Pension and Other Post-Retirement Benefits | Note 9. Pension and Other Post-Retirement Benefits The following table sets forth certain disclosures for the Company’s pension and post-retirement plans for the periods indicated: For the Three Months Ended June 30, 2017 2016 (in thousands) Pension Post- Pension Post-Retirement Components of net periodic (credit) expense: Interest cost $ 1,404 $ 144 $ 1,470 $ 160 Service cost — — — 1 Expected return on plan assets (4,073 ) — (3,906 ) — Amortization of prior-service costs — (62 ) — (62 ) Amortization of net actuarial loss 2,053 68 2,262 81 Net periodic (credit) expense $ (616 ) $ 150 $ (174 ) $ 180 For the Six Months Ended June 30, 2017 2016 (in thousands) Pension Post- Pension Post-Retirement Components of net periodic (credit) expense: Interest cost $ 2,808 $ 288 $ 2,940 $ 320 Service cost — — — 2 Expected return on plan assets (8,146 ) — (7,812 ) — Amortization of prior-service costs — (124 ) — (124 ) Amortization of net actuarial loss 4,106 136 4,524 162 Net periodic (credit) expense $ (1,232 ) $ 300 $ (348 ) $ 360 The Company expects to contribute $1.3 million to its post-retirement plan to pay premiums and claims for the fiscal year ending December 31, 2017. The Company does not expect to make any contributions to its pension plan in 2017. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Stock-Based Compensation | Note 10. Stock-Based Compensation At June 30, 2017, the Company had a total of 6,922,311 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. The Company granted 2,818,749 shares of restricted stock during the six months ended June 30, 2017. The shares had an average fair value of $15.27 per share on the date of grant and a vesting period of five years. The six-month The following table provides a summary of activity with regard to restricted stock awards in the six months ended June 30, 2017: Number of Shares Weighted Average Unvested at beginning of year 6,930,306 $ 15.37 Granted 2,818,749 15.27 Vested (2,193,074 ) 15.01 Canceled (94,300 ) 15.67 Unvested at end of period 7,461,681 15.44 As of June 30, 2017, unrecognized compensation cost relating to unvested restricted stock totaled $100.3 million. This amount will be recognized over a remaining weighted average period of 3.4 years. The Company had no stock option plans at June 30, 2017 or December 31, 2016. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Measurements | Note 11. 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 • 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 June 30, 2017 and December 31, 2016, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at June 30, 2017 (in thousands) Quoted Prices Significant Significant Netting (1) Total Assets: Mortgage-Related Securities Available for Sale: GSE certificates $ — $ 2,002,643 $ — $ — $ 2,002,643 GSE CMOs — 621,605 — — 621,605 Total mortgage-related securities $ — $ 2,624,248 $ — $ — $ 2,624,248 Other Securities Available for Sale: U.S Treasury Obligations $ 199,992 $ — $ — $ — $ 199,992 GSE debentures — 91,234 — — 91,234 Corporate bonds — 86,120 — — 86,120 Municipal bonds — 70,513 — — 70,513 Capital trust notes — 66,425 — — 66,425 Preferred stock 15,435 — — — 15,435 Mutual funds and common stock — 17,150 — — 17,150 Total other securities $ 215,427 $ 331,442 $ — $ — $ 546,869 Total securities available for sale $ 215,427 $ 2,955,690 $ — $ — $ 3,171,117 Other Assets: Loans held for sale $ — $ 266,888 $ — $ — $ 266,888 Mortgage servicing rights (held for sale at June 30, 2017) — — 220,586 — 220,586 Interest rate lock commitments — — 1,027 — 1,027 Derivative assets-other (2) 1,914 1,838 — (2,402 ) 1,350 Liabilities: Derivative liabilities $ (4,641 ) $ (1,272 ) $ — $ 1,702 $ (4,211 ) (1) Includes cash collateral received from, and paid to, counterparties. (2) Includes $1.1 million to purchase Treasury options. Fair Value Measurements at December 31, 2016 (in thousands) Quoted Prices Significant Significant Netting (1) Total Assets: Mortgage-Related Securities Available for Sale: GSE certificates $ — $ 7,326 $ — $ — $ 7,326 Total mortgage-related securities $ — $ 7,326 $ — $ — $ 7,326 Other Securities Available for Sale: Municipal bonds $ — $ 631 $ — $ — $ 631 Capital trust notes — 7,243 — — 7,243 Preferred stock 42,724 29,260 — — 71,984 Mutual funds and common stock — 17,097 — — 17,097 Total other securities $ 42,724 $ 54,231 $ — $ — $ 96,955 Total securities available for sale $ 42,724 $ 61,557 $ — $ — $ 104,281 Other Assets: Loans held for sale $ — $ 409,152 $ — $ — $ 409,152 Mortgage servicing rights — — 228,099 — 228,099 Interest rate lock commitments — — 982 — 982 Derivative assets-other (2) 2,611 16,829 — (17,861 ) 1,579 Liabilities: Derivative liabilities $ (6,009 ) $ (17,719 ) $ — $ 16,588 $ (7,140 ) (1) Includes cash collateral received from, and paid to, counterparties. (2) Includes $1.9 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 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 a 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. 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 service valuations that appear to be unusual or unexpected. The Company carries loans held for sale originated by its mortgage banking operation at fair value. 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 a third-party valuation specialist. The specialist 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 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, The fair values of interest rate lock commitments (“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 in the mortgage banking division. These loans held for sale consist of one-to-four 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: June 30, 2017 December 31, 2016 (in thousands) Fair Value Aggregate Fair Value Fair Value Aggregate Fair Value Loans held for sale $ 266,888 $ 260,464 $ 6,424 $ 409,152 $ 408,928 $ 224 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 Three Months For the Six Months (in thousands) 2017 2016 (2) 2017 2016 (2) Loans held for sale $ 658 $ 933 $ 595 $ 3,802 Mortgage servicing rights (held for sale at June 30, 2017) (7,621 ) (30,988 ) (10,348 ) (68,081 ) Total loss $ (6,963 ) $ (30,055 ) $ (9,753 ) $ (64,279 ) (1) Does not include the effect of economic hedging activities, which is included in “Other non-interest (2) The presentation of the amounts for the three and six months ended June 30, 2016 has been modified to conform to the presentation for the three and six months ended June 30, 2017. 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 six months ended June 30, 2017 and 2016, 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 Income/ Comprehensive Mortgage servicing rights (held for sale at June 30, 2017) $ 228,099 $ (19,496 ) $ — $ 11,983 $ — $ — $ 220,586 $ (10,348 ) Interest rate lock commitments 982 45 — — — — 1,027 1,027 (in thousands) Fair Value Total Realized/Unrealized Issuances Settlements Transfers Fair Value Change in Income/ Comprehensive Mortgage servicing rights $ 243,389 $ (74,238 ) $ — $ 19,180 $ — $ — $ 188,331 $ (60,163 ) Interest rate lock commitments 2,526 7,607 — — — — 10,133 10,133 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 Levels 1, 2, or 3 during the three months ended June 30, 2017 or 2016. For Level 3 assets and liabilities measured at fair value on a recurring basis as of June 30, 2017, 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 Mortgage servicing rights (held for sale at June 30, 2017) $220,586 Discounted Cash Flow Weighted Average Constant Prepayment Rate (1) 9.16 % Weighted Average Discount Rate 10.05 Interest rate lock commitments 1,027 Discounted Cash Flow Weighted Average Closing Ratio 75.04 (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 Certain assets are measured at fair value on a non-recurring non-recurring Fair Value Measurements at June 30, 2017 Using (in thousands) Quoted Prices in Significant Other Significant Total Fair Certain impaired loans (1) $ — $ — $ 45,412 $ 45,412 Securities transferred to available-for-sale 199,992 2,923,081 — 3,123,073 Loans transferred to held for sale — — 1,536,836 1,536,836 Other assets (2) — — 1,546 1,546 Total $ 199,992 $ 2,923,081 $ 1,583,794 $ 4,706,867 (1) Represents the fair value of impaired loans, based on the value of the collateral. (2) 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, 2016 Using (in thousands) Quoted Prices in Significant Other Significant Total Fair Certain impaired loans (1) $ — $ — $ 15,635 $ 15,635 Other assets (2) — — 5,684 5,684 Total $ — $ — $ 21,319 $ 21,319 (1) Represents the fair value of impaired loans, based on the value of the collateral, primarily taxi medallion loans . (2) 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 GAAP requires the disclosure of fair value information about the Company’s on- off-balance 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 the dates indicated: June 30, 2017 Fair Value Measurement Using (in thousands) Carrying Estimated Fair Quoted Prices in Significant Significant Financial Assets: Cash and cash equivalents $ 1,129,846 $ 1,129,846 $ 1,129,846 $ — $ — FHLB stock (1) 589,067 589,067 — 589,067 — Loans, net 38,900,080 39,226,420 — — 39,226,420 Financial Liabilities: Deposits $ 28,893,565 $ 28,879,234 $ 20,662,712 (2) $ 8,216,522 (3) $ — Borrowed funds 12,363,526 12,327,278 — 12,327,278 — (1) Carrying value and estimated fair value are at cost. (2) NOW and money market accounts, savings accounts, and non-interest-bearing (3) Certificates of deposit. December 31, 2016 Fair Value Measurement Using (in thousands) Carrying Estimated Fair Quoted Prices Significant Significant Financial Assets: Cash and cash equivalents $ 557,850 $ 557,850 $ 557,850 $ — $ — Securities held to maturity 3,712,776 3,813,959 200,220 3,613,739 — FHLB stock (1) 590,934 590,934 — 590,934 — Loans, net 39,308,016 39,416,469 — — 39,416,469 Financial Liabilities: Deposits $ 28,887,903 $ 28,888,064 $ 21,310,733 (2) $ 7,577,331 (3) $ — Borrowed funds 13,673,379 13,633,943 — 13,633,943 — (1) Carrying value and estimated fair value are at cost. (2) NOW and money market accounts, savings accounts, and non-interest-bearing (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 maturities 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). non-performing 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 that of any other company. Mortgage Servicing Rights MSRs do not trade in an active market with readily observable prices. Accordingly, the Company bases the fair value of its MSRs on a valuation performed by a third-party valuation specialist. This specialist determines fair value based on the present value of estimated future net servicing income cash flows, and incorporates 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 specialist and the Company evaluate, and periodically adjust, as necessary, these underlying inputs and assumptions to reflect market conditions and changes in the assumptions that a market participant would consider in valuing MSRs. 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 fall-out Deposits The fair values of deposit liabilities with no stated maturity (i.e., NOW and money market accounts, savings accounts, and non-interest-bearing 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 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 |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Financial Instruments | Note 12. Derivative Financial Instruments The Company’s derivative financial instruments consist of financial forward and futures contracts, interest rate swaps, IRLCs, and options. These derivatives relate to mortgage banking operations, residential 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, other changing market conditions, and the types of assets held. 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 $1.6 billion at June 30, 2017. 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 The Company uses interest rate swaps to hedge the fair value of its residential MSRs. 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 June 30, 2017: (in thousands) Notional Unrealized (1) Gain Loss Treasury options $ 225,000 $ — $ 582 Eurodollar futures 25,000 5 3 Interest rate swaps 385,000 770 4,056 Forward commitments to sell loans/mortgage-backed securities 405,000 737 770 Forward commitments to buy loans/mortgage-backed securities 325,000 1,101 502 Interest rate lock commitments 267,142 1,027 — Total derivatives $ 1,632,142 $ 3,640 $ 5,913 (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 its residential 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. This action partially offsets changes in the value of its 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 Three Months For the Six Months (in thousands) 2017 2016 2017 2016 Treasury options $ (1,080 ) $ 2,633 $ (3,250 ) $ 9,864 Treasury and Eurodollar futures (66 ) (121 ) (73 ) (55 ) Interest rate swaps 2,444 2,682 2,247 4,178 Forward commitments to buy/sell loans/mortgage-backed securities 1,144 (2,589 ) (3,080 ) (1,720 ) Total gain/(loss) $ 2,442 $ 2,605 $ (4,156 ) $ 12,267 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 the 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 of the master netting arrangements on the presentation of the derivative assets in the Consolidated Statements of Condition as of the dates indicated: June 30, 2017 (in thousands) Gross Amount (1) Gross Amount Net Amount of Gross Amounts Not Net Financial Cash Derivatives $ 4,779 $ 2,402 $ 2,377 $ — $ — $ 2,377 (1) Includes $1.1 million to purchase Treasury options. December 31, 2016 (in thousands) Gross Amount (1) Gross Amount Net Amount of Gross Amounts Not Net Financial Cash Derivatives $ 20,422 $ 17,861 $ 2,561 $ — $ — $ 2,561 (1) Includes $1.9 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: June 30, 2017 (in thousands) Gross Amount Gross Amount Net Amount of Gross Amounts Not Net Financial Cash Derivatives $ 5,913 $ 1,702 $ 4,211 $ — $ — $ 4,211 December 31, 2016 (in thousands) Gross Amount Gross Amount Net Amount of Gross Amounts Not Net Financial Cash Derivatives $ 23,728 $ 16,588 $ 7,140 $ — $ — $ 7,140 |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting | Note 13. 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 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 respective segments. The Company allocates expenses to the reportable segments based on various factors, including the volume and number 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 one-to-four non-interest The following tables provide a summary of the Company’s segment results for the periods indicated on an internally managed accounting basis: For the Three Months Ended June 30, 2017 (in thousands) Banking Residential Total Company Net interest income $ 284,944 $ 2,825 $ 287,769 Recovery of loan losses (6,261 ) — (6,261 ) Non-Interest Third party (1) 41,756 8,681 50,437 Inter-segment (4,052 ) 4,052 — Total non-interest 37,704 12,733 50,437 Non-interest (2) 148,105 15,660 163,765 Income (loss) before income tax expense 180,804 (102 ) 180,702 Income tax expense (benefit) 65,488 (41 ) 65,447 Net income (loss) $ 115,316 $ (61 ) $ 115,255 Identifiable segment assets (period-end) $ 47,770,885 $ 576,773 $ 48,347,658 (1) Includes ancillary fee income. (2) Includes both direct and indirect expenses. For the Three Months Ended June 30, 2016 (in thousands) Banking Residential Total Company Net interest income $ 321,663 $ 3,910 $ 325,573 Provision for loan losses 895 — 895 Non-interest Third party (1) 29,899 7,467 37,366 Inter-segment (4,317 ) 4,317 — Total non-interest 25,582 11,784 37,366 Non-interest (2) 144,152 16,759 160,911 Income (loss) before income tax expense 202,198 (1,065 ) 201,133 Income tax expense (benefit) 75,097 (424 ) 74,673 Net income (loss) $ 127,101 $ (641 ) $ 126,460 Identifiable segment assets (period-end) $ 48,137,359 $ 898,388 $ 49,035,747 (1) Includes ancillary fee income. (2) Includes both direct and indirect expenses. The following tables provide a summary of the Company’s segment results for the periods indicated on an internally managed accounting basis: For the Six Months Ended June 30, 2017 (in thousands) Banking Residential Total Company Net interest income $ 577,221 $ 5,465 $ 582,686 Recovery of loan losses (10,269 ) — (10,269 ) Non-Interest Third party (1) 63,625 18,984 82,609 Inter-segment (7,811 ) 7,811 — Total non-interest 55,814 26,795 82,609 Non-interest (2) 299,041 31,667 330,708 Income before income tax expense 344,263 593 344,856 Income tax expense 125,408 236 125,644 Net income $ 218,855 $ 357 $ 219,212 Identifiable segment assets (period-end) $ 47,770,885 $ 576,773 $ 48,347,658 (1) Includes ancillary fee income. (2) Includes both direct and indirect expenses. For the Six Months Ended June 30, 2016 (in thousands) Banking Residential Total Company Net interest income $ 646,580 $ 6,859 $ 653,439 Provision for loan losses 719 — 719 Non-Interest Third party (1) 60,485 12,118 72,603 Inter-segment (8,429 ) 8,429 — Total non-interest 52,056 20,547 72,603 Non-interest (2) 286,202 33,157 319,359 Income before income tax expense 411,715 (5,751 ) 405,964 Income tax expense (benefit) 151,912 (2,317 ) 149,595 Net income (loss) $ 259,803 $ (3,434 ) $ 256,369 Identifiable segment assets (period-end) $ 48,137,359 $ 898,388 $ 49,035,747 (1) Includes ancillary fee income. (2) Includes both direct and indirect expenses. |
Impact of Recent Accounting Pro
Impact of Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
Impact of Recent Accounting Pronouncements | Note 14. Impact of Recent Accounting Pronouncements In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-08, - 310-20): No. 2017-08”). No. 2017-08 No. 2017-08 In January 2017, the FASB issued ASU No. 2017-04, No. 2017-04 No. 2017-04 No. 2017-04 In August 2016, the FASB issued ASU No. 2016-15, No. 2016-15 zero-coupon No. 2016-15 In June 2016, the FASB issued ASU No. 2016-13, No. 2016-13 available-for-sale No. 2016-13 available-for-sale No. 2016-13 off-balance No. 2016-13 No. 2016-13, No. 2016-13 In February 2016, the FASB issued ASU No. 2016-02, No. 2016-02 No. 2016-02 No. 2016-02 right-of-use In January 2016, the FASB issued ASU No. 2016-01, 825-10): No. 2016-01 2016-01 No. 2016-01 In May 2014, the FASB issued ASU No. 2014-09, No. 2014-09 No. 2014-09 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events | Note 15. Subsequent Events On July 28, 2017, the Company completed the previously announced sale of its one-to-four |
Organization and Basis of Pre24
Organization and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Basis of Presentation | Basis of Presentation The following is a description of the significant accounting and reporting policies that the Company and its 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”) of 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 securities (“capital securities”). See Note 7, “Borrowed Funds,” for additional information regarding these trusts. When necessary, certain reclassifications are made to prior-year amounts to conform to the current-year presentation. In the Consolidated Statements of Cash Flows for the six months ended June 30, 2016, Federal Home Loan Bank (“FHLB”) stock is presented on a gross basis to conform to the presentation for the six months ended June 30, 2017. |
Computation of Earnings per C25
Computation of Earnings per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Computation of Basic and Diluted EPS | The following table presents the Company’s computation of basic and diluted EPS for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, (in thousands, except share and per share data) 2017 2016 2017 2016 Net income available to common shareholders $ 107,048 $ 126,460 $ 211,005 $ 256,369 Less: Dividends paid on and earnings allocated to participating securities (873 ) (983 ) (1,693 ) (1,962 ) Earnings applicable to common stock $ 106,175 $ 125,477 $ 209,312 $ 254,407 Weighted average common shares outstanding 487,282,404 485,303,073 486,899,209 484,954,235 Basic earnings per common share $ 0.22 $ 0.26 $ 0.43 $ 0.52 Earnings applicable to common stock $ 106,175 $ 125,477 $ 209,312 $ 254,407 Weighted average common shares outstanding 487,282,404 485,303,073 486,899,209 484,954,235 Potential dilutive common shares (1) — — — — Total shares for diluted earnings per share computation 487,282,404 485,303,073 486,899,209 484,954,235 Diluted earnings per common share and common share equivalents $ 0.22 $ 0.26 $ 0.43 $ 0.52 (1) At June 30, 2017 and 2016, there were no stock options outstanding. |
Reclassifications Out of Accu26
Reclassifications Out of Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Reclassifications Out of Accumulated Other Comprehensive Loss | Reclassifications Out of Accumulated Other Comprehensive Loss (in thousands) For the Six Months Ended June 30, 2017 Details about Accumulated Other Comprehensive Loss Amount Reclassified (1) Affected Line Item in the Consolidated Statement of Operations and Comprehensive Income Unrealized gains on available-for-sale securities $ 1,848 Net gain on sales of securities (770 ) Income tax expense $ 1,078 Net gain on sales of securities, net of tax Amortization of defined benefit pension plan items: Past service liability $ 124 Included in the computation of net periodic (credit) expense (2) Actuarial losses (4,242 ) Included in the computation of net periodic (credit) expense (2) (4,118 ) Total before tax 1,716 Tax benefit $ (2,402 ) Amortization of defined benefit pension plan items, net of tax Total reclassifications for the period $ (1,324 ) (1) Amounts in parentheses indicate expense items. (2) See Note 9, “Pension and Other Post-Retirement Benefits,” for additional information. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Summary of Portfolio of Securities Available for Sale | The following tables summarize the Company’s portfolio of securities available for sale at the dates indicated: June 30, 2017 (in thousands) Amortized Gross Gross Fair Mortgage-Related Securities: GSE (1) $ 1,941,943 $ 61,714 $ 1,014 $ 2,002,643 GSE CMOs (2) 598,229 23,376 — 621,605 Total mortgage-related securities $ 2,540,172 $ 85,090 $ 1,014 $ 2,624,248 Other Securities: U. S. Treasury obligations $ 200,021 $ — $ 29 $ 199,992 GSE debentures 88,315 2,919 — 91,234 Corporate bonds 74,456 11,664 — 86,120 Municipal bonds 71,339 113 939 70,513 Capital trust notes 75,206 2,538 11,319 66,425 Preferred stock 15,293 142 — 15,435 Mutual funds and common stock (3) 16,874 471 195 17,150 Total other securities $ 541,504 $ 17,847 $ 12,482 $ 546,869 Total securities available for sale (4) $ 3,081,676 $ 102,937 $ 13,496 $ 3,171,117 (1) Government-sponsored enterprise. (2) Collateralized mortgage obligations. (3) Primarily consists of mutual funds that are Community Reinvestment Act-qualified investments. (4) The amortized cost includes the non-credit portion of OTTI recorded in accumulated other comprehensive loss (“AOCL”). At June 30, 2017, the non-credit portion of OTTI recorded in AOCL was $8.6 million (before taxes). December 31, 2016 (in thousands) Amortized Gross Gross Fair Mortgage-Related Securities: GSE certificates $ 7,786 $ — $ 460 $ 7,326 Other Securities: Municipal bonds $ 583 $ 48 $ — $ 631 Capital trust notes 9,458 2 2,217 7,243 Preferred stock 70,866 1,446 328 71,984 Mutual funds and common stock 16,874 484 261 17,097 Total other securities $ 97,781 $ 1,980 $ 2,806 $ 96,955 Total securities available for sale $ 105,567 $ 1,980 $ 3,266 $ 104,281 |
Summary of Portfolio of Securities Held to Maturity | The following table summarizes the Company’s portfolio of securities held to maturity at December 31, 2016: (in thousands) Amortized Carrying Gross Gross Fair Value Mortgage-Related Securities: GSE certificates $ 2,193,489 $ 2,193,489 $ 64,431 $ 2,399 $ 2,255,521 GSE CMOs 1,019,074 1,019,074 36,895 57 1,055,912 Total mortgage-related securities $ 3,212,563 $ 3,212,563 $ 101,326 $ 2,456 $ 3,311,433 Other Securities: U. S. Treasury obligations $ 200,293 $ 200,293 $ — $ 73 $ 200,220 GSE debentures 88,457 88,457 3,836 — 92,293 Corporate bonds 74,217 74,217 9,549 — 83,766 Municipal bonds 71,554 71,554 — 1,789 69,765 Capital trust notes 74,284 65,692 2,662 11,872 56,482 Total other securities $ 508,805 $ 500,213 $ 16,047 $ 13,734 $ 502,526 Total securities held to maturity (1) $ 3,721,368 $ 3,712,776 $ 117,373 $ 16,190 $ 3,813,959 (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, 2016, the non-credit portion of OTTI recorded in AOCL was $8.6 million (before taxes). |
Summary of Gross Proceeds and Gross Realized Gains from Sale of Available-for-Sale Securities | The following table summarizes the gross proceeds and gross realized gains from the sale of available-for-sale securities during the periods indicated: For the Six Months Ended June 30, (in thousands) 2017 2016 Gross proceeds $ 139,009 $ 112,676 Gross realized gains 1,986 176 |
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, 2017. 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 Six Months Ended June 30, 2017 Beginning credit loss amount as of December 31, 2016 $ 197,552 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 — Increase in cash flows on debt securities 99 Ending credit loss amount as of June 30, 2017 $ 197,453 |
Summary of Carrying Amount of Available-for-Sale Securities by Contractual Maturity | The following table summarizes, by contractual maturity, the carrying amounts of available-for-sale securities at June 30, 2017: (dollars in thousands) Mortgage- Average U.S. Treasury Average State, County, Average (1) Other Debt (2) Average Fair Value Available-for-Sale Securities: (3) Due within one year $ — — % $ 259,463 1.42 % $ 149 6.47 % $ — — % $ 260,589 Due from one to five years 879,036 3.34 6,950 3.84 437 6.59 48,254 3.46 972,669 Due from five to ten years 1,458,818 3.15 21,923 3.52 — — 26,202 9.06 1,562,656 Due after ten years 202,318 3.07 — — 70,753 2.88 75,206 4.80 342,619 Total securities available for sale $ 2,540,172 3.21 % $ 288,336 1.64 % $ 71,339 2.91 % $ 149,662 5.11 % $ 3,138,533 (1) Not presented on a tax-equivalent basis. (2) Includes corporate bonds and capital trust notes. (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 June 30, 2017: 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 Available-for-Sale Securities: GSE certificates $ 219,080 $ 1,014 $ — $ — $ 219,080 $ 1,014 U. S. Treasury obligations 199,992 29 — — 199,992 29 Municipal bonds 52,876 939 — — 52,876 939 Capital trust notes — — 32,396 11,319 32,396 11,319 Equity securities 11,611 195 — — 11,611 195 Total temporarily impaired available-for-sale securities $ 483,559 $ 2,177 $ 32,396 $ 11,319 $ 515,955 $ 13,496 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, 2016: Less than Twelve Months Twelve Months or Longer Total (in thousands) Fair Value Unrealized Fair Unrealized Fair Value Unrealized Temporarily Impaired Held-to-Maturity Securities: GSE certificates $ 268,891 $ 2,399 $ — $ — $ 268,891 $ 2,399 GSE CMOs 42,980 57 — — 42,980 57 U. S. Treasury obligations 200,220 73 — — 200,220 73 Municipal bonds 69,765 1,789 — — 69,765 1,789 Capital trust notes — — 24,364 11,872 24,364 11,872 Total temporarily impaired held-to-maturity securities $ 581,856 $ 4,318 $ 24,364 $ 11,872 $ 606,220 $ 16,190 Temporarily Impaired Available-for-Sale Securities: GSE certificates $ 7,326 $ 460 $ — $ — $ 7,326 $ 460 Capital trust notes — — 5,241 2,217 5,241 2,217 Equity securities 29,059 589 — — 29,059 589 Total temporarily impaired available-for-sale securities $ 36,385 $ 1,049 $ 5,241 $ 2,217 $ 41,626 $ 3,266 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Composition of Loan Portfolio | The following table sets forth the composition of the loan portfolio at the dates indicated: June 30, 2017 December 31, 2016 Amount Percent of Non-Covered Amount Percent of Non-Covered (dollars in thousands) Non-Covered Loans Held for Investment: Mortgage Loans: Multi-family $ 26,859,208 72.15 % $ 26,945,052 72.13 % Commercial real estate 7,540,633 20.26 7,724,362 20.68 One-to-four family 412,945 1.11 381,081 1.02 Acquisition, development, and construction 373,041 1.00 381,194 1.02 Total mortgage loans held for investment $ 35,185,827 94.52 $ 35,431,689 94.85 Other Loans: Commercial and industrial 1,485,487 3.99 1,341,216 3.59 Lease financing, net of unearned income of $56,205 and $60,278, respectively 544,995 1.47 559,229 1.50 Total commercial and industrial loans (1) 2,030,482 5.46 1,900,445 5.09 Purchased credit-impaired loans 5,406 0.01 5,762 0.01 Other 4,129 0.01 18,305 0.05 Total other loans held for investment 2,040,017 5.48 1,924,512 5.15 Total non-covered loans held for investment $ 37,225,844 100.00 % $ 37,356,201 100.00 % Net deferred loan origination costs 25,195 26,521 Allowance for losses on non-covered loans (154,683 ) (158,290 ) Non-covered loans held for investment, net $ 37,096,356 $ 37,224,432 Covered loans — 1,698,133 Allowance for losses on covered loans — (23,701 ) Covered loans, net $ — $ 1,674,432 Loans held for sale 1,803,724 409,152 Total loans, net $ 38,900,080 $ 39,308,016 (1) Includes specialty finance loans of $1.5 billion at June 30, 2017 and $1.3 billion at December 31, 2016, and other commercial and industrial loans of $566.4 million and $632.9 million, respectively, at June 30, 2017 and December 31, 2016. |
Quality of Non-Covered Loans | The following table presents information regarding the quality of the Company’s non-covered loans held for investment (excluding non-covered PCI loans) at June 30, 2017: (in thousands) Loans 30-89 Days (1) Non-Accrual (1) Loans 90 Days or Total Past Due Current Total Loans Multi-family $ 4,201 $ 9,820 $ — $ 14,021 $ 26,845,187 $ 26,859,208 Commercial real estate 1,586 4,497 — 6,083 7,534,550 7,540,633 One-to-four family 297 10,724 — 11,021 401,924 412,945 Acquisition, development, and construction — 6,200 — 6,200 366,841 373,041 Commercial and industrial (2) (3) 6,036 49,484 — 55,520 1,974,962 2,030,482 Other 15 1,263 — 1,278 2,851 4,129 Total $ 12,135 $ 81,988 $ — $ 94,123 $ 37,126,315 $ 37,220,438 (1) Excludes $595 thousand of non-covered PCI loans that were 90 days or more past due. (2) Includes lease financing receivables, all of which were current. (3) Includes $6.0 million and $34.3 million of taxi medallion loans or taxi medallion-related loans that were 30 to 89 days past due and 90 days or more past due, respectively. The following table presents information regarding the quality of the Company’s non-covered loans held for investment (excluding non-covered PCI loans) at December 31, 2016: (in thousands) Loans 30-89 Days (1) Non-Accrual (1) Loans 90 Days or Total Past Due Current Total Loans Multi-family $ 28 $ 13,558 $ — $ 13,586 $ 26,931,466 $ 26,945,052 Commercial real estate — 9,297 — 9,297 7,715,065 7,724,362 One-to-four family 2,844 9,679 — 12,523 368,558 381,081 Acquisition, development, and construction — 6,200 — 6,200 374,994 381,194 Commercial and industrial (2) (3) 7,263 16,422 — 23,685 1,876,760 1,900,445 Other 248 1,313 — 1,561 16,744 18,305 Total $ 10,383 $ 56,469 $ — $ 66,852 $ 37,283,587 $ 37,350,439 (1) Excludes $6 thousand and $869 thousand of non-covered PCI loans that were 30 to 89 days past due and 90 days or more past due, respectively. (2) Includes lease financing receivables, all of which were current. (3) Includes $6.8 million and $15.2 million of taxi medallion loans that were 30 to 89 days past due and 90 days or more past due, respectively. |
Non-Covered Loan Portfolio by Credit Quality Indicator | The following table summarizes the Company’s portfolio of non-covered loans held for investment (excluding non-covered PCI loans) by credit quality indicator at June 30, 2017: Mortgage Loans Other Loans (in thousands) Multi-Family Commercial One-to-Four Family Acquisition, Total Commercial (1) Other Total Other Credit Quality Indicator: Pass $ 26,664,141 $ 7,525,701 $ 410,772 $ 324,789 $ 34,925,403 $ 1,910,975 $ 4,121 $ 1,915,096 Special mention 100,089 8,515 — 42,052 150,656 38,503 — 38,503 Substandard 94,978 6,417 2,173 6,200 109,768 81,004 8 81,012 Doubtful — — — — — — — — Total $ 26,859,208 $ 7,540,633 $ 412,945 $ 373,041 $ 35,185,827 $ 2,030,482 $ 4,129 $ 2,034,611 (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 (excluding non-covered PCI loans) by credit quality indicator at December 31, 2016: Mortgage Loans Other Loans (in thousands) Multi-Family Commercial One-to-Four Family Acquisition, Total Commercial (1) Other Total Other Credit Quality Indicator: Pass $ 26,754,622 $ 7,701,773 $ 371,179 $ 341,784 $ 35,169,358 $ 1,771,975 $ 16,992 $ 1,788,967 Special mention 164,325 12,604 — 33,210 210,139 54,979 — 54,979 Substandard 26,105 9,985 9,902 6,200 52,192 73,491 1,313 74,804 Doubtful — — — — — — — — Total $ 26,945,052 $ 7,724,362 $ 381,081 $ 381,194 $ 35,431,689 $ 1,900,445 $ 18,305 $ 1,918,750 (1) Includes lease financing receivables, all of which were classified as “pass.” |
Information Regarding Troubled Debt Restructurings | The following table presents information regarding the Company’s TDRs as of the dates indicated: June 30, 2017 December 31, 2016 (in thousands) Accruing Non-Accrual Total Accruing Non-Accrual Total Loan Category: Multi-family $ 1,962 $ 8,061 $ 10,023 $ 1,981 $ 8,755 $ 10,736 Commercial real estate — 891 891 — 1,861 1,861 One-to-four family 219 3,021 3,240 222 1,749 1,971 Commercial and industrial 177 25,512 25,689 1,263 3,887 5,150 Other — 201 201 — 202 202 Total $ 2,358 $ 37,686 $ 40,044 $ 3,466 $ 16,454 $ 19,920 |
Financial Effects of Troubled Debt Restructurings | The financial effects of the Company’s TDRs for the three months ended June 30, 2017 and 2016 are summarized as follows: For the Three Months Ended June 30, 2017 Weighted Average (dollars in thousands) Number Pre-Modification Post-Modification Pre-Modification Post- Charge-off Capitalized Loan Category: One-to-four family 3 $ 544 $ 657 5.90 % 2.00 % $ — $ 7 Commercial and industrial 13 22,752 18,722 3.49 3.45 825 — Total 16 $ 23,296 $ 19,379 $ 825 $ 7 For the Three Months Ended June 30, 2016 Weighted Average (dollars in thousands) Number Pre-Modification Post-Modification Pre-Modification Post- Charge-off Capitalized Loan Category: One-to-four family 1 $ 1 $ 108 4.13 % 2.00 % $ — $ 2 Commercial and industrial 1 651 650 3.30 3.30 — — Total 2 $ 652 $ 758 $ — $ 2 The financial effects of the Company’s TDRs for the six months ended June 30, 2017 and 2016 are summarized as follows: For the Six Months Ended June 30, 2017 Weighted Average (dollars in thousands) Number Pre-Modification Post-Modification Pre-Modification Post- Charge-off Capitalized Loan Category: One-to-four family 4 $ 809 $ 994 5.93 % 2.21 % $ — $ 12 Commercial and industrial 30 30,714 23,151 3.45 3.45 4,104 — Total 34 $ 31,523 $ 24,145 $ 4,104 $ 12 For the Six Months Ended June 30, 2016 Weighted Average (dollars in thousands) Number Pre-Modification Post-Modification Pre-Modification Post- Charge-off Capitalized Loan Category: Multi-family 1 $ 9,340 $ 8,503 4.63 % 4.00 % $ — $ — One-to-four family 3 477 636 3.62 3.07 — 6 Commercial and industrial 2 $ 1,397 $ 1,300 3.30 3.20 47 — Total 6 $ 11,214 $ 10,439 $ 47 $ 6 |
Covered Loans Acquired in Acquisitions of AmTrust Bank ("Am Trust") and Desert Hills Bank ("Desert Hills") | The following table presents the carrying value of held-for-sale covered loans which were acquired in the acquisitions of AmTrust and Desert Hills Bank (“Desert Hills”) as of June 30, 2017: (dollars in thousands) Amount Percent of Covered Loan Category: One-to-four family $ 1,433,324 96.8 % Other loans 47,409 3.2 Total covered loans held for sale $ 1,480,733 100.0 % |
Changes in Accretable Yield for Covered Loans | In the six months ended June 30, 2017, changes in the accretable yield for covered loans were as follows: (in thousands) Accretable Yield Balance at beginning of period $ 647,470 Reclassification to non-accretable difference (11,381 ) Accretion (62,625 ) Balance at end of period $ 573,464 |
Covered Loans Thirty to Eighty Nine Days, Ninety Days or More Past Due | The following table presents information regarding the Company’s covered loans (which, as of June 30, 2017 are classified as held for sale) that were 90 days or more past due at the dates indicated: (in thousands) June 30, 2017 December 31, 2016 Covered Loans 90 Days or More Past Due: One-to-four $ 120,815 $ 124,820 Other loans 8,278 6,645 Total covered loans 90 days or more past due $ 129,093 $ 131,465 The following table presents information regarding the Company’s covered loans (which, as of June 30, 2017 are classified as held for sale) that were 30 to 89 days past due at the dates indicated: (in thousands) June 30, 2017 December 31, 2016 Covered Loans 30-89 One-to-four $ 17,718 $ 21,112 Other loans 5,134 1,536 Total covered loans 30-89 $ 22,852 $ 22,648 |
Allowances for Loan Losses (Tab
Allowances for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Activity in Allowance for Loan Losses | The following tables provide additional information regarding the Company’s allowances for losses on non-covered (in thousands) Mortgage Other Total Allowances for Loan Losses at June 30, 2017: Loans individually evaluated for impairment $ — $ — $ — Loans collectively evaluated for impairment 120,325 32,492 152,817 Acquired loans with deteriorated credit quality 1,396 470 1,866 Total $ 121,721 $ 32,962 $ 154,683 (in thousands) Mortgage Other Total Allowances for Loan Losses at December 31, 2016: Loans individually evaluated for impairment $ — $ 577 $ 577 Loans collectively evaluated for impairment 123,925 32,022 155,947 Acquired loans with deteriorated credit quality 11,984 13,483 25,467 Total $ 135,909 $ 46,082 $ 181,991 |
Additional Information Regarding Methods Used to Evaluate Loan Portfolio for Impairment | The following tables provide additional information regarding the methods used to evaluate the Company’s loan portfolio for impairment: (in thousands) Mortgage Other Total Loans Receivable at June 30, 2017: Loans individually evaluated for impairment $ 21,549 $ 49,661 $ 71,210 Loans collectively evaluated for impairment 35,164,278 1,984,950 37,149,228 Acquired loans with deteriorated credit quality 4,595 811 5,406 Total $ 35,190,422 $ 2,035,422 $ 37,225,844 (in thousands) Mortgage Other Total Loans Receivable at December 31, 2016: Loans individually evaluated for impairment $ 29,660 $ 18,592 $ 48,252 Loans collectively evaluated for impairment 35,402,029 1,900,158 37,302,187 Acquired loans with deteriorated credit quality 1,614,755 89,140 1,703,895 Total $ 37,046,444 $ 2,007,890 $ 39,054,334 |
Additional Information Regarding Impaired Non-Covered Loans | The following table presents additional information about the Company’s impaired non-covered (in thousands) Recorded Unpaid Related Average Interest Impaired loans with no related allowance: Multi-family $ 10,029 $ 12,640 $ — $ 10,331 $ 285 Commercial real estate 3,148 8,933 — 5,147 44 One-to-four 2,173 2,442 — 3,204 26 Acquisition, development, and construction 6,200 15,500 — 6,200 — Other 49,660 69,896 — 28,181 452 Total impaired loans with no related allowance $ 71,210 $ 109,411 $ — $ 53,063 $ 807 Impaired loans with an allowance recorded: Multi-family $ — $ — $ — $ — $ — Commercial real estate — — — — — One-to-four — — — — — Acquisition, development, and construction — — — — — Other — — — 4,370 — Total impaired loans with an allowance recorded $ — $ — $ — $ 4,370 $ — Total impaired loans: Multi-family $ 10,029 $ 12,640 $ — $ 10,331 $ 285 Commercial real estate 3,148 8,933 — 5,147 44 One-to-four 2,173 2,442 — 3,204 26 Acquisition, development, and construction 6,200 15,500 — 6,200 — Other 49,660 69,896 — 32,551 452 Total impaired loans $ 71,210 $ 109,411 $ — $ 57,433 $ 807 The following table presents additional information about the Company’s impaired non-covered (in thousands) Recorded Unpaid Related Average Interest Impaired loans with no related allowance: Multi-family $ 10,742 $ 13,133 $ — $ 11,431 $ 627 Commercial real estate 9,117 14,868 — 10,461 143 One-to-four 3,601 4,267 — 3,079 124 Acquisition, development, and construction 6,200 15,500 — 1,550 414 Other 6,739 7,955 — 8,261 92 Total impaired loans with no related allowance $ 36,399 $ 55,723 $ — $ 34,782 $ 1,400 Impaired loans with an allowance recorded: Multi-family $ — $ — $ — $ — $ — Commercial real estate — — — — — One-to-four — — — — — Acquisition, development, and construction — — — — — Other 11,853 13,529 577 4,574 213 Total impaired loans with an allowance recorded $ 11,853 $ 13,529 $ 577 $ 4,574 $ 213 Total impaired loans: Multi-family $ 10,742 $ 13,133 $ — $ 11,431 $ 627 Commercial real estate 9,117 14,868 — 10,461 143 One-to-four 3,601 4,267 — 3,079 124 Acquisition, development, and construction 6,200 15,500 — 1,550 414 Other 18,592 21,484 577 12,835 305 Total impaired loans $ 48,252 $ 69,252 $ 577 $ 39,356 $ 1,613 |
Non-Covered Loans | |
Activity in Allowance for Loan Losses | The following table summarizes activity in the allowance for losses on non-covered For the Six Months Ended June 30, 2017 2016 (in thousands) Mortgage Other Total Mortgage Other Total Balance, beginning of period $ 125,416 $ 32,874 $ 158,290 $ 124,478 $ 22,646 $ 147,124 Charge-offs (90 ) (17,646 ) (17,736 ) (153 ) (1,098 ) (1,251 ) Recoveries 180 517 697 1,140 581 1,721 (Recovery of) provision for non-covered (3,785 ) 17,217 13,432 3,231 2,234 5,465 Balance, end of period $ 121,721 $ 32,962 $ 154,683 $ 128,696 $ 24,363 $ 153,059 |
Covered Loans | |
Activity in Allowance for Loan Losses | The following table summarizes activity in the allowance for losses on covered loans (which, as of June 30, 2017, are classified as held for sale) for the periods indicated: For the Six Months Ended June 30, (in thousands) 2017 2016 Balance, beginning of period $ 23,701 $ 31,395 Recovery of losses on covered loans (23,701 ) (4,746 ) Balance, end of period $ — $ 26,649 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Summary of Borrowed Funds | The following table summarizes the Company’s borrowed funds at the dates indicated: (in thousands) June 30, 2017 December 31, Wholesale Borrowings: FHLB advances $ 11,554,500 $ 11,664,500 Repurchase agreements 450,000 1,500,000 Federal funds purchased — 150,000 Total wholesale borrowings $ 12,004,500 $ 13,314,500 Junior subordinated debentures 359,026 358,879 Total borrowed funds $ 12,363,526 $ 13,673,379 |
Summary of Repurchase Agreements Accounted for Secured Borrowings | The following table summarizes the Company’s repurchase agreements accounted for as secured borrowings at June 30, 2017: Remaining Contractual Maturity of the Agreements (in thousands) Overnight and Up to 30–90 Days Greater than GSE debentures and mortgage-related securities $ — $ — $ — $ 450,000 |
Junior Subordinated Debentures Outstanding | The following junior subordinated debentures were outstanding at June 30, 2017: (dollars in thousands) Issuer Interest Junior Capital Date of Stated Maturity First Optional New York Community Capital Trust V (BONUSES SM 6.000 % $ 145,100 $ 138,749 Nov. 4, 2002 Nov. 1, 2051 Nov. 4, 2007 (1) New York Community Capital Trust X 2.846 123,712 120,000 Dec. 14, 2006 Dec. 15, 2036 Dec. 15, 2011 (2) PennFed Capital Trust III 4.496 30,928 30,000 June 2, 2003 June 15, 2033 June 15, 2008 (2) New York Community Capital Trust XI 2.946 59,286 57,500 April 16, 2007 June 30, 2037 June 30, 2012 (2) Total junior subordinated debentures $ 359,026 $ 346,249 (1) Callable subject to certain conditions as described in the prospectus filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 4, 2002. (2) Callable from this date forward. |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Changes in Residential and Participation Mortgage Servicing Rights | The following tables set forth the changes in the balances of residential MSRs and participation MSRs for the periods indicated: For the Three Months Ended June 30, 2017 2016 (in thousands) Residential Participation Residential Participation Carrying value, beginning of period $ 228,800 $ 5,506 $ 208,087 $ 5,181 Additions 4,408 150 11,232 1,018 Increase (decrease) in fair value: Due to changes in interest rates (3,921 ) — (13,521 ) — Due to model assumption changes (1) — — (4,250 ) — Due to loan payoffs (7,706 ) — (10,371 ) — Due to passage of time and other changes (995 ) — (2,846 ) — Amortization — (803 ) — (536 ) Carrying value, end of period $ 220,586 $ 4,853 $ 188,331 $ 5,663 (1) Represents changes in fair value driven by changes to the inputs to the valuation model related to assumed prepayment speeds. For the Six Months Ended June 30, 2017 2016 (in thousands) Residential Participation Residential Participation Carrying value, beginning of period $ 228,099 $ 5,862 $ 243,389 $ 4,345 Additions 11,982 556 19,180 2,268 Increase (decrease) in fair value: Due to changes in interest rates (1,908 ) — (37,807 ) — Due to model assumption changes (1) — (13,088 ) — Due to loan payoffs (14,669 ) — (19,121 ) — Due to passage of time and other changes (2,918 ) — (4,222 ) — Amortization — (1,565 ) — (950 ) Carrying value, end of period $ 220,586 $ 4,853 $ 188,331 $ 5,663 (1) Represents changes in fair value driven by changes to the inputs to the valuation model related to assumed prepayment speeds. |
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: June 30, 2017 December 31, 2016 Expected weighted average life 80 months 82 months Constant prepayment speed 9.16 % 8.70 % Discount rate 10.05 10.05 Primary mortgage rate to refinance 4.05 4.11 Cost to service (per loan per year): Current $64 $64 30-59 214 214 60-89 364 364 90-119 464 464 120 days or more delinquent 864 864 |
Pension and Other Post-Retire32
Pension and Other Post-Retirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Pension and Post-Retirement Plans | The following table sets forth certain disclosures for the Company’s pension and post-retirement plans for the periods indicated: For the Three Months Ended June 30, 2017 2016 (in thousands) Pension Post- Pension Post-Retirement Components of net periodic (credit) expense: Interest cost $ 1,404 $ 144 $ 1,470 $ 160 Service cost — — — 1 Expected return on plan assets (4,073 ) — (3,906 ) — Amortization of prior-service costs — (62 ) — (62 ) Amortization of net actuarial loss 2,053 68 2,262 81 Net periodic (credit) expense $ (616 ) $ 150 $ (174 ) $ 180 For the Six Months Ended June 30, 2017 2016 (in thousands) Pension Post- Pension Post-Retirement Components of net periodic (credit) expense: Interest cost $ 2,808 $ 288 $ 2,940 $ 320 Service cost — — — 2 Expected return on plan assets (8,146 ) — (7,812 ) — Amortization of prior-service costs — (124 ) — (124 ) Amortization of net actuarial loss 4,106 136 4,524 162 Net periodic (credit) expense $ (1,232 ) $ 300 $ (348 ) $ 360 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Summary of Activity for Restricted Stock Awards | The following table provides a summary of activity with regard to restricted stock awards in the six months ended June 30, 2017: Number of Shares Weighted Average Unvested at beginning of year 6,930,306 $ 15.37 Granted 2,818,749 15.27 Vested (2,193,074 ) 15.01 Canceled (94,300 ) 15.67 Unvested at end of period 7,461,681 15.44 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 and December 31, 2016, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at June 30, 2017 (in thousands) Quoted Prices Significant Significant Netting (1) Total Assets: Mortgage-Related Securities Available for Sale: GSE certificates $ — $ 2,002,643 $ — $ — $ 2,002,643 GSE CMOs — 621,605 — — 621,605 Total mortgage-related securities $ — $ 2,624,248 $ — $ — $ 2,624,248 Other Securities Available for Sale: U.S Treasury Obligations $ 199,992 $ — $ — $ — $ 199,992 GSE debentures — 91,234 — — 91,234 Corporate bonds — 86,120 — — 86,120 Municipal bonds — 70,513 — — 70,513 Capital trust notes — 66,425 — — 66,425 Preferred stock 15,435 — — — 15,435 Mutual funds and common stock — 17,150 — — 17,150 Total other securities $ 215,427 $ 331,442 $ — $ — $ 546,869 Total securities available for sale $ 215,427 $ 2,955,690 $ — $ — $ 3,171,117 Other Assets: Loans held for sale $ — $ 266,888 $ — $ — $ 266,888 Mortgage servicing rights (held for sale at June 30, 2017) — — 220,586 — 220,586 Interest rate lock commitments — — 1,027 — 1,027 Derivative assets-other (2) 1,914 1,838 — (2,402 ) 1,350 Liabilities: Derivative liabilities $ (4,641 ) $ (1,272 ) $ — $ 1,702 $ (4,211 ) (1) Includes cash collateral received from, and paid to, counterparties. (2) Includes $1.1 million to purchase Treasury options. Fair Value Measurements at December 31, 2016 (in thousands) Quoted Prices Significant Significant Netting (1) Total Assets: Mortgage-Related Securities Available for Sale: GSE certificates $ — $ 7,326 $ — $ — $ 7,326 Total mortgage-related securities $ — $ 7,326 $ — $ — $ 7,326 Other Securities Available for Sale: Municipal bonds $ — $ 631 $ — $ — $ 631 Capital trust notes — 7,243 — — 7,243 Preferred stock 42,724 29,260 — — 71,984 Mutual funds and common stock — 17,097 — — 17,097 Total other securities $ 42,724 $ 54,231 $ — $ — $ 96,955 Total securities available for sale $ 42,724 $ 61,557 $ — $ — $ 104,281 Other Assets: Loans held for sale $ — $ 409,152 $ — $ — $ 409,152 Mortgage servicing rights — — 228,099 — 228,099 Interest rate lock commitments — — 982 — 982 Derivative assets-other (2) 2,611 16,829 — (17,861 ) 1,579 Liabilities: Derivative liabilities $ (6,009 ) $ (17,719 ) $ — $ 16,588 $ (7,140 ) (1) Includes cash collateral received from, and paid to, counterparties. (2) Includes $1.9 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: June 30, 2017 December 31, 2016 (in thousands) Fair Value Aggregate Fair Value Fair Value Aggregate Fair Value Loans held for sale $ 266,888 $ 260,464 $ 6,424 $ 409,152 $ 408,928 $ 224 |
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 Three Months For the Six Months (in thousands) 2017 2016 (2) 2017 2016 (2) Loans held for sale $ 658 $ 933 $ 595 $ 3,802 Mortgage servicing rights (held for sale at June 30, 2017) (7,621 ) (30,988 ) (10,348 ) (68,081 ) Total loss $ (6,963 ) $ (30,055 ) $ (9,753 ) $ (64,279 ) (1) Does not include the effect of economic hedging activities, which is included in “Other non-interest (2) The presentation of the amounts for the three and six months ended June 30, 2016 has been modified to conform to the presentation for the three and six months ended June 30, 2017. |
Rollforward of Financial Instruments Classified in Level Three of Valuation Hierarchy | The following tables present, for the six months ended June 30, 2017 and 2016, 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 Income/ Comprehensive Mortgage servicing rights (held for sale at June 30, 2017) $ 228,099 $ (19,496 ) $ — $ 11,983 $ — $ — $ 220,586 $ (10,348 ) Interest rate lock commitments 982 45 — — — — 1,027 1,027 (in thousands) Fair Value Total Realized/Unrealized Issuances Settlements Transfers Fair Value Change in Income/ Comprehensive Mortgage servicing rights $ 243,389 $ (74,238 ) $ — $ 19,180 $ — $ — $ 188,331 $ (60,163 ) Interest rate lock commitments 2,526 7,607 — — — — 10,133 10,133 |
Significant Unobservable Inputs used in Fair Value Measurement | For Level 3 assets and liabilities measured at fair value on a recurring basis as of June 30, 2017, 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 Mortgage servicing rights (held for sale at June 30, 2017) $220,586 Discounted Cash Flow Weighted Average Constant Prepayment Rate (1) 9.16 % Weighted Average Discount Rate 10.05 Interest rate lock commitments 1,027 Discounted Cash Flow Weighted Average Closing Ratio 75.04 (1) Represents annualized loan repayment rate assumptions. |
Summary of Carrying Values, Estimated Fair Values and Fair Value Measurement Levels of Financial Instruments | The following tables present assets and liabilities that were measured at fair value on a non-recurring Fair Value Measurements at June 30, 2017 Using (in thousands) Quoted Prices in Significant Other Significant Total Fair Certain impaired loans (1) $ — $ — $ 45,412 $ 45,412 Securities transferred to available-for-sale 199,992 2,923,081 — 3,123,073 Loans transferred to held for sale — — 1,536,836 1,536,836 Other assets (2) — — 1,546 1,546 Total $ 199,992 $ 2,923,081 $ 1,583,794 $ 4,706,867 (1) Represents the fair value of impaired loans, based on the value of the collateral. (2) 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, 2016 Using (in thousands) Quoted Prices in Significant Other Significant Total Fair Certain impaired loans (1) $ — $ — $ 15,635 $ 15,635 Other assets (2) — — 5,684 5,684 Total $ — $ — $ 21,319 $ 21,319 (1) Represents the fair value of impaired loans, based on the value of the collateral, primarily taxi medallion loans . (2) Represents the fair value of OREO, based on the appraised value of the collateral subsequent to its initial classification as OREO. |
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | 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 the dates indicated: June 30, 2017 Fair Value Measurement Using (in thousands) Carrying Estimated Fair Quoted Prices in Significant Significant Financial Assets: Cash and cash equivalents $ 1,129,846 $ 1,129,846 $ 1,129,846 $ — $ — FHLB stock (1) 589,067 589,067 — 589,067 — Loans, net 38,900,080 39,226,420 — — 39,226,420 Financial Liabilities: Deposits $ 28,893,565 $ 28,879,234 $ 20,662,712 (2) $ 8,216,522 (3) $ — Borrowed funds 12,363,526 12,327,278 — 12,327,278 — (1) Carrying value and estimated fair value are at cost. (2) NOW and money market accounts, savings accounts, and non-interest-bearing (3) Certificates of deposit. December 31, 2016 Fair Value Measurement Using (in thousands) Carrying Estimated Fair Quoted Prices Significant Significant Financial Assets: Cash and cash equivalents $ 557,850 $ 557,850 $ 557,850 $ — $ — Securities held to maturity 3,712,776 3,813,959 200,220 3,613,739 — FHLB stock (1) 590,934 590,934 — 590,934 — Loans, net 39,308,016 39,416,469 — — 39,416,469 Financial Liabilities: Deposits $ 28,887,903 $ 28,888,064 $ 21,310,733 (2) $ 7,577,331 (3) $ — Borrowed funds 13,673,379 13,633,943 — 13,633,943 — (1) Carrying value and estimated fair value are at cost. (2) NOW and money market accounts, savings accounts, and non-interest-bearing (3) Certificates of deposit. |
Derivative Financial Instrume35
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Financial Instruments | The following table sets forth information regarding the Company’s derivative financial instruments at June 30, 2017: (in thousands) Notional Unrealized (1) Gain Loss Treasury options $ 225,000 $ — $ 582 Eurodollar futures 25,000 5 3 Interest rate swaps 385,000 770 4,056 Forward commitments to sell loans/mortgage-backed securities 405,000 737 770 Forward commitments to buy loans/mortgage-backed securities 325,000 1,101 502 Interest rate lock commitments 267,142 1,027 — Total derivatives $ 1,632,142 $ 3,640 $ 5,913 (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 | Gain (Loss) Included in Mortgage Banking Income For the Three Months For the Six Months (in thousands) 2017 2016 2017 2016 Treasury options $ (1,080 ) $ 2,633 $ (3,250 ) $ 9,864 Treasury and Eurodollar futures (66 ) (121 ) (73 ) (55 ) Interest rate swaps 2,444 2,682 2,247 4,178 Forward commitments to buy/sell loans/mortgage-backed securities 1,144 (2,589 ) (3,080 ) (1,720 ) Total gain/(loss) $ 2,442 $ 2,605 $ (4,156 ) $ 12,267 |
Effect of Master Netting Arrangements on Presentation of Derivative Assets and Liabilities in Consolidated Statements of Financial Condition | The following tables present the effect of the master netting arrangements on the presentation of the derivative assets in the Consolidated Statements of Condition as of the dates indicated: June 30, 2017 (in thousands) Gross Amount (1) Gross Amount Net Amount of Gross Amounts Not Net Financial Cash Derivatives $ 4,779 $ 2,402 $ 2,377 $ — $ — $ 2,377 (1) Includes $1.1 million to purchase Treasury options. December 31, 2016 (in thousands) Gross Amount (1) Gross Amount Net Amount of Gross Amounts Not Net Financial Cash Derivatives $ 20,422 $ 17,861 $ 2,561 $ — $ — $ 2,561 (1) Includes $1.9 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: June 30, 2017 (in thousands) Gross Amount Gross Amount Net Amount of Gross Amounts Not Net Financial Cash Derivatives $ 5,913 $ 1,702 $ 4,211 $ — $ — $ 4,211 December 31, 2016 (in thousands) Gross Amount Gross Amount Net Amount of Gross Amounts Not Net Financial Cash Derivatives $ 23,728 $ 16,588 $ 7,140 $ — $ — $ 7,140 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Results | The following tables provide a summary of the Company’s segment results for the periods indicated on an internally managed accounting basis: For the Three Months Ended June 30, 2017 (in thousands) Banking Residential Total Company Net interest income $ 284,944 $ 2,825 $ 287,769 Recovery of loan losses (6,261 ) — (6,261 ) Non-Interest Third party (1) 41,756 8,681 50,437 Inter-segment (4,052 ) 4,052 — Total non-interest 37,704 12,733 50,437 Non-interest (2) 148,105 15,660 163,765 Income (loss) before income tax expense 180,804 (102 ) 180,702 Income tax expense (benefit) 65,488 (41 ) 65,447 Net income (loss) $ 115,316 $ (61 ) $ 115,255 Identifiable segment assets (period-end) $ 47,770,885 $ 576,773 $ 48,347,658 (1) Includes ancillary fee income. (2) Includes both direct and indirect expenses. For the Three Months Ended June 30, 2016 (in thousands) Banking Residential Total Company Net interest income $ 321,663 $ 3,910 $ 325,573 Provision for loan losses 895 — 895 Non-interest Third party (1) 29,899 7,467 37,366 Inter-segment (4,317 ) 4,317 — Total non-interest 25,582 11,784 37,366 Non-interest (2) 144,152 16,759 160,911 Income (loss) before income tax expense 202,198 (1,065 ) 201,133 Income tax expense (benefit) 75,097 (424 ) 74,673 Net income (loss) $ 127,101 $ (641 ) $ 126,460 Identifiable segment assets (period-end) $ 48,137,359 $ 898,388 $ 49,035,747 (1) Includes ancillary fee income. (2) Includes both direct and indirect expenses. The following tables provide a summary of the Company’s segment results for the periods indicated on an internally managed accounting basis: For the Six Months Ended June 30, 2017 (in thousands) Banking Residential Total Company Net interest income $ 577,221 $ 5,465 $ 582,686 Recovery of loan losses (10,269 ) — (10,269 ) Non-Interest Third party (1) 63,625 18,984 82,609 Inter-segment (7,811 ) 7,811 — Total non-interest 55,814 26,795 82,609 Non-interest (2) 299,041 31,667 330,708 Income before income tax expense 344,263 593 344,856 Income tax expense 125,408 236 125,644 Net income $ 218,855 $ 357 $ 219,212 Identifiable segment assets (period-end) $ 47,770,885 $ 576,773 $ 48,347,658 (1) Includes ancillary fee income. (2) Includes both direct and indirect expenses. For the Six Months Ended June 30, 2016 (in thousands) Banking Residential Total Company Net interest income $ 646,580 $ 6,859 $ 653,439 Provision for loan losses 719 — 719 Non-Interest Third party (1) 60,485 12,118 72,603 Inter-segment (8,429 ) 8,429 — Total non-interest 52,056 20,547 72,603 Non-interest (2) 286,202 33,157 319,359 Income before income tax expense 411,715 (5,751 ) 405,964 Income tax expense (benefit) 151,912 (2,317 ) 149,595 Net income (loss) $ 259,803 $ (3,434 ) $ 256,369 Identifiable segment assets (period-end) $ 48,137,359 $ 898,388 $ 49,035,747 (1) Includes ancillary fee income. (2) Includes both direct and indirect expenses. |
Organization and Basis of Pre37
Organization and Basis of Presentation - Additional Information (Detail) | 6 Months Ended | ||
Jun. 30, 2017Location$ / shares | Dec. 31, 2016$ / shares | Nov. 23, 1993$ / shares | |
Organization and Basis Of Presentation [Line Items] | |||
Common stock, par | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 |
Description of nine stock splits | ($0.93 per share on a split-adjusted basis, reflecting the impact of nine stock splits between 1994 and 2004). | ||
IPO | |||
Organization and Basis Of Presentation [Line Items] | |||
Shares issued, price per share | $ / shares | $ 25 | ||
Shares issued, price per share, split adjusted basis | $ / shares | $ 0.93 | ||
New York Community Bank | |||
Organization and Basis Of Presentation [Line Items] | |||
Number of branches | 225 | ||
New York Community Bank | Directly Operated Banks | |||
Organization and Basis Of Presentation [Line Items] | |||
Number of branches | 2 | ||
New York Community Bank | Seven Divisional Banks | |||
Organization and Basis Of Presentation [Line Items] | |||
Number of branches | 223 | ||
New York Commercial Bank | |||
Organization and Basis Of Presentation [Line Items] | |||
Number of branches | 30 | ||
New York Commercial Bank | Atlantic Bank | |||
Organization and Basis Of Presentation [Line Items] | |||
Number of branches | 18 |
Computation of Basic and Dilute
Computation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Net income available to common shareholders | $ 107,048 | $ 126,460 | $ 211,005 | $ 256,369 | |
Less: Dividends paid on and earnings allocated to participating securities | (873) | (983) | (1,693) | (1,962) | |
Earnings applicable to common stock | $ 106,175 | $ 125,477 | $ 209,312 | $ 254,407 | |
Weighted average common shares outstanding | 487,282,404 | 485,303,073 | 486,899,209 | 484,954,235 | |
Basic earnings per common share | $ 0.22 | $ 0.26 | $ 0.43 | $ 0.52 | |
Potential dilutive common shares | [1] | 0 | 0 | 0 | 0 |
Total shares for diluted earnings per share computation | 487,282,404 | 485,303,073 | 486,899,209 | 484,954,235 | |
Diluted earnings per common share and common share equivalents | $ 0.22 | $ 0.26 | $ 0.43 | $ 0.52 | |
[1] | At June 30, 2017 and 2016, there were no stock options outstanding. |
Computation of Basic and Dilu39
Computation of Basic and Diluted EPS (Parenthetical) (Detail) - shares | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
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 | 0 | 0 |
Reclassifications of Accumulate
Reclassifications of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Net gain on sales of securities | $ 26,936 | $ 13 | $ 28,915 | $ 176 | |
Income tax (benefit) expense | (65,447) | (74,673) | (125,644) | (149,595) | |
Net income | $ 115,255 | $ 126,460 | 219,212 | $ 256,369 | |
Reclassifications, net of tax | [1] | (1,324) | |||
Past service liability | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassifications, before tax | [1],[2] | 124 | |||
Actuarial losses | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassifications, before tax | [1],[2] | (4,242) | |||
Amortization of defined benefit pension | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassifications, before tax | [1] | (4,118) | |||
Tax benefit | [1] | 1,716 | |||
Reclassifications, net of tax | [1] | (2,402) | |||
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains on available for sale securities | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Net gain on sales of securities | [1] | 1,848 | |||
Income tax (benefit) expense | [1] | (770) | |||
Net income | [1] | $ 1,078 | |||
[1] | Amounts in parentheses indicate expense items. | ||||
[2] | See Note 9, "Pension and Other Post-Retirement Benefits," for additional information. |
Summary of Portfolio of Securit
Summary of Portfolio of Securities Available for Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | $ 3,081,676 | [1] | $ 105,567 | |
Gross Unrealized Gain | 102,937 | [1] | 1,980 | |
Gross Unrealized Loss | 13,496 | [1] | 3,266 | |
Fair Value | 3,171,117 | [1] | 104,281 | |
Mortgage-Related Securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 2,540,172 | |||
Gross Unrealized Gain | 85,090 | |||
Gross Unrealized Loss | 1,014 | |||
Fair Value | 2,624,248 | |||
Mortgage-Related Securities | GSE certificates | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 1,941,943 | [2] | 7,786 | |
Gross Unrealized Gain | [2] | 61,714 | ||
Gross Unrealized Loss | 1,014 | [2] | 460 | |
Fair Value | 2,002,643 | [2] | 7,326 | |
Mortgage-Related Securities | GSE CMOs | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | [3] | 598,229 | ||
Gross Unrealized Gain | [3] | 23,376 | ||
Fair Value | [3] | 621,605 | ||
Other Securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 541,504 | 97,781 | ||
Gross Unrealized Gain | 17,847 | 1,980 | ||
Gross Unrealized Loss | 12,482 | 2,806 | ||
Fair Value | 546,869 | 96,955 | ||
Other Securities | Municipal bonds | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 71,339 | 583 | ||
Gross Unrealized Gain | 113 | 48 | ||
Gross Unrealized Loss | 939 | |||
Fair Value | 70,513 | 631 | ||
Other Securities | Capital trust notes | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 75,206 | 9,458 | ||
Gross Unrealized Gain | 2,538 | 2 | ||
Gross Unrealized Loss | 11,319 | 2,217 | ||
Fair Value | 66,425 | 7,243 | ||
Other Securities | Preferred Stock (Par Value: $0.01): | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 15,293 | 70,866 | ||
Gross Unrealized Gain | 142 | 1,446 | ||
Gross Unrealized Loss | 328 | |||
Fair Value | 15,435 | 71,984 | ||
Other Securities | Mutual Funds and Common Stock | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 16,874 | [4] | 16,874 | |
Gross Unrealized Gain | 471 | [4] | 484 | |
Gross Unrealized Loss | 195 | [4] | 261 | |
Fair Value | 17,150 | [4] | $ 17,097 | |
Other Securities | U.S. Treasury obligations | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 200,021 | |||
Gross Unrealized Loss | 29 | |||
Fair Value | 199,992 | |||
Other Securities | GSE debentures | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 88,315 | |||
Gross Unrealized Gain | 2,919 | |||
Fair Value | 91,234 | |||
Other Securities | Corporate bonds | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 74,456 | |||
Gross Unrealized Gain | 11,664 | |||
Fair Value | $ 86,120 | |||
[1] | The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At June 30, 2017, the non-credit portion of OTTI recorded in AOCL was $8.6 million (before taxes). | |||
[2] | Government-sponsored enterprise. | |||
[3] | Collateralized mortgage obligations. | |||
[4] | Primarily consists of mutual funds that are Community Reinvestment Act-qualified investments. |
Summary of Portfolio of Secur42
Summary of Portfolio of Securities Available for Sale (Parenthetical) (Detail) $ in Millions | Jun. 30, 2017USD ($) |
Available-for-sale Securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Non-credit portion of OTTI recorded in AOCL, pre-tax | $ 8.6 |
Summary of Portfolio of Secur43
Summary of Portfolio of Securities Held to Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | ||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | $ 521,000 | $ 3,721,368 | [1] | |
Carrying Amount | [1] | 3,712,776 | ||
Gross Unrealized Gain | [1] | 117,373 | ||
Gross Unrealized Loss | [1] | 16,190 | ||
Fair Value | [1] | 3,813,959 | ||
Mortgage-Related Securities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 3,212,563 | |||
Carrying Amount | 3,212,563 | |||
Gross Unrealized Gain | 101,326 | |||
Gross Unrealized Loss | 2,456 | |||
Fair Value | 3,311,433 | |||
Mortgage-Related Securities | GSE certificates | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 2,193,489 | |||
Carrying Amount | 2,193,489 | |||
Gross Unrealized Gain | 64,431 | |||
Gross Unrealized Loss | 2,399 | |||
Fair Value | 2,255,521 | |||
Mortgage-Related Securities | GSE CMOs | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 1,019,074 | |||
Carrying Amount | 1,019,074 | |||
Gross Unrealized Gain | 36,895 | |||
Gross Unrealized Loss | 57 | |||
Fair Value | 1,055,912 | |||
Other Securities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 508,805 | |||
Carrying Amount | 500,213 | |||
Gross Unrealized Gain | 16,047 | |||
Gross Unrealized Loss | 13,734 | |||
Fair Value | 502,526 | |||
Other Securities | U.S. Treasury obligations | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 200,293 | |||
Carrying Amount | 200,293 | |||
Gross Unrealized Loss | 73 | |||
Fair Value | 200,220 | |||
Other Securities | GSE debentures | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 88,457 | |||
Carrying Amount | 88,457 | |||
Gross Unrealized Gain | 3,836 | |||
Fair Value | 92,293 | |||
Other Securities | Corporate bonds | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 74,217 | |||
Carrying Amount | 74,217 | |||
Gross Unrealized Gain | 9,549 | |||
Fair Value | 83,766 | |||
Other Securities | Municipal bonds | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 71,554 | |||
Carrying Amount | 71,554 | |||
Gross Unrealized Loss | 1,789 | |||
Fair Value | 69,765 | |||
Other Securities | Capital trust notes | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 74,284 | |||
Carrying Amount | 65,692 | |||
Gross Unrealized Gain | 2,662 | |||
Gross Unrealized Loss | 11,872 | |||
Fair Value | $ 56,482 | |||
[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, 2016, the non-credit portion of OTTI recorded in AOCL was $8.6 million (before taxes). |
Summary of Portfolio of Secur44
Summary of Portfolio of Securities Held to Maturity (Parenthetical) (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Held-to-maturity Securities | |
Schedule of Held-to-maturity Securities [Line Items] | |
Non-credit portion of OTTI recorded in AOCL, pre-tax | $ 8.6 |
Securities - Additional Informa
Securities - Additional Information (Detail) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2017USD ($)Investment | Dec. 31, 2016USD ($)Investment | |||
Schedule of Investments [Line Items] | ||||
Federal Home Loan Bank stock, at cost | [1] | $ 589,067 | $ 590,934 | |
Amortized cost from sales of held to maturity securities | 521,000 | 3,721,368 | [2] | |
Proceeds from sales of held to maturity securities | 547,925 | |||
Gross realized gains from sales of held to maturity securities | 26,900 | |||
Securities transferred from held to maturity to available for sale | 3,040,305 | |||
Unrealized gain on securities transferred from held to maturity to available for sale | 82,800 | |||
Investment securities designated as having a continuous loss position for twelve months or more, unrealized losses | $ 11,300 | $ 14,100 | ||
Investment securities designated as having a continuous loss position for twelve months or more, percentage below collective amortized cost | 25.90% | 32.20% | ||
Investment securities designated as having a continuous loss position for twelve months or more, amortized cost | $ 43,700 | $ 43,700 | ||
Capital trust notes | ||||
Schedule of Investments [Line Items] | ||||
Number of investment securities designated as having a continuous loss position for twelve months or more | Investment | 5 | 5 | ||
[1] | Carrying value and estimated fair value are at cost. | |||
[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, 2016, the non-credit portion of OTTI recorded in AOCL was $8.6 million (before taxes). |
Summary of Gross Proceeds and G
Summary of Gross Proceeds and Gross Realized Gains from Sale of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Gain (Loss) on Investments [Line Items] | ||
Gross proceeds | $ 139,009 | $ 112,676 |
Gross realized gains | $ 1,986 | $ 176 |
Credit Loss Component of Other
Credit Loss Component of Other Than Temporary Impairment on Debt Securities (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |
Beginning OTTI credit loss amount | $ 197,552 |
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 |
Increase in cash flows on debt securities | 99 |
Ending OTTI credit loss amount | $ 197,453 |
Summary of Carrying Amount of A
Summary of Carrying Amount of Available-for-Sale Securities by Contractual Maturity (Detail) $ in Thousands | Jun. 30, 2017USD ($) | [1] |
Available-for-Sale Securities: | ||
Due within one year | $ 260,589 | |
Due from one to five years | 972,669 | |
Due from five to ten years | 1,562,656 | |
Due after ten years | 342,619 | |
Total securities available for sale | 3,138,533 | |
Mortgage-Related Securities | ||
Available-for-Sale Securities: | ||
Due from one to five years | 879,036 | |
Due from five to ten years | 1,458,818 | |
Due after ten years | 202,318 | |
Total securities available for sale | $ 2,540,172 | |
Available-for-Sale Securities, Average Yield | ||
Due from one to five years, Average Yield | 3.34% | |
Due from five to ten years, Average Yield | 3.15% | |
Due after ten years, Average Yield | 3.07% | |
Total securities available for sale, Average Yield | 3.21% | |
U.S. Treasury and GSE Obligations | ||
Available-for-Sale Securities: | ||
Due within one year | $ 259,463 | |
Due from one to five years | 6,950 | |
Due from five to ten years | 21,923 | |
Total securities available for sale | $ 288,336 | |
Available-for-Sale Securities, Average Yield | ||
Due within one year, Average Yield | 1.42% | |
Due from one to five years, Average Yield | 3.84% | |
Due from five to ten years, Average Yield | 3.52% | |
Total securities available for sale, Average Yield | 1.64% | |
State, county, and municipal | ||
Available-for-Sale Securities: | ||
Due within one year | $ 149 | |
Due from one to five years | 437 | |
Due after ten years | 70,753 | |
Total securities available for sale | $ 71,339 | |
Available-for-Sale Securities, Average Yield | ||
Due within one year, Average Yield | 6.47% | [2] |
Due from one to five years, Average Yield | 6.59% | [2] |
Due after ten years, Average Yield | 2.88% | [2] |
Total securities available for sale, Average Yield | 2.91% | [2] |
Other Debt Securities | ||
Available-for-Sale Securities: | ||
Due from one to five years | $ 48,254 | [3] |
Due from five to ten years | 26,202 | [3] |
Due after ten years | 75,206 | [3] |
Total securities available for sale | $ 149,662 | [3] |
Available-for-Sale Securities, Average Yield | ||
Due from one to five years, Average Yield | 3.46% | |
Due from five to ten years, Average Yield | 9.06% | |
Due after ten years, Average Yield | 4.80% | |
Total securities available for sale, Average Yield | 5.11% | |
[1] | (3) As equity securities have no contractual maturity, they have been excluded from this table. | |
[2] | Not presented on a tax-equivalent basis. | |
[3] | (2) Includes corporate bonds and capital trust notes. |
Summary of Held-to-Maturity and
Summary of Held-to-Maturity and Available-for-Sale Securities Having Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Schedule of Investments [Line Items] | |||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | $ 483,559 | $ 36,385 | |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 2,177 | 1,049 | |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 32,396 | 5,241 | |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 11,319 | 2,217 | |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 515,955 | 41,626 | |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 13,496 | 3,266 | |
Temporarily Impaired Held-to-Maturity Securities, Total Unrealized Loss | [1] | 16,190 | |
Debt Securities | |||
Schedule of Investments [Line Items] | |||
Temporarily Impaired Held-to-Maturity Securities, Less than Twelve Months Fair Value | 581,856 | ||
Temporarily Impaired Held-to-Maturity Securities, Less than Twelve Months Unrealized Loss | 4,318 | ||
Temporarily Impaired Held-to-Maturity Securities, Twelve Months or Longer Fair Value | 24,364 | ||
Temporarily Impaired Held-to-Maturity Securities, Twelve Months or Longer Unrealized Loss | 11,872 | ||
Temporarily Impaired Held-to-Maturity Securities, Total Fair Value | 606,220 | ||
Temporarily Impaired Held-to-Maturity Securities, Total Unrealized Loss | 16,190 | ||
Debt Securities | GSE certificates | |||
Schedule of Investments [Line Items] | |||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 219,080 | 7,326 | |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 1,014 | 460 | |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 219,080 | 7,326 | |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 1,014 | 460 | |
Temporarily Impaired Held-to-Maturity Securities, Less than Twelve Months Fair Value | 268,891 | ||
Temporarily Impaired Held-to-Maturity Securities, Less than Twelve Months Unrealized Loss | 2,399 | ||
Temporarily Impaired Held-to-Maturity Securities, Total Fair Value | 268,891 | ||
Temporarily Impaired Held-to-Maturity Securities, Total Unrealized Loss | 2,399 | ||
Debt Securities | Capital trust notes | |||
Schedule of Investments [Line Items] | |||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 32,396 | 5,241 | |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 11,319 | 2,217 | |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 32,396 | 5,241 | |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 11,319 | 2,217 | |
Temporarily Impaired Held-to-Maturity Securities, Twelve Months or Longer Fair Value | 24,364 | ||
Temporarily Impaired Held-to-Maturity Securities, Twelve Months or Longer Unrealized Loss | 11,872 | ||
Temporarily Impaired Held-to-Maturity Securities, Total Fair Value | 24,364 | ||
Temporarily Impaired Held-to-Maturity Securities, Total Unrealized Loss | 11,872 | ||
Debt Securities | GSE CMOs | |||
Schedule of Investments [Line Items] | |||
Temporarily Impaired Held-to-Maturity Securities, Less than Twelve Months Fair Value | 42,980 | ||
Temporarily Impaired Held-to-Maturity Securities, Less than Twelve Months Unrealized Loss | 57 | ||
Temporarily Impaired Held-to-Maturity Securities, Total Fair Value | 42,980 | ||
Temporarily Impaired Held-to-Maturity Securities, Total Unrealized Loss | 57 | ||
Debt Securities | U.S. Treasury obligations | |||
Schedule of Investments [Line Items] | |||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 199,992 | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 29 | ||
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 199,992 | ||
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 29 | ||
Temporarily Impaired Held-to-Maturity Securities, Less than Twelve Months Fair Value | 200,220 | ||
Temporarily Impaired Held-to-Maturity Securities, Less than Twelve Months Unrealized Loss | 73 | ||
Temporarily Impaired Held-to-Maturity Securities, Total Fair Value | 200,220 | ||
Temporarily Impaired Held-to-Maturity Securities, Total Unrealized Loss | 73 | ||
Debt Securities | Municipal bonds | |||
Schedule of Investments [Line Items] | |||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 52,876 | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 939 | ||
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 52,876 | ||
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 939 | ||
Temporarily Impaired Held-to-Maturity Securities, Less than Twelve Months Fair Value | 69,765 | ||
Temporarily Impaired Held-to-Maturity Securities, Less than Twelve Months Unrealized Loss | 1,789 | ||
Temporarily Impaired Held-to-Maturity Securities, Total Fair Value | 69,765 | ||
Temporarily Impaired Held-to-Maturity Securities, Total Unrealized Loss | 1,789 | ||
Equity securities | |||
Schedule of Investments [Line Items] | |||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 11,611 | 29,059 | |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 195 | 589 | |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 11,611 | 29,059 | |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | $ 195 | $ 589 | |
[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, 2016, the non-credit portion of OTTI recorded in AOCL was $8.6 million (before taxes). |
Composition of Loan Portfolio (
Composition of Loan Portfolio (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 37,225,844 | $ 37,356,201 | |||
Net deferred loan origination costs | $ 25,195 | $ 26,521 | |||
Non-Covered Loans, Percentage | 100.00% | 100.00% | |||
Allowance for losses on non-covered loans | $ (154,683) | $ (158,290) | $ (153,059) | $ (147,124) | |
Non-covered loans held for investment, net | 37,096,356 | 37,224,432 | |||
Covered loans | 1,500,000 | 1,698,133 | |||
Allowance for losses on covered loans | (23,701) | (26,649) | (31,395) | ||
Covered loans, net | 1,674,432 | ||||
Loans held for sale | 1,803,724 | 409,152 | |||
Total loans, net | 38,900,080 | 39,308,016 | |||
Commercial and Industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | [1] | 2,030,482 | 1,900,445 | ||
Commercial and Industrial | Other loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 1,485,487 | $ 1,341,216 | |||
Non-Covered Loans, Percentage | 3.99% | 3.59% | |||
Multi-Family | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 26,859,208 | $ 26,945,052 | |||
Non-Covered Loans, Percentage | 72.15% | 72.13% | |||
Commercial Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 7,540,633 | $ 7,724,362 | |||
Non-Covered Loans, Percentage | 20.26% | 20.68% | |||
One-to-four family | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 412,945 | $ 381,081 | |||
Non-Covered Loans, Percentage | 1.11% | 1.02% | |||
Acquisition, Development and Construction | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 373,041 | $ 381,194 | |||
Non-Covered Loans, Percentage | 1.00% | 1.02% | |||
Mortgage Receivable | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 35,185,827 | $ 35,431,689 | |||
Non-Covered Loans, Percentage | 94.52% | 94.85% | |||
Allowance for losses on non-covered loans | $ (121,721) | $ (125,416) | $ (128,696) | $ (124,478) | |
Lease financing, unearned income | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 544,995 | $ 559,229 | |||
Non-Covered Loans, Percentage | 1.47% | 1.50% | |||
Other Commercial and Industrial Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | [2] | $ 2,030,482 | $ 1,900,445 | ||
Non-Covered Loans, Percentage | 5.46% | 5.09% | |||
Purchased Credit-Impaired Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 5,406 | $ 5,762 | |||
Non-Covered Loans, Percentage | 0.01% | 0.01% | |||
Other | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 4,129 | $ 18,305 | |||
Non-Covered Loans, Percentage | 0.01% | 0.05% | |||
Total Other Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 2,034,611 | $ 1,918,750 | |||
Total Other Loans | Other loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 2,040,017 | $ 1,924,512 | |||
Non-Covered Loans, Percentage | 5.48% | 5.15% | |||
[1] | Includes lease financing receivables, all of which were classified as "pass." | ||||
[2] | Includes specialty finance loans of $1.5 billion at June 30, 2017 and $1.3 billion at December 31, 2016, and other commercial and industrial loans of $566.4 million and $632.9 million, respectively, at June 30, 2017 and December 31, 2016. |
Composition of Loan Portfolio51
Composition of Loan Portfolio (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | $ 37,225,844 | $ 37,356,201 | |
Commercial and Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | [1] | 2,030,482 | 1,900,445 |
Commercial and Industrial | Other loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | 1,485,487 | 1,341,216 | |
Lease financing, unearned income | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unearned income | 56,205 | 60,278 | |
Non-Covered Loans | 544,995 | 559,229 | |
Specialty Finance Loans | Commercial and Industrial | Other loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | 1,500,000 | 1,300,000 | |
Other Commercial and Industrial Loans | Commercial and Industrial | Other loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | $ 566,400 | $ 632,900 | |
[1] | Includes lease financing receivables, all of which were classified as "pass." |
Loans - Additional Information
Loans - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2017USD ($)Investment | Jun. 30, 2016USD ($)Investment | Jun. 30, 2017USD ($)Investment | Jun. 30, 2016USD ($)Investment | Dec. 31, 2016USD ($) | Jun. 27, 2017USD ($) | |
Financing Receivable, Recorded Investment [Line Items] | ||||||
Outstanding loans to Executive officers, directors, principal shareholders, related interest and parties | $ 58,200,000 | $ 58,200,000 | $ 91,800,000 | |||
Non-Covered Loans | 37,225,844,000 | 37,225,844,000 | 37,356,201,000 | |||
Loans held for sale | 266,888,000 | 266,888,000 | 409,152,000 | |||
Covered loans | 1,500,000,000 | 1,500,000,000 | 1,698,133,000 | |||
Delinquent loans selectively extended to certain borrowers, rate reductions, forbearance of arrears, and extension of maturity dates | $ 19,379,000 | $ 758,000 | $ 24,145,000 | $ 10,439,000 | ||
Number of loans modified as TDRs | Investment | 16 | 2 | 34 | 6 | ||
Provision (recovery) for losses on loans | $ (6,261,000) | $ 895,000 | $ (10,269,000) | $ 719,000 | ||
FDIC indemnification expense | 14,300,000 | 1,500,000 | 19,000,000 | 3,800,000 | ||
Freedom Mortgage Corporation | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Mortgage servicing rights asset | $ 220,600,000 | |||||
Loans held for sale | 266,900,000 | |||||
Am Trust Bank and Desert Hills Bank | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Total loans, net | 1,800,000,000 | 1,800,000,000 | 2,100,000,000 | |||
Purchased Credit-Impaired Loans | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Non-Covered Loans | 5,406,000 | 5,406,000 | 5,762,000 | |||
Purchased credit-impaired loans outstanding | 6,200,000 | 6,200,000 | ||||
One-to-four family | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Non-Covered Loans | 412,945,000 | 412,945,000 | 381,081,000 | |||
Delinquent loans selectively extended to certain borrowers, rate reductions, forbearance of arrears, and extension of maturity dates | $ 657,000 | $ 108,000 | $ 994,000 | $ 636,000 | ||
Number of loans modified as TDRs | Investment | 3 | 1 | 4 | 3 | ||
One-to-four family | Cerberus Capital Management, L. P. | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Covered loans | $ 1,500,000,000 | |||||
Principal shareholders | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Outstanding loans to Executive officers, directors, principal shareholders, related interest and parties | $ 0 | $ 0 | 0 | |||
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 | 37,400,000 | |||||
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 | 2,600,000 | |||||
Residential Mortgage | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Mortgage loans on real estate, foreclosures | 71,600,000 | 78,600,000 | ||||
Covered Loans | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Current | 1,300,000,000 | 1,300,000,000 | ||||
Provision (recovery) for losses on loans | (17,906,000) | $ (1,849,000) | (23,701,000) | $ (4,746,000) | ||
Covered Loans | Performing Financial Instruments | Financing Receivable Recorded Investment 30 to 89 days past due | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Total Past Due | 22,900,000 | 22,900,000 | ||||
Covered Loans | Performing Financial Instruments | Loans 90 Days Or More Past Due | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Total Past Due | 129,100,000 | 129,100,000 | ||||
Non-Covered Loans | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Total Past Due | 94,123,000 | 94,123,000 | 66,852,000 | |||
Current | 37,126,315,000 | 37,126,315,000 | 37,283,587,000 | |||
Provision (recovery) for losses on loans | 11,645,000 | $ 2,744,000 | $ 13,432,000 | $ 5,465,000 | ||
Non-Covered Loans | One-to-four family | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Number of loans modified as TDRs | Investment | 1,000,000 | |||||
Loan modified as TDRs subsequently defaulted | $ 255,000,000,000 | |||||
Total Past Due | 11,021,000 | 11,021,000 | 12,523,000 | |||
Current | 401,924,000 | 401,924,000 | 368,558,000 | |||
Non-Covered Loans | Loans 90 Days Or More Past Due | Purchased Credit-Impaired Loans | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Total Past Due | $ 595,000 | $ 595,000 | $ 869,000 |
Quality of Non-Covered Loans (E
Quality of Non-Covered Loans (Excluding PCI Loans) (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-Covered Loans | $ 37,220,438 | $ 37,350,439 | |||
Multi-Family | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-Covered Loans | 26,859,208 | 26,945,052 | |||
Commercial Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-Covered Loans | 7,540,633 | 7,724,362 | |||
One-to-four family | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-Covered Loans | 412,945 | 381,081 | |||
Acquisition, Development and Construction | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-Covered Loans | 373,041 | 381,194 | |||
Commercial and Industrial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-Covered Loans | [2] | 2,030,482 | [1] | 1,900,445 | [3] |
Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-Covered Loans | 4,129 | 18,305 | |||
Non-Covered Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non- Accrual | 81,988 | [4] | 56,469 | [5] | |
Total Past Due | 94,123 | 66,852 | |||
Current | 37,126,315 | 37,283,587 | |||
Non-Covered Loans | Financing Receivable, 30-89 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 12,135 | [4] | 10,383 | [5] | |
Non-Covered Loans | Multi-Family | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non- Accrual | 9,820 | [4] | 13,558 | [5] | |
Total Past Due | 14,021 | 13,586 | |||
Current | 26,845,187 | 26,931,466 | |||
Non-Covered Loans | Multi-Family | Financing Receivable, 30-89 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 4,201 | [4] | 28 | [5] | |
Non-Covered Loans | Commercial Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non- Accrual | 4,497 | [4] | 9,297 | [5] | |
Total Past Due | 6,083 | 9,297 | |||
Current | 7,534,550 | 7,715,065 | |||
Non-Covered Loans | Commercial Real Estate | Financing Receivable, 30-89 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | [4] | 1,586 | |||
Non-Covered Loans | One-to-four family | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non- Accrual | 10,724 | [4] | 9,679 | [5] | |
Total Past Due | 11,021 | 12,523 | |||
Current | 401,924 | 368,558 | |||
Non-Covered Loans | One-to-four family | Financing Receivable, 30-89 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 297 | [4] | 2,844 | [5] | |
Non-Covered Loans | Acquisition, Development and Construction | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non- Accrual | 6,200 | [4] | 6,200 | [5] | |
Total Past Due | 6,200 | 6,200 | |||
Current | 366,841 | 374,994 | |||
Non-Covered Loans | Commercial and Industrial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non- Accrual | [2] | 49,484 | [1],[4] | 16,422 | [3],[5] |
Total Past Due | [2] | 55,520 | [1] | 23,685 | [3] |
Current | [2] | 1,974,962 | [1] | 1,876,760 | [3] |
Non-Covered Loans | Commercial and Industrial | Financing Receivable, 30-89 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | [2] | 6,036 | [1],[4] | 7,263 | [3],[5] |
Non-Covered Loans | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non- Accrual | 1,263 | [4] | 1,313 | [5] | |
Total Past Due | 1,278 | 1,561 | |||
Current | 2,851 | 16,744 | |||
Non-Covered Loans | Other | Financing Receivable, 30-89 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | $ 15 | [4] | $ 248 | [5] | |
[1] | Includes $6.0 million and $34.3 million of taxi medallion loans or taxi medallion-related loans that were 30 to 89 days past due and 90 days or more past due, respectively. | ||||
[2] | Includes lease financing receivables, all of which were current. | ||||
[3] | Includes $6.8 million and $15.2 million of taxi medallion loans that were 30 to 89 days past due and 90 days or more past due, respectively. | ||||
[4] | Excludes $595 thousand of non-covered PCI loans that were 90 days or more past due. | ||||
[5] | Excludes $6 thousand and $869 thousand of non-covered PCI loans that were 30 to 89 days past due and 90 days or more past due, respectively. |
Quality of Non-Covered Loans 54
Quality of Non-Covered Loans (Excluding PCI Loans) (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |||
Non-Covered Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | $ 94,123 | $ 66,852 | |||
Non-Covered Loans | Commercial and Industrial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | [2] | 55,520 | [1] | 23,685 | [3] |
Financing Receivable, 30-89 Days Past Due | Non-Covered Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 12,135 | [4] | 10,383 | [5] | |
Financing Receivable, 30-89 Days Past Due | Non-Covered Loans | Commercial and Industrial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | [2] | 6,036 | [1],[4] | 7,263 | [3],[5] |
Financing Receivable, 30-89 Days Past Due | Non-Covered Loans | Purchased Credit-Impaired Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 6 | ||||
Financing Receivable, 30-89 Days Past Due | Taxi Medallion Loans | Commercial and Industrial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 6,000 | 6,800 | |||
Loans 90 Days Or More Past Due | Non-Covered Loans | Purchased Credit-Impaired Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 595 | 869 | |||
Loans 90 Days Or More Past Due | Taxi Medallion Loans | Commercial and Industrial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | $ 34,300 | $ 15,200 | |||
[1] | Includes $6.0 million and $34.3 million of taxi medallion loans or taxi medallion-related loans that were 30 to 89 days past due and 90 days or more past due, respectively. | ||||
[2] | Includes lease financing receivables, all of which were current. | ||||
[3] | Includes $6.8 million and $15.2 million of taxi medallion loans that were 30 to 89 days past due and 90 days or more past due, respectively. | ||||
[4] | Excludes $595 thousand of non-covered PCI loans that were 90 days or more past due. | ||||
[5] | Excludes $6 thousand and $869 thousand of non-covered PCI loans that were 30 to 89 days past due and 90 days or more past due, respectively. |
Non-Covered Loan Portfolio by C
Non-Covered Loan Portfolio by Credit Quality Indicator (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | $ 37,225,844 | $ 37,356,201 | |
Multi-Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 26,859,208 | 26,945,052 | |
Multi-Family | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 26,664,141 | 26,754,622 | |
Multi-Family | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 100,089 | 164,325 | |
Multi-Family | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 94,978 | 26,105 | |
Commercial Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 7,540,633 | 7,724,362 | |
Commercial Real Estate | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 7,525,701 | 7,701,773 | |
Commercial Real Estate | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 8,515 | 12,604 | |
Commercial Real Estate | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 6,417 | 9,985 | |
One-to-four family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 412,945 | 381,081 | |
One-to-four family | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 410,772 | 371,179 | |
One-to-four family | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 2,173 | 9,902 | |
Acquisition, Development and Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 373,041 | 381,194 | |
Acquisition, Development and Construction | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 324,789 | 341,784 | |
Acquisition, Development and Construction | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 42,052 | 33,210 | |
Acquisition, Development and Construction | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 6,200 | 6,200 | |
Mortgage Receivable | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 35,185,827 | 35,431,689 | |
Mortgage Receivable | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 34,925,403 | 35,169,358 | |
Mortgage Receivable | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 150,656 | 210,139 | |
Mortgage Receivable | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 109,768 | 52,192 | |
Commercial and Industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | [1] | 2,030,482 | 1,900,445 |
Commercial and Industrial | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | [1] | 1,910,975 | 1,771,975 |
Commercial and Industrial | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | [1] | 38,503 | 54,979 |
Commercial and Industrial | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | [1] | 81,004 | 73,491 |
Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 4,129 | 18,305 | |
Other | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 4,121 | 16,992 | |
Other | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 8 | 1,313 | |
Total Other Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 2,034,611 | 1,918,750 | |
Total Other Loans | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 1,915,096 | 1,788,967 | |
Total Other Loans | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 38,503 | 54,979 | |
Total Other Loans | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | $ 81,012 | $ 74,804 | |
[1] | Includes lease financing receivables, all of which were classified as "pass." |
Information Regarding Troubled
Information Regarding Troubled Debt Restructurings (Detail) - Non-Covered Loans - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | $ 40,044 | $ 19,920 |
Multi-Family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 10,023 | 10,736 |
Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 891 | 1,861 |
One-to-four family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 3,240 | 1,971 |
Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 25,689 | 5,150 |
Other loans | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 201 | 202 |
Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 2,358 | 3,466 |
Accruing | Multi-Family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 1,962 | 1,981 |
Accruing | One-to-four family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 219 | 222 |
Accruing | Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 177 | 1,263 |
Non-Accrual | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 37,686 | 16,454 |
Non-Accrual | Multi-Family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 8,061 | 8,755 |
Non-Accrual | Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 891 | 1,861 |
Non-Accrual | One-to-four family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 3,021 | 1,749 |
Non-Accrual | Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 25,512 | 3,887 |
Non-Accrual | Other loans | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | $ 201 | $ 202 |
Summary of Financial Effects of
Summary of Financial Effects of Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($)Investment | Jun. 30, 2016USD ($)Investment | Jun. 30, 2017USD ($)Investment | Jun. 30, 2016USD ($)Investment | |
Financing Receivable, Modifications [Line Items] | ||||
Number of loans classified as a non-accrual TDRs | Investment | 16 | 2 | 34 | 6 |
Pre-Modification Recorded Investment | $ 23,296 | $ 652 | $ 31,523 | $ 11,214 |
Post-Modification Recorded Investment | 19,379 | 758 | 24,145 | 10,439 |
Trouble debt restructuring, charge-off amount | 825 | 4,104 | 47 | |
Capitalized interest | $ 7 | $ 2 | $ 12 | $ 6 |
One-to-four family | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of loans classified as a non-accrual TDRs | Investment | 3 | 1 | 4 | 3 |
Pre-Modification Recorded Investment | $ 544 | $ 1 | $ 809 | $ 477 |
Post-Modification Recorded Investment | $ 657 | $ 108 | $ 994 | $ 636 |
Weighted Average Interest Rate, Pre-Modification | 5.90% | 4.13% | 5.93% | 3.62% |
Weighted Average Interest Rate, Post-Modification | 2.00% | 2.00% | 2.21% | 3.07% |
Capitalized interest | $ 7 | $ 2 | $ 12 | $ 6 |
Commercial and Industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of loans classified as a non-accrual TDRs | Investment | 13 | 1 | 30 | 2 |
Pre-Modification Recorded Investment | $ 22,752 | $ 651 | $ 30,714 | $ 1,397 |
Post-Modification Recorded Investment | $ 18,722 | $ 650 | $ 23,151 | $ 1,300 |
Weighted Average Interest Rate, Pre-Modification | 3.49% | 3.30% | 3.45% | 3.30% |
Weighted Average Interest Rate, Post-Modification | 3.45% | 3.30% | 3.45% | 3.20% |
Trouble debt restructuring, charge-off amount | $ 825 | $ 4,104 | $ 47 | |
Multi-Family | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of loans classified as a non-accrual TDRs | Investment | 1 | |||
Pre-Modification Recorded Investment | $ 9,340 | |||
Post-Modification Recorded Investment | $ 8,503 | |||
Weighted Average Interest Rate, Pre-Modification | 4.63% | |||
Weighted Average Interest Rate, Post-Modification | 4.00% |
Covered Loans Acquired in Acqui
Covered Loans Acquired in Acquisitions of AmTrust Bank ("Am Trust") and Desert Hills Bank ("Desert Hills") (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Covered loans | $ 1,500,000 | $ 1,698,133 |
Covered loans held for sale | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Covered loans | $ 1,480,733 | |
Percent of Covered Loans | 100.00% | |
One-to-four family | Covered loans held for sale | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Covered loans | $ 1,433,324 | |
Percent of Covered Loans | 96.80% | |
Other loans | Covered loans held for sale | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Covered loans | $ 47,409 | |
Percent of Covered Loans | 3.20% |
Changes in Accretable Yield for
Changes in Accretable Yield for Covered Loans (Detail) - Covered Loans $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Balance at beginning of period | $ 647,470 |
Reclassification to non-accretable difference | (11,381) |
Accretion | (62,625) |
Balance at end of period | $ 573,464 |
Covered Loans Thirty to Eighty
Covered Loans Thirty to Eighty Nine Days, Ninety Days or More Past Due (Detail) - Covered Loans - Covered loans held for sale - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Loans 90 Days Or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 129,093 | $ 131,465 |
Loans 90 Days Or More Past Due | One-to-four family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 120,815 | 124,820 |
Loans 90 Days Or More Past Due | Other loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,278 | 6,645 |
Financing Receivable, 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 22,852 | 22,648 |
Financing Receivable, 30-89 Days Past Due | One-to-four family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 17,718 | 21,112 |
Financing Receivable, 30-89 Days Past Due | Other loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 5,134 | $ 1,536 |
Activity in Allowance for Losse
Activity in Allowance for Losses for Non-Covered Loans and Covered Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, Individually evaluated for impairment | $ 577 | |
Allowance for Loan Losses, Collectively evaluated for impairment | $ 152,817 | 155,947 |
Allowance for Loan Losses | 154,683 | 181,991 |
Acquired loans with deteriorated credit quality | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, other | 1,866 | 25,467 |
Mortgage Receivable | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 120,325 | 123,925 |
Allowance for Loan Losses | 121,721 | 135,909 |
Mortgage Receivable | Acquired loans with deteriorated credit quality | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, other | 1,396 | 11,984 |
Other loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, Individually evaluated for impairment | 577 | |
Allowance for Loan Losses, Collectively evaluated for impairment | 32,492 | 32,022 |
Allowance for Loan Losses | 32,962 | 46,082 |
Other loans | Acquired loans with deteriorated credit quality | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, other | $ 470 | $ 13,483 |
Additional Information Regardin
Additional Information Regarding Methods used to Evaluate Loan Portfolio for Impairment (Detail) - Additional Information Loan Portfolio - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Individually evaluated for impairment | $ 71,210 | $ 48,252 |
Loans Receivable, Collectively evaluated for impairment | 37,149,228 | 37,302,187 |
Total loans, net | 37,225,844 | 39,054,334 |
Acquired loans with deteriorated credit quality | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, other | 5,406 | 1,703,895 |
Mortgage Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Individually evaluated for impairment | 21,549 | 29,660 |
Loans Receivable, Collectively evaluated for impairment | 35,164,278 | 35,402,029 |
Total loans, net | 35,190,422 | 37,046,444 |
Mortgage Receivable | Acquired loans with deteriorated credit quality | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, other | 4,595 | 1,614,755 |
Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Individually evaluated for impairment | 49,661 | 18,592 |
Loans Receivable, Collectively evaluated for impairment | 1,984,950 | 1,900,158 |
Total loans, net | 2,035,422 | 2,007,890 |
Other loans | Acquired loans with deteriorated credit quality | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, other | $ 811 | $ 89,140 |
Activity in Allowance for Los63
Activity in Allowance for Losses on Non-Covered Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Valuation Allowance [Line Items] | ||||
Balance, beginning of period | $ 158,290 | $ 147,124 | ||
Charge-offs | (17,736) | (1,251) | ||
Recoveries | 697 | 1,721 | ||
Provision for loan losses | $ (6,261) | $ 895 | (10,269) | 719 |
Balance, end of period | 154,683 | 153,059 | 154,683 | 153,059 |
Non-Covered Loans | ||||
Valuation Allowance [Line Items] | ||||
Provision for loan losses | 11,645 | 2,744 | 13,432 | 5,465 |
Mortgage Receivable | ||||
Valuation Allowance [Line Items] | ||||
Balance, beginning of period | 125,416 | 124,478 | ||
Charge-offs | (90) | (153) | ||
Recoveries | 180 | 1,140 | ||
Balance, end of period | 121,721 | 128,696 | 121,721 | 128,696 |
Mortgage Receivable | Non-Covered Loans | ||||
Valuation Allowance [Line Items] | ||||
Provision for loan losses | (3,785) | 3,231 | ||
Other loans | ||||
Valuation Allowance [Line Items] | ||||
Balance, beginning of period | 32,874 | 22,646 | ||
Charge-offs | (17,646) | (1,098) | ||
Recoveries | 517 | 581 | ||
Balance, end of period | $ 32,962 | $ 24,363 | 32,962 | 24,363 |
Other loans | Non-Covered Loans | ||||
Valuation Allowance [Line Items] | ||||
Provision for loan losses | $ 17,217 | $ 2,234 |
Additional Information about Im
Additional Information about Impaired Loans (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | $ 71,210 | $ 36,399 |
Impaired loans with no related allowance, Unpaid Principal Balance | 109,411 | 55,723 |
Impaired loans with no related allowance, Average Recorded Investment | 53,063 | 34,782 |
Impaired loans with no related allowance, Interest Income Recognized | 807 | 1,400 |
Impaired loans with an allowance recorded, Recorded Investment | 11,853 | |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 13,529 | |
Impaired loans with an allowance recorded, Related Allowance | 577 | |
Impaired loans with an allowance recorded, Average Recorded Investment | 4,370 | 4,574 |
Impaired loans with an allowance recorded, Interest Income Recognized | 213 | |
Total impaired loans, Recorded Investment | 48,252 | |
Total impaired loans, Unpaid Principal Balance | 69,252 | |
Impaired loans with an allowance recorded, Related Allowance | 577 | |
Total impaired loans, Average Recorded Investment | 39,356 | |
Total impaired loans, Interest Income Recognized | 1,613 | |
Multi-Family | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 10,029 | 10,742 |
Impaired loans with no related allowance, Unpaid Principal Balance | 12,640 | 13,133 |
Impaired loans with no related allowance, Average Recorded Investment | 10,331 | 11,431 |
Impaired loans with no related allowance, Interest Income Recognized | 285 | 627 |
Total impaired loans, Recorded Investment | 10,029 | 10,742 |
Total impaired loans, Unpaid Principal Balance | 12,640 | 13,133 |
Total impaired loans, Average Recorded Investment | 10,331 | 11,431 |
Total impaired loans, Interest Income Recognized | 285 | 627 |
Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 3,148 | 9,117 |
Impaired loans with no related allowance, Unpaid Principal Balance | 8,933 | 14,868 |
Impaired loans with no related allowance, Average Recorded Investment | 5,147 | 10,461 |
Impaired loans with no related allowance, Interest Income Recognized | 44 | 143 |
Total impaired loans, Recorded Investment | 3,148 | 9,117 |
Total impaired loans, Unpaid Principal Balance | 8,933 | 14,868 |
Total impaired loans, Average Recorded Investment | 5,147 | 10,461 |
Total impaired loans, Interest Income Recognized | 44 | 143 |
One-to-four family | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 2,173 | 3,601 |
Impaired loans with no related allowance, Unpaid Principal Balance | 2,442 | 4,267 |
Impaired loans with no related allowance, Average Recorded Investment | 3,204 | 3,079 |
Impaired loans with no related allowance, Interest Income Recognized | 26 | 124 |
Total impaired loans, Recorded Investment | 2,173 | 3,601 |
Total impaired loans, Unpaid Principal Balance | 2,442 | 4,267 |
Total impaired loans, Average Recorded Investment | 3,204 | 3,079 |
Total impaired loans, Interest Income Recognized | 26 | 124 |
Acquisition, Development and Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 6,200 | 6,200 |
Impaired loans with no related allowance, Unpaid Principal Balance | 15,500 | 15,500 |
Impaired loans with no related allowance, Average Recorded Investment | 6,200 | 1,550 |
Impaired loans with no related allowance, Interest Income Recognized | 414 | |
Total impaired loans, Recorded Investment | 6,200 | 6,200 |
Total impaired loans, Unpaid Principal Balance | 15,500 | 15,500 |
Total impaired loans, Average Recorded Investment | 6,200 | 1,550 |
Total impaired loans, Interest Income Recognized | 414 | |
Other loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 49,660 | 6,739 |
Impaired loans with no related allowance, Unpaid Principal Balance | 69,896 | 7,955 |
Impaired loans with no related allowance, Average Recorded Investment | 28,181 | 8,261 |
Impaired loans with no related allowance, Interest Income Recognized | 452 | 92 |
Impaired loans with an allowance recorded, Recorded Investment | 11,853 | |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 13,529 | |
Impaired loans with an allowance recorded, Related Allowance | 577 | |
Impaired loans with an allowance recorded, Average Recorded Investment | 4,370 | 4,574 |
Impaired loans with an allowance recorded, Interest Income Recognized | 213 | |
Total impaired loans, Recorded Investment | 49,660 | 18,592 |
Total impaired loans, Unpaid Principal Balance | 69,896 | 21,484 |
Impaired loans with an allowance recorded, Related Allowance | 577 | |
Total impaired loans, Average Recorded Investment | 32,551 | 12,835 |
Total impaired loans, Interest Income Recognized | $ 452 | $ 305 |
Activity in Allowance for Los65
Activity in Allowance for Losses on Covered Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Valuation Allowance [Line Items] | ||||
Balance, beginning of period | $ 23,701 | $ 31,395 | ||
Recovery of losses on covered loans | $ (6,261) | $ 895 | (10,269) | 719 |
Balance, end of period | $ 26,649 | 26,649 | ||
Covered | Covered loans held for sale | ||||
Valuation Allowance [Line Items] | ||||
Recovery of losses on covered loans | $ (23,701) | $ (4,746) |
Summary of Borrowed Funds (Deta
Summary of Borrowed Funds (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Outstanding [Line Items] | ||
FHLB advances | $ 11,554,500 | $ 11,664,500 |
Repurchase agreements | 450,000 | 1,500,000 |
Federal funds purchased | 150,000 | |
Total wholesale borrowings | 12,004,500 | 13,314,500 |
Junior subordinated debentures | 359,026 | 358,879 |
Total borrowed funds | $ 12,363,526 | $ 13,673,379 |
Summary of Repurchase Agreement
Summary of Repurchase Agreements Accounted for Secured Borrowings (Detail) $ in Thousands | Jun. 30, 2017USD ($) |
Greater than 90 Days | GSE debentures and mortgage-related securities | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Remaining Contractual Maturity of the Agreements | $ 450,000 |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Junior subordinated debentures | $ 359,026 | $ 358,879 |
Junior Subordinated Debentures
Junior Subordinated Debentures Outstanding (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2016 | ||
Subordinated Borrowing [Line Items] | |||
Junior Subordinated Debentures Amount Outstanding | $ 359,026 | $ 358,879 | |
Capital Securities Amount Outstanding | $ 346,249 | ||
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 | $ 145,100 | ||
Capital Securities Amount Outstanding | $ 138,749 | ||
Date of Original Issue | Nov. 4, 2002 | ||
Stated Maturity | Nov. 1, 2051 | ||
First Optional Redemption Date | [1] | Nov. 4, 2007 | |
New York Community Capital Trust X | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | 2.846% | ||
Junior Subordinated Debentures Amount Outstanding | $ 123,712 | ||
Capital Securities Amount Outstanding | $ 120,000 | ||
Date of Original Issue | Dec. 14, 2006 | ||
Stated Maturity | Dec. 15, 2036 | ||
First Optional Redemption Date | [2] | Dec. 15, 2011 | |
PennFed Capital Trust III | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | 4.496% | ||
Junior Subordinated Debentures Amount Outstanding | $ 30,928 | ||
Capital Securities Amount Outstanding | $ 30,000 | ||
Date of Original Issue | Jun. 2, 2003 | ||
Stated Maturity | Jun. 15, 2033 | ||
First Optional Redemption Date | [2] | Jun. 15, 2008 | |
New York Community Capital Trust XI | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | 2.946% | ||
Junior Subordinated Debentures Amount Outstanding | $ 59,286 | ||
Capital Securities Amount Outstanding | $ 57,500 | ||
Date of Original Issue | Apr. 16, 2007 | ||
Stated Maturity | Jun. 30, 2037 | ||
First Optional Redemption Date | [2] | Jun. 30, 2012 | |
[1] | Callable subject to certain conditions as described in the prospectus filed with the U.S. Securities and Exchange Commission (the "SEC") on November 4, 2002. | ||
[2] | Callable from this date forward. |
Mortgage Servicing Rights - Add
Mortgage Servicing Rights - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Mortgage servicing rights | $ 225,400,000 | $ 225,400,000 | $ 234,000,000 | ||
Mortgage Banking Income | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Contractually specified servicing fees, late fees, and ancillary fees earned in exchange for servicing financial assets | 352,000 | $ 322,000 | 663,000 | $ 632,000 | |
Mortgage Receivable | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Unpaid principal balance of loans serviced for others | $ 24,800,000,000 | 24,800,000,000 | $ 25,100,000,000 | ||
Impairment of intangible assets | $ 0 | $ 0 |
Changes in Residential and Part
Changes in Residential and Participation Mortgage Servicing Rights (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Mortgage Servicing Rights Residential | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Carrying value, beginning of period | $ 228,800 | $ 208,087 | $ 228,099 | $ 243,389 | |
Additions | 4,408 | 11,232 | 11,982 | 19,180 | |
Due to changes in interest rates | (3,921) | (13,521) | (1,908) | (37,807) | |
Due to model assumption changes | [1] | (4,250) | (13,088) | ||
Due to loan payoffs | (7,706) | (10,371) | (14,669) | (19,121) | |
Due to passage of time and other changes | (995) | (2,846) | (2,918) | (4,222) | |
Carrying value, end of period | 220,586 | 188,331 | 220,586 | 188,331 | |
Mortgage Servicing Rights Participation | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Carrying value, beginning of period | 5,506 | 5,181 | 5,862 | 4,345 | |
Additions | 150 | 1,018 | 556 | 2,268 | |
Amortization | (803) | (536) | (1,565) | (950) | |
Carrying value, end of period | $ 4,853 | $ 5,663 | $ 4,853 | $ 5,663 | |
[1] | Represents changes in fair value driven by changes to the inputs to the valuation model related to assumed prepayment speeds. |
Key Assumptions Used in Calcula
Key Assumptions Used in Calculating Fair Value of Residential Mortgage Servicing Rights (Detail) - $ / LoanPerYear | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Mortgage Loans on Real Estate [Line Items] | ||
Expected weighted average life | 80 months | 82 months |
Constant prepayment speed | 9.16% | 8.70% |
Discount rate | 10.05% | 10.05% |
Primary mortgage rate to refinance | 4.05% | 4.11% |
Cost to service per loan per year, current | 64 | 64 |
30-59 days or less delinquent | ||
Mortgage Loans on Real Estate [Line Items] | ||
Cost to service per loan per year | 214 | 214 |
60-89 days delinquent | ||
Mortgage Loans on Real Estate [Line Items] | ||
Cost to service per loan per year | 364 | 364 |
90-119 days delinquent | ||
Mortgage Loans on Real Estate [Line Items] | ||
Cost to service per loan per year | 464 | 464 |
120 days or more delinquent | ||
Mortgage Loans on Real Estate [Line Items] | ||
Cost to service per loan per year | 864 | 864 |
Pension and Post-Retirement Pla
Pension and Post-Retirement Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Pension Benefits | ||||
Components of net periodic (credit) expense: | ||||
Interest cost | $ 1,404 | $ 1,470 | $ 2,808 | $ 2,940 |
Expected return on plan assets | (4,073) | (3,906) | (8,146) | (7,812) |
Amortization of net actuarial loss | 2,053 | 2,262 | 4,106 | 4,524 |
Net periodic (credit) expense | (616) | (174) | (1,232) | (348) |
Post-Retirement Benefits | ||||
Components of net periodic (credit) expense: | ||||
Interest cost | 144 | 160 | 288 | 320 |
Service cost | 1 | 2 | ||
Amortization of prior-service costs | (62) | (62) | (124) | (124) |
Amortization of net actuarial loss | 68 | 81 | 136 | 162 |
Net periodic (credit) expense | $ 150 | $ 180 | $ 300 | $ 360 |
Pension and Other Post-Retire74
Pension and Other Post-Retirement Benefits - Additional Information (Detail) | Jun. 30, 2017USD ($) |
Post-Retirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contribution to defined benefit plan for the fiscal year | $ 1,300,000 |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contribution to defined benefit plan for the fiscal year | $ 0 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for grant | 6,922,311 | 6,922,311 | ||
Shares granted | 2,818,749 | |||
Shares granted, weighted average grant date fair value | $ 15.27 | |||
Unrecognized compensation cost relating to unvested restricted stock | $ 100.3 | $ 100.3 | ||
Unrecognized compensation cost relating to unvested restricted stock, recognition period (in years) | 3 years 4 months 24 days | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted, vesting period | 5 years | |||
Compensation and benefits expense | $ 9.5 | $ 8.2 | $ 18.2 | $ 16.4 |
Stock Incentive Plan Twenty Twelve | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 133,000 | 2,818,749 | ||
Shares granted, weighted average grant date fair value | $ 13.78 | $ 15.27 |
Summary of Activity for Restric
Summary of Activity for Restricted Stock Awards (Detail) | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Number of Shares | |
Unvested at beginning of year | shares | 6,930,306 |
Granted | shares | 2,818,749 |
Vested | shares | (2,193,074) |
Canceled | shares | (94,300) |
Unvested at end of period | shares | 7,461,681 |
Weighted Average Grant Date Fair Value | |
Unvested at beginning of year | $ / shares | $ 15.37 |
Granted | $ / shares | 15.27 |
Vested | $ / shares | 15.01 |
Canceled | $ / shares | 15.67 |
Unvested at end of period | $ / shares | $ 15.44 |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mutual funds and common stock | $ 3,171,117 | [1] | $ 104,281 | ||
Loans held for sale | 266,888 | 409,152 | |||
Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets-other, netting adjustment | [3] | (2,402) | [2] | (17,861) | [4] |
Derivative liabilities, netting adjustment | [3] | 1,702 | 16,588 | ||
Mutual funds and common stock | 3,171,117 | 104,281 | |||
Loans held for sale | 266,888 | 409,152 | |||
Mortgage servicing rights | 228,099 | ||||
Interest rate lock commitments | 1,027 | 982 | |||
Derivative assets-other | 1,350 | [2] | 1,579 | [4] | |
Derivative liabilities | (4,211) | (7,140) | |||
Fair Value, Measurements, Recurring | Covered loans held for sale | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage servicing rights | 220,586 | ||||
Fair Value, Measurements, Recurring | Mortgage-Related Securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mutual funds and common stock | 2,624,248 | 7,326 | |||
Fair Value, Measurements, Recurring | Mortgage-Related Securities | GSE certificates | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mutual funds and common stock | 2,002,643 | 7,326 | |||
Fair Value, Measurements, Recurring | Mortgage-Related Securities | GSE CMOs | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mutual funds and common stock | 621,605 | ||||
Fair Value, Measurements, Recurring | Other Securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mutual funds and common stock | 546,869 | 96,955 | |||
Fair Value, Measurements, Recurring | Other Securities | Municipal bonds | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mutual funds and common stock | 70,513 | 631 | |||
Fair Value, Measurements, Recurring | Other Securities | Capital trust notes | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mutual funds and common stock | 66,425 | 7,243 | |||
Fair Value, Measurements, Recurring | Other Securities | Preferred Stock (Par Value: $0.01): | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mutual funds and common stock | 15,435 | 71,984 | |||
Fair Value, Measurements, Recurring | Other Securities | Mutual Funds and Common Stock | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mutual funds and common stock | 17,150 | 17,097 | |||
Fair Value, Measurements, Recurring | Other Securities | U.S. Treasury obligations | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mutual funds and common stock | 199,992 | ||||
Fair Value, Measurements, Recurring | Other Securities | GSE debentures | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mutual funds and common stock | 91,234 | ||||
Fair Value, Measurements, Recurring | Other Securities | Corporate bonds | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mutual funds and common stock | 86,120 | ||||
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] | |||||
Mutual funds and common stock | 215,427 | 42,724 | |||
Derivative assets-other | 1,914 | [2] | 2,611 | [4] | |
Derivative liabilities | (4,641) | (6,009) | |||
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] | |||||
Mutual funds and common stock | 215,427 | 42,724 | |||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Securities | Preferred Stock (Par Value: $0.01): | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mutual funds and common stock | 15,435 | 42,724 | |||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Securities | U.S. Treasury obligations | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mutual funds and common stock | 199,992 | ||||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mutual funds and common stock | 2,955,690 | 61,557 | |||
Loans held for sale | 266,888 | 409,152 | |||
Derivative assets-other | 1,838 | [2] | 16,829 | [4] | |
Derivative liabilities | (1,272) | (17,719) | |||
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] | |||||
Mutual funds and common stock | 2,624,248 | 7,326 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Mortgage-Related Securities | GSE certificates | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mutual funds and common stock | 2,002,643 | 7,326 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Mortgage-Related Securities | GSE CMOs | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mutual funds and common stock | 621,605 | ||||
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] | |||||
Mutual funds and common stock | 331,442 | 54,231 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | Municipal bonds | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mutual funds and common stock | 70,513 | 631 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | Capital trust notes | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mutual funds and common stock | 66,425 | 7,243 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | Preferred Stock (Par Value: $0.01): | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mutual funds and common stock | 29,260 | ||||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | Mutual Funds and Common Stock | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mutual funds and common stock | 17,150 | 17,097 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | GSE debentures | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mutual funds and common stock | 91,234 | ||||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | Corporate bonds | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mutual funds and common stock | 86,120 | ||||
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 | 228,099 | ||||
Interest rate lock commitments | 1,027 | $ 982 | |||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Covered loans held for sale | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage servicing rights | $ 220,586 | ||||
[1] | The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At June 30, 2017, the non-credit portion of OTTI recorded in AOCL was $8.6 million (before taxes). | ||||
[2] | Includes $1.1 million to purchase Treasury options. | ||||
[3] | Includes cash collateral received from, and paid to, counterparties. | ||||
[4] | Includes $1.9 million to purchase Treasury options. |
Assets and Liabilities Measur78
Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) - Treasury Options - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets-other | $ 1.1 | $ 1.9 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets-other | $ 1.1 | $ 1.9 |
Difference between Fair Value O
Difference between Fair Value Option and Unpaid Principal Balance (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Carrying Amount | $ 266,888 | $ 409,152 |
Aggregate Unpaid Principal | 260,464 | 408,928 |
Fair Value Carrying Amount Less Aggregate Unpaid Principal | $ 6,424 | $ 224 |
Changes in Fair Value of Loans
Changes in Fair Value of Loans Held for Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2017 | Jun. 30, 2016 | [2] | Jun. 30, 2017 | Jun. 30, 2016 | [2] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||||
Mortgage Banking Income | [1] | $ (6,963) | $ (30,055) | $ (9,753) | $ (64,279) | ||
Loans held for sale | |||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||||
Mortgage Banking Income | [1] | 658 | 933 | 595 | 3,802 | ||
Mortgage servicing rights | Covered loans held for sale | |||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||||
Mortgage Banking Income | [1] | $ (7,621) | $ (30,988) | $ (10,348) | $ (68,081) | ||
[1] | Does not include the effect of economic hedging activities, which is included in "Other non-interest income." | ||||||
[2] | The presentation of the amounts for the three and six months ended June 30, 2016 has been modified to conform to the presentation for the three and six months ended June 30, 2017. |
Rollforward of Financial Instru
Rollforward of Financial Instruments Classified in Level Three of Valuation Hierarchy (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Interest rate lock commitments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Beginning Balance | $ 982 | $ 2,526 |
Total Realized/Unrealized Gains/ (Losses) Recorded in Income/ (Loss) | 45 | 7,607 |
Total Realized/Unrealized Gains/ (Losses) Recorded in Comprehensive (Loss) Income | 0 | 0 |
Settlements | 0 | 0 |
Transfers to/(from) level 3 | 0 | 0 |
Fair Value, Ending Balance | 1,027 | 10,133 |
Change in Unrealized Gains/(Losses) Related to Instruments Held | 1,027 | 10,133 |
Mortgage servicing rights | Covered loans held for sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Beginning Balance | 228,099 | 243,389 |
Total Realized/Unrealized Gains/ (Losses) Recorded in Income/ (Loss) | (19,496) | (74,238) |
Total Realized/Unrealized Gains/ (Losses) Recorded in Comprehensive (Loss) Income | 0 | 0 |
Issuances | 11,983 | 19,180 |
Settlements | 0 | 0 |
Transfers to/(from) level 3 | 0 | 0 |
Fair Value, Ending Balance | 220,586 | 188,331 |
Change in Unrealized Gains/(Losses) Related to Instruments Held | $ (10,348) | $ (60,163) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, transfers out of Level 3 | $ 0 | $ 0 |
Significant Unobservable Inputs
Significant Unobservable Inputs used in Fair Value Measurement (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||||
Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | ||
Interest rate lock commitments | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Fair value | $ 1,027 | $ 982 | $ 10,133 | $ 2,526 | |
Valuation Technique | Discounted Cash Flow | ||||
Weighted Average Closing Ratio | 75.04% | ||||
Mortgage servicing rights | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Weighted Average Discount Rate | 10.05% | ||||
Mortgage servicing rights | Covered loans held for sale | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Fair value | $ 220,586 | $ 228,099 | $ 188,331 | $ 243,389 | |
Valuation Technique | Discounted Cash Flow | ||||
Weighted Average Constant Prepayment Rate | [1] | 9.16% | |||
[1] | Represents annualized loan repayment rate assumptions. |
Assets and Liabilities Measur84
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Securities transferred to available-for-sale | $ 3,171,117 | [1] | $ 104,281 | ||
Loans transferred to held for sale | 266,888 | 409,152 | |||
Fair Value, Measurements, Nonrecurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Certain impaired loans | 45,412 | [2] | 15,635 | [3] | |
Securities transferred to available-for-sale | 3,123,073 | ||||
Loans transferred to held for sale | 1,536,836 | ||||
Other assets | [4] | 1,546 | 5,684 | ||
Total | 4,706,867 | 21,319 | |||
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Securities transferred to available-for-sale | 199,992 | ||||
Total | 199,992 | ||||
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Securities transferred to available-for-sale | 2,923,081 | ||||
Total | 2,923,081 | ||||
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Certain impaired loans | 45,412 | [2] | 15,635 | [3] | |
Loans transferred to held for sale | 1,536,836 | ||||
Other assets | [4] | 1,546 | 5,684 | ||
Total | $ 1,583,794 | $ 21,319 | |||
[1] | The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At June 30, 2017, the non-credit portion of OTTI recorded in AOCL was $8.6 million (before taxes). | ||||
[2] | Represents the fair value of impaired loans, based on the value of the collateral. | ||||
[3] | Represents the fair value of impaired loans, based on the value of the collateral, primarily taxi medallion loans . | ||||
[4] | Represents the fair value of OREO, based on the appraised value of the collateral subsequent to its initial classification as OREO. |
Summary of Carrying Values, Est
Summary of Carrying Values, Estimated Fair Values and Fair Value Measurement Levels of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Financial Assets: | |||||
Cash and cash equivalents | $ 1,129,846 | $ 557,850 | $ 674,289 | $ 537,674 | |
Securities held to maturity | [1] | 3,712,776 | |||
FHLB stock | [2] | 589,067 | 590,934 | ||
Loans, net | 38,900,080 | 39,308,016 | |||
Financial Liabilities: | |||||
Deposits | 28,893,565 | 28,887,903 | |||
Borrowed funds | 12,363,526 | 13,673,379 | |||
Financial Assets: | |||||
Cash and cash equivalents | 1,129,846 | 557,850 | |||
Securities held to maturity | [1] | 3,813,959 | |||
FHLB stock | [2] | 589,067 | 590,934 | ||
Loans, net | 39,226,420 | 39,416,469 | |||
Financial Liabilities: | |||||
Deposits | 28,879,234 | 28,888,064 | |||
Borrowed funds | 12,327,278 | 13,633,943 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Financial Assets: | |||||
Cash and cash equivalents | 1,129,846 | 557,850 | |||
Securities held to maturity | 200,220 | ||||
Financial Liabilities: | |||||
Deposits | [3] | 20,662,712 | 21,310,733 | ||
Significant Other Observable Inputs (Level 2) | |||||
Financial Assets: | |||||
Securities held to maturity | 3,613,739 | ||||
FHLB stock | [2] | 589,067 | 590,934 | ||
Financial Liabilities: | |||||
Deposits | [4] | 8,216,522 | 7,577,331 | ||
Borrowed funds | 12,327,278 | 13,633,943 | |||
Significant Unobservable Inputs (Level 3) | |||||
Financial Assets: | |||||
Loans, net | $ 39,226,420 | $ 39,416,469 | |||
[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, 2016, the non-credit portion of OTTI recorded in AOCL was $8.6 million (before taxes). | ||||
[2] | Carrying value and estimated fair value are at cost. | ||||
[3] | NOW and money market accounts, savings accounts, and non-interest-bearing accounts. | ||||
[4] | Certificates of deposit. |
Derivative Financial Instrume86
Derivative Financial Instruments - Additional Information (Detail) | Jun. 30, 2017USD ($) |
Nondesignated | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative financial instruments held, notional amount | $ 1,632,142,000 |
Derivative Financial Instrume87
Derivative Financial Instruments (Detail) - Nondesignated | Jun. 30, 2017USD ($) | |
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments held, notional amount | $ 1,632,142,000 | |
Interest rate lock commitments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments held, notional amount | 267,142,000 | |
Treasury Options | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments held, notional amount | 225,000,000 | |
Eurodollar Futures | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments held, notional amount | 25,000,000 | |
Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments held, notional amount | 385,000,000 | |
Forward commitments to sell loans/mortgage-backed securities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments held, notional amount | 405,000,000 | |
Forward commitments to buy loans/mortgage-backed securities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments held, notional amount | 325,000,000 | |
Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized Gain | 3,640,000 | [1] |
Other assets | Interest rate lock commitments | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized Gain | 1,027,000 | [1] |
Other assets | Eurodollar Futures | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized Gain | 5,000 | [1] |
Other assets | Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized Gain | 770,000 | [1] |
Other assets | Forward commitments to sell loans/mortgage-backed securities | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized Gain | 737,000 | [1] |
Other assets | Forward commitments to buy loans/mortgage-backed securities | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized Gain | 1,101,000 | [1] |
Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized Loss | 5,913,000 | [1] |
Other liabilities | Treasury Options | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized Loss | 582,000 | [1] |
Other liabilities | Eurodollar Futures | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized Loss | 3,000 | [1] |
Other liabilities | Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized Loss | 4,056,000 | [1] |
Other liabilities | Forward commitments to sell loans/mortgage-backed securities | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized Loss | 770,000 | [1] |
Other liabilities | Forward commitments to buy loans/mortgage-backed securities | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized Loss | $ 502,000 | [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 Instrument
Effect of Derivative Instruments on Consolidated Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Included in Mortgage Banking Income | $ 2,442 | $ 2,605 | $ (4,156) | $ 12,267 |
Treasury Options | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Included in Mortgage Banking Income | (1,080) | 2,633 | (3,250) | 9,864 |
Eurodollar Futures | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Included in Mortgage Banking Income | (66) | (121) | (73) | (55) |
Interest Rate Swap | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Included in Mortgage Banking Income | 2,444 | 2,682 | 2,247 | 4,178 |
Forward commitments to buy/sell loans/mortgage-backed securities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Included in Mortgage Banking Income | $ 1,144 | $ (2,589) | $ (3,080) | $ (1,720) |
Effect of Master Netting Arrang
Effect of Master Netting Arrangements on Presentation of Derivative Assets and Liabilities in Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | ||
Derivative Financial Instruments, Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Gross Amounts of Recognized Liabilities | $ 5,913 | $ 23,728 | ||
Gross Amounts Offset in the Statement of Condition | 1,702 | 16,588 | ||
Net Amounts of Liabilities Presented in the Statement of Condition | 4,211 | 7,140 | ||
Financial Instruments | 0 | 0 | ||
Cash Collateral Received | 0 | 0 | ||
Net Amount | 4,211 | 7,140 | ||
Derivative Financial Instruments, Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Gross Amounts Of Recognized Assets | 4,779 | [1] | 20,422 | [2] |
Gross Amounts Offset in the Statement of Condition | 2,402 | 17,861 | ||
Net Amounts of Assets Presented in the Statement of Condition | 2,377 | 2,561 | ||
Financial Instruments | 0 | 0 | ||
Cash Collateral Received | 0 | 0 | ||
Net Amount | $ 2,377 | $ 2,561 | ||
[1] | Includes $1.1 million to purchase Treasury options. | |||
[2] | Includes $1.9 million to purchase Treasury options. |
Effect of Master Netting Arra90
Effect of Master Netting Arrangements on Presentation of Derivative Assets and Liabilities in Consolidated Statements of Financial Condition (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Treasury Options | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts Of Recognized Assets | $ 1.1 | $ 1.9 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017Segment | |
Segment Reporting Information [Line Items] | |
Number of reportable business segments | 2 |
Segment Results (Detail)
Segment Results (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | ||
Segment Reporting Information [Line Items] | ||||||
Net interest income | $ 287,769 | $ 325,573 | $ 582,686 | $ 653,439 | ||
Provision (Recovery) of loan losses | (6,261) | 895 | (10,269) | 719 | ||
Non-interest income | [1] | 50,437 | 37,366 | 82,609 | 72,603 | |
Non-interest expense | [2] | 163,765 | 160,911 | 330,708 | 319,359 | |
Income before income taxes | 180,702 | 201,133 | 344,856 | 405,964 | ||
Income tax expense (benefit) | 65,447 | 74,673 | 125,644 | 149,595 | ||
Net income (loss) | 115,255 | 126,460 | 219,212 | 256,369 | ||
Identifiable segment assets (period-end) | 48,347,658 | 49,035,747 | 48,347,658 | 49,035,747 | $ 48,926,555 | |
Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Non-interest income | 50,437 | 37,366 | 82,609 | 72,603 | ||
Banking Operations | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | 284,944 | 321,663 | 577,221 | 646,580 | ||
Provision (Recovery) of loan losses | (6,261) | 895 | (10,269) | 719 | ||
Non-interest income | [1] | 41,756 | 29,899 | 63,625 | 60,485 | |
Non-interest expense | [2] | 148,105 | 144,152 | 299,041 | 286,202 | |
Income before income taxes | 180,804 | 202,198 | 344,263 | 411,715 | ||
Income tax expense (benefit) | 65,488 | 75,097 | 125,408 | 151,912 | ||
Net income (loss) | 115,316 | 127,101 | 218,855 | 259,803 | ||
Identifiable segment assets (period-end) | 47,770,885 | 48,137,359 | 47,770,885 | 48,137,359 | ||
Banking Operations | Inter-segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Non-interest income | (4,052) | (4,317) | (7,811) | (8,429) | ||
Banking Operations | Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Non-interest income | 37,704 | 25,582 | 55,814 | 52,056 | ||
Residential Mortgage Banking | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | 2,825 | 3,910 | 5,465 | 6,859 | ||
Non-interest income | [1] | 8,681 | 7,467 | 18,984 | 12,118 | |
Non-interest expense | [2] | 15,660 | 16,759 | 31,667 | 33,157 | |
Income before income taxes | (102) | (1,065) | 593 | (5,751) | ||
Income tax expense (benefit) | (41) | (424) | 236 | (2,317) | ||
Net income (loss) | (61) | (641) | 357 | (3,434) | ||
Identifiable segment assets (period-end) | 576,773 | 898,388 | 576,773 | 898,388 | ||
Residential Mortgage Banking | Inter-segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Non-interest income | 4,052 | 4,317 | 7,811 | 8,429 | ||
Residential Mortgage Banking | Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Non-interest income | $ 12,733 | $ 11,784 | $ 26,795 | $ 20,547 | ||
[1] | Includes ancillary fee income. | |||||
[2] | Includes both direct and indirect expenses. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 28, 2017 | Jun. 30, 2017 | Jun. 30, 2016 |
Subsequent Event [Line Items] | |||
Proceeds from sale of mortgage-related assets | $ 1,275,991 | $ 1,927,800 | |
Subsequent Event | One-to-four family | |||
Subsequent Event [Line Items] | |||
Proceeds from sale of mortgage-related assets | $ 1,900,000 |