Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 21, 2018 | Jun. 30, 2017 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 490,214,307 | ||
Entity Public Float | $ 6.2 |
Consolidated Statements of Cond
Consolidated Statements of Condition - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | ||
ASSETS: | ||||
Cash and cash equivalents | $ 2,528,169 | $ 557,850 | ||
Securities: | ||||
Available for sale ($1,263,227 pledged at December 31, 2017) | 3,531,427 | [1] | 104,281 | |
Held-to-maturity ($1,930,533 pledged at December 31, 2016) (fair value of $3,813,959 at December 31, 2016) | [2] | 3,712,776 | ||
Total securities | 3,531,427 | 3,817,057 | ||
Non-covered loans held for sale | 35,258 | 409,152 | ||
Non-covered loans held for investment, net of deferred loan fees and costs | 38,387,971 | 37,382,722 | ||
Less: Allowance for losses on non-covered loans | (158,046) | (158,290) | ||
Non-covered loans held for investment, net | 38,229,925 | 37,224,432 | ||
Covered loans | 0 | 1,698,133 | ||
Less: Allowance for losses on covered loans | 0 | (23,701) | ||
Covered loans, net | 1,674,432 | |||
Total loans, net | 38,265,183 | 39,308,016 | ||
Federal Home Loan Bank stock, at cost | [3] | 603,819 | 590,934 | |
Premises and equipment, net | 368,655 | 373,675 | ||
FDIC loss share receivable | 243,686 | |||
Goodwill | 2,436,131 | 2,436,131 | ||
Core deposit intangibles | 208 | |||
Mortgage servicing rights ($2,729 and $228,099 measured at fair value at December 31, 2017 and 2016, respectively) | 6,100 | 233,961 | ||
Bank-owned life insurance | 967,173 | 949,026 | ||
Other real estate owned and other repossessed assets ($16,990 covered by loss sharing agreements at December 31, 2016) | 16,400 | 28,598 | ||
Other assets | 401,138 | 387,413 | ||
Total assets | 49,124,195 | 48,926,555 | ||
Deposits: | ||||
Interest-bearing checking and money market accounts | 12,936,301 | 13,395,080 | ||
Savings accounts | 5,210,001 | 5,280,374 | ||
Certificates of deposit | 8,643,646 | 7,577,170 | ||
Non-interest-bearing accounts | 2,312,215 | 2,635,279 | ||
Total deposits | 29,102,163 | 28,887,903 | ||
Wholesale borrowings: | ||||
Federal Home Loan Bank advances | 12,104,500 | 11,664,500 | ||
Repurchase agreements | 450,000 | 1,500,000 | ||
Federal funds purchased | 0 | 150,000 | ||
Total wholesale borrowings | 12,554,500 | 13,314,500 | ||
Junior subordinated debentures | 359,179 | 358,879 | ||
Total borrowed funds | 12,913,679 | 13,673,379 | ||
Other liabilities | 312,977 | 241,282 | ||
Total liabilities | 42,328,819 | 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; 489,072,101 and 487,067,889 shares issued, and 488,490,352 and 487,056,676 shares outstanding, respectively) | 4,891 | 4,871 | ||
Paid-in capital in excess of par | 6,072,559 | 6,047,558 | ||
Retained earnings | 237,868 | 128,435 | ||
Treasury stock, at cost (581,749 and 11,213 shares, respectively) | (7,615) | (160) | ||
Accumulated other comprehensive loss, net of tax: | ||||
Net unrealized gain (loss) on securities available for sale, net of tax of $(27,961) and $534, respectively | 39,188 | (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 $32,121 and $34,355, respectively | (49,134) | (50,719) | ||
Total accumulated other comprehensive loss, net of tax | (15,167) | (56,713) | ||
Total stockholders' equity | 6,795,376 | 6,123,991 | ||
Total liabilities and stockholders' equity | $ 49,124,195 | $ 48,926,555 | ||
[1] | The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At December 31, 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 | Dec. 31, 2017 | Dec. 31, 2016 | |
Securities Available-for-sale, pledged | $ 1,263,227 | ||
Securities held to maturity, pledged | $ 1,930,533 | ||
Securities held to maturity, fair value | [1] | 3,813,959 | |
Mortgage servicing rights,fair value | 2,729 | $ 228,099 | |
Other real estate owned and other repossessed assets covered by loss sharing 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 | 489,072,101 | 487,067,889 | |
Common stock, shares outstanding | 488,490,352 | 487,056,676 | |
Treasury stock, shares | 581,749 | 11,213 | |
Net unrealized (loss) gain on securities available for sale, tax | $ (27,961) | $ 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 | $ 32,121 | $ 34,355 | |
[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 $8.6 million (before taxes). |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
INTEREST INCOME: | ||||
Mortgage and other loans | $ 1,417,237 | $ 1,472,020 | $ 1,441,462 | |
Securities and money market investments | 165,002 | 202,849 | 250,122 | |
Total interest income | 1,582,239 | 1,674,869 | 1,691,584 | |
INTEREST EXPENSE: | ||||
Interest-bearing checking and money market accounts | 98,980 | 62,166 | 46,467 | |
Savings accounts | 28,447 | 31,982 | 50,776 | |
Certificates of deposit | 102,355 | 76,875 | 62,906 | |
Borrowed funds | 222,454 | 216,464 | 1,123,360 | |
Total interest expense | 452,236 | 387,487 | 1,283,509 | |
Net interest income | 1,130,003 | 1,287,382 | 408,075 | |
Provision for (recovery of) losses | 37,242 | 4,180 | (15,004) | |
Net interest income after provision for (recovery of) loan losses | 1,092,761 | 1,283,202 | 423,079 | |
NON-INTEREST INCOME: | ||||
Fee income | 31,759 | 32,665 | 34,058 | |
Bank-owned life insurance | 27,133 | 31,015 | 27,541 | |
Mortgage banking income | 19,337 | 27,281 | 54,113 | |
Net gain on sales of loans | 1,156 | 15,806 | 26,133 | |
Net gain on sales of securities | 29,924 | 3,347 | 4,054 | |
FDIC indemnification expense | (18,961) | (6,155) | (9,336) | |
Gain on sale of covered loans and mortgage banking operations | 82,026 | |||
Other | 44,506 | 41,613 | 74,200 | |
Total non-interest income | 216,880 | 145,572 | 210,763 | |
Operating expenses: | ||||
Compensation and benefits | 360,985 | 351,436 | 342,624 | |
Occupancy and equipment | 98,963 | 98,543 | 102,435 | |
General and administrative | 181,270 | 188,130 | 170,541 | |
Total operating expenses | 641,218 | 638,109 | 615,600 | |
Amortization of core deposit intangibles | 208 | 2,391 | 5,344 | |
Debt repositioning charge | 141,209 | |||
Merger-related expenses | 11,146 | 3,702 | ||
Total non-interest expense | [1] | 641,426 | 651,646 | 765,855 |
Income (loss) before income taxes | 668,215 | 777,128 | (132,013) | |
Income tax expense (benefit) | 202,014 | 281,727 | (84,857) | |
Net (Loss) income | 466,201 | 495,401 | (47,156) | |
Preferred stock dividends | 24,621 | |||
Net income (loss) available to common shareholders | $ 441,580 | $ 495,401 | $ (47,156) | |
Basic earnings (loss) per common share | $ 0.90 | $ 1.01 | $ (0.11) | |
Diluted earnings (loss) per common share | $ 0.90 | $ 1.01 | $ (0.11) | |
Net income (loss) | $ 466,201 | $ 495,401 | $ (47,156) | |
Other comprehensive income (loss), net of tax: | ||||
Change in net unrealized gain (loss) on securities available for sale, net of tax of $29,740; $1,560; and $437, respectively | 41,684 | (2,207) | 475 | |
Change in the non-creditportion of OTTI losses recognized in other comprehensive income (loss), net of tax of $13; $49; and $44, respectively | 20 | 77 | 69 | |
Change in pension and post-retirement obligations, net of tax of $2,234; $2,924; and $1,161, respectively | 1,585 | 4,015 | (1,445) | |
Less: Reclassification adjustment for sales of available-for-sale securities, net of tax of $1,245; $1,127; and $306, respectively | (1,743) | (1,577) | (434) | |
Total other comprehensive income (loss), net of tax | 41,546 | 308 | (1,335) | |
Total comprehensive income (loss), net of tax | 507,747 | 495,709 | (48,491) | |
Non-Covered Loans | ||||
INTEREST EXPENSE: | ||||
Provision for (recovery of) losses | 60,943 | 11,874 | (3,334) | |
Covered Loans | ||||
INTEREST EXPENSE: | ||||
Provision for (recovery of) losses | $ (23,701) | $ (7,694) | $ (11,670) | |
[1] | Includes both direct and indirect expenses. |
Consolidated Statements of Ope5
Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in net unrealized gain (loss) on securities available for sale, tax | $ 29,740 | $ 1,560 | $ 437 |
Change in the non-credit portion of OTTI losses recognized in other comprehensive income (loss), tax | 13 | 49 | 44 |
Change in pension and post-retirement obligations, tax | 2,234 | 2,924 | 1,161 |
Reclassification adjustment for sales of available-for-sale securities, tax | $ 1,245 | $ 1,127 | $ 306 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - 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 (ACCUMULATED DEFICIT): | TREASURY STOCK: | ACCUMULATED OTHER COMPREHENSIVE LOSS, NET OF TAX: | |
Balance at beginning of year at Dec. 31, 2014 | $ 5,369,623 | $ 464,569 | $ (1,118) | $ (55,686) | ||||
Net income (loss) | $ (47,156) | (47,156) | ||||||
Purchase of common stock (1,284,373; 566,584; and 448,223 shares, respectively) | (7,020) | |||||||
Other comprehensive income (loss), net of tax | (1,335) | (1,335) | ||||||
Shares issued for restricted stock awards (2,004,212; 2,099,865; and 1,683,564, respectively) | $ 17 | (7,708) | 7,691 | |||||
Dividends paid on common stock ($0.68; $0.68; and $1.00 per share) | (453,981) | |||||||
Compensation expense related to restricted stock awards | 30,205 | |||||||
Issuance of preferred stock (515,000 shares) | 406 | 629,276 | ||||||
Tax effect of stock plans | 2,486 | 2,486 | ||||||
Balance at end of year at Dec. 31, 2015 | 5,934,696 | 4,850 | 6,023,882 | (36,568) | (447) | (57,021) | ||
Net income (loss) | 495,401 | 495,401 | ||||||
Purchase of common stock (1,284,373; 566,584; and 448,223 shares, respectively) | (8,677) | |||||||
Other comprehensive income (loss), net of tax | 308 | 308 | ||||||
Shares issued for restricted stock awards (2,004,212; 2,099,865; and 1,683,564, respectively) | 21 | (8,985) | 8,964 | |||||
Dividends paid on common stock ($0.68; $0.68; and $1.00 per share) | (330,810) | |||||||
Compensation expense related to restricted stock awards | 32,661 | |||||||
Effect of adopting Accounting Standards Update | ASU No. 2016-09 | [1] | 412 | ||||||
Balance at end of year at Dec. 31, 2016 | 6,123,991 | 4,871 | 6,047,558 | 128,435 | (160) | (56,713) | ||
Net income (loss) | 466,201 | 466,201 | ||||||
Purchase of common stock (1,284,373; 566,584; and 448,223 shares, respectively) | (18,463) | |||||||
Other comprehensive income (loss), net of tax | 41,546 | 41,546 | ||||||
Shares issued for restricted stock awards (2,004,212; 2,099,865; and 1,683,564, respectively) | 20 | (11,028) | 11,008 | |||||
Dividends paid on common stock ($0.68; $0.68; and $1.00 per share) | (332,147) | |||||||
Compensation expense related to restricted stock awards | 36,029 | |||||||
Dividends paid on preferred stock ($47.81 per share) | (24,621) | (24,621) | ||||||
Issuance of preferred stock (515,000 shares) | $ 502,840 | |||||||
Balance at end of year at Dec. 31, 2017 | $ 6,795,376 | $ 502,840 | $ 4,891 | $ 6,072,559 | $ 237,868 | $ (7,615) | $ (15,167) | |
[1] | See Note 2, "Summary of Significant Accounting Policies" for a discussion of the Company's adoption of Accounting Standards Update No. 2016-09. |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | 2,004,212 | 2,099,865 | 1,683,564 |
Issuance of preferred stock, shares | 40,625,000 | ||
RETAINED EARNINGS (ACCUMULATED DEFICIT): | |||
Dividends paid on common stock, per share | $ 0.68 | $ 0.68 | $ 1 |
Dividends paid on preferred stock, per share | $ 47.81 | ||
TREASURY STOCK: | |||
Purchase of common stock, shares | 1,284,373 | 566,584 | 448,223 |
Shares issued for restricted stock awards, shares | 713,837 | 580,087 | 495,777 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income (loss) | $ 466,201 | $ 495,401 | $ (47,156) | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
Provision for (recoveries of) loan losses | 37,242 | 4,180 | (15,004) | |
Depreciation and amortization | 32,803 | 32,811 | 31,497 | |
Amortization of discounts and premiums, net | (4,555) | (26,258) | (8,069) | |
Amortization of core deposit intangibles | 208 | 2,391 | 5,344 | |
Net gain on sales of securities | (29,924) | (3,347) | (4,054) | |
Gain on trading securities activity | (316) | |||
Net gain on sales of loans | (87,301) | (57,398) | (65,649) | |
Stock-based compensation | 36,029 | 32,661 | 30,205 | |
Deferred tax expense (benefit) | 21,444 | 44,746 | (31,289) | |
Changes in operating assets and liabilities: | ||||
Decrease (increase) in other assets | 451,873 | 326,790 | (196,899) | |
Increase (decrease) in other liabilities | 23,329 | (4,336) | 15,425 | |
Purchases of securities held for trading | (202,450) | |||
Proceeds from sales of securities held for trading | 202,766 | |||
Origination of loans held for sale | (1,674,123) | (4,646,773) | (4,680,243) | |
Proceeds from sales of loans originated for sale | 2,053,484 | 4,554,785 | 4,545,466 | |
Net cash provided by (used in) operating activities | 1,326,710 | 755,653 | (420,426) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Proceeds from repayment of securities held to maturity | 175,375 | 2,499,205 | 940,580 | |
Proceeds from repayment of securities available for sale | 387,772 | 50,192 | 9,889 | |
Proceeds from sales of securities held to maturity | 547,925 | 1,297 | 44,104 | |
Proceeds from sales of securities available for sale | 453,878 | 322,038 | 278,689 | |
Purchases of securities held to maturity | (13,030) | (213,208) | (20,021) | |
Purchases of securities available for sale | (1,163,043) | (279,402) | (318,027) | |
Redemption of Federal Home Loan Bank stock | 90,909 | 601,941 | 623,189 | |
Purchases of Federal Home Loan Bank stock | (103,794) | (528,904) | (771,833) | |
Proceeds from sales of loans | 2,289,377 | 1,675,550 | 1,923,208 | |
Other changes in loans, net | (1,575,846) | (2,826,365) | (4,072,135) | |
Purchase of premises and equipment, net | (27,783) | (84,179) | (34,802) | |
Net cash provided by (used in) investing activities | 1,061,740 | 1,218,165 | (1,397,159) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net increase in deposits | 214,260 | 461,145 | 98,024 | |
Net (decrease) increase in short-term borrowed funds | (460,000) | (3,256,300) | 768,100 | |
Proceeds from long-term borrowed funds | 3,000,000 | 1,181,000 | 11,243,500 | |
Repayments of long-term borrowed funds | (3,300,000) | (10,489,682) | ||
Tax effect of stock plans | [1] | 2,486 | ||
Net proceeds from issuance of preferred stock | 502,840 | |||
Proceeds received from follow-on common stock offering, net | 629,682 | |||
Cash dividends paid on common stock | (332,147) | (330,810) | (453,981) | |
Cash dividends paid on preferred stock | (24,621) | |||
Payments relating to treasury shares received for restricted stock award tax payments | [2] | (18,463) | (8,677) | (7,020) |
Net cash (used in) provided by financing activities | (418,131) | (1,953,642) | 1,791,109 | |
Net increase (decrease) in cash and cash equivalents | 1,970,319 | 20,176 | (26,476) | |
Cash and cash equivalents at beginning of year | 557,850 | 537,674 | 564,150 | |
Cash and cash equivalents at end of year | 2,528,169 | 557,850 | 537,674 | |
Supplemental information: | ||||
Cash paid for interest | 447,476 | 382,135 | 540,818 | |
Cash paid for income taxes | 217,682 | 180,238 | 187,608 | |
Cash paid for prepayment penalties on borrowings | 914,965 | |||
Non-cash investing and financing activities: | ||||
Transfers to other real estate owned from loans | 9,973 | 20,099 | 47,096 | |
Transfer of loans from held for investment to held for sale | 1,910,121 | 1,659,743 | 1,897,075 | |
Transfer of loans from held for sale to held for investment | 153,578 | |||
Shares issued for restricted stock awards | 11,028 | $ 8,985 | $ 7,708 | |
Securities transferred from held to maturity to available for sale | $ 3,040,305 | |||
[1] | See Note 2, "Summary of Significant Accounting Policies" for a discussion of the Company's adoption of Accounting Standards Update No. 2016-09. See accompanying notes to the consolidated financial statements. | |||
[2] | See Note 2, "Summary of Significant Accounting Policies" for a discussion of the Company's adoption of Accounting Standards Update No. 2016-09. |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 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 evaluation of goodwill for impairment; 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 8, “Borrowed Funds,” for additional information regarding these trusts. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Summary Of Significant Accounting Policies | NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents For cash flow reporting purposes, cash and cash equivalents include cash on hand, amounts due from banks, and money market investments, which include federal funds sold and reverse repurchase agreements. At December 31, 2017 and 2016, the Company’s cash and cash equivalents totaled $2.5 billion and $557.9 million, respectively. Included in cash and cash equivalents at those dates were $2.1 billion and $138.6 million, respectively, of interest-bearing deposits in other financial institutions, primarily consisting of balances due from the Federal Reserve Bank of New York. Also included in cash and cash equivalents at December 31, 2017 and 2016 were federal funds sold of $3.1 million and $6.8 million, respectively. In addition, the Company had $250.0 million in pledged reverse repurchase agreements outstanding at December 31, 2017 and 2016. In accordance with the monetary policy of the Board of Governors of the Federal Reserve System (the “FRB”), the Company was required to maintain total reserves with the Federal Reserve Bank of New York of $763.4 million and $162.1 million, respectively, at December 31, 2017 and 2016, in the form of deposits and vault cash. The Company was in compliance with this requirement at both dates. Securities Available for Sale and Held to Maturity The securities portfolio primarily consists of mortgage-related securities and, to a lesser extent, debt and equity (together, “other”) securities. Securities that are classified as “available for sale” are carried at their estimated fair value, with any unrealized gains or losses, net of taxes, reported as accumulated other comprehensive income or loss in stockholders’ equity. Securities that the Company has the intent and ability to hold to maturity are classified as “held to maturity” and carried at amortized cost, less the non-credit The fair values of our securities—and particularly our fixed-rate securities—are affected by changes in market interest rates and credit spreads. In general, as interest rates rise and/or credit spreads widen, the fair value of fixed-rate securities will decline. As interest rates fall and/or credit spreads tighten, the fair value of fixed-rate securities will rise. We regularly conduct a review and evaluation of our securities portfolio to determine if the decline in the fair value of any security below its carrying amount is other than temporary. If we deem any such decline in value to be other than temporary, the security is written down to its current fair value, creating a new cost basis, and the resultant loss (other than the OTTI of debt securities attributable to non-credit “Non-interest In accordance with OTTI accounting guidance, unless we have the intent to sell, or it is more likely than not that we may be required to sell a security before recovery, OTTI is recognized as a realized loss in earnings to the extent that the decline in fair value is credit-related. If there is a decline in fair value of a security below its carrying amount and we have the intent to sell it, or it is more likely than not that we may be required to sell the security before recovery, the entire amount of the decline in fair value is charged to earnings. Premiums and discounts on securities are amortized to expense and accreted to income over the remaining period to contractual maturity using a method that approximates the interest method, and are adjusted for anticipated prepayments. Dividend and interest income are recognized when earned. The cost of securities sold is based on the specific identification method. Federal Home Loan Bank Stock As a member of the FHLB of New York (the “FHLB-NY”), FHLB-NY FHLB-NY. The Company conducts a periodic review and evaluation of its FHLB-NY stock to determine if any impairment exists. The factors considered in this process include, among others, significant deterioration in FHLB-NY earnings performance, credit rating, or asset quality; significant adverse changes in the regulatory or economic environment; and other factors that could raise significant concerns about the creditworthiness and the ability of the FHLB-NY to continue as a going concern. Loans Loans, net, are carried at unpaid principal balances, including unearned discounts, purchase accounting (i.e., acquisition-date fair value) adjustments, net deferred loan origination costs or fees, and the allowances for loan losses. 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”). On September 29, 2017, the sale was completed with proceeds received in the amount of $226.6 million, resulting in a gain of $7.4 million, which is included in “Non-Interest Accordingly, all of the loans held for sale that were outstanding at December 31, 2017, were originated by the Community Bank through its previous mortgage banking operation, and are to be sold to Freedom. Such loans are carried at fair value, which is primarily based on quoted market prices for securities backed by similar types of loans. The changes in fair value of these assets are largely driven by changes in mortgage interest rates subsequent to loan funding. In addition, loans originated as “held for investment” and subsequently designated as “held for sale” are transferred to held for sale at fair value. Additionally, the Company received approval from the FDIC to sell assets covered under its Loss Share Agreements (“LSA”), early terminate the LSA, and entered into an agreement to sell the majority of its one-to-four “Non-Interest The Company recognizes interest income on non-covered Prepayment income on loans is recorded in interest income and only when cash is received. Accordingly, there are no assumptions involved in the recognition of prepayment income. Two factors are considered in determining the amount of prepayment income: the prepayment penalty percentage set forth in the loan documents, and the principal balance of the loan at the time of prepayment. The volume of loans prepaying may vary from one period to another, often in connection with actual or perceived changes in the direction of market interest rates. When interest rates are declining, rising precipitously, or perceived to be on the verge of rising, prepayment income may increase as more borrowers opt to refinance and lock in current rates prior to further increases taking place. A loan generally is classified as a “non-accrual” non-accrual non-accrual Allowances for Loan Losses Allowance for Losses on Non-Covered The allowance for losses on non-covered non-covered non-covered non-covered non-covered Although non-covered non-covered The methodology used for the allocation of the allowance for non-covered non-criticized non-covered The allowance for losses on non-covered Specific valuation allowances are established based on management’s analyses of individual loans that are considered impaired. If a non-covered non-covered non-covered The Company generally measures impairment on an individual loan and determines the extent to which a specific valuation allowance is necessary by comparing the loan’s outstanding balance to either the fair value of the collateral, less the estimated cost to sell, or the present value of expected cash flows, discounted at the loan’s effective interest rate. Generally, when the fair value of the collateral, net of the estimated cost to sell, or the present value of the expected cash flows is less than the recorded investment in the loan, any shortfall is promptly charged off. The Company also follows a process to assign general valuation allowances to non-covered held-for-investment charge-off The allocation methodology consists of the following components: First, the Company determines an allowance for loan losses based on a quantitative loss factor for loans evaluated collectively for impairment. This quantitative loss factor is based primarily on historical loss rates, after considering loan type, historical loss and delinquency experience, and loss emergence periods. The quantitative loss factors applied in the methodology are periodically re-evaluated • Changes in lending policies and procedures, including changes in underwriting standards and collection, and charge-off • Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; • Changes in the nature and volume of the portfolio and in the terms of loans; • Changes in the volume and severity of past-due non-accrual • Changes in the quality of our loan review system; • Changes in the value of the underlying collateral for collateral-dependent loans; • The existence and effect of any concentrations of credit, and changes in the level of such concentrations; • Changes in the experience, ability, and depth of lending management and other relevant staff; and • The effect of other external factors, such as competition and legal and regulatory requirements, on the level of estimated credit losses in the existing portfolio. By considering the factors discussed above, the Company determines an allowance for non-covered non-covered The historical loss period the Company uses to determine the allowance for loan losses on non-covered The process of establishing the allowance for losses on non-covered • Periodic inspections of the loan collateral by qualified in-house • Regular meetings of executive management with the pertinent Board committee, during which observable trends in the local economy and/or the real estate market are discussed; • Assessment of the aforementioned factors by the pertinent members of the Boards of Directors and management when making a business judgment regarding the impact of anticipated changes on the future level of loan losses; and • Analysis of the portfolio in the aggregate, as well as on an individual loan basis, taking into consideration payment history, underwriting analyses, and internal risk ratings. In order to determine their overall adequacy, each of the respective non-covered The Company charges off loans, or portions of loans, in the period that such loans, or portions thereof, are deemed uncollectible. The collectability of individual loans is determined through an assessment of the financial condition and repayment capacity of the borrower and/or through an estimate of the fair value of any underlying collateral. For non-real past-due (1) Closed-end (2) Open-end closed-end open-end The level of future additions to the respective non-covered An allowance for unfunded commitments is maintained separate from the allowances for non-covered See Note 6, “Allowances for Loan Losses” for a further discussion of our allowance for losses on covered loans, as well as additional information about our allowance for losses on non-covered Allowance for Losses on Covered Loans The Company sold its covered loan portfolio during the third quarter of 2017; therefore, the Company had no allowance for losses on covered loans as of December 31, 2017. The Company had elected to account for the loans acquired in the AmTrust and Desert Hills acquisitions (the “covered loans”) based on expected cash flows. This election was in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 310-30, 310-30”). 310-30, Covered loans were reported exclusive of the FDIC loss share receivable. The covered loans acquired in the AmTrust and Desert Hills Bank (“Desert Hills”) acquisitions were reviewed for collectability based on the expectations of cash flows from these loans. Covered loans were aggregated into pools of loans with common characteristics. In determining the allowance for losses on covered loans, the Company periodically performed an analysis to estimate the expected cash flows for each of the loan pools. A provision for losses on covered loans was recorded to the extent that the expected cash flows from a loan pool have decreased for credit-related items since the acquisition date. Accordingly, during the loss share recovery period, if there is a decrease in expected cash flows due to an increase in estimated credit losses compared to the estimates made at the respective acquisition dates, the decrease in the present value of expected cash flows was recorded as a provision for covered loan losses charged to earnings, and the allowance for covered loan losses will be increased. During the loss share recovery period, a related credit to non-interest See Note 6, “Allowances for Loan Losses” for a further discussion of the allowances for losses on non-covered Goodwill In connection with the Company’s acquisitions, assets that are acquired and liabilities that are assumed are recorded at their estimated fair values. Goodwill represents the excess of the purchase price of acquisitions over the fair value of the identifiable net assets acquired, including other identified intangible assets. The determination of whether or not goodwill is impaired could require the Company to make significant judgments and could require the use of significant estimates and assumptions regarding estimated future cash flows. If the Company changes its strategy or if market conditions shift, judgments may change, which may result in adjustments to the recorded goodwill balance. Any resulting impairment loss could have a material adverse impact on our financial condition and results of operations. The Company tests goodwill for impairment at the reporting unit level. These impairment evaluations are performed by comparing the carrying value of the goodwill of a reporting unit to its estimated fair value. Goodwill is allocated to the reporting units based on the reporting unit expected to benefit from the business combination. Previously, the Company had identified two reporting units, which were also our segments: our Banking Operations reporting unit and the Residential Mortgage Banking reporting unit. On September 29, 2017, the Company sold the Residential Mortgage Banking reporting unit; accordingly, the Company has one remaining reporting unit. Goodwill is evaluated for impairment annually at December 31st, or more frequently if conditions exist that indicate that the carrying value may be impaired. ASC 350 provides for an optional qualitative assessment for testing goodwill for impairment that may allow companies to skip the annual two-step test described below. The qualitative assessment permits companies to assess whether it is more likely than not (i.e., a likelihood of greater than 50%) that the fair value of a reporting unit is less than its carrying amount. If the Company concludes based on the qualitative assessment that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company is required to perform the two-step test. If the Company concludes based on the qualitative assessment that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, it has completed its goodwill impairment test and does not need to perform the two-step test. Under step one of the two-step test, the fair value of a reporting unit is compared with its carrying value (including goodwill). If the fair value of a reporting unit is less than its carrying value, an indication of goodwill impairment exists for that reporting unit and the entity must perform step two of the impairment test (measurement). Under step two, an impairment loss is recognized for any excess of the carrying amount of a reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation and the residual fair value after this allocation is the implied fair value of the reporting unit’s goodwill. If the fair value of the reporting unit exceeds its carrying value, step two does not need to be performed. At December 31, 2017, the Company utilized a quantitative assessment to test goodwill for impairment and determined that the fair value of its single reporting unit exceeded its carrying value thereby concluding that goodwill was not impaired. Premises and Equipment, Net Premises, furniture, fixtures, and equipment are carried at cost, less the accumulated depreciation computed on a straight-line basis over the estimated useful lives of the respective assets (generally 20 years for premises and three to ten years for furniture, fixtures, and equipment). Leasehold improvements are carried at cost less the accumulated amortization computed on a straight-line basis over the shorter of the related lease term or the estimated useful life of the improvement. Depreciation and amortization are included in “Occupancy and equipment expense” in the Consolidated Statements of Operations and Comprehensive Income (Loss), and amounted to $32.8 million, $32.8 million, and $31.5 million, respectively, in the years ended December 31, 2017, 2016, and 2015. Bank-Owned Life Insurance The Company has purchased life insurance policies on certain employees. These bank-owned life insurance (“BOLI”) policies are recorded in the Consolidated Statements of Condition at their cash surrender value. Income from these policies and changes in the cash surrender value are recorded in “Non-interest Repossessed Assets Repossessed assets consist of any property (“other real estate owned” or “OREO”) or other assets acquired through, or in lieu of, foreclosure are sold or rented, and are recorded at fair value, less the estimated selling costs, at the date of acquisition. Following foreclosure, management periodically performs a valuation of the asset, and the assets are carried at the lower of the carrying amount or fair value, less the estimated selling costs. Expenses and revenues from operations and changes in valuation, if any, are included in “General and administrative” expense in the Consolidated Statements of Operations and Comprehensive Income (Loss). At December 31, 2017, the Company had $8.2 million of OREO and $8.2 million of taxi medallions. The balance at December 31, 2016 was $28.6 million and included OREO of $17.0 million that was covered under the Company’s FDIC LSA. There were no repossessed taxi medallions at December 31, 2016. Income Taxes Income tax expense consists of income taxes that are currently payable and deferred income taxes. Deferred income tax expense is determined by recognizing deferred tax assets and liabilities for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. The Company assesses the deferred tax assets and establishes a valuation allowance when realization of a deferred asset is not considered to be “more likely than not.” The Company considers its expectation of future taxable income in evaluating the need for a valuation allowance. The Company estimates income taxes payable based on the amount it expects to owe the various tax authorities (i.e., federal, state, and local). Income taxes represent the net estimated amount due to, or to be received from, such tax authorities. In estimating income taxes, management assesses the relative merits and risks of the appropriate tax treatment of transactions, taking into account statutory, judicial, and regulatory guidance in the context of the Company’s tax position. In this process, management also relies on tax opinions, recent audits, and historical experience. Although the Company uses the best available information to record income taxes, underlying estimates and assumptions can change over time as a result of unanticipated events or circumstances such as changes in tax laws and judicial guidance influencing its overall tax position. Stock-Based Compensation Under the New York Community Bancorp, Inc. 2012 Stock Incentive Plan (the “2012 Stock Incentive Plan”), which was approved by the Company’s shareholders at its Annual Meeting on June 7, 2012, shares are available for grant as restricted stock or other forms of related rights. At December 31, 2017, the Company had 7,135,071 shares available for grant under the 2012 Stock Incentive Plan, including 1,030,673 shares that were transferred from the New York Community Bancorp, Inc. 2006 Stock Incentive Plan (the “2006 Stock Incentive Plan”), which was approved by the Company’s shareholders at its Annual Meeting on June 7, 2006 and reapproved at its Annual Meeting on June 2, 2011. Compensation cost related to restricted stock grants is recognized on a straight-line basis over the vesting period. For a more detailed discussion of the Company’s stock-based compensation, see Note 13, “Stock-Related Benefit Plans.” Retirement Plans The Company’s pension benefit obligations and post-retirement health and welfare benefit obligations, and the related costs, are calculated using actuarial concepts in accordance with GAAP. The measurement of such obligations and expenses requires that certain assumptions be made regarding several factors, most notably including the discount rate and the expected rate of return on plan assets. The Company evaluates these assumptions on an annual basis. Other factors considered by the Company in its evaluation include retirement patterns, mortality rates, turnover, and the rate of compensation increase. Under GAAP, actuarial gains and losses, prior service costs or credits, and any remaining transition assets or obligations that have not been recognized under previous accounting standards must be recognized in AOCL until they are amortized as a component of net periodic benefit cost. Earnings (Loss) per Common Share (Basic and Diluted) Basic earnings (loss) per common share (“EPS”) is computed by dividing the net income (loss) 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 Unvested stock-based compensation awards containing non-forfeitable two-class two-class non-forfeitable, The following table presents the Company’s computation of basic and diluted earnings (loss) per common share for the years ended December 31, 2017, 2016, and 2015: Years Ended December 31, (in thousands, except share and per share amounts) 2017 2016 2015 Net income (loss) available to common shareholders $ 441,580 $ 495,401 $ (47,156 ) Less: Dividends paid on and earnings/(loss) allocated to participating securities (3,554 ) (3,795 ) (3,357 ) Earnings/(loss) applicable to common stock $ 438,026 $ 491,606 $ (50,513 ) Weighted average common shares outstanding 487,073,951 485,150,173 448,982,223 Basic earnings (loss) per common share $ 0.90 $ 1.01 $ (0.11 ) Earnings (loss) applicable to common stock $ 438,026 $ 491,606 $ (50,513 ) Weighted average common shares outstanding 487,073,951 485,150,173 448,982,223 Potential dilutive common shares — — — Total shares for diluted earnings (loss) per common share computation 487,073,951 485,150,173 448,982,223 Diluted earnings (loss) per common share and common share equivalents $0.90 $1.01 $(0.11 ) Recently Adopted Accounting Standards In March 2016, the FASB issued ASU No. 2016-09, No. 2016-09 No. 2016-09 No. 2016-09 No. 2016-09 No. 2016-09 No. 2016-09 In December 2016, the FASB issued ASU No. 2016-19, No. 2016-19 approach technique yield-to-price Recently Issued Accounting Standards In February 2018, the FASB issued ASU No. 2018-02, No. 2018-02 No. 2018-02 No. 2018-02 No. 2018-02 No. 2018-02, In May 2017, the FASB issued ASU No. 2017-09, No. 2017-09 No. 2017-09, No. 2017-09 No. 2017-09 In March 2017, the FASB issued ASU No. 2017-08, 310-20): No. 2017-08 non-contingently No. 2017-08 No. 2017-08 No. 2017-08 In March 2017, the FASB issued ASU No. 2017-07, No. 2017-07 No. 2017-07 In January 2017, the FASB issued ASU No. 2017-04, No. 2017-04 No. 2017-04 No. 2017-04 No. 2017-04 In November 2016, the FASB issued ASU No. 2016-18, No. 2016-18 No. 2016-18 beginning-of-period end-of-period No. 2016-18 No. 2016-18 No. 2016-18 In August 2016, the FASB issued ASU No. 2016-15, No. 2016-15 zero-coupon No. 2016-15 No. 2016-15 In June 2016, the FASB issued ASU No. 2016-13, No. 2016-13 available-for-sale No. 2016-13 No. 2016-13 available-for-sale No. 2016-13 off-balance No. 2016-13 No. 2016-13 No. 2016-13. 310-30, No. 2016-13 No. 2016-13. 310-30 No. 2016-13, No. 2016-13 In February 2016, the FASB issued ASU No. 2016-02, No. 2016-02 No. 2016-02 right-of-use build-to-suit No. 2016-02 right-of-use right-of-use In January 2016, the FASB issued ASU No. 2016-01, 825-10): No. 2016-01 available-for-sale No. 2016-01 No. 2016-01 No. 2016-01. No. 2016-01 in-scope In May 2014, the FASB issued ASU No. 2014-09, No. 2014-09 No. 2014-09 No. 2014-09 No. 2014-09. |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2017 | |
Reclassifications Out of Accumulated Other Comprehensive Loss | NOTE 3: RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE LOSS (in thousands) For the Twelve Months Ended December 31, 2017 Details about Accumulated Other Comprehensive Loss Amount Reclassified (1) Affected Line Item in the Consolidated Statements of Operations Unrealized gains on available-for-sale $ 2,988 Net gain on sales of securities (1,245 ) Income tax expense $ 1,743 Net gain on sales of securities, net of tax Amortization of defined benefit pension plan items: Past service liability $ 249 Included in the computation of net periodic (credit) expense (2) Actuarial losses (8,484 ) Included in the computation of net periodic (credit) expense (2) (8,235 ) Total before tax 3,432 Tax benefit $ (4,803 ) Amortization of defined benefit pension plan items, net of tax Total reclassifications for the period $ (3,060 ) (1) Amounts in parentheses indicate expense items. (2) See Note 12, “Employee Benefits,” for additional information. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2017 | |
Securities | NOTE 4: SECURITIES The following tables summarize the Company’s portfolio of securities available for sale at December 31, 2017 and 2016: December 31, 2017 (in thousands) Amortized Gross Gross Fair Value Mortgage-Related Securities: GSE (1) $ 2,023,677 $ 46,364 $ 1,199 $ 2,068,842 GSE CMOs (2) 536,284 14,446 826 549,904 Total mortgage-related securities $ 2,559,961 $ 60,810 $ 2,025 $ 2,618,746 Other Securities: U. S. Treasury obligations $ 199,960 $ — $ 62 $ 199,898 GSE debentures 473,879 2,044 2,665 473,258 Corporate bonds 79,702 11,073 — 90,775 Municipal bonds 70,381 540 801 70,120 Capital trust notes 48,230 6,498 8,632 46,096 Preferred stock 15,292 142 — 15,434 Mutual funds and common stock (3) 16,874 487 261 17,100 Total other securities $ 904,318 $ 20,784 $ 12,421 $ 912,681 Total securities available for sale (4) $ 3,464,279 $ 81,594 $ 14,446 $ 3,531,427 (1) Government-sponsored enterprise. (2) Collateralized mortgage obligations. (3) Primarily consists of mutual funds that are Community Reinvestment Act-qualified (4) The amortized cost includes the non-credit non-credit December 31, 2016 (in thousands) Amortized Gross Gross Fair Value 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 non-credit non-credit At December 31, 2017 and 2016, respectively, the Company had $603.8 million and $590.9 million of FHLB-NY FHLB-NY The following table summarizes the gross proceeds, gross realized gains, and gross realized losses from the sale of available-for-sale December 31, (in thousands) 2017 2016 2015 Gross proceeds $ 453,878 $ 322,038 $ 278,689 Gross realized gains 3,848 3,128 1,159 Gross realized losses 860 — 4 In addition, during the twelve months ended December 31, 2017, the Company sought to take advantage of favorable bond market conditions and sold held-to-maturity held-to-maturity available-for-sale available-for-sale 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 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 1,219 Ending credit loss amount as of December 31, 2017 $196,333 The following table summarizes, by contractual maturity, the amortized cost of available-for-sale Mortgage- Average U.S. Treasury Average State, County, Average (1) Other Debt (2) Average Fair Value (dollars in thousands) Available-for-Sale (3) Due within one year $ — — % $ 259,256 1.82 % $ 148 6.51 % $ — — % $ 259,617 Due from one to five years 883,138 3.32 6,950 3.84 291 6.63 48,449 3.57 963,589 Due from five to ten years 1,002,205 3.44 283,883 3.08 — — 31,253 8.37 1,361,457 Due after ten years 674,618 3.09 123,750 3.23 69,942 2.88 48,230 3.77 914,230 Total securities available for sale $ 2,559,961 3.30 % $ 673,839 3.22 % $ 70,381 2.90 % $ 127,932 4.82 % $ 3,498,893 (1) Not presented on a tax-equivalent (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 available-for-sale 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 GSE certificates $ 232,546 $ 535 $ 20,440 $ 664 $ 252,986 $ 1,199 GSE debentures 333,045 2,665 — — 333,045 2,665 GSE CMOs 118,694 826 — — 118,694 826 U. S. Treasury obligations 199,898 62 — — 199,898 62 Municipal bonds 11,169 259 41,054 542 52,223 801 Capital trust notes — — 35,105 8,632 35,105 8,632 Equity securities — — 11,545 261 11,545 261 Total temporarily impaired available-for-sale $ 895,352 $ 4,347 $ 108,144 $ 10,099 $ 1,003,496 $ 14,446 The following table presents held-to-maturity available-for-sale Less than Twelve Months Twelve Months or Longer Total (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Temporarily Impaired Held-to-Maturity 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 $ 581,856 $ 4,318 $ 24,364 $ 11,872 $ 606,220 $ 16,190 Temporarily Impaired Available-for-Sale 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 $ 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 December 31, 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 December 31, 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 December 31, 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 December 31, 2017 consisted of six agency mortgage-related securities, five capital trust notes, two municipal bonds, and one mutual fund. At December 31, 2016 securities designated as having a continuous loss position for twelve months or more consisted of five capital trust notes. At December 31, 2017, the fair value of securities having a continuous loss position for twelve months or more was 8.5% below the collective amortized cost of $118.2 million. At December 31, 2016, the fair value of such securities was 32.2% below the collective amortized cost of $43.7 million. At December 31, 2017 and 2016, the combined market value of the respective securities represented unrealized losses of $10.1 million and $14.1 million, respectively. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2017 | |
Loans | NOTE 5: LOANS The following table sets forth the composition of the loan portfolio at December 31, 2017 and 2016: December 31, 2017 2016 (dollars in thousands) Amount Percent of Non-Covered Amount Percent of Non-Covered Non-Covered Mortgage Loans: Multi-family $ 28,074,709 73.19 % $ 26,945,052 72.13 % Commercial real estate 7,322,226 19.09 7,724,362 20.68 One-to-four 477,228 1.24 381,081 1.02 Acquisition, development, and construction 435,825 1.14 381,194 1.02 Total mortgage loans held for investment $ 36,309,988 94.66 $ 35,431,689 94.85 Other Loans: Commercial and industrial 1,377,964 3.59 1,341,216 3.59 Lease financing, net of unearned income of $65,041 and $60,278, respectively 662,610 1.73 559,229 1.50 Total commercial and industrial loans (1) 2,040,574 5.32 1,900,445 5.09 Purchased credit-impaired loans — — 5,762 0.01 Other 8,460 0.02 18,305 0.05 Total other loans held for investment 2,049,034 5.34 1,924,512 5.15 Total non-covered $ 38,359,022 100.00 % $ 37,356,201 100.00 % Net deferred loan origination costs 28,949 26,521 Allowance for losses on non-covered (158,046 ) (158,290 ) Non-covered $ 38,229,925 $ 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 35,258 409,152 Total loans, net $ 38,265,183 $ 39,308,016 (1) Includes specialty finance loans of $1.5 billion and $1.3 billion, and other C&I loans of $500.8 million and $632.9 million, respectively, at December 31, 2017 and 2016. Non-Covered Non-Covered The majority of the loans the Company originates for investment are multi-family loans, most of which are collateralized by non-luxury mixed-use To a lesser extent, the Company also originates one-to-four One-to-four 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 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, CRE properties, and ADC projects are inspected as a prerequisite to approval, and independent appraisers, whose appraisals are carefully reviewed by the Company’s in-house 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 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 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 re-underwritten. 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 At December 31, 2016, the Company had non-covered non-covered 310-30 310-30, 310-30 Loans Held for Sale At December 31, 2017 the Company had loans held for sale of $35.3 million as compared to $409.2 million at December 31, 2016. The decline reflects the sale of its mortgage banking business, which was acquired as part of its 2009 FDIC-assisted acquisition of AmTrust and was reported under the Company’s Residential Mortgage Banking segment, to Freedom. Accordingly, on September 29, 2017, the sale was completed with proceeds received in the amount of $226.6 million, resulting in a gain of $7.4 million, which is included in “Non-Interest Income” in the accompanying Consolidated Statements of Operations and Comprehensive Income (Loss). Freedom acquired both the Company’s origination and servicing platforms, as well as its mortgage servicing loan portfolio of $20.5 billion and related MSR asset of $208.8 million. The Community Bank’s mortgage banking operations originated, aggregated, sold, and serviced one-to-four web-accessible one-to-four Asset Quality The following table presents information regarding the quality of the Company’s non-covered (in thousands) Loans 30-89 Days (1) Non- (1) Loans Total Current Loans Total Loans Multi-family $ 1,258 $ 11,078 $ — $ 12,336 $ 28,062,373 $ 28,074,709 Commercial real estate 13,227 6,659 — 19,886 7,302,340 7,322,226 One-to-four 585 1,966 — 2,551 474,677 477,228 Acquisition, development, and construction — 6,200 — 6,200 429,625 435,825 Commercial and industrial (1) (2) 2,711 47,768 — 50,479 1,990,095 2,040,574 Other 8 11 — 19 8,441 8,460 Total $ 17,789 $ 73,682 $ — $ 91,471 $ 38,267,551 $ 38,359,022 (1) Includes $2.7 million and $46.7 million of 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. The following table presents information regarding the quality of the Company’s non-covered non-covered (in thousands) Loans 30-89 Days (1) Non-Accrual (1) Loans Total Current Loans 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 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 (1) (2) 7,263 16,422 — 23,685 1,876,760 1,900,445 Other (3) 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 (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 Mortgage Loans Other Loans (in thousands) Multi-Family Commercial One-to-Four Acquisition, Total Mortgage Commercial (1) Other Total Other Credit Quality Indicator: Pass $ 27,874,330 $ 7,255,100 $ 471,571 $ 344,040 $ 35,945,041 $ 1,925,527 $ 8,449 $ 1,933,976 Special mention 125,752 47,123 3,691 76,033 252,599 20,883 — 20,883 Substandard 74,627 20,003 1,966 15,752 112,348 94,164 11 94,175 Doubtful — — — — — — — — Total $ 28,074,709 $ 7,322,226 $ 477,228 $ 435,825 $ 36,309,988 $ 2,040,574 $ 8,460 $ 2,049,034 (1) Includes lease financing receivables, all of which were classified as “pass.” The following table summarizes the Company’s portfolio of non-covered non-covered Mortgage Loans Other Loans (in thousands) Multi-Family Commercial One-to-Four 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 The interest income that would have been recorded under the original terms of non-accrual December 31, (in thousands) 2017 2016 2015 Interest income that would have been recorded $ 4,974 $ 3,128 $ 2,288 Interest income actually recorded (2,904 ) (1,708 ) (1,574 ) Interest income foregone $ 2,070 $ 1,420 $ 714 Troubled Debt Restructurings The Company is required to account for certain held-for-investment non-accrual In an effort to proactively manage delinquent loans, the Company has selectively extended to certain borrowers concessions such as rate reductions, extension of maturity dates, and forbearance agreements. As of December 31, 2017, loans on which concessions were made with respect to rate reductions and/or extension of maturity dates amounted to $44.6 million; loans on which forbearance agreements were reached amounted to $1.0 million. The following table presents information regarding the Company’s TDRs as of December 31, 2017 and 2016: December 31, 2017 2016 (in thousands) Accruing Non- Total Accruing Non- Total Loan Category: Multi-family $ 824 $ 8,061 $ 8,885 $ 1,981 $ 8,755 $ 10,736 Commercial real estate — 368 368 — 1,861 1,861 One-to-four — 1,066 1,066 222 1,749 1,971 Acquisition, development, and construction 8,652 — 8,652 — — — Commercial and industrial 177 26,408 26,585 1,263 3,887 5,150 Other — — — — 202 202 Total $ 9,653 $ 35,903 $ 45,556 $ 3,466 $ 16,454 $ 19,920 The eligibility of a borrower for work-out The financial effects of the Company’s TDRs for the twelve months ended December 31, 2017, 2016, and 2015 are summarized as follows: For the Twelve Months Ended December 31, 2017 Weighted Average (dollars in thousands) Number Pre-Modification Post-Modification Pre- Post- Charge-off Capitalized Loan Category: One-to-four 4 $ 810 $ 986 5.93 % 2.21 % $ — $ 12 Acquisition, development, and construction 2 8,652 8,652 5.50 5.50 — — Commercial and industrial 65 52,179 26,409 3.36 3.26 14,273 — Total 71 $ 61,641 $ 36,047 $ 14,273 $ 12 For the Twelve Months Ended December 31, 2016 Weighted Average (dollars in thousands) Number Pre-Modification Post-Modification Pre- Post- Charge-off Capitalized Loan Category: Multi-family 1 $ 9,340 $ 8,129 4.63 % 4.00 % $ — $ — One-to-four 5 900 1,036 4.26 2.65 — 11 Commercial and industrial 7 4,697 3,935 3.22 3.19 170 — Total 13 $ 14,937 $ 13,100 $ 170 $ 11 For the Twelve Months Ended December 31, 2015 Weighted Average (dollars in thousands) Number Pre-Modification Post-Modification Pre- Post- Charge-off Capitalized Loan Category: One-to-four 4 $ 568 $ 619 4.02 % 2.72 % $ — $ 6 Commercial and industrial 2 1,345 1,312 3.40 3.52 33 — Other 2 193 213 4.58 2.00 — 2 Total 8 $ 2,106 $ 2,144 $ 33 $ 8 At December 31, 2017, seven C&I loans, in the amount of $1.6 million that had been modified as a TDR during the twelve months ended at that date was in payment default. At December 31, 2016, none of the loans that had been modified as a TDR during the twelve months ended at that date were in payment default. At December 31, 2015, one home equity loan in the amount of $143,000 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 Company sold its covered loan portfolio during the third quarter of 2017; therefore, the Company did not have any covered loans outstanding as of December 31, 2017. The Company referred to certain loans acquired in the AmTrust and Desert Hills transactions as “covered loans” because the Company was being reimbursed for a substantial portion of losses on these loans under the terms of the LSA. Covered loans were accounted for under ASC 310-30 310-30, The following table presents the carrying value of covered loans which were acquired in the acquisitions of AmTrust and Desert Hills as of December 31, 2016. (dollars in thousands) Amount Percent of Loan Category: One-to-four $ 1,609,635 94.8 % Other loans 88,498 5.2 Total covered loans $ 1,698,133 100.0 % At December 31, 2016, the unpaid principal balance of covered loans was $2.1 billion and the carrying value of such loans was $1.7 billion. At December 31, 2016, 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”) was 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 non-accretable The accretable yield was 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 increased or decreased the amount of interest income expected to be collected, depending on the direction of interest rates. Prepayments affected the estimated lives of covered loans and could have changed 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 were driven by the credit outlook and by actions that may be taken with borrowers. As of the date of the sale, the accretable yield was reduced to zero. On a quarterly basis, the Company had evaluated the estimates of the cash flows it expected to collect. Expected future cash flows from interest payments were based on variable rates at the time of the quarterly evaluation. Estimates of expected cash flows that were impacted by changes in interest rate indices for variable rate loans and prepayment assumptions were treated as prospective yield adjustments and included in interest income. In the twelve months ended December 31, 2017, changes in the accretable yield for covered loans were as follows: (in thousands) Accretable Yield Balance at beginning of period $ 647,470 Accretion (72,842 ) Reclassification to non-accretable (11,381 ) Changes in expected cash flows due to the sale of the covered loan portfolio (563,247 ) Balance at end of period $ — In the preceding table, the line item “Reclassification to non-accretable Reflecting the foreclosure of certain loans acquired in the AmTrust and Desert Hills acquisitions, the Company owned certain OREO that was covered under its LSA (“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 were charged to non-interest non-interest The FDIC loss share receivable represented 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 was reduced as losses on covered loans were recognized and as loss sharing payments were received from the FDIC. Realized losses in excess of acquisition-date estimates resulted in an increase in the FDIC loss share receivable. Conversely, if realized losses were lower than the acquisition-date estimates, the FDIC loss share receivable was reduced by amortization to interest income. Effective October 31, 2017, the Company and the FDIC completed termination of the LSA. At December 31, 2017, the Company had no residential mortgage loans in the process of foreclosure. At December 31, 2016, the Company held residential mortgage loans of $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 at December 31, 2016 that were 90 days or more past due: (in thousands) Covered Loans 90 Days or More Past Due: One-to-four $ 124,820 Other loans 6,645 Total covered loans 90 days or more past due $ 131,465 The following table presents information regarding the Company’s covered loans at December 31, 2016 that were 30 to 89 days past due: (in thousands) Covered Loans 30-89 One-to-four $ 21,112 Other loans 1,536 Total covered loans 30-89 $ 22,648 At December 31, 2016, the Company had $22.6 million of covered loans that were 30 to 89 days past due, and covered loans of $131.5 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 twelve months ended December 31, 2016, the Company recorded recoveries of losses on covered loans of $23.7 million. 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 | 12 Months Ended |
Dec. 31, 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 December 31, 2017: Loans collectively evaluated for impairment $ 128,275 $ 29,771 $ 158,046 (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 December 31, 2017: Loans individually evaluated for impairment $ 31,747 $ 48,810 $ 80,557 Loans collectively evaluated for impairment 36,278,241 2,000,224 38,278,465 Total $ 36,309,988 $ 2,049,034 $ 38,359,022 (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 December 31, 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 (375 ) (62,975 ) (63,350 ) (170 ) (3,413 ) (3,583 ) Recoveries 605 1,558 2,163 1,272 1,603 2,875 Provision for (recovery of) non-covered 2,629 58,314 60,943 (164 ) 12,038 11,874 Balance, end of period $ 128,275 $ 29,771 $ 158,046 $ 125,416 $ 32,874 $ 158,290 See Note 2, “Summary of Significant Accounting Polices” 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 $ 8,892 $ 11,470 $ — $ 9,554 $ 495 Commercial real estate 5,137 10,252 — 3,522 92 One-to-four 1,966 2,072 — 2,489 50 Acquisition, development, and construction 15,752 25,952 — 10,976 575 Other 48,810 104,901 — 43,074 2,200 Total impaired loans with no related allowance $ 80,557 $ 154,647 $ — $ 69,615 $ 3,412 Impaired loans with an allowance recorded: Multi-family $ — $ — $ — $ — $ — Commercial real estate — — — — — One-to-four — — — — — Acquisition, development, and construction — — — — — Other — — — 314 — Total impaired loans with an allowance recorded $ — $ — $ — $ 314 $ — Total impaired loans: Multi-family $ 8,892 $ 11,470 $ — $ 9,554 $ 495 Commercial real estate 5,137 10,252 — 3,522 92 One-to-four 1,966 2,072 — 2,489 50 Acquisition, development, and construction 15,752 25,952 — 10,976 575 Other 48,810 104,901 — 43,388 2,200 Total impaired loans $ 80,557 $ 154,647 $ — $ 69,929 $ 3,412 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 were reported exclusive of the FDIC loss share receivable. The covered loans acquired in the AmTrust and Desert Hills acquisitions were reviewed for collectability based on the expectations of cash flows from these loans. Covered loans were aggregated into pools of loans with common characteristics. In determining the allowance for losses on covered loans, the Company periodically performed an analysis to estimate the expected cash flows for each of the pools of loans. The Company recorded a provision for (recovery of) losses on covered loans to the extent that the expected cash flows from a loan pool had decreased or increased since the acquisition date. Accordingly, if there was 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 was recorded as a provision for covered loan losses charged to earnings, and the allowance for covered loan losses was increased. A related credit to non-interest If there was 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 was recorded as a recovery of the prior-period impairment charged to earnings, and the allowance for covered loan losses was reduced. A related debit to non-interest The following table summarizes activity in the allowance for losses on covered loans for the years ended December 31, 2017 and 2016: December 31, (in thousands) 2017 2016 Balance, beginning of period $ 23,701 $ 31,395 Recovery of losses on covered loans (23,701 ) (7,694 ) Balance, end of period $ — $ 23,701 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Deposits | NOTE 7: DEPOSITS The following table sets forth the weighted average interest rates for each type of deposit at December 31, 2017 and 2016: December 31, 2017 2016 (dollars in thousands) Amount Percent Weighted Amount Percent Weighted (1) Interest-bearing checking and money market accounts $ 12,936,301 44.45 % 0.23 % $ 13,395,080 46.37 % 0.55 % Savings accounts 5,210,001 17.90 0.52 5,280,374 18.28 0.46 Certificates of deposit 8,643,646 29.70 1.31 7,577,170 26.23 1.12 Non-interest-bearing 2,312,215 7.95 — 2,635,279 9.12 — Total deposits $ 29,102,163 100.00 % 0.58 % $ 28,887,903 100.00 % 0.63 % At both December 31, 2017 and 2016, the aggregate amount of deposits that had been reclassified as loan balances (i.e., overdrafts) was $3.1 million. The scheduled maturities of certificates of deposit (“CDs”) at December 31, 2017 were as follows: (in thousands) 1 year or less $ 5,897,172 More than 1 year through 2 years 2,461,847 More than 2 years through 3 years 209,389 More than 3 years through 4 years 42,485 More than 4 years through 5 years 21,907 Over 5 years 10,846 Total CDs $ 8,643,646 The following table presents a summary of CDs in amounts of $100,000 or more by remaining term to maturity, at December 31, 2017: CDs of $100,000 or More Maturing Within (in thousands) 3 Months Over 3 to Over 6 to Over Total Total $ 1,333,531 $ 1,495,368 $ 1,064,316 $ 1,595,643 $ 5,488,858 Included in total deposits at December 31, 2017 and 2016 were brokered deposits of $4.0 billion and $3.9 billion, with weighted average interest rates of 1.37% and 0.62% at the respective year-ends. Brokered money market accounts represented $2.6 billion and $2.5 billion, respectively, of the December 31, 2017 and 2016 totals, and brokered interest-bearing checking accounts represented $793.7 million and $1.4 billion, respectively. Brokered CDs represented $567.8 million of brokered deposits at December 31, 2017. There were no brokered CDs at December 31, 2016. |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Dec. 31, 2017 | |
Borrowed Funds | NOTE 8: BORROWED FUNDS The following table summarizes the Company’s borrowed funds at December 31, 2017 and 2016: December 31, (in thousands) 2017 2016 Wholesale borrowings: FHLB advances $ 12,104,500 $ 11,664,500 Repurchase agreements 450,000 1,500,000 Federal funds purchased — 150,000 Total wholesale borrowings $ 12,554,500 $ 13,314,500 Junior subordinated debentures 359,179 358,879 Total borrowed funds $ 12,913,679 $ 13,673,379 Accrued interest on borrowed funds is included in “Other liabilities” in the Consolidated Statements of Condition and amounted to $19.3 million and $18.1 million, respectively, at December 31, 2017 and 2016. FHLB Advances The following table presents an analysis of the contractual maturities of the Company’s outstanding FHLB advances at December 31, 2017, none of which had callable features. Contractual Maturity (dollars in thousands) Year of Maturity Amount Weighted Average 2018 $ 3,923,500 1.51 2019 4,431,000 1.74 2020 3,150,000 2.09 2021 600,000 2.21 Total FHLB advances $ 12,104,500 1.78 % The Company had no short-term FHLB advances at December 31, 2017. At December 31, 2016, short-term advances totaled $300.0 million with a weighted average interest rate of 0.81%. During the twelve months ended at December 31, 2017 and 2016, the average balances of short-term FHLB advances were $3.3 million and $929.4 billion, with weighted average interest rates of 0.82% and 0.60%, respectively. In 2017 and 2016, the interest expense generated by average short-term FHLB advances was $27,000 and $5.5 million, respectively. During 2015, the average balance of short-term advances was $2.3 billion with a weighted average interest rate of 0.42%, generating interest expense of $9.8 million. At December 31, 2017 and 2016, respectively, the Banks had combined unused lines of available credit with the FHLB-NY FHLB-NY FHLB-NY Total FHLB advances generated interest expense of $186.0 million, $172.0 million, and $230.6 million, in the years ended December 31, 2017, 2016, and 2015, respectively. Repurchase Agreements The following table presents an analysis of the contractual maturities of the Company’s outstanding repurchase agreements accounted for as secured borrowings at December 31, 2017. None of these repurchase agreements had callable features. Contractual Maturity (dollars in thousands) Year of Maturity Amount Weighted Average 2018 $ 250,000 3.04 2019 200,000 1.69 Total $ 450,000 2.44 % The following table provides the contractual maturity and weighted average interest rate of repurchase agreements, and the amortized cost and fair value (including accrued interest) of the securities collateralizing the repurchase agreements, at December 31, 2017: Mortgage-Related and GSE Debentures and (dollars in thousands) Contractual Maturity Amount Weighted Average Amortized Fair Value Amortized Fair Value Greater than 90 days $ 450,000 2.44 % $ 216,076 $ 217,383 $ 248,065 $ 249,489 The Company had no short-term repurchase agreements outstanding at December 31, 2017 or 2016. During the year ended December 31, 2015, the Company had average short-term repurchase agreements outstanding of $197.3 million with a weighted average interest rate of 0.31%, generating interest expense of $614,000. At December 31, 2017 and 2016, the accrued interest on repurchase agreements amounted to $760,000 and $1.2 million, respectively. The interest expense on repurchase agreements was $16.4 million, $23.3 million, and $99.9 million, in the years ended December 31, 2017, 2016, and 2015, respectively. Federal Funds Purchased There were no federal funds purchased outstanding at December 31, 2017. At December 31, 2016, the balance of federal funds purchased was $150.0 million with a weighted average interest rate of 0.75%. In 2017 and 2016, respectively, the average balances of federal funds purchased were to $47.9 million and $525.4 million, with weighted average interest rates of 0.87% and 0.51%. In 2015, the average balance of federal funds purchased amounted to $588.8 million with a weighted average interest rate of 0.26%. The interest expense produced by federal funds purchased was $418,000, $2.7 million, and $1.5 million for the years ended December 31, 2017, 2016, and 2015, respectively. Junior Subordinated Debentures At December 31, 2017 and 2016, the Company had $359.2 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 December 31, 2017: Issuer Interest Junior Capital Date of Stated Maturity First Optional (dollars in thousands) New York Community Capital Trust V (BONUSES SM 6.000 % $145,253 $ 138,902 Nov. 4, 2002 Nov. 1, 2051 Nov. 4, 2007 (1) New York Community Capital Trust X 3.188 123,712 120,000 Dec. 14, 2006 Dec. 15, 2036 Dec. 15, 2011 (2) PennFed Capital Trust III 4.838 30,928 30,000 June 2, 2003 June 15, 2033 June 15, 2008 (2) New York Community Capital Trust XI 3.345 59,286 57,500 April 16, 2007 June 30, 2037 June 30, 2012 (2) Total junior subordinated debentures $359,179 $ 346,402 (1) Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002. (2) Callable from this date forward. The Bifurcated Option Note Unit SecuritiES SM non-callable The gross proceeds of the BONUSES units totaled $275.0 million and were allocated between the capital security and the warrant comprising such units in proportion to their relative values at the time of issuance. The value assigned to the warrants, $92.4 million, was recorded as a component of additional “paid-in 49-year The other three trust preferred securities noted in the preceding table were formed for the purpose of issuing Company Obligated Mandatorily Redeemable Capital Securities of Subsidiary Trusts Holding Solely Junior Subordinated Debentures (collectively, the “Capital Securities”). Dividends on the Capital Securities are payable either quarterly or semi-annually and are deferrable, at the Company’s option, for up to five years. As of December 31, 2017, all dividends were current. Interest expense on junior subordinated debentures was $19.6 million, $18.5 million, and $17.6 million, respectively, for the years ended December 31, 2017, 2016, and 2015. |
Federal, State & Local Taxes
Federal, State & Local Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Federal, State & Local Taxes | NOTE 9: FEDERAL, STATE, AND LOCAL TAXES The following table summarizes the components of the Company’s net deferred tax asset (liability) at December 31, 2017 and 2016: December 31, (in thousands) 2017 2016 Deferred Tax Assets: Allowance for loan losses $ 46,239 $ 75,605 Compensation and related benefit obligations 13,010 27,877 Acquisition accounting and fair value adjustments on securities (including OTTI) — 14,455 Acquisition accounting and fair value adjustments on loans (including the FDIC loss share receivable) — 7,496 Non-accrual 818 4,791 Restructuring and retirement of borrowed funds 1,105 6,957 Net operating loss carryforwards 2,967 5,664 Other 15,953 18,351 Gross deferred tax assets 80,092 161,196 Valuation allowance — — Deferred tax asset after valuation allowance $ 80,092 $ 161,196 Deferred Tax Liabilities: Amortizable intangibles $ (1,704 ) $ (1,655 ) Acquisition accounting and fair value adjustments on securities (including OTTI) (17,090 ) — Undistributed earnings of subsidiaries (19,003 ) — Mortgage servicing rights (1,794 ) (65,975 ) Premises and equipment (12,907 ) (19,310 ) Prepaid pension cost (24,324 ) (30,962 ) Leases (78,682 ) (65,214 ) Other (9,385 ) (10,691 ) Gross $ (164,889 ) $ (193,807 ) Net deferred tax asset (liability) $ (84,797 ) $ (32,611 ) The deferred tax liability represents the anticipated federal, state, and local tax expenses or benefits that are expected to be realized in future years upon the utilization of the underlying tax attributes comprising said balances. At December 31, 2017, the net deferred tax liability is included in “Other liabilities” in the Consolidated Statements of Condition. At December 31, 2016, the net federal deferred tax liability is included in “Other liabilities,” and the net state and local deferred tax asset is included in “Other assets” in the Consolidated Statements of Condition. At December 31, 2017, the Company had a New York City net operating loss carryforward in the amount of $44.9 million available through 2035. The net operating loss carryforward is available to offset future taxable income. The Company has determined that all deductible temporary differences and net operating loss carryforwards are more likely than not to provide a benefit in reducing future federal, state, and local tax liabilities, as applicable. The Company has reached this determination based on its history of reporting positive taxable income in all relevant tax jurisdictions, the length of time available to utilize the net operating loss carryforwards, and the recognition of taxable income in future periods from taxable temporary differences. The following table summarizes the Company’s income tax expense (benefit) for the years ended December 31, 2017, 2016, and 2015: December 31, (in thousands) 2017 2016 2015 Federal – current $ 153,587 $ 216,182 $ (53,273 ) State and local – current 26,983 20,799 (295 ) Total current 180,570 236,981 (53,568 ) Federal – deferred 3,498 18,203 468 State and local – deferred 17,946 26,543 (31,757 ) Total deferred 21,444 44,746 (31,289 ) Income tax expense (benefit) reported in net income 202,014 281,727 $ (84,857 ) Income tax expense (benefit) reported in stockholders’ equity related to: Employee stock plans — — (2,486 ) Securities available-for-sale 28,495 (2,687 ) 131 Pension liability adjustments 2,234 2,924 (1,161 ) Non-credit 13 49 44 Total income taxes $ 232,756 $ 282,013 $ (88,329 ) The following table presents a reconciliation of statutory federal income tax expense (benefit) to combined actual income tax expense (benefit) reported in net income for the years ended December 31, 2017, 2016, and 2015: December 31, (in thousands) 2017 2016 2015 Statutory federal income tax at 35% $ 233,875 $ 271,995 $ (46,204 ) State and local income taxes, net of federal income tax effect (1) 29,204 30,772 (20,835 ) Effect of tax law changes (41,943 ) — — Effect of tax deductibility of ESOP (5,083 ) (6,452 ) (7,321 ) Non-taxable (9,529 ) (10,808 ) (9,575 ) Federal tax credits (1,386 ) (1,607 ) (1,554 ) Adjustments relating to prior tax years 144 (668 ) (248 ) Merger-related expenses — (850 ) 850 Other, net (3,268 ) (655 ) 30 Total income tax expense (benefit) $ 202,014 $ 281,727 $ (84,857 ) (1) Includes income tax (benefit) expense for the years ended December 31, 2015 of $(1.4) million for adjustments to deferred taxes necessitated by changes in tax laws of New York City that were enacted in April 2015. On December 22, 2017 H.R. 1, originally known as the Tax Cuts and Jobs Act, (the “Tax Reform Act”) was enacted. The Tax Reform Act significantly revised the U.S. corporate income tax regime by, among other things: • Lowering of the U.S. corporate tax rate from 35% to 21% effective January 1, 2018. • Repeal of corporate alternative minimum tax (AMT) for tax years beginning after December 31, 2017. • Reduction of the corporate dividends received deduction of 80% and 70% to 65% and 50%, respectively, for tax years beginning after December 31, 2017. • Disallowance of the deduction for FDIC premiums for banks with total consolidated assets over $50 billion effective tax years beginning after December 31, 2017. • Allows for full expensing of qualified property acquired or placed in service between September 27, 2017 and January 1, 2023. • Limitation of net operating loss (NOL) carryforwards to 80% of taxable income for losses arising in tax years beginning after December 31, 2017 and prohibiting NOL carrybacks for losses arising in tax years beginning after December 31, 2017 and providing an unlimited life for NOL carryforwards. U.S. GAAP requires that the impact of tax legislation be recognized in the period in which the law was enacted. As a result of the Tax Reform Act, the Company recorded a tax benefit of $42 million due to the net impact of remeasurement of tax attributes affected by the enactment of the Tax Reform Act. In March 2014, tax legislation was enacted that changed the manner in which financial institutions and their affiliates are taxed in New York State. In April 2015, similar legislation was enacted for New York City. Most of the provisions were effective for fiscal years beginning in 2015. The most significant changes affecting the Company were as follows: • The tax rate applied to apportioned New York State taxable income was reduced from 7.1% to 6.5%, effective for fiscal years beginning in 2016. For financial institutions with total assets below $100 billion, the New York City statutory tax rate dropped from 9% to 8.85%. • Tax is now determined by measuring the apportioned income of the combined group of all domestic affiliates that participate in a unitary business relationship. • Taxable income is apportioned based on the location of the taxpayer’s customers, with special rules for income from certain financial transactions. • Thrift institutions that maintain a qualified residential loan portfolio are entitled to a specially computed modification that reduces taxable income. • New York City taxable income is reduced by net interest income earned on residential portfolio loans that are secured by rent-regulated units or situated in low-income • An alternative tax of 0.15% on apportioned capital is imposed to the extent that it exceeds the tax on apportioned income. The New York State alternative tax is capped at $5 million for a tax year and is gradually phased out over six years. The New York City alternative tax is capped at $10 million for a tax year and is not phased out. • A reduction to taxable income from the utilization of a net operating loss carryforward is determined without reference to, nor limitation based on, a federal tax deduction of such carryforward. The Company invests in affordable housing projects through limited partnerships that generate federal Low Income Housing Tax Credits. The balances of these investments, which are included in “Other assets” in the Consolidated Statements of Condition, were $46.2 million and $42.4 million, respectively, at December 31, 2017 and 2016, and included commitments of $23.9 million and $21.9 million that are expected to be funded over the next four years. The Company elected to apply the proportional amortization method to these investments. Recognized in the determination of income tax (benefit) expense from operations for the years ended December 31, 2017, 2016, and 2015 were $4.5 million, $4.0 million, and $3.2 million, respectively, of affordable housing tax credits and other tax benefits, and an offsetting $3.1 million, $3.0 million, and $2.4 million, respectively, for the amortization of the related investments. No impairment losses were recognized in relation to these investments for the years ended December 31, 2017, 2016, and 2015. GAAP prescribes a recognition threshold and measurement attribute for use in connection with the obligation of a company to recognize, measure, present, and disclose in its financial statements uncertain tax positions that the Company has taken or expects to take on a tax return. As of December 31, 2017, the Company had $33.7 million of unrecognized gross tax benefits. Gross tax benefits do not reflect the federal tax effect associated with state tax amounts. The total amount of net unrecognized tax benefits at December 31, 2017 that would have affected the effective tax rate, if recognized, was $26.6 million. Interest and penalties (if any) related to the underpayment of income taxes are classified as a component of income tax expense in the Consolidated Statements of Operations and Comprehensive Income (Loss). During the years ended December 31, 2017, 2016, and 2015, the Company recognized income tax expense attributed to interest and penalties of $1.8 million, $1.2 million, and $1.1 million, respectively. Accrued interest and penalties on tax liabilities were $8.9 million and $6.9 million, respectively, at December 31, 2017 and 2016. The following table summarizes changes in the liability for unrecognized gross tax benefits for the years ended December 31, 2017, 2016, and 2015: December 31, (in thousands) 2017 2016 2015 Uncertain tax positions at beginning of year $ 33,487 $ 30,456 $ 24,779 Additions for tax positions relating to current-year operations 4,332 1,304 3,827 Additions for tax positions relating to prior tax years 1,398 1,997 2,935 Subtractions for tax positions relating to prior tax years (5,101 ) (270 ) (963 ) Reductions in balance due to settlements (435 ) — (122 ) Uncertain tax positions at end of year $ 33,681 $ 33,487 $ 30,456 The Company and its subsidiaries have filed tax returns in many states. The following are the more significant tax filings that are open for examination: • Federal tax filings for tax years 2014 through the present; • New York State tax filings for tax years 2010 through the present; • New York City tax filings for tax years 2011 through the present; and • New Jersey tax filings for tax years 2013 through the present. In addition to other state audits, the Company is currently under examination by the following taxing jurisdictions of significance to the Company: • New York State for the tax years 2010 through 2014; and • New York City for the tax years 2011 and 2012. It is reasonably possible that there will be developments within the next twelve months that would necessitate an adjustment to the balance of unrecognized tax benefits, including decreases of up to $20 million due to completion of tax authorities’ exams and the expiration of statutes of limitations. As a savings institution, the Community Bank is subject to a special federal tax provision regarding its frozen tax bad debt reserve. At December 31, 2017, the Community Bank’s federal tax bad debt base-year reserve was $61.5 million, with a related federal deferred tax liability of $12.9 million, which has not been recognized since the Community Bank does not expect that this reserve will become taxable in the foreseeable future. Events that would result in taxation of this reserve include redemptions of the Community Bank’s stock or certain excess distributions by the Community Bank to the Company. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies | NOTE 10: COMMITMENTS AND CONTINGENCIES Pledged Assets The Company pledges securities to serve as collateral for its repurchase agreements, among other purposes. At December 31, 2017, the Company had pledged available for sale mortgage-related securities and other securities with carrying values of $917.2 million and $346.0 million, respectively. At December 31, 2016, the Company had pledged mortgage-related securities and other securities held to maturity with carrying values of $1.6 billion and $346.7 million, respectively. In addition, the Company had $30.1 billion and $29.4 billion of loans pledged to the FHLB-NY Loan Commitments and Letters of Credit At December 31, 2017 and 2016, the Company had commitments to originate loans, including unused lines of credit, of $1.9 billion and $2.1 billion, respectively. The majority of the outstanding loan commitments at those dates were expected to close within 90 days. In addition, the Company had commitments to originate letters of credit totaling $339.4 million and $324.3 million at December 31, 2017 and 2016. The following table summarizes the Company’s off-balance (in thousands) Mortgage Loan Commitments: Multi-family and commercial real estate $ 377,782 One-to-four 3,819 Acquisition, development, and construction 239,504 Total mortgage loan commitments $ 621,105 Other loan commitments 1,314,170 Total loan commitments $ 1,935,275 Commercial, performance stand-by, stand-by 339,403 Total commitments $ 2,274,678 Lease Commitments At December 31, 2017, the Company was obligated under various non-cancelable cost-of-living (in thousands) 2018 $ 29,786 2019 26,425 2020 20,211 2021 16,523 2022 and thereafter 66,555 Total minimum future rentals $ 159,500 The rental expense under these leases, which is included in “Occupancy and equipment expense” in the Consolidated Statements of Operations and Comprehensive Income (Loss), amounted to $33.2 million, $32.6 million, and $32.8 million, respectively, in the years ended December 31, 2017, 2016, and 2015. Rental income on Company-owned properties, netted in occupancy and equipment expense, was approximately $9.5 million, $7.1 million, and $3.7 million in the corresponding periods. There was no minimum future rental income under non-cancelable sub-lease Financial Guarantees The Company provides guarantees and indemnifications to its customers to enable them to complete a variety of business transactions and to enhance their credit standings. These guarantees are recorded at their respective fair values in “Other liabilities” in the Consolidated Statements of Condition. The Company deems the fair value of the guarantees to equal the consideration received. The following table summarizes the Company’s guarantees and indemnifications at December 31, 2017: (in thousands) Expires Expires Total Maximum Potential Financial stand-by $ 19,996 $ 55,202 $ 75,198 $ 267,174 Performance stand-by 5,786 — 5,786 5,775 Commercial letters of credit 3,063 209 3,272 66,454 Total letters of credit $ 28,845 $ 55,411 $ 84,256 $ 339,403 The maximum potential amount of future payments represents the notional amounts that could be funded under the guarantees and indemnifications if there were a total default by the guaranteed parties or if indemnification provisions were triggered, as applicable, without consideration of possible recoveries under recourse provisions or from collateral held or pledged. The Company collects fees upon the issuance of commercial and stand-by stand-by Stand-by At December 31, 2017, the Company had commitments to purchase GNMA securities of $29.4 million. Legal Proceedings The Company is involved in various legal actions arising in the ordinary course of its business. All such actions in the aggregate involve amounts that are believed by management to be immaterial to the financial condition and results of operations of the Company. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Intangible Assets | NOTE 11: INTANGIBLE ASSETS Goodwill Goodwill is presumed to have an indefinite useful life and is tested for impairment, rather than amortized, at the reporting unit level, at least once a year. There were no changes in the carrying amount of goodwill during the years ended December 31, 2017 or 2016. Goodwill totaled $2.4 billion at each of these dates. Core Deposit Intangibles CDI is a measure of the value of checking and savings deposits acquired in a business combination. As previously noted, the Company has recognized CDI stemming from its various business combinations with other banks and thrifts. The fair value of the CDI stemming from any given business combination is based on the present value of the expected cost savings attributable to the core deposit funding acquired, relative to an alternative source of funding. CDI is amortized over the estimated useful lives of the existing deposit relationships acquired, but does not exceed 10 years. As of December 31, 2017, all CDI was fully amortized. For the year ended December 31, 2017, amortization expenses related to CDI totaled $208,000. The Company evaluates such identifiable intangibles for impairment when an indication of impairment exists. No impairment charges were required to be recorded in 2017, 2016, or 2015. If an impairment loss is determined to exist in the future, the loss will be recorded in “Non-interest 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 completed the sale of its mortgage banking business in the third quarter of 2017, and consequently sold substantially all of its mortgage servicing assets. Accordingly, the value of the MSR asset declined to $6.1 million at December 31, 2017, compared to $234.0 million at December 31, 2016. These balances consisted of two classes of MSRs for which the Company separately manages the economic risk: residential MSRs and participation MSRs (i.e., MSRs on loans sold through participations). Residential MSRs are carried at fair value, and at December 31, 2017 reflected only loans sold through the FHLB’s Mortgage Partnership Finance Program, with changes in fair value recorded as a component of non-interest 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 Operations and Comprehensive Income (Loss), was $1.2 million and $1.3 million, and $941,000 for the years ended December 31, 2017, 2016, and 2015, 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 years ended December 31, 2017 and 2016, there was no impairment related to the Company’s participation MSRs. The following table presents the changes in the balances of residential MSRs and participation MSRs for the years ended December 31, 2017 and 2016: For the Years Ended December 31, 2017 2016 (in thousands) Residential Participation Residential Participation Carrying value, beginning of year $ 228,099 $ 5,862 $ 243,389 $ 4,345 Additions 18,054 710 45,588 3,774 Sales (208,827 ) — — — Increase (decrease) in fair value: Due to changes in interest rates (2,096 ) — 3,341 — Due to model assumption changes (1) — — (13,088 ) — Due to loan payoffs (22,610 ) — (33,425 ) — Due to passage of time and other changes (9,891 ) — (17,706 ) — Amortization — (3,201 ) — (2,257 ) Carrying value, end of period $ 2,729 $ 3,371 $ 228,099 $ 5,862 (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: December 31, 2017 2016 Expected weighted average life 87 months 82 months Constant prepayment speed 9.81 % 8.70 % Discount rate 12.00 10.05 Primary mortgage rate to refinance 4.02 4.11 Cost to service (per loan per year): Current $ 70 $ 64 30-59 220 214 60-89 370 364 90-119 470 464 120 days or more delinquent 870 864 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. Reflecting the sale of the mortgage banking business the total unpaid principal balance of loans serviced for others declined to $3.7 billion at December 31, 2017 from $25.1 billion at December 31, 2016. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Employee Benefits | NOTE 12: EMPLOYEE BENEFITS Retirement Plan On April 1, 2002, three separate pension plans for employees of the former Queens County Savings Bank, the former CFS Bank, and the former Richmond County Savings Bank were merged and renamed the “New York Community Bancorp Retirement Plan” (the “Retirement Plan”). The pension plan for employees of the former Roslyn Savings Bank was merged into the Retirement Plan on September 30, 2004. The pension plan for employees of the former Atlantic Bank of New York was merged into the Retirement Plan on March 31, 2008. The Retirement Plan covers substantially all employees who had attained minimum age, service, and employment status requirements prior to the date when the individual plans were frozen by the banks of origin. Once frozen, the individual plans ceased to accrue additional benefits, service, and compensation factors, and became closed to employees who would otherwise have met eligibility requirements after the “freeze” date. The following table sets forth certain information regarding the Retirement Plan as of the dates indicated: December 31, (in thousands) 2017 2016 Change in Benefit Obligation: Benefit obligation at beginning of year $ 146,429 $ 146,618 Interest cost 5,616 5,881 Actuarial loss 8,267 611 Annuity payments (6,485 ) (6,473 ) Settlements (2,416 ) (208 ) Benefit obligation at end of year $ 151,411 $ 146,429 Change in Plan Assets: Fair value of assets at beginning of year $ 220,740 $ 211,888 Actual return on plan assets 22,297 15,533 Contributions — — Annuity payments (6,485 ) (6,473 ) Settlements (2,416 ) (208 ) Fair value of assets at end of year $ 234,136 $ 220,740 Funded status (included in “Other assets”) $ 82,725 $ 74,311 Changes recognized in other comprehensive income (loss) for the year ended December 31: Amortization of prior service cost $ — $ — Amortization of actuarial loss (8,209 ) (9,050 ) Net actuarial loss arising during the year 2,260 706 Total recognized in other comprehensive loss for the year (pre-tax) $ (5,949 ) $ (8,344 ) Accumulated other comprehensive loss (pre-tax) Prior service cost $ — $ — Actuarial loss, net 73,591 79,541 Total accumulated other comprehensive loss (pre-tax) $ 73,591 $ 79,541 In 2018, an estimated $7.2 million of unrecognized net actuarial loss for the Retirement Plan will be amortized from AOCL into net periodic benefit cost. The comparable amount recognized as net periodic benefit cost in 2017 was $8.2 million. No prior service cost will be amortized in 2018 and none was amortized in 2017. The discount rates used to determine the benefit obligation at December 31, 2017 and 2016 were 3.4% and 3.9%, respectively. The discount rate reflects rates at which the benefit obligation could be effectively settled. To determine this rate, the Company considers rates of return on high-quality fixed-income investments that are currently available and are expected to be available during the period until the pension benefits are paid. The expected future payments are discounted based on a portfolio of high-quality rated bonds (above-median AA curve) for which the Company relies on the Citigroup Pension Liability Index that is published as of the measurement date. The components of net periodic pension credit were as follows for the years indicated: Years Ended December 31, (in thousands) 2017 2016 2015 Components of net periodic pension credit: Interest cost $ 5,616 $ 5,881 $ 6,063 Expected return on plan assets (16,290 ) (15,627 ) (17,559 ) Amortization of net actuarial loss 8,209 9,050 8,208 Net periodic pension credit $ (2,465 ) $ (696 ) $ (3,288 ) The following table indicates the weighted average assumptions used in determining the net periodic benefit cost for the years indicated: Years Ended 2017 2016 2015 Discount rate 3.9 % 4.1 % 4.0 % Expected rate of return on plan assets 7.5 7.5 8.0 As of December 31, 2017, Retirement Plan assets were invested in two diversified investment portfolios of the Pentegra Retirement Trust (the “Trust”) (formerly known as “RSI Retirement Trust”), a private placement investment fund. The Company (in this context, the “Plan Sponsor”) chooses the specific asset allocation for the Retirement Plan within the parameters set forth in the Trust’s Investment Policy Statement. The long-term investment objectives are to maintain the Retirement Plan’s assets at a level that will sufficiently cover the Plan Sponsor’s long-term obligations, and to generate a return on those assets that will meet or exceed the rate at which the Plan Sponsor’s long-term obligations will grow. The Retirement Plan allocates its assets in accordance with the following targets: • To hold 55% of its assets in equity securities via investment in the Trust’s Long-Term Growth—Equity (“LTGE”) Portfolio, a diversified portfolio that invests in a number of actively and passively managed equity mutual funds and collective trusts in order to diversify within U.S. and non-U.S. • To hold 44% of its assets in intermediate-term investment-grade bonds via investment in the Trust’s Long-Term Growth—Fixed Income (“LTGFI”) Portfolio, a diversified portfolio that invests in a number of fixed-income mutual funds and collective investment trusts, primarily including intermediate-term bond funds with a focus on U.S. investment grade securities and opportunistic allocations to below-investment grade and non-U.S. • To hold 1% of its assets in a cash-equivalent portfolio for liquidity purposes. In addition, the Retirement Plan holds Company shares, the value of which is approximately equal to 11% of the assets that are held by the Trust. The LTGE and LTGFI portfolios are designed to provide long-term growth of equity and fixed-income assets with the objective of achieving an investment return in excess of the cost of funding the active life, deferred vesting, and all 30-year The following table presents information about the fair value measurements of the investments held by the Retirement Plan as of December 31, 2017: (in thousands) Total Quoted Prices in Significant Other Significant Equity: Large-cap (1) $ 20,959 $ — $ 20,959 $— Large-cap (2) 21,825 — 21,825 — Large-cap (3) 14,512 — 14,512 — Mid-cap (4) 4,668 — 4,668 — Mid-cap (5) 4,422 — 4,422 — Mid-cap (6) 4,744 — 4,744 — Small-cap (7) 3,530 — 3,530 — Small-cap (8) 3,353 — 3,353 — Small-cap (9) 6,908 — 6,908 — International equity (10) 28,113 — 28,113 — Fixed Income Funds: — Fixed Income – U.S. Core (11) 68,928 — 68,928 — Intermediate duration (12) 23,046 — 23,046 — Equity Securities: — Company common stock 24,865 24,865 — — Cash Equivalents: — Money market * 4,263 1,063 3,200 — $234,136 $25,928 $208,208 $— * Includes cash equivalent investments in equity and fixed income strategies. (1) This category contains large-cap (2) This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S. (3) This fund tracks the performance of the S&P 500 Index by purchasing the securities represented in the Index in approximately the same weightings as the Index. (4) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap (5) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap (6) This category seeks to track the performance of the S&P Midcap 400 Index. (7) This category consists of a selection of investments based on the Russell 2000 Value Index. (8) This category consists of a selection of investments based on the Russell 2000 Growth Index. (9) This category consists of an index fund designed to track the Russell 2000, along with a fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10% of the market universe, or smaller than the 1000th largest US company. (10) This category has investments in medium to large non-US ex-US (11) This category currently includes equal investments in three mutual funds, two of which usually hold at least 80% of fund assets in investment grade fixed income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that index. The third fund targets investments of 50% or more in mortgage-backed securities guaranteed by the US government and its agencies. (12) This category consists of a mutual fund which invest in a diversified portfolio of high-quality bonds and other fixed income securities, including U.S. Government obligations, mortgage-related and asset backed securities, corporate and municipal bonds, CMOs, and other securities mostly rated A or better. Current Asset Allocation The asset allocations for the Retirement Plan as of December 31, 2017 and 2016 were as follows: At December 31, 2017 2016 Equity securities 59 % 56 % Debt securities 39 43 Cash equivalents 2 1 Total 100 % 100 % Determination of Long-Term Rate of Return The long-term rate of return on Retirement Plan assets assumption was based on historical returns earned by equities and fixed income securities, and adjusted to reflect expectations of future returns as applied to the Retirement Plan’s target allocation of asset classes. Equities and fixed income securities were assumed to earn long-term rates of return in the ranges of 6% to 9% and 3% to 5%, respectively, with an assumed long-term inflation rate of 2.5% reflected within these ranges. When these overall return expectations are applied to the Retirement Plan’s target allocations, the result is an expected rate of return of 5% to 7%. Expected Contributions The Company does not expect to contribute to the Retirement Plan in 2018. Expected Future Annuity Payments The following annuity payments, which reflect expected future service, as appropriate, are expected to be paid by the Retirement Plan during the years indicated: (in thousands) 2018 $ 7,153 2019 7,301 2020 7,371 2021 7,513 2022 7,565 2023 and thereafter 39,930 Total $ 76,833 Qualified Savings Plan The Company maintains a defined contribution qualified savings plan in which all full-time employees are able to participate after three months of service and having attained age 21. No matching contributions are made by the Company to this plan. Post-Retirement Health and Welfare Benefits The Company offers certain post-retirement benefits, including medical, dental, and life insurance (the “Health & Welfare Plan”) to retired employees, depending on age and years of service at the time of retirement. The costs of such benefits are accrued during the years that an employee renders the necessary service. The Health & Welfare Plan is an unfunded plan and is not expected to hold assets for investment at any time. Any contributions made to the Health & Welfare Plan are used to immediately pay plan premiums and claims as they come due. The following table sets forth certain information regarding the Health & Welfare Plan as of the dates indicated: December 31, (in thousands) 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 16,294 $ 17,280 Service cost — 5 Interest cost 577 639 Actuarial loss (gain) 517 (673 ) Premiums and claims paid (1,039 ) (957 ) Benefit obligation at end of year $ 16,349 $ 16,294 Change in plan assets: Fair value of assets at beginning of year $ — $ — Employer contribution 1,039 957 Premiums and claims paid (1,039 ) (957 ) Fair value of assets at end of year $ — $ — Funded status (included in “Other liabilities”) $ (16,349 ) $ (16,294 ) Changes recognized in other comprehensive (loss) income for the year ended December 31: Amortization of prior service cost $ 249 $ 249 Amortization of actuarial gain (274 ) (326 ) Net actuarial loss (gain) arising during the year 517 (673 ) Total recognized in other comprehensive loss for the year (pre-tax) $ 492 $ (750 ) Accumulated other comprehensive loss (pre-tax) Prior service cost $ (1,034 ) $ (1,283 ) Actuarial loss, net 5,380 5,137 Total accumulated other comprehensive loss (pre-tax) $ 4,346 $ 3,854 The discount rates used in the preceding table were 3.3% and 3.7%, respectively, at December 31, 2017 and 2016. The estimated net actuarial loss and the prior service liability that will be amortized from AOCL into net periodic benefit cost in 2018 are $309,000 and $249,000, respectively. The following table presents the components of net periodic benefit cost for the years indicated: Years Ended December 31, (in thousands) 2017 2016 2015 Components of Net Periodic Benefit Cost: Service cost $ — $ 5 $ 4 Interest cost 577 639 700 Amortization of past-service liability (249 ) (249 ) (249 ) Amortization of net actuarial loss 274 326 383 Net periodic benefit cost $ 602 $ 721 $ 838 The following table presents the weighted average assumptions used in determining the net periodic benefit cost for the years indicated: Years Ended December 31, 2017 2016 2015 Discount rate 3.7 % 3.8 % 4.0 % Current medical trend rate 6.5 6.5 6.5 Ultimate trend rate 5.0 5.0 5.0 Year when ultimate trend rate will be reached 2023 2022 2018 Had the assumed medical trend rate at December 31, 2017 increased by 1% for each future year, the accumulated post-retirement benefit obligation at that date would have increased by $736,000, and the aggregate of the benefits earned and the interest components of 2017 net post-retirement benefit cost would each have increased by $28,000. Had the assumed medical trend rate decreased by 1% for each future year, the accumulated post-retirement benefit obligation at December 31, 2017 would have declined by $623,000, and the aggregate of the benefits earned and the interest components of 2017 net post-retirement benefit cost would each have declined by $24,000. Expected Contributions The Company expects to contribute $1.3 million to the Health & Welfare Plan to pay premiums and claims in the fiscal year ending December 31, 2018. Expected Future Payments for Premiums and Claims The following amounts are currently expected to be paid for premiums and claims during the years indicated under the Health & Welfare Plan: (in thousands) 2018 $ 1,328 2019 1,288 2020 1,252 2021 1,213 2022 1,167 2023 and thereafter 5,171 Total $ 11,419 |
Stock-Related Benefit Plans
Stock-Related Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Stock-Related Benefit Plans | NOTE 13: STOCK-RELATED BENEFIT PLANS New York Community Bank Employee Stock Ownership Plan All full-time employees who have attained 21 years of age and have completed twelve consecutive months of credited service are eligible to participate in the Employee Stock Ownership Plan (“ESOP”), with benefits vesting on a six-year In 2017, 2016, and 2015, the Company allocated 695,675, 617,031, and 552,829 shares, respectively, to participants in the ESOP. For the years ended December 31, 2017, 2016, and 2015, the Company recorded ESOP-related compensation expense of $9.2 million, $9.8 million, and $9.2 million, respectively. Supplemental Executive Retirement Plan In 1993, the Community Bank established a Supplemental Executive Retirement Plan (“SERP”), which provided additional unfunded, non-qualified paid-in Stock Incentive and Stock Option Plans At December 31, 2017, the Company had a total of 7,135,071 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 ( “2012 Stock Incentive Plan”), which was approved by the Company’s shareholders at its Annual Meeting on June 7, 2012. The Company granted 2,956,249 shares of restricted stock, with an average fair value of $15.16 per share on the date of grant, during the twelve months ended December 31, 2017. During 2016 and 2015, the Company granted 2,805,652 shares and 2,352,641 shares, respectively, of restricted stock, which had average fair values of $15.21 and $15.83 per share on the respective grant dates. The shares of restricted stock that were granted during the years ended December 31, 2017, 2016, and 2015 vest over a period of five years. Compensation and benefits expense related to the restricted stock grants is recognized on a straight-line basis over the vesting period and totaled $36.0 million, $32.7 million, and $30.2 million, respectively, for the years ended December 31, 2017, 2016, and 2015. The following table provides a summary of activity with regard to restricted stock awards in the year ended December 31, 2017: For the Year Ended December 31, 2017 Number of Shares Weighted Average Unvested at beginning of year 6,930,306 15.37 Granted 2,956,249 15.16 Vested (3,867,828 ) 15.19 Cancelled (444,560 ) 15.55 Unvested at end of year 5,574,167 15.38 As of December 31, 2017, unrecognized compensation cost relating to unvested restricted stock totaled $78.7 million. This amount will be recognized over a remaining weighted average period of 3.1 years. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements | NOTE 14: FAIR VALUE MEASUREMENTS GAAP sets forth a definition of fair value, establishes a consistent framework for measuring fair value, and requires disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – Inputs to the valuation methodology are significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants use in pricing an asset or liability. A financial instrument’s categorization within this valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following tables present assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2017 and 2016, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at December 31, 2017 (in thousands) Quoted Prices Significant Significant Netting (1) Total Assets: Mortgage-Related Securities Available for Sale: GSE certificates $ — $ 2,068,842 $ — $ — $ 2,068,842 GES CMOs 549,904 549,904 Total mortgage-related securities $ — $ 2,618,746 $ — $ — $ 2,618,746 Other Securities Available for Sale: U. S. Treasury Obligations $ 199,898 $ — $ — $ — $ 199,898 GSE debentures — 473,258 — — 473,258 Corporate bonds — 90,775 — — 90,775 Municipal bonds — 70,120 — — 70,120 Capital trust notes — 46,096 — — 46,096 Preferred stock 15,434 — — — 15,434 Mutual funds and common stock — 17,100 — — 17,100 Total other securities $ 215,332 $ 697,349 $ — $ — $ 912,681 Total securities available for sale $ 215,332 $ 3,316,095 $ — $ — $ 3,531,427 Other Assets: Loans held for sale $ — $ 35,258 $ — $ — $ 35,258 Mortgage servicing rights — — 2,729 — 2,729 The Company had no liabilities that were measured at fair value on a recurring basis at December 31, 2017. 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 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. 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: December 31, 2017 December 31, 2016 (in thousands) Fair Value Aggregate Fair Value Fair Value Aggregate Fair Value Loans held for sale $ 35,258 $ 34,563 $ 695 $ 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: (Loss) Gain Included in (1) For the Twelve Months Ended December 31, (in thousands) 2017 2016 2015 Loans held for sale $ 899 $ (5,616 ) $ (472 ) Mortgage servicing rights (20,076 ) (27,453 ) (5,610 ) Total (loss) gain $ (19,177 ) $ (33,069 ) $ (6,082 ) (1) Does not include the effect of hedging activities, which is included in “Other non-interest The Company has determined that there is no instrument-specific credit risk related to its loans held for sale, due to the short duration of such assets. Changes in Level 3 Fair Value Measurements The following tables present, for the twelve months ended December 31, 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 $ 228,099 $ (20,076 ) $ — $ 18,054 $ (223,348 ) $ — $ 2,729 $ (222 ) Interest rate lock commitments 982 (982 ) — — — — — — (in thousands) Fair Value Total Realized/Unrealized Issuances Settlements Transfers Fair Value Change in Income/ Comprehensive Mortgage servicing rights $ 243,389 $ (27,453 ) $ — $ 45,588 $ (33,425 ) $ — $ 228,099 $ (27,453 ) Interest rate lock commitments 2,526 (1,544 ) — — — — 982 982 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 twelve months ended December 31, 2017 or 2016. For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 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 $ 2,729 Discounted Cash Flow Weighted Average Constant Prepayment Rate (1) 9.81 % Weighted Average Discount Rate 12.00 (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. 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 December 31, 2017 Using (in thousands) Quoted Prices in Significant Other Significant Total Fair Certain impaired loans (1) $ — $ — $ 45,837 $ 45,837 Other assets (2) — — 4,357 4,357 Total $ — $ — $ 50,194 $ 50,194 (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. (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 December 31, 2017 and 2016: December 31, 2017 Fair Value Measurement Using (in thousands) Carrying Estimated Quoted Prices in Significant Significant Financial Assets: Cash and cash equivalents $ 2,528,169 $ 2,528,169 $ 2,528,169 $ — $ — FHLB stock (1) 603,819 603,819 — 603,819 — Loans, net 38,265,183 38,254,538 — — 38,254,538 Financial Liabilities: Deposits $ 29,102,163 $ 29,044,852 $ 20,458,517 (2) $ 8,586,335 (3) $ — Borrowed funds 12,913,679 12,780,653 — 12,780,653 — (1) Carrying value and estimated fair value are at cost. (2) Interest-bearing checking 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 Quoted Prices in 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) Interest-bearing checking 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., interest-bearing checking 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 | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Financial Instruments | NOTE 15: DERIVATIVE FINANCIAL INSTRUMENTS The Company had no derivative financial instruments as of December 31, 2017, due to the sale of the mortgage banking business. During 2016 and until December 2017, the Company’s derivative financial instruments consisted of financial forward and futures contracts, interest rate swaps, IRLCs, and options. These derivatives related to mortgage banking operations, residential MSRs, and other risk management activities, and sought to mitigate or reduce the Company’s exposure to losses from adverse changes in interest rates. These activities varied 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 took into account the impact of collateral and master netting agreements that allowed 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 were included in derivative assets, and contracts with positive fair values that were included in derivative liabilities. Changes in the fair value of these derivatives were reflected in current-period earnings. None of these derivatives were designated as hedges for accounting purposes. The Company used various financial instruments, including derivatives, in connection with its prior strategies to reduce pricing risk resulting from changes in interest rates. Derivative instruments included IRLCs entered into with borrowers or correspondents/brokers to acquire agency conforming fixed and adjustable rate residential mortgage loans that were held for sale, as well as Treasury options and Eurodollar futures. The Company entered 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 were entered into with securities dealers in an amount related to the portion of IRLCs that was expected to close. The value of these forward sales contracts moved 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 used interest rate swaps to hedge the fair value of its residential MSRs. The Company also purchased put and call options to manage the risk associated with variations in the amount of IRLCs that ultimately closed. In addition, the Company mitigated a portion of the risk associated with changes in the value of MSRs. The general strategy for mitigating this risk was to purchase derivative instruments, the value of which changed in the opposite direction of interest rates, thus partially offsetting changes in the value of our servicing assets, which tended to move in the same direction as interest rates. Accordingly, the Company purchased Eurodollar futures and call options on Treasury securities, and entered into forward contracts to purchase mortgage-backed securities. The following table sets forth the effect of derivative instruments on the Consolidated Statements of Operations and Comprehensive Income for the periods indicated: (Loss) Gain Included in Mortgage Banking Income For the Twelve Months Ended December 31, (in thousands) 2017 2016 2015 Treasury options $ (262 ) $ (2,795 ) $ (8,222 ) Treasury and Eurodollar futures 55 165 501 Interest rate swaps 3,068 (4,561 ) — Forward commitments to buy/sell loans/mortgage-backed securities (8,815 ) (4,963 ) 5,752 Total (loss) gain $ (5,954 ) $ (12,154 ) $ (1,969 ) The Company had in place an enforceable master netting arrangement with every counterparty. All master netting arrangements included rights to offset associated with the Company’s recognized derivative assets, derivative liabilities, and cash collateral received and pledged. Accordingly, the Company, where appropriate, offset all derivative asset and liability positions with the cash collateral received and pledged. The following table presents the effect of the master netting arrangements on the presentation of the derivative assets in the Consolidated Statements of Condition as of December 31, 2016: 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) Included $1.9 million to purchase Treasury options. The following table presents the effect the master netting arrangements had on the presentation of the derivative liabilities in the Consolidated Statements of Condition as of December 31, 2016: 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 |
Dividend Restrictions
Dividend Restrictions | 12 Months Ended |
Dec. 31, 2017 | |
Dividend Restrictions | NOTE 16: DIVIDEND RESTRICTIONS The Parent Company is a separate legal entity from each of the Banks and must provide for its own liquidity. In addition to operating expenses and any share repurchases, the Parent Company is responsible for paying any dividends declared to the Company’s shareholders. As a Delaware corporation, the Parent Company is able to pay dividends either from surplus or, in case there is no surplus, from net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year. The Company is required to receive a non-objection non-objections non-objection Various legal restrictions limit the extent to which the Company’s subsidiary banks can supply funds to the Parent Company and its non-bank paid-in |
Parent Company Only Financial I
Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Parent Company Only Financial Information | NOTE 17: PARENT COMPANY-ONLY FINANCIAL INFORMATION The following tables present the condensed financial statements for New York Community Bancorp, Inc. (parent company only): Condensed Statements of Condition December 31, (in thousands) 2017 2016 ASSETS: Cash and cash equivalents $ 90,536 $ 63,727 Securities available for sale — 2,002 Investments in subsidiaries 7,050,139 6,426,276 Receivables from subsidiaries 4,750 7,839 Other assets 23,980 34,102 Total assets $ 7,169,405 $ 6,533,946 LIABILITIES AND STOCKHOLDERS’ EQUITY: Junior subordinated debentures $ 359,179 $ 358,879 Other liabilities 14,850 51,076 Total liabilities 374,029 409,955 Stockholders’ equity 6,795,376 6,123,991 Total liabilities and stockholders’ equity $ 7,169,405 $ 6,533,946 Condensed Statements of Income (Loss) Years Ended December 31, (in thousands) 2017 2016 2015 Interest income $ 943 $ 527 $ 1,027 Dividends received from subsidiaries 336,000 330,000 345,000 Other income 1,700 679 527 Gross income 338,643 331,206 346,554 Operating expenses 54,333 49,157 48,255 Income before income tax benefit and equity in underdistributed (overdistributed) earnings of subsidiaries 284,310 282,049 298,299 Income tax benefit 19,575 19,592 20,720 Income before equity in underdistributed (overdistributed) earnings of subsidiaries 303,885 301,641 319,019 Equity in underdistributed (overdistributed) earnings of subsidiaries 162,316 193,760 (366,175 ) Net income (loss) $ 466,201 $ 495,401 $ (47,156 ) Condensed Statements of Cash Flows Years Ended December 31, (in thousands) 2017 2016 2015 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 466,201 $ 495,401 $ (47,156 ) Change in other assets 10,122 316 (2,253 ) Change in other liabilities (36,226 ) (2,252 ) 22,236 Other, net 36,330 33,333 32,955 Equity in (underdistributed) overdistributed earnings of subsidiaries (162,316 ) (193,760 ) 366,175 Net cash provided by operating activities $ 314,110 $ 333,038 $ 371,957 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sales and repayments of securities $ 2,000 $ — $ — Change in receivable from subsidiaries, net 3,089 (204 ) 224 Investment in subsidiaries (420,000 ) — (560,000 ) Net cash used in investing activities (414,911 ) $ (204 ) $ (559,776 ) CASH FLOWS FROM FINANCING ACTIVITIES: Treasury stock purchases $ (18,463 ) $ (8,677 ) $ (7,020 ) Cash dividends paid on common and preferred stock (356,768 ) (330,810 ) (453,981 ) Proceeds from issuance of preferred stock 502,840 — — Proceeds from follow-on — — 629,682 Net cash provided by (used in) financing activities $ 127,609 $ (339,487 ) $ 168,681 Net increase (decrease) in cash and cash equivalents 26,809 (6,653 ) (19,138 ) Cash and cash equivalents at beginning of year 63,727 70,380 89,518 Cash and cash equivalents at end of year $ 90,536 $ 63,727 $ 70,380 |
Capital
Capital | 12 Months Ended |
Dec. 31, 2017 | |
Capital | NOTE 18: CAPITAL The Company is subject to examination, regulation, and periodic reporting under the Bank Holding Company Act of 1956, as amended, which is administered by the FRB. The FRB has adopted capital adequacy guidelines for bank holding companies (on a consolidated basis) that are substantially similar to those of the FDIC for the Banks. The following tables present the regulatory capital ratios for the Company at December 31, 2017 and 2016, in comparison with the minimum amounts and ratios required by the FRB for capital adequacy purposes: Risk-Based Capital At December 31, 2017 Common Equity Tier 1 Total Leverage Capital (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 3,869,129 11.36 % $ 4,371,969 12.84 % $ 4,877,208 14.32 % $ 4,371,969 9.58 % Minimum for capital adequacy purposes 1,532,448 4.50 2,043,265 6.00 2,724,353 8.00 1,826,141 4.00 Excess $ 2,336,681 6.86 % $ 2,328,704 6.84 % $ 2,152,855 6.32 % $ 2,545,828 5.58 % Risk-Based Capital At December 31, 2016 Common Equity Tier 1 Total Leverage Capital (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 3,748,231 10.62 % $ 3,748,231 10.62 % $ 4,277,759 12.12 % $ 3,748,231 8.00 % Minimum for capital adequacy purposes 1,588,699 4.50 2,118,266 6.00 2,824,355 8.00 1,875,062 4.00 Excess $ 2,159,532 6.12 % $ 1,629,965 4.62 % $ 1,453,404 4.12 % $ 1,873,169 4.00 % In accordance with Basel III, the inclusion of trust preferred securities as tier 1 capital was phased out completely in 2016. In addition, Basel III calls for the phase-in phased-in The Banks are subject to regulation, examination, and supervision by the NYSDFS and the FDIC (the “Regulators”). The Banks are also governed by numerous federal and state laws and regulations, including the FDIC Improvement Act of 1991, which established five categories of capital adequacy ranging from “well capitalized” to “critically undercapitalized.” Such classifications are used by the FDIC to determine various matters, including prompt corrective action and each institution’s FDIC deposit insurance premium assessments. Capital amounts and classifications are also subject to the Regulators’ qualitative judgments about the components of capital and risk weightings, among other factors. The quantitative measures established to ensure capital adequacy require that banks maintain minimum amounts and ratios of leverage capital to average assets and of common equity tier 1 capital, tier 1 capital, and total capital to risk-weighted assets (as such measures are defined in the regulations). At December 31, 2017, the Banks exceeded all the capital adequacy requirements to which they were subject. As of December 31, 2017, the Company, the Community Bank, and the Commercial Bank are categorized as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as well capitalized, a bank must maintain a minimum common equity tier 1 risk-based capital ratio of 6.50%; a minimum tier 1 risk-based capital ratio of 8.00%; a minimum total risk-based capital ratio of 10.00%; and a minimum leverage capital ratio of 5.00%. In the opinion of management, no conditions or events have transpired since December 31, 2017 to change these capital adequacy classifications. The following tables present the actual capital amounts and ratios for the Community Bank at December 31, 2017 and 2016 in comparison to the minimum amounts and ratios required for capital adequacy purposes. Risk-Based Capital At December 31, 2017 Common Equity Tier 1 Total Leverage Capital (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 4,253,233 13.43 % $ 4,253,233 13.43 % $ 4,387,620 13.86 % $ 4,253,233 10.06 % Minimum for capital adequacy purposes 1,424,795 4.50 1,899,727 6.00 2,532,969 8.00 1,691,041 4.00 Excess $ 2,828,438 8.93 % $ 2,353,506 7.43 % $ 1,854,651 5.86 % $ 2,562,192 6.06 % Risk-Based Capital At December 31, 2016 Common Equity Tier 1 Total Leverage Capital (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 3,686,510 11.23 % $ 3,686,510 11.23 % $ 3,843,382 11.71 % $ 3,686,510 8.45 % Minimum for capital adequacy purposes 1,477,056 4.50 1,969,408 6.00 2,625,877 8.00 1,744,601 4.00 Excess $ 2,209,454 6.73 % $ 1,717,102 5.23 % $ 1,217,505 3.71 % $ 1,941,909 4.45 % The following tables present the actual capital amounts and ratios for the Commercial Bank at December 31, 2017 and 2016 in comparison to the minimum amounts and ratios required for capital adequacy purposes: Risk-Based Capital At December 31, 2017 Common Equity Tier 1 Total Leverage Capital (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 380,194 15.95 % $ 380,194 15.95 % $ 404,643 16.97 % $ 380,194 11.37 % Minimum for capital adequacy purposes 107,285 4.50 143,047 6.00 190,729 8.00 133,801 4.00 Excess $ 272,909 11.45 % $ 237,147 9.95 % $ 213,914 8.97 % $ 246,393 7.37 % Risk-Based Capital At December 31, 2016 Common Equity Tier 1 Total Leverage Capital (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 370,707 14.14 % $ 370,707 14.14 % $ 397,259 15.15 % $ 370,707 10.53 % Minimum for capital adequacy purposes 117,973 4.50 157,297 6.00 209,729 8.00 140,813 4.00 Excess $ 252,734 9.64 % $ 213,410 8.14 % $ 187,530 7.15 % $ 229,894 6.53 % On March 17, 2017, the Company issued 20,600,000 depositary shares, each representing a 1/40th interest in a share of the Company’s Fixed-to-Floating |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting | NOTE 19: SEGMENT REPORTING Reflecting the sale of the Company’s mortgage banking business, the Residential Mortgage Banking segment will no longer be reportable. The information presented below represents activity in the Residential Mortgage Banking segment through September 30, 2017. The Company’s operations were 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 required unique technology and marketing strategies, and offer different products and services. While the Company is managed as an integrated organization, individual executive managers were 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 used various estimates and allocated methodologies to measure the performance of the operating segments. To determine financial performance for each segment, the Company allocated capital, funding charges and credits, certain non-interest The Company allocated 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 were 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 originated, aggregated, sold, and serviced one-to-four one-to-four non-interest The following tables provide a summary of the Company’s segment results for the years ended December 31, 2017, 2016, and 2015 on an internally managed accounting basis: For the Twelve Months Ended December 31, 2017 (in thousands) Banking Residential Total Company Net interest income $ 1,121,460 $ 8,543 $ 1,130,003 Provision for loan losses 37,242 — 37,242 Non-Interest Third party (1) 188,564 20,957 209,521 Gain on sale of mortgage banking operation — 7,359 7,359 Inter-segment (10,222 ) 10,222 — Total non-interest 178,342 38,538 216,880 Non-interest (2) 594,394 47,032 641,426 Income before income tax expense 668,166 49 668,215 Income tax expense 201,994 20 202,014 Net income $ 466,172 $ 29 $ 466,201 Identifiable segment assets (period-end) $ 49,124,195 $ — $ 49,124,195 (1) Includes ancillary fee income. (2) Includes both direct and indirect expenses. For the Twelve Months Ended December 31, 2016 (in thousands) Banking Residential Total Company Net interest income $ 1,272,423 $ 14,959 $ 1,287,382 Provision for loan losses 4,180 — 4,180 Non-Interest Third party (1) 116,200 29,372 145,572 Inter-segment (17,645 ) 17,645 — Total non-interest 98,555 47,017 145,572 Non-interest (2) 584,894 66,752 651,646 Income (loss) before income tax expense (benefit) 781,904 (4,776 ) 777,128 Income tax expense (benefit) 283,656 (1,929 ) 281,727 Net income (loss) $ 498,248 $ (2,847 ) $ 495,401 Identifiable segment assets (period-end) $ 48,195,581 $ 730,974 $ 48,926,555 (1) Includes ancillary fee income. (2) Includes both direct and indirect expenses. For the Twelve Months Ended December 31, 2015 (in thousands) Banking Residential Total Company Net interest income $ 393,074 $ 15,001 $ 408,075 Recoveries of loan losses (15,004 ) — (15,004 ) Non-Interest Third party (1) 154,847 55,916 210,763 Inter-segment (15,359 ) 15,359 — Total non-interest 139,488 71,275 210,763 Non-interest (2) 700,469 65,386 765,855 (Loss) income before income tax expense (152,903 ) 20,890 (132,013 ) Income tax (benefit) expense (93,297 ) 8,440 (84,857 ) Net (loss) income $ (59,606 ) $ 12,450 $ (47,156 ) Identifiable segment assets (period-end) $ 49,619,931 $ 697,865 $ 50,317,796 (1) Includes ancillary fee income. (2) Includes both direct and indirect expenses. |
Organization and Basis of Pre28
Organization and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 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 evaluation of goodwill for impairment; 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 8, “Borrowed Funds,” for additional information regarding these trusts. |
Cash and Cash Equivalents | Cash and Cash Equivalents For cash flow reporting purposes, cash and cash equivalents include cash on hand, amounts due from banks, and money market investments, which include federal funds sold and reverse repurchase agreements. At December 31, 2017 and 2016, the Company’s cash and cash equivalents totaled $2.5 billion and $557.9 million, respectively. Included in cash and cash equivalents at those dates were $2.1 billion and $138.6 million, respectively, of interest-bearing deposits in other financial institutions, primarily consisting of balances due from the Federal Reserve Bank of New York. Also included in cash and cash equivalents at December 31, 2017 and 2016 were federal funds sold of $3.1 million and $6.8 million, respectively. In addition, the Company had $250.0 million in pledged reverse repurchase agreements outstanding at December 31, 2017 and 2016. In accordance with the monetary policy of the Board of Governors of the Federal Reserve System (the “FRB”), the Company was required to maintain total reserves with the Federal Reserve Bank of New York of $763.4 million and $162.1 million, respectively, at December 31, 2017 and 2016, in the form of deposits and vault cash. The Company was in compliance with this requirement at both dates. |
Securities Available for Sale and Held to Maturity | Securities Available for Sale and Held to Maturity The securities portfolio primarily consists of mortgage-related securities and, to a lesser extent, debt and equity (together, “other”) securities. Securities that are classified as “available for sale” are carried at their estimated fair value, with any unrealized gains or losses, net of taxes, reported as accumulated other comprehensive income or loss in stockholders’ equity. Securities that the Company has the intent and ability to hold to maturity are classified as “held to maturity” and carried at amortized cost, less the non-credit The fair values of our securities—and particularly our fixed-rate securities—are affected by changes in market interest rates and credit spreads. In general, as interest rates rise and/or credit spreads widen, the fair value of fixed-rate securities will decline. As interest rates fall and/or credit spreads tighten, the fair value of fixed-rate securities will rise. We regularly conduct a review and evaluation of our securities portfolio to determine if the decline in the fair value of any security below its carrying amount is other than temporary. If we deem any such decline in value to be other than temporary, the security is written down to its current fair value, creating a new cost basis, and the resultant loss (other than the OTTI of debt securities attributable to non-credit “Non-interest In accordance with OTTI accounting guidance, unless we have the intent to sell, or it is more likely than not that we may be required to sell a security before recovery, OTTI is recognized as a realized loss in earnings to the extent that the decline in fair value is credit-related. If there is a decline in fair value of a security below its carrying amount and we have the intent to sell it, or it is more likely than not that we may be required to sell the security before recovery, the entire amount of the decline in fair value is charged to earnings. Premiums and discounts on securities are amortized to expense and accreted to income over the remaining period to contractual maturity using a method that approximates the interest method, and are adjusted for anticipated prepayments. Dividend and interest income are recognized when earned. The cost of securities sold is based on the specific identification method. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock As a member of the FHLB of New York (the “FHLB-NY”), FHLB-NY FHLB-NY. The Company conducts a periodic review and evaluation of its FHLB-NY stock to determine if any impairment exists. The factors considered in this process include, among others, significant deterioration in FHLB-NY earnings performance, credit rating, or asset quality; significant adverse changes in the regulatory or economic environment; and other factors that could raise significant concerns about the creditworthiness and the ability of the FHLB-NY to continue as a going concern. |
Loans | Loans Loans, net, are carried at unpaid principal balances, including unearned discounts, purchase accounting (i.e., acquisition-date fair value) adjustments, net deferred loan origination costs or fees, and the allowances for loan losses. 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”). On September 29, 2017, the sale was completed with proceeds received in the amount of $226.6 million, resulting in a gain of $7.4 million, which is included in “Non-Interest Accordingly, all of the loans held for sale that were outstanding at December 31, 2017, were originated by the Community Bank through its previous mortgage banking operation, and are to be sold to Freedom. Such loans are carried at fair value, which is primarily based on quoted market prices for securities backed by similar types of loans. The changes in fair value of these assets are largely driven by changes in mortgage interest rates subsequent to loan funding. In addition, loans originated as “held for investment” and subsequently designated as “held for sale” are transferred to held for sale at fair value. Additionally, the Company received approval from the FDIC to sell assets covered under its Loss Share Agreements (“LSA”), early terminate the LSA, and entered into an agreement to sell the majority of its one-to-four “Non-Interest The Company recognizes interest income on non-covered Prepayment income on loans is recorded in interest income and only when cash is received. Accordingly, there are no assumptions involved in the recognition of prepayment income. Two factors are considered in determining the amount of prepayment income: the prepayment penalty percentage set forth in the loan documents, and the principal balance of the loan at the time of prepayment. The volume of loans prepaying may vary from one period to another, often in connection with actual or perceived changes in the direction of market interest rates. When interest rates are declining, rising precipitously, or perceived to be on the verge of rising, prepayment income may increase as more borrowers opt to refinance and lock in current rates prior to further increases taking place. A loan generally is classified as a “non-accrual” non-accrual non-accrual |
Allowances for Loan Losses | Allowances for Loan Losses Allowance for Losses on Non-Covered The allowance for losses on non-covered non-covered non-covered non-covered non-covered Although non-covered non-covered The methodology used for the allocation of the allowance for non-covered non-criticized non-covered The allowance for losses on non-covered Specific valuation allowances are established based on management’s analyses of individual loans that are considered impaired. If a non-covered non-covered non-covered The Company generally measures impairment on an individual loan and determines the extent to which a specific valuation allowance is necessary by comparing the loan’s outstanding balance to either the fair value of the collateral, less the estimated cost to sell, or the present value of expected cash flows, discounted at the loan’s effective interest rate. Generally, when the fair value of the collateral, net of the estimated cost to sell, or the present value of the expected cash flows is less than the recorded investment in the loan, any shortfall is promptly charged off. The Company also follows a process to assign general valuation allowances to non-covered held-for-investment charge-off The allocation methodology consists of the following components: First, the Company determines an allowance for loan losses based on a quantitative loss factor for loans evaluated collectively for impairment. This quantitative loss factor is based primarily on historical loss rates, after considering loan type, historical loss and delinquency experience, and loss emergence periods. The quantitative loss factors applied in the methodology are periodically re-evaluated • Changes in lending policies and procedures, including changes in underwriting standards and collection, and charge-off • Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; • Changes in the nature and volume of the portfolio and in the terms of loans; • Changes in the volume and severity of past-due non-accrual • Changes in the quality of our loan review system; • Changes in the value of the underlying collateral for collateral-dependent loans; • The existence and effect of any concentrations of credit, and changes in the level of such concentrations; • Changes in the experience, ability, and depth of lending management and other relevant staff; and • The effect of other external factors, such as competition and legal and regulatory requirements, on the level of estimated credit losses in the existing portfolio. By considering the factors discussed above, the Company determines an allowance for non-covered non-covered The historical loss period the Company uses to determine the allowance for loan losses on non-covered The process of establishing the allowance for losses on non-covered • Periodic inspections of the loan collateral by qualified in-house • Regular meetings of executive management with the pertinent Board committee, during which observable trends in the local economy and/or the real estate market are discussed; • Assessment of the aforementioned factors by the pertinent members of the Boards of Directors and management when making a business judgment regarding the impact of anticipated changes on the future level of loan losses; and • Analysis of the portfolio in the aggregate, as well as on an individual loan basis, taking into consideration payment history, underwriting analyses, and internal risk ratings. In order to determine their overall adequacy, each of the respective non-covered The Company charges off loans, or portions of loans, in the period that such loans, or portions thereof, are deemed uncollectible. The collectability of individual loans is determined through an assessment of the financial condition and repayment capacity of the borrower and/or through an estimate of the fair value of any underlying collateral. For non-real past-due (1) Closed-end (2) Open-end closed-end open-end The level of future additions to the respective non-covered An allowance for unfunded commitments is maintained separate from the allowances for non-covered See Note 6, “Allowances for Loan Losses” for a further discussion of our allowance for losses on covered loans, as well as additional information about our allowance for losses on non-covered Allowance for Losses on Covered Loans The Company sold its covered loan portfolio during the third quarter of 2017; therefore, the Company had no allowance for losses on covered loans as of December 31, 2017. The Company had elected to account for the loans acquired in the AmTrust and Desert Hills acquisitions (the “covered loans”) based on expected cash flows. This election was in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 310-30, 310-30”). 310-30, Covered loans were reported exclusive of the FDIC loss share receivable. The covered loans acquired in the AmTrust and Desert Hills Bank (“Desert Hills”) acquisitions were reviewed for collectability based on the expectations of cash flows from these loans. Covered loans were aggregated into pools of loans with common characteristics. In determining the allowance for losses on covered loans, the Company periodically performed an analysis to estimate the expected cash flows for each of the loan pools. A provision for losses on covered loans was recorded to the extent that the expected cash flows from a loan pool have decreased for credit-related items since the acquisition date. Accordingly, during the loss share recovery period, if there is a decrease in expected cash flows due to an increase in estimated credit losses compared to the estimates made at the respective acquisition dates, the decrease in the present value of expected cash flows was recorded as a provision for covered loan losses charged to earnings, and the allowance for covered loan losses will be increased. During the loss share recovery period, a related credit to non-interest See Note 6, “Allowances for Loan Losses” for a further discussion of the allowances for losses on non-covered |
Goodwill | Goodwill In connection with the Company’s acquisitions, assets that are acquired and liabilities that are assumed are recorded at their estimated fair values. Goodwill represents the excess of the purchase price of acquisitions over the fair value of the identifiable net assets acquired, including other identified intangible assets. The determination of whether or not goodwill is impaired could require the Company to make significant judgments and could require the use of significant estimates and assumptions regarding estimated future cash flows. If the Company changes its strategy or if market conditions shift, judgments may change, which may result in adjustments to the recorded goodwill balance. Any resulting impairment loss could have a material adverse impact on our financial condition and results of operations. The Company tests goodwill for impairment at the reporting unit level. These impairment evaluations are performed by comparing the carrying value of the goodwill of a reporting unit to its estimated fair value. Goodwill is allocated to the reporting units based on the reporting unit expected to benefit from the business combination. Previously, the Company had identified two reporting units, which were also our segments: our Banking Operations reporting unit and the Residential Mortgage Banking reporting unit. On September 29, 2017, the Company sold the Residential Mortgage Banking reporting unit; accordingly, the Company has one remaining reporting unit. Goodwill is evaluated for impairment annually at December 31st, or more frequently if conditions exist that indicate that the carrying value may be impaired. ASC 350 provides for an optional qualitative assessment for testing goodwill for impairment that may allow companies to skip the annual two-step test described below. The qualitative assessment permits companies to assess whether it is more likely than not (i.e., a likelihood of greater than 50%) that the fair value of a reporting unit is less than its carrying amount. If the Company concludes based on the qualitative assessment that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company is required to perform the two-step test. If the Company concludes based on the qualitative assessment that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, it has completed its goodwill impairment test and does not need to perform the two-step test. Under step one of the two-step test, the fair value of a reporting unit is compared with its carrying value (including goodwill). If the fair value of a reporting unit is less than its carrying value, an indication of goodwill impairment exists for that reporting unit and the entity must perform step two of the impairment test (measurement). Under step two, an impairment loss is recognized for any excess of the carrying amount of a reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation and the residual fair value after this allocation is the implied fair value of the reporting unit’s goodwill. If the fair value of the reporting unit exceeds its carrying value, step two does not need to be performed. At December 31, 2017, the Company utilized a quantitative assessment to test goodwill for impairment and determined that the fair value of its single reporting unit exceeded its carrying value thereby concluding that goodwill was not impaired. |
Premises and Equipment, Net | Premises and Equipment, Net Premises, furniture, fixtures, and equipment are carried at cost, less the accumulated depreciation computed on a straight-line basis over the estimated useful lives of the respective assets (generally 20 years for premises and three to ten years for furniture, fixtures, and equipment). Leasehold improvements are carried at cost less the accumulated amortization computed on a straight-line basis over the shorter of the related lease term or the estimated useful life of the improvement. Depreciation and amortization are included in “Occupancy and equipment expense” in the Consolidated Statements of Operations and Comprehensive Income (Loss), and amounted to $32.8 million, $32.8 million, and $31.5 million, respectively, in the years ended December 31, 2017, 2016, and 2015. |
Bank-Owned Life Insurance | Bank-Owned Life Insurance The Company has purchased life insurance policies on certain employees. These bank-owned life insurance (“BOLI”) policies are recorded in the Consolidated Statements of Condition at their cash surrender value. Income from these policies and changes in the cash surrender value are recorded in “Non-interest |
Repossessed Assets | Repossessed Assets Repossessed assets consist of any property (“other real estate owned” or “OREO”) or other assets acquired through, or in lieu of, foreclosure are sold or rented, and are recorded at fair value, less the estimated selling costs, at the date of acquisition. Following foreclosure, management periodically performs a valuation of the asset, and the assets are carried at the lower of the carrying amount or fair value, less the estimated selling costs. Expenses and revenues from operations and changes in valuation, if any, are included in “General and administrative” expense in the Consolidated Statements of Operations and Comprehensive Income (Loss). At December 31, 2017, the Company had $8.2 million of OREO and $8.2 million of taxi medallions. The balance at December 31, 2016 was $28.6 million and included OREO of $17.0 million that was covered under the Company’s FDIC LSA. There were no repossessed taxi medallions at December 31, 2016. |
Income Taxes | Income Taxes Income tax expense consists of income taxes that are currently payable and deferred income taxes. Deferred income tax expense is determined by recognizing deferred tax assets and liabilities for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. The Company assesses the deferred tax assets and establishes a valuation allowance when realization of a deferred asset is not considered to be “more likely than not.” The Company considers its expectation of future taxable income in evaluating the need for a valuation allowance. The Company estimates income taxes payable based on the amount it expects to owe the various tax authorities (i.e., federal, state, and local). Income taxes represent the net estimated amount due to, or to be received from, such tax authorities. In estimating income taxes, management assesses the relative merits and risks of the appropriate tax treatment of transactions, taking into account statutory, judicial, and regulatory guidance in the context of the Company’s tax position. In this process, management also relies on tax opinions, recent audits, and historical experience. Although the Company uses the best available information to record income taxes, underlying estimates and assumptions can change over time as a result of unanticipated events or circumstances such as changes in tax laws and judicial guidance influencing its overall tax position. |
Stock-Based Compensation | Stock-Based Compensation Under the New York Community Bancorp, Inc. 2012 Stock Incentive Plan (the “2012 Stock Incentive Plan”), which was approved by the Company’s shareholders at its Annual Meeting on June 7, 2012, shares are available for grant as restricted stock or other forms of related rights. At December 31, 2017, the Company had 7,135,071 shares available for grant under the 2012 Stock Incentive Plan, including 1,030,673 shares that were transferred from the New York Community Bancorp, Inc. 2006 Stock Incentive Plan (the “2006 Stock Incentive Plan”), which was approved by the Company’s shareholders at its Annual Meeting on June 7, 2006 and reapproved at its Annual Meeting on June 2, 2011. Compensation cost related to restricted stock grants is recognized on a straight-line basis over the vesting period. For a more detailed discussion of the Company’s stock-based compensation, see Note 13, “Stock-Related Benefit Plans.” |
Retirement Plans | Retirement Plans The Company’s pension benefit obligations and post-retirement health and welfare benefit obligations, and the related costs, are calculated using actuarial concepts in accordance with GAAP. The measurement of such obligations and expenses requires that certain assumptions be made regarding several factors, most notably including the discount rate and the expected rate of return on plan assets. The Company evaluates these assumptions on an annual basis. Other factors considered by the Company in its evaluation include retirement patterns, mortality rates, turnover, and the rate of compensation increase. Under GAAP, actuarial gains and losses, prior service costs or credits, and any remaining transition assets or obligations that have not been recognized under previous accounting standards must be recognized in AOCL until they are amortized as a component of net periodic benefit cost. |
Earnings (Loss) per Common Share (Basic and Diluted) | Earnings (Loss) per Common Share (Basic and Diluted) Basic earnings (loss) per common share (“EPS”) is computed by dividing the net income (loss) 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 Unvested stock-based compensation awards containing non-forfeitable two-class two-class non-forfeitable, The following table presents the Company’s computation of basic and diluted earnings (loss) per common share for the years ended December 31, 2017, 2016, and 2015: Years Ended December 31, (in thousands, except share and per share amounts) 2017 2016 2015 Net income (loss) available to common shareholders $ 441,580 $ 495,401 $ (47,156 ) Less: Dividends paid on and earnings/(loss) allocated to participating securities (3,554 ) (3,795 ) (3,357 ) Earnings/(loss) applicable to common stock $ 438,026 $ 491,606 $ (50,513 ) Weighted average common shares outstanding 487,073,951 485,150,173 448,982,223 Basic earnings (loss) per common share $ 0.90 $ 1.01 $ (0.11 ) Earnings (loss) applicable to common stock $ 438,026 $ 491,606 $ (50,513 ) Weighted average common shares outstanding 487,073,951 485,150,173 448,982,223 Potential dilutive common shares — — — Total shares for diluted earnings (loss) per common share computation 487,073,951 485,150,173 448,982,223 Diluted earnings (loss) per common share and common share equivalents $0.90 $1.01 $(0.11 ) |
Recently Adopted/Issued Accounting Standards | Recently Adopted Accounting Standards In March 2016, the FASB issued ASU No. 2016-09, No. 2016-09 No. 2016-09 No. 2016-09 No. 2016-09 No. 2016-09 No. 2016-09 In December 2016, the FASB issued ASU No. 2016-19, No. 2016-19 approach technique yield-to-price Recently Issued Accounting Standards In February 2018, the FASB issued ASU No. 2018-02, No. 2018-02 No. 2018-02 No. 2018-02 No. 2018-02 No. 2018-02, In May 2017, the FASB issued ASU No. 2017-09, No. 2017-09 No. 2017-09, No. 2017-09 No. 2017-09 In March 2017, the FASB issued ASU No. 2017-08, 310-20): No. 2017-08 non-contingently No. 2017-08 No. 2017-08 No. 2017-08 In March 2017, the FASB issued ASU No. 2017-07, No. 2017-07 No. 2017-07 In January 2017, the FASB issued ASU No. 2017-04, No. 2017-04 No. 2017-04 No. 2017-04 No. 2017-04 In November 2016, the FASB issued ASU No. 2016-18, No. 2016-18 No. 2016-18 beginning-of-period end-of-period No. 2016-18 No. 2016-18 No. 2016-18 In August 2016, the FASB issued ASU No. 2016-15, No. 2016-15 zero-coupon No. 2016-15 No. 2016-15 In June 2016, the FASB issued ASU No. 2016-13, No. 2016-13 available-for-sale No. 2016-13 No. 2016-13 available-for-sale No. 2016-13 off-balance No. 2016-13 No. 2016-13 No. 2016-13. 310-30, No. 2016-13 No. 2016-13. 310-30 No. 2016-13, No. 2016-13 In February 2016, the FASB issued ASU No. 2016-02, No. 2016-02 No. 2016-02 right-of-use build-to-suit No. 2016-02 right-of-use right-of-use In January 2016, the FASB issued ASU No. 2016-01, 825-10): No. 2016-01 available-for-sale No. 2016-01 No. 2016-01 No. 2016-01. No. 2016-01 in-scope In May 2014, the FASB issued ASU No. 2014-09, No. 2014-09 No. 2014-09 No. 2014-09 No. 2014-09. |
Summary Of Significant Accoun29
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Computation of Basic and Diluted Earnings (Loss) Per Common Share | The following table presents the Company’s computation of basic and diluted earnings (loss) per common share for the years ended December 31, 2017, 2016, and 2015: Years Ended December 31, (in thousands, except share and per share amounts) 2017 2016 2015 Net income (loss) available to common shareholders $ 441,580 $ 495,401 $ (47,156 ) Less: Dividends paid on and earnings/(loss) allocated to participating securities (3,554 ) (3,795 ) (3,357 ) Earnings/(loss) applicable to common stock $ 438,026 $ 491,606 $ (50,513 ) Weighted average common shares outstanding 487,073,951 485,150,173 448,982,223 Basic earnings (loss) per common share $ 0.90 $ 1.01 $ (0.11 ) Earnings (loss) applicable to common stock $ 438,026 $ 491,606 $ (50,513 ) Weighted average common shares outstanding 487,073,951 485,150,173 448,982,223 Potential dilutive common shares — — — Total shares for diluted earnings (loss) per common share computation 487,073,951 485,150,173 448,982,223 Diluted earnings (loss) per common share and common share equivalents $0.90 $1.01 $(0.11 ) |
Reclassifications Out of Accu30
Reclassifications Out of Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Reclassifications Out of Accumulated Other Comprehensive Loss | (in thousands) For the Twelve Months Ended December 31, 2017 Details about Accumulated Other Comprehensive Loss Amount Reclassified (1) Affected Line Item in the Consolidated Statements of Operations Unrealized gains on available-for-sale $ 2,988 Net gain on sales of securities (1,245 ) Income tax expense $ 1,743 Net gain on sales of securities, net of tax Amortization of defined benefit pension plan items: Past service liability $ 249 Included in the computation of net periodic (credit) expense (2) Actuarial losses (8,484 ) Included in the computation of net periodic (credit) expense (2) (8,235 ) Total before tax 3,432 Tax benefit $ (4,803 ) Amortization of defined benefit pension plan items, net of tax Total reclassifications for the period $ (3,060 ) (1) Amounts in parentheses indicate expense items. (2) See Note 12, “Employee Benefits,” for additional information. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Portfolio of Securities Available for Sale | The following tables summarize the Company’s portfolio of securities available for sale at December 31, 2017 and 2016: December 31, 2017 (in thousands) Amortized Gross Gross Fair Value Mortgage-Related Securities: GSE (1) $ 2,023,677 $ 46,364 $ 1,199 $ 2,068,842 GSE CMOs (2) 536,284 14,446 826 549,904 Total mortgage-related securities $ 2,559,961 $ 60,810 $ 2,025 $ 2,618,746 Other Securities: U. S. Treasury obligations $ 199,960 $ — $ 62 $ 199,898 GSE debentures 473,879 2,044 2,665 473,258 Corporate bonds 79,702 11,073 — 90,775 Municipal bonds 70,381 540 801 70,120 Capital trust notes 48,230 6,498 8,632 46,096 Preferred stock 15,292 142 — 15,434 Mutual funds and common stock (3) 16,874 487 261 17,100 Total other securities $ 904,318 $ 20,784 $ 12,421 $ 912,681 Total securities available for sale (4) $ 3,464,279 $ 81,594 $ 14,446 $ 3,531,427 (1) Government-sponsored enterprise. (2) Collateralized mortgage obligations. (3) Primarily consists of mutual funds that are Community Reinvestment Act-qualified (4) The amortized cost includes the non-credit non-credit December 31, 2016 (in thousands) Amortized Gross Gross Fair Value 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 non-credit non-credit |
Summary of Gross Proceeds and Gross Realized Gains and Losses from Sale of Available-for-Sale Securities | The following table summarizes the gross proceeds, gross realized gains, and gross realized losses from the sale of available-for-sale December 31, (in thousands) 2017 2016 2015 Gross proceeds $ 453,878 $ 322,038 $ 278,689 Gross realized gains 3,848 3,128 1,159 Gross realized losses 860 — 4 |
Credit Loss Component of Other Than Temporary Impairment on Debt Securities | (in thousands) For the 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 1,219 Ending credit loss amount as of December 31, 2017 $196,333 |
Summary of Amortized Cost of Available-for-Sale Securities by Contractual Maturity | The following table summarizes, by contractual maturity, the amortized cost of available-for-sale Mortgage- Average U.S. Treasury Average State, County, Average (1) Other Debt (2) Average Fair Value (dollars in thousands) Available-for-Sale (3) Due within one year $ — — % $ 259,256 1.82 % $ 148 6.51 % $ — — % $ 259,617 Due from one to five years 883,138 3.32 6,950 3.84 291 6.63 48,449 3.57 963,589 Due from five to ten years 1,002,205 3.44 283,883 3.08 — — 31,253 8.37 1,361,457 Due after ten years 674,618 3.09 123,750 3.23 69,942 2.88 48,230 3.77 914,230 Total securities available for sale $ 2,559,961 3.30 % $ 673,839 3.22 % $ 70,381 2.90 % $ 127,932 4.82 % $ 3,498,893 (1) Not presented on a tax-equivalent (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 available-for-sale 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 GSE certificates $ 232,546 $ 535 $ 20,440 $ 664 $ 252,986 $ 1,199 GSE debentures 333,045 2,665 — — 333,045 2,665 GSE CMOs 118,694 826 — — 118,694 826 U. S. Treasury obligations 199,898 62 — — 199,898 62 Municipal bonds 11,169 259 41,054 542 52,223 801 Capital trust notes — — 35,105 8,632 35,105 8,632 Equity securities — — 11,545 261 11,545 261 Total temporarily impaired available-for-sale $ 895,352 $ 4,347 $ 108,144 $ 10,099 $ 1,003,496 $ 14,446 The following table presents held-to-maturity available-for-sale Less than Twelve Months Twelve Months or Longer Total (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Temporarily Impaired Held-to-Maturity 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 $ 581,856 $ 4,318 $ 24,364 $ 11,872 $ 606,220 $ 16,190 Temporarily Impaired Available-for-Sale 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 $ 36,385 $ 1,049 $ 5,241 $ 2,217 $ 41,626 $ 3,266 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Composition of Loan Portfolio | The following table sets forth the composition of the loan portfolio at December 31, 2017 and 2016: December 31, 2017 2016 (dollars in thousands) Amount Percent of Non-Covered Amount Percent of Non-Covered Non-Covered Mortgage Loans: Multi-family $ 28,074,709 73.19 % $ 26,945,052 72.13 % Commercial real estate 7,322,226 19.09 7,724,362 20.68 One-to-four 477,228 1.24 381,081 1.02 Acquisition, development, and construction 435,825 1.14 381,194 1.02 Total mortgage loans held for investment $ 36,309,988 94.66 $ 35,431,689 94.85 Other Loans: Commercial and industrial 1,377,964 3.59 1,341,216 3.59 Lease financing, net of unearned income of $65,041 and $60,278, respectively 662,610 1.73 559,229 1.50 Total commercial and industrial loans (1) 2,040,574 5.32 1,900,445 5.09 Purchased credit-impaired loans — — 5,762 0.01 Other 8,460 0.02 18,305 0.05 Total other loans held for investment 2,049,034 5.34 1,924,512 5.15 Total non-covered $ 38,359,022 100.00 % $ 37,356,201 100.00 % Net deferred loan origination costs 28,949 26,521 Allowance for losses on non-covered (158,046 ) (158,290 ) Non-covered $ 38,229,925 $ 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 35,258 409,152 Total loans, net $ 38,265,183 $ 39,308,016 (1) Includes specialty finance loans of $1.5 billion and $1.3 billion, and other C&I loans of $500.8 million and $632.9 million, respectively, at December 31, 2017 and 2016. |
Quality of Non-Covered Loans | The following table presents information regarding the quality of the Company’s non-covered (in thousands) Loans 30-89 Days (1) Non- (1) Loans Total Current Loans Total Loans Multi-family $ 1,258 $ 11,078 $ — $ 12,336 $ 28,062,373 $ 28,074,709 Commercial real estate 13,227 6,659 — 19,886 7,302,340 7,322,226 One-to-four 585 1,966 — 2,551 474,677 477,228 Acquisition, development, and construction — 6,200 — 6,200 429,625 435,825 Commercial and industrial (1) (2) 2,711 47,768 — 50,479 1,990,095 2,040,574 Other 8 11 — 19 8,441 8,460 Total $ 17,789 $ 73,682 $ — $ 91,471 $ 38,267,551 $ 38,359,022 (1) Includes $2.7 million and $46.7 million of 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. The following table presents information regarding the quality of the Company’s non-covered non-covered (in thousands) Loans 30-89 Days (1) Non-Accrual (1) Loans Total Current Loans 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 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 (1) (2) 7,263 16,422 — 23,685 1,876,760 1,900,445 Other (3) 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 (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 Mortgage Loans Other Loans (in thousands) Multi-Family Commercial One-to-Four Acquisition, Total Mortgage Commercial (1) Other Total Other Credit Quality Indicator: Pass $ 27,874,330 $ 7,255,100 $ 471,571 $ 344,040 $ 35,945,041 $ 1,925,527 $ 8,449 $ 1,933,976 Special mention 125,752 47,123 3,691 76,033 252,599 20,883 — 20,883 Substandard 74,627 20,003 1,966 15,752 112,348 94,164 11 94,175 Doubtful — — — — — — — — Total $ 28,074,709 $ 7,322,226 $ 477,228 $ 435,825 $ 36,309,988 $ 2,040,574 $ 8,460 $ 2,049,034 (1) Includes lease financing receivables, all of which were classified as “pass.” The following table summarizes the Company’s portfolio of non-covered non-covered Mortgage Loans Other Loans (in thousands) Multi-Family Commercial One-to-Four 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.” |
Details of Interest Income on Non-Accrual Loans | The interest income that would have been recorded under the original terms of non-accrual December 31, (in thousands) 2017 2016 2015 Interest income that would have been recorded $ 4,974 $ 3,128 $ 2,288 Interest income actually recorded (2,904 ) (1,708 ) (1,574 ) Interest income foregone $ 2,070 $ 1,420 $ 714 |
Information Regarding Troubled Debt Restructurings | The following table presents information regarding the Company’s TDRs as of December 31, 2017 and 2016: December 31, 2017 2016 (in thousands) Accruing Non- Total Accruing Non- Total Loan Category: Multi-family $ 824 $ 8,061 $ 8,885 $ 1,981 $ 8,755 $ 10,736 Commercial real estate — 368 368 — 1,861 1,861 One-to-four — 1,066 1,066 222 1,749 1,971 Acquisition, development, and construction 8,652 — 8,652 — — — Commercial and industrial 177 26,408 26,585 1,263 3,887 5,150 Other — — — — 202 202 Total $ 9,653 $ 35,903 $ 45,556 $ 3,466 $ 16,454 $ 19,920 |
Financial Effects of Troubled Debt Restructurings | The financial effects of the Company’s TDRs for the twelve months ended December 31, 2017, 2016, and 2015 are summarized as follows: For the Twelve Months Ended December 31, 2017 Weighted Average (dollars in thousands) Number Pre-Modification Post-Modification Pre- Post- Charge-off Capitalized Loan Category: One-to-four 4 $ 810 $ 986 5.93 % 2.21 % $ — $ 12 Acquisition, development, and construction 2 8,652 8,652 5.50 5.50 — — Commercial and industrial 65 52,179 26,409 3.36 3.26 14,273 — Total 71 $ 61,641 $ 36,047 $ 14,273 $ 12 For the Twelve Months Ended December 31, 2016 Weighted Average (dollars in thousands) Number Pre-Modification Post-Modification Pre- Post- Charge-off Capitalized Loan Category: Multi-family 1 $ 9,340 $ 8,129 4.63 % 4.00 % $ — $ — One-to-four 5 900 1,036 4.26 2.65 — 11 Commercial and industrial 7 4,697 3,935 3.22 3.19 170 — Total 13 $ 14,937 $ 13,100 $ 170 $ 11 For the Twelve Months Ended December 31, 2015 Weighted Average (dollars in thousands) Number Pre-Modification Post-Modification Pre- Post- Charge-off Capitalized Loan Category: One-to-four 4 $ 568 $ 619 4.02 % 2.72 % $ — $ 6 Commercial and industrial 2 1,345 1,312 3.40 3.52 33 — Other 2 193 213 4.58 2.00 — 2 Total 8 $ 2,106 $ 2,144 $ 33 $ 8 |
Covered Loans Acquired in Acquisitions of AmTrust Bank ("Am Trust") and Desert Hills | The following table presents the carrying value of covered loans which were acquired in the acquisitions of AmTrust and Desert Hills as of December 31, 2016. (dollars in thousands) Amount Percent of Loan Category: One-to-four $ 1,609,635 94.8 % Other loans 88,498 5.2 Total covered loans $ 1,698,133 100.0 % |
Changes in Accretable Yield for Covered Loans | In the twelve months ended December 31, 2017, changes in the accretable yield for covered loans were as follows: (in thousands) Accretable Yield Balance at beginning of period $ 647,470 Accretion (72,842 ) Reclassification to non-accretable (11,381 ) Changes in expected cash flows due to the sale of the covered loan portfolio (563,247 ) Balance at end of period $ — |
Covered Loans Thirty to Eighty Nine Days, Ninety Days or More Past Due | The following table presents information regarding the Company’s covered loans at December 31, 2016 that were 90 days or more past due: (in thousands) Covered Loans 90 Days or More Past Due: One-to-four $ 124,820 Other loans 6,645 Total covered loans 90 days or more past due $ 131,465 The following table presents information regarding the Company’s covered loans at December 31, 2016 that were 30 to 89 days past due: (in thousands) Covered Loans 30-89 One-to-four $ 21,112 Other loans 1,536 Total covered loans 30-89 $ 22,648 |
Allowances for Loan Losses (Tab
Allowances for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2017: Loans collectively evaluated for impairment $ 128,275 $ 29,771 $ 158,046 (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 December 31, 2017: Loans individually evaluated for impairment $ 31,747 $ 48,810 $ 80,557 Loans collectively evaluated for impairment 36,278,241 2,000,224 38,278,465 Total $ 36,309,988 $ 2,049,034 $ 38,359,022 (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 $ 8,892 $ 11,470 $ — $ 9,554 $ 495 Commercial real estate 5,137 10,252 — 3,522 92 One-to-four 1,966 2,072 — 2,489 50 Acquisition, development, and construction 15,752 25,952 — 10,976 575 Other 48,810 104,901 — 43,074 2,200 Total impaired loans with no related allowance $ 80,557 $ 154,647 $ — $ 69,615 $ 3,412 Impaired loans with an allowance recorded: Multi-family $ — $ — $ — $ — $ — Commercial real estate — — — — — One-to-four — — — — — Acquisition, development, and construction — — — — — Other — — — 314 — Total impaired loans with an allowance recorded $ — $ — $ — $ 314 $ — Total impaired loans: Multi-family $ 8,892 $ 11,470 $ — $ 9,554 $ 495 Commercial real estate 5,137 10,252 — 3,522 92 One-to-four 1,966 2,072 — 2,489 50 Acquisition, development, and construction 15,752 25,952 — 10,976 575 Other 48,810 104,901 — 43,388 2,200 Total impaired loans $ 80,557 $ 154,647 $ — $ 69,929 $ 3,412 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 December 31, 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 (375 ) (62,975 ) (63,350 ) (170 ) (3,413 ) (3,583 ) Recoveries 605 1,558 2,163 1,272 1,603 2,875 Provision for (recovery of) non-covered 2,629 58,314 60,943 (164 ) 12,038 11,874 Balance, end of period $ 128,275 $ 29,771 $ 158,046 $ 125,416 $ 32,874 $ 158,290 |
Covered Loans | |
Activity in Allowance for Loan Losses | The following table summarizes activity in the allowance for losses on covered loans for the years ended December 31, 2017 and 2016: December 31, (in thousands) 2017 2016 Balance, beginning of period $ 23,701 $ 31,395 Recovery of losses on covered loans (23,701 ) (7,694 ) Balance, end of period $ — $ 23,701 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Weighted Average Interest Rates for Each Type of Deposit | The following table sets forth the weighted average interest rates for each type of deposit at December 31, 2017 and 2016: December 31, 2017 2016 (dollars in thousands) Amount Percent Weighted Amount Percent Weighted (1) Interest-bearing checking and money market accounts $ 12,936,301 44.45 % 0.23 % $ 13,395,080 46.37 % 0.55 % Savings accounts 5,210,001 17.90 0.52 5,280,374 18.28 0.46 Certificates of deposit 8,643,646 29.70 1.31 7,577,170 26.23 1.12 Non-interest-bearing 2,312,215 7.95 — 2,635,279 9.12 — Total deposits $ 29,102,163 100.00 % 0.58 % $ 28,887,903 100.00 % 0.63 % |
Scheduled Maturities of Certificates of Deposit Intangibles | The scheduled maturities of certificates of deposit (“CDs”) at December 31, 2017 were as follows: (in thousands) 1 year or less $ 5,897,172 More than 1 year through 2 years 2,461,847 More than 2 years through 3 years 209,389 More than 3 years through 4 years 42,485 More than 4 years through 5 years 21,907 Over 5 years 10,846 Total CDs $ 8,643,646 |
Core Deposit Intangibles in Amounts of One Hundred Thousand or more, by Remaining Term to Maturity | The following table presents a summary of CDs in amounts of $100,000 or more by remaining term to maturity, at December 31, 2017: CDs of $100,000 or More Maturing Within (in thousands) 3 Months Over 3 to Over 6 to Over Total Total $ 1,333,531 $ 1,495,368 $ 1,064,316 $ 1,595,643 $ 5,488,858 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Borrowed Funds | The following table summarizes the Company’s borrowed funds at December 31, 2017 and 2016: December 31, (in thousands) 2017 2016 Wholesale borrowings: FHLB advances $ 12,104,500 $ 11,664,500 Repurchase agreements 450,000 1,500,000 Federal funds purchased — 150,000 Total wholesale borrowings $ 12,554,500 $ 13,314,500 Junior subordinated debentures 359,179 358,879 Total borrowed funds $ 12,913,679 $ 13,673,379 |
Analysis of Contractual Maturities of Outstanding Federal Home Loan Bank Advances | The following table presents an analysis of the contractual maturities of the Company’s outstanding FHLB advances at December 31, 2017, none of which had callable features. Contractual Maturity (dollars in thousands) Year of Maturity Amount Weighted Average 2018 $ 3,923,500 1.51 2019 4,431,000 1.74 2020 3,150,000 2.09 2021 600,000 2.21 Total FHLB advances $ 12,104,500 1.78 % |
Analysis of Contractual Maturities of Outstanding Repurchase Agreements Accounted for as Secured Borrowings | The following table presents an analysis of the contractual maturities of the Company’s outstanding repurchase agreements accounted for as secured borrowings at December 31, 2017. None of these repurchase agreements had callable features. Contractual Maturity (dollars in thousands) Year of Maturity Amount Weighted Average 2018 $ 250,000 3.04 2019 200,000 1.69 Total $ 450,000 2.44 % |
Details of Repurchase Agreements | The following table provides the contractual maturity and weighted average interest rate of repurchase agreements, and the amortized cost and fair value (including accrued interest) of the securities collateralizing the repurchase agreements, at December 31, 2017: Mortgage-Related and GSE Debentures and (dollars in thousands) Contractual Maturity Amount Weighted Average Amortized Fair Value Amortized Fair Value Greater than 90 days $ 450,000 2.44 % $ 216,076 $ 217,383 $ 248,065 $ 249,489 |
Junior Subordinated Debentures Outstanding | The following junior subordinated debentures were outstanding at December 31, 2017: Issuer Interest Junior Capital Date of Stated Maturity First Optional (dollars in thousands) New York Community Capital Trust V (BONUSES SM 6.000 % $145,253 $ 138,902 Nov. 4, 2002 Nov. 1, 2051 Nov. 4, 2007 (1) New York Community Capital Trust X 3.188 123,712 120,000 Dec. 14, 2006 Dec. 15, 2036 Dec. 15, 2011 (2) PennFed Capital Trust III 4.838 30,928 30,000 June 2, 2003 June 15, 2033 June 15, 2008 (2) New York Community Capital Trust XI 3.345 59,286 57,500 April 16, 2007 June 30, 2037 June 30, 2012 (2) Total junior subordinated debentures $359,179 $ 346,402 (1) Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002. (2) Callable from this date forward. |
Federal, State & Local Taxes (T
Federal, State & Local Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Components of Net Deferred Tax Asset (Liability) | The following table summarizes the components of the Company’s net deferred tax asset (liability) at December 31, 2017 and 2016: December 31, (in thousands) 2017 2016 Deferred Tax Assets: Allowance for loan losses $ 46,239 $ 75,605 Compensation and related benefit obligations 13,010 27,877 Acquisition accounting and fair value adjustments on securities (including OTTI) — 14,455 Acquisition accounting and fair value adjustments on loans (including the FDIC loss share receivable) — 7,496 Non-accrual 818 4,791 Restructuring and retirement of borrowed funds 1,105 6,957 Net operating loss carryforwards 2,967 5,664 Other 15,953 18,351 Gross deferred tax assets 80,092 161,196 Valuation allowance — — Deferred tax asset after valuation allowance $ 80,092 $ 161,196 Deferred Tax Liabilities: Amortizable intangibles $ (1,704 ) $ (1,655 ) Acquisition accounting and fair value adjustments on securities (including OTTI) (17,090 ) — Undistributed earnings of subsidiaries (19,003 ) — Mortgage servicing rights (1,794 ) (65,975 ) Premises and equipment (12,907 ) (19,310 ) Prepaid pension cost (24,324 ) (30,962 ) Leases (78,682 ) (65,214 ) Other (9,385 ) (10,691 ) Gross deferred tax liabilities $ (164,889 ) $ (193,807 ) Net deferred tax asset (liability) $ (84,797 ) $ (32,611 ) |
Income Tax Expense (Benefit) | The following table summarizes the Company’s income tax expense (benefit) for the years ended December 31, 2017, 2016, and 2015: December 31, (in thousands) 2017 2016 2015 Federal – current $ 153,587 $ 216,182 $ (53,273 ) State and local – current 26,983 20,799 (295 ) Total current 180,570 236,981 (53,568 ) Federal – deferred 3,498 18,203 468 State and local – deferred 17,946 26,543 (31,757 ) Total deferred 21,444 44,746 (31,289 ) Income tax expense (benefit) reported in net income 202,014 281,727 $ (84,857 ) Income tax expense (benefit) reported in stockholders’ equity related to: Employee stock plans — — (2,486 ) Securities available-for-sale 28,495 (2,687 ) 131 Pension liability adjustments 2,234 2,924 (1,161 ) Non-credit 13 49 44 Total income taxes $ 232,756 $ 282,013 $ (88,329 ) |
Reconciliation of Statutory Federal Income Tax Expense (Benefit) Reported in Net Income to Combined Actual Income Tax Expense (Benefit) | The following table presents a reconciliation of statutory federal income tax expense (benefit) to combined actual income tax expense (benefit) reported in net income for the years ended December 31, 2017, 2016, and 2015: December 31, (in thousands) 2017 2016 2015 Statutory federal income tax at 35% $ 233,875 $ 271,995 $ (46,204 ) State and local income taxes, net of federal income tax effect (1) 29,204 30,772 (20,835 ) Effect of tax law changes (41,943 ) — — Effect of tax deductibility of ESOP (5,083 ) (6,452 ) (7,321 ) Non-taxable (9,529 ) (10,808 ) (9,575 ) Federal tax credits (1,386 ) (1,607 ) (1,554 ) Adjustments relating to prior tax years 144 (668 ) (248 ) Merger-related expenses — (850 ) 850 Other, net (3,268 ) (655 ) 30 Total income tax expense (benefit) $ 202,014 $ 281,727 $ (84,857 ) (1) Includes income tax (benefit) expense for the years ended December 31, 2015 of $(1.4) million for adjustments to deferred taxes necessitated by changes in tax laws of New York City that were enacted in April 2015. |
Changes in Liability for Unrecognized Gross Tax Benefits | The following table summarizes changes in the liability for unrecognized gross tax benefits for the years ended December 31, 2017, 2016, and 2015: December 31, (in thousands) 2017 2016 2015 Uncertain tax positions at beginning of year $ 33,487 $ 30,456 $ 24,779 Additions for tax positions relating to current-year operations 4,332 1,304 3,827 Additions for tax positions relating to prior tax years 1,398 1,997 2,935 Subtractions for tax positions relating to prior tax years (5,101 ) (270 ) (963 ) Reductions in balance due to settlements (435 ) — (122 ) Uncertain tax positions at end of year $ 33,681 $ 33,487 $ 30,456 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Off-Balance-Sheet Originate Loans and Letters of Credit | The following table summarizes the Company’s off-balance (in thousands) Mortgage Loan Commitments: Multi-family and commercial real estate $ 377,782 One-to-four 3,819 Acquisition, development, and construction 239,504 Total mortgage loan commitments $ 621,105 Other loan commitments 1,314,170 Total loan commitments $ 1,935,275 Commercial, performance stand-by, stand-by 339,403 Total commitments $ 2,274,678 |
Remaining Projected Minimum Annual Rental Commitments, Exclusive of Taxes and Other Charges | The remaining projected minimum annual rental commitments under these agreements, exclusive of taxes and other charges, are summarized as follows: (in thousands) 2018 $ 29,786 2019 26,425 2020 20,211 2021 16,523 2022 and thereafter 66,555 Total minimum future rentals $ 159,500 |
Guarantees and Indemnifications | The following table summarizes the Company’s guarantees and indemnifications at December 31, 2017: (in thousands) Expires Expires Total Maximum Potential Financial stand-by $ 19,996 $ 55,202 $ 75,198 $ 267,174 Performance stand-by 5,786 — 5,786 5,775 Commercial letters of credit 3,063 209 3,272 66,454 Total letters of credit $ 28,845 $ 55,411 $ 84,256 $ 339,403 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Changes in Residential and Participation Mortgage Servicing Rights | The following table presents the changes in the balances of residential MSRs and participation MSRs for the years ended December 31, 2017 and 2016: For the Years Ended December 31, 2017 2016 (in thousands) Residential Participation Residential Participation Carrying value, beginning of year $ 228,099 $ 5,862 $ 243,389 $ 4,345 Additions 18,054 710 45,588 3,774 Sales (208,827 ) — — — Increase (decrease) in fair value: Due to changes in interest rates (2,096 ) — 3,341 — Due to model assumption changes (1) — — (13,088 ) — Due to loan payoffs (22,610 ) — (33,425 ) — Due to passage of time and other changes (9,891 ) — (17,706 ) — Amortization — (3,201 ) — (2,257 ) Carrying value, end of period $ 2,729 $ 3,371 $ 228,099 $ 5,862 (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: December 31, 2017 2016 Expected weighted average life 87 months 82 months Constant prepayment speed 9.81 % 8.70 % Discount rate 12.00 10.05 Primary mortgage rate to refinance 4.02 4.11 Cost to service (per loan per year): Current $ 70 $ 64 30-59 220 214 60-89 370 364 90-119 470 464 120 days or more delinquent 870 864 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Weighted Average Assumptions used in Determining Net Periodic Benefit Cost | The following table indicates the weighted average assumptions used in determining the net periodic benefit cost for the years indicated: Years Ended 2017 2016 2015 Discount rate 3.9 % 4.1 % 4.0 % Expected rate of return on plan assets 7.5 7.5 8.0 |
Fair Value Measurements of Investments Held by Retirement Plan | The following table presents information about the fair value measurements of the investments held by the Retirement Plan as of December 31, 2017: (in thousands) Total Quoted Prices in Significant Other Significant Equity: Large-cap (1) $ 20,959 $ — $ 20,959 $— Large-cap (2) 21,825 — 21,825 — Large-cap (3) 14,512 — 14,512 — Mid-cap (4) 4,668 — 4,668 — Mid-cap (5) 4,422 — 4,422 — Mid-cap (6) 4,744 — 4,744 — Small-cap (7) 3,530 — 3,530 — Small-cap (8) 3,353 — 3,353 — Small-cap (9) 6,908 — 6,908 — International equity (10) 28,113 — 28,113 — Fixed Income Funds: — Fixed Income – U.S. Core (11) 68,928 — 68,928 — Intermediate duration (12) 23,046 — 23,046 — Equity Securities: — Company common stock 24,865 24,865 — — Cash Equivalents: — Money market * 4,263 1,063 3,200 — $234,136 $25,928 $208,208 $— * Includes cash equivalent investments in equity and fixed income strategies. (1) This category contains large-cap (2) This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S. (3) This fund tracks the performance of the S&P 500 Index by purchasing the securities represented in the Index in approximately the same weightings as the Index. (4) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap (5) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap (6) This category seeks to track the performance of the S&P Midcap 400 Index. (7) This category consists of a selection of investments based on the Russell 2000 Value Index. (8) This category consists of a selection of investments based on the Russell 2000 Growth Index. (9) This category consists of an index fund designed to track the Russell 2000, along with a fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10% of the market universe, or smaller than the 1000th largest US company. (10) This category has investments in medium to large non-US ex-US (11) This category currently includes equal investments in three mutual funds, two of which usually hold at least 80% of fund assets in investment grade fixed income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that index. The third fund targets investments of 50% or more in mortgage-backed securities guaranteed by the US government and its agencies. (12) This category consists of a mutual fund which invest in a diversified portfolio of high-quality bonds and other fixed income securities, including U.S. Government obligations, mortgage-related and asset backed securities, corporate and municipal bonds, CMOs, and other securities mostly rated A or better. |
Weighted Average Asset Allocations for Retirement Plan | The asset allocations for the Retirement Plan as of December 31, 2017 and 2016 were as follows: At December 31, 2017 2016 Equity securities 59 % 56 % Debt securities 39 43 Cash equivalents 2 1 Total 100 % 100 % |
Expected Future Annuity Payments by Retirement Plan | The following annuity payments, which reflect expected future service, as appropriate, are expected to be paid by the Retirement Plan during the years indicated: (in thousands) 2018 $ 7,153 2019 7,301 2020 7,371 2021 7,513 2022 7,565 2023 and thereafter 39,930 Total $ 76,833 |
Weighted Average Assumptions used in Determining Net Periodic Benefit Cost of Health and Welfare Plan | The following table presents the weighted average assumptions used in determining the net periodic benefit cost for the years indicated: Years Ended December 31, 2017 2016 2015 Discount rate 3.7 % 3.8 % 4.0 % Current medical trend rate 6.5 6.5 6.5 Ultimate trend rate 5.0 5.0 5.0 Year when ultimate trend rate will be reached 2023 2022 2018 |
Expected Future Payments for Premiums and Claims under Health and Welfare Plan | The following amounts are currently expected to be paid for premiums and claims during the years indicated under the Health & Welfare Plan: (in thousands) 2018 $ 1,328 2019 1,288 2020 1,252 2021 1,213 2022 1,167 2023 and thereafter 5,171 Total $ 11,419 |
Pension Benefits | |
Information Regarding Benefit Plan | The following table sets forth certain information regarding the Retirement Plan as of the dates indicated: December 31, (in thousands) 2017 2016 Change in Benefit Obligation: Benefit obligation at beginning of year $ 146,429 $ 146,618 Interest cost 5,616 5,881 Actuarial loss 8,267 611 Annuity payments (6,485 ) (6,473 ) Settlements (2,416 ) (208 ) Benefit obligation at end of year $ 151,411 $ 146,429 Change in Plan Assets: Fair value of assets at beginning of year $ 220,740 $ 211,888 Actual return on plan assets 22,297 15,533 Contributions — — Annuity payments (6,485 ) (6,473 ) Settlements (2,416 ) (208 ) Fair value of assets at end of year $ 234,136 $ 220,740 Funded status (included in “Other assets”) $ 82,725 $ 74,311 Changes recognized in other comprehensive income (loss) for the year ended December 31: Amortization of prior service cost $ — $ — Amortization of actuarial loss (8,209 ) (9,050 ) Net actuarial loss arising during the year 2,260 706 Total recognized in other comprehensive loss for the year (pre-tax) $ (5,949 ) $ (8,344 ) Accumulated other comprehensive loss (pre-tax) Prior service cost $ — $ — Actuarial loss, net 73,591 79,541 Total accumulated other comprehensive loss (pre-tax) $ 73,591 $ 79,541 |
Components of Net Periodic Benefit Cost | The components of net periodic pension credit were as follows for the years indicated: Years Ended December 31, (in thousands) 2017 2016 2015 Components of net periodic pension credit: Interest cost $ 5,616 $ 5,881 $ 6,063 Expected return on plan assets (16,290 ) (15,627 ) (17,559 ) Amortization of net actuarial loss 8,209 9,050 8,208 Net periodic pension credit $ (2,465 ) $ (696 ) $ (3,288 ) |
Post-Retirement Benefits | |
Information Regarding Benefit Plan | The following table sets forth certain information regarding the Health & Welfare Plan as of the dates indicated: December 31, (in thousands) 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 16,294 $ 17,280 Service cost — 5 Interest cost 577 639 Actuarial loss (gain) 517 (673 ) Premiums and claims paid (1,039 ) (957 ) Benefit obligation at end of year $ 16,349 $ 16,294 Change in plan assets: Fair value of assets at beginning of year $ — $ — Employer contribution 1,039 957 Premiums and claims paid (1,039 ) (957 ) Fair value of assets at end of year $ — $ — Funded status (included in “Other liabilities”) $ (16,349 ) $ (16,294 ) Changes recognized in other comprehensive (loss) income for the year ended December 31: Amortization of prior service cost $ 249 $ 249 Amortization of actuarial gain (274 ) (326 ) Net actuarial loss (gain) arising during the year 517 (673 ) Total recognized in other comprehensive loss for the year (pre-tax) $ 492 $ (750 ) Accumulated other comprehensive loss (pre-tax) Prior service cost $ (1,034 ) $ (1,283 ) Actuarial loss, net 5,380 5,137 Total accumulated other comprehensive loss (pre-tax) $ 4,346 $ 3,854 |
Components of Net Periodic Benefit Cost | The following table presents the components of net periodic benefit cost for the years indicated: Years Ended December 31, (in thousands) 2017 2016 2015 Components of Net Periodic Benefit Cost: Service cost $ — $ 5 $ 4 Interest cost 577 639 700 Amortization of past-service liability (249 ) (249 ) (249 ) Amortization of net actuarial loss 274 326 383 Net periodic benefit cost $ 602 $ 721 $ 838 |
Stock-Related Benefit Plans (Ta
Stock-Related Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Activity for Restricted Stock Awards | The following table provides a summary of activity with regard to restricted stock awards in the year ended December 31, 2017: For the Year Ended December 31, 2017 Number of Shares Weighted Average Unvested at beginning of year 6,930,306 15.37 Granted 2,956,249 15.16 Vested (3,867,828 ) 15.19 Cancelled (444,560 ) 15.55 Unvested at end of year 5,574,167 15.38 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2017 and 2016, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at December 31, 2017 (in thousands) Quoted Prices Significant Significant Netting (1) Total Assets: Mortgage-Related Securities Available for Sale: GSE certificates $ — $ 2,068,842 $ — $ — $ 2,068,842 GES CMOs 549,904 549,904 Total mortgage-related securities $ — $ 2,618,746 $ — $ — $ 2,618,746 Other Securities Available for Sale: U. S. Treasury Obligations $ 199,898 $ — $ — $ — $ 199,898 GSE debentures — 473,258 — — 473,258 Corporate bonds — 90,775 — — 90,775 Municipal bonds — 70,120 — — 70,120 Capital trust notes — 46,096 — — 46,096 Preferred stock 15,434 — — — 15,434 Mutual funds and common stock — 17,100 — — 17,100 Total other securities $ 215,332 $ 697,349 $ — $ — $ 912,681 Total securities available for sale $ 215,332 $ 3,316,095 $ — $ — $ 3,531,427 Other Assets: Loans held for sale $ — $ 35,258 $ — $ — $ 35,258 Mortgage servicing rights — — 2,729 — 2,729 The Company had no liabilities that were measured at fair value on a recurring basis at December 31, 2017. 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: December 31, 2017 December 31, 2016 (in thousands) Fair Value Aggregate Fair Value Fair Value Aggregate Fair Value Loans held for sale $ 35,258 $ 34,563 $ 695 $ 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: (Loss) Gain Included in (1) For the Twelve Months Ended December 31, (in thousands) 2017 2016 2015 Loans held for sale $ 899 $ (5,616 ) $ (472 ) Mortgage servicing rights (20,076 ) (27,453 ) (5,610 ) Total (loss) gain $ (19,177 ) $ (33,069 ) $ (6,082 ) (1) Does not include the effect of hedging activities, which is included in “Other non-interest |
Rollforward of Financial Instruments Classified in Level Three of Valuation Hierarchy | The following tables present, for the twelve months ended December 31, 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 $ 228,099 $ (20,076 ) $ — $ 18,054 $ (223,348 ) $ — $ 2,729 $ (222 ) Interest rate lock commitments 982 (982 ) — — — — — — (in thousands) Fair Value Total Realized/Unrealized Issuances Settlements Transfers Fair Value Change in Income/ Comprehensive Mortgage servicing rights $ 243,389 $ (27,453 ) $ — $ 45,588 $ (33,425 ) $ — $ 228,099 $ (27,453 ) Interest rate lock commitments 2,526 (1,544 ) — — — — 982 982 |
Significant Unobservable Inputs used in Fair Value Measurement | For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 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 $ 2,729 Discounted Cash Flow Weighted Average Constant Prepayment Rate (1) 9.81 % Weighted Average Discount Rate 12.00 (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 December 31, 2017 Using (in thousands) Quoted Prices in Significant Other Significant Total Fair Certain impaired loans (1) $ — $ — $ 45,837 $ 45,837 Other assets (2) — — 4,357 4,357 Total $ — $ — $ 50,194 $ 50,194 (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. (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 December 31, 2017 and 2016: December 31, 2017 Fair Value Measurement Using (in thousands) Carrying Estimated Quoted Prices in Significant Significant Financial Assets: Cash and cash equivalents $ 2,528,169 $ 2,528,169 $ 2,528,169 $ — $ — FHLB stock (1) 603,819 603,819 — 603,819 — Loans, net 38,265,183 38,254,538 — — 38,254,538 Financial Liabilities: Deposits $ 29,102,163 $ 29,044,852 $ 20,458,517 (2) $ 8,586,335 (3) $ — Borrowed funds 12,913,679 12,780,653 — 12,780,653 — (1) Carrying value and estimated fair value are at cost. (2) Interest-bearing checking 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 Quoted Prices in 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) Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing (3) Certificates of deposit. |
Derivative Financial Instrume42
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Effect of Derivative Instruments on Consolidated Statements of Operations and Comprehensive Income | The following table sets forth the effect of derivative instruments on the Consolidated Statements of Operations and Comprehensive Income for the periods indicated: (Loss) Gain Included in Mortgage Banking Income For the Twelve Months Ended December 31, (in thousands) 2017 2016 2015 Treasury options $ (262 ) $ (2,795 ) $ (8,222 ) Treasury and Eurodollar futures 55 165 501 Interest rate swaps 3,068 (4,561 ) — Forward commitments to buy/sell loans/mortgage-backed securities (8,815 ) (4,963 ) 5,752 Total (loss) gain $ (5,954 ) $ (12,154 ) $ (1,969 ) |
Effect of Master Netting Arrangements on Presentation of Derivative Assets and Liabilities in Consolidated Statements of Financial Condition | The following table presents the effect of the master netting arrangements on the presentation of the derivative assets in the Consolidated Statements of Condition as of December 31, 2016: 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) Included $1.9 million to purchase Treasury options. The following table presents the effect the master netting arrangements had on the presentation of the derivative liabilities in the Consolidated Statements of Condition as of December 31, 2016: 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 |
Parent Company Only Financial43
Parent Company Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Statements of Condition | Condensed Statements of Condition December 31, (in thousands) 2017 2016 ASSETS: Cash and cash equivalents $ 90,536 $ 63,727 Securities available for sale — 2,002 Investments in subsidiaries 7,050,139 6,426,276 Receivables from subsidiaries 4,750 7,839 Other assets 23,980 34,102 Total assets $ 7,169,405 $ 6,533,946 LIABILITIES AND STOCKHOLDERS’ EQUITY: Junior subordinated debentures $ 359,179 $ 358,879 Other liabilities 14,850 51,076 Total liabilities 374,029 409,955 Stockholders’ equity 6,795,376 6,123,991 Total liabilities and stockholders’ equity $ 7,169,405 $ 6,533,946 |
Condensed Statements of Income (Loss) | Condensed Statements of Income (Loss) Years Ended December 31, (in thousands) 2017 2016 2015 Interest income $ 943 $ 527 $ 1,027 Dividends received from subsidiaries 336,000 330,000 345,000 Other income 1,700 679 527 Gross income 338,643 331,206 346,554 Operating expenses 54,333 49,157 48,255 Income before income tax benefit and equity in underdistributed (overdistributed) earnings of subsidiaries 284,310 282,049 298,299 Income tax benefit 19,575 19,592 20,720 Income before equity in underdistributed (overdistributed) earnings of subsidiaries 303,885 301,641 319,019 Equity in underdistributed (overdistributed) earnings of subsidiaries 162,316 193,760 (366,175 ) Net income (loss) $ 466,201 $ 495,401 $ (47,156 ) |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended December 31, (in thousands) 2017 2016 2015 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 466,201 $ 495,401 $ (47,156 ) Change in other assets 10,122 316 (2,253 ) Change in other liabilities (36,226 ) (2,252 ) 22,236 Other, net 36,330 33,333 32,955 Equity in (underdistributed) overdistributed earnings of subsidiaries (162,316 ) (193,760 ) 366,175 Net cash provided by operating activities $ 314,110 $ 333,038 $ 371,957 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sales and repayments of securities $ 2,000 $ — $ — Change in receivable from subsidiaries, net 3,089 (204 ) 224 Investment in subsidiaries (420,000 ) — (560,000 ) Net cash used in investing activities (414,911 ) $ (204 ) $ (559,776 ) CASH FLOWS FROM FINANCING ACTIVITIES: Treasury stock purchases $ (18,463 ) $ (8,677 ) $ (7,020 ) Cash dividends paid on common and preferred stock (356,768 ) (330,810 ) (453,981 ) Proceeds from issuance of preferred stock 502,840 — — Proceeds from follow-on — — 629,682 Net cash provided by (used in) financing activities $ 127,609 $ (339,487 ) $ 168,681 Net increase (decrease) in cash and cash equivalents 26,809 (6,653 ) (19,138 ) Cash and cash equivalents at beginning of year 63,727 70,380 89,518 Cash and cash equivalents at end of year $ 90,536 $ 63,727 $ 70,380 |
Capital (Tables)
Capital (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Regulatory Capital Ratios for Company in Comparison With Minimum Amounts and Ratios Required by Federal Reserve Board of Governors | The following tables present the regulatory capital ratios for the Company at December 31, 2017 and 2016, in comparison with the minimum amounts and ratios required by the FRB for capital adequacy purposes: Risk-Based Capital At December 31, 2017 Common Equity Tier 1 Total Leverage Capital (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 3,869,129 11.36 % $ 4,371,969 12.84 % $ 4,877,208 14.32 % $ 4,371,969 9.58 % Minimum for capital adequacy purposes 1,532,448 4.50 2,043,265 6.00 2,724,353 8.00 1,826,141 4.00 Excess $ 2,336,681 6.86 % $ 2,328,704 6.84 % $ 2,152,855 6.32 % $ 2,545,828 5.58 % Risk-Based Capital At December 31, 2016 Common Equity Tier 1 Total Leverage Capital (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 3,748,231 10.62 % $ 3,748,231 10.62 % $ 4,277,759 12.12 % $ 3,748,231 8.00 % Minimum for capital adequacy purposes 1,588,699 4.50 2,118,266 6.00 2,824,355 8.00 1,875,062 4.00 Excess $ 2,159,532 6.12 % $ 1,629,965 4.62 % $ 1,453,404 4.12 % $ 1,873,169 4.00 % |
Actual Capital Amounts and Ratios for Community Bank in Comparison to Minimum Amounts and Ratios Required | The following tables present the actual capital amounts and ratios for the Community Bank at December 31, 2017 and 2016 in comparison to the minimum amounts and ratios required for capital adequacy purposes. Risk-Based Capital At December 31, 2017 Common Equity Tier 1 Total Leverage Capital (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 4,253,233 13.43 % $ 4,253,233 13.43 % $ 4,387,620 13.86 % $ 4,253,233 10.06 % Minimum for capital adequacy purposes 1,424,795 4.50 1,899,727 6.00 2,532,969 8.00 1,691,041 4.00 Excess $ 2,828,438 8.93 % $ 2,353,506 7.43 % $ 1,854,651 5.86 % $ 2,562,192 6.06 % Risk-Based Capital At December 31, 2016 Common Equity Tier 1 Total Leverage Capital (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 3,686,510 11.23 % $ 3,686,510 11.23 % $ 3,843,382 11.71 % $ 3,686,510 8.45 % Minimum for capital adequacy purposes 1,477,056 4.50 1,969,408 6.00 2,625,877 8.00 1,744,601 4.00 Excess $ 2,209,454 6.73 % $ 1,717,102 5.23 % $ 1,217,505 3.71 % $ 1,941,909 4.45 % |
Actual Capital Amounts and Ratios for Commercial Bank in Comparison With Minimum Amounts and Ratios Required | The following tables present the actual capital amounts and ratios for the Commercial Bank at December 31, 2017 and 2016 in comparison to the minimum amounts and ratios required for capital adequacy purposes: Risk-Based Capital At December 31, 2017 Common Equity Tier 1 Total Leverage Capital (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 380,194 15.95 % $ 380,194 15.95 % $ 404,643 16.97 % $ 380,194 11.37 % Minimum for capital adequacy purposes 107,285 4.50 143,047 6.00 190,729 8.00 133,801 4.00 Excess $ 272,909 11.45 % $ 237,147 9.95 % $ 213,914 8.97 % $ 246,393 7.37 % Risk-Based Capital At December 31, 2016 Common Equity Tier 1 Total Leverage Capital (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 370,707 14.14 % $ 370,707 14.14 % $ 397,259 15.15 % $ 370,707 10.53 % Minimum for capital adequacy purposes 117,973 4.50 157,297 6.00 209,729 8.00 140,813 4.00 Excess $ 252,734 9.64 % $ 213,410 8.14 % $ 187,530 7.15 % $ 229,894 6.53 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Results | The following tables provide a summary of the Company’s segment results for the years ended December 31, 2017, 2016, and 2015 on an internally managed accounting basis: For the Twelve Months Ended December 31, 2017 (in thousands) Banking Residential Total Company Net interest income $ 1,121,460 $ 8,543 $ 1,130,003 Provision for loan losses 37,242 — 37,242 Non-Interest Third party (1) 188,564 20,957 209,521 Gain on sale of mortgage banking operation — 7,359 7,359 Inter-segment (10,222 ) 10,222 — Total non-interest 178,342 38,538 216,880 Non-interest (2) 594,394 47,032 641,426 Income before income tax expense 668,166 49 668,215 Income tax expense 201,994 20 202,014 Net income $ 466,172 $ 29 $ 466,201 Identifiable segment assets (period-end) $ 49,124,195 $ — $ 49,124,195 (1) Includes ancillary fee income. (2) Includes both direct and indirect expenses. For the Twelve Months Ended December 31, 2016 (in thousands) Banking Residential Total Company Net interest income $ 1,272,423 $ 14,959 $ 1,287,382 Provision for loan losses 4,180 — 4,180 Non-Interest Third party (1) 116,200 29,372 145,572 Inter-segment (17,645 ) 17,645 — Total non-interest 98,555 47,017 145,572 Non-interest (2) 584,894 66,752 651,646 Income (loss) before income tax expense (benefit) 781,904 (4,776 ) 777,128 Income tax expense (benefit) 283,656 (1,929 ) 281,727 Net income (loss) $ 498,248 $ (2,847 ) $ 495,401 Identifiable segment assets (period-end) $ 48,195,581 $ 730,974 $ 48,926,555 (1) Includes ancillary fee income. (2) Includes both direct and indirect expenses. For the Twelve Months Ended December 31, 2015 (in thousands) Banking Residential Total Company Net interest income $ 393,074 $ 15,001 $ 408,075 Recoveries of loan losses (15,004 ) — (15,004 ) Non-Interest Third party (1) 154,847 55,916 210,763 Inter-segment (15,359 ) 15,359 — Total non-interest 139,488 71,275 210,763 Non-interest (2) 700,469 65,386 765,855 (Loss) income before income tax expense (152,903 ) 20,890 (132,013 ) Income tax (benefit) expense (93,297 ) 8,440 (84,857 ) Net (loss) income $ (59,606 ) $ 12,450 $ (47,156 ) Identifiable segment assets (period-end) $ 49,619,931 $ 697,865 $ 50,317,796 (1) Includes ancillary fee income. (2) Includes both direct and indirect expenses. |
Organization and Basis of Pre46
Organization and Basis of Presentation - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2016Location$ / shares | Dec. 31, 2017$ / 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 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Additional Information (Detail) | Sep. 29, 2017USD ($)Reporting_unit | Jul. 28, 2017USD ($) | Dec. 31, 2018 | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Significant Accounting Policies [Line Items] | |||||||
Cash and cash equivalents, interest-bearing deposits in other financial institutions | $ 2,528,169,000 | $ 557,850,000 | $ 537,674,000 | $ 564,150,000 | |||
Cash and cash equivalents, interest-bearing deposits in other financial institutions, Federal Reserve Bank of New York | 2,100,000 | 138,600,000 | |||||
Cash and cash equivalents, federal funds sold | 3,100,000 | 6,800,000 | |||||
Cash and cash equivalents, outstanding reverse repurchase agreements | 250,000,000 | 250,000,000 | |||||
Minimum amount required to be maintained as total reserves with the Federal Reserve Bank of New York | 763,400,000 | 162,100,000 | |||||
Mortgage servicing rights asset | 2,729,000 | 228,099,000 | |||||
Loans held for sale | 35,258,000 | 409,152,000 | |||||
Gain on sale of business | 0 | ||||||
Covered loans | $ 0 | 0 | 1,698,133,000 | ||||
Allowance for losses on covered loans | 0 | 23,701,000 | 31,395,000 | ||||
Number of reporting units | Reporting_unit | 2 | ||||||
Goodwill impairment losses | 0 | ||||||
Depreciation and amortization | 32,803,000 | 32,811,000 | 31,497,000 | ||||
Bank-owned life insurance | 967,173,000 | 949,026,000 | |||||
Bank-owned life insurance income | 27,133,000 | 31,015,000 | $ 27,541,000 | ||||
Purchase of bank-owned life insurance policy | 0 | 0 | |||||
Other real estate owned | $ 16,400,000 | $ 28,598,000 | |||||
Shares available for grant | shares | 7,135,071 | ||||||
Federal corporate income tax rate | 35.00% | 35.00% | 35.00% | ||||
Freedom Mortgage Corporation | |||||||
Significant Accounting Policies [Line Items] | |||||||
Mortgage servicing rights asset | $ 208,800,000 | ||||||
Loans held for sale | 20,500,000,000 | $ 35,300,000 | $ 409,200,000 | ||||
Gain on sale of business | 7,400,000 | ||||||
Proceeds from sale of business | $ 226,600,000 | ||||||
Cerberus Capital Management, L. P. | One-to-four family | |||||||
Significant Accounting Policies [Line Items] | |||||||
Gain on sale of business | 74,600,000 | ||||||
Proceeds from sale of business | $ 1,900,000,000 | ||||||
ASU 2018-02 | |||||||
Significant Accounting Policies [Line Items] | |||||||
Federal corporate income tax rate | 35.00% | ||||||
Scenario, Forecast | |||||||
Significant Accounting Policies [Line Items] | |||||||
Federal corporate income tax rate | 21.00% | ||||||
Scenario, Forecast | ASU 2018-02 | |||||||
Significant Accounting Policies [Line Items] | |||||||
Federal corporate income tax rate | 21.00% | ||||||
Taxi Medallion Loans | |||||||
Significant Accounting Policies [Line Items] | |||||||
Other real estate owned | $ 8,200,000 | $ 0 | |||||
Building | |||||||
Significant Accounting Policies [Line Items] | |||||||
Premises, furniture, fixtures, and equipment, estimated useful lives (in years) | 20 years | ||||||
Options and Restricted Stock | |||||||
Significant Accounting Policies [Line Items] | |||||||
Shares available for grant | shares | 7,135,071 | ||||||
Two Thousand Twelve Incentive Plan | |||||||
Significant Accounting Policies [Line Items] | |||||||
Shares transferred | shares | 1,030,673 | ||||||
Minimum | Furniture and Fixtures | |||||||
Significant Accounting Policies [Line Items] | |||||||
Premises, furniture, fixtures, and equipment, estimated useful lives (in years) | 3 years | ||||||
Minimum | Equipment | |||||||
Significant Accounting Policies [Line Items] | |||||||
Premises, furniture, fixtures, and equipment, estimated useful lives (in years) | 3 years | ||||||
Maximum | Furniture and Fixtures | |||||||
Significant Accounting Policies [Line Items] | |||||||
Premises, furniture, fixtures, and equipment, estimated useful lives (in years) | 10 years | ||||||
Maximum | Equipment | |||||||
Significant Accounting Policies [Line Items] | |||||||
Premises, furniture, fixtures, and equipment, estimated useful lives (in years) | 10 years |
Computation of Basic and Dilute
Computation of Basic and Diluted Earnings (Loss) Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net income (loss) available to common shareholders | $ 441,580 | $ 495,401 | $ (47,156) |
Less: Dividends paid on and earnings/(loss) allocated to participating securities | (3,554) | (3,795) | (3,357) |
Earnings/(loss) applicable to common stock | $ 438,026 | $ 491,606 | $ (50,513) |
Weighted average common shares outstanding | 487,073,951 | 485,150,173 | 448,982,223 |
Basic earnings (loss) per common share | $ 0.90 | $ 1.01 | $ (0.11) |
Potential dilutive common shares | 0 | 0 | 0 |
Total shares for diluted earnings (loss) per common share computation | 487,073,951 | 485,150,173 | 448,982,223 |
Diluted earnings (loss) per common share and common share equivalents | $ 0.90 | $ 1.01 | $ (0.11) |
Reclassifications of Accumulate
Reclassifications of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net gain on sales of securities | $ 29,924 | $ 3,347 | $ 4,054 | |
Income tax expense | (202,014) | (281,727) | 84,857 | |
Net (Loss) income | 466,201 | $ 495,401 | $ (47,156) | |
Reclassifications, net of tax | [1] | (3,060) | ||
Past service liability | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, before tax | [1],[2] | 249 | ||
Actuarial losses | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, before tax | [1],[2] | (8,484) | ||
Amortization of defined benefit pension | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, before tax | [1] | (8,235) | ||
Tax benefit | [1] | 3,432 | ||
Reclassifications, net of tax | [1] | (4,803) | ||
Reclassification out of Accumulated Other Comprehensive Income (loss) | Unrealized gains on available for sale securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net gain on sales of securities | [1] | 2,988 | ||
Income tax expense | [1] | (1,245) | ||
Net (Loss) income | [1] | $ 1,743 | ||
[1] | Amounts in parentheses indicate expense items. | |||
[2] | See Note 12, "Employee Benefits," for additional information. |
Summary of Portfolio of Securit
Summary of Portfolio of Securities Available for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | $ 3,464,279 | [1] | $ 105,567 | |
Gross Unrealized Gain | 81,594 | [1] | 1,980 | |
Gross Unrealized Loss | 14,446 | [1] | 3,266 | |
Fair Value | 3,531,427 | [1] | 104,281 | |
Mortgage-Related Securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 2,559,961 | |||
Gross Unrealized Gain | 60,810 | |||
Gross Unrealized Loss | 2,025 | |||
Fair Value | 2,618,746 | |||
Mortgage-Related Securities | GSE certificates | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | [2] | 2,023,677 | 7,786 | |
Gross Unrealized Gain | [2] | 46,364 | ||
Gross Unrealized Loss | [2] | 1,199 | 460 | |
Fair Value | [2] | 2,068,842 | 7,326 | |
Mortgage-Related Securities | GSE CMOs | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | [3] | 536,284 | ||
Gross Unrealized Gain | [3] | 14,446 | ||
Gross Unrealized Loss | [3] | 826 | ||
Fair Value | [3] | 549,904 | ||
Other Securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 904,318 | 97,781 | ||
Gross Unrealized Gain | 20,784 | 1,980 | ||
Gross Unrealized Loss | 12,421 | 2,806 | ||
Fair Value | 912,681 | 96,955 | ||
Other Securities | U.S. Treasury obligations | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 199,960 | |||
Gross Unrealized Loss | 62 | |||
Fair Value | 199,898 | |||
Other Securities | GSE debentures | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 473,879 | |||
Gross Unrealized Gain | 2,044 | |||
Gross Unrealized Loss | 2,665 | |||
Fair Value | 473,258 | |||
Other Securities | Corporate bonds | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 79,702 | |||
Gross Unrealized Gain | 11,073 | |||
Fair Value | 90,775 | |||
Other Securities | Municipal bonds | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 70,381 | 583 | ||
Gross Unrealized Gain | 540 | 48 | ||
Gross Unrealized Loss | 801 | |||
Fair Value | 70,120 | 631 | ||
Other Securities | Capital trust notes | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 48,230 | 9,458 | ||
Gross Unrealized Gain | 6,498 | 2 | ||
Gross Unrealized Loss | 8,632 | 2,217 | ||
Fair Value | 46,096 | 7,243 | ||
Other Securities | Preferred stock | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 15,292 | 70,866 | ||
Gross Unrealized Gain | 142 | 1,446 | ||
Gross Unrealized Loss | 328 | |||
Fair Value | 15,434 | 71,984 | ||
Other Securities | Mutual Funds and Common Stock | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | [4] | 16,874 | 16,874 | |
Gross Unrealized Gain | [4] | 487 | 484 | |
Gross Unrealized Loss | [4] | 261 | 261 | |
Fair Value | [4] | $ 17,100 | $ 17,097 | |
[1] | The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At December 31, 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 Secur51
Summary of Portfolio of Securities Available for Sale (Parenthetical) (Detail) $ in Millions | Dec. 31, 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 Secur52
Summary of Portfolio of Securities Held to Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 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 | [2] | 1,019,074 | ||
Carrying Amount | [2] | 1,019,074 | ||
Gross Unrealized Gain | [2] | 36,895 | ||
Gross Unrealized Loss | [2] | 57 | ||
Fair Value | [2] | 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). | |||
[2] | Collateralized mortgage obligations. |
Summary of Portfolio of Secur53
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 | 12 Months Ended | ||||
Dec. 31, 2017USD ($)Investment | Dec. 31, 2016USD ($)Investment | Dec. 31, 2015USD ($) | |||
Schedule of Investments [Line Items] | |||||
Federal Home Loan Bank stock, at cost | [1] | $ 603,819 | $ 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 | 1,297 | $ 44,104 | ||
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 | $ 10,100 | $ 14,100 | |||
Investment securities designated as having a continuous loss position for twelve months or more, percentage below collective amortized cost | 8.50% | 32.20% | |||
Investment securities designated as having a continuous loss position for twelve months or more, amortized cost | $ 43,700 | $ 118,200 | |||
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 | |||
Mortgage-Related Securities | |||||
Schedule of Investments [Line Items] | |||||
Number of investment securities designated as having a continuous loss position for twelve months or more | Investment | 6 | ||||
[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 $8.6 million (before taxes). |
Summary of Gross Proceeds and G
Summary of Gross Proceeds and Gross Realized Gains and Losses from Sale of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Gain (Loss) on Investments [Line Items] | |||
Gross proceeds | $ 453,878 | $ 322,038 | $ 278,689 |
Gross realized gains | 3,848 | $ 3,128 | 1,159 |
Gross realized losses | $ 860 | $ 4 |
Credit Loss Component of Other
Credit Loss Component of Other Than Temporary Impairment on Debt Securities (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 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 | 1,219 |
Ending OTTI credit loss amount | $ 196,333 |
Summary of Amortized Cost of Av
Summary of Amortized Cost of Available-for-Sale Securities by Contractual Maturity (Detail) $ in Thousands | Dec. 31, 2017USD ($) | |
Available-for-Sale Securities: | ||
Due within one year | $ 259,617 | [1] |
Due from one to five years | 963,589 | [1] |
Due from five to ten years | 1,361,457 | [1] |
Due after ten years | 914,230 | [1] |
Total securities available for sale | 3,498,893 | [1] |
Mortgage-Related Securities | ||
Available-for-Sale Securities: | ||
Due from one to five years | 883,138 | [2] |
Due from five to ten years | 1,002,205 | [1] |
Due after ten years | 674,618 | [1] |
Total securities available for sale | $ 2,559,961 | [1] |
Available-for-Sale Securities, Average Yield | ||
Due from one to five years, Average Yield | 3.32% | [1] |
Due from five to ten years, Average Yield | 3.44% | [1] |
Due after ten years, Average Yield | 3.09% | [1] |
Total securities available for sale, Average Yield | 3.30% | [1] |
U.S. Treasury and GSE Obligations | ||
Available-for-Sale Securities: | ||
Due within one year | $ 259,256 | [2] |
Due from one to five years | 6,950 | [2] |
Due from five to ten years | 283,883 | [1] |
Due after ten years | 123,750 | [1] |
Total securities available for sale | $ 673,839 | [1] |
Available-for-Sale Securities, Average Yield | ||
Due within one year, Average Yield | 1.82% | [1] |
Due from one to five years, Average Yield | 3.84% | [1] |
Due from five to ten years, Average Yield | 3.08% | [1] |
Due after ten years, Average Yield | 3.23% | [1] |
Total securities available for sale, Average Yield | 3.22% | [1] |
State, county, and municipal | ||
Available-for-Sale Securities: | ||
Due within one year | $ 148 | [2] |
Due from one to five years | 291 | [2] |
Due after ten years | 69,942 | [1] |
Total securities available for sale | $ 70,381 | [1] |
Available-for-Sale Securities, Average Yield | ||
Due within one year, Average Yield | 6.51% | [1],[3] |
Due from one to five years, Average Yield | 6.63% | [1],[3] |
Due after ten years, Average Yield | 2.88% | [1],[3] |
Total securities available for sale, Average Yield | 2.90% | [1],[3] |
Other Debt Securities | ||
Available-for-Sale Securities: | ||
Due from one to five years | $ 48,449 | [2] |
Due from five to ten years | 31,253 | [1] |
Due after ten years | 48,230 | [1] |
Total securities available for sale | $ 127,932 | [1] |
Available-for-Sale Securities, Average Yield | ||
Due from one to five years, Average Yield | 3.57% | [1] |
Due from five to ten years, Average Yield | 8.37% | [1] |
Due after ten years, Average Yield | 3.77% | [1] |
Total securities available for sale, Average Yield | 4.82% | [1] |
[1] | As equity securities have no contractual maturity, they have been excluded from this table. | |
[2] | (3) As equity securities have no contractual maturity, they have been excluded from this table. | |
[3] | Not presented on a tax-equivalent basis. |
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 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Investments [Line Items] | |||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | $ 36,385 | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 1,049 | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 5,241 | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 2,217 | ||
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 41,626 | ||
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 3,266 | ||
Temporarily Impaired Held-to-Maturity Securities, Total Unrealized Loss | [1] | 16,190 | |
Debt Securities | |||
Schedule of Investments [Line Items] | |||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | $ 895,352 | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 4,347 | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 108,144 | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 10,099 | ||
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 1,003,496 | ||
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 14,446 | ||
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 | 232,546 | 7,326 | |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 535 | 460 | |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 20,440 | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 664 | ||
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 252,986 | 7,326 | |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 1,199 | 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 | GSE debentures | |||
Schedule of Investments [Line Items] | |||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 333,045 | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 2,665 | ||
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 333,045 | ||
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 2,665 | ||
Debt Securities | GSE CMOs | |||
Schedule of Investments [Line Items] | |||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 118,694 | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 826 | ||
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 118,694 | ||
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 826 | ||
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 | 199,898 | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 62 | ||
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 199,898 | ||
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 62 | ||
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 | 11,169 | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 259 | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 41,054 | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 542 | ||
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 52,223 | ||
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 801 | ||
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 | ||
Debt Securities | Capital trust notes | |||
Schedule of Investments [Line Items] | |||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 35,105 | 5,241 | |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 8,632 | 2,217 | |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 35,105 | 5,241 | |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 8,632 | 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 | ||
Equity securities | |||
Schedule of Investments [Line Items] | |||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 29,059 | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 589 | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 11,545 | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 261 | ||
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 11,545 | 29,059 | |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | $ 261 | $ 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 | Dec. 31, 2017 | Jul. 28, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 38,359,022 | $ 37,356,201 | |||
Net deferred loan origination costs | 28,949 | 26,521 | |||
Allowance for losses on non-covered loans | (158,046) | (158,290) | $ (147,124) | ||
Non-covered loans held for investment, net | 38,229,925 | 37,224,432 | |||
Covered loans | 0 | $ 0 | 1,698,133 | ||
Allowance for losses on covered loans | 0 | (23,701) | (31,395) | ||
Covered loans, net | 1,674,432 | ||||
Loans held for sale | 35,258 | 409,152 | |||
Total loans, net | $ 38,265,183 | $ 39,308,016 | |||
Non-Covered Loans, Percentage | 100.00% | 100.00% | |||
Commercial and Industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | [1] | $ 2,040,574 | $ 1,900,445 | ||
Commercial and Industrial | Other loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 1,377,964 | $ 1,341,216 | |||
Non-Covered Loans, Percentage | 3.59% | 3.59% | |||
Multi-Family | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 28,074,709 | $ 26,945,052 | |||
Non-Covered Loans, Percentage | 73.19% | 72.13% | |||
Commercial Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 7,322,226 | $ 7,724,362 | |||
Non-Covered Loans, Percentage | 19.09% | 20.68% | |||
One-to-four family | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 477,228 | $ 381,081 | |||
Non-Covered Loans, Percentage | 1.24% | 1.02% | |||
Acquisition, Development and Construction | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 435,825 | $ 381,194 | |||
Non-Covered Loans, Percentage | 1.14% | 1.02% | |||
Mortgage Receivable | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 36,309,988 | $ 35,431,689 | |||
Allowance for losses on non-covered loans | $ (128,275) | $ (125,416) | $ (124,478) | ||
Non-Covered Loans, Percentage | 94.66% | 94.85% | |||
Lease financing, unearned income | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 662,610 | $ 559,229 | |||
Non-Covered Loans, Percentage | 1.73% | 1.50% | |||
Other Commercial and Industrial Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | [2] | $ 2,040,574 | $ 1,900,445 | ||
Non-Covered Loans, Percentage | [2] | 5.32% | 5.09% | ||
Purchased Credit-Impaired Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 5,762 | ||||
Non-Covered Loans, Percentage | 0.01% | ||||
Other | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 8,460 | $ 18,305 | |||
Non-Covered Loans, Percentage | 0.02% | 0.05% | |||
Total Other Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 2,049,034 | $ 1,918,750 | |||
Total Other Loans | Other loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 2,049,034 | $ 1,924,512 | |||
Non-Covered Loans, Percentage | 5.34% | 5.15% | |||
[1] | (1) Includes lease financing receivables, all of which were classified as "pass." | ||||
[2] | Includes specialty finance loans of $1.5 billion and $1.3 billion, and other C&I loans of $500.8 million and $632.9 million, respectively, at December 31, 2017 and 2016. |
Composition of Loan Portfolio60
Composition of Loan Portfolio (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | $ 38,359,022 | $ 37,356,201 | |
Commercial and Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | [1] | 2,040,574 | 1,900,445 |
Commercial and Industrial | Other loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | 1,377,964 | 1,341,216 | |
Lease financing, unearned income | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unearned income | 65,041 | 60,278 | |
Non-Covered Loans | 662,610 | 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 | $ 500,800 | $ 632,900 | |
[1] | (1) Includes lease financing receivables, all of which were classified as "pass." |
Loans - Additional Information
Loans - Additional Information (Detail) | Sep. 29, 2017USD ($) | Dec. 31, 2017USD ($)Investment | Dec. 31, 2016USD ($)Investment | Dec. 31, 2015USD ($)Investment | Jul. 28, 2017USD ($) | |
Financing Receivable, Recorded Investment [Line Items] | ||||||
Outstanding loans to Executive officers, directors, principal shareholders, related interest and parties | $ 59,500,000 | |||||
Non-Covered Loans | 38,359,022,000 | $ 37,356,201,000 | ||||
Mortgage servicing rights asset | 2,729,000 | 228,099,000 | ||||
Loans held for sale | 35,258,000 | 409,152,000 | ||||
Gain on sale of business | 0 | |||||
Delinquent loans selectively extended to certain borrowers, rate reductions, forbearance of arrears, and extension of maturity dates | $ 36,047,000 | $ 13,100,000 | $ 2,144,000 | |||
Number of loans classified as a non-accrual TDRs | Investment | 71 | 13 | 8,000 | |||
Covered loans | $ 0 | $ 1,698,133,000 | $ 0 | |||
Provision for (recovery of) losses | 37,242,000 | 4,180,000 | $ (15,004,000) | |||
FDIC indemnification expense | 19,000,000 | |||||
Freedom Mortgage Corporation | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Mortgage servicing rights asset | $ 208,800,000 | |||||
Loans held for sale | 20,500,000,000 | 35,300,000 | 409,200,000 | |||
Gain on sale of business | 7,400,000 | |||||
Proceeds from sale of business | $ 226,600,000 | |||||
Am Trust Bank and Desert Hills Bank | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Total loans, net | 2,100,000,000 | |||||
Purchased Credit-Impaired Loans | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Non-Covered Loans | 5,762,000 | |||||
Purchased credit-impaired loans outstanding | 0 | 7,000,000 | ||||
Commercial and Industrial | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Non-Covered Loans | [1] | 2,040,574,000 | 1,900,445,000 | |||
Delinquent loans selectively extended to certain borrowers, rate reductions, forbearance of arrears, and extension of maturity dates | $ 26,409,000 | $ 3,935,000 | $ 1,312,000 | |||
Number of loans classified as a non-accrual TDRs | Investment | 65 | 7 | 2,000 | |||
Commercial and Industrial | Payment Default | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Number of loans classified as a non-accrual TDRs | 7 | |||||
Loan classified as non accrual TDRs | $ 1,600,000 | |||||
Principal shareholders | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Outstanding loans to Executive officers, directors, principal shareholders, related interest and parties | 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 | 44,600,000 | |||||
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 | 1,000,000 | |||||
Home Equity Loans | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Number of loans classified as a non-accrual TDRs | Investment | 1 | |||||
Loan classified as non accrual TDRs | $ 143,000 | |||||
Residential Mortgage | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Mortgage loans on real estate, foreclosures | 0 | 78,600,000 | ||||
Covered Loans | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Current | 1,500,000,000 | |||||
Provision for (recovery of) losses | $ (23,701,000) | (7,694,000) | $ (11,670,000) | |||
Covered Loans | Performing Financial Instruments | Financing Receivable Recorded Investment 30 to 89 days past due | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Total Past Due | 22,600,000 | |||||
Covered Loans | Performing Financial Instruments | Loans 90 Days Or More Past Due | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Total Past Due | $ 131,500,000 | |||||
[1] | (1) Includes lease financing receivables, all of which were classified as "pass." |
Quality of Non-Covered Loans (E
Quality of Non-Covered Loans (Excluding PCI Loans) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-Covered Loans | $ 38,359,022 | $ 37,350,439 | |||
Multi-Family | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-Covered Loans | 28,074,709 | 26,945,052 | |||
Commercial Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-Covered Loans | 7,322,226 | 7,724,362 | |||
One-to-four family | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-Covered Loans | 477,228 | 381,081 | |||
Acquisition, Development and Construction | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-Covered Loans | 435,825 | 381,194 | |||
Commercial and Industrial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-Covered Loans | [2] | 2,040,574 | [1] | 1,900,445 | [3] |
Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-Covered Loans | 8,460 | 18,305 | [4] | ||
Non-Covered Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 91,471 | 66,852 | |||
Non- Accrual | [2] | 73,682 | 56,469 | ||
Current | 38,267,551 | 37,283,587 | |||
Non-Covered Loans | Financing Receivable, 30-89 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | [2] | 17,789 | 10,383 | ||
Non-Covered Loans | Multi-Family | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 12,336 | 13,586 | |||
Non- Accrual | [2] | 11,078 | 13,558 | ||
Current | 28,062,373 | 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 | [2] | 1,258 | 28 | ||
Non-Covered Loans | Commercial Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 19,886 | 9,297 | |||
Non- Accrual | [2] | 6,659 | 9,297 | ||
Current | 7,302,340 | 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 | [2] | 13,227 | |||
Non-Covered Loans | One-to-four family | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 2,551 | 12,523 | |||
Non- Accrual | [2] | 1,966 | 9,679 | ||
Current | 474,677 | 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 | [2] | 585 | 2,844 | ||
Non-Covered Loans | Acquisition, Development and Construction | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 6,200 | 6,200 | |||
Non- Accrual | [2] | 6,200 | 6,200 | ||
Current | 429,625 | 374,994 | |||
Non-Covered Loans | Commercial and Industrial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | [2] | 50,479 | [1] | 23,685 | [3] |
Non- Accrual | [2] | 47,768 | [1] | 16,422 | [3] |
Current | [2] | 1,990,095 | [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] | 2,711 | [1] | 7,263 | [3] |
Non-Covered Loans | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 19 | 1,561 | [4] | ||
Non- Accrual | [2] | 11 | 1,313 | [4] | |
Current | 8,441 | 16,744 | [4] | ||
Non-Covered Loans | Other | Financing Receivable, 30-89 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | [2] | $ 8 | $ 248 | [4] | |
[1] | (1) Includes $2.7 million and $46.7 million of taxi medallion-related loans that were 30 to 89 days past due and 90 days or more past due, respectively. | ||||
[2] | (2) Includes lease financing receivables, all of which were current. | ||||
[3] | (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, resp | ||||
[4] | (3) Includes $6.8 million and $15.2 million of taxi medallion loans that were 30 to 89 days past due and 90 days or more past due, respectively. |
Quality of Non-Covered Loans 63
Quality of Non-Covered Loans (Excluding PCI Loans) (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |||
Non-Covered Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | $ 91,471 | $ 66,852 | |||
Non-Covered Loans | Commercial and Industrial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | [2] | 50,479 | [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 | [2] | 17,789 | 10,383 | ||
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 | Non-Covered Loans | Commercial and Industrial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | [2] | 2,711 | [1] | 7,263 | [3] |
Financing Receivable, 30-89 Days Past Due | Taxi Medallion Loans | Commercial and Industrial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 2,700 | 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 | 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 | $ 46,700 | $ 15,200 | |||
[1] | (1) Includes $2.7 million and $46.7 million of taxi medallion-related loans that were 30 to 89 days past due and 90 days or more past due, respectively. | ||||
[2] | (2) Includes lease financing receivables, all of which were current. | ||||
[3] | (1) Excludes $6 thousand and $869 thousand of non-covered PCI loans that were 30 to 89 days past due and 90 days or more past due, resp |
Non-Covered Loan Portfolio by C
Non-Covered Loan Portfolio by Credit Quality Indicator (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | $ 38,359,022 | $ 37,356,201 | |
Multi-Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 28,074,709 | 26,945,052 | |
Multi-Family | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 27,874,330 | 26,754,622 | |
Multi-Family | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 125,752 | 164,325 | |
Multi-Family | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 74,627 | 26,105 | |
Commercial Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 7,322,226 | 7,724,362 | |
Commercial Real Estate | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 7,255,100 | 7,701,773 | |
Commercial Real Estate | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 47,123 | 12,604 | |
Commercial Real Estate | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 20,003 | 9,985 | |
One-to-four family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 477,228 | 381,081 | |
One-to-four family | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 471,571 | 371,179 | |
One-to-four family | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 3,691 | ||
One-to-four family | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 1,966 | 9,902 | |
Acquisition, Development and Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 435,825 | 381,194 | |
Acquisition, Development and Construction | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 344,040 | 341,784 | |
Acquisition, Development and Construction | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 76,033 | 33,210 | |
Acquisition, Development and Construction | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 15,752 | 6,200 | |
Mortgage Receivable | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 36,309,988 | 35,431,689 | |
Mortgage Receivable | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 35,945,041 | 35,169,358 | |
Mortgage Receivable | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 252,599 | 210,139 | |
Mortgage Receivable | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 112,348 | 52,192 | |
Commercial and Industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | [1] | 2,040,574 | 1,900,445 |
Commercial and Industrial | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | [1] | 1,925,527 | 1,771,975 |
Commercial and Industrial | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | [1] | 20,883 | 54,979 |
Commercial and Industrial | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | [1] | 94,164 | 73,491 |
Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 8,460 | 18,305 | |
Other | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 8,449 | 16,992 | |
Other | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 11 | 1,313 | |
Total Other Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 2,049,034 | 1,918,750 | |
Total Other Loans | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 1,933,976 | 1,788,967 | |
Total Other Loans | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 20,883 | 54,979 | |
Total Other Loans | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | $ 94,175 | $ 74,804 | |
[1] | (1) Includes lease financing receivables, all of which were classified as "pass." |
Details of Interest Income on N
Details of Interest Income on Non accrual loans (Detail) - Non-Covered Loans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income that would have been recorded | $ 4,974 | $ 3,128 | $ 2,288 |
Interest income actually recorded | (2,904) | (1,708) | (1,574) |
Interest income foregone | $ 2,070 | $ 1,420 | $ 714 |
Information Regarding Troubled
Information Regarding Troubled Debt Restructurings (Detail) - Non-Covered Loans - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | $ 45,556 | $ 19,920 |
Multi-Family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 8,885 | 10,736 |
Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 368 | 1,861 |
One-to-four family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 1,066 | 1,971 |
Acquisition, Development and Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 8,652 | |
Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 26,585 | 5,150 |
Other loans | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 202 | |
Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 9,653 | 3,466 |
Accruing | Multi-Family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 824 | 1,981 |
Accruing | One-to-four family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 222 | |
Accruing | Acquisition, Development and Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 8,652 | |
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 | 35,903 | 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 | 368 | 1,861 |
Non-Accrual | One-to-four family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 1,066 | 1,749 |
Non-Accrual | Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | $ 26,408 | 3,887 |
Non-Accrual | Other loans | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | $ 202 |
Summary of Financial Effects of
Summary of Financial Effects of Troubled Debt Restructurings (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)Investment | Dec. 31, 2016USD ($)Investment | Dec. 31, 2015USD ($)Investment | |
Financing Receivable, Modifications [Line Items] | |||
Number of loans classified as a non-accrual TDRs | Investment | 71 | 13 | 8,000 |
Pre-Modification Recorded Investment | $ 61,641 | $ 14,937 | $ 2,106 |
Post-Modification Recorded Investment | 36,047 | 13,100 | 2,144 |
Trouble debt restructuring, charge-off amount | 14,273 | 170 | 33 |
Capitalized interest | $ 12 | $ 11 | $ 8 |
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 | $ 8,129 | ||
Weighted Average Interest Rate, Pre-Modification | 4.63% | ||
Weighted Average Interest Rate, Post-Modification | 4.00% | ||
One-to-four family | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans classified as a non-accrual TDRs | Investment | 4 | 5 | 4,000 |
Pre-Modification Recorded Investment | $ 810 | $ 900 | $ 568 |
Post-Modification Recorded Investment | $ 986 | $ 1,036 | $ 619 |
Weighted Average Interest Rate, Pre-Modification | 5.93% | 4.26% | 4.02% |
Weighted Average Interest Rate, Post-Modification | 2.21% | 2.65% | 2.72% |
Capitalized interest | $ 12 | $ 11 | $ 6 |
Commercial and Industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans classified as a non-accrual TDRs | Investment | 65 | 7 | 2,000 |
Pre-Modification Recorded Investment | $ 52,179 | $ 4,697 | $ 1,345 |
Post-Modification Recorded Investment | $ 26,409 | $ 3,935 | $ 1,312 |
Weighted Average Interest Rate, Pre-Modification | 3.36% | 3.22% | 3.40% |
Weighted Average Interest Rate, Post-Modification | 3.26% | 3.19% | 3.52% |
Trouble debt restructuring, charge-off amount | $ 14,273 | $ 170 | $ 33 |
Other loans | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans classified as a non-accrual TDRs | Investment | 2,000 | ||
Pre-Modification Recorded Investment | $ 193 | ||
Post-Modification Recorded Investment | $ 213 | ||
Weighted Average Interest Rate, Pre-Modification | 4.58% | ||
Weighted Average Interest Rate, Post-Modification | 2.00% | ||
Capitalized interest | $ 2 | ||
Acquisition, Development and Construction | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans classified as a non-accrual TDRs | Investment | 2 | ||
Pre-Modification Recorded Investment | $ 8,652 | ||
Post-Modification Recorded Investment | $ 8,652 | ||
Weighted Average Interest Rate, Pre-Modification | 5.50% | ||
Weighted Average Interest Rate, Post-Modification | 5.50% |
Covered Loans Acquired in Acqui
Covered Loans Acquired in Acquisitions of AmTrust Bank ("Am Trust") and Desert Hills (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Jul. 28, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans | $ 0 | $ 0 | $ 1,698,133 |
Covered loans held for sale | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans | $ 1,698,133 | ||
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 | $ 1,609,635 | ||
Percent of Covered Loans | 94.80% | ||
Other loans | Covered loans held for sale | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans | $ 88,498 | ||
Percent of Covered Loans | 5.20% |
Changes in Accretable Yield for
Changes in Accretable Yield for Covered Loans (Detail) - Covered Loans $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Balance at beginning of period | $ 647,470 |
Accretion | (72,842) |
Reclassification to non-accretable difference for the six months ended June 30, 2017 | (11,381) |
Changes in expected cash flows due to the sale of the covered loan portfolio | $ (563,247) |
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 $ in Thousands | Dec. 31, 2016USD ($) |
Loans 90 Days Or More Past Due | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Total Past Due | $ 131,465 |
Loans 90 Days Or More Past Due | One-to-four family | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Total Past Due | 124,820 |
Loans 90 Days Or More Past Due | Other loans | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Total Past Due | 6,645 |
Financing Receivable, 30-89 Days Past Due | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Total Past Due | 22,648 |
Financing Receivable, 30-89 Days Past Due | One-to-four family | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Total Past Due | 21,112 |
Financing Receivable, 30-89 Days Past Due | Other loans | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Total Past Due | $ 1,536 |
Activity in Allowance for Losse
Activity in Allowance for Losses for Non-Covered Loans and Covered Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 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 | $ 158,046 | 155,947 |
Allowance for Loan Losses | 181,991 | |
Acquired loans with deteriorated credit quality | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, other | 25,467 | |
Mortgage Receivable | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 128,275 | 123,925 |
Allowance for Loan Losses | 135,909 | |
Mortgage Receivable | Acquired loans with deteriorated credit quality | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, other | 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 | $ 29,771 | 32,022 |
Allowance for Loan Losses | 46,082 | |
Other loans | Acquired loans with deteriorated credit quality | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, other | $ 13,483 |
Additional Information Regardin
Additional Information Regarding Methods used to Evaluate Loan Portfolio for Impairment (Detail) - Additional Information Loan Portfolio - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Individually evaluated for impairment | $ 80,557 | $ 48,252 |
Loans Receivable, Collectively evaluated for impairment | 38,278,465 | 37,302,187 |
Total loans, net | 38,359,022 | 39,054,334 |
Acquired loans with deteriorated credit quality | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, other | 1,703,895 | |
Mortgage Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Individually evaluated for impairment | 31,747 | 29,660 |
Loans Receivable, Collectively evaluated for impairment | 36,278,241 | 35,402,029 |
Total loans, net | 36,309,988 | 37,046,444 |
Mortgage Receivable | Acquired loans with deteriorated credit quality | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, other | 1,614,755 | |
Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Individually evaluated for impairment | 48,810 | 18,592 |
Loans Receivable, Collectively evaluated for impairment | 2,000,224 | 1,900,158 |
Total loans, net | $ 2,049,034 | 2,007,890 |
Other loans | Acquired loans with deteriorated credit quality | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, other | $ 89,140 |
Activity in Allowance for Los73
Activity in Allowance for Losses on Non-Covered Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Valuation Allowance [Line Items] | |||
Balance, beginning of period | $ 158,290 | $ 147,124 | |
Charge-offs | (63,350) | (3,583) | |
Recoveries | 2,163 | 2,875 | |
Provision for (recovery of) non-covered loan losses | 37,242 | 4,180 | $ (15,004) |
Balance, end of period | 158,046 | 158,290 | 147,124 |
Non-Covered Loans | |||
Valuation Allowance [Line Items] | |||
Provision for (recovery of) non-covered loan losses | 60,943 | 11,874 | (3,334) |
Mortgage Receivable | |||
Valuation Allowance [Line Items] | |||
Balance, beginning of period | 125,416 | 124,478 | |
Charge-offs | (375) | (170) | |
Recoveries | 605 | 1,272 | |
Balance, end of period | 128,275 | 125,416 | 124,478 |
Mortgage Receivable | Non-Covered Loans | |||
Valuation Allowance [Line Items] | |||
Provision for (recovery of) non-covered loan losses | 2,629 | (164) | |
Other loans | |||
Valuation Allowance [Line Items] | |||
Balance, beginning of period | 32,874 | 22,646 | |
Charge-offs | (62,975) | (3,413) | |
Recoveries | 1,558 | 1,603 | |
Balance, end of period | 29,771 | 32,874 | $ 22,646 |
Other loans | Non-Covered Loans | |||
Valuation Allowance [Line Items] | |||
Provision for (recovery of) non-covered loan losses | $ 58,314 | $ 12,038 |
Additional Information about Im
Additional Information about Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | $ 80,557 | $ 36,399 |
Impaired loans with no related allowance, Unpaid Principal Balance | 154,647 | 55,723 |
Impaired loans with no related allowance, Average Recorded Investment | 69,615 | 34,782 |
Impaired loans with no related allowance, Interest Income Recognized | 3,412 | 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 | 314 | 4,574 |
Impaired loans with an allowance recorded, Interest Income Recognized | 213 | |
Total impaired loans, Recorded Investment | 80,557 | 48,252 |
Total impaired loans, Unpaid Principal Balance | 154,647 | 69,252 |
Total impaired loans, Related Allowance | 577 | |
Total impaired loans, Average Recorded Investment | 69,929 | 39,356 |
Total impaired loans, Interest Income Recognized | 3,412 | 1,613 |
Multi-Family | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 8,892 | 10,742 |
Impaired loans with no related allowance, Unpaid Principal Balance | 11,470 | 13,133 |
Impaired loans with no related allowance, Average Recorded Investment | 9,554 | 11,431 |
Impaired loans with no related allowance, Interest Income Recognized | 495 | 627 |
Total impaired loans, Recorded Investment | 8,892 | 10,742 |
Total impaired loans, Unpaid Principal Balance | 11,470 | 13,133 |
Total impaired loans, Average Recorded Investment | 9,554 | 11,431 |
Total impaired loans, Interest Income Recognized | 495 | 627 |
Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 5,137 | 9,117 |
Impaired loans with no related allowance, Unpaid Principal Balance | 10,252 | 14,868 |
Impaired loans with no related allowance, Average Recorded Investment | 3,522 | 10,461 |
Impaired loans with no related allowance, Interest Income Recognized | 92 | 143 |
Total impaired loans, Recorded Investment | 5,137 | 9,117 |
Total impaired loans, Unpaid Principal Balance | 10,252 | 14,868 |
Total impaired loans, Average Recorded Investment | 3,522 | 10,461 |
Total impaired loans, Interest Income Recognized | 92 | 143 |
One-to-four family | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 1,966 | 3,601 |
Impaired loans with no related allowance, Unpaid Principal Balance | 2,072 | 4,267 |
Impaired loans with no related allowance, Average Recorded Investment | 2,489 | 3,079 |
Impaired loans with no related allowance, Interest Income Recognized | 50 | 124 |
Total impaired loans, Recorded Investment | 1,966 | 3,601 |
Total impaired loans, Unpaid Principal Balance | 2,072 | 4,267 |
Total impaired loans, Average Recorded Investment | 2,489 | 3,079 |
Total impaired loans, Interest Income Recognized | 50 | 124 |
Acquisition, Development and Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 15,752 | 6,200 |
Impaired loans with no related allowance, Unpaid Principal Balance | 25,952 | 15,500 |
Impaired loans with no related allowance, Average Recorded Investment | 10,976 | 1,550 |
Impaired loans with no related allowance, Interest Income Recognized | 575 | 414 |
Total impaired loans, Recorded Investment | 15,752 | 6,200 |
Total impaired loans, Unpaid Principal Balance | 25,952 | 15,500 |
Total impaired loans, Average Recorded Investment | 10,976 | 1,550 |
Total impaired loans, Interest Income Recognized | 575 | 414 |
Other loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 48,810 | 6,739 |
Impaired loans with no related allowance, Unpaid Principal Balance | 104,901 | 7,955 |
Impaired loans with no related allowance, Average Recorded Investment | 43,074 | 8,261 |
Impaired loans with no related allowance, Interest Income Recognized | 2,200 | 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 | 314 | 4,574 |
Impaired loans with an allowance recorded, Interest Income Recognized | 213 | |
Total impaired loans, Recorded Investment | 48,810 | 18,592 |
Total impaired loans, Unpaid Principal Balance | 104,901 | 21,484 |
Total impaired loans, Related Allowance | 577 | |
Total impaired loans, Average Recorded Investment | 43,388 | 12,835 |
Total impaired loans, Interest Income Recognized | $ 2,200 | $ 305 |
Activity in Allowance for Los75
Activity in Allowance for Losses on Covered Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Valuation Allowance [Line Items] | |||
Balance, beginning of period | $ 23,701 | $ 31,395 | |
Recovery of losses on covered loans | 37,242 | 4,180 | $ (15,004) |
Balance, end of period | 0 | 23,701 | $ 31,395 |
Covered | Covered loans held for sale | |||
Valuation Allowance [Line Items] | |||
Recovery of losses on covered loans | $ (23,701) | $ (7,694) |
Weighted Average Interest Rates
Weighted Average Interest Rates for Each Type of Deposit (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Amount | ||
Interest-bearing checking and money market accounts | $ 12,936,301 | $ 13,395,080 |
Savings accounts | 5,210,001 | 5,280,374 |
Certificates of deposit | 8,643,646 | 7,577,170 |
Non-interest-bearing accounts | 2,312,215 | 2,635,279 |
Total deposits | $ 29,102,163 | $ 28,887,903 |
Percent of Total | ||
Interest-bearing checking and money market accounts | 44.45% | 46.37% |
Savings accounts | 17.90% | 18.28% |
Certificates of deposit | 29.70% | 26.23% |
Non-interest-bearing accounts | 7.95% | 9.12% |
Total deposits | 100.00% | 100.00% |
Weighted Average Interest Rate | ||
Interest-bearing checking and money market accounts, weighted average interest rate | 0.23% | 0.55% |
Savings accounts, weighted average interest rate | 0.52% | 0.46% |
Certificates of deposit, weighted average interest rate | 1.31% | 1.12% |
Non-interest-bearing accounts, weighted average interest rate | 0.00% | 0.00% |
Total deposits, weighted average interest rate | 0.58% | 0.63% |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Investments [Line Items] | ||
Aggregate amounts of deposits reclassified as loan balances | $ 3,100,000 | $ 3,100,000 |
Brokered deposits | $ 4,000,000,000 | $ 3,900,000,000 |
Brokered deposits, weighted average interest rates | 1.37% | 0.62% |
Money Market | ||
Schedule of Investments [Line Items] | ||
Brokered deposits | $ 2,600,000,000 | $ 2,500,000,000 |
Interest Bearing Checking Accounts | ||
Schedule of Investments [Line Items] | ||
Brokered deposits | 793,700,000 | 1,400,000,000 |
Certificates of Deposits | ||
Schedule of Investments [Line Items] | ||
Brokered deposits | $ 567,800,000 | $ 0 |
Scheduled Maturities of Certifi
Scheduled Maturities of Certificates of Deposit Intangibles (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Time deposits by maturity | ||
1 year or less | $ 5,897,172 | |
More than 1 year through 2 years | 2,461,847 | |
More than 2 years through 3 years | 209,389 | |
More than 3 years through 4 years | 42,485 | |
More than 4 years through 5 years | 21,907 | |
Over 5 years | 10,846 | |
Total CDs | $ 8,643,646 | $ 7,577,170 |
Core Deposit Intangibles in Amo
Core Deposit Intangibles in Amounts of One Hundred Thousand or more, by Remaining Term to Maturity (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | |
CDs of $100,000 or More Maturing Within, 3 Months or Less | $ 1,333,531 |
CDs of $100,000 or More Maturing Within, Over 3 to 6 Months | 1,495,368 |
CDs of $100,000 or More Maturing Within, Over 6 to 12 Months | 1,064,316 |
CDs of $100,000 or More Maturing Within, Over 12 Months | 1,595,643 |
CDs of $100,000 or More Maturing Within, Total | $ 5,488,858 |
Summary of Borrowed Funds (Deta
Summary of Borrowed Funds (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Outstanding [Line Items] | ||
FHLB advances | $ 12,104,500 | $ 11,664,500 |
Repurchase agreements | 450,000 | 1,500,000 |
Federal funds purchased | 0 | 150,000 |
Total wholesale borrowings | 12,554,500 | 13,314,500 |
Junior subordinated debentures | 359,179 | 358,879 |
Total borrowed funds | $ 12,913,679 | $ 13,673,379 |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Detail) | Nov. 04, 2002USD ($)shares$ / shares | Dec. 31, 2017USD ($)Investment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | ||||
Accrued interest | $ 19,300,000 | $ 18,100,000 | ||
Short-term FHLB advances | 0 | $ 300,000,000,000 | ||
Short-term FHLB advances weighted average interest rate | 0.81% | |||
Short-term FHLB advances, average balance | $ 3,300,000 | $ 929,400,000,000 | $ 2,300,000,000 | |
Short-term FHLB advances, average balance, weighted average interest rate | 0.82% | 0.60% | 0.42% | |
Short-term FHLB advances, interest expense | $ 27,000 | $ 5,500,000 | $ 9,800,000 | |
Interest expense | 222,454,000 | 216,464,000 | 1,123,360,000 | |
Short-term repurchase agreements | 450,000,000 | 1,500,000,000 | ||
Interest expense | 452,236,000 | 387,487,000 | 1,283,509,000 | |
Federal funds purchased | 0 | $ 150,000,000 | ||
Federal fund purchased Weighted average interest rate | 0.75% | |||
Federal funds purchased, average balance | $ 47,900,000 | $ 525,400,000 | $ 588,800,000 | |
Federal fund purchased Weighted average interest rate | 0.87% | 0.51% | 0.26% | |
Federal fund purchased, interest expenses | $ 418,000 | $ 2,700,000 | $ 1,500,000 | |
Junior subordinated debentures | $ 359,179,000 | 358,879,000 | ||
Capital security, call option (in years) | 5 years | |||
Dividends on the Capital Securities, deferred period in Years | 5 years | |||
Repurchase Agreements | ||||
Debt Instrument [Line Items] | ||||
Accrued interest | $ 760,000 | 1,200,000 | ||
Interest expense | 16,400,000 | 23,300,000 | $ 99,900,000 | |
Short-term repurchase agreements | 0 | 0 | ||
Short-term debt, weighted average interest rate | 0.31% | |||
Short-term debt, average outstanding amount | $ 197,300,000 | |||
Interest expense | 614,000 | |||
Federal Home Loan Bank Advances | ||||
Debt Instrument [Line Items] | ||||
Interest expense | 186,000,000 | 172,000,000 | 230,600,000 | |
Junior Subordinated Debt | ||||
Debt Instrument [Line Items] | ||||
Interest expense | $ 19,600,000 | 18,500,000 | 17,600,000 | |
Number of business trusts owned | Investment | 3 | |||
New York Community Capital Trust V (BONUSESSM Units) | BONUSESSM units | ||||
Debt Instrument [Line Items] | ||||
Public offering of Bifurcated Option Note Unit Securities ("BONUSES units") | shares | 5,500,000 | |||
Public offering of units, offering price per share | $ / shares | $ 50 | |||
Gross proceeds of BONUSES, debt | $ 275,000,000 | |||
Difference between the assigned value and the stated liquidation amount of the capital securities is treated as an original issue discount | 92,400,000 | |||
Original issue discount amortized amount | $ 66,400,000 | |||
New York Community Capital Trust V (BONUSESSM Units) | BONUSESSM units | Warrant | ||||
Debt Instrument [Line Items] | ||||
Gross proceeds of BONUSES | $ 92,400,000 | |||
New York Community Capital Trust V (BONUSESSM Units) | BONUSESSM units | Capital Units | ||||
Debt Instrument [Line Items] | ||||
Warrant to purchase, number of shares | shares | 2.4953 | |||
Warrant to purchase, total number of shares | shares | 13,700,000 | |||
Warrant to purchase, exercise price per share | $ / shares | $ 20.04 | |||
Capital security, term (in years) | 49 years | |||
Capital security, coupon or distribution rate | 6.00% | |||
Capital security, per share liquidation amount | $ / shares | $ 50 | |||
Gross proceeds of BONUSES | $ 182,600,000 | |||
FHLB - NY | ||||
Debt Instrument [Line Items] | ||||
Unused line of credit | 7,100,000,000 | 7,500,000,000 | ||
Borrowings under line of credit | $ 0 | $ 10,000,000 | ||
Line of credit, weighted-average interest rate | 0.78% | |||
Line of credit, average balance | $ 426,500,000 | $ 572,700,000 | ||
Line of credit, weighted average interest rate | 0.59% | 0.44% | ||
Interest expense | $ 2,500,000 | $ 2,500,000 |
Contractual Maturities of Outst
Contractual Maturities of Outstanding Federal Home Loan Bank Advances (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Year of Maturity | ||
2,018 | $ 0 | $ 300,000,000,000 |
Total FHLB advances | 12,104,500,000 | $ 11,664,500,000 |
Contractual Maturity | ||
Year of Maturity | ||
2,018 | 3,923,500,000 | |
2,019 | 4,431,000,000 | |
2,020 | 3,150,000,000 | |
2,021 | 600,000,000 | |
Total FHLB advances | $ 12,104,500,000 | |
Weighted Average Interest Rate | ||
2,018 | 1.51% | |
2,019 | 1.74% | |
2,020 | 2.09% | |
2,021 | 2.21% | |
Total FHLB advances | 1.78% |
Analysis of Contractual Maturit
Analysis of Contractual Maturities of Outstanding Repurchase Agreements (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Amount | ||
Repurchase agreements | $ 450,000 | $ 1,500,000 |
Weighted Average Interest Rate | ||
Contractual Maturity Over 90 days, Weighted Average Interest Rate | 2.44% | |
Contractual Maturity | ||
Amount | ||
2,018 | $ 250,000 | |
2,019 | 200,000 | |
Repurchase agreements | $ 450,000 | |
Weighted Average Interest Rate | ||
2,018 | 3.04% | |
2,019 | 1.69% | |
Contractual Maturity Over 90 days, Weighted Average Interest Rate | 2.44% |
Details of Repurchase Agreement
Details of Repurchase Agreements (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Outstanding [Line Items] | ||
Contractual Maturity Over 90 days, amount | $ 450,000 | $ 1,500,000 |
Contractual Maturity Over 90 days, Weighted Average Interest Rate | 2.44% | |
Mortgage-Related Securities | ||
Debt Outstanding [Line Items] | ||
Contractual Maturity Over 90 days, Amortized Cost | $ 216,076 | |
Contractual Maturity Over 90 days, Fair Value | 217,383 | |
U.S. Treasury and GSE Obligations | ||
Debt Outstanding [Line Items] | ||
Contractual Maturity Over 90 days, Amortized Cost | 248,065 | |
Contractual Maturity Over 90 days, Fair Value | $ 249,489 |
Junior Subordinated Debentures
Junior Subordinated Debentures Outstanding (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Subordinated Borrowing [Line Items] | |||
Junior Subordinated Debentures Amount Outstanding | $ 359,179 | $ 358,879 | |
Capital Securities Amount Outstanding | $ 346,402 | ||
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 | $ 145,253 | ||
Capital Securities Amount Outstanding | $ 138,902 | ||
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 | 3.188% | ||
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 | 4.838% | ||
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 | 3.345% | ||
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 SEC on November 4, 2002. | ||
[2] | Callable from this date forward. |
Components of Net Deferred Tax
Components of Net Deferred Tax Asset (Liability) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Tax Assets: | ||
Allowance for loan losses | $ 46,239 | $ 75,605 |
Compensation and related benefit obligations | 13,010 | 27,877 |
Acquisition accounting and fair value adjustments on securities (including OTTI) | 14,455 | |
Acquisition accounting and fair value adjustments on loans (including the FDIC loss share receivable) | 7,496 | |
Non-accrual interest | 818 | 4,791 |
Restructuring and retirement of borrowed funds | 1,105 | 6,957 |
Net operating loss carryforwards | 2,967 | 5,664 |
Other | 15,953 | 18,351 |
Gross deferred tax assets | 80,092 | 161,196 |
Valuation allowance | 0 | 0 |
Deferred tax asset after valuation allowance | 80,092 | 161,196 |
Deferred Tax Liabilities: | ||
Amortizable intangibles | (1,704) | (1,655) |
Acquisition accounting and fair value adjustments on securities (including OTTI) | (17,090) | |
Undistributed earnings of subsidiaries | (19,003) | |
Mortgage servicing rights | (1,794) | (65,975) |
Premises and equipment | (12,907) | (19,310) |
Prepaid pension cost | (24,324) | (30,962) |
Leases | (78,682) | (65,214) |
Other | (9,385) | (10,691) |
Gross deferred tax liabilities | (164,889) | (193,807) |
Net deferred tax asset (liability) | $ (84,797) | $ (32,611) |
Federal, State and Local Taxes
Federal, State and Local Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | |||||
Federal corporate income tax rate | 35.00% | 35.00% | 35.00% | ||
Income tax benefit due to change in tax rate | $ 42,000,000 | ||||
Total assets | $ 49,124,195,000 | $ 48,926,555,000 | $ 50,317,796,000 | ||
Percentage of alternative tax on apportioned capital | 0.15% | ||||
Alternative tax capped value, New York State | $ 5,000,000 | ||||
Alternative tax - phased out period | 6 years | ||||
Outstanding amount of the investment | $ 46,200,000 | 42,400,000 | |||
Other commitments of additional anticipated equity contributions relating to current investments | $ 23,900,000 | 21,900,000 | |||
Commitments period | 4 years | ||||
Affordable housing tax credits and other tax benefits recognized | $ 4,500,000 | 4,000,000 | 3,200,000 | ||
Affordable housing tax credits and other tax benefits, related amortization recognized | 3,100,000 | 3,000,000 | 2,400,000 | ||
Affordable housing tax credits and other tax benefits, impairment losses | 0 | 0 | 0 | ||
Unrecognized gross tax benefits | 33,681,000 | 33,487,000 | 30,456,000 | $ 24,779,000 | |
Total amount of net unrecognized tax benefits that would affect the effective tax rate, if recognized | 26,600,000 | ||||
Income tax benefit attributed to interest and penalties | 1,800,000 | 1,200,000 | $ 1,100,000 | ||
Accrued interest and penalties on tax liabilities | 8,900,000 | 6,900,000 | |||
Net deferred tax liabilities | $ 84,797,000 | $ 32,611,000 | |||
Scenario, Forecast | |||||
Income Taxes [Line Items] | |||||
Federal corporate income tax rate | 21.00% | ||||
Assets for disallowance of deduction for FDIC premium | $ 50,000,000,000 | ||||
Percentage of limitations on NOL carryforwards to taxable income | 80.00% | ||||
Minimum | |||||
Income Taxes [Line Items] | |||||
Dividends received deduction | 70.00% | ||||
Minimum | Scenario, Forecast | |||||
Income Taxes [Line Items] | |||||
Dividends received deduction | 50.00% | ||||
Maximum | |||||
Income Taxes [Line Items] | |||||
Dividends received deduction | 80.00% | ||||
Estimated change in balance of unrecognized tax benefit, within next twelve months | $ 20,000,000 | ||||
Maximum | Scenario, Forecast | |||||
Income Taxes [Line Items] | |||||
Dividends received deduction | 65.00% | ||||
New York State Division of Taxation and Finance | |||||
Income Taxes [Line Items] | |||||
Effective tax rate | 6.50% | 7.10% | |||
New York City | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforward | $ 44,900,000 | ||||
Operating loss carryforward, expiration year | 2,035 | ||||
Alternative tax capped value, New York State | $ 10,000,000 | ||||
New York City | Financial institutions with total assets below $100 billion | |||||
Income Taxes [Line Items] | |||||
Effective tax rate | 8.85% | 9.00% | |||
New York City | Tax benefit on Interest income earned or situated in low-income communities phased out for financial institutions with total assets | Minimum | |||||
Income Taxes [Line Items] | |||||
Total assets | 100,000,000,000 | ||||
New York City | Tax benefit on Interest income earned or situated in low-income communities phased out for financial institutions with total assets | Maximum | |||||
Income Taxes [Line Items] | |||||
Total assets | 150,000,000,000 | ||||
Special Federal Tax Provision | |||||
Income Taxes [Line Items] | |||||
Tax bad debt base-year reserves | 61,500,000 | ||||
Net deferred tax liabilities | $ 12,900,000 |
Income Tax Expense (Benefit) (D
Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | |||
Federal - current | $ 153,587 | $ 216,182 | $ (53,273) |
State and local - current | 26,983 | 20,799 | (295) |
Total current | 180,570 | 236,981 | (53,568) |
Federal - deferred | 3,498 | 18,203 | 468 |
State and local - deferred | 17,946 | 26,543 | (31,757) |
Total deferred | 21,444 | 44,746 | (31,289) |
Income tax expense (benefit) reported in net income | 202,014 | 281,727 | (84,857) |
Employee stock plans | (2,486) | ||
Securities available-for-sale | 28,495 | (2,687) | 131 |
Pension liability adjustments | 2,234 | 2,924 | 1,161 |
Non-credit portion of OTTI losses | 13 | 49 | 44 |
Total income taxes | $ 232,756 | $ 282,013 | $ (88,329) |
Reconciliation of Statutory Fed
Reconciliation of Statutory Federal Income Tax Expense (Benefit) Reported in Net Income to Combined Actual Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Reconciliation of Provision of Income Taxes [Line Items] | ||||
Statutory federal income tax at 35% | $ 233,875 | $ 271,995 | $ (46,204) | |
State and local income taxes, net of federal income tax effect | [1] | 29,204 | 30,772 | (20,835) |
Effect of tax law changes | (41,943) | |||
Effect of tax deductibility of ESOP | (5,083) | (6,452) | (7,321) | |
Non-taxable income and expense of BOLI | (9,529) | (10,808) | (9,575) | |
Federal tax credits | (1,386) | (1,607) | (1,554) | |
Adjustments relating to prior tax years | 144 | (668) | (248) | |
Merger-related expenses | (850) | 850 | ||
Other, net | (3,268) | (655) | 30 | |
Income tax expense (benefit) reported in net income | $ 202,014 | $ 281,727 | $ (84,857) | |
[1] | Includes income tax (benefit) expense for the years ended December 31, 2015 of $(1.4) million for adjustments to deferred taxes necessitated by changes in tax laws of New York City that were enacted in April 2015. |
Reconciliation of Statutory F90
Reconciliation of Statutory Federal Income Tax Expense (Benefit) Reported in Net Income to Combined Actual Income Tax Expense (Benefit) (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Provision of Income Taxes [Line Items] | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
Reconciliation of Statutory F91
Reconciliation of Statutory Federal Income Tax (Benefit) Expense Reported in Net Income to Combined Actual Income Tax (Benefit) Expense (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Reconciliation of Provision of Income Taxes [Line Items] | |
Income tax (benefit) expense, adjustment to deferred taxes | $ (1.4) |
Changes in Liability for Unreco
Changes in Liability for Unrecognized Gross Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | |||
Uncertain tax positions at beginning of year | $ 33,487 | $ 30,456 | $ 24,779 |
Additions for tax positions relating to current-year operations | 4,332 | 1,304 | 3,827 |
Additions for tax positions relating to prior tax years | 1,398 | 1,997 | 2,935 |
Subtractions for tax positions relating to prior tax years | (5,101) | (270) | (963) |
Reductions in balance due to settlements | (435) | (122) | |
Uncertain tax positions at end of year | $ 33,681 | $ 33,487 | $ 30,456 |
Commitments And Contingencies -
Commitments And Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loss Contingencies [Line Items] | |||
Securities available for sale, mortgaged-related securities, pledged | $ 1,263,227 | ||
Securities held to maturity, mortgaged related securities, pledged | 1,600,000 | $ 346,700 | |
Securities available for sale, other securities, pledged | 346,000 | ||
Loans pledged to FHLB, collateral for wholesale borrowings | 30,100,000 | 29,400,000 | |
Commitments | 2,274,678 | ||
Rental expense under non-cancelable operating lease and license agreements | 33,200 | 32,600 | $ 32,800 |
Rental income on bank-owned properties, netted in occupancy and equipment expense | 9,500 | 7,100 | $ 3,700 |
GNMA Securities | |||
Loss Contingencies [Line Items] | |||
Purchase commitments | 29,400 | ||
Total loans | |||
Loss Contingencies [Line Items] | |||
Commitments | 1,935,275 | 2,100,000 | |
Commercial, performance stand-by, and financial stand-by letters of credit | |||
Loss Contingencies [Line Items] | |||
Commitments | $ 339,403 | $ 324,300 |
Off-Balance-Sheet Originate Loa
Off-Balance-Sheet Originate Loans and Letters of Credit (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments | $ 2,274,678 | |
Total loans | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments | 1,935,275 | $ 2,100,000 |
Commercial, performance stand-by, and financial stand-by letters of credit | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments | 339,403 | $ 324,300 |
Total mortgage loan commitments | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments | 621,105 | |
Total mortgage loan commitments | Multifamily and Commercial Real Estate | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments | 377,782 | |
Total mortgage loan commitments | One-to-four family | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments | 3,819 | |
Total mortgage loan commitments | Acquisition, Development and Construction | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments | 239,504 | |
Other loan commitments | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments | $ 1,314,170 |
Remaining Projected Minimum Ann
Remaining Projected Minimum Annual Rental Commitments, Exclusive of Taxes and Other Charges (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Lease Arrangements [Line Items] | |
2,018 | $ 29,786 |
2,019 | 26,425 |
2,020 | 20,211 |
2,021 | 16,523 |
2022 and thereafter | 66,555 |
Total minimum future rentals | $ 159,500 |
Guarantees and Indemnifications
Guarantees and Indemnifications (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Guarantor Obligations [Line Items] | |
Guarantees and Indemnifications Outstanding Amount, Expires Within One Year | $ 28,845 |
Guarantees and Indemnifications Outstanding Amount, Expires After One Year | 55,411 |
Guarantees and Indemnifications, Total Outstanding Amount | 84,256 |
Guarantees and Indemnifications, Maximum Potential Amount of Future Payments | 339,403 |
Financial Standby Letter of Credit | |
Guarantor Obligations [Line Items] | |
Guarantees and Indemnifications Outstanding Amount, Expires Within One Year | 19,996 |
Guarantees and Indemnifications Outstanding Amount, Expires After One Year | 55,202 |
Guarantees and Indemnifications, Total Outstanding Amount | 75,198 |
Guarantees and Indemnifications, Maximum Potential Amount of Future Payments | 267,174 |
Performance Guarantee | |
Guarantor Obligations [Line Items] | |
Guarantees and Indemnifications Outstanding Amount, Expires Within One Year | 5,786 |
Guarantees and Indemnifications, Total Outstanding Amount | 5,786 |
Guarantees and Indemnifications, Maximum Potential Amount of Future Payments | 5,775 |
Commercial Letters of Credit | |
Guarantor Obligations [Line Items] | |
Guarantees and Indemnifications Outstanding Amount, Expires Within One Year | 3,063 |
Guarantees and Indemnifications Outstanding Amount, Expires After One Year | 209 |
Guarantees and Indemnifications, Total Outstanding Amount | 3,272 |
Guarantees and Indemnifications, Maximum Potential Amount of Future Payments | $ 66,454 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 2,436,131,000 | $ 2,436,131,000 | |
Amortization of core deposit intangibles | 208,000 | 2,391,000 | $ 5,344,000 |
Mortgage servicing rights | 6,100,000 | 233,961,000 | |
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 | 1,200,000 | 1,300,000 | $ 941,000 |
Mortgage Receivable | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of intangible assets | 0 | 0 | |
Unpaid principal balance of loans serviced for others | 3,700,000,000 | $ 25,100,000,000 | |
Core deposit intangibles | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of core deposit intangibles | $ 208,000 | ||
Core deposit intangibles | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period for core deposit intangibles (in years) | 10 years |
Changes in Residential and Part
Changes in Residential and Participation Mortgage Servicing Rights (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Finite-Lived Intangible Assets [Line Items] | |||
Carrying value, beginning of year | $ 228,099 | ||
Carrying value, end of period | 2,729 | $ 228,099 | |
Mortgage Servicing Rights Residential | |||
Finite-Lived Intangible Assets [Line Items] | |||
Carrying value, beginning of year | 228,099 | 243,389 | |
Additions | 18,054 | 45,588 | |
Sales | (208,827) | ||
Due to changes in interest rates | (2,096) | 3,341 | |
Due to model assumption changes | [1] | (13,088) | |
Due to loan payoffs | (22,610) | (33,425) | |
Due to passage of time and other changes | (9,891) | (17,706) | |
Carrying value, end of period | 2,729 | 228,099 | |
Mortgage Servicing Rights Participation | |||
Finite-Lived Intangible Assets [Line Items] | |||
Carrying value, beginning of year | 5,862 | 4,345 | |
Additions | 710 | 3,774 | |
Amortization | (3,201) | (2,257) | |
Carrying value, end of period | $ 3,371 | $ 5,862 | |
[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 | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Mortgage Loans on Real Estate [Line Items] | ||
Expected weighted average life | 87 months | 82 months |
Constant prepayment speed | 9.81% | 8.70% |
Discount rate | 12.00% | 10.05% |
Primary mortgage rate to refinance | 4.02% | 4.11% |
Cost to service per loan per year, current | 70 | 64 |
30-59 days or less delinquent | ||
Mortgage Loans on Real Estate [Line Items] | ||
Cost to service per loan per year | 220 | 214 |
60-89 days delinquent | ||
Mortgage Loans on Real Estate [Line Items] | ||
Cost to service per loan per year | 370 | 364 |
90-119 days delinquent | ||
Mortgage Loans on Real Estate [Line Items] | ||
Cost to service per loan per year | 470 | 464 |
120 days or more delinquent | ||
Mortgage Loans on Real Estate [Line Items] | ||
Cost to service per loan per year | 870 | 864 |
Retirement Plan, Based on Measu
Retirement Plan, Based on Measurement Date (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in Plan Assets: | |||
Fair value of assets at end of year | $ 234,136 | ||
Pension Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 146,429 | $ 146,618 | |
Interest cost | 5,616 | 5,881 | $ 6,063 |
Actuarial loss | 8,267 | 611 | |
Annuity payments | (6,485) | (6,473) | |
Settlements | (2,416) | (208) | |
Benefit obligation at end of year | 151,411 | 146,429 | 146,618 |
Change in Plan Assets: | |||
Fair value of assets at beginning of year | 220,740 | 211,888 | |
Actual return on plan assets | 22,297 | 15,533 | |
Contributions | 0 | 0 | |
Annuity payments | (6,485) | (6,473) | |
Settlements | (2,416) | (208) | |
Fair value of assets at end of year | 234,136 | 220,740 | $ 211,888 |
Funded status (included in "Other assets") | 82,725 | 74,311 | |
Changes recognized in other comprehensive income (loss) for the year ended December 31: | |||
Amortization of prior service cost | 0 | 0 | |
Amortization of actuarial loss | (8,209) | (9,050) | |
Net actuarial loss arising during the year | 2,260 | 706 | |
Total recognized in other comprehensive loss for the year (pre-tax) | (5,949) | (8,344) | |
Accumulated other comprehensive loss (pre-tax) not yet recognized in net periodic benefit cost at December 31: | |||
Prior service cost | 0 | 0 | |
Actuarial loss, net | 73,591 | 79,541 | |
Total accumulated other comprehensive loss (pre-tax) | $ 73,591 | $ 79,541 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of company stock held equal to plan assets | 11.00% | ||
Period of obligations for retired lives in trust | 30 years | ||
Long term inflation rate | 2.50% | ||
Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on equity security | 6.00% | ||
Expected rate of return on fixed income security | 3.00% | ||
Overall expected rate of return | 5.00% | ||
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on equity security | 9.00% | ||
Expected rate of return on fixed income security | 5.00% | ||
Overall expected rate of return | 7.00% | ||
Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average asset allocation | 2.00% | ||
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated unrecognized net actuarial loss (gain) that will be amortized from accumulated other comprehensive loss into net periodic benefit cost | $ 7,200,000 | ||
Amount recognized of net actuarial loss into net periodic benefit cost | (8,209,000) | $ (9,050,000) | $ (8,208,000) |
Estimated prior service cost that will be amortized from accumulated other comprehensive loss (gain) into net periodic benefit cost | 0 | ||
Amortization of past-service liability | $ 0 | ||
Discount rates used to determine the benefit obligation | 3.40% | 3.90% | |
Percentage of assets allocated to equities to be considered well funded | 55.00% | ||
Percentage of assets allocated to fixed income to be considered well funded | 44.00% | ||
Post-Retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated unrecognized net actuarial loss (gain) that will be amortized from accumulated other comprehensive loss into net periodic benefit cost | $ 309,000 | ||
Amount recognized of net actuarial loss into net periodic benefit cost | (274,000) | $ (326,000) | (383,000) |
Estimated prior service cost that will be amortized from accumulated other comprehensive loss (gain) into net periodic benefit cost | 249,000 | ||
Amortization of past-service liability | $ (249,000) | $ (249,000) | $ (249,000) |
Discount rates used to determine the benefit obligation | 3.30% | 3.70% | |
Effect of 1% increase in assumed medical trend rate on accumulated post-retirement benefit obligation | $ 736,000 | ||
Effect of 1% increase in assumed medical trend rate on benefits earned and the interest components | 28,000 | ||
Effect of 1% decrease in assumed medical trend rate on accumulated post-retirement benefit obligation | 623,000 | ||
Effect of 1% decrease in assumed medical trend rate on benefits earned and the interest components | 24,000 | ||
Contribution to Health & Welfare Plan to pay premiums and claims in the next fiscal year | $ 1,300,000 |
Pension and Post-Retirement Pla
Pension and Post-Retirement Plans (Detail) - Pension Benefits - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Components of net periodic pension credit: | |||
Interest cost | $ 5,616 | $ 5,881 | $ 6,063 |
Expected return on plan assets | (16,290) | (15,627) | (17,559) |
Amortization of net actuarial loss | 8,209 | 9,050 | 8,208 |
Net periodic benefit cost | $ (2,465) | $ (696) | $ (3,288) |
Weighted Average Assumptions Us
Weighted Average Assumptions Used in Determining Net Periodic Benefit Cost for Pension (Detail) - Pension Benefits | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.90% | 4.10% | 4.00% |
Expected rate of return on plan assets | 7.50% | 7.50% | 8.00% |
Fair Value Measurements of Inve
Fair Value Measurements of Investments Held by Retirement Plan (Detail) $ in Thousands | Dec. 31, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | $ 234,136 | |
Mutual Funds - Equity | Large-Cap Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 20,959 | [1] |
Mutual Funds - Equity | Large-Cap Growth | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 21,825 | [2] |
Mutual Funds - Equity | Large-Cap Core | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 14,512 | [3] |
Mutual Funds - Equity | United States Mid Cap Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 4,668 | [4] |
Mutual Funds - Equity | Mid Cap Growth | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 4,422 | [5] |
Mutual Funds - Equity | Mid Cap Core | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 4,744 | [6] |
Mutual Funds - Equity | US Small-Cap Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 3,530 | [7] |
Mutual Funds - Equity | Small Cap Value Growth | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 3,353 | [8] |
Mutual Funds - Equity | Small-Cap Core | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 6,908 | [9] |
Mutual Funds - Equity | International Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 28,113 | [10] |
Fixed Income Funds | U.S. Core | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 68,928 | [11] |
Fixed Income Funds | Intermediate Duration | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 23,046 | [12] |
Equity securities | Common stock | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 24,865 | |
Cash Equivalents | Money Market | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 4,263 | [13] |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 25,928 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities | Common stock | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 24,865 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash Equivalents | Money Market | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 1,063 | [13] |
Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 208,208 | |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | Large-Cap Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 20,959 | [1] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | Large-Cap Growth | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 21,825 | [2] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | Large-Cap Core | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 14,512 | [3] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | United States Mid Cap Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 4,668 | [4] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | Mid Cap Growth | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 4,422 | [5] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | Mid Cap Core | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 4,744 | [6] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | US Small-Cap Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 3,530 | [7] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | Small Cap Value Growth | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 3,353 | [8] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | Small-Cap Core | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 6,908 | [9] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | International Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 28,113 | [10] |
Significant Other Observable Inputs (Level 2) | Fixed Income Funds | U.S. Core | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 68,928 | [11] |
Significant Other Observable Inputs (Level 2) | Fixed Income Funds | Intermediate Duration | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 23,046 | [12] |
Significant Other Observable Inputs (Level 2) | Cash Equivalents | Money Market | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | $ 3,200 | [13] |
[1] | This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks. | |
[2] | This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S. | |
[3] | This fund tracks the performance of the S&P 500 Index by purchasing the securities represented in the Index in approximately the same weightings as the Index. | |
[4] | This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Value Index. | |
[5] | This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Growth Index. | |
[6] | This category seeks to track the performance of the S&P Midcap 400 Index. | |
[7] | This category consists of a selection of investments based on the Russell 2000 Value Index. | |
[8] | This category consists of a selection of investments based on the Russell 2000 Growth Index. | |
[9] | This category consists of an index fund designed to track the Russell 2000, along with a fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10% of the market universe, or smaller than the 1000th largest US company. | |
[10] | This category has investments in medium to large non-US companies, including high quality, durable growth companies and companies based in countries with stable economic and political systems. A portion of this category consists of an index fund designed to track the MSC ACWI ex-US Net Dividend Return Index. | |
[11] | This category currently includes equal investments in three mutual funds, two of which usually hold at least 80% of fund assets in investment grade fixed income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that index. The third fund targets investments of 50% or more in mortgage-backed securities guaranteed by the US government and its agencies. | |
[12] | This category consists of a mutual fund which invest in a diversified portfolio of high-quality bonds and other fixed income securities, including U.S. Government obligations, mortgage-related and asset backed securities, corporate and municipal bonds, CMOs, and other securities mostly rated A or better. | |
[13] | Includes cash equivalent investments in equity and fixed income strategies. |
Fair Value Measurements of I105
Fair Value Measurements of Investments Held by Retirement Plan (Parenthetical) (Detail) - Large-Cap Value - Common/Collective Trusts - Equity | Dec. 31, 2017Stock |
Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Number of stocks held | 60 |
Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Number of stocks held | 70 |
Weighted Average Asset Allocati
Weighted Average Asset Allocations for Retirement Plan (Detail) | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocation | 100.00% | 100.00% |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocation | 59.00% | 56.00% |
Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocation | 39.00% | 43.00% |
Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocation | 2.00% | 1.00% |
Expected Future Annuity Payment
Expected Future Annuity Payments by Retirement Plan (Detail) - Pension Benefits $ in Thousands | Dec. 31, 2017USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 7,153 |
2,019 | 7,301 |
2,020 | 7,371 |
2,021 | 7,513 |
2,022 | 7,565 |
2023 and thereafter | 39,930 |
Total | $ 76,833 |
Certain Information Regarding H
Certain Information Regarding Health and Welfare Plan (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in Plan Assets: | |||
Fair value of assets at end of year | $ 234,136 | ||
Post-Retirement Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 16,294 | $ 17,280 | |
Service cost | 5 | $ 4 | |
Interest cost | 577 | 639 | 700 |
Actuarial loss (gain) | 517 | (673) | |
Premiums and claims paid | (1,039) | (957) | |
Benefit obligation at end of year | 16,349 | 16,294 | 17,280 |
Change in Plan Assets: | |||
Fair value of assets at beginning of year | 0 | 0 | |
Employer contribution | 1,039 | 957 | |
Premiums and claims paid | (1,039) | (957) | |
Fair value of assets at end of year | 0 | 0 | $ 0 |
Funded status (included in "Other liabilities") | (16,349) | (16,294) | |
Changes recognized in other comprehensive (loss) income for the year ended December 31: | |||
Amortization of prior service cost | 249 | 249 | |
Amortization of actuarial gain | (274) | (326) | |
Net actuarial loss (gain) arising during the year | 517 | (673) | |
Total recognized in other comprehensive loss for the year (pre-tax) | 492 | (750) | |
Accumulated other comprehensive loss (pre-tax) not yet recognized in net periodic benefit cost at December 31: | |||
Prior service cost | (1,034) | (1,283) | |
Actuarial loss, net | 5,380 | 5,137 | |
Total accumulated other comprehensive loss (pre-tax) | $ 4,346 | $ 3,854 |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost of Health and Welfare Plan (Detail) - Post-Retirement Benefits - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Components of Net Periodic Benefit Cost: | |||
Service cost | $ 5 | $ 4 | |
Interest cost | $ 577 | 639 | 700 |
Amortization of past-service liability | (249) | (249) | (249) |
Amortization of net actuarial loss | 274 | 326 | 383 |
Net periodic benefit cost | $ 602 | $ 721 | $ 838 |
Weighted Average Assumptions110
Weighted Average Assumptions used in Determining Net Periodic Benefit Cost of Health and Welfare Plan (Detail) - Post-Retirement Benefits | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.70% | 3.80% | 4.00% |
Current medical trend rate | 6.50% | 6.50% | 6.50% |
Ultimate trend rate | 5.00% | 5.00% | 5.00% |
Year when ultimate trend rate will be reached | 2,023 | 2,022 | 2,018 |
Expected Future Payments for Pr
Expected Future Payments for Premiums and Claims Under Health and Welfare Plan (Detail) - Post-Retirement Benefits $ in Thousands | Dec. 31, 2017USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 1,328 |
2,019 | 1,288 |
2,020 | 1,252 |
2,021 | 1,213 |
2,022 | 1,167 |
2023 and thereafter | 5,171 |
Total | $ 11,419 |
Stock-Related Benefit Plans - A
Stock-Related Benefit Plans - Additional Information (Detail) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)Age$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant | 7,135,071 | ||
Shares granted | 2,956,249 | ||
Shares granted, weighted average grant date fair value | $ / shares | $ 15.16 | ||
Unrecognized compensation cost relating to unvested restricted stock | $ | $ 78.7 | ||
Unrecognized compensation cost relating to unvested restricted stock, recognition period (in years) | 3 years 1 month 6 days | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted, vesting period | 5 years | ||
Compensation and benefits expense | $ | $ 36 | $ 32.7 | $ 30.2 |
Stock Incentive Plan Twenty Twelve | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 2,956,249 | 2,805,652 | 2,352,641 |
Shares granted, weighted average grant date fair value | $ / shares | $ 15.16 | $ 15.21 | $ 15.83 |
Supplemental Executive Retirement Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Trust held assets of Supplemental Executive Retirement Plan (SERP), shares | 1,819,985 | 1,729,319 | |
New York Community Bank | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Description of the ESOP Plan | All full-time employees who have attained 21 years of age and have completed twelve consecutive months of credited service are eligible to participate in the Employee Stock Ownership Plan ("ESOP"), with benefits vesting on a six-year basis. | ||
Full-time employees, age to participate in plan | Age | 21 | ||
Shares granted, vesting period | 6 years | ||
Allocated shares to participants in the ESOP | 695,675 | 617,031 | 552,829 |
ESOP-related compensation expense | $ | $ 9.2 | $ 9.8 | $ 9.2 |
New York Community Bank | Third year of employment | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of shares vested | 20.00% | ||
New York Community Bank | Each successive year after third year | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of shares vested | 20.00% |
Summary of Activity for Restric
Summary of Activity for Restricted Stock Awards (Detail) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Number of Shares | |
Unvested at beginning of year | shares | 6,930,306 |
Granted | shares | 2,956,249 |
Vested | shares | (3,867,828) |
Cancelled | shares | (444,560) |
Unvested at end of year | shares | 5,574,167 |
Weighted Average Grant Date Fair Value | |
Unvested at beginning of year | $ / shares | $ 15.37 |
Granted | $ / shares | 15.16 |
Vested | $ / shares | 15.19 |
Cancelled | $ / shares | 15.55 |
Unvested at end of year | $ / shares | $ 15.38 |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | $ 3,531,427 | [1] | $ 104,281 | |
Loans held for sale | 35,258 | 409,152 | ||
Mortgage servicing rights | 2,729 | 228,099 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 3,531,427 | 104,281 | ||
Loans held for sale | 35,258 | 409,152 | ||
Mortgage servicing rights | 2,729 | 228,099 | ||
Derivative assets-other, netting adjustment | [2],[3] | (17,861) | ||
Derivative liabilities, netting adjustment | [3] | 16,588 | ||
Interest rate lock commitments | 982 | |||
Derivative assets-other | [2] | 1,579 | ||
Derivative liabilities | (7,140) | |||
Fair Value, Measurements, Recurring | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 2,618,746 | 7,326 | ||
Fair Value, Measurements, Recurring | Mortgage-Related Securities | GSE certificates | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 2,068,842 | 7,326 | ||
Fair Value, Measurements, Recurring | Mortgage-Related Securities | GSE CMOs | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 549,904 | |||
Fair Value, Measurements, Recurring | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 912,681 | 96,955 | ||
Fair Value, Measurements, Recurring | Other Securities | U.S. Treasury obligations | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 199,898 | |||
Fair Value, Measurements, Recurring | Other Securities | GSE debentures | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 473,258 | |||
Fair Value, Measurements, Recurring | Other Securities | Corporate bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 90,775 | |||
Fair Value, Measurements, Recurring | Other Securities | Municipal bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 70,120 | 631 | ||
Fair Value, Measurements, Recurring | Other Securities | Capital trust notes | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 46,096 | 7,243 | ||
Fair Value, Measurements, Recurring | Other Securities | Preferred stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 15,434 | 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] | ||||
Securities available for sale | 17,100 | 17,097 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 215,332 | 42,724 | ||
Derivative assets-other | [2] | 2,611 | ||
Derivative liabilities | (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] | ||||
Securities available for sale | 215,332 | 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] | ||||
Securities available for sale | 199,898 | |||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Securities | Preferred stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 15,434 | 42,724 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 3,316,095 | 61,557 | ||
Loans held for sale | 35,258 | 409,152 | ||
Derivative assets-other | [2] | 16,829 | ||
Derivative liabilities | (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] | ||||
Securities available for sale | 2,618,746 | 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] | ||||
Securities available for sale | 2,068,842 | 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] | ||||
Securities available for sale | 549,904 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 697,349 | 54,231 | ||
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] | ||||
Securities available for sale | 473,258 | |||
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] | ||||
Securities available for sale | 90,775 | |||
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] | ||||
Securities available for sale | 70,120 | 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] | ||||
Securities available for sale | 46,096 | 7,243 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | Preferred stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 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] | ||||
Securities available for sale | 17,100 | 17,097 | ||
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 | $ 2,729 | 228,099 | ||
Interest rate lock commitments | $ 982 | |||
[1] | The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At December 31, 2017, the non-credit portion of OTTI recorded in AOCL was $8.6 million (before taxes). | |||
[2] | Includes $1.9 million to purchase Treasury options. | |||
[3] | Includes cash collateral received from, and paid to, counterparties. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value on recurring basis | $ 0 | |
Liabilities, transfers out of Level 3 | $ 0 | $ 0 |
Assets and Liabilities Measu116
Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) - Treasury Options $ in Millions | Dec. 31, 2016USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative assets-other | $ 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 | $ 1.9 |
Difference between Fair Value O
Difference between Fair Value Option and Unpaid Principal Balance (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Carrying Amount | $ 35,258 | $ 409,152 |
Aggregate Unpaid Principal | 34,563 | 408,928 |
Fair Value Carrying Amount Less Aggregate Unpaid Principal | $ 695 | $ 224 |
Changes in Fair Value of Loans
Changes in Fair Value of Loans Held for Sale (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Mortgage Banking Income | [1] | $ (19,177) | $ (33,069) | $ (6,082) |
Loans held for sale | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Mortgage Banking Income | [1] | 899 | (5,616) | (472) |
Mortgage servicing rights | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Mortgage Banking Income | [1] | $ (20,076) | $ (27,453) | $ (5,610) |
[1] | Does not include the effect of hedging activities, which is included in "Other non-interest income." |
Rollforward of Financial Instru
Rollforward of Financial Instruments Classified in Level Three of Valuation Hierarchy (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 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 (Losses)/Gains Recorded in (Loss)/ Income | (982) | (1,544) |
Total Realized/Unrealized (Losses)/Gain Recorded in Comprehensive (Loss) Income | 0 | 0 |
Transfers to/(from) level 3 | 0 | 0 |
Fair Value, Ending Balance | 982 | |
Change in Unrealized (Losses)/Gains Related to Instruments Held | 982 | |
Mortgage servicing rights | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Beginning Balance | 228,099 | 243,389 |
Total Realized/Unrealized (Losses)/Gains Recorded in (Loss)/ Income | (20,076) | (27,453) |
Total Realized/Unrealized (Losses)/Gain Recorded in Comprehensive (Loss) Income | 0 | 0 |
Issuances | 18,054 | 45,588 |
Settlements | (223,348) | (33,425) |
Transfers to/(from) level 3 | 0 | 0 |
Fair Value, Ending Balance | 2,729 | 228,099 |
Change in Unrealized (Losses)/Gains Related to Instruments Held | $ (222) | $ (27,453) |
Significant Unobservable Inputs
Significant Unobservable Inputs used in Fair Value Measurement (Detail) - Mortgage servicing rights - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair value | $ 2,729 | $ 228,099 | $ 243,389 | |
Valuation Technique | Discounted Cash Flow | |||
Weighted Average Constant Prepayment Rate | [1] | 9.81% | ||
Weighted Average Discount Rate | 12.00% | |||
[1] | Represents annualized loan repayment rate assumptions. |
Assets and Liabilities Measu121
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Certain impaired loans | [1] | $ 45,837 | $ 15,635 |
Other assets | [2] | 4,357 | 5,684 |
Total | 50,194 | 21,319 | |
Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Certain impaired loans | [1] | 45,837 | 15,635 |
Other assets | [2] | 4,357 | 5,684 |
Total | $ 50,194 | $ 21,319 | |
[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. |
Summary of Carrying Values, Est
Summary of Carrying Values, Estimated Fair Values and Fair Value Measurement Levels of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Financial Assets: | |||||||
Cash and cash equivalents | $ 2,528,169 | $ 557,850 | $ 537,674 | $ 564,150 | |||
Securities held to maturity | [1] | 3,712,776 | |||||
FHLB stock | [2] | 603,819 | 590,934 | ||||
Loans, net | 38,265,183 | 39,308,016 | |||||
Financial Liabilities: | |||||||
Deposits | 29,102,163 | 28,887,903 | |||||
Borrowed funds | 12,913,679 | 13,673,379 | |||||
Financial Assets: | |||||||
Cash and cash equivalents | 2,528,169 | ||||||
Securities held to maturity | [1] | 3,813,959 | |||||
FHLB stock | [2] | 603,819 | |||||
Loans, net | 38,254,538 | 39,416,469 | |||||
Financial Liabilities: | |||||||
Deposits | 29,044,852 | ||||||
Borrowed funds | 12,780,653 | ||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||||
Financial Assets: | |||||||
Cash and cash equivalents | 2,528,169 | 557,850 | |||||
Securities held to maturity | 3,813,959 | ||||||
FHLB stock | [2] | 590,934 | |||||
Loans, net | 39,416,469 | ||||||
Financial Liabilities: | |||||||
Deposits | 20,458,517 | [3] | 28,888,064 | ||||
Borrowed funds | 13,633,943 | ||||||
Significant Other Observable Inputs (Level 2) | |||||||
Financial Assets: | |||||||
Cash and cash equivalents | 557,850 | ||||||
Securities held to maturity | 200,220 | ||||||
FHLB stock | [2] | 603,819 | |||||
Financial Liabilities: | |||||||
Deposits | 8,586,335 | [4] | 21,310,733 | [3] | |||
Borrowed funds | 12,780,653 | ||||||
Significant Unobservable Inputs (Level 3) | |||||||
Financial Assets: | |||||||
Securities held to maturity | 3,613,739 | ||||||
FHLB stock | [2] | 590,934 | |||||
Loans, net | $ 38,254,538 | ||||||
Financial Liabilities: | |||||||
Deposits | [4] | 7,577,331 | |||||
Borrowed funds | $ 13,633,943 | ||||||
[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 $8.6 million (before taxes). | ||||||
[2] | Carrying value and estimated fair value are at cost. | ||||||
[3] | Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. | ||||||
[4] | Certificates of deposit. |
Derivative Financial Instrum123
Derivative Financial Instruments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Gain (loss) on sale of mortgage banking business | $ 0 |
Effect of Derivative Instrument
Effect of Derivative Instruments on Consolidated Statements of Operations and Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Loss) Gain Included in Mortgage Banking Income | $ (5,954) | $ (12,154) | $ (1,969) |
Treasury Options | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Loss) Gain Included in Mortgage Banking Income | (262) | (2,795) | (8,222) |
Eurodollar Futures | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Loss) Gain Included in Mortgage Banking Income | 55 | 165 | 501 |
Interest Rate Swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Loss) Gain Included in Mortgage Banking Income | 3,068 | (4,561) | |
Forward commitments to buy/sell loans/mortgage-backed securities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Loss) Gain Included in Mortgage Banking Income | $ (8,815) | $ (4,963) | $ 5,752 |
Effect of Master Netting Arrang
Effect of Master Netting Arrangements on Presentation of Derivative Assets and Liabilities in Consolidated Statements of Financial Condition (Detail) $ in Thousands | Dec. 31, 2016USD ($) | |
Derivative Financial Instruments, Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Liabilities | $ 23,728 | |
Gross Amounts Offset in the Statement of Condition | 16,588 | |
Net Amounts of Liabilities Presented in the Statement of Condition | 7,140 | |
Financial Instruments | 0 | |
Cash Collateral Received | 0 | |
Net Amount | 7,140 | |
Derivative Financial Instruments, Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts Of Recognized Assets | 20,422 | [1] |
Gross Amounts Offset in the Statement of Condition | 17,861 | |
Net Amounts of Assets Presented in the Statement of Condition | 2,561 | |
Financial Instruments | 0 | |
Cash Collateral Received | 0 | |
Net Amount | $ 2,561 | |
[1] | Included $1.9 million to purchase Treasury options. |
Effect of Master Netting Arr126
Effect of Master Netting Arrangements on Presentation of Derivative Assets and Liabilities in Consolidated Statements of Financial Condition (Parenthetical) (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Treasury Options | |
Derivatives, Fair Value [Line Items] | |
Gross Amounts Of Recognized Assets | $ 1.9 |
Dividend Restrictions - Additio
Dividend Restrictions - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Condensed Financial Statements, Captions [Line Items] | |
Dividend paid to the Parent Company | $ 336 |
Additional dividends that could have been paid to the Parent Company without regulatory approval | $ 379.5 |
Condensed Statements of Conditi
Condensed Statements of Condition (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
ASSETS: | |||||
Cash and cash equivalents | $ 2,528,169 | $ 557,850 | $ 537,674 | $ 564,150 | |
Securities available for sale | 3,531,427 | [1] | 104,281 | ||
Other assets | 401,138 | 387,413 | |||
Total assets | 49,124,195 | 48,926,555 | 50,317,796 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | |||||
Junior subordinated debentures | 359,179 | 358,879 | |||
Other liabilities | 312,977 | 241,282 | |||
Total liabilities | 42,328,819 | 42,802,564 | |||
Stockholders' equity | 6,795,376 | 6,123,991 | 5,934,696 | ||
Total liabilities and stockholders' equity | 49,124,195 | 48,926,555 | |||
Parent Company | |||||
ASSETS: | |||||
Cash and cash equivalents | 90,536 | 63,727 | $ 70,380 | $ 89,518 | |
Securities available for sale | 2,002 | ||||
Investments in subsidiaries | 7,050,139 | 6,426,276 | |||
Receivables from subsidiaries | 4,750 | 7,839 | |||
Other assets | 23,980 | 34,102 | |||
Total assets | 7,169,405 | 6,533,946 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY: | |||||
Junior subordinated debentures | 359,179 | 358,879 | |||
Other liabilities | 14,850 | 51,076 | |||
Total liabilities | 374,029 | 409,955 | |||
Stockholders' equity | 6,795,376 | 6,123,991 | |||
Total liabilities and stockholders' equity | $ 7,169,405 | $ 6,533,946 | |||
[1] | The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At December 31, 2017, the non-credit portion of OTTI recorded in AOCL was $8.6 million (before taxes). |
Condensed Statements of Income
Condensed Statements of Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||
Interest income | $ 1,582,239 | $ 1,674,869 | $ 1,691,584 |
Dividends received from subsidiaries | (336,000) | ||
Other income | 44,506 | 41,613 | 74,200 |
Operating expenses | 641,218 | 638,109 | 615,600 |
Income tax benefit | (202,014) | (281,727) | 84,857 |
Net (Loss) income | 466,201 | 495,401 | (47,156) |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest income | 943 | 527 | 1,027 |
Dividends received from subsidiaries | 336,000 | 330,000 | 345,000 |
Other income | 1,700 | 679 | 527 |
Gross income | 338,643 | 331,206 | 346,554 |
Operating expenses | 54,333 | 49,157 | 48,255 |
Income before income tax benefit and equity in underdistributed (overdistributed) earnings of subsidiaries | 284,310 | 282,049 | 298,299 |
Income tax benefit | 19,575 | 19,592 | 20,720 |
Income before equity in underdistributed (overdistributed) earnings of subsidiaries | 303,885 | 301,641 | 319,019 |
Equity in underdistributed (overdistributed) earnings of subsidiaries | 162,316 | 193,760 | (366,175) |
Net (Loss) income | $ 466,201 | $ 495,401 | $ (47,156) |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flow (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income (loss) | $ 466,201 | $ 495,401 | $ (47,156) | |
Change in other assets | 451,873 | 326,790 | (196,899) | |
Change in other liabilities | 23,329 | (4,336) | 15,425 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Treasury stock purchases | [1] | (18,463) | (8,677) | (7,020) |
Proceeds from issuance of preferred stock | 502,840 | |||
Proceeds from follow-on common stock offering, net | 629,682 | |||
Net increase (decrease) in cash and cash equivalents | 1,970,319 | 20,176 | (26,476) | |
Cash and cash equivalents at beginning of year | 557,850 | 537,674 | 564,150 | |
Cash and cash equivalents at end of year | 2,528,169 | 557,850 | 537,674 | |
Parent Company | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income (loss) | 466,201 | 495,401 | (47,156) | |
Change in other assets | 10,122 | 316 | (2,253) | |
Change in other liabilities | (36,226) | (2,252) | 22,236 | |
Other, net | 36,330 | 33,333 | 32,955 | |
Equity in (underdistributed) overdistributed earnings of subsidiaries | (162,316) | (193,760) | 366,175 | |
Net cash provided by operating activities | 314,110 | 333,038 | 371,957 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Proceeds from sales and repayments of securities | 2,000 | |||
Change in receivable from subsidiaries, net | 3,089 | (204) | 224 | |
Investment in subsidiaries | (420,000) | (560,000) | ||
Net cash used in investing activities | (414,911) | (204) | (559,776) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Treasury stock purchases | (18,463) | (8,677) | (7,020) | |
Cash dividends paid on common and preferred stock | (356,768) | (330,810) | (453,981) | |
Proceeds from issuance of preferred stock | 502,840 | |||
Proceeds from follow-on common stock offering, net | 629,682 | |||
Net cash provided by (used in) financing activities | 127,609 | (339,487) | 168,681 | |
Net increase (decrease) in cash and cash equivalents | 26,809 | (6,653) | (19,138) | |
Cash and cash equivalents at beginning of year | 63,727 | 70,380 | 89,518 | |
Cash and cash equivalents at end of year | $ 90,536 | $ 63,727 | $ 70,380 | |
[1] | See Note 2, "Summary of Significant Accounting Policies" for a discussion of the Company's adoption of Accounting Standards Update No. 2016-09. |
Regulatory Capital Ratios for i
Regulatory Capital Ratios for in Comparison With Minimum Amounts and Ratios Required by Federal Reserve Board of Governors (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Common Equity, Tier 1 Amount | ||
Total regulatory capital, Common Equity, Tier 1 Amount | $ 3,869,129 | $ 3,748,231 |
Minimum for capital adequacy purposes, Common Equity, Tier 1 Amount | 1,532,448 | 1,588,699 |
Excess, Common Equity, Tier 1 Amount | $ 2,336,681 | $ 2,159,532 |
Common Equity, Tier 1 Ratio | ||
Total regulatory capital, Common Equity, Tier 1 Ratio | 11.36% | 10.62% |
Minimum for capital adequacy purposes, Common Equity, Tier 1 Ratio | 4.50% | 4.50% |
Excess, Common Equity, Tier 1 Ratio | 6.86% | 6.12% |
Leverage Capital, Amount | ||
Total regulatory capital, Leverage Capital, Amount | $ 4,371,969 | $ 3,748,231 |
Minimum for capital adequacy purposes, Leverage Capital, Amount | 1,826,141 | 1,875,062 |
Excess, Leverage Capital, Amount | $ 2,545,828 | $ 1,873,169 |
Leverage Capital, Ratio | ||
Total regulatory capital, Leverage Capital, Ratio | 9.58% | 8.00% |
Minimum for capital adequacy purposes, Leverage Capital, Ratio | 4.00% | 4.00% |
Excess, Leverage Capital, Ratio | 5.58% | 4.00% |
Risk-Based Capital, Tier 1 Amount | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Amount | $ 4,371,969 | $ 3,748,231 |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Amount | 2,043,265 | 2,118,266 |
Excess, Risk-Based Capital, Tier 1 Amount | $ 2,328,704 | $ 1,629,965 |
Risk-Based Capital, Tier 1 Ratio | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Ratio | 12.84% | 10.62% |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Ratio | 6.00% | 6.00% |
Excess, Risk-Based Capital, Tier 1 Ratio | 6.84% | 4.62% |
Risk-Based Capital, Total Amount | ||
Total regulatory capital, Risk-Based Capital, Total Amount | $ 4,877,208 | $ 4,277,759 |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Amount | 2,724,353 | 2,824,355 |
Excess, Risk-Based Capital, Total Amount | $ 2,152,855 | $ 1,453,404 |
Risk-Based Capital, Total Ratio | ||
Total regulatory capital, Risk-Based Capital, Total Ratio | 14.32% | 12.12% |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Ratio | 8.00% | 8.00% |
Excess, Risk-Based Capital, Total Ratio | 6.32% | 4.12% |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) - $ / shares | Mar. 17, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Percentage of capital securities qualified as Tier I | 25.00% | 100.00% | |||
Capital conservation buffer, phase-in period | 5 years | ||||
Capital conservation buffer, percentage at the beginning stage | 0.625% | ||||
Capital conservation buffer, percentage fully phased in 2019 | 2.50% | ||||
Exceeding percentage of Risk-based capital ratio above the minimum requirement for capital adequacy purposes | 6.32% | ||||
Exceeding percentage of Risk-based capital ratio above the fully-phased in capital conservation buffer | 3.82% | ||||
Minimum leverage capital ratio to be categorized as well capitalized | 5.00% | ||||
Minimum Tier 1 risk based capital ratio to be categorized as well capitalized | 8.00% | ||||
Minimum total risk based capital ratio to be categorized as well capitalized | 10.00% | ||||
Minimum Common equity Tier 1 risk-based capital ratio | 6.50% | ||||
Preferred stock par value | $ 0.01 | $ 0.01 | |||
Depositary Shares [Member] | Series A Noncumulative Preferred Stock [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Depositary shares issued | 20,600,000 | ||||
Per share ownership interest, percentage | 2.50% | ||||
Preferred stock par value | $ 0.01 | ||||
Preferred stock, liquidation preference per share | 1,000 | ||||
Depository shares, liquidation preference per share | $ 25 | ||||
Fixed dividend rate per annum | 6.375% | ||||
Floating dividend rate per annum | Three-month LIBOR plus 382.1 basis points | ||||
Dividends payable description | Dividends will be payable in arrears on March 17, June 17, September 17 and December 17 of each year, which commenced on June 17, 2017. |
Actual Capital Amounts and Rati
Actual Capital Amounts and Ratios for Community Bank in Comparison to Minimum Amounts and Ratios Required (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Common Equity, Tier 1 Amount | ||
Total regulatory capital, Common Equity, Tier 1 Amount | $ 3,869,129 | $ 3,748,231 |
Minimum for capital adequacy purposes, Common Equity, Tier 1 Amount | 1,532,448 | 1,588,699 |
Excess, Common Equity, Tier 1 Amount | $ 2,336,681 | $ 2,159,532 |
Total regulatory capital, Leverage Capital, Ratio | 9.58% | 8.00% |
Common Equity, Tier 1 Ratio | ||
Total regulatory capital, Common Equity, Tier 1 Ratio | 11.36% | 10.62% |
Minimum for capital adequacy purposes, Common Equity, Tier 1 Ratio | 4.50% | 4.50% |
Excess, Common Equity, Tier 1 Ratio | 6.86% | 6.12% |
Leverage Capital, Amount | ||
Total regulatory capital, Leverage Capital, Amount | $ 4,371,969 | $ 3,748,231 |
Minimum for capital adequacy purposes, Leverage Capital, Amount | 1,826,141 | 1,875,062 |
Excess, Leverage Capital, Amount | $ 2,545,828 | $ 1,873,169 |
Minimum for capital adequacy purposes, Leverage Capital, Ratio | 4.00% | 4.00% |
Leverage Capital, Ratio | ||
Total regulatory capital, Leverage Capital, Ratio | 9.58% | 8.00% |
Minimum for capital adequacy purposes, Leverage Capital, Ratio | 4.00% | 4.00% |
Excess, Leverage Capital, Ratio | 5.58% | 4.00% |
Excess, Leverage Capital, Ratio | 5.58% | 4.00% |
Risk-Based Capital, Tier 1 Amount | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Amount | $ 4,371,969 | $ 3,748,231 |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Amount | 2,043,265 | 2,118,266 |
Excess, Risk-Based Capital, Tier 1 Amount | $ 2,328,704 | $ 1,629,965 |
Risk-Based Capital, Tier 1 Ratio | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Ratio | 12.84% | 10.62% |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Ratio | 6.00% | 6.00% |
Excess, Risk-Based Capital, Tier 1 Ratio | 6.84% | 4.62% |
Risk-Based Capital, Total Amount | ||
Total regulatory capital, Risk-Based Capital, Total Amount | $ 4,877,208 | $ 4,277,759 |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Amount | 2,724,353 | 2,824,355 |
Excess, Risk-Based Capital, Total Amount | $ 2,152,855 | $ 1,453,404 |
Risk-Based Capital, Total Ratio | ||
Total regulatory capital, Risk-Based Capital, Total Ratio | 14.32% | 12.12% |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Ratio | 8.00% | 8.00% |
Excess, Risk-Based Capital, Total Ratio | 6.32% | 4.12% |
New York Community Bank | ||
Common Equity, Tier 1 Amount | ||
Total regulatory capital, Common Equity, Tier 1 Amount | $ 4,253,233 | $ 3,686,510 |
Minimum for capital adequacy purposes, Common Equity, Tier 1 Amount | 1,424,795 | 1,477,056 |
Excess, Common Equity, Tier 1 Amount | $ 2,828,438 | $ 2,209,454 |
Total regulatory capital, Leverage Capital, Ratio | 10.06% | 8.45% |
Common Equity, Tier 1 Ratio | ||
Total regulatory capital, Common Equity, Tier 1 Ratio | 13.43% | 11.23% |
Minimum for capital adequacy purposes, Common Equity, Tier 1 Ratio | 4.50% | 4.50% |
Excess, Common Equity, Tier 1 Ratio | 8.93% | 6.73% |
Leverage Capital, Amount | ||
Total regulatory capital, Leverage Capital, Amount | $ 4,253,233 | $ 3,686,510 |
Minimum for capital adequacy purposes, Leverage Capital, Amount | 1,691,041 | 1,744,601 |
Excess, Leverage Capital, Amount | $ 2,562,192 | $ 1,941,909 |
Minimum for capital adequacy purposes, Leverage Capital, Ratio | 4.00% | 4.00% |
Leverage Capital, Ratio | ||
Total regulatory capital, Leverage Capital, Ratio | 10.06% | 8.45% |
Minimum for capital adequacy purposes, Leverage Capital, Ratio | 4.00% | 4.00% |
Excess, Leverage Capital, Ratio | 6.06% | 4.45% |
Excess, Leverage Capital, Ratio | 6.06% | 4.45% |
Risk-Based Capital, Tier 1 Amount | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Amount | $ 4,253,233 | $ 3,686,510 |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Amount | 1,899,727 | 1,969,408 |
Excess, Risk-Based Capital, Tier 1 Amount | $ 2,353,506 | $ 1,717,102 |
Risk-Based Capital, Tier 1 Ratio | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Ratio | 13.43% | 11.23% |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Ratio | 6.00% | 6.00% |
Excess, Risk-Based Capital, Tier 1 Ratio | 7.43% | 5.23% |
Risk-Based Capital, Total Amount | ||
Total regulatory capital, Risk-Based Capital, Total Amount | $ 4,387,620 | $ 3,843,382 |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Amount | 2,532,969 | 2,625,877 |
Excess, Risk-Based Capital, Total Amount | $ 1,854,651 | $ 1,217,505 |
Risk-Based Capital, Total Ratio | ||
Total regulatory capital, Risk-Based Capital, Total Ratio | 13.86% | 11.71% |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Ratio | 8.00% | 8.00% |
Excess, Risk-Based Capital, Total Ratio | 5.86% | 3.71% |
Actual Capital Amounts and R134
Actual Capital Amounts and Ratios for Commercial Bank in Comparison With Minimum Amounts and Ratios Required (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Common Equity, Tier 1 Amount | ||
Total regulatory capital, Common Equity, Tier 1 Amount | $ 3,869,129 | $ 3,748,231 |
Minimum for capital adequacy purposes, Common Equity, Tier 1 Amount | 1,532,448 | 1,588,699 |
Excess, Common Equity, Tier 1 Amount | 2,336,681 | 2,159,532 |
Total regulatory capital, Leverage Capital, Amount | $ 4,371,969 | $ 3,748,231 |
Common Equity, Tier 1 Ratio | ||
Total regulatory capital, Common Equity, Tier 1 Ratio | 11.36% | 10.62% |
Minimum for capital adequacy purposes, Common Equity, Tier 1 Ratio | 4.50% | 4.50% |
Excess, Common Equity, Tier 1 Ratio | 6.86% | 6.12% |
Minimum for capital adequacy purposes, Leverage Capital, Amount | $ 1,826,141 | $ 1,875,062 |
Leverage Capital, Amount | ||
Total regulatory capital, Leverage Capital, Amount | 4,371,969 | 3,748,231 |
Minimum for capital adequacy purposes, Leverage Capital, Amount | 1,826,141 | 1,875,062 |
Excess, Leverage Capital, Amount | 2,545,828 | 1,873,169 |
Excess, Leverage Capital, Amount | $ 2,545,828 | $ 1,873,169 |
Leverage Capital, Ratio | ||
Total regulatory capital, Leverage Capital, Ratio | 9.58% | 8.00% |
Minimum for capital adequacy purposes, Leverage Capital, Ratio | 4.00% | 4.00% |
Excess, Leverage Capital, Ratio | 5.58% | 4.00% |
Total regulatory capital, Leverage Capital, Ratio | 9.58% | 8.00% |
Risk-Based Capital, Tier 1 Amount | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Amount | $ 4,371,969 | $ 3,748,231 |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Amount | 2,043,265 | 2,118,266 |
Excess, Risk-Based Capital, Tier 1 Amount | $ 2,328,704 | $ 1,629,965 |
Minimum for capital adequacy purposes, Leverage Capital, Ratio | 4.00% | 4.00% |
Risk-Based Capital, Tier 1 Ratio | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Ratio | 12.84% | 10.62% |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Ratio | 6.00% | 6.00% |
Excess, Risk-Based Capital, Tier 1 Ratio | 6.84% | 4.62% |
Excess, Leverage Capital, Ratio | 5.58% | 4.00% |
Risk-Based Capital, Total Amount | ||
Total regulatory capital, Risk-Based Capital, Total Amount | $ 4,877,208 | $ 4,277,759 |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Amount | 2,724,353 | 2,824,355 |
Excess, Risk-Based Capital, Total Amount | $ 2,152,855 | $ 1,453,404 |
Risk-Based Capital, Total Ratio | ||
Total regulatory capital, Risk-Based Capital, Total Ratio | 14.32% | 12.12% |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Ratio | 8.00% | 8.00% |
Excess, Risk-Based Capital, Total Ratio | 6.32% | 4.12% |
New York Commercial Bank | ||
Common Equity, Tier 1 Amount | ||
Total regulatory capital, Common Equity, Tier 1 Amount | $ 380,194 | $ 370,707 |
Minimum for capital adequacy purposes, Common Equity, Tier 1 Amount | 107,285 | 117,973 |
Excess, Common Equity, Tier 1 Amount | 272,909 | 252,734 |
Total regulatory capital, Leverage Capital, Amount | $ 380,194 | $ 370,707 |
Common Equity, Tier 1 Ratio | ||
Total regulatory capital, Common Equity, Tier 1 Ratio | 15.95% | 14.14% |
Minimum for capital adequacy purposes, Common Equity, Tier 1 Ratio | 4.50% | 4.50% |
Excess, Common Equity, Tier 1 Ratio | 11.45% | 9.64% |
Minimum for capital adequacy purposes, Leverage Capital, Amount | $ 133,801 | $ 140,813 |
Leverage Capital, Amount | ||
Total regulatory capital, Leverage Capital, Amount | 380,194 | 370,707 |
Minimum for capital adequacy purposes, Leverage Capital, Amount | 133,801 | 140,813 |
Excess, Leverage Capital, Amount | 246,393 | 229,894 |
Excess, Leverage Capital, Amount | $ 246,393 | $ 229,894 |
Leverage Capital, Ratio | ||
Total regulatory capital, Leverage Capital, Ratio | 11.37% | 10.53% |
Minimum for capital adequacy purposes, Leverage Capital, Ratio | 4.00% | 4.00% |
Excess, Leverage Capital, Ratio | 7.37% | 6.53% |
Total regulatory capital, Leverage Capital, Ratio | 11.37% | 10.53% |
Risk-Based Capital, Tier 1 Amount | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Amount | $ 380,194 | $ 370,707 |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Amount | 143,047 | 157,297 |
Excess, Risk-Based Capital, Tier 1 Amount | $ 237,147 | $ 213,410 |
Minimum for capital adequacy purposes, Leverage Capital, Ratio | 4.00% | 4.00% |
Risk-Based Capital, Tier 1 Ratio | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Ratio | 15.95% | 14.14% |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Ratio | 6.00% | 6.00% |
Excess, Risk-Based Capital, Tier 1 Ratio | 9.95% | 8.14% |
Excess, Leverage Capital, Ratio | 7.37% | 6.53% |
Risk-Based Capital, Total Amount | ||
Total regulatory capital, Risk-Based Capital, Total Amount | $ 404,643 | $ 397,259 |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Amount | 190,729 | 209,729 |
Excess, Risk-Based Capital, Total Amount | $ 213,914 | $ 187,530 |
Risk-Based Capital, Total Ratio | ||
Total regulatory capital, Risk-Based Capital, Total Ratio | 16.97% | 15.15% |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Ratio | 8.00% | 8.00% |
Excess, Risk-Based Capital, Total Ratio | 8.97% | 7.15% |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017Segment | |
Segment Reporting Information [Line Items] | |
Number of reportable business segments | 2 |
Segment Results (Detail)
Segment Results (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Segment Reporting Information [Line Items] | ||||
Net interest income | $ 1,130,003 | $ 1,287,382 | $ 408,075 | |
Provision for (recovery of) losses | 37,242 | 4,180 | (15,004) | |
Non-interest income | 216,880 | 145,572 | 210,763 | |
Gain on sale of mortgage banking operation | 7,359 | |||
Non-interest expense | [1] | 641,426 | 651,646 | 765,855 |
Income (loss) before income taxes | 668,215 | 777,128 | (132,013) | |
Income tax expense (benefit) | 202,014 | 281,727 | (84,857) | |
Net income (loss) | 466,201 | 495,401 | (47,156) | |
Identifiable segment assets (period-end) | 49,124,195 | 48,926,555 | 50,317,796 | |
Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Non-interest income | [2] | 209,521 | 145,572 | 210,763 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Non-interest income | 216,880 | 145,572 | 210,763 | |
Banking Operations | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 1,121,460 | 1,272,423 | 393,074 | |
Provision for (recovery of) losses | 37,242 | 4,180 | (15,004) | |
Non-interest expense | [1] | 594,394 | 584,894 | 700,469 |
Income (loss) before income taxes | 668,166 | 781,904 | (152,903) | |
Income tax expense (benefit) | 201,994 | 283,656 | (93,297) | |
Net income (loss) | 466,172 | 498,248 | (59,606) | |
Identifiable segment assets (period-end) | 49,124,195 | 48,195,581 | 49,619,931 | |
Banking Operations | Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Non-interest income | [2] | 188,564 | 116,200 | 154,847 |
Banking Operations | Inter-segment | ||||
Segment Reporting Information [Line Items] | ||||
Non-interest income | (10,222) | (17,645) | (15,359) | |
Banking Operations | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Non-interest income | 178,342 | 98,555 | 139,488 | |
Residential Mortgage Banking | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 8,543 | 14,959 | 15,001 | |
Gain on sale of mortgage banking operation | 7,359 | |||
Non-interest expense | [1] | 47,032 | 66,752 | 65,386 |
Income (loss) before income taxes | 49 | (4,776) | 20,890 | |
Income tax expense (benefit) | 20 | (1,929) | 8,440 | |
Net income (loss) | 29 | (2,847) | 12,450 | |
Identifiable segment assets (period-end) | 730,974 | 697,865 | ||
Residential Mortgage Banking | Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Non-interest income | [2] | 20,957 | 29,372 | 55,916 |
Residential Mortgage Banking | Inter-segment | ||||
Segment Reporting Information [Line Items] | ||||
Non-interest income | 10,222 | 17,645 | 15,359 | |
Residential Mortgage Banking | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Non-interest income | $ 38,538 | $ 47,017 | $ 71,275 | |
[1] | Includes both direct and indirect expenses. | |||
[2] | Includes ancillary fee income. |