Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 17, 2015 | Jun. 30, 2014 |
Document and Entity Information | |||
Entity Registrant Name | ASTORIA FINANCIAL CORP | ||
Entity Central Index Key | 910322 | ||
Trading Symbol | AF | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 99,932,720 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $1.30 |
CONSOLIDATED_STATEMENTS_OF_FIN
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS: | ||
Cash and due from banks | $143,185 | $121,950 |
Available-for-sale securities: | ||
Encumbered | 110,784 | 105,234 |
Unencumbered | 273,575 | 296,456 |
Total available-for-sale securities | 384,359 | 401,690 |
Held-to-maturity securities, fair value of $2,131,371 and $1,811,122, respectively: | ||
Encumbered | 1,147,991 | 1,150,315 |
Unencumbered | 985,813 | 699,211 |
Total held-to-maturity securities | 2,133,804 | 1,849,526 |
Federal Home Loan Bank of New York stock, at cost | 140,754 | 152,207 |
Loans held-for-sale, net | 7,640 | 7,375 |
Loans receivable | 11,957,448 | 12,442,066 |
Allowance for loan losses | -111,600 | -139,000 |
Loans receivable, net | 11,845,848 | 12,303,066 |
Mortgage servicing rights, net | 11,401 | 12,800 |
Accrued interest receivable | 36,628 | 37,926 |
Premises and equipment, net | 111,622 | 112,530 |
Goodwill | 185,151 | 185,151 |
Bank owned life insurance | 430,768 | 423,375 |
Real estate owned, net | 35,723 | 42,636 |
Other assets | 173,138 | 143,490 |
Total assets | 15,640,021 | 15,793,722 |
LIABILITIES: | ||
Deposits | 9,504,909 | 9,855,310 |
Borrowings, net | 4,187,691 | 4,137,161 |
Mortgage escrow funds | 115,400 | 109,458 |
Accrued expenses and other liabilities | 251,951 | 172,280 |
Total liabilities | 14,059,951 | 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 99,940,399 and 98,841,960 shares outstanding, respectively) | 1,665 | 1,665 |
Additional paid-in capital | 897,049 | 894,297 |
Retained earnings | 1,992,833 | 1,930,026 |
Treasury stock (66,554,489 and 67,652,928 shares, at cost, respectively) | -1,375,322 | -1,398,021 |
Accumulated other comprehensive loss | -65,951 | -38,250 |
Total stockholders’ equity | 1,580,070 | 1,519,513 |
Total liabilities and stockholders’ equity | $15,640,021 | $15,793,722 |
CONSOLIDATED_STATEMENTS_OF_FIN1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Held-to-maturity securities, fair value | 2,131,371 | 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 | 99,940,399 | 98,841,960 |
Treasury stock, shares | 66,554,489 | 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 $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest income: | |||
Residential mortgage loans | $241,417 | $289,790 | $372,478 |
Multi-family and commercial real estate mortgage loans | 178,795 | 163,352 | 149,694 |
Consumer and other loans | 8,532 | 8,797 | 9,258 |
Mortgage-backed and other securities | 57,065 | 49,563 | 61,757 |
Repurchase agreements and interest-earning cash accounts | 321 | 263 | 338 |
Federal Home Loan Bank of New York stock | 6,220 | 6,665 | 6,984 |
Total interest income | 492,350 | 518,430 | 600,509 |
Interest expense: | |||
Deposits | 51,355 | 62,617 | 98,021 |
Borrowings | 98,707 | 113,911 | 154,219 |
Total interest expense | 150,062 | 176,528 | 252,240 |
Net interest income | 342,288 | 341,902 | 348,269 |
Provision for loan losses (credited) charged to operations | -9,469 | 19,601 | 40,400 |
Net interest income after provision for loan losses | 351,757 | 322,301 | 307,869 |
Non-interest income: | |||
Customer service fees | 35,710 | 36,786 | 39,520 |
Other loan fees | 2,493 | 2,230 | 2,640 |
Gain on sales of securities | 141 | 2,057 | 8,477 |
Mortgage banking income, net | 3,326 | 13,241 | 6,820 |
Income from bank owned life insurance | 8,476 | 8,404 | 9,439 |
Other | 4,702 | 6,854 | 6,339 |
Total non-interest income | 54,848 | 69,572 | 73,235 |
General and administrative: | |||
Compensation and benefits | 138,177 | 133,689 | 139,140 |
Occupancy, equipment and systems | 71,948 | 70,711 | 67,406 |
Federal deposit insurance premium | 26,179 | 37,188 | 47,363 |
Advertising | 12,450 | 6,400 | 6,392 |
Extinguishment of debt | 0 | 4,266 | 1,212 |
Other | 35,656 | 35,277 | 38,620 |
Total non-interest expense | 284,410 | 287,531 | 300,133 |
Income before income tax expense | 122,195 | 104,342 | 80,971 |
Income tax expense | 26,279 | 37,749 | 27,880 |
Net income | 95,916 | 66,593 | 53,091 |
Preferred stock dividends | 8,775 | 7,214 | 0 |
Net income available to common shareholders | $87,141 | $59,379 | $53,091 |
Basic earnings per common share (in dollars per share) | $0.88 | $0.60 | $0.55 |
Diluted earnings per common share (in dollars per share) | $0.88 | $0.60 | $0.55 |
Basic weighted average common shares outstanding (in shares) | 98,384,443 | 97,121,497 | 95,455,344 |
Diluted weighted average common shares outstanding (in shares) | 98,384,443 | 97,121,497 | 95,455,344 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $95,916 | $66,593 | $53,091 |
Net unrealized gain (loss) on securities available-for-sale: | |||
Net unrealized holding gain (loss) on securities arising during the year | 9,143 | -10,485 | -1,320 |
Reclassification adjustment for gain on sales of securities included in net income | -91 | -1,332 | -5,490 |
Net unrealized gain (loss) on securities available-for-sale | 9,052 | -11,817 | -6,810 |
Net actuarial loss adjustment on pension plans and other postretirement benefits: | |||
Net actuarial loss adjustment arising during the year | -37,467 | 44,180 | 9,143 |
Reclassification adjustment for net actuarial loss included in net income | 591 | 2,335 | 3,527 |
Net actuarial loss adjustment on pension plans and other postretirement benefits | -36,876 | 46,515 | 12,670 |
Prior service cost adjustment on pension plans and other postretirement benefits: | |||
Prior service cost adjustment arising during the year | 0 | 0 | -3,538 |
Reclassification adjustment for prior service cost included in net income | 123 | 142 | 98 |
Prior service cost adjustment on pension plans and other postretirement benefits | 123 | 142 | -3,440 |
Reclassification adjustment for loss on cash flow hedge included in net income | 0 | 0 | 151 |
Total other comprehensive (loss) income, net of tax | -27,701 | 34,840 | 2,571 |
Comprehensive income | $68,215 | $101,433 | $55,662 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Series C Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Unallocated Common Stock Held by ESOP |
In Thousands, unless otherwise specified | ||||||||
Balance at beginning of period at Dec. 31, 2011 | $1,251,198 | $0 | $1,665 | $875,395 | $1,861,592 | ($1,404,311) | ($75,661) | ($7,482) |
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | 53,091 | 53,091 | ||||||
Other comprehensive income, net of tax | 2,571 | 2,571 | ||||||
Dividends on common stock | -24,104 | -24,104 | ||||||
Restricted stock grants | -1,541 | -1,703 | 3,244 | |||||
Forfeitures of restricted stock | 3,918 | 1,770 | -5,688 | |||||
Stock-based compensation | 5,166 | 4,790 | 376 | |||||
Net tax benefit (shortfall) excess from stock-based compensation | -4,123 | -4,123 | ||||||
Allocation of ESOP stock | 10,190 | 6,250 | 3,940 | |||||
Balance at end of period at Dec. 31, 2012 | 1,293,989 | 0 | 1,665 | 884,689 | 1,891,022 | -1,406,755 | -73,090 | -3,542 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | 66,593 | 66,593 | ||||||
Other comprehensive income, net of tax | 34,840 | 34,840 | ||||||
Issuance of preferred stock, series C | 129,796 | 129,796 | ||||||
Dividends on preferred stock | -7,214 | -7,214 | ||||||
Dividends on common stock | -15,667 | -15,667 | ||||||
Restricted stock grants | -5,200 | -5,878 | 11,078 | |||||
Forfeitures of restricted stock | 1,234 | 1,110 | -2,344 | |||||
Stock-based compensation | 6,969 | 6,909 | 60 | |||||
Net tax benefit (shortfall) excess from stock-based compensation | -800 | -800 | ||||||
Allocation of ESOP stock | 11,007 | 7,465 | 3,542 | |||||
Balance at end of period at Dec. 31, 2013 | 1,519,513 | 129,796 | 1,665 | 894,297 | 1,930,026 | -1,398,021 | -38,250 | 0 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | 95,916 | 95,916 | ||||||
Other comprehensive income, net of tax | -27,701 | -27,701 | ||||||
Dividends on preferred stock | -8,775 | -8,775 | ||||||
Dividends on common stock | -15,868 | -15,868 | ||||||
Sales of treasury stock | 8,121 | -4,595 | 12,716 | |||||
Restricted stock grants | -6,472 | -4,160 | 10,632 | |||||
Forfeitures of restricted stock | 374 | 275 | -649 | |||||
Stock-based compensation | 8,672 | 8,658 | 14 | |||||
Net tax benefit (shortfall) excess from stock-based compensation | 192 | 192 | ||||||
Balance at end of period at Dec. 31, 2014 | $1,580,070 | $129,796 | $1,665 | $897,049 | $1,992,833 | ($1,375,322) | ($65,951) | $0 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Dividends on common stock (in dollars per share) | $0.16 | $0.16 | $0.25 |
Dividends on preferred stock (in dollars per share) | $65 | $53.44 | |
Sale of treasury stock, in shares | 615,340 | ||
Restricted stock grants, in shares | 514,507 | 536,110 | 157,000 |
Forfeitures of restricted stock, shares | 31,408 | 113,468 | 275,397 |
Series C Preferred Stock | |||
Issuance of preferred stock, series C, shares | 135,000 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $95,916 | $66,593 | $53,091 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net amortization on loans | 11,738 | 20,511 | 26,101 |
Net amortization on securities and borrowings | 9,021 | 15,794 | 16,762 |
Net provision for loan and real estate losses (credited) charged to operations | -8,113 | 20,899 | 43,314 |
Depreciation and amortization | 11,872 | 11,566 | 11,861 |
Net gain on sales of loans and securities | -1,012 | -9,059 | -17,333 |
Mortgage servicing rights amortization and valuation allowance adjustments, net | 2,522 | -2,172 | 4,840 |
Stock-based compensation and allocation of ESOP stock | 8,672 | 17,976 | 15,356 |
Originations of loans held-for-sale | -105,176 | -256,048 | -380,356 |
Proceeds from sales and principal repayments of loans held-for-sale | 104,947 | 325,088 | 324,520 |
Decrease in accrued interest receivable | 1,298 | 3,762 | 4,840 |
Bank owned life insurance income and insurance proceeds received, net | -7,393 | -5,220 | -8,518 |
(Increase) decrease in other assets | -10,407 | 51,231 | 101,170 |
Increase (decrease) in accrued expenses and other liabilities | 20,191 | -28,257 | -8,235 |
Net cash provided by operating activities | 134,076 | 232,664 | 187,413 |
Cash flows from investing activities: | |||
Originations of loans receivable | -1,560,090 | -2,228,450 | -3,272,511 |
Loan purchases through third parties | -196,283 | -407,532 | -942,873 |
Principal payments on loans receivable | 1,985,246 | 3,302,519 | 4,135,995 |
Proceeds from sales of delinquent and non-performing loans | 181,295 | 19,511 | 23,220 |
Purchases of securities held-to-maturity | -630,366 | -850,716 | -533,687 |
Purchases of securities available-for-sale | -25,479 | -221,080 | -256,901 |
Principal payments on securities held-to-maturity | 338,691 | 687,902 | 948,994 |
Principal payments on securities available-for-sale | 40,906 | 95,687 | 201,147 |
Proceeds from sales of securities available-for-sale | 14,447 | 41,640 | 60,318 |
Net redemptions (purchases) of Federal Home Loan Bank of New York stock | 11,453 | 18,987 | -39,527 |
Redemption of Astoria Capital Trust I common securities | 0 | 3,866 | 0 |
Proceeds from sales of real estate owned, net | 49,089 | 35,949 | 59,892 |
Purchases of premises and equipment, net of proceeds from sales | -10,961 | -9,621 | -6,435 |
Net cash provided by investing activities | 197,948 | 488,662 | 377,632 |
Cash flows from financing activities: | |||
Net decrease in deposits | -350,401 | -588,648 | -801,656 |
Net increase in borrowings with original terms of three months or less | 200,000 | 317,000 | 448,000 |
Proceeds from borrowings with original terms greater than three months | 0 | 0 | 950,000 |
Repayments of borrowings with original terms greater than three months | -150,000 | -553,866 | -1,144,000 |
Cash payments for debt issuance costs | 0 | 0 | -2,653 |
Net increase (decrease) in mortgage escrow funds | 5,942 | -3,643 | 2,260 |
Proceeds from sales of treasury stock | 8,121 | 0 | 0 |
Proceeds from issuance of preferred stock | 0 | 135,000 | 0 |
Cash payments for preferred stock issuance costs | 0 | -5,204 | 0 |
Cash dividends paid to stockholders | -24,643 | -20,688 | -24,104 |
Net tax benefit excess (shortfall) from stock-based compensation | 192 | -800 | -4,123 |
Net cash used in financing activities | -310,789 | -720,849 | -576,276 |
Net increase (decrease) in cash and cash equivalents | 21,235 | 477 | -11,231 |
Cash and cash equivalents at beginning of year | 121,950 | 121,473 | 132,704 |
Cash and cash equivalents at end of year | 143,185 | 121,950 | 121,473 |
Supplemental disclosures: | |||
Interest paid | 150,026 | 180,871 | 258,503 |
Income taxes paid | 21,658 | 28,820 | 6,002 |
Additions to real estate owned | 43,532 | 51,360 | 43,270 |
Loans transferred to held-for-sale | $190,594 | $16,605 | $6,501 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
The following significant accounting and reporting policies of Astoria Financial Corporation and subsidiaries conform to U.S. generally accepted accounting principles, or GAAP, and are used in preparing and presenting these consolidated financial statements. | |
(a) Basis of Presentation | |
The accompanying consolidated financial statements include the accounts of Astoria Financial Corporation and its wholly-owned subsidiaries: Astoria Bank and its subsidiaries, referred to as Astoria Bank, and AF Insurance Agency, Inc. AF Insurance Agency, Inc. is a licensed life insurance agency which, through contractual agreements with various third parties, makes insurance products available primarily to the customers of Astoria Bank. As used in this annual 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 addition to Astoria Bank and AF Insurance Agency, Inc., we had another subsidiary, Astoria Capital Trust I, which was not consolidated with Astoria Financial Corporation for financial reporting purposes. On May 14, 2013, we filed a Certificate of Cancellation of Certificate of Trust of Astoria Capital Trust I with the Delaware Secretary of State. See Note 7 for further discussion of Astoria Capital Trust I. | |
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues, expenses and other comprehensive income/loss during the reporting periods. The estimate of our allowance for loan losses, the valuation of mortgage servicing rights, or MSR, judgments regarding goodwill and securities impairment and the estimates related to our income taxes and pension plans and other postretirement benefits are particularly critical because they are important to the presentation of our financial condition and results of operations, involve a higher degree of complexity and require management to make difficult and subjective judgments which often require assumptions and estimates about highly uncertain matters. Actual results may differ from our assumptions, estimates and judgments. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. | |
(b) Cash and Cash Equivalents | |
For the purpose of reporting cash flows, cash and cash equivalents include cash and due from banks and repurchase agreements with original maturities of three months or less. We may purchase securities under agreements to resell (repurchase agreements). These agreements represent short-term loans and are reflected as an asset in the consolidated statements of financial condition. There were no repurchase agreements outstanding at December 31, 2014 and 2013. | |
Astoria Bank is required by the Federal Reserve System to maintain cash reserves equal to a percentage of certain deposits. The reserve requirement totaled $42.2 million at December 31, 2014 and $37.7 million at December 31, 2013. | |
(c) Securities | |
Securities are classified as held-to-maturity, available-for-sale or trading. Management determines the appropriate classification of securities at the time of acquisition. 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. Debt securities which we have the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Premiums and discounts are recognized as adjustments to interest income using the interest method over the remaining period to contractual maturity, adjusted for prepayments. Gains and losses on the sale of all securities are determined using the specific identification method and are reflected in earnings when realized. For the years ended December 31, 2014, 2013 and 2012, we did not maintain a trading securities portfolio. We conduct a periodic review and evaluation of the securities portfolio to determine if a decline in the fair value of any security below its cost basis is other-than-temporary. Our evaluation of other-than-temporary impairment, or OTTI, considers the duration and severity of the impairment, our assessments of the reason for the decline in value, the likelihood of a near-term recovery and our intent and ability to not sell the securities. If such decline is deemed other-than-temporary, the security is written down to a new cost basis and the resulting loss is charged to earnings as a component of non-interest income, except for the amount of the total OTTI for a debt security that does not represent credit losses which is recognized in other comprehensive income/loss, net of applicable taxes. | |
(d) Federal Home Loan Bank of New York Stock | |
As a member of the Federal Home Loan Bank of New York, or FHLB-NY, we are required to acquire and hold shares of the FHLB-NY Class B stock. Our holding requirement varies based on our activities, primarily our outstanding borrowings, with the FHLB-NY. Our investment in FHLB-NY stock is carried at cost. We conduct a periodic review and evaluation of our FHLB-NY stock to determine if any impairment exists. | |
(e) Loans Held-for-Sale | |
Loans held-for-sale, net, includes 15 and 30 year fixed rate one-to-four family, or residential, mortgage loans originated for sale that conform to government-sponsored enterprise, or GSE, guidelines (conforming loans), as well as certain delinquent and non-performing mortgage loans. | |
Generally, we originate 15 and 30 year conforming fixed rate residential mortgage loans for sale to various GSEs or other investors on a servicing released or retained basis. The sale of such loans is generally arranged through a master commitment on a mandatory delivery or best efforts basis. Loans held-for-sale are carried at the lower of cost or estimated fair value, as determined on an aggregate basis. Net unrealized losses, if any, are recognized in a valuation allowance through charges to earnings. Premiums and discounts and origination fees and costs on loans held-for-sale are deferred and recognized as a component of the gain or loss on sale. Gains and losses on sales of loans held-for-sale are included in mortgage banking income, net, recognized on settlement dates and are determined by the difference between the sale proceeds and the carrying value of the loans. These transactions are accounted for as sales based on our satisfaction of the criteria for such accounting which provide that, as transferor, we have surrendered control over the loans. | |
Upon our decision to sell certain delinquent and non-performing mortgage loans held in portfolio, we transfer them to held-for-sale at the lower of cost or fair value, less estimated selling costs. Reductions in carrying values are reflected as a write-down of the recorded investment in the loans resulting in a new cost basis, with credit-related losses charged to the allowance for loan losses. Such loans are assessed for impairment based on fair value at each reporting date. Lower of cost or market write-downs, if any, are recognized in a valuation allowance through charges to earnings. Increases in the fair value of non-performing loans held-for-sale are recognized only up to the amount of the previously recognized valuation allowances. Lower of cost or market write-downs and recoveries are included in other non-interest income along with gains and losses recognized on sales of such loans. Our delinquent and non-performing loans are sold without recourse, except as discussed in Note 9, and we do not provide financing. | |
(f) Loans Receivable and Allowance for Loan Losses | |
Loans receivable are carried at the unpaid principal balances, net of unamortized premiums and discounts and deferred loan origination costs and fees, which are recognized as yield adjustments using the interest method. We amortize these amounts over the contractual life of the related loans, adjusted for prepayments. Our loans receivable represent our financing receivables. | |
We discontinue accruing interest on loans when they become 90 days past due as to their payment due date and at the time a loan is deemed a troubled debt restructuring, or TDR. We may also discontinue accruing interest on certain other loans because of deterioration in financial or other conditions of the borrower. In addition, we reverse all previously accrued and uncollected interest through a charge to interest income. While loans are in non-accrual status, interest due is monitored and, presuming we deem the remaining recorded investment in the loan to be fully collectible, income is recognized only to the extent cash is received until a return to accrual status is warranted. In some circumstances, we may continue to accrue interest on mortgage loans past due 90 days or more, primarily as to their maturity date but not their interest due. In other cases, we may defer recognition of income until the principal balance has been recovered. | |
We may agree, in certain instances, to modify the contractual terms of a borrower’s loan. In cases where such modifications represent a concession to a borrower experiencing financial difficulty, the modification is considered a TDR. Modifications as a result of a TDR may include, but are not limited to, interest rate modifications, payment deferrals, restructuring of payments to interest-only from amortizing and/or extensions of maturity dates. Modifications which result in insignificant payment delays and payment shortfalls are generally not classified as a TDR. Residential mortgage loans discharged in a Chapter 7 bankruptcy filing, or bankruptcy loans, are also reported as loans modified in a TDR as relief granted by a court is also viewed as a concession to the borrower in the loan agreement. Loans modified in a TDR are individually classified as impaired loans and are initially placed on non-accrual status regardless of their delinquency status. Loans modified in a TDR remain in non-accrual status until we determine that future collection of principal and interest is reasonably assured. Where we have agreed to modify the contractual terms of a borrower’s loan, we require the borrower to demonstrate performance according to the restructured terms, generally for a period of at least six months, prior to returning the loan to accrual status. Loans modified in a TDR which have been returned to accrual status are excluded from non-performing loans but remain classified as impaired. | |
We establish and maintain an allowance for loan losses based on our evaluation of the probable inherent losses in our loan portfolio. Loan charge-offs in the period the loans, or portions thereof, are deemed uncollectible reduce the allowance for loan losses. Recoveries of amounts previously charged-off increase the allowance for loan losses in the period they are received. The allowance is adjusted through provisions for loan losses charged or credited to operations to increase or decrease the allowance, based on a comprehensive analysis of our loan portfolio. We evaluate the adequacy of the allowance on a quarterly basis. The allowance is comprised of both valuation allowances related to individual loans and general valuation allowances, although the total allowance for loan losses is available for losses applicable to the entire loan portfolio. In estimating specific allocations of the allowance, we review loans deemed to be impaired and measure impairment losses based on either the fair value of the collateral, the present value of expected future cash flows, or the observable market price of the loan. 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. When an impairment analysis indicates the need for a specific allocation of the allowance on an individual loan, such allocation would be established sufficient to cover probable incurred losses at the evaluation date based on the facts and circumstances of the loan. When available information confirms that specific loans, or portions thereof, are uncollectible, these amounts are charged-off against the allowance for loan losses. For loans individually classified as impaired, the portion of the recorded investment in the loan in excess of the present value of the discounted cash flows of a modified loan or, for collateral dependent loans, the portion of the recorded investment in the loan in excess of the estimated fair value of the underlying collateral less estimated selling costs, is charged-off. | |
Residential mortgage and home equity and other consumer loan portfolios are generally reviewed collectively by delinquency and net loss trends. However, our residential mortgage loans are individually evaluated for impairment 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 values on residential loans are obtained primarily through automated valuation models. | |
Estimated losses for loans that are not individually deemed to be impaired are determined on a loan pool basis using our historical loss experience and various other qualitative factors and comprise our general valuation allowances. General valuation allowances represent loss allowances that have been established to recognize the inherent risks associated with our lending activities which, unlike individual valuation allowances, have not been allocated to particular loans. The determination of the adequacy of the general valuation allowances takes into consideration a variety of factors. | |
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 and industrial loans and other consumer loans and perform similar historical loss analyses. In our analysis of non-performing loans, we consider our aggregate historical loss experience with respect to the ultimate disposition of the underlying collateral along with the migration of delinquent loans based on the portfolio segments noted above. These analyses and the resulting loss rates are used as an integral part of our judgment in developing estimated loss percentages to apply to the loan portfolio segments. We monitor credit risk on interest-only hybrid adjustable rate mortgage, or ARM, loans that were underwritten at the initial note rate, which may have been a discounted rate, in the same manner that we monitor credit risk on all interest-only hybrid ARM loans. We monitor interest rate reset dates of our loan portfolio, in the aggregate, and the current interest rate environment and consider the impact, if any, on borrowers’ ability to continue to make timely principal and interest payments in determining our allowance for loan losses. We also consider the size, composition, risk profile and delinquency levels of our loan portfolio, as well as our credit administration and asset management procedures. We monitor property value trends in our market areas by reference to various industry and market reports, economic releases and surveys, and our general and specific knowledge of the real estate markets in which we lend, in order to determine what impact, if any, such trends may have on the level of our general valuation allowances. In addition, we evaluate and consider the impact that current and anticipated economic and market conditions may have on the loan portfolio and known and inherent risks in the portfolio. We update our analyses quarterly and refine our evaluations as experience provides clearer guidance, our product offerings change and as economic conditions evolve. | |
We analyze our historical loss experience over 12, 15, 18 and 24 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 mortgage loans originated after 2010, for which our evaluation includes detailed modeling techniques. These modeling techniques utilize data inputs for each loan in the portfolio, including credit facility terms and performance to date, property details and borrower financial performance data. The model also incorporates real estate market data from an established real estate market database company to forecast future performance of the properties, and includes a loan loss predictive model based on studies of defaulted commercial real estate loans. The model then generates a probability of default, loss given default and ultimately an estimated loss for each loan quarterly over the remaining life of the loan. The appropriate timeframe from which to assign an estimated loss percentage to the pool of loans is assessed by management. 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 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 loan category. The qualitative factors we consider generally include, but are not limited to, changes in (1) lending policies and procedures, (2) economic and business conditions and developments that affect collectibility of our loan portfolio, (3) the nature and volume of our loan portfolio and in the terms of loans, (4) the experience, ability and depth of lending management and other staff, (5) the volume and severity of past due, non-accrual and adversely classified loans, (6) the quality of the loan review system, (7) the value of underlying collateral, (8) the existence or effect of any credit concentrations and (9) external factors such as competition and legal or regulatory requirements. In addition to the nine qualitative factors noted, we also review certain analytical information such as our coverage ratios and peer analysis. | |
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. Allocations of the allowance to each loan category are adjusted quarterly to reflect probable inherent losses using the same quantitative and qualitative analyses used in connection with the overall allowance adequacy calculations. 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 balance of our allowance for loan losses represents management’s best estimate of the probable inherent losses in our loan portfolio at December 31, 2014 and 2013. Actual results could differ from our estimates as a result of changes in economic or market conditions. Changes in estimates could result in a material change in the allowance for loan losses. While we believe that the allowance for loan losses has been established and maintained at levels that reflect the risks inherent in our loan portfolio, future adjustments may be necessary if portfolio performance or economic or market conditions differ substantially from the conditions that existed at the time of the initial determinations. | |
(g) Mortgage Servicing Rights | |
We recognize as separate assets the rights to service mortgage loans. The right to service loans for others is generally obtained through the sale of residential mortgage loans with servicing retained. The initial asset recognized for originated MSR is measured at fair value. The fair value of MSR is estimated by reference to current market values of similar loans sold servicing released. MSR are amortized in proportion to and over the period of estimated net servicing income. We apply the amortization method for measurements of our MSR. MSR are assessed for impairment based on fair value at each reporting date. MSR impairment, if any, is recognized in a valuation allowance through charges to earnings. Increases in the fair value of impaired MSR are recognized only up to the amount of the previously recognized valuation allowance. Fees earned for servicing loans are reported as income, as a component of mortgage banking income, net, in the consolidated statements of income, when the related mortgage loan payments are collected. | |
We assess impairment of our MSR based on the estimated fair value of those rights on a stratum-by-stratum basis with any impairment recognized through a valuation allowance for each impaired stratum. We stratify our MSR by underlying loan type (primarily fixed and adjustable) and interest rate. Individual allowances for each stratum are then adjusted in subsequent periods to reflect changes in the measurement of impairment. | |
We outsource the servicing of our residential mortgage loan portfolio, including our portfolio of mortgage loans serviced for other investors, to an unrelated third party under a sub-servicing agreement. Fees paid under the sub-servicing agreement are reported as a component of occupancy, equipment and systems expense in the consolidated statements of income. | |
(h) Premises and Equipment | |
Land is carried at cost. Buildings and improvements, leasehold improvements and furniture, fixtures and equipment are carried at cost, less accumulated depreciation and amortization totaling $203.9 million at December 31, 2014 and $194.1 million at December 31, 2013. Buildings and improvements and furniture, fixtures and equipment are depreciated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the term of the related leases or the estimated useful lives of the improved property. | |
(i) Goodwill | |
Goodwill is presumed to have an indefinite useful life and is tested, at least annually, for impairment at the reporting unit level. If the estimated fair value of the reporting unit exceeds its carrying amount, further evaluation is not necessary. However, if the fair value of the reporting unit is less than its carrying amount, further evaluation is required to compare the implied fair value of the reporting unit’s goodwill to its carrying amount to determine if a write-down of goodwill is required. Impairment exists when the carrying amount of goodwill exceeds its implied fair value. | |
For purposes of our goodwill impairment testing, we have identified a single reporting unit. We consider the quoted market price of our common stock on our impairment testing date as an initial indicator of estimating the fair value of our reporting unit. We also consider our average stock price, both before and after our impairment test date, as well as market-based control premiums in determining the estimated fair value of our reporting unit. In addition to our internal goodwill impairment analysis, we periodically obtain a goodwill impairment analysis from an independent third party valuation firm. The independent third party utilizes multiple valuation approaches including comparable transactions, control premium, public market peers and discounted cash flow. Management reviews the assumptions and inputs used in the third party analysis for reasonableness. At December 31, 2014, the carrying amount of our goodwill totaled $185.2 million. As of September 30, 2014, we performed our annual goodwill impairment test internally and obtained an independent third party analysis and concluded there was no goodwill impairment. We would test our goodwill for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of our reporting unit below its carrying amount. No events have occurred and no circumstances have changed since our annual impairment test date that would more likely than not reduce the fair value of our reporting unit below its carrying amount. The identification of additional reporting units, the use of other valuation techniques or changes to the input assumptions used in our analysis or the analysis by our third party valuation firm could result in materially different evaluations of impairment. | |
(j) Bank Owned Life Insurance | |
Bank owned life insurance, or BOLI, is carried at the amount that could be realized under our life insurance contract as of the date of the statement of financial condition and is classified as a non-interest-earning asset. Increases in the carrying value are recorded as non-interest income and insurance proceeds received are recorded as a reduction of the carrying value. The carrying value consisted of a cash surrender value of $402.1 million and a claims stabilization reserve of $28.7 million at December 31, 2014 and a cash surrender value of $395.8 million, a claims stabilization reserve of $27.6 million and deferred acquisition costs of $1,000 at December 31, 2013. Repayment of the claims stabilization reserve (funds transferred from the cash surrender value to provide for future death benefit payments) and the deferred acquisition costs (costs incurred by the insurance carrier for the policy issuance) are guaranteed by the insurance carrier provided that certain conditions are met at the date of a contract surrender. We satisfied these conditions at December 31, 2014 and 2013. | |
(k) Real Estate Owned | |
Real estate owned, or REO, represents real estate acquired through foreclosure or by deed in lieu of foreclosure and is initially recorded at the lower of cost or fair value, less estimated selling costs. Write-downs required at the time of acquisition are charged to the allowance for loan losses. Thereafter, we maintain a valuation allowance, representing decreases in the properties’ estimated fair value, through charges to earnings. Such charges are included in other non-interest expense along with any additional property maintenance and protection expenses incurred in owning the property. REO is reported net of a valuation allowance of $839,000 at December 31, 2014 and $834,000 at December 31, 2013. | |
(l) Reverse Repurchase Agreements (Securities Sold Under Agreements to Repurchase) | |
We enter into sales of securities under agreements to repurchase with selected dealers and banks (reverse repurchase agreements). Such agreements are accounted for as secured financing transactions since we maintain effective control over the transferred securities and the transfer meets the other criteria for such accounting. Obligations to repurchase securities sold are reflected as a liability in our consolidated statements of financial condition. The securities underlying the agreements are delivered to a custodial account for the benefit of the dealer or bank with whom each transaction is executed. The dealers or banks, who may sell, loan or otherwise dispose of such securities to other parties in the normal course of their operations, agree to resell us the same securities at the maturities of the agreements. We retain the right of substitution of collateral throughout the terms of the agreements. The securities underlying the agreements are classified as encumbered securities in our consolidated statements of financial condition. | |
(m) Derivative Financial Instruments | |
As part of our interest rate risk management, we may utilize, from time-to-time, derivative financial instruments which are recorded as either assets or liabilities in the consolidated statements of financial condition at fair value. Changes in the fair values of derivatives are reported in our results of operations or other comprehensive income/loss depending on the use of the derivative and whether it qualifies for hedge accounting. We may enter into derivative financial instruments with no hedging designation. Changes in the fair values of these derivatives are recognized currently in our results of operations, generally in other non-interest expense. We do not use derivatives for trading purposes. | |
(n) Income Taxes | |
We use the asset and liability method to provide for income taxes on all transactions recorded in the consolidated financial statements. Income tax expense consists of income taxes that are currently payable and deferred income taxes. Deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory tax rates, applicable to future years, to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities and net operating loss carryforwards. We assess our deferred tax assets and establish a valuation allowance if realization of a deferred tax asset is not considered to be more likely than not. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. Certain tax benefits attributable to stock options, restricted stock and restricted stock units, including the tax benefit related to dividends paid on unvested restricted stock awards, are credited to additional paid-in-capital. We maintain a reserve related to certain tax positions and strategies that management believes contain an element of uncertainty and evaluate each of our tax positions and strategies to determine whether the reserve continues to be appropriate. Accruals of interest and penalties related to unrecognized tax benefits are recognized in income tax expense. | |
(o) Earnings Per Common Share | |
Basic earnings per common share, or EPS, is computed pursuant to the two-class method by dividing net income available to common shareholders less dividends paid on participating securities (unvested shares of restricted common stock) and any undistributed earnings attributable to participating securities by the weighted average common shares outstanding during the year. The weighted average common shares outstanding includes the weighted average number of shares of common stock outstanding less the weighted average number of unvested shares of restricted common stock and, through December 31, 2013, unallocated common shares held by the Employee Stock Ownership Plan, or ESOP. For EPS calculations, unallocated ESOP shares that had been committed to be released were considered outstanding. ESOP shares that had not been committed to be released were excluded from outstanding shares on a weighted average basis for EPS calculations. As of December 31, 2013, there were no remaining unallocated ESOP shares. | |
Diluted EPS is computed using the same method as basic EPS, but includes the effect of dilutive potential common shares during the period, such as unexercised stock options and unvested restricted stock units, calculated using the treasury stock method. However, unvested restricted stock units are excluded from the denominator for both the basic and diluted EPS computations until the performance conditions are satisfied. | |
(p) Employee Benefits | |
Astoria Bank has a qualified, non-contributory defined benefit pension plan, or the Astoria Bank Pension Plan, covering employees meeting specified eligibility criteria. Astoria Bank’s policy is to fund pension costs in accordance with the minimum funding requirement. In addition, Astoria Bank has non-qualified and unfunded supplemental retirement plans covering certain officers and directors including the Astoria Bank Excess Benefit Plan and the Astoria Bank Supplemental Benefit Plan, or the Astoria Excess and Supplemental Benefit Plans, and the Astoria Bank Directors’ Retirement Plan, or the Astoria Directors’ Retirement Plan. Effective April 30, 2012, the Astoria Bank Pension Plan, the Astoria Excess and Supplemental Benefit Plans and the Astoria Directors’ Retirement Plan were amended to, among other things, change the manner in which benefits were computed for service through April 30, 2012 and to suspend accrual of additional benefits for all of the aforementioned plans effective April 30, 2012. These amendments resulted in a significant reduction in net periodic cost for our defined benefit pension plans for periods subsequent to April 30, 2012. | |
We also sponsor a health care plan that provides for postretirement medical and dental coverage to select individuals. The costs of postretirement benefits are accrued during an employee’s active working career. | |
We recognize the overfunded or underfunded status of our defined benefit pension plans and other postretirement benefit plan, which is measured as the difference between plan assets at fair value and the benefit obligation at the measurement date, in other assets or other liabilities in our consolidated statements of financial condition. Changes in the funded status are recognized through other comprehensive income/loss in the period in which the changes occur. | |
Prior to January 1, 2014, we recorded compensation expense related to the ESOP at an amount equal to the shares allocated by the ESOP multiplied by the average fair value of our common stock during the year of allocation, plus the cash contributions made to participant accounts. The difference between the fair value of shares for the period and the cost of the shares allocated by the ESOP was recorded as an adjustment to additional paid-in capital. As of December 31, 2013 all shares in the ESOP were allocated to participants and the plan was frozen. On April 1, 2014, the ESOP was merged into the Astoria Bank 401(k) Plan, or the 401(k) Plan, and all participant balances under the ESOP were transferred to participant accounts under the 401(k) Plan. | |
(q) Stock Incentive Plans | |
We recognize the cost of employee services received in exchange for awards of equity instruments based on the grant date fair value of awards. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period which is the earlier of the awards’ stated vesting date or the employees’ or non-employee directors’ retirement eligibility date for awards that have accelerated vesting provisions upon retirement. For awards which have performance-based conditions, recognition of stock-based compensation expense begins when the achievement of the performance conditions is probable. The fair value of restricted common stock and restricted stock unit awards are based on the closing market value of our common stock as reported on the New York Stock Exchange on the grant date, reduced by the present value of the expected dividend stream during the vesting period for restricted stock unit awards using a risk-free interest rate. | |
(r) Segment Reporting | |
As a community-oriented financial institution, substantially all of our operations involve the delivery of loan and deposit products to customers. We make operating decisions and assess performance based on an ongoing review of these community banking operations, which constitute our only operating segment for financial reporting purposes. | |
(s) Impact of Recent 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. Prior to the effective date of ASU 2014-01, a reporting entity that invested in a qualified affordable housing project may have elected to account for that investment using the effective yield method if all of the conditions were met. For those investments that were not accounted for using the effective yield method, they were required to 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. Our adoption of this guidance on January 1, 2015 did 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, our adoption of this guidance on January 1, 2015 did 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
Securities | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 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 December 31, 2014 | ||||||||||||||||||||||||||||||
(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 (1) | $ | 266,946 | $ | 3,608 | $ | (1,556 | ) | $ | 268,998 | |||||||||||||||||||||
Non-GSE issuance REMICs and CMOs | 5,071 | 34 | (1 | ) | 5,104 | |||||||||||||||||||||||||
GSE pass-through certificates | 12,919 | 640 | (2 | ) | 13,557 | |||||||||||||||||||||||||
Total residential mortgage-backed securities | 284,936 | 4,282 | (1,559 | ) | 287,659 | |||||||||||||||||||||||||
Obligations of GSEs | 98,680 | — | (1,982 | ) | 96,698 | |||||||||||||||||||||||||
Fannie Mae stock | 15 | — | (13 | ) | 2 | |||||||||||||||||||||||||
Total securities available-for-sale | $ | 383,631 | $ | 4,282 | $ | (3,554 | ) | $ | 384,359 | |||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 1,575,402 | $ | 14,536 | $ | (14,041 | ) | $ | 1,575,897 | |||||||||||||||||||||
Non-GSE issuance REMICs and CMOs | 2,482 | 31 | (7 | ) | 2,506 | |||||||||||||||||||||||||
GSE pass-through certificates | 281,685 | 2,442 | (3,877 | ) | 280,250 | |||||||||||||||||||||||||
Total residential mortgage-backed securities | 1,859,569 | 17,009 | (17,925 | ) | 1,858,653 | |||||||||||||||||||||||||
Multi-family mortgage-backed securities: | ||||||||||||||||||||||||||||||
GSE issuance REMICs | 154,381 | 554 | (590 | ) | 154,345 | |||||||||||||||||||||||||
Obligations of GSEs | 119,336 | 42 | (1,523 | ) | 117,855 | |||||||||||||||||||||||||
Other | 518 | — | — | 518 | ||||||||||||||||||||||||||
Total securities held-to-maturity | $ | 2,133,804 | $ | 17,605 | $ | (20,038 | ) | $ | 2,131,371 | |||||||||||||||||||||
(1) 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 December 31, 2014 | ||||||||||||||||||||||||||||||
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 | $ | 20,587 | $ | (159 | ) | $ | 75,444 | $ | (1,397 | ) | $ | 96,031 | $ | (1,556 | ) | |||||||||||||||
Non-GSE issuance REMICs and CMOs | — | — | 96 | (1 | ) | 96 | (1 | ) | ||||||||||||||||||||||
GSE pass-through certificates | 53 | (1 | ) | 64 | (1 | ) | 117 | (2 | ) | |||||||||||||||||||||
Obligations of GSEs | 24,586 | (395 | ) | 72,112 | (1,587 | ) | 96,698 | (1,982 | ) | |||||||||||||||||||||
Fannie Mae stock | — | — | 2 | (13 | ) | 2 | (13 | ) | ||||||||||||||||||||||
Total temporarily impaired securities | $ | 45,226 | $ | (555 | ) | $ | 147,718 | $ | (2,999 | ) | $ | 192,944 | $ | (3,554 | ) | |||||||||||||||
available-for-sale | ||||||||||||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 121,861 | $ | (302 | ) | $ | 500,348 | $ | (13,739 | ) | $ | 622,209 | $ | (14,041 | ) | |||||||||||||||
Non-GSE issuance REMICs and CMOs | — | — | 294 | (7 | ) | 294 | (7 | ) | ||||||||||||||||||||||
GSE pass-through certificates | — | — | 164,453 | (3,877 | ) | 164,453 | (3,877 | ) | ||||||||||||||||||||||
Multi-family mortgage backed securities: | ||||||||||||||||||||||||||||||
GSE issuance REMICs | 100,355 | (590 | ) | — | — | 100,355 | (590 | ) | ||||||||||||||||||||||
Obligations of GSEs | — | — | 79,413 | (1,523 | ) | 79,413 | (1,523 | ) | ||||||||||||||||||||||
Total temporarily impaired securities | $ | 222,216 | $ | (892 | ) | $ | 744,508 | $ | (19,146 | ) | $ | 966,724 | $ | (20,038 | ) | |||||||||||||||
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 | ||||||||||||||||||||||||||||||
Our securities portfolio is comprised primarily of fixed rate mortgage-backed securities guaranteed by a GSE as issuer. Substantially all of our non-GSE issuance securities are investment grade securities and have performed similarly to our GSE issuance securities. Credit quality concerns have not significantly impacted the performance of our non-GSE securities or our ability to obtain reliable prices. | ||||||||||||||||||||||||||||||
We held 80 securities which had an unrealized loss at December 31, 2014 and 109 at December 31, 2013. At December 31, 2014 and 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 the change 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 December 31, 2014 and 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. | ||||||||||||||||||||||||||||||
Proceeds from sales of securities from the available-for-sale portfolio totaled $14.4 million, resulting in gross realized gains of $141,000, during the year ended December 31, 2014, $41.6 million, resulting in gross realized gains of $2.1 million, during the year ended December 31, 2013 and $60.3 million, resulting in gross realized gains of $8.5 million, during the year ended December 31, 2012. | ||||||||||||||||||||||||||||||
At December 31, 2014, available-for-sale debt securities, excluding mortgage-backed securities, had an amortized cost of $98.7 million, an estimated fair value of $96.7 million and contractual maturities in 2021 and 2022. At December 31, 2014, held-to-maturity debt securities, excluding mortgage-backed securities, had an amortized cost of $119.9 million, an estimated fair value of $118.4 million and contractual maturities in 2021 and 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 December 31, 2014, the amortized cost of callable securities in our portfolio totaled $218.0 million, of which $201.6 million are callable within one year and at various times thereafter. | ||||||||||||||||||||||||||||||
The balance of accrued interest receivable for securities totaled $6.7 million at December 31, 2014 and $6.3 million at December 31, 2013. |
Loans_HeldforSale
Loans Held-for-Sale | 12 Months Ended |
Dec. 31, 2014 | |
Disposal Group, Including Discontinued Operation, Loans Receivable, Net [Abstract] | |
Loans Held-for-Sale | Loans Held-for-Sale |
Non-performing loans held-for-sale, net of valuation allowances, included in loans held-for-sale, net, totaled $153,000 at December 31, 2014 and $791,000 at December 31, 2013. At December 31, 2014, we held-for-sale one non-performing multi-family mortgage loan. Substantially all of the non-performing loans held-for-sale at December 31, 2013 were multi-family mortgage loans. | |
We sold certain delinquent and non-performing mortgage loans, primarily multi-family and commercial real estate loans, totaling $4.9 million, net of charge-offs of $517,000 during the year ended December 31, 2014, $19.4 million, net of charge-offs of $5.2 million, during the year ended December 31, 2013 and $22.0 million, net of charge-offs of $11.5 million, during the year ended December 31, 2012. In addition, during the 2014 third quarter we sold a pool of non-performing residential mortgage loans, substantially all of which were 90 days or more past due, which were designated as held-for-sale at June 30, 2014. For additional information on this pool of loans, see Note 4. | |
Net loss on sales of non-performing loans held-for-sale totaled $892,000 for the year ended December 31, 2014. Net gain on sales of non-performing loans held-for-sale totaled $122,000 for the year ended December 31, 2013 and $1.3 million for the year ended December 31, 2012. There were no lower of cost or market write-downs on non-performing loans held-for-sale for the year ended December 31, 2014. We recorded net lower of cost or market write-downs on non-performing loans held-for-sale totaling $87,000 for the year ended December 31, 2013 and $272,000 for the year ended December 31, 2012. |
Loans_Receivable_and_Allowance
Loans Receivable and Allowance for Loan Losses | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 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 December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 | 60-89 | 90 Days | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Days | Days | or More | Past Due | Current | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Accruing loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 13,943 | $ | 7,332 | $ | — | $ | 21,275 | $ | 804,880 | $ | 826,155 | ||||||||||||||||||||||||||||||||||||||||||
Full documentation amortizing | 25,878 | 7,611 | 144 | 33,633 | 4,948,391 | 4,982,024 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation interest-only | 18,490 | 2,584 | — | 21,074 | 547,350 | 568,424 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation amortizing | 11,024 | 1,648 | — | 12,672 | 384,250 | 396,922 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total residential | 69,335 | 19,175 | 144 | 88,654 | 6,684,871 | 6,773,525 | ||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 3,646 | 2,222 | 1,790 | 7,658 | 3,893,539 | 3,901,197 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,686 | 493 | 2,159 | 4,338 | 863,615 | 867,953 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage loans | 74,667 | 21,890 | 4,093 | 100,650 | 11,442,025 | 11,542,675 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer and other loans (gross): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity and other consumer | 2,430 | 962 | — | 3,392 | 175,121 | 178,513 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | 64,815 | 64,815 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer and other loans | 2,430 | 962 | — | 3,392 | 239,936 | 243,328 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total accruing loans | $ | 77,097 | $ | 22,852 | $ | 4,093 | $ | 104,042 | $ | 11,681,961 | $ | 11,786,003 | ||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 2,371 | $ | 358 | $ | 11,502 | $ | 14,231 | $ | 13,796 | $ | 28,027 | ||||||||||||||||||||||||||||||||||||||||||
Full documentation amortizing | 204 | 238 | 14,211 | 14,653 | 7,016 | 21,669 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation interest-only | 820 | 453 | 16,289 | 17,562 | 25,022 | 42,584 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation amortizing | 596 | 1,066 | 2,843 | 4,505 | 3,226 | 7,731 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total residential | 3,991 | 2,115 | 44,845 | 50,951 | 49,060 | 100,011 | ||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 648 | 346 | 7,127 | 8,121 | 3,735 | 11,856 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 790 | — | 729 | 1,519 | 4,293 | 5,812 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage loans | 5,429 | 2,461 | 52,701 | 60,591 | 57,088 | 117,679 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer and other loans (gross): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity and other consumer | — | — | 6,040 | 6,040 | — | 6,040 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer and other loans | — | — | 6,040 | 6,040 | — | 6,040 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total non-accrual loans | $ | 5,429 | $ | 2,461 | $ | 58,741 | $ | 66,631 | $ | 57,088 | $ | 123,719 | ||||||||||||||||||||||||||||||||||||||||||
Total loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 16,314 | $ | 7,690 | $ | 11,502 | $ | 35,506 | $ | 818,676 | $ | 854,182 | ||||||||||||||||||||||||||||||||||||||||||
Full documentation amortizing | 26,082 | 7,849 | 14,355 | 48,286 | 4,955,407 | 5,003,693 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation interest-only | 19,310 | 3,037 | 16,289 | 38,636 | 572,372 | 611,008 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation amortizing | 11,620 | 2,714 | 2,843 | 17,177 | 387,476 | 404,653 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total residential | 73,326 | 21,290 | 44,989 | 139,605 | 6,733,931 | 6,873,536 | ||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 4,294 | 2,568 | 8,917 | 15,779 | 3,897,274 | 3,913,053 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 2,476 | 493 | 2,888 | 5,857 | 867,908 | 873,765 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage loans | 80,096 | 24,351 | 56,794 | 161,241 | 11,499,113 | 11,660,354 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer and other loans (gross): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity and other consumer | 2,430 | 962 | 6,040 | 9,432 | 175,121 | 184,553 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | 64,815 | 64,815 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer and other loans | 2,430 | 962 | 6,040 | 9,432 | 239,936 | 249,368 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 82,526 | $ | 25,313 | $ | 62,834 | $ | 170,673 | $ | 11,739,049 | $ | 11,909,722 | ||||||||||||||||||||||||||||||||||||||||||
Net unamortized premiums and | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
deferred loan origination costs | 47,726 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable | 11,957,448 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (111,600 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 11,845,848 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 | 60-89 | 90 Days | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Days | Days | or More | 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 and other consumer | 3,177 | 1,340 | — | 4,517 | 198,426 | 202,943 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | 30,758 | 30,758 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 and other consumer | — | — | 5,948 | 5,948 | 32 | 5,980 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
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 and other consumer | 3,177 | 1,340 | 5,948 | 10,465 | 198,458 | 208,923 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | 30,758 | 30,758 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 origination costs | 55,688 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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 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 the 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 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Our residential mortgage loans consist primarily of interest-only and amortizing hybrid ARM loans. We offer amortizing hybrid ARM loans which initially have a fixed rate for five, seven or ten years and convert into one year ARM loans at the end of the initial fixed rate period and require the borrower to make principal and interest payments during the entire loan term. Prior to 2014, we also offered amortizing hybrid ARM loans with an initial fixed rate period of three years. Prior to the 2010 fourth quarter, we offered interest-only hybrid ARM loans, which have an initial fixed rate for five or seven years and convert into one year interest-only ARM loans at the end of the initial fixed rate period. Our interest-only hybrid ARM loans require the borrower to pay interest only during the first ten years of the loan term. After the tenth anniversary of the loan, principal and interest payments are required to amortize the loan over the remaining loan term. We do not originate one year ARM loans. The ARM loans in our portfolio which currently reprice annually represent hybrid ARM loans (interest-only and amortizing) which have passed their initial fixed rate period. Our hybrid ARM loans may be offered with an initial interest rate which is less than the fully indexed rate for the loan at the time of origination, referred to as a discounted rate. We determine the initial interest rate in accordance with market and competitive factors giving consideration to the spread over our funding sources in conjunction with our overall interest rate risk management strategies. Residential interest-only hybrid ARM loans originated prior to 2007 were underwritten at the initial note rate which may have been a discounted rate. Such loans totaled $1.06 billion at December 31, 2014 and $1.66 billion at December 31, 2013. We do not originate negative amortization loans, payment option loans or other loans with short-term interest-only periods. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Within our residential mortgage loan portfolio we have reduced documentation loan products, which totaled $1.02 billion at December 31, 2014 and $1.24 billion at December 31, 2013. Reduced documentation loans are comprised primarily of SIFA (stated income, full asset) loans. To a lesser extent, reduced documentation loans in our portfolio also include SISA (stated income, stated asset) loans, which totaled $148.9 million at December 31, 2014 and $193.0 million at December 31, 2013. SIFA and SISA loans require a prospective borrower to complete a standard mortgage loan application. Reduced documentation loans require the receipt of an appraisal of the real estate used as collateral for the mortgage loan and a credit report on the prospective borrower. In addition, SIFA loans require the verification of a potential borrower’s asset information on the loan application, but not the income information provided. During the 2007 fourth quarter, we stopped offering reduced documentation loans. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in loans receivable at December 31, 2014 are loans in the process of foreclosure collateralized by residential real estate property with a recorded investment of $24.7 million. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable on all loans totaled $29.9 million at December 31, 2014 and $31.7 million at December 31, 2013. If all non-accrual loans at December 31, 2014, 2013 and 2012 had been performing in accordance with their original terms, we would have recorded interest income, with respect to such loans, of $5.6 million for the year ended December 31, 2014, $15.6 million for the year ended December 31, 2013 and $16.8 million for the year ended December 31, 2012. This compares to actual payments recorded as interest income, with respect to such loans, of $3.6 million for the year ended December 31, 2014, $6.2 million for the year ended December 31, 2013 and $4.3 million for the year ended December 31, 2012. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table sets forth the changes in our allowance for loan losses by loan receivable segment for the years indicated. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Multi- | Commercial | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Family | Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 105,991 | $ | 35,422 | $ | 11,972 | $ | 3,800 | $ | 157,185 | ||||||||||||||||||||||||||||||||||||||||||||
Provision charged to operations | 24,663 | 6,161 | 5,038 | 4,538 | 40,400 | |||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (49,794 | ) | (6,275 | ) | (2,607 | ) | (2,541 | ) | (61,217 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 8,407 | 206 | 1 | 519 | 9,133 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | 89,267 | 35,514 | 14,404 | 6,316 | 145,501 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision charged to operations | 9,368 | 4,684 | 1,945 | 3,604 | 19,601 | |||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (26,644 | ) | (4,732 | ) | (3,748 | ) | (1,916 | ) | (37,040 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 8,346 | 1,237 | 535 | 820 | 10,938 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | 80,337 | 36,703 | 13,136 | 8,824 | 139,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision (credited) charged to operations | (23,464 | ) | 5,337 | 6,949 | 1,709 | (9,469 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (19,868 | ) | (4,365 | ) | (3,283 | ) | (2,073 | ) | (29,589 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 9,278 | 1,575 | 440 | 365 | 11,658 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 46,283 | $ | 39,250 | $ | 17,242 | $ | 8,825 | $ | 111,600 | ||||||||||||||||||||||||||||||||||||||||||||
The following table sets forth the balances of our residential interest-only mortgage loans at December 31, 2014 by the year in which such loans are scheduled to enter their amortization period. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Recorded | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization scheduled to begin in: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | $ | 573,633 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 415,608 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 390,439 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 and thereafter | 85,510 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,465,190 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Mortgage Loans | Consumer and Other Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Full Documentation | Reduced Documentation | Home Equity and Other Consumer | Commercial and Industrial | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Interest-only | Amortizing | Interest-only | Amortizing | ||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 826,155 | $ | 4,981,880 | $ | 568,424 | $ | 396,922 | $ | 178,513 | $ | 64,815 | ||||||||||||||||||||||||||||||||||||||||||
Non-performing: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current or past due less than 90 days | 16,525 | 7,458 | 26,295 | 4,888 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Past due 90 days or more | 11,502 | 14,355 | 16,289 | 2,843 | 6,040 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 854,182 | $ | 5,003,693 | $ | 611,008 | $ | 404,653 | $ | 184,553 | $ | 64,815 | ||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Mortgage Loans | Consumer and Other Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Full Documentation | Reduced Documentation | Home Equity and Other Consumer | Commercial and Industrial | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Interest-only | Amortizing | Interest-only | Amortizing | ||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 1,281,973 | $ | 5,364,548 | $ | 721,503 | $ | 363,626 | $ | 202,943 | $ | 30,758 | ||||||||||||||||||||||||||||||||||||||||||
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 | 5,948 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,382,201 | $ | 5,419,457 | $ | 839,661 | $ | 395,957 | $ | 208,923 | $ | 30,758 | ||||||||||||||||||||||||||||||||||||||||||
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 December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Multi-Family | Commercial | Multi-Family | Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not criticized | $ | 3,850,068 | $ | 817,404 | $ | 3,209,786 | $ | 759,114 | ||||||||||||||||||||||||||||||||||||||||||||||
Criticized: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 30,975 | 22,584 | 14,063 | 9,760 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 31,264 | 32,664 | 72,606 | 44,092 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 746 | 1,113 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,913,053 | $ | 873,765 | $ | 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 December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Multi-Family | Commercial | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 181,402 | $ | 42,611 | $ | 19,270 | $ | 5,153 | $ | 248,436 | ||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 6,692,134 | 3,870,442 | 854,495 | 244,215 | 11,661,286 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 6,873,536 | $ | 3,913,053 | $ | 873,765 | $ | 249,368 | $ | 11,909,722 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 10,304 | $ | 3,172 | $ | 2,446 | $ | 3,810 | $ | 19,732 | ||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 35,979 | 36,078 | 14,796 | 5,015 | 91,868 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 46,283 | $ | 39,250 | $ | 17,242 | $ | 8,825 | $ | 111,600 | ||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Multi-Family | Commercial | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Unpaid | Recorded | Related | Net | Unpaid | Recorded | Related | Net | ||||||||||||||||||||||||||||||||||||||||||||||
Principal | Investment | Allowance | Investment | Principal | Investment | Allowance | Investment | |||||||||||||||||||||||||||||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 55,352 | $ | 46,331 | $ | (3,391 | ) | $ | 42,940 | $ | 142,659 | $ | 109,877 | $ | (6,019 | ) | $ | 103,858 | ||||||||||||||||||||||||||||||||||||
Full documentation amortizing | 43,044 | 39,994 | (1,425 | ) | 38,569 | 41,136 | 36,091 | (2,458 | ) | 33,633 | ||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation interest-only | 90,171 | 76,960 | (4,661 | ) | 72,299 | 183,280 | 140,357 | (7,673 | ) | 132,684 | ||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation amortizing | 19,463 | 18,117 | (827 | ) | 17,290 | 30,660 | 25,605 | (2,202 | ) | 23,403 | ||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 34,972 | 28,109 | (3,172 | ) | 24,937 | 19,748 | 19,748 | (2,877 | ) | 16,871 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 24,991 | 19,270 | (2,446 | ) | 16,824 | 5,790 | 5,790 | (302 | ) | 5,488 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer and other loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 5,436 | 5,153 | (3,810 | ) | 1,343 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Without an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 16,308 | 14,502 | — | 14,502 | 39,871 | 32,790 | — | 32,790 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | — | 19,988 | 14,264 | — | 14,264 | ||||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 289,737 | $ | 248,436 | $ | (19,732 | ) | $ | 228,704 | $ | 483,132 | $ | 384,522 | $ | (21,531 | ) | $ | 362,991 | ||||||||||||||||||||||||||||||||||||
The following table sets forth the average recorded investment, interest income recognized and cash basis interest income related to our impaired loans by segment and class for the years indicated. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Average | Interest | Cash Basis | Average | Interest | Cash Basis | Average | Interest | Cash Basis | |||||||||||||||||||||||||||||||||||||||||||||
Recorded | Income | Interest | Recorded | Income | Interest | Recorded | Income | Interest | ||||||||||||||||||||||||||||||||||||||||||||||
Investment | Recognized | Income | Investment | Recognized | Income | Investment | Recognized | Income | ||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Full documentation | $ | 84,264 | $ | 1,860 | $ | 1,920 | $ | 106,720 | $ | 2,938 | $ | 3,068 | $ | 10,436 | $ | 348 | $ | 350 | ||||||||||||||||||||||||||||||||||||
interest-only | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Full documentation amortizing | 38,340 | 1,491 | 1,498 | 30,790 | 948 | 974 | 4,482 | 193 | 200 | |||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation | 112,172 | 3,646 | 3,671 | 145,490 | 4,179 | 4,371 | 11,352 | 542 | 543 | |||||||||||||||||||||||||||||||||||||||||||||
interest-only | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation amortizing | 22,137 | 655 | 653 | 25,460 | 696 | 729 | 2,445 | 114 | 119 | |||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 30,291 | 1,320 | 1,339 | 19,130 | 737 | 789 | 48,196 | 663 | 715 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 17,341 | 1,065 | 1,154 | 8,112 | 367 | 377 | 12,724 | 495 | 540 | |||||||||||||||||||||||||||||||||||||||||||||
Consumer and other loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 5,202 | 45 | 54 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Without an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Full documentation | — | — | — | 11,547 | — | — | 82,631 | 1,633 | 1,739 | |||||||||||||||||||||||||||||||||||||||||||||
interest-only | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Full documentation amortizing | 365 | — | — | 3,517 | — | — | 17,554 | 299 | 332 | |||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation | — | — | — | 1,669 | — | — | 115,593 | 2,555 | 2,655 | |||||||||||||||||||||||||||||||||||||||||||||
interest-only | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation amortizing | — | — | — | — | — | — | 17,319 | 367 | 384 | |||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 17,225 | 632 | 633 | 33,193 | 1,606 | 1,671 | 14,617 | 2,053 | 2,088 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 2,853 | — | — | 10,947 | 745 | 698 | 5,411 | 519 | 547 | |||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 330,190 | $ | 10,714 | $ | 10,922 | $ | 396,575 | $ | 12,216 | $ | 12,677 | $ | 342,760 | $ | 9,781 | $ | 10,212 | ||||||||||||||||||||||||||||||||||||
The following table sets forth information about our mortgage loans receivable by segment and class at December 31, 2014, 2013 and 2012 which were modified in a TDR during the years indicated. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Modifications During the Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars In Thousands) | Number | Pre- | Recorded | Number | Pre- | Recorded | Number | Pre- | Recorded | |||||||||||||||||||||||||||||||||||||||||||||
of Loans | Modification | Investment at | of Loans | Modification | Investment at | of Loans | Modification | Investment at | ||||||||||||||||||||||||||||||||||||||||||||||
Recorded | 31-Dec-14 | Recorded | December 31, 2013 | Recorded | December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Investment | Investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Full documentation interest-only | 21 | $ | 9,244 | $ | 8,726 | 26 | $ | 6,760 | $ | 6,730 | 20 | $ | 4,390 | $ | 4,355 | |||||||||||||||||||||||||||||||||||||||
Full documentation amortizing | 4 | 889 | 812 | 11 | 3,753 | 3,734 | 11 | 3,319 | 3,291 | |||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation interest-only | 19 | 6,819 | 6,774 | 37 | 12,199 | 12,227 | 29 | 11,141 | 11,125 | |||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation amortizing | 5 | 809 | 745 | 11 | 3,404 | 3,325 | 14 | 3,984 | 3,860 | |||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 4 | 2,501 | 1,981 | 8 | 6,751 | 5,888 | 16 | 36,262 | 32,005 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 3 | 2,482 | 2,433 | 7 | 10,232 | 9,104 | 3 | 3,898 | 2,305 | |||||||||||||||||||||||||||||||||||||||||||||
Total | 56 | $ | 22,744 | $ | 21,471 | 100 | $ | 43,099 | $ | 41,008 | 93 | $ | 62,994 | $ | 56,941 | |||||||||||||||||||||||||||||||||||||||
The following table sets forth information about our mortgage loans receivable by segment and class at December 31, 2014, 2013 and 2012 which were modified in a TDR during the years ended December 31, 2014, 2013 and 2012 and had a payment default subsequent to the modification during the years indicated. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
During the Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars In Thousands) | Number | Recorded | Number | Recorded | Number | Recorded | ||||||||||||||||||||||||||||||||||||||||||||||||
of Loans | Investment at | of Loans | Investment at | of Loans | Investment at | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Full documentation interest-only | 1 | $ | 621 | 11 | $ | 2,191 | 1 | $ | 165 | |||||||||||||||||||||||||||||||||||||||||||||
Full documentation amortizing | 2 | 319 | 4 | 1,334 | 2 | 643 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation interest-only | 3 | 1,123 | 17 | 4,190 | 5 | 1,829 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation amortizing | — | — | 3 | 788 | 4 | 1,628 | ||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 3 | 1,400 | 2 | 1,018 | 2 | 3,589 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | 9 | $ | 3,463 | 37 | $ | 9,521 | 14 | $ | 7,854 | |||||||||||||||||||||||||||||||||||||||||||||
The following table details the percentage of our total residential mortgage loans at December 31, 2014 by state where we have a concentration of greater than 5% of our total residential mortgage loans or total non-performing residential mortgage loans. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
State | Percent of Total | Percent of Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Non-Performing | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
New York | 29.6 | % | 11.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Connecticut | 9.9 | 4.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Illinois | 8.8 | 14.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Massachusetts | 8.6 | 4.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Virginia | 7.5 | 10.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
New Jersey | 6.9 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Maryland | 6.4 | 14.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
California | 5.7 | 11.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2014, substantially all of our multi-family and commercial real estate mortgage loans were secured by properties located in the New York metropolitan area, which includes New York, New Jersey and Connecticut. At December 31, 2014, 85% of the non-performing multi-family and commercial real estate mortgage loans were secured by properties located in the New York metropolitan area with the remainder in Pennsylvania. |
Mortgage_Servicing_Rights
Mortgage Servicing Rights | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Servicing Asset [Abstract] | ||||||||||||
Mortgage Servicing Rights | Mortgage Servicing Rights | |||||||||||
We own rights to service mortgage loans for investors with aggregate unpaid principal balances of $1.45 billion at December 31, 2014 and $1.50 billion at December 31, 2013, which are not reflected in the accompanying consolidated statements of financial condition. As described in Note 1, we outsource our residential mortgage loan servicing to a third party under a sub-servicing agreement. | ||||||||||||
The estimated fair value of our MSR was $11.4 million at December 31, 2014 and $12.8 million at December 31, 2013. The fair value of MSR is highly sensitive to changes in assumptions. See Note 16 for a description of the assumptions used to estimate the fair value of MSR. | ||||||||||||
The following table summarizes MSR activity for the years indicated. | ||||||||||||
For the Year Ended December 31, | ||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||||
Carrying amount before valuation allowance at beginning of year | $ | 15,595 | $ | 15,143 | $ | 15,401 | ||||||
Additions – servicing obligations that result from transfers of financial assets | 1,123 | 3,681 | 3,651 | |||||||||
Amortization | (2,582 | ) | (3,229 | ) | (3,909 | ) | ||||||
Carrying amount before valuation allowance at end of year | 14,136 | 15,595 | 15,143 | |||||||||
Valuation allowance at beginning of year | (2,795 | ) | (8,196 | ) | (7,265 | ) | ||||||
Recovery of (provision for) valuation allowance | 60 | 5,401 | (931 | ) | ||||||||
Valuation allowance at end of year | (2,735 | ) | (2,795 | ) | (8,196 | ) | ||||||
Net carrying amount at end of year | $ | 11,401 | $ | 12,800 | $ | 6,947 | ||||||
The following table summarizes mortgage banking income, net, for the years indicated. | ||||||||||||
For the Year Ended December 31, | ||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||||
Loan servicing fees | $ | 4,085 | $ | 4,189 | $ | 4,070 | ||||||
Net gain on sales of loans | 1,763 | 6,880 | 7,590 | |||||||||
Amortization of MSR | (2,582 | ) | (3,229 | ) | (3,909 | ) | ||||||
Recovery of (provision for) valuation allowance on MSR | 60 | 5,401 | (931 | ) | ||||||||
Total mortgage banking income, net | $ | 3,326 | $ | 13,241 | $ | 6,820 | ||||||
At December 31, 2014, estimated future MSR amortization through 2019 was as follows: $2.3 million for 2015, $2.0 million for 2016, $1.6 million for 2017, $1.4 million for 2018 and $1.2 million for 2019. Actual results will vary depending upon the level of repayments on the loans currently serviced. |
Deposits
Deposits | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Deposits [Abstract] | ||||||||||||||||||||||||
Deposits | Deposits | |||||||||||||||||||||||
The following table summarizes deposits at the dates indicated. | ||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(Dollars in Thousands) | Weighted Average Rate | Balance | Percent of Total | Weighted Average Rate | Balance | Percent of Total | ||||||||||||||||||
Core deposits: | ||||||||||||||||||||||||
Savings | 0.05 | % | $ | 2,237,142 | 23.54 | % | 0.05 | % | $ | 2,493,899 | 25.31 | % | ||||||||||||
Money market | 0.24 | 2,373,484 | 24.96 | 0.25 | 1,972,136 | 20.01 | ||||||||||||||||||
NOW | 0.06 | 1,331,345 | 14.01 | 0.06 | 1,231,890 | 12.5 | ||||||||||||||||||
Non-interest bearing NOW | — | 867,432 | 9.13 | — | 865,588 | 8.78 | ||||||||||||||||||
and demand deposit | ||||||||||||||||||||||||
Total core deposits | 0.11 | 6,809,403 | 71.64 | 0.11 | 6,563,513 | 66.6 | ||||||||||||||||||
Certificates of deposit | 1.47 | 2,695,506 | 28.36 | 1.5 | 3,291,797 | 33.4 | ||||||||||||||||||
Total deposits | 0.5 | % | $ | 9,504,909 | 100 | % | 0.57 | % | $ | 9,855,310 | 100 | % | ||||||||||||
The aggregate amount of certificates of deposit with balances equal to or greater than $100,000 was $871.2 million at December 31, 2014 and $1.06 billion at December 31, 2013. There were no brokered certificates of deposit at December 31, 2014 and 2013. | ||||||||||||||||||||||||
The following table details the scheduled maturities of our certificates of deposit at December 31, 2014. | ||||||||||||||||||||||||
Year | Weighted | Balance | Percent | |||||||||||||||||||||
Average | of | |||||||||||||||||||||||
Rate | Total | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
2015 | 1.44 | % | $ | 1,577,360 | 58.52 | % | ||||||||||||||||||
2016 | 1.78 | 551,619 | 20.46 | |||||||||||||||||||||
2017 | 1.09 | 277,620 | 10.3 | |||||||||||||||||||||
2018 | 1.1 | 101,213 | 3.76 | |||||||||||||||||||||
2019 | 1.5 | 186,384 | 6.91 | |||||||||||||||||||||
2020 and thereafter | 1.7 | 1,310 | 0.05 | |||||||||||||||||||||
Total | 1.47 | % | $ | 2,695,506 | 100 | % | ||||||||||||||||||
The following table summarizes interest expense on deposits for the years indicated. | ||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||||
Savings | $ | 1,182 | $ | 1,329 | $ | 4,437 | ||||||||||||||||||
Money market | 5,527 | 5,646 | 8,944 | |||||||||||||||||||||
Interest-bearing NOW | 706 | 691 | 978 | |||||||||||||||||||||
Certificates of deposit | 43,940 | 54,951 | 83,662 | |||||||||||||||||||||
Total interest expense on deposits | $ | 51,355 | $ | 62,617 | $ | 98,021 | ||||||||||||||||||
Borrowings
Borrowings | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Borrowings | Borrowings | |||||||||||||||
The following table summarizes our borrowings at the dates indicated. | ||||||||||||||||
At December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(Dollars in Thousands) | Amount | Weighted | Amount | Weighted | ||||||||||||
Average | Average | |||||||||||||||
Rate | Rate | |||||||||||||||
Federal funds purchased | $ | 455,000 | 0.31 | % | $ | 335,000 | 0.28 | % | ||||||||
Reverse repurchase agreements | 1,100,000 | 3.62 | 1,100,000 | 3.87 | ||||||||||||
FHLB-NY advances | 2,384,000 | 1.72 | 2,454,000 | 1.79 | ||||||||||||
Other borrowings, net | 248,691 | 5 | 248,161 | 5 | ||||||||||||
Total borrowings, net | $ | 4,187,691 | 2.26 | % | $ | 4,137,161 | 2.41 | % | ||||||||
Through the Federal Reserve Bank of New York discount window we have the ability to borrow additional funds should the need arise on a short-term basis, primarily overnight. Our borrowing capacity through the discount window totaled approximately $350.0 million at December 31, 2014. In order to have the ability to borrow through the discount window, the Federal Reserve Bank of New York requires that collateral is pledged. In accordance with such requirements, at December 31, 2014, we had pledged as collateral with the Federal Reserve Bank of New York securities with an amortized cost of $102.1 million and commercial real estate mortgage loans with an unpaid principal balance of $601.2 million. We view the discount window as a secondary source of liquidity and, during 2014 and 2013, we did not utilize this source. | ||||||||||||||||
Federal Funds Purchased | ||||||||||||||||
The outstanding federal funds purchased at December 31, 2014 and 2013 were due overnight. During the year ended December 31, 2014, federal funds purchased averaged $377.1 million with a weighted average interest rate of 0.30% and the maximum amount outstanding at any month end was $455.0 million. During the year ended December 31, 2013, federal funds purchased averaged $209.4 million with a weighted average interest rate of 0.28% and the maximum outstanding at any month end was $335.0 million. There were no federal funds purchased outstanding at or during the year ended December 31, 2012. | ||||||||||||||||
Reverse Repurchase Agreements | ||||||||||||||||
The outstanding reverse repurchase agreements at December 31, 2014 and 2013 were fixed rate and had original contractual maturities ranging from four to ten years. Securities collateralizing these agreements, which were primarily mortgage-backed securities, had an amortized cost of $1.26 billion and an estimated fair value of $1.26 billion, including accrued interest, at December 31, 2014 and an amortized cost of $1.26 billion and an estimated fair value of $1.24 billion, including accrued interest, at December 31, 2013 and are classified as encumbered securities in the consolidated statements of financial condition. | ||||||||||||||||
The following table summarizes information relating to reverse repurchase agreements. | ||||||||||||||||
At or For the Year Ended December 31, | ||||||||||||||||
(Dollars in Thousands) | 2014 | 2013 | 2012 | |||||||||||||
Average balance during the year | $ | 1,100,000 | $ | 1,100,000 | $ | 1,422,678 | ||||||||||
Maximum balance at any month end during the year | 1,100,000 | 1,100,000 | 1,700,000 | |||||||||||||
Balance outstanding at end of year | 1,100,000 | 1,100,000 | 1,100,000 | |||||||||||||
Weighted average interest rate during the year | 3.82 | % | 4.06 | % | 4.28 | % | ||||||||||
Weighted average interest rate at end of year | 3.62 | 3.87 | 4.32 | |||||||||||||
The following table details the contractual maturities of our reverse repurchase agreements at December 31, 2014. | ||||||||||||||||
Year | Amount | |||||||||||||||
(In Thousands) | ||||||||||||||||
2018 | $ | 200,000 | (1 | ) | ||||||||||||
2019 | 600,000 | (1 | ) | |||||||||||||
2020 | 300,000 | (2 | ) | |||||||||||||
Total | $ | 1,100,000 | ||||||||||||||
-1 | Callable in 2015. | |||||||||||||||
-2 | Includes $100.0 million of borrowings which are callable in 2015, $100.0 million of borrowings which are callable in 2016 and $100.0 million of borrowings which are callable in 2017. | |||||||||||||||
FHLB-NY Advances | ||||||||||||||||
Pursuant to a blanket collateral agreement with the FHLB-NY, advances are secured by all of our stock in the FHLB-NY, certain qualifying mortgage loans and mortgage-backed and other securities not otherwise pledged. | ||||||||||||||||
The following table summarizes information relating to FHLB-NY advances. | ||||||||||||||||
At or For the Year Ended December 31, | ||||||||||||||||
(Dollars in Thousands) | 2014 | 2013 | 2012 | |||||||||||||
Average balance during the year | $ | 2,332,718 | $ | 2,512,425 | $ | 2,765,985 | ||||||||||
Maximum balance at any month end during the year | 2,617,000 | 2,881,000 | 3,215,000 | |||||||||||||
Balance outstanding at end of year | 2,384,000 | 2,454,000 | 2,897,000 | |||||||||||||
Weighted average interest rate during the year | 1.78 | % | 2 | % | 2.24 | % | ||||||||||
Weighted average interest rate at end of year | 1.72 | 1.79 | 2.07 | |||||||||||||
The following table details the contractual maturities of FHLB-NY advances at December 31, 2014. | ||||||||||||||||
Year | Amount | |||||||||||||||
(In Thousands) | ||||||||||||||||
2015 | $ | 984,000 | (1 | ) | ||||||||||||
2016 | 550,000 | |||||||||||||||
2020 | 850,000 | (2 | ) | |||||||||||||
Total | $ | 2,384,000 | ||||||||||||||
-1 | Includes $209.0 million of borrowings due overnight, $475.0 million of borrowings due in less than 30 days and $300.0 million of borrowings due after 90 days. | |||||||||||||||
-2 | Callable in 2017. | |||||||||||||||
Other Borrowings | ||||||||||||||||
On June 19, 2012, we completed the sale of $250.0 million aggregate principal amount of 5.00% senior unsecured notes due 2017, or 5.00% Senior Notes. The notes are registered with the Securities and Exchange Commission, or SEC, bear a fixed rate of interest of 5.00% and mature on June 19, 2017. We may redeem all or part of the 5.00% Senior Notes at any time, subject to a 30 day minimum notice requirement, at par together with accrued and unpaid interest to the redemption date. The carrying amount of the notes was $248.7 million at December 31, 2014 and $248.2 million at December 31, 2013. The terms of these notes subject us to certain debt covenants. We were in compliance with such covenants at December 31, 2014. | ||||||||||||||||
Our former finance subsidiary, Astoria Capital Trust I, was formed for the purpose of issuing $125.0 million aggregate liquidation amount of 9.75% Capital Securities due November 1, 2029, or Capital Securities, and $3.9 million of common securities (which were the only voting securities of Astoria Capital Trust I and were owned by Astoria Financial Corporation) and used the proceeds to acquire 9.75% Junior Subordinated Debentures, due November 1, 2029, issued by Astoria Financial Corporation totaling $128.9 million. The Junior Subordinated Debentures were the sole assets of Astoria Capital Trust I. The Junior Subordinated Debentures were prepayable, in whole or in part, at our option at declining premiums to November 1, 2019, after which the Junior Subordinated Debentures were prepayable at par value. The Capital Securities had the same prepayment provisions as the Junior Subordinated Debentures. On May 10, 2013, we prepaid in whole our Junior Subordinated Debentures, which were included in other borrowings, net, pursuant to the optional prepayment provisions of the indenture at a prepayment price of 103.413% of the $128.9 million aggregate principal amount, plus accrued and unpaid interest to, but not including, the date of repayment. As a result of the prepayment in whole of the Junior Subordinated Debentures, Astoria Capital Trust I simultaneously applied the proceeds of such prepayment to redeem its Capital Securities, as well as the common securities owned by Astoria Financial Corporation. The prepayment of the Junior Subordinated Debentures resulted in a $4.3 million prepayment charge in the 2013 second quarter for the early extinguishment of this debt. | ||||||||||||||||
On September 13, 2012, we redeemed $250.0 million of senior unsecured notes which were scheduled to mature on October 15, 2012 and incurred a $1.2 million prepayment charge in the 2012 third quarter for the early extinguishment of this debt. | ||||||||||||||||
The following table summarizes interest expense on borrowings for the years indicated. | ||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||||||||
Federal funds purchased | $ | 1,139 | $ | 587 | $ | — | ||||||||||
Reverse repurchase agreements | 42,626 | 45,272 | 61,855 | |||||||||||||
FHLB-NY advances | 41,911 | 50,654 | 62,675 | |||||||||||||
Other borrowings | 13,031 | 17,398 | 29,689 | |||||||||||||
Total interest expense on borrowings | $ | 98,707 | $ | 113,911 | $ | 154,219 | ||||||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity |
We have an automatic shelf registration statement on Form S-3 on file with the SEC, which allow us to periodically offer and sell, from time to time, in one or more offerings, individually or in any combination, common stock, preferred stock, depositary shares, senior notes, warrants to purchase common stock or preferred stock and units consisting of one or more of the foregoing. This shelf registration statement provides us with greater capital management flexibility and enables us to more readily access the capital markets in order to pursue growth opportunities that may become available to us in the future or should there be any changes in the regulatory environment that call for increased capital requirements. Although the shelf registration statement does not limit the amount of the foregoing items that we may offer and sell, our ability and any decision to do so is subject to market conditions and our capital needs. | |
On March 19, 2013, in a public offering, we sold 5,400,000 depositary shares, each representing a 1/40th interest in a share of our 6.50% Non-Cumulative Perpetual Preferred Stock, Series C, $1.00 par value per share, $1,000 liquidation preference per share (equivalent to $25 per depositary share), or Series C Preferred Stock. We issued 135,000 shares of the Series C Preferred Stock in connection with the sale of the depositary shares. The aggregate proceeds from the offering, net of underwriting discounts and other issuance costs, were approximately $129.8 million. | |
The Series C Preferred Stock, and corresponding depositary shares, may be redeemed at our option, in whole or in part, on April 15, 2018, or on any dividend payment date occurring thereafter, at a redemption price of $1,000 per share (equivalent to $25 per depositary share), plus any declared and unpaid dividends (without accumulation of any undeclared dividends). The Series C Preferred Stock may also be redeemed in whole, but not in part, at any time upon the occurrence of a “regulatory capital treatment event,” as defined in the certificate of designations included in the registration statement on Form 8-A filed with the SEC on March 19, 2013. The holders of the Series C Preferred Stock, and the corresponding depositary shares, do not have the right to require the redemption or repurchase of the Series C Preferred Stock. | |
Dividends are payable on the Series C Preferred Stock when, as and if declared by our Board of Directors, on a non-cumulative basis quarterly in arrears on January 15, April 15, July 15 and October 15 of each year at an annual rate of 6.50% on the liquidation preference of $1,000 per share. No dividend shall be declared, paid, or set aside for payment on our common stock unless the full dividends for the most recently completed dividend period have been declared and paid on our Series C Preferred Stock. | |
On January 7, 2014, we adopted the Astoria Financial Corporation Dividend Reinvestment and Stock Purchase Plan, or the Stock Purchase Plan, and terminated the previously existing plan. The Stock Purchase Plan allows our shareholders to automatically reinvest the cash dividend paid on all or a portion of their shares of our common stock into additional shares of our common stock and make optional cash purchases, up to $10,000 per month, of additional shares of our common stock, unless we grant a waiver permitting a higher amount of optional cash purchases. Shares of common stock may be purchased either directly from us from authorized but unissued shares or from treasury shares, or on the open market. We have registered 1,500,000 shares of our common stock under the Securities Act of 1933, as amended, for offer and sale from time to time pursuant to the Stock Purchase Plan. During the year ended December 31, 2014, 615,340 shares of our common stock were purchased pursuant to the Stock Purchase Plan directly from us from treasury shares for net proceeds totaling $8.1 million. | |
On April 18, 2007, our Board of Directors approved our twelfth stock repurchase plan authorizing the purchase of 10,000,000 shares, or approximately 10% of our common stock then outstanding in open-market or privately negotiated transactions. At December 31, 2014, a maximum of 8,107,300 shares may yet be purchased under this plan. However, we are not currently repurchasing additional shares of our common stock and have not since the 2008 third quarter. | |
We are subject to the laws of the State of Delaware which generally limit dividends on capital stock to an amount equal to the excess of our net assets (the amount by which total assets exceed total liabilities) over our statutory capital, or if there is no such excess, to our net profits for the current and/or immediately preceding fiscal year. We are also required to seek the approval of the Board of Governors of the Federal Reserve System, or FRB, prior to declaring a dividend. Our ability to pay dividends, service our debt obligations and repurchase our common stock is dependent primarily upon receipt of dividend payments from Astoria Bank. Our primary banking regulator, the Office of the Comptroller of the Currency, or OCC, regulates all capital distributions by Astoria Bank directly or indirectly to us, including dividend payments. Astoria Bank must file an application to receive approval from the OCC for a proposed capital distribution if the total amount of all capital distributions (including each proposed capital distribution) for the applicable calendar year exceeds net income for that year-to-date plus the retained net income for the preceding two years. During 2014, Astoria Bank was not required to file such applications, but was required to, and did, notify the OCC of its intent to pay dividends, to which the OCC did not object. Astoria Bank may not pay dividends to us if: (1) after paying those dividends, it would fail to meet applicable regulatory capital requirements; (2) the payment would violate any statute, regulation, regulatory agreement or condition; or (3) after making such distribution, the institution would become “undercapitalized” (as such term is used in the Federal Deposit Insurance Act). Payment of dividends by Astoria Bank also may be restricted at any time at the discretion of the OCC if it deems the payment to constitute an unsafe and unsound banking practice. Astoria Bank must also provide notice to the FRB at least 30 days prior to declaring a dividend. Astoria Bank paid dividends to Astoria Financial Corporation totaling $39.4 million during 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Commitments and Contingencies | Commitments and Contingencies | |||||||
Lease Commitments | ||||||||
At December 31, 2014, we were obligated through 2035 under various non-cancelable operating leases on buildings and land used for office space and banking purposes. These operating leases contain escalation clauses which provide for increased rental expense, based primarily on increases in real estate taxes and cost-of-living indices. Rent expense under the operating leases totaled $12.5 million for the year ended December 31, 2014, $13.5 million for the year ended December 31, 2013 and $11.1 million for the year ended December 31, 2012. | ||||||||
The minimum rental payments due under the terms of the non-cancelable operating leases at December 31, 2014, which have not been reduced by minimum sublease rentals of $4.1 million due in the future under non-cancelable subleases, are summarized below. | ||||||||
Year | Amount | |||||||
(In Thousands) | ||||||||
2015 | $ | 12,323 | ||||||
2016 | 12,347 | |||||||
2017 | 10,858 | |||||||
2018 | 9,513 | |||||||
2019 | 8,619 | |||||||
2020 and thereafter | 36,591 | |||||||
Total | $ | 90,251 | ||||||
Outstanding Commitments | ||||||||
The following table summarizes our outstanding commitments at the dates indicated. | ||||||||
At December 31, | ||||||||
(In Thousands) | 2014 | 2013 | ||||||
Mortgage loans: | ||||||||
Commitments to extend credit – adjustable rate | $ | 289,086 | $ | 216,675 | ||||
Commitments to extend credit – fixed rate (1) | 74,157 | 50,303 | ||||||
Commitments to purchase – adjustable rate | 10,334 | 8,521 | ||||||
Commitments to purchase – fixed rate | 27,818 | 24,326 | ||||||
Commitments to extend credit on consumer and other loans | 12,345 | — | ||||||
Unused lines of credit: | ||||||||
Home equity and other consumer loans | 101,329 | 139,598 | ||||||
Commercial and industrial loans | 64,074 | 38,372 | ||||||
Commitments to sell loans | 20,904 | 19,114 | ||||||
_______________________________ | ||||||||
-1 | Includes commitments to originate loans held-for-sale totaling $14.8 million at December 31, 2014 and $9.2 million at December 31, 2013. | |||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. We evaluate creditworthiness on a case-by-case basis. Our maximum exposure to credit risk is represented by the contractual amount of the instruments. | ||||||||
Assets Sold with Recourse | ||||||||
We are obligated under various recourse provisions associated with certain first mortgage loans we sold in the secondary market. Generally the loans we sell in the secondary market are subject to recourse for fraud and adherence to underwriting or quality control guidelines. We were not required to repurchase any loans during 2014 as a result of these recourse provisions. The principal balance of loans sold in the secondary market with recourse provisions in addition to fraud and adherence to underwriting or quality control guidelines amounted to $355.0 million at December 31, 2014 and $358.1 million at December 31, 2013. We estimate the liability for such loans sold with recourse based on an analysis of our loss experience related to similar loans sold with recourse. The carrying amount of this liability was immaterial at December 31, 2014 and 2013. | ||||||||
On July 31, 2014, we completed a bulk sale transaction of certain non-performing residential mortgage loans that had a carrying value of $173.7 million. On September 12, 2014, we completed a second sale transaction, with the same counterparty as the bulk sale transaction, in which we sold additional non-performing residential mortgage loans with a carrying value of $4.0 million. The loan sale agreements governing the sale transactions contain usual and customary indemnification provisions protecting the purchaser from breaches of our representations, warranties and covenants. The indemnification protection expires 180 days after the closing. In addition, the loan sale agreements contain customary provisions obligating us to cure certain document deficiencies with respect to the loans that the purchaser identified to us prior to the closing. We have agreed that if we are unable to cure such deficiencies within 90 days after the closing or if we receive a valid indemnification claim with respect to a loan within 180 days after the closing, we will negotiate an adjustment to the purchase price for such loans, or, if we prefer, repurchase such loans. There were no adjustments to the purchase price for such loans or repurchases during 2014. The indemnification and document cure provisions are not expected to have a material impact on our liquidity, financial condition or results of operations. See Note 3 and Note 4 for additional information regarding these loan sales. | ||||||||
Guarantees | ||||||||
Standby letters of credit are conditional commitments issued by us to guarantee the performance of a customer to a third party. The guarantees generally extend for a term of up to one year and are fully collateralized. For each guarantee issued, if the customer defaults on a payment or performance to the third party, we would have to perform under the guarantee. Outstanding standby letters of credit totaled $1.2 million at December 31, 2014 and $513,000 at December 31, 2013. The fair values of these obligations were immaterial at December 31, 2014 and 2013. | ||||||||
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, or the 2010 and 2011 Notices, 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. The City of New York appealed the decision of the NYC Tax Appeals Tribunal. The parties are in the process of preparing and submitting briefs to the NYC Tax Appeals Tribunal and a hearing date for the appeal will be set after all briefs have been submitted. At this time, management believes it is more likely than not that we will succeed in defending against the City of New York’s appeal. Accordingly, no liability or reserve has been recognized in our consolidated statement of financial condition at December 31, 2014 with respect to this matter. | ||||||||
By “Notice of Determination” dated November 19, 2014, or the 2014 Notice, the City of New York notified us of an alleged tax deficiency in the amount of $6.1 million, including interest and penalties, related to our 2009 and 2010 tax years. This deficiency related to our operation of Fidata and AF Mortgage and the basis of the 2014 Notice is substantially the same as that of the 2010 and 2011 Notices. We disagree with the assertion of the tax deficiency and we filed a Petition for Hearing with the City of New York on February 13, 2015 to oppose the 2014 Notice. At this time, management believes it is more likely than not that we will succeed in refuting the City of New York’s position asserted in the 2014 Notice. Accordingly, no liability or reserve has been recognized in our consolidated statement of financial condition at December 31, 2014 with respect to this matter. | ||||||||
No assurance can be given as to whether or to what extent we will be required to pay the amount of the tax deficiencies asserted by the City of New York, whether additional tax will be assessed for years subsequent to 2010, that these matters will not be costly to oppose, that these matters will not have an impact on our financial condition or results of operations or that, ultimately, any such impact will not be material. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
The following table summarizes income tax expense for the years indicated. | ||||||||||||
For the Year Ended December 31, | ||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||||
Current: | ||||||||||||
Federal | $ | 17,435 | $ | 24,524 | $ | (29,202 | ) | |||||
State and local | 4,033 | 3,722 | 3,201 | |||||||||
Total current | 21,468 | 28,246 | (26,001 | ) | ||||||||
Deferred: | ||||||||||||
Federal | 27,452 | 9,496 | 52,969 | |||||||||
State and local | (22,641 | ) | 7 | 912 | ||||||||
Total deferred | 4,811 | 9,503 | 53,881 | |||||||||
Total income tax expense | $ | 26,279 | $ | 37,749 | $ | 27,880 | ||||||
The following is a reconciliation of income tax expense computed by applying the federal income tax rate to income before income tax expense to income tax expense included in the consolidated statements of income for the years indicated. | ||||||||||||
For the Year Ended December 31, | ||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||||
Expected income tax expense at statutory federal rate | $ | 42,768 | $ | 36,520 | $ | 28,340 | ||||||
State and local taxes, net of federal tax effect (1) | (12,096 | ) | 2,424 | 2,673 | ||||||||
Tax exempt income (principally on BOLI) | (2,970 | ) | (2,945 | ) | (3,356 | ) | ||||||
Non-deductible ESOP compensation | — | 2,613 | 2,187 | |||||||||
Low income housing tax credit | (1,676 | ) | (1,676 | ) | (1,727 | ) | ||||||
Other, net | 253 | 813 | (237 | ) | ||||||||
Total income tax expense | $ | 26,279 | $ | 37,749 | $ | 27,880 | ||||||
-1 | Includes net tax benefits of $15.7 million, net of federal tax effects, for the year ended December 31, 2014 related to the impact of the changes in New York State, or NYS, income tax legislation enacted on March 31, 2014. | |||||||||||
The following table summarizes the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at the dates indicated. | ||||||||||||
At December 31, | ||||||||||||
(In Thousands) | 2014 | 2013 | ||||||||||
Deferred tax assets: | ||||||||||||
Allowances for losses | $ | 48,243 | $ | 54,511 | ||||||||
Compensation and benefits (principally pension and other | 45,849 | 21,955 | ||||||||||
postretirement benefit plans) | ||||||||||||
Mortgage loans (principally deferred loan origination costs) | 981 | 7,524 | ||||||||||
Net unrealized loss on securities available-for-sale | — | 4,010 | ||||||||||
State and local net operating loss carryforwards | 16,122 | — | ||||||||||
Other deductible temporary differences | 4,540 | 5,558 | ||||||||||
Total gross deferred tax assets | 115,735 | 93,558 | ||||||||||
Less valuation allowance | (7,220 | ) | — | |||||||||
Deferred tax assets, net of valuation allowance | 108,515 | 93,558 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Premises and equipment | (3,102 | ) | (3,882 | ) | ||||||||
Net unrealized gain on securities available-for-sale | (1,035 | ) | — | |||||||||
MSR | (910 | ) | (69 | ) | ||||||||
Total gross deferred tax liabilities | (5,047 | ) | (3,951 | ) | ||||||||
Net deferred tax assets (included in other assets) | $ | 103,468 | $ | 89,607 | ||||||||
We believe that our historical and future results of operations, and tax planning strategies which could be employed, will more likely than not generate sufficient taxable income to enable us to realize our net deferred tax assets. | ||||||||||||
NYS income tax legislation was enacted on March 31, 2014 in connection with the approval of the NYS 2014-2015 budget. Portions of the new legislation result in significant changes in the calculation of income taxes imposed on banks and thrifts operating in NYS, including changes to (1) future period NYS tax rates, (2) rules related to sourcing of revenue for NYS tax purposes and (3) the NYS taxation of entities within one corporate structure, among other provisions. In recent years, we have been subject to taxation in NYS under an alternative taxation method based on assets. Deferred tax items related to net operating loss carryforwards and temporary differences could not be utilized under the alternative taxation method and were not anticipated to become utilizable in the future. As such, no deferred tax assets were previously established for these items. 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 carryforward benefits in 2014 which we were unable to recognize previously. The impact of the 2014 changes in the NYS income tax legislation, including the effects of a 2014 fourth quarter resolution of an income tax matter with NYS, was an increase in our net deferred tax asset in the statement of financial condition with a corresponding reduction in income tax expense of $15.7 million in 2014. | ||||||||||||
At December 31, 2014, we have available a NYS net operating loss carryforward of $199.2 million which expires in 2035. Utilization of this net operating loss carryforward, and the ability to carryover any remaining unused amount to subsequent years, is subject to certain limitations as well as elections that may be made by us. | ||||||||||||
As was the case with NYS, for New York City we have been subject to income taxes on an alternative method based on assets through December 31, 2014 which similarly precluded recognition of deferred tax items. As such, no deferred tax assets were previously established for New York City purposes. Consistent with the establishment of our net deferred tax asset for NYS during 2014, we established a deferred tax asset, net of federal tax effects, of $7.2 million at December 31, 2014 reflecting the benefit of New York City net operating loss carryforwards of $85.3 million, which expire in various years from 2026 through 2034, and other temporary differences. However, under currently existing New York City income tax regulations, future realization of the net deferred tax asset related to New York City is not more likely than not and a valuation allowance in an amount equal to this portion of our net deferred tax asset was established as of December 31, 2014. | ||||||||||||
We file income tax returns in the United States federal jurisdiction and in NYS and New York City jurisdictions, as well as various other state jurisdictions in which we do business. With few exceptions, we are no longer subject to federal, state and local income tax examinations by tax authorities for years prior to 2011. | ||||||||||||
The following is a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits for the years indicated. The amounts have not been reduced by the federal deferred tax effects of unrecognized state tax benefits. | ||||||||||||
For the Year Ended December 31, | ||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||||
Unrecognized tax benefits at beginning of year | $ | 4,009 | $ | 3,428 | $ | 3,856 | ||||||
Additions as a result of a tax position taken during the current period | 675 | 600 | 630 | |||||||||
Reductions as a result of tax positions taken during a prior period | — | (19 | ) | — | ||||||||
Reductions relating to settlement with taxing authorities | (2,529 | ) | — | (1,058 | ) | |||||||
Unrecognized tax benefits at end of year | $ | 2,155 | $ | 4,009 | $ | 3,428 | ||||||
If realized, all of our unrecognized tax benefits at December 31, 2014 would affect our effective income tax rate. After the related federal tax effects, realization of those benefits would reduce income tax expense by $1.4 million. | ||||||||||||
In addition to the above unrecognized tax benefits, we have accrued liabilities for interest and penalties related to uncertain tax positions totaling $469,000 at December 31, 2014, $1.1 million at December 31, 2013 and $730,000 at December 31, 2012. We accrued interest and penalties on uncertain tax positions as an element of our income tax expense, net of the related federal tax effects, totaling $247,000 during the year ended December 31, 2014, $224,000 during the year ended December 31, 2013 and $316,000 during the year ended December 31, 2012. Realization of all of our unrecognized tax benefits would result in a further reduction in income tax expense of $341,000 for the reversal of accrued interest and penalties, net of the related federal tax effects. | ||||||||||||
Astoria Bank’s retained earnings at December 31, 2014 and 2013 includes base-year bad debt reserves, created for tax purposes prior to 1988, totaling $165.8 million. A related deferred federal income tax liability of $58.0 million has not been recognized. Base-year reserves are subject to recapture in the unlikely event that Astoria Bank (1) makes distributions in excess of current and accumulated earnings and profits, as calculated for federal income tax purposes, (2) redeems its stock, or (3) liquidates. |
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Common Share | Earnings Per Common Share | |||||||||||
The following table is a reconciliation of basic and diluted EPS for the years indicated. | ||||||||||||
For the Year Ended December 31, | ||||||||||||
(In Thousands, Except Share Data) | 2014 | 2013 | 2012 | |||||||||
Net income | $ | 95,916 | $ | 66,593 | $ | 53,091 | ||||||
Preferred stock dividends | (8,775 | ) | (7,214 | ) | — | |||||||
Net income available to common shareholders | 87,141 | 59,379 | 53,091 | |||||||||
Income allocated to participating securities | (973 | ) | (720 | ) | (463 | ) | ||||||
Net income allocated to common shareholders | $ | 86,168 | $ | 58,659 | $ | 52,628 | ||||||
Basic weighted average common shares outstanding | 98,384,443 | 97,121,497 | 95,455,344 | |||||||||
Dilutive effect of stock options and restricted stock units (1) (2) | — | — | — | |||||||||
Diluted weighted average common shares outstanding | 98,384,443 | 97,121,497 | 95,455,344 | |||||||||
Basic EPS | $ | 0.88 | $ | 0.6 | $ | 0.55 | ||||||
Diluted EPS | $ | 0.88 | $ | 0.6 | $ | 0.55 | ||||||
-1 | Excludes options to purchase 962,783 shares of common stock which were outstanding during the year ended December 31, 2014; options to purchase 2,096,708 shares of common stock which were outstanding during the year ended December 31, 2013; and options to purchase 5,495,748 shares of common stock which were outstanding during the year ended December 31, 2012 because their inclusion would be anti-dilutive. | |||||||||||
(2) | Excludes 758,792 unvested restricted stock units which were outstanding during the year ended December 31, 2014 and 387,791 unvested restricted stock units which were outstanding during the year ended December 31, 2013 because the performance conditions have not been satisfied. There were no unvested restricted stock units outstanding during the year ended December 31, 2012. |
Other_Comprehensive_IncomeLoss
Other Comprehensive Income/Loss | 12 Months Ended | |||||||||||||||||
Dec. 31, 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 years ended December 31, 2014 and 2013. | ||||||||||||||||||
(In Thousands) | At | Other | At | |||||||||||||||
December 31, 2013 | Comprehensive | December 31, 2014 | ||||||||||||||||
Income (Loss) | ||||||||||||||||||
Net unrealized (loss) gain on securities available-for-sale | $ | (4,366 | ) | $ | 9,052 | $ | 4,686 | |||||||||||
Net actuarial loss on pension plans and other postretirement benefits | (30,600 | ) | (36,876 | ) | (67,476 | ) | ||||||||||||
Prior service cost on pension plans and other postretirement benefits | (3,284 | ) | 123 | (3,161 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | (38,250 | ) | $ | (27,701 | ) | $ | (65,951 | ) | |||||||||
(In Thousands) | At | Other | At | |||||||||||||||
December 31, 2012 | Comprehensive | December 31, 2013 | ||||||||||||||||
(Loss) Income | ||||||||||||||||||
Net unrealized gain (loss) on securities available-for-sale | $ | 7,451 | $ | (11,817 | ) | $ | (4,366 | ) | ||||||||||
Net actuarial loss on pension plans and other postretirement benefits | (77,115 | ) | 46,515 | (30,600 | ) | |||||||||||||
Prior service cost on pension plans and other postretirement benefits | (3,426 | ) | 142 | (3,284 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | (73,090 | ) | $ | 34,840 | $ | (38,250 | ) | ||||||||||
The following table sets forth the components of other comprehensive income/loss for the years indicated. | ||||||||||||||||||
(In Thousands) | Before Tax | Tax | After Tax | |||||||||||||||
Amount | (Expense) | Amount | ||||||||||||||||
Benefit | ||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||
Net unrealized gain on securities available-for-sale: | ||||||||||||||||||
Net unrealized holding gain on securities arising during the year | $ | 14,134 | $ | (4,991 | ) | $ | 9,143 | |||||||||||
Reclassification adjustment for gain on sales of securities included in net income | (141 | ) | 50 | (91 | ) | |||||||||||||
Net unrealized gain on securities available-for-sale | 13,993 | (4,941 | ) | 9,052 | ||||||||||||||
Net actuarial loss adjustment on pension plans and other postretirement benefits: | ||||||||||||||||||
Net actuarial loss adjustment arising during the year | (60,583 | ) | 23,116 | (37,467 | ) | |||||||||||||
Reclassification adjustment for net actuarial loss included in net income | 913 | (322 | ) | 591 | ||||||||||||||
Net actuarial loss adjustment on pension plans and other postretirement benefits | (59,670 | ) | 22,794 | (36,876 | ) | |||||||||||||
Reclassification adjustment for prior service cost included in net income | 190 | (67 | ) | 123 | ||||||||||||||
Other comprehensive loss | $ | (45,487 | ) | $ | 17,786 | $ | (27,701 | ) | ||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||
Net unrealized loss on securities available-for-sale: | ||||||||||||||||||
Net unrealized holding loss on securities arising during the year | $ | (16,202 | ) | $ | 5,717 | $ | (10,485 | ) | ||||||||||
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 | (18,259 | ) | 6,442 | (11,817 | ) | |||||||||||||
Net actuarial loss adjustment on pension plans and other postretirement benefits: | ||||||||||||||||||
Net actuarial loss adjustment arising during the year | 68,150 | (23,970 | ) | 44,180 | ||||||||||||||
Reclassification adjustment for net actuarial loss included in net income | 3,610 | (1,275 | ) | 2,335 | ||||||||||||||
Net actuarial loss adjustment on pension plans and other postretirement benefits | 71,760 | (25,245 | ) | 46,515 | ||||||||||||||
Reclassification adjustment for prior service cost included in net income | 213 | (71 | ) | 142 | ||||||||||||||
Other comprehensive income | $ | 53,714 | $ | (18,874 | ) | $ | 34,840 | |||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||
Net unrealized loss on securities available-for-sale: | ||||||||||||||||||
Net unrealized holding loss on securities arising during the year | $ | (2,040 | ) | $ | 720 | $ | (1,320 | ) | ||||||||||
Reclassification adjustment for gain on sales of securities included in net income | (8,477 | ) | 2,987 | (5,490 | ) | |||||||||||||
Net unrealized loss on securities available-for-sale | (10,517 | ) | 3,707 | (6,810 | ) | |||||||||||||
Net actuarial loss adjustment on pension plans and other postretirement benefits: | ||||||||||||||||||
Net actuarial loss adjustment arising during the year | 14,141 | (4,998 | ) | 9,143 | ||||||||||||||
Reclassification adjustment for net actuarial loss included in net income | 5,447 | (1,920 | ) | 3,527 | ||||||||||||||
Net actuarial loss adjustment on pension plans and other postretirement benefits | 19,588 | (6,918 | ) | 12,670 | ||||||||||||||
Prior service cost adjustment on pension plans and other postretirement benefits: | ||||||||||||||||||
Prior service cost adjustment arising during the year | (5,463 | ) | 1,925 | (3,538 | ) | |||||||||||||
Reclassification adjustment for prior service cost included in net income | 152 | (54 | ) | 98 | ||||||||||||||
Prior service cost adjustment on pension plans and other postretirement benefits | (5,311 | ) | 1,871 | (3,440 | ) | |||||||||||||
Reclassification adjustment for loss on cash flow hedge included in net income | 261 | (110 | ) | 151 | ||||||||||||||
Other comprehensive income | $ | 4,021 | $ | (1,450 | ) | $ | 2,571 | |||||||||||
The following table sets forth information about amounts reclassified from accumulated other comprehensive loss to, and the affected line items in, the consolidated statement of income for the years indicated. | ||||||||||||||||||
(In Thousands) | For the Year Ended December 31, | Income Statement | ||||||||||||||||
2014 | 2013 | Line Item | ||||||||||||||||
Reclassification adjustment for gain on sales of securities | $ | 141 | $ | 2,057 | Gain on sales of securities | |||||||||||||
Reclassification adjustment for net actuarial loss (1) | (913 | ) | (3,610 | ) | Compensation and benefits | |||||||||||||
Reclassification adjustment for prior service cost (1) | (190 | ) | (213 | ) | Compensation and benefits | |||||||||||||
Total reclassifications, before tax | (962 | ) | (1,766 | ) | ||||||||||||||
Income tax effect | 339 | 621 | Income tax expense | |||||||||||||||
Total reclassifications, net of tax | $ | (623 | ) | $ | (1,145 | ) | 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 13 for additional details. |
Benefit_Plans
Benefit Plans | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||
Benefit Plans | Benefit Plans | |||||||||||||||||||||||
Pension Plans and Other Postretirement Benefits | ||||||||||||||||||||||||
The following table sets forth information regarding our defined benefit pension plans and other postretirement benefit plan at and for the periods indicated. | ||||||||||||||||||||||||
Pension Benefits | Other Postretirement | |||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||
At or For the Year Ended December 31, | At or For the Year Ended December 31, | |||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 230,361 | $ | 260,108 | $ | 18,766 | $ | 35,476 | ||||||||||||||||
Service cost | — | — | 1,241 | 1,578 | ||||||||||||||||||||
Interest cost | 10,450 | 9,549 | 930 | 1,279 | ||||||||||||||||||||
Actuarial loss (gain) | 48,633 | (28,749 | ) | 8,371 | (18,572 | ) | ||||||||||||||||||
Benefits paid | (19,172 | ) | (10,547 | ) | (763 | ) | (995 | ) | ||||||||||||||||
Benefit obligation at end of year | 270,272 | 230,361 | 28,545 | 18,766 | ||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 189,367 | 160,683 | — | — | ||||||||||||||||||||
Actual return on plan assets | 11,264 | 33,583 | — | — | ||||||||||||||||||||
Employer contribution | 5,615 | 5,648 | 763 | 995 | ||||||||||||||||||||
Benefits paid | (19,172 | ) | (10,547 | ) | (763 | ) | (995 | ) | ||||||||||||||||
Fair value of plan assets at end of year | 187,074 | 189,367 | — | — | ||||||||||||||||||||
Funded status at end of year | $ | (83,198 | ) | $ | (40,994 | ) | $ | (28,545 | ) | $ | (18,766 | ) | ||||||||||||
The underfunded pension benefits and other postretirement benefits at December 31, 2014 and 2013 are included in other liabilities in our consolidated statements of financial condition. | ||||||||||||||||||||||||
During 2014, we contributed $5.0 million to the Astoria Bank Pension Plan. We do not expect to make a contribution in 2015. No pension plan assets are expected to be returned to us. | ||||||||||||||||||||||||
The following table sets forth the pre-tax components of accumulated other comprehensive loss related to pension plans and other postretirement benefits at the dates indicated. We expect that $3.0 million in net actuarial loss and $190,000 in prior service cost will be recognized as components of net periodic cost in 2015. | ||||||||||||||||||||||||
Pension Benefits | Other Postretirement | |||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||
At December 31, | At December 31, | |||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Net actuarial loss (gain) | $ | 108,137 | $ | 57,327 | $ | 771 | $ | (8,089 | ) | |||||||||||||||
Prior service cost | 4,950 | 5,140 | — | — | ||||||||||||||||||||
Total accumulated other comprehensive loss (income) | $ | 113,087 | $ | 62,467 | $ | 771 | $ | (8,089 | ) | |||||||||||||||
The accumulated benefit obligation for all defined benefit pension plans was $270.3 million at December 31, 2014 and $230.4 million at December 31, 2013. Included in the tables of pension benefits are the Astoria Excess and Supplemental Benefit Plans, Astoria Directors’ Retirement Plan, the Greater New York Savings Bank, or Greater, Directors’ Retirement Plan and the Long Island Bancorp, Inc., or LIB, Directors’ Retirement Plan, which are unfunded plans. The projected benefit obligation and accumulated benefit obligation for these plans each totaled $15.1 million at December 31, 2014 and $13.1 million at December 31, 2013. | ||||||||||||||||||||||||
The following table presents the discount rates used to determine the benefit obligations at the dates indicated. | ||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Pension Benefit Plans: | ||||||||||||||||||||||||
Astoria Bank Pension Plan | 3.77 | % | 4.66 | % | ||||||||||||||||||||
Astoria Excess and Supplemental Benefit Plans | 3.6 | 4.39 | ||||||||||||||||||||||
Astoria Directors’ Retirement Plan | 3.47 | 4.23 | ||||||||||||||||||||||
Greater Directors’ Retirement Plan | 3.12 | 3.64 | ||||||||||||||||||||||
LIB Directors’ Retirement Plan | 0.59 | 0.5 | ||||||||||||||||||||||
Other Postretirement Benefit Plan: | ||||||||||||||||||||||||
Astoria Bank Retiree Health Care Plan | 3.89 | 4.8 | ||||||||||||||||||||||
The following table summarizes the components of net periodic (benefit) cost for the years indicated. | ||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Service cost | $ | — | $ | — | $ | 2,025 | $ | 1,241 | $ | 1,578 | $ | 1,061 | ||||||||||||
Interest cost | 10,450 | 9,549 | 10,992 | 930 | 1,279 | 1,378 | ||||||||||||||||||
Expected return on plan assets | (14,843 | ) | (12,754 | ) | (11,947 | ) | — | — | — | |||||||||||||||
Recognized net actuarial loss (gain) | 1,401 | 3,138 | 4,930 | (488 | ) | 472 | 517 | |||||||||||||||||
Amortization of prior service cost (credit) | 190 | 213 | 177 | — | — | (25 | ) | |||||||||||||||||
Settlement | — | — | 2,302 | — | — | — | ||||||||||||||||||
Net periodic (benefit) cost | $ | (2,802 | ) | $ | 146 | $ | 8,479 | $ | 1,683 | $ | 3,329 | $ | 2,931 | |||||||||||
The following table sets forth the assumptions used to determine the net periodic (benefit) cost for the years ended December 31, 2014 and 2013. | ||||||||||||||||||||||||
Discount Rate | Expected Return | |||||||||||||||||||||||
on Plan Assets | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Pension Benefit Plans: | ||||||||||||||||||||||||
Astoria Bank Pension Plan | 4.66 | % | 3.77 | % | 8 | % | 8 | % | ||||||||||||||||
Astoria Excess and Supplemental Benefit Plans | 4.39 | 3.49 | N/A | N/A | ||||||||||||||||||||
Astoria Directors’ Retirement Plan | 4.23 | 3.21 | N/A | N/A | ||||||||||||||||||||
Greater Directors’ Retirement Plan | 3.64 | 2.77 | N/A | N/A | ||||||||||||||||||||
LIB Directors’ Retirement Plan | 0.5 | 0.63 | N/A | N/A | ||||||||||||||||||||
Other Postretirement Benefit Plan: | ||||||||||||||||||||||||
Astoria Bank Retiree Health Care Plan | 4.8 | 3.98 | N/A | N/A | ||||||||||||||||||||
To determine the expected return on plan assets, we consider the long-term historical return information on plan assets, the mix of investments that comprise plan assets and the historical returns on indices comparable to the fund classes in which the plan invests. | ||||||||||||||||||||||||
The following table presents the assumed health care cost trend rates at the dates indicated. | ||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Health care cost trend rate assumed for the next year: | ||||||||||||||||||||||||
Pre-age 65 | 6.7 | % | 7 | % | ||||||||||||||||||||
Post-age 65 | 9 | % | 10 | % | ||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5 | % | 5 | % | ||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2021 | 2021 | ||||||||||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plan. The following table presents the effects of a one-percentage point change in assumed health care cost trend rates. | ||||||||||||||||||||||||
(In Thousands) | One Percentage | One Percentage | ||||||||||||||||||||||
Point Increase | Point Decrease | |||||||||||||||||||||||
Effect on total service and interest cost components | $ | 418 | $ | (328 | ) | |||||||||||||||||||
Effect on the postretirement benefit obligation | 5,301 | (4,092 | ) | |||||||||||||||||||||
The following table summarizes total benefits expected to be paid under our defined benefit pension plans and other postretirement benefit plan as of December 31, 2014, which reflect expected future service as appropriate. | ||||||||||||||||||||||||
Year | Pension | Other | ||||||||||||||||||||||
Benefits | Postretirement | |||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
2015 | $ | 11,961 | $ | 973 | ||||||||||||||||||||
2016 | 15,932 | 1,043 | ||||||||||||||||||||||
2017 | 13,991 | 1,094 | ||||||||||||||||||||||
2018 | 13,143 | 1,176 | ||||||||||||||||||||||
2019 | 13,644 | 1,226 | ||||||||||||||||||||||
2020-2024 | 70,132 | 6,780 | ||||||||||||||||||||||
The Astoria Bank Pension Plan’s assets are measured at estimated fair value on a recurring basis. The Astoria Bank Pension Plan groups its assets 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 described in Note 16. Other than the Astoria Bank Pension Plan’s investment in Astoria Financial Corporation common stock, the assets are managed by Prudential Retirement Insurance and Annuity Company, or PRIAC. | ||||||||||||||||||||||||
The following tables set forth the carrying values of the Astoria Bank Pension Plan’s 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 December 31, 2014 | ||||||||||||||||||||||||
(In Thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
PRIAC Pooled Separate Accounts (1) | $ | 162,808 | $ | — | $ | 162,808 | $ | — | ||||||||||||||||
Astoria Financial Corporation common stock | 12,404 | 12,404 | — | — | ||||||||||||||||||||
PRIAC Guaranteed Deposit Account | 11,858 | — | — | 11,858 | ||||||||||||||||||||
Cash and cash equivalents | 4 | 4 | — | — | ||||||||||||||||||||
Total | $ | 187,074 | $ | 12,408 | $ | 162,808 | $ | 11,858 | ||||||||||||||||
-1 | Consists of 41% large-cap equity securities, 38% debt securities, 9% international equities, 7% small-cap equity securities and 5% mid-cap equity securities. | |||||||||||||||||||||||
Carrying Value at December 31, 2013 | ||||||||||||||||||||||||
(In Thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
PRIAC Pooled Separate Accounts (1) | $ | 170,377 | $ | — | $ | 170,377 | $ | — | ||||||||||||||||
Astoria Financial Corporation common stock | 12,687 | 12,687 | — | — | ||||||||||||||||||||
PRIAC Guaranteed Deposit Account | 6,299 | — | — | 6,299 | ||||||||||||||||||||
Cash and cash equivalents | 4 | 4 | — | — | ||||||||||||||||||||
Total | $ | 189,367 | $ | 12,691 | $ | 170,377 | $ | 6,299 | ||||||||||||||||
-1 | Consists of 41% large-cap equity securities, 35% debt securities, 11% international equities, 8% small-cap equity securities and 5% mid-cap equity securities. | |||||||||||||||||||||||
The following table sets forth a summary of changes in the estimated fair value of the Astoria Bank Pension Plan’s Level 3 assets for the years indicated. | ||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | ||||||||||||||||||||||
Fair value at beginning of year | $ | 6,299 | $ | 7,177 | ||||||||||||||||||||
Total net gain, realized and unrealized, included in change in net assets (1) | 191 | 21 | ||||||||||||||||||||||
Purchases | 23,925 | 9,000 | ||||||||||||||||||||||
Sales | (18,557 | ) | (9,899 | ) | ||||||||||||||||||||
Fair value at end of year | $ | 11,858 | $ | 6,299 | ||||||||||||||||||||
-1 | Includes unrealized gain related to assets held at December 31, 2014 of $477,000 for the year ended December 31, 2014 and unrealized gain related to assets held at December 31, 2013 of $313,000 for the year ended December 31, 2013. | |||||||||||||||||||||||
The following table presents information about significant unobservable inputs related to the Astoria Bank Pension Plan’s investment in Level 3 assets at the dates indicated. | ||||||||||||||||||||||||
PRIAC Guaranteed Deposit Account | ||||||||||||||||||||||||
Range at December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Significant unobservable inputs: | ||||||||||||||||||||||||
Composite market value factor | 1.018 | - | 1.081 | 0.988 | - | 1.073 | ||||||||||||||||||
Gross guaranteed crediting rate (1) | 2.50% | - | 4.00% | 2.10% | - | 4.35% | ||||||||||||||||||
_______________________________ | ||||||||||||||||||||||||
-1 | Gross guaranteed crediting rates must be greater than or equal to contractual minimum crediting rate. | |||||||||||||||||||||||
The overall strategy of the Astoria Bank Pension Plan investment policy is to have a diverse investment portfolio that reasonably spans established risk/return levels, preserves liquidity and provides long-term investment returns equal to or greater than the actuarial assumptions. The strategy allows for a moderate risk approach in order to achieve greater long-term asset growth. The asset mix within the various insurance company pooled separate accounts and trust company trust funds can vary but should not be more than 80% in equity securities, 50% in debt securities and 25% in liquidity funds. Within equity securities, the mix is further clarified to have ranges not to exceed 10% in any one company, 30% in any one industry, 50% in funds that mirror the S&P 500, 50% in large-cap equity securities, 20% in mid-cap equity securities, 20% in small-cap equity securities and 10% in international equities. In addition, up to 15% of total plan assets may be held in Astoria Financial Corporation common stock. However, the Astoria Bank Pension Plan will not acquire Astoria Financial Corporation common stock to the extent that, immediately after the acquisition, such common stock would represent more than 10% of total plan assets. | ||||||||||||||||||||||||
The following is a description of valuation methodologies used for the Astoria Bank Pension Plan's assets measured at estimated fair value on a recurring basis. | ||||||||||||||||||||||||
PRIAC Pooled Separate Accounts | ||||||||||||||||||||||||
The fair value of the Astoria Bank Pension Plan’s investments in the PRIAC Pooled Separate Accounts is based on the fair value of the underlying securities included in the pooled separate accounts which consist of equity securities and bonds. Investments in these accounts are represented by units and a per unit value. The unit values are calculated by PRIAC. For the underlying equity securities, PRIAC obtains closing market prices for those securities traded on a national exchange. For bonds, PRIAC obtains prices from a third party pricing service using inputs such as benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Prices are reviewed by PRIAC and are challenged if PRIAC believes the price is not reflective of fair value. There are no restrictions as to the redemption of these pooled separate accounts nor does the Astoria Bank Pension Plan have any contractual obligations to further invest in any of the individual pooled separate accounts. These investments are classified as Level 2. | ||||||||||||||||||||||||
Astoria Financial Corporation common stock | ||||||||||||||||||||||||
The fair value of the Astoria Bank Pension Plan’s investment in Astoria Financial Corporation common stock is obtained from a quoted market price in an active market and, as such, is classified as Level 1. | ||||||||||||||||||||||||
PRIAC Guaranteed Deposit Account | ||||||||||||||||||||||||
The fair value of the Astoria Bank Pension Plan’s investment in the PRIAC Guaranteed Deposit Account is calculated by PRIAC and approximates the fair value of the underlying investments by discounting expected future investment cash flows from both investment income and repayment of principal for each investment purchased directly for the general account. The discount rates assumed in the calculation reflect both the current level of market rates and spreads appropriate to the quality, average life and type of investment being valued. PRIAC calculates a contract-specific composite market value factor, which is determined by summing the product of each investment year's market value factor as of the plan year end by the particular contract's balance within the investment year and dividing the result by the contract's total investment year balance. This contract-specific market value factor is then multiplied by the contract value, which represents deposits made to the contract, plus earnings at the guaranteed crediting rates, less withdrawals and fees, to arrive at the estimated fair value. This investment is classified as Level 3. | ||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||
The fair value of the Astoria Bank Pension Plan’s cash and cash equivalents represents the amount available on demand and, as such, are classified as Level 1. | ||||||||||||||||||||||||
Incentive Savings Plan | ||||||||||||||||||||||||
Astoria Bank maintains the 401(k) Plan which provides for contributions by both Astoria Bank and its participating employees. Under the 401(k) Plan, which is a qualified, defined contribution pension plan, participants may contribute up to 30% of their pre-tax base salary, generally not to exceed $17,500 for the calendar year ended December 31, 2014. Effective January 1, 2013, Astoria Bank made matching contributions equal to 50% of each employee's contributions not in excess of 6% of each employee's compensation, for a maximum contribution of 3% of a participating employee's compensation. Effective January 1, 2015, Astoria Bank will make matching contributions equal to 100% of each employee's contributions up to 3% of each employee's compensation plus 50% of each employee's contributions over 3% but not in excess of 6% of each employee's compensation for a maximum contribution of 4.5% of a participating employee's compensation. Matching contributions totaled $2.2 million for the year ended December 31, 2014 and $2.0 million for the year ended December 31, 2013. Participants vest immediately in their own contributions and, effective January 1, 2013, after a period of one year for Astoria Bank contributions. During 2012, matching contributions were permitted at the discretion of Astoria Bank. No matching contributions were made for the year ended December 31, 2012. | ||||||||||||||||||||||||
Employee Stock Ownership Plan | ||||||||||||||||||||||||
Astoria Bank maintained an ESOP for its eligible employees, which was a defined contribution pension plan. To fund the purchase of the ESOP shares, the ESOP borrowed funds from us. Astoria Bank made contributions to fund debt service. The ESOP loans, which had an aggregated outstanding principal balance of $5.9 million at December 31, 2012, were prepaid in full on December 20, 2013. The ESOP loans had an interest rate of 6.00%, a maturity date of December 31, 2029 and were collateralized by our common stock purchased with the loan proceeds. | ||||||||||||||||||||||||
Shares purchased by the ESOP were held in trust for allocation among participants as the loans were repaid. Pursuant to the loan agreements, the number of shares released annually was based upon a specified percentage of aggregate eligible payroll for our covered employees. As a result of the prepayment of the ESOP loans in full on December 20, 2013, the remaining 967,013 unallocated shares were released from the pledge agreement and allocated to participants as of December 31, 2013. Shares allocated to participants totaled 1,075,354 for the year ended December 31, 2012. Through December 31, 2013, 15,068,562 shares were allocated to participants and no shares remained unallocated. Effective December 31, 2013 the ESOP was frozen. As a result, no contributions were made to the ESOP subsequent to December 31, 2013. On April 1, 2014, the ESOP was merged into the 401(k) Plan. | ||||||||||||||||||||||||
In addition to shares allocated, Astoria Bank made an annual cash contribution to participant accounts in an amount equal to dividends paid on unallocated shares. This cash contribution totaled $155,000 for the year ended December 31, 2013 and $513,000 for the year ended December 31, 2012. Compensation expense related to the ESOP totaled $11.2 million for the year ended December 31, 2013 and $10.7 million for the year ended December 31, 2012. |
Stock_Incentive_Plans
Stock Incentive Plans | 12 Months Ended | |||||||||||||||||
Dec. 31, 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 Employee Stock Plan, which amended and restated the 2005 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. The 2014 Employee Stock Plan authorized 3,250,000 shares of common stock for future grants to officers and employees on and after May 21, 2014. In addition, immediately prior to the approval of the 2014 Employee Stock Plan, there remained 507,925 shares available for future grants under the 2005 Employee Stock Plan which were carried over to the 2014 Employee Stock Plan and no further grants may be made under the 2005 Employee Stock Plan. Accordingly, under the 2014 Employee Stock Plan, a total of 3,757,925 shares of common stock were reserved for options, restricted stock, restricted stock units and/or stock appreciation right grants, of which 3,672,764 shares remain available for issuance of future grants at December 31, 2014. | ||||||||||||||||||
Employee grants generally occur annually, upon approval by our Board of Directors, on the third business day after we issue a press release announcing annual financial results for the prior year. Discretionary grants may be made to eligible employees from time to time upon approval by our Board of Directors. 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 2014 Employee Stock Plan and the 2005 Employee Stock Plan, all options and restricted common stock granted pursuant to such plans immediately vest, except for a performance-based restricted common stock award granted in 2011 which, in the event of death or disability prior to vesting, will remain outstanding subject to satisfaction of the performance and vesting conditions, unless otherwise settled. | ||||||||||||||||||
The following table summarizes employee restricted common stock grant awards by year for grant years with unvested shares outstanding at December 31, 2014 and the remaining vesting schedule. | ||||||||||||||||||
2014 | 2013 | 2012 | 2011 | |||||||||||||||
Number of shares of restricted common stock: | ||||||||||||||||||
Granted during the year | 482,001 | 494,420 | 155,000 | 663,530 | ||||||||||||||
Unvested at December 31, 2014 | 341,861 | 154,040 | 51,500 | 144,802 | ||||||||||||||
Scheduled to vest during the year ending: | ||||||||||||||||||
December 31, 2015 | 156,137 | 152,040 | 51,500 | 79,802 | ||||||||||||||
December 31, 2016 | 157,337 | 2,000 | — | 65,000 | -1 | |||||||||||||
December 31, 2017 | 28,387 | — | — | — | ||||||||||||||
_______________________________ | ||||||||||||||||||
-1 | Shares of restricted common stock granted under a performance-based award which will vest on June 30, 2016 if the performance conditions are met. | |||||||||||||||||
In addition to the restricted common stock grants detailed in the table above, performance-based restricted stock units were granted to select officers under the 2005 Employee Stock Plan during the years ended December 31, 2014 and 2013. 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. Shares will be issued on the vest date at a specified percentage of units granted, ranging from 0% to 125%, based on actual performance during the performance measurement period, as defined by the grant. 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 the end of the performance measurement period all restricted stock units will be forfeited. In the event the grantee's employment terminates during the period on or after the end of the performance measurement period through the vest date due to death, disability, retirement or a change in control, the grantee will remain entitled to the shares otherwise earned. | ||||||||||||||||||
The following table summarizes restricted stock units awarded by year for grant years with unvested units outstanding at December 31, 2014. | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Number of shares of restricted stock units: | ||||||||||||||||||
Granted during the year | 395,900 | 432,300 | ||||||||||||||||
Unvested at December 31, 2014 | 382,600 | 393,900 | ||||||||||||||||
Vest date | February 1, 2017 | February 1, 2016 | ||||||||||||||||
Performance measurement period: | ||||||||||||||||||
Fiscal year ended | December 31, 2016 | December 31, 2015 | ||||||||||||||||
Under the Astoria Financial Corporation 2007 Non-Employee Directors Stock Plan, as amended, or the 2007 Director Stock Plan, 240,080 shares of common stock were reserved for restricted stock grants, of which 32,506 shares of restricted common stock were granted in 2014 and 67,135 shares remain available at December 31, 2014 for issuance of future grants. Annual awards and discretionary grants, as such terms are defined in the plan, are authorized under the 2007 Director Stock Plan. Annual awards to non-employee directors occur on the third business day after we issue a press release announcing annual financial results for the prior year. Discretionary grants may be made to eligible directors from time to time as consideration for services rendered or promised to be rendered. Such grants are made on such terms and conditions as determined by a committee of independent directors. | ||||||||||||||||||
Under the 2007 Director Stock Plan, restricted common stock granted vests approximately three years after the grant date, although awards immediately vest upon death, disability, mandatory retirement, involuntary termination or a change in control, as such terms are defined in the plan. Shares awarded will be forfeited in the event a recipient ceases to be a director prior to the vest date for any reason other than death, disability, mandatory retirement, involuntary termination or a change in control, as 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 year ended December 31, 2014. | ||||||||||||||||||
Restricted Common Stock | Restricted Stock Units | |||||||||||||||||
Number of | Weighted Average | Number of | Weighted Average | |||||||||||||||
Shares | Grant Date Fair Value | Units | Grant Date Fair Value | |||||||||||||||
Unvested at beginning of year | 781,644 | $ | 11.46 | 409,100 | $ | 9.22 | ||||||||||||
Granted | 514,507 | 12.58 | 395,900 | 12.14 | ||||||||||||||
Vested | (512,042 | ) | (11.91 | ) | — | — | ||||||||||||
Forfeited | (31,408 | ) | (11.91 | ) | (28,500 | ) | (10.58 | ) | ||||||||||
Unvested at end of year | 752,701 | 11.9 | 776,500 | 10.66 | ||||||||||||||
The aggregate fair value on the vest date of restricted common stock awards which vested totaled $6.6 million during the year ended December 31, 2014, $9.6 million during the year ended December 31, 2013 and $6.2 million during the year ended December 31, 2012. The weighted average grant date fair value of restricted common stock was $12.58 per share during the year ended December 31, 2014, $9.70 per share during the year ended December 31, 2013 and $9.82 per share during the year ended December 31, 2012. | ||||||||||||||||||
Options outstanding at December 31, 2014, granted under plans other than the 2014 Employee Stock Plan, 2005 Employee Stock Plan and 2007 Director Stock Plan, have a maximum term of ten years and were granted in tandem with limited stock appreciation rights exercisable only in the event we experience a change in control, as defined by the plans. Common shares are issued from treasury stock upon the exercise of stock options. No options were exercised during the years ended December 31, 2014, 2013 and 2012. We have an adequate number of shares available in treasury stock for future stock option exercises. | ||||||||||||||||||
The following table summarizes option activity in our stock incentive plans for the year ended December 31, 2014. | ||||||||||||||||||
Number of | Weighted Average | |||||||||||||||||
Options | Exercise Price | |||||||||||||||||
Outstanding at beginning of year | 1,102,650 | $ | 26.68 | |||||||||||||||
Expired | (1,066,650 | ) | (26.62 | ) | ||||||||||||||
Outstanding and exercisable at end of year | 36,000 | 28.58 | ||||||||||||||||
At December 31, 2014, options outstanding and exercisable had no intrinsic value and a weighted average remaining contractual term of approximately 7 months. | ||||||||||||||||||
Stock-based compensation expense totaled $5.6 million, net of taxes of $3.1 million, for the year ended December 31, 2014, $4.5 million, net of taxes of $2.5 million, for the year ended December 31, 2013 and $3.3 million, net of taxes of $1.8 million, for the year ended December 31, 2012. At December 31, 2014, pre-tax compensation cost related to all unvested awards of restricted common stock and restricted stock units not yet recognized totaled $10.8 million and will be recognized over a weighted average period of approximately 1.8 years, which excludes $1.8 million of pre-tax compensation cost related to 65,000 shares of performance-based restricted common stock granted in 2011 and 98,475 performance-based restricted stock units granted in 2013, for which compensation cost will begin to be recognized when the achievement of the performance conditions becomes probable. | ||||||||||||||||||
As a result of the resignation and retirement of several executive officers during the 2012 first quarter, the level of forfeitures in 2012 significantly exceeded our original estimate of restricted common stock forfeitures based on our prior experience. As a result, we reversed stock-based compensation expense during 2012 totaling $569,000, net of taxes of $310,000, representing stock-based compensation expense previously recognized on unvested shares of restricted common stock which will not vest as a result of forfeitures. |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | |||||||||||||||||||||||||
Regulatory Matters | Regulatory Matters | ||||||||||||||||||||||||
Federal law requires that savings associations, such as Astoria Bank, maintain minimum capital requirements. These capital standards are required to be no less stringent than standards applicable to national banks. At December 31, 2014 and 2013, Astoria Bank was in compliance with all regulatory capital requirements. | |||||||||||||||||||||||||
The Federal Deposit Insurance Corporation Improvement Act of 1991, or FDICIA, established a system of prompt corrective action, or the Prompt Corrective Action Provisions, to resolve the problems of undercapitalized institutions. The regulators adopted rules which require them to take action against undercapitalized institutions, based upon the five categories of capitalization which FDICIA created: “well capitalized,” “adequately capitalized,” “undercapitalized,” “significantly undercapitalized” and “critically undercapitalized.” The rules adopted generally provide that an insured institution whose capital ratios exceed the specified targets and is not subject to any written agreement, order, capital directive or prompt corrective action directive issued by the primary federal regulator shall be considered a well capitalized institution. At December 31, 2014 and 2013, all of Astoria Bank’s ratios were above the minimum levels required to be considered well capitalized. | |||||||||||||||||||||||||
The following tables set forth information regarding the regulatory capital requirements applicable to Astoria Bank at the dates indicated. | |||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
Actual | Minimum | To be Well Capitalized | |||||||||||||||||||||||
Capital Requirements | Under Prompt | ||||||||||||||||||||||||
Corrective Action | |||||||||||||||||||||||||
Provisions | |||||||||||||||||||||||||
(Dollars in Thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Tangible | $ | 1,632,390 | 10.62 | % | $ | 230,633 | 1.5 | % | N/A | N/A | |||||||||||||||
Tier 1 leverage | 1,632,390 | 10.62 | 615,022 | 4 | $ | 768,777 | 5 | % | |||||||||||||||||
Tier 1 risk-based | 1,632,390 | 17.55 | 372,118 | 4 | 558,177 | 6 | |||||||||||||||||||
Total risk-based | 1,744,905 | 18.76 | 744,236 | 8 | 930,295 | 10 | |||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Actual | Minimum | To be Well Capitalized | |||||||||||||||||||||||
Capital Requirements | Under Prompt | ||||||||||||||||||||||||
Corrective Action | |||||||||||||||||||||||||
Provisions | |||||||||||||||||||||||||
(Dollars in Thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Tangible | $ | 1,543,764 | 9.93 | % | $ | 233,158 | 1.5 | % | N/A | N/A | |||||||||||||||
Tier 1 leverage | 1,543,764 | 9.93 | 621,755 | 4 | $ | 777,194 | 5 | % | |||||||||||||||||
Tier 1 risk-based | 1,543,764 | 15.79 | 391,083 | 4 | 586,625 | 6 | |||||||||||||||||||
Total risk-based | 1,666,637 | 17.05 | 782,167 | 8 | 977,708 | 10 | |||||||||||||||||||
Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, or the Reform Act, in July 2013, the federal bank regulatory agencies issued rules that subjected many savings and loan holding companies, including Astoria Financial Corporation, to consolidated capital requirements. The rules also revised the quantity and quality of required minimum risk-based and leverage capital requirements, consistent with the Reform Act and the Third Basel Accord adopted by the Basel Committee on Banking Supervision. In doing so, the rules: | |||||||||||||||||||||||||
• Established a new minimum common equity Tier 1 risk-based capital ratio (common equity Tier 1 capital to total risk-weighted assets) of 4.5% and increased the minimum Tier 1 risk-based capital ratio from 4.0% to 6.0%, while maintaining the minimum Total risk-based capital ratio of 8.0% and the minimum Tier 1 leverage capital ratio of 4.0%. | |||||||||||||||||||||||||
• Revised the rules for calculating risk-weighted assets to enhance their risk sensitivity. | |||||||||||||||||||||||||
• Phased out trust preferred securities and cumulative perpetual preferred stock as Tier 1 capital. | |||||||||||||||||||||||||
• Added a requirement to maintain a minimum Conservation Buffer, composed of common equity Tier 1 capital, of 2.5% of risk-weighted assets, to be applied to the new common equity Tier 1 risk-based capital ratio, the Tier 1 risk-based capital ratio and the Total risk-based capital ratio, which means that banking organizations, on a fully phased in basis no later than January 1, 2019, must maintain a minimum common equity Tier 1 risk-based capital ratio of 7.0%, a minimum Tier 1 risk-based capital ratio of 8.5% and a minimum Total risk-based capital ratio of 10.5%. | |||||||||||||||||||||||||
• Changed the definitions of capital categories for insured depository institutions for purposes of the Prompt Corrective Action Provisions. Under these revised definitions, to be considered well-capitalized, Astoria Bank must have a common equity Tier 1 risk-based capital ratio of at least 6.5%, a Tier 1 leverage capital ratio of at least 5.0%, a Tier 1 risk-based capital ratio of at least 8.0% and a Total risk-based capital ratio of at least 10.0%. | |||||||||||||||||||||||||
The new minimum regulatory capital ratios and changes to the calculation of risk-weighted assets became effective for Astoria Financial Corporation and Astoria Bank on January 1, 2015. The required minimum Conservation Buffer will be phased in incrementally, starting at 0.625% on January 1, 2016 and increasing to 1.25% on January 1, 2017, 1.875% on January 1, 2018 and 2.5% on January 1, 2019. The rules impose restrictions on capital distributions and certain discretionary cash bonus payments if the minimum Conservation Buffer is not met. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 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 December 31, 2014 | ||||||||||||||||
(In Thousands) | Total | Level 1 | Level 2 | |||||||||||||
Securities available-for-sale: | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||
GSE issuance REMICs and CMOs | $ | 268,998 | $ | — | $ | 268,998 | ||||||||||
Non-GSE issuance REMICs and CMOs | 5,104 | — | 5,104 | |||||||||||||
GSE pass-through certificates | 13,557 | — | 13,557 | |||||||||||||
Obligations of GSEs | 96,698 | — | 96,698 | |||||||||||||
Fannie Mae stock | 2 | 2 | — | |||||||||||||
Total securities available-for-sale | $ | 384,359 | $ | 2 | $ | 384,357 | ||||||||||
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 estimated fair value on a recurring basis. | ||||||||||||||||
Residential mortgage-backed securities | ||||||||||||||||
Residential mortgage-backed securities comprised 75% of our securities available-for-sale portfolio at December 31, 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 December 31, 2014 and 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 15 and 30 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 25% of our securities available-for-sale portfolio at December 31, 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 MSR, loans receivable, certain loans 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 at December 31, | ||||||||||||||||
(In Thousands) | 2014 | 2013 | ||||||||||||||
Non-performing loans held-for-sale, net | $ | 153 | $ | 791 | ||||||||||||
Impaired loans | 140,663 | 271,408 | ||||||||||||||
MSR, net | 11,401 | 12,800 | ||||||||||||||
REO, net | 19,375 | 27,101 | ||||||||||||||
Total | $ | 171,592 | $ | 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 years indicated. | ||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||||||||
Non-performing loans held-for-sale, net (1) | $ | — | $ | 520 | $ | 1,066 | ||||||||||
Impaired loans (2) | 6,311 | 21,992 | 40,018 | |||||||||||||
MSR, net (3) | — | — | 931 | |||||||||||||
REO, net (4) | 1,654 | 3,788 | 3,137 | |||||||||||||
Total | $ | 7,965 | $ | 26,300 | $ | 45,152 | ||||||||||
-1 | Losses are charged against the allowance for loan losses in the case of a write-down upon the transfer of a loan to held-for-sale. Losses subsequent to the transfer 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) | ||||||||||||||||
Fair values of non-performing loans held-for-sale 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. At December 31, 2014, we held-for-sale one non-performing multi-family mortgage loan. At December 31, 2013, substantially all of the non-performing loans held-for-sale were multi-family mortgage loans. | ||||||||||||||||
Loans receivable, net (impaired loans) | ||||||||||||||||
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 December 31, 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 69% residential mortgage loans, 30% multi-family and commercial real estate mortgage loans and 1% home equity lines of credit at December 31, 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 | ||||||||||||||||
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 December 31, 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 12.35% and a weighted average life of 5.7 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. | ||||||||||||||||
The fair value of MSR is highly sensitive to changes in assumptions. Changes in prepayment speed assumptions generally have the most significant impact on the fair value of our MSR. Generally, as interest rates decline, mortgage loan prepayments accelerate due to increased refinance activity, which results in a decrease in the fair value of MSR. As interest rates rise, mortgage loan prepayments slow down, which results in an increase in the fair value of MSR. Thus, any measurement of the fair value of our MSR is limited by the conditions existing and the assumptions utilized as of a particular point in time, and those assumptions may not be appropriate if they are applied at a different point in time. | ||||||||||||||||
REO, net | ||||||||||||||||
At December 31, 2014, REO totaled $35.7 million, including residential properties with a carrying value of $33.7 million. At December 31, 2013, REO totaled $42.6 million, all of which were residential properties. 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 in 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 December 31, 2014 | ||||||||||||||||
Carrying | Estimated Fair Value | |||||||||||||||
(In Thousands) | Value | Total | Level 2 | Level 3 | ||||||||||||
Financial Assets: | ||||||||||||||||
Securities held-to-maturity | $ | 2,133,804 | $ | 2,131,371 | $ | 2,131,371 | $ | — | ||||||||
FHLB-NY stock | 140,754 | 140,754 | 140,754 | — | ||||||||||||
Loans held-for-sale, net (1) | 7,640 | 7,955 | — | 7,955 | ||||||||||||
Loans receivable, net (1) | 11,845,848 | 11,967,608 | — | 11,967,608 | ||||||||||||
MSR, net (1) | 11,401 | 11,406 | — | 11,406 | ||||||||||||
Financial Liabilities: | ||||||||||||||||
Deposits | 9,504,909 | 9,534,918 | 9,534,918 | — | ||||||||||||
Borrowings, net | 4,187,691 | 4,395,604 | 4,395,604 | — | ||||||||||||
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. | ||||||||||||||||
FHLB-NY stock | ||||||||||||||||
The fair value of FHLB-NY stock is based on redemption at par value. | ||||||||||||||||
Loans held-for-sale, net | ||||||||||||||||
The fair values of 15 and 30 year conforming fixed rate residential mortgage loans originated for sale 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. |
Condensed_Parent_Company_Only_
Condensed Parent Company Only Financial Statements | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||
Condensed Parent Company Only Financial Statements | Condensed Parent Company Only Financial Statements | |||||||||||
The following condensed parent company only financial statements reflect our investments in our wholly-owned consolidated subsidiaries, Astoria Bank and AF Insurance Agency, Inc., using the equity method of accounting. | ||||||||||||
Astoria Financial Corporation - Condensed Statements of Financial Condition | ||||||||||||
At December 31, | ||||||||||||
(In Thousands) | 2014 | 2013 | ||||||||||
Assets: | ||||||||||||
Cash | $ | 75,199 | $ | 63,418 | ||||||||
Other assets | 711 | 103 | ||||||||||
Investment in Astoria Bank | 1,755,078 | 1,705,964 | ||||||||||
Investment in AF Insurance Agency, Inc. | 1,134 | 1,233 | ||||||||||
Total assets | $ | 1,832,122 | $ | 1,770,718 | ||||||||
Liabilities and stockholders’ equity: | ||||||||||||
Other borrowings, net | $ | 248,691 | $ | 248,161 | ||||||||
Other liabilities | 3,361 | 3,044 | ||||||||||
Stockholders’ equity | 1,580,070 | 1,519,513 | ||||||||||
Total liabilities and stockholders’ equity | $ | 1,832,122 | $ | 1,770,718 | ||||||||
Astoria Financial Corporation - Condensed Statements of Income | ||||||||||||
For the Year Ended December 31, | ||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||||
Interest income: | ||||||||||||
Repurchase agreements | $ | — | $ | — | $ | 18 | ||||||
ESOP loans receivable | — | 344 | 728 | |||||||||
Total interest income | — | 344 | 746 | |||||||||
Interest expense on borrowings | 13,031 | 17,398 | 29,689 | |||||||||
Net interest expense | 13,031 | 17,054 | 28,943 | |||||||||
Cash dividends from subsidiaries | 40,620 | 45,150 | 42,000 | |||||||||
Non-interest expense: | ||||||||||||
Compensation and benefits | 2,925 | 3,261 | 3,735 | |||||||||
Extinguishment of debt | — | 4,266 | 1,212 | |||||||||
Other | 3,262 | 3,148 | 2,878 | |||||||||
Total non-interest expense | 6,187 | 10,675 | 7,825 | |||||||||
Income before income taxes and equity in undistributed earnings of subsidiaries | 21,402 | 17,421 | 5,232 | |||||||||
Income tax benefit | 6,662 | 9,644 | 12,844 | |||||||||
Income before equity in undistributed earnings of subsidiaries | 28,064 | 27,065 | 18,076 | |||||||||
Equity in undistributed earnings of subsidiaries | 67,852 | 39,528 | 35,015 | |||||||||
Net income | 95,916 | 66,593 | 53,091 | |||||||||
Preferred stock dividends | 8,775 | 7,214 | — | |||||||||
Net income available to common shareholders | $ | 87,141 | $ | 59,379 | $ | 53,091 | ||||||
Astoria Financial Corporation - Condensed Statements of Cash Flows | ||||||||||||
For the Year Ended December 31, | ||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 95,916 | $ | 66,593 | $ | 53,091 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Equity in undistributed earnings of subsidiaries | (67,852 | ) | (39,528 | ) | (35,015 | ) | ||||||
Amortization of deferred costs | 531 | 531 | 837 | |||||||||
(Increase) decrease in other assets, net of other liabilities and amounts due to subsidiaries | (484 | ) | (998 | ) | 846 | |||||||
Net cash provided by operating activities | 28,111 | 26,598 | 19,759 | |||||||||
Cash flows from investing activities: | ||||||||||||
Principal payments on ESOP loans receivable | — | 5,908 | 6,235 | |||||||||
Redemption of Astoria Capital Trust I common securities | — | 3,866 | — | |||||||||
Net cash provided by investing activities | — | 9,774 | 6,235 | |||||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from borrowings with original terms greater than three months | — | — | 250,000 | |||||||||
Repayment of borrowings with original terms greater than three months | — | (128,866 | ) | (250,000 | ) | |||||||
Cash payments for debt issuance costs | — | — | (2,653 | ) | ||||||||
Proceeds from issuance of common and preferred stock | 8,121 | 135,000 | — | |||||||||
Cash payments for preferred stock issuance costs | — | (5,204 | ) | — | ||||||||
Cash dividends paid to stockholders | (24,643 | ) | (20,688 | ) | (24,104 | ) | ||||||
Net tax benefit excess (shortfall) from stock-based compensation | 192 | (800 | ) | (4,123 | ) | |||||||
Net cash used in financing activities | (16,330 | ) | (20,558 | ) | (30,880 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | 11,781 | 15,814 | (4,886 | ) | ||||||||
Cash and cash equivalents at beginning of year | 63,418 | 47,604 | 52,490 | |||||||||
Cash and cash equivalents at end of year | $ | 75,199 | $ | 63,418 | $ | 47,604 | ||||||
Supplemental disclosure: | ||||||||||||
Cash paid during the year for interest | $ | 12,500 | $ | 18,898 | $ | 31,535 | ||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The following significant accounting and reporting policies of Astoria Financial Corporation and subsidiaries conform to U.S. generally accepted accounting principles, or GAAP, and are used in preparing and presenting these consolidated financial statements. |
Consolidation | The accompanying consolidated financial statements include the accounts of Astoria Financial Corporation and its wholly-owned subsidiaries: Astoria Bank and its subsidiaries, referred to as Astoria Bank, and AF Insurance Agency, Inc. AF Insurance Agency, Inc. is a licensed life insurance agency which, through contractual agreements with various third parties, makes insurance products available primarily to the customers of Astoria Bank. As used in this annual 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 addition to Astoria Bank and AF Insurance Agency, Inc., we had another subsidiary, Astoria Capital Trust I, which was not consolidated with Astoria Financial Corporation for financial reporting purposes. On May 14, 2013, we filed a Certificate of Cancellation of Certificate of Trust of Astoria Capital Trust I with the Delaware Secretary of State. See Note 7 for further discussion of Astoria Capital Trust I. | |
Use Of Estimates | The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues, expenses and other comprehensive income/loss during the reporting periods. The estimate of our allowance for loan losses, the valuation of mortgage servicing rights, or MSR, judgments regarding goodwill and securities impairment and the estimates related to our income taxes and pension plans and other postretirement benefits are particularly critical because they are important to the presentation of our financial condition and results of operations, involve a higher degree of complexity and require management to make difficult and subjective judgments which often require assumptions and estimates about highly uncertain matters. Actual results may differ from our assumptions, estimates and judgments. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
For the purpose of reporting cash flows, cash and cash equivalents include cash and due from banks and repurchase agreements with original maturities of three months or less. We may purchase securities under agreements to resell (repurchase agreements). These agreements represent short-term loans and are reflected as an asset in the consolidated statements of financial condition. There were no repurchase agreements outstanding at December 31, 2014 and 2013. | |
Astoria Bank is required by the Federal Reserve System to maintain cash reserves equal to a percentage of certain deposits. The reserve requirement totaled $42.2 million at December 31, 2014 and $37.7 million at December 31, 2013. | |
Securities | Securities |
Securities are classified as held-to-maturity, available-for-sale or trading. Management determines the appropriate classification of securities at the time of acquisition. 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. Debt securities which we have the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Premiums and discounts are recognized as adjustments to interest income using the interest method over the remaining period to contractual maturity, adjusted for prepayments. Gains and losses on the sale of all securities are determined using the specific identification method and are reflected in earnings when realized. For the years ended December 31, 2014, 2013 and 2012, we did not maintain a trading securities portfolio. We conduct a periodic review and evaluation of the securities portfolio to determine if a decline in the fair value of any security below its cost basis is other-than-temporary. Our evaluation of other-than-temporary impairment, or OTTI, considers the duration and severity of the impairment, our assessments of the reason for the decline in value, the likelihood of a near-term recovery and our intent and ability to not sell the securities. If such decline is deemed other-than-temporary, the security is written down to a new cost basis and the resulting loss is charged to earnings as a component of non-interest income, except for the amount of the total OTTI for a debt security that does not represent credit losses which is recognized in other comprehensive income/loss, net of applicable taxes. | |
Federal Home Loan Bank of New York Stock | Federal Home Loan Bank of New York Stock |
As a member of the Federal Home Loan Bank of New York, or FHLB-NY, we are required to acquire and hold shares of the FHLB-NY Class B stock. Our holding requirement varies based on our activities, primarily our outstanding borrowings, with the FHLB-NY. Our investment in FHLB-NY stock is carried at cost. We conduct a periodic review and evaluation of our FHLB-NY stock to determine if any impairment exists. | |
Loans Held-for-Sale | Loans Held-for-Sale |
Loans held-for-sale, net, includes 15 and 30 year fixed rate one-to-four family, or residential, mortgage loans originated for sale that conform to government-sponsored enterprise, or GSE, guidelines (conforming loans), as well as certain delinquent and non-performing mortgage loans. | |
Generally, we originate 15 and 30 year conforming fixed rate residential mortgage loans for sale to various GSEs or other investors on a servicing released or retained basis. The sale of such loans is generally arranged through a master commitment on a mandatory delivery or best efforts basis. Loans held-for-sale are carried at the lower of cost or estimated fair value, as determined on an aggregate basis. Net unrealized losses, if any, are recognized in a valuation allowance through charges to earnings. Premiums and discounts and origination fees and costs on loans held-for-sale are deferred and recognized as a component of the gain or loss on sale. Gains and losses on sales of loans held-for-sale are included in mortgage banking income, net, recognized on settlement dates and are determined by the difference between the sale proceeds and the carrying value of the loans. These transactions are accounted for as sales based on our satisfaction of the criteria for such accounting which provide that, as transferor, we have surrendered control over the loans. | |
Upon our decision to sell certain delinquent and non-performing mortgage loans held in portfolio, we transfer them to held-for-sale at the lower of cost or fair value, less estimated selling costs. Reductions in carrying values are reflected as a write-down of the recorded investment in the loans resulting in a new cost basis, with credit-related losses charged to the allowance for loan losses. Such loans are assessed for impairment based on fair value at each reporting date. Lower of cost or market write-downs, if any, are recognized in a valuation allowance through charges to earnings. Increases in the fair value of non-performing loans held-for-sale are recognized only up to the amount of the previously recognized valuation allowances. Lower of cost or market write-downs and recoveries are included in other non-interest income along with gains and losses recognized on sales of such loans. Our delinquent and non-performing loans are sold without recourse, except as discussed in Note 9, and we do not provide financing. | |
Loans Receivable and Allowance for Loan Losses | Loans Receivable and Allowance for Loan Losses |
Loans receivable are carried at the unpaid principal balances, net of unamortized premiums and discounts and deferred loan origination costs and fees, which are recognized as yield adjustments using the interest method. We amortize these amounts over the contractual life of the related loans, adjusted for prepayments. Our loans receivable represent our financing receivables. | |
We discontinue accruing interest on loans when they become 90 days past due as to their payment due date and at the time a loan is deemed a troubled debt restructuring, or TDR. We may also discontinue accruing interest on certain other loans because of deterioration in financial or other conditions of the borrower. In addition, we reverse all previously accrued and uncollected interest through a charge to interest income. While loans are in non-accrual status, interest due is monitored and, presuming we deem the remaining recorded investment in the loan to be fully collectible, income is recognized only to the extent cash is received until a return to accrual status is warranted. In some circumstances, we may continue to accrue interest on mortgage loans past due 90 days or more, primarily as to their maturity date but not their interest due. In other cases, we may defer recognition of income until the principal balance has been recovered. | |
We may agree, in certain instances, to modify the contractual terms of a borrower’s loan. In cases where such modifications represent a concession to a borrower experiencing financial difficulty, the modification is considered a TDR. Modifications as a result of a TDR may include, but are not limited to, interest rate modifications, payment deferrals, restructuring of payments to interest-only from amortizing and/or extensions of maturity dates. Modifications which result in insignificant payment delays and payment shortfalls are generally not classified as a TDR. Residential mortgage loans discharged in a Chapter 7 bankruptcy filing, or bankruptcy loans, are also reported as loans modified in a TDR as relief granted by a court is also viewed as a concession to the borrower in the loan agreement. Loans modified in a TDR are individually classified as impaired loans and are initially placed on non-accrual status regardless of their delinquency status. Loans modified in a TDR remain in non-accrual status until we determine that future collection of principal and interest is reasonably assured. Where we have agreed to modify the contractual terms of a borrower’s loan, we require the borrower to demonstrate performance according to the restructured terms, generally for a period of at least six months, prior to returning the loan to accrual status. Loans modified in a TDR which have been returned to accrual status are excluded from non-performing loans but remain classified as impaired. | |
We establish and maintain an allowance for loan losses based on our evaluation of the probable inherent losses in our loan portfolio. Loan charge-offs in the period the loans, or portions thereof, are deemed uncollectible reduce the allowance for loan losses. Recoveries of amounts previously charged-off increase the allowance for loan losses in the period they are received. The allowance is adjusted through provisions for loan losses charged or credited to operations to increase or decrease the allowance, based on a comprehensive analysis of our loan portfolio. We evaluate the adequacy of the allowance on a quarterly basis. The allowance is comprised of both valuation allowances related to individual loans and general valuation allowances, although the total allowance for loan losses is available for losses applicable to the entire loan portfolio. In estimating specific allocations of the allowance, we review loans deemed to be impaired and measure impairment losses based on either the fair value of the collateral, the present value of expected future cash flows, or the observable market price of the loan. 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. When an impairment analysis indicates the need for a specific allocation of the allowance on an individual loan, such allocation would be established sufficient to cover probable incurred losses at the evaluation date based on the facts and circumstances of the loan. When available information confirms that specific loans, or portions thereof, are uncollectible, these amounts are charged-off against the allowance for loan losses. For loans individually classified as impaired, the portion of the recorded investment in the loan in excess of the present value of the discounted cash flows of a modified loan or, for collateral dependent loans, the portion of the recorded investment in the loan in excess of the estimated fair value of the underlying collateral less estimated selling costs, is charged-off. | |
Residential mortgage and home equity and other consumer loan portfolios are generally reviewed collectively by delinquency and net loss trends. However, our residential mortgage loans are individually evaluated for impairment 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 values on residential loans are obtained primarily through automated valuation models. | |
Estimated losses for loans that are not individually deemed to be impaired are determined on a loan pool basis using our historical loss experience and various other qualitative factors and comprise our general valuation allowances. General valuation allowances represent loss allowances that have been established to recognize the inherent risks associated with our lending activities which, unlike individual valuation allowances, have not been allocated to particular loans. The determination of the adequacy of the general valuation allowances takes into consideration a variety of factors. | |
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 and industrial loans and other consumer loans and perform similar historical loss analyses. In our analysis of non-performing loans, we consider our aggregate historical loss experience with respect to the ultimate disposition of the underlying collateral along with the migration of delinquent loans based on the portfolio segments noted above. These analyses and the resulting loss rates are used as an integral part of our judgment in developing estimated loss percentages to apply to the loan portfolio segments. We monitor credit risk on interest-only hybrid adjustable rate mortgage, or ARM, loans that were underwritten at the initial note rate, which may have been a discounted rate, in the same manner that we monitor credit risk on all interest-only hybrid ARM loans. We monitor interest rate reset dates of our loan portfolio, in the aggregate, and the current interest rate environment and consider the impact, if any, on borrowers’ ability to continue to make timely principal and interest payments in determining our allowance for loan losses. We also consider the size, composition, risk profile and delinquency levels of our loan portfolio, as well as our credit administration and asset management procedures. We monitor property value trends in our market areas by reference to various industry and market reports, economic releases and surveys, and our general and specific knowledge of the real estate markets in which we lend, in order to determine what impact, if any, such trends may have on the level of our general valuation allowances. In addition, we evaluate and consider the impact that current and anticipated economic and market conditions may have on the loan portfolio and known and inherent risks in the portfolio. We update our analyses quarterly and refine our evaluations as experience provides clearer guidance, our product offerings change and as economic conditions evolve. | |
We analyze our historical loss experience over 12, 15, 18 and 24 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 mortgage loans originated after 2010, for which our evaluation includes detailed modeling techniques. These modeling techniques utilize data inputs for each loan in the portfolio, including credit facility terms and performance to date, property details and borrower financial performance data. The model also incorporates real estate market data from an established real estate market database company to forecast future performance of the properties, and includes a loan loss predictive model based on studies of defaulted commercial real estate loans. The model then generates a probability of default, loss given default and ultimately an estimated loss for each loan quarterly over the remaining life of the loan. The appropriate timeframe from which to assign an estimated loss percentage to the pool of loans is assessed by management. 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 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 loan category. The qualitative factors we consider generally include, but are not limited to, changes in (1) lending policies and procedures, (2) economic and business conditions and developments that affect collectibility of our loan portfolio, (3) the nature and volume of our loan portfolio and in the terms of loans, (4) the experience, ability and depth of lending management and other staff, (5) the volume and severity of past due, non-accrual and adversely classified loans, (6) the quality of the loan review system, (7) the value of underlying collateral, (8) the existence or effect of any credit concentrations and (9) external factors such as competition and legal or regulatory requirements. In addition to the nine qualitative factors noted, we also review certain analytical information such as our coverage ratios and peer analysis. | |
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. Allocations of the allowance to each loan category are adjusted quarterly to reflect probable inherent losses using the same quantitative and qualitative analyses used in connection with the overall allowance adequacy calculations. 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 balance of our allowance for loan losses represents management’s best estimate of the probable inherent losses in our loan portfolio at December 31, 2014 and 2013. Actual results could differ from our estimates as a result of changes in economic or market conditions. Changes in estimates could result in a material change in the allowance for loan losses. While we believe that the allowance for loan losses has been established and maintained at levels that reflect the risks inherent in our loan portfolio, future adjustments may be necessary if portfolio performance or economic or market conditions differ substantially from the conditions that existed at the time of the initial determinations. | |
Mortgage Servicing Rights | Mortgage Servicing Rights |
We recognize as separate assets the rights to service mortgage loans. The right to service loans for others is generally obtained through the sale of residential mortgage loans with servicing retained. The initial asset recognized for originated MSR is measured at fair value. The fair value of MSR is estimated by reference to current market values of similar loans sold servicing released. MSR are amortized in proportion to and over the period of estimated net servicing income. We apply the amortization method for measurements of our MSR. MSR are assessed for impairment based on fair value at each reporting date. MSR impairment, if any, is recognized in a valuation allowance through charges to earnings. Increases in the fair value of impaired MSR are recognized only up to the amount of the previously recognized valuation allowance. Fees earned for servicing loans are reported as income, as a component of mortgage banking income, net, in the consolidated statements of income, when the related mortgage loan payments are collected. | |
We assess impairment of our MSR based on the estimated fair value of those rights on a stratum-by-stratum basis with any impairment recognized through a valuation allowance for each impaired stratum. We stratify our MSR by underlying loan type (primarily fixed and adjustable) and interest rate. Individual allowances for each stratum are then adjusted in subsequent periods to reflect changes in the measurement of impairment. | |
We outsource the servicing of our residential mortgage loan portfolio, including our portfolio of mortgage loans serviced for other investors, to an unrelated third party under a sub-servicing agreement. Fees paid under the sub-servicing agreement are reported as a component of occupancy, equipment and systems expense in the consolidated statements of income. | |
Premises and Equipment | Premises and Equipment |
Land is carried at cost. Buildings and improvements, leasehold improvements and furniture, fixtures and equipment are carried at cost, less accumulated depreciation and amortization totaling $203.9 million at December 31, 2014 and $194.1 million at December 31, 2013. Buildings and improvements and furniture, fixtures and equipment are depreciated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the term of the related leases or the estimated useful lives of the improved property. | |
Goodwill | Goodwill |
Goodwill is presumed to have an indefinite useful life and is tested, at least annually, for impairment at the reporting unit level. If the estimated fair value of the reporting unit exceeds its carrying amount, further evaluation is not necessary. However, if the fair value of the reporting unit is less than its carrying amount, further evaluation is required to compare the implied fair value of the reporting unit’s goodwill to its carrying amount to determine if a write-down of goodwill is required. Impairment exists when the carrying amount of goodwill exceeds its implied fair value. | |
For purposes of our goodwill impairment testing, we have identified a single reporting unit. We consider the quoted market price of our common stock on our impairment testing date as an initial indicator of estimating the fair value of our reporting unit. We also consider our average stock price, both before and after our impairment test date, as well as market-based control premiums in determining the estimated fair value of our reporting unit. In addition to our internal goodwill impairment analysis, we periodically obtain a goodwill impairment analysis from an independent third party valuation firm. The independent third party utilizes multiple valuation approaches including comparable transactions, control premium, public market peers and discounted cash flow. Management reviews the assumptions and inputs used in the third party analysis for reasonableness. At December 31, 2014, the carrying amount of our goodwill totaled $185.2 million. As of September 30, 2014, we performed our annual goodwill impairment test internally and obtained an independent third party analysis and concluded there was no goodwill impairment. We would test our goodwill for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of our reporting unit below its carrying amount. No events have occurred and no circumstances have changed since our annual impairment test date that would more likely than not reduce the fair value of our reporting unit below its carrying amount. The identification of additional reporting units, the use of other valuation techniques or changes to the input assumptions used in our analysis or the analysis by our third party valuation firm could result in materially different evaluations of impairment. | |
Bank Owned Life Insurance | Bank Owned Life Insurance |
Bank owned life insurance, or BOLI, is carried at the amount that could be realized under our life insurance contract as of the date of the statement of financial condition and is classified as a non-interest-earning asset. Increases in the carrying value are recorded as non-interest income and insurance proceeds received are recorded as a reduction of the carrying value. The carrying value consisted of a cash surrender value of $402.1 million and a claims stabilization reserve of $28.7 million at December 31, 2014 and a cash surrender value of $395.8 million, a claims stabilization reserve of $27.6 million and deferred acquisition costs of $1,000 at December 31, 2013. Repayment of the claims stabilization reserve (funds transferred from the cash surrender value to provide for future death benefit payments) and the deferred acquisition costs (costs incurred by the insurance carrier for the policy issuance) are guaranteed by the insurance carrier provided that certain conditions are met at the date of a contract surrender. We satisfied these conditions at December 31, 2014 and 2013. | |
Real Estate Owned | Real Estate Owned |
Real estate owned, or REO, represents real estate acquired through foreclosure or by deed in lieu of foreclosure and is initially recorded at the lower of cost or fair value, less estimated selling costs. Write-downs required at the time of acquisition are charged to the allowance for loan losses. Thereafter, we maintain a valuation allowance, representing decreases in the properties’ estimated fair value, through charges to earnings. Such charges are included in other non-interest expense along with any additional property maintenance and protection expenses incurred in owning the property. REO is reported net of a valuation allowance of $839,000 at December 31, 2014 and $834,000 at December 31, 2013. | |
Reverse Repurchase Agreements (Securities Sold Under Agreements to Repurchase) | Reverse Repurchase Agreements (Securities Sold Under Agreements to Repurchase) |
We enter into sales of securities under agreements to repurchase with selected dealers and banks (reverse repurchase agreements). Such agreements are accounted for as secured financing transactions since we maintain effective control over the transferred securities and the transfer meets the other criteria for such accounting. Obligations to repurchase securities sold are reflected as a liability in our consolidated statements of financial condition. The securities underlying the agreements are delivered to a custodial account for the benefit of the dealer or bank with whom each transaction is executed. The dealers or banks, who may sell, loan or otherwise dispose of such securities to other parties in the normal course of their operations, agree to resell us the same securities at the maturities of the agreements. We retain the right of substitution of collateral throughout the terms of the agreements. The securities underlying the agreements are classified as encumbered securities in our consolidated statements of financial condition. | |
Derivative Financial Instruments | Derivative Financial Instruments |
As part of our interest rate risk management, we may utilize, from time-to-time, derivative financial instruments which are recorded as either assets or liabilities in the consolidated statements of financial condition at fair value. Changes in the fair values of derivatives are reported in our results of operations or other comprehensive income/loss depending on the use of the derivative and whether it qualifies for hedge accounting. We may enter into derivative financial instruments with no hedging designation. Changes in the fair values of these derivatives are recognized currently in our results of operations, generally in other non-interest expense. We do not use derivatives for trading purposes. | |
Income Taxes | Income Taxes |
We use the asset and liability method to provide for income taxes on all transactions recorded in the consolidated financial statements. Income tax expense consists of income taxes that are currently payable and deferred income taxes. Deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory tax rates, applicable to future years, to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities and net operating loss carryforwards. We assess our deferred tax assets and establish a valuation allowance if realization of a deferred tax asset is not considered to be more likely than not. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. Certain tax benefits attributable to stock options, restricted stock and restricted stock units, including the tax benefit related to dividends paid on unvested restricted stock awards, are credited to additional paid-in-capital. We maintain a reserve related to certain tax positions and strategies that management believes contain an element of uncertainty and evaluate each of our tax positions and strategies to determine whether the reserve continues to be appropriate. Accruals of interest and penalties related to unrecognized tax benefits are recognized in income tax expense. | |
Earnings Per Common Share | Earnings Per Common Share |
Basic earnings per common share, or EPS, is computed pursuant to the two-class method by dividing net income available to common shareholders less dividends paid on participating securities (unvested shares of restricted common stock) and any undistributed earnings attributable to participating securities by the weighted average common shares outstanding during the year. The weighted average common shares outstanding includes the weighted average number of shares of common stock outstanding less the weighted average number of unvested shares of restricted common stock and, through December 31, 2013, unallocated common shares held by the Employee Stock Ownership Plan, or ESOP. For EPS calculations, unallocated ESOP shares that had been committed to be released were considered outstanding. ESOP shares that had not been committed to be released were excluded from outstanding shares on a weighted average basis for EPS calculations. As of December 31, 2013, there were no remaining unallocated ESOP shares. | |
Diluted EPS is computed using the same method as basic EPS, but includes the effect of dilutive potential common shares during the period, such as unexercised stock options and unvested restricted stock units, calculated using the treasury stock method. However, unvested restricted stock units are excluded from the denominator for both the basic and diluted EPS computations until the performance conditions are satisfied. | |
Employee Benefits | Employee Benefits |
Astoria Bank has a qualified, non-contributory defined benefit pension plan, or the Astoria Bank Pension Plan, covering employees meeting specified eligibility criteria. Astoria Bank’s policy is to fund pension costs in accordance with the minimum funding requirement. In addition, Astoria Bank has non-qualified and unfunded supplemental retirement plans covering certain officers and directors including the Astoria Bank Excess Benefit Plan and the Astoria Bank Supplemental Benefit Plan, or the Astoria Excess and Supplemental Benefit Plans, and the Astoria Bank Directors’ Retirement Plan, or the Astoria Directors’ Retirement Plan. Effective April 30, 2012, the Astoria Bank Pension Plan, the Astoria Excess and Supplemental Benefit Plans and the Astoria Directors’ Retirement Plan were amended to, among other things, change the manner in which benefits were computed for service through April 30, 2012 and to suspend accrual of additional benefits for all of the aforementioned plans effective April 30, 2012. These amendments resulted in a significant reduction in net periodic cost for our defined benefit pension plans for periods subsequent to April 30, 2012. | |
We also sponsor a health care plan that provides for postretirement medical and dental coverage to select individuals. The costs of postretirement benefits are accrued during an employee’s active working career. | |
We recognize the overfunded or underfunded status of our defined benefit pension plans and other postretirement benefit plan, which is measured as the difference between plan assets at fair value and the benefit obligation at the measurement date, in other assets or other liabilities in our consolidated statements of financial condition. Changes in the funded status are recognized through other comprehensive income/loss in the period in which the changes occur. | |
Prior to January 1, 2014, we recorded compensation expense related to the ESOP at an amount equal to the shares allocated by the ESOP multiplied by the average fair value of our common stock during the year of allocation, plus the cash contributions made to participant accounts. The difference between the fair value of shares for the period and the cost of the shares allocated by the ESOP was recorded as an adjustment to additional paid-in capital. As of December 31, 2013 all shares in the ESOP were allocated to participants and the plan was frozen. On April 1, 2014, the ESOP was merged into the Astoria Bank 401(k) Plan, or the 401(k) Plan, and all participant balances under the ESOP were transferred to participant accounts under the 401(k) Plan. | |
Stock Incentive Plans | Stock Incentive Plans |
We recognize the cost of employee services received in exchange for awards of equity instruments based on the grant date fair value of awards. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period which is the earlier of the awards’ stated vesting date or the employees’ or non-employee directors’ retirement eligibility date for awards that have accelerated vesting provisions upon retirement. For awards which have performance-based conditions, recognition of stock-based compensation expense begins when the achievement of the performance conditions is probable. The fair value of restricted common stock and restricted stock unit awards are based on the closing market value of our common stock as reported on the New York Stock Exchange on the grant date, reduced by the present value of the expected dividend stream during the vesting period for restricted stock unit awards using a risk-free interest rate. | |
Segment Reporting | Segment Reporting |
As a community-oriented financial institution, substantially all of our operations involve the delivery of loan and deposit products to customers. We make operating decisions and assess performance based on an ongoing review of these community banking operations, which constitute our only operating segment for financial reporting purposes. | |
Impact of Recent Accounting Standards and Interpretations | Impact of Recent 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. Prior to the effective date of ASU 2014-01, a reporting entity that invested in a qualified affordable housing project may have elected to account for that investment using the effective yield method if all of the conditions were met. For those investments that were not accounted for using the effective yield method, they were required to 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. Our adoption of this guidance on January 1, 2015 did 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, our adoption of this guidance on January 1, 2015 did 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) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 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 December 31, 2014 | ||||||||||||||||||||||||||||||
(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 (1) | $ | 266,946 | $ | 3,608 | $ | (1,556 | ) | $ | 268,998 | |||||||||||||||||||||
Non-GSE issuance REMICs and CMOs | 5,071 | 34 | (1 | ) | 5,104 | |||||||||||||||||||||||||
GSE pass-through certificates | 12,919 | 640 | (2 | ) | 13,557 | |||||||||||||||||||||||||
Total residential mortgage-backed securities | 284,936 | 4,282 | (1,559 | ) | 287,659 | |||||||||||||||||||||||||
Obligations of GSEs | 98,680 | — | (1,982 | ) | 96,698 | |||||||||||||||||||||||||
Fannie Mae stock | 15 | — | (13 | ) | 2 | |||||||||||||||||||||||||
Total securities available-for-sale | $ | 383,631 | $ | 4,282 | $ | (3,554 | ) | $ | 384,359 | |||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 1,575,402 | $ | 14,536 | $ | (14,041 | ) | $ | 1,575,897 | |||||||||||||||||||||
Non-GSE issuance REMICs and CMOs | 2,482 | 31 | (7 | ) | 2,506 | |||||||||||||||||||||||||
GSE pass-through certificates | 281,685 | 2,442 | (3,877 | ) | 280,250 | |||||||||||||||||||||||||
Total residential mortgage-backed securities | 1,859,569 | 17,009 | (17,925 | ) | 1,858,653 | |||||||||||||||||||||||||
Multi-family mortgage-backed securities: | ||||||||||||||||||||||||||||||
GSE issuance REMICs | 154,381 | 554 | (590 | ) | 154,345 | |||||||||||||||||||||||||
Obligations of GSEs | 119,336 | 42 | (1,523 | ) | 117,855 | |||||||||||||||||||||||||
Other | 518 | — | — | 518 | ||||||||||||||||||||||||||
Total securities held-to-maturity | $ | 2,133,804 | $ | 17,605 | $ | (20,038 | ) | $ | 2,131,371 | |||||||||||||||||||||
(1) 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 December 31, 2014 | ||||||||||||||||||||||||||||||
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 | $ | 20,587 | $ | (159 | ) | $ | 75,444 | $ | (1,397 | ) | $ | 96,031 | $ | (1,556 | ) | |||||||||||||||
Non-GSE issuance REMICs and CMOs | — | — | 96 | (1 | ) | 96 | (1 | ) | ||||||||||||||||||||||
GSE pass-through certificates | 53 | (1 | ) | 64 | (1 | ) | 117 | (2 | ) | |||||||||||||||||||||
Obligations of GSEs | 24,586 | (395 | ) | 72,112 | (1,587 | ) | 96,698 | (1,982 | ) | |||||||||||||||||||||
Fannie Mae stock | — | — | 2 | (13 | ) | 2 | (13 | ) | ||||||||||||||||||||||
Total temporarily impaired securities | $ | 45,226 | $ | (555 | ) | $ | 147,718 | $ | (2,999 | ) | $ | 192,944 | $ | (3,554 | ) | |||||||||||||||
available-for-sale | ||||||||||||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 121,861 | $ | (302 | ) | $ | 500,348 | $ | (13,739 | ) | $ | 622,209 | $ | (14,041 | ) | |||||||||||||||
Non-GSE issuance REMICs and CMOs | — | — | 294 | (7 | ) | 294 | (7 | ) | ||||||||||||||||||||||
GSE pass-through certificates | — | — | 164,453 | (3,877 | ) | 164,453 | (3,877 | ) | ||||||||||||||||||||||
Multi-family mortgage backed securities: | ||||||||||||||||||||||||||||||
GSE issuance REMICs | 100,355 | (590 | ) | — | — | 100,355 | (590 | ) | ||||||||||||||||||||||
Obligations of GSEs | — | — | 79,413 | (1,523 | ) | 79,413 | (1,523 | ) | ||||||||||||||||||||||
Total temporarily impaired securities | $ | 222,216 | $ | (892 | ) | $ | 744,508 | $ | (19,146 | ) | $ | 966,724 | $ | (20,038 | ) | |||||||||||||||
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) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 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 December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 | 60-89 | 90 Days | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Days | Days | or More | Past Due | Current | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Accruing loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 13,943 | $ | 7,332 | $ | — | $ | 21,275 | $ | 804,880 | $ | 826,155 | ||||||||||||||||||||||||||||||||||||||||||
Full documentation amortizing | 25,878 | 7,611 | 144 | 33,633 | 4,948,391 | 4,982,024 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation interest-only | 18,490 | 2,584 | — | 21,074 | 547,350 | 568,424 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation amortizing | 11,024 | 1,648 | — | 12,672 | 384,250 | 396,922 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total residential | 69,335 | 19,175 | 144 | 88,654 | 6,684,871 | 6,773,525 | ||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 3,646 | 2,222 | 1,790 | 7,658 | 3,893,539 | 3,901,197 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,686 | 493 | 2,159 | 4,338 | 863,615 | 867,953 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage loans | 74,667 | 21,890 | 4,093 | 100,650 | 11,442,025 | 11,542,675 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer and other loans (gross): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity and other consumer | 2,430 | 962 | — | 3,392 | 175,121 | 178,513 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | 64,815 | 64,815 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer and other loans | 2,430 | 962 | — | 3,392 | 239,936 | 243,328 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total accruing loans | $ | 77,097 | $ | 22,852 | $ | 4,093 | $ | 104,042 | $ | 11,681,961 | $ | 11,786,003 | ||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 2,371 | $ | 358 | $ | 11,502 | $ | 14,231 | $ | 13,796 | $ | 28,027 | ||||||||||||||||||||||||||||||||||||||||||
Full documentation amortizing | 204 | 238 | 14,211 | 14,653 | 7,016 | 21,669 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation interest-only | 820 | 453 | 16,289 | 17,562 | 25,022 | 42,584 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation amortizing | 596 | 1,066 | 2,843 | 4,505 | 3,226 | 7,731 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total residential | 3,991 | 2,115 | 44,845 | 50,951 | 49,060 | 100,011 | ||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 648 | 346 | 7,127 | 8,121 | 3,735 | 11,856 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 790 | — | 729 | 1,519 | 4,293 | 5,812 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage loans | 5,429 | 2,461 | 52,701 | 60,591 | 57,088 | 117,679 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer and other loans (gross): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity and other consumer | — | — | 6,040 | 6,040 | — | 6,040 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer and other loans | — | — | 6,040 | 6,040 | — | 6,040 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total non-accrual loans | $ | 5,429 | $ | 2,461 | $ | 58,741 | $ | 66,631 | $ | 57,088 | $ | 123,719 | ||||||||||||||||||||||||||||||||||||||||||
Total loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 16,314 | $ | 7,690 | $ | 11,502 | $ | 35,506 | $ | 818,676 | $ | 854,182 | ||||||||||||||||||||||||||||||||||||||||||
Full documentation amortizing | 26,082 | 7,849 | 14,355 | 48,286 | 4,955,407 | 5,003,693 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation interest-only | 19,310 | 3,037 | 16,289 | 38,636 | 572,372 | 611,008 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation amortizing | 11,620 | 2,714 | 2,843 | 17,177 | 387,476 | 404,653 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total residential | 73,326 | 21,290 | 44,989 | 139,605 | 6,733,931 | 6,873,536 | ||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 4,294 | 2,568 | 8,917 | 15,779 | 3,897,274 | 3,913,053 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 2,476 | 493 | 2,888 | 5,857 | 867,908 | 873,765 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage loans | 80,096 | 24,351 | 56,794 | 161,241 | 11,499,113 | 11,660,354 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer and other loans (gross): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity and other consumer | 2,430 | 962 | 6,040 | 9,432 | 175,121 | 184,553 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | 64,815 | 64,815 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer and other loans | 2,430 | 962 | 6,040 | 9,432 | 239,936 | 249,368 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 82,526 | $ | 25,313 | $ | 62,834 | $ | 170,673 | $ | 11,739,049 | $ | 11,909,722 | ||||||||||||||||||||||||||||||||||||||||||
Net unamortized premiums and | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
deferred loan origination costs | 47,726 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable | 11,957,448 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (111,600 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 11,845,848 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 | 60-89 | 90 Days | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Days | Days | or More | 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 and other consumer | 3,177 | 1,340 | — | 4,517 | 198,426 | 202,943 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | 30,758 | 30,758 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 and other consumer | — | — | 5,948 | 5,948 | 32 | 5,980 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
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 and other consumer | 3,177 | 1,340 | 5,948 | 10,465 | 198,458 | 208,923 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | 30,758 | 30,758 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 origination costs | 55,688 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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 table sets forth the changes in our allowance for loan losses by loan receivable segment for the years indicated. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Multi- | Commercial | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Family | Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 105,991 | $ | 35,422 | $ | 11,972 | $ | 3,800 | $ | 157,185 | ||||||||||||||||||||||||||||||||||||||||||||
Provision charged to operations | 24,663 | 6,161 | 5,038 | 4,538 | 40,400 | |||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (49,794 | ) | (6,275 | ) | (2,607 | ) | (2,541 | ) | (61,217 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 8,407 | 206 | 1 | 519 | 9,133 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | 89,267 | 35,514 | 14,404 | 6,316 | 145,501 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision charged to operations | 9,368 | 4,684 | 1,945 | 3,604 | 19,601 | |||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (26,644 | ) | (4,732 | ) | (3,748 | ) | (1,916 | ) | (37,040 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 8,346 | 1,237 | 535 | 820 | 10,938 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | 80,337 | 36,703 | 13,136 | 8,824 | 139,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision (credited) charged to operations | (23,464 | ) | 5,337 | 6,949 | 1,709 | (9,469 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (19,868 | ) | (4,365 | ) | (3,283 | ) | (2,073 | ) | (29,589 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 9,278 | 1,575 | 440 | 365 | 11,658 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 46,283 | $ | 39,250 | $ | 17,242 | $ | 8,825 | $ | 111,600 | ||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2014 by the year in which such loans are scheduled to enter their amortization period. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Recorded | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization scheduled to begin in: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | $ | 573,633 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 415,608 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 390,439 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 and thereafter | 85,510 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,465,190 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Multi-Family | Commercial | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 181,402 | $ | 42,611 | $ | 19,270 | $ | 5,153 | $ | 248,436 | ||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 6,692,134 | 3,870,442 | 854,495 | 244,215 | 11,661,286 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 6,873,536 | $ | 3,913,053 | $ | 873,765 | $ | 249,368 | $ | 11,909,722 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 10,304 | $ | 3,172 | $ | 2,446 | $ | 3,810 | $ | 19,732 | ||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 35,979 | 36,078 | 14,796 | 5,015 | 91,868 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 46,283 | $ | 39,250 | $ | 17,242 | $ | 8,825 | $ | 111,600 | ||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Multi-Family | Commercial | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 mortgage loans by segment and class | The following table summarizes information related to our impaired loans by segment and class at the dates indicated. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Unpaid | Recorded | Related | Net | Unpaid | Recorded | Related | Net | ||||||||||||||||||||||||||||||||||||||||||||||
Principal | Investment | Allowance | Investment | Principal | Investment | Allowance | Investment | |||||||||||||||||||||||||||||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 55,352 | $ | 46,331 | $ | (3,391 | ) | $ | 42,940 | $ | 142,659 | $ | 109,877 | $ | (6,019 | ) | $ | 103,858 | ||||||||||||||||||||||||||||||||||||
Full documentation amortizing | 43,044 | 39,994 | (1,425 | ) | 38,569 | 41,136 | 36,091 | (2,458 | ) | 33,633 | ||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation interest-only | 90,171 | 76,960 | (4,661 | ) | 72,299 | 183,280 | 140,357 | (7,673 | ) | 132,684 | ||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation amortizing | 19,463 | 18,117 | (827 | ) | 17,290 | 30,660 | 25,605 | (2,202 | ) | 23,403 | ||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 34,972 | 28,109 | (3,172 | ) | 24,937 | 19,748 | 19,748 | (2,877 | ) | 16,871 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 24,991 | 19,270 | (2,446 | ) | 16,824 | 5,790 | 5,790 | (302 | ) | 5,488 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer and other loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 5,436 | 5,153 | (3,810 | ) | 1,343 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Without an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 16,308 | 14,502 | — | 14,502 | 39,871 | 32,790 | — | 32,790 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | — | 19,988 | 14,264 | — | 14,264 | ||||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 289,737 | $ | 248,436 | $ | (19,732 | ) | $ | 228,704 | $ | 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 table sets forth the average recorded investment, interest income recognized and cash basis interest income related to our impaired loans by segment and class for the years indicated. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Average | Interest | Cash Basis | Average | Interest | Cash Basis | Average | Interest | Cash Basis | |||||||||||||||||||||||||||||||||||||||||||||
Recorded | Income | Interest | Recorded | Income | Interest | Recorded | Income | Interest | ||||||||||||||||||||||||||||||||||||||||||||||
Investment | Recognized | Income | Investment | Recognized | Income | Investment | Recognized | Income | ||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Full documentation | $ | 84,264 | $ | 1,860 | $ | 1,920 | $ | 106,720 | $ | 2,938 | $ | 3,068 | $ | 10,436 | $ | 348 | $ | 350 | ||||||||||||||||||||||||||||||||||||
interest-only | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Full documentation amortizing | 38,340 | 1,491 | 1,498 | 30,790 | 948 | 974 | 4,482 | 193 | 200 | |||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation | 112,172 | 3,646 | 3,671 | 145,490 | 4,179 | 4,371 | 11,352 | 542 | 543 | |||||||||||||||||||||||||||||||||||||||||||||
interest-only | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation amortizing | 22,137 | 655 | 653 | 25,460 | 696 | 729 | 2,445 | 114 | 119 | |||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 30,291 | 1,320 | 1,339 | 19,130 | 737 | 789 | 48,196 | 663 | 715 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 17,341 | 1,065 | 1,154 | 8,112 | 367 | 377 | 12,724 | 495 | 540 | |||||||||||||||||||||||||||||||||||||||||||||
Consumer and other loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 5,202 | 45 | 54 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Without an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Full documentation | — | — | — | 11,547 | — | — | 82,631 | 1,633 | 1,739 | |||||||||||||||||||||||||||||||||||||||||||||
interest-only | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Full documentation amortizing | 365 | — | — | 3,517 | — | — | 17,554 | 299 | 332 | |||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation | — | — | — | 1,669 | — | — | 115,593 | 2,555 | 2,655 | |||||||||||||||||||||||||||||||||||||||||||||
interest-only | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation amortizing | — | — | — | — | — | — | 17,319 | 367 | 384 | |||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 17,225 | 632 | 633 | 33,193 | 1,606 | 1,671 | 14,617 | 2,053 | 2,088 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 2,853 | — | — | 10,947 | 745 | 698 | 5,411 | 519 | 547 | |||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 330,190 | $ | 10,714 | $ | 10,922 | $ | 396,575 | $ | 12,216 | $ | 12,677 | $ | 342,760 | $ | 9,781 | $ | 10,212 | ||||||||||||||||||||||||||||||||||||
State Concentration of Greater Than 5% of residential mortgage loans or total non-performing residential mortgage loans | The following table details the percentage of our total residential mortgage loans at December 31, 2014 by state where we have a concentration of greater than 5% of our total residential mortgage loans or total non-performing residential mortgage loans. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
State | Percent of Total | Percent of Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Non-Performing | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
New York | 29.6 | % | 11.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Connecticut | 9.9 | 4.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Illinois | 8.8 | 14.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Massachusetts | 8.6 | 4.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Virginia | 7.5 | 10.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
New Jersey | 6.9 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Maryland | 6.4 | 14.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
California | 5.7 | 11.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructured Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of information about mortgage loans receivable by segment and class modified in TDR | The following table sets forth information about our mortgage loans receivable by segment and class at December 31, 2014, 2013 and 2012 which were modified in a TDR during the years indicated. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Modifications During the Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars In Thousands) | Number | Pre- | Recorded | Number | Pre- | Recorded | Number | Pre- | Recorded | |||||||||||||||||||||||||||||||||||||||||||||
of Loans | Modification | Investment at | of Loans | Modification | Investment at | of Loans | Modification | Investment at | ||||||||||||||||||||||||||||||||||||||||||||||
Recorded | 31-Dec-14 | Recorded | December 31, 2013 | Recorded | December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Investment | Investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Full documentation interest-only | 21 | $ | 9,244 | $ | 8,726 | 26 | $ | 6,760 | $ | 6,730 | 20 | $ | 4,390 | $ | 4,355 | |||||||||||||||||||||||||||||||||||||||
Full documentation amortizing | 4 | 889 | 812 | 11 | 3,753 | 3,734 | 11 | 3,319 | 3,291 | |||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation interest-only | 19 | 6,819 | 6,774 | 37 | 12,199 | 12,227 | 29 | 11,141 | 11,125 | |||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation amortizing | 5 | 809 | 745 | 11 | 3,404 | 3,325 | 14 | 3,984 | 3,860 | |||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 4 | 2,501 | 1,981 | 8 | 6,751 | 5,888 | 16 | 36,262 | 32,005 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 3 | 2,482 | 2,433 | 7 | 10,232 | 9,104 | 3 | 3,898 | 2,305 | |||||||||||||||||||||||||||||||||||||||||||||
Total | 56 | $ | 22,744 | $ | 21,471 | 100 | $ | 43,099 | $ | 41,008 | 93 | $ | 62,994 | $ | 56,941 | |||||||||||||||||||||||||||||||||||||||
Defaulted Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of information about mortgage loans receivable by segment and class modified in TDR | The following table sets forth information about our mortgage loans receivable by segment and class at December 31, 2014, 2013 and 2012 which were modified in a TDR during the years ended December 31, 2014, 2013 and 2012 and had a payment default subsequent to the modification during the years indicated. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
During the Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars In Thousands) | Number | Recorded | Number | Recorded | Number | Recorded | ||||||||||||||||||||||||||||||||||||||||||||||||
of Loans | Investment at | of Loans | Investment at | of Loans | Investment at | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Full documentation interest-only | 1 | $ | 621 | 11 | $ | 2,191 | 1 | $ | 165 | |||||||||||||||||||||||||||||||||||||||||||||
Full documentation amortizing | 2 | 319 | 4 | 1,334 | 2 | 643 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation interest-only | 3 | 1,123 | 17 | 4,190 | 5 | 1,829 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reduced documentation amortizing | — | — | 3 | 788 | 4 | 1,628 | ||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 3 | 1,400 | 2 | 1,018 | 2 | 3,589 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | 9 | $ | 3,463 | 37 | $ | 9,521 | 14 | $ | 7,854 | |||||||||||||||||||||||||||||||||||||||||||||
Performing, non-performing credit quality indicator | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Mortgage Loans | Consumer and Other Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Full Documentation | Reduced Documentation | Home Equity and Other Consumer | Commercial and Industrial | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Interest-only | Amortizing | Interest-only | Amortizing | ||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 826,155 | $ | 4,981,880 | $ | 568,424 | $ | 396,922 | $ | 178,513 | $ | 64,815 | ||||||||||||||||||||||||||||||||||||||||||
Non-performing: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current or past due less than 90 days | 16,525 | 7,458 | 26,295 | 4,888 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Past due 90 days or more | 11,502 | 14,355 | 16,289 | 2,843 | 6,040 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 854,182 | $ | 5,003,693 | $ | 611,008 | $ | 404,653 | $ | 184,553 | $ | 64,815 | ||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Mortgage Loans | Consumer and Other Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Full Documentation | Reduced Documentation | Home Equity and Other Consumer | Commercial and Industrial | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Interest-only | Amortizing | Interest-only | Amortizing | ||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 1,281,973 | $ | 5,364,548 | $ | 721,503 | $ | 363,626 | $ | 202,943 | $ | 30,758 | ||||||||||||||||||||||||||||||||||||||||||
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 | 5,948 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,382,201 | $ | 5,419,457 | $ | 839,661 | $ | 395,957 | $ | 208,923 | $ | 30,758 | ||||||||||||||||||||||||||||||||||||||||||
Criticized, Not Criticized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Multi-Family | Commercial | Multi-Family | Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not criticized | $ | 3,850,068 | $ | 817,404 | $ | 3,209,786 | $ | 759,114 | ||||||||||||||||||||||||||||||||||||||||||||||
Criticized: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 30,975 | 22,584 | 14,063 | 9,760 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 31,264 | 32,664 | 72,606 | 44,092 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 746 | 1,113 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,913,053 | $ | 873,765 | $ | 3,296,455 | $ | 812,966 | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage_Servicing_Rights_Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Servicing Asset [Abstract] | ||||||||||||
Summary of MSR Activity | The following table summarizes MSR activity for the years indicated. | |||||||||||
For the Year Ended December 31, | ||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||||
Carrying amount before valuation allowance at beginning of year | $ | 15,595 | $ | 15,143 | $ | 15,401 | ||||||
Additions – servicing obligations that result from transfers of financial assets | 1,123 | 3,681 | 3,651 | |||||||||
Amortization | (2,582 | ) | (3,229 | ) | (3,909 | ) | ||||||
Carrying amount before valuation allowance at end of year | 14,136 | 15,595 | 15,143 | |||||||||
Valuation allowance at beginning of year | (2,795 | ) | (8,196 | ) | (7,265 | ) | ||||||
Recovery of (provision for) valuation allowance | 60 | 5,401 | (931 | ) | ||||||||
Valuation allowance at end of year | (2,735 | ) | (2,795 | ) | (8,196 | ) | ||||||
Net carrying amount at end of year | $ | 11,401 | $ | 12,800 | $ | 6,947 | ||||||
Mortgage Banking Income, Net | The following table summarizes mortgage banking income, net, for the years indicated. | |||||||||||
For the Year Ended December 31, | ||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||||
Loan servicing fees | $ | 4,085 | $ | 4,189 | $ | 4,070 | ||||||
Net gain on sales of loans | 1,763 | 6,880 | 7,590 | |||||||||
Amortization of MSR | (2,582 | ) | (3,229 | ) | (3,909 | ) | ||||||
Recovery of (provision for) valuation allowance on MSR | 60 | 5,401 | (931 | ) | ||||||||
Total mortgage banking income, net | $ | 3,326 | $ | 13,241 | $ | 6,820 | ||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Deposits [Abstract] | ||||||||||||||||||||||||
Deposits | The following table summarizes deposits at the dates indicated. | |||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(Dollars in Thousands) | Weighted Average Rate | Balance | Percent of Total | Weighted Average Rate | Balance | Percent of Total | ||||||||||||||||||
Core deposits: | ||||||||||||||||||||||||
Savings | 0.05 | % | $ | 2,237,142 | 23.54 | % | 0.05 | % | $ | 2,493,899 | 25.31 | % | ||||||||||||
Money market | 0.24 | 2,373,484 | 24.96 | 0.25 | 1,972,136 | 20.01 | ||||||||||||||||||
NOW | 0.06 | 1,331,345 | 14.01 | 0.06 | 1,231,890 | 12.5 | ||||||||||||||||||
Non-interest bearing NOW | — | 867,432 | 9.13 | — | 865,588 | 8.78 | ||||||||||||||||||
and demand deposit | ||||||||||||||||||||||||
Total core deposits | 0.11 | 6,809,403 | 71.64 | 0.11 | 6,563,513 | 66.6 | ||||||||||||||||||
Certificates of deposit | 1.47 | 2,695,506 | 28.36 | 1.5 | 3,291,797 | 33.4 | ||||||||||||||||||
Total deposits | 0.5 | % | $ | 9,504,909 | 100 | % | 0.57 | % | $ | 9,855,310 | 100 | % | ||||||||||||
Scheduled Maturities of Certificates of Deposit | ||||||||||||||||||||||||
The following table details the scheduled maturities of our certificates of deposit at December 31, 2014. | ||||||||||||||||||||||||
Year | Weighted | Balance | Percent | |||||||||||||||||||||
Average | of | |||||||||||||||||||||||
Rate | Total | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
2015 | 1.44 | % | $ | 1,577,360 | 58.52 | % | ||||||||||||||||||
2016 | 1.78 | 551,619 | 20.46 | |||||||||||||||||||||
2017 | 1.09 | 277,620 | 10.3 | |||||||||||||||||||||
2018 | 1.1 | 101,213 | 3.76 | |||||||||||||||||||||
2019 | 1.5 | 186,384 | 6.91 | |||||||||||||||||||||
2020 and thereafter | 1.7 | 1,310 | 0.05 | |||||||||||||||||||||
Total | 1.47 | % | $ | 2,695,506 | 100 | % | ||||||||||||||||||
Interest Expense on Deposits | The following table summarizes interest expense on deposits for the years indicated. | |||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||||
Savings | $ | 1,182 | $ | 1,329 | $ | 4,437 | ||||||||||||||||||
Money market | 5,527 | 5,646 | 8,944 | |||||||||||||||||||||
Interest-bearing NOW | 706 | 691 | 978 | |||||||||||||||||||||
Certificates of deposit | 43,940 | 54,951 | 83,662 | |||||||||||||||||||||
Total interest expense on deposits | $ | 51,355 | $ | 62,617 | $ | 98,021 | ||||||||||||||||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Borrowings | The following table summarizes our borrowings at the dates indicated. | |||||||||||||||
At December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(Dollars in Thousands) | Amount | Weighted | Amount | Weighted | ||||||||||||
Average | Average | |||||||||||||||
Rate | Rate | |||||||||||||||
Federal funds purchased | $ | 455,000 | 0.31 | % | $ | 335,000 | 0.28 | % | ||||||||
Reverse repurchase agreements | 1,100,000 | 3.62 | 1,100,000 | 3.87 | ||||||||||||
FHLB-NY advances | 2,384,000 | 1.72 | 2,454,000 | 1.79 | ||||||||||||
Other borrowings, net | 248,691 | 5 | 248,161 | 5 | ||||||||||||
Total borrowings, net | $ | 4,187,691 | 2.26 | % | $ | 4,137,161 | 2.41 | % | ||||||||
Reverse Repurchase Agreements | The following table summarizes information relating to reverse repurchase agreements. | |||||||||||||||
At or For the Year Ended December 31, | ||||||||||||||||
(Dollars in Thousands) | 2014 | 2013 | 2012 | |||||||||||||
Average balance during the year | $ | 1,100,000 | $ | 1,100,000 | $ | 1,422,678 | ||||||||||
Maximum balance at any month end during the year | 1,100,000 | 1,100,000 | 1,700,000 | |||||||||||||
Balance outstanding at end of year | 1,100,000 | 1,100,000 | 1,100,000 | |||||||||||||
Weighted average interest rate during the year | 3.82 | % | 4.06 | % | 4.28 | % | ||||||||||
Weighted average interest rate at end of year | 3.62 | 3.87 | 4.32 | |||||||||||||
Contractual Maturities of Reverse Repurchase Agreements | The following table details the contractual maturities of our reverse repurchase agreements at December 31, 2014. | |||||||||||||||
Year | Amount | |||||||||||||||
(In Thousands) | ||||||||||||||||
2018 | $ | 200,000 | (1 | ) | ||||||||||||
2019 | 600,000 | (1 | ) | |||||||||||||
2020 | 300,000 | (2 | ) | |||||||||||||
Total | $ | 1,100,000 | ||||||||||||||
-1 | Callable in 2015. | |||||||||||||||
-2 | Includes $100.0 million of borrowings which are callable in 2015, $100.0 million of borrowings which are callable in 2016 and $100.0 million of borrowings which are callable in 2017. | |||||||||||||||
FHLB-NY Advances | The following table summarizes information relating to FHLB-NY advances. | |||||||||||||||
At or For the Year Ended December 31, | ||||||||||||||||
(Dollars in Thousands) | 2014 | 2013 | 2012 | |||||||||||||
Average balance during the year | $ | 2,332,718 | $ | 2,512,425 | $ | 2,765,985 | ||||||||||
Maximum balance at any month end during the year | 2,617,000 | 2,881,000 | 3,215,000 | |||||||||||||
Balance outstanding at end of year | 2,384,000 | 2,454,000 | 2,897,000 | |||||||||||||
Weighted average interest rate during the year | 1.78 | % | 2 | % | 2.24 | % | ||||||||||
Weighted average interest rate at end of year | 1.72 | 1.79 | 2.07 | |||||||||||||
Contractual Maturities of FHLB-NY Advances | The following table details the contractual maturities of FHLB-NY advances at December 31, 2014. | |||||||||||||||
Year | Amount | |||||||||||||||
(In Thousands) | ||||||||||||||||
2015 | $ | 984,000 | (1 | ) | ||||||||||||
2016 | 550,000 | |||||||||||||||
2020 | 850,000 | (2 | ) | |||||||||||||
Total | $ | 2,384,000 | ||||||||||||||
-1 | Includes $209.0 million of borrowings due overnight, $475.0 million of borrowings due in less than 30 days and $300.0 million of borrowings due after 90 days. | |||||||||||||||
-2 | Callable in 2017. | |||||||||||||||
Interest Expense on Borrowings | ||||||||||||||||
The following table summarizes interest expense on borrowings for the years indicated. | ||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||||||||
Federal funds purchased | $ | 1,139 | $ | 587 | $ | — | ||||||||||
Reverse repurchase agreements | 42,626 | 45,272 | 61,855 | |||||||||||||
FHLB-NY advances | 41,911 | 50,654 | 62,675 | |||||||||||||
Other borrowings | 13,031 | 17,398 | 29,689 | |||||||||||||
Total interest expense on borrowings | $ | 98,707 | $ | 113,911 | $ | 154,219 | ||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Minimum Rental Payments Due under Terms of Non-cancelable Operating Leases | The minimum rental payments due under the terms of the non-cancelable operating leases at December 31, 2014, which have not been reduced by minimum sublease rentals of $4.1 million due in the future under non-cancelable subleases, are summarized below. | |||||||
Year | Amount | |||||||
(In Thousands) | ||||||||
2015 | $ | 12,323 | ||||||
2016 | 12,347 | |||||||
2017 | 10,858 | |||||||
2018 | 9,513 | |||||||
2019 | 8,619 | |||||||
2020 and thereafter | 36,591 | |||||||
Total | $ | 90,251 | ||||||
Outstanding Loan Related Commitments | The following table summarizes our outstanding commitments at the dates indicated. | |||||||
At December 31, | ||||||||
(In Thousands) | 2014 | 2013 | ||||||
Mortgage loans: | ||||||||
Commitments to extend credit – adjustable rate | $ | 289,086 | $ | 216,675 | ||||
Commitments to extend credit – fixed rate (1) | 74,157 | 50,303 | ||||||
Commitments to purchase – adjustable rate | 10,334 | 8,521 | ||||||
Commitments to purchase – fixed rate | 27,818 | 24,326 | ||||||
Commitments to extend credit on consumer and other loans | 12,345 | — | ||||||
Unused lines of credit: | ||||||||
Home equity and other consumer loans | 101,329 | 139,598 | ||||||
Commercial and industrial loans | 64,074 | 38,372 | ||||||
Commitments to sell loans | 20,904 | 19,114 | ||||||
_______________________________ | ||||||||
-1 | Includes commitments to originate loans held-for-sale totaling $14.8 million at December 31, 2014 and $9.2 million at December 31, 2013. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Tax Expense | The following table summarizes income tax expense for the years indicated. | |||||||||||
For the Year Ended December 31, | ||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||||
Current: | ||||||||||||
Federal | $ | 17,435 | $ | 24,524 | $ | (29,202 | ) | |||||
State and local | 4,033 | 3,722 | 3,201 | |||||||||
Total current | 21,468 | 28,246 | (26,001 | ) | ||||||||
Deferred: | ||||||||||||
Federal | 27,452 | 9,496 | 52,969 | |||||||||
State and local | (22,641 | ) | 7 | 912 | ||||||||
Total deferred | 4,811 | 9,503 | 53,881 | |||||||||
Total income tax expense | $ | 26,279 | $ | 37,749 | $ | 27,880 | ||||||
Income Tax Expense Difference from Amounts Computed by Applying Federal Income Tax Rate to Income Before Income Tax Expense | ||||||||||||
The following is a reconciliation of income tax expense computed by applying the federal income tax rate to income before income tax expense to income tax expense included in the consolidated statements of income for the years indicated. | ||||||||||||
For the Year Ended December 31, | ||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||||
Expected income tax expense at statutory federal rate | $ | 42,768 | $ | 36,520 | $ | 28,340 | ||||||
State and local taxes, net of federal tax effect (1) | (12,096 | ) | 2,424 | 2,673 | ||||||||
Tax exempt income (principally on BOLI) | (2,970 | ) | (2,945 | ) | (3,356 | ) | ||||||
Non-deductible ESOP compensation | — | 2,613 | 2,187 | |||||||||
Low income housing tax credit | (1,676 | ) | (1,676 | ) | (1,727 | ) | ||||||
Other, net | 253 | 813 | (237 | ) | ||||||||
Total income tax expense | $ | 26,279 | $ | 37,749 | $ | 27,880 | ||||||
-1 | Includes net tax benefits of $15.7 million, net of federal tax effects, for the year ended December 31, 2014 related to the impact of the changes in New York State, or NYS, income tax legislation enacted on March 31, 2014. | |||||||||||
Tax Effects of Temporary Differences that Give Rise to Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities | The following table summarizes the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at the dates indicated. | |||||||||||
At December 31, | ||||||||||||
(In Thousands) | 2014 | 2013 | ||||||||||
Deferred tax assets: | ||||||||||||
Allowances for losses | $ | 48,243 | $ | 54,511 | ||||||||
Compensation and benefits (principally pension and other | 45,849 | 21,955 | ||||||||||
postretirement benefit plans) | ||||||||||||
Mortgage loans (principally deferred loan origination costs) | 981 | 7,524 | ||||||||||
Net unrealized loss on securities available-for-sale | — | 4,010 | ||||||||||
State and local net operating loss carryforwards | 16,122 | — | ||||||||||
Other deductible temporary differences | 4,540 | 5,558 | ||||||||||
Total gross deferred tax assets | 115,735 | 93,558 | ||||||||||
Less valuation allowance | (7,220 | ) | — | |||||||||
Deferred tax assets, net of valuation allowance | 108,515 | 93,558 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Premises and equipment | (3,102 | ) | (3,882 | ) | ||||||||
Net unrealized gain on securities available-for-sale | (1,035 | ) | — | |||||||||
MSR | (910 | ) | (69 | ) | ||||||||
Total gross deferred tax liabilities | (5,047 | ) | (3,951 | ) | ||||||||
Net deferred tax assets (included in other assets) | $ | 103,468 | $ | 89,607 | ||||||||
Reconciliation of Gross Unrecognized Tax Benefits | The following is a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits for the years indicated. The amounts have not been reduced by the federal deferred tax effects of unrecognized state tax benefits. | |||||||||||
For the Year Ended December 31, | ||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||||
Unrecognized tax benefits at beginning of year | $ | 4,009 | $ | 3,428 | $ | 3,856 | ||||||
Additions as a result of a tax position taken during the current period | 675 | 600 | 630 | |||||||||
Reductions as a result of tax positions taken during a prior period | — | (19 | ) | — | ||||||||
Reductions relating to settlement with taxing authorities | (2,529 | ) | — | (1,058 | ) | |||||||
Unrecognized tax benefits at end of year | $ | 2,155 | $ | 4,009 | $ | 3,428 | ||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Reconciliation of basic and diluted EPS | The following table is a reconciliation of basic and diluted EPS for the years indicated. | |||||||||||
For the Year Ended December 31, | ||||||||||||
(In Thousands, Except Share Data) | 2014 | 2013 | 2012 | |||||||||
Net income | $ | 95,916 | $ | 66,593 | $ | 53,091 | ||||||
Preferred stock dividends | (8,775 | ) | (7,214 | ) | — | |||||||
Net income available to common shareholders | 87,141 | 59,379 | 53,091 | |||||||||
Income allocated to participating securities | (973 | ) | (720 | ) | (463 | ) | ||||||
Net income allocated to common shareholders | $ | 86,168 | $ | 58,659 | $ | 52,628 | ||||||
Basic weighted average common shares outstanding | 98,384,443 | 97,121,497 | 95,455,344 | |||||||||
Dilutive effect of stock options and restricted stock units (1) (2) | — | — | — | |||||||||
Diluted weighted average common shares outstanding | 98,384,443 | 97,121,497 | 95,455,344 | |||||||||
Basic EPS | $ | 0.88 | $ | 0.6 | $ | 0.55 | ||||||
Diluted EPS | $ | 0.88 | $ | 0.6 | $ | 0.55 | ||||||
-1 | Excludes options to purchase 962,783 shares of common stock which were outstanding during the year ended December 31, 2014; options to purchase 2,096,708 shares of common stock which were outstanding during the year ended December 31, 2013; and options to purchase 5,495,748 shares of common stock which were outstanding during the year ended December 31, 2012 because their inclusion would be anti-dilutive. | |||||||||||
(2) | Excludes 758,792 unvested restricted stock units which were outstanding during the year ended December 31, 2014 and 387,791 unvested restricted stock units which were outstanding during the year ended December 31, 2013 because the performance conditions have not been satisfied. There were no unvested restricted stock units outstanding during the year ended December 31, 2012. |
Other_Comprehensive_IncomeLoss1
Other Comprehensive Income/Loss (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||||||||||||||
Components of and Changes in Accumulated Other Comprehensive Loss, net of related tax effects | 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 years ended December 31, 2014 and 2013. | |||||||||||||||||
(In Thousands) | At | Other | At | |||||||||||||||
December 31, 2013 | Comprehensive | December 31, 2014 | ||||||||||||||||
Income (Loss) | ||||||||||||||||||
Net unrealized (loss) gain on securities available-for-sale | $ | (4,366 | ) | $ | 9,052 | $ | 4,686 | |||||||||||
Net actuarial loss on pension plans and other postretirement benefits | (30,600 | ) | (36,876 | ) | (67,476 | ) | ||||||||||||
Prior service cost on pension plans and other postretirement benefits | (3,284 | ) | 123 | (3,161 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | (38,250 | ) | $ | (27,701 | ) | $ | (65,951 | ) | |||||||||
(In Thousands) | At | Other | At | |||||||||||||||
December 31, 2012 | Comprehensive | December 31, 2013 | ||||||||||||||||
(Loss) Income | ||||||||||||||||||
Net unrealized gain (loss) on securities available-for-sale | $ | 7,451 | $ | (11,817 | ) | $ | (4,366 | ) | ||||||||||
Net actuarial loss on pension plans and other postretirement benefits | (77,115 | ) | 46,515 | (30,600 | ) | |||||||||||||
Prior service cost on pension plans and other postretirement benefits | (3,426 | ) | 142 | (3,284 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | (73,090 | ) | $ | 34,840 | $ | (38,250 | ) | ||||||||||
Schedule of components of other comprehensive income/loss | The following table sets forth the components of other comprehensive income/loss for the years indicated. | |||||||||||||||||
(In Thousands) | Before Tax | Tax | After Tax | |||||||||||||||
Amount | (Expense) | Amount | ||||||||||||||||
Benefit | ||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||
Net unrealized gain on securities available-for-sale: | ||||||||||||||||||
Net unrealized holding gain on securities arising during the year | $ | 14,134 | $ | (4,991 | ) | $ | 9,143 | |||||||||||
Reclassification adjustment for gain on sales of securities included in net income | (141 | ) | 50 | (91 | ) | |||||||||||||
Net unrealized gain on securities available-for-sale | 13,993 | (4,941 | ) | 9,052 | ||||||||||||||
Net actuarial loss adjustment on pension plans and other postretirement benefits: | ||||||||||||||||||
Net actuarial loss adjustment arising during the year | (60,583 | ) | 23,116 | (37,467 | ) | |||||||||||||
Reclassification adjustment for net actuarial loss included in net income | 913 | (322 | ) | 591 | ||||||||||||||
Net actuarial loss adjustment on pension plans and other postretirement benefits | (59,670 | ) | 22,794 | (36,876 | ) | |||||||||||||
Reclassification adjustment for prior service cost included in net income | 190 | (67 | ) | 123 | ||||||||||||||
Other comprehensive loss | $ | (45,487 | ) | $ | 17,786 | $ | (27,701 | ) | ||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||
Net unrealized loss on securities available-for-sale: | ||||||||||||||||||
Net unrealized holding loss on securities arising during the year | $ | (16,202 | ) | $ | 5,717 | $ | (10,485 | ) | ||||||||||
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 | (18,259 | ) | 6,442 | (11,817 | ) | |||||||||||||
Net actuarial loss adjustment on pension plans and other postretirement benefits: | ||||||||||||||||||
Net actuarial loss adjustment arising during the year | 68,150 | (23,970 | ) | 44,180 | ||||||||||||||
Reclassification adjustment for net actuarial loss included in net income | 3,610 | (1,275 | ) | 2,335 | ||||||||||||||
Net actuarial loss adjustment on pension plans and other postretirement benefits | 71,760 | (25,245 | ) | 46,515 | ||||||||||||||
Reclassification adjustment for prior service cost included in net income | 213 | (71 | ) | 142 | ||||||||||||||
Other comprehensive income | $ | 53,714 | $ | (18,874 | ) | $ | 34,840 | |||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||
Net unrealized loss on securities available-for-sale: | ||||||||||||||||||
Net unrealized holding loss on securities arising during the year | $ | (2,040 | ) | $ | 720 | $ | (1,320 | ) | ||||||||||
Reclassification adjustment for gain on sales of securities included in net income | (8,477 | ) | 2,987 | (5,490 | ) | |||||||||||||
Net unrealized loss on securities available-for-sale | (10,517 | ) | 3,707 | (6,810 | ) | |||||||||||||
Net actuarial loss adjustment on pension plans and other postretirement benefits: | ||||||||||||||||||
Net actuarial loss adjustment arising during the year | 14,141 | (4,998 | ) | 9,143 | ||||||||||||||
Reclassification adjustment for net actuarial loss included in net income | 5,447 | (1,920 | ) | 3,527 | ||||||||||||||
Net actuarial loss adjustment on pension plans and other postretirement benefits | 19,588 | (6,918 | ) | 12,670 | ||||||||||||||
Prior service cost adjustment on pension plans and other postretirement benefits: | ||||||||||||||||||
Prior service cost adjustment arising during the year | (5,463 | ) | 1,925 | (3,538 | ) | |||||||||||||
Reclassification adjustment for prior service cost included in net income | 152 | (54 | ) | 98 | ||||||||||||||
Prior service cost adjustment on pension plans and other postretirement benefits | (5,311 | ) | 1,871 | (3,440 | ) | |||||||||||||
Reclassification adjustment for loss on cash flow hedge included in net income | 261 | (110 | ) | 151 | ||||||||||||||
Other comprehensive income | $ | 4,021 | $ | (1,450 | ) | $ | 2,571 | |||||||||||
Information about amounts reclassified from accumulated other comprehensive loss to the consolidated statement of income | The following table sets forth information about amounts reclassified from accumulated other comprehensive loss to, and the affected line items in, the consolidated statement of income for the years indicated. | |||||||||||||||||
(In Thousands) | For the Year Ended December 31, | Income Statement | ||||||||||||||||
2014 | 2013 | Line Item | ||||||||||||||||
Reclassification adjustment for gain on sales of securities | $ | 141 | $ | 2,057 | Gain on sales of securities | |||||||||||||
Reclassification adjustment for net actuarial loss (1) | (913 | ) | (3,610 | ) | Compensation and benefits | |||||||||||||
Reclassification adjustment for prior service cost (1) | (190 | ) | (213 | ) | Compensation and benefits | |||||||||||||
Total reclassifications, before tax | (962 | ) | (1,766 | ) | ||||||||||||||
Income tax effect | 339 | 621 | Income tax expense | |||||||||||||||
Total reclassifications, net of tax | $ | (623 | ) | $ | (1,145 | ) | 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 13 for additional details. |
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Benefit Plans | ||||||||||||||||||||||||
Defined Benefit Pension Plans and Other Postretirement Benefit Plan | The following table sets forth information regarding our defined benefit pension plans and other postretirement benefit plan at and for the periods indicated. | |||||||||||||||||||||||
Pension Benefits | Other Postretirement | |||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||
At or For the Year Ended December 31, | At or For the Year Ended December 31, | |||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 230,361 | $ | 260,108 | $ | 18,766 | $ | 35,476 | ||||||||||||||||
Service cost | — | — | 1,241 | 1,578 | ||||||||||||||||||||
Interest cost | 10,450 | 9,549 | 930 | 1,279 | ||||||||||||||||||||
Actuarial loss (gain) | 48,633 | (28,749 | ) | 8,371 | (18,572 | ) | ||||||||||||||||||
Benefits paid | (19,172 | ) | (10,547 | ) | (763 | ) | (995 | ) | ||||||||||||||||
Benefit obligation at end of year | 270,272 | 230,361 | 28,545 | 18,766 | ||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 189,367 | 160,683 | — | — | ||||||||||||||||||||
Actual return on plan assets | 11,264 | 33,583 | — | — | ||||||||||||||||||||
Employer contribution | 5,615 | 5,648 | 763 | 995 | ||||||||||||||||||||
Benefits paid | (19,172 | ) | (10,547 | ) | (763 | ) | (995 | ) | ||||||||||||||||
Fair value of plan assets at end of year | 187,074 | 189,367 | — | — | ||||||||||||||||||||
Funded status at end of year | $ | (83,198 | ) | $ | (40,994 | ) | $ | (28,545 | ) | $ | (18,766 | ) | ||||||||||||
Pre-Tax Components of Accumulated Other Comprehensive Loss Related to Pension Plans and Other Postretirement Benefits | The following table sets forth the pre-tax components of accumulated other comprehensive loss related to pension plans and other postretirement benefits at the dates indicated. We expect that $3.0 million in net actuarial loss and $190,000 in prior service cost will be recognized as components of net periodic cost in 2015. | |||||||||||||||||||||||
Pension Benefits | Other Postretirement | |||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||
At December 31, | At December 31, | |||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Net actuarial loss (gain) | $ | 108,137 | $ | 57,327 | $ | 771 | $ | (8,089 | ) | |||||||||||||||
Prior service cost | 4,950 | 5,140 | — | — | ||||||||||||||||||||
Total accumulated other comprehensive loss (income) | $ | 113,087 | $ | 62,467 | $ | 771 | $ | (8,089 | ) | |||||||||||||||
Discount Rates used to Determine Benefit Obligations | The following table presents the discount rates used to determine the benefit obligations at the dates indicated. | |||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Pension Benefit Plans: | ||||||||||||||||||||||||
Astoria Bank Pension Plan | 3.77 | % | 4.66 | % | ||||||||||||||||||||
Astoria Excess and Supplemental Benefit Plans | 3.6 | 4.39 | ||||||||||||||||||||||
Astoria Directors’ Retirement Plan | 3.47 | 4.23 | ||||||||||||||||||||||
Greater Directors’ Retirement Plan | 3.12 | 3.64 | ||||||||||||||||||||||
LIB Directors’ Retirement Plan | 0.59 | 0.5 | ||||||||||||||||||||||
Other Postretirement Benefit Plan: | ||||||||||||||||||||||||
Astoria Bank Retiree Health Care Plan | 3.89 | 4.8 | ||||||||||||||||||||||
Components of Net Periodic Cost for Defined Benefit Pension Plans and Other Postretirement Benefit Plan | The following table summarizes the components of net periodic (benefit) cost for the years indicated. | |||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Service cost | $ | — | $ | — | $ | 2,025 | $ | 1,241 | $ | 1,578 | $ | 1,061 | ||||||||||||
Interest cost | 10,450 | 9,549 | 10,992 | 930 | 1,279 | 1,378 | ||||||||||||||||||
Expected return on plan assets | (14,843 | ) | (12,754 | ) | (11,947 | ) | — | — | — | |||||||||||||||
Recognized net actuarial loss (gain) | 1,401 | 3,138 | 4,930 | (488 | ) | 472 | 517 | |||||||||||||||||
Amortization of prior service cost (credit) | 190 | 213 | 177 | — | — | (25 | ) | |||||||||||||||||
Settlement | — | — | 2,302 | — | — | — | ||||||||||||||||||
Net periodic (benefit) cost | $ | (2,802 | ) | $ | 146 | $ | 8,479 | $ | 1,683 | $ | 3,329 | $ | 2,931 | |||||||||||
Assumptions used to Determine Net Periodic Cost | ||||||||||||||||||||||||
The following table sets forth the assumptions used to determine the net periodic (benefit) cost for the years ended December 31, 2014 and 2013. | ||||||||||||||||||||||||
Discount Rate | Expected Return | |||||||||||||||||||||||
on Plan Assets | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Pension Benefit Plans: | ||||||||||||||||||||||||
Astoria Bank Pension Plan | 4.66 | % | 3.77 | % | 8 | % | 8 | % | ||||||||||||||||
Astoria Excess and Supplemental Benefit Plans | 4.39 | 3.49 | N/A | N/A | ||||||||||||||||||||
Astoria Directors’ Retirement Plan | 4.23 | 3.21 | N/A | N/A | ||||||||||||||||||||
Greater Directors’ Retirement Plan | 3.64 | 2.77 | N/A | N/A | ||||||||||||||||||||
LIB Directors’ Retirement Plan | 0.5 | 0.63 | N/A | N/A | ||||||||||||||||||||
Other Postretirement Benefit Plan: | ||||||||||||||||||||||||
Astoria Bank Retiree Health Care Plan | 4.8 | 3.98 | N/A | N/A | ||||||||||||||||||||
Assumed Health Care Cost Trend Rates | The following table presents the assumed health care cost trend rates at the dates indicated. | |||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Health care cost trend rate assumed for the next year: | ||||||||||||||||||||||||
Pre-age 65 | 6.7 | % | 7 | % | ||||||||||||||||||||
Post-age 65 | 9 | % | 10 | % | ||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5 | % | 5 | % | ||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2021 | 2021 | ||||||||||||||||||||||
Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates | ||||||||||||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plan. The following table presents the effects of a one-percentage point change in assumed health care cost trend rates. | ||||||||||||||||||||||||
(In Thousands) | One Percentage | One Percentage | ||||||||||||||||||||||
Point Increase | Point Decrease | |||||||||||||||||||||||
Effect on total service and interest cost components | $ | 418 | $ | (328 | ) | |||||||||||||||||||
Effect on the postretirement benefit obligation | 5,301 | (4,092 | ) | |||||||||||||||||||||
Total Benefits Expected to be Paid under Defined Benefit Pension Plans and Other Postretirement Benefit Plan | ||||||||||||||||||||||||
The following table summarizes total benefits expected to be paid under our defined benefit pension plans and other postretirement benefit plan as of December 31, 2014, which reflect expected future service as appropriate. | ||||||||||||||||||||||||
Year | Pension | Other | ||||||||||||||||||||||
Benefits | Postretirement | |||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
2015 | $ | 11,961 | $ | 973 | ||||||||||||||||||||
2016 | 15,932 | 1,043 | ||||||||||||||||||||||
2017 | 13,991 | 1,094 | ||||||||||||||||||||||
2018 | 13,143 | 1,176 | ||||||||||||||||||||||
2019 | 13,644 | 1,226 | ||||||||||||||||||||||
2020-2024 | 70,132 | 6,780 | ||||||||||||||||||||||
Astoria Bank | Pension benefits | ||||||||||||||||||||||||
Benefit Plans | ||||||||||||||||||||||||
Schedule of Significant Unobservable Inputs Table Text Block [Table Text Block] | The following table presents information about significant unobservable inputs related to the Astoria Bank Pension Plan’s investment in Level 3 assets at the dates indicated. | |||||||||||||||||||||||
PRIAC Guaranteed Deposit Account | ||||||||||||||||||||||||
Range at December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Significant unobservable inputs: | ||||||||||||||||||||||||
Composite market value factor | 1.018 | - | 1.081 | 0.988 | - | 1.073 | ||||||||||||||||||
Gross guaranteed crediting rate (1) | 2.50% | - | 4.00% | 2.10% | - | 4.35% | ||||||||||||||||||
_______________________________ | ||||||||||||||||||||||||
-1 | Gross guaranteed crediting rates must be greater than or equal to contractual minimum crediting rate. | |||||||||||||||||||||||
Asset Allocations by Asset Category and Fair Value Hierarchy Level for Astoria Bank Pension Plan | The following tables set forth the carrying values of the Astoria Bank Pension Plan’s 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 December 31, 2014 | ||||||||||||||||||||||||
(In Thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
PRIAC Pooled Separate Accounts (1) | $ | 162,808 | $ | — | $ | 162,808 | $ | — | ||||||||||||||||
Astoria Financial Corporation common stock | 12,404 | 12,404 | — | — | ||||||||||||||||||||
PRIAC Guaranteed Deposit Account | 11,858 | — | — | 11,858 | ||||||||||||||||||||
Cash and cash equivalents | 4 | 4 | — | — | ||||||||||||||||||||
Total | $ | 187,074 | $ | 12,408 | $ | 162,808 | $ | 11,858 | ||||||||||||||||
-1 | Consists of 41% large-cap equity securities, 38% debt securities, 9% international equities, 7% small-cap equity securities and 5% mid-cap equity securities. | |||||||||||||||||||||||
Carrying Value at December 31, 2013 | ||||||||||||||||||||||||
(In Thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
PRIAC Pooled Separate Accounts (1) | $ | 170,377 | $ | — | $ | 170,377 | $ | — | ||||||||||||||||
Astoria Financial Corporation common stock | 12,687 | 12,687 | — | — | ||||||||||||||||||||
PRIAC Guaranteed Deposit Account | 6,299 | — | — | 6,299 | ||||||||||||||||||||
Cash and cash equivalents | 4 | 4 | — | — | ||||||||||||||||||||
Total | $ | 189,367 | $ | 12,691 | $ | 170,377 | $ | 6,299 | ||||||||||||||||
-1 | Consists of 41% large-cap equity securities, 35% debt securities, 11% international equities, 8% small-cap equity securities and 5% mid-cap equity securities. | |||||||||||||||||||||||
Changes in Fair Value of Astoria Bank Pension Plan's Level 3 Assets | The following table sets forth a summary of changes in the estimated fair value of the Astoria Bank Pension Plan’s Level 3 assets for the years indicated. | |||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | ||||||||||||||||||||||
Fair value at beginning of year | $ | 6,299 | $ | 7,177 | ||||||||||||||||||||
Total net gain, realized and unrealized, included in change in net assets (1) | 191 | 21 | ||||||||||||||||||||||
Purchases | 23,925 | 9,000 | ||||||||||||||||||||||
Sales | (18,557 | ) | (9,899 | ) | ||||||||||||||||||||
Fair value at end of year | $ | 11,858 | $ | 6,299 | ||||||||||||||||||||
-1 | Includes unrealized gain related to assets held at December 31, 2014 of $477,000 for the year ended December 31, 2014 and unrealized gain related to assets held at December 31, 2013 of $313,000 for the year ended December 31, 2013. |
Stock_Incentive_Plans_Tables
Stock Incentive Plans (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||
Summary of Restricted Common Stock Grant Awards by Year for Grant Years with Unvested Shares and Remaining Vesting Schedule | The following table summarizes employee restricted common stock grant awards by year for grant years with unvested shares outstanding at December 31, 2014 and the remaining vesting schedule. | |||||||||||||||||
2014 | 2013 | 2012 | 2011 | |||||||||||||||
Number of shares of restricted common stock: | ||||||||||||||||||
Granted during the year | 482,001 | 494,420 | 155,000 | 663,530 | ||||||||||||||
Unvested at December 31, 2014 | 341,861 | 154,040 | 51,500 | 144,802 | ||||||||||||||
Scheduled to vest during the year ending: | ||||||||||||||||||
December 31, 2015 | 156,137 | 152,040 | 51,500 | 79,802 | ||||||||||||||
December 31, 2016 | 157,337 | 2,000 | — | 65,000 | -1 | |||||||||||||
December 31, 2017 | 28,387 | — | — | — | ||||||||||||||
_______________________________ | ||||||||||||||||||
-1 | Shares of restricted common stock granted under a performance-based award which will vest on June 30, 2016 if the performance conditions are met. | |||||||||||||||||
Share-based Compensation, Performance Shares Award Unvested Activity | The following table summarizes restricted stock units awarded by year for grant years with unvested units outstanding at December 31, 2014. | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
Number of shares of restricted stock units: | ||||||||||||||||||
Granted during the year | 395,900 | 432,300 | ||||||||||||||||
Unvested at December 31, 2014 | 382,600 | 393,900 | ||||||||||||||||
Vest date | February 1, 2017 | February 1, 2016 | ||||||||||||||||
Performance measurement period: | ||||||||||||||||||
Fiscal year ended | December 31, 2016 | December 31, 2015 | ||||||||||||||||
Restricted Common Stock Activity 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 year ended December 31, 2014. | |||||||||||||||||
Restricted Common Stock | Restricted Stock Units | |||||||||||||||||
Number of | Weighted Average | Number of | Weighted Average | |||||||||||||||
Shares | Grant Date Fair Value | Units | Grant Date Fair Value | |||||||||||||||
Unvested at beginning of year | 781,644 | $ | 11.46 | 409,100 | $ | 9.22 | ||||||||||||
Granted | 514,507 | 12.58 | 395,900 | 12.14 | ||||||||||||||
Vested | (512,042 | ) | (11.91 | ) | — | — | ||||||||||||
Forfeited | (31,408 | ) | (11.91 | ) | (28,500 | ) | (10.58 | ) | ||||||||||
Unvested at end of year | 752,701 | 11.9 | 776,500 | 10.66 | ||||||||||||||
Option Activity in Stock Incentive Plans | The following table summarizes option activity in our stock incentive plans for the year ended December 31, 2014. | |||||||||||||||||
Number of | Weighted Average | |||||||||||||||||
Options | Exercise Price | |||||||||||||||||
Outstanding at beginning of year | 1,102,650 | $ | 26.68 | |||||||||||||||
Expired | (1,066,650 | ) | (26.62 | ) | ||||||||||||||
Outstanding and exercisable at end of year | 36,000 | 28.58 | ||||||||||||||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | |||||||||||||||||||||||||
Regulatory Capital Requirements Applicable to Astoria Bank | The following tables set forth information regarding the regulatory capital requirements applicable to Astoria Bank at the dates indicated. | ||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
Actual | Minimum | To be Well Capitalized | |||||||||||||||||||||||
Capital Requirements | Under Prompt | ||||||||||||||||||||||||
Corrective Action | |||||||||||||||||||||||||
Provisions | |||||||||||||||||||||||||
(Dollars in Thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Tangible | $ | 1,632,390 | 10.62 | % | $ | 230,633 | 1.5 | % | N/A | N/A | |||||||||||||||
Tier 1 leverage | 1,632,390 | 10.62 | 615,022 | 4 | $ | 768,777 | 5 | % | |||||||||||||||||
Tier 1 risk-based | 1,632,390 | 17.55 | 372,118 | 4 | 558,177 | 6 | |||||||||||||||||||
Total risk-based | 1,744,905 | 18.76 | 744,236 | 8 | 930,295 | 10 | |||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Actual | Minimum | To be Well Capitalized | |||||||||||||||||||||||
Capital Requirements | Under Prompt | ||||||||||||||||||||||||
Corrective Action | |||||||||||||||||||||||||
Provisions | |||||||||||||||||||||||||
(Dollars in Thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Tangible | $ | 1,543,764 | 9.93 | % | $ | 233,158 | 1.5 | % | N/A | N/A | |||||||||||||||
Tier 1 leverage | 1,543,764 | 9.93 | 621,755 | 4 | $ | 777,194 | 5 | % | |||||||||||||||||
Tier 1 risk-based | 1,543,764 | 15.79 | 391,083 | 4 | 586,625 | 6 | |||||||||||||||||||
Total risk-based | 1,666,637 | 17.05 | 782,167 | 8 | 977,708 | 10 | |||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 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 December 31, 2014 | ||||||||||||||||
(In Thousands) | Total | Level 1 | Level 2 | |||||||||||||
Securities available-for-sale: | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||
GSE issuance REMICs and CMOs | $ | 268,998 | $ | — | $ | 268,998 | ||||||||||
Non-GSE issuance REMICs and CMOs | 5,104 | — | 5,104 | |||||||||||||
GSE pass-through certificates | 13,557 | — | 13,557 | |||||||||||||
Obligations of GSEs | 96,698 | — | 96,698 | |||||||||||||
Fannie Mae stock | 2 | 2 | — | |||||||||||||
Total securities available-for-sale | $ | 384,359 | $ | 2 | $ | 384,357 | ||||||||||
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 at December 31, | ||||||||||||||||
(In Thousands) | 2014 | 2013 | ||||||||||||||
Non-performing loans held-for-sale, net | $ | 153 | $ | 791 | ||||||||||||
Impaired loans | 140,663 | 271,408 | ||||||||||||||
MSR, net | 11,401 | 12,800 | ||||||||||||||
REO, net | 19,375 | 27,101 | ||||||||||||||
Total | $ | 171,592 | $ | 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 years indicated. | |||||||||||||||
For the Year Ended December 31, | ||||||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||||||||
Non-performing loans held-for-sale, net (1) | $ | — | $ | 520 | $ | 1,066 | ||||||||||
Impaired loans (2) | 6,311 | 21,992 | 40,018 | |||||||||||||
MSR, net (3) | — | — | 931 | |||||||||||||
REO, net (4) | 1,654 | 3,788 | 3,137 | |||||||||||||
Total | $ | 7,965 | $ | 26,300 | $ | 45,152 | ||||||||||
-1 | Losses are charged against the allowance for loan losses in the case of a write-down upon the transfer of a loan to held-for-sale. Losses subsequent to the transfer 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 in 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 December 31, 2014 | ||||||||||||||||
Carrying | Estimated Fair Value | |||||||||||||||
(In Thousands) | Value | Total | Level 2 | Level 3 | ||||||||||||
Financial Assets: | ||||||||||||||||
Securities held-to-maturity | $ | 2,133,804 | $ | 2,131,371 | $ | 2,131,371 | $ | — | ||||||||
FHLB-NY stock | 140,754 | 140,754 | 140,754 | — | ||||||||||||
Loans held-for-sale, net (1) | 7,640 | 7,955 | — | 7,955 | ||||||||||||
Loans receivable, net (1) | 11,845,848 | 11,967,608 | — | 11,967,608 | ||||||||||||
MSR, net (1) | 11,401 | 11,406 | — | 11,406 | ||||||||||||
Financial Liabilities: | ||||||||||||||||
Deposits | 9,504,909 | 9,534,918 | 9,534,918 | — | ||||||||||||
Borrowings, net | 4,187,691 | 4,395,604 | 4,395,604 | — | ||||||||||||
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. |
Condensed_Parent_Company_Only_1
Condensed Parent Company Only Financial Statements (Tables) (Astoria Financial Corporation) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Astoria Financial Corporation | ||||||||||||
Statement | ||||||||||||
Astoria Financial Corporation - Condensed Statements of Financial Condition | Astoria Financial Corporation - Condensed Statements of Financial Condition | |||||||||||
At December 31, | ||||||||||||
(In Thousands) | 2014 | 2013 | ||||||||||
Assets: | ||||||||||||
Cash | $ | 75,199 | $ | 63,418 | ||||||||
Other assets | 711 | 103 | ||||||||||
Investment in Astoria Bank | 1,755,078 | 1,705,964 | ||||||||||
Investment in AF Insurance Agency, Inc. | 1,134 | 1,233 | ||||||||||
Total assets | $ | 1,832,122 | $ | 1,770,718 | ||||||||
Liabilities and stockholders’ equity: | ||||||||||||
Other borrowings, net | $ | 248,691 | $ | 248,161 | ||||||||
Other liabilities | 3,361 | 3,044 | ||||||||||
Stockholders’ equity | 1,580,070 | 1,519,513 | ||||||||||
Total liabilities and stockholders’ equity | $ | 1,832,122 | $ | 1,770,718 | ||||||||
Astoria Financial Corporation - Condensed Statements of Income | Astoria Financial Corporation - Condensed Statements of Income | |||||||||||
For the Year Ended December 31, | ||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||||
Interest income: | ||||||||||||
Repurchase agreements | $ | — | $ | — | $ | 18 | ||||||
ESOP loans receivable | — | 344 | 728 | |||||||||
Total interest income | — | 344 | 746 | |||||||||
Interest expense on borrowings | 13,031 | 17,398 | 29,689 | |||||||||
Net interest expense | 13,031 | 17,054 | 28,943 | |||||||||
Cash dividends from subsidiaries | 40,620 | 45,150 | 42,000 | |||||||||
Non-interest expense: | ||||||||||||
Compensation and benefits | 2,925 | 3,261 | 3,735 | |||||||||
Extinguishment of debt | — | 4,266 | 1,212 | |||||||||
Other | 3,262 | 3,148 | 2,878 | |||||||||
Total non-interest expense | 6,187 | 10,675 | 7,825 | |||||||||
Income before income taxes and equity in undistributed earnings of subsidiaries | 21,402 | 17,421 | 5,232 | |||||||||
Income tax benefit | 6,662 | 9,644 | 12,844 | |||||||||
Income before equity in undistributed earnings of subsidiaries | 28,064 | 27,065 | 18,076 | |||||||||
Equity in undistributed earnings of subsidiaries | 67,852 | 39,528 | 35,015 | |||||||||
Net income | 95,916 | 66,593 | 53,091 | |||||||||
Preferred stock dividends | 8,775 | 7,214 | — | |||||||||
Net income available to common shareholders | $ | 87,141 | $ | 59,379 | $ | 53,091 | ||||||
Astoria Financial Corporation - Condensed Statements of Cash Flows | Astoria Financial Corporation - Condensed Statements of Cash Flows | |||||||||||
For the Year Ended December 31, | ||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 95,916 | $ | 66,593 | $ | 53,091 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Equity in undistributed earnings of subsidiaries | (67,852 | ) | (39,528 | ) | (35,015 | ) | ||||||
Amortization of deferred costs | 531 | 531 | 837 | |||||||||
(Increase) decrease in other assets, net of other liabilities and amounts due to subsidiaries | (484 | ) | (998 | ) | 846 | |||||||
Net cash provided by operating activities | 28,111 | 26,598 | 19,759 | |||||||||
Cash flows from investing activities: | ||||||||||||
Principal payments on ESOP loans receivable | — | 5,908 | 6,235 | |||||||||
Redemption of Astoria Capital Trust I common securities | — | 3,866 | — | |||||||||
Net cash provided by investing activities | — | 9,774 | 6,235 | |||||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from borrowings with original terms greater than three months | — | — | 250,000 | |||||||||
Repayment of borrowings with original terms greater than three months | — | (128,866 | ) | (250,000 | ) | |||||||
Cash payments for debt issuance costs | — | — | (2,653 | ) | ||||||||
Proceeds from issuance of common and preferred stock | 8,121 | 135,000 | — | |||||||||
Cash payments for preferred stock issuance costs | — | (5,204 | ) | — | ||||||||
Cash dividends paid to stockholders | (24,643 | ) | (20,688 | ) | (24,104 | ) | ||||||
Net tax benefit excess (shortfall) from stock-based compensation | 192 | (800 | ) | (4,123 | ) | |||||||
Net cash used in financing activities | (16,330 | ) | (20,558 | ) | (30,880 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | 11,781 | 15,814 | (4,886 | ) | ||||||||
Cash and cash equivalents at beginning of year | 63,418 | 47,604 | 52,490 | |||||||||
Cash and cash equivalents at end of year | $ | 75,199 | $ | 63,418 | $ | 47,604 | ||||||
Supplemental disclosure: | ||||||||||||
Cash paid during the year for interest | $ | 12,500 | $ | 18,898 | $ | 31,535 | ||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Federal reserve system cash reserve requirement | $42.20 | $37.70 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Loans Receivable and Allowance for Loan Losses (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Period of time after which we discontinue accruing interest on loans | 90 days |
Period of time in non-accrual status for restructured loans to demonstrate performance | 6 months |
Period after which loans are individually evaluated for impairment | 180 days |
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 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Premises and Equipment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Accumulated depreciation and amortization of premises and equipment | $203.90 | $194.10 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Goodwill (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | ||
Goodwill | $185,151,000 | $185,151,000 |
Goodwill impairment | $0 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Bank Owned Life Insurance (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accounting Policies [Abstract] | ||
Bank owned life insurance, cash surrender value | $402,100,000 | $395,800,000 |
Bank owned life insurance, stabilization reserve | 28,700,000 | 27,600,000 |
Bank owned life insurance, deferred acquisition costs | $1,000 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Real Estate Owned (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accounting Policies [Abstract] | ||
Real estate owned, valuation allowance for losses | $839,000 | $834,000 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies - Earnings Per Common Share (Details) | Dec. 31, 2014 |
Accounting Policies [Abstract] | |
Unallocated common stock held by ESOP shares | 0 |
Securities_Details
Securities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Securities | ||
Available-for-sale, amortized cost | $383,631 | $414,457 |
Available-for-sale, gross unrealized gains | 4,282 | 1,904 |
Available-for-sale, gross unrealized losses | -3,554 | -14,671 |
Total available-for-sale securities | 384,359 | 401,690 |
Total held-to-maturity securities | 2,133,804 | 1,849,526 |
Held-to-maturity, gross unrealized gains | 17,605 | 13,023 |
Held-to-maturity, gross unrealized losses | -20,038 | -51,427 |
Held-to-maturity securities, fair value | 2,131,371 | 1,811,122 |
GSE issuance REMICs and CMOs | ||
Securities | ||
Available-for-sale, amortized cost | 266,946 | 292,131 |
Available-for-sale, gross unrealized gains | 3,608 | 1,077 |
Available-for-sale, gross unrealized losses | -1,556 | -7,134 |
Total available-for-sale securities | 268,998 | 286,074 |
Total held-to-maturity securities | 1,575,402 | 1,474,506 |
Held-to-maturity, gross unrealized gains | 14,536 | 12,877 |
Held-to-maturity, gross unrealized losses | -14,041 | -33,925 |
Held-to-maturity securities, fair value | 1,575,897 | 1,453,458 |
Non-GSE issuance REMICs and CMOs | ||
Securities | ||
Available-for-sale, amortized cost | 5,071 | 7,516 |
Available-for-sale, gross unrealized gains | 34 | 57 |
Available-for-sale, gross unrealized losses | -1 | -1 |
Total available-for-sale securities | 5,104 | 7,572 |
Total held-to-maturity securities | 2,482 | 3,833 |
Held-to-maturity, gross unrealized gains | 31 | 61 |
Held-to-maturity, gross unrealized losses | -7 | -10 |
Held-to-maturity securities, fair value | 2,506 | 3,884 |
GSE pass-through certificates | ||
Securities | ||
Available-for-sale, amortized cost | 12,919 | 16,120 |
Available-for-sale, gross unrealized gains | 640 | 770 |
Available-for-sale, gross unrealized losses | -2 | -2 |
Total available-for-sale securities | 13,557 | 16,888 |
Total held-to-maturity securities | 281,685 | 282,473 |
Held-to-maturity, gross unrealized gains | 2,442 | 85 |
Held-to-maturity, gross unrealized losses | -3,877 | -10,089 |
Held-to-maturity securities, fair value | 280,250 | 272,469 |
Total residential mortgage-backed securities | ||
Securities | ||
Available-for-sale, amortized cost | 284,936 | 315,767 |
Available-for-sale, gross unrealized gains | 4,282 | 1,904 |
Available-for-sale, gross unrealized losses | -1,559 | -7,137 |
Total available-for-sale securities | 287,659 | 310,534 |
Total held-to-maturity securities | 1,859,569 | 1,760,812 |
Held-to-maturity, gross unrealized gains | 17,009 | 13,023 |
Held-to-maturity, gross unrealized losses | -17,925 | -44,024 |
Held-to-maturity securities, fair value | 1,858,653 | 1,729,811 |
Multi-family mortgage-backed securities | ||
Securities | ||
Total held-to-maturity securities | 154,381 | |
Held-to-maturity, gross unrealized gains | 554 | |
Held-to-maturity, gross unrealized losses | -590 | |
Held-to-maturity securities, fair value | 154,345 | |
Obligations of GSEs | ||
Securities | ||
Available-for-sale, amortized cost | 98,680 | 98,675 |
Available-for-sale, gross unrealized losses | -1,982 | -7,522 |
Total available-for-sale securities | 96,698 | 91,153 |
Total held-to-maturity securities | 119,336 | 88,128 |
Held-to-maturity, gross unrealized gains | 42 | |
Held-to-maturity, gross unrealized losses | -1,523 | -7,403 |
Held-to-maturity securities, fair value | 117,855 | 80,725 |
Fannie Mae stock | ||
Securities | ||
Available-for-sale, amortized cost | 15 | 15 |
Available-for-sale, gross unrealized losses | -13 | -12 |
Total available-for-sale securities | 2 | 3 |
Other | ||
Securities | ||
Total held-to-maturity securities | 518 | 586 |
Held-to-maturity securities, fair value | $518 | $586 |
Securities_Details_2
Securities (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Securities | ||
Available-for-sale, less than twelve months, estimated fair value | $45,226 | $334,474 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 555 | 14,657 |
Available-for-sale, less than twelve months, gross unrealized losses | -892 | -43,112 |
Available-for-sale, twelve months or longer, estimated fair value | 147,718 | 205 |
Available-for-sale, twelve months or longer, gross unrealized losses | -2,999 | -14 |
Available-for-sale, total, estimated fair value | 192,944 | 334,679 |
Available-for-sale, total, gross unrealized losses | -3,554 | -14,671 |
Held-to-maturity, less than twelve months, estimated fair value | 222,216 | 1,031,627 |
Held-to-maturity, twelve months or longer, estimated fair value | 744,508 | 151,609 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 19,146 | 8,315 |
Held-to-maturity, total, estimated fair value | 966,724 | 1,183,236 |
Held-to-maturity, total, gross unrealized losses | -20,038 | -51,427 |
Held-to-maturity, amortized cost | -2,133,804 | -1,849,526 |
GSE issuance REMICs and CMOs | ||
Securities | ||
Available-for-sale, less than twelve months, estimated fair value | 20,587 | 243,149 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 159 | 7,134 |
Available-for-sale, less than twelve months, gross unrealized losses | -302 | -25,611 |
Available-for-sale, twelve months or longer, estimated fair value | 75,444 | |
Available-for-sale, twelve months or longer, gross unrealized losses | -1,397 | |
Available-for-sale, total, estimated fair value | 96,031 | 243,149 |
Available-for-sale, total, gross unrealized losses | -1,556 | -7,134 |
Held-to-maturity, less than twelve months, estimated fair value | 121,861 | 719,715 |
Held-to-maturity, twelve months or longer, estimated fair value | 500,348 | 151,581 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 13,739 | 8,314 |
Held-to-maturity, total, estimated fair value | 622,209 | 871,296 |
Held-to-maturity, total, gross unrealized losses | -14,041 | -33,925 |
Held-to-maturity, amortized cost | -1,575,402 | -1,474,506 |
Non-GSE issuance REMICs and CMOs | ||
Securities | ||
Available-for-sale, less than twelve months, gross unrealized losses | -10 | |
Available-for-sale, twelve months or longer, estimated fair value | 96 | 132 |
Available-for-sale, twelve months or longer, gross unrealized losses | -1 | -1 |
Available-for-sale, total, estimated fair value | 96 | 132 |
Available-for-sale, total, gross unrealized losses | -1 | -1 |
Held-to-maturity, less than twelve months, estimated fair value | 392 | |
Held-to-maturity, twelve months or longer, estimated fair value | 294 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 7 | |
Held-to-maturity, total, estimated fair value | 294 | 392 |
Held-to-maturity, total, gross unrealized losses | -7 | -10 |
Held-to-maturity, amortized cost | -2,482 | -3,833 |
GSE pass-through certificates | ||
Securities | ||
Available-for-sale, less than twelve months, estimated fair value | 53 | 172 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 1 |
Available-for-sale, less than twelve months, gross unrealized losses | -10,088 | |
Available-for-sale, twelve months or longer, estimated fair value | 64 | 70 |
Available-for-sale, twelve months or longer, gross unrealized losses | -1 | -1 |
Available-for-sale, total, estimated fair value | 117 | 242 |
Available-for-sale, total, gross unrealized losses | -2 | -2 |
Held-to-maturity, less than twelve months, estimated fair value | 230,795 | |
Held-to-maturity, twelve months or longer, estimated fair value | 164,453 | 28 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3,877 | 1 |
Held-to-maturity, total, estimated fair value | 164,453 | 230,823 |
Held-to-maturity, total, gross unrealized losses | -3,877 | -10,089 |
Held-to-maturity, amortized cost | -281,685 | -282,473 |
Multi-family mortgage-backed securities | ||
Securities | ||
Available-for-sale, less than twelve months, gross unrealized losses | -590 | |
Held-to-maturity, less than twelve months, estimated fair value | 100,355 | |
Held-to-maturity, total, estimated fair value | 100,355 | |
Held-to-maturity, total, gross unrealized losses | -590 | |
Held-to-maturity, amortized cost | -154,381 | |
Obligations of GSEs | ||
Securities | ||
Available-for-sale, less than twelve months, estimated fair value | 24,586 | 91,153 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 395 | 7,522 |
Available-for-sale, less than twelve months, gross unrealized losses | -7,403 | |
Available-for-sale, twelve months or longer, estimated fair value | 72,112 | |
Available-for-sale, twelve months or longer, gross unrealized losses | -1,587 | |
Available-for-sale, total, estimated fair value | 96,698 | 91,153 |
Available-for-sale, total, gross unrealized losses | -1,982 | -7,522 |
Held-to-maturity, less than twelve months, estimated fair value | 80,725 | |
Held-to-maturity, twelve months or longer, estimated fair value | 79,413 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1,523 | |
Held-to-maturity, total, estimated fair value | 79,413 | 80,725 |
Held-to-maturity, total, gross unrealized losses | -1,523 | -7,403 |
Held-to-maturity, amortized cost | -119,336 | -88,128 |
Fannie Mae stock | ||
Securities | ||
Available-for-sale, twelve months or longer, estimated fair value | 2 | 3 |
Available-for-sale, twelve months or longer, gross unrealized losses | -13 | -12 |
Available-for-sale, total, estimated fair value | 2 | 3 |
Available-for-sale, total, gross unrealized losses | ($13) | ($12) |
Securities_Details_3
Securities (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
security | security | ||
Securities | |||
Number of securities held with unrealized loss | 80 | 109 | |
Proceeds from sales of securities available-for-sale | $14,447,000 | $41,640,000 | $60,318,000 |
Gross realized gains from sale of available for sale securities | 141,000 | 2,057,000 | 8,477,000 |
Total available-for-sale securities | 384,359,000 | 401,690,000 | |
Held-to-maturity, amortized cost | 2,133,804,000 | 1,849,526,000 | |
Held-to-maturity, fair value | 2,131,371,000 | 1,811,122,000 | |
Callable securities, amortized cost | 218,000,000 | ||
Callable securities amortized cost, callable within one year and thereafter | 201,600,000 | ||
Accrued interest receivable for securities | 6,700,000 | 6,300,000 | |
Available-for-sale debt securities, excluding mortgage-backed securities | |||
Securities | |||
Available-for-sale debt securities, amortized cost | 98,700,000 | ||
Total available-for-sale securities | 96,700,000 | ||
Held-to-maturity debt securities, excluding mortgage-backed securities | |||
Securities | |||
Held-to-maturity, amortized cost | 119,900,000 | ||
Held-to-maturity, fair value | $118,400,000 |
Loans_HeldforSale_Details
Loans Held-for-Sale (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Mortgage Loans on Real Estate [Line Items] | |||
Loans held-for-sale, net | $7,640,000 | $7,375,000 | |
Net gain (loss) on sales of loans | 1,763,000 | 6,880,000 | 7,590,000 |
Non-performing loans held-for-sale, net | |||
Mortgage Loans on Real Estate [Line Items] | |||
Loans held-for-sale, net | 153,000 | 791,000 | |
Sale of delinquent and non-performing mortgage loans, net of charge-offs, amount | 4,900,000 | 19,400,000 | 22,000,000 |
Charge-offs on delinquent and non-performing mortgage loans sold | 517,000 | 5,200,000 | 11,500,000 |
Net gain (loss) on sales of loans | -892,000 | 122,000 | 1,300,000 |
Net lower of cost or market write-downs | $87,000 | $272,000 | |
Non-performing multi family mortgage loans | |||
Mortgage Loans on Real Estate [Line Items] | |||
Number of non-performing loans held-for-sale | 1 |
Loans_Receivable_and_Allowance2
Loans Receivable and Allowance for Loan Losses (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | $82,526 | $115,982 | ||
Past due 60-89 days | 25,313 | 26,750 | ||
Past due 90 days or more | 62,834 | 250,534 | ||
Total past due | 170,673 | 393,266 | ||
Current | 11,739,049 | 11,993,112 | ||
Total | 11,909,722 | 12,386,378 | ||
Deferred loan origination costs | 47,726 | 55,688 | ||
Loans receivable | 11,957,448 | 12,442,066 | ||
Allowance for loan losses | -111,600 | -139,000 | -145,501 | -157,185 |
Loans receivable, net | 11,845,848 | 12,303,066 | ||
Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 77,097 | 107,754 | ||
Past due 60-89 days | 22,852 | 24,154 | ||
Past due 90 days or more | 4,093 | 384 | ||
Total past due | 104,042 | 132,292 | ||
Current | 11,681,961 | 11,922,468 | ||
Total | 11,786,003 | 12,054,760 | ||
Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 5,429 | 8,228 | ||
Past due 60-89 days | 2,461 | 2,596 | ||
Past due 90 days or more | 58,741 | 250,150 | ||
Total past due | 66,631 | 260,974 | ||
Current | 57,088 | 70,644 | ||
Total | 123,719 | 331,618 | ||
Consumer and other loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 2,430 | 3,177 | ||
Past due 60-89 days | 962 | 1,340 | ||
Past due 90 days or more | 6,040 | 5,948 | ||
Total past due | 9,432 | 10,465 | ||
Current | 239,936 | 229,216 | ||
Total | 249,368 | 239,681 | ||
Allowance for loan losses | -8,825 | -8,824 | -6,316 | -3,800 |
Consumer and other loans | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 2,430 | 3,177 | ||
Past due 60-89 days | 962 | 1,340 | ||
Total past due | 3,392 | 4,517 | ||
Current | 239,936 | 229,184 | ||
Total | 243,328 | 233,701 | ||
Consumer and other loans | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 90 days or more | 6,040 | 5,948 | ||
Total past due | 6,040 | 5,948 | ||
Current | 32 | |||
Total | 6,040 | 5,980 | ||
Consumer and other loans | Home equity and other consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 2,430 | 3,177 | ||
Past due 60-89 days | 962 | 1,340 | ||
Past due 90 days or more | 6,040 | 5,948 | ||
Total past due | 9,432 | 10,465 | ||
Current | 175,121 | 198,458 | ||
Total | 184,553 | 208,923 | ||
Consumer and other loans | Home equity and other consumer | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 2,430 | 3,177 | ||
Past due 60-89 days | 962 | 1,340 | ||
Total past due | 3,392 | 4,517 | ||
Current | 175,121 | 198,426 | ||
Total | 178,513 | 202,943 | ||
Consumer and other loans | Home equity and other consumer | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 90 days or more | 6,040 | 5,948 | ||
Total past due | 6,040 | 5,948 | ||
Current | 32 | |||
Total | 6,040 | 5,980 | ||
Consumer and other loans | Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Current | 64,815 | 30,758 | ||
Total | 64,815 | 30,758 | ||
Consumer and other loans | Commercial and industrial | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Current | 64,815 | 30,758 | ||
Total | 64,815 | 30,758 | ||
Mortgage loans (gross) | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 80,096 | 112,805 | ||
Past due 60-89 days | 24,351 | 25,410 | ||
Past due 90 days or more | 56,794 | 244,586 | ||
Total past due | 161,241 | 382,801 | ||
Current | 11,499,113 | 11,763,896 | ||
Total | 11,660,354 | 12,146,697 | ||
Mortgage loans (gross) | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 74,667 | 104,577 | ||
Past due 60-89 days | 21,890 | 22,814 | ||
Past due 90 days or more | 4,093 | 384 | ||
Total past due | 100,650 | 127,775 | ||
Current | 11,442,025 | 11,693,284 | ||
Total | 11,542,675 | 11,821,059 | ||
Mortgage loans (gross) | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 5,429 | 8,228 | ||
Past due 60-89 days | 2,461 | 2,596 | ||
Past due 90 days or more | 52,701 | 244,202 | ||
Total past due | 60,591 | 255,026 | ||
Current | 57,088 | 70,612 | ||
Total | 117,679 | 325,638 | ||
Mortgage loans (gross) | Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 73,326 | 96,302 | ||
Past due 60-89 days | 21,290 | 22,393 | ||
Past due 90 days or more | 44,989 | 234,378 | ||
Total past due | 139,605 | 353,073 | ||
Current | 6,733,931 | 7,684,203 | ||
Total | 6,873,536 | 8,037,276 | ||
Allowance for loan losses | -46,283 | -80,337 | -89,267 | -105,991 |
Mortgage loans (gross) | Residential mortgage loans | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 69,335 | 90,108 | ||
Past due 60-89 days | 19,175 | 20,154 | ||
Past due 90 days or more | 144 | 151 | ||
Total past due | 88,654 | 110,413 | ||
Current | 6,684,871 | 7,621,388 | ||
Total | 6,773,525 | 7,731,801 | ||
Mortgage loans (gross) | Residential mortgage loans | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 3,991 | 6,194 | ||
Past due 60-89 days | 2,115 | 2,239 | ||
Past due 90 days or more | 44,845 | 234,227 | ||
Total past due | 50,951 | 242,660 | ||
Current | 49,060 | 62,815 | ||
Total | 100,011 | 305,475 | ||
Mortgage loans (gross) | Residential mortgage loans | Full documentation interest-only loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 16,314 | 29,476 | ||
Past due 60-89 days | 7,690 | 5,802 | ||
Past due 90 days or more | 11,502 | 78,271 | ||
Total past due | 35,506 | 113,549 | ||
Current | 818,676 | 1,268,652 | ||
Total | 854,182 | 1,382,201 | ||
Mortgage loans (gross) | Residential mortgage loans | Full documentation interest-only loans | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 13,943 | 27,291 | ||
Past due 60-89 days | 7,332 | 5,220 | ||
Total past due | 21,275 | 32,511 | ||
Current | 804,880 | 1,249,462 | ||
Total | 826,155 | 1,281,973 | ||
Mortgage loans (gross) | Residential mortgage loans | Full documentation interest-only loans | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 2,371 | 2,185 | ||
Past due 60-89 days | 358 | 582 | ||
Past due 90 days or more | 11,502 | 78,271 | ||
Total past due | 14,231 | 81,038 | ||
Current | 13,796 | 19,190 | ||
Total | 28,027 | 100,228 | ||
Mortgage loans (gross) | Residential mortgage loans | Full documentation amortizing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 26,082 | 32,516 | ||
Past due 60-89 days | 7,849 | 8,068 | ||
Past due 90 days or more | 14,355 | 42,085 | ||
Total past due | 48,286 | 82,669 | ||
Current | 4,955,407 | 5,336,788 | ||
Total | 5,003,693 | 5,419,457 | ||
Mortgage loans (gross) | Residential mortgage loans | Full documentation amortizing loans | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 25,878 | 31,189 | ||
Past due 60-89 days | 7,611 | 7,415 | ||
Past due 90 days or more | 144 | 151 | ||
Total past due | 33,633 | 38,755 | ||
Current | 4,948,391 | 5,325,944 | ||
Total | 4,982,024 | 5,364,699 | ||
Mortgage loans (gross) | Residential mortgage loans | Full documentation amortizing loans | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 204 | 1,327 | ||
Past due 60-89 days | 238 | 653 | ||
Past due 90 days or more | 14,211 | 41,934 | ||
Total past due | 14,653 | 43,914 | ||
Current | 7,016 | 10,844 | ||
Total | 21,669 | 54,758 | ||
Mortgage loans (gross) | Residential mortgage loans | Reduced documentation interest-only loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 19,310 | 24,700 | ||
Past due 60-89 days | 3,037 | 5,787 | ||
Past due 90 days or more | 16,289 | 87,910 | ||
Total past due | 38,636 | 118,397 | ||
Current | 572,372 | 721,264 | ||
Total | 611,008 | 839,661 | ||
Mortgage loans (gross) | Residential mortgage loans | Reduced documentation interest-only loans | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 18,490 | 22,635 | ||
Past due 60-89 days | 2,584 | 5,208 | ||
Total past due | 21,074 | 27,843 | ||
Current | 547,350 | 693,660 | ||
Total | 568,424 | 721,503 | ||
Mortgage loans (gross) | Residential mortgage loans | Reduced documentation interest-only loans | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 820 | 2,065 | ||
Past due 60-89 days | 453 | 579 | ||
Past due 90 days or more | 16,289 | 87,910 | ||
Total past due | 17,562 | 90,554 | ||
Current | 25,022 | 27,604 | ||
Total | 42,584 | 118,158 | ||
Mortgage loans (gross) | Residential mortgage loans | Reduced documentation amortizing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 11,620 | 9,610 | ||
Past due 60-89 days | 2,714 | 2,736 | ||
Past due 90 days or more | 2,843 | 26,112 | ||
Total past due | 17,177 | 38,458 | ||
Current | 387,476 | 357,499 | ||
Total | 404,653 | 395,957 | ||
Mortgage loans (gross) | Residential mortgage loans | Reduced documentation amortizing loans | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 11,024 | 8,993 | ||
Past due 60-89 days | 1,648 | 2,311 | ||
Total past due | 12,672 | 11,304 | ||
Current | 384,250 | 352,322 | ||
Total | 396,922 | 363,626 | ||
Mortgage loans (gross) | Residential mortgage loans | Reduced documentation amortizing loans | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 596 | 617 | ||
Past due 60-89 days | 1,066 | 425 | ||
Past due 90 days or more | 2,843 | 26,112 | ||
Total past due | 4,505 | 27,154 | ||
Current | 3,226 | 5,177 | ||
Total | 7,731 | 32,331 | ||
Mortgage loans (gross) | Multi-family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 4,294 | 13,844 | ||
Past due 60-89 days | 2,568 | 1,327 | ||
Past due 90 days or more | 8,917 | 9,054 | ||
Total past due | 15,779 | 24,225 | ||
Current | 3,897,274 | 3,272,230 | ||
Total | 3,913,053 | 3,296,455 | ||
Allowance for loan losses | -39,250 | -36,703 | -35,514 | -35,422 |
Mortgage loans (gross) | Multi-family | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 3,646 | 12,740 | ||
Past due 60-89 days | 2,222 | 970 | ||
Past due 90 days or more | 1,790 | |||
Total past due | 7,658 | 13,710 | ||
Current | 3,893,539 | 3,270,206 | ||
Total | 3,901,197 | 3,283,916 | ||
Mortgage loans (gross) | Multi-family | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 648 | 1,104 | ||
Past due 60-89 days | 346 | 357 | ||
Past due 90 days or more | 7,127 | 9,054 | ||
Total past due | 8,121 | 10,515 | ||
Current | 3,735 | 2,024 | ||
Total | 11,856 | 12,539 | ||
Mortgage loans (gross) | Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 2,476 | 2,659 | ||
Past due 60-89 days | 493 | 1,690 | ||
Past due 90 days or more | 2,888 | 1,154 | ||
Total past due | 5,857 | 5,503 | ||
Current | 867,908 | 807,463 | ||
Total | 873,765 | 812,966 | ||
Allowance for loan losses | -17,242 | -13,136 | -14,404 | -11,972 |
Mortgage loans (gross) | Commercial real estate | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 1,686 | 1,729 | ||
Past due 60-89 days | 493 | 1,690 | ||
Past due 90 days or more | 2,159 | 233 | ||
Total past due | 4,338 | 3,652 | ||
Current | 863,615 | 801,690 | ||
Total | 867,953 | 805,342 | ||
Mortgage loans (gross) | Commercial real estate | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Past due 30-59 days | 790 | 930 | ||
Past due 90 days or more | 729 | 921 | ||
Total past due | 1,519 | 1,851 | ||
Current | 4,293 | 5,773 | ||
Total | $5,812 | $7,624 |
Loans_Receivable_and_Allowance3
Loans Receivable and Allowance for Loan Losses (Details 2) (USD $) | 12 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 12, 2014 | Jul. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Charge-offs | $29,589,000 | $37,040,000 | $61,217,000 | ||||
Provision for loan losses (credited) charged to operations | -9,469,000 | 19,601,000 | 40,400,000 | ||||
Accrued interest receivable | 36,628,000 | 37,926,000 | |||||
Loans (gross) amount | 11,909,722,000 | 12,386,378,000 | |||||
Residential mortgage loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Amortizing hybrid ARM fixed rate period one | 5 years | 3 years | |||||
Amortizing hybrid ARM fixed rate period two | 7 years | ||||||
Amortizing hybrid ARM fixed rate period three | 10 years | ||||||
Amortizing interest-only hybrid ARM fixed rate period two, prior to the 2010 fourth quarter | 5 years | ||||||
Amortizing interest-only hybrid ARM fixed rate period three, prior to the 2010 fourth quarter | 7 years | ||||||
Interest-Only Hybrid ARM Loans, Interest-Only Payment Term | 10 years | ||||||
Residential mortgage loans | Geographic concentration risk | Minimum | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Percentage of total | 5.00% | ||||||
Non-performing multi family mortgage loans | Multi family and commercial real estate mortgage loan | New York Metropolitan Area [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Percentage of total | 85.00% | ||||||
Non-performing | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Non-accrual loans, interest that would have been recognized | 5,600,000 | 15,600,000 | 16,800,000 | ||||
Actual payment recorded as interest income | 3,600,000 | 6,200,000 | 4,300,000 | ||||
Total loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Accrued interest receivable | 29,900,000 | 31,700,000 | |||||
Mortgage loans (gross) | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans (gross) amount | 11,660,354,000 | 12,146,697,000 | |||||
Mortgage loans (gross) | Residential mortgage loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Charge-offs | 19,868,000 | 26,644,000 | 49,794,000 | ||||
Provision for loan losses (credited) charged to operations | -23,464,000 | 9,368,000 | 24,663,000 | ||||
Loans (gross) amount | 6,873,536,000 | 8,037,276,000 | |||||
Mortgage loans (gross) | Residential mortgage loans | Pre 2007 interest only loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans (gross) amount | 1,060,000,000 | 1,660,000,000 | |||||
Mortgage loans (gross) | Residential mortgage loans | Reduced documentation loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans (gross) amount | 1,020,000,000 | 1,240,000,000 | |||||
Mortgage loans (gross) | Residential mortgage loans | Reduced documentation loans | SISA (stated income, stated asset) loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans (gross) amount | 148,900,000 | 193,000,000 | |||||
Non-performing loans held-for-sale, net | Residential mortgage loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Charge-offs | 8,700,000 | ||||||
Non performing residential mortgage loans transferred to held for sale | 195,000,000 | ||||||
Non performing residential mortgage loans held for sale | 186,300,000 | ||||||
Provision for loan losses (credited) charged to operations | -5,700,000 | ||||||
Carrying value, loans sold | 4,000,000 | 173,700,000 | |||||
Gain (loss) on sales of loans, net | $920,000 |
Loans_Receivable_and_Allowance4
Loans Receivable and Allowance for Loan Losses (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Loans receivable and allowance for loan losses | |||
Balance at the beginning of the period | $139,000 | $145,501 | $157,185 |
Provision (credited) charged to operations | -9,469 | 19,601 | 40,400 |
Charge-offs | -29,589 | -37,040 | -61,217 |
Recoveries | 11,658 | 10,938 | 9,133 |
Balance at the end of the period | 111,600 | 139,000 | 145,501 |
Consumer and other loans | |||
Loans receivable and allowance for loan losses | |||
Balance at the beginning of the period | 8,824 | 6,316 | 3,800 |
Provision (credited) charged to operations | 1,709 | 3,604 | 4,538 |
Charge-offs | -2,073 | -1,916 | -2,541 |
Recoveries | 365 | 820 | 519 |
Balance at the end of the period | 8,825 | 8,824 | 6,316 |
Mortgage loans (gross) | Residential mortgage loans | |||
Loans receivable and allowance for loan losses | |||
Balance at the beginning of the period | 80,337 | 89,267 | 105,991 |
Provision (credited) charged to operations | -23,464 | 9,368 | 24,663 |
Charge-offs | -19,868 | -26,644 | -49,794 |
Recoveries | 9,278 | 8,346 | 8,407 |
Balance at the end of the period | 46,283 | 80,337 | 89,267 |
Mortgage loans (gross) | Multi-family | |||
Loans receivable and allowance for loan losses | |||
Balance at the beginning of the period | 36,703 | 35,514 | 35,422 |
Provision (credited) charged to operations | 5,337 | 4,684 | 6,161 |
Charge-offs | -4,365 | -4,732 | -6,275 |
Recoveries | 1,575 | 1,237 | 206 |
Balance at the end of the period | 39,250 | 36,703 | 35,514 |
Mortgage loans (gross) | Commercial real estate | |||
Loans receivable and allowance for loan losses | |||
Balance at the beginning of the period | 13,136 | 14,404 | 11,972 |
Provision (credited) charged to operations | 6,949 | 1,945 | 5,038 |
Charge-offs | -3,283 | -3,748 | -2,607 |
Recoveries | 440 | 535 | 1 |
Balance at the end of the period | $17,242 | $13,136 | $14,404 |
Loans_Receivable_and_Allowance5
Loans Receivable and Allowance for Loan Losses (Details 4) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Recorded Investment | ||
Total | $11,909,722 | $12,386,378 |
Residential mortgage loans | Interest-only loans | ||
Recorded Investment | ||
2015 | 573,633 | |
2016 | 415,608 | |
2017 | 390,439 | |
2018 and thereafter | 85,510 | |
Total | $1,465,190 |
Loans_Receivable_and_Allowance6
Loans Receivable and Allowance for Loan Losses (Details 5) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Recorded Investment | ||
Total | $11,909,722 | $12,386,378 |
Past due 90 days or more | 62,834 | 250,534 |
Consumer and other loans | ||
Recorded Investment | ||
Total | 249,368 | 239,681 |
Past due 90 days or more | 6,040 | 5,948 |
Consumer and other loans | Home equity and other consumer | ||
Recorded Investment | ||
Total | 184,553 | 208,923 |
Consumer and other loans | Commercial and industrial | ||
Recorded Investment | ||
Total | 64,815 | 30,758 |
Mortgage loans (gross) | ||
Recorded Investment | ||
Total | 11,660,354 | 12,146,697 |
Past due 90 days or more | 56,794 | 244,586 |
Mortgage loans (gross) | Residential mortgage loans | ||
Recorded Investment | ||
Total | 6,873,536 | 8,037,276 |
Past due 90 days or more | 44,989 | 234,378 |
Mortgage loans (gross) | Residential mortgage loans | Full documentation interest-only loans | ||
Recorded Investment | ||
Total | 854,182 | 1,382,201 |
Past due 90 days or more | 11,502 | 78,271 |
Mortgage loans (gross) | Residential mortgage loans | Full documentation amortizing loans | ||
Recorded Investment | ||
Total | 5,003,693 | 5,419,457 |
Past due 90 days or more | 14,355 | 42,085 |
Mortgage loans (gross) | Residential mortgage loans | Reduced documentation interest-only loans | ||
Recorded Investment | ||
Total | 611,008 | 839,661 |
Past due 90 days or more | 16,289 | 87,910 |
Mortgage loans (gross) | Residential mortgage loans | Reduced documentation amortizing loans | ||
Recorded Investment | ||
Total | 404,653 | 395,957 |
Past due 90 days or more | 2,843 | 26,112 |
Performing | Consumer and other loans | Home equity and other consumer | ||
Recorded Investment | ||
Total | 178,513 | 202,943 |
Performing | Consumer and other loans | Commercial and industrial | ||
Recorded Investment | ||
Total | 64,815 | 30,758 |
Performing | Mortgage loans (gross) | Residential mortgage loans | Full documentation interest-only loans | ||
Recorded Investment | ||
Total | 826,155 | 1,281,973 |
Performing | Mortgage loans (gross) | Residential mortgage loans | Full documentation amortizing loans | ||
Recorded Investment | ||
Total | 4,981,880 | 5,364,548 |
Performing | Mortgage loans (gross) | Residential mortgage loans | Reduced documentation interest-only loans | ||
Recorded Investment | ||
Total | 568,424 | 721,503 |
Performing | Mortgage loans (gross) | Residential mortgage loans | Reduced documentation amortizing loans | ||
Recorded Investment | ||
Total | 396,922 | 363,626 |
Non-performing | Consumer and other loans | Home equity and other consumer | ||
Recorded Investment | ||
Current or past due less than 90 days | 32 | |
Past due 90 days or more | 6,040 | 5,948 |
Non-performing | Mortgage loans (gross) | Residential mortgage loans | Full documentation interest-only loans | ||
Recorded Investment | ||
Current or past due less than 90 days | 16,525 | 21,957 |
Past due 90 days or more | 11,502 | 78,271 |
Non-performing | Mortgage loans (gross) | Residential mortgage loans | Full documentation amortizing loans | ||
Recorded Investment | ||
Current or past due less than 90 days | 7,458 | 12,824 |
Past due 90 days or more | 14,355 | 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 | 26,295 | 30,248 |
Past due 90 days or more | 16,289 | 87,910 |
Non-performing | Mortgage loans (gross) | Residential mortgage loans | Reduced documentation amortizing loans | ||
Recorded Investment | ||
Current or past due less than 90 days | 4,888 | 6,219 |
Past due 90 days or more | $2,843 | $26,112 |
Loans_Receivable_and_Allowance7
Loans Receivable and Allowance for Loan Losses (Details 6) (USD $) | Dec. 31, 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 | $11,909,722 | $12,386,378 |
Mortgage loans (gross) | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ||
Total | 11,660,354 | 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 | 3,913,053 | 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 | 3,850,068 | 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 | 30,975 | 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 | 31,264 | 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 | 746 | |
Mortgage loans (gross) | Commercial real estate | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ||
Total | 873,765 | 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 | 817,404 | 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 | 22,584 | 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 | 32,664 | 44,092 |
Mortgage loans (gross) | Commercial real estate | Doubtful | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ||
Total | $1,113 |
Loans_Receivable_and_Allowance8
Loans Receivable and Allowance for Loan Losses (Details 7) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Individually evaluated for impairment | $248,436 | $384,522 | ||
Collectively evaluated for impairment | 11,661,286 | 12,001,856 | ||
Total | 11,909,722 | 12,386,378 | ||
Individually evaluated for impairment | 19,732 | 21,531 | ||
Collectively evaluated for impairment | 91,868 | 117,469 | ||
Total allowance for loan losses | 111,600 | 139,000 | 145,501 | 157,185 |
Consumer and other loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Individually evaluated for impairment | 5,153 | |||
Collectively evaluated for impairment | 244,215 | 239,681 | ||
Total | 249,368 | 239,681 | ||
Individually evaluated for impairment | 3,810 | |||
Collectively evaluated for impairment | 5,015 | 8,824 | ||
Total allowance for loan losses | 8,825 | 8,824 | 6,316 | 3,800 |
Mortgage loans (gross) | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 11,660,354 | 12,146,697 | ||
Mortgage loans (gross) | Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Individually evaluated for impairment | 181,402 | 311,930 | ||
Collectively evaluated for impairment | 6,692,134 | 7,725,346 | ||
Total | 6,873,536 | 8,037,276 | ||
Individually evaluated for impairment | 10,304 | 18,352 | ||
Collectively evaluated for impairment | 35,979 | 61,985 | ||
Total allowance for loan losses | 46,283 | 80,337 | 89,267 | 105,991 |
Mortgage loans (gross) | Multi-family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Individually evaluated for impairment | 42,611 | 52,538 | ||
Collectively evaluated for impairment | 3,870,442 | 3,243,917 | ||
Total | 3,913,053 | 3,296,455 | ||
Individually evaluated for impairment | 3,172 | 2,877 | ||
Collectively evaluated for impairment | 36,078 | 33,826 | ||
Total allowance for loan losses | 39,250 | 36,703 | 35,514 | 35,422 |
Mortgage loans (gross) | Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Individually evaluated for impairment | 19,270 | 20,054 | ||
Collectively evaluated for impairment | 854,495 | 792,912 | ||
Total | 873,765 | 812,966 | ||
Individually evaluated for impairment | 2,446 | 302 | ||
Collectively evaluated for impairment | 14,796 | 12,834 | ||
Total allowance for loan losses | $17,242 | $13,136 | $14,404 | $11,972 |
Loans_Receivable_and_Allowance9
Loans Receivable and Allowance for Loan Losses (Details 8) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired | ||
Loans receivable | $11,957,448 | $12,442,066 |
Unpaid principal balance | 289,737 | 483,132 |
Recorded investment | 248,436 | 384,522 |
Related allowance | -19,732 | -21,531 |
Net investment | 228,704 | 362,991 |
Residential mortgage loans | Full documentation interest-only loans | ||
Financing Receivable, Impaired | ||
Unpaid principal balance, loans with an allowance recorded | 55,352 | 142,659 |
Recorded investment, loans with an allowance recorded | 46,331 | 109,877 |
Related allowance | -3,391 | -6,019 |
Net investment, loans with an allowance recorded | 42,940 | 103,858 |
Residential mortgage loans | Full documentation amortizing loans | ||
Financing Receivable, Impaired | ||
Unpaid principal balance, loans with an allowance recorded | 43,044 | 41,136 |
Recorded investment, loans with an allowance recorded | 39,994 | 36,091 |
Related allowance | -1,425 | -2,458 |
Net investment, loans with an allowance recorded | 38,569 | 33,633 |
Residential mortgage loans | Reduced documentation interest-only loans | ||
Financing Receivable, Impaired | ||
Unpaid principal balance, loans with an allowance recorded | 90,171 | 183,280 |
Recorded investment, loans with an allowance recorded | 76,960 | 140,357 |
Related allowance | -4,661 | -7,673 |
Net investment, loans with an allowance recorded | 72,299 | 132,684 |
Residential mortgage loans | Reduced documentation amortizing loans | ||
Financing Receivable, Impaired | ||
Unpaid principal balance, loans with an allowance recorded | 19,463 | 30,660 |
Recorded investment, loans with an allowance recorded | 18,117 | 25,605 |
Related allowance | -827 | -2,202 |
Net investment, loans with an allowance recorded | 17,290 | 23,403 |
Multi-family | ||
Financing Receivable, Impaired | ||
Unpaid principal balance, loans with an allowance recorded | 34,972 | 19,748 |
Unpaid principal balance, loans without an allowance recorded | 16,308 | 39,871 |
Recorded investment, loans with an allowance recorded | 28,109 | 19,748 |
Recorded investment, loans without an allowance recorded | 14,502 | 32,790 |
Related allowance | -3,172 | -2,877 |
Net investment, loans with an allowance recorded | 24,937 | 16,871 |
Net investment, loans without an allowance recorded | 14,502 | 32,790 |
Commercial real estate | ||
Financing Receivable, Impaired | ||
Unpaid principal balance, loans with an allowance recorded | 24,991 | 5,790 |
Unpaid principal balance, loans without an allowance recorded | 19,988 | |
Recorded investment, loans with an allowance recorded | 19,270 | 5,790 |
Recorded investment, loans without an allowance recorded | 14,264 | |
Related allowance | -2,446 | -302 |
Net investment, loans with an allowance recorded | 16,824 | 5,488 |
Net investment, loans without an allowance recorded | 14,264 | |
Consumer and other loans | Home equity and other consumer | ||
Financing Receivable, Impaired | ||
Unpaid principal balance, loans with an allowance recorded | 5,436 | |
Recorded investment, loans with an allowance recorded | 5,153 | |
Related allowance | -3,810 | |
Net investment, loans with an allowance recorded | 1,343 | |
Loans in process of foreclosure collateralized by residential real estate property | ||
Financing Receivable, Impaired | ||
Loans receivable | $24,700 |
Recovered_Sheet1
Loans Receivable and Allowance for Loan Losses (Details 9) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class | |||
Average recorded investment | $330,190 | $396,575 | $342,760 |
Interest income recognized | 10,714 | 12,216 | 9,781 |
Cash basis interest income | 10,922 | 12,677 | 10,212 |
Residential mortgage loans | Full documentation interest-only 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 | 84,264 | 106,720 | 10,436 |
Average recorded investment, loans without an allowance recorded | 11,547 | 82,631 | |
Interest income recognized, loans with an allowance recorded | 1,860 | 2,938 | 348 |
Interest income recognized, loans without an allowance recorded | 1,633 | ||
Cash basis interest income, loans with an allowance recorded | 1,920 | 3,068 | 350 |
Cash basis interest income, loans without an allowance recorded | 1,739 | ||
Residential mortgage loans | 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 | 38,340 | 30,790 | 4,482 |
Average recorded investment, loans without an allowance recorded | 365 | 3,517 | 17,554 |
Interest income recognized, loans with an allowance recorded | 1,491 | 948 | 193 |
Interest income recognized, loans without an allowance recorded | 0 | 299 | |
Cash basis interest income, loans with an allowance recorded | 1,498 | 974 | 200 |
Cash basis interest income, loans without an allowance recorded | 332 | ||
Residential mortgage loans | Reduced documentation interest-only 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 | 112,172 | 145,490 | 11,352 |
Average recorded investment, loans without an allowance recorded | 1,669 | 115,593 | |
Interest income recognized, loans with an allowance recorded | 3,646 | 4,179 | 542 |
Interest income recognized, loans without an allowance recorded | 2,555 | ||
Cash basis interest income, loans with an allowance recorded | 3,671 | 4,371 | 543 |
Cash basis interest income, loans without an allowance recorded | 2,655 | ||
Residential mortgage loans | Reduced 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 | 22,137 | 25,460 | 2,445 |
Average recorded investment, loans without an allowance recorded | 17,319 | ||
Interest income recognized, loans with an allowance recorded | 655 | 696 | 114 |
Interest income recognized, loans without an allowance recorded | 367 | ||
Cash basis interest income, loans with an allowance recorded | 653 | 729 | 119 |
Cash basis interest income, loans without an allowance recorded | 384 | ||
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 | 30,291 | 19,130 | 48,196 |
Average recorded investment, loans without an allowance recorded | 17,225 | 33,193 | 14,617 |
Interest income recognized, loans with an allowance recorded | 1,320 | 737 | 663 |
Interest income recognized, loans without an allowance recorded | 632 | 1,606 | 2,053 |
Cash basis interest income, loans with an allowance recorded | 1,339 | 789 | 715 |
Cash basis interest income, loans without an allowance recorded | 633 | 1,671 | 2,088 |
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 | 17,341 | 8,112 | 12,724 |
Average recorded investment, loans without an allowance recorded | 2,853 | 10,947 | 5,411 |
Interest income recognized, loans with an allowance recorded | 1,065 | 367 | 495 |
Interest income recognized, loans without an allowance recorded | 745 | 519 | |
Cash basis interest income, loans with an allowance recorded | 1,154 | 377 | 540 |
Cash basis interest income, loans without an allowance recorded | 698 | 547 | |
Consumer portfolio segment | Home equity and other consumer | |||
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 | 5,202 | ||
Interest income recognized, loans with an allowance recorded | 45 | ||
Cash basis interest income, loans with an allowance recorded | $54 |
Recovered_Sheet2
Loans Receivable and Allowance for Loan Losses (Details 10) (Mortgage loans (gross), USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
loan | loan | loan | |
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | |||
Number of loans | 56 | 100 | 93 |
Pre-modification recorded investment | $22,744 | $43,099 | $62,994 |
Recorded investment | 21,471 | 41,008 | 56,941 |
Residential mortgage loans | Full documentation interest-only loans | |||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | |||
Number of loans | 21 | 26 | 20 |
Pre-modification recorded investment | 9,244 | 6,760 | 4,390 |
Recorded investment | 8,726 | 6,730 | 4,355 |
Residential mortgage loans | Full documentation amortizing loans | |||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | |||
Number of loans | 4 | 11 | 11 |
Pre-modification recorded investment | 889 | 3,753 | 3,319 |
Recorded investment | 812 | 3,734 | 3,291 |
Residential mortgage loans | Reduced documentation interest-only loans | |||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | |||
Number of loans | 19 | 37 | 29 |
Pre-modification recorded investment | 6,819 | 12,199 | 11,141 |
Recorded investment | 6,774 | 12,227 | 11,125 |
Residential mortgage loans | Reduced documentation amortizing loans | |||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | |||
Number of loans | 5 | 11 | 14 |
Pre-modification recorded investment | 809 | 3,404 | 3,984 |
Recorded investment | 745 | 3,325 | 3,860 |
Multi-family | |||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | |||
Number of loans | 4 | 8 | 16 |
Pre-modification recorded investment | 2,501 | 6,751 | 36,262 |
Recorded investment | 1,981 | 5,888 | 32,005 |
Commercial real estate | |||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | |||
Number of loans | 3 | 7 | 3 |
Pre-modification recorded investment | 2,482 | 10,232 | 3,898 |
Recorded investment | $2,433 | $9,104 | $2,305 |
Recovered_Sheet3
Loans Receivable and Allowance for Loan Losses (Details 11) (Mortgage loans (gross), USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
loan | loan | loan | |
Information about loans receivable by segment and class modified in troubled debt restructuring | |||
Number of loans | 9 | 37 | 14 |
Recorded investment | $3,463 | $9,521 | $7,854 |
Residential mortgage loans | Full documentation interest-only loans | |||
Information about loans receivable by segment and class modified in troubled debt restructuring | |||
Number of loans | 1 | 11 | 1 |
Recorded investment | 621 | 2,191 | 165 |
Residential mortgage loans | Full documentation amortizing loans | |||
Information about loans receivable by segment and class modified in troubled debt restructuring | |||
Number of loans | 2 | 4 | 2 |
Recorded investment | 319 | 1,334 | 643 |
Residential mortgage loans | Reduced documentation interest-only loans | |||
Information about loans receivable by segment and class modified in troubled debt restructuring | |||
Number of loans | 3 | 17 | 5 |
Recorded investment | 1,123 | 4,190 | 1,829 |
Residential mortgage loans | Reduced documentation amortizing loans | |||
Information about loans receivable by segment and class modified in troubled debt restructuring | |||
Number of loans | 3 | 4 | |
Recorded investment | 788 | 1,628 | |
Multi-family | |||
Information about loans receivable by segment and class modified in troubled debt restructuring | |||
Number of loans | 3 | 2 | 2 |
Recorded investment | $1,400 | $1,018 | $3,589 |
Recovered_Sheet4
Loans Receivable and Allowance for Loan Losses (Details 12) (Geographic concentration risk, Residential mortgage loans) | 12 Months Ended |
Dec. 31, 2014 | |
New York | |
Percentage of total residential mortgage loans by state or region | |
Percentage of total | 29.60% |
Connecticut | |
Percentage of total residential mortgage loans by state or region | |
Percentage of total | 9.90% |
Illinois | |
Percentage of total residential mortgage loans by state or region | |
Percentage of total | 8.80% |
Massachusetts | |
Percentage of total residential mortgage loans by state or region | |
Percentage of total | 8.60% |
Virginia | |
Percentage of total residential mortgage loans by state or region | |
Percentage of total | 7.50% |
New Jersey | |
Percentage of total residential mortgage loans by state or region | |
Percentage of total | 6.90% |
Maryland | |
Percentage of total residential mortgage loans by state or region | |
Percentage of total | 6.40% |
California | |
Percentage of total residential mortgage loans by state or region | |
Percentage of total | 5.70% |
Non-performing | New York | |
Percentage of total residential mortgage loans by state or region | |
Percentage of total | 11.40% |
Non-performing | Connecticut | |
Percentage of total residential mortgage loans by state or region | |
Percentage of total | 4.50% |
Non-performing | Illinois | |
Percentage of total residential mortgage loans by state or region | |
Percentage of total | 14.30% |
Non-performing | Massachusetts | |
Percentage of total residential mortgage loans by state or region | |
Percentage of total | 4.40% |
Non-performing | Virginia | |
Percentage of total residential mortgage loans by state or region | |
Percentage of total | 10.30% |
Non-performing | New Jersey | |
Percentage of total residential mortgage loans by state or region | |
Percentage of total | 14.00% |
Non-performing | Maryland | |
Percentage of total residential mortgage loans by state or region | |
Percentage of total | 14.90% |
Non-performing | California | |
Percentage of total residential mortgage loans by state or region | |
Percentage of total | 11.90% |
Mortgage_Servicing_Rights_Deta
Mortgage Servicing Rights (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Mortgage Servicing Rights | |||
Unpaid principal balances of loans serviced for others | $1,450,000,000 | $1,500,000,000 | |
Mortgage servicing rights | 11,401,000 | 12,800,000 | 6,947,000 |
Estimated fair value | |||
Mortgage Servicing Rights | |||
Mortgage servicing rights | $11,400,000 | $12,800,000 |
Mortgage_Servicing_Rights_Deta1
Mortgage Servicing Rights (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Servicing Asset [Abstract] | |||
Carrying amount before valuation allowance at beginning of year | $15,595 | $15,143 | $15,401 |
Additions – servicing obligations that result from transfers of financial assets | 1,123 | 3,681 | 3,651 |
Amortization | -2,582 | -3,229 | -3,909 |
Carrying amount before valuation allowance at end of year | 14,136 | 15,595 | 15,143 |
Valuation allowance at beginning of year | -2,795 | -8,196 | -7,265 |
Recovery of (provision for) valuation allowance | 60 | 5,401 | -931 |
Valuation allowance at end of year | -2,735 | -2,795 | -8,196 |
Net carrying amount at end of year | $11,401 | $12,800 | $6,947 |
Mortgage_Servicing_Rights_Deta2
Mortgage Servicing Rights (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Servicing Asset [Abstract] | |||
Loan servicing fees | $4,085,000 | $4,189,000 | $4,070,000 |
Net gain on sales of loans | 1,763,000 | 6,880,000 | 7,590,000 |
Amortization of MSR | -2,582,000 | -3,229,000 | -3,909,000 |
Recovery of (provision for) valuation allowance on MSR | 60,000 | 5,401,000 | -931,000 |
Total mortgage banking income, net | 3,326,000 | 13,241,000 | 6,820,000 |
Estimated future MSR amortization | |||
2015 | 2,300,000 | ||
2016 | 2,000,000 | ||
2017 | 1,600,000 | ||
2018 | 1,400,000 | ||
2019 | $1,200,000 |
Deposits_Details
Deposits (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Weighted Average Rate: | ||
Savings (as a percent) | 0.05% | 0.05% |
Money market (as a percent) | 0.24% | 0.25% |
NOW (as a percent) | 0.06% | 0.06% |
Total core deposits (as a percent) | 0.11% | 0.11% |
Certificates of deposit (as a percent) | 1.47% | 1.50% |
Total deposits (as a percent) | 0.50% | 0.57% |
Balance: | ||
Savings | $2,237,142 | $2,493,899 |
Money market | 2,373,484 | 1,972,136 |
NOW | 1,331,345 | 1,231,890 |
Non-interest bearing NOW and demand deposit | 867,432 | 865,588 |
Total core deposits | 6,809,403 | 6,563,513 |
Certificates of deposit | 2,695,506 | 3,291,797 |
Total deposits | $9,504,909 | $9,855,310 |
Percent of Total: | ||
Savings (as a percent) | 23.54% | 25.31% |
Money market (as a percent) | 24.96% | 20.01% |
NOW (as a percent) | 14.01% | 12.50% |
Non-interest bearing NOW and demand deposit (as a percent) | 9.13% | 8.78% |
Total core deposits (as a percent) | 71.64% | 66.60% |
Certificates of deposit (as a percent) | 28.36% | 33.40% |
Total deposits (as a percent) | 100.00% | 100.00% |
Deposits_Details_2
Deposits (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deposits [Abstract] | ||
Aggregate amount of certificates of deposit equal to or greater than $100,000 | $871,200,000 | $1,060,000,000 |
Brokered certificates of deposit | $0 |
Deposits_Details_3
Deposits (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Certificates of deposit | ||
2015, weighted average rate (as a percent) | 1.44% | |
2016, weighted average rate (as a percent) | 1.78% | |
2017, weighted average rate (as a percent) | 1.09% | |
2018, weighted average rate (as a percent) | 1.10% | |
2019, weighted average rate (as a percent) | 1.50% | |
2020 and thereafter, weighted average rate (as a percent) | 1.70% | |
Total, weighted average rate (as a percent) | 1.47% | |
2015, balance | $1,577,360 | |
2016, balance | 551,619 | |
2017, balance | 277,620 | |
2018, balance | 101,213 | |
2019, Balance | 186,384 | |
2020 and thereafter, balance | 1,310 | |
Total, balance | $2,695,506 | $3,291,797 |
2015 (as a percent) | 58.52% | |
2016 (as a percent) | 20.46% | |
2017 (as a percent) | 10.30% | |
2018 (as a percent) | 3.76% | |
2019 (as a percent) | 6.91% | |
2020 and thereafter (as a percent) | 0.05% | |
Percent of total | 100.00% |
Deposits_Details_4
Deposits (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Deposits [Abstract] | |||
Savings | $1,182 | $1,329 | $4,437 |
Money market | 5,527 | 5,646 | 8,944 |
Interest-bearing NOW | 706 | 691 | 978 |
Certificates of deposit | 43,940 | 54,951 | 83,662 |
Total interest expense on deposits | $51,355 | $62,617 | $98,021 |
Borrowings_Details
Borrowings (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitment and Contingencies | |||
Total borrowings, net | $4,187,691,000 | $4,137,161,000 | |
Weighted average rate (as a percent) | 2.26% | 2.41% | |
Reverse repurchase agreements | |||
Commitment and Contingencies | |||
Reverse repurchase agreements | 1,100,000,000 | 1,100,000,000 | 1,100,000,000 |
Weighted average rate, long-term debt | 3.62% | 3.87% | 4.32% |
FHLB advances | FHLB-NY | |||
Commitment and Contingencies | |||
FHLB-NY advances | 2,384,000,000 | 2,454,000,000 | 2,897,000,000 |
Weighted average rate, long-term debt | 1.72% | 1.79% | 2.07% |
Other borrowings, net | |||
Commitment and Contingencies | |||
Other borrowings, net | 248,691,000 | 248,161,000 | |
Weighted average rate, long-term debt | 5.00% | 5.00% | |
Federal funds purchased | |||
Commitment and Contingencies | |||
Federal Funds Purchased | 455,000,000 | 335,000,000 | |
Weighted average rate, short-term debt | 0.31% | 0.28% | |
Federal Reserve Bank of New York | |||
Commitment and Contingencies | |||
FRB discount window | 350,000,000 | ||
Securities pledged as collateral | 102,100,000 | ||
Federal Reserve Bank of New York | Commercial real estate mortgage loans | |||
Commitment and Contingencies | |||
Loans pledged as collateral | $601,200,000 |
Borrowings_Details_2
Borrowings (Details 2) (Federal funds purchased, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Federal funds purchased | ||
Short Term Borrowings | ||
Average balance during the year | $377.10 | $209.40 |
Weighted average interest rate during the year (as a percent) | 0.30% | 0.28% |
Maximum amount outstanding at any month end during the year | $455 | $335 |
Borrowings_Details_3
Borrowings (Details 3) (Reverse repurchase agreements, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reverse repurchase agreements | |||
Borrowings | |||
Average balance during the year | $1,100,000 | $1,100,000 | $1,422,678 |
Maximum balance at any month end during the year | 1,100,000 | 1,100,000 | 1,700,000 |
Balance outstanding at end of year | $1,100,000 | $1,100,000 | $1,100,000 |
Weighted average interest rate during the year (as a percent) | 3.82% | 4.06% | 4.28% |
Weighted average interest rate at end of year | 3.62% | 3.87% | 4.32% |
Borrowings_Details_4
Borrowings (Details 4) (Reverse repurchase agreements, USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reverse repurchase agreements | |||
Borrowings | |||
2018 | $200,000,000 | ||
2019 | 600,000,000 | ||
2020 | 300,000,000 | ||
Total | 1,100,000,000 | 1,100,000,000 | 1,100,000,000 |
Callable in 2015 | 100,000,000 | ||
Callable in 2016 | 100,000,000 | ||
Callable in 2017 | $100,000,000 |
Borrowings_Details_5
Borrowings (Details 5) (FHLB advances, FHLB-NY, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
FHLB advances | FHLB-NY | |||
FHLB-NY advances | |||
Average balance during the year | $2,332,718 | $2,512,425 | $2,765,985 |
Maximum balance at any month end during the year | 2,617,000 | 2,881,000 | 3,215,000 |
Balance outstanding at end of year | $2,384,000 | $2,454,000 | $2,897,000 |
Weighted average interest rate during the year (as a percent) | 1.78% | 2.00% | 2.24% |
Weighted average interest rate at end of year | 1.72% | 1.79% | 2.07% |
Borrowings_Details_6
Borrowings (Details 6) (FHLB advances, FHLB-NY advances, USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
FHLB advances | FHLB-NY advances | |||
FHLB-NY advances | |||
2015 | $984,000,000 | ||
2016 | 550,000,000 | ||
2020 | 850,000,000 | ||
Total | 2,384,000,000 | 2,454,000,000 | 2,897,000,000 |
Federal Home Loan Bank Advances due overnight | 209,000,000 | ||
Federal Home Loan Bank advances due in less than 30 days | 475,000,000 | ||
Federal Home Loan Bank advances due after 90 days | $300,000,000 |
Borrowings_Details_7
Borrowings (Details 7) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 13, 2012 | Sep. 30, 2012 | 10-May-13 | Jun. 30, 2013 | Jun. 19, 2012 | |
Borrowings | ||||||||
Prepayment charge | $0 | $4,266,000 | $1,212,000 | |||||
Senior notes | ||||||||
Borrowings | ||||||||
Debt instrument, interest rate (as a percent) | 5.00% | |||||||
Senior notes | 5.75% senior unsecured notes due 2012 | ||||||||
Borrowings | ||||||||
Debt prepayment, aggregate principal amount | 250,000,000 | |||||||
Prepayment charge | 1,200,000 | |||||||
Senior notes | 5.00% senior unsecured notes due 2017 | ||||||||
Borrowings | ||||||||
Aggregate principal amount | 250,000,000 | |||||||
Debt instrument, interest rate (as a percent) | 5.00% | 5.00% | ||||||
Minimum notice requirement | 30 days | |||||||
Other borrowings, net | 248,700,000 | 248,200,000 | ||||||
Reverse repurchase agreements | ||||||||
Borrowings | ||||||||
Securities pledged as collateral for repurchase agreements, Amortized Cost | 1,260,000,000 | 1,260,000,000 | ||||||
Securities pledged as collateral for repurchase agreements, Fair Value | 1,260,000,000 | 1,240,000,000 | ||||||
Reverse repurchase agreements | Minimum | ||||||||
Borrowings | ||||||||
Debt instrument, contractual maturities | 4 years | 5 years | ||||||
Reverse repurchase agreements | Maximum | ||||||||
Borrowings | ||||||||
Debt instrument, contractual maturities | 10 years | 10 years | ||||||
Junior subordinated debt | ||||||||
Borrowings | ||||||||
Aggregate principal amount | 128,900,000 | |||||||
Debt instrument, interest rate (as a percent) | 9.75% | |||||||
Prepayment price for Junior Subordinated Debentures as a percentage of aggregate principal amount | 103.41% | |||||||
Debt prepayment, aggregate principal amount | 128,900,000 | |||||||
Prepayment charge | 4,300,000 | |||||||
Astoria Capital Trust I | ||||||||
Borrowings | ||||||||
Debt instrument, interest rate (as a percent) | 9.75% | |||||||
Capital Securities, aggregate liquidation amount | 125,000,000 | |||||||
Common securities | $3,900,000 |
Borrowings_Details_8
Borrowings (Details 8) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Borrowings | |||
Total interest expense on borrowings | $98,707 | $113,911 | $154,219 |
Reverse repurchase agreements | |||
Borrowings | |||
Total interest expense on borrowings | 42,626 | 45,272 | 61,855 |
FHLB advances | FHLB-NY advances | |||
Borrowings | |||
Total interest expense on borrowings | 41,911 | 50,654 | 62,675 |
Other borrowings | |||
Borrowings | |||
Total interest expense on borrowings | 13,031 | 17,398 | 29,689 |
Federal funds purchased | |||
Borrowings | |||
Total interest expense on borrowings | $1,139 | $587 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||
Jan. 07, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 19, 2013 | Apr. 18, 2007 | |
Stockholders' Equity | ||||||
Par value (in dollars per share) | $1 | $1 | ||||
Issuance of preferred stock, series C | $129,796,000 | |||||
Dividend reinvestment and stock purchase plan, shares of authorized and unissued reserved for the plan | 1,500,000 | |||||
Maximum optional cash purchases amount per month of additional shares of common stock through the dividend reinvestment and stock purchase plan | 10,000 | |||||
Sale of treasury stock, in shares | 615,340 | |||||
Proceeds from sales of treasury stock | 8,121,000 | 0 | 0 | |||
Stock repurchase program approved | 10,000,000 | |||||
Percentage of common stock outstanding | 10.00% | |||||
The remaining number of shares authorized to be purchased | 8,107,300 | |||||
Astoria Bank | ||||||
Stockholders' Equity | ||||||
Minimum notice period required for declaring dividend | 30 days | |||||
Dividend paid by Astoria Bank | 39,400,000 | |||||
Series C Preferred Stock | ||||||
Stockholders' Equity | ||||||
Shares issued (in shares) | 135,000 | 135,000 | ||||
Depository shares representing percentage in non cumulative perpetual preferred stock, Series C | 2.50% | |||||
Dividend rate (as a percent) | 6.50% | 6.50% | ||||
Par value (in dollars per share) | $1 | |||||
Liquidation preference (in dollars per share) | $1,000 | $1,000 | ||||
Issuance of preferred stock, series C | $129,796,000 | $129,800,000 | ||||
Redemption price (in dollars per share) | $1,000 | |||||
Depositary share | ||||||
Stockholders' Equity | ||||||
Shares issued (in shares) | 5,400,000 | |||||
Liquidation preference (in dollars per share) | $25 | |||||
Redemption price (in dollars per share) | $25 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||
Nov. 19, 2014 | Sep. 12, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2014 | |
subsidiary | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Rent expense under operating leases | $12,500,000 | $13,500,000 | $11,100,000 | |||
Minimum sublease rentals due in the future | 4,100,000 | |||||
Principal balance of loans sold with recourse provisions | 355,000,000 | 358,100,000 | ||||
Number of indemnification protection expiration days | 180 days | |||||
Numbers of deficiency cure days | 90 days | |||||
Standby letters of credit, term extended by guarantee | 1 year | |||||
Income tax examination, estimate of possible loss | 6,100,000 | 13,300,000 | ||||
Outstanding standby letters of credit | 1,200,000 | 513,000 | ||||
Income tax examination number of subsidiaries | 2 | |||||
Residential mortgage loans | Non-performing loans held-for-sale, net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, loans sold | 4,000,000 | $173,700,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 2) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $12,323 |
2016 | 12,347 |
2017 | 10,858 |
2018 | 9,513 |
2019 | 8,619 |
2020 and thereafter | 36,591 |
Total | $90,251 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Details 3) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Loans held-for-sale | ||
Commitments and Contingencies | ||
Commitments to extend credit - fixed rate | $14,800 | $9,200 |
Mortgage Loans | ||
Commitments and Contingencies | ||
Commitments to extend credit - adjustable rate | 289,086 | 216,675 |
Commitments to extend credit - fixed rate | 74,157 | 50,303 |
Commitments to purchase or sell loans | 20,904 | 19,114 |
Adjustable Rate Loans | ||
Commitments and Contingencies | ||
Commitments to purchase or sell loans | 10,334 | 8,521 |
Fixed Rate | ||
Commitments and Contingencies | ||
Commitments to purchase or sell loans | 27,818 | 24,326 |
Consumer and other loans | ||
Commitments and Contingencies | ||
Commitments to extend credit on consumer and other loans | 12,345 | |
Home equity and other consumer loans | ||
Commitments and Contingencies | ||
Unused lines of credit | 101,329 | 139,598 |
Commercial and industrial | ||
Commitments and Contingencies | ||
Unused lines of credit | $64,074 | $38,372 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | $17,435 | $24,524 | ($29,202) |
State and local | 4,033 | 3,722 | 3,201 |
Total current | 21,468 | 28,246 | -26,001 |
Deferred: | |||
Federal | 27,452 | 9,496 | 52,969 |
State and local | -22,641 | 7 | 912 |
Total deferred | 4,811 | 9,503 | 53,881 |
Total income tax expense | $26,279 | $37,749 | $27,880 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Expected income tax expense at statutory federal rate | $42,768,000 | $36,520,000 | $28,340,000 |
State and local taxes, net of federal tax effect | -12,096,000 | 2,424,000 | 2,673,000 |
Tax exempt income (principally on BOLI) | -2,970,000 | -2,945,000 | -3,356,000 |
Non-deductible ESOP compensation | 2,613,000 | 2,187,000 | |
Low income housing tax credit | -1,676,000 | -1,676,000 | -1,727,000 |
Other, net | 253,000 | 813,000 | -237,000 |
Total income tax expense | 26,279,000 | 37,749,000 | 27,880,000 |
New York State Division of Taxation and Finance | |||
Income Tax Contingency [Line Items] | |||
Effect of enacted change in tax law | ($15,700,000) |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | ||
Total gross deferred tax assets | $115,735,000 | $93,558,000 |
Deferred tax assets: | ||
Allowances for losses | 48,243,000 | 54,511,000 |
Compensation and benefits (principally pension and other postretirement benefit plans) | 45,849,000 | 21,955,000 |
Mortgage loans (principally deferred loan origination costs) | 981,000 | 7,524,000 |
Net unrealized loss on securities available-for-sale | 0 | 4,010,000 |
State and local net operating loss carryforwards | 16,122,000 | 0 |
Other deductible temporary differences | 4,540,000 | 5,558,000 |
Less valuation allowance | -7,220,000 | 0 |
Deferred tax assets, net of valuation allowance | 108,515,000 | 93,558,000 |
Deferred tax liabilities: | ||
Premises and equipment | -3,102,000 | -3,882,000 |
Net unrealized gain on securities available-for-sale | -1,035,000 | 0 |
MSR | -910,000 | -69,000 |
Total gross deferred tax liabilities | -5,047,000 | -3,951,000 |
Net deferred tax assets (included in other assets) | 103,468,000 | 89,607,000 |
New York State Division of Taxation and Finance | ||
Income Tax Contingency [Line Items] | ||
Income Tax Expense Decrease Resulting from State Tax Legislation | 15,700,000 | |
State and local taxes, net of federal tax effect | 15,700,000 | |
Operating Loss Carryforwards | 199,200,000 | |
New York City | ||
Income Tax Contingency [Line Items] | ||
Operating Loss Carryforwards | 85,300,000 | |
Total gross deferred tax assets | $7,200,000 |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits at beginning of year | $4,009 | $3,428 | $3,856 |
Additions as a result of a tax position taken during the current period | 675 | 600 | 630 |
Reductions as a result of tax positions taken during a prior period | -19 | ||
Reductions relating to settlement with taxing authorities | -2,529 | -1,058 | |
Unrecognized tax benefits at end of year | $2,155 | $4,009 | $3,428 |
Income_Taxes_Details_5
Income Taxes (Details 5) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Reduction in income tax expense, net of the related federal tax effects, that would result in a realization of unrecognized tax benefits | $1,400,000 | ||
Accrued liabilities for interest and penalties related to uncertain tax positions | 469,000 | 1,100,000 | 730,000 |
Interest and penalties on uncertain tax positions, income tax expense | 247,000 | 224,000 | 316,000 |
Reduction in income tax expense, net of the related deferred tax effects, that would result in a realization of unrecognized tax benefits for the reversal of accrued interest and penalties | 341,000 | ||
Base year bad debt reserves | 165,800,000 | 165,800,000 | |
Unrecognized deferred federal income tax liability | $58,000,000 | $58,000,000 |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||
Net income | $95,916 | $66,593 | $53,091 |
Preferred stock dividends | -8,775 | -7,214 | 0 |
Net income available to common shareholders | 87,141 | 59,379 | 53,091 |
Income allocated to participating securities | 973 | 720 | 463 |
Net income allocated to common shareholders | $86,168 | $58,659 | $52,628 |
Basic weighted average common shares outstanding | 98,384,443 | 97,121,497 | 95,455,344 |
Diluted weighted average common shares outstanding | 98,384,443 | 97,121,497 | 95,455,344 |
Basic EPS (in dollars per share) | $0.88 | $0.60 | $0.55 |
Diluted EPS (in dollars per share) | $0.88 | $0.60 | $0.55 |
Employee Non Employee Director Stock Option | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from computation of earnings per share (in shares) | 962,783 | 2,096,708 | 5,495,748 |
Restricted stock units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Restricted Stock Units Excluded from Computation of Earning Per Share Amount | 758,792 | 387,791 | 0 |
Other_Comprehensive_IncomeLoss2
Other Comprehensive Income/Loss (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in accumulated other comprehensive loss components | |||
Balance at the beginning of the period | ($38,250) | ($73,090) | |
Other comprehensive (loss) income, net of tax | -27,701 | 34,840 | 2,571 |
Balance at the end of the period | -65,951 | -38,250 | -73,090 |
Net unrealized (loss) gain on securities available-for-sale | |||
Changes in accumulated other comprehensive loss components | |||
Balance at the beginning of the period | -4,366 | 7,451 | |
Other comprehensive (loss) income, net of tax | 9,052 | -11,817 | |
Balance at the end of the period | 4,686 | -4,366 | |
Net actuarial loss on pension plans and other postretirement benefits | |||
Changes in accumulated other comprehensive loss components | |||
Balance at the beginning of the period | -30,600 | -77,115 | |
Other comprehensive (loss) income, net of tax | -36,876 | 46,515 | |
Balance at the end of the period | -67,476 | -30,600 | |
Prior service cost on pension plans and other postretirement benefits | |||
Changes in accumulated other comprehensive loss components | |||
Balance at the beginning of the period | -3,284 | -3,426 | |
Other comprehensive (loss) income, net of tax | 123 | 142 | |
Balance at the end of the period | ($3,161) | ($3,284) |
Other_Comprehensive_IncomeLoss3
Other Comprehensive Income/Loss (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net unrealized loss on securities available-for-sale before tax amount: | |||
Net unrealized holding gain (loss) on securities arising during the year | $14,134 | ($16,202) | ($2,040) |
Reclassification adjustment for gain (loss) on sales of securities included in net income | -141 | -2,057 | -8,477 |
Net unrealized gain (loss) on securities available-for-sale | 13,993 | -18,259 | -10,517 |
Net actuarial loss adjustment on pension plans and other postretirement benefits before tax amount: | |||
Net actuarial loss adjustment arising during the year | -60,583 | 68,150 | 14,141 |
Reclassification adjustment for net actuarial loss included in net income | 913 | 3,610 | 5,447 |
Net actuarial loss adjustment on pension plans and other postretirement benefits | -59,670 | 71,760 | 19,588 |
Prior service cost adjustment on pension plans and other postretirement benefits before tax amount: | |||
Prior service cost adjustment arising during the year | -5,463 | ||
Reclassification adjustment for prior service cost included in net income | 152 | ||
Prior service cost adjustment on pension plans and other postretirement benefits | 190 | 213 | -5,311 |
Reclassification adjustment for loss on cash flow hedge included in net income, before tax amount | 261 | ||
Total other comprehensive income, before tax amount | -45,487 | 53,714 | 4,021 |
Net unrealized loss on securities available-for-sale, tax benefit (expense): | |||
Net unrealized holding gain (loss) on securities arising during the year | -4,991 | 5,717 | 720 |
Reclassification adjustment for gain (loss) included in net income | 50 | 725 | 2,987 |
Net unrealized gain (loss) on securities available-for-sale | -4,941 | 6,442 | 3,707 |
Net actuarial loss adjustment on pension plans and other postretirement benefits, tax benefit (expense): | |||
Net actuarial loss adjustment arising during the year | 23,116 | -23,970 | -4,998 |
Reclassification adjustment for net actuarial loss included in net income | -322 | -1,275 | -1,920 |
Net actuarial loss adjustment on pension plans and other postretirement benefits | 22,794 | -25,245 | -6,918 |
Prior service cost adjustment on pension plans and other postretirement benefits, tax benefit (expense): | |||
Prior service cost adjustment arising during the year | 1,925 | ||
Reclassification adjustment for prior service cost included in net income | -54 | ||
Prior service cost adjustment on pension plans and other postretirement benefits | -67 | -71 | 1,871 |
Reclassification adjustment for loss on cash flow hedge included in net income, tax benefit (expense) | -110 | ||
Total other comprehensive income, tax benefit (expense) | 17,786 | -18,874 | -1,450 |
Net unrealized loss on securities available-for-sale net of tax: | |||
Net unrealized holding gain (loss) on securities arising during the year | 9,143 | -10,485 | -1,320 |
Reclassification adjustment for gain (loss) included in net income | -91 | -1,332 | -5,490 |
Net unrealized gain (loss) on securities available-for-sale | 9,052 | -11,817 | -6,810 |
Net actuarial loss adjustment on pension plans and other postretirement benefits net of tax: | |||
Net actuarial loss adjustment arising during the year | -37,467 | 44,180 | 9,143 |
Reclassification adjustment for net actuarial loss included in net income | 591 | 2,335 | 3,527 |
Net actuarial loss adjustment on pension plans and other postretirement benefits | -36,876 | 46,515 | 12,670 |
Prior service cost adjustment on pension plans and other postretirement benefits net of tax: | |||
Prior service cost adjustment arising during the year | 0 | 0 | -3,538 |
Reclassification adjustment for prior service cost included in net income | 123 | 142 | 98 |
Prior service cost adjustment on pension plans and other postretirement benefits | 123 | 142 | -3,440 |
Reclassification adjustment for loss on cash flow hedge included in net income | 0 | 0 | 151 |
Total other comprehensive (loss) income, net of tax | ($27,701) | $34,840 | $2,571 |
Other_Comprehensive_IncomeLoss4
Other Comprehensive Income/Loss (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | |||
Reclassification adjustment for gain (loss) on sales of securities | ($141) | ($2,057) | ($8,477) |
Reclassification adjustment for net actuarial loss | 913 | 3,610 | 5,447 |
Reclassification adjustment for prior service cost | 152 | ||
Income before income tax expense | 122,195 | 104,342 | 80,971 |
Income tax effect | -26,279 | -37,749 | -27,880 |
Net income | 95,916 | 66,593 | 53,091 |
Amount reclassified from accumulated other comprehensive income | |||
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | |||
Income before income tax expense | -962 | -1,766 | |
Income tax effect | 339 | 621 | |
Net income | -623 | -1,145 | |
Gain on sales of securities | Amount reclassified from accumulated other comprehensive income | |||
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | |||
Reclassification adjustment for gain (loss) on sales of securities | 141 | 2,057 | |
Compensation and benefits | Amount reclassified from accumulated other comprehensive income | |||
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | |||
Reclassification adjustment for net actuarial loss | -913 | -3,610 | |
Reclassification adjustment for prior service cost | ($190) | ($213) |
Benefit_Plans_Details
Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension benefits | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $230,361 | $260,108 | |
Service cost | 0 | 0 | 2,025 |
Interest cost | 10,450 | 9,549 | 10,992 |
Actuarial loss (gain) | 48,633 | -28,749 | |
Benefits paid | -19,172 | -10,547 | |
Benefit obligation at end of year | 270,272 | 230,361 | 260,108 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 189,367 | 160,683 | |
Actual return on plan assets | 11,264 | 33,583 | |
Employer contribution | 5,615 | 5,648 | |
Benefits paid | -19,172 | -10,547 | |
Fair value of plan assets at end of year | 187,074 | 189,367 | 160,683 |
Funded status at end of year | -83,198 | -40,994 | |
Other Postretirement Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 18,766 | 35,476 | |
Service cost | 1,241 | 1,578 | 1,061 |
Interest cost | 930 | 1,279 | 1,378 |
Actuarial loss (gain) | 8,371 | -18,572 | |
Benefits paid | -763 | -995 | |
Benefit obligation at end of year | 28,545 | 18,766 | 35,476 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contribution | 763 | 995 | |
Benefits paid | -763 | -995 | |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status at end of year | ($28,545) | ($18,766) |
Benefit_Plans_Details_2
Benefit Plans (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Pension benefits | ||
Benefit Plans | ||
Net actuarial loss (gain) | $108,137 | $57,327 |
Prior service cost | 4,950 | 5,140 |
Total accumulated other comprehensive loss (income) | 113,087 | 62,467 |
Other Postretirement Benefits | ||
Benefit Plans | ||
Net actuarial loss (gain) | 771 | -8,089 |
Total accumulated other comprehensive loss (income) | $771 | ($8,089) |
Benefit_Plans_Details_3
Benefit Plans (Details 3) | Dec. 31, 2014 | Dec. 31, 2013 |
Astoria Bank | Pension benefits | ||
Benefit Plans | ||
Discount rate (as a percent) | 3.77% | 4.66% |
Astoria Bank | Excess and supplemental benefit plans | ||
Benefit Plans | ||
Discount rate (as a percent) | 3.60% | 4.39% |
Astoria Bank | Directors' retirement plan | ||
Benefit Plans | ||
Discount rate (as a percent) | 3.47% | 4.23% |
Astoria Bank | Retiree health care plan | ||
Benefit Plans | ||
Discount rate (as a percent) | 3.89% | 4.80% |
Greater | Directors' retirement plan | ||
Benefit Plans | ||
Discount rate (as a percent) | 3.12% | 3.64% |
LIB | Directors' retirement plan | ||
Benefit Plans | ||
Discount rate (as a percent) | 0.59% | 0.50% |
Benefit_Plans_Details_4
Benefit Plans (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension benefits | |||
Benefit Plans | |||
Service cost | $0 | $0 | $2,025 |
Interest cost | 10,450 | 9,549 | 10,992 |
Expected return on plan assets | -14,843 | -12,754 | -11,947 |
Recognized net actuarial loss (gain) | 1,401 | 3,138 | 4,930 |
Amortization of prior service cost (credit) | 190 | 213 | 177 |
Settlement | 0 | 2,302 | |
Net periodic (benefit) cost | -2,802 | 146 | 8,479 |
Other Postretirement Benefits | |||
Benefit Plans | |||
Service cost | 1,241 | 1,578 | 1,061 |
Interest cost | 930 | 1,279 | 1,378 |
Recognized net actuarial loss (gain) | -488 | 472 | 517 |
Amortization of prior service cost (credit) | 0 | -25 | |
Net periodic (benefit) cost | $1,683 | $3,329 | $2,931 |
Benefit_Plans_Details_5
Benefit Plans (Details 5) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Astoria Bank | Pension benefits | ||
Assumptions used to determine net periodic cost | ||
Discount rate (as a percent) | 4.66% | 3.77% |
Expected return on plan assets (as a percent) | 8.00% | 8.00% |
Astoria Bank | Excess and supplemental benefit plans | ||
Assumptions used to determine net periodic cost | ||
Discount rate (as a percent) | 4.39% | 3.49% |
Astoria Bank | Directors' retirement plan | ||
Assumptions used to determine net periodic cost | ||
Discount rate (as a percent) | 4.23% | 3.21% |
Astoria Bank | Retiree health care plan | ||
Assumptions used to determine net periodic cost | ||
Discount rate (as a percent) | 4.80% | 3.98% |
Greater | Directors' retirement plan | ||
Assumptions used to determine net periodic cost | ||
Discount rate (as a percent) | 3.64% | 2.77% |
LIB | Directors' retirement plan | ||
Assumptions used to determine net periodic cost | ||
Discount rate (as a percent) | 0.50% | 0.63% |
Benefit_Plans_Details_6
Benefit Plans (Details 6) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Health care cost trend rate assumed for the next year: | ||
Pre-age 65 (as a percent) | 6.70% | 7.00% |
Post-age 65 (as a percent) | 9.00% | 10.00% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2021 | 2021 |
Benefit_Plans_Details_7
Benefit Plans (Details 7) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | |
Effect on total service and interest cost components one percentage point increase | $418 |
Effect on the postretirement benefit obligation one percentage increase | 5,301 |
Effect on total service and interest cost components one percentage point decrease | -328 |
Effect on the postretirement benefit obligation one percentage point decrease | ($4,092) |
Benefit_Plans_Details_8
Benefit Plans (Details 8) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension benefits | |
Benefit Plans | |
2015 | $11,961 |
2016 | 15,932 |
2017 | 13,991 |
2018 | 13,143 |
2019 | 13,644 |
2020-2024 | 70,132 |
Other Postretirement Benefits | |
Benefit Plans | |
2015 | 973 |
2016 | 1,043 |
2017 | 1,094 |
2018 | 1,176 |
2019 | 1,226 |
2020-2024 | $6,780 |
Benefit_Plans_Details_9
Benefit Plans (Details 9) (Pension benefits, USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Benefit Plans | |||
Pension plan assets | $187,074 | $189,367 | $160,683 |
Astoria Bank | Recurring basis | |||
Benefit Plans | |||
Pension plan assets | 187,074 | 189,367 | |
Astoria Bank | Recurring basis | Level 1 | |||
Benefit Plans | |||
Pension plan assets | 12,408 | 12,691 | |
Astoria Bank | Recurring basis | Level 2 | |||
Benefit Plans | |||
Pension plan assets | 162,808 | 170,377 | |
Astoria Bank | Recurring basis | Level 3 | |||
Benefit Plans | |||
Pension plan assets | 11,858 | 6,299 | |
Astoria Bank | Cash and cash equivalents | Recurring basis | |||
Benefit Plans | |||
Pension plan assets | 4 | 4 | |
Astoria Bank | Cash and cash equivalents | Recurring basis | Level 1 | |||
Benefit Plans | |||
Pension plan assets | 4 | 4 | |
Astoria Bank | PRIAC Pooled Separate Accounts | Recurring basis | |||
Benefit Plans | |||
Pension plan assets | 162,808 | 170,377 | |
Astoria Bank | PRIAC Pooled Separate Accounts | Recurring basis | Level 2 | |||
Benefit Plans | |||
Pension plan assets | 162,808 | 170,377 | |
Astoria Bank | Astoria Financial Corporation common stock | Recurring basis | |||
Benefit Plans | |||
Pension plan assets | 12,404 | 12,687 | |
Astoria Bank | Astoria Financial Corporation common stock | Recurring basis | Level 1 | |||
Benefit Plans | |||
Pension plan assets | 12,404 | 12,687 | |
Astoria Bank | PRIAC Guaranteed Deposit Account | Recurring basis | |||
Benefit Plans | |||
Pension plan assets | 11,858 | 6,299 | |
Astoria Bank | PRIAC Guaranteed Deposit Account | Recurring basis | Level 3 | |||
Benefit Plans | |||
Pension plan assets | $11,858 | $6,299 |
Benefit_Plans_Details_10
Benefit Plans (Details 10) (Astoria Bank, Pension benefits, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Astoria Bank | Pension benefits | ||
Changes in the fair value of Level 3 assets | ||
Fair value at beginning of year | $6,299 | $7,177 |
Total net gain, realized and unrealized, included in change in net assets | 191 | 21 |
Purchases | 23,925 | 9,000 |
Sales | -18,557 | -9,899 |
Fair value at end of year | $11,858 | $6,299 |
Benefit_Plans_Details_11
Benefit Plans (Details 11) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Benefit Plans | ||
Net actuarial loss that will be recognized as components of net periodic cost in 2014 | $3,000,000 | |
Prior service cost that will be recognized as components of net periodic cost in 2014 | 190,000 | |
Accumulated benefit obligation | 270,300,000 | 230,400,000 |
Pension benefits | ||
Benefit Plans | ||
Employer contribution | 5,615,000 | 5,648,000 |
Astoria Bank | Pension benefits | ||
Benefit Plans | ||
Employer contribution | $5,000,000 | |
Astoria Bank | Pension benefits | Astoria Financial Corporation common stock | Maximum | ||
Benefit Plans | ||
Equity securities percentage in total plan assets | 10.00% |
Benefit_Plans_Details_12
Benefit Plans (Details 12) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||
Jan. 01, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 01, 2015 | |
Incentive Savings Plan | |||||
Employee maximum contribution of pre-tax base salary, percentage | 30.00% | ||||
Employee maximum contribution of pre-tax base salary limit | $17,500 | ||||
Maximum percentage of the participating employees' contributions matched by the employer | 50.00% | ||||
Maximum employer matching contribution as a percentage of participating employees' compensation | 6.00% | ||||
Maximum Employer Contribution As A Percent of Employees Compensation | 3.00% | ||||
Matching contributions | 2,200,000 | 2,000,000 | |||
Employee vesting in employer contributions after period of time | 1 year | ||||
Employee Stock Ownership Plan | |||||
ESOP loans outstanding principal balance | 5,900,000 | ||||
ESOP loans interest rate (as a percent) | 6.00% | ||||
Shares allocated to participants | 967,013 | ||||
Shares allocated to participants to date | 15,068,562 | 1,075,354 | |||
Cash contribution to participant accounts | 155,000 | 513,000 | |||
Compensation expense related to ESOP | $11,200,000 | $10,700,000 | |||
Subsequent event | |||||
Incentive Savings Plan | |||||
Maximum Employer Contribution As A Percent of Employees Compensation | 4.50% | ||||
Incentive Savings Plan, Amended 2014, Scenario 1 [Member] | Subsequent event | |||||
Incentive Savings Plan | |||||
Maximum percentage of the participating employees' contributions matched by the employer | 100.00% | ||||
Maximum employer matching contribution as a percentage of participating employees' compensation | 3.00% | ||||
Incentive Savings Plan, Amended 2015, Scenario 2 [Member] | Subsequent event | |||||
Incentive Savings Plan | |||||
Maximum percentage of the participating employees' contributions matched by the employer | 50.00% | ||||
Incentive Savings Plan, Amended 2015, Scenario 2 [Member] | Minimum | Subsequent event | |||||
Incentive Savings Plan | |||||
Maximum employer matching contribution as a percentage of participating employees' compensation | 3.00% | ||||
Incentive Savings Plan, Amended 2015, Scenario 2 [Member] | Maximum | Subsequent event | |||||
Incentive Savings Plan | |||||
Maximum employer matching contribution as a percentage of participating employees' compensation | 6.00% |
Benefit_Plans_Details_13
Benefit Plans (Details 13) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Benefit Plans | ||
Accumulated benefit obligation | $270,300,000 | $230,400,000 |
Unfunded Retirement Plans | ||
Benefit Plans | ||
Accumulated Benefit Obligation, unfunded plans | 15,100,000 | 13,100,000 |
Projected benefit obligation, unfunded plans | $15,100,000 | $13,100,000 |
Benefit_Plans_Details_14
Benefit Plans (Details 14) (Astoria Bank, Pension benefits, USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Benefit Plans | ||
Unrealized gain(loss) | $477,000 | $313,000 |
Debt securities | ||
Benefit Plans | ||
Maximum securities (as a percent) | 50.00% | |
Liquidity funds | ||
Benefit Plans | ||
Maximum securities (as a percent) | 25.00% | |
Equity securities | ||
Benefit Plans | ||
Maximum securities (as a percent) | 80.00% | |
Equity securities | International equity securities | ||
Benefit Plans | ||
Maximum securities (as a percent) | 10.00% | |
Equity securities | Large cap equity securities | ||
Benefit Plans | ||
Maximum securities (as a percent) | 50.00% | |
Equity securities | Small cap equity securities | ||
Benefit Plans | ||
Maximum securities (as a percent) | 20.00% | |
Equity securities | Mid cap equity securities | ||
Benefit Plans | ||
Maximum securities (as a percent) | 20.00% | |
Astoria Financial Corporation common stock | ||
Benefit Plans | ||
Maximum securities (as a percent) | 15.00% | |
Recurring basis | PRIAC Pooled Separate Accounts | International equity securities | ||
Benefit Plans | ||
Securities (as a percent) | 9.00% | 11.00% |
Recurring basis | PRIAC Pooled Separate Accounts | Large cap equity securities | ||
Benefit Plans | ||
Securities (as a percent) | 41.00% | 41.00% |
Recurring basis | PRIAC Pooled Separate Accounts | Small cap equity securities | ||
Benefit Plans | ||
Securities (as a percent) | 7.00% | 8.00% |
Recurring basis | PRIAC Pooled Separate Accounts | Mid cap equity securities | ||
Benefit Plans | ||
Securities (as a percent) | 5.00% | 5.00% |
Recurring basis | PRIAC Pooled Separate Accounts | Debt securities | ||
Benefit Plans | ||
Securities (as a percent) | 38.00% | 35.00% |
Investment in any one company | Equity securities | ||
Benefit Plans | ||
Maximum securities (as a percent) | 10.00% | |
Investment in any one industry | Equity securities | ||
Benefit Plans | ||
Maximum securities (as a percent) | 30.00% | |
Funds that mirror the S&P 500 | Equity securities | ||
Benefit Plans | ||
Maximum securities (as a percent) | 50.00% |
Benefit_Plans_Details_15
Benefit Plans (Details 15) (Level 3, Pension benefits, Astoria Bank) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Minimum | ||
Benefit Plans | ||
Gross guaranteed crediting rate | 0.025 | 0.021 |
Composite market value factor | 1.018 | 0.988 |
Maximum | ||
Benefit Plans | ||
Gross guaranteed crediting rate | 0.04 | 0.0435 |
Composite market value factor | 1.081 | 1.073 |
Stock_Incentive_Plans_Details
Stock Incentive Plans (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 21-May-14 | Sep. 30, 2014 | |
Stock Incentive Plan | |||||
Options outstanding and exercisable, intrinsic value | $0 | ||||
Weighted average remaining contractual term | 7 months | ||||
Restricted common stock and restricted stock units | |||||
Stock Incentive Plan | |||||
Outstanding (in shares) | 752,701 | 781,644 | |||
Restricted common stock granted (in shares) | 514,507 | ||||
Granted (in dollars per share) | $12.58 | $9.70 | $9.82 | ||
Aggregate fair value on the vest date of restricted common stock awards, vested during the year | 6,600,000 | 9,600,000 | 6,200,000 | ||
Stock based compensation expense, taxes | 3,100,000 | 2,500,000 | 1,800,000 | ||
Stock based compensation expense, net of tax | 5,600,000 | 4,500,000 | 3,300,000 | ||
Nonvested awards, compensation cost not yet recognized | 10,800,000 | ||||
Nonvested awards, compensation cost not yet recognized, period for recognition | 1 year 9 months 18 days | ||||
Pretax compensation cost related to non-vested performance based stock awards and units | 1,800,000 | ||||
Expense reversal | 569,000 | ||||
Stock Based Compensation Expense Taxes Reversed | $310,000 | ||||
Performance-based restricted common stock awards or units | Officers | Share Vesting, Period 1 | |||||
Stock Incentive Plan | |||||
Granted upon change in control | 100.00% | ||||
Performance Based Restricted Stock | |||||
Stock Incentive Plan | |||||
Employee service share based compensation non vested performance based awards total compensation cost not yet recognized, shares or units | 65,000 | ||||
Performance based restricted stock unit | |||||
Stock Incentive Plan | |||||
Outstanding (in shares) | 776,500 | 409,100 | |||
Restricted common stock granted (in shares) | 395,900 | ||||
Granted (in dollars per share) | $12.14 | ||||
Employee service share based compensation non vested performance based awards total compensation cost not yet recognized, shares or units | 98,475 | ||||
2014 Employee Stock Plan | |||||
Stock Incentive Plan | |||||
Share-based compensation arrangement by share-based payment award, number of additional shares authorized | 3,250,000 | ||||
Number of shares available for grant | 3,672,764 | ||||
Common stock, capital shares reserved for future issuance | 3,757,925 | ||||
2005 Employee Stock Plan | |||||
Stock Incentive Plan | |||||
Number of shares available for grant | 507,925 | 0 | |||
2005 Employee Stock Plan | Performance-based restricted common stock awards or units | |||||
Stock Incentive Plan | |||||
Outstanding (in shares) | 382,600 | 393,900 | |||
Restricted common stock granted (in shares) | 395,900 | 432,300 | |||
2005 Employee Stock Plan | Performance-based restricted common stock awards or units | Officers | |||||
Stock Incentive Plan | |||||
Equity instruments other than options vested in period share of common stock to be paid | 1 | ||||
Directors Stock Plan, 2007 Plan | |||||
Stock Incentive Plan | |||||
Number of shares available for grant | 67,135 | ||||
Restricted common stock granted (in shares) | 32,506 | ||||
Number of shares authorized | 240,080 | ||||
Directors Stock Plan, 2007 Plan | Restricted common stock and restricted stock units | |||||
Stock Incentive Plan | |||||
Award vesting period | 3 years | ||||
All stock plans other than 2014 Employee stock plan, 2005 Employee stock plan and 2007 Directors stock plan | Employee Non Employee Director Stock Option | |||||
Stock Incentive Plan | |||||
Expiration period | 10 years | ||||
Minimum | |||||
Stock Incentive Plan | |||||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 0.00% | ||||
Maximum | |||||
Stock Incentive Plan | |||||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 125.00% |
Stock_Incentive_Plans_Details_
Stock Incentive Plans (Details 2) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Performance based restricted stock unit | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted common stock granted (in shares) | 395,900 | |||
Unvested at the end of the period (in shares) | 776,500 | 409,100 | ||
Restricted common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted common stock granted (in shares) | 514,507 | |||
Unvested at the end of the period (in shares) | 752,701 | 781,644 | ||
Employee Stock Plan | Restricted common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted common stock granted (in shares) | 482,001 | 494,420 | 155,000 | 663,530 |
Unvested at the end of the period (in shares) | 341,861 | 154,040 | 51,500 | 144,802 |
Employee Stock Plan | Restricted common stock | Shares vesting in 2015 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted common stock granted (in shares) | 156,137 | 152,040 | 51,500 | 79,802 |
Employee Stock Plan | Restricted common stock | Shares vesting in 2016 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted common stock granted (in shares) | 157,337 | 2,000 | 65,000 | |
Employee Stock Plan | Restricted common stock | Shares vesting in 2017 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted common stock granted (in shares) | 28,387 |
Stock_Incentive_Plans_Details_1
Stock Incentive Plans (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted common stock | |||
Number of shares or units | |||
Unvested at the beginning of the period (in shares) | 781,644 | ||
Granted (in shares) | 514,507 | ||
Vested (in shares) | -512,042 | ||
Forfeited (in shares) | -31,408 | ||
Unvested at the end of the period (in shares) | 752,701 | 781,644 | |
Weighted Average Grant Date Fair Value | |||
Unvested at the beginning of the period (in dollars per share) | $11.46 | ||
Granted (in dollars per share) | $12.58 | $9.70 | $9.82 |
Vested (in dollars per share) | ($11.91) | ||
Forfeited (in dollars per share) | ($11.91) | ||
Unvested at the end of the period (in dollars per share) | $11.90 | $11.46 | |
Performance based restricted stock unit | |||
Number of shares or units | |||
Unvested at the beginning of the period (in shares) | 409,100 | ||
Granted (in shares) | 395,900 | ||
Forfeited (in shares) | -28,500 | ||
Unvested at the end of the period (in shares) | 776,500 | ||
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 | ||
2005 Employee Stock Plan | Performance-based restricted common stock awards or units | |||
Number of shares or units | |||
Unvested at the beginning of the period (in shares) | 393,900 | ||
Granted (in shares) | 395,900 | 432,300 | |
Unvested at the end of the period (in shares) | 382,600 | 393,900 |
Stock_Incentive_Plans_Details_2
Stock Incentive Plans (Details 4) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Number of Options | |
Number of options, outstanding at beginning of year | 1,102,650 |
Expired (in shares) | -1,066,650 |
Number of options, outstanding and exercisable at end of year | 36,000 |
Weighted Average Exercise Price | |
Weighted average exercise price, outstanding at beginning of year | $26.68 |
Expired (in dollars per shares) | ($26.62) |
Weighted average exercise price, outstanding and exercisable at end of year | $28.58 |
Regulatory_Matters_Details
Regulatory Matters (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 effective on January 1, 2015 | ||
Regulatory Matters | ||
Tier 1 leverage capital minimum capital requirement percentage | 4.00% | |
Tier 1 leverage capital to be well capitalized percentage | 5.00% | |
Tier 1 risk based capital minimum capital requirement percentage | 6.00% | |
Tier 1 risk based capital to be well capitalized percentage | 8.00% | |
Total risk based capital minimum capital requirement percentage | 8.00% | |
Total risk based capital to be well capitalized percentage | 10.00% | |
Minimum common equity Tier 1 risk-based capital ratio | 4.50% | |
Common equity Tier 1 risk based capital to be well capitalized percentage | 6.50% | |
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 effective on January 1, 2015 | On January 1, 2016 | ||
Regulatory Matters | ||
Required minimum conservation buffer percentage | 0.63% | |
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 effective on January 1, 2015 | On January 1, 2017 | ||
Regulatory Matters | ||
Required minimum conservation buffer percentage | 1.25% | |
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 effective on January 1, 2015 | On January 1, 2018 | ||
Regulatory Matters | ||
Required minimum conservation buffer percentage | 1.88% | |
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 effective on January 1, 2015 | Minimum capital ratios including conservation buffer, January 1, 2019 | ||
Regulatory Matters | ||
Tier 1 risk based capital minimum capital requirement percentage | 8.50% | |
Total risk based capital minimum capital requirement percentage | 10.50% | |
Minimum common equity Tier 1 risk-based capital ratio | 7.00% | |
Required minimum conservation buffer percentage | 2.50% | |
Astoria Bank | ||
Regulatory Matters | ||
Tangible capital | $1,632,390 | $1,543,764 |
Tangible capital percentage | 10.62% | 9.93% |
Tangible capital minimum capital requirement | 230,633 | 233,158 |
Tangible capital minimum capital requirement percentage | 1.50% | 1.50% |
Tier 1 leverage capital | 1,632,390 | 1,543,764 |
Tier 1 leverage capital percentage | 10.62% | 9.93% |
Tier 1 leverage capital minimum capital requirement | 615,022 | 621,755 |
Tier 1 leverage capital minimum capital requirement percentage | 4.00% | 4.00% |
Tier 1 leverage capital to be well capitalized | 768,777 | 777,194 |
Tier 1 leverage capital to be well capitalized percentage | 5.00% | 5.00% |
Tier 1 risk based capital | 1,632,390 | 1,543,764 |
Tier One Risk Based Capital to Risk Weighted Assets | 17.55% | 15.79% |
Tier 1 risk based capital minimum capital requirement | 372,118 | 391,083 |
Tier 1 risk based capital minimum capital requirement percentage | 4.00% | 4.00% |
Tier 1 risk based capital to be well capitalized | 558,177 | 586,625 |
Tier 1 risk based capital to be well capitalized percentage | 6.00% | 6.00% |
Total risk based capital | 1,744,905 | 1,666,637 |
Total risk based capital percentage | 18.76% | 17.05% |
Total risk based capital minimum capital requirement | 744,236 | 782,167 |
Total risk based capital minimum capital requirement percentage | 8.00% | 8.00% |
Total risk based capital to be well capitalized | $930,295 | $977,708 |
Total risk based capital to be well capitalized percentage | 10.00% | 10.00% |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | $384,359 | $401,690 |
Recurring basis | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 384,359 | 401,690 |
Total residential mortgage-backed securities | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 287,659 | 310,534 |
Total residential mortgage-backed securities | Recurring basis | ||
Fair Value of Financial Instruments | ||
Percentage of debt securities comprising available-for-sale portfolio | 75.00% | 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 | 268,998 | 286,074 |
GSE issuance REMICs and CMOs | Recurring basis | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 268,998 | 286,074 |
Non-GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 5,104 | 7,572 |
Non-GSE issuance REMICs and CMOs | Recurring basis | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 5,104 | 7,572 |
GSE pass-through certificates | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 13,557 | 16,888 |
GSE pass-through certificates | Recurring basis | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 13,557 | 16,888 |
Obligations of GSEs | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 96,698 | 91,153 |
Obligations of GSEs | Recurring basis | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 96,698 | 91,153 |
Percentage of debt securities comprising available-for-sale portfolio | 25.00% | 23.00% |
Fannie Mae stock | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 2 | 3 |
Fannie Mae stock | Recurring basis | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 2 | 3 |
Level 1 | Recurring basis | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 2 | 3 |
Level 1 | Fannie Mae stock | Recurring basis | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 2 | 3 |
Level 2 | Recurring basis | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 384,357 | 401,687 |
Level 2 | GSE issuance REMICs and CMOs | Recurring basis | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 268,998 | 286,074 |
Level 2 | Non-GSE issuance REMICs and CMOs | Recurring basis | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 5,104 | 7,572 |
Level 2 | GSE pass-through certificates | Recurring basis | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 13,557 | 16,888 |
Level 2 | Obligations of GSEs | Recurring basis | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | $96,698 | $91,153 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying value of assets | ||
Impaired loans | $248,436 | $384,522 |
MSR, net | 11,401 | 12,800 |
REO, net | 35,723 | 42,636 |
Carrying Value | ||
Carrying value of assets | ||
Non-performing loans held-for-sale, net | 7,640 | 7,375 |
MSR, net | 11,401 | 12,800 |
Level 3 | ||
Carrying value of assets | ||
Non-performing loans held-for-sale, net | 7,955 | 7,436 |
MSR, net | 11,406 | 12,804 |
Measured on a non-recurring basis | Level 3 | Carrying Value | ||
Carrying value of assets | ||
Impaired loans | 140,663 | 271,408 |
MSR, net | 11,401 | 12,800 |
REO, net | 19,375 | 27,101 |
Total | 171,592 | 312,100 |
Measured on a non-recurring basis | Level 3 | Carrying Value | Non-performing loans held-for-sale, net | ||
Carrying value of assets | ||
Non-performing loans held-for-sale, net | $153 | $791 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 3) (Measured on a non-recurring basis, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value of Financial Instruments | |||
Losses recognized on assets measured at fair value on a non-recurring basis | $7,965 | $26,300 | $45,152 |
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 | 520 | 1,066 | |
Impaired loans | |||
Fair Value of Financial Instruments | |||
Losses recognized on assets measured at fair value on a non-recurring basis | 6,311 | 21,992 | 40,018 |
MSR, net | |||
Fair Value of Financial Instruments | |||
Losses recognized on assets measured at fair value on a non-recurring basis | 931 | ||
REO, net | |||
Fair Value of Financial Instruments | |||
Losses recognized on assets measured at fair value on a non-recurring basis | $1,654 | $3,788 | $3,137 |
Fair_Value_Measurements_Detail3
Fair Value Measurements (Details 4) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 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) | 69.00% | 83.00% |
Impaired loans for which fair value adjustment is recognized comprising multi-family and commercial real estate loans (as a percent) | 30.00% | 17.00% |
Impaired loans for which fair value adjustment is recognized comprising home equity loans (as a percent) | 1.00% | |
Period after which loans are individually evaluated for impairment | 180 days | |
Real estate owned, net | 35,723 | 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) | 12.35% | 10.52% |
Assumption to estimate fair value of servicing asset, weighted average life | 5 years 8 months 12 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 | 33,700 |
Fair_Value_Measurements_Detail4
Fair Value Measurements (Details 5) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial Assets: | ||
Securities held-to-maturity | $2,133,804 | $1,849,526 |
FHLB-NY stock | 140,754 | 152,207 |
MSR, net | 11,401 | 12,800 |
Level 2 Fair Value | ||
Financial Assets: | ||
Securities held-to-maturity | 2,131,371 | 1,811,122 |
FHLB-NY stock | 140,754 | 152,207 |
Financial Liabilities: | ||
Deposits | 9,534,918 | 9,922,631 |
Borrowings, net | 4,395,604 | 4,376,336 |
Level 3 Fair Value | ||
Financial Assets: | ||
Loans held-for-sale, net | 7,955 | 7,436 |
Loans receivable, net | 11,967,608 | 12,480,533 |
MSR, net | 11,406 | 12,804 |
Carrying Value | ||
Financial Assets: | ||
Securities held-to-maturity | 2,133,804 | 1,849,526 |
FHLB-NY stock | 140,754 | 152,207 |
Loans held-for-sale, net | 7,640 | 7,375 |
Loans receivable, net | 11,845,848 | 12,303,066 |
MSR, net | 11,401 | 12,800 |
Financial Liabilities: | ||
Deposits | 9,504,909 | 9,855,310 |
Borrowings, net | 4,187,691 | 4,137,161 |
Estimate of Fair Value Measurement | ||
Financial Assets: | ||
Securities held-to-maturity | 2,131,371 | 1,811,122 |
FHLB-NY stock | 140,754 | 152,207 |
Loans held-for-sale, net | 7,955 | 7,436 |
Loans receivable, net | 11,967,608 | 12,480,533 |
MSR, net | 11,406 | 12,804 |
Financial Liabilities: | ||
Deposits | 9,534,918 | 9,922,631 |
Borrowings, net | $4,395,604 | $4,376,336 |
Condensed_Parent_Company_Only_2
Condensed Parent Company Only Financial Statements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
ASSETS: | ||||
Cash | $143,185 | $121,950 | ||
Other assets | 173,138 | 143,490 | ||
Total assets | 15,640,021 | 15,793,722 | ||
Liabilities and stockholders’ equity: | ||||
Other liabilities | 251,951 | 172,280 | ||
Stockholders’ equity | 1,580,070 | 1,519,513 | 1,293,989 | 1,251,198 |
Total liabilities and stockholders’ equity | 15,640,021 | 15,793,722 | ||
Astoria Financial Corporation | ||||
ASSETS: | ||||
Cash | 75,199 | 63,418 | ||
Other assets | 711 | 103 | ||
Total assets | 1,832,122 | 1,770,718 | ||
Liabilities and stockholders’ equity: | ||||
Other borrowings, net | 248,691 | 248,161 | ||
Other liabilities | 3,361 | 3,044 | ||
Stockholders’ equity | 1,580,070 | 1,519,513 | ||
Total liabilities and stockholders’ equity | 1,832,122 | 1,770,718 | ||
Astoria Financial Corporation | Astoria Bank | ||||
ASSETS: | ||||
Investment in subsidiary | 1,755,078 | 1,705,964 | ||
Astoria Financial Corporation | AF Insurance Agency, Inc | ||||
ASSETS: | ||||
Investment in subsidiary | $1,134 | $1,233 |
Condensed_Parent_Company_Only_3
Condensed Parent Company Only Financial Statements (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest income: | |||
Repurchase agreements | $321 | $263 | $338 |
Total interest income | 492,350 | 518,430 | 600,509 |
Interest expense on borrowings | 98,707 | 113,911 | 154,219 |
Net interest expense | -342,288 | -341,902 | -348,269 |
Non-interest expense: | |||
Compensation and benefits | 138,177 | 133,689 | 139,140 |
Extinguishment of debt | 0 | 4,266 | 1,212 |
Other | 35,656 | 35,277 | 38,620 |
Total non-interest expense | 284,410 | 287,531 | 300,133 |
Income before income tax expense | 122,195 | 104,342 | 80,971 |
Income tax benefit | -26,279 | -37,749 | -27,880 |
Net income | 95,916 | 66,593 | 53,091 |
Preferred stock dividends | 8,775 | 7,214 | 0 |
Net income available to common shareholders | 87,141 | 59,379 | 53,091 |
Astoria Financial Corporation | |||
Interest income: | |||
Repurchase agreements | 18 | ||
ESOP loans receivable | 344 | 728 | |
Total interest income | 344 | 746 | |
Interest expense on borrowings | 13,031 | 17,398 | 29,689 |
Net interest expense | 13,031 | 17,054 | 28,943 |
Cash dividends from subsidiaries | 40,620 | 45,150 | 42,000 |
Non-interest expense: | |||
Compensation and benefits | 2,925 | 3,261 | 3,735 |
Extinguishment of debt | 4,266 | 1,212 | |
Other | 3,262 | 3,148 | 2,878 |
Total non-interest expense | 6,187 | 10,675 | 7,825 |
Income before income tax expense | 21,402 | 17,421 | 5,232 |
Income tax benefit | 6,662 | 9,644 | 12,844 |
Income before equity in undistributed earnings of subsidiaries | 28,064 | 27,065 | 18,076 |
Equity in undistributed earnings of subsidiaries | 67,852 | 39,528 | 35,015 |
Net income | 95,916 | 66,593 | 53,091 |
Preferred stock dividends | 8,775 | 7,214 | |
Net income available to common shareholders | $87,141 | $59,379 | $53,091 |
Condensed_Parent_Company_Only_4
Condensed Parent Company Only Financial Statements (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $95,916 | $66,593 | $53,091 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization of deferred costs | 9,021 | 15,794 | 16,762 |
Net cash provided by operating activities | 134,076 | 232,664 | 187,413 |
Cash flows from investing activities: | |||
Redemption of Astoria Capital Trust I common securities | 0 | 3,866 | 0 |
Net cash provided by investing activities | 197,948 | 488,662 | 377,632 |
Cash flows from financing activities: | |||
Proceeds from borrowings with original terms greater than three months | 0 | 0 | 950,000 |
Repayments of borrowings with original terms greater than three months | -150,000 | -553,866 | -1,144,000 |
Cash payments for debt issuance costs | 0 | 0 | -2,653 |
Cash payments for preferred stock issuance costs | 0 | -5,204 | 0 |
Cash dividends paid to stockholders | -24,643 | -20,688 | -24,104 |
Net cash used in financing activities | -310,789 | -720,849 | -576,276 |
Net increase (decrease) in cash and cash equivalents | 21,235 | 477 | -11,231 |
Cash and cash equivalents at beginning of year | 121,950 | 121,473 | 132,704 |
Cash and cash equivalents at end of year | 143,185 | 121,950 | 121,473 |
Supplemental disclosure: | |||
Interest paid | 150,026 | 180,871 | 258,503 |
Astoria Financial Corporation | |||
Cash flows from operating activities: | |||
Net income | 95,916 | 66,593 | 53,091 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed earnings of subsidiaries | -67,852 | -39,528 | -35,015 |
Amortization of deferred costs | 531 | 531 | 837 |
(Increase) decrease in other assets, net of other liabilities and amounts due to subsidiaries | -484 | -998 | 846 |
Net cash provided by operating activities | 28,111 | 26,598 | 19,759 |
Cash flows from investing activities: | |||
Principal payments on ESOP loans receivable | 5,908 | 6,235 | |
Redemption of Astoria Capital Trust I common securities | 3,866 | ||
Net cash provided by investing activities | 9,774 | 6,235 | |
Cash flows from financing activities: | |||
Proceeds from borrowings with original terms greater than three months | 250,000 | ||
Repayments of borrowings with original terms greater than three months | -128,866 | -250,000 | |
Cash payments for debt issuance costs | -2,653 | ||
Proceeds from issuance of common and preferred stock | 8,121 | 135,000 | |
Cash payments for preferred stock issuance costs | -5,204 | ||
Cash dividends paid to stockholders | -24,643 | -20,688 | -24,104 |
Net tax benefit excess (shortfall) from stock-based compensation | 192 | -800 | -4,123 |
Net cash used in financing activities | -16,330 | -20,558 | -30,880 |
Net increase (decrease) in cash and cash equivalents | 11,781 | 15,814 | -4,886 |
Cash and cash equivalents at beginning of year | 63,418 | 47,604 | 52,490 |
Cash and cash equivalents at end of year | 75,199 | 63,418 | 47,604 |
Supplemental disclosure: | |||
Interest paid | $12,500 | $18,898 | $31,535 |