Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 01, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | NEW YORK COMMUNITY BANCORP INC | |
Entity Central Index Key | 0000910073 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | NYCB | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 467,348,554 |
Consolidated Statements of Cond
Consolidated Statements of Condition - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
ASSETS: | ||
Cash and cash equivalents | $ 990,019 | $ 1,474,955 |
Securities: | ||
Debt securities available-for-sale ($1,700,420 and $1,228,702 pledged, respectively) | 5,724,644 | 5,613,520 |
Equity investments with readily determinable fair values, at fair value | 32,128 | 30,551 |
Total securities | 5,756,772 | 5,644,071 |
Loans and leases, net of deferred loan fees and costs | 40,526,019 | 40,165,908 |
Less: Allowance for loan losses | (156,636) | (159,820) |
Total loans and leases, net | 40,369,383 | 40,006,088 |
Federal Home Loan Bank stock, at cost | 588,197 | 644,590 |
Premises and equipment, net | 332,721 | 346,179 |
Operating lease right-of-use assets | 312,948 | |
Goodwill | 2,426,379 | 2,436,131 |
Bank-owned life insurance | 982,267 | 977,627 |
Other real estate owned and other repossessed assets | 12,758 | 10,794 |
Other assets | 359,602 | 358,941 |
Total assets | 52,131,046 | 51,899,376 |
Deposits: | ||
Interest-bearing checking and money market accounts | 11,482,591 | 11,530,049 |
Savings accounts | 4,760,877 | 4,643,260 |
Certificates of deposit | 12,767,779 | 12,194,322 |
Non-interest-bearing accounts | 2,589,878 | 2,396,799 |
Total deposits | 31,601,125 | 30,764,430 |
Wholesale borrowings: | ||
Federal Home Loan Bank advances | 11,803,661 | 13,053,661 |
Repurchase agreements | 800,000 | 500,000 |
Total wholesale borrowings | 12,603,661 | 13,553,661 |
Junior subordinated debentures | 359,594 | 359,508 |
Subordinated notes | 294,655 | 294,697 |
Total borrowed funds | 13,257,910 | 14,207,866 |
Operating lease liabilities | 312,628 | |
Other liabilities | 330,313 | 271,845 |
Total liabilities | 45,501,976 | 45,244,141 |
Stockholders' equity: | ||
Preferred stock at par $0.01 (5,000,000 shares authorized): Series A (515,000 shares issued and outstanding) | 502,840 | 502,840 |
Common stock at par $0.01 (900,000,000 shares authorized; 490,439,070 and 490,439,070 shares issued; and 467,236,136 and 473,536,604 shares outstanding, respectively) | 4,904 | 4,904 |
Paid-in capital in excess of par | 6,092,792 | 6,099,940 |
Retained earnings | 307,232 | 297,202 |
Treasury stock, at cost (23,202,934 and 16,902,466 shares, respectively) | (221,728) | (161,998) |
Accumulated other comprehensive loss, net of tax: | ||
Net unrealized (loss) gain on securities available for sale, net of tax of ($7,150) and $4,201, respectively | 18,329 | (10,534) |
Net unrealized loss on the non-credit portion of OTTI losses on securities, net of tax of $2,517 and $2,517, respectively | (6,042) | (6,042) |
Net unrealized loss on pension and post-retirement obligations, net of tax of $26,513 and $27,224, respectively | (69,257) | (71,077) |
Total accumulated other comprehensive loss, net of tax | (56,970) | (87,653) |
Total stockholders' equity | 6,629,070 | 6,655,235 |
Total liabilities and stockholders' equity | $ 52,131,046 | $ 51,899,376 |
Consolidated Statements of Co_2
Consolidated Statements of Condition (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Securities Available-for-sale, pledged | $ 1,700,420 | $ 1,228,702 |
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 | 490,439,070 | 490,439,070 |
Common stock, shares outstanding | 467,236,136 | 473,536,604 |
Treasury stock, shares | 23,202,934 | 16,902,466 |
Net unrealized (loss) gain on securities available for sale, tax | $ (7,150) | $ 4,201 |
Net unrealized loss on the non-credit portion of other-than-temporary impairment losses on securities, tax | 2,517 | 2,517 |
Net unrealized loss on pension and post-retirement obligations, tax | $ 26,513 | $ 27,224 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest Income: | ||
Mortgage and other loans | $ 379,790 | $ 355,917 |
Securities and money market investments | 66,384 | 48,408 |
Total interest income | 446,174 | 404,325 |
Interest Expense: | ||
Interest-bearing checking and money market accounts | 50,159 | 34,369 |
Savings accounts | 8,083 | 7,221 |
Certificates of deposit | 67,775 | 30,515 |
Borrowed funds | 78,832 | 61,922 |
Total interest expense | 204,849 | 134,027 |
Net interest income | 241,325 | 270,298 |
(Recovery of) provision for losses on loans | (1,222) | 9,571 |
Net interest income after (recovery of) provision for loan losses | 242,547 | 260,727 |
Non-Interest Income: | ||
Fee income | 7,228 | 7,327 |
Bank-owned life insurance | 6,975 | 6,804 |
Net gain (loss) on securities | 6,987 | (466) |
Other | 3,595 | 9,192 |
Total non-interest income | 24,785 | 22,857 |
Operating expenses: | ||
Compensation and benefits | 81,440 | 83,975 |
Occupancy and equipment | 22,962 | 24,884 |
General and administrative | 34,365 | 30,248 |
Total non-interest expense | 138,767 | 139,107 |
Income before income taxes | 128,565 | 144,477 |
Income tax expense | 30,988 | 37,925 |
Net income | 97,577 | 106,552 |
Preferred stock dividends | 8,207 | 8,207 |
Net income available to common shareholders | $ 89,370 | $ 98,345 |
Basic earnings per common share | $ 0.19 | $ 0.20 |
Diluted earnings per common share | $ 0.19 | $ 0.20 |
Net income | $ 97,577 | $ 106,552 |
Other comprehensive income (loss), net of tax: | ||
Change in net unrealized gain (loss) on securities available for sale, net of tax of $(12,868) and $24,607, respectively | 32,755 | (31,138) |
Change in the non-credit portion of OTTI losses recognized in other comprehensive income (loss), net of tax of $0 and $(821), respectively | (821) | |
Change in pension and post-retirement obligations, net of tax of $(711) and $10,517, respectively | 1,820 | (8,656) |
Less: Reclassification adjustment for sales of available-for-sale securities, net of tax of $1,517. | (3,892) | |
Total other comprehensive income (loss), net of tax | 30,683 | (40,615) |
Total comprehensive income, net of tax | $ 128,260 | $ 65,937 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Change in net unrealized gain (loss) on securities available for sale, tax | $ (12,868) | $ 24,607 |
Change in the non-credit portion of OTTI losses recognized in other comprehensive income (loss), tax | 0 | (821) |
Change in pension and post-retirement obligations, tax | (711) | $ 10,517 |
Reclassification adjustment for sales of available-for-sale securities, tax | $ 1,517 |
Consolidated Statement of Chang
Consolidated Statement 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: | TREASURY STOCK, AT COST: | ACCUMULATED OTHER COMPREHENSIVE LOSS, NET OF TAX: |
Balance at beginning of year at Dec. 31, 2017 | $ 502,840 | $ 4,891 | $ 6,072,559 | $ 237,868 | $ (7,615) | $ (15,167) | |
Net income (loss) | $ 106,552 | 106,552 | |||||
Purchase of common stock (7,816,228 and 126,483, respectively) | (1,715) | ||||||
Other comprehensive income (loss), net of tax | (40,615) | (38,069) | |||||
Shares issued for restricted stock awards | 13 | (8,566) | 8,553 | ||||
Dividends paid on common stock ($0.17 per share) | (83,242) | ||||||
Compensation expense related to restricted stock awards | 9,762 | ||||||
Dividends paid on preferred stock ($15.94 per share) | (8,207) | (8,207) | |||||
Effect of adopting | ASU No. 2016-01 | 260 | ||||||
Effect of adopting | ASU No. 2018-02 | 2,546 | (2,546) | |||||
Balance at end of year at Mar. 31, 2018 | 6,780,717 | 502,840 | 4,904 | 6,073,755 | 255,777 | (777) | (55,782) |
Balance at beginning of year at Dec. 31, 2018 | 6,655,235 | 502,840 | 4,904 | 6,099,940 | 297,202 | (161,998) | (87,653) |
Net income (loss) | 97,577 | 97,577 | |||||
Purchase of common stock (7,816,228 and 126,483, respectively) | (74,788) | ||||||
Other comprehensive income (loss), net of tax | 30,683 | 30,683 | |||||
Shares issued for restricted stock awards | (15,058) | 15,058 | |||||
Dividends paid on common stock ($0.17 per share) | (79,340) | ||||||
Compensation expense related to restricted stock awards | 7,910 | ||||||
Dividends paid on preferred stock ($15.94 per share) | (8,207) | (8,207) | |||||
Balance at end of year at Mar. 31, 2019 | $ 6,629,070 | $ 502,840 | $ 4,904 | $ 6,092,792 | $ 307,232 | $ (221,728) | $ (56,970) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
COMMON STOCK (Par Value: $0.01): | ||
Shares issued for restricted stock awards, shares | 1,366,969 | |
RETAINED EARNINGS: | ||
Dividends paid on common stock, per share | $ 0.17 | |
Dividends paid on preferred stock, per share | $ 15.94 | |
TREASURY STOCK: | ||
Purchase of common stock, shares | 7,816,228 | 126,483 |
Shares issued for restricted stock awards, shares | 1,515,760 | 648,694 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Cash Flows from Operating Activities: | |||
Net income | $ 97,577 | $ 106,552 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
(Recovery of) provision for loan losses | (1,222) | 9,571 | |
Depreciation | 6,950 | 8,382 | |
Amortization of discounts and premiums, net | 1,195 | (2,044) | |
Net gain on sales of securities | (5,409) | ||
Gain on trading securities activity | (35) | (172) | |
Net loss (gain) on sales of loans | 10 | (37) | |
Stock-based compensation | 7,910 | 9,762 | |
Deferred tax expense | 2,811 | 3,175 | |
Changes in operating assets and liabilities: | |||
Increase in other assets | [1] | 15,797 | 18,868 |
Increase (decrease) in other liabilities | [2] | 32,818 | (5,960) |
Purchases of securities held for trading | (22,500) | (110,000) | |
Proceeds from sales of securities held for trading | 22,535 | 110,172 | |
Net cash provided by operating activities | 158,437 | 148,269 | |
Cash Flows from Investing Activities: | |||
Proceeds from repayment of securities available for sale | 316,103 | 346,614 | |
Proceeds from sales of securities available for sale | 272,849 | 0 | |
Purchase of securities available for sale | (655,425) | (292,927) | |
Redemption of Federal Home Loan Bank stock | 58,643 | 12,330 | |
Purchases of Federal Home Loan Bank stock | (2,250) | (31,500) | |
Proceeds from bank-owned life insurance | 2,664 | 7,785 | |
Proceeds from sales of loans | 29,326 | 31,528 | |
Other changes in loans, net | (391,409) | (535,564) | |
Dispositions (purchase) of premises and equipment, net | 1,946 | (4,039) | |
Net cash used in investing activities | (367,553) | (465,773) | |
Cash Flows from Financing Activities: | |||
Net increase in deposits | 836,695 | 133,271 | |
Proceeds from long-term borrowed funds | 749,820 | 1,950,000 | |
Repayments of long-term borrowed funds | (1,700,000) | (1,520,000) | |
Cash dividends paid on common stock | (79,340) | (83,242) | |
Cash dividends paid on preferred stock | (8,207) | (8,207) | |
Treasury stock repurchased | (67,125) | ||
Payments relating to treasury shares received for restricted stock award tax payments | (7,663) | (1,715) | |
Net cash (used in) provided by financing activities | (275,820) | 470,107 | |
Net decrease in cash, cash equivalents, and restricted cash | (484,936) | 152,603 | |
Cash, cash equivalents, and restricted cash at beginning of period | 1,474,955 | 2,528,169 | |
Cash, cash equivalents, and restricted cash at end of period | 990,019 | 2,680,772 | |
Supplemental information: | |||
Cash paid for interest | 187,890 | 131,160 | |
Cash paid for income taxes | 5,908 | 5,236 | |
Non-cash investing and financing activities: | |||
Transfers to repossessed assets from loans | 2,840 | 800 | |
Operating lease liabilities arising from obtaining right-of-use assets | 324,360 | ||
Transfer of loans from held for investment to held for sale | 29,336 | 31,491 | |
Dispositions of premises and equipment | 1,245 | ||
Shares issued for restricted stock awards | $ 15,058 | $ 8,566 | |
[1] | Includes $11.7 million of amortization of operating lease right-of-use assets for the three months ended March 31, 2019. | ||
[2] | Includes $11.7 million of amortization of operating lease liability for the three months ended March 31, 2019. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Statement of Cash Flows [Abstract] | |
Amortization of operating lease right-of-use assets | $ 11,700 |
Amortization of operating lease liability | $ 11,700 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
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 (hereinafter referred to as the “Bank”). Founded on April 14, 1859 and formerly known as Queens County Savings Bank, the 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 completed its initial offering of common stock (par value: $0.01 per share) at a price of $25.00 per share ($ 0.93 The Company currently operates 240 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 allowance 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. See Note 7, Borrowed Funds, for additional information regarding these trusts. |
Computation of Earnings per Com
Computation of Earnings per Common Share | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Text Block [Abstract] | |
Computation of Earnings per Common Share | Note 2. Computation of Earnings per Common Share Basic earnings per common share (“EPS”) is computed by dividing the net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the same method as basic EPS, however, the computation reflects the potential dilution that would occur if outstanding in-the-money stock options were exercised and converted into common stock. Unvested stock-based compensation awards containing non-forfeitable rights to dividends paid on the Company’s common stock are considered participating securities, and therefore are included in the two-class method for calculating EPS. Under the two-class method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends on the common stock. The Company grants restricted stock to certain employees under its stock-based compensation plan. Recipients receive cash dividends during the vesting periods of these awards, including on the unvested portion of such awards. Since these dividends are non-forfeitable, the unvested awards are considered participating securities and therefore have earnings allocated to them. The following table presents the Company’s computation of basic and diluted EPS for the periods indicated: Three Months Ended March 31, (in thousands, except share and per share amounts) 2019 2018 Net income available to common shareholders $ 89,370 $ 98,345 Less: Dividends paid on and earnings allocated to participating securities (1,119 ) (900 ) Earnings applicable to common stock $ 88,251 $ 97,445 Weighted average common shares outstanding 465,493,702 488,140,102 Basic earnings per common share $ 0.19 $ 0.20 Earnings applicable to common stock $ 88,251 $ 97,445 Weighted average common shares outstanding 465,493,702 488,140,102 Potential dilutive common shares — — Total shares for diluted earnings per common share computation 465,493,702 488,140,102 Diluted earnings per common share and common share equivalents $ 0.19 $ 0.20 |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2019 | |
Reclassifications Out of Accumulated Other Comprehensive Loss | Note 3. Reclassifications Out of Accumulated Other Comprehensive Loss (in thousands) For the Three Months Ended March 31, 2019 Details about Accumulated Other Comprehensive Loss Amount Reclassified out of Accumulated Other Comprehensive Loss (1) Affected Line Item in the Consolidated Statements of Operations and Comprehensive Income Unrealized losses on available-for-sale securities $ 5,409 Net (loss) gain on securities (1,517 ) Income tax benefit $ 3,892 Net (loss) gain on securities, net of tax Amortization of defined benefit pension plan items: Past service liability $ 62 Included in the computation of net periodic credit (2) Actuarial losses (2,540 ) Included in the computation of net periodic credit (2) (2,478 ) Total before tax 695 Income tax benefit $ (1,783 ) Amortization of defined benefit pension plan items, net of tax Total reclassifications for the period $ 2,109 (1) Amounts in parentheses indicate expense items. (2) See Note 8, “Pension and Other Post-Retirement Benefits,” for additional information. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2019 | |
Securities | Note 4. Securities The following tables summarize the Company’s portfolio of debt securities available for sale and equity investments with readily determinable fair values at March 31, 2019 and December 31, 2018: March 31, 2019 (in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Debt securities available-for-sale Mortgage-Related Debt Securities: GSE certificates $ 1,380,756 $ 21,538 $ 6,663 $ 1,395,631 GSE CMOs 1,447,677 11,479 4,027 1,455,129 Total mortgage-related debt securities $ 2,828,433 $ 33,017 $ 10,690 $ 2,850,760 Other Debt Securities: U. S. Treasury obligations $ 29,659 $ 3 $ — $ 29,662 GSE debentures 1,478,777 5,211 1,615 1,482,373 Asset-backed securities (1) 386,085 346 1,757 384,674 Municipal bonds 68,277 423 1,502 67,198 Corporate bonds 859,644 9,292 8,881 860,055 Capital trust notes 48,291 6,614 4,983 49,922 Total other debt securities $ 2,870,733 $ 21,889 $ 18,738 $ 2,873,884 Total other securities available for sale (2) $ 5,699,166 $ 54,906 $ 29,428 $ 5,724,644 Equity securities: Preferred stock 15,292 — 145 15,147 Mutual funds and common stock (3) 16,870 481 370 16,981 Total equity securities $ 32,162 $ 481 $ 515 $ 32,128 Total securities $ 5,731,328 $ 55,387 $ 29,943 $ 5,756,772 (1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2) The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At March 31, 2019, the non-credit portion of OTTI recorded in AOCL was $ 8.6 (3) Primarily consists of mutual funds that are CRA-qualified investments. December 31, 2018 (in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Debt securities available-for-sale Mortgage-Related Debt Securities: GSE certificates $ 1,705,336 $ 18,146 $ 15,961 $ 1,707,521 GSE CMOs 1,248,621 8,380 4,240 1,252,761 Total mortgage-related debt securities $ 2,953,957 $ 26,526 $ 20,201 $ 2,960,282 Other Debt Securities: GSE debentures $ 1,334,549 $ 3,366 $ 8,988 $ 1,328,927 Asset-backed securities (1) 386,768 784 430 387,122 Municipal bonds 68,551 195 2,563 66,183 Corporate bonds 836,153 8,667 23,105 821,715 Capital trust notes 48,278 6,435 5,422 49,291 Total other debt securities $ 2,674,299 $ 19,447 $ 40,508 $ 2,653,238 Total other securities available for sale (2) $ 5,628,256 $ 45,973 $ 60,709 $ 5,613,520 Equity securities: Preferred stock 15,292 — 1,446 13,846 Mutual funds and common stock (3) 16,870 366 531 16,705 Total equity securities $ 32,162 $ 366 $ 1,977 $ 30,551 Total securities $ 5,660,418 $ 46,339 $ 62,686 $ 5,644,071 (1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2) The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At December 31, 2018, the non-credit portion of OTTI recorded in AOCL was $ 8.6 (3) Primarily consists of mutual funds that are CRA-qualified investments. At March 31, 2019 and December 31, 2018, respectively, the Company had $ 588.2 644.6 The following table summarizes the gross proceeds and gross realized gains from the sale of securities during the three months ended March 31, 2019 and 2018: For the Three Months Ended March 31, (in thousands) 2019 2018 Gross proceeds $ 272,849 — Gross realized gains 5,409 — In the following table, the beginning balance represents the credit loss component for debt securities on which OTTI occurred prior to January 1, 2019. 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 Three Months Ended March 31, 2019 Beginning credit loss amount as of December 31, 2018 $ 196,187 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 19 Ending credit loss amount as of March 31, 2019 $ 196,168 The following table summarizes, by contractual maturity, the amortized cost of securities at March 31, 2019: Mortgage- Related Securities Average Yield U.S. Government and GSE Obligations Average Yield State, County, and Municipal Average Yield (1) Other Debt Securities (2) Average Yield Fair Value (dollars in thousands) Available-for-Sale Debt Securities: Due within one year $ — — % $ 29,659 2.45 % $ 149 6.59 % $ — — % $ 29,815 Due from one to five years 797,756 3.33 32,874 3.48 146 6.66 92,939 3.79 941,396 Due from five to ten years 325,241 3.46 1,232,053 3.44 10,974 3.79 767,143 4.42 2,345,797 Due after ten years 1,705,436 3.23 213,850 3.57 57,008 2.71 433,938 3.39 2,407,636 Total debt securities available for sale $ 2,828,433 3.28 % $ 1,508,436 3.44 % $ 68,277 2.90 % $ 1,294,020 4.03 % $ 5,724,644 (1) Not presented on a tax-equivalent basis. (2) Includes corporate bonds, capital trust notes, and asset-backed securities. The following table presents securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of March 31, 2019: 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 Securities: U. S. Government agency and GSE obligations $ 218,933 $ 1,171 $ 127,748 $ 444 $ 346,681 $ 1,615 GSE certificates — — 440,027 6,663 440,027 6,663 GSE CMOs 428,352 1,894 146,100 2,133 574,452 4,027 Asset-backed securities 237,208 1,757 — — 237,208 1,757 Municipal bonds — — 49,612 1,502 49,612 1,502 Corporate bonds 701,445 8,881 — — 701,445 8,881 Capital trust notes — — 38,811 4,983 38,811 4,983 Equity securities 15,147 145 11,435 370 26,582 515 Total temporarily impaired securities $ 1,601,085 $ 13,848 $ 813,733 $ 16,095 $ 2,414,818 $ 29,943 The following table presents securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2018: 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 Securities: U. S. Government agency and GSE obligations $ 276,113 $ 2,629 $ 329,372 $ 6,359 $ 605,485 $ 8,988 GSE certificates 576,970 10,598 232,969 5,363 809,939 15,961 GSE CMOs 465,779 1,892 99,050 2,348 564,829 4,240 Asset-backed securities 69,166 430 — — 69,166 430 Municipal bonds 5,876 21 48,837 2,542 54,713 2,563 Corporate bonds 642,843 23,105 — — 642,843 23,105 Capital trust notes — — 38,360 5,422 38,360 5,422 Equity securities 17,836 1,464 11,293 513 29,129 1,977 Total temporarily impaired securities $ 2,054,583 $ 40,139 $ 759,881 $ 22,547 $ 2,814,464 $ 62,686 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 March 31, 2019, the Company had unrealized losses on certain available for sale GSE obligations, municipal bonds, corporate bonds, asset-backed securities, capital trust notes, and equity investments with readily determinable fair values. The unrealized losses on the Company’s GSE obligations, municipal bonds, corporate bonds, asset-backed securities and capital trust notes at March 31, 2019 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 unrealized losses on the Company’s equity investments with readily determinable fair values at March 31, 2019 were caused by market volatility. Equity investments with readily determinable fair values are measured at fair value with changes in fair value recognized in net income, thus eliminating eligibility for the available-for-sale category. 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 March 31, 2019 consisted of twelve At March 31, 2019, the fair value of securities having a continuous loss position for twelve months or more was 1.9% below the collective amortized cost of $829.8 million. At December 31, 2018, the fair value of such securities was 2.9% below the collective amortized cost of $782.4 million. At March 31, 2019 and December 31, 2018, the combined market value of the respective securities represented unrealized losses of $16.1 million and $22.5 million, respectively. |
Loans and Leases
Loans and Leases | 3 Months Ended |
Mar. 31, 2019 | |
Loans and Leases | Note 5. Loans and Leases The following table sets forth the composition of the loan and lease portfolio at the dates indicated: March 31, 2019 December 31, 2018 (dollars in thousands) Amount Percent of Loans Held for Investment Amount Percent of Loans Held for Investment Loans and Leases Held for Investment: Mortgage Loans: Multi-family $ 29,932,829 73.92 % $ 29,883,919 74.46 % Commercial real estate 7,079,241 17.49 6,998,834 17.44 One-to-four family 435,686 1.08 446,094 1.11 Acquisition, development, and construction 326,634 0.81 407,870 1.02 Total mortgage loans held for investment 37,774,390 93.30 $ 37,736,717 94.03 Other Loans: Commercial and industrial 1,764,169 4.36 1,705,308 4.25 Lease financing, net of unearned income of $ 74,451 53,891 (1) 940,895 2.32 683,112 1.70 Total commercial and industrial loans (2) 2,705,064 6.68 2,388,420 5.95 Other 7,976 0.02 8,724 0.02 Total other loans held for investment 2,713,040 6.70 2,397,144 5.97 Total loans and leases held for investment $ 40,487,430 100.00 % $ 40,133,861 100.00 % Net deferred loan origination costs 38,589 32,047 Allowance for losses (156,636 ) (159,820 ) Total loans and leases, net $ 40,369,383 $ 40,006,088 (1) The payments on these leases are generally received ratably over future years. Approximately 41 (2) Includes specialty finance loans and leases of $ 2.2 1.9 477.5 469.9 Loans and Leases Loans and Leases Held for Investment The majority of the loans the Company originates for investment are multi-family loans, most of which are collateralized by non-luxury apartment buildings in New York City with rent-regulated units and below-market rents. In addition, the Company originates CRE loans, most of which are collateralized by income-producing properties such as office buildings, retail centers, mixed-use buildings, and multi-tenanted light industrial properties that are located in New York City and on Long Island. To a lesser extent, the Company also originates ADC loans for investment. One-to-four family loans held for investment were originated through the Company’s former mortgage banking operation and primarily consisted of jumbo prime adjustable rate mortgages made to borrowers with a solid credit history. ADC loans are primarily originated for multi-family and residential tract projects in New York City and on Long Island. C&I loans consist of asset-based loans, equipment loans and leases, and dealer floor-plan loans (together, specialty finance loans and leases) that generally are made to large corporate obligors, many of which are publicly traded, carry investment grade or near-investment grade ratings, and participate in stable industries nationwide; and other C&I loans that primarily are made to small and mid-size businesses in Metro New York. Other C&I loans are typically made for working capital, business expansion, and the purchase of machinery and equipment. The repayment of multi-family and CRE loans generally depends on the income produced by the underlying properties which, in turn, depends on their successful operation and management. To mitigate the potential for credit losses, the Company underwrites its loans in accordance with credit standards it considers to be prudent, looking first at the consistency of the cash flows being produced by the underlying property. In addition, multi-family buildings, 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 appraisers, perform appraisals on the collateral properties. In many cases, a second independent appraisal review is performed. To further manage its credit risk, the Company’s lending policies limit the amount of credit granted to any one borrower and typically require conservative debt service coverage ratios and loan-to-value ratios. Nonetheless, the ability of the Company’s borrowers to repay these loans may be impacted by adverse conditions in the local real estate market and the local economy. Accordingly, there can be no assurance that its underwriting policies will protect the Company from credit-related losses or delinquencies. ADC loans typically involve a higher degree of credit risk than loans secured by improved or owner-occupied real estate. Accordingly, borrowers are required to provide a guarantee of repayment and completion, and loan proceeds are disbursed as construction progresses, as certified by in-house inspectors or third-party engineers. The Company seeks to minimize the credit risk on ADC loans by maintaining conservative lending policies and rigorous underwriting standards. However, if the estimate of value proves to be inaccurate, the cost of completion is greater than expected, or the length of time to complete and/or sell or lease the collateral property is greater than anticipated, the property could have a value upon completion that is insufficient to assure full repayment of the loan. This could have a material adverse effect on the quality of the ADC loan portfolio, and could result in losses or delinquencies. In addition, the Company utilizes the same stringent appraisal process for ADC loans as it does for its multi-family and CRE loans. To minimize the risk involved in specialty finance lending and leasing, the Company participates in syndicated loans that are brought to it, and equipment loans and leases that are assigned to it, by a select group of nationally recognized sources who have had long-term relationships with its experienced lending officers. Each of these credits is secured with a perfected first security interest or outright ownership in the underlying collateral, and structured as senior debt or as a non-cancelable lease. To further minimize the risk involved in specialty finance lending and leasing, each transaction is re-underwritten. In addition, outside counsel is retained to conduct a further review of the underlying documentation. To minimize the risks involved in other C&I lending, the Company underwrites such loans on the basis of the cash flows produced by the business; requires that such loans be collateralized by various business assets, including inventory, equipment, and accounts receivable, among others; and typically requires personal guarantees. However, the capacity of a borrower to repay such a C&I loan is substantially dependent on the degree to which the business is successful. In addition, the collateral underlying such loans may depreciate over time, may not be conducive to appraisal, or may fluctuate in value, based upon the results of operations of the business. Included in loans held for investment at March 31, 2019 were loans of $35.0 million to officers, direc tors, and their related interests and parties. There were no loans to principal shareholders at that date. Lease Financing The Company is a lessor in the equipment finance business where it has executed direct financing leases. The Company uses the interest rate implicit in the lease to determine the present value of its lease financing receivables. The Company recognized $7.3 million of interest income on its leases during the three months ended March 31, 2019. On all of its lease financings, the Company obtains residual value insurance from third parties and/or the lessee to manage the risk associated with the residual value of the leased assets. Asset Quality The following table presents information regarding the quality of the Company’s loans held for investment at March 31, 2019: (in thousands) Loans 30-89 Days Past Due Non- Accrual Loans Loans 90 Days or More Delinquent and Still Accruing Interest Total Past Due Loans Current Loans Total Loans Receivable Multi-family $ 2,359 $ 4,070 $ — $ 6,429 $ 29,926,400 $ 29,932,829 Commercial real estate 3,278 3,007 — 6,285 7,072,956 7,079,241 One-to-four family 9 1,637 — 1,646 434,040 435,686 Acquisition, development, and construction 6,608 — — 6,608 320,026 326,634 Commercial and industrial (1) (2) 231 49,851 — 50,082 2,654,982 2,705,064 Other 45 9 — 54 7,922 7,976 Total $ 12,530 $ 58,574 $ — $ 71,104 $ 40,416,326 $ 40,487,430 (1) Includes $ 33.8 (2) Includes lease financing receivables, all of which were current. The following table presents information regarding the quality of the Company’s loans held for investment at December 31, 2018: (in thousands) Loans 30-89 Days Past Due Non- Accrual Loans Loans 90 Days or More Delinquent and Still Accruing Interest Total Past Due Loans Current Loans Total Loans Receivable Multi-family $ — $ 4,220 $ — $ 4,220 $ 29,879,699 $ 29,883,919 Commercial real estate — 3,021 — 3,021 6,995,813 6,998,834 One-to-four family 9 1,651 — 1,660 444,434 446,094 Acquisition, development, and construction — — — — 407,870 407,870 Commercial and industrial (1) (2) 530 36,608 — 37,138 2,351,282 2,388,420 Other 25 6 — 31 8,693 8,724 Total $ 564 $ 45,506 $ — $ 46,070 $ 40,087,791 $ 40,133,861 (1) Includes $ 530,000 35.5 (2) Includes lease financing receivables, all of which were current. The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at March 31, 2019: Mortgage Loans Other Loans (in thousands) Multi- Family Commercial Real Estate One-to- Four Family Acquisition, Development, and Construction Total Mortgage Loans Commercial and Industrial (1) Other Total Other Loans Credit Quality Indicator: Pass $ 29,671,752 $ 6,944,249 $ 432,380 $ 276,666 $ 37,325,047 $ 2,628,058 $ 7,717 $ 2,635,775 Special mention 232,295 63,529 1,669 36,825 334,318 3,722 — 3,722 Substandard 28,782 71,463 1,637 13,143 115,025 73,284 259 73,543 Doubtful — — — — — — — — Total $ 29,932,829 $ 7,079,241 $ 435,686 $ 326,634 $ 37,774,390 $ 2,705,064 $ 7,976 $ 2,713,040 (1) Includes lease financing receivables, all of which were classified as Pass. The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at December 31, 2018: Mortgage Loans Other Loans (in thousands) Multi- Family Commercial Real Estate One-to- Four Family Acquisition, Development, and Construction Total Mortgage Loans Commercial and Industrial (1) Other Total Other Loans Credit Quality Indicator: Pass $ 29,548,242 $ 6,880,105 $ 444,443 $ 319,001 $ 37,191,791 $ 2,306,563 $ 8,469 $ 2,315,032 Special mention 312,025 90,653 — 73,964 476,642 19,751 — 19,751 Substandard 23,652 28,076 1,651 14,905 68,284 62,106 255 62,361 Doubtful — — — — — — — — Total $ 29,883,919 $ 6,998,834 $ 446,094 $ 407,870 $ 37,736,717 $ 2,388,420 $ 8,724 $ 2,397,144 (1) Includes lease financing receivables, all of which were classified as Pass. The preceding classifications are the most current ones available and generally have been updated within the last twelve months. In addition, they follow regulatory guidelines and can generally be described as follows: pass loans are of satisfactory quality; special mention loans have potential weaknesses that deserve management’s close attention; substandard loans are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged (these loans have a well-defined weakness and there is a possibility that the Company will sustain some loss); and doubtful loans, based on existing circumstances, have weaknesses that make collection or liquidation in full highly questionable and improbable. In addition, one-to-four family loans are classified based on the duration of the delinquency. Troubled Debt Restructurings The Company is required to account for certain loan modifications and restructurings as TDRs. In general, a modification or restructuring of a loan constitutes a TDR if the Company grants a concession to a borrower experiencing financial difficulty. A loan modified as a TDR generally is placed on non-accrual status until the Company determines that future collection of principal and interest is reasonably assured, which requires, among other things, that the borrower demonstrate performance according to the restructured terms for a period of at least six consecutive months. In an effort to proactively manage delinquent loans, the Company has selectively extended to certain borrowers concessions such as rate reductions, extension of maturity dates, and forbearance agreements. As of March 31, 2019, loans on which concessions were made with respect to rate reductions and/or extension of maturity dates amounted to $34.6 million; loans on which forbearance agreements were reached amounted to $37,000. The following table presents information regarding the Company’s TDRs as of March 31, 2019 and December 31, 2018: March 31, 2019 December 31, 2018 (in thousands) Accruing Non-Accrual Total Accruing Non-Accrual Total Loan Category: Multi-family $ — $ 4,070 $ 4,070 $ — $ 4,220 $ 4,220 Commercial real estate — — — — — — One-to-four family — 1,012 1,012 — 1,022 1,022 Acquisition, development, and construction 6,535 — 6,535 8,297 — 8,297 Commercial and industrial 865 22,117 22,982 865 20,477 21,342 Total $ 7,400 $ 27,199 34,599 $ 9,162 $ 25,719 $ 34,881 The eligibility of a borrower for work-out concessions of any nature depends upon the facts and circumstances of each loan, which may change from period to period, and involves judgment by Company personnel regarding the likelihood that the concession will result in the maximum recovery for the Company. The financial effects of the Company’s TDRs for the three months ended March 31, 2019 and 2018 are summarized as follows: For the Three Months Ended March 31, 2019 (dollars in thousands) Weighted Average Interest Rate Number of Loans Pre-Modification Recorded Investment Post-Modification Recorded Investment Pre- Modification Post- Modification Charge-off Amount Capitalized Interest Loan Category: Commercial and industrial 15 $ 4.194 $ 3,088 3.26 % 2.98 % $ 1,106 $ — For the Three Months Ended March 31, 2018 (dollars in thousands) Weighted Average Interest Rate Number of Loans Pre-Modification Recorded Investment Post-Modification Recorded Investment Pre- Modification Post- Modification Charge-off Amount Capitalized Interest Loan Category: Acquisition, development, and construction 1 $ 900 $ 900 4.50 % 4.50 % $ — $ — Commercial and industrial 6 3,166 1,754 3.28 3.21 1,318 — Total 7 $ 4,066 $ 2,654 $ 1,318 $ — At March 31, 2019, three C&I loans, in the amount of $566,000 that had been modified as a TDR during the twelve months ended at that date and were in payment default. At March 31, 2018, 11 C&I loans in the amount of $2.9 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. |
Allowance for Loan Losses
Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2019 | |
Allowances for Loan Losses | Note 6. Allowance for Loan Losses The following tables provide additional information regarding the Company’s allowance for loan losses based upon the method of evaluating loan impairment: (in thousands) Mortgage Other Total Allowances for Loan Losses at March 31, 2019: Loans individually evaluated for impairment $ — $ 709 $ 709 Loans collectively evaluated for impairment 128,766 27,161 155,927 Total $ 128,766 $ 27,870 $ 156,636 (in thousands) Mortgage Other Total Allowances for Loan Losses at December 31, 2018: Loans collectively evaluated for impairment $ 130,983 $ 28,837 $ 159,820 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 March 31, 2019: Loans individually evaluated for impairment $ 13,873 $ 49,739 $ 63,612 Loans collectively evaluated for impairment 37,760,517 2,663,301 40,423,818 Total $ 37,774,390 $ 2,713,040 $ 40,487,430 (in thousands) Mortgage Other Total Loans Receivable at December 31, 2018: Loans individually evaluated for impairment $ 15,794 $ 36,375 $ 52,169 Loans collectively evaluated for impairment 37,720,923 2,360,769 40,081,692 Total $ 37,736,717 $ 2,397,144 $ 40,133,861 Allowance for Loan Losses The following table summarizes activity in the allowance for loan losses for the periods indicated: For the Three Months Ended March 31, 2019 2018 (in thousands) Mortgage Other Total Mortgage Other Total Balance, beginning of period $ 130,983 $ 28,837 $ 159,820 $ 128,275 $ 29,771 $ 158,046 Charge-offs — (2,079 ) (2,079 ) (5,411 ) (1,580 ) (6,991 ) Recoveries 7 110 117 110 404 514 (Recovery of) provision for loan losses (2,224 ) 1,002 (1,222 ) 6,161 3,410 9,571 Balance, end of period $ 128,766 $ 27,870 $ 156,636 $ 129,135 $ 32,005 $ 161,140 The following table presents additional information about the Company’s impaired loans at March 31, 2019: (in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Impaired loans with no related allowance: Multi-family $ 4,070 $ 7,075 $ — $ 4,145 $ 57 Commercial real estate 2,256 7,370 — 2,256 — One-to-four family 1,012 1,066 — 1,017 6 Acquisition, development, and construction 6,535 7,435 — 7,415 144 Other 34,739 99,775 — 35,557 699 Total impaired loans with no related allowance $ 48,612 $ 122,721 $ — $ 50,390 $ 906 Impaired loans with an allowance recorded: Multi-family $ — $ — $ — $ — $ — Commercial real estate — — — — — One-to-four family — — — — — Acquisition, development, and construction — — — — — Other 15,000 15,000 709 15,000 75 Total impaired loans with an allowance recorded $ 15,000 $ 15,000 $ 709 $ 15,000 $ 75 Total impaired loans: Multi-family $ 4,070 $ 7,075 $ — $ 4,145 $ 57 Commercial real estate 2,256 7,370 — 2,256 — One-to-four family 1,012 1,066 — 1,017 6 Acquisition, development, and construction 6,535 7,435 — 7,415 144 Other 49,739 114,775 709 50,057 774 Total impaired loans $ 63,612 $ 137,721 $ 709 $ 65,390 $ 981 The following table presents additional information about the Company’s impaired loans at December 31, 2018: (in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Impaired loans with no related allowance: Multi-family $ 4,220 $ 7,168 $ — $ 6,114 $ 340 Commercial real estate 2,256 7,371 — 3,234 — One-to-four family 1,022 1,076 — 1,576 26 Acquisition, development, and construction 8,296 9,197 — 9,238 590 Other 36,375 101,701 — 42,984 3,057 Total impaired loans with no related allowance $ 52,169 $ 126,513 $ — $ 63,146 $ 4,013 Impaired loans with an allowance recorded: Multi-family $ — $ — $ — $ — $ — Commercial real estate — — — — — One-to-four family — — — — — Acquisition, development, and construction — — — — — Other — — — 20 — Total impaired loans with an allowance recorded $ — $ — $ — $ 20 $ — Total impaired loans: Multi-family $ 4,220 $ 7,168 $ — $ 6,114 $ 340 Commercial real estate 2,256 7,371 — 3,234 — One-to-four family 1,022 1,076 — 1,576 26 Acquisition, development, and construction 8,296 9,197 — 9,238 590 Other 36,375 101,701 — 43,004 3,057 Total impaired loans $ 52,169 $ 126,513 $ — $ 63,166 $ 4,013 |
Borrowed Funds
Borrowed Funds | 3 Months Ended |
Mar. 31, 2019 | |
Borrowed Funds | Note 7. Borrowed Funds The following table summarizes the Company’s borrowed funds at the dates indicated: (in thousands) March 31, 2019 December 31, 2018 Wholesale Borrowings: FHLB advances $ 11,803,661 $ 13,053,661 Repurchase agreements 800,000 500,000 Total wholesale borrowings $ 12,603,661 $ 13,553,661 Junior subordinated debentures 359,594 359,508 Subordinated notes 294,655 294,697 Total borrowed funds $ 13,257,910 $ 14,207,866 The following table summarizes the Company’s repurchase agreements accounted for as secured borrowings at March 31, 2019: Remaining Contractual Maturity of the Agreements (in thousands) Overnight and Continuous Up to 30 Days 30–90 Days Greater than 90 Days GSE obligations $ — $ — $ — $ 800,000 Subordinated Notes On November 6, 2018, the Company issued $300.0 million aggregate principal amount of our 5.90% Fixed-to-Floating Rate Subordinated Notes due 2028 (the “Notes”). The Notes will mature on November 6, 2028. From and including the date of original issuance to, but excluding November 6, 2023, the Notes will bear interest at an initial rate of 5.90% per annum, payable semi-annually in arrears on May 6 and November 6 of each year, commencing on May 6, 2019. Unless redeemed, from and including November 6, 2023 to but excluding the Maturity Date, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus 278 basis points, payable quarterly in arrears on February 6, May 6, August 6 and November 6 of each year, commencing on February 6, 2024. Junior Subordinated Debentures The following junior subordinated debentures were outstanding at March 31, 2019: Issuer Interest Rate of Capital Securities and Debentures Junior Subordinated Debentures Amount Outstanding Capital Securities Amount Outstanding Date of Original Issue Stated Maturity First Optional Redemption Date (dollars in thousands) New York Community Capital Trust V SM 6.000 % $ 145,668 $ 139,317 Nov. 4, 2002 Nov. 1, 2051 Nov. 4, 2007 (1) New York Community Capital Trust X 4.202 123,712 120,000 Dec. 14, 2006 Dec. 15, 2036 Dec. 15, 2011 (2) PennFed Capital Trust III 5.861 30,928 30,000 June 2, 2003 June 15, 2033 June 15, 2008 (2) New York Community Capital Trust XI 4.242 59,286 57,500 April 16, 2007 June 30, 2037 June 30, 2012 (2) Total junior subordinated debentures $ 359,594 $ 346,817 (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. At March 31, 2019 and December 31, 2018, the Company had $359.6 million and $359.5 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. |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 3 Months Ended |
Mar. 31, 2019 | |
Pension and Other Post-Retirement Benefits | Note 8. Pension and Other Post-Retirement Benefits The following table sets forth certain disclosures for the Company’s pension and post-retirement plans for the periods indicated: For the Three Months Ended March 31, 2019 2018 (in thousands) Pension Benefits Post- Retirement Benefits Pension Benefits Post- Retirement Benefits Components of net periodic (credit) expense: (1) Interest cost $ 1,415 $ 128 $ 1,271 $ 128 Expected return on plan assets (3,483 ) — (4,035 ) — Amortization of prior-service costs — (62 ) — (62 ) Amortization of net actuarial loss 2,509 31 1,795 76 Net periodic (credit) expense $ 441 $ 97 $ (969 ) $ 142 (1) Amounts are included in G&A expense on the Consolidated Statements of Income and Comprehensive Income. The Company expects to contribute $1.2 million to its post-retirement plan to pay premiums and claims for the fiscal year ending December 31, 2019. The Company does not expect to make any contributions to its pension plan in 2019. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Stock-Based Compensation | Note 9. Stock-Based Compensation At March 31, 2019, the Company had a total of 3,297,368 1,743,240 $10.32 $7.9 million and $9.8 million, respectively, in the three months ended March 31, 2019 and 2018. The following table provides a summary of activity with regard to restricted stock awards in the three months ended March 31, 2019: Number of Shares Weighted Average Grant Date Fair Value Unvested at beginning of year 6,904,388 $ 14.74 Granted 1,743,240 10.32 Vested (2,038,655 ) 15.25 Canceled (89,500 ) 12.90 Unvested at end of period 6,519,473 13.43 As of March 31, 2019, unrecognized compensation cost relating to unvested restricted stock totaled $81.1 million. This amount will be recognized over a remaining weighted average period of 3.4 years. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Measurements | Note 10. Fair Value Measurements GAAP sets forth a definition of fair value, establishes a consistent framework for measuring fair value, and requires disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. GAAP also clarifies that fair value is an “exit” price, representing the amount that would be received when selling an asset, or paid when transferring a liability, in an orderly transaction between market participants. Fair value is thus a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – Inputs to the valuation methodology are significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants use in pricing an asset or liability. A financial instrument’s categorization within this valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following tables present assets and liabilities that were measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at March 31, 2019 (in thousands) Quoted Prices Significant Significant Netting Total Assets: Mortgage-Related Debt Securities Available for Sale: GSE certificates $ — $ 1,395,631 $ — $ — $ 1,395,631 GSE CMOs — 1,455,129 — — 1,455,129 Total mortgage-related debt securities $ — $ 2,850,760 $ — $ — $ 2,850,760 Other Debt Securities Available for Sale: U. S. Treasury obligations $ 29,662 $ — $ — $ — $ 29,662 GSE debentures — 1,482,373 — — 1,482,373 Asset-backed securities — 384,674 — — 384,674 Municipal bonds — 67,198 — — 67,198 Corporate bonds — 860,055 — — 860,055 Capital trust notes — 49,922 — — 49,922 Total other debt securities $ 29,662 $ 2,844,222 $ — $ — $ 2,873,884 Total debt securities available for sale $ 29,662 $ 5,694,982 $ — $ — $ 5,724,644 Equity securities: Preferred stock $ 15,147 $ — $ — $ — $ 15,147 Mutual funds and common stock — 16,981 — — 16,981 Total equity securities $ 15,147 $ 16,981 $ — $ — $ 32,128 Total securities $ 44,809 $ 5,711,963 $ — $ — $ 5,756,772 Liabilities: Derivative liabilities $ — $ — $ — $ — $ — Fair Value Measurements at December 31, 2018 (in thousands) Quoted Prices Significant Significant Netting Total Fair Assets: Mortgage-Related Debt Securities Available for Sale: GSE certificates $ — $ 1,707,521 $ — $ — $ 1,707,521 GSE CMOs — 1,252,761 — — 1,252,761 Total mortgage-related debt securities $ — $ 2,960,282 $ — $ — $ 2,960,282 Other Debt Securities Available for Sale: GSE debentures $ — $ 1,328,927 $ — $ — $ 1,328,927 Asset-backed securities — 387,122 — — 387,122 Municipal bonds — 66,183 — — 66,183 Corporate bonds — 821,715 — — 821,715 Capital trust notes — 49,291 — — 49,291 Total other debt securities $ — $ 2,653,238 $ — $ — $ 2,653,238 Total debt securities available for sale $ — $ 5,613,520 $ — $ — $ 5,613,520 Equity securities: Preferred stock $ 13,846 $ — $ — $ — $ 13,846 Mutual funds and common stock — 16,705 — — 16,705 Total equity securities $ 13,846 $ 16,705 $ — $ — $ 30,551 Total securities $ 13,846 $ 5,630,225 $ — $ — $ 5,644,071 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 securities follows: Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities include highly liquid government securities and exchange-traded securities. 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. 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. Assets Measured at Fair Value on a Non-Recurring Basis Certain assets are measured at fair value on a non-recurring basis. Such instruments are subject to fair value adjustments under certain circumstances (e.g., when there is evidence of impairment). The following tables present assets and liabilities that were measured at fair value on a non-recurring basis as of March 31, 2019 and December 31, 2018, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at March 31, 2019 Using (in thousands) Quoted Prices in Significant Other Significant Total Fair Certain impaired loans (1) $ — $ — $ 37,587 $ 37,587 Other assets (2) — — — — Total $ — $ — $ 37,587 $ 37,587 (1) Represents the fair value of impaired loans, based on the value of the collateral. (2) Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets. Fair Value Measurements at December 31, 2018 Using (in thousands) Quoted Prices in Significant Other Significant Total Fair Certain impaired loans (1) $ — $ — $ 38,213 $ 38,213 Other assets (2) — — 1,265 1,265 Total $ — $ — $ 39,478 $ 39,478 (1) Represents the fair value of impaired loans, based on the value of the collateral. (2) Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets. The fair values of collateral-dependent impaired loans are determined using various valuation techniques, including consideration of appraised values and other pertinent real estate and other market data. Other Fair Value Disclosures For the disclosure of fair value information about the Company’s on- and off-balance sheet financial instruments, when available, quoted market prices are used as the measure of fair value. In cases where quoted market prices are not available, fair values are based on present-value estimates or other valuation techniques. Such fair values are significantly affected by the assumptions used, the timing of future cash flows, and the discount rate. Because assumptions are inherently subjective in nature, estimated fair values cannot be substantiated by comparison to independent market quotes. Furthermore, in many cases, the estimated fair values provided would not necessarily be realized in an immediate sale or settlement of such instruments. The following tables summarize the carrying values, estimated fair values, and fair value measurement levels of financial instruments that were not carried at fair value on the Company’s Consolidated Statements of Condition at March 31, 2019 and December 31, 2018: March 31, 2019 Fair Value Measurement Using (in thousands) Carrying Estimated Quoted Prices in Significant Significant Financial Assets: Cash and cash equivalents $ 990,019 $ 990,019 $ 990,019 $ — $ — FHLB stock (1) 588,197 588,197 — 588,197 — Loans, net 40,369,383 40,257,098 — — 40,257,098 Financial Liabilities: Deposits 31,601,125 31,617,404 18,833,346 (2) $ 12,784,058 (3) $ — Borrowed funds 13,257,910 13,282,486 — 13,282,486 — (1) Carrying value and estimated fair value are at cost. (2) Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. (3) Certificates of deposit. December 31, 2018 Fair Value Measurement Using (in thousands) Carrying Estimated Quoted Prices in Significant Significant Financial Assets: Cash and cash equivalents $ 1,474,955 $ 1,474,955 $ 1,474,955 $ — $ — FHLB stock (1) 644,590 644,590 — 644,590 — Loans, net 40,006,088 39,461,985 — — 39,461,985 Financial Liabilities: Deposits $ 30,764,430 $ 30,748,729 $ 18,570,108 (2) $ 12,178,621 (3) $ — Borrowed funds 14,207,866 14,136,526 — 14,136,526 — (1) Carrying value and estimated fair value are at cost. (2) Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. (3) Certificates of deposit. The methods and significant assumptions used to estimate fair values for the Company’s financial instruments follow: Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks and federal funds sold. The estimated fair values of cash and cash equivalents are assumed to equal their carrying values, as these financial instruments are either due on demand or have short-term maturities. Securities If quoted market prices are not available for a specific security, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows. These pricing models primarily use market-based or independently sourced market parameters as inputs, including, but not limited to, yield curves, interest rates, equity or debt prices, and credit spreads. In addition to observable market information, pricing models also incorporate transaction details such as maturities and cash flow assumptions. Federal Home Loan Bank Stock Ownership in equity securities of the FHLB is generally restricted and there is no established liquid market for their resale. The carrying amount approximates the fair value. Loans The Company discloses the fair value of loans measured at amortized cost using an exit price notion. The Company determined the fair value on substantially all of its loans for disclosure purposes, on an individual loan basis. The discount rates reflect current market rates for loans with similar terms to borrowers having similar credit quality on an exit price basis. The estimated fair values of non-performing mortgage and other loans are based on recent collateral appraisals. For those loans where a discounted cash flow technique was not considered reliable, the Company used a quoted market price for each individual loan. 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 accounts) are equal to the carrying amounts payable on demand. The fair values of CDs represent contractual cash flows, discounted using interest rates currently offered on deposits with similar characteristics and remaining maturities. These estimated fair values do not include the intangible value of core deposit relationships, which comprise a significant portion of the Company’s deposit base. Borrowed Funds The estimated fair value of borrowed funds is based either on bid quotations received from securities dealers or the discounted value of contractual cash flows with interest rates currently in effect for borrowed funds with similar maturities and structures. Derivative Financial Instruments Derivatives are reported at fair value utilizing Level 2 inputs. The fair values of interest rate swaps are based on a valuation model that uses primarily observable inputs, such as benchmark yield curves and interest rate spreads. Off-Balance Sheet Financial Instruments The fair values of commitments to extend credit and unadvanced lines of credit are estimated based on an analysis of the interest rates and fees currently charged to enter into similar transactions, considering the remaining terms of the commitments and the creditworthiness of the potential borrowers. The estimated fair values of such off-balance sheet financial instruments were insignificant at March 31, 2019 and December 31, 2018. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Note 11. Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets and operating lease liabilities in the Consolidated Statements of Condition. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most leases do not provide an implicit rate, the incremental borrowing rate (FHLB borrowing rate) is used based on the information available at adoption date in determining the present value of lease payments. The implicit rate is used when readily determinable. The operating lease ROU asset is measured at cost, which includes the initial measurement of the lease liability, prepaid rent and initial direct costs incurred by the Company, less incentives received. The lease terms include options to extend the lease when it is reasonably certain that we will exercise that option. For the vast majority of the Company’s leases, we are reasonably certain we will exercise our options to renew to the end of all renewal option periods. As such, substantially all of our future options to extend the leases have been included in the lease liability and ROU assets. Variable costs such as the proportionate share of actual costs for utilities, common area maintenance, property taxes and insurance are not included in the lease liability and are recognized in the period in which they are incurred. Amortization of the ROU assets for the three months ended March 31, 2019 was $11.7 million (included in this amount is $7.3 million that was due to the closing of certain locations). The Company has operating leases for corporate offices, branch locations and certain equipment. The Company’s leases have remaining lease terms of one year to approximately 25 years, the vast majority of which include one or more options to extend the leases for up to five years resulting in lease terms up to 40 years. The components of lease expense were as follows: (in thousands) For the Components of Lease Expense: Operating lease cost $ 7,348 Sublease income (22 ) Total lease cost $ 7,326 Supplemental cash flow information related to the leases for the following period: (in thousands) For the Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,348 Supplemental balance sheet information related to the leases for the following period: (in thousands, except lease term and discount rate) March 31, 2019 Operating Leases: Operating lease right-of-use assets $ 312,948 Operating lease liabilities 312,628 Weighted average remaining lease term 17.4 years Weighted average discount rate 3.25 % Maturities of lease liabilities: (in thousands) 2019 $ 21,836 2020 28,319 2021 27,677 2022 26,971 2023 26,541 Thereafter 291,362 Total lease payments 422,706 Less: imputed interest (110,078 ) Total present value of lease liabilities $ 312,628 As previously disclosed in the Company’s 2018 Form 10-K under the prior guidance of ASC 840, at December 31, 2018, the Company was obligated under various non-cancelable operating lease and license agreements with renewal options on properties used primarily for branch operations. The agreements contain periodic escalation clauses that provide for increases in the annual rents, commencing at various times during the lives of the agreements, which are primarily based on increases in real estate taxes and cost-of-living indices. The remaining projected minimum annual rental commitments under these agreements, exclusive of taxes and other charges, are summarized as follows: (in thousands) 2019 $ 30,322 2020 23,399 2021 19,736 2022 16,552 2023 and thereafter 55,525 Total minimum future rentals $ 145,534 |
Derivative and Hedging Activiti
Derivative and Hedging Activities | 3 Months Ended |
Mar. 31, 2019 | |
Derivative and Hedging Activities | Note 12. Derivative and Hedging Activities The Company’s derivative financial instruments consist of interest rate swaps. The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposure to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate and liquidity risks, primarily by managing the amount, sources, and duration of its assets and liabilities and, from time to time, the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s pools of fixed-rate assets. The Company is exposed to changes in the fair value of certain of its fixed-rate assets due to changes in benchmark interest rates. The Company uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. Such derivatives were used to hedge the changes in fair value of certain of its pools of prepayable fixed rate assets. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. During the three months ended March 31, 2019, the Company entered into an interest rate swap with a notional amount of $2.0 billion to hedge certain real estate loans. For the three months ended March 31, 2019, the floating rate received related to the net settlement of this interest rate swap was in excess of the fixed rate payments. As such, interest income from Mortgage and Other Loans in the accompanying Consolidated Statements of Income and Comprehensive Income was increased by $239,000, net, for the three months ended March 31, 2019. As of March 31, 2019, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges. The Company did not have any derivative instruments of December 31, 2018: (in thousands) March 31, 2019 Line Item in the Consolidated Statement of Financial Condition in which the Hedge Item is Included Carrying Amount Cumulative Amount Total loans and leases, net (1) $ 2,018,532 $ 18,532 (1) These amounts include the amortized cost basis of closed portfolios used to designated hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At March 31, 2019, the amortized cost basis of the closed portfolios used in these hedging relationships was $ 4.7 billion; the cumulative basis adjustments associated with these hedging relationships was $18.5 million; and the amount of the designated hedged items was $2.0 billion. The following table sets forth information regarding the Company’s derivative financial instruments at March 31, 2019. The Company had no derivative financial instruments at December 31, 2018. March 31, 2019 Fair Value (in thousands) Notional Amount Other Assets Other Liabilities Derivatives designated as hedging instruments: Fair value hedge interest rate swap $ 2,000,000 $ — $ — Total derivatives designated as hedging instruments $ 2,000,000 $ — $ — Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) requires all standardized derivatives, including most interest rate swaps, to be submitted for clearing to central counterparties to reduce counterparty risk. Two of the central counterparties are the Chicago Mercantile Exchange (“CME”) and the London Clearing House (“LCH”). As of March 31 , 2019 , all of the Company’s $ 2.0 billion notional derivative contracts were cleared on the LCH. Variation margin payments on derivatives cleared through the LCH are accounted for as legal settlement. For derivatives cleared through LCH, the net gain (loss) position includes the variation margin amounts as settlement of the derivative and not collateral against the fair value of the derivative. The Company’s exposure is limited to the value of the derivative contracts in a gain position less any collateral held and plus any collateral posted. When there is a net negative exposure, we consider our exposure to the counterparty to be zero. At March 31, 2019, the Company had a net negative exposure. The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the periods indicated: For the Three Months Ended March 31, (in thousands) 2019 2018 Derivative – interest rate swap: Interest income $ (18,532 ) $ — Hedged item – loans: Interest income $ 18,532 $ — |
Impact of Recent Accounting Pro
Impact of Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2019 | |
Impact of Recent Accounting Pronouncements | Note 13. Impact of Recent Accounting Pronouncements Recently Adopted Accounting Standards The Company has adopted ASU No. 2018-16, Derivatives and Hedging (Topic 815)—Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes, effective on its issuance date of October 25, 2018. The purpose of ASU 2018-16 is to permit the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815. The amendments in ASU 2018-16 are required to be applied prospectively for qualifying new or redesignated hedging relationships entered into on or after the date of adoption. The adoption of ASU No. 2018-16 did not have a material impact on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. The Company early adopted ASU No. 2018-15, Intangibles – Goodwill and Other – Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract on January 1, 2019. ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendment. The adoption of ASU 2018-15 did not have a material effect on the Company’s Consolidated Statements of Conditions, results of operations, or cash flows. The Company adopted ASU No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, effective January 1, 2018. ASU No. 2018-02 addresses a narrow-scope financial reporting issue that arose as a consequence of the enactment of the Tax Cuts and Jobs Act of 2017. ASU No. 2018-02 permits an election to reclassify from accumulated other comprehensive income (loss) to retained earnings the standard tax effects resulting from the difference between the historical federal corporate income tax rate of 35% and the newly enacted 21% federal corporate income tax rate. Effective January 1, 2018, the Company recorded a reclassification adjustment of $2.5 million decreasing AOCL and increasing retained earnings. The Company’s only components of AOCL are the fair value adjustment for securities available for sale and the tax effected related pension and post-retirement obligations. The Company adopted ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities, effective January 1, 2018. ASU No. 2017-12 changes the recognition and presentation requirements as well as the cost and complexity of applying hedge accounting by easing the requirements for effectiveness testing and hedge documentation. As of December 31, 2018, the Company had no identified accounting hedges in place, and as such, adoption of ASU No. 2017-12 had no impact on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. The Company adopted ASU No. 2017-09, Compensation—Stock Compensation (Topic 718) as of January 1, 2018. The ASU’s amendments are applied prospectively to awards modified on or after the effective date. ASU No. 2017-09 clarifies when changes to the terms or conditions of a share-based payment award should be accounted for as a modification. Modification accounting is applied only if the fair value, the vesting conditions, and the classification of the award (as an equity or liability instrument) change as a result of the change in terms or conditions. The adoption of ASU No. 2017-09 did not have an effect on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. The Company adopted ASU No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. ASU No. 2017-08 specifies that the premium amortization period ends at the earliest call date, rather than the contractual maturity date, for purchased non-contingently callable debt securities. Shortening the amortization period is generally expected to more closely align the interest income recognition with the expectations incorporated in the market pricing of the underlying securities. The adoption of ASU No. 2017-08 on January 1, 2019 did not have a material effect on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. The Company adopted ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost, on January 1, 2018. ASU No. 2017-07 requires companies to present the service cost component of net benefit cost in the income statement line items where they report compensation cost, and all other components of net benefit cost in the income statement separately from the service cost component and outside of operating income, if this subtotal is presented. Additionally, the service cost component is the only component that can be capitalized. The standard required retrospective application for the amendments related to the presentation of the service cost component and other components of net benefit cost, and prospective application for the amendments related to the capitalization requirements for the service cost components of net benefit cost. The adoption of ASU No. 2017-07 did not have a material effect on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. The Company adopted ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, on January 1, 2018, with retrospective application. ASU No. 2016-18 requires that the reconciliation of the beginning-of-period and end-of-period cash and cash equivalent amounts shown on the statement of cash flows include restricted cash and restricted cash equivalents. If restricted cash and restricted cash equivalents are presented separately from cash and cash equivalents on the balance sheet, entities are required to reconcile the amounts presented on the statement of cash flows to the amounts on the balance sheet. Entities are also required to disclose information regarding the nature of the restrictions. The adoption of ASU No. 2016-18 did not have an impact on the Company’s financial position or results of operations, or cash flows. The Company adopted ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments on January 1, 2018 with retrospective application. ASU No. 2016-15 addresses the following cash flow issues: debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including BOLI policies); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The adoption of ASU No. 2016-15 did not have a material effect on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. The Company adopted ASU No. 2016-02, Leases (Topic 842), and its subsequent amendments to the ASU: ASU No. 2018-01, Leases (Topic 842): Land Easement Practical Expedient Transition to Topic 842; ASU 2018-10, Codification Improvements to Topic 842, Leases; ASU 2018-11, Leases (Topic 842): Targeted Improvements; ASU 2018-20, Narrow-Scope Improvements for Lessors; and ASU 2019-01, Leases: Codification Improvements on January 1, 2019, using the modified retrospective approach and utilizing the effective date as its date of initial application, for which prior periods are presented in accordance with the previous guidance in ASC 840, Leases. Topic 842 is intended to improve financial reporting about leasing transactions and the key provision impacting the Company is the requirement for a lessee to record a right-of-use asset and a liability, which represents the obligation to make lease payments for long-term operating leases. Additionally, ASU 2016-02 includes quantitative and qualitative disclosures required by lessees and lessors to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. Topic 842 includes a number of optional practical expedients that entities may elect to apply. The Company adopted the practical expedients of: not reevaluating whether or not a contract contains a lease; retaining current lease classification; not reassessing initial direct costs for existing leases; and not reassessing existing land easements that were not previously accounted for as leases under current lease accounting rules. Accordingly, previously reported financial statements, including footnote disclosures, have not been recast to reflect the application of ASU 2016-02 to all comparative periods presented. The adoption of ASU 2016-02, as reflected in Note 11, did not have a material impact on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. The Company adopted ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities by means of a cumulative-effect adjustment as of January 1, 2018. ASU No. 2016-01 provides targeted improvements to GAAP including, amongst other improvements, the requirement for equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, thus eliminating eligibility for the available-for-sale category. FHLB stock, however, is not in the scope of ASU No. 2016-01 and will continue to be presented at historical cost. Upon adoption, an immaterial amount of unrealized losses related to the in-scope equity securities was reclassified from other comprehensive loss to retained earnings in 2018 and equity investments were reclassified from securities available for sale to other assets with their related market value changes reflected in earnings. The Company adopted ASU No. 2014-09, Revenue from Contracts with Customers and its amendments which established ASC Topic 606, Revenue from Contracts with Customers, on January 1, 2018 using the modified retrospective approach. In summary, the core principle of ASC Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company’s revenue streams that are covered by ASC Topic 606 are primarily fees earned in connection with performing services for our customers such as investment advisor fees, wire transfer fees, and bounced check fees. Such fees are either satisfied over time if the service is performed over a period of time (as with investment advisor fees or safe deposit box rental fees), or satisfied at a point in time (as with wire transfer fees and bounced check fees). The Company recognizes fees for services performed over the time period to which the fees relate. The Company recognizes fees earned at a point in time on the day the fee is earned. The modified retrospective approach includes presenting the cumulative effect of initial application, if any, along with supplementary disclosures, if any. The Company did not record a cumulative effect adjustment upon adoption of the standard. Recently Issued Accounting Standards In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU No. 2017-04 eliminates the second step of the goodwill impairment test which requires an entity to determine the implied fair value of the reporting unit’s goodwill. Instead, an entity will recognize an impairment loss if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill recorded. ASU No. 2017-04 does not amend the optional qualitative assessment of goodwill impairment. The Company plans to adopt ASU No. 2017-04 prospectively beginning January 1, 2020 and the impact of its adoption on the Company’s Consolidated Statements of Condition, results of operations, or cash flows will be dependent upon goodwill impairment determinations made after that date. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU No. 2016-13 amends guidance on reporting credit losses for assets held on an amortized cost basis and available-for-sale debt securities. For assets held at amortized cost, ASU No. 2016-13 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. Current GAAP requires an “incurred loss” methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. The amendments in ASU No. 2016-13 replace the incurred loss impairment methodology in current GAAP with a methodology that reflects the measurement of expected credit losses based on relevant information about past events, including historical loss experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available-for-sale debt securities, credit losses should be measured in a manner similar to current GAAP; however, ASU No. 2016-13 will require that credit losses be presented as an allowance rather than as a write-down. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Company will adopt ASU No. 2016-13 as of January 1, 2020 on a modified retrospective basis with a cumulative-effect adjustment to retained earnings as of the adoption date. However, a prospective transition approach is required for debt securities for which an OTTI had been recognized before the effective date. The effect of a prospective transition approach is to maintain the same amortized cost basis before and after the effective date of ASU No. 2016-13. Amounts previously recognized in accumulated other comprehensive income (loss) as of the date of adoption that relate to improvements in cash flows expected to be collected will continue to be accreted into income over the remaining life of the asset. Recoveries of amounts previously written off relating to improvements in cash flows after the date of adoption will be recorded in earnings when received. Financial assets for which the guidance in Subtopic 310-30, Receivables—Loans and Debt Securities Acquired with Deteriorated Credit Quality (“PCD assets”), has previously been applied, will prospectively apply the guidance in ASU No. 2016-13 for PCD assets. A prospective transition approach will be used for PCD assets where upon adoption, the amortized cost basis will be adjusted to reflect the addition of the allowance for credit losses. This transition relief will avoid the need for a reporting entity to reassess its purchased financial assets that exist as of the date of adoption to determine whether it would have met at acquisition the new criteria of more-than insignificant credit deterioration since origination. The transition relief also will allow an entity to accrete the remaining noncredit discount (based on the revised amortized cost basis) into interest income at the effective interest rate at the adoption date of ASU No. 2016-13. The same transition requirements are be applied to beneficial interests that previously applied Subtopic 310-30 or have a significant difference between contractual cash flows and expected cash flows. The Company is evaluating ASU No. 2016-13 and has a working group with multiple members from applicable departments to evaluate the requirements of the new standard, plan for loss modeling requirements consistent with lifetime expected loss estimates, and assess the impact it will have on current processes. This evaluation includes a review of existing credit models to identify areas where existing credit models used to comply with other regulatory requirements may be leveraged and areas where new models may be required. The adoption of ASU No. 2016-13 could have a material effect on the Company’s Consolidated Statements of Condition and results of operations. The extent of the impact upon adoption will likely depend on the characteristics of the Company’s loan portfolio and economic conditions at that date, as well as forecasted conditions thereafter. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. The purpose of ASU 2018-13 is to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of each entity’s financial statements. The amendments in ASU 2018-13 are effective for the Company as of January 1, 2020. Early adoption is permitted and an entity is permitted to early adopt any removed or modified disclosures upon issuance of the ASU and delay adoption of the additional disclosures until their effective date. The amendments removed the disclosure requirements for transfers between Levels 1 and 2 of the fair value hierarchy, the disclosure of the policy for timing of transfers between levels of the fair value hierarchy, and the disclosure of the valuation processes for Level 3 fair value measurements. Additionally, the amendments modified the disclosure requirements for investments in certain entities that calculate net asset value and measurement uncertainty. Finally, the amendments added disclosure requirements for the changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and the range and weighted average of significant unobservable inputs used to develop Level 3 measurements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The adoption of ASU 2018-13 is not expected to have a material effect on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
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 allowance 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. See Note 7, Borrowed Funds, for additional information regarding these trusts. |
Recently Adopted/Issued Accounting Standards | Recently Adopted Accounting Standards The Company has adopted ASU No. 2018-16, Derivatives and Hedging (Topic 815)—Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes, effective on its issuance date of October 25, 2018. The purpose of ASU 2018-16 is to permit the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815. The amendments in ASU 2018-16 are required to be applied prospectively for qualifying new or redesignated hedging relationships entered into on or after the date of adoption. The adoption of ASU No. 2018-16 did not have a material impact on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. The Company early adopted ASU No. 2018-15, Intangibles – Goodwill and Other – Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract on January 1, 2019. ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendment. The adoption of ASU 2018-15 did not have a material effect on the Company’s Consolidated Statements of Conditions, results of operations, or cash flows. The Company adopted ASU No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, effective January 1, 2018. ASU No. 2018-02 addresses a narrow-scope financial reporting issue that arose as a consequence of the enactment of the Tax Cuts and Jobs Act of 2017. ASU No. 2018-02 permits an election to reclassify from accumulated other comprehensive income (loss) to retained earnings the standard tax effects resulting from the difference between the historical federal corporate income tax rate of 35% and the newly enacted 21% federal corporate income tax rate. Effective January 1, 2018, the Company recorded a reclassification adjustment of $2.5 million decreasing AOCL and increasing retained earnings. The Company’s only components of AOCL are the fair value adjustment for securities available for sale and the tax effected related pension and post-retirement obligations. The Company adopted ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities, effective January 1, 2018. ASU No. 2017-12 changes the recognition and presentation requirements as well as the cost and complexity of applying hedge accounting by easing the requirements for effectiveness testing and hedge documentation. As of December 31, 2018, the Company had no identified accounting hedges in place, and as such, adoption of ASU No. 2017-12 had no impact on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. The Company adopted ASU No. 2017-09, Compensation—Stock Compensation (Topic 718) as of January 1, 2018. The ASU’s amendments are applied prospectively to awards modified on or after the effective date. ASU No. 2017-09 clarifies when changes to the terms or conditions of a share-based payment award should be accounted for as a modification. Modification accounting is applied only if the fair value, the vesting conditions, and the classification of the award (as an equity or liability instrument) change as a result of the change in terms or conditions. The adoption of ASU No. 2017-09 did not have an effect on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. The Company adopted ASU No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. ASU No. 2017-08 specifies that the premium amortization period ends at the earliest call date, rather than the contractual maturity date, for purchased non-contingently callable debt securities. Shortening the amortization period is generally expected to more closely align the interest income recognition with the expectations incorporated in the market pricing of the underlying securities. The adoption of ASU No. 2017-08 on January 1, 2019 did not have a material effect on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. The Company adopted ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost, on January 1, 2018. ASU No. 2017-07 requires companies to present the service cost component of net benefit cost in the income statement line items where they report compensation cost, and all other components of net benefit cost in the income statement separately from the service cost component and outside of operating income, if this subtotal is presented. Additionally, the service cost component is the only component that can be capitalized. The standard required retrospective application for the amendments related to the presentation of the service cost component and other components of net benefit cost, and prospective application for the amendments related to the capitalization requirements for the service cost components of net benefit cost. The adoption of ASU No. 2017-07 did not have a material effect on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. The Company adopted ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, on January 1, 2018, with retrospective application. ASU No. 2016-18 requires that the reconciliation of the beginning-of-period and end-of-period cash and cash equivalent amounts shown on the statement of cash flows include restricted cash and restricted cash equivalents. If restricted cash and restricted cash equivalents are presented separately from cash and cash equivalents on the balance sheet, entities are required to reconcile the amounts presented on the statement of cash flows to the amounts on the balance sheet. Entities are also required to disclose information regarding the nature of the restrictions. The adoption of ASU No. 2016-18 did not have an impact on the Company’s financial position or results of operations, or cash flows. The Company adopted ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments on January 1, 2018 with retrospective application. ASU No. 2016-15 addresses the following cash flow issues: debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including BOLI policies); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The adoption of ASU No. 2016-15 did not have a material effect on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. The Company adopted ASU No. 2016-02, Leases (Topic 842), and its subsequent amendments to the ASU: ASU No. 2018-01, Leases (Topic 842): Land Easement Practical Expedient Transition to Topic 842; ASU 2018-10, Codification Improvements to Topic 842, Leases; ASU 2018-11, Leases (Topic 842): Targeted Improvements; ASU 2018-20, Narrow-Scope Improvements for Lessors; and ASU 2019-01, Leases: Codification Improvements on January 1, 2019, using the modified retrospective approach and utilizing the effective date as its date of initial application, for which prior periods are presented in accordance with the previous guidance in ASC 840, Leases. Topic 842 is intended to improve financial reporting about leasing transactions and the key provision impacting the Company is the requirement for a lessee to record a right-of-use asset and a liability, which represents the obligation to make lease payments for long-term operating leases. Additionally, ASU 2016-02 includes quantitative and qualitative disclosures required by lessees and lessors to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. Topic 842 includes a number of optional practical expedients that entities may elect to apply. The Company adopted the practical expedients of: not reevaluating whether or not a contract contains a lease; retaining current lease classification; not reassessing initial direct costs for existing leases; and not reassessing existing land easements that were not previously accounted for as leases under current lease accounting rules. Accordingly, previously reported financial statements, including footnote disclosures, have not been recast to reflect the application of ASU 2016-02 to all comparative periods presented. The adoption of ASU 2016-02, as reflected in Note 11, did not have a material impact on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. The Company adopted ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities by means of a cumulative-effect adjustment as of January 1, 2018. ASU No. 2016-01 provides targeted improvements to GAAP including, amongst other improvements, the requirement for equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, thus eliminating eligibility for the available-for-sale category. FHLB stock, however, is not in the scope of ASU No. 2016-01 and will continue to be presented at historical cost. Upon adoption, an immaterial amount of unrealized losses related to the in-scope equity securities was reclassified from other comprehensive loss to retained earnings in 2018 and equity investments were reclassified from securities available for sale to other assets with their related market value changes reflected in earnings. The Company adopted ASU No. 2014-09, Revenue from Contracts with Customers and its amendments which established ASC Topic 606, Revenue from Contracts with Customers, on January 1, 2018 using the modified retrospective approach. In summary, the core principle of ASC Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company’s revenue streams that are covered by ASC Topic 606 are primarily fees earned in connection with performing services for our customers such as investment advisor fees, wire transfer fees, and bounced check fees. Such fees are either satisfied over time if the service is performed over a period of time (as with investment advisor fees or safe deposit box rental fees), or satisfied at a point in time (as with wire transfer fees and bounced check fees). The Company recognizes fees for services performed over the time period to which the fees relate. The Company recognizes fees earned at a point in time on the day the fee is earned. The modified retrospective approach includes presenting the cumulative effect of initial application, if any, along with supplementary disclosures, if any. The Company did not record a cumulative effect adjustment upon adoption of the standard. Recently Issued Accounting Standards In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU No. 2017-04 eliminates the second step of the goodwill impairment test which requires an entity to determine the implied fair value of the reporting unit’s goodwill. Instead, an entity will recognize an impairment loss if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill recorded. ASU No. 2017-04 does not amend the optional qualitative assessment of goodwill impairment. The Company plans to adopt ASU No. 2017-04 prospectively beginning January 1, 2020 and the impact of its adoption on the Company’s Consolidated Statements of Condition, results of operations, or cash flows will be dependent upon goodwill impairment determinations made after that date. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU No. 2016-13 amends guidance on reporting credit losses for assets held on an amortized cost basis and available-for-sale debt securities. For assets held at amortized cost, ASU No. 2016-13 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. Current GAAP requires an “incurred loss” methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. The amendments in ASU No. 2016-13 replace the incurred loss impairment methodology in current GAAP with a methodology that reflects the measurement of expected credit losses based on relevant information about past events, including historical loss experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available-for-sale debt securities, credit losses should be measured in a manner similar to current GAAP; however, ASU No. 2016-13 will require that credit losses be presented as an allowance rather than as a write-down. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Company will adopt ASU No. 2016-13 as of January 1, 2020 on a modified retrospective basis with a cumulative-effect adjustment to retained earnings as of the adoption date. However, a prospective transition approach is required for debt securities for which an OTTI had been recognized before the effective date. The effect of a prospective transition approach is to maintain the same amortized cost basis before and after the effective date of ASU No. 2016-13. Amounts previously recognized in accumulated other comprehensive income (loss) as of the date of adoption that relate to improvements in cash flows expected to be collected will continue to be accreted into income over the remaining life of the asset. Recoveries of amounts previously written off relating to improvements in cash flows after the date of adoption will be recorded in earnings when received. Financial assets for which the guidance in Subtopic 310-30, Receivables—Loans and Debt Securities Acquired with Deteriorated Credit Quality (“PCD assets”), has previously been applied, will prospectively apply the guidance in ASU No. 2016-13 for PCD assets. A prospective transition approach will be used for PCD assets where upon adoption, the amortized cost basis will be adjusted to reflect the addition of the allowance for credit losses. This transition relief will avoid the need for a reporting entity to reassess its purchased financial assets that exist as of the date of adoption to determine whether it would have met at acquisition the new criteria of more-than insignificant credit deterioration since origination. The transition relief also will allow an entity to accrete the remaining noncredit discount (based on the revised amortized cost basis) into interest income at the effective interest rate at the adoption date of ASU No. 2016-13. The same transition requirements are be applied to beneficial interests that previously applied Subtopic 310-30 or have a significant difference between contractual cash flows and expected cash flows. The Company is evaluating ASU No. 2016-13 and has a working group with multiple members from applicable departments to evaluate the requirements of the new standard, plan for loss modeling requirements consistent with lifetime expected loss estimates, and assess the impact it will have on current processes. This evaluation includes a review of existing credit models to identify areas where existing credit models used to comply with other regulatory requirements may be leveraged and areas where new models may be required. The adoption of ASU No. 2016-13 could have a material effect on the Company’s Consolidated Statements of Condition and results of operations. The extent of the impact upon adoption will likely depend on the characteristics of the Company’s loan portfolio and economic conditions at that date, as well as forecasted conditions thereafter. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. The purpose of ASU 2018-13 is to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of each entity’s financial statements. The amendments in ASU 2018-13 are effective for the Company as of January 1, 2020. Early adoption is permitted and an entity is permitted to early adopt any removed or modified disclosures upon issuance of the ASU and delay adoption of the additional disclosures until their effective date. The amendments removed the disclosure requirements for transfers between Levels 1 and 2 of the fair value hierarchy, the disclosure of the policy for timing of transfers between levels of the fair value hierarchy, and the disclosure of the valuation processes for Level 3 fair value measurements. Additionally, the amendments modified the disclosure requirements for investments in certain entities that calculate net asset value and measurement uncertainty. Finally, the amendments added disclosure requirements for the changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and the range and weighted average of significant unobservable inputs used to develop Level 3 measurements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The adoption of ASU 2018-13 is not expected to have a material effect on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. |
Computation of Earnings per C_2
Computation of Earnings per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Computation of Basic and Diluted EPS | The following table presents the Company’s computation of basic and diluted EPS for the periods indicated: Three Months Ended March 31, (in thousands, except share and per share amounts) 2019 2018 Net income available to common shareholders $ 89,370 $ 98,345 Less: Dividends paid on and earnings allocated to participating securities (1,119 ) (900 ) Earnings applicable to common stock $ 88,251 $ 97,445 Weighted average common shares outstanding 465,493,702 488,140,102 Basic earnings per common share $ 0.19 $ 0.20 Earnings applicable to common stock $ 88,251 $ 97,445 Weighted average common shares outstanding 465,493,702 488,140,102 Potential dilutive common shares — — Total shares for diluted earnings per common share computation 465,493,702 488,140,102 Diluted earnings per common share and common share equivalents $ 0.19 $ 0.20 |
Reclassifications Out of Accu_2
Reclassifications Out of Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Reclassifications Out of Accumulated Other Comprehensive Loss | (in thousands) For the Three Months Ended March 31, 2019 Details about Accumulated Other Comprehensive Loss Amount Reclassified out of Accumulated Other Comprehensive Loss (1) Affected Line Item in the Consolidated Statements of Operations and Comprehensive Income Unrealized losses on available-for-sale securities $ 5,409 Net (loss) gain on securities (1,517 ) Income tax benefit $ 3,892 Net (loss) gain on securities, net of tax Amortization of defined benefit pension plan items: Past service liability $ 62 Included in the computation of net periodic credit (2) Actuarial losses (2,540 ) Included in the computation of net periodic credit (2) (2,478 ) Total before tax 695 Income tax benefit $ (1,783 ) Amortization of defined benefit pension plan items, net of tax Total reclassifications for the period $ 2,109 (1) Amounts in parentheses indicate expense items. (2) See Note 8, “Pension and Other Post-Retirement Benefits,” for additional information. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Summary of Portfolio of Securities Available for Sale | The following tables summarize the Company’s portfolio of debt securities available for sale and equity investments with readily determinable fair values at March 31, 2019 and December 31, 2018: March 31, 2019 (in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Debt securities available-for-sale Mortgage-Related Debt Securities: GSE certificates $ 1,380,756 $ 21,538 $ 6,663 $ 1,395,631 GSE CMOs 1,447,677 11,479 4,027 1,455,129 Total mortgage-related debt securities $ 2,828,433 $ 33,017 $ 10,690 $ 2,850,760 Other Debt Securities: U. S. Treasury obligations $ 29,659 $ 3 $ — $ 29,662 GSE debentures 1,478,777 5,211 1,615 1,482,373 Asset-backed securities (1) 386,085 346 1,757 384,674 Municipal bonds 68,277 423 1,502 67,198 Corporate bonds 859,644 9,292 8,881 860,055 Capital trust notes 48,291 6,614 4,983 49,922 Total other debt securities $ 2,870,733 $ 21,889 $ 18,738 $ 2,873,884 Total other securities available for sale (2) $ 5,699,166 $ 54,906 $ 29,428 $ 5,724,644 Equity securities: Preferred stock 15,292 — 145 15,147 Mutual funds and common stock (3) 16,870 481 370 16,981 Total equity securities $ 32,162 $ 481 $ 515 $ 32,128 Total securities $ 5,731,328 $ 55,387 $ 29,943 $ 5,756,772 (1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2) The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At March 31, 2019, the non-credit portion of OTTI recorded in AOCL was $ 8.6 (3) Primarily consists of mutual funds that are CRA-qualified investments. December 31, 2018 (in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Debt securities available-for-sale Mortgage-Related Debt Securities: GSE certificates $ 1,705,336 $ 18,146 $ 15,961 $ 1,707,521 GSE CMOs 1,248,621 8,380 4,240 1,252,761 Total mortgage-related debt securities $ 2,953,957 $ 26,526 $ 20,201 $ 2,960,282 Other Debt Securities: GSE debentures $ 1,334,549 $ 3,366 $ 8,988 $ 1,328,927 Asset-backed securities (1) 386,768 784 430 387,122 Municipal bonds 68,551 195 2,563 66,183 Corporate bonds 836,153 8,667 23,105 821,715 Capital trust notes 48,278 6,435 5,422 49,291 Total other debt securities $ 2,674,299 $ 19,447 $ 40,508 $ 2,653,238 Total other securities available for sale (2) $ 5,628,256 $ 45,973 $ 60,709 $ 5,613,520 Equity securities: Preferred stock 15,292 — 1,446 13,846 Mutual funds and common stock (3) 16,870 366 531 16,705 Total equity securities $ 32,162 $ 366 $ 1,977 $ 30,551 Total securities $ 5,660,418 $ 46,339 $ 62,686 $ 5,644,071 (1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2) The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At December 31, 2018, the non-credit portion of OTTI recorded in AOCL was $ 8.6 (3) Primarily consists of mutual funds that are CRA-qualified investments. |
Summary of Gross Proceeds and Gross Realized Gains and Losses from Sale of Available-for-Sale Securities | For the Three Months Ended March 31, (in thousands) 2019 2018 Gross proceeds $ 272,849 — Gross realized gains 5,409 — |
Credit Loss Component of Other Than Temporary Impairment on Debt Securities | (in thousands) For the Three Months Ended March 31, 2019 Beginning credit loss amount as of December 31, 2018 $ 196,187 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 19 Ending credit loss amount as of March 31, 2019 $ 196,168 |
Summary of Amortized Cost of Available-for-Sale Securities by Contractual Maturity | The following table summarizes, by contractual maturity, the amortized cost of securities at March 31, 2019: Mortgage- Related Securities Average Yield U.S. Government and GSE Obligations Average Yield State, County, and Municipal Average Yield (1) Other Debt Securities (2) Average Yield Fair Value (dollars in thousands) Available-for-Sale Debt Securities: Due within one year $ — — % $ 29,659 2.45 % $ 149 6.59 % $ — — % $ 29,815 Due from one to five years 797,756 3.33 32,874 3.48 146 6.66 92,939 3.79 941,396 Due from five to ten years 325,241 3.46 1,232,053 3.44 10,974 3.79 767,143 4.42 2,345,797 Due after ten years 1,705,436 3.23 213,850 3.57 57,008 2.71 433,938 3.39 2,407,636 Total debt securities available for sale $ 2,828,433 3.28 % $ 1,508,436 3.44 % $ 68,277 2.90 % $ 1,294,020 4.03 % $ 5,724,644 (1) Not presented on a tax-equivalent basis. (2) Includes corporate bonds, capital trust notes, and asset-backed securities. |
Summary of Held-to-Maturity and Available-for-Sale Securities having Continuous Unrealized Loss Position | The following table presents securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of March 31, 2019: 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 Securities: U. S. Government agency and GSE obligations $ 218,933 $ 1,171 $ 127,748 $ 444 $ 346,681 $ 1,615 GSE certificates — — 440,027 6,663 440,027 6,663 GSE CMOs 428,352 1,894 146,100 2,133 574,452 4,027 Asset-backed securities 237,208 1,757 — — 237,208 1,757 Municipal bonds — — 49,612 1,502 49,612 1,502 Corporate bonds 701,445 8,881 — — 701,445 8,881 Capital trust notes — — 38,811 4,983 38,811 4,983 Equity securities 15,147 145 11,435 370 26,582 515 Total temporarily impaired securities $ 1,601,085 $ 13,848 $ 813,733 $ 16,095 $ 2,414,818 $ 29,943 The following table presents securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2018: 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 Securities: U. S. Government agency and GSE obligations $ 276,113 $ 2,629 $ 329,372 $ 6,359 $ 605,485 $ 8,988 GSE certificates 576,970 10,598 232,969 5,363 809,939 15,961 GSE CMOs 465,779 1,892 99,050 2,348 564,829 4,240 Asset-backed securities 69,166 430 — — 69,166 430 Municipal bonds 5,876 21 48,837 2,542 54,713 2,563 Corporate bonds 642,843 23,105 — — 642,843 23,105 Capital trust notes — — 38,360 5,422 38,360 5,422 Equity securities 17,836 1,464 11,293 513 29,129 1,977 Total temporarily impaired securities $ 2,054,583 $ 40,139 $ 759,881 $ 22,547 $ 2,814,464 $ 62,686 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Composition of Loan and Lease Portfolio | The following table sets forth the composition of the loan and lease portfolio at the dates indicated: March 31, 2019 December 31, 2018 (dollars in thousands) Amount Percent of Loans Held for Investment Amount Percent of Loans Held for Investment Loans and Leases Held for Investment: Mortgage Loans: Multi-family $ 29,932,829 73.92 % $ 29,883,919 74.46 % Commercial real estate 7,079,241 17.49 6,998,834 17.44 One-to-four family 435,686 1.08 446,094 1.11 Acquisition, development, and construction 326,634 0.81 407,870 1.02 Total mortgage loans held for investment 37,774,390 93.30 $ 37,736,717 94.03 Other Loans: Commercial and industrial 1,764,169 4.36 1,705,308 4.25 Lease financing, net of unearned income of $ 74,451 53,891 (1) 940,895 2.32 683,112 1.70 Total commercial and industrial loans (2) 2,705,064 6.68 2,388,420 5.95 Other 7,976 0.02 8,724 0.02 Total other loans held for investment 2,713,040 6.70 2,397,144 5.97 Total loans and leases held for investment $ 40,487,430 100.00 % $ 40,133,861 100.00 % Net deferred loan origination costs 38,589 32,047 Allowance for losses (156,636 ) (159,820 ) Total loans and leases, net $ 40,369,383 $ 40,006,088 (1) The payments on these leases are generally received ratably over future years. Approximately 41 (2) Includes specialty finance loans and leases of $ 2.2 1.9 477.5 469.9 |
Quality of Non-Covered Loans | The following table presents information regarding the quality of the Company’s loans held for investment at March 31, 2019: (in thousands) Loans 30-89 Days Past Due Non- Accrual Loans Loans 90 Days or More Delinquent and Still Accruing Interest Total Past Due Loans Current Loans Total Loans Receivable Multi-family $ 2,359 $ 4,070 $ — $ 6,429 $ 29,926,400 $ 29,932,829 Commercial real estate 3,278 3,007 — 6,285 7,072,956 7,079,241 One-to-four family 9 1,637 — 1,646 434,040 435,686 Acquisition, development, and construction 6,608 — — 6,608 320,026 326,634 Commercial and industrial (1) (2) 231 49,851 — 50,082 2,654,982 2,705,064 Other 45 9 — 54 7,922 7,976 Total $ 12,530 $ 58,574 $ — $ 71,104 $ 40,416,326 $ 40,487,430 (1) Includes $ 33.8 (2) Includes lease financing receivables, all of which were current. The following table presents information regarding the quality of the Company’s loans held for investment at December 31, 2018: (in thousands) Loans 30-89 Days Past Due Non- Accrual Loans Loans 90 Days or More Delinquent and Still Accruing Interest Total Past Due Loans Current Loans Total Loans Receivable Multi-family $ — $ 4,220 $ — $ 4,220 $ 29,879,699 $ 29,883,919 Commercial real estate — 3,021 — 3,021 6,995,813 6,998,834 One-to-four family 9 1,651 — 1,660 444,434 446,094 Acquisition, development, and construction — — — — 407,870 407,870 Commercial and industrial (1) (2) 530 36,608 — 37,138 2,351,282 2,388,420 Other 25 6 — 31 8,693 8,724 Total $ 564 $ 45,506 $ — $ 46,070 $ 40,087,791 $ 40,133,861 (1) Includes $ 530,000 35.5 (2) Includes lease financing receivables, all of which were current. |
Non-Covered Loan Portfolio by Credit Quality Indicator | The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at March 31, 2019: Mortgage Loans Other Loans (in thousands) Multi- Family Commercial Real Estate One-to- Four Family Acquisition, Development, and Construction Total Mortgage Loans Commercial and Industrial (1) Other Total Other Loans Credit Quality Indicator: Pass $ 29,671,752 $ 6,944,249 $ 432,380 $ 276,666 $ 37,325,047 $ 2,628,058 $ 7,717 $ 2,635,775 Special mention 232,295 63,529 1,669 36,825 334,318 3,722 — 3,722 Substandard 28,782 71,463 1,637 13,143 115,025 73,284 259 73,543 Doubtful — — — — — — — — Total $ 29,932,829 $ 7,079,241 $ 435,686 $ 326,634 $ 37,774,390 $ 2,705,064 $ 7,976 $ 2,713,040 (1) Includes lease financing receivables, all of which were classified as Pass. The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at December 31, 2018: Mortgage Loans Other Loans (in thousands) Multi- Family Commercial Real Estate One-to- Four Family Acquisition, Development, and Construction Total Mortgage Loans Commercial and Industrial (1) Other Total Other Loans Credit Quality Indicator: Pass $ 29,548,242 $ 6,880,105 $ 444,443 $ 319,001 $ 37,191,791 $ 2,306,563 $ 8,469 $ 2,315,032 Special mention 312,025 90,653 — 73,964 476,642 19,751 — 19,751 Substandard 23,652 28,076 1,651 14,905 68,284 62,106 255 62,361 Doubtful — — — — — — — — Total $ 29,883,919 $ 6,998,834 $ 446,094 $ 407,870 $ 37,736,717 $ 2,388,420 $ 8,724 $ 2,397,144 (1) Includes lease financing receivables, all of which were classified as Pass. |
Information Regarding Troubled Debt Restructurings | The following table presents information regarding the Company’s TDRs as of March 31, 2019 and December 31, 2018: March 31, 2019 December 31, 2018 (in thousands) Accruing Non-Accrual Total Accruing Non-Accrual Total Loan Category: Multi-family $ — $ 4,070 $ 4,070 $ — $ 4,220 $ 4,220 Commercial real estate — — — — — — One-to-four family — 1,012 1,012 — 1,022 1,022 Acquisition, development, and construction 6,535 — 6,535 8,297 — 8,297 Commercial and industrial 865 22,117 22,982 865 20,477 21,342 Total $ 7,400 $ 27,199 34,599 $ 9,162 $ 25,719 $ 34,881 |
Financial Effects of Troubled Debt Restructurings | The financial effects of the Company’s TDRs for the three months ended March 31, 2019 and 2018 are summarized as follows: For the Three Months Ended March 31, 2019 (dollars in thousands) Weighted Average Interest Rate Number of Loans Pre-Modification Recorded Investment Post-Modification Recorded Investment Pre- Modification Post- Modification Charge-off Amount Capitalized Interest Loan Category: Commercial and industrial 15 $ 4.194 $ 3,088 3.26 % 2.98 % $ 1,106 $ — For the Three Months Ended March 31, 2018 (dollars in thousands) Weighted Average Interest Rate Number of Loans Pre-Modification Recorded Investment Post-Modification Recorded Investment Pre- Modification Post- Modification Charge-off Amount Capitalized Interest Loan Category: Acquisition, development, and construction 1 $ 900 $ 900 4.50 % 4.50 % $ — $ — Commercial and industrial 6 3,166 1,754 3.28 3.21 1,318 — Total 7 $ 4,066 $ 2,654 $ 1,318 $ — |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Activity in Allowance for Loan Losses | The following tables provide additional information regarding the Company’s allowance for loan losses based upon the method of evaluating loan impairment: (in thousands) Mortgage Other Total Allowances for Loan Losses at March 31, 2019: Loans individually evaluated for impairment $ — $ 709 $ 709 Loans collectively evaluated for impairment 128,766 27,161 155,927 Total $ 128,766 $ 27,870 $ 156,636 (in thousands) Mortgage Other Total Allowances for Loan Losses at December 31, 2018: Loans collectively evaluated for impairment $ 130,983 $ 28,837 $ 159,820 |
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 March 31, 2019: Loans individually evaluated for impairment $ 13,873 $ 49,739 $ 63,612 Loans collectively evaluated for impairment 37,760,517 2,663,301 40,423,818 Total $ 37,774,390 $ 2,713,040 $ 40,487,430 (in thousands) Mortgage Other Total Loans Receivable at December 31, 2018: Loans individually evaluated for impairment $ 15,794 $ 36,375 $ 52,169 Loans collectively evaluated for impairment 37,720,923 2,360,769 40,081,692 Total $ 37,736,717 $ 2,397,144 $ 40,133,861 |
Additional Information Regarding Impaired Non-Covered Loans | The following table presents additional information about the Company’s impaired loans at March 31, 2019: (in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Impaired loans with no related allowance: Multi-family $ 4,070 $ 7,075 $ — $ 4,145 $ 57 Commercial real estate 2,256 7,370 — 2,256 — One-to-four family 1,012 1,066 — 1,017 6 Acquisition, development, and construction 6,535 7,435 — 7,415 144 Other 34,739 99,775 — 35,557 699 Total impaired loans with no related allowance $ 48,612 $ 122,721 $ — $ 50,390 $ 906 Impaired loans with an allowance recorded: Multi-family $ — $ — $ — $ — $ — Commercial real estate — — — — — One-to-four family — — — — — Acquisition, development, and construction — — — — — Other 15,000 15,000 709 15,000 75 Total impaired loans with an allowance recorded $ 15,000 $ 15,000 $ 709 $ 15,000 $ 75 Total impaired loans: Multi-family $ 4,070 $ 7,075 $ — $ 4,145 $ 57 Commercial real estate 2,256 7,370 — 2,256 — One-to-four family 1,012 1,066 — 1,017 6 Acquisition, development, and construction 6,535 7,435 — 7,415 144 Other 49,739 114,775 709 50,057 774 Total impaired loans $ 63,612 $ 137,721 $ 709 $ 65,390 $ 981 The following table presents additional information about the Company’s impaired loans at December 31, 2018: (in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Impaired loans with no related allowance: Multi-family $ 4,220 $ 7,168 $ — $ 6,114 $ 340 Commercial real estate 2,256 7,371 — 3,234 — One-to-four family 1,022 1,076 — 1,576 26 Acquisition, development, and construction 8,296 9,197 — 9,238 590 Other 36,375 101,701 — 42,984 3,057 Total impaired loans with no related allowance $ 52,169 $ 126,513 $ — $ 63,146 $ 4,013 Impaired loans with an allowance recorded: Multi-family $ — $ — $ — $ — $ — Commercial real estate — — — — — One-to-four family — — — — — Acquisition, development, and construction — — — — — Other — — — 20 — Total impaired loans with an allowance recorded $ — $ — $ — $ 20 $ — Total impaired loans: Multi-family $ 4,220 $ 7,168 $ — $ 6,114 $ 340 Commercial real estate 2,256 7,371 — 3,234 — One-to-four family 1,022 1,076 — 1,576 26 Acquisition, development, and construction 8,296 9,197 — 9,238 590 Other 36,375 101,701 — 43,004 3,057 Total impaired loans $ 52,169 $ 126,513 $ — $ 63,166 $ 4,013 |
Non-Covered Loans | |
Activity in Allowance for Loan Losses | The following table summarizes activity in the allowance for loan losses for the periods indicated: For the Three Months Ended March 31, 2019 2018 (in thousands) Mortgage Other Total Mortgage Other Total Balance, beginning of period $ 130,983 $ 28,837 $ 159,820 $ 128,275 $ 29,771 $ 158,046 Charge-offs — (2,079 ) (2,079 ) (5,411 ) (1,580 ) (6,991 ) Recoveries 7 110 117 110 404 514 (Recovery of) provision for loan losses (2,224 ) 1,002 (1,222 ) 6,161 3,410 9,571 Balance, end of period $ 128,766 $ 27,870 $ 156,636 $ 129,135 $ 32,005 $ 161,140 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Summary of Borrowed Funds | The following table summarizes the Company’s borrowed funds at the dates indicated: (in thousands) March 31, 2019 December 31, 2018 Wholesale Borrowings: FHLB advances $ 11,803,661 $ 13,053,661 Repurchase agreements 800,000 500,000 Total wholesale borrowings $ 12,603,661 $ 13,553,661 Junior subordinated debentures 359,594 359,508 Subordinated notes 294,655 294,697 Total borrowed funds $ 13,257,910 $ 14,207,866 |
Summary of Repurchase Agreements Accounted for Secured Borrowings | The following table summarizes the Company’s repurchase agreements accounted for as secured borrowings at March 31, 2019: Remaining Contractual Maturity of the Agreements (in thousands) Overnight and Continuous Up to 30 Days 30–90 Days Greater than 90 Days GSE obligations $ — $ — $ — $ 800,000 |
Junior Subordinated Debentures Outstanding | The following junior subordinated debentures were outstanding at March 31, 2019: Issuer Interest Rate of Capital Securities and Debentures Junior Subordinated Debentures Amount Outstanding Capital Securities Amount Outstanding Date of Original Issue Stated Maturity First Optional Redemption Date (dollars in thousands) New York Community Capital Trust V SM 6.000 % $ 145,668 $ 139,317 Nov. 4, 2002 Nov. 1, 2051 Nov. 4, 2007 (1) New York Community Capital Trust X 4.202 123,712 120,000 Dec. 14, 2006 Dec. 15, 2036 Dec. 15, 2011 (2) PennFed Capital Trust III 5.861 30,928 30,000 June 2, 2003 June 15, 2033 June 15, 2008 (2) New York Community Capital Trust XI 4.242 59,286 57,500 April 16, 2007 June 30, 2037 June 30, 2012 (2) Total junior subordinated debentures $ 359,594 $ 346,817 (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. |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Pension and Post-Retirement Plans | The following table sets forth certain disclosures for the Company’s pension and post-retirement plans for the periods indicated: For the Three Months Ended March 31, 2019 2018 (in thousands) Pension Benefits Post- Retirement Benefits Pension Benefits Post- Retirement Benefits Components of net periodic (credit) expense: (1) Interest cost $ 1,415 $ 128 $ 1,271 $ 128 Expected return on plan assets (3,483 ) — (4,035 ) — Amortization of prior-service costs — (62 ) — (62 ) Amortization of net actuarial loss 2,509 31 1,795 76 Net periodic (credit) expense $ 441 $ 97 $ (969 ) $ 142 (1) Amounts are included in G&A expense on the Consolidated Statements of Income and Comprehensive Income. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Summary of Activity for Restricted Stock Awards | The following table provides a summary of activity with regard to restricted stock awards in the three months ended March 31, 2019: Number of Shares Weighted Average Grant Date Fair Value Unvested at beginning of year 6,904,388 $ 14.74 Granted 1,743,240 10.32 Vested (2,038,655 ) 15.25 Canceled (89,500 ) 12.90 Unvested at end of period 6,519,473 13.43 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 and December 31, 2018, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at March 31, 2019 (in thousands) Quoted Prices Significant Significant Netting Total Assets: Mortgage-Related Debt Securities Available for Sale: GSE certificates $ — $ 1,395,631 $ — $ — $ 1,395,631 GSE CMOs — 1,455,129 — — 1,455,129 Total mortgage-related debt securities $ — $ 2,850,760 $ — $ — $ 2,850,760 Other Debt Securities Available for Sale: U. S. Treasury obligations $ 29,662 $ — $ — $ — $ 29,662 GSE debentures — 1,482,373 — — 1,482,373 Asset-backed securities — 384,674 — — 384,674 Municipal bonds — 67,198 — — 67,198 Corporate bonds — 860,055 — — 860,055 Capital trust notes — 49,922 — — 49,922 Total other debt securities $ 29,662 $ 2,844,222 $ — $ — $ 2,873,884 Total debt securities available for sale $ 29,662 $ 5,694,982 $ — $ — $ 5,724,644 Equity securities: Preferred stock $ 15,147 $ — $ — $ — $ 15,147 Mutual funds and common stock — 16,981 — — 16,981 Total equity securities $ 15,147 $ 16,981 $ — $ — $ 32,128 Total securities $ 44,809 $ 5,711,963 $ — $ — $ 5,756,772 Liabilities: Derivative liabilities $ — $ — $ — $ — $ — Fair Value Measurements at December 31, 2018 (in thousands) Quoted Prices Significant Significant Netting Total Fair Assets: Mortgage-Related Debt Securities Available for Sale: GSE certificates $ — $ 1,707,521 $ — $ — $ 1,707,521 GSE CMOs — 1,252,761 — — 1,252,761 Total mortgage-related debt securities $ — $ 2,960,282 $ — $ — $ 2,960,282 Other Debt Securities Available for Sale: GSE debentures $ — $ 1,328,927 $ — $ — $ 1,328,927 Asset-backed securities — 387,122 — — 387,122 Municipal bonds — 66,183 — — 66,183 Corporate bonds — 821,715 — — 821,715 Capital trust notes — 49,291 — — 49,291 Total other debt securities $ — $ 2,653,238 $ — $ — $ 2,653,238 Total debt securities available for sale $ — $ 5,613,520 $ — $ — $ 5,613,520 Equity securities: Preferred stock $ 13,846 $ — $ — $ — $ 13,846 Mutual funds and common stock — 16,705 — — 16,705 Total equity securities $ 13,846 $ 16,705 $ — $ — $ 30,551 Total securities $ 13,846 $ 5,630,225 $ — $ — $ 5,644,071 |
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 basis as of March 31, 2019 and December 31, 2018, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at March 31, 2019 Using (in thousands) Quoted Prices in Significant Other Significant Total Fair Certain impaired loans (1) $ — $ — $ 37,587 $ 37,587 Other assets (2) — — — — Total $ — $ — $ 37,587 $ 37,587 (1) Represents the fair value of impaired loans, based on the value of the collateral. (2) Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets. Fair Value Measurements at December 31, 2018 Using (in thousands) Quoted Prices in Significant Other Significant Total Fair Certain impaired loans (1) $ — $ — $ 38,213 $ 38,213 Other assets (2) — — 1,265 1,265 Total $ — $ — $ 39,478 $ 39,478 (1) Represents the fair value of impaired loans, based on the value of the collateral. (2) Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets. |
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 March 31, 2019 and December 31, 2018: March 31, 2019 Fair Value Measurement Using (in thousands) Carrying Estimated Quoted Prices in Significant Significant Financial Assets: Cash and cash equivalents $ 990,019 $ 990,019 $ 990,019 $ — $ — FHLB stock (1) 588,197 588,197 — 588,197 — Loans, net 40,369,383 40,257,098 — — 40,257,098 Financial Liabilities: Deposits 31,601,125 31,617,404 18,833,346 (2) $ 12,784,058 (3) $ — Borrowed funds 13,257,910 13,282,486 — 13,282,486 — (1) Carrying value and estimated fair value are at cost. (2) Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. (3) Certificates of deposit. December 31, 2018 Fair Value Measurement Using (in thousands) Carrying Estimated Quoted Prices in Significant Significant Financial Assets: Cash and cash equivalents $ 1,474,955 $ 1,474,955 $ 1,474,955 $ — $ — FHLB stock (1) 644,590 644,590 — 644,590 — Loans, net 40,006,088 39,461,985 — — 39,461,985 Financial Liabilities: Deposits $ 30,764,430 $ 30,748,729 $ 18,570,108 (2) $ 12,178,621 (3) $ — Borrowed funds 14,207,866 14,136,526 — 14,136,526 — (1) Carrying value and estimated fair value are at cost. (2) Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. (3) Certificates of deposit. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Lease Expense | (in thousands) For the Components of Lease Expense: Operating lease cost $ 7,348 Sublease income (22 ) Total lease cost $ 7,326 |
Supplemental Cash Flow Information Related to the Leases | Supplemental cash flow information related to the leases for the following period: (in thousands) For the Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,348 |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to the leases for the following period: (in thousands, except lease term and discount rate) March 31, 2019 Operating Leases: Operating lease right-of-use assets $ 312,948 Operating lease liabilities 312,628 Weighted average remaining lease term 17.4 years Weighted average discount rate 3.25 % |
Maturities of Lease Liabilities | Maturities of lease liabilities: (in thousands) 2019 $ 21,836 2020 28,319 2021 27,677 2022 26,971 2023 26,541 Thereafter 291,362 Total lease payments 422,706 Less: imputed interest (110,078 ) Total present value of lease liabilities $ 312,628 |
Projected Minimum Annual Rental Commitments | The remaining projected minimum annual rental commitments under these agreements, exclusive of taxes and other charges, are summarized as follows: (in thousands) 2019 $ 30,322 2020 23,399 2021 19,736 2022 16,552 2023 and thereafter 55,525 Total minimum future rentals $ 145,534 |
Derivative and Hedging Activi_2
Derivative and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Schedule of Cumulative Basis Adjustment for Fair Value Hedges | As of March 31, 2019, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges. The Company did not have any derivative instruments of December 31, 2018: (in thousands) March 31, 2019 Line Item in the Consolidated Statement of Financial Condition in which the Hedge Item is Included Carrying Amount Cumulative Amount Total loans and leases, net (1) $ 2,018,532 $ 18,532 (1) These amounts include the amortized cost basis of closed portfolios used to designated hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At March 31, 2019, the amortized cost basis of the closed portfolios used in these hedging relationships was $ 4.7 billion; the cumulative basis adjustments associated with these hedging relationships was $18.5 million; and the amount of the designated hedged items was $2.0 billion. |
Company's derivative financial instruments | The following table sets forth information regarding the Company’s derivative financial instruments at March 31, 2019. The Company had no derivative financial instruments at December 31, 2018. March 31, 2019 Fair Value (in thousands) Notional Amount Other Assets Other Liabilities Derivatives designated as hedging instruments: Fair value hedge interest rate swap $ 2,000,000 $ — $ — Total derivatives designated as hedging instruments $ 2,000,000 $ — $ — |
Consolidated Statements of Income and Comprehensive Income | The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the periods indicated: For the Three Months Ended March 31, (in thousands) 2019 2018 Derivative – interest rate swap: Interest income $ (18,532 ) $ — Hedged item – loans: Interest income $ 18,532 $ — |
Organization and Basis of Pre_3
Organization and Basis of Presentation - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2019Location$ / shares | Dec. 31, 2018$ / shares | Nov. 23, 1993$ / shares | |
Organization and Basis Of Presentation [Line Items] | |||
Common stock, par | $ 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 | $ 25 | ||
Shares issued, price per share, split adjusted basis | $ 0.93 | ||
New York Community Bank | |||
Organization and Basis Of Presentation [Line Items] | |||
Number of branches | Location | 240 | ||
New York Community Bank | Directly Operated Banks | |||
Organization and Basis Of Presentation [Line Items] | |||
Number of branches | Location | 19 |
Computation of Basic and Dilute
Computation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net income available to common shareholders | $ 89,370 | $ 98,345 |
Less: Dividends paid on and earnings allocated to participating securities | (1,119) | (900) |
Earnings applicable to common stock | $ 88,251 | $ 97,445 |
Weighted average common shares outstanding | 465,493,702 | 488,140,102 |
Basic earnings per common share | $ 0.19 | $ 0.20 |
Potential dilutive common shares | 0 | 0 |
Total shares for diluted earnings per common share computation | 465,493,702 | 488,140,102 |
Diluted earnings per common share and common share equivalents | $ 0.19 | $ 0.20 |
Reclassifications of Accumulate
Reclassifications of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net gain on sales of securities | $ 5,409 | ||
Income tax expense | (30,988) | $ (37,925) | |
Net income | 97,577 | $ 106,552 | |
Reclassifications, net of tax | [1] | 2,109 | |
Past service liability | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassifications, before tax | [1],[2] | 62 | |
Actuarial losses | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassifications, before tax | [1],[2] | (2,540) | |
Amortization of defined benefit pension | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassifications, before tax | [1] | (2,478) | |
Tax benefit | [1] | 695 | |
Reclassifications, net of tax | [1] | (1,783) | |
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] | 5,409 | |
Income tax expense | [1] | (1,517) | |
Net income | [1] | $ 3,892 | |
[1] | Amounts in parentheses indicate expense items. | ||
[2] | See Note 8, “Pension and Other Post-Retirement Benefits,” for additional information. |
Summary of Portfolio of Securit
Summary of Portfolio of Securities Available for Sale (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | $ 5,731,328 | $ 5,660,418 | |||
Gross Unrealized Gain | 55,387 | 46,339 | |||
Gross Unrealized Loss | 29,943 | 62,686 | |||
Fair Value | 5,756,772 | 5,644,071 | |||
Mortgage-Related Securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 2,828,433 | 2,953,957 | |||
Gross Unrealized Gain | 33,017 | 26,526 | |||
Gross Unrealized Loss | 10,690 | 20,201 | |||
Fair Value | 2,850,760 | 2,960,282 | |||
Mortgage-Related Securities | GSE certificates | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 1,380,756 | 1,705,336 | |||
Gross Unrealized Gain | 21,538 | 18,146 | |||
Gross Unrealized Loss | 6,663 | 15,961 | |||
Fair Value | 1,395,631 | 1,707,521 | |||
Mortgage-Related Securities | GSE CMOs | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 1,447,677 | 1,248,621 | |||
Gross Unrealized Gain | 11,479 | 8,380 | |||
Gross Unrealized Loss | 4,027 | 4,240 | |||
Fair Value | 1,455,129 | 1,252,761 | |||
Equity Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 32,162 | 32,162 | |||
Gross Unrealized Gain | 481 | 366 | |||
Gross Unrealized Loss | 515 | 1,977 | |||
Fair Value | 32,128 | 30,551 | |||
Equity Securities [Member] | Preferred stock | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 15,292 | 15,292 | |||
Gross Unrealized Gain | 0 | ||||
Gross Unrealized Loss | 145 | 1,446 | |||
Fair Value | 15,147 | 13,846 | |||
Equity Securities [Member] | Mutual Funds and Common Stock | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | [1] | 16,870 | 16,870 | ||
Gross Unrealized Gain | [1] | 481 | 366 | ||
Gross Unrealized Loss | [1] | 370 | 531 | ||
Fair Value | [1] | 16,981 | 16,705 | ||
Debt Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 2,870,733 | 2,674,299 | |||
Gross Unrealized Gain | 21,889 | 19,447 | |||
Gross Unrealized Loss | 18,738 | 40,508 | |||
Fair Value | 2,873,884 | 2,653,238 | |||
Debt Securities [Member] | U.S. Treasury obligations | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 29,659 | ||||
Gross Unrealized Gain | 3 | ||||
Gross Unrealized Loss | 0 | ||||
Fair Value | 29,662 | ||||
Debt Securities [Member] | GSE debentures | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 1,478,777 | 1,334,549 | |||
Gross Unrealized Gain | 5,211 | 3,366 | |||
Gross Unrealized Loss | 1,615 | 8,988 | |||
Fair Value | 1,482,373 | 1,328,927 | |||
Debt Securities [Member] | Corporate bonds | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 859,644 | 836,153 | |||
Gross Unrealized Gain | 9,292 | 8,667 | |||
Gross Unrealized Loss | 8,881 | 23,105 | |||
Fair Value | 860,055 | 821,715 | |||
Debt Securities [Member] | Municipal bonds | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 68,277 | 68,551 | |||
Gross Unrealized Gain | 423 | 195 | |||
Gross Unrealized Loss | 1,502 | 2,563 | |||
Fair Value | 67,198 | 66,183 | |||
Debt Securities [Member] | Capital trust notes | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 48,291 | 48,278 | |||
Gross Unrealized Gain | 6,614 | 6,435 | |||
Gross Unrealized Loss | 4,983 | 5,422 | |||
Fair Value | 49,922 | 49,291 | |||
Debt Securities [Member] | Asset-backed Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | [2] | 386,085 | 386,768 | ||
Gross Unrealized Gain | [2] | 346 | 784 | ||
Gross Unrealized Loss | [2] | 1,757 | 430 | ||
Fair Value | [2] | 384,674 | 387,122 | ||
Mortgage Backed Securities And Other Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 5,699,166 | [3] | 5,628,256 | [4] | |
Gross Unrealized Gain | 54,906 | [3] | 45,973 | [4] | |
Gross Unrealized Loss | 29,428 | [3] | 60,709 | [4] | |
Fair Value | $ 5,724,644 | [3] | $ 5,613,520 | [4] | |
[1] | Primarily consists of mutual funds that are CRA-qualified investments. | ||||
[2] | The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. | ||||
[3] | The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At March 31, 2019, the non-credit portion of OTTI recorded in AOCL was $8.6 million before taxes. | ||||
[4] | The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At December 31, 2018, the non-credit portion of OTTI recorded in AOCL was $8.6 million before taxes. |
Summary of Portfolio of Secur_2
Summary of Portfolio of Securities Available for Sale (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Available-for-sale Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Non-credit portion of OTTI recorded in AOCL, pre-tax | $ 8.6 | $ 8.6 |
Securities - Additional Informa
Securities - Additional Information (Detail) $ in Thousands | Mar. 31, 2019USD ($)Investment | Dec. 31, 2018USD ($)Investment |
Schedule of Investments [Line Items] | ||
Federal Home Loan Bank stock, at cost | $ | $ 588,197 | $ 644,590 |
Investment securities designated as having a continuous loss position for twelve months or more, unrealized losses | $ | $ 16,100 | $ 22,500 |
Investment securities designated as having a continuous loss position for twelve months or more, percentage below collective amortized cost | 1.90% | 2.90% |
Investment securities designated as having a continuous loss position for twelve months or more, amortized cost | $ | $ 829,800 | $ 782,400 |
Mortgage-Related Securities | ||
Schedule of Investments [Line Items] | ||
Number of investment securities designated as having a continuous loss position for twelve months or more | 12 | 9 |
Capital trust notes | ||
Schedule of Investments [Line Items] | ||
Number of investment securities designated as having a continuous loss position for twelve months or more | 5 | 5 |
Municipal bonds | ||
Schedule of Investments [Line Items] | ||
Number of investment securities designated as having a continuous loss position for twelve months or more | 3 | 3 |
Mutual Fund | ||
Schedule of Investments [Line Items] | ||
Number of investment securities designated as having a continuous loss position for twelve months or more | 1 | 1 |
US Government agencies securities | ||
Schedule of Investments [Line Items] | ||
Number of investment securities designated as having a continuous loss position for twelve months or more | 4 | 9 |
Collateralized mortgage obligations | ||
Schedule of Investments [Line Items] | ||
Number of investment securities designated as having a continuous loss position for twelve months or more | 9 | 7 |
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 | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Gain (Loss) on Investments [Line Items] | ||
Gross proceeds | $ 272,849 | $ 0 |
Gross realized gains | $ 5,409 | $ 0 |
Credit Loss Component of Other
Credit Loss Component of Other Than Temporary Impairment on Debt Securities (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |
Beginning credit loss amount as of December 31, 2018 | $ 196,187 |
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 | 19 |
Ending credit loss amount as of March 31, 2019 | $ 196,168 |
Summary of Amortized Cost of Av
Summary of Amortized Cost of Available-for-Sale Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Available-for-Sale Securities: | |||
Due within one year | $ 29,815 | ||
Due from one to five years | 941,396 | ||
Due from five to ten years | 2,345,797 | ||
Due after ten years | 2,407,636 | ||
Total securities available for sale | 5,724,644 | $ 5,613,520 | |
Mortgage-Related Securities | |||
Available-for-Sale Securities: | |||
Due within one year | 0 | ||
Due from one to five years | 797,756 | ||
Due from five to ten years | 325,241 | ||
Due after ten years | 1,705,436 | ||
Total securities available for sale | $ 2,828,433 | ||
Available-for-Sale Securities, Average Yield | |||
Due within one year, Average Yield | 8212.00% | ||
Due from one to five years, Average Yield | 3.33% | ||
Due from five to ten years, Average Yield | 3.46% | ||
Due after ten years, Average Yield | 3.23% | ||
Total securities available for sale, Average Yield | 3.28% | ||
U.S. Treasury and GSE Obligations | |||
Available-for-Sale Securities: | |||
Due within one year | $ 29,659 | ||
Due from one to five years | 32,874 | ||
Due from five to ten years | 1,232,053 | ||
Due after ten years | 213,850 | ||
Total securities available for sale | $ 1,508,436 | ||
Available-for-Sale Securities, Average Yield | |||
Due within one year, Average Yield | 2.45% | ||
Due from one to five years, Average Yield | 3.48% | ||
Due from five to ten years, Average Yield | 3.44% | ||
Due after ten years, Average Yield | 3.57% | ||
Total securities available for sale, Average Yield | 3.44% | ||
State, county, and municipal | |||
Available-for-Sale Securities: | |||
Due within one year | $ 149 | ||
Due from one to five years | 146 | ||
Due from five to ten years | 10,974 | ||
Due after ten years | 57,008 | ||
Total securities available for sale | $ 68,277 | ||
Available-for-Sale Securities, Average Yield | |||
Due within one year, Average Yield | [1] | 6.59% | |
Due from one to five years, Average Yield | [1] | 6.66% | |
Due from five to ten years, Average Yield | [1] | 3.79% | |
Due after ten years, Average Yield | [1] | 2.71% | |
Total securities available for sale, Average Yield | [1] | 2.90% | |
Other Debt Securities | |||
Available-for-Sale Securities: | |||
Due within one year | [2] | $ 0 | |
Due from one to five years | [2] | 92,939 | |
Due from five to ten years | [2] | 767,143 | |
Due after ten years | [2] | 433,938 | |
Total securities available for sale | [2] | $ 1,294,020 | |
Available-for-Sale Securities, Average Yield | |||
Due within one year, Average Yield | 8212.00% | ||
Due from one to five years, Average Yield | 3.79% | ||
Due from five to ten years, Average Yield | 4.42% | ||
Due after ten years, Average Yield | 3.39% | ||
Total securities available for sale, Average Yield | 4.03% | ||
[1] | Not presented on a tax-equivalent basis. | ||
[2] | Includes corporate bonds, capital trust notes, and asset-backed securities. |
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 | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | $ 1,601,085 | $ 2,054,583 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 13,848 | 40,139 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 813,733 | 759,881 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 16,095 | 22,547 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 2,414,818 | 2,814,464 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 29,943 | 62,686 |
Debt Securities | GSE certificates | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 0 | 576,970 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 0 | 10,598 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 440,027 | 232,969 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 6,663 | 5,363 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 440,027 | 809,939 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 6,663 | 15,961 |
Debt Securities | GSE CMOs | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 428,352 | 465,779 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 1,894 | 1,892 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 146,100 | 99,050 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 2,133 | 2,348 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 574,452 | 564,829 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 4,027 | 4,240 |
Debt Securities | U.S. Treasury obligations | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 218,933 | 276,113 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 1,171 | 2,629 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 127,748 | 329,372 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 444 | 6,359 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 346,681 | 605,485 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 1,615 | 8,988 |
Debt Securities | Municipal bonds | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 0 | 5,876 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 0 | 21 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 49,612 | 48,837 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 1,502 | 2,542 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 49,612 | 54,713 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 1,502 | 2,563 |
Debt Securities | Capital trust notes | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 0 | 0 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 0 | 0 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 38,811 | 38,360 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 4,983 | 5,422 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 38,811 | 38,360 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 4,983 | 5,422 |
Debt Securities | Asset-backed Securities | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 237,208 | 69,166 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 1,757 | 430 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 0 | 0 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 0 | 0 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 237,208 | 69,166 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 1,757 | 430 |
Debt Securities | Corporate Bond Securities | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 701,445 | 642,843 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 8,881 | 23,105 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 0 | 0 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 0 | 0 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 701,445 | 642,843 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 8,881 | 23,105 |
Equity securities | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 15,147 | 17,836 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 145 | 1,464 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 11,435 | 11,293 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 370 | 513 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 26,582 | 29,129 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | $ 515 | $ 1,977 |
Composition of Loan and Lease P
Composition of Loan and Lease Portfolio (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 40,487,430 | $ 40,133,861 | |||
Net deferred loan origination costs | 38,589 | 32,047 | |||
Allowance for losses | (156,636) | (159,820) | $ (161,140) | $ (158,046) | |
Total loans and leases, net | $ 40,369,383 | $ 40,006,088 | |||
Non-Covered Loans, Percentage | 100.00% | 100.00% | |||
Commercial and Industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | [1],[2] | $ 2,705,064 | $ 2,388,420 | ||
Non-Covered Loans, Percentage | [2] | 6.68% | 5.95% | ||
Commercial and Industrial | Other loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 1,764,169 | $ 1,705,308 | |||
Non-Covered Loans, Percentage | 4.36% | 4.25% | |||
Multi-Family | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 29,932,829 | $ 29,883,919 | |||
Non-Covered Loans, Percentage | 73.92% | 74.46% | |||
Commercial Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 7,079,241 | $ 6,998,834 | |||
Non-Covered Loans, Percentage | 17.49% | 17.44% | |||
One-to-four family | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 435,686 | $ 446,094 | |||
Non-Covered Loans, Percentage | 1.08% | 1.11% | |||
Acquisition, development, and construction | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 326,634 | $ 407,870 | |||
Non-Covered Loans, Percentage | 0.81% | 1.02% | |||
Mortgage Receivable | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 37,774,390 | $ 37,736,717 | |||
Allowance for losses | $ (128,766) | $ (130,983) | $ (129,135) | $ (128,275) | |
Non-Covered Loans, Percentage | 93.30% | 94.03% | |||
Lease financing, unearned income | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | [3] | $ 940,895 | $ 683,112 | ||
Non-Covered Loans, Percentage | [3] | 2.32% | 1.70% | ||
Other | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 7,976 | $ 8,724 | |||
Non-Covered Loans, Percentage | 0.02% | 0.02% | |||
Total Other Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 2,713,040 | $ 2,397,144 | |||
Total Other Loans | Other loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 2,713,040 | $ 2,397,144 | |||
Non-Covered Loans, Percentage | 6.70% | 5.97% | |||
[1] | Includes lease financing receivables, all of which were classified as Pass. | ||||
[2] | Includes specialty finance loans and leases of $2.2 billion and $1.9 billion, respectively, at March 31, 2019 and December 31, 2018 and other C&I loans of $477.5 million and $469.9 million, respectively, at March 31, 2019 and December 31, 2018. | ||||
[3] | The payments on these leases are generally received ratably over future years. Approximately 41% of the payments are expected to be received over the next five years. |
Composition of Loan and Lease_2
Composition of Loan and Lease Portfolio (Parenthetical) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | $ 40,487,430 | $ 40,133,861 | |
Loans And Leases Payments to be Received Five Years Percentage | 41.00% | ||
Commercial and Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | [1],[2] | $ 2,705,064 | 2,388,420 |
Commercial and Industrial | Other loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | 1,764,169 | 1,705,308 | |
Lease financing, unearned income | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unearned income | 74,451 | 53,891 | |
Non-Covered Loans | [3] | 940,895 | 683,112 |
Specialty Finance Loans | Commercial and Industrial | Other loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | 2,200,000 | 1,900,000 | |
Other Commercial and Industrial Loans | Commercial and Industrial | Other loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | $ 477,500 | $ 469,900 | |
[1] | Includes lease financing receivables, all of which were classified as Pass. | ||
[2] | Includes specialty finance loans and leases of $2.2 billion and $1.9 billion, respectively, at March 31, 2019 and December 31, 2018 and other C&I loans of $477.5 million and $469.9 million, respectively, at March 31, 2019 and December 31, 2018. | ||
[3] | The payments on these leases are generally received ratably over future years. Approximately 41% of the payments are expected to be received over the next five years. |
Loans and Leases - Additional I
Loans and Leases - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Outstanding loans to Executive officers, directors, principal shareholders, related interest and parties | $ 35,000,000 | |
Delinquent loans selectively extended to certain borrowers, rate reductions, forbearance of arrears, and extension of maturity dates | $ 2,654,000 | |
Direct Financing Lease, Lease Income | 7,300,000 | |
Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Delinquent loans selectively extended to certain borrowers, rate reductions, forbearance of arrears, and extension of maturity dates | 3,088,000 | 1,754,000 |
Loan classified as non accrual TDRs | 566,000 | $ 2,900,000 |
Financing Receivable Troubled Debt Restructurings Rate Reductions | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Delinquent loans selectively extended to certain borrowers, rate reductions, forbearance of arrears, and extension of maturity dates | 34,600,000 | |
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 | $ 37,000 |
Quality of Non-Covered Loans (E
Quality of Non-Covered Loans (Excluding PCI Loans and Leases) (Detail) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non-Covered Loans | $ 40,487,430,000 | $ 40,133,861,000 | ||||
Multi-Family | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non-Covered Loans | 29,932,829,000 | 29,883,919,000 | ||||
Commercial Real Estate | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non-Covered Loans | 7,079,241,000 | 6,998,834,000 | ||||
One-to-four family | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non-Covered Loans | 435,686,000 | 446,094,000 | ||||
Acquisition, development, and construction | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non-Covered Loans | 326,634,000 | 407,870,000 | ||||
Commercial and Industrial | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non- Accrual | 566,000 | $ 2,900,000 | ||||
Non-Covered Loans | [2] | 2,705,064,000 | [1] | 2,388,420,000 | [3] | |
Other | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non-Covered Loans | 7,976,000 | 8,724,000 | ||||
Non-Covered Loans | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 71,104,000 | 46,070,000 | ||||
Non- Accrual | 58,574,000 | 45,506,000 | ||||
Current | 40,416,326,000 | 40,087,791,000 | ||||
Non-Covered Loans | Financing Receivable, 30-89 Days Past Due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 12,530,000 | 564,000 | ||||
Non-Covered Loans | Multi-Family | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 6,429,000 | 4,220,000 | ||||
Non- Accrual | 4,070,000 | 4,220,000 | ||||
Current | 29,926,400,000 | 29,879,699,000 | ||||
Non-Covered Loans | Multi-Family | Financing Receivable, 30-89 Days Past Due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 2,359,000 | |||||
Non-Covered Loans | Commercial Real Estate | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 6,285,000 | 3,021,000 | ||||
Non- Accrual | 3,007,000 | 3,021,000 | ||||
Current | 7,072,956,000 | 6,995,813,000 | ||||
Non-Covered Loans | Commercial Real Estate | Financing Receivable, 30-89 Days Past Due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 3,278,000 | |||||
Non-Covered Loans | One-to-four family | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 1,646,000 | 1,660,000 | ||||
Non- Accrual | 1,637,000 | 1,651,000 | ||||
Current | 434,040,000 | 444,434,000 | ||||
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 | 9,000 | 9,000 | ||||
Non-Covered Loans | Acquisition, development, and construction | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 6,608,000 | |||||
Current | 320,026,000 | 407,870,000 | ||||
Non-Covered Loans | Acquisition, development, and construction | Financing Receivable, 30-89 Days Past Due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 6,608,000 | |||||
Non-Covered Loans | Commercial and Industrial | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | [2] | 50,082,000 | [1] | 37,138,000 | [3] | |
Non- Accrual | [2] | 49,851,000 | [1] | 36,608,000 | [3] | |
Current | [2] | 2,654,982,000 | [1] | 2,351,282,000 | [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] | 231,000 | [1] | 530,000 | [3] | |
Non-Covered Loans | Other | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 54,000 | 31,000 | ||||
Non- Accrual | 9,000 | 6,000 | ||||
Current | 7,922,000 | 8,693,000 | ||||
Non-Covered Loans | Other | Financing Receivable, 30-89 Days Past Due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | $ 45,000 | $ 25,000 | ||||
[1] | Includes $33.8 million of taxi medallion-related loans that were 90 days or more past due. There were no taxi medallion-related loans that were 30 to 89 days past due. | |||||
[2] | Includes lease financing receivables, all of which were current. | |||||
[3] | Includes $530,000 and $35.5 million of taxi medallion-related loans that were 30 to 89 days past due and 90 days or more past due, respectively. |
Quality of Non-Covered Loans _2
Quality of Non-Covered Loans (Excluding PCI Loans and Leases) (Parenthetical) (Detail) - Taxi Medallion Loans - Commercial and Industrial - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 530,000 | |
Loans 90 Days Or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 33,800 | $ 35,500 |
Non-Covered Loan Portfolio by C
Non-Covered Loan Portfolio by Credit Quality Indicator (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | $ 40,487,430 | $ 40,133,861 | |
Multi-Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 29,932,829 | 29,883,919 | |
Multi-Family | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 29,671,752 | 29,548,242 | |
Multi-Family | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 232,295 | 312,025 | |
Multi-Family | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 28,782 | 23,652 | |
Commercial Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 7,079,241 | 6,998,834 | |
Commercial Real Estate | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 6,944,249 | 6,880,105 | |
Commercial Real Estate | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 63,529 | 90,653 | |
Commercial Real Estate | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 71,463 | 28,076 | |
One-to-four family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 435,686 | 446,094 | |
One-to-four family | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 432,380 | 444,443 | |
One-to-four family | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 1,669 | ||
One-to-four family | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 1,637 | 1,651 | |
Acquisition, development, and construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 326,634 | 407,870 | |
Acquisition, development, and construction | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 276,666 | 319,001 | |
Acquisition, development, and construction | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 36,825 | 73,964 | |
Acquisition, development, and construction | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 13,143 | 14,905 | |
Mortgage Receivable | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 37,774,390 | 37,736,717 | |
Mortgage Receivable | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 37,325,047 | 37,191,791 | |
Mortgage Receivable | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 334,318 | 476,642 | |
Mortgage Receivable | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 115,025 | 68,284 | |
Commercial and Industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | [1],[2] | 2,705,064 | 2,388,420 |
Commercial and Industrial | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | [1] | 2,628,058 | 2,306,563 |
Commercial and Industrial | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | [1] | 3,722 | 19,751 |
Commercial and Industrial | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | [1] | 73,284 | 62,106 |
Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 7,976 | 8,724 | |
Other | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 7,717 | 8,469 | |
Other | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 259 | 255 | |
Total Other Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 2,713,040 | 2,397,144 | |
Total Other Loans | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 2,635,775 | 2,315,032 | |
Total Other Loans | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 3,722 | 19,751 | |
Total Other Loans | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | $ 73,543 | $ 62,361 | |
[1] | Includes lease financing receivables, all of which were classified as Pass. | ||
[2] | Includes specialty finance loans and leases of $2.2 billion and $1.9 billion, respectively, at March 31, 2019 and December 31, 2018 and other C&I loans of $477.5 million and $469.9 million, respectively, at March 31, 2019 and December 31, 2018. |
Information Regarding Troubled
Information Regarding Troubled Debt Restructurings (Detail) - Non-Covered Loans - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | $ 34,599 | $ 34,881 |
Multi-Family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 4,070 | 4,220 |
One-to-four family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 1,012 | 1,022 |
Acquisition, development, and construction | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 6,535 | 8,297 |
Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 22,982 | 21,342 |
Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 7,400 | 9,162 |
Accruing | Acquisition, development, and construction | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 6,535 | 8,297 |
Accruing | Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 865 | 865 |
Non-Accrual | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 27,199 | 25,719 |
Non-Accrual | Multi-Family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 4,070 | 4,220 |
Non-Accrual | One-to-four family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 1,012 | 1,022 |
Non-Accrual | Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | $ 22,117 | $ 20,477 |
Summary of Financial Effects of
Summary of Financial Effects of Troubled Debt Restructurings (Detail) | 3 Months Ended | |
Mar. 31, 2019USD ($)Investment | Mar. 31, 2018USD ($)Investment | |
Financing Receivable, Modifications [Line Items] | ||
Number of loans classified as a non-accrual TDRs | Investment | 7 | |
Pre-Modification Recorded Investment | $ 4,066,000 | |
Post-Modification Recorded Investment | 2,654,000 | |
Trouble debt restructuring, charge-off amount | $ 1,318,000 | |
Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans classified as a non-accrual TDRs | Investment | 15 | 6 |
Pre-Modification Recorded Investment | $ 4,194 | $ 3,166,000 |
Post-Modification Recorded Investment | $ 3,088,000 | $ 1,754,000 |
Weighted Average Interest Rate, Pre-Modification | 3.26% | 3.28% |
Weighted Average Interest Rate, Post-Modification | 2.98% | 3.21% |
Trouble debt restructuring, charge-off amount | $ 1,106,000 | $ 1,318,000 |
Acquisition, development, and construction | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans classified as a non-accrual TDRs | Investment | 1 | |
Pre-Modification Recorded Investment | $ 900,000 | |
Post-Modification Recorded Investment | $ 900,000 | |
Weighted Average Interest Rate, Pre-Modification | 4.50% | |
Weighted Average Interest Rate, Post-Modification | 4.50% |
Activity in Allowance for Losse
Activity in Allowance for Losses for Non-Covered Loans and Covered Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, Individually evaluated for impairment | $ 709 | |
Allowance for Loan Losses, Collectively evaluated for impairment | 155,927 | $ 159,820 |
Allowance for Loan Losses | 156,636 | |
Mortgage Receivable | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 128,766 | 130,983 |
Allowance for Loan Losses | 128,766 | |
Other loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, Individually evaluated for impairment | 709 | |
Allowance for Loan Losses, Collectively evaluated for impairment | 27,161 | $ 28,837 |
Allowance for Loan Losses | $ 27,870 |
Additional Information Regardin
Additional Information Regarding Methods used to Evaluate Loan Portfolio for Impairment (Detail) - Additional Information Loan Portfolio - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Individually evaluated for impairment | $ 63,612 | $ 52,169 |
Loans Receivable, Collectively evaluated for impairment | 40,423,818 | 40,081,692 |
Total loans, net | 40,487,430 | 40,133,861 |
Mortgage Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Individually evaluated for impairment | 13,873 | 15,794 |
Loans Receivable, Collectively evaluated for impairment | 37,760,517 | 37,720,923 |
Total loans, net | 37,774,390 | 37,736,717 |
Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Individually evaluated for impairment | 49,739 | 36,375 |
Loans Receivable, Collectively evaluated for impairment | 2,663,301 | 2,360,769 |
Total loans, net | $ 2,713,040 | $ 2,397,144 |
Activity in Allowance for Los_2
Activity in Allowance for Losses on Non-Covered Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Valuation Allowance [Line Items] | ||
Balance, beginning of period | $ 159,820 | $ 158,046 |
Charge-offs | (2,079) | (6,991) |
Recoveries | 117 | 514 |
(Recovery of) provision for loan losses | (1,222) | 9,571 |
Balance, end of period | 156,636 | 161,140 |
Non-Covered Loans | ||
Valuation Allowance [Line Items] | ||
(Recovery of) provision for loan losses | (1,222) | 9,571 |
Mortgage Receivable | ||
Valuation Allowance [Line Items] | ||
Balance, beginning of period | 130,983 | 128,275 |
Charge-offs | (5,411) | |
Recoveries | 7 | 110 |
Balance, end of period | 128,766 | 129,135 |
Mortgage Receivable | Non-Covered Loans | ||
Valuation Allowance [Line Items] | ||
(Recovery of) provision for loan losses | (2,224) | 6,161 |
Other loans | ||
Valuation Allowance [Line Items] | ||
Balance, beginning of period | 28,837 | 29,771 |
Charge-offs | (2,079) | (1,580) |
Recoveries | 110 | 404 |
Balance, end of period | 27,870 | 32,005 |
Other loans | Non-Covered Loans | ||
Valuation Allowance [Line Items] | ||
(Recovery of) provision for loan losses | $ 1,002 | $ 3,410 |
Additional Information about Im
Additional Information about Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | $ 48,612 | $ 52,169 |
Impaired loans with no related allowance, Unpaid Principal Balance | 122,721 | 126,513 |
Impaired loans with no related allowance, Average Recorded Investment | 50,390 | 63,146 |
Impaired loans with no related allowance, Interest Income Recognized | 906 | 4,013 |
Impaired loans with an allowance recorded, Recorded Investment | 15,000 | |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 15,000 | |
Impaired loans with an allowance recorded, Related Allowance | 709 | |
Impaired loans with an allowance recorded, Average Recorded Investment | 15,000 | 20 |
Impaired loans with an allowance recorded, Interest Income Recognized | 75 | |
Total impaired loans, Recorded Investment | 63,612 | 52,169 |
Total impaired loans, Unpaid Principal Balance | 137,721 | 126,513 |
Total impaired loans, Related Allowance | 709 | |
Total impaired loans, Average Recorded Investment | 65,390 | 63,166 |
Total impaired loans, Interest Income Recognized | 981 | 4,013 |
Multi-Family | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 4,070 | 4,220 |
Impaired loans with no related allowance, Unpaid Principal Balance | 7,075 | 7,168 |
Impaired loans with no related allowance, Average Recorded Investment | 4,145 | 6,114 |
Impaired loans with no related allowance, Interest Income Recognized | 57 | 340 |
Total impaired loans, Recorded Investment | 4,070 | 4,220 |
Total impaired loans, Unpaid Principal Balance | 7,075 | 7,168 |
Total impaired loans, Average Recorded Investment | 4,145 | 6,114 |
Total impaired loans, Interest Income Recognized | 57 | 340 |
Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 2,256 | 2,256 |
Impaired loans with no related allowance, Unpaid Principal Balance | 7,370 | 7,371 |
Impaired loans with no related allowance, Average Recorded Investment | 2,256 | 3,234 |
Total impaired loans, Recorded Investment | 2,256 | 2,256 |
Total impaired loans, Unpaid Principal Balance | 7,370 | 7,371 |
Total impaired loans, Average Recorded Investment | 2,256 | 3,234 |
One-to-four family | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 1,012 | 1,022 |
Impaired loans with no related allowance, Unpaid Principal Balance | 1,066 | 1,076 |
Impaired loans with no related allowance, Average Recorded Investment | 1,017 | 1,576 |
Impaired loans with no related allowance, Interest Income Recognized | 6 | 26 |
Total impaired loans, Recorded Investment | 1,012 | 1,022 |
Total impaired loans, Unpaid Principal Balance | 1,066 | 1,076 |
Total impaired loans, Average Recorded Investment | 1,017 | 1,576 |
Total impaired loans, Interest Income Recognized | 6 | 26 |
Acquisition, development, and construction | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 6,535 | 8,296 |
Impaired loans with no related allowance, Unpaid Principal Balance | 7,435 | 9,197 |
Impaired loans with no related allowance, Average Recorded Investment | 7,415 | 9,238 |
Impaired loans with no related allowance, Interest Income Recognized | 144 | 590 |
Total impaired loans, Recorded Investment | 6,535 | 8,296 |
Total impaired loans, Unpaid Principal Balance | 7,435 | 9,197 |
Total impaired loans, Average Recorded Investment | 7,415 | 9,238 |
Total impaired loans, Interest Income Recognized | 144 | 590 |
Other | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 34,739 | 36,375 |
Impaired loans with no related allowance, Unpaid Principal Balance | 99,775 | 101,701 |
Impaired loans with no related allowance, Average Recorded Investment | 35,557 | 42,984 |
Impaired loans with no related allowance, Interest Income Recognized | 699 | 3,057 |
Impaired loans with an allowance recorded, Recorded Investment | 15,000 | |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 15,000 | |
Impaired loans with an allowance recorded, Related Allowance | 709 | |
Impaired loans with an allowance recorded, Average Recorded Investment | 15,000 | 20 |
Impaired loans with an allowance recorded, Interest Income Recognized | 75 | |
Total impaired loans, Recorded Investment | 49,739 | 36,375 |
Total impaired loans, Unpaid Principal Balance | 114,775 | 101,701 |
Total impaired loans, Related Allowance | 709 | |
Total impaired loans, Average Recorded Investment | 50,057 | 43,004 |
Total impaired loans, Interest Income Recognized | $ 774 | $ 3,057 |
Summary of Borrowed Funds (Deta
Summary of Borrowed Funds (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Outstanding [Line Items] | ||
FHLB advances | $ 11,803,661 | $ 13,053,661 |
Repurchase agreements | 800,000 | 500,000 |
Total wholesale borrowings | 12,603,661 | 13,553,661 |
Junior subordinated debentures | 359,594 | 359,508 |
Subordinated notes | 294,655 | 294,697 |
Total borrowed funds | $ 13,257,910 | $ 14,207,866 |
Summary of Repurchase Agreement
Summary of Repurchase Agreements Accounted for Secured Borrowings (Detail) - GSE obligations $ in Thousands | Mar. 31, 2019USD ($) |
Overnight and Continuous | |
Remaining Contractual Maturity of the Agreements | $ 0 |
Up to 30 Days | |
Remaining Contractual Maturity of the Agreements | 0 |
30–90 Days | |
Remaining Contractual Maturity of the Agreements | 0 |
Greater than 90 Days | |
Remaining Contractual Maturity of the Agreements | $ 800,000 |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 06, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | Nov. 16, 2018 |
Debt Instrument [Line Items] | ||||
Junior subordinated debentures | $ 359,594 | $ 359,508 | ||
Subordinated Debt | ||||
Debt Instrument [Line Items] | ||||
Capital security, coupon or distribution rate | 5.90% | |||
Principal amount of Subordinated Notes | $ 300,000 | |||
interest rate of subordinated note | 5.90% | |||
description of interest rate | LIBOR rate plus 278 basis points | |||
maturity date of debt | Nov. 6, 2028 |
Junior Subordinated Debentures
Junior Subordinated Debentures Outstanding (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | ||
Subordinated Borrowing [Line Items] | |||
Junior Subordinated Debentures Amount Outstanding | $ 359,594 | $ 359,508 | |
Capital Securities Amount Outstanding | $ 346,817 | ||
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 | $ 145,668 | ||
Capital Securities Amount Outstanding | $ 139,317 | ||
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 | 4.202% | ||
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 | 5.861% | ||
Junior Subordinated Debentures Amount Outstanding | $ 30,928 | ||
Capital Securities Amount Outstanding | $ 30,000 | ||
Date of Original Issue | Jun. 2, 2033 | ||
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 | 4.242% | ||
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. |
Pension and Other Post-Retire_3
Pension and Other Post-Retirement Benefits (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Pension Benefits | |||
Components of net periodic (credit) expense: | |||
Interest cost | [1] | $ 1,415 | $ 1,271 |
Expected return on plan assets | [1] | (3,483) | (4,035) |
Amortization of net actuarial loss | [1] | 2,509 | 1,795 |
Net periodic (credit) expense | [1] | 441 | (969) |
Post- Retirement Benefits | |||
Components of net periodic (credit) expense: | |||
Interest cost | [1] | 128 | 128 |
Amortization of prior-service costs | [1] | (62) | (62) |
Amortization of net actuarial loss | [1] | 31 | 76 |
Net periodic (credit) expense | [1] | $ 97 | $ 142 |
[1] | Amounts are included in G&A expense on the Consolidated Statements of Income and Comprehensive Income. |
Pension and Other Post-Retire_4
Pension and Other Post-Retirement Benefits - Additional Information (Detail) | Mar. 31, 2019USD ($) |
Post- Retirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contribution to defined benefit plan for the fiscal year | $ 1,200,000 |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contribution to defined benefit plan for the fiscal year | $ 0 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for grant | 3,297,368 | |
Shares granted | 1,743,240 | |
Shares granted, weighted average grant date fair value | $ 10.32 | |
Unrecognized compensation cost relating to unvested restricted stock | $ 81,100 | |
Unrecognized compensation cost relating to unvested restricted stock, recognition period (in years) | 3 years 4 months 24 days | |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted, vesting period | 5 years | |
Compensation and benefits expense | $ 7,900,000 | $ 9,800,000 |
Stock Incentive Plan Twenty Twelve | Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted | 1,743,240 | |
Shares granted, weighted average grant date fair value | $ 10.32 |
Summary of Activity for Restric
Summary of Activity for Restricted Stock Awards (Detail) | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Number of Shares | |
Unvested at beginning of year | shares | 6,904,388 |
Granted | shares | 1,743,240 |
Vested | shares | (2,038,655) |
Canceled | shares | (89,500) |
Unvested at end of year | shares | 6,519,473 |
Weighted Average Grant Date Fair Value | |
Unvested at beginning of year | $ / shares | $ 14.74 |
Granted | $ / shares | 10.32 |
Vested | $ / shares | 15.25 |
Canceled | $ / shares | 12.90 |
Unvested at end of year | $ / shares | $ 13.43 |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 5,756,772 | $ 5,644,071 |
Total equity securities | 32,128 | 30,551 |
Total securities | 5,756,772 | 5,644,071 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 5,724,644 | 5,613,520 |
Total equity securities | 32,128 | 30,551 |
Total securities | 5,756,772 | 5,644,071 |
Fair Value, Measurements, Recurring | Preferred stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity securities | 15,147 | 13,846 |
Fair Value, Measurements, Recurring | Mutual Funds and Common Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity securities | 16,981 | 16,705 |
Fair Value, Measurements, Recurring | Mortgage-Related Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 2,850,760 | 2,960,282 |
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 | 1,395,631 | 1,707,521 |
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 | 1,455,129 | 1,252,761 |
Fair Value, Measurements, Recurring | Other Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 2,873,884 | 2,653,238 |
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 | 29,662 | |
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 | 1,482,373 | 1,328,927 |
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 | 860,055 | 821,715 |
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 | 67,198 | 66,183 |
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 | 49,922 | 49,291 |
Fair Value, Measurements, Recurring | Other Securities | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 384,674 | 387,122 |
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 | 29,662 | |
Total equity securities | 15,147 | 13,846 |
Total securities | 44,809 | 13,846 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Preferred stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity securities | 15,147 | 13,846 |
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 | 29,662 | |
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 | 29,662 | |
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 | 5,694,982 | 5,613,520 |
Total equity securities | 16,981 | 16,705 |
Total securities | 5,711,963 | 5,630,225 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Mutual Funds and Common Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity securities | 16,981 | 16,705 |
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 | 2,850,760 | 2,960,282 |
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 | 1,395,631 | 1,707,521 |
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 | 1,455,129 | 1,252,761 |
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 | 2,844,222 | 2,653,238 |
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 | 1,482,373 | 1,328,927 |
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 | 860,055 | 821,715 |
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 | 67,198 | 66,183 |
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 | 49,922 | 49,291 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 384,674 | $ 387,122 |
Assets and Liabilities Measur_2
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Certain impaired loans | [1] | $ 37,587 | $ 38,213 |
Other assets | [2] | 1,265 | |
Total | 37,587 | 39,478 | |
Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Certain impaired loans | [1] | 37,587 | 38,213 |
Other assets | [2] | 1,265 | |
Total | $ 37,587 | $ 39,478 | |
[1] | Represents the fair value of impaired loans, based on the value of the collateral. | ||
[2] | Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets. |
Summary of Carrying Values, Est
Summary of Carrying Values, Estimated Fair Values and Fair Value Measurement Levels of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financial Assets: | ||||
Cash and cash equivalents | $ 990,019 | $ 1,474,955 | $ 2,528,169 | |
FHLB stock | 588,197 | 644,590 | ||
Loans, net | 40,369,383 | 40,006,088 | ||
Financial Liabilities: | ||||
Deposits | 31,601,125 | 30,764,430 | ||
Borrowed funds | 13,257,910 | 14,207,866 | ||
Financial Assets: | ||||
Cash and cash equivalents | 990,019 | 1,474,955 | ||
FHLB stock | [1] | 588,197 | 644,590 | |
Loans, net | 40,257,098 | 39,461,985 | ||
Financial Liabilities: | ||||
Deposits | 31,617,404 | 30,748,729 | ||
Borrowed funds | 13,282,486 | 14,136,526 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Financial Assets: | ||||
Cash and cash equivalents | 990,019 | 1,474,955 | ||
Financial Liabilities: | ||||
Deposits | [2] | 18,833,346 | 18,570,108 | |
Significant Other Observable Inputs (Level 2) | ||||
Financial Assets: | ||||
FHLB stock | [1] | 588,197 | 644,590 | |
Financial Liabilities: | ||||
Deposits | [3] | 12,784,058 | 12,178,621 | |
Borrowed funds | 13,282,486 | 14,136,526 | ||
Significant Unobservable Inputs (Level 3) | ||||
Financial Assets: | ||||
Loans, net | $ 40,257,098 | $ 39,461,985 | ||
[1] | Carrying value and estimated fair value are at cost. | |||
[2] | Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. | |||
[3] | Certificates of deposit. |
Leases - Additional Information
Leases - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Operating Lease, Weighted Average Remaining Lease Term | 17 years 4 months 24 days |
Lessee, Operating Lease, Option to Extend | The vast majority of which include one or more options to extend the leases for up to five years resulting in lease terms up to 40 years. |
Amortization Of ROU assets | $ 11,700 |
Discontinued Operations [Member] | |
Amortization Of ROU assets | $ 7,300,000 |
Minimum [Member] | |
Operating Lease, Weighted Average Remaining Lease Term | 1 year |
Maximum [Member] | |
Operating Lease, Weighted Average Remaining Lease Term | 25 years |
Summary of components of lease
Summary of components of lease expense (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Components of Lease Expense: | |
Operating lease cost | $ 7,348 |
Sublease income | (22) |
Total lease cost | $ 7,326 |
Summary of cash flow informatio
Summary of cash flow information related to the leases (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 7,348 |
Summary of Balance Sheet Inform
Summary of Balance Sheet Information Related To Leases (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Operating Leases: | |
Operating lease right-of-use assets | $ 312,948 |
Operating lease liabilities | $ 312,628 |
Weighted average remaining lease term | 17 years 4 months 24 days |
Weighted average discount rate | 3.25% |
Summary of Maturities of Lease
Summary of Maturities of Lease Liabilities (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Lessee Operating Lease [Line Items] | |
2019 | $ 21,836 |
2020 | 28,319 |
2021 | 27,677 |
2022 | 26,971 |
2023 | 26,541 |
Thereafter | 291,362 |
Total lease payments | 422,706 |
Less: imputed interest | (110,078) |
Total present value of lease liabilities | $ 312,628 |
Summary of Remaining Projected
Summary of Remaining Projected Minimum Annual Rental Commitments (Detail) | Mar. 31, 2019USD ($) |
Lessee Operating Lease [Line Items] | |
2019 | $ 30,322 |
2020 | 23,399 |
2021 | 19,736 |
2022 | 16,552 |
2023 and thereafter | 55,525 |
Total minimum future rentals | $ 145,534 |
Cumulative basis adjustment for
Cumulative basis adjustment for fair value hedges (Detail) - Loans and leases $ in Thousands | Mar. 31, 2019USD ($) | [1] |
Carrying Amount of the Hedged Assets | $ 2,018,532 | |
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets | $ 18,532 | |
[1] | These amounts include the amortized cost basis of closed portfolios used to designated hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At March 31, 2019, the amortized cost basis of the closed portfolios used in these hedging relationships was $ 4.7 billion; the cumulative basis adjustments associated with these hedging relationships was $18.5 million; and the amount of the designated hedged items was $2.0 billion. |
Company's derivative financial
Company's derivative financial instruments (Detail) - Designated as Hedging Instrument [Member] $ in Thousands | Mar. 31, 2019USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative, Notional Amount | $ 2,000,000 |
Other Assets [Member] | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Asset | |
Other Liabilities [Member] | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Liability | |
Interest Rate Swap [Member] | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative, Notional Amount | 2,000,000 |
Interest Rate Swap [Member] | Other Assets [Member] | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Asset | |
Interest Rate Swap [Member] | Other Liabilities [Member] | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Liability |
Consolidated Statements of In_2
Consolidated Statements of Income and Comprehensive Income (Detail) - Interest Income [Member] $ in Thousands | Mar. 31, 2019USD ($) |
Hedged item - loans [Member] | |
Derivative Liability | $ 18,532 |
Interest Rate Swap [Member] | |
Derivative Liability | $ (18,532) |
Derivative and Hedging Activi_3
Derivative and Hedging Activities - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Interest Income (Expense), Net | $ 241,325 | $ 270,298 | |
Designated as Hedging Instrument [Member] | |||
Derivative, Notional Amount | 2,000,000 | ||
Interest Income (Expense), Net | 239,000 | ||
Designated as Hedging Instrument [Member] | Other Assets [Member] | |||
Derivatives | |||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative, Notional Amount | 2,000,000 | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member] | |||
Derivatives | |||
Loans and leases | |||
Amortized Cost | 4,700,000 | ||
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets | [1] | 18,532 | |
Carrying Amount of the Hedged Assets | [1] | $ 2,018,532 | |
[1] | These amounts include the amortized cost basis of closed portfolios used to designated hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At March 31, 2019, the amortized cost basis of the closed portfolios used in these hedging relationships was $ 4.7 billion; the cumulative basis adjustments associated with these hedging relationships was $18.5 million; and the amount of the designated hedged items was $2.0 billion. |
Impact of Recent Accounting P_2
Impact of Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% |
Accounting Standards Update 2018-02 [Member] | Retained Earnings | ||
Effect of adopting | $ 2.5 | |
Accounting Standards Update 2018-02 [Member] | Accumulated Other Comprehensive Loss | ||
Effect of adopting | $ 2.5 |