Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 03, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'NYB | ' |
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 | ' |
Entity Common Stock, Shares Outstanding | ' | 442,647,425 |
Consolidated_Statements_of_Con
Consolidated Statements of Condition (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets: | ' | ' | ||
Cash and cash equivalents | $662,537 | $644,550 | ||
Securities: | ' | ' | ||
Available-for-sale ($58,540 and $79,905 pledged, respectively) | 243,032 | 280,738 | ||
Held-to-maturity ($4,749,889 and $4,945,905 pledged, respectively) (fair value of $7,317,015 and $7,445,244, respectively) | 7,268,244 | [1] | 7,670,282 | [2] |
Total securities | 7,511,276 | 7,951,020 | ||
Non-covered loans held for sale | 680,147 | 306,915 | ||
Non-covered loans held for investment, net of deferred loan fees and costs | 32,252,009 | 29,837,989 | ||
Less: Allowance for losses on non-covered loans | -139,744 | -141,946 | ||
Non-covered loans held for investment, net | 32,112,265 | 29,696,043 | ||
Covered loans | 2,504,622 | 2,788,618 | ||
Less: Allowance for losses on covered loans | -45,682 | -64,069 | ||
Covered loans, net | 2,458,940 | 2,724,549 | ||
Total loans, net | 35,251,352 | 32,727,507 | ||
Federal Home Loan Bank stock, at cost | 520,445 | 561,390 | ||
Premises and equipment, net | 300,573 | 273,299 | ||
FDIC loss share receivable | 418,510 | 492,674 | ||
Goodwill | 2,436,131 | 2,436,131 | ||
Core deposit intangibles, net | 9,816 | 16,240 | ||
Mortgage servicing rights | 237,221 | 241,018 | ||
Bank-owned life insurance | 909,881 | 893,522 | ||
Other real estate owned (includes $35,797 and $37,477, respectively, of other real estate owned covered by loss sharing agreements) | 99,535 | 108,869 | ||
Other assets | 322,495 | 342,067 | ||
Total assets | 48,679,772 | 46,688,287 | ||
Deposits: | ' | ' | ||
NOW and money market accounts | 12,409,449 | 10,536,947 | ||
Savings accounts | 7,152,261 | 5,921,437 | ||
Certificates of deposit | 6,324,385 | 6,932,096 | ||
Non-interest-bearing accounts | 2,421,676 | 2,270,512 | ||
Total deposits | 28,307,771 | 25,660,992 | ||
Wholesale borrowings: | ' | ' | ||
Federal Home Loan Bank advances | 10,312,316 | 10,872,576 | ||
Repurchase agreements | 3,425,000 | 3,425,000 | ||
Fed funds purchased | 297,000 | 445,000 | ||
Total wholesale borrowings | 14,034,316 | 14,742,576 | ||
Other borrowings | 362,596 | 362,426 | ||
Total borrowed funds | 14,396,912 | 15,105,002 | ||
Other liabilities | 197,091 | 186,631 | ||
Total liabilities | 42,901,774 | 40,952,625 | ||
Stockholders’ equity: | ' | ' | ||
Preferred stock at par $0.01 (5,000,000 shares authorized; none issued) | ' | ' | ||
Common stock at par $0.01 (600,000,000 shares authorized; 442,659,460 and 440,873,285 shares issued; and 442,648,147 and 440,809,365 shares outstanding, respectively) | 4,427 | 4,409 | ||
Paid-in capital in excess of par | 5,362,233 | 5,346,017 | ||
Retained earnings | 443,949 | 422,761 | ||
Treasury stock, at cost (11,313 and 63,920 shares, respectively) | -178 | -1,032 | ||
Accumulated other comprehensive loss, net of tax: | ' | ' | ||
Net unrealized gain on securities available for sale, net of tax of $1,720 and $171, respectively | 2,559 | 277 | ||
Net unrealized loss on the non-credit portion of other-than-temporary impairment (“OTTIâ€) losses on securities, net of tax of $3,454 and $3,586, respectively | -5,404 | -5,604 | ||
Net unrealized loss on pension and post-retirement obligations, net of tax of $20,056 and $21,126, respectively | -29,588 | -31,166 | ||
Total accumulated other comprehensive loss, net of tax | -32,433 | -36,493 | ||
Total stockholders’ equity | 5,777,998 | 5,735,662 | ||
Total liabilities and stockholders’ equity | $48,679,772 | $46,688,287 | ||
[1] | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At September 30, 2014, the non-credit portion of OTTI recorded in AOCL was $8.9 million (before taxes). | |||
[2] | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At December 31, 2013, the non-credit portion of OTTI recorded in AOCL was $9.2 million (before taxes). |
Consolidated_Statements_of_Con1
Consolidated Statements of Condition (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, except Share data, unless otherwise specified | ||||
Statement Of Financial Position [Abstract] | ' | ' | ||
Securities available-for-sale, pledged | $58,540 | $79,905 | ||
Securities held to maturity, pledged | 4,749,889 | 4,945,905 | ||
Securities held to maturity, fair value | 7,317,015 | [1] | 7,445,244 | [2] |
Other real estate owned covered by loss sharing agreements | 35,797 | 37,477 | ||
Preferred stock, par | $0.01 | $0.01 | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | ||
Preferred stock, issued | 0 | 0 | ||
Common stock, par | $0.01 | $0.01 | ||
Common stock, shares authorized | 600,000,000 | 600,000,000 | ||
Common stock, shares issued | 442,659,460 | 440,873,285 | ||
Common stock, shares outstanding | 442,648,147 | 440,809,365 | ||
Treasury stock, shares | 11,313 | 63,920 | ||
Net unrealized gain on securities available for sale, tax | 1,720 | 171 | ||
Net unrealized loss on the non-credit portion of other-than-temporary impairment losses on securities, tax | 3,454 | 3,586 | ||
Net unrealized loss on pension and post-retirement obligations, tax | $20,056 | $21,126 | ||
[1] | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At September 30, 2014, the non-credit portion of OTTI recorded in AOCL was $8.9 million (before taxes). | |||
[2] | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At December 31, 2013, the non-credit portion of OTTI recorded in AOCL was $9.2 million (before taxes). |
Consolidated_Statements_of_Inc
Consolidated Statements of Income and Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Interest Income: | ' | ' | ' | ' | ||||
Mortgage and other loans | $360,499 | $370,341 | $1,056,586 | $1,125,496 | ||||
Securities and money market investments | 66,572 | 57,334 | 203,678 | 151,560 | ||||
Total interest income | 427,071 | 427,675 | 1,260,264 | 1,277,056 | ||||
Interest Expense: | ' | ' | ' | ' | ||||
NOW and money market accounts | 10,632 | 8,613 | 28,399 | 27,565 | ||||
Savings accounts | 9,741 | 6,285 | 24,473 | 15,512 | ||||
Certificates of deposit | 18,330 | 20,206 | 55,854 | 64,223 | ||||
Borrowed funds | 99,339 | 98,340 | 294,867 | 300,465 | ||||
Total interest expense | 138,042 | 133,444 | 403,593 | 407,765 | ||||
Net interest income | 289,029 | 294,231 | 856,671 | 869,291 | ||||
(Recovery of) provision for loan losses | -3,945 | 14,467 | -18,387 | 33,587 | ||||
Net interest income after (recovery of) provision for loan losses | 292,974 | 279,764 | 875,058 | 835,704 | ||||
Non-Interest Income: | ' | ' | ' | ' | ||||
Mortgage banking income | 16,606 | 16,205 | 46,507 | 65,530 | ||||
Fee income | 9,188 | 9,799 | 27,512 | 28,532 | ||||
Bank-owned life insurance | 6,888 | 7,916 | 20,530 | 22,506 | ||||
Net gain on sales of securities | 182 | 1,019 | 5,317 | 17,764 | ||||
FDIC indemnification (expense) income | -3,156 | 7,573 | -14,710 | 14,869 | ||||
Gain on Visa shares sold | ' | ' | 3,856 | ' | ||||
Other income | 11,578 | 8,212 | 42,102 | 30,819 | ||||
Total non-interest income | 41,286 | 50,724 | 131,114 | 180,020 | ||||
Operating expenses: | ' | ' | ' | ' | ||||
Compensation and benefits | 78,033 | 77,083 | 228,616 | 237,989 | ||||
Occupancy and equipment | 23,619 | 24,342 | 73,997 | 72,101 | ||||
General and administrative | 41,524 | 44,785 | 130,319 | 135,279 | ||||
Total operating expenses | 143,176 | 146,210 | 432,932 | 445,369 | ||||
Amortization of core deposit intangibles | 2,019 | 4,117 | 6,424 | 12,719 | ||||
Total non-interest expense | 145,195 | [1] | 150,327 | [1] | 439,356 | [1] | 458,088 | [1] |
Income before income taxes | 189,065 | 180,161 | 566,816 | 557,636 | ||||
Income tax expense | 68,807 | 65,961 | 212,616 | 202,244 | ||||
Net income | 120,258 | 114,200 | 354,200 | 355,392 | ||||
Other comprehensive income, net of tax: | ' | ' | ' | ' | ||||
Change in net unrealized gain/loss on securities available for sale, net of tax of $292; $1,770; $3,696; and $4,152, respectively | -432 | -2,625 | 5,453 | -6,143 | ||||
Change in the non-credit portion of OTTI losses recognized in other comprehensive income, net of tax of $110; $10; $132; and $4,795, respectively | 166 | 16 | 200 | 7,557 | ||||
Change in pension and post-retirement obligations, net of tax of $357; $1,008; $1,070; and $3,024, respectively | 526 | 1,486 | 1,578 | 4,458 | ||||
Less: Reclassification adjustment for sales of available-for-sale securities, net of tax of $73; $405; $2,146; and $2,503, respectively | -109 | -614 | -3,171 | -3,709 | ||||
Total other comprehensive income (loss), net of tax | 151 | -1,737 | 4,060 | 2,163 | ||||
Total comprehensive income, net of tax | 120,409 | 112,463 | 358,260 | 357,555 | ||||
Basic earnings per share | $0.27 | $0.26 | $0.80 | $0.80 | ||||
Diluted earnings per share | $0.27 | $0.26 | $0.80 | $0.80 | ||||
Non-Covered Loans | ' | ' | ' | ' | ||||
Interest Expense: | ' | ' | ' | ' | ||||
(Recovery of) provision for loan losses | ' | 5,000 | ' | 15,000 | ||||
Covered Loans | ' | ' | ' | ' | ||||
Interest Expense: | ' | ' | ' | ' | ||||
(Recovery of) provision for loan losses | ($3,945) | $9,467 | ($18,387) | $18,587 | ||||
[1] | Includes both direct and indirect expenses. |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income and Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Change in net unrealized gain/loss on securities available for sale, tax | $292 | $1,770 | $3,696 | $4,152 |
Change in the non-credit portion of OTTI losses recognized in other comprehensive income, tax | 110 | 10 | 132 | 4,795 |
Change in pension and post-retirement obligations, tax | 357 | 1,008 | 1,070 | 3,024 |
Reclassification adjustment for sales of available for sale securities, tax | $73 | $405 | $2,146 | $2,503 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (USD $) | Total | Common Stock (Par Value: $0.01): | Paid-in Capital in Excess of Par: | Retained Earnings: | Treasury Stock: | Accumulated Other Comprehensive Loss, net of tax: |
In Thousands | ||||||
Balance at beginning of year at Dec. 31, 2013 | $5,735,662 | $4,409 | $5,346,017 | $422,761 | ($1,032) | ($36,493) |
Net income | 354,200 | ' | ' | 354,200 | ' | ' |
Purchase of common stock (367,271 shares) | ' | ' | ' | ' | -6,343 | ' |
Other comprehensive income, net of tax | 4,060 | ' | ' | ' | ' | 4,060 |
Dividends paid on common stock ($0.50 per share) | ' | ' | ' | -331,627 | ' | ' |
Shares issued for exercise of stock options | ' | 0 | ' | -82 | 142 | ' |
Effect of adopting Accounting Standards Update 2014-01 | ' | ' | ' | -1,303 | ' | ' |
Shares issued for restricted stock awards, net of forfeitures | ' | 18 | -7,073 | ' | 7,055 | ' |
Compensation expense related to restricted stock awards | ' | ' | 20,720 | ' | ' | ' |
Tax effect of stock plans | ' | ' | 2,569 | ' | ' | ' |
Balance at end of period at Sep. 30, 2014 | $5,777,998 | $4,427 | $5,362,233 | $443,949 | ($178) | ($32,433) |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Shares issued for exercise of stock options, shares | 42,214 |
Common Stock (Par Value: $0.01): | ' |
Shares issued for exercise of stock options, shares | 3,574 |
Shares issued for restricted stock awards, shares | 1,782,601 |
Retained Earnings: | ' |
Dividends paid on common stock, per share | 0.75 |
Treasury Stock: | ' |
Shares issued for exercise of stock options, shares | 8,990 |
Shares issued for restricted stock awards, shares | 422,097 |
Purchase of common stock, shares | 378,480 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net income | $354,200 | $355,392 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
(Recovery of) provision for loan losses | -18,387 | 33,587 |
Depreciation and amortization | 20,656 | 21,057 |
Amortization of discounts and premiums, net | -6,094 | -2,098 |
Amortization of core deposit intangibles | 6,424 | 12,719 |
Net gain on sales of securities | -5,317 | -17,764 |
Gain on sale of loans | -15,308 | -48,809 |
Gain on Visa shares sold | -3,856 | ' |
Stock plan-related compensation | 20,720 | 16,626 |
Deferred tax expense | 4,281 | 32,430 |
Changes in assets and liabilities: | ' | ' |
Decrease (increase) in other assets | 90,509 | -20,473 |
Increase in other liabilities | 4,771 | 15,630 |
Origination of loans held for sale | -2,214,983 | -5,510,041 |
Proceeds from sale of loans originated for sale | 2,256,216 | 6,440,377 |
Net cash provided by operating activities | 493,832 | 1,328,633 |
Cash Flows from Investing Activities: | ' | ' |
Proceeds from repayment of securities held to maturity | 558,888 | 617,351 |
Proceeds from repayment of securities available for sale | 8,277 | 54,709 |
Proceeds from sale of securities held to maturity | ' | 191,142 |
Proceeds from sale of securities available for sale | 254,491 | 593,551 |
Purchase of securities held to maturity | -150,338 | -3,075,597 |
Purchase of securities available for sale | -216,000 | -535,347 |
Proceeds from sale of Visa shares | 3,856 | ' |
Net redemption (purchase) of Federal Home Loan Bank stock | 40,945 | -83,685 |
Net increase in loans | -2,531,383 | -1,476,755 |
Purchase of premises and equipment, net | -47,930 | -21,378 |
Net cash used in investing activities | -2,079,194 | -3,736,009 |
Cash Flows from Financing Activities: | ' | ' |
Net increase in deposits | 2,646,779 | 431,829 |
Net (decrease) increase in short-term borrowed funds | -703,100 | 1,925,000 |
Net decrease in long-term borrowed funds | -4,990 | -789,749 |
Tax effect of stock plans | 2,569 | 797 |
Cash dividends paid on common stock | -331,627 | -330,172 |
Treasury stock purchases | -6,343 | -4,352 |
Net cash received from stock option exercises | 61 | 327 |
Net cash provided by financing activities | 1,603,349 | 1,233,680 |
Net increase (decrease) in cash and cash equivalents | 17,987 | -1,173,696 |
Cash and cash equivalents at beginning of period | 644,550 | 2,427,258 |
Cash and cash equivalents at end of period | 662,537 | 1,253,562 |
Supplemental information: | ' | ' |
Cash paid for interest | 413,102 | 415,399 |
Cash paid for income taxes | 176,654 | 118,322 |
Non-cash investing and financing activities: | ' | ' |
Transfers to other real estate owned from loans | 107,936 | 96,729 |
Transfer of loans from held for investment to held for sale | $398,715 | ' |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Organization and Basis of Presentation | ' |
Note 1. Organization and Basis of Presentation | |
Organization | |
Formerly known as Queens County Bancorp, Inc., New York Community Bancorp, Inc. (on a stand-alone basis, the “Parent Company” or, collectively with its subsidiaries, the “Company”) was organized under Delaware law on July 20, 1993 and is the holding company for New York Community Bank and New York Commercial Bank (hereinafter referred to as the “Community Bank” and the “Commercial Bank,” respectively, and collectively as the “Banks”). In addition, for the purpose of these Consolidated Financial Statements, the “Community Bank” and the “Commercial Bank” refer not only to the respective banks but also to their respective subsidiaries. | |
The Community Bank is the primary banking subsidiary of the Company. Founded on April 14, 1859 and formerly known as Queens County Savings Bank, the Community Bank converted from a state-chartered mutual savings bank to the capital stock form of ownership on November 23, 1993, at which date the Company issued its initial offering of common stock (par value: $0.01 per share) at a price of $25.00 per share. The Commercial Bank was established on December 30, 2005. | |
Reflecting nine stock splits between September 30, 1994 and February 17, 2004, the Company’s initial offering price adjusts to $0.93 per share. All share and per share data presented in this report reflect the impact of the stock splits. | |
The Company changed its name to New York Community Bancorp, Inc. on November 21, 2000 in anticipation of completing the first of eight business combinations that expanded its footprint well beyond Queens County to encompass all five boroughs of New York City, Long Island, and Westchester County in New York, and seven counties in the northern and central parts of New Jersey. The Company expanded beyond this region to south Florida, northeast Ohio, and central Arizona through its FDIC-assisted acquisition of certain assets and its assumption of certain liabilities of AmTrust Bank (“AmTrust”) in December 2009, and extended its Arizona franchise through its FDIC-assisted acquisition of certain assets and its assumption of certain liabilities of Desert Hills Bank (“Desert Hills”) in March 2010. On June 28, 2012, the Company completed its 11th transaction when it assumed the deposits of Aurora Bank FSB. | |
Reflecting its growth through acquisitions, the Community Bank currently operates 242 branches, four of which operate directly under the Community Bank name. The remaining 238 Community Bank branches operate through seven divisional banks: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, and Roosevelt Savings Bank (in New York); Garden State Community Bank in New Jersey; AmTrust Bank in Florida and Arizona; and Ohio Savings Bank in Ohio. | |
The Commercial Bank currently operates 30 branches in Manhattan, Queens, Brooklyn, Westchester County, and Long Island (all in New York), including 18 branches that operate under the name “Atlantic Bank.” | |
Basis of Presentation | |
The following is a description of the significant accounting and reporting policies that the Company and its wholly-owned subsidiaries follow in preparing and presenting their consolidated financial statements, which conform to U.S. generally accepted accounting principles (“GAAP”) and to general practices within the banking industry. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates that are particularly susceptible to change in the near term are used in connection with the determination of the allowances for loan losses; the valuation of mortgage servicing rights (“MSRs”); the evaluation of goodwill for impairment; the evaluation of other-than-temporary impairment (“OTTI”) on securities; and the evaluation of the need for a valuation allowance on the Company’s deferred tax assets. | |
The unaudited 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. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2013 Annual Report on Form 10-K. The Company currently has certain unconsolidated subsidiaries in the form of wholly-owned statutory business trusts, which were formed to issue guaranteed capital debentures (“capital securities”). Please see Note 7, “Borrowed Funds,” for additional information regarding these trusts. | |
Effects of New Accounting Pronouncements | |
In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-01, “Investments – Equity Method and Joint Ventures (Topic 323), Accounting for Investments in Qualified Affordable Housing Projects.” The amendments in ASU No. 2014-01 provide guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. The amendments permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. The Company chose to apply this new guidance for the period beginning on January 1, 2014. | |
The impact of applying this new guidance included a $1.3 million reduction in the balance of retained earnings as of January 1, 2014. The total amount of affordable housing tax credits and other tax benefits projected to be recognized during calendar year 2014, and the related amount of amortization recognized as a component of income tax expense for calendar year 2014, are $4.0 million and $2.8 million, respectively. The commitment of additional anticipated equity contributions of $7.3 million relating to current investments is reflected in “Other liabilities.” Retrospective application of the new amortization methodology would not result in a material change to prior-period presentations. |
Computation_of_Earnings_per_Sh
Computation of Earnings per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Computation of Earnings per Share | ' | |||||||||||||||
Note 2. Computation of Earnings per Share | ||||||||||||||||
Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the same method as basic EPS, however, the computation reflects the potential dilution that would occur if outstanding in-the-money stock options were exercised and converted into common stock. | ||||||||||||||||
Unvested stock-based compensation awards containing non-forfeitable rights to dividends are considered participating securities, and therefore are included in the two-class method for calculating EPS. Under the two-class method, all earnings (distributed and undistributed) are allocated to common shares and participating securities, based on their respective rights to receive dividends. The Company grants restricted stock to certain employees under its stock-based compensation plans. Recipients receive cash dividends during the vesting periods of these awards, including on the unvested portion of such awards. Since these dividends are non-forfeitable, the unvested awards are considered participating securities and therefore have earnings allocated to them. | ||||||||||||||||
The following table presents the Company’s computation of basic and diluted EPS for the periods indicated: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in thousands, except share and per share data) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net income | $ | 120,258 | $ | 114,200 | $ | 354,200 | $ | 355,392 | ||||||||
Less: Dividends paid on and earnings allocated to | (851 | ) | (723 | ) | (2,500 | ) | (2,248 | ) | ||||||||
participating securities | ||||||||||||||||
Earnings applicable to common stock | $ | 119,407 | $ | 113,477 | $ | 351,700 | $ | 353,144 | ||||||||
Weighted average common shares outstanding | 441,127,550 | 439,435,579 | 440,953,121 | 439,199,487 | ||||||||||||
Basic earnings per common share | $ | 0.27 | $ | 0.26 | $ | 0.8 | $ | 0.8 | ||||||||
Earnings applicable to common stock | $ | 119,407 | $ | 113,477 | $ | 351,700 | $ | 353,144 | ||||||||
Weighted average common shares outstanding | 441,127,550 | 439,435,579 | 440,953,121 | 439,199,487 | ||||||||||||
Potential dilutive common shares (1) | -- | -- | -- | 3,971 | ||||||||||||
Total shares for diluted earnings per share computation | 441,127,550 | 439,435,579 | 440,953,121 | 439,203,458 | ||||||||||||
Diluted earnings per common share and common share equivalents | $ | 0.27 | $ | 0.26 | $ | 0.8 | $ | 0.8 | ||||||||
-1 | Options to purchase 58,560 shares of the Company’s common stock that were outstanding in the three and nine months ended September 30, 2014, at a weighted average exercise price of $18.04, were excluded from the respective computations of diluted EPS because their inclusion would have had an antidilutive effect. Options to purchase 62,040 shares of the Company’s common stock that were outstanding in the three and nine months ended September 30, 2013, at a weighted average exercise price of $17.95, were excluded from the respective computations of diluted EPS because their inclusion also would have had an antidilutive effect. |
Reclassifications_Out_of_Accum
Reclassifications Out of Accumulated Other Comprehensive Loss ("AOCL") | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Equity [Abstract] | ' | ||||||
Reclassifications Out of Accumulated Other Comprehensive Loss ("AOCL") | ' | ||||||
Note 3. Reclassifications Out of Accumulated Other Comprehensive Loss (“AOCL”) | |||||||
(in thousands) | For the Nine Months Ended September 30, 2014 | ||||||
Amount Reclassified from | Affected Line Item in the | ||||||
Details About | Accumulated Other | Consolidated Statement of Income | |||||
Accumulated Other Comprehensive Loss | Comprehensive Loss (1) | and Comprehensive Income | |||||
Unrealized gains on available-for-sale securities | $ | 5,317 | Net gain on sales of securities | ||||
(2,146 | ) | Income tax expense | |||||
$ | 3,171 | Net gain on sales of securities, net of tax | |||||
Amortization of defined benefit pension plan items: | |||||||
Prior-service costs | $ | 186 | Included in the computation of net | ||||
periodic (credit) expense (2) | |||||||
Actuarial losses | (2,820 | ) | Included in the computation of net | ||||
periodic (credit) expense (2) | |||||||
(2,634 | ) | Total before tax | |||||
1,064 | Income tax benefit | ||||||
$ | (1,570 | ) | Amortization of defined benefit pension | ||||
plan items, net of tax | |||||||
Total reclassifications for the period | $ | 1,601 | |||||
-1 | Amounts in parentheses indicate expense items. | ||||||
-2 | Please see Note 9, “Pension and Other Post-Retirement Benefits,” for additional information. |
Securities
Securities | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Investments Schedule [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Securities | ' | |||||||||||||||||||||||||||||||||||
Note 4. Securities | ||||||||||||||||||||||||||||||||||||
The following table summarizes the Company’s portfolio of securities available for sale at September 30, 2014: | ||||||||||||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||||||||||||||||||||||||
(in thousands) | Cost | Gain | Loss | Fair Value | ||||||||||||||||||||||||||||||||
Mortgage-Related Securities: | ||||||||||||||||||||||||||||||||||||
GSE (1) certificates | $ | 19,295 | $ | 1,397 | $ | -- | $ | 20,692 | ||||||||||||||||||||||||||||
GSE CMOs (2) | 59,499 | 743 | 1,167 | 59,075 | ||||||||||||||||||||||||||||||||
Private label CMOs | 9,417 | -- | 50 | 9,367 | ||||||||||||||||||||||||||||||||
Total mortgage-related securities | $ | 88,211 | $ | 2,140 | $ | 1,217 | $ | 89,134 | ||||||||||||||||||||||||||||
Other Securities: | ||||||||||||||||||||||||||||||||||||
Municipal bonds | $ | 964 | $ | 133 | $ | -- | $ | 1,097 | ||||||||||||||||||||||||||||
Capital trust notes | 13,428 | 51 | 1,870 | 11,609 | ||||||||||||||||||||||||||||||||
Preferred stock | 118,205 | 5,116 | 635 | 122,686 | ||||||||||||||||||||||||||||||||
Common stock | 17,943 | 608 | 45 | 18,506 | ||||||||||||||||||||||||||||||||
Total other securities | $ | 150,540 | $ | 5,908 | $ | 2,550 | $ | 153,898 | ||||||||||||||||||||||||||||
Total securities available for sale | $ | 238,751 | $ | 8,048 | $ | 3,767 | $ | 243,032 | ||||||||||||||||||||||||||||
-1 | Government-sponsored enterprise | |||||||||||||||||||||||||||||||||||
-2 | Collateralized mortgage obligations | |||||||||||||||||||||||||||||||||||
At September 30, 2014, the fair value of marketable equity securities included corporate preferred stock of $122.7 million and common stock of $18.5 million, with the latter primarily consisting of mutual funds that are Community Reinvestment Act-qualified investments. | ||||||||||||||||||||||||||||||||||||
The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2013: | ||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||||||||||||||||||||||||
(in thousands) | Cost | Gain | Loss | Fair Value | ||||||||||||||||||||||||||||||||
Mortgage-Related Securities: | ||||||||||||||||||||||||||||||||||||
GSE certificates | $ | 23,759 | $ | 1,442 | $ | 1 | $ | 25,200 | ||||||||||||||||||||||||||||
GSE CMOs | 62,082 | 598 | 1,861 | 60,819 | ||||||||||||||||||||||||||||||||
Private label CMOs | 10,214 | -- | 12 | 10,202 | ||||||||||||||||||||||||||||||||
Total mortgage-related securities | $ | 96,055 | $ | 2,040 | $ | 1,874 | $ | 96,221 | ||||||||||||||||||||||||||||
Other Securities: | ||||||||||||||||||||||||||||||||||||
Municipal bonds | $ | 957 | $ | 69 | $ | -- | $ | 1,026 | ||||||||||||||||||||||||||||
Capital trust notes | 13,419 | 60 | 1,681 | 11,798 | ||||||||||||||||||||||||||||||||
Preferred stock | 118,205 | 1,936 | 3,902 | 116,239 | ||||||||||||||||||||||||||||||||
Common stock | 51,654 | 4,093 | 293 | 55,454 | ||||||||||||||||||||||||||||||||
Total other securities | $ | 184,235 | $ | 6,158 | $ | 5,876 | $ | 184,517 | ||||||||||||||||||||||||||||
Total securities available for sale | $ | 280,290 | $ | 8,198 | $ | 7,750 | $ | 280,738 | ||||||||||||||||||||||||||||
The following tables summarize the Company’s portfolio of securities held to maturity at September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||||||||||||||
Amortized | Carrying | Unrealized | Unrealized | |||||||||||||||||||||||||||||||||
(in thousands) | Cost | Amount | Gain | Loss | Fair Value | |||||||||||||||||||||||||||||||
Mortgage-Related Securities: | ||||||||||||||||||||||||||||||||||||
GSE certificates | $ | 2,515,030 | $ | 2,515,030 | $ | 74,212 | $ | 13,892 | $ | 2,575,350 | ||||||||||||||||||||||||||
GSE CMOs | 1,764,784 | 1,764,784 | 55,971 | 3,352 | 1,817,403 | |||||||||||||||||||||||||||||||
Total mortgage-related securities | $ | 4,279,814 | $ | 4,279,814 | $ | 130,183 | $ | 17,244 | $ | 4,392,753 | ||||||||||||||||||||||||||
Other Securities: | ||||||||||||||||||||||||||||||||||||
GSE debentures | $ | 2,780,330 | $ | 2,780,330 | $ | 16,530 | $ | 86,860 | $ | 2,710,000 | ||||||||||||||||||||||||||
Corporate bonds | 73,211 | 73,211 | 12,381 | -- | 85,592 | |||||||||||||||||||||||||||||||
Municipal bonds | 59,277 | 59,277 | 5 | 1,775 | 57,507 | |||||||||||||||||||||||||||||||
Capital trust notes | 84,470 | 75,612 | 5,587 | 10,036 | 71,163 | |||||||||||||||||||||||||||||||
Total other securities | $ | 2,997,288 | $ | 2,988,430 | $ | 34,503 | $ | 98,671 | $ | 2,924,262 | ||||||||||||||||||||||||||
Total securities held to maturity (1) | $ | 7,277,102 | $ | 7,268,244 | $ | 164,686 | $ | 115,915 | $ | 7,317,015 | ||||||||||||||||||||||||||
-1 | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At September 30, 2014, the non-credit portion of OTTI recorded in AOCL was $8.9 million (before taxes). | |||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||||||||||||||
Amortized | Carrying | Unrealized | Unrealized | |||||||||||||||||||||||||||||||||
(in thousands) | Cost | Amount | Gain | Loss | Fair Value | |||||||||||||||||||||||||||||||
Mortgage-Related Securities: | ||||||||||||||||||||||||||||||||||||
GSE certificates | $ | 2,529,102 | $ | 2,529,102 | $ | 30,145 | $ | 61,280 | $ | 2,497,967 | ||||||||||||||||||||||||||
GSE CMOs | 1,878,885 | 1,878,885 | 29,330 | 22,520 | 1,885,695 | |||||||||||||||||||||||||||||||
Total mortgage-related securities | $ | 4,407,987 | $ | 4,407,987 | $ | 59,475 | $ | 83,800 | $ | 4,383,662 | ||||||||||||||||||||||||||
Other Securities: | ||||||||||||||||||||||||||||||||||||
GSE debentures | $ | 3,053,253 | $ | 3,053,253 | $ | 6,512 | $ | 208,506 | $ | 2,851,259 | ||||||||||||||||||||||||||
Corporate bonds | 72,899 | 72,899 | 11,063 | -- | 83,962 | |||||||||||||||||||||||||||||||
Municipal bonds | 60,462 | 60,462 | 19 | 3,849 | 56,632 | |||||||||||||||||||||||||||||||
Capital trust notes | 84,871 | 75,681 | 3,134 | 9,086 | 69,729 | |||||||||||||||||||||||||||||||
Total other securities | $ | 3,271,485 | $ | 3,262,295 | $ | 20,728 | $ | 221,441 | $ | 3,061,582 | ||||||||||||||||||||||||||
Total securities held to maturity (1) | $ | 7,679,472 | $ | 7,670,282 | $ | 80,203 | $ | 305,241 | $ | 7,445,244 | ||||||||||||||||||||||||||
-1 | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At December 31, 2013, the non-credit portion of OTTI recorded in AOCL was $9.2 million (before taxes). | |||||||||||||||||||||||||||||||||||
The Company had $520.4 million and $561.4 million of Federal Home Loan Bank (“FHLB”) stock, at cost, at September 30, 2014 and December 31, 2013, respectively, primarily consisting of stock in the FHLB-New York (“FHLB-NY”). The Company is required to maintain an investment in FHLB-NY stock in order to have access to the funding it provides to the Company. | ||||||||||||||||||||||||||||||||||||
The following table summarizes the gross proceeds, gross realized gains, and gross realized losses from the sale of available-for-sale securities during the nine months ended September 30, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||
For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
Gross proceeds | $ | 254,491 | $ | 593,551 | ||||||||||||||||||||||||||||||||
Gross realized gains | 5,317 | 6,212 | ||||||||||||||||||||||||||||||||||
Gross realized losses | -- | -- | ||||||||||||||||||||||||||||||||||
In addition, during the nine months ended September 30, 2013, the Company sold held-to-maturity securities with gross proceeds of $191.1 million and gross realized gains of $11.6 million, all of which were securities on which the Company had collected a substantial portion (at least 85%) of the initial principal balance. No comparable sales occurred in the first nine months of 2014. | ||||||||||||||||||||||||||||||||||||
In the following table, the beginning balance represents the credit loss component for debt securities on which OTTI occurred prior to January 1, 2014. For credit-impaired debt securities, OTTI recognized in earnings after that date is presented as an addition in two components, based upon whether the current period is the first time a debt security was credit-impaired (initial credit impairment) or is not the first time a debt security was credit-impaired (subsequent credit impairment). | ||||||||||||||||||||||||||||||||||||
For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||
(in thousands) | September 30, 2014 | |||||||||||||||||||||||||||||||||||
Beginning credit loss amount as of December 31, 2013 | $ | 216,334 | ||||||||||||||||||||||||||||||||||
Add: Initial other-than-temporary credit losses | -- | |||||||||||||||||||||||||||||||||||
Subsequent other-than-temporary credit losses | -- | |||||||||||||||||||||||||||||||||||
Amount previously recognized in AOCL | -- | |||||||||||||||||||||||||||||||||||
Less: Realized losses for securities sold | -- | |||||||||||||||||||||||||||||||||||
Securities intended or required to be sold | -- | |||||||||||||||||||||||||||||||||||
Increases in expected cash flows on debt securities | -- | |||||||||||||||||||||||||||||||||||
Ending credit loss amount as of September 30, 2014 | $ | 216,334 | ||||||||||||||||||||||||||||||||||
The following table summarizes the carrying amounts and estimated fair values of held-to-maturity debt securities, and the amortized costs and estimated fair values of available-for-sale debt securities, at September 30, 2014, by contractual maturity. Mortgage-related securities held to maturity and available for sale, all of which have prepayment provisions, are distributed to a maturity category based on the ends of the estimated average lives of such securities. Principal and amortization prepayments are not shown in maturity categories as they occur, but are considered in the determination of estimated average life. | ||||||||||||||||||||||||||||||||||||
At September 30, 2014 | ||||||||||||||||||||||||||||||||||||
U.S. | ||||||||||||||||||||||||||||||||||||
Mortgage- | Treasury | |||||||||||||||||||||||||||||||||||
Related | Average | and GSE | Average | Municipal | Average | Other Debt | Average | |||||||||||||||||||||||||||||
(dollars in thousands) | Securities | Yield | Obligations | Yield | Bonds | Yield (1) | Securities (2) | Yield | Fair Value | |||||||||||||||||||||||||||
Held-to-Maturity Securities: | ||||||||||||||||||||||||||||||||||||
Due within one year | $ | -- | -- | % | $ | -- | -- | % | $ | -- | -- | % | $ | -- | -- | % | $ | -- | ||||||||||||||||||
Due from one to five years | 841 | 5.89 | 60,190 | 4.17 | 967 | 2.96 | -- | -- | 67,544 | |||||||||||||||||||||||||||
Due from five to ten years | 3,233,780 | 3.22 | 2,707,852 | 2.74 | -- | -- | 47,251 | 3.14 | 6,000,178 | |||||||||||||||||||||||||||
Due after ten years | 1,045,193 | 3.36 | 12,288 | 3.99 | 58,310 | 2.85 | 101,572 | 5.8 | 1,249,293 | |||||||||||||||||||||||||||
Total debt securities held to maturity | $ | 4,279,814 | 3.25 | % | $ | 2,780,330 | 2.78 | % | $ | 59,277 | 2.85 | % | $ | 148,823 | 4.96 | % | $ | 7,317,015 | ||||||||||||||||||
Available-for-Sale Securities: (3) | ||||||||||||||||||||||||||||||||||||
Due within one year | $ | -- | -- | % | $ | -- | -- | % | $ | 125 | 6.09 | % | $ | -- | -- | % | $ | 126 | ||||||||||||||||||
Due from one to five years | 4,083 | 6.82 | -- | -- | 558 | 6.45 | -- | -- | 4,921 | |||||||||||||||||||||||||||
Due from five to ten years | 16,137 | 3.72 | -- | -- | 281 | 6.63 | -- | -- | 17,416 | |||||||||||||||||||||||||||
Due after ten years | 67,991 | 3.59 | -- | -- | -- | -- | 13,428 | 5.67 | 79,377 | |||||||||||||||||||||||||||
Total debt securities available for sale | $ | 88,211 | 3.76 | % | $ | -- | -- | % | $ | 964 | 6.46 | % | $ | 13,428 | 5.67 | % | $ | 101,840 | ||||||||||||||||||
-1 | Not presented on a tax-equivalent basis. | |||||||||||||||||||||||||||||||||||
-2 | Consists of corporate bonds and capital trust notes. Included in capital trust notes are $247,000 of pooled trust preferred securities held to maturity, all of which are due after ten years. The remaining capital trust notes consist of single-issue trust preferred securities. | |||||||||||||||||||||||||||||||||||
-3 | As equity securities have no contractual maturity, they have been excluded from this table. | |||||||||||||||||||||||||||||||||||
The following table presents held-to-maturity and available-for-sale securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of September 30, 2014: | ||||||||||||||||||||||||||||||||||||
At September 30, 2014 | Less than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||
Temporarily Impaired Held-to-Maturity Debt Securities: | ||||||||||||||||||||||||||||||||||||
GSE debentures | $ | 129,894 | $ | 75 | $ | 2,150,525 | $ | 86,785 | $ | 2,280,419 | $ | 86,860 | ||||||||||||||||||||||||
GSE certificates | 269,519 | 1,606 | 493,289 | 12,286 | 762,808 | 13,892 | ||||||||||||||||||||||||||||||
GSE CMOs | 52,932 | 93 | 147,839 | 3,259 | 200,771 | 3,352 | ||||||||||||||||||||||||||||||
Municipal bonds | 14,078 | 158 | 42,456 | 1,617 | 56,534 | 1,775 | ||||||||||||||||||||||||||||||
Capital trust notes | 24,907 | 93 | 36,238 | 9,943 | 61,145 | 10,036 | ||||||||||||||||||||||||||||||
Total temporarily impaired held-to-maturity debt securities | $ | 491,330 | $ | 2,025 | $ | 2,870,347 | $ | 113,890 | $ | 3,361,677 | $ | 115,915 | ||||||||||||||||||||||||
Temporarily Impaired Available-for-Sale Securities: | ||||||||||||||||||||||||||||||||||||
Debt Securities: | ||||||||||||||||||||||||||||||||||||
Private label CMOs | $ | 9,367 | $ | 50 | $ | -- | $ | -- | $ | 9,367 | $ | 50 | ||||||||||||||||||||||||
GSE CMOs | -- | -- | 45,456 | 1,167 | 45,456 | 1,167 | ||||||||||||||||||||||||||||||
Capital trust notes | 1,993 | 8 | 5,566 | 1,862 | 7,559 | 1,870 | ||||||||||||||||||||||||||||||
Total temporarily impaired available-for-sale debt securities | $ | 11,360 | $ | 58 | $ | 51,022 | $ | 3,029 | $ | 62,382 | $ | 3,087 | ||||||||||||||||||||||||
Equity securities | 8,897 | 171 | 14,784 | 509 | 23,681 | 680 | ||||||||||||||||||||||||||||||
Total temporarily impaired available-for-sale securities | $ | 20,257 | $ | 229 | $ | 65,806 | $ | 3,538 | $ | 86,063 | $ | 3,767 | ||||||||||||||||||||||||
The following table presents held-to-maturity and available-for-sale securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2013: | ||||||||||||||||||||||||||||||||||||
At December 31, 2013 | Less than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||
Temporarily Impaired Held-to-Maturity Debt Securities: | ||||||||||||||||||||||||||||||||||||
GSE debentures | $ | 2,777,417 | $ | 208,506 | $ | -- | $ | -- | $ | 2,777,417 | $ | 208,506 | ||||||||||||||||||||||||
GSE certificates | 1,684,793 | 61,280 | -- | -- | 1,684,793 | 61,280 | ||||||||||||||||||||||||||||||
GSE CMOs | 936,691 | 22,520 | -- | -- | 936,691 | 22,520 | ||||||||||||||||||||||||||||||
Municipal bonds | 55,333 | 3,849 | -- | -- | 55,333 | 3,849 | ||||||||||||||||||||||||||||||
Capital trust notes | 24,900 | 100 | 37,181 | 8,986 | 62,081 | 9,086 | ||||||||||||||||||||||||||||||
Total temporarily impaired held-to-maturity debt securities | $ | 5,479,134 | $ | 296,255 | $ | 37,181 | $ | 8,986 | $ | 5,516,315 | $ | 305,241 | ||||||||||||||||||||||||
Temporarily Impaired Available-for-Sale Securities: | ||||||||||||||||||||||||||||||||||||
Debt Securities: | ||||||||||||||||||||||||||||||||||||
GSE certificates | $ | -- | $ | -- | $ | 110 | $ | 1 | $ | 110 | $ | 1 | ||||||||||||||||||||||||
Private label CMOs | 10,202 | 12 | -- | -- | 10,202 | 12 | ||||||||||||||||||||||||||||||
GSE CMOs | 44,725 | 1,861 | -- | -- | 44,725 | 1,861 | ||||||||||||||||||||||||||||||
Capital trust notes | 1,992 | 8 | 5,746 | 1,673 | 7,738 | 1,681 | ||||||||||||||||||||||||||||||
Total temporarily impaired available-for-sale debt securities | $ | 56,919 | $ | 1,881 | $ | 5,856 | $ | 1,674 | $ | 62,775 | $ | 3,555 | ||||||||||||||||||||||||
Equity securities | 75,886 | 4,195 | -- | -- | 75,886 | 4,195 | ||||||||||||||||||||||||||||||
Total temporarily impaired available-for-sale securities | $ | 132,805 | $ | 6,076 | $ | 5,856 | $ | 1,674 | $ | 138,661 | $ | 7,750 | ||||||||||||||||||||||||
An OTTI loss on impaired securities must be fully recognized in earnings if an investor has the intent to sell the debt security, or if it is more likely than not that the investor will be required to sell the debt security before recovery of its amortized cost. However, even if an investor does not expect to sell a debt security, it must evaluate the expected cash flows to be received and determine if a credit loss has occurred. In the event that a credit loss occurs, only the amount of impairment associated with the credit loss is recognized in earnings. Amounts relating to factors other than credit losses are recorded in AOCL. FASB guidance also requires additional disclosures regarding the calculation of credit losses, as well as factors considered by the investor in reaching a conclusion that an investment is not other-than-temporarily impaired. | ||||||||||||||||||||||||||||||||||||
Securities in unrealized loss positions are analyzed as part of the Company’s ongoing assessment of OTTI. When the Company intends to sell such securities, the Company recognizes an impairment loss equal to the full difference between the amortized cost basis and the fair value of those securities. When the Company does not intend to sell equity or debt securities in an unrealized loss position, potential OTTI is considered based on a variety of factors, including the length of time and extent to which the fair value has been less than the cost; adverse conditions specifically related to the industry, the geographic area, or financial condition of the issuer, or the underlying collateral of a security; the payment structure of the security; changes to the rating of the security by a rating agency; the volatility of the fair value changes; and changes in fair value of the security after the balance sheet date. For debt securities, the Company estimates cash flows over the remaining life of the underlying collateral to assess whether credit losses exist and, where applicable, to determine if any adverse changes in cash flows have occurred. The Company’s cash flow estimates take into account expectations of relevant market and economic data as of the end of the reporting period. As of September 30, 2014, the Company did not intend to sell its securities with an unrealized loss position, and it was more likely than not that the Company would not be required to sell these securities before recovery of their amortized cost basis. The Company believes that the securities with an unrealized loss position were not other-than-temporarily impaired as of September 30, 2014. | ||||||||||||||||||||||||||||||||||||
Other factors considered in determining whether or not an impairment is temporary include the severity of the impairment; the cause of the impairment; the near-term prospects of the issuer; and the forecasted recovery period using current estimates of volatility in market interest rates (including liquidity and risk premiums). | ||||||||||||||||||||||||||||||||||||
Management’s assertion regarding its intent not to sell, or that it is not more likely than not that the Company will be required to sell a security before its anticipated recovery, is based on a number of factors, including a quantitative estimate of the expected recovery period (which may extend to maturity), and management’s intended strategy with respect to the identified security or portfolio. If management does have the intent to sell, or believes it is more likely than not that the Company will be required to sell the security before its anticipated recovery, the unrealized loss is charged directly to earnings in the Consolidated Statement of Income and Comprehensive Income. | ||||||||||||||||||||||||||||||||||||
The unrealized losses on the Company’s GSE mortgage-related securities and GSE debentures at September 30, 2014 were primarily caused by movements in market interest rates and spread volatility, rather than credit risk. It is expected that these securities will not be settled at a price that is less than the amortized cost of the Company’s investment. Because the Company does not have the intent to sell the investments, and it is not more likely than not that the Company will be required to sell them before the anticipated recovery of fair value, which may be at maturity, the Company did not consider these investments to be other than temporarily impaired at September 30, 2014. | ||||||||||||||||||||||||||||||||||||
The Company reviews quarterly financial information related to its investments in municipal bonds and capital trust notes, as well as other information that is released by each of the issuers of such bonds and notes, to determine their continued creditworthiness. The contractual terms of these investments do not permit settling the securities at prices that are less than the amortized costs of the investments; therefore, the Company expects that these investments will not be settled at prices that are less than their amortized costs. The Company continues to monitor these investments and currently estimates that the present value of expected cash flows is not less than the amortized cost of the securities. Because the Company does not have the intent to sell the investments, and it is not more likely than not that the Company will be required to sell them before the anticipated recovery of fair value, which may be at maturity, it did not consider these investments to be other-than-temporarily impaired at September 30, 2014. It is possible that these securities will perform worse than is currently expected, which could lead to adverse changes in cash flows from these securities and potential OTTI losses in the future. Future events that could trigger material unrecoverable declines in the fair values of the Company’s investments, and result in potential OTTI losses, include, but are not limited to, government intervention; deteriorating asset quality and credit metrics; significantly higher levels of default and loan loss provisions; losses in value on the underlying collateral; deteriorating credit enhancement; net operating losses; and further illiquidity in the financial markets. | ||||||||||||||||||||||||||||||||||||
At September 30, 2014, the Company’s equity securities portfolio consisted of perpetual preferred stock, common stock, and mutual funds. The Company considers a decline in the fair value of available-for-sale equity securities to be other than temporary if the Company does not expect to recover the entire amortized cost basis of the security. The unrealized losses on the Company’s equity securities at the end of September 2014 were primarily caused by market volatility. The Company evaluated the near-term prospects of a recovery of fair value for each security in the portfolio, together with the severity and duration of impairment to date. Based on this evaluation, and its ability and intent to hold these investments for a reasonably sufficient period of time to realize a near-term forecasted recovery of fair value, the Company did not consider these investments to be other-than-temporarily impaired at September 30, 2014. Nonetheless, it is possible that these equity securities will perform worse than is currently expected, which could lead to adverse changes in their fair values, or the failure of the securities to fully recover in value as presently forecasted by management. This potentially would cause the Company to record OTTI losses in future periods. Events that could trigger material declines in the fair values of these securities include, but are not limited to, deterioration in the equity markets; a decline in the quality of the loan portfolios of the issuers in which the Company has invested; and the recording of higher loan loss provisions and net operating losses by such issuers. | ||||||||||||||||||||||||||||||||||||
The investment securities designated as having a continuous loss position for twelve months or more at September 30, 2014 consisted of thirty-one agency mortgage-backed securities, seventeen agency debt securities, six agency CMOs, six capital trust notes, two municipal bonds, and one preferred stock security. At December 31, 2013, the investment securities designated as having a continuous loss position for twelve months or more consisted of six capital trust notes and one mortgage-backed security. At September 30, 2014 and December 31, 2013, the combined market value of the respective securities represented unrealized losses of $117.4 million and $10.7 million. At September 30, 2014, the fair value of securities having a continuous loss position for twelve months or more was 3.9% below the collective amortized cost of $3.1 billion. At December 31, 2013, the fair value of such securities was 19.9% below the collective amortized cost of $53.7 million. |
Loans
Loans | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Loans | ' | ||||||||||||||||||||||||||||||||
Note 5. Loans | |||||||||||||||||||||||||||||||||
The following table sets forth the composition of the loan portfolio at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Percent of | Percent of | ||||||||||||||||||||||||||||||||
Non-Covered | Non-Covered | ||||||||||||||||||||||||||||||||
Loans Held for | Loans Held for | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Investment | Amount | Investment | |||||||||||||||||||||||||||||
Non-Covered Loans Held for Investment: | |||||||||||||||||||||||||||||||||
Mortgage Loans: | |||||||||||||||||||||||||||||||||
Multi-family | $ | 22,862,495 | 70.93 | % | $ | 20,699,927 | 69.41 | % | |||||||||||||||||||||||||
Commercial real estate | 7,660,776 | 23.78 | 7,364,231 | 24.7 | |||||||||||||||||||||||||||||
One-to-four family | 404,750 | 1.26 | 560,730 | 1.88 | |||||||||||||||||||||||||||||
Acquisition, development, and construction | 310,585 | 0.96 | 344,100 | 1.15 | |||||||||||||||||||||||||||||
Total mortgage loans held for investment | 31,238,606 | 96.92 | % | 28,968,988 | 97.14 | % | |||||||||||||||||||||||||||
Other Loans: | |||||||||||||||||||||||||||||||||
Commercial and industrial | 824,186 | 2.56 | 712,260 | 2.39 | |||||||||||||||||||||||||||||
Lease financing, net of unearned income | 135,833 | 0.42 | 101,431 | 0.34 | |||||||||||||||||||||||||||||
of $7,771 and $5,723 | |||||||||||||||||||||||||||||||||
Total commercial and industrial loans | 960,019 | 2.98 | 813,691 | 2.73 | |||||||||||||||||||||||||||||
Other | 33,956 | 0.11 | 39,036 | 0.13 | |||||||||||||||||||||||||||||
Total other loans held for investment | 993,975 | 3.08 | 852,727 | 2.86 | |||||||||||||||||||||||||||||
Total non-covered loans held for investment | $ | 32,232,581 | 100 | % | $ | 29,821,715 | 100 | % | |||||||||||||||||||||||||
Net deferred loan origination costs | 19,428 | 16,274 | |||||||||||||||||||||||||||||||
Allowance for losses on non-covered loans | (139,744 | ) | (141,946 | ) | |||||||||||||||||||||||||||||
Non-covered loans held for investment, net | $ | 32,112,265 | $ | 29,696,043 | |||||||||||||||||||||||||||||
Covered loans | 2,504,622 | 2,788,618 | |||||||||||||||||||||||||||||||
Allowance for losses on covered loans | (45,682 | ) | (64,069 | ) | |||||||||||||||||||||||||||||
Total covered loans, net | $ | 2,458,940 | $ | 2,724,549 | |||||||||||||||||||||||||||||
Loans held for sale | 680,147 | 306,915 | |||||||||||||||||||||||||||||||
Total loans, net | $ | 35,251,352 | $ | 32,727,507 | |||||||||||||||||||||||||||||
Non-Covered Loans | |||||||||||||||||||||||||||||||||
Non-Covered Loans Held for Investment | |||||||||||||||||||||||||||||||||
The vast majority of the loans the Company originates for investment are multi-family loans, most of which are collateralized by non-luxury apartment buildings in New York City that are rent-regulated and feature below-market rents. In addition, the Company originates commercial real estate (“CRE”) loans, most of which are collateralized by properties located in New York City and Long Island. | |||||||||||||||||||||||||||||||||
The Company also originates one-to-four family loans; acquisition, development, and construction (“ADC”) loans; and commercial and industrial (“C&I”) loans for investment. ADC loans are primarily originated for multi-family and residential tract projects in New York City and on Long Island, while one-to-four family loans are originated both within and beyond the markets served by its branch offices. C&I loans consist of asset-based loans, equipment loans and leases, and dealer floor plan loans (together, “specialty finance loans and leases”) that are made to nationally recognized borrowers throughout the U.S. and are senior debt-secured; and other C&I loans, both secured and unsecured, that primarily are made to small and mid-size businesses in Metro New York. Such C&I loans are typically made for working capital, business expansion, and the purchase of machinery and equipment. | |||||||||||||||||||||||||||||||||
Payments on multi-family and CRE loans generally depend on the income produced by the underlying properties which, in turn, depends on their successful operation and management. Accordingly, the ability of the Company’s borrowers to repay these loans may be impacted by adverse conditions in the local real estate market and the local economy. While the Company generally requires that such loans be qualified on the basis of the collateral property’s current cash flows, appraised value, and debt service coverage ratio, among other factors, there can be no assurance that its underwriting policies will protect the Company from credit-related losses or delinquencies. | |||||||||||||||||||||||||||||||||
The one-to-four family loans that are held for investment consist primarily of hybrid loans (both jumbo and agency-conforming) that have been made at conservative loan-to-value ratios to borrowers with a documented history of repaying their debts. | |||||||||||||||||||||||||||||||||
ADC loans typically involve a higher degree of credit risk than loans secured by improved or owner-occupied real estate. Accordingly, borrowers are required to provide a guarantee of repayment and completion, and loan proceeds are disbursed as construction progresses, as certified by in-house or third-party engineers. The risk of loss on an ADC loan is largely dependent upon the accuracy of the initial appraisal of the property’s value upon completion of construction or development; the estimated cost of construction, including interest; and the estimated time to complete and/or sell or lease such property. The Company seeks to minimize these risks by maintaining conservative lending policies and rigorous underwriting standards. However, if the estimate of value proves to be inaccurate, the cost of completion is greater than expected, the length of time to complete and/or sell or lease the collateral property is greater than anticipated, or if there is a downturn in the local economy or real estate market, the property could have a value upon completion that is insufficient to assure full repayment of the loan. This could have a material adverse effect on the quality of the ADC loan portfolio, and could result in losses or delinquencies. | |||||||||||||||||||||||||||||||||
To minimize the risk involved in specialty finance lending and leasing, the Company primarily participates in broadly syndicated asset-based loans, equipment loan and lease financing, and dealer floor plan loans that are presented by those who are on an approved list of select, nationally recognized sources with whom its lending officers have established long-term funding relationships. The loans and leases, which are secured by a perfected first security interest in the underlying collateral and structured as senior debt, are made to large corporate obligors, the majority of which are publicly traded, carry investment grade or near-investment grade ratings, participate in stable industries, and are located nationwide. To further minimize the risk involved in specialty finance lending and leasing, the Company re-underwrites each transaction; in addition, it retains outside counsel to conduct a further review of the underlying documentation. | |||||||||||||||||||||||||||||||||
To minimize the risks involved in other C&I lending, the Company underwrites such loans on the basis of the cash flows produced by the business; requires that such loans be collateralized by various business assets, including inventory, equipment, and accounts receivable, among others; and requires personal guarantees. However, the capacity of a borrower to repay such a C&I loan is substantially dependent on the degree to which his or her business is successful. In addition, the collateral underlying such loans may depreciate over time, may not be conducive to appraisal, or may fluctuate in value, based upon the results of operations of the business. | |||||||||||||||||||||||||||||||||
Included in non-covered loans held for investment at September 30, 2014 and December 31, 2013 were loans to non-officer directors of $130.1 million and $149.4 million, respectively. | |||||||||||||||||||||||||||||||||
Loans Held for Sale | |||||||||||||||||||||||||||||||||
The Community Bank’s mortgage banking operation was established in January 2010 to originate, aggregate, and service one-to-four family loans. Community banks, credit unions, mortgage companies, and mortgage brokers use its proprietary web-accessible mortgage banking platform to originate and close one-to-four family loans throughout the U.S. These loans are generally sold, servicing retained, to GSEs. To a much lesser extent, the Community Bank uses its mortgage banking platform to originate fixed-rate jumbo loans under contract for sale to other financial institutions. The volume of jumbo loan originations has been insignificant to date, and the Company does not expect such loans to represent a material portion of the held-for-sale loans it originates. Included in the September 30, 2014 held for sale balance were $398.7 million of one-to-four family and commercial and industrial loans that transferred from loans held for investment during the quarter. The Company also services mortgage loans for various third parties, primarily including those it sells to GSEs. The unpaid principal balance of loans serviced for others was $22.1 billion at September 30, 2014 and $21.5 billion at December 31, 2013. | |||||||||||||||||||||||||||||||||
Asset Quality | |||||||||||||||||||||||||||||||||
The following table presents information regarding the quality of the Company’s non-covered loans held for investment at September 30, 2014: | |||||||||||||||||||||||||||||||||
Loans 90 | |||||||||||||||||||||||||||||||||
Days | |||||||||||||||||||||||||||||||||
or More | |||||||||||||||||||||||||||||||||
Delinquent | |||||||||||||||||||||||||||||||||
Loans | Non- | and Still | Total | ||||||||||||||||||||||||||||||
30-89 Days | Accrual | Accruing | Past Due | Current | Total Loans | ||||||||||||||||||||||||||||
(in thousands) | Past Due | Loans | Interest | Loans | Loans | Receivable | |||||||||||||||||||||||||||
Multi-family | $ | 2,516 | $ | 29,942 | $ | -- | $ | 32,458 | $ | 22,830,037 | $ | 22,862,495 | |||||||||||||||||||||
Commercial real estate | 164 | 28,586 | -- | 28,750 | 7,632,026 | 7,660,776 | |||||||||||||||||||||||||||
One-to-four family | 2,451 | 10,575 | -- | 13,026 | 391,724 | 404,750 | |||||||||||||||||||||||||||
Acquisition, development, and | -- | 2,328 | -- | 2,328 | 308,257 | 310,585 | |||||||||||||||||||||||||||
construction | |||||||||||||||||||||||||||||||||
Commercial and industrial (1) | -- | 8,439 | -- | 8,439 | 951,580 | 960,019 | |||||||||||||||||||||||||||
Other | 1,274 | 1,149 | -- | 2,423 | 31,533 | 33,956 | |||||||||||||||||||||||||||
Total | $ | 6,405 | $ | 81,019 | $ | -- | $ | 87,424 | $ | 32,145,157 | $ | 32,232,581 | |||||||||||||||||||||
-1 | Includes lease financing receivables, all of which were current at September 30, 2014. | ||||||||||||||||||||||||||||||||
The following table presents information regarding the quality of the Company’s non-covered loans held for investment at December 31, 2013: | |||||||||||||||||||||||||||||||||
Loans 90 | |||||||||||||||||||||||||||||||||
Days | |||||||||||||||||||||||||||||||||
or More | |||||||||||||||||||||||||||||||||
Delinquent | |||||||||||||||||||||||||||||||||
Loans | Non- | and Still | Total | ||||||||||||||||||||||||||||||
30-89 Days | Accrual | Accruing | Past Due | Current | Total Loans | ||||||||||||||||||||||||||||
(in thousands) | Past Due | Loans | Interest | Loans | Loans | Receivable | |||||||||||||||||||||||||||
Multi-family | $ | 33,678 | $ | 58,395 | $ | -- | $ | 92,073 | $ | 20,607,854 | $ | 20,699,927 | |||||||||||||||||||||
Commercial real estate | 1,854 | 24,550 | -- | 26,404 | 7,337,827 | 7,364,231 | |||||||||||||||||||||||||||
One-to-four family | 1,076 | 10,937 | -- | 12,013 | 548,717 | 560,730 | |||||||||||||||||||||||||||
Acquisition, development, and | -- | 2,571 | -- | 2,571 | 341,529 | 344,100 | |||||||||||||||||||||||||||
construction | |||||||||||||||||||||||||||||||||
Commercial and industrial (1) | 1 | 5,735 | -- | 5,736 | 807,955 | 813,691 | |||||||||||||||||||||||||||
Other | 480 | 1,349 | -- | 1,829 | 37,207 | 39,036 | |||||||||||||||||||||||||||
Total | $ | 37,089 | $ | 103,537 | $ | -- | $ | 140,626 | $ | 29,681,089 | $ | 29,821,715 | |||||||||||||||||||||
-1 | Includes lease financing receivables, all of which were current at December 31, 2013. | ||||||||||||||||||||||||||||||||
The following table summarizes the Company’s portfolio of non-covered loans held for investment by credit quality indicator at September 30, 2014: | |||||||||||||||||||||||||||||||||
Acquisition, | Total | Total | |||||||||||||||||||||||||||||||
Commercial | One-to-Four | Development, | Mortgage | Commercial | Other Loan | ||||||||||||||||||||||||||||
(in thousands) | Multi-Family | Real Estate | Family | and Construction | Loans | and Industrial(1) | Other | Segment | |||||||||||||||||||||||||
Credit Quality Indicator: | |||||||||||||||||||||||||||||||||
Pass | $ | 22,799,073 | $ | 7,611,591 | $ | 398,617 | $ | 307,918 | $ | 31,117,199 | $ | 910,114 | $ | 32,808 | $ | 942,922 | |||||||||||||||||
Special mention | 27,104 | 13,636 | -- | -- | 40,740 | 40,957 | -- | 40,957 | |||||||||||||||||||||||||
Substandard | 36,318 | 35,549 | 6,133 | 2,667 | 80,667 | 8,948 | 1,148 | 10,096 | |||||||||||||||||||||||||
Doubtful | -- | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||
Total | $ | 22,862,495 | $ | 7,660,776 | $ | 404,750 | $ | 310,585 | $ | 31,238,606 | $ | 960,019 | $ | 33,956 | $ | 993,975 | |||||||||||||||||
-1 | Includes lease financing receivables, all of which were classified as “pass.” | ||||||||||||||||||||||||||||||||
The following table summarizes the Company’s portfolio of non-covered loans held for investment by credit quality indicator at December 31, 2013: | |||||||||||||||||||||||||||||||||
Acquisition, | Total | Total | |||||||||||||||||||||||||||||||
Commercial | One-to-Four | Development, | Mortgage | Commercial | Other Loan | ||||||||||||||||||||||||||||
(in thousands) | Multi-Family | Real Estate | Family | and Construction | Loans | and Industrial(1) | Other | Segment | |||||||||||||||||||||||||
Credit Quality Indicator: | |||||||||||||||||||||||||||||||||
Pass | $ | 20,527,460 | $ | 7,304,502 | $ | 554,132 | $ | 333,805 | $ | 28,719,899 | $ | 793,693 | $ | 37,688 | $ | 831,381 | |||||||||||||||||
Special mention | 73,549 | 25,407 | -- | 7,400 | 106,356 | 13,036 | -- | 13,036 | |||||||||||||||||||||||||
Substandard | 98,918 | 33,822 | 6,598 | 2,895 | 142,233 | 6,808 | 1,348 | 8,156 | |||||||||||||||||||||||||
Doubtful | -- | 500 | -- | -- | 500 | 154 | -- | 154 | |||||||||||||||||||||||||
Total | $ | 20,699,927 | $ | 7,364,231 | $ | 560,730 | $ | 344,100 | $ | 28,968,988 | $ | 813,691 | $ | 39,036 | $ | 852,727 | |||||||||||||||||
-1 | Includes lease financing receivables, all of which were classified as “pass.” | ||||||||||||||||||||||||||||||||
The preceding classifications follow regulatory guidelines and can be generally described as follows: pass loans are of satisfactory quality; special mention loans have a potential weakness or risk that may result in the deterioration of future repayment; substandard loans are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged (these loans have a well-defined weakness and there is a distinct possibility that the Company will sustain some loss); and doubtful loans, based on existing circumstances, have weaknesses that make collection or liquidation in full highly questionable and improbable. In addition, one-to-four family loans are classified utilizing an inter-regulatory agency methodology that incorporates the extent of delinquency and the loan-to-value ratios. These classifications are the most current available and generally have been updated within the last twelve months. | |||||||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||
The Company is required to account for certain held-for-investment loan modifications or restructurings as “Troubled Debt Restructurings” (“TDRs”). In general, a modification or restructuring of a loan constitutes a TDR if the Company grants a concession to a borrower experiencing financial difficulty. Loans modified as TDRs generally are placed on non-accrual status until the Company determines that future collection of principal and interest is reasonably assured, which requires that the borrower demonstrate performance according to the restructured terms for a period of at least six consecutive months. | |||||||||||||||||||||||||||||||||
In an effort to proactively manage delinquent loans, the Company has selectively extended to certain borrowers concessions such as rate reductions, extension of maturity dates, and forbearance agreements. As of September 30, 2014, loans on which concessions were made with respect to rate reductions and/or extension of maturity dates amounted to $37.0 million; loans on which forbearance agreements were reached amounted to $6.0 million. | |||||||||||||||||||||||||||||||||
The following table presents information regarding the Company’s TDRs as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | Accruing | Non-Accrual | Total | Accruing | Non-Accrual | Total | |||||||||||||||||||||||||||
Loan Category: | |||||||||||||||||||||||||||||||||
Multi-family | $ | 9,962 | $ | 12,642 | $ | 22,604 | $ | 10,083 | $ | 50,548 | $ | 60,631 | |||||||||||||||||||||
Commercial real estate | 2,137 | 16,158 | 18,295 | 2,198 | 15,626 | 17,824 | |||||||||||||||||||||||||||
One-to-four family | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||
Acquisition, development, and construction | -- | 935 | 935 | -- | -- | -- | |||||||||||||||||||||||||||
Commercial and industrial | -- | 1,203 | 1,203 | 1,129 | 758 | 1,887 | |||||||||||||||||||||||||||
Total | $ | 12,099 | $ | 30,938 | $ | 43,037 | $ | 13,410 | $ | 66,932 | $ | 80,342 | |||||||||||||||||||||
The eligibility of a borrower for work-out concessions of any nature depends upon the facts and circumstances of each transaction, which may change from period to period, and involves judgment by Company personnel regarding the likelihood that the concession will result in the maximum recovery for the Company. | |||||||||||||||||||||||||||||||||
In the nine months ended September 30, 2014, the Company classified one ADC loan in the amount of $935,000, one C&I loan in the amount of $499,000, one multi-family loan in the amount of $316,000, and one CRE loan in the amount of $2.1 million, as non-accrual TDRs. While other concessions were granted to the borrowers, the interest rates on the loans were maintained. As a result, these TDRs did not have a financial impact on the Company’s results of operations during the current nine-month period, with the exception of a $334,000 charge-off recorded in connection with aforementioned $2.1 million CRE loan. | |||||||||||||||||||||||||||||||||
At September 30, 2014, none of the loans that had been modified as TDRs during the twelve months ended at that date were in payment default. A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. | |||||||||||||||||||||||||||||||||
The Company does not consider a payment to be in default when the loan is in forbearance, or otherwise granted a delay of payment, when the agreement to forebear or allow a delay of payment is part of a modification. Subsequent to the modification, the loan is not considered to be in default until payment is contractually past due in accordance with the modified terms. However, the Company does consider a loan with multiple modifications or forbearance periods to be in default, and would also consider a loan to be in default if it was in bankruptcy or was partially charged off subsequent to modification. | |||||||||||||||||||||||||||||||||
Covered Loans | |||||||||||||||||||||||||||||||||
The following table presents the carrying value of covered loans acquired in the AmTrust and Desert Hills acquisitions as of September 30, 2014: | |||||||||||||||||||||||||||||||||
Percent of | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Covered Loans | |||||||||||||||||||||||||||||||
Loan Category: | |||||||||||||||||||||||||||||||||
One-to-four family | $ | 2,282,064 | 91.1 | % | |||||||||||||||||||||||||||||
All other loans | 222,558 | 8.9 | |||||||||||||||||||||||||||||||
Total covered loans | $ | 2,504,622 | 100 | % | |||||||||||||||||||||||||||||
The Company refers to the loans acquired in the AmTrust and Desert Hills transactions as “covered loans” because the Company is being reimbursed for a substantial portion of losses on these loans under the terms of the FDIC loss sharing agreements. Covered loans are accounted for under Accounting Standards Codification (“ASC”) Topic 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”) and are initially measured at fair value, which includes estimated future credit losses expected to be incurred over the lives of the loans. Under ASC 310-30, purchasers are permitted to aggregate acquired loans into one or more pools, provided that the loans have common risk characteristics. A pool is then accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. | |||||||||||||||||||||||||||||||||
At September 30, 2014 and December 31, 2013, the unpaid principal balances of covered loans were $3.0 billion and $3.3 billion, respectively. The carrying values of such loans were $2.5 billion and $2.8 billion, respectively, at the corresponding dates. | |||||||||||||||||||||||||||||||||
At the respective acquisition dates, the Company estimated the fair values of the AmTrust and Desert Hills loan portfolios, which represented the expected cash flows from the portfolios, discounted at market-based rates. In estimating such fair values, the Company: (a) calculated the contractual amount and timing of undiscounted principal and interest payments (the “undiscounted contractual cash flows”); and (b) estimated the expected amount and timing of undiscounted principal and interest payments (the “undiscounted expected cash flows”). The amount by which the undiscounted expected cash flows exceed the estimated fair value (the “accretable yield”) is accreted into interest income over the lives of the loans. The amount by which the undiscounted contractual cash flows exceed the undiscounted expected cash flows is referred to as the “non-accretable difference.” The non-accretable difference represents an estimate of the credit risk in the loan portfolios at the respective acquisition dates. | |||||||||||||||||||||||||||||||||
The accretable yield is affected by changes in interest rate indices for variable rate loans, changes in prepayment assumptions, and changes in expected principal and interest payments over the estimated lives of the loans. Changes in interest rate indices for variable rate loans increase or decrease the amount of interest income expected to be collected, depending on the direction of interest rates. Prepayments affect the estimated lives of covered loans and could change the amount of interest income and principal expected to be collected. Changes in expected principal and interest payments over the estimated lives of covered loans are driven by the credit outlook and by actions that may be taken with borrowers. | |||||||||||||||||||||||||||||||||
The Company periodically evaluates the estimates of the cash flows it expects to collect. Expected future cash flows from interest payments are based on variable rates at the time of the periodic evaluation. Estimates of expected cash flows that are impacted by changes in interest rate indices for variable rate loans and prepayment assumptions are treated as prospective yield adjustments and included in interest income. | |||||||||||||||||||||||||||||||||
Changes in the accretable yield for covered loans in the nine months ended September 30, 2014 were as follows: | |||||||||||||||||||||||||||||||||
(in thousands) | Accretable Yield | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 796,993 | |||||||||||||||||||||||||||||||
Reclassification from non-accretable difference | 302,617 | ||||||||||||||||||||||||||||||||
Accretion | (104,195 | ) | |||||||||||||||||||||||||||||||
Balance at end of period | $ | 995,415 | |||||||||||||||||||||||||||||||
In the preceding table, the line item “reclassification from non-accretable difference” includes changes in cash flows that the Company expects to collect due to changes in prepayment assumptions, changes in interest rates on variable rate loans, and changes in loss assumptions. As of the Company’s most recent periodic evaluation, the underlying credit assumptions improved which resulted in an increase in future expected interest cash flows and, consequently, an increase in the accretable yield. The effect of this increase was partially offset by the coupon rates on variable rate loans resetting lower, which resulted in a decrease in future expected interest cash flows and, consequently, a decrease in the accretable yield. | |||||||||||||||||||||||||||||||||
In connection with the AmTrust and Desert Hills acquisitions, the Company also acquired other real estate owned (“OREO”), all of which is covered under the FDIC loss sharing agreements. Covered OREO was initially recorded at its estimated fair value on the acquisition date, based on independent appraisals, less the estimated selling costs. Any subsequent write-downs due to declines in fair value have been charged to non-interest expense, and have been partially offset by loss reimbursements under the FDIC loss sharing agreements. Any recoveries of previous write-downs have been credited to non-interest expense and partially offset by the portion of the recovery that was due to the FDIC. | |||||||||||||||||||||||||||||||||
The FDIC loss share receivable represents the present value of the estimated losses to be reimbursed by the FDIC. The estimated losses were based on the same cash flow estimates used in determining the fair value of the covered loans. The FDIC loss share receivable is reduced as losses on covered loans are recognized and as loss sharing payments are received from the FDIC. Realized losses in excess of acquisition-date estimates result in an increase in the FDIC loss share receivable. Conversely, if realized losses are lower than the acquisition-date estimates, the FDIC loss share receivable is reduced by amortization to interest income. | |||||||||||||||||||||||||||||||||
The following table presents information regarding the Company’s covered loans that were 90 days or more past due at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
(in thousands) | September 30, | December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Covered Loans 90 Days or More Past Due: | |||||||||||||||||||||||||||||||||
One-to-four family | $ | 144,881 | $ | 201,425 | |||||||||||||||||||||||||||||
Other loans | 7,900 | 10,060 | |||||||||||||||||||||||||||||||
Total covered loans 90 days or more past due | $ | 152,781 | $ | 211,485 | |||||||||||||||||||||||||||||
The following table presents information regarding the Company’s covered loans that were 30 to 89 days past due at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
(in thousands) | September 30, | December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Covered Loans 30-89 Days Past Due: | |||||||||||||||||||||||||||||||||
One-to-four family | $ | 45,045 | $ | 52,250 | |||||||||||||||||||||||||||||
Other loans | 3,931 | 5,679 | |||||||||||||||||||||||||||||||
Total covered loans 30-89 days past due | $ | 48,976 | $ | 57,929 | |||||||||||||||||||||||||||||
At September 30, 2014, the Company had $49.0 million of covered loans that were 30 to 89 days past due, and covered loans of $152.8 million that were 90 days or more past due but considered to be performing due to the application of the yield accretion method under ASC 310-30. The remaining portion of the Company’s covered loan portfolio totaled $2.3 billion at September 30, 2014 and was considered current at that date. ASC 310-30 allows the Company to aggregate credit-impaired loans acquired in the same fiscal quarter into one or more pools, provided that the loans have common risk characteristics. A pool is then accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. | |||||||||||||||||||||||||||||||||
Loans that may have been classified as non-performing loans by AmTrust or Desert Hills were no longer classified as non-performing by the Company because, at the respective dates of acquisition, the Company believed that it would fully collect the new carrying value of these loans. The new carrying value represents the contractual balance, reduced by the portion that is expected to be uncollectible (i.e., the non-accretable difference) and by an accretable yield (discount) that is recognized as interest income. It is important to note that management’s judgment is required in reclassifying loans subject to ASC 310-30 as performing loans, and such judgment is dependent on having a reasonable expectation about the timing and amount of the cash flows to be collected, even if the loan is contractually past due. | |||||||||||||||||||||||||||||||||
The primary credit quality indicator for covered loans is the expectation of underlying cash flows. The Company recorded a recovery for losses on covered loans of $3.9 million in the three months ended September 30, 2014. The recovery was largely due to an increase in expected cash flows in the acquired portfolios of one-to-four family and home equity loans, and was partly offset by FDIC indemnification expense of $3.2 million recorded in non-interest income in the corresponding three-month period. | |||||||||||||||||||||||||||||||||
The Company recovered $18.4 million from the allowance for losses on covered loans during the nine months ended September 30, 2014. The recoveries were recorded in connection with an increase in expected cash flows on certain pools of loans acquired in the Company’s FDIC-assisted transactions, and were partly offset by FDIC indemnification expense of $14.7 million, which was recorded in non-interest income in the corresponding nine-month period. |
Allowances_for_Loan_Losses
Allowances for Loan Losses | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||
Allowances for Loan Losses | ' | ||||||||||||||||||||||||
Note 6. Allowances for Loan Losses | |||||||||||||||||||||||||
The following tables provide information regarding the Company’s allowances for losses on non-covered and covered loans, based upon the method of evaluating loan impairment, at the dates indicated: | |||||||||||||||||||||||||
(in thousands) | Mortgage | Other | Total | ||||||||||||||||||||||
Allowances for Loan Losses at September 30, 2014: | |||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | -- | $ | -- | $ | -- | |||||||||||||||||||
Loans collectively evaluated for impairment | 126,598 | 13,146 | 139,744 | ||||||||||||||||||||||
Acquired loans with deteriorated credit quality | 23,972 | 21,710 | 45,682 | ||||||||||||||||||||||
Total | $ | 150,570 | $ | 34,856 | $ | 185,426 | |||||||||||||||||||
(in thousands) | Mortgage | Other | Total | ||||||||||||||||||||||
Allowances for Loan Losses at December 31, 2013: | |||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | -- | $ | -- | $ | -- | |||||||||||||||||||
Loans collectively evaluated for impairment | 127,840 | 14,106 | 141,946 | ||||||||||||||||||||||
Acquired loans with deteriorated credit quality | 56,705 | 7,364 | 64,069 | ||||||||||||||||||||||
Total | $ | 184,545 | $ | 21,470 | $ | 206,015 | |||||||||||||||||||
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 September 30, 2014: | |||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 66,923 | $ | 6,713 | $ | 73,636 | |||||||||||||||||||
Loans collectively evaluated for impairment | 31,171,683 | 987,262 | 32,158,945 | ||||||||||||||||||||||
Acquired loans with deteriorated credit quality | 2,282,064 | 222,558 | 2,504,622 | ||||||||||||||||||||||
Total | $ | 33,520,670 | $ | 1,216,533 | $ | 34,737,203 | |||||||||||||||||||
(in thousands) | Mortgage | Other | Total | ||||||||||||||||||||||
Loans Receivable at December 31, 2013: | |||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 109,389 | $ | 6,996 | $ | 116,385 | |||||||||||||||||||
Loans collectively evaluated for impairment | 28,859,599 | 845,731 | 29,705,330 | ||||||||||||||||||||||
Acquired loans with deteriorated credit quality | 2,529,200 | 259,418 | 2,788,618 | ||||||||||||||||||||||
Total | $ | 31,498,188 | $ | 1,112,145 | $ | 32,610,333 | |||||||||||||||||||
Allowance for Losses on Non-Covered Loans | |||||||||||||||||||||||||
The following table summarizes activity in the allowance for losses on non-covered loans for the nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in thousands) | Mortgage | Other | Total | Mortgage | Other | Total | |||||||||||||||||||
Balance, beginning of period | $ | 127,840 | $ | 14,106 | $ | 141,946 | $ | 127,934 | $ | 13,014 | $ | 140,948 | |||||||||||||
Charge-offs | (2,610 | ) | (5,194 | ) | (7,804 | ) | (12,716 | ) | (7,039 | ) | (19,755 | ) | |||||||||||||
Recoveries | 1,368 | 4,234 | 5,602 | 3,580 | 1,541 | 5,121 | |||||||||||||||||||
Provision for loan losses | -- | -- | -- | 6,851 | 8,149 | 15,000 | |||||||||||||||||||
Balance, end of period | $ | 126,598 | $ | 13,146 | $ | 139,744 | $ | 125,649 | $ | 15,665 | $ | 141,314 | |||||||||||||
Please see “Critical Accounting Policies” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for additional information regarding the Company’s allowance for losses on non-covered loans. | |||||||||||||||||||||||||
The following table presents additional information about the Company’s impaired non-covered loans at September 30, 2014: | |||||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | |||||||||||||||||||||
(in thousands) | Investment | Balance | Allowance | Investment | Recognized | ||||||||||||||||||||
Impaired loans with no related allowance: | |||||||||||||||||||||||||
Multi-family | $ | 36,148 | $ | 43,459 | $ | -- | $ | 56,218 | $ | 916 | |||||||||||||||
Commercial real estate | 28,558 | 30,907 | -- | 29,827 | 1,136 | ||||||||||||||||||||
One-to-four family | 1,282 | 1,281 | -- | 1,061 | -- | ||||||||||||||||||||
Acquisition, development, and construction | 935 | 1,245 | -- | 467 | 158 | ||||||||||||||||||||
Commercial and industrial | 6,713 | 12,045 | -- | 7,984 | 235 | ||||||||||||||||||||
Total impaired loans with no related allowance | $ | 73,636 | $ | 88,937 | $ | -- | $ | 95,557 | $ | 2,445 | |||||||||||||||
Impaired loans with an allowance recorded: | |||||||||||||||||||||||||
Multi-family | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | |||||||||||||||
Commercial real estate | -- | -- | -- | 613 | -- | ||||||||||||||||||||
One-to-four family | -- | -- | -- | 77 | -- | ||||||||||||||||||||
Acquisition, development, and construction | -- | -- | -- | -- | -- | ||||||||||||||||||||
Commercial and industrial | -- | -- | -- | -- | -- | ||||||||||||||||||||
Total impaired loans with an allowance recorded | $ | -- | $ | -- | $ | -- | $ | 690 | $ | -- | |||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||
Multi-family | $ | 36,148 | $ | 43,459 | $ | -- | $ | 56,218 | $ | 916 | |||||||||||||||
Commercial real estate | 28,558 | 30,907 | -- | 30,440 | 1,136 | ||||||||||||||||||||
One-to-four family | 1,282 | 1,281 | -- | 1,138 | -- | ||||||||||||||||||||
Acquisition, development, and construction | 935 | 1,245 | -- | 467 | 158 | ||||||||||||||||||||
Commercial and industrial | 6,713 | 12,045 | -- | 7,984 | 235 | ||||||||||||||||||||
Total impaired loans | $ | 73,636 | $ | 88,937 | $ | -- | $ | 96,247 | $ | 2,445 | |||||||||||||||
The following table presents additional information about the Company’s impaired non-covered loans at December 31, 2013: | |||||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | |||||||||||||||||||||
(in thousands) | Investment | Balance | Allowance | Investment | Recognized | ||||||||||||||||||||
Impaired loans with no related allowance: | |||||||||||||||||||||||||
Multi-family | $ | 78,771 | $ | 94,265 | $ | -- | $ | 117,208 | $ | 1,991 | |||||||||||||||
Commercial real estate | 30,619 | 32,474 | -- | 43,566 | 1,604 | ||||||||||||||||||||
One-to-four family | -- | -- | -- | 3,611 | 89 | ||||||||||||||||||||
Acquisition, development, and construction | -- | -- | -- | 275 | -- | ||||||||||||||||||||
Commercial and industrial | 6,995 | 34,199 | -- | 6,890 | 366 | ||||||||||||||||||||
Total impaired loans with no related allowance | $ | 116,385 | $ | 160,938 | $ | -- | $ | 171,550 | $ | 4,050 | |||||||||||||||
Impaired loans with an allowance recorded: | |||||||||||||||||||||||||
Multi-family | $ | -- | $ | -- | $ | -- | $ | 2,442 | $ | -- | |||||||||||||||
Commercial real estate | -- | -- | -- | 900 | -- | ||||||||||||||||||||
One-to-four family | -- | -- | -- | -- | -- | ||||||||||||||||||||
Acquisition, development, and construction | -- | -- | -- | -- | -- | ||||||||||||||||||||
Commercial and industrial | -- | -- | -- | -- | -- | ||||||||||||||||||||
Total impaired loans with an allowance recorded | $ | -- | $ | -- | $ | -- | $ | 3,342 | $ | -- | |||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||
Multi-family | $ | 78,771 | $ | 94,265 | $ | -- | $ | 119,650 | $ | 1,991 | |||||||||||||||
Commercial real estate | 30,619 | 32,474 | -- | 44,466 | 1,604 | ||||||||||||||||||||
One-to-four family | -- | -- | -- | 3,611 | 89 | ||||||||||||||||||||
Acquisition, development, and construction | -- | -- | -- | 275 | -- | ||||||||||||||||||||
Commercial and industrial | 6,995 | 34,199 | -- | 6,890 | 366 | ||||||||||||||||||||
Total impaired loans | $ | 116,385 | $ | 160,938 | $ | -- | $ | 174,892 | $ | 4,050 | |||||||||||||||
Allowance for Losses on Covered Loans | |||||||||||||||||||||||||
Covered loans are reported exclusive of the FDIC loss share receivable. The covered loans acquired in the AmTrust and Desert Hills acquisitions are, and will continue to be, reviewed for collectability based on the expectations of cash flows from these loans. Covered loans have been aggregated into pools of loans with common characteristics. In determining the allowance for losses on covered loans, the Company periodically performs an analysis to estimate the expected cash flows for each of the loan pools. The Company records a provision for (recovery of) losses on covered loans to the extent that the expected cash flows from a loan pool have decreased or increased since the acquisition date. Accordingly, if there is a decrease in expected cash flows due to an increase in estimated credit losses (as compared to the estimates made at the respective acquisition dates), the decrease in the present value of expected cash flows is recorded as a provision for covered loan losses charged to earnings, and an allowance for covered loan losses is established. A related credit to non-interest income and an increase in the FDIC loss share receivable is recognized at the same time, and measured based on the applicable loss sharing agreement percentage. Additionally, if there is an increase in expected cash flows due to a decrease in estimated credit losses (as compared to the estimates made at the respective acquisition dates), the increase in the present value of expected cash flows is recorded as a recovery of prior-period impairment charged to earnings, and the allowance for covered loan losses is reduced. A related debit to non-interest income and a decrease in the FDIC loss share receivable is recognized at the same time, and measured based on the applicable loss sharing agreement percentage. | |||||||||||||||||||||||||
The following table summarizes activity in the allowance for losses on covered loans for the nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||
For the Nine Months | |||||||||||||||||||||||||
Ended September 30, | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Balance, beginning of period | $ | 64,069 | $ | 51,311 | |||||||||||||||||||||
(Recovery of) provision for losses on covered loans | (18,387 | ) | 18,586 | ||||||||||||||||||||||
Balance, end of period | $ | 45,682 | $ | 69,897 | |||||||||||||||||||||
Borrowed_Funds
Borrowed Funds | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||
Borrowed Funds | ' | |||||||||||||||||||
Note 7. Borrowed Funds | ||||||||||||||||||||
The following table summarizes the Company’s borrowed funds at September 30, 2014 and December 31, 2013: | ||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||
Wholesale borrowings: | ||||||||||||||||||||
FHLB advances | $ | 10,312,316 | $ | 10,872,576 | ||||||||||||||||
Repurchase agreements | 3,425,000 | 3,425,000 | ||||||||||||||||||
Fed funds purchased | 297,000 | 445,000 | ||||||||||||||||||
Total wholesale borrowings | $ | 14,034,316 | $ | 14,742,576 | ||||||||||||||||
Other borrowings: | ||||||||||||||||||||
Junior subordinated debentures | $ | 358,296 | $ | 358,126 | ||||||||||||||||
Preferred stock of subsidiaries | 4,300 | 4,300 | ||||||||||||||||||
Total other borrowings | $ | 362,596 | $ | 362,426 | ||||||||||||||||
Total borrowed funds | $ | 14,396,912 | $ | 15,105,002 | ||||||||||||||||
At September 30, 2014 and December 31, 2013, the Company had $358.3 million and $358.1 million, respectively, of outstanding junior subordinated deferrable interest debentures (“junior subordinated debentures”) held by statutory business trusts (the “Trusts”) that issued guaranteed capital securities. The capital securities qualified as Tier 1 capital of the Company at those dates. However, with the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the qualification of capital securities as Tier 1 capital will be phased out by January 1, 2016. | ||||||||||||||||||||
The Trusts are accounted for as unconsolidated subsidiaries in accordance with GAAP. The proceeds of each issuance were invested in a series of junior subordinated debentures of the Company and the underlying assets of each statutory business trust are the relevant debentures. The Company has fully and unconditionally guaranteed the obligations under each trust’s capital securities to the extent set forth in a guarantee by the Company to each trust. The Trusts’ capital securities are each subject to mandatory redemption, in whole or in part, upon repayment of the debentures at their stated maturity or earlier redemption. | ||||||||||||||||||||
The following junior subordinated debentures were outstanding at September 30, 2014: | ||||||||||||||||||||
Junior | ||||||||||||||||||||
Interest Rate | Subordinated | Capital | ||||||||||||||||||
of Capital | Debenture | Securities | ||||||||||||||||||
Securities and | Carrying | Amount | Date of | First Optional | ||||||||||||||||
Issuer | Debentures | Amount | Outstanding | Original Issue | Stated Maturity | Redemption Date | ||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
New York Community Capital | 6.00% | $ | 144,370 | $ | 138,019 | Nov. 4, 2002 | Nov. 1, 2051 | Nov. 4, 2007 (1) | ||||||||||||
Trust V (BONUSESSM Units) | ||||||||||||||||||||
New York Community Capital | 1.834 | 123,712 | 120,000 | Dec. 14, 2006 | Dec. 15, 2036 | Dec. 15, 2011 (2) | ||||||||||||||
Trust X | ||||||||||||||||||||
PennFed Capital Trust III | 3.484 | 30,928 | 30,000 | June 2, 2003 | June 15, 2033 | June 15, 2008 (2) | ||||||||||||||
New York Community | 1.883 | 59,286 | 57,500 | April 16, 2007 | June 30, 2037 | June 30, 2012 (2) | ||||||||||||||
Capital Trust XI | ||||||||||||||||||||
Total junior subordinated | $ | 358,296 | $ | 345,519 | ||||||||||||||||
debentures | ||||||||||||||||||||
-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. |
Mortgage_Servicing_Rights
Mortgage Servicing Rights | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Transfers And Servicing [Abstract] | ' | |||||||||||||||
Mortgage Servicing Rights | ' | |||||||||||||||
Note 8. Mortgage Servicing Rights | ||||||||||||||||
The Company had MSRs of $237.2 million and $241.0 million, respectively, at September 30, 2014 and December 31, 2013, with both balances consisting entirely of residential MSRs. | ||||||||||||||||
Residential MSRs are carried at fair value, with changes in fair value recorded as a component of non-interest income in each period. The Company uses various derivative instruments to mitigate the income statement-effect of changes in fair value due to changes in valuation inputs and assumptions regarding its residential MSRs. The effects of changes in the fair value of the derivatives are recorded in “Non-interest income.” MSRs do not trade in an active open market with readily observable prices. Accordingly, the Company bases the fair value of its MSRs on the present value of estimated future net servicing income cash flows. The Company estimates future net servicing income cash flows with assumptions that market participants would use to estimate fair value, including estimates of prepayment speeds, discount rates, default rates, refinance rates, servicing costs, escrow account earnings, contractual servicing fee income, and ancillary income. The Company reassesses, and periodically adjusts, the underlying inputs and assumptions to reflect market conditions and assumptions that a market participant would consider in valuing the MSR asset. | ||||||||||||||||
The value of residential MSRs at any given time is significantly affected by the mortgage interest rates that are then currently available in the marketplace which, in turn, influence mortgage loan prepayment speeds. During periods of declining interest rates, the value of MSRs generally declines as an increase in mortgage refinancing activity results in an increase in prepayments. Conversely, during periods of rising interest rates, the value of MSRs generally increases as mortgage refinancing activity declines. | ||||||||||||||||
Up to and including the third quarter of 2013, the Company securitized MSRs in addition to residential MSRs. Securitized MSRs were carried at the lower of the initial carrying value, adjusted for amortization, or fair value, and were amortized in proportion to, and over the period of, estimated net servicing income. Such MSRs were periodically evaluated for impairment, based on the difference between their carrying amount and their current fair value. If it was determined that impairment existed, the resultant loss was charged to earnings. Reflecting amortization, the Company had no securitized MSRs at December 31, 2013. | ||||||||||||||||
The following tables set forth the changes in the balances of residential and securitized MSRs for the periods indicated: | ||||||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||||
September 30, 2014 | September 30, 2013 | |||||||||||||||
(in thousands) | Residential | Securitized | Residential | Securitized | ||||||||||||
Carrying value, beginning of period | $ | 228,815 | $ | -- | $ | 214,959 | $ | 97 | ||||||||
Additions | 9,637 | -- | 18,725 | -- | ||||||||||||
Increase (decrease) in fair value: | ||||||||||||||||
Due to changes in valuation assumptions | 13,583 | -- | 6,589 | -- | ||||||||||||
Due to other changes (1) | (14,814 | ) | -- | (12,168 | ) | -- | ||||||||||
Amortization | -- | -- | -- | (97 | ) | |||||||||||
Carrying value, end of period | $ | 237,221 | $ | -- | $ | 228,105 | $ | -- | ||||||||
-1 | Net servicing cash flows, including loan payoffs, and the passage of time. | |||||||||||||||
For the Nine Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, 2014 | September 30, 2013 | |||||||||||||||
(in thousands) | Residential | Securitized | Residential | Securitized | ||||||||||||
Carrying value, beginning of period | $ | 241,018 | $ | -- | $ | 144,520 | $ | 193 | ||||||||
Additions | 23,620 | -- | 73,398 | -- | ||||||||||||
Increase (decrease) in fair value: | ||||||||||||||||
Due to changes in valuation assumptions | 13,091 | -- | 54,437 | -- | ||||||||||||
Due to other changes (1) | (40,508 | ) | -- | (44,250 | ) | -- | ||||||||||
Amortization | -- | -- | -- | (193 | ) | |||||||||||
Carrying value, end of period | $ | 237,221 | $ | -- | $ | 228,105 | $ | -- | ||||||||
-1 | Net servicing cash flows, including loan payoffs, and the passage of time. | |||||||||||||||
The following table presents the key assumptions used in calculating the fair value of the Company’s residential MSRs at the dates indicated: | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Expected weighted average life | 88 months | 93 months | ||||||||||||||
Constant prepayment speed | 8.4 | % | 8.3 | % | ||||||||||||
Discount rate | 10 | 10.5 | ||||||||||||||
Primary mortgage rate to refinance | 4.2 | 4.5 | ||||||||||||||
Cost to service (per loan per year): | ||||||||||||||||
Current | $ | 63 | $ | 53 | ||||||||||||
30-59 days or less delinquent | 213 | 103 | ||||||||||||||
60-89 days delinquent | 313 | 203 | ||||||||||||||
90-119 days delinquent | 413 | 303 | ||||||||||||||
120 days or more delinquent | 563 | 553 | ||||||||||||||
Pension_and_Other_PostRetireme
Pension and Other Post-Retirement Benefits | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | |||||||||||||||
Pension and Other Post-Retirement Benefits | ' | |||||||||||||||
Note 9. Pension and Other Post-Retirement Benefits | ||||||||||||||||
The following tables set forth certain disclosures regarding the Company’s pension and post-retirement plans for the periods indicated: | ||||||||||||||||
For the Three Months Ended September 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Pension | Post-Retirement | Pension | Post-Retirement | |||||||||||||
(in thousands) | Benefits | Benefits | Benefits | Benefits | ||||||||||||
Components of net periodic (credit) expense: | ||||||||||||||||
Interest cost | $ | 1,474 | $ | 190 | $ | 1,364 | $ | 171 | ||||||||
Service cost | -- | 1 | -- | 1 | ||||||||||||
Expected return on plan assets | (4,859 | ) | -- | (4,147 | ) | -- | ||||||||||
Amortization of prior-service loss | -- | (62 | ) | -- | (62 | ) | ||||||||||
Amortization of net actuarial loss | 822 | 118 | 2,351 | 164 | ||||||||||||
Net periodic (credit) expense | $ | (2,563 | ) | $ | 247 | $ | (432 | ) | $ | 274 | ||||||
For the Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Pension | Post-Retirement | Pension | Post-Retirement | |||||||||||||
(in thousands) | Benefits | Benefits | Benefits | Benefits | ||||||||||||
Components of net periodic (credit) expense: | ||||||||||||||||
Interest cost | $ | 4,422 | $ | 569 | 4,092 | 512 | ||||||||||
Service cost | -- | 3 | -- | 3 | ||||||||||||
Expected return on plan assets | (14,577 | ) | -- | (12,441 | ) | -- | ||||||||||
Amortization of prior-service loss | -- | (186 | ) | -- | (187 | ) | ||||||||||
Amortization of net actuarial loss | 2,466 | 354 | 7,054 | 493 | ||||||||||||
Net periodic (credit) expense | $ | (7,689 | ) | $ | 740 | $ | (1,295 | ) | $ | 821 | ||||||
The Company expects to contribute $1.5 million to its post-retirement plan to pay premiums and claims for the fiscal year ending December 31, 2014. The Company does not expect to make any contributions to its pension plan in 2014. | ||||||||||||||||
For additional information regarding the Company’s pension and post-retirement benefits, please see Note 12 to the Consolidated Financial Statements in the Company’s 2013 Annual Report on Form 10-K. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | |||||||
Stock-Based Compensation | ' | |||||||
Note 10. Stock-Based Compensation | ||||||||
At September 30, 2014, the Company had a total of 14,460,853 shares available for grants as options, restricted stock, or other forms of related rights under the New York Community Bancorp, Inc. 2012 Stock Incentive Plan (the “2012 Stock Incentive Plan”), which was approved by the Company’s shareholders at its Annual Meeting on June 7, 2012. Included in this amount were 1,030,673 shares that were transferred from the New York Community Bancorp, Inc. 2006 Stock Incentive Plan (the “2006 Stock Incentive Plan”), which was approved by the Company’s shareholders at its Annual Meeting on June 7, 2006 and reapproved at its Annual Meeting on June 2, 2011. The Company granted 2,374,998 shares of restricted stock in the nine months ended September 30, 2014, with an average fair value of $16.80 per share on the date of grant and a vesting period of five years. The nine-month amount includes 45,500 shares that were granted in the third quarter with an average fair value of $15.71 per share on the date of grant. Compensation and benefits expense related to the restricted stock grants is recognized on a straight-line basis over the vesting period, and totaled $20.7 million and $16.6 million, respectively, in the nine months ended September 30, 2014 and 2013, including $6.8 million and $5.7 million, respectively, in the three months ended at those dates. | ||||||||
A summary of activity with regard to restricted stock awards in the nine months ended September 30, 2014 is presented in the following table: | ||||||||
For the Nine Months Ended | ||||||||
September 30, 2014 | ||||||||
Weighted Average | ||||||||
Number of Shares | Grant Date Fair Value | |||||||
Unvested at beginning of year | 5,043,642 | $ | 14.27 | |||||
Granted | 2,374,998 | 16.8 | ||||||
Vested | (1,327,531 | ) | 14.55 | |||||
Cancelled | (102,300 | ) | 15.23 | |||||
Unvested at end of period | 5,988,809 | 15.19 | ||||||
As of September 30, 2014, unrecognized compensation cost relating to unvested restricted stock totaled $72.9 million. This amount will be recognized over a remaining weighted average period of 3.2 years. | ||||||||
In addition, the Company had the following stock option plans at September 30, 2014: the 1998 Richmond County Financial Corp. Stock Compensation Plan; the 1998 Long Island Financial Corp. Stock Option Plan; and the 2004 Synergy Financial Group Stock Option Plans (all plans collectively referred to as the “Stock Option Plans”). All stock options granted under the Stock Option Plans expire ten years from the date of grant. | ||||||||
The Company uses the modified prospective approach to recognize compensation costs related to share-based payments at fair value on the date of grant, and recognizes such costs in the financial statements over the vesting period during which the employee provides service in exchange for the award. As there were no unvested options at any time during the nine months ended September 30, 2014, or the year ended December 31, 2013, the Company did not record any compensation and benefits expense relating to stock options during those periods. | ||||||||
To satisfy the exercise of options, the Company either issues new shares of common stock or uses common stock held in Treasury. In the event that Treasury stock is used, the difference between the average cost of Treasury shares and the exercise price is recorded as an adjustment to retained earnings or paid-in capital on the date of exercise. At September 30, 2014, there were 58,560 stock options outstanding. There were no shares available for future issuance under the Stock Option Plans at that date. | ||||||||
The status of the Stock Option Plans at September 30, 2014, and changes that occurred during the nine months ended at that date, are summarized below: | ||||||||
For the Nine Months Ended | ||||||||
September 30, 2014 | ||||||||
Number of | Weighted Average | |||||||
Stock Options | Exercise Price | |||||||
Stock options outstanding, beginning of year | 126,821 | $ | 15.21 | |||||
Granted | -- | -- | ||||||
Exercised | (42,214 | ) | 12.69 | |||||
Expired/forfeited | (26,047 | ) | 12.94 | |||||
Stock options outstanding, end of period | 58,560 | 18.04 | ||||||
Options exercisable, end of period | 58,560 | 18.04 | ||||||
The intrinsic value of stock options outstanding and exercisable at September 30, 2014 was $0. The intrinsic value of options exercised during the nine months ended September 30, 2014 and 2013 was $132,000 and $106,000, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||||||||||
Note 11. Fair Value Measurements | ||||||||||||||||||||||||||||||||
GAAP sets forth a definition of fair value, establishes a consistent framework for measuring fair value, and requires disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring 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 September 30, 2014 and December 31, 2013, and that were included in the Company’s Consolidated Statements of Condition at those dates: | ||||||||||||||||||||||||||||||||
Fair Value Measurements at September 30, 2014 Using | ||||||||||||||||||||||||||||||||
Quoted Prices | ||||||||||||||||||||||||||||||||
in Active | Significant | |||||||||||||||||||||||||||||||
Markets for | Other | Significant | ||||||||||||||||||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||||||||||||||||||
Assets | Inputs | Inputs | Netting | Total | ||||||||||||||||||||||||||||
(in thousands) | (Level 1) | (Level 2) | (Level 3) | Adjustments(1) | Fair Value | |||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Mortgage-Related Securities Available for Sale: | ||||||||||||||||||||||||||||||||
GSE certificates | $ | -- | $ | 20,692 | $ | -- | $ | -- | $ | 20,692 | ||||||||||||||||||||||
GSE CMOs | -- | 59,075 | -- | -- | 59,075 | |||||||||||||||||||||||||||
Private label CMOs | -- | 9,367 | -- | -- | 9,367 | |||||||||||||||||||||||||||
Total mortgage-related securities | $ | -- | $ | 89,134 | $ | -- | $ | -- | $ | 89,134 | ||||||||||||||||||||||
Other Securities Available for Sale: | ||||||||||||||||||||||||||||||||
Municipal bonds | $ | -- | $ | 1,097 | $ | -- | $ | -- | $ | 1,097 | ||||||||||||||||||||||
Capital trust notes | -- | 11,609 | -- | -- | 11,609 | |||||||||||||||||||||||||||
Preferred stock | 94,406 | 28,280 | -- | -- | 122,686 | |||||||||||||||||||||||||||
Common stock | 16,848 | 1,658 | -- | -- | 18,506 | |||||||||||||||||||||||||||
Total other securities | $ | 111,254 | $ | 42,644 | $ | -- | $ | -- | $ | 153,898 | ||||||||||||||||||||||
Total securities available for sale | $ | 111,254 | $ | 131,778 | $ | -- | $ | -- | $ | 243,032 | ||||||||||||||||||||||
Other Assets: | ||||||||||||||||||||||||||||||||
Loans held for sale | $ | -- | $ | 680,147 | $ | -- | $ | -- | $ | 680,147 | ||||||||||||||||||||||
Mortgage servicing rights | -- | -- | 237,221 | -- | 237,221 | |||||||||||||||||||||||||||
Interest rate lock commitments | -- | -- | 2,180 | -- | 2,180 | |||||||||||||||||||||||||||
Derivative assets-other (2) | 3,184 | 1,269 | -- | (2,602 | ) | 1,851 | ||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Derivative liabilities | $ | (1,623 | ) | $ | (1,889 | ) | $ | -- | $ | 3,422 | $ | (90 | ) | |||||||||||||||||||
-1 | Includes cash collateral received from, and paid to, counterparties. | |||||||||||||||||||||||||||||||
-2 | Includes $3.2 million to purchase Treasury options. | |||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | ||||||||||||||||||||||||||||||||
Quoted Prices | ||||||||||||||||||||||||||||||||
in Active | Significant | |||||||||||||||||||||||||||||||
Markets for | Other | Significant | ||||||||||||||||||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||||||||||||||||||
Assets | Inputs | Inputs | Netting | Total | ||||||||||||||||||||||||||||
(in thousands) | (Level 1) | (Level 2) | (Level 3) | Adjustments(1) | Fair Value | |||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Mortgage-Related Securities Available for Sale: | ||||||||||||||||||||||||||||||||
GSE certificates | $ | -- | $ | 25,200 | $ | -- | $ | -- | $ | 25,200 | ||||||||||||||||||||||
GSE CMOs | -- | 60,819 | -- | -- | 60,819 | |||||||||||||||||||||||||||
Private label CMOs | -- | 10,202 | -- | -- | 10,202 | |||||||||||||||||||||||||||
Total mortgage-related securities | $ | -- | $ | 96,221 | $ | -- | $ | -- | $ | 96,221 | ||||||||||||||||||||||
Other Securities Available for Sale: | ||||||||||||||||||||||||||||||||
Municipal bonds | $ | -- | $ | 1,026 | $ | -- | $ | -- | $ | 1,026 | ||||||||||||||||||||||
Capital trust notes | -- | 11,798 | -- | -- | 11,798 | |||||||||||||||||||||||||||
Preferred stock | 89,942 | 26,297 | -- | -- | 116,239 | |||||||||||||||||||||||||||
Common stock | 52,740 | 2,714 | -- | -- | 55,454 | |||||||||||||||||||||||||||
Total other securities | $ | 142,682 | $ | 41,835 | $ | -- | $ | -- | $ | 184,517 | ||||||||||||||||||||||
Total securities available for sale | $ | 142,682 | $ | 138,056 | $ | -- | $ | -- | $ | 280,738 | ||||||||||||||||||||||
Other Assets: | ||||||||||||||||||||||||||||||||
Loans held for sale | $ | -- | $ | 306,915 | $ | -- | $ | -- | $ | 306,915 | ||||||||||||||||||||||
Mortgage servicing rights | -- | -- | 241,018 | -- | 241,018 | |||||||||||||||||||||||||||
Interest rate lock commitments | -- | -- | 258 | -- | 258 | |||||||||||||||||||||||||||
Derivative assets-other (2) | 1,267 | 5,155 | -- | (4,848 | ) | 1,574 | ||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Derivative liabilities | $ | (590 | ) | $ | (7,422 | ) | $ | -- | $ | 7,624 | $ | (388 | ) | |||||||||||||||||||
-1 | Includes cash collateral received from, and paid to, counterparties. | |||||||||||||||||||||||||||||||
-2 | Includes $1.3 million to purchase Treasury options. | |||||||||||||||||||||||||||||||
The Company reviews and updates the fair value hierarchy classifications for its assets on a quarterly basis. Changes from one quarter to the next that are related to the observability of inputs for a fair value measurement may result in a reclassification from one hierarchy level to another. | ||||||||||||||||||||||||||||||||
A description of the methods and significant assumptions utilized in estimating the fair values of available-for-sale securities follows. | ||||||||||||||||||||||||||||||||
Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities include highly liquid government securities, exchange-traded securities, and derivatives. | ||||||||||||||||||||||||||||||||
If quoted market prices are not available for the specific security, then fair values are estimated by using pricing models. These pricing models primarily use market-based or independently sourced market parameters as inputs, including, but not limited to, yield curves, interest rates, equity or debt prices, and credit spreads. In addition to observable market information, models incorporate transaction details such as maturity and cash flow assumptions. Securities valued in this manner would generally be classified within Level 2 of the valuation hierarchy, and primarily include such instruments as mortgage-related and corporate debt securities. | ||||||||||||||||||||||||||||||||
In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. In valuing capital trust notes, which may include pooled trust preferred securities, collateralized debt obligations (“CDOs”), and certain single-issue capital trust notes, the determination of fair value may require benchmarking to similar instruments or analyzing default and recovery rates. Therefore, capital trust notes are valued using a model based on the specific collateral composition and cash flow structure of the securities. Key inputs to the model consist of market spread data for each credit rating, collateral type, and other relevant contractual features. In instances where quoted price information is available, the price is considered when arriving at a security’s fair value. Where there is limited activity or less transparency around the inputs to the valuation of preferred stock, the valuation is based on a discounted cash flow model. | ||||||||||||||||||||||||||||||||
Periodically, the Company uses fair values supplied by independent pricing services to corroborate the fair values derived from the pricing models. In addition, the Company reviews the fair values supplied by independent pricing services, as well as their underlying pricing methodologies, for reasonableness. The Company challenges pricing services’ valuations that appear to be unusual or unexpected. | ||||||||||||||||||||||||||||||||
The Company carries loans held for sale originated by the Residential Mortgage Banking segment at fair value, in accordance with ASC Topic 825, “Financial Instruments.” The fair value of loans held for sale is primarily based on quoted market prices for securities backed by similar types of loans. Changes in the fair value of these assets are largely driven by changes in interest rates subsequent to loan funding, and changes in the fair value of servicing associated with the mortgage loans held for sale. Loans held for sale are classified within Level 2 of the valuation hierarchy. | ||||||||||||||||||||||||||||||||
MSRs do not trade in an active open market with readily observable prices. The Company bases the fair value of its MSRs on the present value of estimated future net servicing income cash flows, utilizing an internal valuation model. The Company estimates future net servicing income cash flows with assumptions that market participants would use to estimate fair value, including estimates of prepayment speeds, discount rates, default rates, refinance rates, servicing costs, escrow account earnings, contractual servicing fee income, and ancillary income. The Company reassesses and periodically adjusts the underlying inputs and assumptions to reflect market conditions and assumptions that a market participant would consider in valuing the MSR asset. MSR fair value measurements use significant unobservable inputs and, accordingly, are classified within Level 3. | ||||||||||||||||||||||||||||||||
Exchange-traded derivatives that are valued using quoted prices are classified within Level 1 of the valuation hierarchy. The majority of the Company’s derivative positions are valued using internally developed models that use readily observable market parameters as their basis. These are parameters that are actively quoted and can be validated by external sources, including industry pricing services. Where the types of derivative products have been in existence for some time, the Company uses models that are widely accepted in the financial services industry. These models reflect the contractual terms of the derivatives, including the period to maturity, and market-based parameters such as interest rates, volatility, and the credit quality of the counterparty. Furthermore, many of these models do not contain a high level of subjectivity, as the methodologies used in the models do not require significant judgment, and inputs to the models are readily observable from actively quoted markets, as is the case for “plain vanilla” interest rate swaps and option contracts. Such instruments are generally classified within Level 2 of the valuation hierarchy. Derivatives that are valued based on models with significant unobservable market parameters, and that are normally traded less actively, have trade activity that is one-way, and/or are traded in less-developed markets, are classified within Level 3 of the valuation hierarchy. | ||||||||||||||||||||||||||||||||
The fair values of interest rate lock commitments (“IRLCs”) for residential mortgage loans that the Company intends to sell are based on internally developed models. The key model inputs primarily include the sum of the value of the forward commitment based on the loans’ expected settlement dates and the projected values of the MSRs, loan level price adjustment factors, and historical IRLC closing ratios. The closing ratio is computed by the Company’s mortgage banking operation and is periodically reviewed by management for reasonableness. Such derivatives are classified as Level 3. | ||||||||||||||||||||||||||||||||
While the Company believes its valuation methods are appropriate and consistent with those of other market participants, the use of different methodologies or assumptions to determine the fair values of certain financial instruments could result in different estimates of fair values at a reporting date. | ||||||||||||||||||||||||||||||||
Fair Value Option | ||||||||||||||||||||||||||||||||
Loans Held for Sale | ||||||||||||||||||||||||||||||||
The Company has elected the fair value option for its loans held for sale. The Company’s loans held for sale consist of one-to-four family mortgage loans and commercial and industrial loans, none of which was 90 days or more past due at September 30, 2014. Management believes that the mortgage banking business operates on a short-term cycle. Therefore, in order to reflect the most relevant valuations for the key components of this business, and to reduce timing differences in amounts recognized in earnings, the Company has elected to record loans held for sale at fair value to match the recognition of IRLCs, MSRs, and derivatives, all of which are recorded at fair value in earnings. Fair value is based on independent quoted market prices of mortgage-backed securities comprised of loans with similar features to those of the Company’s loans held for sale, where available, and adjusted as necessary for such items as servicing value, guaranty fee premiums, and credit spread adjustments. | ||||||||||||||||||||||||||||||||
The following table reflects the difference between the fair value carrying amount of loans held for sale for which the Company has elected the fair value option, and the unpaid principal balance: | ||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||||||||||
Fair Value | Aggregate | Carrying Amount | Fair Value | Aggregate | Carrying Amount | |||||||||||||||||||||||||||
Carrying | Unpaid | Less Aggregate | Carrying | Unpaid | Less Aggregate | |||||||||||||||||||||||||||
(in thousands) | Amount | Principal | Unpaid Principal | Amount | Principal | Unpaid Principal | ||||||||||||||||||||||||||
Loans held for sale | $ | 680,147 | $ | 672,945 | $ | 7,202 | $ | 306,915 | $ | 303,805 | $ | 3,110 | ||||||||||||||||||||
Gains and Losses Included in Income for Assets Where the Fair Value Option Has Been Elected | ||||||||||||||||||||||||||||||||
The assets accounted for under the fair value option are initially measured at fair value. Gains and losses from the initial measurement and subsequent changes in fair value are recognized in earnings. | ||||||||||||||||||||||||||||||||
The following table presents the changes in fair value related to initial measurement, and the subsequent changes in fair value included in earnings, for loans held for sale and MSRs for the periods indicated: | ||||||||||||||||||||||||||||||||
Gain (Loss) Included in Mortgage Banking Income | ||||||||||||||||||||||||||||||||
from Changes in Fair Value (1) | ||||||||||||||||||||||||||||||||
For the Three Months | For the Nine Months | |||||||||||||||||||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Loans held for sale | $ | 2,278 | $ | 6,892 | $ | 9,212 | $ | (7,873 | ) | |||||||||||||||||||||||
Mortgage servicing rights | (1,231 | ) | (5,579 | ) | (27,417 | ) | 10,187 | |||||||||||||||||||||||||
Total gain (loss) | $ | 1,047 | $ | 1,313 | $ | (18,205 | ) | $ | 2,314 | |||||||||||||||||||||||
-1 | Does not include the effect of hedging activities. | |||||||||||||||||||||||||||||||
The Company has determined that there is no instrument-specific credit risk related to its loans held for sale, due to the short duration of such assets. | ||||||||||||||||||||||||||||||||
Changes in Level 3 Fair Value Measurements | ||||||||||||||||||||||||||||||||
The following tables present, for the nine months ended September 30, 2014 and 2013, a roll-forward of the balance sheet amounts (including changes in fair value) for financial instruments classified in Level 3 of the valuation hierarchy: | ||||||||||||||||||||||||||||||||
Total Realized/Unrealized | Change in | |||||||||||||||||||||||||||||||
Gains/(Losses) Recorded in | Unrealized Gains/ | |||||||||||||||||||||||||||||||
Fair Value | Transfers | Fair Value | (Losses) Related to | |||||||||||||||||||||||||||||
January 1, | Income/ | Comprehensive | to/(from) | at Sept. 30, | Instruments Held at | |||||||||||||||||||||||||||
(in thousands) | 2014 | (Loss) | (Loss) Income | Issuances | Settlements | Level 3 | 2014 | September 30, 2014 | ||||||||||||||||||||||||
Mortgage servicing rights | $ | 241,018 | $ | (27,417 | ) | $ | -- | $ | 23,620 | $ | -- | $ | -- | $ | 237,221 | $ | 13,091 | |||||||||||||||
Interest rate lock commitments | 258 | 1,922 | -- | -- | -- | -- | 2,180 | 2,180 | ||||||||||||||||||||||||
Total Realized/Unrealized | Change in | |||||||||||||||||||||||||||||||
Gains/(Losses) Recorded in | Unrealized Gains/ | |||||||||||||||||||||||||||||||
Fair Value | Transfers | Fair Value | (Losses) Related to | |||||||||||||||||||||||||||||
January 1, | Income/ | Comprehensive | to/(from) | at Sept. 30, | Instruments Held at | |||||||||||||||||||||||||||
(in thousands) | 2013 | (Loss) | (Loss) Income | Issuances | Settlements | Level 3 | 2013 | September 30, 2013 | ||||||||||||||||||||||||
Available-for-sale capital securities | $ | 18,569 | $ | -- | $ | 2,413 | $ | -- | $ | -- | $ | -- | $ | 20,982 | $ | 2,413 | ||||||||||||||||
Mortgage servicing rights | 144,520 | 10,187 | -- | 73,398 | -- | -- | 228,105 | 54,437 | ||||||||||||||||||||||||
Interest rate lock commitments | 21,446 | (15,256 | ) | -- | -- | -- | -- | 6,190 | 6,190 | |||||||||||||||||||||||
The Company’s policy is to recognize transfers in and out of Levels 1, 2, and 3 as of the end of the reporting period. There were no transfers in or out of Level 3 during the nine months ended September 30, 2014 or 2013. During the nine months ended September 30, 2013, the Company transferred certain preferred stock to Level 2 from Level 1 as a result of decreased observable market activity for these securities. There were no gains or losses recognized as a result of the transfer of securities during the nine months ended September 30, 2013. | ||||||||||||||||||||||||||||||||
For Level 3 assets and liabilities measured at fair value on a recurring basis as of September 30, 2014, the significant unobservable inputs used in the fair value measurements were as follows: | ||||||||||||||||||||||||||||||||
Significant | ||||||||||||||||||||||||||||||||
Fair Value at | Valuation | Significant | Unobservable | |||||||||||||||||||||||||||||
(dollars in thousands) | Sept. 30, 2014 | Technique | Observable Inputs | Input Value | ||||||||||||||||||||||||||||
Mortgage Servicing Rights | $ | 237,221 | Weighted Average Constant | 8.4 | % | |||||||||||||||||||||||||||
Discounted Cash Flow | Prepayment Rate (1) | |||||||||||||||||||||||||||||||
Weighted Average Discount Rate | 10 | |||||||||||||||||||||||||||||||
Interest Rate Lock Commitments | 2,180 | Discounted Cash Flow | Weighted Average Closing Ratio | 72.94 | ||||||||||||||||||||||||||||
-1 | Represents annualized loan repayment rate assumptions. | |||||||||||||||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of the Company’s MSRs are the weighted average constant prepayment rate and the weighted average discount rate. Significant increases or decreases in either of those inputs in isolation could result in significantly lower or higher fair value measurements. Although the constant prepayment rate and the discount rate are not directly interrelated, they generally move in opposite directions. | ||||||||||||||||||||||||||||||||
The significant unobservable input used in the fair value measurement of the Company’s IRLCs is the closing ratio, which represents the percentage of loans currently in an interest rate lock position that management estimates will ultimately close. Generally, the fair value of an IRLC is positive if the prevailing interest rate is lower than the IRLC rate, and the fair value of an IRLC is negative if the prevailing interest rate is higher than the IRLC rate. Therefore, an increase in the closing ratio (i.e., a higher percentage of loans estimated to close) will result in the fair value of the IRLC increasing if in a gain position, or decreasing if in a loss position. The closing ratio is largely dependent on the stage of processing that a loan is currently in, and the change in prevailing interest rates from the time of the interest rate lock. | ||||||||||||||||||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis | ||||||||||||||||||||||||||||||||
Certain assets are measured at fair value on a non-recurring basis. Such instruments are subject to fair value adjustments under certain circumstances (e.g., when there is evidence of impairment). The following tables present assets and liabilities that were measured at fair value on a non-recurring basis as of September 30, 2014 and December 31, 2013, and that were included in the Company’s Consolidated Statements of Condition at those dates: | ||||||||||||||||||||||||||||||||
Fair Value Measurements at September 30, 2014 Using | ||||||||||||||||||||||||||||||||
Quoted Prices in | ||||||||||||||||||||||||||||||||
Active Markets for | Significant Other | Significant | ||||||||||||||||||||||||||||||
Identical Assets | Observable Inputs | Unobservable Inputs | Total Fair | |||||||||||||||||||||||||||||
(in thousands) | (Level 1) | (Level 2) | (Level 3) | Value | ||||||||||||||||||||||||||||
Certain impaired loans | $ | -- | $ | -- | $ | 9,851 | $ | 9,851 | ||||||||||||||||||||||||
Other assets (1) | -- | 18,030 | -- | 18,030 | ||||||||||||||||||||||||||||
Total | $ | -- | $ | 18,030 | $ | 9,851 | $ | 27,881 | ||||||||||||||||||||||||
-1 | Represents the fair value of OREO, based on the appraised value of the collateral subsequent to its initial classification as OREO. | |||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | ||||||||||||||||||||||||||||||||
Quoted Prices in | ||||||||||||||||||||||||||||||||
Active Markets for | Significant Other | Significant | ||||||||||||||||||||||||||||||
Identical Assets | Observable Inputs | Unobservable Inputs | Total Fair | |||||||||||||||||||||||||||||
(in thousands) | (Level 1) | (Level 2) | (Level 3) | Value | ||||||||||||||||||||||||||||
Certain impaired loans | $ | -- | $ | -- | $ | 47,535 | $ | 47,535 | ||||||||||||||||||||||||
Other assets (1) | -- | 19,810 | -- | 19,810 | ||||||||||||||||||||||||||||
Total | $ | -- | $ | 19,810 | $ | 47,535 | $ | 67,345 | ||||||||||||||||||||||||
-1 | Represents the fair value of OREO, based on the appraised value of the collateral subsequent to its initial classification as OREO. | |||||||||||||||||||||||||||||||
The fair values of collateral-dependent impaired loans are determined using various valuation techniques, including consideration of appraised values and other pertinent real estate market data. | ||||||||||||||||||||||||||||||||
Other Fair Value Disclosures | ||||||||||||||||||||||||||||||||
FASB guidance requires the disclosure of fair value information about the Company’s on- and off-balance-sheet financial instruments. When available, quoted market prices are used as the measure of fair value. In cases where quoted market prices are not available, fair values are based on present-value estimates or other valuation techniques. Such fair values are significantly affected by the assumptions used, the timing of future cash flows, and the discount rate. | ||||||||||||||||||||||||||||||||
Because assumptions are inherently subjective in nature, estimated fair values cannot be substantiated by comparison to independent market quotes. Furthermore, in many cases, the estimated fair values provided would not necessarily be realized in an immediate sale or settlement of such instruments. | ||||||||||||||||||||||||||||||||
The following tables summarize the carrying values, estimated fair values, and fair value measurement levels of financial instruments that were not carried at fair value on the Company’s Consolidated Statements of Condition at September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Measurement Using | ||||||||||||||||||||||||||||||||
Quoted Prices in | Significant | |||||||||||||||||||||||||||||||
Active Markets | Other | Significant | ||||||||||||||||||||||||||||||
for Identical | Observable | Unobservable | ||||||||||||||||||||||||||||||
Carrying | Estimated | Assets | Inputs | Inputs | ||||||||||||||||||||||||||||
(in thousands) | Value | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 662,537 | $ | 662,537 | $ | 662,537 | $ | -- | $ | -- | ||||||||||||||||||||||
Securities held to maturity | 7,268,244 | 7,317,015 | -- | 7,315,978 | 1,037 | |||||||||||||||||||||||||||
FHLB stock (1) | 520,445 | 520,445 | -- | 520,445 | -- | |||||||||||||||||||||||||||
Loans, net | 35,251,352 | 35,837,523 | -- | -- | 35,837,523 | |||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||
Deposits | $ | 28,307,771 | $ | 28,330,141 | $ | 21,983,386 | -2 | $ | 6,346,755 | -3 | $ | -- | ||||||||||||||||||||
Borrowed funds | 14,396,912 | 15,256,216 | -- | 15,256,216 | -- | |||||||||||||||||||||||||||
-1 | Carrying value and estimated fair value are at cost. | |||||||||||||||||||||||||||||||
-2 | NOW and money market accounts, savings accounts, and non-interest-bearing accounts. | |||||||||||||||||||||||||||||||
-3 | Certificates of deposit. | |||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Fair Value Measurement Using | ||||||||||||||||||||||||||||||||
Quoted Prices in | Significant | |||||||||||||||||||||||||||||||
Active Markets | Other | Significant | ||||||||||||||||||||||||||||||
for Identical | Observable | Unobservable | ||||||||||||||||||||||||||||||
Carrying | Estimated | Assets | Inputs | Inputs | ||||||||||||||||||||||||||||
(in thousands) | Value | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 644,550 | $ | 644,550 | $ | 644,550 | $ | -- | $ | -- | ||||||||||||||||||||||
Securities held to maturity | 7,670,282 | 7,445,244 | -- | 7,438,091 | 7,153 | |||||||||||||||||||||||||||
FHLB stock (1) | 561,390 | 561,390 | -- | 561,390 | -- | |||||||||||||||||||||||||||
Loans, net | 32,727,507 | 32,628,361 | -- | -- | 32,628,361 | |||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||
Deposits | $ | 25,660,992 | $ | 25,712,388 | $ | 18,728,896 | -2 | $ | 6,983,492 | -3 | $ | -- | ||||||||||||||||||||
Borrowed funds | 15,105,002 | 16,058,931 | -- | 16,058,931 | -- | |||||||||||||||||||||||||||
-1 | Carrying value and estimated fair value are at cost. | |||||||||||||||||||||||||||||||
-2 | NOW and money market accounts, savings accounts, and non-interest-bearing accounts. | |||||||||||||||||||||||||||||||
-3 | Certificates of deposit. | |||||||||||||||||||||||||||||||
The methods and significant assumptions used to estimate fair values for the Company’s financial instruments follow: | ||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||||||
Cash and cash equivalents include cash and due from banks and fed funds sold. The estimated fair values of cash and cash equivalents are assumed to equal their carrying values, as these financial instruments are either due on demand or have short-term maturities. | ||||||||||||||||||||||||||||||||
Securities | ||||||||||||||||||||||||||||||||
If quoted market prices are not available for a specific security, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows. These pricing models primarily use market-based or independently sourced market parameters as inputs, including, but not limited to, yield curves, interest rates, equity or debt prices, and credit spreads. In addition to observable market information, pricing models also incorporate transaction details such as maturity and cash flow assumptions. | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank Stock | ||||||||||||||||||||||||||||||||
Ownership in equity securities of the FHLB is restricted and there is no established market for their resale. The carrying amount approximates the fair value. | ||||||||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||
The loan portfolio is segregated into various components for valuation purposes in order to group loans based on their significant financial characteristics, such as loan type (mortgage or other) and payment status (performing or non-performing). The estimated fair values of mortgage and other loans are computed by discounting the anticipated cash flows from the respective portfolios. The discount rates reflect current market rates for loans with similar terms to borrowers of similar credit quality. The estimated fair values of non-performing mortgage and other loans are based on recent collateral appraisals. | ||||||||||||||||||||||||||||||||
The methods used to estimate the fair value of loans are extremely sensitive to the assumptions and estimates used. While management has attempted to use assumptions and estimates that best reflect the Company’s loan portfolio and current market conditions, a greater degree of subjectivity is inherent in these values than in those determined in active markets. Accordingly, readers are cautioned in using this information for purposes of evaluating the financial condition and/or value of the Company in and of itself or in comparison with any other company. | ||||||||||||||||||||||||||||||||
Mortgage Servicing Rights | ||||||||||||||||||||||||||||||||
MSRs do not trade in an active market with readily observable prices. Accordingly, the Company utilizes a valuation model that calculates the present value of estimated future cash flows. The model incorporates various assumptions, including estimates of prepayment speeds, discount rates, refinance rates, servicing costs, and ancillary income. The Company reassesses and periodically adjusts the underlying inputs and assumptions to reflect current market conditions and assumptions that a market participant would consider in valuing the MSR asset. | ||||||||||||||||||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||||||||||||||||
For exchange-traded futures and exchange-traded options, fair value is based on observable quoted market prices in an active market. For forward commitments to buy and sell loans and mortgage-backed securities, fair value is based on observable market prices for similar loans and securities in an active market. The fair value of IRLCs for one-to-four family mortgage loans that the Company intends to sell is based on internally developed models. The key model inputs primarily include the sum of the value of the forward commitment based on the loans’ expected settlement dates, the value of MSRs arrived at by an independent MSR broker, government agency price adjustment factors, and historical IRLC fall-out factors. | ||||||||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||||||||
The fair values of deposit liabilities with no stated maturity (i.e., NOW and money market accounts, savings accounts, and non-interest-bearing accounts) are equal to the carrying amounts payable on demand. The fair values of certificates of deposit (“CDs”) represent contractual cash flows, discounted using interest rates currently offered on deposits with similar characteristics and remaining maturities. These estimated fair values do not include the intangible value of core deposit relationships, which comprise a significant portion of the Company’s deposit base. | ||||||||||||||||||||||||||||||||
Borrowed Funds | ||||||||||||||||||||||||||||||||
The estimated fair value of borrowed funds is based either on bid quotations received from securities dealers or the discounted value of contractual cash flows with interest rates currently in effect for borrowed funds with similar maturities and structures. | ||||||||||||||||||||||||||||||||
Off-Balance-Sheet Financial Instruments | ||||||||||||||||||||||||||||||||
The fair values of commitments to extend credit and unadvanced lines of credit are estimated based on an analysis of the interest rates and fees currently charged to enter into similar transactions, considering the remaining terms of the commitments and the creditworthiness of the potential borrowers. The estimated fair values of such off-balance-sheet financial instruments were insignificant at September 30, 2014 and December 31, 2013. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||
Note 12. Derivative Financial Instruments | |||||||||||||||||||||||||
The Company’s derivative financial instruments consist of financial forward and futures contracts, IRLCs, and options. These derivatives relate to mortgage banking operations, MSRs, and other risk management activities, and seek to mitigate or reduce the Company’s exposure to losses from adverse changes in interest rates. These activities will vary in scope based on the level and volatility of interest rates, the type of assets held, and other changing market conditions. | |||||||||||||||||||||||||
In accordance with the applicable accounting guidance, the Company takes into account the impact of collateral and master netting agreements that allow it to settle all derivative contracts held with a single counterparty on a net basis, and to offset the net derivative position with the related collateral when recognizing derivative assets and liabilities. As a result, the Company’s Statements of Financial Condition could reflect derivative contracts with negative fair values included in derivative assets, and contracts with positive fair values included in derivative liabilities. | |||||||||||||||||||||||||
The Company held derivatives with a notional amount of $2.3 billion at September 30, 2014. Changes in the fair value of these derivatives are reflected in current-period earnings. None of these derivatives are designated as hedges for accounting purposes. | |||||||||||||||||||||||||
The following table sets forth information regarding the Company’s derivative financial instruments at September 30, 2014: | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Notional | Unrealized(1) | ||||||||||||||||||||||||
(in thousands) | Amount | Gain | Loss | ||||||||||||||||||||||
Treasury options | $ | 552,500 | $ | -- | $ | 1,572 | |||||||||||||||||||
Eurodollar futures | 125,000 | 30 | -- | ||||||||||||||||||||||
Treasury futures | 25,000 | -- | 51 | ||||||||||||||||||||||
Forward commitments to sell loans/mortgage-backed securities | 602,000 | 251 | 1,440 | ||||||||||||||||||||||
Forward commitments to buy loans/mortgage-backed securities | 640,000 | 1,018 | 449 | ||||||||||||||||||||||
Interest rate lock commitments | 360,221 | 2,180 | -- | ||||||||||||||||||||||
Total derivatives | $ | 2,304,721 | $ | 3,479 | $ | 3,512 | |||||||||||||||||||
-1 | Derivatives in a net gain position are recorded as “Other assets” and derivatives in a net loss position are recorded as “Other liabilities” in the Consolidated Statements of Condition. | ||||||||||||||||||||||||
The Company uses various financial instruments, including derivatives, in connection with its strategies to reduce pricing risk resulting from changes in interest rates. Derivative instruments may include IRLCs entered into with borrowers or correspondents/brokers to acquire agency-conforming fixed and adjustable rate residential mortgage loans that will be held for sale. Other derivative instruments include Treasury options and Eurodollar futures. | |||||||||||||||||||||||||
The Company enters into forward contracts to sell fixed rate mortgage-backed securities to protect against changes in the prices of agency-conforming fixed rate loans held for sale. Forward contracts are entered into with securities dealers in an amount related to the portion of IRLCs that is expected to close. The value of these forward sales contracts moves inversely with the value of the loans in response to changes in interest rates. | |||||||||||||||||||||||||
To manage the price risk associated with fixed rate non-conforming mortgage loans, the Company generally enters into forward contracts on mortgage-backed securities or forward commitments to sell loans to approved investors. Short positions in Eurodollar futures contracts are used to manage price risk on adjustable rate mortgage loans held for sale. | |||||||||||||||||||||||||
The Company also purchases put and call options to manage the risk associated with variations in the amount of IRLCs that ultimately close. | |||||||||||||||||||||||||
In addition, the Company mitigates a portion of the risk associated with changes in the value of MSRs. The general strategy for mitigating this risk is to purchase derivative instruments, the value of which changes in the opposite direction of interest rates, thus partially offsetting changes in the value of our servicing assets, which tends to move in the same direction as interest rates. Accordingly, the Company purchases Eurodollar futures and call options on Treasury securities, and enters into forward contracts to purchase mortgage-backed securities. | |||||||||||||||||||||||||
The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the periods indicated: | |||||||||||||||||||||||||
Gain (Loss) Included in Mortgage Banking Income | |||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Treasury options | $ | (2,580 | ) | $ | (641 | ) | $ | (1,525 | ) | $ | (7,597 | ) | |||||||||||||
Treasury/Eurodollar futures | (6 | ) | -- | 100 | 4 | ||||||||||||||||||||
Forward commitments to buy/sell | 1,615 | (15,070 | ) | 8,148 | 15,814 | ||||||||||||||||||||
loans/mortgage-backed securities | |||||||||||||||||||||||||
Total (loss) gain | $ | (971 | ) | $ | (15,711 | ) | $ | 6,723 | $ | 8,221 | |||||||||||||||
The Company has in place an enforceable master netting arrangement with every counterparty. All master netting arrangements include rights to offset associated with the Company’s recognized derivative assets, derivative liabilities, and cash collateral received and pledged. Accordingly, the Company, where appropriate, offsets all derivative asset and liability positions with the cash collateral received and pledged. | |||||||||||||||||||||||||
The following tables present the effect the master netting arrangements had on the presentation of the derivative assets in the Consolidated Statements of Financial Condition as of the dates indicated: | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Gross Amounts Not | |||||||||||||||||||||||||
Offset in the | |||||||||||||||||||||||||
Consolidated Statement | |||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | of Condition | ||||||||||||||||||||||
Amounts of | Offset in the | Assets Presented | Cash | ||||||||||||||||||||||
Recognized | Statement of | in the Statement | Financial | Collateral | Net | ||||||||||||||||||||
(in thousands) | Assets | Condition | of Condition | Instruments | Received | Amount | |||||||||||||||||||
Derivatives | $ | 6,633 | $ | 2,602 | $ | 4,031 | $ | -- | $ | -- | $ | 4,031 | |||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Gross Amounts Not | |||||||||||||||||||||||||
Offset in the | |||||||||||||||||||||||||
Consolidated Statement | |||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | of Condition | ||||||||||||||||||||||
Amounts of | Offset in the | Assets Presented | Cash | ||||||||||||||||||||||
Recognized | Statement of | in the Statement | Financial | Collateral | Net | ||||||||||||||||||||
(in thousands) | Assets | Condition | of Condition | Instruments | Received | Amount | |||||||||||||||||||
Derivatives | $ | 6,680 | $ | 4,848 | $ | 1,832 | $ | -- | $ | -- | $ | 1,832 | |||||||||||||
The following tables present the effect the master netting arrangements had on the presentation of the derivative liabilities in the Consolidated Statements of Financial Condition as of the dates indicated: | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Gross Amounts Not | |||||||||||||||||||||||||
Offset in the | |||||||||||||||||||||||||
Net Amounts of | Consolidated Statement | ||||||||||||||||||||||||
Gross | Gross Amounts | Liabilities | of Condition | ||||||||||||||||||||||
Amounts of | Offset in the | Presented in the | Cash | ||||||||||||||||||||||
Recognized | Statement of | Statement of | Financial | Collateral | Net | ||||||||||||||||||||
(in thousands) | Liabilities | Condition | Condition | Instruments | Received | Amount | |||||||||||||||||||
Derivatives | $ | 3,512 | $ | 3,422 | $ | 90 | $ | -- | $ | -- | $ | 90 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Gross Amounts Not | |||||||||||||||||||||||||
Offset in the | |||||||||||||||||||||||||
Net Amounts of | Consolidated Statement | ||||||||||||||||||||||||
Gross | Gross Amounts | Liabilities | of Condition | ||||||||||||||||||||||
Amounts of | Offset in the | Presented in the | Cash | ||||||||||||||||||||||
Recognized | Statement of | Statement of | Financial | Collateral | Net | ||||||||||||||||||||
(in thousands) | Liabilities | Condition | Condition | Instruments | Received | Amount | |||||||||||||||||||
Derivatives | $ | 8,012 | $ | 7,624 | $ | 388 | $ | -- | $ | -- | $ | 388 | |||||||||||||
Segment_Reporting
Segment Reporting | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting | ' | ||||||||||||
Note 13. Segment Reporting | |||||||||||||
The Company’s operations are divided into two reportable business segments: Banking Operations and Residential Mortgage Banking. These operating segments have been identified based on the Company’s organizational structure. The segments require unique technology and marketing strategies, and offer different products and services. While the Company is managed as an integrated organization, individual executive managers are held accountable for the operations of these business segments. | |||||||||||||
The Company measures and presents information for internal reporting purposes in a variety of ways. The internal reporting system presently used by management in the planning and measurement of operating activities, and to which most managers are held accountable, is based on organizational structure. | |||||||||||||
The management accounting process uses various estimates and allocation methodologies to measure the performance of the operating segments. To determine financial performance for each segment, the Company allocates capital, funding charges and credits, certain non-interest expenses, and income tax provisions to each segment, as applicable. Allocation methodologies are subject to periodic adjustment as the internal management accounting system is revised and/or as business or product lines within the segments change. In addition, because the development and application of these methodologies is a dynamic process, the financial results presented may be periodically revised. | |||||||||||||
The Company seeks to maximize shareholder value by, among other means, optimizing the return on stockholders’ equity and managing risk. Capital is assigned to each segment, the combination of which is equivalent to the Company’s consolidated total, on an economic basis, using management’s assessment of the inherent risks associated with the segment. Capital allocations are made to cover the following risk categories: credit risk, liquidity risk, interest rate risk, option risk, basis risk, market risk, and operational risk. | |||||||||||||
The Company allocates expenses to the reportable segments based on various factors, including the volume and amount of loans produced and the number of full-time equivalent employees. Income taxes are allocated to the various segments based on taxable income and statutory rates applicable to the segment. | |||||||||||||
Banking Operations Segment | |||||||||||||
The Banking Operations segment serves consumers and businesses by offering and servicing a variety of loan and deposit products and other financial services. | |||||||||||||
Residential Mortgage Banking Segment | |||||||||||||
The Residential Mortgage Banking segment originates, aggregates, sells, and services one-to-four family mortgage loans. Mortgage loan products consist primarily of agency-conforming fixed- and adjustable-rate loans and, to a lesser extent, jumbo hybrid loans, for the purpose of purchasing or refinancing one-to-four family homes. The Residential Mortgage Banking segment earns interest on loans held in the warehouse and non-interest income from the origination and servicing of loans. It also recognizes gains or losses on the sale of such loans. | |||||||||||||
The following table provides a summary of the Company’s segment results for the three months ended September 30, 2014, on an internally managed accounting basis: | |||||||||||||
For the Three Months Ended September 30, 2014 | |||||||||||||
Banking | Residential | Total | |||||||||||
(in thousands) | Operations | Mortgage Banking | Company | ||||||||||
Net interest income | $ | 285,185 | $ | 3,844 | $ | 289,029 | |||||||
Recovery of loan losses | (3,945 | ) | -- | (3,945 | ) | ||||||||
Non-interest income: | |||||||||||||
Third party (1) | 23,989 | 17,297 | 41,286 | ||||||||||
Inter-segment | (3,033 | ) | 3,033 | -- | |||||||||
Total non-interest income | 20,956 | 20,330 | 41,286 | ||||||||||
Non-interest expense (2) | 130,344 | 14,851 | 145,195 | ||||||||||
Income before income tax expense | 179,742 | 9,323 | 189,065 | ||||||||||
Income tax expense | 65,329 | 3,478 | 68,807 | ||||||||||
Net income | $ | 114,413 | $ | 5,845 | $ | 120,258 | |||||||
Identifiable segment assets (period-end) | $ | 48,016,992 | $ | 662,780 | $ | 48,679,772 | |||||||
-1 | Includes ancillary fee income. | ||||||||||||
-2 | Includes both direct and indirect expenses. | ||||||||||||
The following table provides a summary of the Company’s segment results for the nine months ended September 30, 2014, on an internally managed accounting basis: | |||||||||||||
For the Nine Months Ended September 30, 2014 | |||||||||||||
Banking | Residential | Total | |||||||||||
(in thousands) | Operations | Mortgage Banking | Company | ||||||||||
Net interest income | $ | 846,440 | $ | 10,231 | $ | 856,671 | |||||||
Recovery of loan losses | (18,387 | ) | -- | (18,387 | ) | ||||||||
Non-interest income: | |||||||||||||
Third party (1) | 82,451 | 48,663 | 131,114 | ||||||||||
Inter-segment | (10,583 | ) | 10,583 | -- | |||||||||
Total non-interest income | 71,868 | 59,246 | 131,114 | ||||||||||
Non-interest expense (2) | 395,098 | 44,258 | 439,356 | ||||||||||
Income before income tax expense | 541,597 | 25,219 | 566,816 | ||||||||||
Income tax expense | 203,217 | 9,399 | 212,616 | ||||||||||
Net income | $ | 338,380 | $ | 15,820 | $ | 354,200 | |||||||
Identifiable segment assets (period-end) | $ | 48,016,992 | $ | 662,780 | $ | 48,679,772 | |||||||
-1 | Includes ancillary fee income. | ||||||||||||
-2 | Includes both direct and indirect expenses. | ||||||||||||
The following table provides a summary of the Company’s segment results for the three months ended September 30, 2013, on an internally managed accounting basis: | |||||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||
Banking | Residential | Total | |||||||||||
(in thousands) | Operations | Mortgage Banking | Company | ||||||||||
Net interest income | $ | 289,198 | $ | 5,033 | $ | 294,231 | |||||||
Provision for loan losses | 14,467 | -- | 14,467 | ||||||||||
Non-interest income: | |||||||||||||
Third party (1) | 33,699 | 17,025 | 50,724 | ||||||||||
Inter-segment | (4,578 | ) | 4,578 | -- | |||||||||
Total non-interest income | 29,121 | 21,603 | 50,724 | ||||||||||
Non-interest expense (2) | 132,391 | 17,936 | 150,327 | ||||||||||
Income before income tax expense | 171,461 | 8,700 | 180,161 | ||||||||||
Income tax expense | 62,674 | 3,287 | 65,961 | ||||||||||
Net income | $ | 108,787 | $ | 5,413 | $ | 114,200 | |||||||
Identifiable segment assets (period-end) | $ | 45,073,642 | $ | 690,491 | $ | 45,764,133 | |||||||
-1 | Includes ancillary fee income. | ||||||||||||
-2 | Includes both direct and indirect expenses. | ||||||||||||
The following table provides a summary of the Company’s segment results for the nine months ended September 30, 2013, on an internally managed accounting basis: | |||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||
Banking | Residential | Total | |||||||||||
(in thousands) | Operations | Mortgage Banking | Company | ||||||||||
Net interest income | $ | 850,939 | $ | 18,352 | $ | 869,291 | |||||||
Provision for loan losses | 33,587 | -- | 33,587 | ||||||||||
Non-interest income: | |||||||||||||
Third party (1) | 112,256 | 67,764 | 180,020 | ||||||||||
Inter-segment | (12,795 | ) | 12,795 | -- | |||||||||
Total non-interest income | 99,461 | 80,559 | 180,020 | ||||||||||
Non-interest expense (2) | 398,519 | 59,569 | 458,088 | ||||||||||
Income before income tax expense | 518,294 | 39,342 | 557,636 | ||||||||||
Income tax expense | 187,341 | 14,903 | 202,244 | ||||||||||
Net income | $ | 330,953 | $ | 24,439 | $ | 355,392 | |||||||
Identifiable segment assets (period-end) | $ | 45,073,642 | $ | 690,491 | $ | 45,764,133 | |||||||
-1 | Includes ancillary fee income. | ||||||||||||
-2 | Includes both direct and indirect expenses. |
Impact_of_Recent_Accounting_Pr
Impact of Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Impact of Recent Accounting Pronouncements | ' |
Note 14. Impact of Recent Accounting Pronouncements | |
In June 2014, the FASB issued ASU No. 2014-11, “Transfers and Servicing (Topic 860)—Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” The amendments in ASU No. 2014-11 require that repurchase-to-maturity transactions be accounted for as secured borrowings consistent with the accounting for other repurchase agreements. In addition, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty (a repurchase financing), which will result in secured borrowing accounting for the repurchase agreement. The amendments require an entity to disclose information about transfers accounted for as sales in transactions that are economically similar to repurchase agreements, in which the transferor retains substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. In addition, the amendments require disclosure of the types of collateral pledged in repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions and the tenor of those transactions. The accounting changes in ASU No. 2014-11 are effective for the first interim or annual period beginning after December 15, 2014. The disclosure for certain transactions accounted for as sales is required to be presented for interim and annual periods beginning after December 15, 2014, and the disclosure for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The adoption of ASU No. 2014-11 is not expected to have a material effect on the Company’s consolidated statement of condition or results of operations. | |
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” The amendments in ASU No. 2014-09 create Topic 606, “Revenue from Contracts with Customers,” and supersede the revenue recognition requirements in Topic 605, “Revenue Recognition,” including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, the amendments supersede the cost guidance in Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts,” and create new Subtopic 340-40, “Other Assets and Deferred Costs—Contracts with Customers.” In summary, the core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company is in the process of evaluating the effects the adoption of ASU No. 2014-09 may have on the Company’s consolidated statement of condition or results of operations. | |
In January 2014, the FASB issued ASU No. 2014-01, “Investments – Equity Method and Joint Ventures (Topic 323), Accounting for Investments in Qualified Affordable Housing Projects.” The amendments in ASU No. 2014-01 provide guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for low-income housing tax credits. The amendments permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method, if certain conditions are met. ASU No. 2014-01 is effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014, with early adoption permitted; it should be applied retrospectively to all periods presented. The Company adopted ASU No. 2014-01 on January 1, 2014. ASU No. 2014-01 calls for additional disclosures that will enable the reader to understand the nature of the investment and the effect of its measurement and related tax credits on a company’s financial condition and results of operations. Please see Note 1, “Organization and Basis of Presentation,” for the presentation of such disclosures. | |
In January 2014, the FASB issued ASU No. 2014-04, “Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40), Reclassification of Residential Real Estate-Collateralized Consumer Mortgage Loans upon Foreclosure.” The amendments in ASU No. 2014-04 clarify when an in-substance repossession or foreclosure occurs, i.e., when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. ASU No. 2014-04 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The adoption of ASU No. 2014-04 is not expected to have a material effect on the Company’s consolidated statement of condition or results of operations. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The following is a description of the significant accounting and reporting policies that the Company and its wholly-owned subsidiaries follow in preparing and presenting their consolidated financial statements, which conform to U.S. generally accepted accounting principles (“GAAP”) and to general practices within the banking industry. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates that are particularly susceptible to change in the near term are used in connection with the determination of the allowances for loan losses; the valuation of mortgage servicing rights (“MSRs”); the evaluation of goodwill for impairment; the evaluation of other-than-temporary impairment (“OTTI”) on securities; and the evaluation of the need for a valuation allowance on the Company’s deferred tax assets. | |
The unaudited 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. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2013 Annual Report on Form 10-K. The Company currently has certain unconsolidated subsidiaries in the form of wholly-owned statutory business trusts, which were formed to issue guaranteed capital debentures (“capital securities”). Please see Note 7, “Borrowed Funds,” for additional information regarding these trusts. | |
Effects of New Accounting Pronouncements | ' |
Effects of New Accounting Pronouncements | |
In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-01, “Investments – Equity Method and Joint Ventures (Topic 323), Accounting for Investments in Qualified Affordable Housing Projects.” The amendments in ASU No. 2014-01 provide guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. The amendments permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. The Company chose to apply this new guidance for the period beginning on January 1, 2014. | |
The impact of applying this new guidance included a $1.3 million reduction in the balance of retained earnings as of January 1, 2014. The total amount of affordable housing tax credits and other tax benefits projected to be recognized during calendar year 2014, and the related amount of amortization recognized as a component of income tax expense for calendar year 2014, are $4.0 million and $2.8 million, respectively. The commitment of additional anticipated equity contributions of $7.3 million relating to current investments is reflected in “Other liabilities.” Retrospective application of the new amortization methodology would not result in a material change to prior-period presentations. |
Computation_of_Earnings_per_Sh1
Computation of Earnings per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Computation of Basic and Diluted Earnings Per Share | ' | |||||||||||||||
The following table presents the Company’s computation of basic and diluted EPS for the periods indicated: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in thousands, except share and per share data) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net income | $ | 120,258 | $ | 114,200 | $ | 354,200 | $ | 355,392 | ||||||||
Less: Dividends paid on and earnings allocated to | (851 | ) | (723 | ) | (2,500 | ) | (2,248 | ) | ||||||||
participating securities | ||||||||||||||||
Earnings applicable to common stock | $ | 119,407 | $ | 113,477 | $ | 351,700 | $ | 353,144 | ||||||||
Weighted average common shares outstanding | 441,127,550 | 439,435,579 | 440,953,121 | 439,199,487 | ||||||||||||
Basic earnings per common share | $ | 0.27 | $ | 0.26 | $ | 0.8 | $ | 0.8 | ||||||||
Earnings applicable to common stock | $ | 119,407 | $ | 113,477 | $ | 351,700 | $ | 353,144 | ||||||||
Weighted average common shares outstanding | 441,127,550 | 439,435,579 | 440,953,121 | 439,199,487 | ||||||||||||
Potential dilutive common shares (1) | -- | -- | -- | 3,971 | ||||||||||||
Total shares for diluted earnings per share computation | 441,127,550 | 439,435,579 | 440,953,121 | 439,203,458 | ||||||||||||
Diluted earnings per common share and common share equivalents | $ | 0.27 | $ | 0.26 | $ | 0.8 | $ | 0.8 | ||||||||
-1 | Options to purchase 58,560 shares of the Company’s common stock that were outstanding in the three and nine months ended September 30, 2014, at a weighted average exercise price of $18.04, were excluded from the respective computations of diluted EPS because their inclusion would have had an antidilutive effect. Options to purchase 62,040 shares of the Company’s common stock that were outstanding in the three and nine months ended September 30, 2013, at a weighted average exercise price of $17.95, were excluded from the respective computations of diluted EPS because their inclusion also would have had an antidilutive effect. |
Reclassifications_Out_of_Accum1
Reclassifications Out of Accumulated Other Comprehensive Loss ("AOCL") (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Equity [Abstract] | ' | ||||||
Reclassifications of Accumulated Other Comprehensive Loss | ' | ||||||
Reclassifications Out of Accumulated Other Comprehensive Loss (“AOCL”) | |||||||
(in thousands) | For the Nine Months Ended September 30, 2014 | ||||||
Amount Reclassified from | Affected Line Item in the | ||||||
Details About | Accumulated Other | Consolidated Statement of Income | |||||
Accumulated Other Comprehensive Loss | Comprehensive Loss (1) | and Comprehensive Income | |||||
Unrealized gains on available-for-sale securities | $ | 5,317 | Net gain on sales of securities | ||||
(2,146 | ) | Income tax expense | |||||
$ | 3,171 | Net gain on sales of securities, net of tax | |||||
Amortization of defined benefit pension plan items: | |||||||
Prior-service costs | $ | 186 | Included in the computation of net | ||||
periodic (credit) expense (2) | |||||||
Actuarial losses | (2,820 | ) | Included in the computation of net | ||||
periodic (credit) expense (2) | |||||||
(2,634 | ) | Total before tax | |||||
1,064 | Income tax benefit | ||||||
$ | (1,570 | ) | Amortization of defined benefit pension | ||||
plan items, net of tax | |||||||
Total reclassifications for the period | $ | 1,601 | |||||
-1 | Amounts in parentheses indicate expense items. | ||||||
-2 | Please see Note 9, “Pension and Other Post-Retirement Benefits,” for additional information. |
Securities_Tables
Securities (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Investments Schedule [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Summary of Portfolio of Securities Available for Sale | ' | |||||||||||||||||||||||||||||||||||
The following table summarizes the Company’s portfolio of securities available for sale at September 30, 2014: | ||||||||||||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||||||||||||||||||||||||
(in thousands) | Cost | Gain | Loss | Fair Value | ||||||||||||||||||||||||||||||||
Mortgage-Related Securities: | ||||||||||||||||||||||||||||||||||||
GSE (1) certificates | $ | 19,295 | $ | 1,397 | $ | -- | $ | 20,692 | ||||||||||||||||||||||||||||
GSE CMOs (2) | 59,499 | 743 | 1,167 | 59,075 | ||||||||||||||||||||||||||||||||
Private label CMOs | 9,417 | -- | 50 | 9,367 | ||||||||||||||||||||||||||||||||
Total mortgage-related securities | $ | 88,211 | $ | 2,140 | $ | 1,217 | $ | 89,134 | ||||||||||||||||||||||||||||
Other Securities: | ||||||||||||||||||||||||||||||||||||
Municipal bonds | $ | 964 | $ | 133 | $ | -- | $ | 1,097 | ||||||||||||||||||||||||||||
Capital trust notes | 13,428 | 51 | 1,870 | 11,609 | ||||||||||||||||||||||||||||||||
Preferred stock | 118,205 | 5,116 | 635 | 122,686 | ||||||||||||||||||||||||||||||||
Common stock | 17,943 | 608 | 45 | 18,506 | ||||||||||||||||||||||||||||||||
Total other securities | $ | 150,540 | $ | 5,908 | $ | 2,550 | $ | 153,898 | ||||||||||||||||||||||||||||
Total securities available for sale | $ | 238,751 | $ | 8,048 | $ | 3,767 | $ | 243,032 | ||||||||||||||||||||||||||||
-1 | Government-sponsored enterprise | |||||||||||||||||||||||||||||||||||
-2 | Collateralized mortgage obligations | |||||||||||||||||||||||||||||||||||
The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2013: | ||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||||||||||||||||||||||||
(in thousands) | Cost | Gain | Loss | Fair Value | ||||||||||||||||||||||||||||||||
Mortgage-Related Securities: | ||||||||||||||||||||||||||||||||||||
GSE certificates | $ | 23,759 | $ | 1,442 | $ | 1 | $ | 25,200 | ||||||||||||||||||||||||||||
GSE CMOs | 62,082 | 598 | 1,861 | 60,819 | ||||||||||||||||||||||||||||||||
Private label CMOs | 10,214 | -- | 12 | 10,202 | ||||||||||||||||||||||||||||||||
Total mortgage-related securities | $ | 96,055 | $ | 2,040 | $ | 1,874 | $ | 96,221 | ||||||||||||||||||||||||||||
Other Securities: | ||||||||||||||||||||||||||||||||||||
Municipal bonds | $ | 957 | $ | 69 | $ | -- | $ | 1,026 | ||||||||||||||||||||||||||||
Capital trust notes | 13,419 | 60 | 1,681 | 11,798 | ||||||||||||||||||||||||||||||||
Preferred stock | 118,205 | 1,936 | 3,902 | 116,239 | ||||||||||||||||||||||||||||||||
Common stock | 51,654 | 4,093 | 293 | 55,454 | ||||||||||||||||||||||||||||||||
Total other securities | $ | 184,235 | $ | 6,158 | $ | 5,876 | $ | 184,517 | ||||||||||||||||||||||||||||
Total securities available for sale | $ | 280,290 | $ | 8,198 | $ | 7,750 | $ | 280,738 | ||||||||||||||||||||||||||||
Summary of Portfolio of Securities Held to Maturity | ' | |||||||||||||||||||||||||||||||||||
The following tables summarize the Company’s portfolio of securities held to maturity at September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||||||||||||||
Amortized | Carrying | Unrealized | Unrealized | |||||||||||||||||||||||||||||||||
(in thousands) | Cost | Amount | Gain | Loss | Fair Value | |||||||||||||||||||||||||||||||
Mortgage-Related Securities: | ||||||||||||||||||||||||||||||||||||
GSE certificates | $ | 2,515,030 | $ | 2,515,030 | $ | 74,212 | $ | 13,892 | $ | 2,575,350 | ||||||||||||||||||||||||||
GSE CMOs | 1,764,784 | 1,764,784 | 55,971 | 3,352 | 1,817,403 | |||||||||||||||||||||||||||||||
Total mortgage-related securities | $ | 4,279,814 | $ | 4,279,814 | $ | 130,183 | $ | 17,244 | $ | 4,392,753 | ||||||||||||||||||||||||||
Other Securities: | ||||||||||||||||||||||||||||||||||||
GSE debentures | $ | 2,780,330 | $ | 2,780,330 | $ | 16,530 | $ | 86,860 | $ | 2,710,000 | ||||||||||||||||||||||||||
Corporate bonds | 73,211 | 73,211 | 12,381 | -- | 85,592 | |||||||||||||||||||||||||||||||
Municipal bonds | 59,277 | 59,277 | 5 | 1,775 | 57,507 | |||||||||||||||||||||||||||||||
Capital trust notes | 84,470 | 75,612 | 5,587 | 10,036 | 71,163 | |||||||||||||||||||||||||||||||
Total other securities | $ | 2,997,288 | $ | 2,988,430 | $ | 34,503 | $ | 98,671 | $ | 2,924,262 | ||||||||||||||||||||||||||
Total securities held to maturity (1) | $ | 7,277,102 | $ | 7,268,244 | $ | 164,686 | $ | 115,915 | $ | 7,317,015 | ||||||||||||||||||||||||||
-1 | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At September 30, 2014, the non-credit portion of OTTI recorded in AOCL was $8.9 million (before taxes). | |||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||||||||||||||
Amortized | Carrying | Unrealized | Unrealized | |||||||||||||||||||||||||||||||||
(in thousands) | Cost | Amount | Gain | Loss | Fair Value | |||||||||||||||||||||||||||||||
Mortgage-Related Securities: | ||||||||||||||||||||||||||||||||||||
GSE certificates | $ | 2,529,102 | $ | 2,529,102 | $ | 30,145 | $ | 61,280 | $ | 2,497,967 | ||||||||||||||||||||||||||
GSE CMOs | 1,878,885 | 1,878,885 | 29,330 | 22,520 | 1,885,695 | |||||||||||||||||||||||||||||||
Total mortgage-related securities | $ | 4,407,987 | $ | 4,407,987 | $ | 59,475 | $ | 83,800 | $ | 4,383,662 | ||||||||||||||||||||||||||
Other Securities: | ||||||||||||||||||||||||||||||||||||
GSE debentures | $ | 3,053,253 | $ | 3,053,253 | $ | 6,512 | $ | 208,506 | $ | 2,851,259 | ||||||||||||||||||||||||||
Corporate bonds | 72,899 | 72,899 | 11,063 | -- | 83,962 | |||||||||||||||||||||||||||||||
Municipal bonds | 60,462 | 60,462 | 19 | 3,849 | 56,632 | |||||||||||||||||||||||||||||||
Capital trust notes | 84,871 | 75,681 | 3,134 | 9,086 | 69,729 | |||||||||||||||||||||||||||||||
Total other securities | $ | 3,271,485 | $ | 3,262,295 | $ | 20,728 | $ | 221,441 | $ | 3,061,582 | ||||||||||||||||||||||||||
Total securities held to maturity (1) | $ | 7,679,472 | $ | 7,670,282 | $ | 80,203 | $ | 305,241 | $ | 7,445,244 | ||||||||||||||||||||||||||
-1 | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At December 31, 2013, the non-credit portion of OTTI recorded in AOCL was $9.2 million (before taxes). | |||||||||||||||||||||||||||||||||||
Summary of Gross Proceeds, Gross Realized Gains, and Gross Realized Losses from Sale of Available-for-Sale Securities | ' | |||||||||||||||||||||||||||||||||||
The following table summarizes the gross proceeds, gross realized gains, and gross realized losses from the sale of available-for-sale securities during the nine months ended September 30, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||
For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
Gross proceeds | $ | 254,491 | $ | 593,551 | ||||||||||||||||||||||||||||||||
Gross realized gains | 5,317 | 6,212 | ||||||||||||||||||||||||||||||||||
Gross realized losses | -- | -- | ||||||||||||||||||||||||||||||||||
Credit Loss Component of Other Than Temporary Impairment on Debt Securities | ' | |||||||||||||||||||||||||||||||||||
In the following table, the beginning balance represents the credit loss component for debt securities on which OTTI occurred prior to January 1, 2014. For credit-impaired debt securities, OTTI recognized in earnings after that date is presented as an addition in two components, based upon whether the current period is the first time a debt security was credit-impaired (initial credit impairment) or is not the first time a debt security was credit-impaired (subsequent credit impairment). | ||||||||||||||||||||||||||||||||||||
For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||
(in thousands) | September 30, 2014 | |||||||||||||||||||||||||||||||||||
Beginning credit loss amount as of December 31, 2013 | $ | 216,334 | ||||||||||||||||||||||||||||||||||
Add: Initial other-than-temporary credit losses | -- | |||||||||||||||||||||||||||||||||||
Subsequent other-than-temporary credit losses | -- | |||||||||||||||||||||||||||||||||||
Amount previously recognized in AOCL | -- | |||||||||||||||||||||||||||||||||||
Less: Realized losses for securities sold | -- | |||||||||||||||||||||||||||||||||||
Securities intended or required to be sold | -- | |||||||||||||||||||||||||||||||||||
Increases in expected cash flows on debt securities | -- | |||||||||||||||||||||||||||||||||||
Ending credit loss amount as of September 30, 2014 | $ | 216,334 | ||||||||||||||||||||||||||||||||||
Summary of Carrying Amount and Estimated Fair Value of Held-to-Maturity Debt Securities and Amortized Cost and Estimated Fair Value of Available-for-Sale Debt Securities by Contractual Maturity | ' | |||||||||||||||||||||||||||||||||||
The following table summarizes the carrying amounts and estimated fair values of held-to-maturity debt securities, and the amortized costs and estimated fair values of available-for-sale debt securities, at September 30, 2014, by contractual maturity. Mortgage-related securities held to maturity and available for sale, all of which have prepayment provisions, are distributed to a maturity category based on the ends of the estimated average lives of such securities. Principal and amortization prepayments are not shown in maturity categories as they occur, but are considered in the determination of estimated average life. | ||||||||||||||||||||||||||||||||||||
At September 30, 2014 | ||||||||||||||||||||||||||||||||||||
U.S. | ||||||||||||||||||||||||||||||||||||
Mortgage- | Treasury | |||||||||||||||||||||||||||||||||||
Related | Average | and GSE | Average | Municipal | Average | Other Debt | Average | |||||||||||||||||||||||||||||
(dollars in thousands) | Securities | Yield | Obligations | Yield | Bonds | Yield (1) | Securities (2) | Yield | Fair Value | |||||||||||||||||||||||||||
Held-to-Maturity Securities: | ||||||||||||||||||||||||||||||||||||
Due within one year | $ | -- | -- | % | $ | -- | -- | % | $ | -- | -- | % | $ | -- | -- | % | $ | -- | ||||||||||||||||||
Due from one to five years | 841 | 5.89 | 60,190 | 4.17 | 967 | 2.96 | -- | -- | 67,544 | |||||||||||||||||||||||||||
Due from five to ten years | 3,233,780 | 3.22 | 2,707,852 | 2.74 | -- | -- | 47,251 | 3.14 | 6,000,178 | |||||||||||||||||||||||||||
Due after ten years | 1,045,193 | 3.36 | 12,288 | 3.99 | 58,310 | 2.85 | 101,572 | 5.8 | 1,249,293 | |||||||||||||||||||||||||||
Total debt securities held to maturity | $ | 4,279,814 | 3.25 | % | $ | 2,780,330 | 2.78 | % | $ | 59,277 | 2.85 | % | $ | 148,823 | 4.96 | % | $ | 7,317,015 | ||||||||||||||||||
Available-for-Sale Securities: (3) | ||||||||||||||||||||||||||||||||||||
Due within one year | $ | -- | -- | % | $ | -- | -- | % | $ | 125 | 6.09 | % | $ | -- | -- | % | $ | 126 | ||||||||||||||||||
Due from one to five years | 4,083 | 6.82 | -- | -- | 558 | 6.45 | -- | -- | 4,921 | |||||||||||||||||||||||||||
Due from five to ten years | 16,137 | 3.72 | -- | -- | 281 | 6.63 | -- | -- | 17,416 | |||||||||||||||||||||||||||
Due after ten years | 67,991 | 3.59 | -- | -- | -- | -- | 13,428 | 5.67 | 79,377 | |||||||||||||||||||||||||||
Total debt securities available for sale | $ | 88,211 | 3.76 | % | $ | -- | -- | % | $ | 964 | 6.46 | % | $ | 13,428 | 5.67 | % | $ | 101,840 | ||||||||||||||||||
-1 | Not presented on a tax-equivalent basis. | |||||||||||||||||||||||||||||||||||
-2 | Consists of corporate bonds and capital trust notes. Included in capital trust notes are $247,000 of pooled trust preferred securities held to maturity, all of which are due after ten years. The remaining capital trust notes consist of single-issue trust preferred securities. | |||||||||||||||||||||||||||||||||||
-3 | As equity securities have no contractual maturity, they have been excluded from this table. | |||||||||||||||||||||||||||||||||||
Summary of Held-to-Maturity and Available-for-Sale Securities having Continuous Unrealized Loss Position | ' | |||||||||||||||||||||||||||||||||||
The following table presents held-to-maturity and available-for-sale securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of September 30, 2014: | ||||||||||||||||||||||||||||||||||||
At September 30, 2014 | Less than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||
Temporarily Impaired Held-to-Maturity Debt Securities: | ||||||||||||||||||||||||||||||||||||
GSE debentures | $ | 129,894 | $ | 75 | $ | 2,150,525 | $ | 86,785 | $ | 2,280,419 | $ | 86,860 | ||||||||||||||||||||||||
GSE certificates | 269,519 | 1,606 | 493,289 | 12,286 | 762,808 | 13,892 | ||||||||||||||||||||||||||||||
GSE CMOs | 52,932 | 93 | 147,839 | 3,259 | 200,771 | 3,352 | ||||||||||||||||||||||||||||||
Municipal bonds | 14,078 | 158 | 42,456 | 1,617 | 56,534 | 1,775 | ||||||||||||||||||||||||||||||
Capital trust notes | 24,907 | 93 | 36,238 | 9,943 | 61,145 | 10,036 | ||||||||||||||||||||||||||||||
Total temporarily impaired held-to-maturity debt securities | $ | 491,330 | $ | 2,025 | $ | 2,870,347 | $ | 113,890 | $ | 3,361,677 | $ | 115,915 | ||||||||||||||||||||||||
Temporarily Impaired Available-for-Sale Securities: | ||||||||||||||||||||||||||||||||||||
Debt Securities: | ||||||||||||||||||||||||||||||||||||
Private label CMOs | $ | 9,367 | $ | 50 | $ | -- | $ | -- | $ | 9,367 | $ | 50 | ||||||||||||||||||||||||
GSE CMOs | -- | -- | 45,456 | 1,167 | 45,456 | 1,167 | ||||||||||||||||||||||||||||||
Capital trust notes | 1,993 | 8 | 5,566 | 1,862 | 7,559 | 1,870 | ||||||||||||||||||||||||||||||
Total temporarily impaired available-for-sale debt securities | $ | 11,360 | $ | 58 | $ | 51,022 | $ | 3,029 | $ | 62,382 | $ | 3,087 | ||||||||||||||||||||||||
Equity securities | 8,897 | 171 | 14,784 | 509 | 23,681 | 680 | ||||||||||||||||||||||||||||||
Total temporarily impaired available-for-sale securities | $ | 20,257 | $ | 229 | $ | 65,806 | $ | 3,538 | $ | 86,063 | $ | 3,767 | ||||||||||||||||||||||||
The following table presents held-to-maturity and available-for-sale securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2013: | ||||||||||||||||||||||||||||||||||||
At December 31, 2013 | Less than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||
Temporarily Impaired Held-to-Maturity Debt Securities: | ||||||||||||||||||||||||||||||||||||
GSE debentures | $ | 2,777,417 | $ | 208,506 | $ | -- | $ | -- | $ | 2,777,417 | $ | 208,506 | ||||||||||||||||||||||||
GSE certificates | 1,684,793 | 61,280 | -- | -- | 1,684,793 | 61,280 | ||||||||||||||||||||||||||||||
GSE CMOs | 936,691 | 22,520 | -- | -- | 936,691 | 22,520 | ||||||||||||||||||||||||||||||
Municipal bonds | 55,333 | 3,849 | -- | -- | 55,333 | 3,849 | ||||||||||||||||||||||||||||||
Capital trust notes | 24,900 | 100 | 37,181 | 8,986 | 62,081 | 9,086 | ||||||||||||||||||||||||||||||
Total temporarily impaired held-to-maturity debt securities | $ | 5,479,134 | $ | 296,255 | $ | 37,181 | $ | 8,986 | $ | 5,516,315 | $ | 305,241 | ||||||||||||||||||||||||
Temporarily Impaired Available-for-Sale Securities: | ||||||||||||||||||||||||||||||||||||
Debt Securities: | ||||||||||||||||||||||||||||||||||||
GSE certificates | $ | -- | $ | -- | $ | 110 | $ | 1 | $ | 110 | $ | 1 | ||||||||||||||||||||||||
Private label CMOs | 10,202 | 12 | -- | -- | 10,202 | 12 | ||||||||||||||||||||||||||||||
GSE CMOs | 44,725 | 1,861 | -- | -- | 44,725 | 1,861 | ||||||||||||||||||||||||||||||
Capital trust notes | 1,992 | 8 | 5,746 | 1,673 | 7,738 | 1,681 | ||||||||||||||||||||||||||||||
Total temporarily impaired available-for-sale debt securities | $ | 56,919 | $ | 1,881 | $ | 5,856 | $ | 1,674 | $ | 62,775 | $ | 3,555 | ||||||||||||||||||||||||
Equity securities | 75,886 | 4,195 | -- | -- | 75,886 | 4,195 | ||||||||||||||||||||||||||||||
Total temporarily impaired available-for-sale securities | $ | 132,805 | $ | 6,076 | $ | 5,856 | $ | 1,674 | $ | 138,661 | $ | 7,750 | ||||||||||||||||||||||||
Loans_Tables
Loans (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Composition of Loan Portfolio | ' | ||||||||||||||||||||||||||||||||
The following table sets forth the composition of the loan portfolio at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Percent of | Percent of | ||||||||||||||||||||||||||||||||
Non-Covered | Non-Covered | ||||||||||||||||||||||||||||||||
Loans Held for | Loans Held for | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Investment | Amount | Investment | |||||||||||||||||||||||||||||
Non-Covered Loans Held for Investment: | |||||||||||||||||||||||||||||||||
Mortgage Loans: | |||||||||||||||||||||||||||||||||
Multi-family | $ | 22,862,495 | 70.93 | % | $ | 20,699,927 | 69.41 | % | |||||||||||||||||||||||||
Commercial real estate | 7,660,776 | 23.78 | 7,364,231 | 24.7 | |||||||||||||||||||||||||||||
One-to-four family | 404,750 | 1.26 | 560,730 | 1.88 | |||||||||||||||||||||||||||||
Acquisition, development, and construction | 310,585 | 0.96 | 344,100 | 1.15 | |||||||||||||||||||||||||||||
Total mortgage loans held for investment | 31,238,606 | 96.92 | % | 28,968,988 | 97.14 | % | |||||||||||||||||||||||||||
Other Loans: | |||||||||||||||||||||||||||||||||
Commercial and industrial | 824,186 | 2.56 | 712,260 | 2.39 | |||||||||||||||||||||||||||||
Lease financing, net of unearned income | 135,833 | 0.42 | 101,431 | 0.34 | |||||||||||||||||||||||||||||
of $7,771 and $5,723 | |||||||||||||||||||||||||||||||||
Total commercial and industrial loans | 960,019 | 2.98 | 813,691 | 2.73 | |||||||||||||||||||||||||||||
Other | 33,956 | 0.11 | 39,036 | 0.13 | |||||||||||||||||||||||||||||
Total other loans held for investment | 993,975 | 3.08 | 852,727 | 2.86 | |||||||||||||||||||||||||||||
Total non-covered loans held for investment | $ | 32,232,581 | 100 | % | $ | 29,821,715 | 100 | % | |||||||||||||||||||||||||
Net deferred loan origination costs | 19,428 | 16,274 | |||||||||||||||||||||||||||||||
Allowance for losses on non-covered loans | (139,744 | ) | (141,946 | ) | |||||||||||||||||||||||||||||
Non-covered loans held for investment, net | $ | 32,112,265 | $ | 29,696,043 | |||||||||||||||||||||||||||||
Covered loans | 2,504,622 | 2,788,618 | |||||||||||||||||||||||||||||||
Allowance for losses on covered loans | (45,682 | ) | (64,069 | ) | |||||||||||||||||||||||||||||
Total covered loans, net | $ | 2,458,940 | $ | 2,724,549 | |||||||||||||||||||||||||||||
Loans held for sale | 680,147 | 306,915 | |||||||||||||||||||||||||||||||
Total loans, net | $ | 35,251,352 | $ | 32,727,507 | |||||||||||||||||||||||||||||
Quality of Non-Covered Loans | ' | ||||||||||||||||||||||||||||||||
The following table presents information regarding the quality of the Company’s non-covered loans held for investment at September 30, 2014: | |||||||||||||||||||||||||||||||||
Loans 90 | |||||||||||||||||||||||||||||||||
Days | |||||||||||||||||||||||||||||||||
or More | |||||||||||||||||||||||||||||||||
Delinquent | |||||||||||||||||||||||||||||||||
Loans | Non- | and Still | Total | ||||||||||||||||||||||||||||||
30-89 Days | Accrual | Accruing | Past Due | Current | Total Loans | ||||||||||||||||||||||||||||
(in thousands) | Past Due | Loans | Interest | Loans | Loans | Receivable | |||||||||||||||||||||||||||
Multi-family | $ | 2,516 | $ | 29,942 | $ | -- | $ | 32,458 | $ | 22,830,037 | $ | 22,862,495 | |||||||||||||||||||||
Commercial real estate | 164 | 28,586 | -- | 28,750 | 7,632,026 | 7,660,776 | |||||||||||||||||||||||||||
One-to-four family | 2,451 | 10,575 | -- | 13,026 | 391,724 | 404,750 | |||||||||||||||||||||||||||
Acquisition, development, and | -- | 2,328 | -- | 2,328 | 308,257 | 310,585 | |||||||||||||||||||||||||||
construction | |||||||||||||||||||||||||||||||||
Commercial and industrial (1) | -- | 8,439 | -- | 8,439 | 951,580 | 960,019 | |||||||||||||||||||||||||||
Other | 1,274 | 1,149 | -- | 2,423 | 31,533 | 33,956 | |||||||||||||||||||||||||||
Total | $ | 6,405 | $ | 81,019 | $ | -- | $ | 87,424 | $ | 32,145,157 | $ | 32,232,581 | |||||||||||||||||||||
-1 | Includes lease financing receivables, all of which were current at September 30, 2014. | ||||||||||||||||||||||||||||||||
The following table presents information regarding the quality of the Company’s non-covered loans held for investment at December 31, 2013: | |||||||||||||||||||||||||||||||||
Loans 90 | |||||||||||||||||||||||||||||||||
Days | |||||||||||||||||||||||||||||||||
or More | |||||||||||||||||||||||||||||||||
Delinquent | |||||||||||||||||||||||||||||||||
Loans | Non- | and Still | Total | ||||||||||||||||||||||||||||||
30-89 Days | Accrual | Accruing | Past Due | Current | Total Loans | ||||||||||||||||||||||||||||
(in thousands) | Past Due | Loans | Interest | Loans | Loans | Receivable | |||||||||||||||||||||||||||
Multi-family | $ | 33,678 | $ | 58,395 | $ | -- | $ | 92,073 | $ | 20,607,854 | $ | 20,699,927 | |||||||||||||||||||||
Commercial real estate | 1,854 | 24,550 | -- | 26,404 | 7,337,827 | 7,364,231 | |||||||||||||||||||||||||||
One-to-four family | 1,076 | 10,937 | -- | 12,013 | 548,717 | 560,730 | |||||||||||||||||||||||||||
Acquisition, development, and | -- | 2,571 | -- | 2,571 | 341,529 | 344,100 | |||||||||||||||||||||||||||
construction | |||||||||||||||||||||||||||||||||
Commercial and industrial (1) | 1 | 5,735 | -- | 5,736 | 807,955 | 813,691 | |||||||||||||||||||||||||||
Other | 480 | 1,349 | -- | 1,829 | 37,207 | 39,036 | |||||||||||||||||||||||||||
Total | $ | 37,089 | $ | 103,537 | $ | -- | $ | 140,626 | $ | 29,681,089 | $ | 29,821,715 | |||||||||||||||||||||
-1 | Includes lease financing receivables, all of which were current at December 31, 2013. | ||||||||||||||||||||||||||||||||
Non-Covered Loan Portfolio by Credit Quality Indicator | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the Company’s portfolio of non-covered loans held for investment by credit quality indicator at September 30, 2014: | |||||||||||||||||||||||||||||||||
Acquisition, | Total | Total | |||||||||||||||||||||||||||||||
Commercial | One-to-Four | Development, | Mortgage | Commercial | Other Loan | ||||||||||||||||||||||||||||
(in thousands) | Multi-Family | Real Estate | Family | and Construction | Loans | and Industrial(1) | Other | Segment | |||||||||||||||||||||||||
Credit Quality Indicator: | |||||||||||||||||||||||||||||||||
Pass | $ | 22,799,073 | $ | 7,611,591 | $ | 398,617 | $ | 307,918 | $ | 31,117,199 | $ | 910,114 | $ | 32,808 | $ | 942,922 | |||||||||||||||||
Special mention | 27,104 | 13,636 | -- | -- | 40,740 | 40,957 | -- | 40,957 | |||||||||||||||||||||||||
Substandard | 36,318 | 35,549 | 6,133 | 2,667 | 80,667 | 8,948 | 1,148 | 10,096 | |||||||||||||||||||||||||
Doubtful | -- | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||
Total | $ | 22,862,495 | $ | 7,660,776 | $ | 404,750 | $ | 310,585 | $ | 31,238,606 | $ | 960,019 | $ | 33,956 | $ | 993,975 | |||||||||||||||||
-1 | Includes lease financing receivables, all of which were classified as “pass.” | ||||||||||||||||||||||||||||||||
The following table summarizes the Company’s portfolio of non-covered loans held for investment by credit quality indicator at December 31, 2013: | |||||||||||||||||||||||||||||||||
Acquisition, | Total | Total | |||||||||||||||||||||||||||||||
Commercial | One-to-Four | Development, | Mortgage | Commercial | Other Loan | ||||||||||||||||||||||||||||
(in thousands) | Multi-Family | Real Estate | Family | and Construction | Loans | and Industrial(1) | Other | Segment | |||||||||||||||||||||||||
Credit Quality Indicator: | |||||||||||||||||||||||||||||||||
Pass | $ | 20,527,460 | $ | 7,304,502 | $ | 554,132 | $ | 333,805 | $ | 28,719,899 | $ | 793,693 | $ | 37,688 | $ | 831,381 | |||||||||||||||||
Special mention | 73,549 | 25,407 | -- | 7,400 | 106,356 | 13,036 | -- | 13,036 | |||||||||||||||||||||||||
Substandard | 98,918 | 33,822 | 6,598 | 2,895 | 142,233 | 6,808 | 1,348 | 8,156 | |||||||||||||||||||||||||
Doubtful | -- | 500 | -- | -- | 500 | 154 | -- | 154 | |||||||||||||||||||||||||
Total | $ | 20,699,927 | $ | 7,364,231 | $ | 560,730 | $ | 344,100 | $ | 28,968,988 | $ | 813,691 | $ | 39,036 | $ | 852,727 | |||||||||||||||||
-1 | Includes lease financing receivables, all of which were classified as “pass.” | ||||||||||||||||||||||||||||||||
Information Regarding Troubled Debt Restructurings | ' | ||||||||||||||||||||||||||||||||
The following table presents information regarding the Company’s TDRs as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | Accruing | Non-Accrual | Total | Accruing | Non-Accrual | Total | |||||||||||||||||||||||||||
Loan Category: | |||||||||||||||||||||||||||||||||
Multi-family | $ | 9,962 | $ | 12,642 | $ | 22,604 | $ | 10,083 | $ | 50,548 | $ | 60,631 | |||||||||||||||||||||
Commercial real estate | 2,137 | 16,158 | 18,295 | 2,198 | 15,626 | 17,824 | |||||||||||||||||||||||||||
One-to-four family | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||
Acquisition, development, and construction | -- | 935 | 935 | -- | -- | -- | |||||||||||||||||||||||||||
Commercial and industrial | -- | 1,203 | 1,203 | 1,129 | 758 | 1,887 | |||||||||||||||||||||||||||
Total | $ | 12,099 | $ | 30,938 | $ | 43,037 | $ | 13,410 | $ | 66,932 | $ | 80,342 | |||||||||||||||||||||
Covered Loans Acquired in AmTrust and Desert Hills Acquisitions | ' | ||||||||||||||||||||||||||||||||
The following table presents the carrying value of covered loans acquired in the AmTrust and Desert Hills acquisitions as of September 30, 2014: | |||||||||||||||||||||||||||||||||
Percent of | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Covered Loans | |||||||||||||||||||||||||||||||
Loan Category: | |||||||||||||||||||||||||||||||||
One-to-four family | $ | 2,282,064 | 91.1 | % | |||||||||||||||||||||||||||||
All other loans | 222,558 | 8.9 | |||||||||||||||||||||||||||||||
Total covered loans | $ | 2,504,622 | 100 | % | |||||||||||||||||||||||||||||
Changes in Accretable Yield for Covered Loans | ' | ||||||||||||||||||||||||||||||||
Changes in the accretable yield for covered loans in the nine months ended September 30, 2014 were as follows: | |||||||||||||||||||||||||||||||||
(in thousands) | Accretable Yield | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 796,993 | |||||||||||||||||||||||||||||||
Reclassification from non-accretable difference | 302,617 | ||||||||||||||||||||||||||||||||
Accretion | (104,195 | ) | |||||||||||||||||||||||||||||||
Balance at end of period | $ | 995,415 | |||||||||||||||||||||||||||||||
Covered Loans Thirty to Eighty Nine Days, Ninety Days or More Past Due | ' | ||||||||||||||||||||||||||||||||
The following table presents information regarding the Company’s covered loans that were 90 days or more past due at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
(in thousands) | September 30, | December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Covered Loans 90 Days or More Past Due: | |||||||||||||||||||||||||||||||||
One-to-four family | $ | 144,881 | $ | 201,425 | |||||||||||||||||||||||||||||
Other loans | 7,900 | 10,060 | |||||||||||||||||||||||||||||||
Total covered loans 90 days or more past due | $ | 152,781 | $ | 211,485 | |||||||||||||||||||||||||||||
The following table presents information regarding the Company’s covered loans that were 30 to 89 days past due at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
(in thousands) | September 30, | December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Covered Loans 30-89 Days Past Due: | |||||||||||||||||||||||||||||||||
One-to-four family | $ | 45,045 | $ | 52,250 | |||||||||||||||||||||||||||||
Other loans | 3,931 | 5,679 | |||||||||||||||||||||||||||||||
Total covered loans 30-89 days past due | $ | 48,976 | $ | 57,929 | |||||||||||||||||||||||||||||
Allowances_for_Loan_Losses_Tab
Allowances for Loan Losses (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Activity in Allowance for Loan Losses | ' | ||||||||||||||||||||||||
The following tables provide information regarding the Company’s allowances for losses on non-covered and covered loans, based upon the method of evaluating loan impairment, at the dates indicated: | |||||||||||||||||||||||||
(in thousands) | Mortgage | Other | Total | ||||||||||||||||||||||
Allowances for Loan Losses at September 30, 2014: | |||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | -- | $ | -- | $ | -- | |||||||||||||||||||
Loans collectively evaluated for impairment | 126,598 | 13,146 | 139,744 | ||||||||||||||||||||||
Acquired loans with deteriorated credit quality | 23,972 | 21,710 | 45,682 | ||||||||||||||||||||||
Total | $ | 150,570 | $ | 34,856 | $ | 185,426 | |||||||||||||||||||
(in thousands) | Mortgage | Other | Total | ||||||||||||||||||||||
Allowances for Loan Losses at December 31, 2013: | |||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | -- | $ | -- | $ | -- | |||||||||||||||||||
Loans collectively evaluated for impairment | 127,840 | 14,106 | 141,946 | ||||||||||||||||||||||
Acquired loans with deteriorated credit quality | 56,705 | 7,364 | 64,069 | ||||||||||||||||||||||
Total | $ | 184,545 | $ | 21,470 | $ | 206,015 | |||||||||||||||||||
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 September 30, 2014: | |||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 66,923 | $ | 6,713 | $ | 73,636 | |||||||||||||||||||
Loans collectively evaluated for impairment | 31,171,683 | 987,262 | 32,158,945 | ||||||||||||||||||||||
Acquired loans with deteriorated credit quality | 2,282,064 | 222,558 | 2,504,622 | ||||||||||||||||||||||
Total | $ | 33,520,670 | $ | 1,216,533 | $ | 34,737,203 | |||||||||||||||||||
(in thousands) | Mortgage | Other | Total | ||||||||||||||||||||||
Loans Receivable at December 31, 2013: | |||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 109,389 | $ | 6,996 | $ | 116,385 | |||||||||||||||||||
Loans collectively evaluated for impairment | 28,859,599 | 845,731 | 29,705,330 | ||||||||||||||||||||||
Acquired loans with deteriorated credit quality | 2,529,200 | 259,418 | 2,788,618 | ||||||||||||||||||||||
Total | $ | 31,498,188 | $ | 1,112,145 | $ | 32,610,333 | |||||||||||||||||||
Additional Information Regarding Impaired Non-Covered Loans | ' | ||||||||||||||||||||||||
The following table presents additional information about the Company’s impaired non-covered loans at September 30, 2014: | |||||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | |||||||||||||||||||||
(in thousands) | Investment | Balance | Allowance | Investment | Recognized | ||||||||||||||||||||
Impaired loans with no related allowance: | |||||||||||||||||||||||||
Multi-family | $ | 36,148 | $ | 43,459 | $ | -- | $ | 56,218 | $ | 916 | |||||||||||||||
Commercial real estate | 28,558 | 30,907 | -- | 29,827 | 1,136 | ||||||||||||||||||||
One-to-four family | 1,282 | 1,281 | -- | 1,061 | -- | ||||||||||||||||||||
Acquisition, development, and construction | 935 | 1,245 | -- | 467 | 158 | ||||||||||||||||||||
Commercial and industrial | 6,713 | 12,045 | -- | 7,984 | 235 | ||||||||||||||||||||
Total impaired loans with no related allowance | $ | 73,636 | $ | 88,937 | $ | -- | $ | 95,557 | $ | 2,445 | |||||||||||||||
Impaired loans with an allowance recorded: | |||||||||||||||||||||||||
Multi-family | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | |||||||||||||||
Commercial real estate | -- | -- | -- | 613 | -- | ||||||||||||||||||||
One-to-four family | -- | -- | -- | 77 | -- | ||||||||||||||||||||
Acquisition, development, and construction | -- | -- | -- | -- | -- | ||||||||||||||||||||
Commercial and industrial | -- | -- | -- | -- | -- | ||||||||||||||||||||
Total impaired loans with an allowance recorded | $ | -- | $ | -- | $ | -- | $ | 690 | $ | -- | |||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||
Multi-family | $ | 36,148 | $ | 43,459 | $ | -- | $ | 56,218 | $ | 916 | |||||||||||||||
Commercial real estate | 28,558 | 30,907 | -- | 30,440 | 1,136 | ||||||||||||||||||||
One-to-four family | 1,282 | 1,281 | -- | 1,138 | -- | ||||||||||||||||||||
Acquisition, development, and construction | 935 | 1,245 | -- | 467 | 158 | ||||||||||||||||||||
Commercial and industrial | 6,713 | 12,045 | -- | 7,984 | 235 | ||||||||||||||||||||
Total impaired loans | $ | 73,636 | $ | 88,937 | $ | -- | $ | 96,247 | $ | 2,445 | |||||||||||||||
The following table presents additional information about the Company’s impaired non-covered loans at December 31, 2013: | |||||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | |||||||||||||||||||||
(in thousands) | Investment | Balance | Allowance | Investment | Recognized | ||||||||||||||||||||
Impaired loans with no related allowance: | |||||||||||||||||||||||||
Multi-family | $ | 78,771 | $ | 94,265 | $ | -- | $ | 117,208 | $ | 1,991 | |||||||||||||||
Commercial real estate | 30,619 | 32,474 | -- | 43,566 | 1,604 | ||||||||||||||||||||
One-to-four family | -- | -- | -- | 3,611 | 89 | ||||||||||||||||||||
Acquisition, development, and construction | -- | -- | -- | 275 | -- | ||||||||||||||||||||
Commercial and industrial | 6,995 | 34,199 | -- | 6,890 | 366 | ||||||||||||||||||||
Total impaired loans with no related allowance | $ | 116,385 | $ | 160,938 | $ | -- | $ | 171,550 | $ | 4,050 | |||||||||||||||
Impaired loans with an allowance recorded: | |||||||||||||||||||||||||
Multi-family | $ | -- | $ | -- | $ | -- | $ | 2,442 | $ | -- | |||||||||||||||
Commercial real estate | -- | -- | -- | 900 | -- | ||||||||||||||||||||
One-to-four family | -- | -- | -- | -- | -- | ||||||||||||||||||||
Acquisition, development, and construction | -- | -- | -- | -- | -- | ||||||||||||||||||||
Commercial and industrial | -- | -- | -- | -- | -- | ||||||||||||||||||||
Total impaired loans with an allowance recorded | $ | -- | $ | -- | $ | -- | $ | 3,342 | $ | -- | |||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||
Multi-family | $ | 78,771 | $ | 94,265 | $ | -- | $ | 119,650 | $ | 1,991 | |||||||||||||||
Commercial real estate | 30,619 | 32,474 | -- | 44,466 | 1,604 | ||||||||||||||||||||
One-to-four family | -- | -- | -- | 3,611 | 89 | ||||||||||||||||||||
Acquisition, development, and construction | -- | -- | -- | 275 | -- | ||||||||||||||||||||
Commercial and industrial | 6,995 | 34,199 | -- | 6,890 | 366 | ||||||||||||||||||||
Total impaired loans | $ | 116,385 | $ | 160,938 | $ | -- | $ | 174,892 | $ | 4,050 | |||||||||||||||
Non-Covered Loans | ' | ||||||||||||||||||||||||
Activity in Allowance for Loan Losses | ' | ||||||||||||||||||||||||
The following table summarizes activity in the allowance for losses on non-covered loans for the nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in thousands) | Mortgage | Other | Total | Mortgage | Other | Total | |||||||||||||||||||
Balance, beginning of period | $ | 127,840 | $ | 14,106 | $ | 141,946 | $ | 127,934 | $ | 13,014 | $ | 140,948 | |||||||||||||
Charge-offs | (2,610 | ) | (5,194 | ) | (7,804 | ) | (12,716 | ) | (7,039 | ) | (19,755 | ) | |||||||||||||
Recoveries | 1,368 | 4,234 | 5,602 | 3,580 | 1,541 | 5,121 | |||||||||||||||||||
Provision for loan losses | -- | -- | -- | 6,851 | 8,149 | 15,000 | |||||||||||||||||||
Balance, end of period | $ | 126,598 | $ | 13,146 | $ | 139,744 | $ | 125,649 | $ | 15,665 | $ | 141,314 | |||||||||||||
Covered Loans | ' | ||||||||||||||||||||||||
Activity in Allowance for Loan Losses | ' | ||||||||||||||||||||||||
The following table summarizes activity in the allowance for losses on covered loans for the nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||
For the Nine Months | |||||||||||||||||||||||||
Ended September 30, | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Balance, beginning of period | $ | 64,069 | $ | 51,311 | |||||||||||||||||||||
(Recovery of) provision for losses on covered loans | (18,387 | ) | 18,586 | ||||||||||||||||||||||
Balance, end of period | $ | 45,682 | $ | 69,897 | |||||||||||||||||||||
Borrowed_Funds_Tables
Borrowed Funds (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||
Summary of Borrowed Funds | ' | |||||||||||||||||||
The following table summarizes the Company’s borrowed funds at September 30, 2014 and December 31, 2013: | ||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||
Wholesale borrowings: | ||||||||||||||||||||
FHLB advances | $ | 10,312,316 | $ | 10,872,576 | ||||||||||||||||
Repurchase agreements | 3,425,000 | 3,425,000 | ||||||||||||||||||
Fed funds purchased | 297,000 | 445,000 | ||||||||||||||||||
Total wholesale borrowings | $ | 14,034,316 | $ | 14,742,576 | ||||||||||||||||
Other borrowings: | ||||||||||||||||||||
Junior subordinated debentures | $ | 358,296 | $ | 358,126 | ||||||||||||||||
Preferred stock of subsidiaries | 4,300 | 4,300 | ||||||||||||||||||
Total other borrowings | $ | 362,596 | $ | 362,426 | ||||||||||||||||
Total borrowed funds | $ | 14,396,912 | $ | 15,105,002 | ||||||||||||||||
Junior Subordinated Debentures Outstanding | ' | |||||||||||||||||||
The following junior subordinated debentures were outstanding at September 30, 2014: | ||||||||||||||||||||
Junior | ||||||||||||||||||||
Interest Rate | Subordinated | Capital | ||||||||||||||||||
of Capital | Debenture | Securities | ||||||||||||||||||
Securities and | Carrying | Amount | Date of | First Optional | ||||||||||||||||
Issuer | Debentures | Amount | Outstanding | Original Issue | Stated Maturity | Redemption Date | ||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
New York Community Capital | 6.00% | $ | 144,370 | $ | 138,019 | Nov. 4, 2002 | Nov. 1, 2051 | Nov. 4, 2007 (1) | ||||||||||||
Trust V (BONUSESSM Units) | ||||||||||||||||||||
New York Community Capital | 1.834 | 123,712 | 120,000 | Dec. 14, 2006 | Dec. 15, 2036 | Dec. 15, 2011 (2) | ||||||||||||||
Trust X | ||||||||||||||||||||
PennFed Capital Trust III | 3.484 | 30,928 | 30,000 | June 2, 2003 | June 15, 2033 | June 15, 2008 (2) | ||||||||||||||
New York Community | 1.883 | 59,286 | 57,500 | April 16, 2007 | June 30, 2037 | June 30, 2012 (2) | ||||||||||||||
Capital Trust XI | ||||||||||||||||||||
Total junior subordinated | $ | 358,296 | $ | 345,519 | ||||||||||||||||
debentures | ||||||||||||||||||||
-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. |
Mortgage_Servicing_Rights_Tabl
Mortgage Servicing Rights (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Transfers And Servicing [Abstract] | ' | |||||||||||||||
Changes in Residential and Securitized Mortgage Servicing Rights | ' | |||||||||||||||
The following tables set forth the changes in the balances of residential and securitized MSRs for the periods indicated: | ||||||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||||
September 30, 2014 | September 30, 2013 | |||||||||||||||
(in thousands) | Residential | Securitized | Residential | Securitized | ||||||||||||
Carrying value, beginning of period | $ | 228,815 | $ | -- | $ | 214,959 | $ | 97 | ||||||||
Additions | 9,637 | -- | 18,725 | -- | ||||||||||||
Increase (decrease) in fair value: | ||||||||||||||||
Due to changes in valuation assumptions | 13,583 | -- | 6,589 | -- | ||||||||||||
Due to other changes (1) | (14,814 | ) | -- | (12,168 | ) | -- | ||||||||||
Amortization | -- | -- | -- | (97 | ) | |||||||||||
Carrying value, end of period | $ | 237,221 | $ | -- | $ | 228,105 | $ | -- | ||||||||
-1 | Net servicing cash flows, including loan payoffs, and the passage of time. | |||||||||||||||
For the Nine Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, 2014 | September 30, 2013 | |||||||||||||||
(in thousands) | Residential | Securitized | Residential | Securitized | ||||||||||||
Carrying value, beginning of period | $ | 241,018 | $ | -- | $ | 144,520 | $ | 193 | ||||||||
Additions | 23,620 | -- | 73,398 | -- | ||||||||||||
Increase (decrease) in fair value: | ||||||||||||||||
Due to changes in valuation assumptions | 13,091 | -- | 54,437 | -- | ||||||||||||
Due to other changes (1) | (40,508 | ) | -- | (44,250 | ) | -- | ||||||||||
Amortization | -- | -- | -- | (193 | ) | |||||||||||
Carrying value, end of period | $ | 237,221 | $ | -- | $ | 228,105 | $ | -- | ||||||||
-1 | Net servicing cash flows, including loan payoffs, and the passage of time. | |||||||||||||||
Key Assumptions Used in Calculation of Fair Value of Residential Mortgage Servicing Rights | ' | |||||||||||||||
The following table presents the key assumptions used in calculating the fair value of the Company’s residential MSRs at the dates indicated: | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Expected weighted average life | 88 months | 93 months | ||||||||||||||
Constant prepayment speed | 8.4 | % | 8.3 | % | ||||||||||||
Discount rate | 10 | 10.5 | ||||||||||||||
Primary mortgage rate to refinance | 4.2 | 4.5 | ||||||||||||||
Cost to service (per loan per year): | ||||||||||||||||
Current | $ | 63 | $ | 53 | ||||||||||||
30-59 days or less delinquent | 213 | 103 | ||||||||||||||
60-89 days delinquent | 313 | 203 | ||||||||||||||
90-119 days delinquent | 413 | 303 | ||||||||||||||
120 days or more delinquent | 563 | 553 | ||||||||||||||
Pension_and_Other_PostRetireme1
Pension and Other Post-Retirement Benefits (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | |||||||||||||||
Pension and Post-Retirement Plans | ' | |||||||||||||||
The following tables set forth certain disclosures regarding the Company’s pension and post-retirement plans for the periods indicated: | ||||||||||||||||
For the Three Months Ended September 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Pension | Post-Retirement | Pension | Post-Retirement | |||||||||||||
(in thousands) | Benefits | Benefits | Benefits | Benefits | ||||||||||||
Components of net periodic (credit) expense: | ||||||||||||||||
Interest cost | $ | 1,474 | $ | 190 | $ | 1,364 | $ | 171 | ||||||||
Service cost | -- | 1 | -- | 1 | ||||||||||||
Expected return on plan assets | (4,859 | ) | -- | (4,147 | ) | -- | ||||||||||
Amortization of prior-service loss | -- | (62 | ) | -- | (62 | ) | ||||||||||
Amortization of net actuarial loss | 822 | 118 | 2,351 | 164 | ||||||||||||
Net periodic (credit) expense | $ | (2,563 | ) | $ | 247 | $ | (432 | ) | $ | 274 | ||||||
For the Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Pension | Post-Retirement | Pension | Post-Retirement | |||||||||||||
(in thousands) | Benefits | Benefits | Benefits | Benefits | ||||||||||||
Components of net periodic (credit) expense: | ||||||||||||||||
Interest cost | $ | 4,422 | $ | 569 | 4,092 | 512 | ||||||||||
Service cost | -- | 3 | -- | 3 | ||||||||||||
Expected return on plan assets | (14,577 | ) | -- | (12,441 | ) | -- | ||||||||||
Amortization of prior-service loss | -- | (186 | ) | -- | (187 | ) | ||||||||||
Amortization of net actuarial loss | 2,466 | 354 | 7,054 | 493 | ||||||||||||
Net periodic (credit) expense | $ | (7,689 | ) | $ | 740 | $ | (1,295 | ) | $ | 821 | ||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | |||||||
Summary of Activity for Restricted Stock Awards | ' | |||||||
A summary of activity with regard to restricted stock awards in the nine months ended September 30, 2014 is presented in the following table: | ||||||||
For the Nine Months Ended | ||||||||
September 30, 2014 | ||||||||
Weighted Average | ||||||||
Number of Shares | Grant Date Fair Value | |||||||
Unvested at beginning of year | 5,043,642 | $ | 14.27 | |||||
Granted | 2,374,998 | 16.8 | ||||||
Vested | (1,327,531 | ) | 14.55 | |||||
Cancelled | (102,300 | ) | 15.23 | |||||
Unvested at end of period | 5,988,809 | 15.19 | ||||||
Summary of Activity for Stock Option Plans | ' | |||||||
The status of the Stock Option Plans at September 30, 2014, and changes that occurred during the nine months ended at that date, are summarized below: | ||||||||
For the Nine Months Ended | ||||||||
September 30, 2014 | ||||||||
Number of | Weighted Average | |||||||
Stock Options | Exercise Price | |||||||
Stock options outstanding, beginning of year | 126,821 | $ | 15.21 | |||||
Granted | -- | -- | ||||||
Exercised | (42,214 | ) | 12.69 | |||||
Expired/forfeited | (26,047 | ) | 12.94 | |||||
Stock options outstanding, end of period | 58,560 | 18.04 | ||||||
Options exercisable, end of period | 58,560 | 18.04 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
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 September 30, 2014 and December 31, 2013, and that were included in the Company’s Consolidated Statements of Condition at those dates: | ||||||||||||||||||||||||||||||||
Fair Value Measurements at September 30, 2014 Using | ||||||||||||||||||||||||||||||||
Quoted Prices | ||||||||||||||||||||||||||||||||
in Active | Significant | |||||||||||||||||||||||||||||||
Markets for | Other | Significant | ||||||||||||||||||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||||||||||||||||||
Assets | Inputs | Inputs | Netting | Total | ||||||||||||||||||||||||||||
(in thousands) | (Level 1) | (Level 2) | (Level 3) | Adjustments(1) | Fair Value | |||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Mortgage-Related Securities Available for Sale: | ||||||||||||||||||||||||||||||||
GSE certificates | $ | -- | $ | 20,692 | $ | -- | $ | -- | $ | 20,692 | ||||||||||||||||||||||
GSE CMOs | -- | 59,075 | -- | -- | 59,075 | |||||||||||||||||||||||||||
Private label CMOs | -- | 9,367 | -- | -- | 9,367 | |||||||||||||||||||||||||||
Total mortgage-related securities | $ | -- | $ | 89,134 | $ | -- | $ | -- | $ | 89,134 | ||||||||||||||||||||||
Other Securities Available for Sale: | ||||||||||||||||||||||||||||||||
Municipal bonds | $ | -- | $ | 1,097 | $ | -- | $ | -- | $ | 1,097 | ||||||||||||||||||||||
Capital trust notes | -- | 11,609 | -- | -- | 11,609 | |||||||||||||||||||||||||||
Preferred stock | 94,406 | 28,280 | -- | -- | 122,686 | |||||||||||||||||||||||||||
Common stock | 16,848 | 1,658 | -- | -- | 18,506 | |||||||||||||||||||||||||||
Total other securities | $ | 111,254 | $ | 42,644 | $ | -- | $ | -- | $ | 153,898 | ||||||||||||||||||||||
Total securities available for sale | $ | 111,254 | $ | 131,778 | $ | -- | $ | -- | $ | 243,032 | ||||||||||||||||||||||
Other Assets: | ||||||||||||||||||||||||||||||||
Loans held for sale | $ | -- | $ | 680,147 | $ | -- | $ | -- | $ | 680,147 | ||||||||||||||||||||||
Mortgage servicing rights | -- | -- | 237,221 | -- | 237,221 | |||||||||||||||||||||||||||
Interest rate lock commitments | -- | -- | 2,180 | -- | 2,180 | |||||||||||||||||||||||||||
Derivative assets-other (2) | 3,184 | 1,269 | -- | (2,602 | ) | 1,851 | ||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Derivative liabilities | $ | (1,623 | ) | $ | (1,889 | ) | $ | -- | $ | 3,422 | $ | (90 | ) | |||||||||||||||||||
-1 | Includes cash collateral received from, and paid to, counterparties. | |||||||||||||||||||||||||||||||
-2 | Includes $3.2 million to purchase Treasury options. | |||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | ||||||||||||||||||||||||||||||||
Quoted Prices | ||||||||||||||||||||||||||||||||
in Active | Significant | |||||||||||||||||||||||||||||||
Markets for | Other | Significant | ||||||||||||||||||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||||||||||||||||||
Assets | Inputs | Inputs | Netting | Total | ||||||||||||||||||||||||||||
(in thousands) | (Level 1) | (Level 2) | (Level 3) | Adjustments(1) | Fair Value | |||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Mortgage-Related Securities Available for Sale: | ||||||||||||||||||||||||||||||||
GSE certificates | $ | -- | $ | 25,200 | $ | -- | $ | -- | $ | 25,200 | ||||||||||||||||||||||
GSE CMOs | -- | 60,819 | -- | -- | 60,819 | |||||||||||||||||||||||||||
Private label CMOs | -- | 10,202 | -- | -- | 10,202 | |||||||||||||||||||||||||||
Total mortgage-related securities | $ | -- | $ | 96,221 | $ | -- | $ | -- | $ | 96,221 | ||||||||||||||||||||||
Other Securities Available for Sale: | ||||||||||||||||||||||||||||||||
Municipal bonds | $ | -- | $ | 1,026 | $ | -- | $ | -- | $ | 1,026 | ||||||||||||||||||||||
Capital trust notes | -- | 11,798 | -- | -- | 11,798 | |||||||||||||||||||||||||||
Preferred stock | 89,942 | 26,297 | -- | -- | 116,239 | |||||||||||||||||||||||||||
Common stock | 52,740 | 2,714 | -- | -- | 55,454 | |||||||||||||||||||||||||||
Total other securities | $ | 142,682 | $ | 41,835 | $ | -- | $ | -- | $ | 184,517 | ||||||||||||||||||||||
Total securities available for sale | $ | 142,682 | $ | 138,056 | $ | -- | $ | -- | $ | 280,738 | ||||||||||||||||||||||
Other Assets: | ||||||||||||||||||||||||||||||||
Loans held for sale | $ | -- | $ | 306,915 | $ | -- | $ | -- | $ | 306,915 | ||||||||||||||||||||||
Mortgage servicing rights | -- | -- | 241,018 | -- | 241,018 | |||||||||||||||||||||||||||
Interest rate lock commitments | -- | -- | 258 | -- | 258 | |||||||||||||||||||||||||||
Derivative assets-other (2) | 1,267 | 5,155 | -- | (4,848 | ) | 1,574 | ||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Derivative liabilities | $ | (590 | ) | $ | (7,422 | ) | $ | -- | $ | 7,624 | $ | (388 | ) | |||||||||||||||||||
-1 | Includes cash collateral received from, and paid to, counterparties. | |||||||||||||||||||||||||||||||
-2 | Includes $1.3 million to purchase Treasury options. | |||||||||||||||||||||||||||||||
Difference between Fair Value Option and Unpaid Principal Balance | ' | |||||||||||||||||||||||||||||||
The following table reflects the difference between the fair value carrying amount of loans held for sale for which the Company has elected the fair value option, and the unpaid principal balance: | ||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||||||||||
Fair Value | Aggregate | Carrying Amount | Fair Value | Aggregate | Carrying Amount | |||||||||||||||||||||||||||
Carrying | Unpaid | Less Aggregate | Carrying | Unpaid | Less Aggregate | |||||||||||||||||||||||||||
(in thousands) | Amount | Principal | Unpaid Principal | Amount | Principal | Unpaid Principal | ||||||||||||||||||||||||||
Loans held for sale | $ | 680,147 | $ | 672,945 | $ | 7,202 | $ | 306,915 | $ | 303,805 | $ | 3,110 | ||||||||||||||||||||
Changes in Fair Value of Loans Held For Sale | ' | |||||||||||||||||||||||||||||||
The following table presents the changes in fair value related to initial measurement, and the subsequent changes in fair value included in earnings, for loans held for sale and MSRs for the periods indicated: | ||||||||||||||||||||||||||||||||
Gain (Loss) Included in Mortgage Banking Income | ||||||||||||||||||||||||||||||||
from Changes in Fair Value (1) | ||||||||||||||||||||||||||||||||
For the Three Months | For the Nine Months | |||||||||||||||||||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Loans held for sale | $ | 2,278 | $ | 6,892 | $ | 9,212 | $ | (7,873 | ) | |||||||||||||||||||||||
Mortgage servicing rights | (1,231 | ) | (5,579 | ) | (27,417 | ) | 10,187 | |||||||||||||||||||||||||
Total gain (loss) | $ | 1,047 | $ | 1,313 | $ | (18,205 | ) | $ | 2,314 | |||||||||||||||||||||||
-1 | Does not include the effect of hedging activities. | |||||||||||||||||||||||||||||||
Rollforward of Financial Instruments Classified in Level Three of Valuation Hierarchy | ' | |||||||||||||||||||||||||||||||
The following tables present, for the nine months ended September 30, 2014 and 2013, a roll-forward of the balance sheet amounts (including changes in fair value) for financial instruments classified in Level 3 of the valuation hierarchy: | ||||||||||||||||||||||||||||||||
Total Realized/Unrealized | Change in | |||||||||||||||||||||||||||||||
Gains/(Losses) Recorded in | Unrealized Gains/ | |||||||||||||||||||||||||||||||
Fair Value | Transfers | Fair Value | (Losses) Related to | |||||||||||||||||||||||||||||
January 1, | Income/ | Comprehensive | to/(from) | at Sept. 30, | Instruments Held at | |||||||||||||||||||||||||||
(in thousands) | 2014 | (Loss) | (Loss) Income | Issuances | Settlements | Level 3 | 2014 | September 30, 2014 | ||||||||||||||||||||||||
Mortgage servicing rights | $ | 241,018 | $ | (27,417 | ) | $ | -- | $ | 23,620 | $ | -- | $ | -- | $ | 237,221 | $ | 13,091 | |||||||||||||||
Interest rate lock commitments | 258 | 1,922 | -- | -- | -- | -- | 2,180 | 2,180 | ||||||||||||||||||||||||
Total Realized/Unrealized | Change in | |||||||||||||||||||||||||||||||
Gains/(Losses) Recorded in | Unrealized Gains/ | |||||||||||||||||||||||||||||||
Fair Value | Transfers | Fair Value | (Losses) Related to | |||||||||||||||||||||||||||||
January 1, | Income/ | Comprehensive | to/(from) | at Sept. 30, | Instruments Held at | |||||||||||||||||||||||||||
(in thousands) | 2013 | (Loss) | (Loss) Income | Issuances | Settlements | Level 3 | 2013 | September 30, 2013 | ||||||||||||||||||||||||
Available-for-sale capital securities | $ | 18,569 | $ | -- | $ | 2,413 | $ | -- | $ | -- | $ | -- | $ | 20,982 | $ | 2,413 | ||||||||||||||||
Mortgage servicing rights | 144,520 | 10,187 | -- | 73,398 | -- | -- | 228,105 | 54,437 | ||||||||||||||||||||||||
Interest rate lock commitments | 21,446 | (15,256 | ) | -- | -- | -- | -- | 6,190 | 6,190 | |||||||||||||||||||||||
Significant Unobservable Inputs used in Fair Value Measurement | ' | |||||||||||||||||||||||||||||||
For Level 3 assets and liabilities measured at fair value on a recurring basis as of September 30, 2014, the significant unobservable inputs used in the fair value measurements were as follows: | ||||||||||||||||||||||||||||||||
Significant | ||||||||||||||||||||||||||||||||
Fair Value at | Valuation | Significant | Unobservable | |||||||||||||||||||||||||||||
(dollars in thousands) | Sept. 30, 2014 | Technique | Observable Inputs | Input Value | ||||||||||||||||||||||||||||
Mortgage Servicing Rights | $ | 237,221 | Weighted Average Constant | 8.4 | % | |||||||||||||||||||||||||||
Discounted Cash Flow | Prepayment Rate (1) | |||||||||||||||||||||||||||||||
Weighted Average Discount Rate | 10 | |||||||||||||||||||||||||||||||
Interest Rate Lock Commitments | 2,180 | Discounted Cash Flow | Weighted Average Closing Ratio | 72.94 | ||||||||||||||||||||||||||||
-1 | Represents annualized loan repayment rate assumptions. | |||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | ' | |||||||||||||||||||||||||||||||
The following tables present assets and liabilities that were measured at fair value on a non-recurring basis as of September 30, 2014 and December 31, 2013, and that were included in the Company’s Consolidated Statements of Condition at those dates: | ||||||||||||||||||||||||||||||||
Fair Value Measurements at September 30, 2014 Using | ||||||||||||||||||||||||||||||||
Quoted Prices in | ||||||||||||||||||||||||||||||||
Active Markets for | Significant Other | Significant | ||||||||||||||||||||||||||||||
Identical Assets | Observable Inputs | Unobservable Inputs | Total Fair | |||||||||||||||||||||||||||||
(in thousands) | (Level 1) | (Level 2) | (Level 3) | Value | ||||||||||||||||||||||||||||
Certain impaired loans | $ | -- | $ | -- | $ | 9,851 | $ | 9,851 | ||||||||||||||||||||||||
Other assets (1) | -- | 18,030 | -- | 18,030 | ||||||||||||||||||||||||||||
Total | $ | -- | $ | 18,030 | $ | 9,851 | $ | 27,881 | ||||||||||||||||||||||||
-1 | Represents the fair value of OREO, based on the appraised value of the collateral subsequent to its initial classification as OREO. | |||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | ||||||||||||||||||||||||||||||||
Quoted Prices in | ||||||||||||||||||||||||||||||||
Active Markets for | Significant Other | Significant | ||||||||||||||||||||||||||||||
Identical Assets | Observable Inputs | Unobservable Inputs | Total Fair | |||||||||||||||||||||||||||||
(in thousands) | (Level 1) | (Level 2) | (Level 3) | Value | ||||||||||||||||||||||||||||
Certain impaired loans | $ | -- | $ | -- | $ | 47,535 | $ | 47,535 | ||||||||||||||||||||||||
Other assets (1) | -- | 19,810 | -- | 19,810 | ||||||||||||||||||||||||||||
Total | $ | -- | $ | 19,810 | $ | 47,535 | $ | 67,345 | ||||||||||||||||||||||||
-1 | Represents the fair value of OREO, based on the appraised value of the collateral subsequent to its initial classification as OREO. | |||||||||||||||||||||||||||||||
Summary of Carrying Values, Estimated Fair Values and Fair Value Measurement Levels of Financial Instruments | ' | |||||||||||||||||||||||||||||||
The following tables summarize the carrying values, estimated fair values, and fair value measurement levels of financial instruments that were not carried at fair value on the Company’s Consolidated Statements of Condition at September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Measurement Using | ||||||||||||||||||||||||||||||||
Quoted Prices in | Significant | |||||||||||||||||||||||||||||||
Active Markets | Other | Significant | ||||||||||||||||||||||||||||||
for Identical | Observable | Unobservable | ||||||||||||||||||||||||||||||
Carrying | Estimated | Assets | Inputs | Inputs | ||||||||||||||||||||||||||||
(in thousands) | Value | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 662,537 | $ | 662,537 | $ | 662,537 | $ | -- | $ | -- | ||||||||||||||||||||||
Securities held to maturity | 7,268,244 | 7,317,015 | -- | 7,315,978 | 1,037 | |||||||||||||||||||||||||||
FHLB stock (1) | 520,445 | 520,445 | -- | 520,445 | -- | |||||||||||||||||||||||||||
Loans, net | 35,251,352 | 35,837,523 | -- | -- | 35,837,523 | |||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||
Deposits | $ | 28,307,771 | $ | 28,330,141 | $ | 21,983,386 | -2 | $ | 6,346,755 | -3 | $ | -- | ||||||||||||||||||||
Borrowed funds | 14,396,912 | 15,256,216 | -- | 15,256,216 | -- | |||||||||||||||||||||||||||
-1 | Carrying value and estimated fair value are at cost. | |||||||||||||||||||||||||||||||
-2 | NOW and money market accounts, savings accounts, and non-interest-bearing accounts. | |||||||||||||||||||||||||||||||
-3 | Certificates of deposit. | |||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Fair Value Measurement Using | ||||||||||||||||||||||||||||||||
Quoted Prices in | Significant | |||||||||||||||||||||||||||||||
Active Markets | Other | Significant | ||||||||||||||||||||||||||||||
for Identical | Observable | Unobservable | ||||||||||||||||||||||||||||||
Carrying | Estimated | Assets | Inputs | Inputs | ||||||||||||||||||||||||||||
(in thousands) | Value | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 644,550 | $ | 644,550 | $ | 644,550 | $ | -- | $ | -- | ||||||||||||||||||||||
Securities held to maturity | 7,670,282 | 7,445,244 | -- | 7,438,091 | 7,153 | |||||||||||||||||||||||||||
FHLB stock (1) | 561,390 | 561,390 | -- | 561,390 | -- | |||||||||||||||||||||||||||
Loans, net | 32,727,507 | 32,628,361 | -- | -- | 32,628,361 | |||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||
Deposits | $ | 25,660,992 | $ | 25,712,388 | $ | 18,728,896 | -2 | $ | 6,983,492 | -3 | $ | -- | ||||||||||||||||||||
Borrowed funds | 15,105,002 | 16,058,931 | -- | 16,058,931 | -- | |||||||||||||||||||||||||||
-1 | Carrying value and estimated fair value are at cost. | |||||||||||||||||||||||||||||||
-2 | NOW and money market accounts, savings accounts, and non-interest-bearing accounts. | |||||||||||||||||||||||||||||||
-3 | Certificates of deposit. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||
The following table sets forth information regarding the Company’s derivative financial instruments at September 30, 2014: | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Notional | Unrealized(1) | ||||||||||||||||||||||||
(in thousands) | Amount | Gain | Loss | ||||||||||||||||||||||
Treasury options | $ | 552,500 | $ | -- | $ | 1,572 | |||||||||||||||||||
Eurodollar futures | 125,000 | 30 | -- | ||||||||||||||||||||||
Treasury futures | 25,000 | -- | 51 | ||||||||||||||||||||||
Forward commitments to sell loans/mortgage-backed securities | 602,000 | 251 | 1,440 | ||||||||||||||||||||||
Forward commitments to buy loans/mortgage-backed securities | 640,000 | 1,018 | 449 | ||||||||||||||||||||||
Interest rate lock commitments | 360,221 | 2,180 | -- | ||||||||||||||||||||||
Total derivatives | $ | 2,304,721 | $ | 3,479 | $ | 3,512 | |||||||||||||||||||
-1 | Derivatives in a net gain position are recorded as “Other assets” and derivatives in a net loss position are recorded as “Other liabilities” in the Consolidated Statements of Condition. | ||||||||||||||||||||||||
Effect of Derivative Instruments on Consolidated Statements of Income and Comprehensive Income | ' | ||||||||||||||||||||||||
The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the periods indicated: | |||||||||||||||||||||||||
Gain (Loss) Included in Mortgage Banking Income | |||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Treasury options | $ | (2,580 | ) | $ | (641 | ) | $ | (1,525 | ) | $ | (7,597 | ) | |||||||||||||
Treasury/Eurodollar futures | (6 | ) | -- | 100 | 4 | ||||||||||||||||||||
Forward commitments to buy/sell | 1,615 | (15,070 | ) | 8,148 | 15,814 | ||||||||||||||||||||
loans/mortgage-backed securities | |||||||||||||||||||||||||
Total (loss) gain | $ | (971 | ) | $ | (15,711 | ) | $ | 6,723 | $ | 8,221 | |||||||||||||||
Effect of Master Netting Arrangements on Presentation of Derivative Assets and Liabilities in Consolidated Statements of Financial Condition | ' | ||||||||||||||||||||||||
The following tables present the effect the master netting arrangements had on the presentation of the derivative assets in the Consolidated Statements of Financial Condition as of the dates indicated: | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Gross Amounts Not | |||||||||||||||||||||||||
Offset in the | |||||||||||||||||||||||||
Consolidated Statement | |||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | of Condition | ||||||||||||||||||||||
Amounts of | Offset in the | Assets Presented | Cash | ||||||||||||||||||||||
Recognized | Statement of | in the Statement | Financial | Collateral | Net | ||||||||||||||||||||
(in thousands) | Assets | Condition | of Condition | Instruments | Received | Amount | |||||||||||||||||||
Derivatives | $ | 6,633 | $ | 2,602 | $ | 4,031 | $ | -- | $ | -- | $ | 4,031 | |||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Gross Amounts Not | |||||||||||||||||||||||||
Offset in the | |||||||||||||||||||||||||
Consolidated Statement | |||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | of Condition | ||||||||||||||||||||||
Amounts of | Offset in the | Assets Presented | Cash | ||||||||||||||||||||||
Recognized | Statement of | in the Statement | Financial | Collateral | Net | ||||||||||||||||||||
(in thousands) | Assets | Condition | of Condition | Instruments | Received | Amount | |||||||||||||||||||
Derivatives | $ | 6,680 | $ | 4,848 | $ | 1,832 | $ | -- | $ | -- | $ | 1,832 | |||||||||||||
The following tables present the effect the master netting arrangements had on the presentation of the derivative liabilities in the Consolidated Statements of Financial Condition as of the dates indicated: | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Gross Amounts Not | |||||||||||||||||||||||||
Offset in the | |||||||||||||||||||||||||
Net Amounts of | Consolidated Statement | ||||||||||||||||||||||||
Gross | Gross Amounts | Liabilities | of Condition | ||||||||||||||||||||||
Amounts of | Offset in the | Presented in the | Cash | ||||||||||||||||||||||
Recognized | Statement of | Statement of | Financial | Collateral | Net | ||||||||||||||||||||
(in thousands) | Liabilities | Condition | Condition | Instruments | Received | Amount | |||||||||||||||||||
Derivatives | $ | 3,512 | $ | 3,422 | $ | 90 | $ | -- | $ | -- | $ | 90 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Gross Amounts Not | |||||||||||||||||||||||||
Offset in the | |||||||||||||||||||||||||
Net Amounts of | Consolidated Statement | ||||||||||||||||||||||||
Gross | Gross Amounts | Liabilities | of Condition | ||||||||||||||||||||||
Amounts of | Offset in the | Presented in the | Cash | ||||||||||||||||||||||
Recognized | Statement of | Statement of | Financial | Collateral | Net | ||||||||||||||||||||
(in thousands) | Liabilities | Condition | Condition | Instruments | Received | Amount | |||||||||||||||||||
Derivatives | $ | 8,012 | $ | 7,624 | $ | 388 | $ | -- | $ | -- | $ | 388 | |||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Results | ' | ||||||||||||
The following table provides a summary of the Company’s segment results for the three months ended September 30, 2014, on an internally managed accounting basis: | |||||||||||||
For the Three Months Ended September 30, 2014 | |||||||||||||
Banking | Residential | Total | |||||||||||
(in thousands) | Operations | Mortgage Banking | Company | ||||||||||
Net interest income | $ | 285,185 | $ | 3,844 | $ | 289,029 | |||||||
Recovery of loan losses | (3,945 | ) | -- | (3,945 | ) | ||||||||
Non-interest income: | |||||||||||||
Third party (1) | 23,989 | 17,297 | 41,286 | ||||||||||
Inter-segment | (3,033 | ) | 3,033 | -- | |||||||||
Total non-interest income | 20,956 | 20,330 | 41,286 | ||||||||||
Non-interest expense (2) | 130,344 | 14,851 | 145,195 | ||||||||||
Income before income tax expense | 179,742 | 9,323 | 189,065 | ||||||||||
Income tax expense | 65,329 | 3,478 | 68,807 | ||||||||||
Net income | $ | 114,413 | $ | 5,845 | $ | 120,258 | |||||||
Identifiable segment assets (period-end) | $ | 48,016,992 | $ | 662,780 | $ | 48,679,772 | |||||||
-1 | Includes ancillary fee income. | ||||||||||||
-2 | Includes both direct and indirect expenses. | ||||||||||||
The following table provides a summary of the Company’s segment results for the nine months ended September 30, 2014, on an internally managed accounting basis: | |||||||||||||
For the Nine Months Ended September 30, 2014 | |||||||||||||
Banking | Residential | Total | |||||||||||
(in thousands) | Operations | Mortgage Banking | Company | ||||||||||
Net interest income | $ | 846,440 | $ | 10,231 | $ | 856,671 | |||||||
Recovery of loan losses | (18,387 | ) | -- | (18,387 | ) | ||||||||
Non-interest income: | |||||||||||||
Third party (1) | 82,451 | 48,663 | 131,114 | ||||||||||
Inter-segment | (10,583 | ) | 10,583 | -- | |||||||||
Total non-interest income | 71,868 | 59,246 | 131,114 | ||||||||||
Non-interest expense (2) | 395,098 | 44,258 | 439,356 | ||||||||||
Income before income tax expense | 541,597 | 25,219 | 566,816 | ||||||||||
Income tax expense | 203,217 | 9,399 | 212,616 | ||||||||||
Net income | $ | 338,380 | $ | 15,820 | $ | 354,200 | |||||||
Identifiable segment assets (period-end) | $ | 48,016,992 | $ | 662,780 | $ | 48,679,772 | |||||||
-1 | Includes ancillary fee income. | ||||||||||||
-2 | Includes both direct and indirect expenses. | ||||||||||||
The following table provides a summary of the Company’s segment results for the three months ended September 30, 2013, on an internally managed accounting basis: | |||||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||
Banking | Residential | Total | |||||||||||
(in thousands) | Operations | Mortgage Banking | Company | ||||||||||
Net interest income | $ | 289,198 | $ | 5,033 | $ | 294,231 | |||||||
Provision for loan losses | 14,467 | -- | 14,467 | ||||||||||
Non-interest income: | |||||||||||||
Third party (1) | 33,699 | 17,025 | 50,724 | ||||||||||
Inter-segment | (4,578 | ) | 4,578 | -- | |||||||||
Total non-interest income | 29,121 | 21,603 | 50,724 | ||||||||||
Non-interest expense (2) | 132,391 | 17,936 | 150,327 | ||||||||||
Income before income tax expense | 171,461 | 8,700 | 180,161 | ||||||||||
Income tax expense | 62,674 | 3,287 | 65,961 | ||||||||||
Net income | $ | 108,787 | $ | 5,413 | $ | 114,200 | |||||||
Identifiable segment assets (period-end) | $ | 45,073,642 | $ | 690,491 | $ | 45,764,133 | |||||||
-1 | Includes ancillary fee income. | ||||||||||||
-2 | Includes both direct and indirect expenses. | ||||||||||||
The following table provides a summary of the Company’s segment results for the nine months ended September 30, 2013, on an internally managed accounting basis: | |||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||
Banking | Residential | Total | |||||||||||
(in thousands) | Operations | Mortgage Banking | Company | ||||||||||
Net interest income | $ | 850,939 | $ | 18,352 | $ | 869,291 | |||||||
Provision for loan losses | 33,587 | -- | 33,587 | ||||||||||
Non-interest income: | |||||||||||||
Third party (1) | 112,256 | 67,764 | 180,020 | ||||||||||
Inter-segment | (12,795 | ) | 12,795 | -- | |||||||||
Total non-interest income | 99,461 | 80,559 | 180,020 | ||||||||||
Non-interest expense (2) | 398,519 | 59,569 | 458,088 | ||||||||||
Income before income tax expense | 518,294 | 39,342 | 557,636 | ||||||||||
Income tax expense | 187,341 | 14,903 | 202,244 | ||||||||||
Net income | $ | 330,953 | $ | 24,439 | $ | 355,392 | |||||||
Identifiable segment assets (period-end) | $ | 45,073,642 | $ | 690,491 | $ | 45,764,133 | |||||||
-1 | Includes ancillary fee income. | ||||||||||||
-2 | Includes both direct and indirect expenses. |
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation - Additional Information (Details) (USD $) | 0 Months Ended | 9 Months Ended | |
Nov. 23, 1993 | Sep. 30, 2014 | Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' |
Initial public offering of common stock, par value per share | $0.01 | $0.01 | $0.01 |
Initial public offering of common stock, price per share | $25 | ' | ' |
Description of nine stock splits | ' | 'Reflecting nine stock splits between September 30, 1994 and February 17, 2004, the Company’s initial offering price adjusts to $0.93 per share. | ' |
Accounting Standards Update 2014-01 | ' | ' | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' |
Impact of applying new guidance, reduction in the balance of retained earnings | ' | $1,300,000 | ' |
Impact of applying new guidance, affordable housing tax credits and other tax benefits projected to be recognized | ' | 4,000,000 | ' |
Impact of applying new guidance, amortization recognized as a component of income tax expense | ' | 2,800,000 | ' |
Accounting Standards Update 2014-01 | Other Liability | ' | ' | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' |
Commitment of additional anticipated equity contributions relating to current investments | ' | $7,300,000 | ' |
New York Community Bank | ' | ' | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' |
Number of branches | ' | 242 | ' |
New York Community Bank | Directly Operated Banks | ' | ' | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' |
Number of branches | ' | 4 | ' |
New York Community Bank | Seven Divisional Banks | ' | ' | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' |
Number of branches | ' | 238 | ' |
New York Commercial Bank | ' | ' | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' |
Number of branches | ' | 30 | ' |
New York Commercial Bank | Atlantic Bank | ' | ' | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' |
Number of branches | ' | 18 | ' |
Adjusted for Nine Stock Split | ' | ' | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' |
Initial public offering of common stock, price per share | ' | $0.93 | ' |
Computation_of_Earnings_per_Sh2
Computation of Earnings per Share - Computation of Basic and Diluted Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' | |
Net income | $120,258 | $114,200 | $354,200 | $355,392 | |
Less: Dividends paid on and earnings allocated to participating securities | -851 | -723 | -2,500 | -2,248 | |
Earnings applicable to common stock | $119,407 | $113,477 | $351,700 | $353,144 | |
Weighted average common shares outstanding | 441,127,550 | 439,435,579 | 440,953,121 | 439,199,487 | |
Basic earnings per common share | $0.27 | $0.26 | $0.80 | $0.80 | |
Potential dilutive common shares | ' | ' | ' | 3,971 | [1] |
Total shares for diluted earnings per share computation | 441,127,550 | 439,435,579 | 440,953,121 | 439,203,458 | |
Diluted earnings per common share and common share equivalents | $0.27 | $0.26 | $0.80 | $0.80 | |
[1] | Options to purchase 58,560 shares of the Company’s common stock that were outstanding in the three and nine months ended September 30, 2014, at a weighted average exercise price of $18.04, were excluded from the respective computations of diluted EPS because their inclusion would have had an antidilutive effect. Options to purchase 62,040 shares of the Company’s common stock that were outstanding in the three and nine months ended September 30, 2013, at a weighted average exercise price of $17.95, were excluded from the respective computations of diluted EPS because their inclusion also would have had an antidilutive effect. |
Computation_of_Earnings_per_Sh3
Computation of Earnings per Share - Computation of Basic and Diluted Earnings Per Share (Parenthetical) (Details) (Stock Options, USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Stock Options | ' | ' | ' | ' |
Earnings Per Share Basic [Line Items] | ' | ' | ' | ' |
Options to purchase shares that were not included in the respective computation of diluted EPS because their inclusion would have had an antidilutive effect | 58,560 | 62,040 | 58,560 | 62,040 |
Options to purchase shares that were not included in the respective computation of diluted EPS because their inclusion would have had an antidilutive effect, weighted average exercise prices | $18.04 | $17.95 | $18.04 | $17.95 |
Reclassifications_Out_of_Accum2
Reclassifications Out of Accumulated Other Comprehensive Loss ("AOCL") - Reclassifications of Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |
Net gain on sales of securities | $182 | $1,019 | $5,317 | $17,764 | |
Income before income taxes | 189,065 | 180,161 | 566,816 | 557,636 | |
Income tax expense (Benefit) | -68,807 | -65,961 | -212,616 | -202,244 | |
Net gain on sales of securities, net of tax | -109 | -614 | -3,171 | -3,709 | |
Income tax expense (Benefit) | -73 | -405 | -2,146 | -2,503 | |
Total reclassifications for the period | ' | ' | 1,601 | [1] | ' |
Reclassification out of Accumulated Other Comprehensive Income (loss) | Unrealized gains on available for sale securities | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |
Net gain on sales of securities | ' | ' | 5,317 | [1] | ' |
Income tax expense (Benefit) | ' | ' | -2,146 | [1] | ' |
Net gain on sales of securities, net of tax | ' | ' | 3,171 | [1] | ' |
Reclassification out of Accumulated Other Comprehensive Income (loss) | Amortization of defined benefit pension | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |
Prior-service costs | ' | ' | 186 | [1],[2] | ' |
Actuarial losses | ' | ' | -2,820 | [1],[2] | ' |
Income before income taxes | ' | ' | -2,634 | [1] | ' |
Income tax expense (Benefit) | ' | ' | 1,064 | [1] | ' |
Amortization of defined benefit pension plan items, net of tax | ' | ' | ($1,570) | [1] | ' |
[1] | Amounts in parentheses indicate expense items. | ||||
[2] | Please see Note 9, “Pension and Other Post-Retirement Benefits,†for additional information. |
Securities_Summary_of_Portfoli
Securities - Summary of Portfolio of Securities Available for Sale (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Amortized Cost | $238,751 | $280,290 | |
Gross Unrealized Gain | 8,048 | 8,198 | |
Gross Unrealized Loss | 3,767 | 7,750 | |
Fair Value | 243,032 | 280,738 | |
Mortgage-Related Securities | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Amortized Cost | 88,211 | 96,055 | |
Gross Unrealized Gain | 2,140 | 2,040 | |
Gross Unrealized Loss | 1,217 | 1,874 | |
Fair Value | 89,134 | 96,221 | |
Mortgage-Related Securities | GSE certificates | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Amortized Cost | 19,295 | [1] | 23,759 |
Gross Unrealized Gain | 1,397 | [1] | 1,442 |
Gross Unrealized Loss | ' | 1 | |
Fair Value | 20,692 | [1] | 25,200 |
Mortgage-Related Securities | GSE CMOs | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Amortized Cost | 59,499 | [2] | 62,082 |
Gross Unrealized Gain | 743 | [2] | 598 |
Gross Unrealized Loss | 1,167 | [2] | 1,861 |
Fair Value | 59,075 | [2] | 60,819 |
Mortgage-Related Securities | Private label CMOs | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Amortized Cost | 9,417 | 10,214 | |
Gross Unrealized Loss | 50 | 12 | |
Fair Value | 9,367 | 10,202 | |
Other Securities | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Amortized Cost | 150,540 | 184,235 | |
Gross Unrealized Gain | 5,908 | 6,158 | |
Gross Unrealized Loss | 2,550 | 5,876 | |
Fair Value | 153,898 | 184,517 | |
Other Securities | Municipal bonds | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Amortized Cost | 964 | 957 | |
Gross Unrealized Gain | 133 | 69 | |
Fair Value | 1,097 | 1,026 | |
Other Securities | Capital trust notes | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Amortized Cost | 13,428 | 13,419 | |
Gross Unrealized Gain | 51 | 60 | |
Gross Unrealized Loss | 1,870 | 1,681 | |
Fair Value | 11,609 | 11,798 | |
Other Securities | Preferred stock | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Amortized Cost | 118,205 | 118,205 | |
Gross Unrealized Gain | 5,116 | 1,936 | |
Gross Unrealized Loss | 635 | 3,902 | |
Fair Value | 122,686 | 116,239 | |
Other Securities | Common stock | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Amortized Cost | 17,943 | 51,654 | |
Gross Unrealized Gain | 608 | 4,093 | |
Gross Unrealized Loss | 45 | 293 | |
Fair Value | $18,506 | $55,454 | |
[1] | Government-sponsored enterprise | ||
[2] | Collateralized mortgage obligations |
Securities_Additional_Informat
Securities - Additional Information (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |
Schedule of Investments [Line Items] | ' | ' | ' |
Available for Sale, fair value | ' | $243,032,000 | $280,738,000 |
Federal Home Loan Bank stock, at cost | ' | 520,445,000 | 561,390,000 |
Proceeds from sale of securities held to maturity | 191,142,000 | ' | ' |
Gain realized gains from sales of held to maturity securities | 11,600,000 | ' | ' |
Investment securities designated as having a continuous loss position for twelve months or more, unrealized losses | ' | 117,400,000 | 10,700,000 |
Investment securities designated as having a continuous loss position for twelve months or more, percentage below collective amortized cost | ' | 3.90% | 19.90% |
Investment securities designated as having a continuous loss position for twelve months or more, amortized cost | ' | 3,100,000,000 | 53,700,000 |
GSE CMOs | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Number of investment securities designated as having a continuous loss position for twelve months or more | ' | 6 | ' |
Capital trust notes | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Number of investment securities designated as having a continuous loss position for twelve months or more | ' | 6 | 6 |
Municipal bonds | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Number of investment securities designated as having a continuous loss position for twelve months or more | ' | 2 | ' |
Agency Debt Securities | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Number of investment securities designated as having a continuous loss position for twelve months or more | ' | 17 | ' |
Minimum | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Percentage of amount collected to recognize sale of securities | ' | 85.00% | ' |
Other Securities | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Available for Sale, fair value | ' | 153,898,000 | 184,517,000 |
Other Securities | Preferred stock | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Available for Sale, fair value | ' | 122,686,000 | 116,239,000 |
Other Securities | Common stock | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Available for Sale, fair value | ' | 18,506,000 | 55,454,000 |
Preferred stock security | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Number of investment securities designated as having a continuous loss position for twelve months or more | ' | 1 | ' |
Mortgage-Related Securities | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Available for Sale, fair value | ' | $89,134,000 | $96,221,000 |
Number of investment securities designated as having a continuous loss position for twelve months or more | ' | 31 | 1 |
Securities_Summary_of_Portfoli1
Securities - Summary of Portfolio of Securities Held to Maturity (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Amortized Cost | $7,277,102 | [1] | $7,679,472 | [2] |
Carrying Amount | 7,268,244 | [1] | 7,670,282 | [2] |
Gross Unrealized Gain | 164,686 | [1] | 80,203 | [2] |
Gross Unrealized Loss | 115,915 | [1] | 305,241 | [2] |
Fair Value | 7,317,015 | [1] | 7,445,244 | [2] |
Mortgage-Related Securities | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Amortized Cost | 4,279,814 | 4,407,987 | ||
Carrying Amount | 4,279,814 | 4,407,987 | ||
Gross Unrealized Gain | 130,183 | 59,475 | ||
Gross Unrealized Loss | 17,244 | 83,800 | ||
Fair Value | 4,392,753 | 4,383,662 | ||
Mortgage-Related Securities | GSE certificates | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Amortized Cost | 2,515,030 | 2,529,102 | ||
Carrying Amount | 2,515,030 | 2,529,102 | ||
Gross Unrealized Gain | 74,212 | 30,145 | ||
Gross Unrealized Loss | 13,892 | 61,280 | ||
Fair Value | 2,575,350 | 2,497,967 | ||
Mortgage-Related Securities | GSE CMOs | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Amortized Cost | 1,764,784 | 1,878,885 | ||
Carrying Amount | 1,764,784 | 1,878,885 | ||
Gross Unrealized Gain | 55,971 | 29,330 | ||
Gross Unrealized Loss | 3,352 | 22,520 | ||
Fair Value | 1,817,403 | 1,885,695 | ||
Other Securities | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Amortized Cost | 2,997,288 | 3,271,485 | ||
Carrying Amount | 2,988,430 | 3,262,295 | ||
Gross Unrealized Gain | 34,503 | 20,728 | ||
Gross Unrealized Loss | 98,671 | 221,441 | ||
Fair Value | 2,924,262 | 3,061,582 | ||
Other Securities | GSE debentures | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Amortized Cost | 2,780,330 | 3,053,253 | ||
Carrying Amount | 2,780,330 | 3,053,253 | ||
Gross Unrealized Gain | 16,530 | 6,512 | ||
Gross Unrealized Loss | 86,860 | 208,506 | ||
Fair Value | 2,710,000 | 2,851,259 | ||
Other Securities | Corporate bonds | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Amortized Cost | 73,211 | 72,899 | ||
Carrying Amount | 73,211 | 72,899 | ||
Gross Unrealized Gain | 12,381 | 11,063 | ||
Fair Value | 85,592 | 83,962 | ||
Other Securities | Municipal bonds | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Amortized Cost | 59,277 | 60,462 | ||
Carrying Amount | 59,277 | 60,462 | ||
Gross Unrealized Gain | 5 | 19 | ||
Gross Unrealized Loss | 1,775 | 3,849 | ||
Fair Value | 57,507 | 56,632 | ||
Other Securities | Capital trust notes | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Amortized Cost | 84,470 | 84,871 | ||
Carrying Amount | 75,612 | 75,681 | ||
Gross Unrealized Gain | 5,587 | 3,134 | ||
Gross Unrealized Loss | 10,036 | 9,086 | ||
Fair Value | $71,163 | $69,729 | ||
[1] | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At September 30, 2014, the non-credit portion of OTTI recorded in AOCL was $8.9 million (before taxes). | |||
[2] | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At December 31, 2013, the non-credit portion of OTTI recorded in AOCL was $9.2 million (before taxes). |
Securities_Summary_of_Portfoli2
Securities - Summary of Portfolio of Securities Held to Maturity (Parenthetical) (Details) (Held-to-maturity Securities, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Held-to-maturity Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Non-credit portion of OTTI recorded in AOCL, before taxes | $8.90 | $9.20 |
Securities_Summary_of_Gross_Pr
Securities - Summary of Gross Proceeds, Gross Realized Gains, and Gross Realized Losses from Sale of Available-for-Sale Securities (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Investments Debt And Equity Securities [Abstract] | ' | ' |
Gross proceeds | $254,491 | $593,551 |
Gross realized gains | 5,317 | 6,212 |
Gross realized losses | $0 | $0 |
Securities_Credit_Loss_Compone
Securities - Credit Loss Component of Other Than Temporary Impairment on Debt Securities (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Investments Debt And Equity Securities [Abstract] | ' |
Beginning OTTI credit loss amount | $216,334 |
Add: Initial other-than-temporary credit losses | 0 |
Subsequent other-than-temporary credit losses | 0 |
Amount previously recognized in AOCL | 0 |
Less: Realized losses for securities sold | 0 |
Securities intended or required to be sold | 0 |
Increases in expected cash flows on debt securities | 0 |
Ending OTTI credit loss amount | $216,334 |
Securities_Summary_of_Carrying
Securities - Summary of Carrying Amount and Estimated Fair Value of Held-to-Maturity Debt Securities and Amortized Cost and Estimated Fair Value of Available-for-Sale Debt Securities by Contractual Maturity (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Held-to-Maturity Securities: | ' | ' | ||
Carrying Amount | $7,268,244 | [1] | $7,670,282 | [2] |
Held-to-Maturity Securities: | ' | ' | ||
Due within one year | 0 | ' | ||
Due from one to five years | 67,544 | ' | ||
Due from five to ten years | 6,000,178 | ' | ||
Due after ten years | 1,249,293 | ' | ||
Total debt securities held to maturity | 7,317,015 | [1] | 7,445,244 | [2] |
Available-for-Sale Securities: | ' | ' | ||
Due within one year | 126 | [3] | ' | |
Due from one to five years | 4,921 | [3] | ' | |
Due from five to ten years | 17,416 | [3] | ' | |
Due after ten years | 79,377 | [3] | ' | |
Total debt securities available for sale | 101,840 | [3] | ' | |
Mortgage-Related Securities | ' | ' | ||
Held-to-Maturity Securities: | ' | ' | ||
Due within one year | 0 | ' | ||
Due from one to five years | 841 | ' | ||
Due from five to ten years | 3,233,780 | ' | ||
Due after ten years | 1,045,193 | ' | ||
Carrying Amount | 4,279,814 | 4,407,987 | ||
Available-for-Sale Securities: | ' | ' | ||
Due from one to five years | 4,083 | [3] | ' | |
Due from five to ten years | 16,137 | [3] | ' | |
Due after ten years | 67,991 | [3] | ' | |
Total debt securities available for sale | 88,211 | [3] | ' | |
Held-to-Maturity Securities, Average Yield | ' | ' | ||
Due within one year, Average Yield | 0.00% | ' | ||
Due from one to five years, Average Yield | 5.89% | ' | ||
Due from five to ten years, Average Yield | 3.22% | ' | ||
Due after ten years, Average Yield | 3.36% | ' | ||
Total debt securities held to maturity, Average Yield | 3.25% | ' | ||
Available-for-Sale Securities, Average Yield | ' | ' | ||
Due from one to five years, Average Yield | 6.82% | [3] | ' | |
Due from five to ten years, Average Yield | 3.72% | [3] | ' | |
Due after ten years, Average Yield | 3.59% | [3] | ' | |
Total debt securities available for sale, Average Yield | 3.76% | [3] | ' | |
Held-to-Maturity Securities: | ' | ' | ||
Total debt securities held to maturity | 4,392,753 | 4,383,662 | ||
U.S. Treasury and GSE Obligations | ' | ' | ||
Held-to-Maturity Securities: | ' | ' | ||
Due within one year | 0 | ' | ||
Due from one to five years | 60,190 | ' | ||
Due from five to ten years | 2,707,852 | ' | ||
Due after ten years | 12,288 | ' | ||
Carrying Amount | 2,780,330 | ' | ||
Held-to-Maturity Securities, Average Yield | ' | ' | ||
Due within one year, Average Yield | 0.00% | ' | ||
Due from one to five years, Average Yield | 4.17% | ' | ||
Due from five to ten years, Average Yield | 2.74% | ' | ||
Due after ten years, Average Yield | 3.99% | ' | ||
Total debt securities held to maturity, Average Yield | 2.78% | ' | ||
State, county, and municipal | ' | ' | ||
Held-to-Maturity Securities: | ' | ' | ||
Due within one year | 0 | ' | ||
Due from one to five years | 967 | ' | ||
Due after ten years | 58,310 | ' | ||
Carrying Amount | 59,277 | ' | ||
Available-for-Sale Securities: | ' | ' | ||
Due within one year | 125 | [3] | ' | |
Due from one to five years | 558 | [3] | ' | |
Due from five to ten years | 281 | [3] | ' | |
Total debt securities available for sale | 964 | [3] | ' | |
Held-to-Maturity Securities, Average Yield | ' | ' | ||
Due within one year, Average Yield | 0.00% | [4] | ' | |
Due from one to five years, Average Yield | 2.96% | [4] | ' | |
Due after ten years, Average Yield | 2.85% | [4] | ' | |
Total debt securities held to maturity, Average Yield | 2.85% | [4] | ' | |
Available-for-Sale Securities, Average Yield | ' | ' | ||
Due within one year, Average Yield | 6.09% | [3],[4] | ' | |
Due from one to five years, Average Yield | 6.45% | [3],[4] | ' | |
Due from five to ten years, Average Yield | 6.63% | [3],[4] | ' | |
Total debt securities available for sale, Average Yield | 6.46% | [3],[4] | ' | |
Other Debt Securities | ' | ' | ||
Held-to-Maturity Securities: | ' | ' | ||
Due within one year | 0 | [5] | ' | |
Due from five to ten years | 47,251 | [5] | ' | |
Due after ten years | 101,572 | [5] | ' | |
Carrying Amount | 148,823 | [5] | ' | |
Available-for-Sale Securities: | ' | ' | ||
Due after ten years | 13,428 | [3],[5] | ' | |
Total debt securities available for sale | $13,428 | [3],[5] | ' | |
Held-to-Maturity Securities, Average Yield | ' | ' | ||
Due within one year, Average Yield | 0.00% | ' | ||
Due from five to ten years, Average Yield | 3.14% | ' | ||
Due after ten years, Average Yield | 5.80% | ' | ||
Total debt securities held to maturity, Average Yield | 4.96% | ' | ||
Available-for-Sale Securities, Average Yield | ' | ' | ||
Due after ten years, Average Yield | 5.67% | [3] | ' | |
Total debt securities available for sale, Average Yield | 5.67% | [3] | ' | |
[1] | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At September 30, 2014, the non-credit portion of OTTI recorded in AOCL was $8.9 million (before taxes). | |||
[2] | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At December 31, 2013, the non-credit portion of OTTI recorded in AOCL was $9.2 million (before taxes). | |||
[3] | As equity securities have no contractual maturity, they have been excluded from this table. | |||
[4] | Not presented on a tax-equivalent basis. | |||
[5] | Consists of corporate bonds and capital trust notes. Included in capital trust notes are $247,000 of pooled trust preferred securities held to maturity, all of which are due after ten years. The remaining capital trust notes consist of single-issue trust preferred securities. |
Securities_Summary_of_Carrying1
Securities - Summary of Carrying Amount and Estimated Fair Value of Held-to-Maturity Debt Securities and Amortized Cost and Estimated Fair Value of Available-for-Sale Debt Securities by Contractual Maturity (Parenthetical) (Details) (Other Debt Securities, USD $) | Sep. 30, 2014 | |
In Thousands, unless otherwise specified | ||
Investments Classified By Contractual Maturity Date [Line Items] | ' | |
Due after ten years | $101,572 | [1] |
Pooled trust preferred securities | ' | |
Investments Classified By Contractual Maturity Date [Line Items] | ' | |
Due after ten years | $247,000 | |
[1] | Consists of corporate bonds and capital trust notes. Included in capital trust notes are $247,000 of pooled trust preferred securities held to maturity, all of which are due after ten years. The remaining capital trust notes consist of single-issue trust preferred securities. |
Securities_Summary_of_HeldtoMa
Securities - Summary of Held-to-Maturity and Available-for-Sale Securities Having Continuous Unrealized Loss Position (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Investments [Line Items] | ' | ' | ||
Temporarily Impaired Held-to-Maturity, Total Unrealized Loss | $115,915 | [1] | $305,241 | [2] |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 20,257 | 132,805 | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 229 | 6,076 | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 65,806 | 5,856 | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 3,538 | 1,674 | ||
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 86,063 | 138,661 | ||
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 3,767 | 7,750 | ||
Debt Securities | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Temporarily Impaired Held-to-Maturity, Less than Twelve Months Fair Value | 491,330 | 5,479,134 | ||
Temporarily Impaired Held-to-Maturity, Less than Twelve Months Unrealized Loss | 2,025 | 296,255 | ||
Temporarily Impaired Held-to-Maturity, Twelve Months or Longer Fair Value | 2,870,347 | 37,181 | ||
Temporarily Impaired Held-to-Maturity, Twelve Months or Longer Unrealized Loss | 113,890 | 8,986 | ||
Temporarily Impaired Held-to-Maturity, Total Fair Value | 3,361,677 | 5,516,315 | ||
Temporarily Impaired Held-to-Maturity, Total Unrealized Loss | 115,915 | 305,241 | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 11,360 | 56,919 | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 58 | 1,881 | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 51,022 | 5,856 | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 3,029 | 1,674 | ||
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 62,382 | 62,775 | ||
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 3,087 | 3,555 | ||
Debt Securities | GSE debentures | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Temporarily Impaired Held-to-Maturity, Less than Twelve Months Fair Value | 129,894 | 2,777,417 | ||
Temporarily Impaired Held-to-Maturity, Less than Twelve Months Unrealized Loss | 75 | 208,506 | ||
Temporarily Impaired Held-to-Maturity, Twelve Months or Longer Fair Value | 2,150,525 | ' | ||
Temporarily Impaired Held-to-Maturity, Twelve Months or Longer Unrealized Loss | 86,785 | ' | ||
Temporarily Impaired Held-to-Maturity, Total Fair Value | 2,280,419 | 2,777,417 | ||
Temporarily Impaired Held-to-Maturity, Total Unrealized Loss | 86,860 | 208,506 | ||
Debt Securities | GSE certificates | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Temporarily Impaired Held-to-Maturity, Less than Twelve Months Fair Value | 269,519 | 1,684,793 | ||
Temporarily Impaired Held-to-Maturity, Less than Twelve Months Unrealized Loss | 1,606 | 61,280 | ||
Temporarily Impaired Held-to-Maturity, Twelve Months or Longer Fair Value | 493,289 | ' | ||
Temporarily Impaired Held-to-Maturity, Twelve Months or Longer Unrealized Loss | 12,286 | ' | ||
Temporarily Impaired Held-to-Maturity, Total Fair Value | 762,808 | 1,684,793 | ||
Temporarily Impaired Held-to-Maturity, Total Unrealized Loss | 13,892 | 61,280 | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | ' | 110 | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | ' | 1 | ||
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | ' | 110 | ||
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | ' | 1 | ||
Debt Securities | GSE CMOs | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Temporarily Impaired Held-to-Maturity, Less than Twelve Months Fair Value | 52,932 | 936,691 | ||
Temporarily Impaired Held-to-Maturity, Less than Twelve Months Unrealized Loss | 93 | 22,520 | ||
Temporarily Impaired Held-to-Maturity, Twelve Months or Longer Fair Value | 147,839 | ' | ||
Temporarily Impaired Held-to-Maturity, Twelve Months or Longer Unrealized Loss | 3,259 | ' | ||
Temporarily Impaired Held-to-Maturity, Total Fair Value | 200,771 | 936,691 | ||
Temporarily Impaired Held-to-Maturity, Total Unrealized Loss | 3,352 | 22,520 | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | ' | 44,725 | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | ' | 1,861 | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 45,456 | ' | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 1,167 | ' | ||
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 45,456 | 44,725 | ||
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 1,167 | 1,861 | ||
Debt Securities | Municipal bonds | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Temporarily Impaired Held-to-Maturity, Less than Twelve Months Fair Value | 14,078 | 55,333 | ||
Temporarily Impaired Held-to-Maturity, Less than Twelve Months Unrealized Loss | 158 | 3,849 | ||
Temporarily Impaired Held-to-Maturity, Twelve Months or Longer Fair Value | 42,456 | ' | ||
Temporarily Impaired Held-to-Maturity, Twelve Months or Longer Unrealized Loss | 1,617 | ' | ||
Temporarily Impaired Held-to-Maturity, Total Fair Value | 56,534 | 55,333 | ||
Temporarily Impaired Held-to-Maturity, Total Unrealized Loss | 1,775 | 3,849 | ||
Debt Securities | Capital trust notes | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Temporarily Impaired Held-to-Maturity, Less than Twelve Months Fair Value | 24,907 | 24,900 | ||
Temporarily Impaired Held-to-Maturity, Less than Twelve Months Unrealized Loss | 93 | 100 | ||
Temporarily Impaired Held-to-Maturity, Twelve Months or Longer Fair Value | 36,238 | 37,181 | ||
Temporarily Impaired Held-to-Maturity, Twelve Months or Longer Unrealized Loss | 9,943 | 8,986 | ||
Temporarily Impaired Held-to-Maturity, Total Fair Value | 61,145 | 62,081 | ||
Temporarily Impaired Held-to-Maturity, Total Unrealized Loss | 10,036 | 9,086 | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 1,993 | 1,992 | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 8 | 8 | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 5,566 | 5,746 | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 1,862 | 1,673 | ||
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 7,559 | 7,738 | ||
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 1,870 | 1,681 | ||
Debt Securities | Private label CMOs | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 9,367 | 10,202 | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 50 | 12 | ||
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 9,367 | 10,202 | ||
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 50 | 12 | ||
Equity securities | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 8,897 | 75,886 | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 171 | 4,195 | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 14,784 | ' | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 509 | ' | ||
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 23,681 | 75,886 | ||
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | $680 | $4,195 | ||
[1] | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At September 30, 2014, the non-credit portion of OTTI recorded in AOCL was $8.9 million (before taxes). | |||
[2] | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At December 31, 2013, the non-credit portion of OTTI recorded in AOCL was $9.2 million (before taxes). |
Loans_Composition_of_Loan_Port
Loans - Composition of Loan Portfolio (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Non-Covered Loans | $32,232,581 | $29,821,715 | ||
Net deferred loan origination costs | 19,428 | 16,274 | ||
Non-Covered Loans, Percentage | 100.00% | 100.00% | ||
Allowance for losses on non-covered loans | -139,744 | -141,946 | ||
Non-covered loans held for investment, net | 32,112,265 | 29,696,043 | ||
Covered loans | 2,504,622 | 2,788,618 | ||
Allowance for losses on covered loans | -45,682 | -64,069 | ||
Covered loans, net | 2,458,940 | 2,724,549 | ||
Loans held for sale | 680,147 | 306,915 | ||
Total loans, net | 35,251,352 | 32,727,507 | ||
Multi-Family | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Non-Covered Loans | 22,862,495 | 20,699,927 | ||
Non-Covered Loans, Percentage | 70.93% | 69.41% | ||
Commercial Real Estate | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Non-Covered Loans | 7,660,776 | 7,364,231 | ||
Non-Covered Loans, Percentage | 23.78% | 24.70% | ||
One-to-four family | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Non-Covered Loans | 404,750 | 560,730 | ||
Non-Covered Loans, Percentage | 1.26% | 1.88% | ||
Covered loans | 2,282,064 | ' | ||
Acquisition, Development and Construction | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Non-Covered Loans | 310,585 | 344,100 | ||
Non-Covered Loans, Percentage | 0.96% | 1.15% | ||
Mortgage Receivable | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Non-Covered Loans | 31,238,606 | 28,968,988 | ||
Non-Covered Loans, Percentage | 96.92% | 97.14% | ||
Commercial and Industrial | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Non-Covered Loans | 824,186 | 712,260 | ||
Non-Covered Loans, Percentage | 2.56% | 2.39% | ||
Lease financing, unearned income | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Non-Covered Loans | 135,833 | 101,431 | ||
Non-Covered Loans, Percentage | 0.42% | 0.34% | ||
Total Commercial and Industrial Loans | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Non-Covered Loans | 960,019 | [1],[2] | 813,691 | [1],[3] |
Non-Covered Loans, Percentage | 2.98% | 2.73% | ||
Other | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Non-Covered Loans | 33,956 | 39,036 | ||
Non-Covered Loans, Percentage | 0.11% | 0.13% | ||
Total Other Loan Segment | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Non-Covered Loans | $993,975 | $852,727 | ||
Non-Covered Loans, Percentage | 3.08% | 2.86% | ||
[1] | Includes lease financing receivables, all of which were classified as “pass.†| |||
[2] | Includes lease financing receivables, all of which were current at September 30, 2014. | |||
[3] | Includes lease financing receivables, all of which were current at December 31, 2013. |
Loans_Composition_of_Loan_Port1
Loans - Composition of Loan Portfolio (Parenthetical) (Details) (Lease financing, unearned income, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Lease financing, unearned income | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Unearned income | $7,771 | $5,723 |
Loans_Additional_Information_D
Loans - Additional Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Transfer of loans from held for investment to held for sale | ' | $398,715,000 | ' |
Covered loans | 2,504,622,000 | 2,504,622,000 | 2,788,618,000 |
FDIC indemnification expense | 3,200,000 | 14,700,000 | ' |
Covered Loans | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
30-89 Days Past Due | 48,976,000 | 48,976,000 | 57,929,000 |
Total covered loans 90 days or more past due | 152,781,000 | 152,781,000 | 211,485,000 |
Covered loan portfolio, current | 2,300,000,000 | 2,300,000,000 | ' |
Provision for loan losses | 3,900,000 | ' | ' |
Recovery from allowance on losses | ' | 18,400,000 | ' |
Am Trust Bank and Desert Hills Bank | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Delinquent loans selectively extended to certain borrowers, rate reductions, forbearance of arrears, and extension of maturity dates | 3,000,000,000 | 3,000,000,000 | 3,300,000,000 |
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 | 37,000,000 | 37,000,000 | ' |
Financing Receivable Troubled Debt Restructurings Forbearance Of Arrears | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Delinquent loans selectively extended to certain borrowers, rate reductions, forbearance of arrears, and extension of maturity dates | 6,000,000 | 6,000,000 | ' |
One-to-Four Family and Commercial and Industrial Loans | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Transfer of loans from held for investment to held for sale | ' | 398,700,000 | ' |
Mortgage Receivable | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Unpaid principal balance of serviced loans | 22,100,000,000 | 22,100,000,000 | 21,500,000,000 |
Acquisition, Development and Construction | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Number of loans classified as a non-accrual TDRs | ' | 1 | ' |
Loan classified as non accrual TDRs | ' | 935,000 | ' |
Commercial and Industrial | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Number of loans classified as a non-accrual TDRs | ' | 1 | ' |
Loan classified as non accrual TDRs | ' | 499,000 | ' |
Multi-Family | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Number of loans classified as a non-accrual TDRs | ' | 1 | ' |
Loan classified as non accrual TDRs | ' | 316,000 | ' |
Commercial Real Estate | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Number of loans classified as a non-accrual TDRs | ' | 1 | ' |
Loan classified as non accrual TDRs | ' | 2,100,000 | ' |
Charge-off recorded in connection with CRE loan | ' | 334,000 | ' |
Non-officer directors | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Outstanding loans to non-officer directors | $130,100,000 | $130,100,000 | $149,400,000 |
Loans_Quality_of_NonCovered_Lo
Loans - Quality of Non-Covered Loans (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Non-Covered Loans | $32,232,581 | $29,821,715 | ||
Non-Covered Loans | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 6,405 | 37,089 | ||
Non- Accrual | 81,019 | 103,537 | ||
Loans 90 Days or Most Delinquent and Still Accruing Interest | 0 | 0 | ||
Total Past Due | 87,424 | 140,626 | ||
Current | 32,145,157 | 29,681,089 | ||
Multi-Family | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Non-Covered Loans | 22,862,495 | 20,699,927 | ||
Multi-Family | Non-Covered Loans | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 2,516 | 33,678 | ||
Non- Accrual | 29,942 | 58,395 | ||
Loans 90 Days or Most Delinquent and Still Accruing Interest | 0 | 0 | ||
Total Past Due | 32,458 | 92,073 | ||
Current | 22,830,037 | 20,607,854 | ||
Commercial Real Estate | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Non-Covered Loans | 7,660,776 | 7,364,231 | ||
Commercial Real Estate | Non-Covered Loans | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 164 | 1,854 | ||
Non- Accrual | 28,586 | 24,550 | ||
Loans 90 Days or Most Delinquent and Still Accruing Interest | 0 | 0 | ||
Total Past Due | 28,750 | 26,404 | ||
Current | 7,632,026 | 7,337,827 | ||
One-to-four family | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Non-Covered Loans | 404,750 | 560,730 | ||
One-to-four family | Non-Covered Loans | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 2,451 | 1,076 | ||
Non- Accrual | 10,575 | 10,937 | ||
Loans 90 Days or Most Delinquent and Still Accruing Interest | 0 | 0 | ||
Total Past Due | 13,026 | 12,013 | ||
Current | 391,724 | 548,717 | ||
Acquisition, Development and Construction | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Non-Covered Loans | 310,585 | 344,100 | ||
Acquisition, Development and Construction | Non-Covered Loans | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Non- Accrual | 2,328 | 2,571 | ||
Loans 90 Days or Most Delinquent and Still Accruing Interest | 0 | 0 | ||
Total Past Due | 2,328 | 2,571 | ||
Current | 308,257 | 341,529 | ||
Commercial and Industrial | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Non-Covered Loans | 960,019 | [1],[2] | 813,691 | [2],[3] |
Commercial and Industrial | Non-Covered Loans | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | ' | 1 | [3] | |
Non- Accrual | 8,439 | [1] | 5,735 | [3] |
Loans 90 Days or Most Delinquent and Still Accruing Interest | 0 | [1] | 0 | [3] |
Total Past Due | 8,439 | [1] | 5,736 | [3] |
Current | 951,580 | [1] | 807,955 | [3] |
Other | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Non-Covered Loans | 33,956 | 39,036 | ||
Other | Non-Covered Loans | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 1,274 | 480 | ||
Non- Accrual | 1,149 | 1,349 | ||
Loans 90 Days or Most Delinquent and Still Accruing Interest | 0 | 0 | ||
Total Past Due | 2,423 | 1,829 | ||
Current | $31,533 | $37,207 | ||
[1] | Includes lease financing receivables, all of which were current at September 30, 2014. | |||
[2] | Includes lease financing receivables, all of which were classified as “pass.†| |||
[3] | Includes lease financing receivables, all of which were current at December 31, 2013. |
Loans_NonCovered_Loan_Portfoli
Loans - Non-Covered Loan Portfolio by Credit Quality Indicator (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | $32,232,581 | $29,821,715 | ||
Multi-Family | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 22,862,495 | 20,699,927 | ||
Commercial Real Estate | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 7,660,776 | 7,364,231 | ||
One-to-four family | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 404,750 | 560,730 | ||
Acquisition, Development and Construction | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 310,585 | 344,100 | ||
Mortgage Receivable | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 31,238,606 | 28,968,988 | ||
Commercial and Industrial | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 960,019 | [1],[2] | 813,691 | [1],[3] |
Other | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 33,956 | 39,036 | ||
Total Other Loan Segment | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 993,975 | 852,727 | ||
Pass | Multi-Family | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 22,799,073 | 20,527,460 | ||
Pass | Commercial Real Estate | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 7,611,591 | 7,304,502 | ||
Pass | One-to-four family | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 398,617 | 554,132 | ||
Pass | Acquisition, Development and Construction | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 307,918 | 333,805 | ||
Pass | Mortgage Receivable | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 31,117,199 | 28,719,899 | ||
Pass | Commercial and Industrial | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 910,114 | [1] | 793,693 | [1] |
Pass | Other | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 32,808 | 37,688 | ||
Pass | Total Other Loan Segment | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 942,922 | 831,381 | ||
Special Mention | Multi-Family | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 27,104 | 73,549 | ||
Special Mention | Commercial Real Estate | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 13,636 | 25,407 | ||
Special Mention | Acquisition, Development and Construction | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | ' | 7,400 | ||
Special Mention | Mortgage Receivable | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 40,740 | 106,356 | ||
Special Mention | Commercial and Industrial | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 40,957 | [1] | 13,036 | [1] |
Special Mention | Total Other Loan Segment | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 40,957 | 13,036 | ||
Substandard | Multi-Family | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 36,318 | 98,918 | ||
Substandard | Commercial Real Estate | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 35,549 | 33,822 | ||
Substandard | One-to-four family | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 6,133 | 6,598 | ||
Substandard | Acquisition, Development and Construction | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 2,667 | 2,895 | ||
Substandard | Mortgage Receivable | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 80,667 | 142,233 | ||
Substandard | Commercial and Industrial | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 8,948 | [1] | 6,808 | [1] |
Substandard | Other | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 1,148 | 1,348 | ||
Substandard | Total Other Loan Segment | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 10,096 | 8,156 | ||
Doubtful | Multi-Family | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 0 | 0 | ||
Doubtful | Commercial Real Estate | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 0 | 500 | ||
Doubtful | One-to-four family | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 0 | 0 | ||
Doubtful | Acquisition, Development and Construction | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 0 | 0 | ||
Doubtful | Mortgage Receivable | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 0 | 500 | ||
Doubtful | Commercial and Industrial | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 0 | [1] | 154 | [1] |
Doubtful | Other | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | 0 | 0 | ||
Doubtful | Total Other Loan Segment | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Non-Covered Loans | $0 | $154 | ||
[1] | Includes lease financing receivables, all of which were classified as “pass.†| |||
[2] | Includes lease financing receivables, all of which were current at September 30, 2014. | |||
[3] | Includes lease financing receivables, all of which were current at December 31, 2013. |
Loans_Information_Regarding_Tr
Loans - Information Regarding Troubled Debt Restructurings (Details) (Non-Covered Loans, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructurings | $43,037 | $80,342 |
Accruing | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructurings | 12,099 | 13,410 |
Non-Accrual | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructurings | 30,938 | 66,932 |
Multi-Family | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructurings | 22,604 | 60,631 |
Multi-Family | Accruing | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructurings | 9,962 | 10,083 |
Multi-Family | Non-Accrual | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructurings | 12,642 | 50,548 |
Commercial Real Estate | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructurings | 18,295 | 17,824 |
Commercial Real Estate | Accruing | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructurings | 2,137 | 2,198 |
Commercial Real Estate | Non-Accrual | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructurings | 16,158 | 15,626 |
One-to-four family | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructurings | 0 | 0 |
One-to-four family | Accruing | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructurings | 0 | 0 |
One-to-four family | Non-Accrual | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructurings | 0 | 0 |
Acquisition, Development and Construction | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructurings | 935 | ' |
Acquisition, Development and Construction | Non-Accrual | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructurings | 935 | ' |
Commercial and Industrial | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructurings | 1,203 | 1,887 |
Commercial and Industrial | Accruing | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructurings | ' | 1,129 |
Commercial and Industrial | Non-Accrual | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructurings | $1,203 | $758 |
Loans_Covered_Loans_Acquired_i
Loans - Covered Loans Acquired in AmTrust and Desert Hills Acquisitions (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Covered loans | $2,504,622 | $2,788,618 |
Percent of Covered Loans | 100.00% | ' |
One-to-four family | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Covered loans | 2,282,064 | ' |
Percent of Covered Loans | 91.10% | ' |
Other loan | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Covered loans | $222,558 | ' |
Percent of Covered Loans | 8.90% | ' |
Loans_Changes_in_Accretable_Yi
Loans - Changes in Accretable Yield for Covered Loans (Details) (Covered Loans, USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Covered Loans | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Balance at beginning of period | $796,993 |
Reclassification from non-accretable difference | 302,617 |
Accretion | -104,195 |
Balance at end of period | $995,415 |
Loans_Covered_Loans_Thirty_to_
Loans - Covered Loans Thirty to Eighty Nine Days, Ninety Days or More Past Due (Details) (Covered Loans, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans 90 days or more past due | $152,781 | $211,485 |
Loans 30-89 Days Past Due | 48,976 | 57,929 |
One-to-four family | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans 90 days or more past due | 144,881 | 201,425 |
Loans 30-89 Days Past Due | 45,045 | 52,250 |
Other loan | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans 90 days or more past due | 7,900 | 10,060 |
Loans 30-89 Days Past Due | $3,931 | $5,679 |
Allowances_for_Loan_Losses_Act
Allowances for Loan Losses - Activity in Allowance for Losses for Non-Covered Loans and Covered Loans (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for Loan Losses, Individually evaluated for impairment | $0 | $0 |
Allowance for Loan Losses, Collectively evaluated for impairment | 139,744 | 141,946 |
Allowance for Loan Losses, Acquired loans with deteriorated credit quality | 45,682 | 64,069 |
Allowance for Loan Losses | 185,426 | 206,015 |
Mortgage Receivable | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for Loan Losses, Individually evaluated for impairment | 0 | 0 |
Allowance for Loan Losses, Collectively evaluated for impairment | 126,598 | 127,840 |
Allowance for Loan Losses, Acquired loans with deteriorated credit quality | 23,972 | 56,705 |
Allowance for Loan Losses | 150,570 | 184,545 |
Other loan | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for Loan Losses, Individually evaluated for impairment | 0 | 0 |
Allowance for Loan Losses, Collectively evaluated for impairment | 13,146 | 14,106 |
Allowance for Loan Losses, Acquired loans with deteriorated credit quality | 21,710 | 7,364 |
Allowance for Loan Losses | $34,856 | $21,470 |
Allowances_for_Loan_Losses_Add
Allowances for Loan Losses - Additional Information Regarding Methods used to Evaluate Loan Portfolio for Impairment (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans individually evaluated for impairment | $73,636 | $116,385 |
Loans collectively evaluated for impairment | 32,158,945 | 29,705,330 |
Acquired loans with deteriorated credit quality | 2,504,622 | 2,788,618 |
Total | 34,737,203 | 32,610,333 |
Mortgage Receivable | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans individually evaluated for impairment | 66,923 | 109,389 |
Loans collectively evaluated for impairment | 31,171,683 | 28,859,599 |
Acquired loans with deteriorated credit quality | 2,282,064 | 2,529,200 |
Total | 33,520,670 | 31,498,188 |
Other loan | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans individually evaluated for impairment | 6,713 | 6,996 |
Loans collectively evaluated for impairment | 987,262 | 845,731 |
Acquired loans with deteriorated credit quality | 222,558 | 259,418 |
Total | $1,216,533 | $1,112,145 |
Allowances_for_Loan_Losses_Act1
Allowances for Loan Losses - Activity in Allowance for Losses for Non-Covered Loans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | $141,946,000 | ' |
(Recovery of) provision for loan losses | -3,945,000 | 14,467,000 | -18,387,000 | 33,587,000 |
Balance, end of period | 139,744,000 | ' | 139,744,000 | ' |
Non-Covered Loans | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 141,946,000 | 140,948,000 |
Charge-offs | ' | ' | -7,804,000 | -19,755,000 |
Recoveries | ' | ' | 5,602,000 | 5,121,000 |
(Recovery of) provision for loan losses | ' | 5,000,000 | ' | 15,000,000 |
Balance, end of period | 139,744,000 | 141,314,000 | 139,744,000 | 141,314,000 |
Mortgage Receivable | Non-Covered Loans | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 127,840,000 | 127,934,000 |
Charge-offs | ' | ' | -2,610,000 | -12,716,000 |
Recoveries | ' | ' | 1,368,000 | 3,580,000 |
(Recovery of) provision for loan losses | ' | ' | ' | 6,851,000 |
Balance, end of period | 126,598,000 | 125,649,000 | 126,598,000 | 125,649,000 |
Other loan | Non-Covered Loans | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 14,106,000 | 13,014,000 |
Charge-offs | ' | ' | -5,194,000 | -7,039,000 |
Recoveries | ' | ' | 4,234,000 | 1,541,000 |
(Recovery of) provision for loan losses | ' | ' | ' | 8,149,000 |
Balance, end of period | $13,146,000 | $15,665,000 | $13,146,000 | $15,665,000 |
Allowances_for_Loan_Losses_Add1
Allowances for Loan Losses - Additional Information about Impaired Loans (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans with no related allowance, Recorded Investment | $73,636 | $116,385 |
Impaired loans with no related allowance, Unpaid Principal Balance | 88,937 | 160,938 |
Impaired loans with no related allowance, Average Recorded Investment | 95,557 | 171,550 |
Impaired loans with no related allowance, Interest Income Recognized | 2,445 | 4,050 |
Impaired loans with an allowance recorded, Related Allowance | 0 | 0 |
Impaired loans with an allowance recorded, Average Recorded Investment | 690 | 3,342 |
Total impaired loans, Recorded Investment | 73,636 | 116,385 |
Total impaired loans, Unpaid Principal Balance | 88,937 | 160,938 |
Total impaired loans, Average Recorded Investment | 96,247 | 174,892 |
Total impaired loans, Interest Income Recognized | 2,445 | 4,050 |
Multi-Family | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans with no related allowance, Recorded Investment | 36,148 | 78,771 |
Impaired loans with no related allowance, Unpaid Principal Balance | 43,459 | 94,265 |
Impaired loans with no related allowance, Average Recorded Investment | 56,218 | 117,208 |
Impaired loans with no related allowance, Interest Income Recognized | 916 | 1,991 |
Impaired loans with an allowance recorded, Related Allowance | 0 | 0 |
Impaired loans with an allowance recorded, Average Recorded Investment | ' | 2,442 |
Total impaired loans, Recorded Investment | 36,148 | 78,771 |
Total impaired loans, Unpaid Principal Balance | 43,459 | 94,265 |
Total impaired loans, Average Recorded Investment | 56,218 | 119,650 |
Total impaired loans, Interest Income Recognized | 916 | 1,991 |
Commercial Real Estate | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans with no related allowance, Recorded Investment | 28,558 | 30,619 |
Impaired loans with no related allowance, Unpaid Principal Balance | 30,907 | 32,474 |
Impaired loans with no related allowance, Average Recorded Investment | 29,827 | 43,566 |
Impaired loans with no related allowance, Interest Income Recognized | 1,136 | 1,604 |
Impaired loans with an allowance recorded, Related Allowance | 0 | 0 |
Impaired loans with an allowance recorded, Average Recorded Investment | 613 | 900 |
Total impaired loans, Recorded Investment | 28,558 | 30,619 |
Total impaired loans, Unpaid Principal Balance | 30,907 | 32,474 |
Total impaired loans, Average Recorded Investment | 30,440 | 44,466 |
Total impaired loans, Interest Income Recognized | 1,136 | 1,604 |
One-to-four family | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans with no related allowance, Recorded Investment | 1,282 | ' |
Impaired loans with no related allowance, Unpaid Principal Balance | 1,281 | ' |
Impaired loans with no related allowance, Average Recorded Investment | 1,061 | 3,611 |
Impaired loans with no related allowance, Interest Income Recognized | ' | 89 |
Impaired loans with an allowance recorded, Related Allowance | 0 | 0 |
Impaired loans with an allowance recorded, Average Recorded Investment | 77 | ' |
Total impaired loans, Recorded Investment | 1,282 | ' |
Total impaired loans, Unpaid Principal Balance | 1,281 | ' |
Total impaired loans, Average Recorded Investment | 1,138 | 3,611 |
Total impaired loans, Interest Income Recognized | ' | 89 |
Acquisition, Development and Construction | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans with no related allowance, Recorded Investment | 935 | ' |
Impaired loans with no related allowance, Unpaid Principal Balance | 1,245 | ' |
Impaired loans with no related allowance, Average Recorded Investment | 467 | 275 |
Impaired loans with no related allowance, Interest Income Recognized | 158 | ' |
Impaired loans with an allowance recorded, Related Allowance | 0 | 0 |
Total impaired loans, Recorded Investment | 935 | ' |
Total impaired loans, Unpaid Principal Balance | 1,245 | ' |
Total impaired loans, Average Recorded Investment | 467 | 275 |
Total impaired loans, Interest Income Recognized | 158 | ' |
Total Commercial and Industrial Loans | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans with no related allowance, Recorded Investment | 6,713 | 6,995 |
Impaired loans with no related allowance, Unpaid Principal Balance | 12,045 | 34,199 |
Impaired loans with no related allowance, Average Recorded Investment | 7,984 | 6,890 |
Impaired loans with no related allowance, Interest Income Recognized | 235 | 366 |
Impaired loans with an allowance recorded, Related Allowance | 0 | 0 |
Total impaired loans, Recorded Investment | 6,713 | 6,995 |
Total impaired loans, Unpaid Principal Balance | 12,045 | 34,199 |
Total impaired loans, Average Recorded Investment | 7,984 | 6,890 |
Total impaired loans, Interest Income Recognized | $235 | $366 |
Allowances_for_Loan_Losses_Act2
Allowances for Loan Losses - Activity in Allowance for Losses on Covered Loans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | $64,069 | ' |
(Recovery of) provision for loan losses | -3,945 | 14,467 | -18,387 | 33,587 |
Balance, end of period | 45,682 | ' | 45,682 | ' |
Covered Loans | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 64,069 | 51,311 |
(Recovery of) provision for loan losses | -3,945 | 9,467 | -18,387 | 18,587 |
Balance, end of period | $45,682 | $69,897 | $45,682 | $69,897 |
Borrowed_Funds_Summary_of_Borr
Borrowed Funds - Summary of Borrowed Funds (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
FHLB advances | $10,312,316 | $10,872,576 |
Repurchase agreements | 3,425,000 | 3,425,000 |
Fed funds purchased | 297,000 | 445,000 |
Total wholesale borrowings | 14,034,316 | 14,742,576 |
Junior subordinated debentures | 358,296 | 358,126 |
Preferred stock of subsidiaries | 4,300 | 4,300 |
Total other borrowings | 362,596 | 362,426 |
Total borrowed funds | $14,396,912 | $15,105,002 |
Borrowed_Funds_Additional_Info
Borrowed Funds - Additional Information (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Outstanding junior subordinated debentures | $358,296 | $358,126 |
Borrowed_Funds_Junior_Subordin
Borrowed Funds - Junior Subordinated Debentures Outstanding (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | ||||
In Thousands, unless otherwise specified | New York Community Capital Trust V (BONUSESSM Units) | New York Community Capital Trust X | PennFed Capital Trust III | New York Community Capital Trust XI | ||||||
Subordinated Borrowing [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Interest Rate of Capital Securities and Debentures | ' | ' | 6.00% | 1.83% | 3.48% | 1.88% | ||||
Outstanding junior subordinated debentures | $358,296 | $358,126 | $144,370 | $123,712 | $30,928 | $59,286 | ||||
Capital Securities Amount Outstanding | $345,519 | ' | $138,019 | $120,000 | $30,000 | $57,500 | ||||
Date of Original Issue | ' | ' | 4-Nov-02 | 14-Dec-06 | 2-Jun-03 | 16-Apr-07 | ||||
Stated Maturity | ' | ' | 1-Nov-51 | 15-Dec-36 | 15-Jun-33 | 30-Jun-37 | ||||
First Optional Redemption Date | ' | ' | 4-Nov-07 | [1] | 15-Dec-11 | [2] | 15-Jun-08 | [2] | 30-Jun-12 | [2] |
[1] | Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002. | |||||||||
[2] | Callable from this date forward. |
Mortgage_Servicing_Rights_Addi
Mortgage Servicing Rights - Additional Information (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Transfers And Servicing [Abstract] | ' | ' |
Mortgaged servicing rights | $237,221 | $241,018 |
Mortgage_Servicing_Rights_Chan
Mortgage Servicing Rights - Changes in Residential and Securitized Mortgage Servicing Rights (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | ||||
In Thousands, unless otherwise specified | Mortgage Servicing Rights Residential | Mortgage Servicing Rights Residential | Mortgage Servicing Rights Residential | Mortgage Servicing Rights Residential | Securitized Mortgage Servicing Rights | Securitized Mortgage Servicing Rights | ||||||
Servicing Assets at Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Carrying value, beginning of period | $237,221 | $241,018 | $228,815 | $214,959 | $241,018 | $144,520 | $97 | $193 | ||||
Additions | ' | ' | 9,637 | 18,725 | 23,620 | 73,398 | ' | ' | ||||
Due to changes in valuation assumptions | ' | ' | 13,583 | 6,589 | 13,091 | 54,437 | ' | ' | ||||
Increase (decrease) in fair value, due to other changes | ' | ' | -14,814 | [1] | -12,168 | [1] | -40,508 | [1] | -44,250 | [1] | ' | ' |
Amortization | ' | ' | ' | ' | ' | ' | -97 | -193 | ||||
Carrying value, end of period | $237,221 | $241,018 | $237,221 | $228,105 | $237,221 | $228,105 | ' | ' | ||||
[1] | Net servicing cash flows, including loan payoffs, and the passage of time. |
Mortgage_Servicing_Rights_Key_
Mortgage Servicing Rights - Key Assumptions Used in Calculating Fair Value of Residential Mortgage Servicing Rights (Details) (Mortgage Servicing Rights Residential, USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Servicing Assets at Fair Value [Line Items] | ' | ' |
Expected weighted average life | '88 months | '93 months |
Constant prepayment speed | 8.40% | 8.30% |
Discount rate | 10.00% | 10.50% |
Primary mortgage rate to refinance | 4.20% | 4.50% |
Current | ' | ' |
Servicing Assets at Fair Value [Line Items] | ' | ' |
Cost to service per loan per year | 63 | 53 |
30-59 days or less delinquent | ' | ' |
Servicing Assets at Fair Value [Line Items] | ' | ' |
Cost to service per loan per year | 213 | 103 |
60-89 days delinquent | ' | ' |
Servicing Assets at Fair Value [Line Items] | ' | ' |
Cost to service per loan per year | 313 | 203 |
90-119 days delinquent | ' | ' |
Servicing Assets at Fair Value [Line Items] | ' | ' |
Cost to service per loan per year | 413 | 303 |
120 days or more delinquent | ' | ' |
Servicing Assets at Fair Value [Line Items] | ' | ' |
Cost to service per loan per year | 563 | 553 |
Pension_and_Other_PostRetireme2
Pension and Other Post-Retirement Benefits - Company's Pension and Post-Retirement Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Pension Benefits | ' | ' | ' | ' |
Components of net periodic (credit) expense: | ' | ' | ' | ' |
Interest cost | $1,474 | $1,364 | $4,422 | $4,092 |
Expected return on plan assets | -4,859 | -4,147 | -14,577 | -12,441 |
Actuarial losses | 822 | 2,351 | 2,466 | 7,054 |
Net periodic (credit) expense | -2,563 | -432 | -7,689 | -1,295 |
Post-Retirement Benefits | ' | ' | ' | ' |
Components of net periodic (credit) expense: | ' | ' | ' | ' |
Interest cost | 190 | 171 | 569 | 512 |
Service cost | 1 | 1 | 3 | 3 |
Amortization of prior-service loss | -62 | -62 | -186 | -187 |
Actuarial losses | 118 | 164 | 354 | 493 |
Net periodic (credit) expense | $247 | $274 | $740 | $821 |
Pension_and_Other_PostRetireme3
Pension and Other Post-Retirement Benefits - Additional Information (Details) (Post-Retirement Benefits, USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Post-Retirement Benefits | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Expected contribution to defined benefit plan | $1.50 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Details) (USD $) | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Two Thousand Twelve Incentive Plan | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Stock Options | ||||
Stock Incentive Plan Twenty Twelve | Stock Incentive Plan Twenty Twelve | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for grant | 14,460,853 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Shares transferred | ' | ' | ' | 1,030,673 | ' | ' | ' | ' | ' | ' | ' |
Shares granted | ' | ' | ' | ' | ' | ' | 2,374,998 | ' | 45,500 | 2,374,998 | ' |
Shares granted, weighted average grant date fair value | ' | ' | ' | ' | ' | ' | $16.80 | ' | $15.71 | $16.80 | ' |
Shares granted, vesting period | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' |
Compensation and benefits expense | ' | ' | ' | ' | $6,800,000 | $5,700,000 | $20,700,000 | $16,600,000 | ' | ' | ' |
Unrecognized compensation cost relating to unvested restricted stock | ' | ' | ' | ' | 72,900,000 | ' | 72,900,000 | ' | ' | ' | ' |
Unrecognized compensation cost relating to unvested restricted stock, recognition period (in years) | ' | ' | ' | ' | ' | ' | '3 years 2 months 12 days | ' | ' | ' | ' |
Stock option plans expiration period from date of grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years |
Number of unvested options | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option outstanding | 58,560 | ' | 126,821 | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of stock options outstanding | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of stock options exercisable | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic values of options exercised | $132,000 | $106,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Activity for Restricted Stock Awards (Details) (Restricted Stock, USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Restricted Stock | ' |
Number of Shares | ' |
Unvested at beginning of year | 5,043,642 |
Granted | 2,374,998 |
Vested | -1,327,531 |
Cancelled | -102,300 |
Unvested at end of period | 5,988,809 |
Weighted Average Grant Date Fair Value | ' |
Unvested at beginning of year | $14.27 |
Granted | $16.80 |
Vested | $14.55 |
Cancelled | $15.23 |
Unvested at end of period | $15.19 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Activity for Stock Option Plans (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Number of Stock Options | ' |
Stock options outstanding, beginning of year | 126,821 |
Granted | 0 |
Exercised | -42,214 |
Expired/forfeited | -26,047 |
Stock options outstanding, end of period | 58,560 |
Options exercisable, end of period | 58,560 |
Weighted Average Exercise Price | ' |
Stock options outstanding, beginning of year | $15.21 |
Granted | $0 |
Exercised | $12.69 |
Expired/forfeited | $12.94 |
Stock options outstanding, end of period | $18.04 |
Options exercisable, end of period | $18.04 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale | $243,032 | $280,738 | ||
Loans held for sale | 680,147 | 306,915 | ||
Mortgage servicing rights | 237,221 | 241,018 | ||
Mortgage-Related Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale | 89,134 | 96,221 | ||
Other Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale | 153,898 | 184,517 | ||
GSE certificates | Mortgage-Related Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale | 20,692 | [1] | 25,200 | |
GSE CMOs | Mortgage-Related Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale | 59,075 | [2] | 60,819 | |
Private label CMOs | Mortgage-Related Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale | 9,367 | 10,202 | ||
Municipal bonds | Other Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale | 1,097 | 1,026 | ||
Capital trust notes | Other Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale | 11,609 | 11,798 | ||
Preferred stock | Other Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale | 122,686 | 116,239 | ||
Common stock | Other Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale | 18,506 | 55,454 | ||
Fair Value, Measurements, Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale | 243,032 | 280,738 | ||
Loans held for sale | 680,147 | 306,915 | ||
Mortgage servicing rights | 237,221 | 241,018 | ||
Interest rate lock commitments | 2,180 | 258 | ||
Derivative assets-other | 1,851 | [3] | 1,574 | [4] |
Derivative liabilities | -90 | -388 | ||
Fair Value, Measurements, Recurring | Mortgage-Related Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale | 89,134 | 96,221 | ||
Fair Value, Measurements, Recurring | Other Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale | 153,898 | 184,517 | ||
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 | 111,254 | 142,682 | ||
Derivative assets-other | 3,184 | [3] | 1,267 | [4] |
Derivative liabilities | -1,623 | -590 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale | 111,254 | 142,682 | ||
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 | 131,778 | 138,056 | ||
Loans held for sale | 680,147 | 306,915 | ||
Derivative assets-other | 1,269 | [3] | 5,155 | [4] |
Derivative liabilities | -1,889 | -7,422 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Mortgage-Related Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale | 89,134 | 96,221 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale | 42,644 | 41,835 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Mortgage servicing rights | 237,221 | 241,018 | ||
Interest rate lock commitments | 2,180 | 258 | ||
Fair Value, Measurements, Recurring | Netting Adjustment | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets-other | -2,602 | [3],[5] | -4,848 | [4],[5] |
Derivative liabilities | 3,422 | [5] | 7,624 | [5] |
Fair Value, Measurements, Recurring | GSE certificates | Mortgage-Related Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale | 20,692 | 25,200 | ||
Fair Value, Measurements, Recurring | GSE certificates | 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 | 20,692 | 25,200 | ||
Fair Value, Measurements, Recurring | GSE CMOs | Mortgage-Related Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale | 59,075 | 60,819 | ||
Fair Value, Measurements, Recurring | GSE CMOs | 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 | 59,075 | 60,819 | ||
Fair Value, Measurements, Recurring | Private label CMOs | Mortgage-Related Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale | 9,367 | 10,202 | ||
Fair Value, Measurements, Recurring | Private label CMOs | 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 | 9,367 | 10,202 | ||
Fair Value, Measurements, Recurring | Municipal bonds | Other Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale | 1,097 | 1,026 | ||
Fair Value, Measurements, Recurring | Municipal bonds | 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 | 1,097 | 1,026 | ||
Fair Value, Measurements, Recurring | Capital trust notes | Other Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale | 11,609 | 11,798 | ||
Fair Value, Measurements, Recurring | Capital trust notes | 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 | 11,609 | 11,798 | ||
Fair Value, Measurements, Recurring | Preferred stock | Other Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale | 122,686 | 116,239 | ||
Fair Value, Measurements, Recurring | Preferred stock | 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 | 94,406 | 89,942 | ||
Fair Value, Measurements, Recurring | Preferred stock | 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 | 28,280 | 26,297 | ||
Fair Value, Measurements, Recurring | Common stock | Other Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale | 18,506 | 55,454 | ||
Fair Value, Measurements, Recurring | Common stock | 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 | 16,848 | 52,740 | ||
Fair Value, Measurements, Recurring | Common stock | 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 | $1,658 | $2,714 | ||
[1] | Government-sponsored enterprise | |||
[2] | Collateralized mortgage obligations | |||
[3] | Includes $3.2 million to purchase Treasury options. | |||
[4] | Includes $1.3 million to purchase Treasury options. | |||
[5] | Includes cash collateral received from, and paid to, counterparties. |
Fair_Value_Measurements_Assets1
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Details) (Treasury Options, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Treasury Options | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets-other | $3,200 | $1,300 |
Fair_Value_Measurements_Differ
Fair Value Measurements - Difference between Fair Value Option and Unpaid Principal Balance (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Fair Value Carrying Amount | $680,147 | $306,915 |
Aggregate Unpaid Principal | 672,945 | 303,805 |
Fair Value Carrying Amount Less Aggregate Unpaid Principal | $7,202 | $3,110 |
Fair_Value_Measurements_Change
Fair Value Measurements - Changes in Fair Value of Loans Held for Sale (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' | ' | ||||
Mortgage Banking Income | $1,047 | [1] | $1,313 | [1] | ($18,205) | [1] | $2,314 | [1] |
Loans held for sale | ' | ' | ' | ' | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' | ' | ||||
Mortgage Banking Income | 2,278 | [1] | 6,892 | [1] | 9,212 | [1] | -7,873 | [1] |
Mortgage servicing rights | ' | ' | ' | ' | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' | ' | ||||
Mortgage Banking Income | ($1,231) | [1] | ($5,579) | [1] | ($27,417) | [1] | $10,187 | [1] |
[1] | Does not include the effect of hedging activities. |
Fair_Value_Measurements_Rollfo
Fair Value Measurements - Rollforward of Financial Instruments Classified in Level Three of Valuation Hierarchy (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Transfer to / (from) level 3 | $0 | $0 |
Available-for-sale capital securities | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair Value, Beginning Balance | ' | 18,569 |
Total Realized/Unrealized Gains/(Losses) Recorded in Comprehensive (Loss) Income | ' | -2,413 |
Settlements | ' | 0 |
Transfer to / (from) level 3 | ' | 0 |
Fair Value, Ending Balance | ' | 20,982 |
Change in Unrealized Gains and (Losses) Related to Instruments Held | ' | 2,413 |
Mortgage servicing rights | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair Value, Beginning Balance | 241,018 | 144,520 |
Total Realized/Unrealized Gains/(Losses) Recorded in (Loss) Income | 27,417 | -10,187 |
Total Realized/Unrealized Gains/(Losses) Recorded in Comprehensive (Loss) Income | 0 | ' |
Issuances | 23,620 | 73,398 |
Settlements | 0 | 0 |
Transfer to / (from) level 3 | 0 | 0 |
Fair Value, Ending Balance | 237,221 | 228,105 |
Change in Unrealized Gains and (Losses) Related to Instruments Held | 13,091 | 54,437 |
Interest rate lock commitments | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair Value, Beginning Balance | 258 | 21,446 |
Total Realized/Unrealized Gains/(Losses) Recorded in (Loss) Income | -1,922 | 15,256 |
Total Realized/Unrealized Gains/(Losses) Recorded in Comprehensive (Loss) Income | 0 | ' |
Settlements | 0 | 0 |
Transfer to / (from) level 3 | 0 | 0 |
Fair Value, Ending Balance | 2,180 | 6,190 |
Change in Unrealized Gains and (Losses) Related to Instruments Held | $2,180 | $6,190 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Transfer to / (from) level 3 | $0 | $0 |
Preferred stock | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Gain (loss) on transfer of securities to Level 2 | ' | $0 |
Fair_Value_Measurements_Signif
Fair Value Measurements - Significant Unobservable Inputs used in Fair Value Measurement (Details) (USD $) | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Mortgage servicing rights | ' | ' | ' | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | |
Fair value | $237,221 | $241,018 | $228,105 | $144,520 | |
Valuation Technique | 'Discounted Cash Flow | ' | ' | ' | |
Weighted Average Constant Prepayment Rate | 8.40% | [1] | ' | ' | ' |
Weighted Average Discount Rate | 10.00% | ' | ' | ' | |
Interest rate lock commitments | ' | ' | ' | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | |
Fair value | $2,180 | $258 | $6,190 | $21,446 | |
Valuation Technique | 'Discounted Cash Flow | ' | ' | ' | |
Weighted Average Closing Ratio | 72.94% | ' | ' | ' | |
[1] | Represents annualized loan repayment rate assumptions. |
Fair_Value_Measurements_Assets2
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Details) (Fair Value, Measurements, Nonrecurring, USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Certain impaired loans | $9,851 | $47,535 | ||
Other assets | 18,030 | [1] | 19,810 | [1] |
Total | 27,881 | 67,345 | ||
Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other assets | 18,030 | [1] | 19,810 | [1] |
Total | 18,030 | 19,810 | ||
Significant Unobservable Inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Certain impaired loans | 9,851 | 47,535 | ||
Total | $9,851 | $47,535 | ||
[1] | Represents the fair value of OREO, based on the appraised value of the collateral subsequent to its initial classification as OREO. |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Carrying Values, Estimated Fair Values and Fair Value Measurement Levels of Financial Instruments (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financial Assets: | ' | ' | ||
Securities held to maturity | $7,317,015 | [1] | $7,445,244 | [2] |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ||
Financial Assets: | ' | ' | ||
Cash and cash equivalents | 662,537 | 644,550 | ||
Financial Liabilities: | ' | ' | ||
Deposits | 21,983,386 | [3] | 18,728,896 | [3] |
Significant Other Observable Inputs (Level 2) | ' | ' | ||
Financial Assets: | ' | ' | ||
Securities held to maturity | 7,315,978 | 7,438,091 | ||
FHLB stock | 520,445 | [4] | 561,390 | [4] |
Financial Liabilities: | ' | ' | ||
Deposits | 6,346,755 | [5] | 6,983,492 | [5] |
Borrowed funds | 15,256,216 | 16,058,931 | ||
Significant Unobservable Inputs (Level 3) | ' | ' | ||
Financial Assets: | ' | ' | ||
Securities held to maturity | 1,037 | 7,153 | ||
Loans, net | 35,837,523 | 32,628,361 | ||
Carrying Value | ' | ' | ||
Financial Assets: | ' | ' | ||
Cash and cash equivalents | 662,537 | 644,550 | ||
Securities held to maturity | 7,268,244 | 7,670,282 | ||
FHLB stock | 520,445 | [4] | 561,390 | [4] |
Loans, net | 35,251,352 | 32,727,507 | ||
Financial Liabilities: | ' | ' | ||
Deposits | 28,307,771 | 25,660,992 | ||
Borrowed funds | 14,396,912 | 15,105,002 | ||
Estimated Fair Value | ' | ' | ||
Financial Assets: | ' | ' | ||
Cash and cash equivalents | 662,537 | 644,550 | ||
Securities held to maturity | 7,317,015 | 7,445,244 | ||
FHLB stock | 520,445 | [4] | 561,390 | [4] |
Loans, net | 35,837,523 | 32,628,361 | ||
Financial Liabilities: | ' | ' | ||
Deposits | 28,330,141 | 25,712,388 | ||
Borrowed funds | $15,256,216 | $16,058,931 | ||
[1] | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At September 30, 2014, the non-credit portion of OTTI recorded in AOCL was $8.9 million (before taxes). | |||
[2] | Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At December 31, 2013, the non-credit portion of OTTI recorded in AOCL was $9.2 million (before taxes). | |||
[3] | NOW and money market accounts, savings accounts, and non-interest-bearing accounts. | |||
[4] | Carrying value and estimated fair value are at cost. | |||
[5] | Certificates of deposit. |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Details) (Nondesignated, USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Nondesignated | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Derivative financial instruments held, notional amount | $2,304,721 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Details) (Nondesignated, USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | |
Derivatives, Fair Value [Line Items] | ' | |
Notional Amount | $2,304,721 | |
Other Asset | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Unrealized Gain/Loss | 3,479 | [1] |
Other Liability | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Unrealized Gain/Loss | 3,512 | [1] |
Treasury Options | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Notional Amount | 552,500 | |
Treasury Options | Other Liability | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Unrealized Gain/Loss | 1,572 | [1] |
Eurodollar Futures | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Notional Amount | 125,000 | |
Eurodollar Futures | Other Asset | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Unrealized Gain/Loss | 30 | [1] |
Treasury Futures | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Notional Amount | 25,000 | |
Treasury Futures | Other Liability | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Unrealized Gain/Loss | 51 | [1] |
Forward commitments to sell loans/mortgage-backed securities | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Notional Amount | 602,000 | |
Forward commitments to sell loans/mortgage-backed securities | Other Asset | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Unrealized Gain/Loss | 251 | [1] |
Forward commitments to sell loans/mortgage-backed securities | Other Liability | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Unrealized Gain/Loss | 1,440 | [1] |
Forward commitments to buy loans/mortgage-backed securities | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Notional Amount | 640,000 | |
Forward commitments to buy loans/mortgage-backed securities | Other Asset | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Unrealized Gain/Loss | 1,018 | [1] |
Forward commitments to buy loans/mortgage-backed securities | Other Liability | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Unrealized Gain/Loss | 449 | [1] |
Interest rate lock commitments | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Notional Amount | 360,221 | |
Interest rate lock commitments | Other Asset | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Unrealized Gain/Loss | $2,180 | [1] |
[1] | Derivatives in a net gain position are recorded as “Other assets†and derivatives in a net loss position are recorded as “Other liabilities†in the Consolidated Statements of Condition. |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Income and Comprehensive Income (Details) (Mortgage Banking Income, Nondesignated, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) Included in Mortgage Banking Income | ($971) | ($15,711) | $6,723 | $8,221 |
Treasury Options | ' | ' | ' | ' |
Derivative Instruments Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) Included in Mortgage Banking Income | -2,580 | -641 | -1,525 | -7,597 |
Treasury/Eurodollar futures | ' | ' | ' | ' |
Derivative Instruments Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) Included in Mortgage Banking Income | -6 | ' | 100 | 4 |
Forward commitments to buy/sell loans/mortgage-backed securities | ' | ' | ' | ' |
Derivative Instruments Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) Included in Mortgage Banking Income | $1,615 | ($15,070) | $8,148 | $15,814 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments - Effect of Master Netting Arrangements on Presentation of Derivative Assets and Liabilities in Consolidated Statements of Financial Condition (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative Financial Instruments, Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts of Recognized Liabilities | $3,512 | $8,012 |
Gross Amounts Offset in the Statement of Condition | 3,422 | 7,624 |
Net Amounts of Liabilities Presented in the Statement of Condition | 90 | 388 |
Financial Instruments | 0 | 0 |
Cash Collateral Received | 0 | 0 |
Net Amount | 90 | 388 |
Derivative Financial Instruments, Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Of Recognized Assets | 6,633 | 6,680 |
Gross Amounts Offset in the Statement of Condition | 2,602 | 4,848 |
Net Amounts of Assets Presented in the Statement of Condition | 4,031 | 1,832 |
Financial Instruments | 0 | 0 |
Cash Collateral Received | 0 | 0 |
Net Amount | $4,031 | $1,832 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable business segments | 2 |
Segment_Reporting_Segment_Resu
Segment Reporting - Segment Results (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net interest income | $289,029 | $294,231 | $856,671 | $869,291 | ' | ||||
(Recovery of) provision for loan losses | -3,945 | 14,467 | -18,387 | 33,587 | ' | ||||
Non-interest income | 41,286 | 50,724 | 131,114 | 180,020 | ' | ||||
Non-interest expense | 145,195 | [1] | 150,327 | [1] | 439,356 | [1] | 458,088 | [1] | ' |
Income before income taxes | 189,065 | 180,161 | 566,816 | 557,636 | ' | ||||
Income tax expense | 68,807 | 65,961 | 212,616 | 202,244 | ' | ||||
Net income | 120,258 | 114,200 | 354,200 | 355,392 | ' | ||||
Identifiable segment assets (period-end) | 48,679,772 | 45,764,133 | 48,679,772 | 45,764,133 | 46,688,287 | ||||
Banking Operations | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net interest income | 285,185 | 289,198 | 846,440 | 850,939 | ' | ||||
(Recovery of) provision for loan losses | -3,945 | 14,467 | -18,387 | 33,587 | ' | ||||
Non-interest income | 20,956 | 29,121 | 71,868 | 99,461 | ' | ||||
Non-interest expense | 130,344 | [1] | 132,391 | [1] | 395,098 | [1] | 398,519 | [1] | ' |
Income before income taxes | 179,742 | 171,461 | 541,597 | 518,294 | ' | ||||
Income tax expense | 65,329 | 62,674 | 203,217 | 187,341 | ' | ||||
Net income | 114,413 | 108,787 | 338,380 | 330,953 | ' | ||||
Identifiable segment assets (period-end) | 48,016,992 | 45,073,642 | 48,016,992 | 45,073,642 | ' | ||||
Residential Mortgage Banking | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net interest income | 3,844 | 5,033 | 10,231 | 18,352 | ' | ||||
Non-interest income | 20,330 | 21,603 | 59,246 | 80,559 | ' | ||||
Non-interest expense | 14,851 | [1] | 17,936 | [1] | 44,258 | [1] | 59,569 | [1] | ' |
Income before income taxes | 9,323 | 8,700 | 25,219 | 39,342 | ' | ||||
Income tax expense | 3,478 | 3,287 | 9,399 | 14,903 | ' | ||||
Net income | 5,845 | 5,413 | 15,820 | 24,439 | ' | ||||
Identifiable segment assets (period-end) | 662,780 | 690,491 | 662,780 | 690,491 | ' | ||||
Third Party | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Non-interest income | 41,286 | [2] | 50,724 | [2] | 131,114 | [2] | 180,020 | [2] | ' |
Third Party | Banking Operations | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Non-interest income | 23,989 | [2] | 33,699 | [2] | 82,451 | [2] | 112,256 | [2] | ' |
Third Party | Residential Mortgage Banking | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Non-interest income | 17,297 | [2] | 17,025 | [2] | 48,663 | [2] | 67,764 | [2] | ' |
Inter-segment | Banking Operations | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Non-interest income | -3,033 | -4,578 | -10,583 | -12,795 | ' | ||||
Inter-segment | Residential Mortgage Banking | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Non-interest income | $3,033 | $4,578 | $10,583 | $12,795 | ' | ||||
[1] | Includes both direct and indirect expenses. | ||||||||
[2] | Includes ancillary fee income. |