Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'ASTORIA FINANCIAL CORP | ' |
Entity Central Index Key | '0000910322 | ' |
Trading Symbol | 'AF | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 99,792,858 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Cash and due from banks | $148,427 | $121,950 |
Available-for-sale securities: | ' | ' |
Encumbered | 103,554 | 105,234 |
Unencumbered | 262,472 | 296,456 |
Total available-for-sale securities | 366,026 | 401,690 |
Held-to-maturity securities, fair value of $2,035,378 and $1,811,122, respectively: | ' | ' |
Encumbered | 1,139,036 | 1,150,315 |
Unencumbered | 914,301 | 699,211 |
Total held-to-maturity securities | 2,053,337 | 1,849,526 |
Federal Home Loan Bank of New York stock, at cost | 133,398 | 152,207 |
Loans held-for-sale, net | 7,629 | 7,375 |
Loans receivable | 11,915,935 | 12,442,066 |
Allowance for loan losses | -113,600 | -139,000 |
Loans receivable, net | 11,802,335 | 12,303,066 |
Mortgage servicing rights, net | 11,905 | 12,800 |
Accrued interest receivable | 37,636 | 37,926 |
Premises and equipment, net | 110,586 | 112,530 |
Goodwill | 185,151 | 185,151 |
Bank owned life insurance | 428,570 | 423,375 |
Real estate owned, net | 42,458 | 42,636 |
Other assets | 132,823 | 143,490 |
Total assets | 15,460,281 | 15,793,722 |
Deposits: | ' | ' |
Savings | 2,286,347 | 2,493,899 |
Money market | 2,331,869 | 1,972,136 |
NOW and demand deposit | 2,146,405 | 2,097,478 |
Certificates of deposit | 2,848,140 | 3,291,797 |
Total deposits | 9,612,761 | 9,855,310 |
Federal funds purchased | 338,000 | 335,000 |
Reverse repurchase agreements | 1,100,000 | 1,100,000 |
Federal Home Loan Bank of New York advances | 2,225,000 | 2,454,000 |
Other borrowings, net | 248,559 | 248,161 |
Mortgage escrow funds | 138,343 | 109,458 |
Accrued expenses and other liabilities | 203,612 | 172,280 |
Total liabilities | 13,866,275 | 14,274,209 |
Stockholders’ Equity: | ' | ' |
Preferred stock, $1.00 par value; 5,000,000 shares authorized: Series C (150,000 shares authorized; and 135,000 shares issued and outstanding) | 129,796 | 129,796 |
Common stock, $0.01 par value (200,000,000 shares authorized; 166,494,888 shares issued; and 99,707,552 and 98,841,960 shares outstanding, respectively) | 1,665 | 1,665 |
Additional paid-in capital | 895,684 | 894,297 |
Retained earnings | 1,977,529 | 1,930,026 |
Treasury stock (66,787,336 and 67,652,928 shares, at cost, respectively) | -1,380,134 | -1,398,021 |
Accumulated other comprehensive loss | -30,534 | -38,250 |
Total stockholders’ equity | 1,594,006 | 1,519,513 |
Total liabilities and stockholders’ equity | $15,460,281 | $15,793,722 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Held-to-maturity securities, fair value (in dollars) | $2,035,378 | $1,811,122 |
Preferred stock, par value (in dollars per share) | $1 | $1 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 166,494,888 | 166,494,888 |
Common stock, shares outstanding | 99,707,552 | 98,841,960 |
Treasury stock, shares | 66,787,336 | 67,652,928 |
Series C Preferred Stock | ' | ' |
Preferred stock, shares authorized | 150,000 | 150,000 |
Preferred stock, shares issued | 135,000 | 135,000 |
Preferred stock, shares outstanding | 135,000 | 135,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (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 |
Interest income: | ' | ' | ' | ' |
Residential mortgage loans | $58,268 | $69,158 | $185,516 | $222,994 |
Multi-family and commercial real estate mortgage loans | 45,693 | 41,450 | 132,430 | 120,463 |
Consumer and other loans | 2,157 | 2,175 | 6,328 | 6,611 |
Mortgage-backed and other securities | 14,528 | 13,247 | 42,321 | 36,003 |
Interest-earning cash accounts | 83 | 67 | 232 | 192 |
Federal Home Loan Bank of New York stock | 1,486 | 1,498 | 4,777 | 5,147 |
Total interest income | 122,215 | 127,595 | 371,604 | 391,410 |
Interest expense: | ' | ' | ' | ' |
Deposits | 12,804 | 15,156 | 38,856 | 48,166 |
Borrowings | 24,791 | 26,235 | 74,384 | 88,107 |
Total interest expense | 37,595 | 41,391 | 113,240 | 136,273 |
Net interest income | 84,620 | 86,204 | 258,364 | 255,137 |
Provision for loan losses (credited) charged to operations | -3,042 | 2,541 | -7,153 | 16,193 |
Net interest income after provision for loan losses | 87,662 | 83,663 | 265,517 | 238,944 |
Non-interest income: | ' | ' | ' | ' |
Customer service fees | 9,183 | 9,550 | 27,233 | 27,718 |
Other loan fees | 591 | 598 | 1,846 | 1,588 |
Gain on sales of securities | 141 | ' | 141 | 2,057 |
Mortgage banking income, net | 1,252 | 1,888 | 2,662 | 10,060 |
Income from bank owned life insurance | 2,150 | 1,972 | 6,278 | 6,211 |
Other | 436 | 1,301 | 3,107 | 4,535 |
Total non-interest income | 13,753 | 15,309 | 41,267 | 52,169 |
General and administrative: | ' | ' | ' | ' |
Compensation and benefits | 34,191 | 33,879 | 101,994 | 99,262 |
Occupancy, equipment and systems | 18,048 | 17,022 | 54,015 | 53,669 |
Federal deposit insurance premium | 6,558 | 9,166 | 22,404 | 28,359 |
Advertising | 5,023 | 2,074 | 9,173 | 6,225 |
Extinguishment of debt | ' | ' | ' | 4,266 |
Other | 8,531 | 10,393 | 26,581 | 26,701 |
Total non-interest expense | 72,351 | 72,534 | 214,167 | 218,482 |
Income before income tax expense | 29,064 | 26,438 | 92,617 | 72,631 |
Income tax expense | 10,256 | 9,514 | 19,960 | 26,190 |
Net income | 18,808 | 16,924 | 72,657 | 46,441 |
Preferred stock dividends | 2,194 | 2,194 | 6,582 | 5,021 |
Net income available to common shareholders | $16,614 | $14,730 | $66,075 | $41,420 |
Basic earnings per common share (in dollars per share) | $0.17 | $0.15 | $0.66 | $0.42 |
Diluted earnings per common share (in dollars per share) | $0.17 | $0.15 | $0.66 | $0.42 |
Basic weighted average common shares outstanding (in shares) | 98,453,265 | 97,199,329 | 98,279,671 | 96,967,052 |
Diluted weighted average common shares outstanding (in shares) | 98,453,265 | 97,199,329 | 98,279,671 | 96,967,052 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $18,808 | $16,924 | $72,657 | $46,441 |
Net unrealized (loss) gain on securities available-for-sale: | ' | ' | ' | ' |
Net unrealized holding (loss) gain on securities arising during the period | -420 | -1,286 | 7,272 | -7,889 |
Reclassification adjustment for gain on sales of securities included in net income | -91 | ' | -91 | -1,332 |
Net unrealized (loss) gain on securities available-for-sale | -511 | -1,286 | 7,181 | -9,221 |
Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income | 147 | 585 | 443 | 1,754 |
Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income | 31 | 34 | 92 | 103 |
Total other comprehensive (loss) income, net of tax | -333 | -667 | 7,716 | -7,364 |
Comprehensive income | $18,475 | $16,257 | $80,373 | $39,077 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (USD $) | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss |
In Thousands, unless otherwise specified | |||||||
Balance at beginning of period at Dec. 31, 2013 | $1,519,513 | $129,796 | $1,665 | $894,297 | $1,930,026 | ($1,398,021) | ($38,250) |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net income | 72,657 | ' | ' | ' | 72,657 | ' | ' |
Other comprehensive income, net of tax | 7,716 | ' | ' | ' | ' | ' | 7,716 |
Dividends on preferred stock ($48.75 per share) | -6,582 | ' | ' | ' | -6,582 | ' | ' |
Dividends on common stock ($0.12 per share) | -11,929 | ' | ' | ' | -11,929 | ' | ' |
Sales of treasury stock (459,836 shares) | 6,092 | ' | ' | ' | -3,410 | 9,502 | ' |
Restricted stock grants (429,346 shares) | ' | ' | ' | -5,422 | -3,450 | 8,872 | ' |
Forfeitures of restricted stock (23,590 shares) | ' | ' | ' | 281 | 206 | -487 | ' |
Stock-based compensation | 6,488 | ' | ' | 6,477 | 11 | ' | ' |
Net tax benefit excess from stock-based compensation | 51 | ' | ' | 51 | ' | ' | ' |
Balance at end of period at Sep. 30, 2014 | $1,594,006 | $129,796 | $1,665 | $895,684 | $1,977,529 | ($1,380,134) | ($30,534) |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ' |
Dividends on preferred stock (in dollars per share) | $48.75 |
Dividends on common stock (in dollars per share) | $0.12 |
Sale of treasury stock (in shares) | 459,836 |
Restricted stock grants, shares | 429,346 |
Forfeitures of restricted stock, shares | 23,590 |
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 | $72,657 | $46,441 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Net amortization on loans | 8,905 | 16,966 |
Net amortization on securities and borrowings | 6,947 | 13,084 |
Net provision for loan and real estate losses (credited) charged to operations | -6,137 | 17,135 |
Depreciation and amortization | 8,889 | 8,653 |
Net gain on sales of loans and securities | -528 | -8,595 |
Mortgage servicing rights amortization and valuation allowance adjustments, net | 1,681 | -512 |
Stock-based compensation and allocation of ESOP stock | 6,488 | 13,121 |
Originations of loans held-for-sale | -73,653 | -229,041 |
Proceeds from sales and principal repayments of loans held-for-sale | 73,289 | 295,076 |
Decrease in accrued interest receivable | 290 | 2,038 |
Bank owned life insurance income and insurance proceeds received, net | -5,195 | -3,027 |
Decrease in other assets | 7,162 | 31,619 |
Increase (decrease) in accrued expenses and other liabilities | 32,159 | -13,902 |
Net cash provided by operating activities | 132,954 | 189,056 |
Cash flows from investing activities: | ' | ' |
Originations of loans receivable | -1,062,910 | -1,782,858 |
Loan purchases through third parties | -141,033 | -348,550 |
Principal payments on loans receivable | 1,482,443 | 2,724,868 |
Proceeds from sales of delinquent and non-performing loans | 178,470 | 18,501 |
Purchases of securities held-to-maturity | -459,943 | -828,835 |
Purchases of securities available-for-sale | ' | -221,080 |
Principal payments on securities held-to-maturity | 250,468 | 602,321 |
Principal payments on securities available-for-sale | 31,031 | 86,270 |
Proceeds from sales of securities available-for-sale | 14,447 | 41,640 |
Net redemptions of Federal Home Loan Bank of New York stock | 18,809 | 17,977 |
Redemption of Astoria Capital Trust I common securities | ' | 3,866 |
Proceeds from sales of real estate owned, net | 40,718 | 29,560 |
Purchases of premises and equipment, net of proceeds from sales | 6,945 | 6,092 |
Net cash provided by investing activities | 345,555 | 337,588 |
Cash flows from financing activities: | ' | ' |
Net decrease in deposits | -242,549 | -383,584 |
Net (decrease) increase in borrowings with original terms of three months or less | -76,000 | 189,000 |
Repayments of borrowings with original terms greater than three months | -150,000 | -453,866 |
Net increase in mortgage escrow funds | 28,885 | 24,147 |
Proceeds from sales of treasury stock | 6,092 | ' |
Proceeds from issuance of preferred stock | ' | 135,000 |
Cash payments for preferred stock issuance costs | ' | -5,204 |
Cash dividends paid to stockholders | -18,511 | -14,577 |
Net tax benefit excess (shortfall) from stock-based compensation | 51 | -1,296 |
Net cash used in financing activities | -452,032 | -510,380 |
Net increase in cash and cash equivalents | 26,477 | 16,264 |
Cash and cash equivalents at beginning of period | 121,950 | 121,473 |
Cash and cash equivalents at end of period | 148,427 | 137,737 |
Supplemental disclosures: | ' | ' |
Interest paid | 110,171 | 137,551 |
Income taxes paid | 10,665 | 13,455 |
Additions to real estate owned | 41,556 | 36,962 |
Loans transferred to held-for-sale | $187,769 | $15,642 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying consolidated financial statements include the accounts of Astoria Financial Corporation and its wholly-owned subsidiaries: Astoria Bank (formerly known as Astoria Federal Savings and Loan Association) and its subsidiaries, referred to as Astoria Bank, and AF Insurance Agency, Inc. As used in this quarterly report, “we,” “us” and “our” refer to Astoria Financial Corporation and its consolidated subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. | |
In our opinion, the accompanying consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of our financial condition as of September 30, 2014 and December 31, 2013, our results of operations and other comprehensive income/loss for the three and nine months ended September 30, 2014 and 2013, changes in our stockholders’ equity for the nine months ended September 30, 2014 and our cash flows for the nine months ended September 30, 2014 and 2013. In preparing the consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities for the consolidated statements of financial condition as of September 30, 2014 and December 31, 2013, and amounts of revenues, expenses and other comprehensive income/loss in the consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2014 and 2013. The results of operations and other comprehensive income/loss for the three and nine months ended September 30, 2014 are not necessarily indicative of the results of operations and other comprehensive income/loss to be expected for the remainder of the year. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP, have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. | |
These consolidated financial statements should be read in conjunction with our December 31, 2013 audited consolidated financial statements and related notes included in our 2013 Annual Report on Form 10-K. | |
Change in New York State Tax Legislation | |
New York State, or NYS, tax legislation was signed into law on March 31, 2014. While the law generally becomes effective in 2015, the nature of the changes resulted in the recording of certain deferred tax assets in the first quarter of 2014. In recent years, we have been subject to taxation in NYS under an alternative taxation method. The new legislation, among other things, removes that alternative method. Further, the new law (1) requires that we will be taxed in a manner that we believe may result in an increase in our tax expense beginning in 2015 and (2) caused us to recognize temporary differences and net operating loss carry-forward benefits in 2014 which we were unable to recognize previously. The result of this legislative change as of March 31, 2014 was an increase in our net deferred tax asset with a corresponding reduction in income tax expense of $11.5 million in the 2014 first quarter. |
Securities
Securities | 9 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||
Securities | ' | |||||||||||||||||||||||||||||
Securities | ||||||||||||||||||||||||||||||
The following tables set forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at the dates indicated. | ||||||||||||||||||||||||||||||
At September 30, 2014 | ||||||||||||||||||||||||||||||
(In Thousands) | Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||
GSE (1) issuance REMICs and CMOs (2) | $ | 250,318 | $ | 3,191 | $ | (2,763 | ) | $ | 250,746 | |||||||||||||||||||||
Non-GSE issuance REMICs and CMOs | 5,685 | 43 | (1 | ) | 5,727 | |||||||||||||||||||||||||
GSE pass-through certificates | 13,538 | 478 | (5 | ) | 14,011 | |||||||||||||||||||||||||
Total residential mortgage-backed securities | 269,541 | 3,712 | (2,769 | ) | 270,484 | |||||||||||||||||||||||||
Obligations of GSEs | 98,679 | — | (3,140 | ) | 95,539 | |||||||||||||||||||||||||
Fannie Mae stock | 15 | — | (12 | ) | 3 | |||||||||||||||||||||||||
Total securities available-for-sale | $ | 368,235 | $ | 3,712 | $ | (5,921 | ) | $ | 366,026 | |||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 1,562,719 | $ | 12,793 | $ | (23,830 | ) | $ | 1,551,682 | |||||||||||||||||||||
Non-GSE issuance REMICs and CMOs | 2,669 | 37 | (7 | ) | 2,699 | |||||||||||||||||||||||||
GSE pass-through certificates | 290,152 | 1,168 | (5,360 | ) | 285,960 | |||||||||||||||||||||||||
Total residential mortgage-backed securities | 1,855,540 | 13,998 | (29,197 | ) | 1,840,341 | |||||||||||||||||||||||||
Multi-family mortgage-backed securities: | ||||||||||||||||||||||||||||||
GSE issuance REMICs | 106,326 | 260 | (541 | ) | 106,045 | |||||||||||||||||||||||||
Obligations of GSEs | 90,934 | 52 | (2,531 | ) | 88,455 | |||||||||||||||||||||||||
Other | 537 | — | — | 537 | ||||||||||||||||||||||||||
Total securities held-to-maturity | $ | 2,053,337 | $ | 14,310 | $ | (32,269 | ) | $ | 2,035,378 | |||||||||||||||||||||
(1) Government-sponsored enterprise | ||||||||||||||||||||||||||||||
(2) Real estate mortgage investment conduits and collateralized mortgage obligations | ||||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||
(In Thousands) | Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 292,131 | $ | 1,077 | $ | (7,134 | ) | $ | 286,074 | |||||||||||||||||||||
Non-GSE issuance REMICs and CMOs | 7,516 | 57 | (1 | ) | 7,572 | |||||||||||||||||||||||||
GSE pass-through certificates | 16,120 | 770 | (2 | ) | 16,888 | |||||||||||||||||||||||||
Total residential mortgage-backed securities | 315,767 | 1,904 | (7,137 | ) | 310,534 | |||||||||||||||||||||||||
Obligations of GSEs | 98,675 | — | (7,522 | ) | 91,153 | |||||||||||||||||||||||||
Fannie Mae stock | 15 | — | (12 | ) | 3 | |||||||||||||||||||||||||
Total securities available-for-sale | $ | 414,457 | $ | 1,904 | $ | (14,671 | ) | $ | 401,690 | |||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 1,474,506 | $ | 12,877 | $ | (33,925 | ) | $ | 1,453,458 | |||||||||||||||||||||
Non-GSE issuance REMICs and CMOs | 3,833 | 61 | (10 | ) | 3,884 | |||||||||||||||||||||||||
GSE pass-through certificates | 282,473 | 85 | (10,089 | ) | 272,469 | |||||||||||||||||||||||||
Total residential mortgage-backed securities | 1,760,812 | 13,023 | (44,024 | ) | 1,729,811 | |||||||||||||||||||||||||
Obligations of GSEs | 88,128 | — | (7,403 | ) | 80,725 | |||||||||||||||||||||||||
Other | 586 | — | — | 586 | ||||||||||||||||||||||||||
Total securities held-to-maturity | $ | 1,849,526 | $ | 13,023 | $ | (51,427 | ) | $ | 1,811,122 | |||||||||||||||||||||
The following tables set forth the estimated fair values of securities with gross unrealized losses at the dates indicated, segregated between securities that have been in a continuous unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer at the dates indicated. | ||||||||||||||||||||||||||||||
At September 30, 2014 | ||||||||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or Longer | Total | ||||||||||||||||||||||||||||
(In Thousands) | Estimated | Gross | Estimated | Gross Unrealized | Estimated | Gross Unrealized | ||||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Losses | Fair Value | Losses | |||||||||||||||||||||||||
Losses | ||||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 22,413 | $ | (136 | ) | $ | 97,773 | $ | (2,627 | ) | $ | 120,186 | $ | (2,763 | ) | |||||||||||||||
Non-GSE issuance REMICs and CMOs | — | — | 102 | (1 | ) | 102 | (1 | ) | ||||||||||||||||||||||
GSE pass-through certificates | 597 | (4 | ) | 78 | (1 | ) | 675 | (5 | ) | |||||||||||||||||||||
Obligations of GSEs | — | — | 95,539 | (3,140 | ) | 95,539 | (3,140 | ) | ||||||||||||||||||||||
Fannie Mae stock | — | — | 3 | (12 | ) | 3 | (12 | ) | ||||||||||||||||||||||
Total temporarily impaired securities | $ | 23,010 | $ | (140 | ) | $ | 193,495 | $ | (5,781 | ) | $ | 216,505 | $ | (5,921 | ) | |||||||||||||||
available-for-sale | ||||||||||||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 300,843 | $ | (3,374 | ) | $ | 483,810 | $ | (20,456 | ) | $ | 784,653 | $ | (23,830 | ) | |||||||||||||||
Non-GSE issuance REMICs and CMOs | — | — | 296 | (7 | ) | 296 | (7 | ) | ||||||||||||||||||||||
GSE pass-through certificates | — | — | 168,261 | (5,360 | ) | 168,261 | (5,360 | ) | ||||||||||||||||||||||
Multi-family mortgage-backed securities: | ||||||||||||||||||||||||||||||
GSE issuance REMICs | 72,587 | (541 | ) | — | — | 72,587 | (541 | ) | ||||||||||||||||||||||
Obligations of GSEs | — | — | 78,403 | (2,531 | ) | 78,403 | (2,531 | ) | ||||||||||||||||||||||
Total temporarily impaired securities | $ | 373,430 | $ | (3,915 | ) | $ | 730,770 | $ | (28,354 | ) | $ | 1,104,200 | $ | (32,269 | ) | |||||||||||||||
held-to-maturity | ||||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or Longer | Total | ||||||||||||||||||||||||||||
(In Thousands) | Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 243,149 | $ | (7,134 | ) | $ | — | $ | — | $ | 243,149 | $ | (7,134 | ) | ||||||||||||||||
Non-GSE issuance REMICs and CMOs | — | — | 132 | (1 | ) | 132 | (1 | ) | ||||||||||||||||||||||
GSE pass-through certificates | 172 | (1 | ) | 70 | (1 | ) | 242 | (2 | ) | |||||||||||||||||||||
Obligations of GSEs | 91,153 | (7,522 | ) | — | — | 91,153 | (7,522 | ) | ||||||||||||||||||||||
Fannie Mae stock | — | — | 3 | (12 | ) | 3 | (12 | ) | ||||||||||||||||||||||
Total temporarily impaired securities | $ | 334,474 | $ | (14,657 | ) | $ | 205 | $ | (14 | ) | $ | 334,679 | $ | (14,671 | ) | |||||||||||||||
available-for-sale | ||||||||||||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 719,715 | $ | (25,611 | ) | $ | 151,581 | $ | (8,314 | ) | $ | 871,296 | $ | (33,925 | ) | |||||||||||||||
Non-GSE issuance REMICs and CMOs | 392 | (10 | ) | — | — | 392 | (10 | ) | ||||||||||||||||||||||
GSE pass-through certificates | 230,795 | (10,088 | ) | 28 | (1 | ) | 230,823 | (10,089 | ) | |||||||||||||||||||||
Obligations of GSEs | 80,725 | (7,403 | ) | — | — | 80,725 | (7,403 | ) | ||||||||||||||||||||||
Total temporarily impaired securities | $ | 1,031,627 | $ | (43,112 | ) | $ | 151,609 | $ | (8,315 | ) | $ | 1,183,236 | $ | (51,427 | ) | |||||||||||||||
held-to-maturity | ||||||||||||||||||||||||||||||
We held 101 securities which had an unrealized loss at September 30, 2014 and 109 at December 31, 2013. At September 30, 2014 and December 31, 2013, substantially all of the securities in an unrealized loss position had a fixed interest rate and the cause of the temporary impairment was directly related to changes in interest rates. We generally view changes in fair value caused by changes in interest rates as temporary, which is consistent with our experience. None of the unrealized losses are related to credit losses. Therefore, at September 30, 2014 and December 31, 2013, the impairments were deemed temporary based on (1) the direct relationship of the decline in fair value to movements in interest rates, (2) the estimated remaining life and high credit quality of the investments and (3) the fact that we had no intention to sell these securities and it was not more likely than not that we would be required to sell these securities before their anticipated recovery of the remaining amortized cost basis and we expected to recover the entire amortized cost basis of the security. | ||||||||||||||||||||||||||||||
During the nine months ended September 30, 2014, proceeds from sales of securities from the available-for-sale portfolio totaled $14.4 million, resulting in gross realized gains totaling $141,000. During the nine months ended September 30, 2013, proceeds from sales of securities from the available-for-sale portfolio totaled $41.6 million, resulting in gross realized gains totaling $2.1 million. | ||||||||||||||||||||||||||||||
At September 30, 2014, available-for-sale debt securities excluding mortgage-backed securities had an amortized cost of $98.7 million, a fair value of $95.5 million and contractual maturities in 2021 and 2022. At September 30, 2014, held-to-maturity debt securities excluding mortgage-backed securities had an amortized cost of $91.5 million, a fair value of $89.0 million and contractual maturities primarily in 2023. Actual maturities may differ from contractual maturities because issuers may have the right to prepay or call obligations with or without prepayment penalties. | ||||||||||||||||||||||||||||||
At September 30, 2014, we held securities with an amortized cost of $189.6 million which were callable within one year and at various times thereafter. | ||||||||||||||||||||||||||||||
The balance of accrued interest receivable for securities totaled $6.3 million at September 30, 2014 and December 31, 2013. |
Loans_Receivable_and_Allowance
Loans Receivable and Allowance for Loan Losses | 9 Months Ended | |||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||||
Loans Receivable and Allowance for Loan Losses | ' | |||||||||||||||||||||||||||||||||
Loans Receivable and Allowance for Loan Losses | ||||||||||||||||||||||||||||||||||
The following tables set forth the composition of our loans receivable portfolio, and an aging analysis by accruing and non-accrual loans, by segment and class at the dates indicated. | ||||||||||||||||||||||||||||||||||
At September 30, 2014 | ||||||||||||||||||||||||||||||||||
Past Due | ||||||||||||||||||||||||||||||||||
(In Thousands) | 30-59 Days | 60-89 Days | 90 Days or More | Total Past Due | Current | Total | ||||||||||||||||||||||||||||
Accruing loans: | ||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | ||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 14,725 | $ | 5,115 | $ | — | $ | 19,840 | $ | 942,958 | $ | 962,798 | ||||||||||||||||||||||
Full documentation amortizing | 32,652 | 5,140 | — | 37,792 | 4,994,848 | 5,032,640 | ||||||||||||||||||||||||||||
Reduced documentation interest-only | 15,566 | 4,258 | — | 19,824 | 589,172 | 608,996 | ||||||||||||||||||||||||||||
Reduced documentation amortizing | 6,818 | 1,950 | — | 8,768 | 376,225 | 384,993 | ||||||||||||||||||||||||||||
Total residential | 69,761 | 16,463 | — | 86,224 | 6,903,203 | 6,989,427 | ||||||||||||||||||||||||||||
Multi-family | 4,351 | 506 | 152 | 5,009 | 3,644,376 | 3,649,385 | ||||||||||||||||||||||||||||
Commercial real estate | 2,199 | 495 | — | 2,694 | 871,670 | 874,364 | ||||||||||||||||||||||||||||
Total mortgage loans | 76,311 | 17,464 | 152 | 93,927 | 11,419,249 | 11,513,176 | ||||||||||||||||||||||||||||
Consumer and other loans (gross): | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 1,656 | 159 | — | 1,815 | 173,747 | 175,562 | ||||||||||||||||||||||||||||
Other | 42 | 12 | — | 54 | 63,057 | 63,111 | ||||||||||||||||||||||||||||
Total consumer and other loans | 1,698 | 171 | — | 1,869 | 236,804 | 238,673 | ||||||||||||||||||||||||||||
Total accruing loans | $ | 78,009 | $ | 17,635 | $ | 152 | $ | 95,796 | $ | 11,656,053 | $ | 11,751,849 | ||||||||||||||||||||||
Non-accrual loans: | ||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | ||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 2,958 | $ | 177 | $ | 9,268 | $ | 12,403 | $ | 18,030 | $ | 30,433 | ||||||||||||||||||||||
Full documentation amortizing | 548 | 284 | 9,549 | 10,381 | 5,222 | 15,603 | ||||||||||||||||||||||||||||
Reduced documentation interest-only | 2,110 | 1,224 | 11,920 | 15,254 | 24,616 | 39,870 | ||||||||||||||||||||||||||||
Reduced documentation amortizing | 799 | 554 | 1,132 | 2,485 | 4,406 | 6,891 | ||||||||||||||||||||||||||||
Total residential | 6,415 | 2,239 | 31,869 | 40,523 | 52,274 | 92,797 | ||||||||||||||||||||||||||||
Multi-family | 429 | — | 6,489 | 6,918 | 2,933 | 9,851 | ||||||||||||||||||||||||||||
Commercial real estate | 2,357 | — | — | 2,357 | 3,587 | 5,944 | ||||||||||||||||||||||||||||
Total mortgage loans | 9,201 | 2,239 | 38,358 | 49,798 | 58,794 | 108,592 | ||||||||||||||||||||||||||||
Consumer and other loans (gross): | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | — | — | 6,289 | 6,289 | — | 6,289 | ||||||||||||||||||||||||||||
Other | — | — | 34 | 34 | — | 34 | ||||||||||||||||||||||||||||
Total consumer and other loans | — | — | 6,323 | 6,323 | — | 6,323 | ||||||||||||||||||||||||||||
Total non-accrual loans | $ | 9,201 | $ | 2,239 | $ | 44,681 | $ | 56,121 | $ | 58,794 | $ | 114,915 | ||||||||||||||||||||||
Total loans: | ||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | ||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 17,683 | $ | 5,292 | $ | 9,268 | $ | 32,243 | $ | 960,988 | $ | 993,231 | ||||||||||||||||||||||
Full documentation amortizing | 33,200 | 5,424 | 9,549 | 48,173 | 5,000,070 | 5,048,243 | ||||||||||||||||||||||||||||
Reduced documentation interest-only | 17,676 | 5,482 | 11,920 | 35,078 | 613,788 | 648,866 | ||||||||||||||||||||||||||||
Reduced documentation amortizing | 7,617 | 2,504 | 1,132 | 11,253 | 380,631 | 391,884 | ||||||||||||||||||||||||||||
Total residential | 76,176 | 18,702 | 31,869 | 126,747 | 6,955,477 | 7,082,224 | ||||||||||||||||||||||||||||
Multi-family | 4,780 | 506 | 6,641 | 11,927 | 3,647,309 | 3,659,236 | ||||||||||||||||||||||||||||
Commercial real estate | 4,556 | 495 | — | 5,051 | 875,257 | 880,308 | ||||||||||||||||||||||||||||
Total mortgage loans | 85,512 | 19,703 | 38,510 | 143,725 | 11,478,043 | 11,621,768 | ||||||||||||||||||||||||||||
Consumer and other loans (gross): | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 1,656 | 159 | 6,289 | 8,104 | 173,747 | 181,851 | ||||||||||||||||||||||||||||
Other | 42 | 12 | 34 | 88 | 63,057 | 63,145 | ||||||||||||||||||||||||||||
Total consumer and other loans | 1,698 | 171 | 6,323 | 8,192 | 236,804 | 244,996 | ||||||||||||||||||||||||||||
Total loans | $ | 87,210 | $ | 19,874 | $ | 44,833 | $ | 151,917 | $ | 11,714,847 | $ | 11,866,764 | ||||||||||||||||||||||
Net unamortized premiums and deferred loan | 49,171 | |||||||||||||||||||||||||||||||||
origination costs | ||||||||||||||||||||||||||||||||||
Loans receivable | 11,915,935 | |||||||||||||||||||||||||||||||||
Allowance for loan losses | (113,600 | ) | ||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 11,802,335 | ||||||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||
Past Due | ||||||||||||||||||||||||||||||||||
(In Thousands) | 30-59 Days | 60-89 Days | 90 Days or More | Total Past Due | Current | Total | ||||||||||||||||||||||||||||
Accruing loans: | ||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | ||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 27,291 | $ | 5,220 | $ | — | $ | 32,511 | $ | 1,249,462 | $ | 1,281,973 | ||||||||||||||||||||||
Full documentation amortizing | 31,189 | 7,415 | 151 | 38,755 | 5,325,944 | 5,364,699 | ||||||||||||||||||||||||||||
Reduced documentation interest-only | 22,635 | 5,208 | — | 27,843 | 693,660 | 721,503 | ||||||||||||||||||||||||||||
Reduced documentation amortizing | 8,993 | 2,311 | — | 11,304 | 352,322 | 363,626 | ||||||||||||||||||||||||||||
Total residential | 90,108 | 20,154 | 151 | 110,413 | 7,621,388 | 7,731,801 | ||||||||||||||||||||||||||||
Multi-family | 12,740 | 970 | — | 13,710 | 3,270,206 | 3,283,916 | ||||||||||||||||||||||||||||
Commercial real estate | 1,729 | 1,690 | 233 | 3,652 | 801,690 | 805,342 | ||||||||||||||||||||||||||||
Total mortgage loans | 104,577 | 22,814 | 384 | 127,775 | 11,693,284 | 11,821,059 | ||||||||||||||||||||||||||||
Consumer and other loans (gross): | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 3,000 | 1,321 | — | 4,321 | 189,540 | 193,861 | ||||||||||||||||||||||||||||
Other | 177 | 19 | — | 196 | 39,644 | 39,840 | ||||||||||||||||||||||||||||
Total consumer and other loans | 3,177 | 1,340 | — | 4,517 | 229,184 | 233,701 | ||||||||||||||||||||||||||||
Total accruing loans | $ | 107,754 | $ | 24,154 | $ | 384 | $ | 132,292 | $ | 11,922,468 | $ | 12,054,760 | ||||||||||||||||||||||
Non-accrual loans: | ||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | ||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 2,185 | $ | 582 | $ | 78,271 | $ | 81,038 | $ | 19,190 | $ | 100,228 | ||||||||||||||||||||||
Full documentation amortizing | 1,327 | 653 | 41,934 | 43,914 | 10,844 | 54,758 | ||||||||||||||||||||||||||||
Reduced documentation interest-only | 2,065 | 579 | 87,910 | 90,554 | 27,604 | 118,158 | ||||||||||||||||||||||||||||
Reduced documentation amortizing | 617 | 425 | 26,112 | 27,154 | 5,177 | 32,331 | ||||||||||||||||||||||||||||
Total residential | 6,194 | 2,239 | 234,227 | 242,660 | 62,815 | 305,475 | ||||||||||||||||||||||||||||
Multi-family | 1,104 | 357 | 9,054 | 10,515 | 2,024 | 12,539 | ||||||||||||||||||||||||||||
Commercial real estate | 930 | — | 921 | 1,851 | 5,773 | 7,624 | ||||||||||||||||||||||||||||
Total mortgage loans | 8,228 | 2,596 | 244,202 | 255,026 | 70,612 | 325,638 | ||||||||||||||||||||||||||||
Consumer and other loans (gross): | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | — | — | 5,916 | 5,916 | 32 | 5,948 | ||||||||||||||||||||||||||||
Other | — | — | 32 | 32 | — | 32 | ||||||||||||||||||||||||||||
Total consumer and other loans | — | — | 5,948 | 5,948 | 32 | 5,980 | ||||||||||||||||||||||||||||
Total non-accrual loans | $ | 8,228 | $ | 2,596 | $ | 250,150 | $ | 260,974 | $ | 70,644 | $ | 331,618 | ||||||||||||||||||||||
Total loans: | ||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | ||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 29,476 | $ | 5,802 | $ | 78,271 | $ | 113,549 | $ | 1,268,652 | $ | 1,382,201 | ||||||||||||||||||||||
Full documentation amortizing | 32,516 | 8,068 | 42,085 | 82,669 | 5,336,788 | 5,419,457 | ||||||||||||||||||||||||||||
Reduced documentation interest-only | 24,700 | 5,787 | 87,910 | 118,397 | 721,264 | 839,661 | ||||||||||||||||||||||||||||
Reduced documentation amortizing | 9,610 | 2,736 | 26,112 | 38,458 | 357,499 | 395,957 | ||||||||||||||||||||||||||||
Total residential | 96,302 | 22,393 | 234,378 | 353,073 | 7,684,203 | 8,037,276 | ||||||||||||||||||||||||||||
Multi-family | 13,844 | 1,327 | 9,054 | 24,225 | 3,272,230 | 3,296,455 | ||||||||||||||||||||||||||||
Commercial real estate | 2,659 | 1,690 | 1,154 | 5,503 | 807,463 | 812,966 | ||||||||||||||||||||||||||||
Total mortgage loans | 112,805 | 25,410 | 244,586 | 382,801 | 11,763,896 | 12,146,697 | ||||||||||||||||||||||||||||
Consumer and other loans (gross): | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 3,000 | 1,321 | 5,916 | 10,237 | 189,572 | 199,809 | ||||||||||||||||||||||||||||
Other | 177 | 19 | 32 | 228 | 39,644 | 39,872 | ||||||||||||||||||||||||||||
Total consumer and other loans | 3,177 | 1,340 | 5,948 | 10,465 | 229,216 | 239,681 | ||||||||||||||||||||||||||||
Total loans | $ | 115,982 | $ | 26,750 | $ | 250,534 | $ | 393,266 | $ | 11,993,112 | $ | 12,386,378 | ||||||||||||||||||||||
Net unamortized premiums and deferred loan | 55,688 | |||||||||||||||||||||||||||||||||
origination costs | ||||||||||||||||||||||||||||||||||
Loans receivable | 12,442,066 | |||||||||||||||||||||||||||||||||
Allowance for loan losses | (139,000 | ) | ||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 12,303,066 | ||||||||||||||||||||||||||||||||
At June 30, 2014, we designated a pool of non-performing one-to-four family, or residential, mortgage loans, substantially all of which were 90 days or more past due, as held-for-sale. In connection with the designation of the pool of loans as held-for-sale, we recorded a loan charge-off of $8.7 million against the allowance for loan losses during the 2014 second quarter to write down the pool of loans from its immediately previous aggregate recorded investment of $195.0 million to its estimated fair value at that time of $186.3 million. As a result of our quarterly review of the adequacy of the allowance for loan losses as of June 30, 2014, $5.7 million of reserves previously attributable to this pool of loans was deemed no longer required and was credited to the provision for loan losses as a reserve release in the 2014 second quarter. On July 31, 2014, we completed a bulk sale transaction of substantially all of the non-performing residential mortgage loans held-for-sale at terms approximating their carrying value at June 30, 2014. Total loans sold in that transaction had a carrying value of $173.7 million, reflecting the previous write down to the estimated fair value through June 30, 2014. The majority of the remaining loans from the pool designated as held-for-sale as of June 30, 2014 were either foreclosed upon and transferred to real estate owned, or REO, or were satisfied via short sales or payoffs during the 2014 third quarter with no material impact on our financial condition or results of operations. On September 12, 2014, we completed a second sale transaction, with the same counterparty as the bulk sale transaction, in which we sold all of the remaining non-performing residential mortgage loans held-for-sale with a carrying value of $4.0 million, reflecting the previous write down to the estimated fair value through June 30, 2014, and recorded a loss on the sale of such loans in the 2014 third quarter of $920,000, included in other non-interest income. | ||||||||||||||||||||||||||||||||||
We segment our residential mortgage loan portfolio by interest-only and amortizing loans, full documentation and reduced documentation loans and origination time periods and analyze our historical loss experience and delinquency levels and trends of these segments. We analyze multi-family and commercial real estate mortgage loans by portfolio, geographic location and origination time periods. We analyze our consumer and other loan portfolio by home equity lines of credit, commercial loans, revolving credit lines and installment loans and perform similar historical loss analyses. | ||||||||||||||||||||||||||||||||||
We analyze our historical loss experience over twelve, fifteen, eighteen and twenty-four month periods. The loss history used in calculating our quantitative allowance coverage percentages varies based on loan type. Also, for a particular loan type we may not have sufficient loss history to develop a reasonable estimate of loss and consider our loss experience for other, similar loan types and may evaluate those losses over a longer period than two years. Additionally, multi-family and commercial real estate loss experience may be adjusted based on the composition of the losses (loan sales, short sales and partial charge-offs). Our evaluation of loss experience factors considers trends in such factors over the prior two years for substantially all of the loan portfolio, with the exception of multi-family and commercial real estate loans originated after 2010, for which our evaluation includes detailed modeling techniques. We update our historical loss analyses quarterly and evaluate the need to modify our quantitative allowances as a result of our updated charge-off and loss analyses. We also consider qualitative factors with the purpose of assessing the adequacy of the overall allowance for loan losses as well as the allocation of the allowance for loan losses by portfolio. | ||||||||||||||||||||||||||||||||||
Allowance adequacy calculations are adjusted quarterly, based on the results of our quantitative and qualitative analyses, to reflect our current estimates of the amount of probable losses inherent in our loan portfolio in determining our allowance for loan losses. The portion of the allowance allocated to each loan category does not represent the total available to absorb losses which may occur within the loan category, since the total allowance for loan losses is available for losses applicable to the entire loan portfolio. | ||||||||||||||||||||||||||||||||||
The following tables set forth the changes in our allowance for loan losses by loan receivable segment for the periods indicated. | ||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2014 | ||||||||||||||||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | |||||||||||||||||||||||||||||||||
Multi-Family | Commercial Real Estate | |||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Total | ||||||||||||||||||||||||||||||||
Balance at July 1, 2014 | $ | 56,552 | $ | 37,075 | $ | 15,433 | $ | 9,540 | $ | 118,600 | ||||||||||||||||||||||||
Provision (credited) charged to operations | (7,617 | ) | 3,183 | 1,245 | 147 | (3,042 | ) | |||||||||||||||||||||||||||
Charge-offs | (2,134 | ) | (2,275 | ) | (143 | ) | (352 | ) | (4,904 | ) | ||||||||||||||||||||||||
Recoveries | 2,531 | 324 | — | 91 | 2,946 | |||||||||||||||||||||||||||||
Balance at September 30, 2014 | $ | 49,332 | $ | 38,307 | $ | 16,535 | $ | 9,426 | $ | 113,600 | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | |||||||||||||||||||||||||||||||||
Multi-Family | Commercial Real Estate | |||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Total | ||||||||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 80,337 | $ | 36,703 | $ | 13,136 | $ | 8,824 | $ | 139,000 | ||||||||||||||||||||||||
Provision (credited) charged to operations | (20,225 | ) | 4,457 | 6,518 | 2,097 | (7,153 | ) | |||||||||||||||||||||||||||
Charge-offs | (19,061 | ) | (3,414 | ) | (3,119 | ) | (1,776 | ) | (27,370 | ) | ||||||||||||||||||||||||
Recoveries | 8,281 | 561 | — | 281 | 9,123 | |||||||||||||||||||||||||||||
Balance at September 30, 2014 | $ | 49,332 | $ | 38,307 | $ | 16,535 | $ | 9,426 | $ | 113,600 | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | |||||||||||||||||||||||||||||||||
Multi-Family | Commercial Real Estate | |||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Total | ||||||||||||||||||||||||||||||||
Balance at July 1, 2013 | $ | 78,788 | $ | 40,865 | $ | 16,642 | $ | 7,605 | $ | 143,900 | ||||||||||||||||||||||||
Provision charged (credited) to operations | 7,659 | (2,521 | ) | (2,592 | ) | (5 | ) | 2,541 | ||||||||||||||||||||||||||
Charge-offs | (5,560 | ) | (99 | ) | (293 | ) | (544 | ) | (6,496 | ) | ||||||||||||||||||||||||
Recoveries | 2,537 | — | 247 | 271 | 3,055 | |||||||||||||||||||||||||||||
Balance at September 30, 2013 | $ | 83,424 | $ | 38,245 | $ | 14,004 | $ | 7,327 | $ | 143,000 | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | |||||||||||||||||||||||||||||||||
Multi-Family | Commercial Real Estate | |||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Total | ||||||||||||||||||||||||||||||||
Balance at January 1, 2013 | $ | 89,267 | $ | 35,514 | $ | 14,404 | $ | 6,316 | $ | 145,501 | ||||||||||||||||||||||||
Provision charged to operations | 7,488 | 5,131 | 1,378 | 2,196 | 16,193 | |||||||||||||||||||||||||||||
Charge-offs | (20,332 | ) | (3,637 | ) | (2,313 | ) | (1,672 | ) | (27,954 | ) | ||||||||||||||||||||||||
Recoveries | 7,001 | 1,237 | 535 | 487 | 9,260 | |||||||||||||||||||||||||||||
Balance at September 30, 2013 | $ | 83,424 | $ | 38,245 | $ | 14,004 | $ | 7,327 | $ | 143,000 | ||||||||||||||||||||||||
The following table sets forth the balances of our residential interest-only mortgage loans at September 30, 2014 by the period in which such loans are scheduled to enter their amortization period. | ||||||||||||||||||||||||||||||||||
(In Thousands) | Recorded | |||||||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||||||||
Amortization scheduled to begin in: | ||||||||||||||||||||||||||||||||||
Twelve months or less | $ | 494,856 | ||||||||||||||||||||||||||||||||
Thirteen to twenty-four months | 544,435 | |||||||||||||||||||||||||||||||||
Twenty-five to thirty-six months | 443,464 | |||||||||||||||||||||||||||||||||
Over thirty-six months | 159,342 | |||||||||||||||||||||||||||||||||
Total | $ | 1,642,097 | ||||||||||||||||||||||||||||||||
The following tables set forth the balances of our residential mortgage and consumer and other loan receivable segments by class and credit quality indicator at the dates indicated. | ||||||||||||||||||||||||||||||||||
At September 30, 2014 | ||||||||||||||||||||||||||||||||||
Residential Mortgage Loans | Consumer and Other Loans | |||||||||||||||||||||||||||||||||
Full Documentation | Reduced Documentation | Home Equity Lines of Credit | ||||||||||||||||||||||||||||||||
(In Thousands) | Interest-only | Amortizing | Interest-only | Amortizing | Other | |||||||||||||||||||||||||||||
Performing | $ | 962,798 | $ | 5,032,640 | $ | 608,996 | $ | 384,993 | $ | 175,562 | $ | 63,111 | ||||||||||||||||||||||
Non-performing: | ||||||||||||||||||||||||||||||||||
Current or past due less than 90 days | 21,165 | 6,054 | 27,950 | 5,759 | — | — | ||||||||||||||||||||||||||||
Past due 90 days or more | 9,268 | 9,549 | 11,920 | 1,132 | 6,289 | 34 | ||||||||||||||||||||||||||||
Total | $ | 993,231 | $ | 5,048,243 | $ | 648,866 | $ | 391,884 | $ | 181,851 | $ | 63,145 | ||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||
Residential Mortgage Loans | Consumer and Other Loans | |||||||||||||||||||||||||||||||||
Full Documentation | Reduced Documentation | Home Equity Lines of Credit | ||||||||||||||||||||||||||||||||
(In Thousands) | Interest-only | Amortizing | Interest-only | Amortizing | Other | |||||||||||||||||||||||||||||
Performing | $ | 1,281,973 | $ | 5,364,548 | $ | 721,503 | $ | 363,626 | $ | 193,861 | $ | 39,840 | ||||||||||||||||||||||
Non-performing: | ||||||||||||||||||||||||||||||||||
Current or past due less than 90 days | 21,957 | 12,824 | 30,248 | 6,219 | 32 | — | ||||||||||||||||||||||||||||
Past due 90 days or more | 78,271 | 42,085 | 87,910 | 26,112 | 5,916 | 32 | ||||||||||||||||||||||||||||
Total | $ | 1,382,201 | $ | 5,419,457 | $ | 839,661 | $ | 395,957 | $ | 199,809 | $ | 39,872 | ||||||||||||||||||||||
The following table sets forth the balances of our multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator at the dates indicated. | ||||||||||||||||||||||||||||||||||
At September 30, 2014 | At December 31, 2013 | |||||||||||||||||||||||||||||||||
Commercial Real Estate | Commercial Real Estate | |||||||||||||||||||||||||||||||||
(In Thousands) | Multi-Family | Multi-Family | ||||||||||||||||||||||||||||||||
Not criticized | $ | 3,604,937 | $ | 825,089 | $ | 3,209,786 | $ | 759,114 | ||||||||||||||||||||||||||
Criticized: | ||||||||||||||||||||||||||||||||||
Special mention | 22,390 | 16,578 | 14,063 | 9,760 | ||||||||||||||||||||||||||||||
Substandard | 31,157 | 38,641 | 72,606 | 44,092 | ||||||||||||||||||||||||||||||
Doubtful | 752 | — | — | — | ||||||||||||||||||||||||||||||
Total | $ | 3,659,236 | $ | 880,308 | $ | 3,296,455 | $ | 812,966 | ||||||||||||||||||||||||||
The following tables set forth the balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses at the dates indicated. | ||||||||||||||||||||||||||||||||||
At September 30, 2014 | ||||||||||||||||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | |||||||||||||||||||||||||||||||||
Multi-Family | Commercial Real Estate | |||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Total | ||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 181,486 | $ | 44,312 | $ | 19,183 | $ | 5,768 | $ | 250,749 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 6,900,738 | 3,614,924 | 861,125 | 239,228 | 11,616,015 | |||||||||||||||||||||||||||||
Total loans | $ | 7,082,224 | $ | 3,659,236 | $ | 880,308 | $ | 244,996 | $ | 11,866,764 | ||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 9,789 | $ | 3,448 | $ | 2,308 | $ | 4,340 | $ | 19,885 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 39,543 | 34,859 | 14,227 | 5,086 | 93,715 | |||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 49,332 | $ | 38,307 | $ | 16,535 | $ | 9,426 | $ | 113,600 | ||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | |||||||||||||||||||||||||||||||||
Multi-Family | Commercial Real Estate | |||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Total | ||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 311,930 | $ | 52,538 | $ | 20,054 | $ | — | $ | 384,522 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 7,725,346 | 3,243,917 | 792,912 | 239,681 | 12,001,856 | |||||||||||||||||||||||||||||
Total loans | $ | 8,037,276 | $ | 3,296,455 | $ | 812,966 | $ | 239,681 | $ | 12,386,378 | ||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 18,352 | $ | 2,877 | $ | 302 | $ | — | $ | 21,531 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 61,985 | 33,826 | 12,834 | 8,824 | 117,469 | |||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 80,337 | $ | 36,703 | $ | 13,136 | $ | 8,824 | $ | 139,000 | ||||||||||||||||||||||||
The following table summarizes information related to our impaired loans by segment and class at the dates indicated. | ||||||||||||||||||||||||||||||||||
At September 30, 2014 | At December 31, 2013 | |||||||||||||||||||||||||||||||||
(In Thousands) | Unpaid | Recorded | Related | Net Investment | Unpaid | Recorded | Related | Net Investment | ||||||||||||||||||||||||||
Principal | Investment | Allowance | Principal | Investment | Allowance | |||||||||||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 62,496 | $ | 53,319 | $ | (3,052 | ) | $ | 50,267 | $ | 142,659 | $ | 109,877 | $ | (6,019 | ) | $ | 103,858 | ||||||||||||||||
Full documentation amortizing | 35,521 | 33,189 | (1,043 | ) | 32,146 | 41,136 | 36,091 | (2,458 | ) | 33,633 | ||||||||||||||||||||||||
Reduced documentation interest-only | 91,461 | 77,977 | (4,836 | ) | 73,141 | 183,280 | 140,357 | (7,673 | ) | 132,684 | ||||||||||||||||||||||||
Reduced documentation amortizing | 18,298 | 17,001 | (858 | ) | 16,143 | 30,660 | 25,605 | (2,202 | ) | 23,403 | ||||||||||||||||||||||||
Multi-family | 36,424 | 29,043 | (3,448 | ) | 25,595 | 19,748 | 19,748 | (2,877 | ) | 16,871 | ||||||||||||||||||||||||
Commercial real estate | 26,130 | 19,183 | (2,308 | ) | 16,875 | 5,790 | 5,790 | (302 | ) | 5,488 | ||||||||||||||||||||||||
Consumer and other loans: | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 6,051 | 5,768 | (4,340 | ) | 1,428 | — | — | — | — | |||||||||||||||||||||||||
Without an allowance recorded: | ||||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||||
Multi-family | 16,670 | 15,269 | — | 15,269 | 39,871 | 32,790 | — | 32,790 | ||||||||||||||||||||||||||
Commercial real estate | — | — | — | — | 19,988 | 14,264 | — | 14,264 | ||||||||||||||||||||||||||
Total impaired loans | $ | 293,051 | $ | 250,749 | $ | (19,885 | ) | $ | 230,864 | $ | 483,132 | $ | 384,522 | $ | (21,531 | ) | $ | 362,991 | ||||||||||||||||
The following tables set forth the average recorded investment, interest income recognized and cash basis interest income related to our impaired loans by segment and class for the periods indicated. | ||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
(In Thousands) | Average | Interest | Cash Basis | Average | Interest | Cash Basis | ||||||||||||||||||||||||||||
Recorded | Income | Interest | Recorded | Income | Interest | |||||||||||||||||||||||||||||
Investment | Recognized | Income | Investment | Recognized | Income | |||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 78,799 | $ | 440 | $ | 461 | $ | 107,893 | $ | 762 | $ | 763 | ||||||||||||||||||||||
Full documentation amortizing | 38,051 | 289 | 283 | 31,128 | 218 | 220 | ||||||||||||||||||||||||||||
Reduced documentation interest-only | 104,522 | 782 | 814 | 144,468 | 1,171 | 1,174 | ||||||||||||||||||||||||||||
Reduced documentation amortizing | 20,781 | 141 | 147 | 24,452 | 158 | 152 | ||||||||||||||||||||||||||||
Multi-family | 33,013 | 329 | 328 | 19,557 | 34 | 169 | ||||||||||||||||||||||||||||
Commercial real estate | 19,673 | 289 | 261 | 7,604 | 56 | 66 | ||||||||||||||||||||||||||||
Consumer and other loans: | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 5,546 | 5 | 13 | — | — | — | ||||||||||||||||||||||||||||
Without an allowance recorded: | ||||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | — | — | — | 9,075 | — | — | ||||||||||||||||||||||||||||
Full documentation amortizing | 314 | — | — | 2,968 | — | — | ||||||||||||||||||||||||||||
Multi-family | 13,419 | 175 | 175 | 31,464 | 401 | 416 | ||||||||||||||||||||||||||||
Commercial real estate | — | — | — | 11,252 | 112 | 131 | ||||||||||||||||||||||||||||
Total impaired loans | $ | 314,118 | $ | 2,450 | $ | 2,482 | $ | 389,861 | $ | 2,912 | $ | 3,091 | ||||||||||||||||||||||
For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
(In Thousands) | Average | Interest | Cash Basis | Average | Interest | Cash Basis | ||||||||||||||||||||||||||||
Recorded | Income | Interest | Recorded | Income | Interest | |||||||||||||||||||||||||||||
Investment | Recognized | Income | Investment | Recognized | Income | |||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 93,748 | $ | 1,644 | $ | 1,695 | $ | 105,931 | $ | 2,114 | $ | 2,229 | ||||||||||||||||||||||
Full documentation amortizing | 37,926 | 993 | 992 | 29,465 | 623 | 639 | ||||||||||||||||||||||||||||
Reduced documentation interest-only | 120,976 | 2,922 | 2,939 | 146,773 | 3,053 | 3,205 | ||||||||||||||||||||||||||||
Reduced documentation amortizing | 23,142 | 478 | 482 | 25,424 | 464 | 493 | ||||||||||||||||||||||||||||
Multi-family | 30,836 | 952 | 970 | 18,975 | 659 | 722 | ||||||||||||||||||||||||||||
Commercial real estate | 16,859 | 748 | 813 | 8,692 | 253 | 285 | ||||||||||||||||||||||||||||
Consumer and other loans: | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 5,215 | 37 | 51 | — | — | — | ||||||||||||||||||||||||||||
Without an allowance recorded: | ||||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | — | — | — | 14,433 | — | — | ||||||||||||||||||||||||||||
Full documentation amortizing | 457 | — | — | 4,396 | — | — | ||||||||||||||||||||||||||||
Reduced documentation interest-only | — | — | — | 2,086 | — | — | ||||||||||||||||||||||||||||
Multi-family | 17,906 | 529 | 530 | 33,294 | 1,165 | 1,229 | ||||||||||||||||||||||||||||
Commercial real estate | 3,566 | — | — | 10,118 | 286 | 319 | ||||||||||||||||||||||||||||
Total impaired loans | $ | 350,631 | $ | 8,303 | $ | 8,472 | $ | 399,587 | $ | 8,617 | $ | 9,121 | ||||||||||||||||||||||
The following tables set forth information about our mortgage loans receivable by segment and class at September 30, 2014 and 2013 which were modified in a troubled debt restructuring, or TDR, during the periods indicated. | ||||||||||||||||||||||||||||||||||
Modifications During the Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
(Dollars In Thousands) | Number | Pre- | Recorded | Number | Pre- | Recorded | ||||||||||||||||||||||||||||
of Loans | Modification | Investment at | of Loans | Modification | Investment at | |||||||||||||||||||||||||||||
Recorded | September 30, 2014 | Recorded | September 30, 2013 | |||||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | 3 | $ | 1,447 | $ | 1,447 | 7 | $ | 2,128 | $ | 2,127 | ||||||||||||||||||||||||
Full documentation amortizing | — | — | — | 1 | 161 | 161 | ||||||||||||||||||||||||||||
Reduced documentation interest-only | 9 | 3,585 | 3,581 | 10 | 3,107 | 3,096 | ||||||||||||||||||||||||||||
Reduced documentation amortizing | 1 | 282 | 281 | 2 | 387 | 386 | ||||||||||||||||||||||||||||
Multi-family | 2 | 1,441 | 1,055 | 5 | 3,967 | 3,774 | ||||||||||||||||||||||||||||
Commercial real estate | 1 | 1,569 | 1,569 | 4 | 6,488 | 5,458 | ||||||||||||||||||||||||||||
Total | 16 | $ | 8,324 | $ | 7,933 | 29 | $ | 16,238 | $ | 15,002 | ||||||||||||||||||||||||
Modifications During the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
(Dollars In Thousands) | Number | Pre- | Recorded | Number | Pre- | Recorded | ||||||||||||||||||||||||||||
of Loans | Modification | Investment at | of Loans | Modification | Investment at | |||||||||||||||||||||||||||||
Recorded | September 30, 2014 | Recorded | September 30, 2013 | |||||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | 21 | $ | 9,244 | $ | 8,776 | 18 | $ | 4,579 | $ | 4,577 | ||||||||||||||||||||||||
Full documentation amortizing | 3 | 519 | 485 | 6 | 1,662 | 1,682 | ||||||||||||||||||||||||||||
Reduced documentation interest-only | 17 | 5,885 | 5,860 | 28 | 8,957 | 8,921 | ||||||||||||||||||||||||||||
Reduced documentation amortizing | 3 | 599 | 541 | 8 | 2,470 | 2,408 | ||||||||||||||||||||||||||||
Multi-family | 4 | 2,501 | 1,994 | 8 | 6,751 | 6,228 | ||||||||||||||||||||||||||||
Commercial real estate | 3 | 2,482 | 2,453 | 7 | 10,443 | 9,125 | ||||||||||||||||||||||||||||
Total | 51 | $ | 21,230 | $ | 20,109 | 75 | $ | 34,862 | $ | 32,941 | ||||||||||||||||||||||||
The following tables set forth information about our mortgage loans receivable by segment and class at September 30, 2014 and 2013 which were modified in a TDR during the twelve month periods ended September 30, 2014 and 2013 and had a payment default subsequent to the modification during the periods indicated. | ||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
(Dollars In Thousands) | Number of Loans | Recorded Investment at | Number of Loans | Recorded Investment at | ||||||||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | |||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | 2 | $ | 714 | 14 | $ | 3,365 | ||||||||||||||||||||||||||||
Full documentation amortizing | 3 | 852 | 8 | 2,159 | ||||||||||||||||||||||||||||||
Reduced documentation interest-only | 2 | 910 | 20 | 5,729 | ||||||||||||||||||||||||||||||
Reduced documentation amortizing | — | — | 2 | 303 | ||||||||||||||||||||||||||||||
Multi-family | — | — | 1 | 671 | ||||||||||||||||||||||||||||||
Total | 7 | $ | 2,476 | 45 | $ | 12,227 | ||||||||||||||||||||||||||||
For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
(Dollars In Thousands) | Number of Loans | Recorded Investment at | Number of Loans | Recorded Investment at | ||||||||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | |||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | 3 | $ | 854 | 22 | $ | 5,343 | ||||||||||||||||||||||||||||
Full documentation amortizing | 4 | 1,057 | 10 | 2,589 | ||||||||||||||||||||||||||||||
Reduced documentation interest-only | 4 | 1,799 | 24 | 6,707 | ||||||||||||||||||||||||||||||
Reduced documentation amortizing | 1 | 92 | 5 | 880 | ||||||||||||||||||||||||||||||
Multi-family | — | — | 1 | 671 | ||||||||||||||||||||||||||||||
Total | 12 | $ | 3,802 | 62 | $ | 16,190 | ||||||||||||||||||||||||||||
Included in loans receivable at September 30, 2014 are loans in the process of foreclosure collateralized by residential real estate property with a recorded investment of $18.7 million. | ||||||||||||||||||||||||||||||||||
For additional information regarding our loans receivable and allowance for loan losses, see “Asset Quality” and “Critical Accounting Policies” in Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” or “MD&A.” |
Earnings_Per_Common_Share
Earnings Per Common Share | 9 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||||||||||
Earnings Per Common Share | ' | |||||||||||||||||||||||||||||
Earnings Per Common Share | ||||||||||||||||||||||||||||||
The following table is a reconciliation of basic and diluted earnings per common share, or EPS. | ||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
(In Thousands, Except Share Data) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Net income | $ | 18,808 | $ | 16,924 | $ | 72,657 | $ | 46,441 | ||||||||||||||||||||||
Preferred stock dividends | (2,194 | ) | (2,194 | ) | (6,582 | ) | (5,021 | ) | ||||||||||||||||||||||
Net income available to common shareholders | 16,614 | 14,730 | 66,075 | 41,420 | ||||||||||||||||||||||||||
Income allocated to participating securities | (187 | ) | (195 | ) | (742 | ) | (508 | ) | ||||||||||||||||||||||
Net income allocated to common shareholders | $ | 16,427 | $ | 14,535 | $ | 65,333 | $ | 40,912 | ||||||||||||||||||||||
Basic weighted average common shares outstanding | 98,453,265 | 97,199,329 | 98,279,671 | 96,967,052 | ||||||||||||||||||||||||||
Dilutive effect of stock options and restricted stock units (1) (2) | — | — | — | — | ||||||||||||||||||||||||||
Diluted weighted average common shares outstanding | 98,453,265 | 97,199,329 | 98,279,671 | 96,967,052 | ||||||||||||||||||||||||||
Basic EPS | $ | 0.17 | $ | 0.15 | $ | 0.66 | $ | 0.42 | ||||||||||||||||||||||
Diluted EPS | $ | 0.17 | $ | 0.15 | $ | 0.66 | $ | 0.42 | ||||||||||||||||||||||
-1 | Excludes options to purchase 988,050 shares of common stock which were outstanding during the three months ended September 30, 2014; options to purchase 1,871,935 shares of common stock which were outstanding during the three months ended September 30, 2013; options to purchase 1,016,451 shares of common stock which were outstanding during the nine months ended September 30, 2014; and options to purchase 2,215,820 shares of common stock which were outstanding during the nine months ended September 30, 2013 because their inclusion would be anti-dilutive. | |||||||||||||||||||||||||||||
-2 | Excludes 788,874 unvested restricted stock units which were outstanding during the three months ended September 30, 2014; 415,900 unvested restricted stock units which were outstanding during the three months ended September 30, 2013; 751,149 unvested restricted stock units which were outstanding during the nine months ended September 30, 2014; and 379,602 unvested restricted stock units which were outstanding during the nine months ended September 30, 2013 because the performance conditions have not been satisfied. |
Other_Comprehensive_IncomeLoss
Other Comprehensive Income/Loss | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | |||||||||||||||||
Other Comprehensive Income/Loss | ' | |||||||||||||||||
Other Comprehensive Income/Loss | ||||||||||||||||||
The following tables set forth the components of accumulated other comprehensive loss, net of related tax effects, at the dates indicated and the changes during the three and nine months ended September 30, 2014 and 2013. | ||||||||||||||||||
(In Thousands) | At | Other | At | |||||||||||||||
June 30, 2014 | Comprehensive | September 30, 2014 | ||||||||||||||||
(Loss) Income | ||||||||||||||||||
Net unrealized gain on securities available-for-sale | $ | 3,326 | $ | (511 | ) | $ | 2,815 | |||||||||||
Net actuarial loss on pension plans and other postretirement benefits | (30,304 | ) | 147 | (30,157 | ) | |||||||||||||
Prior service cost on pension plans and other postretirement benefits | (3,223 | ) | 31 | (3,192 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | (30,201 | ) | $ | (333 | ) | $ | (30,534 | ) | |||||||||
(In Thousands) | At | Other | At | |||||||||||||||
December 31, 2013 | Comprehensive | September 30, 2014 | ||||||||||||||||
Income | ||||||||||||||||||
Net unrealized (loss) gain on securities available-for-sale | $ | (4,366 | ) | $ | 7,181 | $ | 2,815 | |||||||||||
Net actuarial loss on pension plans and other postretirement benefits | (30,600 | ) | 443 | (30,157 | ) | |||||||||||||
Prior service cost on pension plans and other postretirement benefits | (3,284 | ) | 92 | (3,192 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | (38,250 | ) | $ | 7,716 | $ | (30,534 | ) | ||||||||||
(In Thousands) | At | Other | At | |||||||||||||||
June 30, 2013 | Comprehensive | September 30, 2013 | ||||||||||||||||
(Loss) Income | ||||||||||||||||||
Net unrealized loss on securities available-for-sale | $ | (484 | ) | $ | (1,286 | ) | $ | (1,770 | ) | |||||||||
Net actuarial loss on pension plans and other postretirement benefits | (75,946 | ) | 585 | (75,361 | ) | |||||||||||||
Prior service cost on pension plans and other postretirement benefits | (3,357 | ) | 34 | (3,323 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | (79,787 | ) | $ | (667 | ) | $ | (80,454 | ) | |||||||||
(In Thousands) | At | Other | At | |||||||||||||||
December 31, 2012 | Comprehensive | September 30, 2013 | ||||||||||||||||
(Loss) Income | ||||||||||||||||||
Net unrealized gain (loss) on securities available-for-sale | $ | 7,451 | $ | (9,221 | ) | $ | (1,770 | ) | ||||||||||
Net actuarial loss on pension plans and other postretirement benefits | (77,115 | ) | 1,754 | (75,361 | ) | |||||||||||||
Prior service cost on pension plans and other postretirement benefits | (3,426 | ) | 103 | (3,323 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | (73,090 | ) | $ | (7,364 | ) | $ | (80,454 | ) | |||||||||
The following tables set forth the components of other comprehensive income/loss for the periods indicated. | ||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||
September 30, 2014 | ||||||||||||||||||
(In Thousands) | Before Tax | Tax Benefit | After Tax | |||||||||||||||
Amount | (Expense) | Amount | ||||||||||||||||
Net unrealized loss on securities available-for-sale: | ||||||||||||||||||
Net unrealized holding loss on securities arising during the period | $ | (649 | ) | $ | 229 | $ | (420 | ) | ||||||||||
Reclassification adjustment for gain on sales of securities included in net income | (141 | ) | 50 | (91 | ) | |||||||||||||
Net unrealized loss on securities available-for-sale | (790 | ) | 279 | (511 | ) | |||||||||||||
Reclassification adjustment for net actuarial loss included in net income | 228 | (81 | ) | 147 | ||||||||||||||
Reclassification adjustment for prior service cost included in net income | 47 | (16 | ) | 31 | ||||||||||||||
Other comprehensive loss | $ | (515 | ) | $ | 182 | $ | (333 | ) | ||||||||||
For the Nine Months Ended | ||||||||||||||||||
September 30, 2014 | ||||||||||||||||||
(In Thousands) | Before Tax | Tax(Expense) Benefit | After Tax | |||||||||||||||
Amount | Amount | |||||||||||||||||
Net unrealized gain on securities available-for-sale: | ||||||||||||||||||
Net unrealized holding gain on securities arising during the period | $ | 11,242 | $ | (3,970 | ) | $ | 7,272 | |||||||||||
Reclassification adjustment for gain on sales of securities included in net income | (141 | ) | 50 | (91 | ) | |||||||||||||
Net unrealized gain on securities available-for-sale | 11,101 | (3,920 | ) | 7,181 | ||||||||||||||
Reclassification adjustment for net actuarial loss included in net income | 685 | (242 | ) | 443 | ||||||||||||||
Reclassification adjustment for prior service cost included in net income | 142 | (50 | ) | 92 | ||||||||||||||
Other comprehensive income | $ | 11,928 | $ | (4,212 | ) | $ | 7,716 | |||||||||||
For the Three Months Ended | ||||||||||||||||||
September 30, 2013 | ||||||||||||||||||
(In Thousands) | Before Tax | Tax Benefit | After Tax | |||||||||||||||
Amount | (Expense) | Amount | ||||||||||||||||
Net unrealized holding loss on securities available-for-sale arising during the period | $ | (1,984 | ) | $ | 698 | $ | (1,286 | ) | ||||||||||
Reclassification adjustment for net actuarial loss included in net income | 903 | (318 | ) | 585 | ||||||||||||||
Reclassification adjustment for prior service cost included in net income | 53 | (19 | ) | 34 | ||||||||||||||
Other comprehensive loss | $ | (1,028 | ) | $ | 361 | $ | (667 | ) | ||||||||||
For the Nine Months Ended | ||||||||||||||||||
September 30, 2013 | ||||||||||||||||||
(In Thousands) | Before Tax | Tax Benefit | After Tax | |||||||||||||||
Amount | (Expense) | Amount | ||||||||||||||||
Net unrealized loss on securities available-for-sale: | ||||||||||||||||||
Net unrealized holding loss on securities arising during the period | $ | (12,180 | ) | $ | 4,291 | $ | (7,889 | ) | ||||||||||
Reclassification adjustment for gain on sales of securities included in net income | (2,057 | ) | 725 | (1,332 | ) | |||||||||||||
Net unrealized loss on securities available-for-sale | (14,237 | ) | 5,016 | (9,221 | ) | |||||||||||||
Reclassification adjustment for net actuarial loss included in net income | 2,708 | (954 | ) | 1,754 | ||||||||||||||
Reclassification adjustment for prior service cost included in net income | 159 | (56 | ) | 103 | ||||||||||||||
Other comprehensive loss | $ | (11,370 | ) | $ | 4,006 | $ | (7,364 | ) | ||||||||||
The following tables set forth information about amounts reclassified from accumulated other comprehensive loss to, and the affected line items in, the consolidated statements of income for the periods indicated. | ||||||||||||||||||
(In Thousands) | For the | For the | Income Statement | |||||||||||||||
Three Months Ended | Three Months Ended | Line Item | ||||||||||||||||
September 30, 2014 | September 30, 2013 | |||||||||||||||||
Reclassification adjustment for gain on sales of securities | $ | 141 | $ | — | Gain on sales of securities | |||||||||||||
Reclassification adjustment for net actuarial loss (1) | (228 | ) | (903 | ) | Compensation and benefits | |||||||||||||
Reclassification adjustment for prior service cost (1) | (47 | ) | (53 | ) | Compensation and benefits | |||||||||||||
Total reclassifications, before tax | (134 | ) | (956 | ) | ||||||||||||||
Income tax effect | 47 | 337 | Income tax expense | |||||||||||||||
Total reclassifications, net of tax | $ | (87 | ) | $ | (619 | ) | Net income | |||||||||||
(In Thousands) | For the | For the | Income Statement | |||||||||||||||
Nine Months Ended | Nine Months Ended | Line Item | ||||||||||||||||
September 30, 2014 | September 30, 2013 | |||||||||||||||||
Reclassification adjustment for gain on sales of securities | $ | 141 | $ | 2,057 | Gain on sales of securities | |||||||||||||
Reclassification adjustment for net actuarial loss (1) | (685 | ) | (2,708 | ) | Compensation and benefits | |||||||||||||
Reclassification adjustment for prior service cost (1) | (142 | ) | (159 | ) | Compensation and benefits | |||||||||||||
Total reclassifications, before tax | (686 | ) | (810 | ) | ||||||||||||||
Income tax effect | 242 | 285 | Income tax expense | |||||||||||||||
Total reclassifications, net of tax | $ | (444 | ) | $ | (525 | ) | Net income | |||||||||||
-1 | These other comprehensive income/loss components are included in the computations of net periodic (benefit) cost for our defined benefit pension plans and other postretirement benefit plan. See Note 6 for additional details. |
Pension_Plans_and_Other_Postre
Pension Plans and Other Postretirement Benefits | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Pension Plans and Other Postretirement Benefits | ' | |||||||||||||||||||||||
Pension Plans and Other Postretirement Benefits | ||||||||||||||||||||||||
The following tables set forth information regarding the components of net periodic (benefit) cost for our defined benefit pension plans and other postretirement benefit plan for the periods indicated. | ||||||||||||||||||||||||
Pension Benefits | Other Postretirement | |||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Three Months Ended September 30, | |||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Service cost | $ | — | $ | — | $ | 309 | $ | 396 | ||||||||||||||||
Interest cost | 2,613 | 2,387 | 233 | 319 | ||||||||||||||||||||
Expected return on plan assets | (3,710 | ) | (3,188 | ) | — | — | ||||||||||||||||||
Recognized net actuarial loss (gain) | 350 | 785 | (122 | ) | 118 | |||||||||||||||||||
Amortization of prior service cost | 47 | 53 | — | — | ||||||||||||||||||||
Net periodic (benefit) cost | $ | (700 | ) | $ | 37 | $ | 420 | $ | 833 | |||||||||||||||
Pension Benefits | Other Postretirement | |||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||
For the Nine Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Service cost | $ | — | $ | — | $ | 930 | $ | 1,185 | ||||||||||||||||
Interest cost | 7,838 | 7,162 | 698 | 959 | ||||||||||||||||||||
Expected return on plan assets | (11,132 | ) | (9,565 | ) | — | — | ||||||||||||||||||
Recognized net actuarial loss (gain) | 1,051 | 2,354 | (366 | ) | 354 | |||||||||||||||||||
Amortization of prior service cost | 142 | 159 | — | — | ||||||||||||||||||||
Net periodic (benefit) cost | $ | (2,101 | ) | $ | 110 | $ | 1,262 | $ | 2,498 | |||||||||||||||
Stock_Incentive_Plans
Stock Incentive Plans | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||
Stock Incentive Plans | ' | |||||||||||||||||||
Stock Incentive Plans | ||||||||||||||||||||
On May 21, 2014, our shareholders approved the 2014 Amended and Restated Stock Incentive Plan for Officers and Employees of Astoria Financial Corporation, or the 2014 Plan, which amended and restated the Re-designated, Amended and Restated Stock Incentive Plan for Officers and Employees of Astoria Financial Corporation, or the 2005 Employee Stock Plan, as of that date, or the Effective Date. The 2014 Plan authorized 3,250,000 shares of common stock for future grants to officers and employees on and after the Effective Date. In addition, immediately prior to the approval of the 2014 Plan, there remained 507,925 shares available for future grants under the 2005 Employee Stock Plan which were carried over to the 2014 Plan. There were no grants under the 2014 Plan during the 2014 third quarter. Accordingly, at September 30, 2014, 3,757,925 shares of common stock remain available for future grants under the 2014 Plan and no further grants may be made under the 2005 Employee Stock Plan. | ||||||||||||||||||||
During the six months ended June 30, 2014, 396,840 shares of restricted common stock were granted to select officers under the 2005 Employee Stock Plan, of which 128,340 shares vest on December 15, 2014, 128,940 shares vest on December 14, 2015, 130,140 shares vest on December 14, 2016 and 9,420 shares were forfeited as of September 30, 2014. In the event the grantee terminates his/her employment due to death or disability, or in the event we experience a change in control, as defined and specified in the 2005 Employee Stock Plan, all restricted common stock granted pursuant to such plan immediately vests. Also, during the six months ended June 30, 2014, 395,900 performance-based restricted stock units were granted to select officers under the 2005 Employee Stock Plan, of which 386,300 units remain outstanding at September 30, 2014. Each restricted stock unit granted represents a right, under the 2005 Employee Stock Plan, to receive one share of our common stock in the future, subject to meeting certain criteria. The restricted stock units have specified performance objectives within a specified performance measurement period and no voting or dividend rights prior to vesting and delivery of shares. The performance measurement period for these restricted stock units is the fiscal year ending December 31, 2016 and the vest date is February 1, 2017. Shares will be issued on the vest date at either 125%, 100%, 75%, 50% or 0% of units granted based on actual performance during the performance measurement period. However, in the event of a change in control during the performance measurement period, the restricted stock units will vest on the change in control date and shares will be issued at 100% of units granted. Absent a change in control, if a grantee’s employment terminates prior to December 31, 2016 all restricted stock units will be forfeited. In the event a grantee’s employment terminates during the period on or after December 31, 2016 through February 1, 2017 due to death, disability, retirement or a change in control, the grantee will remain entitled to the shares otherwise earned. | ||||||||||||||||||||
During the nine months ended September 30, 2014, 32,506 shares of restricted common stock were granted to directors under the Astoria Financial Corporation 2007 Non-Employee Directors Stock Plan, as amended, of which 28,148 remain outstanding at September 30, 2014 and vest 100% in February 2017, although awards immediately vest upon death, disability, mandatory retirement, involuntary termination or a change in control, as such terms are defined in the plan. | ||||||||||||||||||||
The following table summarizes restricted common stock and performance-based restricted stock unit activity in our stock incentive plans for the nine months ended September 30, 2014. | ||||||||||||||||||||
Restricted Common Stock | Restricted Stock Units | |||||||||||||||||||
Number of Units | Weighted Average | Number of | Weighted Average | |||||||||||||||||
Grant Date Fair Value | Units | Grant Date Fair Value | ||||||||||||||||||
Unvested at January 1, 2014 | 781,644 | $ | 11.46 | 409,100 | $ | 9.22 | ||||||||||||||
Granted | 429,346 | 12.63 | 395,900 | 12.14 | ||||||||||||||||
Vested | (55,168 | ) | (11.04 | ) | — | — | ||||||||||||||
Forfeited | (23,590 | ) | (11.93 | ) | (20,600 | ) | (10.58 | ) | ||||||||||||
Unvested at September 30, 2014 | 1,132,232 | 11.91 | 784,400 | 10.66 | ||||||||||||||||
Stock-based compensation expense is recognized on a straight-line basis over the vesting period and totaled $1.4 million, net of taxes of $789,000, for the three months ended September 30, 2014 and $4.2 million, net of taxes of $2.3 million, for the nine months ended September 30, 2014. Stock-based compensation expense totaled $1.2 million, net of taxes of $636,000, for the three months ended September 30, 2013 and $3.4 million, net of taxes of $1.9 million, for the nine months ended September 30, 2013. At September 30, 2014, pre-tax compensation cost related to all nonvested awards of restricted common stock and restricted stock units not yet recognized totaled $12.4 million and will be recognized over a weighted average period of approximately 1.9 years, which excludes $1.8 million of pre-tax compensation cost related to 65,000 shares of performance-based restricted common stock and 99,525 performance-based restricted stock units, for which compensation cost will begin to be recognized when the achievement of the performance conditions becomes probable. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. We group our assets and liabilities at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are: | ||||||||||||||||
• | Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. | |||||||||||||||
• | Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. | |||||||||||||||
• | Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. The results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability. | |||||||||||||||
We base our fair values on the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, with additional considerations when the volume and level of activity for an asset or liability have significantly decreased and on identifying circumstances that indicate a transaction is not orderly. We maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | ||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||
Our securities available-for-sale portfolio is carried at estimated fair value on a recurring basis, with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income/loss in stockholders’ equity. Additionally, in connection with our mortgage banking activities we have commitments to fund loans held-for-sale and commitments to sell loans, which are considered free-standing derivative financial instruments, the fair values of which are not material to our financial condition or results of operations. | ||||||||||||||||
The following tables set forth the carrying values of our assets measured at estimated fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated. | ||||||||||||||||
Carrying Value at September 30, 2014 | ||||||||||||||||
(In Thousands) | Total | Level 1 | Level 2 | |||||||||||||
Securities available-for-sale: | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||
GSE issuance REMICs and CMOs | $ | 250,746 | $ | — | $ | 250,746 | ||||||||||
Non-GSE issuance REMICs and CMOs | 5,727 | — | 5,727 | |||||||||||||
GSE pass-through certificates | 14,011 | — | 14,011 | |||||||||||||
Obligations of GSEs | 95,539 | — | 95,539 | |||||||||||||
Fannie Mae stock | 3 | 3 | — | |||||||||||||
Total securities available-for-sale | $ | 366,026 | $ | 3 | $ | 366,023 | ||||||||||
Carrying Value at December 31, 2013 | ||||||||||||||||
(In Thousands) | Total | Level 1 | Level 2 | |||||||||||||
Securities available-for-sale: | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||
GSE issuance REMICs and CMOs | $ | 286,074 | $ | — | $ | 286,074 | ||||||||||
Non-GSE issuance REMICs and CMOs | 7,572 | — | 7,572 | |||||||||||||
GSE pass-through certificates | 16,888 | — | 16,888 | |||||||||||||
Obligations of GSEs | 91,153 | — | 91,153 | |||||||||||||
Fannie Mae stock | 3 | 3 | — | |||||||||||||
Total securities available-for-sale | $ | 401,690 | $ | 3 | $ | 401,687 | ||||||||||
The following is a description of valuation methodologies used for assets measured at fair value on a recurring basis. | ||||||||||||||||
Residential mortgage-backed securities | ||||||||||||||||
Residential mortgage-backed securities comprised 74% of our securities available-for-sale portfolio at September 30, 2014 and 77% at December 31, 2013. The fair values for these securities are obtained from an independent nationally recognized pricing service. Our pricing service uses various modeling techniques to determine pricing for our mortgage-backed securities, including option pricing and discounted cash flow models. The inputs to these models include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, reference data, monthly payment information and collateral performance. GSE securities, for which an active market exists for similar securities making observable inputs readily available, comprised 98% of our available-for-sale residential mortgage-backed securities portfolio at September 30, 2014 and December 31, 2013. | ||||||||||||||||
We review changes in the pricing service fair values from month to month taking into consideration changes in market conditions including changes in mortgage spreads, changes in treasury yields and changes in generic pricing on fifteen and thirty year securities. Significant month over month price changes are analyzed further using discounted cash flow models and, on occasion, third party quotes. Based upon our review of the prices provided by our pricing service, the estimated fair values incorporate observable market inputs commonly used by buyers and sellers of these types of securities at the measurement date in orderly transactions between market participants, and, as such, are classified as Level 2. | ||||||||||||||||
Obligations of GSEs | ||||||||||||||||
Obligations of GSEs comprised 26% of our securities available-for-sale portfolio at September 30, 2014 and 23% at December 31, 2013 and consisted of debt securities issued by GSEs. The fair values for these securities are obtained from an independent nationally recognized pricing service. Our pricing service gathers information from market sources and integrates relative credit information, observed market movements and sector news into their pricing applications and models. Spread scales, representing credit risk, are created and are based on the new issue market, secondary trading and dealer quotes. Option adjusted spread, or OAS, models are incorporated to adjust spreads of issues that have early redemption features. Based upon our review of the prices provided by our pricing service, the estimated fair values incorporate observable market inputs commonly used by buyers and sellers of these types of securities at the measurement date in orderly transactions between market participants, and, as such, are classified as Level 2. | ||||||||||||||||
Fannie Mae stock | ||||||||||||||||
The fair value of the Fannie Mae stock in our available-for-sale securities portfolio is obtained from quoted market prices for identical instruments in active markets and, as such, is classified as Level 1. | ||||||||||||||||
Non-Recurring Fair Value Measurements | ||||||||||||||||
From time to time, we may be required to record at fair value assets or liabilities on a non-recurring basis, such as mortgage servicing rights, or MSR, loans receivable, certain assets held-for-sale and REO. These non-recurring fair value adjustments involve the application of lower of cost or market accounting or impairment write-downs of individual assets. | ||||||||||||||||
The following table sets forth the carrying values of those of our assets which were measured at fair value on a non-recurring basis at the dates indicated. The fair value measurements for all of these assets fall within Level 3 of the fair value hierarchy. | ||||||||||||||||
Carrying Value | ||||||||||||||||
(In Thousands) | At September 30, 2014 | At December 31, 2013 | ||||||||||||||
Non-performing loans held-for-sale, net | $ | 154 | $ | 791 | ||||||||||||
Impaired loans | 144,258 | 271,408 | ||||||||||||||
MSR, net | 11,905 | 12,800 | ||||||||||||||
REO, net | 19,971 | 27,101 | ||||||||||||||
Total | $ | 176,288 | $ | 312,100 | ||||||||||||
The following table provides information regarding the losses recognized on our assets measured at fair value on a non-recurring basis for the periods indicated. | ||||||||||||||||
For the Nine Months Ended September 30, | ||||||||||||||||
(In Thousands) | 2014 | 2013 | ||||||||||||||
Non-performing loans held-for-sale, net (1) | $ | — | $ | 567 | ||||||||||||
Impaired loans (2) | 5,187 | 16,698 | ||||||||||||||
MSR, net (3) | — | — | ||||||||||||||
REO, net (4) | 1,811 | 2,630 | ||||||||||||||
Total | $ | 6,998 | $ | 19,895 | ||||||||||||
-1 | Losses are charged against the allowance for loan losses in the case of a write-down upon the reclassification of a loan to held-for-sale. Losses subsequent to the reclassification of a loan to held-for-sale are charged to other non-interest income. | |||||||||||||||
-2 | Losses are charged against the allowance for loan losses. | |||||||||||||||
-3 | Losses are charged to mortgage banking income, net. | |||||||||||||||
-4 | Losses are charged against the allowance for loan losses in the case of a write-down upon the transfer of a loan to REO. Losses subsequent to the transfer of a loan to REO are charged to REO expense which is a component of other non-interest expense. | |||||||||||||||
The following is a description of valuation methodologies used for assets measured at fair value on a non-recurring basis. | ||||||||||||||||
Loans held-for-sale, net (non-performing loans held-for-sale) | ||||||||||||||||
Included in loans held-for-sale, net, are non-performing loans held-for-sale for which fair values are estimated through either preliminary bids from potential purchasers of the loans or the estimated fair value of the underlying collateral discounted for factors necessary to solicit acceptable bids, and adjusted as necessary based on management’s experience with sales of similar types of loans and, as such, are classified as Level 3. All of the non-performing loans held-for-sale included in loans held-for-sale, net, at September 30, 2014, and substantially all at December 31, 2013, were multi-family mortgage loans. | ||||||||||||||||
Loans receivable, net (impaired loans) | ||||||||||||||||
Loans which meet certain criteria are evaluated individually for impairment. A loan is considered impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement. Impaired loans were comprised of 73% residential mortgage loans, 25% multi-family and commercial real estate mortgage loans and 2% home equity lines of credit at September 30, 2014 and 81% residential mortgage loans and 19% multi-family and commercial real estate mortgage loans at December 31, 2013. Impaired loans for which a fair value adjustment was recognized were comprised of 66% residential mortgage loans, 33% multi-family and commercial real estate mortgage loans and 1% home equity lines of credit at September 30, 2014 and 83% residential mortgage loans and 17% multi-family and commercial real estate mortgage loans at December 31, 2013. Our impaired loans are generally collateral dependent and, as such, are generally carried at the estimated fair value of the underlying collateral less estimated selling costs. | ||||||||||||||||
We obtain updated estimates of collateral values on residential mortgage loans at 180 days past due and earlier in certain instances, including for loans to borrowers who have filed for bankruptcy, and, to the extent the loans remain delinquent, annually thereafter. Updated estimates of collateral value on residential loans are obtained primarily through automated valuation models. Additionally, our loan servicer performs property inspections to monitor and manage the collateral on our residential loans when they become 45 days past due and monthly thereafter until the foreclosure process is complete. We obtain updated estimates of collateral value using third party appraisals on non-performing multi-family and commercial real estate mortgage loans when the loans initially become non-performing and annually thereafter and multi-family and commercial real estate loans modified in a TDR at the time of the modification and annually thereafter. Appraisals on multi-family and commercial real estate loans are reviewed by our internal certified appraisers. Adjustments to final appraised values obtained from independent third party appraisers and automated valuation models are not made. The fair values of impaired loans cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the loan and, as such, are classified as Level 3. | ||||||||||||||||
MSR, net | ||||||||||||||||
The right to service loans for others is generally obtained through the sale of residential mortgage loans with servicing retained. MSR are carried at the lower of cost or estimated fair value. The estimated fair value of MSR is obtained through independent third party valuations through an analysis of future cash flows, incorporating estimates of assumptions market participants would use in determining fair value including market discount rates, prepayment speeds, servicing income, servicing costs, default rates and other market driven data, including the market’s perception of future interest rate movements and, as such, are classified as Level 3. At September 30, 2014, our MSR were valued based on expected future cash flows considering a weighted average discount rate of 9.48%, a weighted average constant prepayment rate on mortgages of 11.77% and a weighted average life of 5.9 years. At December 31, 2013, our MSR were valued based on expected future cash flows considering a weighted average discount rate of 9.45%, a weighted average constant prepayment rate on mortgages of 10.52% and a weighted average life of 6.3 years. Management reviews the assumptions used to estimate the fair value of MSR to ensure they reflect current and anticipated market conditions. | ||||||||||||||||
REO, net | ||||||||||||||||
REO represents real estate acquired through foreclosure or by deed in lieu of foreclosure. At September 30, 2014, REO totaled $42.5 million, including residential properties with a carrying value of $40.4 million. At December 31, 2013, REO totaled $42.6 million, all of which were residential properties. REO is carried, net of allowances for losses, at the lower of cost or fair value less estimated selling costs. The fair value of REO is estimated through current appraisals, in conjunction with a drive-by inspection and comparison of the REO property with similar properties in the area by either a licensed appraiser or real estate broker. As these properties are actively marketed, estimated fair values are periodically adjusted by management to reflect current market conditions and, as such, are classified as Level 3. | ||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
Quoted market prices available in formal trading marketplaces are typically the best evidence of the fair value of financial instruments. In many cases, financial instruments we hold are not bought or sold in formal trading marketplaces. Accordingly, fair values are derived or estimated based on a variety of valuation techniques in the absence of quoted market prices. Fair value estimates are made at a specific point in time, based on relevant market information about the financial instrument. These estimates do not reflect any possible tax ramifications, estimated transaction costs, or any premium or discount that could result from offering for sale at one time our entire holdings of a particular financial instrument. Because no market exists for a certain portion of our financial instruments, fair value estimates are based on judgments regarding future loss experience, current economic conditions, risk characteristics and other such factors. These estimates are subjective in nature, involve uncertainties and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. For these reasons and others, the estimated fair value disclosures presented herein do not represent our entire underlying value. As such, readers are cautioned in using this information for purposes of evaluating our financial condition and/or value either alone or in comparison with any other company. | ||||||||||||||||
The following tables set forth the carrying values and estimated fair values of our financial instruments which are carried on the consolidated statements of financial condition at either cost or at lower of cost or fair value in accordance with GAAP, and are not measured or recorded at fair value on a recurring basis, and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated. | ||||||||||||||||
At September 30, 2014 | ||||||||||||||||
Carrying | Estimated Fair Value | |||||||||||||||
(In Thousands) | Value | Total | Level 2 | Level 3 | ||||||||||||
Financial Assets: | ||||||||||||||||
Securities held-to-maturity | $ | 2,053,337 | $ | 2,035,378 | $ | 2,035,378 | $ | — | ||||||||
FHLB-NY stock | 133,398 | 133,398 | 133,398 | — | ||||||||||||
Loans held-for-sale, net (1) | 7,629 | 7,849 | — | 7,849 | ||||||||||||
Loans receivable, net (1) | 11,802,335 | 11,906,833 | — | 11,906,833 | ||||||||||||
MSR, net (1) | 11,905 | 11,909 | — | 11,909 | ||||||||||||
Financial Liabilities: | ||||||||||||||||
Deposits | 9,612,761 | 9,648,916 | 9,648,916 | — | ||||||||||||
Borrowings, net | 3,911,559 | 4,115,223 | 4,115,223 | — | ||||||||||||
At December 31, 2013 | ||||||||||||||||
Carrying | Estimated Fair Value | |||||||||||||||
(In Thousands) | Value | Total | Level 2 | Level 3 | ||||||||||||
Financial Assets: | ||||||||||||||||
Securities held-to-maturity | $ | 1,849,526 | $ | 1,811,122 | $ | 1,811,122 | $ | — | ||||||||
FHLB-NY stock | 152,207 | 152,207 | 152,207 | — | ||||||||||||
Loans held-for-sale, net (1) | 7,375 | 7,436 | — | 7,436 | ||||||||||||
Loans receivable, net (1) | 12,303,066 | 12,480,533 | — | 12,480,533 | ||||||||||||
MSR, net (1) | 12,800 | 12,804 | — | 12,804 | ||||||||||||
Financial Liabilities: | ||||||||||||||||
Deposits | 9,855,310 | 9,922,631 | 9,922,631 | — | ||||||||||||
Borrowings, net | 4,137,161 | 4,376,336 | 4,376,336 | — | ||||||||||||
-1 | Includes assets measured at fair value on a non-recurring basis. | |||||||||||||||
The following is a description of the methods and assumptions used to estimate fair values of our financial instruments which are not measured or recorded at fair value on a recurring or non-recurring basis. | ||||||||||||||||
Securities held-to-maturity | ||||||||||||||||
The fair values for substantially all of our securities held-to-maturity are obtained from an independent nationally recognized pricing service using similar methods and assumptions as used for our securities available-for-sale which are measured at fair value on a recurring basis. | ||||||||||||||||
Federal Home Loan Bank of New York, or FHLB-NY, stock | ||||||||||||||||
The fair value of FHLB-NY stock is based on redemption at par value. | ||||||||||||||||
Loans held-for-sale, net | ||||||||||||||||
Included in loans held-for-sale, net, are 15 and 30 year fixed rate residential mortgage loans originated for sale that conform to GSE guidelines (conforming loans) for which fair values are estimated using an option-based pricing methodology designed to take into account interest rate volatility, which has a significant effect on the value of the options and structural features embedded in loans. This methodology involves generating simulated interest rates, calculating the OAS of a mortgage-backed security whose price is known, which serves as a benchmark price, and using the benchmark OAS to estimate the pricing for similar mortgage instruments whose prices are not known. | ||||||||||||||||
Loans receivable, net | ||||||||||||||||
Fair values of loans are estimated using an option-based pricing methodology designed to take into account interest rate volatility, which has a significant effect on the value of the options and structural features embedded in loans. This pricing methodology involves generating simulated interest rates, calculating the OAS of a mortgage-backed security whose price is known, which serves as a benchmark price, and using the benchmark OAS to estimate the pricing for similar mortgage instruments whose prices are not known. | ||||||||||||||||
This technique of estimating fair value is extremely sensitive to the assumptions and estimates used. While we have attempted to use assumptions and estimates which are the most reflective of the loan portfolio and the current market, a greater degree of subjectivity is inherent in determining these fair values than for fair values obtained from formal trading marketplaces. In addition, our valuation method for loans, which is consistent with accounting guidance, does not fully incorporate an exit price approach to fair value. | ||||||||||||||||
Deposits | ||||||||||||||||
The fair values of deposits with no stated maturity, such as savings, money market and NOW and demand deposit accounts, are equal to the amount payable on demand. The fair values of certificates of deposit are based on discounted contractual cash flows using the weighted average remaining life of the portfolio discounted by the corresponding LIBOR Swap Curve. | ||||||||||||||||
Borrowings, net | ||||||||||||||||
The fair values of borrowings are based upon third party dealers’ estimated market values which are reviewed by management quarterly using an OAS model. | ||||||||||||||||
Outstanding commitments | ||||||||||||||||
Outstanding commitments include commitments to extend credit and unadvanced lines of credit for which fair values were estimated based on an analysis of the interest rates and fees currently charged to enter into similar transactions. The fair values of these commitments are immaterial to our financial condition. |
Litigation
Litigation | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Litigation | ' |
Litigation | |
In the ordinary course of our business, we are routinely made a defendant in or a party to pending or threatened legal actions or proceedings which, in some cases, seek substantial monetary damages from or other forms of relief against us. In our opinion, after consultation with legal counsel, we believe it unlikely that such actions or proceedings will have a material adverse effect on our financial condition, results of operations or liquidity. | |
City of New York Notice of Determination | |
By “Notice of Determination” dated September 14, 2010 and August 26, 2011, the City of New York notified us of alleged tax deficiencies in the amount of $13.3 million, including interest and penalties, related to our 2006 through 2008 tax years. The deficiencies related to our operation of two subsidiaries of Astoria Bank, Fidata Service Corp., or Fidata, and Astoria Federal Mortgage Corp., or AF Mortgage. We disagree with the assertion of the tax deficiencies. Hearings in this matter were held before the New York City Tax Appeals Tribunal, or the NYC Tax Appeals Tribunal, in March and April 2013. On October 29, 2014, the NYC Tax Appeals Tribunal issued a decision favorable to us canceling the 2010 and 2011 Notices of Determination. | |
No assurance can be given that the City of New York will not appeal the decision of the NYC Tax Appeals Tribunal, that such an appeal will not be costly to oppose, that this matter will not have an impact on our financial condition or results of operations or that, ultimately, any such impact will not be material. |
Impact_of_Accounting_Standards
Impact of Accounting Standards and Interpretations | 9 Months Ended |
Sep. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Impact of Accounting Standards and Interpretations | ' |
Impact of Accounting Standards and Interpretations | |
In January 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2014-04, “Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40) Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure,” and in August 2014 the FASB issued ASU 2014-14, “Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40) - Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure.” ASU 2014-04 applies to all creditors who obtain physical possession of residential real estate property collateralizing a consumer mortgage loan in satisfaction of a receivable. The amendments in ASU 2014-04 clarify when an in substance repossession or foreclosure occurs and requires disclosure of both (1) the amount of foreclosed residential real estate property held by a creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. ASU 2014-14 applies to creditors that hold government-guaranteed mortgage loans. The amendments in ASU 2014-14 require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if (1) the loan has a government guarantee that is not separable from the loan before foreclosure, (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim and (3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Effective July 1, 2014 we adopted the guidance in ASU 2014-04 and effective October 1, 2014 we adopted the guidance in ASU 2014-14 using the prospective transition method. Our adoption of the guidance in ASU 2014-04 and ASU 2014-14 did not have a material impact on our financial condition or results of operations. | |
In January 2014, the FASB issued ASU 2014-01, “Investments — Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Qualified Affordable Housing Projects,” which applies to all reporting entities that invest in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. Currently under GAAP, a reporting entity that invests in a qualified affordable housing project may elect to account for that investment using the effective yield method if all of the conditions are met. For those investments that are not accounted for using the effective yield method, GAAP requires that they be accounted for under either the equity method or the cost method. Certain of the conditions required to be met to use the effective yield method were restrictive and thus prevented many such investments from qualifying for the use of the effective yield method. The amendments in this update modify the conditions that a reporting entity must meet to be eligible to use a method other than the equity or cost methods to account for qualified affordable housing project investments. If the modified conditions are met, the amendments permit an entity to use the proportional amortization method to amortize the initial cost of the investment in proportion to the amount of tax credits and other tax benefits received and recognize the net investment performance in the income statement as a component of income tax expense (benefit). Additionally, the amendments introduce new recurring disclosures about all investments in qualified affordable housing projects irrespective of the method used to account for the investments. The amendments in ASU 2014-01 are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2014. Early adoption is permitted. This guidance will not have an impact on our financial condition or results of operations. | |
In June 2014, the FASB issued ASU 2014-11, “Transfers and Servicing (Topic 860) — Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures” which applies to all entities that enter into repurchase-to-maturity transactions or repurchase financings (reverse repurchase agreements or securities sold under agreements to repurchase). The amendments in this update change the accounting for repurchase-to-maturity transactions and linked repurchase financings (a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty) to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. In addition, the amendments in this update require an entity to disclose information on transfers accounted for as sales in transactions that are economically similar to repurchase agreements and provide disclosures to increase transparency about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The amendments in ASU 2014-11 are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2014. Early application for a public business entity is prohibited. All of our repurchase agreements (reverse repurchase agreements) are accounted for as secured borrowings. Therefore, this guidance will not have an impact on our financial condition or results of operations. | |
In June 2014, the FASB issued ASU 2014-12, “Compensation — Stock Compensation (Topic 718) — Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period,” which applies to all entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. The amendments in this update require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. The amendments in ASU 2014-12 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 and may be applied either prospectively to all awards granted or modified after the effective date, or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. Early adoption is permitted. The terms of our share-based payment awards currently do not provide that a performance target that affects vesting could be achieved after the requisite service period. Therefore, this guidance is not expected to have an impact on our financial condition or results of operations. |
Securities_Tables
Securities (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||
Schedule of Amortized Cost and Estimated Fair Value of Securities Available-For-Sale and Held-to-Maturity | ' | |||||||||||||||||||||||||||||
The following tables set forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at the dates indicated. | ||||||||||||||||||||||||||||||
At September 30, 2014 | ||||||||||||||||||||||||||||||
(In Thousands) | Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||
GSE (1) issuance REMICs and CMOs (2) | $ | 250,318 | $ | 3,191 | $ | (2,763 | ) | $ | 250,746 | |||||||||||||||||||||
Non-GSE issuance REMICs and CMOs | 5,685 | 43 | (1 | ) | 5,727 | |||||||||||||||||||||||||
GSE pass-through certificates | 13,538 | 478 | (5 | ) | 14,011 | |||||||||||||||||||||||||
Total residential mortgage-backed securities | 269,541 | 3,712 | (2,769 | ) | 270,484 | |||||||||||||||||||||||||
Obligations of GSEs | 98,679 | — | (3,140 | ) | 95,539 | |||||||||||||||||||||||||
Fannie Mae stock | 15 | — | (12 | ) | 3 | |||||||||||||||||||||||||
Total securities available-for-sale | $ | 368,235 | $ | 3,712 | $ | (5,921 | ) | $ | 366,026 | |||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 1,562,719 | $ | 12,793 | $ | (23,830 | ) | $ | 1,551,682 | |||||||||||||||||||||
Non-GSE issuance REMICs and CMOs | 2,669 | 37 | (7 | ) | 2,699 | |||||||||||||||||||||||||
GSE pass-through certificates | 290,152 | 1,168 | (5,360 | ) | 285,960 | |||||||||||||||||||||||||
Total residential mortgage-backed securities | 1,855,540 | 13,998 | (29,197 | ) | 1,840,341 | |||||||||||||||||||||||||
Multi-family mortgage-backed securities: | ||||||||||||||||||||||||||||||
GSE issuance REMICs | 106,326 | 260 | (541 | ) | 106,045 | |||||||||||||||||||||||||
Obligations of GSEs | 90,934 | 52 | (2,531 | ) | 88,455 | |||||||||||||||||||||||||
Other | 537 | — | — | 537 | ||||||||||||||||||||||||||
Total securities held-to-maturity | $ | 2,053,337 | $ | 14,310 | $ | (32,269 | ) | $ | 2,035,378 | |||||||||||||||||||||
(1) Government-sponsored enterprise | ||||||||||||||||||||||||||||||
(2) Real estate mortgage investment conduits and collateralized mortgage obligations | ||||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||
(In Thousands) | Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 292,131 | $ | 1,077 | $ | (7,134 | ) | $ | 286,074 | |||||||||||||||||||||
Non-GSE issuance REMICs and CMOs | 7,516 | 57 | (1 | ) | 7,572 | |||||||||||||||||||||||||
GSE pass-through certificates | 16,120 | 770 | (2 | ) | 16,888 | |||||||||||||||||||||||||
Total residential mortgage-backed securities | 315,767 | 1,904 | (7,137 | ) | 310,534 | |||||||||||||||||||||||||
Obligations of GSEs | 98,675 | — | (7,522 | ) | 91,153 | |||||||||||||||||||||||||
Fannie Mae stock | 15 | — | (12 | ) | 3 | |||||||||||||||||||||||||
Total securities available-for-sale | $ | 414,457 | $ | 1,904 | $ | (14,671 | ) | $ | 401,690 | |||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 1,474,506 | $ | 12,877 | $ | (33,925 | ) | $ | 1,453,458 | |||||||||||||||||||||
Non-GSE issuance REMICs and CMOs | 3,833 | 61 | (10 | ) | 3,884 | |||||||||||||||||||||||||
GSE pass-through certificates | 282,473 | 85 | (10,089 | ) | 272,469 | |||||||||||||||||||||||||
Total residential mortgage-backed securities | 1,760,812 | 13,023 | (44,024 | ) | 1,729,811 | |||||||||||||||||||||||||
Obligations of GSEs | 88,128 | — | (7,403 | ) | 80,725 | |||||||||||||||||||||||||
Other | 586 | — | — | 586 | ||||||||||||||||||||||||||
Total securities held-to-maturity | $ | 1,849,526 | $ | 13,023 | $ | (51,427 | ) | $ | 1,811,122 | |||||||||||||||||||||
Schedule of Estimated Fair Values of Securities with Gross Unrealized Losses in Continuous Unrealized Loss Position for Less Than Twelve Months and for Twelve Months or Longer | ' | |||||||||||||||||||||||||||||
The following tables set forth the estimated fair values of securities with gross unrealized losses at the dates indicated, segregated between securities that have been in a continuous unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer at the dates indicated. | ||||||||||||||||||||||||||||||
At September 30, 2014 | ||||||||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or Longer | Total | ||||||||||||||||||||||||||||
(In Thousands) | Estimated | Gross | Estimated | Gross Unrealized | Estimated | Gross Unrealized | ||||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Losses | Fair Value | Losses | |||||||||||||||||||||||||
Losses | ||||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 22,413 | $ | (136 | ) | $ | 97,773 | $ | (2,627 | ) | $ | 120,186 | $ | (2,763 | ) | |||||||||||||||
Non-GSE issuance REMICs and CMOs | — | — | 102 | (1 | ) | 102 | (1 | ) | ||||||||||||||||||||||
GSE pass-through certificates | 597 | (4 | ) | 78 | (1 | ) | 675 | (5 | ) | |||||||||||||||||||||
Obligations of GSEs | — | — | 95,539 | (3,140 | ) | 95,539 | (3,140 | ) | ||||||||||||||||||||||
Fannie Mae stock | — | — | 3 | (12 | ) | 3 | (12 | ) | ||||||||||||||||||||||
Total temporarily impaired securities | $ | 23,010 | $ | (140 | ) | $ | 193,495 | $ | (5,781 | ) | $ | 216,505 | $ | (5,921 | ) | |||||||||||||||
available-for-sale | ||||||||||||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 300,843 | $ | (3,374 | ) | $ | 483,810 | $ | (20,456 | ) | $ | 784,653 | $ | (23,830 | ) | |||||||||||||||
Non-GSE issuance REMICs and CMOs | — | — | 296 | (7 | ) | 296 | (7 | ) | ||||||||||||||||||||||
GSE pass-through certificates | — | — | 168,261 | (5,360 | ) | 168,261 | (5,360 | ) | ||||||||||||||||||||||
Multi-family mortgage-backed securities: | ||||||||||||||||||||||||||||||
GSE issuance REMICs | 72,587 | (541 | ) | — | — | 72,587 | (541 | ) | ||||||||||||||||||||||
Obligations of GSEs | — | — | 78,403 | (2,531 | ) | 78,403 | (2,531 | ) | ||||||||||||||||||||||
Total temporarily impaired securities | $ | 373,430 | $ | (3,915 | ) | $ | 730,770 | $ | (28,354 | ) | $ | 1,104,200 | $ | (32,269 | ) | |||||||||||||||
held-to-maturity | ||||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or Longer | Total | ||||||||||||||||||||||||||||
(In Thousands) | Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 243,149 | $ | (7,134 | ) | $ | — | $ | — | $ | 243,149 | $ | (7,134 | ) | ||||||||||||||||
Non-GSE issuance REMICs and CMOs | — | — | 132 | (1 | ) | 132 | (1 | ) | ||||||||||||||||||||||
GSE pass-through certificates | 172 | (1 | ) | 70 | (1 | ) | 242 | (2 | ) | |||||||||||||||||||||
Obligations of GSEs | 91,153 | (7,522 | ) | — | — | 91,153 | (7,522 | ) | ||||||||||||||||||||||
Fannie Mae stock | — | — | 3 | (12 | ) | 3 | (12 | ) | ||||||||||||||||||||||
Total temporarily impaired securities | $ | 334,474 | $ | (14,657 | ) | $ | 205 | $ | (14 | ) | $ | 334,679 | $ | (14,671 | ) | |||||||||||||||
available-for-sale | ||||||||||||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 719,715 | $ | (25,611 | ) | $ | 151,581 | $ | (8,314 | ) | $ | 871,296 | $ | (33,925 | ) | |||||||||||||||
Non-GSE issuance REMICs and CMOs | 392 | (10 | ) | — | — | 392 | (10 | ) | ||||||||||||||||||||||
GSE pass-through certificates | 230,795 | (10,088 | ) | 28 | (1 | ) | 230,823 | (10,089 | ) | |||||||||||||||||||||
Obligations of GSEs | 80,725 | (7,403 | ) | — | — | 80,725 | (7,403 | ) | ||||||||||||||||||||||
Total temporarily impaired securities | $ | 1,031,627 | $ | (43,112 | ) | $ | 151,609 | $ | (8,315 | ) | $ | 1,183,236 | $ | (51,427 | ) | |||||||||||||||
held-to-maturity | ||||||||||||||||||||||||||||||
Loans_Receivable_and_Allowance1
Loans Receivable and Allowance for Loan Losses (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||||
Schedule of composition of loans receivable portfolio and an aging analysis by accruing and non-accrual loans and by segment and class | ' | |||||||||||||||||||||||||||||||||
The following tables set forth the composition of our loans receivable portfolio, and an aging analysis by accruing and non-accrual loans, by segment and class at the dates indicated. | ||||||||||||||||||||||||||||||||||
At September 30, 2014 | ||||||||||||||||||||||||||||||||||
Past Due | ||||||||||||||||||||||||||||||||||
(In Thousands) | 30-59 Days | 60-89 Days | 90 Days or More | Total Past Due | Current | Total | ||||||||||||||||||||||||||||
Accruing loans: | ||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | ||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 14,725 | $ | 5,115 | $ | — | $ | 19,840 | $ | 942,958 | $ | 962,798 | ||||||||||||||||||||||
Full documentation amortizing | 32,652 | 5,140 | — | 37,792 | 4,994,848 | 5,032,640 | ||||||||||||||||||||||||||||
Reduced documentation interest-only | 15,566 | 4,258 | — | 19,824 | 589,172 | 608,996 | ||||||||||||||||||||||||||||
Reduced documentation amortizing | 6,818 | 1,950 | — | 8,768 | 376,225 | 384,993 | ||||||||||||||||||||||||||||
Total residential | 69,761 | 16,463 | — | 86,224 | 6,903,203 | 6,989,427 | ||||||||||||||||||||||||||||
Multi-family | 4,351 | 506 | 152 | 5,009 | 3,644,376 | 3,649,385 | ||||||||||||||||||||||||||||
Commercial real estate | 2,199 | 495 | — | 2,694 | 871,670 | 874,364 | ||||||||||||||||||||||||||||
Total mortgage loans | 76,311 | 17,464 | 152 | 93,927 | 11,419,249 | 11,513,176 | ||||||||||||||||||||||||||||
Consumer and other loans (gross): | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 1,656 | 159 | — | 1,815 | 173,747 | 175,562 | ||||||||||||||||||||||||||||
Other | 42 | 12 | — | 54 | 63,057 | 63,111 | ||||||||||||||||||||||||||||
Total consumer and other loans | 1,698 | 171 | — | 1,869 | 236,804 | 238,673 | ||||||||||||||||||||||||||||
Total accruing loans | $ | 78,009 | $ | 17,635 | $ | 152 | $ | 95,796 | $ | 11,656,053 | $ | 11,751,849 | ||||||||||||||||||||||
Non-accrual loans: | ||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | ||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 2,958 | $ | 177 | $ | 9,268 | $ | 12,403 | $ | 18,030 | $ | 30,433 | ||||||||||||||||||||||
Full documentation amortizing | 548 | 284 | 9,549 | 10,381 | 5,222 | 15,603 | ||||||||||||||||||||||||||||
Reduced documentation interest-only | 2,110 | 1,224 | 11,920 | 15,254 | 24,616 | 39,870 | ||||||||||||||||||||||||||||
Reduced documentation amortizing | 799 | 554 | 1,132 | 2,485 | 4,406 | 6,891 | ||||||||||||||||||||||||||||
Total residential | 6,415 | 2,239 | 31,869 | 40,523 | 52,274 | 92,797 | ||||||||||||||||||||||||||||
Multi-family | 429 | — | 6,489 | 6,918 | 2,933 | 9,851 | ||||||||||||||||||||||||||||
Commercial real estate | 2,357 | — | — | 2,357 | 3,587 | 5,944 | ||||||||||||||||||||||||||||
Total mortgage loans | 9,201 | 2,239 | 38,358 | 49,798 | 58,794 | 108,592 | ||||||||||||||||||||||||||||
Consumer and other loans (gross): | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | — | — | 6,289 | 6,289 | — | 6,289 | ||||||||||||||||||||||||||||
Other | — | — | 34 | 34 | — | 34 | ||||||||||||||||||||||||||||
Total consumer and other loans | — | — | 6,323 | 6,323 | — | 6,323 | ||||||||||||||||||||||||||||
Total non-accrual loans | $ | 9,201 | $ | 2,239 | $ | 44,681 | $ | 56,121 | $ | 58,794 | $ | 114,915 | ||||||||||||||||||||||
Total loans: | ||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | ||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 17,683 | $ | 5,292 | $ | 9,268 | $ | 32,243 | $ | 960,988 | $ | 993,231 | ||||||||||||||||||||||
Full documentation amortizing | 33,200 | 5,424 | 9,549 | 48,173 | 5,000,070 | 5,048,243 | ||||||||||||||||||||||||||||
Reduced documentation interest-only | 17,676 | 5,482 | 11,920 | 35,078 | 613,788 | 648,866 | ||||||||||||||||||||||||||||
Reduced documentation amortizing | 7,617 | 2,504 | 1,132 | 11,253 | 380,631 | 391,884 | ||||||||||||||||||||||||||||
Total residential | 76,176 | 18,702 | 31,869 | 126,747 | 6,955,477 | 7,082,224 | ||||||||||||||||||||||||||||
Multi-family | 4,780 | 506 | 6,641 | 11,927 | 3,647,309 | 3,659,236 | ||||||||||||||||||||||||||||
Commercial real estate | 4,556 | 495 | — | 5,051 | 875,257 | 880,308 | ||||||||||||||||||||||||||||
Total mortgage loans | 85,512 | 19,703 | 38,510 | 143,725 | 11,478,043 | 11,621,768 | ||||||||||||||||||||||||||||
Consumer and other loans (gross): | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 1,656 | 159 | 6,289 | 8,104 | 173,747 | 181,851 | ||||||||||||||||||||||||||||
Other | 42 | 12 | 34 | 88 | 63,057 | 63,145 | ||||||||||||||||||||||||||||
Total consumer and other loans | 1,698 | 171 | 6,323 | 8,192 | 236,804 | 244,996 | ||||||||||||||||||||||||||||
Total loans | $ | 87,210 | $ | 19,874 | $ | 44,833 | $ | 151,917 | $ | 11,714,847 | $ | 11,866,764 | ||||||||||||||||||||||
Net unamortized premiums and deferred loan | 49,171 | |||||||||||||||||||||||||||||||||
origination costs | ||||||||||||||||||||||||||||||||||
Loans receivable | 11,915,935 | |||||||||||||||||||||||||||||||||
Allowance for loan losses | (113,600 | ) | ||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 11,802,335 | ||||||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||
Past Due | ||||||||||||||||||||||||||||||||||
(In Thousands) | 30-59 Days | 60-89 Days | 90 Days or More | Total Past Due | Current | Total | ||||||||||||||||||||||||||||
Accruing loans: | ||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | ||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 27,291 | $ | 5,220 | $ | — | $ | 32,511 | $ | 1,249,462 | $ | 1,281,973 | ||||||||||||||||||||||
Full documentation amortizing | 31,189 | 7,415 | 151 | 38,755 | 5,325,944 | 5,364,699 | ||||||||||||||||||||||||||||
Reduced documentation interest-only | 22,635 | 5,208 | — | 27,843 | 693,660 | 721,503 | ||||||||||||||||||||||||||||
Reduced documentation amortizing | 8,993 | 2,311 | — | 11,304 | 352,322 | 363,626 | ||||||||||||||||||||||||||||
Total residential | 90,108 | 20,154 | 151 | 110,413 | 7,621,388 | 7,731,801 | ||||||||||||||||||||||||||||
Multi-family | 12,740 | 970 | — | 13,710 | 3,270,206 | 3,283,916 | ||||||||||||||||||||||||||||
Commercial real estate | 1,729 | 1,690 | 233 | 3,652 | 801,690 | 805,342 | ||||||||||||||||||||||||||||
Total mortgage loans | 104,577 | 22,814 | 384 | 127,775 | 11,693,284 | 11,821,059 | ||||||||||||||||||||||||||||
Consumer and other loans (gross): | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 3,000 | 1,321 | — | 4,321 | 189,540 | 193,861 | ||||||||||||||||||||||||||||
Other | 177 | 19 | — | 196 | 39,644 | 39,840 | ||||||||||||||||||||||||||||
Total consumer and other loans | 3,177 | 1,340 | — | 4,517 | 229,184 | 233,701 | ||||||||||||||||||||||||||||
Total accruing loans | $ | 107,754 | $ | 24,154 | $ | 384 | $ | 132,292 | $ | 11,922,468 | $ | 12,054,760 | ||||||||||||||||||||||
Non-accrual loans: | ||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | ||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 2,185 | $ | 582 | $ | 78,271 | $ | 81,038 | $ | 19,190 | $ | 100,228 | ||||||||||||||||||||||
Full documentation amortizing | 1,327 | 653 | 41,934 | 43,914 | 10,844 | 54,758 | ||||||||||||||||||||||||||||
Reduced documentation interest-only | 2,065 | 579 | 87,910 | 90,554 | 27,604 | 118,158 | ||||||||||||||||||||||||||||
Reduced documentation amortizing | 617 | 425 | 26,112 | 27,154 | 5,177 | 32,331 | ||||||||||||||||||||||||||||
Total residential | 6,194 | 2,239 | 234,227 | 242,660 | 62,815 | 305,475 | ||||||||||||||||||||||||||||
Multi-family | 1,104 | 357 | 9,054 | 10,515 | 2,024 | 12,539 | ||||||||||||||||||||||||||||
Commercial real estate | 930 | — | 921 | 1,851 | 5,773 | 7,624 | ||||||||||||||||||||||||||||
Total mortgage loans | 8,228 | 2,596 | 244,202 | 255,026 | 70,612 | 325,638 | ||||||||||||||||||||||||||||
Consumer and other loans (gross): | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | — | — | 5,916 | 5,916 | 32 | 5,948 | ||||||||||||||||||||||||||||
Other | — | — | 32 | 32 | — | 32 | ||||||||||||||||||||||||||||
Total consumer and other loans | — | — | 5,948 | 5,948 | 32 | 5,980 | ||||||||||||||||||||||||||||
Total non-accrual loans | $ | 8,228 | $ | 2,596 | $ | 250,150 | $ | 260,974 | $ | 70,644 | $ | 331,618 | ||||||||||||||||||||||
Total loans: | ||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | ||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 29,476 | $ | 5,802 | $ | 78,271 | $ | 113,549 | $ | 1,268,652 | $ | 1,382,201 | ||||||||||||||||||||||
Full documentation amortizing | 32,516 | 8,068 | 42,085 | 82,669 | 5,336,788 | 5,419,457 | ||||||||||||||||||||||||||||
Reduced documentation interest-only | 24,700 | 5,787 | 87,910 | 118,397 | 721,264 | 839,661 | ||||||||||||||||||||||||||||
Reduced documentation amortizing | 9,610 | 2,736 | 26,112 | 38,458 | 357,499 | 395,957 | ||||||||||||||||||||||||||||
Total residential | 96,302 | 22,393 | 234,378 | 353,073 | 7,684,203 | 8,037,276 | ||||||||||||||||||||||||||||
Multi-family | 13,844 | 1,327 | 9,054 | 24,225 | 3,272,230 | 3,296,455 | ||||||||||||||||||||||||||||
Commercial real estate | 2,659 | 1,690 | 1,154 | 5,503 | 807,463 | 812,966 | ||||||||||||||||||||||||||||
Total mortgage loans | 112,805 | 25,410 | 244,586 | 382,801 | 11,763,896 | 12,146,697 | ||||||||||||||||||||||||||||
Consumer and other loans (gross): | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 3,000 | 1,321 | 5,916 | 10,237 | 189,572 | 199,809 | ||||||||||||||||||||||||||||
Other | 177 | 19 | 32 | 228 | 39,644 | 39,872 | ||||||||||||||||||||||||||||
Total consumer and other loans | 3,177 | 1,340 | 5,948 | 10,465 | 229,216 | 239,681 | ||||||||||||||||||||||||||||
Total loans | $ | 115,982 | $ | 26,750 | $ | 250,534 | $ | 393,266 | $ | 11,993,112 | $ | 12,386,378 | ||||||||||||||||||||||
Net unamortized premiums and deferred loan | 55,688 | |||||||||||||||||||||||||||||||||
origination costs | ||||||||||||||||||||||||||||||||||
Loans receivable | 12,442,066 | |||||||||||||||||||||||||||||||||
Allowance for loan losses | (139,000 | ) | ||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 12,303,066 | ||||||||||||||||||||||||||||||||
Schedule of changes in allowance for loan losses by loan receivable segment | ' | |||||||||||||||||||||||||||||||||
The following tables set forth the changes in our allowance for loan losses by loan receivable segment for the periods indicated. | ||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2014 | ||||||||||||||||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | |||||||||||||||||||||||||||||||||
Multi-Family | Commercial Real Estate | |||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Total | ||||||||||||||||||||||||||||||||
Balance at July 1, 2014 | $ | 56,552 | $ | 37,075 | $ | 15,433 | $ | 9,540 | $ | 118,600 | ||||||||||||||||||||||||
Provision (credited) charged to operations | (7,617 | ) | 3,183 | 1,245 | 147 | (3,042 | ) | |||||||||||||||||||||||||||
Charge-offs | (2,134 | ) | (2,275 | ) | (143 | ) | (352 | ) | (4,904 | ) | ||||||||||||||||||||||||
Recoveries | 2,531 | 324 | — | 91 | 2,946 | |||||||||||||||||||||||||||||
Balance at September 30, 2014 | $ | 49,332 | $ | 38,307 | $ | 16,535 | $ | 9,426 | $ | 113,600 | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | |||||||||||||||||||||||||||||||||
Multi-Family | Commercial Real Estate | |||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Total | ||||||||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 80,337 | $ | 36,703 | $ | 13,136 | $ | 8,824 | $ | 139,000 | ||||||||||||||||||||||||
Provision (credited) charged to operations | (20,225 | ) | 4,457 | 6,518 | 2,097 | (7,153 | ) | |||||||||||||||||||||||||||
Charge-offs | (19,061 | ) | (3,414 | ) | (3,119 | ) | (1,776 | ) | (27,370 | ) | ||||||||||||||||||||||||
Recoveries | 8,281 | 561 | — | 281 | 9,123 | |||||||||||||||||||||||||||||
Balance at September 30, 2014 | $ | 49,332 | $ | 38,307 | $ | 16,535 | $ | 9,426 | $ | 113,600 | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | |||||||||||||||||||||||||||||||||
Multi-Family | Commercial Real Estate | |||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Total | ||||||||||||||||||||||||||||||||
Balance at July 1, 2013 | $ | 78,788 | $ | 40,865 | $ | 16,642 | $ | 7,605 | $ | 143,900 | ||||||||||||||||||||||||
Provision charged (credited) to operations | 7,659 | (2,521 | ) | (2,592 | ) | (5 | ) | 2,541 | ||||||||||||||||||||||||||
Charge-offs | (5,560 | ) | (99 | ) | (293 | ) | (544 | ) | (6,496 | ) | ||||||||||||||||||||||||
Recoveries | 2,537 | — | 247 | 271 | 3,055 | |||||||||||||||||||||||||||||
Balance at September 30, 2013 | $ | 83,424 | $ | 38,245 | $ | 14,004 | $ | 7,327 | $ | 143,000 | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | |||||||||||||||||||||||||||||||||
Multi-Family | Commercial Real Estate | |||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Total | ||||||||||||||||||||||||||||||||
Balance at January 1, 2013 | $ | 89,267 | $ | 35,514 | $ | 14,404 | $ | 6,316 | $ | 145,501 | ||||||||||||||||||||||||
Provision charged to operations | 7,488 | 5,131 | 1,378 | 2,196 | 16,193 | |||||||||||||||||||||||||||||
Charge-offs | (20,332 | ) | (3,637 | ) | (2,313 | ) | (1,672 | ) | (27,954 | ) | ||||||||||||||||||||||||
Recoveries | 7,001 | 1,237 | 535 | 487 | 9,260 | |||||||||||||||||||||||||||||
Balance at September 30, 2013 | $ | 83,424 | $ | 38,245 | $ | 14,004 | $ | 7,327 | $ | 143,000 | ||||||||||||||||||||||||
Schedule of balances of residential interest-only mortgage loans by scheduled amortization period | ' | |||||||||||||||||||||||||||||||||
The following table sets forth the balances of our residential interest-only mortgage loans at September 30, 2014 by the period in which such loans are scheduled to enter their amortization period. | ||||||||||||||||||||||||||||||||||
(In Thousands) | Recorded | |||||||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||||||||
Amortization scheduled to begin in: | ||||||||||||||||||||||||||||||||||
Twelve months or less | $ | 494,856 | ||||||||||||||||||||||||||||||||
Thirteen to twenty-four months | 544,435 | |||||||||||||||||||||||||||||||||
Twenty-five to thirty-six months | 443,464 | |||||||||||||||||||||||||||||||||
Over thirty-six months | 159,342 | |||||||||||||||||||||||||||||||||
Total | $ | 1,642,097 | ||||||||||||||||||||||||||||||||
Schedule of balances of loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed | ' | |||||||||||||||||||||||||||||||||
The following tables set forth the balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses at the dates indicated. | ||||||||||||||||||||||||||||||||||
At September 30, 2014 | ||||||||||||||||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | |||||||||||||||||||||||||||||||||
Multi-Family | Commercial Real Estate | |||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Total | ||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 181,486 | $ | 44,312 | $ | 19,183 | $ | 5,768 | $ | 250,749 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 6,900,738 | 3,614,924 | 861,125 | 239,228 | 11,616,015 | |||||||||||||||||||||||||||||
Total loans | $ | 7,082,224 | $ | 3,659,236 | $ | 880,308 | $ | 244,996 | $ | 11,866,764 | ||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 9,789 | $ | 3,448 | $ | 2,308 | $ | 4,340 | $ | 19,885 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 39,543 | 34,859 | 14,227 | 5,086 | 93,715 | |||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 49,332 | $ | 38,307 | $ | 16,535 | $ | 9,426 | $ | 113,600 | ||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | |||||||||||||||||||||||||||||||||
Multi-Family | Commercial Real Estate | |||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Total | ||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 311,930 | $ | 52,538 | $ | 20,054 | $ | — | $ | 384,522 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 7,725,346 | 3,243,917 | 792,912 | 239,681 | 12,001,856 | |||||||||||||||||||||||||||||
Total loans | $ | 8,037,276 | $ | 3,296,455 | $ | 812,966 | $ | 239,681 | $ | 12,386,378 | ||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 18,352 | $ | 2,877 | $ | 302 | $ | — | $ | 21,531 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 61,985 | 33,826 | 12,834 | 8,824 | 117,469 | |||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 80,337 | $ | 36,703 | $ | 13,136 | $ | 8,824 | $ | 139,000 | ||||||||||||||||||||||||
Summary of information related to impaired loans by segment and class | ' | |||||||||||||||||||||||||||||||||
The following table summarizes information related to our impaired loans by segment and class at the dates indicated. | ||||||||||||||||||||||||||||||||||
At September 30, 2014 | At December 31, 2013 | |||||||||||||||||||||||||||||||||
(In Thousands) | Unpaid | Recorded | Related | Net Investment | Unpaid | Recorded | Related | Net Investment | ||||||||||||||||||||||||||
Principal | Investment | Allowance | Principal | Investment | Allowance | |||||||||||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 62,496 | $ | 53,319 | $ | (3,052 | ) | $ | 50,267 | $ | 142,659 | $ | 109,877 | $ | (6,019 | ) | $ | 103,858 | ||||||||||||||||
Full documentation amortizing | 35,521 | 33,189 | (1,043 | ) | 32,146 | 41,136 | 36,091 | (2,458 | ) | 33,633 | ||||||||||||||||||||||||
Reduced documentation interest-only | 91,461 | 77,977 | (4,836 | ) | 73,141 | 183,280 | 140,357 | (7,673 | ) | 132,684 | ||||||||||||||||||||||||
Reduced documentation amortizing | 18,298 | 17,001 | (858 | ) | 16,143 | 30,660 | 25,605 | (2,202 | ) | 23,403 | ||||||||||||||||||||||||
Multi-family | 36,424 | 29,043 | (3,448 | ) | 25,595 | 19,748 | 19,748 | (2,877 | ) | 16,871 | ||||||||||||||||||||||||
Commercial real estate | 26,130 | 19,183 | (2,308 | ) | 16,875 | 5,790 | 5,790 | (302 | ) | 5,488 | ||||||||||||||||||||||||
Consumer and other loans: | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 6,051 | 5,768 | (4,340 | ) | 1,428 | — | — | — | — | |||||||||||||||||||||||||
Without an allowance recorded: | ||||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||||
Multi-family | 16,670 | 15,269 | — | 15,269 | 39,871 | 32,790 | — | 32,790 | ||||||||||||||||||||||||||
Commercial real estate | — | — | — | — | 19,988 | 14,264 | — | 14,264 | ||||||||||||||||||||||||||
Total impaired loans | $ | 293,051 | $ | 250,749 | $ | (19,885 | ) | $ | 230,864 | $ | 483,132 | $ | 384,522 | $ | (21,531 | ) | $ | 362,991 | ||||||||||||||||
Schedule of information related to average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans | ' | |||||||||||||||||||||||||||||||||
The following tables set forth the average recorded investment, interest income recognized and cash basis interest income related to our impaired loans by segment and class for the periods indicated. | ||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
(In Thousands) | Average | Interest | Cash Basis | Average | Interest | Cash Basis | ||||||||||||||||||||||||||||
Recorded | Income | Interest | Recorded | Income | Interest | |||||||||||||||||||||||||||||
Investment | Recognized | Income | Investment | Recognized | Income | |||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 78,799 | $ | 440 | $ | 461 | $ | 107,893 | $ | 762 | $ | 763 | ||||||||||||||||||||||
Full documentation amortizing | 38,051 | 289 | 283 | 31,128 | 218 | 220 | ||||||||||||||||||||||||||||
Reduced documentation interest-only | 104,522 | 782 | 814 | 144,468 | 1,171 | 1,174 | ||||||||||||||||||||||||||||
Reduced documentation amortizing | 20,781 | 141 | 147 | 24,452 | 158 | 152 | ||||||||||||||||||||||||||||
Multi-family | 33,013 | 329 | 328 | 19,557 | 34 | 169 | ||||||||||||||||||||||||||||
Commercial real estate | 19,673 | 289 | 261 | 7,604 | 56 | 66 | ||||||||||||||||||||||||||||
Consumer and other loans: | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 5,546 | 5 | 13 | — | — | — | ||||||||||||||||||||||||||||
Without an allowance recorded: | ||||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | — | — | — | 9,075 | — | — | ||||||||||||||||||||||||||||
Full documentation amortizing | 314 | — | — | 2,968 | — | — | ||||||||||||||||||||||||||||
Multi-family | 13,419 | 175 | 175 | 31,464 | 401 | 416 | ||||||||||||||||||||||||||||
Commercial real estate | — | — | — | 11,252 | 112 | 131 | ||||||||||||||||||||||||||||
Total impaired loans | $ | 314,118 | $ | 2,450 | $ | 2,482 | $ | 389,861 | $ | 2,912 | $ | 3,091 | ||||||||||||||||||||||
For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
(In Thousands) | Average | Interest | Cash Basis | Average | Interest | Cash Basis | ||||||||||||||||||||||||||||
Recorded | Income | Interest | Recorded | Income | Interest | |||||||||||||||||||||||||||||
Investment | Recognized | Income | Investment | Recognized | Income | |||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 93,748 | $ | 1,644 | $ | 1,695 | $ | 105,931 | $ | 2,114 | $ | 2,229 | ||||||||||||||||||||||
Full documentation amortizing | 37,926 | 993 | 992 | 29,465 | 623 | 639 | ||||||||||||||||||||||||||||
Reduced documentation interest-only | 120,976 | 2,922 | 2,939 | 146,773 | 3,053 | 3,205 | ||||||||||||||||||||||||||||
Reduced documentation amortizing | 23,142 | 478 | 482 | 25,424 | 464 | 493 | ||||||||||||||||||||||||||||
Multi-family | 30,836 | 952 | 970 | 18,975 | 659 | 722 | ||||||||||||||||||||||||||||
Commercial real estate | 16,859 | 748 | 813 | 8,692 | 253 | 285 | ||||||||||||||||||||||||||||
Consumer and other loans: | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 5,215 | 37 | 51 | — | — | — | ||||||||||||||||||||||||||||
Without an allowance recorded: | ||||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | — | — | — | 14,433 | — | — | ||||||||||||||||||||||||||||
Full documentation amortizing | 457 | — | — | 4,396 | — | — | ||||||||||||||||||||||||||||
Reduced documentation interest-only | — | — | — | 2,086 | — | — | ||||||||||||||||||||||||||||
Multi-family | 17,906 | 529 | 530 | 33,294 | 1,165 | 1,229 | ||||||||||||||||||||||||||||
Commercial real estate | 3,566 | — | — | 10,118 | 286 | 319 | ||||||||||||||||||||||||||||
Total impaired loans | $ | 350,631 | $ | 8,303 | $ | 8,472 | $ | 399,587 | $ | 8,617 | $ | 9,121 | ||||||||||||||||||||||
Restructured Loans | ' | |||||||||||||||||||||||||||||||||
Loans receivable and allowance for loan losses disclosures | ' | |||||||||||||||||||||||||||||||||
Schedule of information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ' | |||||||||||||||||||||||||||||||||
The following tables set forth information about our mortgage loans receivable by segment and class at September 30, 2014 and 2013 which were modified in a troubled debt restructuring, or TDR, during the periods indicated. | ||||||||||||||||||||||||||||||||||
Modifications During the Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
(Dollars In Thousands) | Number | Pre- | Recorded | Number | Pre- | Recorded | ||||||||||||||||||||||||||||
of Loans | Modification | Investment at | of Loans | Modification | Investment at | |||||||||||||||||||||||||||||
Recorded | September 30, 2014 | Recorded | September 30, 2013 | |||||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | 3 | $ | 1,447 | $ | 1,447 | 7 | $ | 2,128 | $ | 2,127 | ||||||||||||||||||||||||
Full documentation amortizing | — | — | — | 1 | 161 | 161 | ||||||||||||||||||||||||||||
Reduced documentation interest-only | 9 | 3,585 | 3,581 | 10 | 3,107 | 3,096 | ||||||||||||||||||||||||||||
Reduced documentation amortizing | 1 | 282 | 281 | 2 | 387 | 386 | ||||||||||||||||||||||||||||
Multi-family | 2 | 1,441 | 1,055 | 5 | 3,967 | 3,774 | ||||||||||||||||||||||||||||
Commercial real estate | 1 | 1,569 | 1,569 | 4 | 6,488 | 5,458 | ||||||||||||||||||||||||||||
Total | 16 | $ | 8,324 | $ | 7,933 | 29 | $ | 16,238 | $ | 15,002 | ||||||||||||||||||||||||
Modifications During the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
(Dollars In Thousands) | Number | Pre- | Recorded | Number | Pre- | Recorded | ||||||||||||||||||||||||||||
of Loans | Modification | Investment at | of Loans | Modification | Investment at | |||||||||||||||||||||||||||||
Recorded | September 30, 2014 | Recorded | September 30, 2013 | |||||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | 21 | $ | 9,244 | $ | 8,776 | 18 | $ | 4,579 | $ | 4,577 | ||||||||||||||||||||||||
Full documentation amortizing | 3 | 519 | 485 | 6 | 1,662 | 1,682 | ||||||||||||||||||||||||||||
Reduced documentation interest-only | 17 | 5,885 | 5,860 | 28 | 8,957 | 8,921 | ||||||||||||||||||||||||||||
Reduced documentation amortizing | 3 | 599 | 541 | 8 | 2,470 | 2,408 | ||||||||||||||||||||||||||||
Multi-family | 4 | 2,501 | 1,994 | 8 | 6,751 | 6,228 | ||||||||||||||||||||||||||||
Commercial real estate | 3 | 2,482 | 2,453 | 7 | 10,443 | 9,125 | ||||||||||||||||||||||||||||
Total | 51 | $ | 21,230 | $ | 20,109 | 75 | $ | 34,862 | $ | 32,941 | ||||||||||||||||||||||||
Defaulted Loans | ' | |||||||||||||||||||||||||||||||||
Loans receivable and allowance for loan losses disclosures | ' | |||||||||||||||||||||||||||||||||
Schedule of information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ' | |||||||||||||||||||||||||||||||||
The following tables set forth information about our mortgage loans receivable by segment and class at September 30, 2014 and 2013 which were modified in a TDR during the twelve month periods ended September 30, 2014 and 2013 and had a payment default subsequent to the modification during the periods indicated. | ||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
(Dollars In Thousands) | Number of Loans | Recorded Investment at | Number of Loans | Recorded Investment at | ||||||||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | |||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | 2 | $ | 714 | 14 | $ | 3,365 | ||||||||||||||||||||||||||||
Full documentation amortizing | 3 | 852 | 8 | 2,159 | ||||||||||||||||||||||||||||||
Reduced documentation interest-only | 2 | 910 | 20 | 5,729 | ||||||||||||||||||||||||||||||
Reduced documentation amortizing | — | — | 2 | 303 | ||||||||||||||||||||||||||||||
Multi-family | — | — | 1 | 671 | ||||||||||||||||||||||||||||||
Total | 7 | $ | 2,476 | 45 | $ | 12,227 | ||||||||||||||||||||||||||||
For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
(Dollars In Thousands) | Number of Loans | Recorded Investment at | Number of Loans | Recorded Investment at | ||||||||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | |||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||
Full documentation interest-only | 3 | $ | 854 | 22 | $ | 5,343 | ||||||||||||||||||||||||||||
Full documentation amortizing | 4 | 1,057 | 10 | 2,589 | ||||||||||||||||||||||||||||||
Reduced documentation interest-only | 4 | 1,799 | 24 | 6,707 | ||||||||||||||||||||||||||||||
Reduced documentation amortizing | 1 | 92 | 5 | 880 | ||||||||||||||||||||||||||||||
Multi-family | — | — | 1 | 671 | ||||||||||||||||||||||||||||||
Total | 12 | $ | 3,802 | 62 | $ | 16,190 | ||||||||||||||||||||||||||||
Performing, non-performing credit quality indicator | ' | |||||||||||||||||||||||||||||||||
Loans receivable and allowance for loan losses disclosures | ' | |||||||||||||||||||||||||||||||||
Schedule of loan receivable segments by class and credit quality indicator | ' | |||||||||||||||||||||||||||||||||
The following tables set forth the balances of our residential mortgage and consumer and other loan receivable segments by class and credit quality indicator at the dates indicated. | ||||||||||||||||||||||||||||||||||
At September 30, 2014 | ||||||||||||||||||||||||||||||||||
Residential Mortgage Loans | Consumer and Other Loans | |||||||||||||||||||||||||||||||||
Full Documentation | Reduced Documentation | Home Equity Lines of Credit | ||||||||||||||||||||||||||||||||
(In Thousands) | Interest-only | Amortizing | Interest-only | Amortizing | Other | |||||||||||||||||||||||||||||
Performing | $ | 962,798 | $ | 5,032,640 | $ | 608,996 | $ | 384,993 | $ | 175,562 | $ | 63,111 | ||||||||||||||||||||||
Non-performing: | ||||||||||||||||||||||||||||||||||
Current or past due less than 90 days | 21,165 | 6,054 | 27,950 | 5,759 | — | — | ||||||||||||||||||||||||||||
Past due 90 days or more | 9,268 | 9,549 | 11,920 | 1,132 | 6,289 | 34 | ||||||||||||||||||||||||||||
Total | $ | 993,231 | $ | 5,048,243 | $ | 648,866 | $ | 391,884 | $ | 181,851 | $ | 63,145 | ||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||
Residential Mortgage Loans | Consumer and Other Loans | |||||||||||||||||||||||||||||||||
Full Documentation | Reduced Documentation | Home Equity Lines of Credit | ||||||||||||||||||||||||||||||||
(In Thousands) | Interest-only | Amortizing | Interest-only | Amortizing | Other | |||||||||||||||||||||||||||||
Performing | $ | 1,281,973 | $ | 5,364,548 | $ | 721,503 | $ | 363,626 | $ | 193,861 | $ | 39,840 | ||||||||||||||||||||||
Non-performing: | ||||||||||||||||||||||||||||||||||
Current or past due less than 90 days | 21,957 | 12,824 | 30,248 | 6,219 | 32 | — | ||||||||||||||||||||||||||||
Past due 90 days or more | 78,271 | 42,085 | 87,910 | 26,112 | 5,916 | 32 | ||||||||||||||||||||||||||||
Total | $ | 1,382,201 | $ | 5,419,457 | $ | 839,661 | $ | 395,957 | $ | 199,809 | $ | 39,872 | ||||||||||||||||||||||
Criticized, Not Criticized | ' | |||||||||||||||||||||||||||||||||
Loans receivable and allowance for loan losses disclosures | ' | |||||||||||||||||||||||||||||||||
Schedule of loan receivable segments by class and credit quality indicator | ' | |||||||||||||||||||||||||||||||||
The following table sets forth the balances of our multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator at the dates indicated. | ||||||||||||||||||||||||||||||||||
At September 30, 2014 | At December 31, 2013 | |||||||||||||||||||||||||||||||||
Commercial Real Estate | Commercial Real Estate | |||||||||||||||||||||||||||||||||
(In Thousands) | Multi-Family | Multi-Family | ||||||||||||||||||||||||||||||||
Not criticized | $ | 3,604,937 | $ | 825,089 | $ | 3,209,786 | $ | 759,114 | ||||||||||||||||||||||||||
Criticized: | ||||||||||||||||||||||||||||||||||
Special mention | 22,390 | 16,578 | 14,063 | 9,760 | ||||||||||||||||||||||||||||||
Substandard | 31,157 | 38,641 | 72,606 | 44,092 | ||||||||||||||||||||||||||||||
Doubtful | 752 | — | — | — | ||||||||||||||||||||||||||||||
Total | $ | 3,659,236 | $ | 880,308 | $ | 3,296,455 | $ | 812,966 | ||||||||||||||||||||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||||||||||
Reconciliation of basic and diluted earnings per common share | ' | |||||||||||||||||||||||||||||
The following table is a reconciliation of basic and diluted earnings per common share, or EPS. | ||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
(In Thousands, Except Share Data) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Net income | $ | 18,808 | $ | 16,924 | $ | 72,657 | $ | 46,441 | ||||||||||||||||||||||
Preferred stock dividends | (2,194 | ) | (2,194 | ) | (6,582 | ) | (5,021 | ) | ||||||||||||||||||||||
Net income available to common shareholders | 16,614 | 14,730 | 66,075 | 41,420 | ||||||||||||||||||||||||||
Income allocated to participating securities | (187 | ) | (195 | ) | (742 | ) | (508 | ) | ||||||||||||||||||||||
Net income allocated to common shareholders | $ | 16,427 | $ | 14,535 | $ | 65,333 | $ | 40,912 | ||||||||||||||||||||||
Basic weighted average common shares outstanding | 98,453,265 | 97,199,329 | 98,279,671 | 96,967,052 | ||||||||||||||||||||||||||
Dilutive effect of stock options and restricted stock units (1) (2) | — | — | — | — | ||||||||||||||||||||||||||
Diluted weighted average common shares outstanding | 98,453,265 | 97,199,329 | 98,279,671 | 96,967,052 | ||||||||||||||||||||||||||
Basic EPS | $ | 0.17 | $ | 0.15 | $ | 0.66 | $ | 0.42 | ||||||||||||||||||||||
Diluted EPS | $ | 0.17 | $ | 0.15 | $ | 0.66 | $ | 0.42 | ||||||||||||||||||||||
-1 | Excludes options to purchase 988,050 shares of common stock which were outstanding during the three months ended September 30, 2014; options to purchase 1,871,935 shares of common stock which were outstanding during the three months ended September 30, 2013; options to purchase 1,016,451 shares of common stock which were outstanding during the nine months ended September 30, 2014; and options to purchase 2,215,820 shares of common stock which were outstanding during the nine months ended September 30, 2013 because their inclusion would be anti-dilutive. | |||||||||||||||||||||||||||||
-2 | Excludes 788,874 unvested restricted stock units which were outstanding during the three months ended September 30, 2014; 415,900 unvested restricted stock units which were outstanding during the three months ended September 30, 2013; 751,149 unvested restricted stock units which were outstanding during the nine months ended September 30, 2014; and 379,602 unvested restricted stock units which were outstanding during the nine months ended September 30, 2013 because the performance conditions have not been satisfied. |
Other_Comprehensive_IncomeLoss1
Other Comprehensive Income/Loss (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | |||||||||||||||||
Components of and Changes in Accumulated Other Comprehensive Loss net of tax | ' | |||||||||||||||||
The following tables set forth the components of accumulated other comprehensive loss, net of related tax effects, at the dates indicated and the changes during the three and nine months ended September 30, 2014 and 2013. | ||||||||||||||||||
(In Thousands) | At | Other | At | |||||||||||||||
June 30, 2014 | Comprehensive | September 30, 2014 | ||||||||||||||||
(Loss) Income | ||||||||||||||||||
Net unrealized gain on securities available-for-sale | $ | 3,326 | $ | (511 | ) | $ | 2,815 | |||||||||||
Net actuarial loss on pension plans and other postretirement benefits | (30,304 | ) | 147 | (30,157 | ) | |||||||||||||
Prior service cost on pension plans and other postretirement benefits | (3,223 | ) | 31 | (3,192 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | (30,201 | ) | $ | (333 | ) | $ | (30,534 | ) | |||||||||
(In Thousands) | At | Other | At | |||||||||||||||
December 31, 2013 | Comprehensive | September 30, 2014 | ||||||||||||||||
Income | ||||||||||||||||||
Net unrealized (loss) gain on securities available-for-sale | $ | (4,366 | ) | $ | 7,181 | $ | 2,815 | |||||||||||
Net actuarial loss on pension plans and other postretirement benefits | (30,600 | ) | 443 | (30,157 | ) | |||||||||||||
Prior service cost on pension plans and other postretirement benefits | (3,284 | ) | 92 | (3,192 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | (38,250 | ) | $ | 7,716 | $ | (30,534 | ) | ||||||||||
(In Thousands) | At | Other | At | |||||||||||||||
June 30, 2013 | Comprehensive | September 30, 2013 | ||||||||||||||||
(Loss) Income | ||||||||||||||||||
Net unrealized loss on securities available-for-sale | $ | (484 | ) | $ | (1,286 | ) | $ | (1,770 | ) | |||||||||
Net actuarial loss on pension plans and other postretirement benefits | (75,946 | ) | 585 | (75,361 | ) | |||||||||||||
Prior service cost on pension plans and other postretirement benefits | (3,357 | ) | 34 | (3,323 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | (79,787 | ) | $ | (667 | ) | $ | (80,454 | ) | |||||||||
(In Thousands) | At | Other | At | |||||||||||||||
December 31, 2012 | Comprehensive | September 30, 2013 | ||||||||||||||||
(Loss) Income | ||||||||||||||||||
Net unrealized gain (loss) on securities available-for-sale | $ | 7,451 | $ | (9,221 | ) | $ | (1,770 | ) | ||||||||||
Net actuarial loss on pension plans and other postretirement benefits | (77,115 | ) | 1,754 | (75,361 | ) | |||||||||||||
Prior service cost on pension plans and other postretirement benefits | (3,426 | ) | 103 | (3,323 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | (73,090 | ) | $ | (7,364 | ) | $ | (80,454 | ) | |||||||||
Schedule of Components of Other Comprehensive Income/Loss | ' | |||||||||||||||||
The following tables set forth the components of other comprehensive income/loss for the periods indicated. | ||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||
September 30, 2014 | ||||||||||||||||||
(In Thousands) | Before Tax | Tax Benefit | After Tax | |||||||||||||||
Amount | (Expense) | Amount | ||||||||||||||||
Net unrealized loss on securities available-for-sale: | ||||||||||||||||||
Net unrealized holding loss on securities arising during the period | $ | (649 | ) | $ | 229 | $ | (420 | ) | ||||||||||
Reclassification adjustment for gain on sales of securities included in net income | (141 | ) | 50 | (91 | ) | |||||||||||||
Net unrealized loss on securities available-for-sale | (790 | ) | 279 | (511 | ) | |||||||||||||
Reclassification adjustment for net actuarial loss included in net income | 228 | (81 | ) | 147 | ||||||||||||||
Reclassification adjustment for prior service cost included in net income | 47 | (16 | ) | 31 | ||||||||||||||
Other comprehensive loss | $ | (515 | ) | $ | 182 | $ | (333 | ) | ||||||||||
For the Nine Months Ended | ||||||||||||||||||
September 30, 2014 | ||||||||||||||||||
(In Thousands) | Before Tax | Tax(Expense) Benefit | After Tax | |||||||||||||||
Amount | Amount | |||||||||||||||||
Net unrealized gain on securities available-for-sale: | ||||||||||||||||||
Net unrealized holding gain on securities arising during the period | $ | 11,242 | $ | (3,970 | ) | $ | 7,272 | |||||||||||
Reclassification adjustment for gain on sales of securities included in net income | (141 | ) | 50 | (91 | ) | |||||||||||||
Net unrealized gain on securities available-for-sale | 11,101 | (3,920 | ) | 7,181 | ||||||||||||||
Reclassification adjustment for net actuarial loss included in net income | 685 | (242 | ) | 443 | ||||||||||||||
Reclassification adjustment for prior service cost included in net income | 142 | (50 | ) | 92 | ||||||||||||||
Other comprehensive income | $ | 11,928 | $ | (4,212 | ) | $ | 7,716 | |||||||||||
For the Three Months Ended | ||||||||||||||||||
September 30, 2013 | ||||||||||||||||||
(In Thousands) | Before Tax | Tax Benefit | After Tax | |||||||||||||||
Amount | (Expense) | Amount | ||||||||||||||||
Net unrealized holding loss on securities available-for-sale arising during the period | $ | (1,984 | ) | $ | 698 | $ | (1,286 | ) | ||||||||||
Reclassification adjustment for net actuarial loss included in net income | 903 | (318 | ) | 585 | ||||||||||||||
Reclassification adjustment for prior service cost included in net income | 53 | (19 | ) | 34 | ||||||||||||||
Other comprehensive loss | $ | (1,028 | ) | $ | 361 | $ | (667 | ) | ||||||||||
For the Nine Months Ended | ||||||||||||||||||
September 30, 2013 | ||||||||||||||||||
(In Thousands) | Before Tax | Tax Benefit | After Tax | |||||||||||||||
Amount | (Expense) | Amount | ||||||||||||||||
Net unrealized loss on securities available-for-sale: | ||||||||||||||||||
Net unrealized holding loss on securities arising during the period | $ | (12,180 | ) | $ | 4,291 | $ | (7,889 | ) | ||||||||||
Reclassification adjustment for gain on sales of securities included in net income | (2,057 | ) | 725 | (1,332 | ) | |||||||||||||
Net unrealized loss on securities available-for-sale | (14,237 | ) | 5,016 | (9,221 | ) | |||||||||||||
Reclassification adjustment for net actuarial loss included in net income | 2,708 | (954 | ) | 1,754 | ||||||||||||||
Reclassification adjustment for prior service cost included in net income | 159 | (56 | ) | 103 | ||||||||||||||
Other comprehensive loss | $ | (11,370 | ) | $ | 4,006 | $ | (7,364 | ) | ||||||||||
Information About Amounts Reclassified From Accumulated Other Comprehensive Loss to the Consolidated Statements of Income | ' | |||||||||||||||||
The following tables set forth information about amounts reclassified from accumulated other comprehensive loss to, and the affected line items in, the consolidated statements of income for the periods indicated. | ||||||||||||||||||
(In Thousands) | For the | For the | Income Statement | |||||||||||||||
Three Months Ended | Three Months Ended | Line Item | ||||||||||||||||
September 30, 2014 | September 30, 2013 | |||||||||||||||||
Reclassification adjustment for gain on sales of securities | $ | 141 | $ | — | Gain on sales of securities | |||||||||||||
Reclassification adjustment for net actuarial loss (1) | (228 | ) | (903 | ) | Compensation and benefits | |||||||||||||
Reclassification adjustment for prior service cost (1) | (47 | ) | (53 | ) | Compensation and benefits | |||||||||||||
Total reclassifications, before tax | (134 | ) | (956 | ) | ||||||||||||||
Income tax effect | 47 | 337 | Income tax expense | |||||||||||||||
Total reclassifications, net of tax | $ | (87 | ) | $ | (619 | ) | Net income | |||||||||||
(In Thousands) | For the | For the | Income Statement | |||||||||||||||
Nine Months Ended | Nine Months Ended | Line Item | ||||||||||||||||
September 30, 2014 | September 30, 2013 | |||||||||||||||||
Reclassification adjustment for gain on sales of securities | $ | 141 | $ | 2,057 | Gain on sales of securities | |||||||||||||
Reclassification adjustment for net actuarial loss (1) | (685 | ) | (2,708 | ) | Compensation and benefits | |||||||||||||
Reclassification adjustment for prior service cost (1) | (142 | ) | (159 | ) | Compensation and benefits | |||||||||||||
Total reclassifications, before tax | (686 | ) | (810 | ) | ||||||||||||||
Income tax effect | 242 | 285 | Income tax expense | |||||||||||||||
Total reclassifications, net of tax | $ | (444 | ) | $ | (525 | ) | Net income | |||||||||||
-1 | These other comprehensive income/loss components are included in the computations of net periodic (benefit) cost for our defined benefit pension plans and other postretirement benefit plan. See Note 6 for additional details. |
Pension_Plans_and_Other_Postre1
Pension Plans and Other Postretirement Benefits (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of net periodic (benefit) cost for defined benefit pension plans and other postretirement benefit plan | ' | |||||||||||||||||||||||
The following tables set forth information regarding the components of net periodic (benefit) cost for our defined benefit pension plans and other postretirement benefit plan for the periods indicated. | ||||||||||||||||||||||||
Pension Benefits | Other Postretirement | |||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Three Months Ended September 30, | |||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Service cost | $ | — | $ | — | $ | 309 | $ | 396 | ||||||||||||||||
Interest cost | 2,613 | 2,387 | 233 | 319 | ||||||||||||||||||||
Expected return on plan assets | (3,710 | ) | (3,188 | ) | — | — | ||||||||||||||||||
Recognized net actuarial loss (gain) | 350 | 785 | (122 | ) | 118 | |||||||||||||||||||
Amortization of prior service cost | 47 | 53 | — | — | ||||||||||||||||||||
Net periodic (benefit) cost | $ | (700 | ) | $ | 37 | $ | 420 | $ | 833 | |||||||||||||||
Pension Benefits | Other Postretirement | |||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||
For the Nine Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Service cost | $ | — | $ | — | $ | 930 | $ | 1,185 | ||||||||||||||||
Interest cost | 7,838 | 7,162 | 698 | 959 | ||||||||||||||||||||
Expected return on plan assets | (11,132 | ) | (9,565 | ) | — | — | ||||||||||||||||||
Recognized net actuarial loss (gain) | 1,051 | 2,354 | (366 | ) | 354 | |||||||||||||||||||
Amortization of prior service cost | 142 | 159 | — | — | ||||||||||||||||||||
Net periodic (benefit) cost | $ | (2,101 | ) | $ | 110 | $ | 1,262 | $ | 2,498 | |||||||||||||||
Stock_Incentive_Plans_Tables
Stock Incentive Plans (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||
Schedule of restricted common stock and performance based restricted stock unit in stock incentive plans | ' | |||||||||||||||||||
The following table summarizes restricted common stock and performance-based restricted stock unit activity in our stock incentive plans for the nine months ended September 30, 2014. | ||||||||||||||||||||
Restricted Common Stock | Restricted Stock Units | |||||||||||||||||||
Number of Units | Weighted Average | Number of | Weighted Average | |||||||||||||||||
Grant Date Fair Value | Units | Grant Date Fair Value | ||||||||||||||||||
Unvested at January 1, 2014 | 781,644 | $ | 11.46 | 409,100 | $ | 9.22 | ||||||||||||||
Granted | 429,346 | 12.63 | 395,900 | 12.14 | ||||||||||||||||
Vested | (55,168 | ) | (11.04 | ) | — | — | ||||||||||||||
Forfeited | (23,590 | ) | (11.93 | ) | (20,600 | ) | (10.58 | ) | ||||||||||||
Unvested at September 30, 2014 | 1,132,232 | 11.91 | 784,400 | 10.66 | ||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of carrying values of assets measured at estimated fair value on recurring basis and level within the fair value hierarchy | ' | |||||||||||||||
The following tables set forth the carrying values of our assets measured at estimated fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated. | ||||||||||||||||
Carrying Value at September 30, 2014 | ||||||||||||||||
(In Thousands) | Total | Level 1 | Level 2 | |||||||||||||
Securities available-for-sale: | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||
GSE issuance REMICs and CMOs | $ | 250,746 | $ | — | $ | 250,746 | ||||||||||
Non-GSE issuance REMICs and CMOs | 5,727 | — | 5,727 | |||||||||||||
GSE pass-through certificates | 14,011 | — | 14,011 | |||||||||||||
Obligations of GSEs | 95,539 | — | 95,539 | |||||||||||||
Fannie Mae stock | 3 | 3 | — | |||||||||||||
Total securities available-for-sale | $ | 366,026 | $ | 3 | $ | 366,023 | ||||||||||
Carrying Value at December 31, 2013 | ||||||||||||||||
(In Thousands) | Total | Level 1 | Level 2 | |||||||||||||
Securities available-for-sale: | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||
GSE issuance REMICs and CMOs | $ | 286,074 | $ | — | $ | 286,074 | ||||||||||
Non-GSE issuance REMICs and CMOs | 7,572 | — | 7,572 | |||||||||||||
GSE pass-through certificates | 16,888 | — | 16,888 | |||||||||||||
Obligations of GSEs | 91,153 | — | 91,153 | |||||||||||||
Fannie Mae stock | 3 | 3 | — | |||||||||||||
Total securities available-for-sale | $ | 401,690 | $ | 3 | $ | 401,687 | ||||||||||
Schedule of carrying values of assets measured at fair value on non-recurring basis which fall within Level 3 of the fair value hierarchy | ' | |||||||||||||||
The following table sets forth the carrying values of those of our assets which were measured at fair value on a non-recurring basis at the dates indicated. The fair value measurements for all of these assets fall within Level 3 of the fair value hierarchy. | ||||||||||||||||
Carrying Value | ||||||||||||||||
(In Thousands) | At September 30, 2014 | At December 31, 2013 | ||||||||||||||
Non-performing loans held-for-sale, net | $ | 154 | $ | 791 | ||||||||||||
Impaired loans | 144,258 | 271,408 | ||||||||||||||
MSR, net | 11,905 | 12,800 | ||||||||||||||
REO, net | 19,971 | 27,101 | ||||||||||||||
Total | $ | 176,288 | $ | 312,100 | ||||||||||||
Schedule of losses recognized on assets measured at fair value on non-recurring basis | ' | |||||||||||||||
The following table provides information regarding the losses recognized on our assets measured at fair value on a non-recurring basis for the periods indicated. | ||||||||||||||||
For the Nine Months Ended September 30, | ||||||||||||||||
(In Thousands) | 2014 | 2013 | ||||||||||||||
Non-performing loans held-for-sale, net (1) | $ | — | $ | 567 | ||||||||||||
Impaired loans (2) | 5,187 | 16,698 | ||||||||||||||
MSR, net (3) | — | — | ||||||||||||||
REO, net (4) | 1,811 | 2,630 | ||||||||||||||
Total | $ | 6,998 | $ | 19,895 | ||||||||||||
-1 | Losses are charged against the allowance for loan losses in the case of a write-down upon the reclassification of a loan to held-for-sale. Losses subsequent to the reclassification of a loan to held-for-sale are charged to other non-interest income. | |||||||||||||||
-2 | Losses are charged against the allowance for loan losses. | |||||||||||||||
-3 | Losses are charged to mortgage banking income, net. | |||||||||||||||
-4 | Losses are charged against the allowance for loan losses in the case of a write-down upon the transfer of a loan to REO. Losses subsequent to the transfer of a loan to REO are charged to REO expense which is a component of other non-interest expense. | |||||||||||||||
Schedule of carrying values and estimated fair values of financial instruments | ' | |||||||||||||||
The following tables set forth the carrying values and estimated fair values of our financial instruments which are carried on the consolidated statements of financial condition at either cost or at lower of cost or fair value in accordance with GAAP, and are not measured or recorded at fair value on a recurring basis, and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated. | ||||||||||||||||
At September 30, 2014 | ||||||||||||||||
Carrying | Estimated Fair Value | |||||||||||||||
(In Thousands) | Value | Total | Level 2 | Level 3 | ||||||||||||
Financial Assets: | ||||||||||||||||
Securities held-to-maturity | $ | 2,053,337 | $ | 2,035,378 | $ | 2,035,378 | $ | — | ||||||||
FHLB-NY stock | 133,398 | 133,398 | 133,398 | — | ||||||||||||
Loans held-for-sale, net (1) | 7,629 | 7,849 | — | 7,849 | ||||||||||||
Loans receivable, net (1) | 11,802,335 | 11,906,833 | — | 11,906,833 | ||||||||||||
MSR, net (1) | 11,905 | 11,909 | — | 11,909 | ||||||||||||
Financial Liabilities: | ||||||||||||||||
Deposits | 9,612,761 | 9,648,916 | 9,648,916 | — | ||||||||||||
Borrowings, net | 3,911,559 | 4,115,223 | 4,115,223 | — | ||||||||||||
At December 31, 2013 | ||||||||||||||||
Carrying | Estimated Fair Value | |||||||||||||||
(In Thousands) | Value | Total | Level 2 | Level 3 | ||||||||||||
Financial Assets: | ||||||||||||||||
Securities held-to-maturity | $ | 1,849,526 | $ | 1,811,122 | $ | 1,811,122 | $ | — | ||||||||
FHLB-NY stock | 152,207 | 152,207 | 152,207 | — | ||||||||||||
Loans held-for-sale, net (1) | 7,375 | 7,436 | — | 7,436 | ||||||||||||
Loans receivable, net (1) | 12,303,066 | 12,480,533 | — | 12,480,533 | ||||||||||||
MSR, net (1) | 12,800 | 12,804 | — | 12,804 | ||||||||||||
Financial Liabilities: | ||||||||||||||||
Deposits | 9,855,310 | 9,922,631 | 9,922,631 | — | ||||||||||||
Borrowings, net | 4,137,161 | 4,376,336 | 4,376,336 | — | ||||||||||||
-1 | Includes assets measured at fair value on a non-recurring basis. |
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Deferred tax assets, net, increase resulting from state tax legislation | $11.50 |
Income tax expense decrease resulting from state tax legislation | $11.50 |
Securities_Details
Securities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Securities | ' | ' |
Available-for-sale, amortized cost | $368,235 | $414,457 |
Available-for-sale, gross unrealized gains | 3,712 | 1,904 |
Available-for-sale, gross unrealized losses | -5,921 | -14,671 |
Total available-for-sale securities | 366,026 | 401,690 |
Total held-to-maturity securities | 2,053,337 | 1,849,526 |
Held-to-maturity, gross unrealized gains | 14,310 | 13,023 |
Held-to-maturity, gross unrealized losses | -32,269 | -51,427 |
Held-to-maturity securities, fair value (in dollars) | 2,035,378 | 1,811,122 |
GSE issuance REMICs and CMOs | ' | ' |
Securities | ' | ' |
Available-for-sale, amortized cost | 250,318 | 292,131 |
Available-for-sale, gross unrealized gains | 3,191 | 1,077 |
Available-for-sale, gross unrealized losses | -2,763 | -7,134 |
Total available-for-sale securities | 250,746 | 286,074 |
Total held-to-maturity securities | 1,562,719 | 1,474,506 |
Held-to-maturity, gross unrealized gains | 12,793 | 12,877 |
Held-to-maturity, gross unrealized losses | -23,830 | -33,925 |
Held-to-maturity securities, fair value (in dollars) | 1,551,682 | 1,453,458 |
Non-GSE issuance REMICs and CMOs | ' | ' |
Securities | ' | ' |
Available-for-sale, amortized cost | 5,685 | 7,516 |
Available-for-sale, gross unrealized gains | 43 | 57 |
Available-for-sale, gross unrealized losses | -1 | -1 |
Total available-for-sale securities | 5,727 | 7,572 |
Total held-to-maturity securities | 2,669 | 3,833 |
Held-to-maturity, gross unrealized gains | 37 | 61 |
Held-to-maturity, gross unrealized losses | -7 | -10 |
Held-to-maturity securities, fair value (in dollars) | 2,699 | 3,884 |
GSE pass-through certificates | ' | ' |
Securities | ' | ' |
Available-for-sale, amortized cost | 13,538 | 16,120 |
Available-for-sale, gross unrealized gains | 478 | 770 |
Available-for-sale, gross unrealized losses | -5 | -2 |
Total available-for-sale securities | 14,011 | 16,888 |
Total held-to-maturity securities | 290,152 | 282,473 |
Held-to-maturity, gross unrealized gains | 1,168 | 85 |
Held-to-maturity, gross unrealized losses | -5,360 | -10,089 |
Held-to-maturity securities, fair value (in dollars) | 285,960 | 272,469 |
Total residential mortgage-backed securities | ' | ' |
Securities | ' | ' |
Available-for-sale, amortized cost | 269,541 | 315,767 |
Available-for-sale, gross unrealized gains | 3,712 | 1,904 |
Available-for-sale, gross unrealized losses | -2,769 | -7,137 |
Total available-for-sale securities | 270,484 | 310,534 |
Total held-to-maturity securities | 1,855,540 | 1,760,812 |
Held-to-maturity, gross unrealized gains | 13,998 | 13,023 |
Held-to-maturity, gross unrealized losses | -29,197 | -44,024 |
Held-to-maturity securities, fair value (in dollars) | 1,840,341 | 1,729,811 |
Obligations of GSEs | ' | ' |
Securities | ' | ' |
Available-for-sale, amortized cost | 98,679 | 98,675 |
Available-for-sale, gross unrealized losses | -3,140 | -7,522 |
Total available-for-sale securities | 95,539 | 91,153 |
Total held-to-maturity securities | 90,934 | 88,128 |
Held-to-maturity, gross unrealized gains | 52 | ' |
Held-to-maturity, gross unrealized losses | -2,531 | -7,403 |
Held-to-maturity securities, fair value (in dollars) | 88,455 | 80,725 |
Fannie Mae stock | ' | ' |
Securities | ' | ' |
Available-for-sale, amortized cost | 15 | 15 |
Available-for-sale, gross unrealized losses | -12 | -12 |
Total available-for-sale securities | 3 | 3 |
Multi-family mortgage-backed securities: | ' | ' |
Securities | ' | ' |
Total held-to-maturity securities | 106,326 | ' |
Held-to-maturity, gross unrealized gains | 260 | ' |
Held-to-maturity, gross unrealized losses | -541 | ' |
Held-to-maturity securities, fair value (in dollars) | 106,045 | ' |
Other | ' | ' |
Securities | ' | ' |
Total held-to-maturity securities | 537 | 586 |
Held-to-maturity securities, fair value (in dollars) | $537 | $586 |
Securities_Details_2
Securities (Details 2) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Securities | ' | ' |
Available-for-sale, less than twelve months, estimated fair value | $23,010 | $334,474 |
Available-for-sale, less than twelve months, gross unrealized losses | -140 | -14,657 |
Available-for-sale, twelve months or longer, estimated fair value | 193,495 | 205 |
Available-for-sale, twelve months or longer, gross unrealized losses | -5,781 | -14 |
Available-for-sale, total, estimated fair value | 216,505 | 334,679 |
Available-for-sale, total, gross unrealized losses | -5,921 | -14,671 |
Held-to-maturity, less than twelve months, estimated fair value | 373,430 | 1,031,627 |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss | -3,915 | -43,112 |
Held-to-maturity, twelve months or longer, estimated fair value | 730,770 | 151,609 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss | -28,354 | -8,315 |
Held-to-maturity, total, estimated fair value | 1,104,200 | 1,183,236 |
Held-to-maturity, total, gross unrealized losses | -32,269 | -51,427 |
GSE issuance REMICs and CMOs | ' | ' |
Securities | ' | ' |
Available-for-sale, less than twelve months, estimated fair value | 22,413 | 243,149 |
Available-for-sale, less than twelve months, gross unrealized losses | -136 | -7,134 |
Available-for-sale, twelve months or longer, estimated fair value | 97,773 | ' |
Available-for-sale, twelve months or longer, gross unrealized losses | -2,627 | ' |
Available-for-sale, total, estimated fair value | 120,186 | 243,149 |
Available-for-sale, total, gross unrealized losses | -2,763 | -7,134 |
Held-to-maturity, less than twelve months, estimated fair value | 300,843 | 719,715 |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss | -3,374 | -25,611 |
Held-to-maturity, twelve months or longer, estimated fair value | 483,810 | 151,581 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss | -20,456 | -8,314 |
Held-to-maturity, total, estimated fair value | 784,653 | 871,296 |
Held-to-maturity, total, gross unrealized losses | -23,830 | -33,925 |
Non-GSE issuance REMICs and CMOs | ' | ' |
Securities | ' | ' |
Available-for-sale, twelve months or longer, estimated fair value | 102 | 132 |
Available-for-sale, twelve months or longer, gross unrealized losses | -1 | -1 |
Available-for-sale, total, estimated fair value | 102 | 132 |
Available-for-sale, total, gross unrealized losses | -1 | -1 |
Held-to-maturity, less than twelve months, estimated fair value | ' | 392 |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss | ' | -10 |
Held-to-maturity, twelve months or longer, estimated fair value | 296 | ' |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss | -7 | ' |
Held-to-maturity, total, estimated fair value | 296 | 392 |
Held-to-maturity, total, gross unrealized losses | -7 | -10 |
GSE pass-through certificates | ' | ' |
Securities | ' | ' |
Available-for-sale, less than twelve months, estimated fair value | 597 | 172 |
Available-for-sale, less than twelve months, gross unrealized losses | -4 | -1 |
Available-for-sale, twelve months or longer, estimated fair value | 78 | 70 |
Available-for-sale, twelve months or longer, gross unrealized losses | -1 | -1 |
Available-for-sale, total, estimated fair value | 675 | 242 |
Available-for-sale, total, gross unrealized losses | -5 | -2 |
Held-to-maturity, less than twelve months, estimated fair value | ' | 230,795 |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss | ' | -10,088 |
Held-to-maturity, twelve months or longer, estimated fair value | 168,261 | 28 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss | -5,360 | -1 |
Held-to-maturity, total, estimated fair value | 168,261 | 230,823 |
Held-to-maturity, total, gross unrealized losses | -5,360 | -10,089 |
Obligations of GSEs | ' | ' |
Securities | ' | ' |
Available-for-sale, less than twelve months, estimated fair value | ' | 91,153 |
Available-for-sale, less than twelve months, gross unrealized losses | ' | -7,522 |
Available-for-sale, twelve months or longer, estimated fair value | 95,539 | ' |
Available-for-sale, twelve months or longer, gross unrealized losses | -3,140 | ' |
Available-for-sale, total, estimated fair value | 95,539 | 91,153 |
Available-for-sale, total, gross unrealized losses | -3,140 | -7,522 |
Held-to-maturity, less than twelve months, estimated fair value | ' | 80,725 |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss | ' | -7,403 |
Held-to-maturity, twelve months or longer, estimated fair value | 78,403 | ' |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss | -2,531 | ' |
Held-to-maturity, total, estimated fair value | 78,403 | 80,725 |
Held-to-maturity, total, gross unrealized losses | -2,531 | -7,403 |
Fannie Mae stock | ' | ' |
Securities | ' | ' |
Available-for-sale, twelve months or longer, estimated fair value | 3 | 3 |
Available-for-sale, twelve months or longer, gross unrealized losses | -12 | -12 |
Available-for-sale, total, estimated fair value | 3 | 3 |
Available-for-sale, total, gross unrealized losses | -12 | -12 |
Multi-family mortgage-backed securities: | ' | ' |
Securities | ' | ' |
Held-to-maturity, less than twelve months, estimated fair value | 72,587 | ' |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss | -541 | ' |
Held-to-maturity, total, estimated fair value | 72,587 | ' |
Held-to-maturity, total, gross unrealized losses | ($541) | ' |
Securities_Details_3
Securities (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
security | security | security | ||
Securities | ' | ' | ' | ' |
Number of securities held with unrealized loss | 101 | 101 | ' | 109 |
Proceeds from sales of securities from the available-for-sale portfolio | ' | $14,447,000 | $41,640,000 | ' |
Gross realized gains from sale of available for sale securities | 141,000 | 141,000 | 2,057,000 | ' |
Total available-for-sale securities | 366,026,000 | 366,026,000 | ' | 401,690,000 |
Held-to-maturity, amortized cost | 2,053,337,000 | 2,053,337,000 | ' | 1,849,526,000 |
Held-to-maturity, fair value | 2,035,378,000 | 2,035,378,000 | ' | 1,811,122,000 |
Callable securities, amortized cost | 189,600,000 | 189,600,000 | ' | ' |
Accrued interest receivable for securities | 6,300,000 | 6,300,000 | ' | 6,300,000 |
Available-for-sale debt securities, excluding mortgage-backed securities | ' | ' | ' | ' |
Securities | ' | ' | ' | ' |
Available-for-sale debt securities, amortized cost | 98,700,000 | 98,700,000 | ' | ' |
Total available-for-sale securities | 95,500,000 | 95,500,000 | ' | ' |
Held-to-maturity debt securities, excluding mortgage-backed securities | ' | ' | ' | ' |
Securities | ' | ' | ' | ' |
Held-to-maturity, amortized cost | 91,500,000 | 91,500,000 | ' | ' |
Held-to-maturity, fair value | $89,000,000 | $89,000,000 | ' | ' |
Loans_Receivable_and_Allowance2
Loans Receivable and Allowance for Loan Losses (Composition of Loans Receivable) (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | $87,210 | ' | $115,982 | ' | ' | ' |
60-89 Days | 19,874 | ' | 26,750 | ' | ' | ' |
90 Days or More | 44,833 | ' | 250,534 | ' | ' | ' |
Total Past Due | 151,917 | ' | 393,266 | ' | ' | ' |
Current | 11,714,847 | ' | 11,993,112 | ' | ' | ' |
Total | 11,866,764 | ' | 12,386,378 | ' | ' | ' |
Net unamortized premiums and deferred loan origination costs | 49,171 | ' | 55,688 | ' | ' | ' |
Loans receivable | 11,915,935 | ' | 12,442,066 | ' | ' | ' |
Allowance for loan losses | -113,600 | -118,600 | -139,000 | -143,000 | -143,900 | -145,501 |
Loans receivable, net | 11,802,335 | ' | 12,303,066 | ' | ' | ' |
Accruing loans: | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 78,009 | ' | 107,754 | ' | ' | ' |
60-89 Days | 17,635 | ' | 24,154 | ' | ' | ' |
90 Days or More | 152 | ' | 384 | ' | ' | ' |
Total Past Due | 95,796 | ' | 132,292 | ' | ' | ' |
Current | 11,656,053 | ' | 11,922,468 | ' | ' | ' |
Total | 11,751,849 | ' | 12,054,760 | ' | ' | ' |
Non-accrual loans: | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 9,201 | ' | 8,228 | ' | ' | ' |
60-89 Days | 2,239 | ' | 2,596 | ' | ' | ' |
90 Days or More | 44,681 | ' | 250,150 | ' | ' | ' |
Total Past Due | 56,121 | ' | 260,974 | ' | ' | ' |
Current | 58,794 | ' | 70,644 | ' | ' | ' |
Total | 114,915 | ' | 331,618 | ' | ' | ' |
Consumer and Other Loans | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 1,698 | ' | 3,177 | ' | ' | ' |
60-89 Days | 171 | ' | 1,340 | ' | ' | ' |
90 Days or More | 6,323 | ' | 5,948 | ' | ' | ' |
Total Past Due | 8,192 | ' | 10,465 | ' | ' | ' |
Current | 236,804 | ' | 229,216 | ' | ' | ' |
Total | 244,996 | ' | 239,681 | ' | ' | ' |
Allowance for loan losses | -9,426 | -9,540 | -8,824 | -7,327 | -7,605 | -6,316 |
Consumer and Other Loans | Accruing loans: | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 1,698 | ' | 3,177 | ' | ' | ' |
60-89 Days | 171 | ' | 1,340 | ' | ' | ' |
Total Past Due | 1,869 | ' | 4,517 | ' | ' | ' |
Current | 236,804 | ' | 229,184 | ' | ' | ' |
Total | 238,673 | ' | 233,701 | ' | ' | ' |
Consumer and Other Loans | Non-accrual loans: | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
90 Days or More | 6,323 | ' | 5,948 | ' | ' | ' |
Total Past Due | 6,323 | ' | 5,948 | ' | ' | ' |
Current | ' | ' | 32 | ' | ' | ' |
Total | 6,323 | ' | 5,980 | ' | ' | ' |
Consumer and Other Loans | Home equity lines of credit | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 1,656 | ' | 3,000 | ' | ' | ' |
60-89 Days | 159 | ' | 1,321 | ' | ' | ' |
90 Days or More | 6,289 | ' | 5,916 | ' | ' | ' |
Total Past Due | 8,104 | ' | 10,237 | ' | ' | ' |
Current | 173,747 | ' | 189,572 | ' | ' | ' |
Total | 181,851 | ' | 199,809 | ' | ' | ' |
Consumer and Other Loans | Home equity lines of credit | Accruing loans: | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 1,656 | ' | 3,000 | ' | ' | ' |
60-89 Days | 159 | ' | 1,321 | ' | ' | ' |
Total Past Due | 1,815 | ' | 4,321 | ' | ' | ' |
Current | 173,747 | ' | 189,540 | ' | ' | ' |
Total | 175,562 | ' | 193,861 | ' | ' | ' |
Consumer and Other Loans | Home equity lines of credit | Non-accrual loans: | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
90 Days or More | 6,289 | ' | 5,916 | ' | ' | ' |
Total Past Due | 6,289 | ' | 5,916 | ' | ' | ' |
Current | ' | ' | 32 | ' | ' | ' |
Total | 6,289 | ' | 5,948 | ' | ' | ' |
Consumer and Other Loans | Other | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 42 | ' | 177 | ' | ' | ' |
60-89 Days | 12 | ' | 19 | ' | ' | ' |
90 Days or More | 34 | ' | 32 | ' | ' | ' |
Total Past Due | 88 | ' | 228 | ' | ' | ' |
Current | 63,057 | ' | 39,644 | ' | ' | ' |
Total | 63,145 | ' | 39,872 | ' | ' | ' |
Consumer and Other Loans | Other | Accruing loans: | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 42 | ' | 177 | ' | ' | ' |
60-89 Days | 12 | ' | 19 | ' | ' | ' |
Total Past Due | 54 | ' | 196 | ' | ' | ' |
Current | 63,057 | ' | 39,644 | ' | ' | ' |
Total | 63,111 | ' | 39,840 | ' | ' | ' |
Consumer and Other Loans | Other | Non-accrual loans: | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
90 Days or More | 34 | ' | 32 | ' | ' | ' |
Total Past Due | 34 | ' | 32 | ' | ' | ' |
Total | 34 | ' | 32 | ' | ' | ' |
Mortgage loans (gross) | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 85,512 | ' | 112,805 | ' | ' | ' |
60-89 Days | 19,703 | ' | 25,410 | ' | ' | ' |
90 Days or More | 38,510 | ' | 244,586 | ' | ' | ' |
Total Past Due | 143,725 | ' | 382,801 | ' | ' | ' |
Current | 11,478,043 | ' | 11,763,896 | ' | ' | ' |
Total | 11,621,768 | ' | 12,146,697 | ' | ' | ' |
Mortgage loans (gross) | Accruing loans: | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 76,311 | ' | 104,577 | ' | ' | ' |
60-89 Days | 17,464 | ' | 22,814 | ' | ' | ' |
90 Days or More | 152 | ' | 384 | ' | ' | ' |
Total Past Due | 93,927 | ' | 127,775 | ' | ' | ' |
Current | 11,419,249 | ' | 11,693,284 | ' | ' | ' |
Total | 11,513,176 | ' | 11,821,059 | ' | ' | ' |
Mortgage loans (gross) | Non-accrual loans: | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 9,201 | ' | 8,228 | ' | ' | ' |
60-89 Days | 2,239 | ' | 2,596 | ' | ' | ' |
90 Days or More | 38,358 | ' | 244,202 | ' | ' | ' |
Total Past Due | 49,798 | ' | 255,026 | ' | ' | ' |
Current | 58,794 | ' | 70,612 | ' | ' | ' |
Total | 108,592 | ' | 325,638 | ' | ' | ' |
Mortgage loans (gross) | Residential | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 76,176 | ' | 96,302 | ' | ' | ' |
60-89 Days | 18,702 | ' | 22,393 | ' | ' | ' |
90 Days or More | 31,869 | ' | 234,378 | ' | ' | ' |
Total Past Due | 126,747 | ' | 353,073 | ' | ' | ' |
Current | 6,955,477 | ' | 7,684,203 | ' | ' | ' |
Total | 7,082,224 | ' | 8,037,276 | ' | ' | ' |
Allowance for loan losses | -49,332 | -56,552 | -80,337 | -83,424 | -78,788 | -89,267 |
Mortgage loans (gross) | Residential | Accruing loans: | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 69,761 | ' | 90,108 | ' | ' | ' |
60-89 Days | 16,463 | ' | 20,154 | ' | ' | ' |
90 Days or More | ' | ' | 151 | ' | ' | ' |
Total Past Due | 86,224 | ' | 110,413 | ' | ' | ' |
Current | 6,903,203 | ' | 7,621,388 | ' | ' | ' |
Total | 6,989,427 | ' | 7,731,801 | ' | ' | ' |
Mortgage loans (gross) | Residential | Non-accrual loans: | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 6,415 | ' | 6,194 | ' | ' | ' |
60-89 Days | 2,239 | ' | 2,239 | ' | ' | ' |
90 Days or More | 31,869 | ' | 234,227 | ' | ' | ' |
Total Past Due | 40,523 | ' | 242,660 | ' | ' | ' |
Current | 52,274 | ' | 62,815 | ' | ' | ' |
Total | 92,797 | ' | 305,475 | ' | ' | ' |
Mortgage loans (gross) | Residential | Full documentation interest-only | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 17,683 | ' | 29,476 | ' | ' | ' |
60-89 Days | 5,292 | ' | 5,802 | ' | ' | ' |
90 Days or More | 9,268 | ' | 78,271 | ' | ' | ' |
Total Past Due | 32,243 | ' | 113,549 | ' | ' | ' |
Current | 960,988 | ' | 1,268,652 | ' | ' | ' |
Total | 993,231 | ' | 1,382,201 | ' | ' | ' |
Mortgage loans (gross) | Residential | Full documentation interest-only | Accruing loans: | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 14,725 | ' | 27,291 | ' | ' | ' |
60-89 Days | 5,115 | ' | 5,220 | ' | ' | ' |
Total Past Due | 19,840 | ' | 32,511 | ' | ' | ' |
Current | 942,958 | ' | 1,249,462 | ' | ' | ' |
Total | 962,798 | ' | 1,281,973 | ' | ' | ' |
Mortgage loans (gross) | Residential | Full documentation interest-only | Non-accrual loans: | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 2,958 | ' | 2,185 | ' | ' | ' |
60-89 Days | 177 | ' | 582 | ' | ' | ' |
90 Days or More | 9,268 | ' | 78,271 | ' | ' | ' |
Total Past Due | 12,403 | ' | 81,038 | ' | ' | ' |
Current | 18,030 | ' | 19,190 | ' | ' | ' |
Total | 30,433 | ' | 100,228 | ' | ' | ' |
Mortgage loans (gross) | Residential | Full documentation amortizing | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 33,200 | ' | 32,516 | ' | ' | ' |
60-89 Days | 5,424 | ' | 8,068 | ' | ' | ' |
90 Days or More | 9,549 | ' | 42,085 | ' | ' | ' |
Total Past Due | 48,173 | ' | 82,669 | ' | ' | ' |
Current | 5,000,070 | ' | 5,336,788 | ' | ' | ' |
Total | 5,048,243 | ' | 5,419,457 | ' | ' | ' |
Mortgage loans (gross) | Residential | Full documentation amortizing | Accruing loans: | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 32,652 | ' | 31,189 | ' | ' | ' |
60-89 Days | 5,140 | ' | 7,415 | ' | ' | ' |
90 Days or More | ' | ' | 151 | ' | ' | ' |
Total Past Due | 37,792 | ' | 38,755 | ' | ' | ' |
Current | 4,994,848 | ' | 5,325,944 | ' | ' | ' |
Total | 5,032,640 | ' | 5,364,699 | ' | ' | ' |
Mortgage loans (gross) | Residential | Full documentation amortizing | Non-accrual loans: | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 548 | ' | 1,327 | ' | ' | ' |
60-89 Days | 284 | ' | 653 | ' | ' | ' |
90 Days or More | 9,549 | ' | 41,934 | ' | ' | ' |
Total Past Due | 10,381 | ' | 43,914 | ' | ' | ' |
Current | 5,222 | ' | 10,844 | ' | ' | ' |
Total | 15,603 | ' | 54,758 | ' | ' | ' |
Mortgage loans (gross) | Residential | Reduced documentation interest-only | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 17,676 | ' | 24,700 | ' | ' | ' |
60-89 Days | 5,482 | ' | 5,787 | ' | ' | ' |
90 Days or More | 11,920 | ' | 87,910 | ' | ' | ' |
Total Past Due | 35,078 | ' | 118,397 | ' | ' | ' |
Current | 613,788 | ' | 721,264 | ' | ' | ' |
Total | 648,866 | ' | 839,661 | ' | ' | ' |
Mortgage loans (gross) | Residential | Reduced documentation interest-only | Accruing loans: | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 15,566 | ' | 22,635 | ' | ' | ' |
60-89 Days | 4,258 | ' | 5,208 | ' | ' | ' |
Total Past Due | 19,824 | ' | 27,843 | ' | ' | ' |
Current | 589,172 | ' | 693,660 | ' | ' | ' |
Total | 608,996 | ' | 721,503 | ' | ' | ' |
Mortgage loans (gross) | Residential | Reduced documentation interest-only | Non-accrual loans: | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 2,110 | ' | 2,065 | ' | ' | ' |
60-89 Days | 1,224 | ' | 579 | ' | ' | ' |
90 Days or More | 11,920 | ' | 87,910 | ' | ' | ' |
Total Past Due | 15,254 | ' | 90,554 | ' | ' | ' |
Current | 24,616 | ' | 27,604 | ' | ' | ' |
Total | 39,870 | ' | 118,158 | ' | ' | ' |
Mortgage loans (gross) | Residential | Reduced documentation amortizing | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 7,617 | ' | 9,610 | ' | ' | ' |
60-89 Days | 2,504 | ' | 2,736 | ' | ' | ' |
90 Days or More | 1,132 | ' | 26,112 | ' | ' | ' |
Total Past Due | 11,253 | ' | 38,458 | ' | ' | ' |
Current | 380,631 | ' | 357,499 | ' | ' | ' |
Total | 391,884 | ' | 395,957 | ' | ' | ' |
Mortgage loans (gross) | Residential | Reduced documentation amortizing | Accruing loans: | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 6,818 | ' | 8,993 | ' | ' | ' |
60-89 Days | 1,950 | ' | 2,311 | ' | ' | ' |
Total Past Due | 8,768 | ' | 11,304 | ' | ' | ' |
Current | 376,225 | ' | 352,322 | ' | ' | ' |
Total | 384,993 | ' | 363,626 | ' | ' | ' |
Mortgage loans (gross) | Residential | Reduced documentation amortizing | Non-accrual loans: | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 799 | ' | 617 | ' | ' | ' |
60-89 Days | 554 | ' | 425 | ' | ' | ' |
90 Days or More | 1,132 | ' | 26,112 | ' | ' | ' |
Total Past Due | 2,485 | ' | 27,154 | ' | ' | ' |
Current | 4,406 | ' | 5,177 | ' | ' | ' |
Total | 6,891 | ' | 32,331 | ' | ' | ' |
Mortgage loans (gross) | Multi-family | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 4,780 | ' | 13,844 | ' | ' | ' |
60-89 Days | 506 | ' | 1,327 | ' | ' | ' |
90 Days or More | 6,641 | ' | 9,054 | ' | ' | ' |
Total Past Due | 11,927 | ' | 24,225 | ' | ' | ' |
Current | 3,647,309 | ' | 3,272,230 | ' | ' | ' |
Total | 3,659,236 | ' | 3,296,455 | ' | ' | ' |
Allowance for loan losses | -38,307 | -37,075 | -36,703 | -38,245 | -40,865 | -35,514 |
Mortgage loans (gross) | Multi-family | Accruing loans: | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 4,351 | ' | 12,740 | ' | ' | ' |
60-89 Days | 506 | ' | 970 | ' | ' | ' |
90 Days or More | 152 | ' | ' | ' | ' | ' |
Total Past Due | 5,009 | ' | 13,710 | ' | ' | ' |
Current | 3,644,376 | ' | 3,270,206 | ' | ' | ' |
Total | 3,649,385 | ' | 3,283,916 | ' | ' | ' |
Mortgage loans (gross) | Multi-family | Non-accrual loans: | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 429 | ' | 1,104 | ' | ' | ' |
60-89 Days | ' | ' | 357 | ' | ' | ' |
90 Days or More | 6,489 | ' | 9,054 | ' | ' | ' |
Total Past Due | 6,918 | ' | 10,515 | ' | ' | ' |
Current | 2,933 | ' | 2,024 | ' | ' | ' |
Total | 9,851 | ' | 12,539 | ' | ' | ' |
Mortgage loans (gross) | Commercial real estate | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 4,556 | ' | 2,659 | ' | ' | ' |
60-89 Days | 495 | ' | 1,690 | ' | ' | ' |
90 Days or More | ' | ' | 1,154 | ' | ' | ' |
Total Past Due | 5,051 | ' | 5,503 | ' | ' | ' |
Current | 875,257 | ' | 807,463 | ' | ' | ' |
Total | 880,308 | ' | 812,966 | ' | ' | ' |
Allowance for loan losses | -16,535 | -15,433 | -13,136 | -14,004 | -16,642 | -14,404 |
Mortgage loans (gross) | Commercial real estate | Accruing loans: | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 2,199 | ' | 1,729 | ' | ' | ' |
60-89 Days | 495 | ' | 1,690 | ' | ' | ' |
90 Days or More | ' | ' | 233 | ' | ' | ' |
Total Past Due | 2,694 | ' | 3,652 | ' | ' | ' |
Current | 871,670 | ' | 801,690 | ' | ' | ' |
Total | 874,364 | ' | 805,342 | ' | ' | ' |
Mortgage loans (gross) | Commercial real estate | Non-accrual loans: | ' | ' | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' |
30-59 Days | 2,357 | ' | 930 | ' | ' | ' |
90 Days or More | ' | ' | 921 | ' | ' | ' |
Total Past Due | 2,357 | ' | 1,851 | ' | ' | ' |
Current | 3,587 | ' | 5,773 | ' | ' | ' |
Total | $5,944 | ' | $7,624 | ' | ' | ' |
Loans_Receivable_and_Allowance3
Loans Receivable and Allowance for Loan Losses (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 12, 2014 | Jul. 31, 2014 | |
Residential | Residential | Residential | Residential | |||||
Non-performing loans held-for-sale, net | Non-performing loans held-for-sale, net | Non-performing loans held-for-sale, net | Non-performing loans held-for-sale, net | |||||
Loans receivable and allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of loan charge-off | $4,904,000 | $6,496,000 | $27,370,000 | $27,954,000 | ' | $8,700,000 | ' | ' |
Loans held-for-sale, recorded investment | ' | ' | ' | ' | ' | 195,000,000 | ' | ' |
Non-performing residential mortgage loans held-for-sale | ' | ' | ' | ' | ' | 186,300,000 | ' | ' |
Provision (credited) charged to operations | -3,042,000 | 2,541,000 | -7,153,000 | 16,193,000 | ' | -5,700,000 | ' | ' |
Carrying value, loans sold | ' | ' | ' | ' | ' | ' | 4,000,000 | 173,700,000 |
Loss on sale of loans | ' | ' | ' | ' | 920,000 | ' | ' | ' |
Length of period one over which the historical loss experience is analyzed | ' | ' | '12 months | ' | ' | ' | ' | ' |
Length of period two over which the historical loss experience is analyzed | ' | ' | '15 months | ' | ' | ' | ' | ' |
Length of period three over which the historical loss experience is analyzed | ' | ' | '18 months | ' | ' | ' | ' | ' |
Length of period four over which the historical loss experience is analyzed | ' | ' | '24 months | ' | ' | ' | ' | ' |
Minimum length of period over which the historical loss experience is analyzed for a particular loan type that may not have sufficient loss history | ' | ' | '2 years | ' | ' | ' | ' | ' |
Extended prior period over which loss experience factors are evaluated to consider trends for the majority of loan portfolio | ' | ' | '2 years | ' | ' | ' | ' | ' |
Loans, in foreclosure | $18,700,000 | ' | $18,700,000 | ' | ' | ' | ' | ' |
Loans_Receivable_and_Allowance4
Loans Receivable and Allowance for Loan Losses (Allowance for Loan Losses) (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 |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
Balance at the beginning of the period | $118,600 | $143,900 | $139,000 | $145,501 |
Provision (credited) charged to operations | -3,042 | 2,541 | -7,153 | 16,193 |
Charge-offs | -4,904 | -6,496 | -27,370 | -27,954 |
Recoveries | 2,946 | 3,055 | 9,123 | 9,260 |
Balance at the end of the period | 113,600 | 143,000 | 113,600 | 143,000 |
Consumer and Other Loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
Balance at the beginning of the period | 9,540 | 7,605 | 8,824 | 6,316 |
Provision (credited) charged to operations | 147 | -5 | 2,097 | 2,196 |
Charge-offs | -352 | -544 | -1,776 | -1,672 |
Recoveries | 91 | 271 | 281 | 487 |
Balance at the end of the period | 9,426 | 7,327 | 9,426 | 7,327 |
Mortgage loans (gross) | Residential | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
Balance at the beginning of the period | 56,552 | 78,788 | 80,337 | 89,267 |
Provision (credited) charged to operations | -7,617 | 7,659 | -20,225 | 7,488 |
Charge-offs | -2,134 | -5,560 | -19,061 | -20,332 |
Recoveries | 2,531 | 2,537 | 8,281 | 7,001 |
Balance at the end of the period | 49,332 | 83,424 | 49,332 | 83,424 |
Mortgage loans (gross) | Multi-family | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
Balance at the beginning of the period | 37,075 | 40,865 | 36,703 | 35,514 |
Provision (credited) charged to operations | 3,183 | -2,521 | 4,457 | 5,131 |
Charge-offs | -2,275 | -99 | -3,414 | -3,637 |
Recoveries | 324 | ' | 561 | 1,237 |
Balance at the end of the period | 38,307 | 38,245 | 38,307 | 38,245 |
Mortgage loans (gross) | Commercial real estate | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
Balance at the beginning of the period | 15,433 | 16,642 | 13,136 | 14,404 |
Provision (credited) charged to operations | 1,245 | -2,592 | 6,518 | 1,378 |
Charge-offs | -143 | -293 | -3,119 | -2,313 |
Recoveries | ' | 247 | ' | 535 |
Balance at the end of the period | $16,535 | $14,004 | $16,535 | $14,004 |
Loans_Receivable_and_Allowance5
Loans Receivable and Allowance for Loan Losses (Residential Interest-Only Mortgage Loans, Amortization Period) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Recorded Investment | ' | ' |
Total | $11,866,764 | $12,386,378 |
Residential Mortgage Loans | Interest-only loans | ' | ' |
Recorded Investment | ' | ' |
Twelve months or less | 494,856 | ' |
Thirteen to twenty-four months | 544,435 | ' |
Twenty-five to thirty-six months | 443,464 | ' |
Over thirty-six months | 159,342 | ' |
Total | $1,642,097 | ' |
Loans_Receivable_and_Allowance6
Loans Receivable and Allowance for Loan Losses (Residential Mortgage, Consumer and Other Loans, by Class and Credit Quality Indicator) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Recorded Investment | ' | ' |
Total | $11,866,764 | $12,386,378 |
Past due 90 days or more | 44,833 | 250,534 |
Consumer and Other Loans | ' | ' |
Recorded Investment | ' | ' |
Total | 244,996 | 239,681 |
Past due 90 days or more | 6,323 | 5,948 |
Consumer and Other Loans | Home equity lines of credit | ' | ' |
Recorded Investment | ' | ' |
Total | 181,851 | 199,809 |
Past due 90 days or more | 6,289 | 5,916 |
Consumer and Other Loans | Other loans | ' | ' |
Recorded Investment | ' | ' |
Total | 63,145 | 39,872 |
Past due 90 days or more | 34 | 32 |
Mortgage loans (gross) | ' | ' |
Recorded Investment | ' | ' |
Total | 11,621,768 | 12,146,697 |
Past due 90 days or more | 38,510 | 244,586 |
Mortgage loans (gross) | Residential Mortgage Loans | ' | ' |
Recorded Investment | ' | ' |
Total | 7,082,224 | 8,037,276 |
Past due 90 days or more | 31,869 | 234,378 |
Mortgage loans (gross) | Residential Mortgage Loans | Full documentation interest-only | ' | ' |
Recorded Investment | ' | ' |
Total | 993,231 | 1,382,201 |
Past due 90 days or more | 9,268 | 78,271 |
Mortgage loans (gross) | Residential Mortgage Loans | Full documentation amortizing loans | ' | ' |
Recorded Investment | ' | ' |
Total | 5,048,243 | 5,419,457 |
Past due 90 days or more | 9,549 | 42,085 |
Mortgage loans (gross) | Residential Mortgage Loans | Reduced documentation interest-only loans | ' | ' |
Recorded Investment | ' | ' |
Total | 648,866 | 839,661 |
Past due 90 days or more | 11,920 | 87,910 |
Mortgage loans (gross) | Residential Mortgage Loans | Reduced documentation amortizing loans | ' | ' |
Recorded Investment | ' | ' |
Total | 391,884 | 395,957 |
Past due 90 days or more | 1,132 | 26,112 |
Performing | Consumer and Other Loans | Home equity lines of credit | ' | ' |
Recorded Investment | ' | ' |
Total | 175,562 | 193,861 |
Performing | Consumer and Other Loans | Other loans | ' | ' |
Recorded Investment | ' | ' |
Total | 63,111 | 39,840 |
Performing | Mortgage loans (gross) | Residential Mortgage Loans | Full documentation interest-only | ' | ' |
Recorded Investment | ' | ' |
Total | 962,798 | 1,281,973 |
Performing | Mortgage loans (gross) | Residential Mortgage Loans | Full documentation amortizing loans | ' | ' |
Recorded Investment | ' | ' |
Total | 5,032,640 | 5,364,548 |
Performing | Mortgage loans (gross) | Residential Mortgage Loans | Reduced documentation interest-only loans | ' | ' |
Recorded Investment | ' | ' |
Total | 608,996 | 721,503 |
Performing | Mortgage loans (gross) | Residential Mortgage Loans | Reduced documentation amortizing loans | ' | ' |
Recorded Investment | ' | ' |
Total | 384,993 | 363,626 |
Non-performing: | Consumer and Other Loans | Home equity lines of credit | ' | ' |
Recorded Investment | ' | ' |
Current or past due less than 90 days | ' | 32 |
Past due 90 days or more | 6,289 | 5,916 |
Non-performing: | Consumer and Other Loans | Other loans | ' | ' |
Recorded Investment | ' | ' |
Past due 90 days or more | 34 | 32 |
Non-performing: | Mortgage loans (gross) | Residential Mortgage Loans | Full documentation interest-only | ' | ' |
Recorded Investment | ' | ' |
Current or past due less than 90 days | 21,165 | 21,957 |
Past due 90 days or more | 9,268 | 78,271 |
Non-performing: | Mortgage loans (gross) | Residential Mortgage Loans | Full documentation amortizing loans | ' | ' |
Recorded Investment | ' | ' |
Current or past due less than 90 days | 6,054 | 12,824 |
Past due 90 days or more | 9,549 | 42,085 |
Non-performing: | Mortgage loans (gross) | Residential Mortgage Loans | Reduced documentation interest-only loans | ' | ' |
Recorded Investment | ' | ' |
Current or past due less than 90 days | 27,950 | 30,248 |
Past due 90 days or more | 11,920 | 87,910 |
Non-performing: | Mortgage loans (gross) | Residential Mortgage Loans | Reduced documentation amortizing loans | ' | ' |
Recorded Investment | ' | ' |
Current or past due less than 90 days | 5,759 | 6,219 |
Past due 90 days or more | $1,132 | $26,112 |
Loans_Receivable_and_Allowance7
Loans Receivable and Allowance for Loan Losses (Multi-Family and Commercial Real Estate Loans, by Credit Quality Indicator) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | $11,866,764 | $12,386,378 |
Mortgage loans (gross) | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | 11,621,768 | 12,146,697 |
Mortgage loans (gross) | Multi-family | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | 3,659,236 | 3,296,455 |
Mortgage loans (gross) | Multi-family | Not criticized | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | 3,604,937 | 3,209,786 |
Mortgage loans (gross) | Multi-family | Special mention | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | 22,390 | 14,063 |
Mortgage loans (gross) | Multi-family | Substandard | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | 31,157 | 72,606 |
Mortgage loans (gross) | Multi-family | Doubtful | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | 752 | ' |
Mortgage loans (gross) | Commercial real estate | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | 880,308 | 812,966 |
Mortgage loans (gross) | Commercial real estate | Not criticized | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | 825,089 | 759,114 |
Mortgage loans (gross) | Commercial real estate | Special mention | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | 16,578 | 9,760 |
Mortgage loans (gross) | Commercial real estate | Substandard | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | $38,641 | $44,092 |
Loans_Receivable_and_Allowance8
Loans Receivable and Allowance for Loan Losses (Loans Receivable and Related Allowance by Impairment Methodology) (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | $250,749 | ' | $384,522 | ' | ' | ' |
Loans collectively evaluated for impairment | 11,616,015 | ' | 12,001,856 | ' | ' | ' |
Total | 11,866,764 | ' | 12,386,378 | ' | ' | ' |
Loans individually evaluated for impairment, allowance for loan losses | 19,885 | ' | 21,531 | ' | ' | ' |
Loans collectively evaluated for impairment, allowance for loan losses | 93,715 | ' | 117,469 | ' | ' | ' |
Total allowance for loan losses | 113,600 | 118,600 | 139,000 | 143,000 | 143,900 | 145,501 |
Consumer and Other Loans | ' | ' | ' | ' | ' | ' |
Balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 5,768 | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment | 239,228 | ' | 239,681 | ' | ' | ' |
Total | 244,996 | ' | 239,681 | ' | ' | ' |
Loans individually evaluated for impairment, allowance for loan losses | 4,340 | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment, allowance for loan losses | 5,086 | ' | 8,824 | ' | ' | ' |
Total allowance for loan losses | 9,426 | 9,540 | 8,824 | 7,327 | 7,605 | 6,316 |
Mortgage loans (gross) | ' | ' | ' | ' | ' | ' |
Balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses | ' | ' | ' | ' | ' | ' |
Total | 11,621,768 | ' | 12,146,697 | ' | ' | ' |
Mortgage loans (gross) | Residential | ' | ' | ' | ' | ' | ' |
Balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 181,486 | ' | 311,930 | ' | ' | ' |
Loans collectively evaluated for impairment | 6,900,738 | ' | 7,725,346 | ' | ' | ' |
Total | 7,082,224 | ' | 8,037,276 | ' | ' | ' |
Loans individually evaluated for impairment, allowance for loan losses | 9,789 | ' | 18,352 | ' | ' | ' |
Loans collectively evaluated for impairment, allowance for loan losses | 39,543 | ' | 61,985 | ' | ' | ' |
Total allowance for loan losses | 49,332 | 56,552 | 80,337 | 83,424 | 78,788 | 89,267 |
Mortgage loans (gross) | Multi-family | ' | ' | ' | ' | ' | ' |
Balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 44,312 | ' | 52,538 | ' | ' | ' |
Loans collectively evaluated for impairment | 3,614,924 | ' | 3,243,917 | ' | ' | ' |
Total | 3,659,236 | ' | 3,296,455 | ' | ' | ' |
Loans individually evaluated for impairment, allowance for loan losses | 3,448 | ' | 2,877 | ' | ' | ' |
Loans collectively evaluated for impairment, allowance for loan losses | 34,859 | ' | 33,826 | ' | ' | ' |
Total allowance for loan losses | 38,307 | 37,075 | 36,703 | 38,245 | 40,865 | 35,514 |
Mortgage loans (gross) | Commercial real estate | ' | ' | ' | ' | ' | ' |
Balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 19,183 | ' | 20,054 | ' | ' | ' |
Loans collectively evaluated for impairment | 861,125 | ' | 792,912 | ' | ' | ' |
Total | 880,308 | ' | 812,966 | ' | ' | ' |
Loans individually evaluated for impairment, allowance for loan losses | 2,308 | ' | 302 | ' | ' | ' |
Loans collectively evaluated for impairment, allowance for loan losses | 14,227 | ' | 12,834 | ' | ' | ' |
Total allowance for loan losses | $16,535 | $15,433 | $13,136 | $14,004 | $16,642 | $14,404 |
Loans_Receivable_and_Allowance9
Loans Receivable and Allowance for Loan Losses (Impaired Loans) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing receivable, impaired | ' | ' |
Unpaid Principal Balance | $293,051 | $483,132 |
Recorded Investment | 250,749 | 384,522 |
Related Allowance | -19,885 | -21,531 |
Net Investment | 230,864 | 362,991 |
Consumer and other loans | Home equity lines of credit | ' | ' |
Financing receivable, impaired | ' | ' |
Unpaid Principal Balance, Loans with an allowance recorded | 6,051 | ' |
Recorded Investment, Loans with an allowance recorded | 5,768 | ' |
Related Allowance | -4,340 | ' |
Net Investment, Loans with an allowance recorded | 1,428 | ' |
Mortgage loans | Residential | Full documentation interest-only | ' | ' |
Financing receivable, impaired | ' | ' |
Unpaid Principal Balance, Loans with an allowance recorded | 62,496 | 142,659 |
Recorded Investment, Loans with an allowance recorded | 53,319 | 109,877 |
Related Allowance | -3,052 | -6,019 |
Net Investment, Loans with an allowance recorded | 50,267 | 103,858 |
Mortgage loans | Residential | Full documentation amortizing loans | ' | ' |
Financing receivable, impaired | ' | ' |
Unpaid Principal Balance, Loans with an allowance recorded | 35,521 | 41,136 |
Recorded Investment, Loans with an allowance recorded | 33,189 | 36,091 |
Related Allowance | -1,043 | -2,458 |
Net Investment, Loans with an allowance recorded | 32,146 | 33,633 |
Mortgage loans | Residential | Reduced documentation interest-only | ' | ' |
Financing receivable, impaired | ' | ' |
Unpaid Principal Balance, Loans with an allowance recorded | 91,461 | 183,280 |
Recorded Investment, Loans with an allowance recorded | 77,977 | 140,357 |
Related Allowance | -4,836 | -7,673 |
Net Investment, Loans with an allowance recorded | 73,141 | 132,684 |
Mortgage loans | Residential | Reduced documentation amortizing | ' | ' |
Financing receivable, impaired | ' | ' |
Unpaid Principal Balance, Loans with an allowance recorded | 18,298 | 30,660 |
Recorded Investment, Loans with an allowance recorded | 17,001 | 25,605 |
Related Allowance | -858 | -2,202 |
Net Investment, Loans with an allowance recorded | 16,143 | 23,403 |
Mortgage loans | Multi-family | ' | ' |
Financing receivable, impaired | ' | ' |
Unpaid Principal Balance, Loans with an allowance recorded | 36,424 | 19,748 |
Unpaid Principal Balance, Loans without an allowance recorded | 16,670 | 39,871 |
Recorded Investment, Loans with an allowance recorded | 29,043 | 19,748 |
Recorded Investment, Loans without an allowance recorded | 15,269 | 32,790 |
Related Allowance | -3,448 | -2,877 |
Net Investment, Loans with an allowance recorded | 25,595 | 16,871 |
Net Investment, Loans without an allowance recorded | 15,269 | 32,790 |
Mortgage loans | Commercial real estate | ' | ' |
Financing receivable, impaired | ' | ' |
Unpaid Principal Balance, Loans with an allowance recorded | 26,130 | 5,790 |
Unpaid Principal Balance, Loans without an allowance recorded | ' | 19,988 |
Recorded Investment, Loans with an allowance recorded | 19,183 | 5,790 |
Recorded Investment, Loans without an allowance recorded | ' | 14,264 |
Related Allowance | -2,308 | -302 |
Net Investment, Loans with an allowance recorded | 16,875 | 5,488 |
Net Investment, Loans without an allowance recorded | ' | $14,264 |
Recovered_Sheet1
Loans Receivable and Allowance for Loan Losses (Average Recorded Investment, Interest Income Recognized and Cash Basis Interest Income on Impaired 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 |
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class | ' | ' | ' | ' |
Average recorded investment | $314,118 | $389,861 | $350,631 | $399,587 |
Interest income recognized | 2,450 | 2,912 | 8,303 | 8,617 |
Cash basis interest income | 2,482 | 3,091 | 8,472 | 9,121 |
Consumer and other loans | Home equity lines of credit | ' | ' | ' | ' |
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class | ' | ' | ' | ' |
Average recorded investment, loans with an allowance recorded | 5,546 | ' | 5,215 | ' |
Interest income recognized, loans with an allowance recorded | 5 | ' | 37 | ' |
Cash basis interest income, loans with an allowance recorded | 13 | ' | 51 | ' |
Mortgage loans | Residential | Full documentation interest-only | ' | ' | ' | ' |
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class | ' | ' | ' | ' |
Average recorded investment, loans with an allowance recorded | 78,799 | 107,893 | 93,748 | 105,931 |
Average recorded investment, loans without an allowance recorded | ' | 9,075 | ' | 14,433 |
Interest income recognized, loans with an allowance recorded | 440 | 762 | 1,644 | 2,114 |
Cash basis interest income, loans with an allowance recorded | 461 | 763 | 1,695 | 2,229 |
Mortgage loans | Residential | Full documentation amortizing loans | ' | ' | ' | ' |
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class | ' | ' | ' | ' |
Average recorded investment, loans with an allowance recorded | 38,051 | 31,128 | 37,926 | 29,465 |
Average recorded investment, loans without an allowance recorded | 314 | 2,968 | 457 | 4,396 |
Interest income recognized, loans with an allowance recorded | 289 | 218 | 993 | 623 |
Cash basis interest income, loans with an allowance recorded | 283 | 220 | 992 | 639 |
Mortgage loans | Residential | Reduced documentation interest-only | ' | ' | ' | ' |
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class | ' | ' | ' | ' |
Average recorded investment, loans with an allowance recorded | 104,522 | 144,468 | 120,976 | 146,773 |
Average recorded investment, loans without an allowance recorded | ' | ' | ' | 2,086 |
Interest income recognized, loans with an allowance recorded | 782 | 1,171 | 2,922 | 3,053 |
Cash basis interest income, loans with an allowance recorded | 814 | 1,174 | 2,939 | 3,205 |
Mortgage loans | Residential | Reduced documentation amortizing | ' | ' | ' | ' |
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class | ' | ' | ' | ' |
Average recorded investment, loans with an allowance recorded | 20,781 | 24,452 | 23,142 | 25,424 |
Interest income recognized, loans with an allowance recorded | 141 | 158 | 478 | 464 |
Cash basis interest income, loans with an allowance recorded | 147 | 152 | 482 | 493 |
Mortgage loans | Multi-family | ' | ' | ' | ' |
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class | ' | ' | ' | ' |
Average recorded investment, loans with an allowance recorded | 33,013 | 19,557 | 30,836 | 18,975 |
Average recorded investment, loans without an allowance recorded | 13,419 | 31,464 | 17,906 | 33,294 |
Interest income recognized, loans with an allowance recorded | 329 | 34 | 952 | 659 |
Interest income recognized, loans without an allowance recorded | 175 | 401 | 529 | 1,165 |
Cash basis interest income, loans with an allowance recorded | 328 | 169 | 970 | 722 |
Cash basis interest income, loans without an allowance recorded | 175 | 416 | 530 | 1,229 |
Mortgage loans | Commercial real estate | ' | ' | ' | ' |
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class | ' | ' | ' | ' |
Average recorded investment, loans with an allowance recorded | 19,673 | 7,604 | 16,859 | 8,692 |
Average recorded investment, loans without an allowance recorded | ' | 11,252 | 3,566 | 10,118 |
Interest income recognized, loans with an allowance recorded | 289 | 56 | 748 | 253 |
Interest income recognized, loans without an allowance recorded | ' | 112 | ' | 286 |
Cash basis interest income, loans with an allowance recorded | 261 | 66 | 813 | 285 |
Cash basis interest income, loans without an allowance recorded | ' | $131 | ' | $319 |
Recovered_Sheet2
Loans Receivable and Allowance for Loan Losses (TDR Mortgage Loans Receivable) (Details) (Mortgage loans (gross), USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
loan | loan | loan | loan | |
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ' | ' | ' | ' |
Number of Loans | 16 | 29 | 51 | 75 |
Pre-modification recorded investment | $8,324 | $16,238 | $21,230 | $34,862 |
Recorded investment | 7,933 | 15,002 | 20,109 | 32,941 |
Residential Mortgage Loans | Full documentation interest-only | ' | ' | ' | ' |
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ' | ' | ' | ' |
Number of Loans | 3 | 7 | 21 | 18 |
Pre-modification recorded investment | 1,447 | 2,128 | 9,244 | 4,579 |
Recorded investment | 1,447 | 2,127 | 8,776 | 4,577 |
Residential Mortgage Loans | Full documentation amortizing loans | ' | ' | ' | ' |
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ' | ' | ' | ' |
Number of Loans | ' | 1 | 3 | 6 |
Pre-modification recorded investment | ' | 161 | 519 | 1,662 |
Recorded investment | ' | 161 | 485 | 1,682 |
Residential Mortgage Loans | Reduced documentation interest-only | ' | ' | ' | ' |
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ' | ' | ' | ' |
Number of Loans | 9 | 10 | 17 | 28 |
Pre-modification recorded investment | 3,585 | 3,107 | 5,885 | 8,957 |
Recorded investment | 3,581 | 3,096 | 5,860 | 8,921 |
Residential Mortgage Loans | Reduced documentation amortizing | ' | ' | ' | ' |
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ' | ' | ' | ' |
Number of Loans | 1 | 2 | 3 | 8 |
Pre-modification recorded investment | 282 | 387 | 599 | 2,470 |
Recorded investment | 281 | 386 | 541 | 2,408 |
Multi-family | ' | ' | ' | ' |
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ' | ' | ' | ' |
Number of Loans | 2 | 5 | 4 | 8 |
Pre-modification recorded investment | 1,441 | 3,967 | 2,501 | 6,751 |
Recorded investment | 1,055 | 3,774 | 1,994 | 6,228 |
Commercial real estate | ' | ' | ' | ' |
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ' | ' | ' | ' |
Number of Loans | 1 | 4 | 3 | 7 |
Pre-modification recorded investment | 1,569 | 6,488 | 2,482 | 10,443 |
Recorded investment | $1,569 | $5,458 | $2,453 | $9,125 |
Recovered_Sheet3
Loans Receivable and Allowance for Loan Losses (TDR Mortgage Loans, Subsequent Payment Default) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Mortgage loans (gross) | Mortgage loans (gross) | Mortgage loans (gross) | Mortgage loans (gross) | Mortgage loans (gross) | Mortgage loans (gross) | Mortgage loans (gross) | Mortgage loans (gross) | Mortgage loans (gross) | Mortgage loans (gross) | Mortgage loans (gross) | Mortgage loans (gross) | Mortgage loans (gross) | Mortgage loans (gross) | Mortgage loans (gross) | Mortgage loans (gross) | Mortgage loans (gross) | Mortgage loans (gross) | Mortgage loans (gross) | Mortgage loans (gross) | Mortgage loans (gross) | ||
loan | loan | loan | loan | Residential Mortgage Loans | Residential Mortgage Loans | Residential Mortgage Loans | Residential Mortgage Loans | Residential Mortgage Loans | Residential Mortgage Loans | Residential Mortgage Loans | Residential Mortgage Loans | Residential Mortgage Loans | Residential Mortgage Loans | Residential Mortgage Loans | Residential Mortgage Loans | Residential Mortgage Loans | Residential Mortgage Loans | Residential Mortgage Loans | Multi-family | Multi-family | |||
Full documentation interest-only | Full documentation interest-only | Full documentation interest-only | Full documentation interest-only | Full documentation amortizing loans | Full documentation amortizing loans | Full documentation amortizing loans | Full documentation amortizing loans | Reduced documentation interest-only | Reduced documentation interest-only | Reduced documentation interest-only | Reduced documentation interest-only | Reduced documentation amortizing | Reduced documentation amortizing | Reduced documentation amortizing | loan | loan | |||||||
loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | |||||||||
Information about loans receivable by segment and class modified in troubled debt restructuring | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans receivable | $11,915,935 | $12,442,066 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Loans | ' | ' | 7 | 45 | 12 | 62 | 2 | 14 | 3 | 22 | 3 | 8 | 4 | 10 | 2 | 20 | 4 | 24 | 2 | 1 | 5 | 1 | 1 |
Recorded Investment | ' | ' | $2,476 | $12,227 | $3,802 | $16,190 | $714 | $3,365 | $854 | $5,343 | $852 | $2,159 | $1,057 | $2,589 | $910 | $5,729 | $1,799 | $6,707 | $303 | $92 | $880 | $671 | $671 |
Earnings_Per_Common_Share_Deta
Earnings Per Common 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 | $18,808 | $16,924 | $72,657 | $46,441 |
Preferred stock dividends | -2,194 | -2,194 | -6,582 | -5,021 |
Net income available to common shareholders | 16,614 | 14,730 | 66,075 | 41,420 |
Income allocated to participating securities | -187 | -195 | -742 | -508 |
Net income allocated to common shareholders | $16,427 | $14,535 | $65,333 | $40,912 |
Basic weighted average common shares outstanding | 98,453,265 | 97,199,329 | 98,279,671 | 96,967,052 |
Dilutive effect of stock options and restricted stock units | 0 | 0 | 0 | 0 |
Diluted weighted average common shares outstanding | 98,453,265 | 97,199,329 | 98,279,671 | 96,967,052 |
Basic EPS | $0.17 | $0.15 | $0.66 | $0.42 |
Diluted EPS | $0.17 | $0.15 | $0.66 | $0.42 |
Options | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | ' | ' | ' | ' |
Stock options excluded from computation of earnings per share (in shares) | 988,050 | 1,871,935 | 1,016,451 | 2,215,820 |
Restricted stock units (RSUs) | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | ' | ' | ' | ' |
Restricted stock units excluded from the computation of earning per share (in shares) | 788,874 | 415,900 | 751,149 | 379,602 |
Other_Comprehensive_IncomeLoss2
Other Comprehensive Income/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 |
Changes in accumulated other comprehensive loss components | ' | ' | ' | ' |
Balance at the beginning of the period | ($30,201) | ($79,787) | ($38,250) | ($73,090) |
Other comprehensive income, net of tax | -333 | -667 | 7,716 | -7,364 |
Balance at the end of the period | -30,534 | -80,454 | -30,534 | -80,454 |
Net unrealized (loss) gain on securities available-for-sale | ' | ' | ' | ' |
Changes in accumulated other comprehensive loss components | ' | ' | ' | ' |
Balance at the beginning of the period | 3,326 | -484 | -4,366 | 7,451 |
Other comprehensive income, net of tax | -511 | -1,286 | 7,181 | -9,221 |
Balance at the end of the period | 2,815 | -1,770 | 2,815 | -1,770 |
Net actuarial loss on pension plans and other postretirement benefits | ' | ' | ' | ' |
Changes in accumulated other comprehensive loss components | ' | ' | ' | ' |
Balance at the beginning of the period | -30,304 | -75,946 | -30,600 | -77,115 |
Other comprehensive income, net of tax | 147 | 585 | 443 | 1,754 |
Balance at the end of the period | -30,157 | -75,361 | -30,157 | -75,361 |
Prior service cost on pension plans and other postretirement benefits | ' | ' | ' | ' |
Changes in accumulated other comprehensive loss components | ' | ' | ' | ' |
Balance at the beginning of the period | -3,223 | -3,357 | -3,284 | -3,426 |
Other comprehensive income, net of tax | 31 | 34 | 92 | 103 |
Balance at the end of the period | ($3,192) | ($3,323) | ($3,192) | ($3,323) |
Other_Comprehensive_IncomeLoss3
Other Comprehensive Income/Loss (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net unrealized gain on securities available-for-sale before tax amount: | ' | ' | ' | ' |
Net unrealized holding gain on securities available-for-sale arising during the period | ($649) | ' | $11,242 | ($12,180) |
Reclassification adjustment for gain on sales of securities included in net income | -141 | ' | -141 | -2,057 |
Net unrealized loss on securities available-for-sale | -790 | -1,984 | 11,101 | -14,237 |
Net actuarial loss adjustment on pension plans and other postretirement benefits before tax amount: | ' | ' | ' | ' |
Reclassification adjustment for net actuarial loss included in net income | 228 | 903 | 685 | 2,708 |
Prior service cost adjustment on pension plans and other postretirement benefits before tax amount: | ' | ' | ' | ' |
Reclassification adjustment for prior service cost included in net income | 47 | 53 | 142 | 159 |
Total other comprehensive income, before tax amount | -515 | -1,028 | 11,928 | -11,370 |
Net unrealized gain on securities available-for-sale, tax expense: | ' | ' | ' | ' |
Net unrealized holding gain on securities available-for-sale arising during the period | 229 | ' | -3,970 | 4,291 |
Reclassification adjustment for gains included in net income | 50 | ' | 50 | 725 |
Net unrealized loss on securities available-for-sale | 279 | 698 | -3,920 | 5,016 |
Net actuarial loss adjustment on pension plans and other postretirement benefits, tax expense: | ' | ' | ' | ' |
Reclassification adjustment for net actuarial loss included in net income | -81 | -318 | -242 | -954 |
Prior service cost adjustment on pension plans and other postretirement benefits, tax expense: | ' | ' | ' | ' |
Reclassification adjustment for prior service cost included in net income | -16 | -19 | -50 | -56 |
Total other comprehensive income, tax expense | 182 | 361 | -4,212 | 4,006 |
Net unrealized gain on securities available-for-sale: | ' | ' | ' | ' |
Net unrealized holding gain on securities available-for-sale arising during the period | -420 | -1,286 | 7,272 | -7,889 |
Reclassification adjustment for gains included in net income | -91 | ' | -91 | -1,332 |
Net unrealized (loss) gain on securities available-for-sale | -511 | -1,286 | 7,181 | -9,221 |
Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income | 147 | 585 | 443 | 1,754 |
Prior service cost adjustment on pension plans and other postretirement benefits: | ' | ' | ' | ' |
Reclassification adjustment for prior service cost included in net income | 31 | 34 | 92 | 103 |
Total other comprehensive (loss) income, net of tax | ($333) | ($667) | $7,716 | ($7,364) |
Other_Comprehensive_IncomeLoss4
Other Comprehensive Income/Loss (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ' | ' | ' | ' |
Reclassification adjustment for gain on sales of securities | ($141) | ' | ($141) | ($2,057) |
Reclassification adjustment for net actuarial loss | 228 | 903 | 685 | 2,708 |
Reclassification adjustment for prior service cost | 47 | 53 | 142 | 159 |
Income before income tax expense | 29,064 | 26,438 | 92,617 | 72,631 |
Income tax effect | -10,256 | -9,514 | -19,960 | -26,190 |
Net income | 18,808 | 16,924 | 72,657 | 46,441 |
Amount Reclassified from Accumulated Other Comprehensive Loss | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ' | ' | ' | ' |
Income before income tax expense | -134 | -956 | -686 | -810 |
Income tax effect | 47 | 337 | 242 | 285 |
Net income | -87 | -619 | -444 | -525 |
Gain on sales of securities | Amount Reclassified from Accumulated Other Comprehensive Loss | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ' | ' | ' | ' |
Reclassification adjustment for gain on sales of securities | 141 | ' | 141 | 2,057 |
Compensation and benefits | Amount Reclassified from Accumulated Other Comprehensive Loss | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ' | ' | ' | ' |
Reclassification adjustment for net actuarial loss | -228 | -903 | -685 | -2,708 |
Reclassification adjustment for prior service cost | ($47) | ($53) | ($142) | ($159) |
Pension_Plans_and_Other_Postre2
Pension Plans and Other Postretirement Benefits (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 | ' | ' | ' | ' |
Pension plans and other postretirement benefits | ' | ' | ' | ' |
Interest cost | $2,613 | $2,387 | $7,838 | $7,162 |
Expected return on plan assets | -3,710 | -3,188 | -11,132 | -9,565 |
Recognized net actuarial loss (gain) | 350 | 785 | 1,051 | 2,354 |
Amortization of prior service cost | 47 | 53 | 142 | 159 |
Net periodic (benefit) cost | -700 | 37 | -2,101 | 110 |
Other postretirement benefits | ' | ' | ' | ' |
Pension plans and other postretirement benefits | ' | ' | ' | ' |
Service cost | 309 | 396 | 930 | 1,185 |
Interest cost | 233 | 319 | 698 | 959 |
Recognized net actuarial loss (gain) | -122 | 118 | -366 | 354 |
Net periodic (benefit) cost | $420 | $833 | $1,262 | $2,498 |
Stock_Incentive_Plans_Details
Stock Incentive Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 6 Months Ended | 9 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | 21-May-14 | Sep. 30, 2014 | Sep. 30, 2014 | 21-May-14 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Restricted common stock | Restricted common stock | Performance-based restricted stock units | Performance-based restricted stock units | Performance-based restricted stock units | Performance-based restricted stock units | Performance-based restricted stock units | Performance-based restricted stock units | Performance-based restricted stock units | Restricted common stock and restricted stock units | Performance-based restricted common stock and performance-based restricted stock units | Performance-based restricted common stock | Employee Stock Plan, 2014 Plan | Employee Stock Plan, 2014 Plan | Employee Stock Plan, 2005 Plan | Employee Stock Plan, 2005 Plan | Employee Stock Plan, 2005 Plan | Employee Stock Plan, 2005 Plan | Employee Stock Plan, 2005 Plan | Employee Stock Plan, 2005 Plan | Employee Stock Plan, 2005 Plan | Employee Stock Plan, 2005 Plan | Employee Stock Plan, 2005 Plan | Directors Stock Plan, 2007 Plan | Directors Stock Plan, 2007 Plan | |||||
Vest on February 1, 2017, performance level one | Vest on February 1, 2017, performance level two | Vest on February 1, 2017, performance level three | Vest on February 1, 2017, performance level four | Vest on February 1, 2017, performance level five | Restricted common stock | Restricted common stock | Restricted common stock | Restricted common stock | Restricted common stock | Performance-based restricted stock units | Performance-based restricted stock units | Restricted common stock | Restricted common stock | ||||||||||||||||
Shares vesting in December 2014 | Shares vesting in December 2015 | Shares vesting in December 2016 | Vesting in February 2017 | ||||||||||||||||||||||||||
Stock Incentive Plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional shares authorized for future grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for future grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,757,925 | 0 | 507,925 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in shares) | ' | ' | ' | ' | 23,590 | ' | 20,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,420 | ' | ' | ' | ' | ' | ' | ' |
Share of common stock to be paid for each restricted stock unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Shares to be issued on vest date as percentage of units granted based on actual performance | ' | ' | ' | ' | ' | ' | ' | ' | 125.00% | 100.00% | 75.00% | 50.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares to be issued as a percentage of units granted in the event of change in control | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Outstanding (in shares) | ' | ' | ' | ' | 1,132,232 | 781,644 | 784,400 | 409,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 386,300 | 28,148 | ' |
Restricted common stock granted (in shares) | ' | ' | ' | ' | 429,346 | ' | 395,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 396,840 | ' | 128,340 | 128,940 | 130,140 | 395,900 | ' | 32,506 | ' |
Vested (in shares) | ' | ' | ' | ' | 55,168 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | ' | $12.63 | ' | $12.14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense, net of taxes | $1,400,000 | $1,200,000 | $4,200,000 | $3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense, taxes | 789,000 | 636,000 | 2,300,000 | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax compensation cost related to share-based compensation awards not yet recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax compensation cost, weighted average recognition period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 10 months 25 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax compensation cost related to non-vested performance-based stock awards and units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares or units for which compensation cost will be excluded until the achievement of the performance conditions become probable | ' | ' | ' | ' | ' | ' | 99,525 | ' | ' | ' | ' | ' | ' | ' | ' | 65,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Incentive_Plans_Details_
Stock Incentive Plans (Details 2) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Restricted Common Stock | ' |
Number of Units | ' |
Unvested at the beginning of the period (in shares) | 781,644 |
Granted (in shares) | 429,346 |
Vested (in shares) | -55,168 |
Forfeited (in shares) | -23,590 |
Unvested at the end of the period (in shares) | 1,132,232 |
Weighted Average Grant Date Fair Value | ' |
Unvested at the beginning of the period (in dollars per share) | $11.46 |
Granted (in dollars per share) | $12.63 |
Vested (in dollars per share) | ($11.04) |
Forfeited (in dollars per share) | ($11.93) |
Unvested at the end of the period (in dollars per share) | $11.91 |
Restricted Stock Units | ' |
Number of Units | ' |
Unvested at the beginning of the period (in shares) | 409,100 |
Granted (in shares) | 395,900 |
Forfeited (in shares) | -20,600 |
Unvested at the end of the period (in shares) | 784,400 |
Weighted Average Grant Date Fair Value | ' |
Unvested at the beginning of the period (in dollars per share) | $9.22 |
Granted (in dollars per share) | $12.14 |
Forfeited (in dollars per share) | ($10.58) |
Unvested at the end of the period (in dollars per share) | $10.66 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value of Financial Instruments | ' | ' |
Total available-for-sale securities | $366,026 | $401,690 |
Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total available-for-sale securities | 366,026 | 401,690 |
Total residential mortgage-backed securities | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total available-for-sale securities | 270,484 | 310,534 |
Total residential mortgage-backed securities | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Percentage of debt securities comprising available-for-sale portfolio | 74.00% | 77.00% |
Available-for-sale residential mortgage-backed securities portfolio which are GSE securities (as a percent) | 98.00% | 98.00% |
GSE issuance REMICs and CMOs | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total available-for-sale securities | 250,746 | 286,074 |
GSE issuance REMICs and CMOs | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total available-for-sale securities | 250,746 | 286,074 |
Non-GSE issuance REMICs and CMOs | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total available-for-sale securities | 5,727 | 7,572 |
Non-GSE issuance REMICs and CMOs | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total available-for-sale securities | 5,727 | 7,572 |
GSE pass-through certificates | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total available-for-sale securities | 14,011 | 16,888 |
GSE pass-through certificates | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total available-for-sale securities | 14,011 | 16,888 |
Obligations of GSEs | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total available-for-sale securities | 95,539 | 91,153 |
Obligations of GSEs | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total available-for-sale securities | 95,539 | 91,153 |
Percentage of debt securities comprising available-for-sale portfolio | 26.00% | 23.00% |
Fannie Mae stock | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total available-for-sale securities | 3 | 3 |
Fannie Mae stock | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total available-for-sale securities | 3 | 3 |
Level 1 | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total available-for-sale securities | 3 | 3 |
Level 1 | Fannie Mae stock | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total available-for-sale securities | 3 | 3 |
Level 2 | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total available-for-sale securities | 366,023 | 401,687 |
Level 2 | GSE issuance REMICs and CMOs | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total available-for-sale securities | 250,746 | 286,074 |
Level 2 | Non-GSE issuance REMICs and CMOs | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total available-for-sale securities | 5,727 | 7,572 |
Level 2 | GSE pass-through certificates | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total available-for-sale securities | 14,011 | 16,888 |
Level 2 | Obligations of GSEs | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total available-for-sale securities | $95,539 | $91,153 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying value of assets | ' | ' |
Impaired loans | $250,749 | $384,522 |
MSR, net | 11,905 | 12,800 |
REO, net | 42,458 | 42,636 |
Carrying value | ' | ' |
Carrying value of assets | ' | ' |
Loans held-for-sale, net | 7,629 | 7,375 |
MSR, net | 11,905 | 12,800 |
Level 3 | ' | ' |
Carrying value of assets | ' | ' |
Loans held-for-sale, net | 7,849 | 7,436 |
MSR, net | 11,909 | 12,804 |
Measured on a non-recurring basis | Level 3 | Carrying value | ' | ' |
Carrying value of assets | ' | ' |
Loans held-for-sale, net | 154 | 791 |
Impaired loans | 144,258 | 271,408 |
MSR, net | 11,905 | 12,800 |
REO, net | 19,971 | 27,101 |
Total | $176,288 | $312,100 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 3) (Measured on a non-recurring basis, USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value of Financial Instruments | ' | ' |
Losses recognized on assets measured at fair value on a non-recurring basis | $6,998 | $19,895 |
Non-performing loans held-for-sale, net | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Losses recognized on assets measured at fair value on a non-recurring basis | ' | 567 |
Impaired loans | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Losses recognized on assets measured at fair value on a non-recurring basis | 5,187 | 16,698 |
REO, net | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Losses recognized on assets measured at fair value on a non-recurring basis | $1,811 | $2,630 |
Fair_Value_Measurements_Detail3
Fair Value Measurements (Details 4) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Valuation methodologies used for assets measured at fair value | ' | ' |
Impaired loans comprising residential mortgage loans (as a percent) | 73.00% | 81.00% |
Impaired loans comprising multi-family and commercial real estate loans (as a percent) | 25.00% | 19.00% |
Percentage of Impaired Loans Comprising home equity lines of credit | 2.00% | ' |
Impaired loans for which fair value adjustment is recognized comprising residential mortgage loans (as a percent) | 66.00% | 83.00% |
Impaired loans for which fair value adjustment is recognized comprising multi-family and commercial real estate loans (as a percent) | 33.00% | 17.00% |
Impaired loans for which fair value adjustment is recognized comprising home equity lines of credit (as a percent) | 1.00% | ' |
Real estate owned, net | 42,458 | 42,636 |
Weighted average | ' | ' |
Valuation methodologies used for assets measured at fair value | ' | ' |
Assumption to estimate fair value of servicing asset, weighted average discount rate (as a percent) | 9.48% | 9.45% |
Assumption to estimate fair value of servicing asset, weighted average constant prepayment rate (as a percent) | 11.77% | 10.52% |
Assumption to estimate fair value of servicing asset, weighted average life | '5 years 10 months 24 days | '6 years 3 months 18 days |
Residential Mortgage Loans | ' | ' |
Valuation methodologies used for assets measured at fair value | ' | ' |
Period after which loans are individually evaluated for impairment | '180 days | ' |
Period past due when loan servicer performs property inspections | '45 days | ' |
Real estate owned, net | 40,400 | ' |
Fair_Value_Measurements_Detail4
Fair Value Measurements (Details 5) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Mortgage loans held-for-sale | Mortgage loans held-for-sale | Total fair value | Total fair value | Level 2 fair value | Level 2 fair value | Level 3 fair value | Level 3 fair value | Carrying value | Carrying value | ||
Minimum | Maximum | |||||||||||
Financial Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities held-to-maturity | $2,053,337 | $1,849,526 | ' | ' | $2,035,378 | $1,811,122 | $2,035,378 | $1,811,122 | ' | ' | $2,053,337 | $1,849,526 |
FHLB-NY stock | 133,398 | 152,207 | ' | ' | 133,398 | 152,207 | 133,398 | 152,207 | ' | ' | 133,398 | 152,207 |
Loans held-for-sale, net | ' | ' | ' | ' | 7,849 | 7,436 | ' | ' | 7,849 | 7,436 | 7,629 | 7,375 |
Loans receivable, net | ' | ' | ' | ' | 11,906,833 | 12,480,533 | ' | ' | 11,906,833 | 12,480,533 | 11,802,335 | 12,303,066 |
MSR, net | 11,905 | 12,800 | ' | ' | 11,909 | 12,804 | ' | ' | 11,909 | 12,804 | 11,905 | 12,800 |
Mortgage loan, original term | ' | ' | '15 years | '30 years | ' | ' | ' | ' | ' | ' | ' | ' |
Financial Liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deposits | ' | ' | ' | ' | 9,648,916 | 9,922,631 | 9,648,916 | 9,922,631 | ' | ' | 9,612,761 | 9,855,310 |
Borrowings, net | ' | ' | ' | ' | $4,115,223 | $4,376,336 | $4,115,223 | $4,376,336 | ' | ' | $3,911,559 | $4,137,161 |
Litigation_Details
Litigation (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
subsidiary | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Alleged tax deficiency including interest and penalties related to 2006 through 2008 tax years | $13.30 |
Number of subsidiaries to which alleged tax deficiencies are related | 2 |