Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | ASTORIA FINANCIAL CORP | |
Entity Central Index Key | 910,322 | |
Trading Symbol | AF | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 100,793,269 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Cash and due from banks | $ 168,790 | $ 143,185 |
Available-for-sale securities: | ||
Encumbered | 107,523 | 110,784 |
Unencumbered | 321,222 | 273,575 |
Total available-for-sale securities | 428,745 | 384,359 |
Held-to-maturity securities, fair value of $2,152,091 and $2,131,371, respectively: | ||
Encumbered | 1,097,541 | 1,147,991 |
Unencumbered | 1,059,341 | 985,813 |
Total held-to-maturity securities | 2,156,882 | 2,133,804 |
Federal Home Loan Bank of New York stock, at cost | 138,384 | 140,754 |
Loans held-for-sale, net | 8,318 | 7,640 |
Loans receivable | 11,514,056 | 11,957,448 |
Allowance for loan losses | (107,500) | (111,600) |
Loans receivable, net | 11,406,556 | 11,845,848 |
Mortgage servicing rights, net | 11,463 | 11,401 |
Accrued interest receivable | 36,752 | 36,628 |
Premises and equipment, net | 110,950 | 111,622 |
Goodwill | 185,151 | 185,151 |
Bank owned life insurance | 435,144 | 430,768 |
Real estate owned, net | 23,399 | 35,723 |
Other assets | 184,822 | 173,138 |
Total assets | 15,295,356 | 15,640,021 |
Deposits: | ||
Savings | 2,186,470 | 2,237,142 |
Money market | 2,446,428 | 2,373,484 |
NOW and demand deposit | 2,287,319 | 2,198,777 |
Certificates of deposit | 2,307,553 | 2,695,506 |
Total deposits | 9,227,770 | 9,504,909 |
Federal funds purchased | 370,000 | 455,000 |
Reverse repurchase agreements | 1,100,000 | 1,100,000 |
Federal Home Loan Bank of New York advances | 2,340,000 | 2,384,000 |
Other borrowings, net | 248,957 | 248,691 |
Mortgage escrow funds | 132,902 | 115,400 |
Accrued expenses and other liabilities | 247,205 | 251,951 |
Total liabilities | 13,666,834 | 14,059,951 |
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 100,791,839 and 99,940,399 shares outstanding, respectively) | 1,665 | 1,665 |
Additional paid-in capital | 895,984 | 897,049 |
Retained earnings | 2,024,611 | 1,992,833 |
Treasury stock (65,703,049 and 66,554,489 shares, at cost, respectively) | (1,357,727) | (1,375,322) |
Accumulated other comprehensive loss | (65,807) | (65,951) |
Total stockholders’ equity | 1,628,522 | 1,580,070 |
Total liabilities and stockholders’ equity | $ 15,295,356 | $ 15,640,021 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Held-to-maturity securities, fair value (in dollars) | $ 2,152,091 | $ 2,131,371 |
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 | 100,791,839 | 99,940,399 |
Treasury stock, shares | 65,703,049 | 66,554,489 |
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 Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest income: | ||||
Residential mortgage loans | $ 51,375 | $ 62,294 | $ 105,337 | $ 127,248 |
Multi-family and commercial real estate mortgage loans | 48,611 | 43,347 | 96,103 | 86,737 |
Consumer and other loans | 2,242 | 2,085 | 4,432 | 4,171 |
Mortgage-backed and other securities | 15,238 | 14,116 | 30,308 | 27,793 |
Interest-earning cash accounts | 107 | 80 | 196 | 149 |
Federal Home Loan Bank of New York stock | 1,461 | 1,458 | 2,983 | 3,291 |
Total interest income | 119,034 | 123,380 | 239,359 | 249,389 |
Interest expense: | ||||
Deposits | 9,944 | 12,823 | 20,673 | 26,052 |
Borrowings | 23,940 | 24,783 | 47,815 | 49,593 |
Total interest expense | 33,884 | 37,606 | 68,488 | 75,645 |
Net interest income | 85,150 | 85,774 | 170,871 | 173,744 |
Provision for loan losses credited to operations | (2,967) | (5,742) | (3,310) | (4,111) |
Net interest income after provision for loan losses | 88,117 | 91,516 | 174,181 | 177,855 |
Non-interest income: | ||||
Customer service fees | 8,871 | 9,030 | 17,082 | 18,050 |
Other loan fees | 553 | 647 | 1,106 | 1,255 |
Available-for-sale securities, gross realized gains | 72 | 72 | ||
Mortgage banking income, net | 2,076 | 610 | 2,403 | 1,410 |
Income from bank owned life insurance | 2,179 | 2,139 | 4,376 | 4,128 |
Other | 1,591 | 1,419 | 3,236 | 2,671 |
Total non-interest income | 15,342 | 13,845 | 28,275 | 27,514 |
General and administrative: | ||||
Compensation and benefits | 37,655 | 34,415 | 73,936 | 67,803 |
Occupancy, equipment and systems | 18,980 | 17,793 | 38,638 | 35,967 |
Federal deposit insurance premium | 4,335 | 7,277 | 8,536 | 15,846 |
Advertising | 2,801 | 2,438 | 5,065 | 4,150 |
Other | 8,105 | 9,670 | 15,813 | 18,050 |
Total non-interest expense | 71,876 | 71,593 | 141,988 | 141,816 |
Income before income tax expense | 31,583 | 33,768 | 60,468 | 63,553 |
Income tax expense | 152 | 11,468 | 9,730 | 9,704 |
Net income | 31,431 | 22,300 | 50,738 | 53,849 |
Preferred stock dividends | 2,194 | 2,194 | 4,388 | 4,388 |
Net income available to common shareholders | $ 29,237 | $ 20,106 | $ 46,350 | $ 49,461 |
Basic earnings per common share (in dollars per share) | $ 0.29 | $ 0.20 | $ 0.46 | $ 0.50 |
Diluted earnings per common share (in dollars per share) | $ 0.29 | $ 0.20 | $ 0.46 | $ 0.50 |
Basic weighted average common shares outstanding (in shares) | 99,664,442 | 98,275,886 | 99,459,376 | 98,191,434 |
Diluted weighted average common shares outstanding (in shares) | 99,664,442 | 98,275,886 | 99,459,376 | 98,191,434 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 31,431 | $ 22,300 | $ 50,738 | $ 53,849 |
Net unrealized (loss) gain on securities available-for-sale: | ||||
Net unrealized (loss) gain on securities available-for-sale: | (2,748) | 4,699 | (755) | 7,692 |
Reclassification adjustment for gain on sales of securities included in net income | (43) | (43) | ||
Net unrealized (loss) gain on securities available-for-sale | (2,791) | 4,699 | (798) | 7,692 |
Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income | 417 | 161 | 886 | 296 |
Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income | 27 | 31 | 56 | 61 |
Total other comprehensive (loss) income, net of tax | (2,347) | 4,891 | 144 | 8,049 |
Comprehensive income | $ 29,084 | $ 27,191 | $ 50,882 | $ 61,898 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss |
Balance at beginning of period at Dec. 31, 2014 | $ 1,580,070 | $ 129,796 | $ 1,665 | $ 897,049 | $ 1,992,833 | $ (1,375,322) | $ (65,951) |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 50,738 | 50,738 | |||||
Other comprehensive income, net of tax | 144 | 144 | |||||
Dividends on preferred stock ($32.50 per share) | (4,388) | (4,388) | |||||
Dividends on common stock ($0.08 per share) | (8,024) | (8,024) | |||||
Sales of treasury stock (475,182 shares) | 6,055 | (3,765) | 9,820 | ||||
Restricted stock grants (426,552 shares) | (5,562) | (3,252) | 8,814 | ||||
Forfeitures of restricted stock (50,294 shares) | 583 | 456 | (1,039) | ||||
Stock-based compensation | 3,916 | 3,903 | 13 | ||||
Net tax benefit excess from stock-based compensation | 11 | 11 | |||||
Balance at end of period at Jun. 30, 2015 | $ 1,628,522 | $ 129,796 | $ 1,665 | $ 895,984 | $ 2,024,611 | $ (1,357,727) | $ (65,807) |
Consolidated Statement of Chan7
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - 6 months ended Jun. 30, 2015 - $ / shares | Total |
Statement of Stockholders' Equity [Abstract] | |
Dividends on preferred stock (in dollars per share) | $ 32.50 |
Dividends on common stock (in dollars per share) | $ 0.08 |
Sale of treasury stock (in shares) | 475,182 |
Restricted stock grants, shares | 426,552 |
Forfeitures of restricted stock, shares | 50,294 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 50,738 | $ 53,849 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net amortization on loans | 6,219 | 5,678 |
Net amortization on securities and borrowings | 4,855 | 4,701 |
Net provision for loan and real estate losses credited to operations | (2,774) | (3,287) |
Depreciation and amortization | 6,134 | 5,804 |
Net gain on sales of loans and securities | (1,081) | (816) |
Mortgage servicing rights amortization and valuation allowance adjustments, net | 611 | 1,437 |
Stock-based compensation | 3,916 | 4,253 |
Originations of loans held-for-sale | (61,079) | (40,957) |
Proceeds from sales and principal repayments of loans held-for-sale | 60,759 | 41,650 |
Increase in accrued interest receivable | (124) | (154) |
Bank owned life insurance income and insurance proceeds received, net | (4,376) | (3,045) |
Increase in other assets | (11,436) | (54) |
(Decrease) increase in accrued expenses and other liabilities | (3,882) | 5,461 |
Net cash provided by operating activities | 48,480 | 74,520 |
Cash flows from investing activities: | ||
Originations of loans receivable | (767,399) | (726,125) |
Loan purchases through third parties | (117,596) | (72,375) |
Principal payments on loans receivable | 1,311,864 | 937,327 |
Proceeds from sales of delinquent and non-performing loans | 6,183 | 1,310 |
Purchases of securities held-to-maturity | (272,524) | (276,388) |
Purchases of securities available-for-sale | (88,156) | |
Principal payments on securities held-to-maturity | 245,317 | 161,171 |
Principal payments on securities available-for-sale | 22,977 | 20,194 |
Proceeds from sale of available-for-sale securities | 19,026 | |
Net redemptions of Federal Home Loan Bank of New York stock | 2,370 | 1,919 |
Proceeds from sales of real estate owned, net | 15,524 | 29,314 |
Purchases of premises and equipment, net of proceeds from sales | (5,478) | (4,400) |
Net cash provided by investing activities | 372,108 | 71,947 |
Cash flows from financing activities: | ||
Net decrease in deposits | (277,139) | (195,939) |
Net (decrease) increase in borrowings with original terms of three months or less | (129,000) | 163,000 |
Repayments of borrowings with original terms greater than three months | (100,000) | |
Net increase in mortgage escrow funds | 17,502 | 18,228 |
Proceeds from sales of treasury stock | 6,055 | 4,064 |
Cash dividends paid to stockholders | (12,412) | (12,335) |
Net tax benefit excess from stock-based compensation | 11 | |
Net cash used in financing activities | (394,983) | (122,982) |
Net increase in cash and cash equivalents | 25,605 | 23,485 |
Cash and cash equivalents at beginning of period | 143,185 | 121,950 |
Cash and cash equivalents at end of period | 168,790 | 145,435 |
Supplemental disclosures: | ||
Interest paid | 68,450 | 75,519 |
Income taxes paid | 17,732 | 6,741 |
Additions to real estate owned | 3,736 | 31,646 |
Loans transferred to held-for-sale | $ 6,205 | $ 187,769 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of Astoria Financial Corporation and its wholly-owned subsidiaries: Astoria Bank and its subsidiaries, referred to as Astoria Bank, and AF Insurance Agency, Inc. As used in this quarterly report, “we,” “us” and “our” refer to Astoria Financial Corporation and its consolidated subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. In our opinion, the accompanying consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of our financial condition as of June 30, 2015 and December 31, 2014 , our results of operations and other comprehensive income for the three and six months ended June 30, 2015 and 2014 , changes in our stockholders’ equity for the six months ended June 30, 2015 and our cash flows for the six months ended June 30, 2015 and 2014 . In preparing the consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities for the consolidated statements of financial condition as of June 30, 2015 and December 31, 2014 , and amounts of revenues, expenses and other comprehensive income in the consolidated statements of income and comprehensive income for the three and six months ended June 30, 2015 and 2014 . The results of operations and other comprehensive income for the three and six months ended June 30, 2015 are not necessarily indicative of the results of operations and other comprehensive income to be expected for the remainder of the year. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP, have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC. These consolidated financial statements should be read in conjunction with our December 31, 2014 audited consolidated financial statements and related notes included in our 2014 Annual Report on Form 10-K. Changes in Income Tax Legislation New York State, or NY State, income tax reform legislation, or the 2014 NY State legislation, was enacted on March 31, 2014. While the 2014 NY State legislation generally became effective in 2015, the nature of the changes resulted in the recognition of certain deferred tax assets in the 2014 first quarter. Prior to the effective date of the 2014 NY State legislation, we were subject to taxation in NY State under an alternative taxation method based on assets. The 2014 NY State legislation, among other things, removed that alternative method. Further, the new law (1) required that we be taxed in a manner that resulted in an increase in our NY State income tax expense beginning in 2015 and (2) caused us to recognize temporary differences and net operating loss carry-forward benefits in 2014 which we were unable to recognize previously. On April 13, 2015, a package of additional legislation, or the 2015 NY State legislation, was signed into law in NY State that, among other things, (1) largely conforms New York City, or NY City, banking income tax laws to the 2014 NY State legislation, and (2) makes technical corrections to the 2014 NY State legislation. The 2015 NY State legislation is effective retroactively to tax years beginning on or after January 1, 2015. In addition, on June 30, 2015, the State of Connecticut enacted tax legislation that changed the method for calculating Connecticut income taxes, resulting in the recognition of certain deferred tax assets. Under GAAP, the effects of changes in tax law on current and deferred taxes are accounted for in the period that includes the enactment date of the change, which means that we recorded the impacts of the legislation in the second quarter of 2015. The tax law changes effective in 2014 and 2015 resulted in an increase in our net deferred tax asset with a corresponding reduction in income tax expense of $11.5 million in the 2014 first quarter and a reduction in income tax expense of $11.4 million in the 2015 second quarter comprised of (i) the elimination of our valuation allowance totaling $7.2 million , which previously offset certain deferred tax assets, and (ii) the recognition of additional deferred tax assets totaling $4.2 million , primarily related to NY City taxation. As a result of these changes to state and local tax legislation, we expect our effective income tax rate in future periods to be higher than that in prior periods. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 (In Thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Residential mortgage-backed securities: GSE (1) issuance REMICs and CMOs (2) $ 314,975 $ 3,663 $ (2,238 ) $ 316,400 Non-GSE issuance REMICs and CMOs 3,986 22 (2 ) 4,006 GSE pass-through certificates 11,738 573 (2 ) 12,309 Total residential mortgage-backed securities 330,699 4,258 (2,242 ) 332,715 Obligations of GSEs 98,682 — (2,654 ) 96,028 Fannie Mae stock 15 — (13 ) 2 Total securities available-for-sale $ 429,396 $ 4,258 $ (4,909 ) $ 428,745 Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 1,450,045 $ 13,315 $ (15,281 ) $ 1,448,079 Non-GSE issuance REMICs and CMOs 298 — (7 ) 291 GSE pass-through certificates 260,948 2,009 (2,837 ) 260,120 Total residential mortgage-backed securities 1,711,291 15,324 (18,125 ) 1,708,490 Multi-family mortgage-backed securities: GSE issuance REMICs 237,771 1,451 (553 ) 238,669 Obligations of GSEs 207,344 21 (2,909 ) 204,456 Other 476 — — 476 Total securities held-to-maturity $ 2,156,882 $ 16,796 $ (21,587 ) $ 2,152,091 (1) Government-sponsored enterprise (2) Real estate mortgage investment conduits and collateralized mortgage obligations At December 31, 2014 (In Thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 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 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 June 30, 2015 Less Than Twelve Months Twelve Months or Longer Total (In Thousands) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Available-for-sale: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 119,668 $ (2,238 ) $ — $ — $ 119,668 $ (2,238 ) Non-GSE issuance REMICs and CMOs 32 (1 ) 83 (1 ) 115 (2 ) GSE pass-through certificates 43 (1 ) 97 (1 ) 140 (2 ) Obligations of GSEs 24,492 (491 ) 71,536 (2,163 ) 96,028 (2,654 ) Fannie Mae stock — — 2 (13 ) 2 (13 ) Total temporarily impaired securities available-for-sale $ 144,235 $ (2,731 ) $ 71,718 $ (2,178 ) $ 215,953 $ (4,909 ) Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 378,600 $ (2,836 ) $ 317,649 $ (12,445 ) $ 696,249 $ (15,281 ) Non-GSE issuance REMICs and CMOs — — 291 (7 ) 291 (7 ) GSE pass-through certificates 39,186 (273 ) 115,769 (2,564 ) 154,955 (2,837 ) Multi-family mortgage-backed securities: GSE issuance REMICs 94,128 (553 ) — — 94,128 (553 ) Obligations of GSEs 131,976 (1,977 ) 24,069 (932 ) 156,045 (2,909 ) Total temporarily impaired securities held-to-maturity $ 643,890 $ (5,639 ) $ 457,778 $ (15,948 ) $ 1,101,668 $ (21,587 ) At December 31, 2014 Less Than Twelve Months Twelve Months or Longer Total (In Thousands) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized 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 available-for-sale $ 45,226 $ (555 ) $ 147,718 $ (2,999 ) $ 192,944 $ (3,554 ) 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 held-to-maturity $ 222,216 $ (892 ) $ 744,508 $ (19,146 ) $ 966,724 $ (20,038 ) We held 94 securities which had an unrealized loss at June 30, 2015 and 80 securities which had an unrealized loss at December 31, 2014 . At June 30, 2015 and December 31, 2014 , substantially all of the securities in an unrealized loss position had a fixed interest rate and the cause of the temporary impairment was directly related to changes in interest rates. We generally view changes in fair value caused by changes in interest rates as temporary, which is consistent with our experience. None of the unrealized losses are related to credit losses. Therefore, at June 30, 2015 and December 31, 2014 , the impairments were deemed temporary based on (1) the direct relationship of the decline in fair value to movements in interest rates, (2) the estimated remaining life and high credit quality of the investments and (3) the fact that we had no intention to sell these securities and it was not more likely than not that we would be required to sell these securities before their anticipated recovery of the remaining amortized cost basis and we expected to recover the entire amortized cost basis of the security. During the six months ended June 30, 2015, proceeds from sales of securities from the available-for-sale portfolio totaled $19.0 million , resulting in gross realized gains of $72,000 . There were no sales of securities from the available-for-sale portfolio during the six months ended June 30, 2014. At June 30, 2015 , available-for-sale debt securities, excluding mortgage-backed securities, had an amortized cost of $98.7 million , an estimated fair value of $96.0 million and contractual maturities in 2021 and 2022 . At June 30, 2015 , held-to-maturity debt securities, excluding mortgage-backed securities, had an amortized cost of $207.8 million , an estimated fair value of $204.9 million and contractual maturities primarily in 2021 through 2025 . Actual maturities may differ from contractual maturities because issuers may have the right to prepay or call obligations with or without prepayment penalties. At June 30, 2015 , the amortized cost of callable securities in our portfolio totaled $306.0 million , of which $289.6 million are callable within one year and at various times thereafter. The balance of accrued interest receivable for securities totaled $7.1 million at June 30, 2015 and $6.7 million at December 31, 2014 . |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 Past Due (In Thousands) 30-59 Days 60-89 Days 90 Days or More Total Past Due Current Total Accruing loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 10,810 $ 3,769 $ — $ 14,579 $ 624,504 $ 639,083 Full documentation amortizing 31,191 5,124 — 36,315 4,731,728 4,768,043 Reduced documentation interest-only 15,684 4,917 — 20,601 451,641 472,242 Reduced documentation amortizing 9,483 2,824 — 12,307 424,345 436,652 Total residential 67,168 16,634 — 83,802 6,232,218 6,316,020 Multi-family 5,023 1,127 737 6,887 3,931,487 3,938,374 Commercial real estate 1,692 — 2,234 3,926 854,329 858,255 Total mortgage loans 73,883 17,761 2,971 94,615 11,018,034 11,112,649 Consumer and other loans (gross): Home equity and other consumer 1,067 499 — 1,566 164,175 165,741 Commercial and industrial — — — — 71,354 71,354 Total consumer and other loans 1,067 499 — 1,566 235,529 237,095 Total accruing loans $ 74,950 $ 18,260 $ 2,971 $ 96,181 $ 11,253,563 $ 11,349,744 Non-accrual loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 1,155 $ — $ 12,338 $ 13,493 $ 11,361 $ 24,854 Full documentation amortizing 1,567 1,795 21,020 24,382 7,601 31,983 Reduced documentation interest-only 536 492 13,513 14,541 23,261 37,802 Reduced documentation amortizing 491 342 5,397 6,230 3,345 9,575 Total residential 3,749 2,629 52,268 58,646 45,568 104,214 Multi-family 296 339 4,113 4,748 1,334 6,082 Commercial real estate 816 — 560 1,376 1,806 3,182 Total mortgage loans 4,861 2,968 56,941 64,770 48,708 113,478 Consumer and other loans (gross): Home equity and other consumer — — 6,243 6,243 143 6,386 Commercial and industrial — — — — — — Total consumer and other loans — — 6,243 6,243 143 6,386 Total non-accrual loans $ 4,861 $ 2,968 $ 63,184 $ 71,013 $ 48,851 $ 119,864 Total loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 11,965 $ 3,769 $ 12,338 $ 28,072 $ 635,865 $ 663,937 Full documentation amortizing 32,758 6,919 21,020 60,697 4,739,329 4,800,026 Reduced documentation interest-only 16,220 5,409 13,513 35,142 474,902 510,044 Reduced documentation amortizing 9,974 3,166 5,397 18,537 427,690 446,227 Total residential 70,917 19,263 52,268 142,448 6,277,786 6,420,234 Multi-family 5,319 1,466 4,850 11,635 3,932,821 3,944,456 Commercial real estate 2,508 — 2,794 5,302 856,135 861,437 Total mortgage loans 78,744 20,729 59,912 159,385 11,066,742 11,226,127 Consumer and other loans (gross): Home equity and other consumer 1,067 499 6,243 7,809 164,318 172,127 Commercial and industrial — — — — 71,354 71,354 Total consumer and other loans 1,067 499 6,243 7,809 235,672 243,481 Total loans $ 79,811 $ 21,228 $ 66,155 $ 167,194 $ 11,302,414 $ 11,469,608 Net unamortized premiums and deferred loan origination costs 44,448 Loans receivable 11,514,056 Allowance for loan losses (107,500 ) Loans receivable, net $ 11,406,556 At December 31, 2014 Past Due (In Thousands) 30-59 Days 60-89 Days 90 Days or More Total Past Due Current Total Accruing loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 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 We segment our one-to-four family, or 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 using predictive modeling techniques for loans originated after 2010 and by geographic location for loans originated prior to 2010. 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. 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 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 also consider qualitative factors with the purpose of assessing the adequacy of the overall allowance for loan losses as well as the allocation of the allowance for loan losses by loan category. Allowance adequacy calculations are adjusted quarterly, based on the results of our quantitative and qualitative analyses, to reflect our current estimates of the amount of probable losses inherent in our loan portfolio in determining our allowance for loan losses. The portion of the allowance allocated to each loan category does not represent the total available to absorb losses which may occur within the loan category, since the total allowance for loan losses is available for losses applicable to the entire loan portfolio. The following tables set forth the changes in our allowance for loan losses by loan receivable segment for the periods indicated. For the Three Months Ended June 30, 2015 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at April 1, 2015 $ 43,481 $ 40,082 $ 17,118 $ 9,819 $ 110,500 Provision charged (credited) to operations 1,497 (1,663 ) (1,728 ) (1,073 ) (2,967 ) Charge-offs (1,602 ) (103 ) — (86 ) (1,791 ) Recoveries 1,170 478 — 110 1,758 Balance at June 30, 2015 $ 44,546 $ 38,794 $ 15,390 $ 8,770 $ 107,500 For the Six Months Ended June 30, 2015 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at January 1, 2015 $ 46,283 $ 39,250 $ 17,242 $ 8,825 $ 111,600 Provision (credited) charged to operations (354 ) (1,407 ) (1,710 ) 161 (3,310 ) Charge-offs (3,359 ) (345 ) (142 ) (435 ) (4,281 ) Recoveries 1,976 1,296 — 219 3,491 Balance at June 30, 2015 $ 44,546 $ 38,794 $ 15,390 $ 8,770 $ 107,500 For the Three Months Ended June 30, 2014 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at April 1, 2014 $ 74,717 $ 34,578 $ 14,698 $ 10,007 $ 134,000 Provision (credited) charged to operations (9,132 ) 2,686 735 (31 ) (5,742 ) Charge-offs (12,834 ) (270 ) — (527 ) (13,631 ) Recoveries 3,801 81 — 91 3,973 Balance at June 30, 2014 $ 56,552 $ 37,075 $ 15,433 $ 9,540 $ 118,600 For the Six Months Ended June 30, 2014 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at January 1, 2014 $ 80,337 $ 36,703 $ 13,136 $ 8,824 $ 139,000 Provision (credited) charged to operations (12,608 ) 1,274 5,273 1,950 (4,111 ) Charge-offs (16,927 ) (1,139 ) (2,976 ) (1,424 ) (22,466 ) Recoveries 5,750 237 — 190 6,177 Balance at June 30, 2014 $ 56,552 $ 37,075 $ 15,433 $ 9,540 $ 118,600 The following table sets forth the balances of our residential interest-only mortgage loans at June 30, 2015 by the period in which such loans are scheduled to enter their amortization period. ( In Thousands ) Recorded Investment Amortization scheduled to begin in: 12 months or less $ 559,500 13 to 24 months 377,632 25 to 36 months 188,770 Over 36 months 48,079 Total $ 1,173,981 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 June 30, 2015 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 $ 639,083 $ 4,768,043 $ 472,242 $ 436,652 $ 165,741 $ 71,354 Non-performing: Current or past due less than 90 days 12,516 10,963 24,289 4,178 143 — Past due 90 days or more 12,338 21,020 13,513 5,397 6,243 — Total $ 663,937 $ 4,800,026 $ 510,044 $ 446,227 $ 172,127 $ 71,354 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 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 June 30, 2015 At December 31, 2014 Commercial Real Estate Commercial Real Estate (In Thousands) Multi-Family Multi-Family Not criticized $ 3,868,976 $ 811,729 $ 3,850,068 $ 817,404 Criticized: Special mention 51,296 16,415 30,975 22,584 Substandard 23,444 32,199 31,264 32,664 Doubtful 740 1,094 746 1,113 Total $ 3,944,456 $ 861,437 $ 3,913,053 $ 873,765 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 June 30, 2015 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Loans: Individually evaluated for impairment $ 190,952 $ 29,499 $ 16,982 $ 5,854 $ 243,287 Collectively evaluated for impairment 6,229,282 3,914,957 844,455 237,627 11,226,321 Total loans $ 6,420,234 $ 3,944,456 $ 861,437 $ 243,481 $ 11,469,608 Allowance for loan losses: Individually evaluated for impairment $ 11,056 $ 999 $ 906 $ 4,334 $ 17,295 Collectively evaluated for impairment 33,490 37,795 14,484 4,436 90,205 Total allowance for loan losses $ 44,546 $ 38,794 $ 15,390 $ 8,770 $ 107,500 At December 31, 2014 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total 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 The following table summarizes information related to our impaired loans by segment and class at the dates indicated. At June 30, 2015 At December 31, 2014 (In Thousands) Unpaid Principal Balance Recorded Investment Related Allowance Net Investment Unpaid Principal Balance Recorded Investment Related Allowance Net Investment With an allowance recorded: Mortgage loans: Residential: Full documentation interest-only $ 49,005 $ 41,113 $ (3,809 ) $ 37,304 $ 55,352 $ 46,331 $ (3,391 ) $ 42,940 Full documentation amortizing 58,641 53,254 (2,025 ) 51,229 43,044 39,994 (1,425 ) 38,569 Reduced documentation interest-only 85,832 72,588 (4,521 ) 68,067 90,171 76,960 (4,661 ) 72,299 Reduced documentation amortizing 25,884 23,997 (701 ) 23,296 19,463 18,117 (827 ) 17,290 Multi-family 9,187 8,487 (999 ) 7,488 34,972 28,109 (3,172 ) 24,937 Commercial real estate 10,653 7,972 (906 ) 7,066 24,991 19,270 (2,446 ) 16,824 Consumer and other loans: Home equity lines of credit 6,181 5,854 (4,334 ) 1,520 5,436 5,153 (3,810 ) 1,343 Without an allowance recorded: Mortgage loans: Multi-family 24,551 21,012 — 21,012 16,308 14,502 — 14,502 Commercial real estate 12,122 9,010 — 9,010 — — — — Total impaired loans $ 282,056 $ 243,287 $ (17,295 ) $ 225,992 $ 289,737 $ 248,436 $ (19,732 ) $ 228,704 The following tables set forth the average recorded investment, interest income recognized and cash basis interest income related to our impaired loans by segment and class for the periods indicated. For the Three Months Ended June 30, 2015 2014 (In Thousands) Average Recorded Investment Interest Income Recognized Cash Basis Interest Income Average Recorded Investment Interest Income Recognized Cash Basis Interest Income With an allowance recorded: Mortgage loans: Residential: Full documentation interest-only $ 42,150 $ 295 $ 291 $ 105,897 $ 618 $ 608 Full documentation amortizing 50,619 380 391 41,213 307 306 Reduced documentation interest-only 74,210 840 821 132,784 1,087 1,083 Reduced documentation amortizing 21,888 203 207 24,981 134 138 Multi-family 14,731 75 81 37,277 364 380 Commercial real estate 13,751 100 101 21,232 262 274 Consumer and other loans: Home equity lines of credit 6,179 20 22 5,067 3 7 Without an allowance recorded: Mortgage loans: Residential: Full documentation amortizing — — — 913 — — Multi-family 17,014 138 138 11,782 136 137 Commercial real estate 4,505 266 266 — — — Total impaired loans $ 245,047 $ 2,317 $ 2,318 $ 381,146 $ 2,911 $ 2,933 For the Six Months Ended June 30, 2015 2014 (In Thousands) Average Recorded Investment Interest Income Recognized Cash Basis Interest Income Average Recorded Investment Interest Income Recognized Cash Basis Interest Income With an allowance recorded: Mortgage loans: Residential: Full documentation interest-only $ 43,544 $ 608 $ 614 $ 107,224 $ 1,222 $ 1,244 Full documentation amortizing 47,077 798 816 39,505 653 645 Reduced documentation interest-only 75,126 1,528 1,527 135,308 2,163 2,146 Reduced documentation amortizing 20,631 392 401 25,189 265 263 Multi-family 19,190 159 183 31,434 730 764 Commercial real estate 15,591 197 209 16,084 462 559 Consumer and other loans: Home equity lines of credit 5,837 32 39 5,030 13 21 Without an allowance recorded: Mortgage loans: Residential: Full documentation amortizing — — — 609 — — Multi-family 16,177 534 534 18,785 274 275 Commercial real estate 3,003 277 275 4,755 — — Total impaired loans $ 246,176 $ 4,525 $ 4,598 $ 383,923 $ 5,782 $ 5,917 The following tables set forth information about our mortgage loans receivable by segment and class at June 30, 2015 and 2014 which were modified in a troubled debt restructuring, or TDR, during the periods indicated. Modifications During the Three Months Ended June 30, 2015 2014 (Dollars In Thousands) Number of Loans Pre- Modification Recorded Investment Recorded Investment at June 30, 2015 Number of Loans Pre- Modification Recorded Investment Recorded Investment at June 30, 2014 Residential: Full documentation interest-only 4 $ 1,315 $ 1,309 7 $ 2,940 $ 2,939 Full documentation amortizing 5 1,142 1,136 — — — Reduced documentation interest-only 1 209 209 4 1,278 1,277 Reduced documentation amortizing 2 339 339 — — — Multi-family — — — 1 357 357 Commercial real estate — — — 1 254 251 Total 12 $ 3,005 $ 2,993 13 $ 4,829 $ 4,824 Modifications During the Six Months Ended June 30, 2015 2014 (Dollars In Thousands) Number of Loans Pre- Modification Recorded Investment Recorded Investment at June 30, 2015 Number of Loans Pre- Modification Recorded Investment Recorded Investment at June 30, 2014 Residential: Full documentation interest-only 8 $ 3,350 $ 3,340 18 $ 7,797 $ 7,374 Full documentation amortizing 11 3,201 3,126 3 519 489 Reduced documentation interest-only 5 1,896 1,903 8 2,301 2,290 Reduced documentation amortizing 2 339 339 2 317 262 Multi-family — — — 2 1,060 946 Commercial real estate 2 2,902 2,864 2 913 892 Total 28 $ 11,688 $ 11,572 35 $ 12,907 $ 12,253 The following tables set forth information about our mortgage loans receivable by segment and class at June 30, 2015 and 2014 which were modified in a TDR during the twelve month periods ended June 30, 2015 and 2014 and had a payment default subsequent to the modification during the periods indicated. For the Three Months Ended June 30, 2015 2014 (Dollars In Thousands) Number of Loans Recorded Investment at June 30, 2015 Number of Loans Recorded Investment at June 30, 2014 Residential: Full documentation interest-only 4 $ 1,957 — $ — Full documentation amortizing 1 387 2 447 Reduced documentation interest-only 4 1,967 1 579 Reduced documentation amortizing — — 1 93 Multi-family 2 1,036 — — Commercial real estate — — 1 1,569 Total 11 $ 5,347 5 $ 2,688 For the Six Months Ended June 30, 2015 2014 (Dollars In Thousands) Number of Loans Recorded Investment at June 30, 2015 Number of Loans Recorded Investment at June 30, 2014 Residential: Full documentation interest-only 4 $ 1,957 2 $ 399 Full documentation amortizing 2 845 2 447 Reduced documentation interest-only 4 1,967 3 889 Reduced documentation amortizing — — 1 93 Multi-family 2 1,036 — — Commercial real estate — — 1 1,569 Total 12 $ 5,805 9 $ 3,397 Included in loans receivable at June 30, 2015 are loans in the process of foreclosure collateralized by residential real estate property with a recorded investment of $37.8 million . For additional information regarding our loans receivable and allowance for loan losses, see “Asset Quality” and “Critical Accounting Policies” in Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” or “MD&A.” |
Reverse Repurchase Agreements
Reverse Repurchase Agreements | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Reverse Repurchase Agreements | Reverse Repurchase Agreements Effective January 1, 2015, we adopted the guidance in Accounting Standards Update, or 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 changed 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. All of our repurchase agreements (reverse repurchase agreements) are accounted for as secured borrowings. Therefore, our adoption of this guidance did not have an impact on our financial condition or results of operations. In addition, effective for interim periods beginning after March 15, 2015, 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, which for us is not applicable as we have no such transfers. The amendments in this guidance also require, effective for interim periods beginning after March 15, 2015, the following disclosures to increase transparency about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The following table details the remaining contractual maturities of our reverse repurchase agreements at June 30, 2015 . 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. The outstanding reverse repurchase agreements at June 30, 2015 were fixed rate and collateralized by GSE securities, of which 83% were residential mortgage-backed securities and 17% were obligations of GSEs. Securities collateralizing these agreements are classified as encumbered securities in the consolidated statements of financial condition. The amount of excess collateral required is governed by each individual contract. The primary risk associated with these secured borrowings is the requirement to pledge a market value based balance of collateral in excess of the borrowed amount. The excess collateral pledged represents an unsecured exposure to the lending counterparty. As the market value of the collateral changes, both through changes in discount rates and spreads as well as related cash flows, additional collateral may need to be pledged. In accordance with our policies, eligible counterparties are defined and monitored to minimize our exposure. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The following table is a reconciliation of basic and diluted earnings per common share, or EPS. For the Three Months Ended June 30, For the Six Months Ended June 30, (In Thousands, Except Share Data) 2015 2014 2015 2014 Net income $ 31,431 $ 22,300 $ 50,738 $ 53,849 Preferred stock dividends (2,194 ) (2,194 ) (4,388 ) (4,388 ) Net income available to common shareholders 29,237 20,106 46,350 49,461 Income allocated to participating securities (295 ) (232 ) (394 ) (552 ) Net income allocated to common shareholders $ 28,942 $ 19,874 $ 45,956 $ 48,909 Basic weighted average common shares outstanding 99,664,442 98,275,886 99,459,376 98,191,434 Dilutive effect of stock options and restricted stock units (1) (2) — — — — Diluted weighted average common shares outstanding 99,664,442 98,275,886 99,459,376 98,191,434 Basic EPS $ 0.29 $ 0.20 $ 0.46 $ 0.50 Diluted EPS $ 0.29 $ 0.20 $ 0.46 $ 0.50 (1) Excludes options to purchase 12,000 shares of common stock which were outstanding during the three months ended June 30, 2015 ; options to purchase 1,011,219 shares of common stock which were outstanding during the three months ended June 30, 2014 ; options to purchase 16,334 shares of common stock which were outstanding during the six months ended June 30, 2015 ; and options to purchase 1,030,651 shares of common stock which were outstanding during the six months ended June 30, 2014 because their inclusion would be anti-dilutive. (2) Excludes 1,029,336 unvested restricted stock units which were outstanding during the three months ended June 30, 2015 ; 803,318 unvested restricted stock units which were outstanding during the three months ended June 30, 2014 ; 896,425 unvested restricted stock units which were outstanding during the six months ended June 30, 2015 ; and 731,973 unvested restricted stock units which were outstanding during the six months ended June 30, 2014 because the performance conditions have not been satisfied. |
Other Comprehensive Income_Loss
Other Comprehensive Income/Loss | 6 Months Ended |
Jun. 30, 2015 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Other Comprehensive Income/Loss | Other Comprehensive Income/Loss The following tables set forth the components of accumulated other comprehensive loss, net of related tax effects, at the dates indicated and the changes during the three and six months ended June 30, 2015 and 2014 . (In Thousands) At Other At Net unrealized gain on securities available-for-sale $ 6,679 $ (2,791 ) $ 3,888 Net actuarial loss on pension plans and other postretirement benefits (67,007 ) 417 (66,590 ) Prior service cost on pension plans and other postretirement benefits (3,132 ) 27 (3,105 ) Accumulated other comprehensive loss $ (63,460 ) $ (2,347 ) $ (65,807 ) (In Thousands) At Other At Net unrealized gain on securities available-for-sale $ 4,686 $ (798 ) $ 3,888 Net actuarial loss on pension plans and other postretirement benefits (67,476 ) 886 (66,590 ) Prior service cost on pension plans and other postretirement benefits (3,161 ) 56 (3,105 ) Accumulated other comprehensive loss $ (65,951 ) $ 144 $ (65,807 ) (In Thousands) At Other Comprehensive Income At Net unrealized (loss) gain on securities available-for-sale $ (1,373 ) $ 4,699 $ 3,326 Net actuarial loss on pension plans and other postretirement benefits (30,465 ) 161 (30,304 ) Prior service cost on pension plans and other postretirement benefits (3,254 ) 31 (3,223 ) Accumulated other comprehensive loss $ (35,092 ) $ 4,891 $ (30,201 ) (In Thousands) At Other Comprehensive Income At Net unrealized (loss) gain on securities available-for-sale $ (4,366 ) $ 7,692 $ 3,326 Net actuarial loss on pension plans and other postretirement benefits (30,600 ) 296 (30,304 ) Prior service cost on pension plans and other postretirement benefits (3,284 ) 61 (3,223 ) Accumulated other comprehensive loss $ (38,250 ) $ 8,049 $ (30,201 ) The following tables set forth the components of other comprehensive (loss) income for the periods indicated. For the Three Months Ended (In Thousands) Before Tax Amount Income Tax Expense After Tax Amount Net unrealized loss on securities available-for-sale: Net unrealized holding loss on securities arising during the period $ (4,491 ) $ 1,743 $ (2,748 ) Reclassification adjustment for gain on sales of securities included in net income (72 ) 29 (43 ) Net unrealized loss on securities available-for-sale $ (4,563 ) $ 1,772 $ (2,791 ) Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 729 (312 ) 417 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 48 (21 ) 27 Other comprehensive loss $ (3,786 ) $ 1,439 $ (2,347 ) For the Six Months Ended (In Thousands) Before Tax Amount Income Tax Expense After Tax Amount Net unrealized loss on securities available-for-sale: Net unrealized holding loss on securities arising during the period $ (1,268 ) $ 513 $ (755 ) Reclassification adjustment for gain on sales of securities included in net income (72 ) 29 (43 ) Net unrealized loss on securities available-for-sale $ (1,340 ) $ 542 $ (798 ) Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 1,486 (600 ) 886 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 95 (39 ) 56 Other comprehensive income $ 241 $ (97 ) $ 144 For the Three Months Ended (In Thousands) Before Tax Amount Income Tax Expense After Tax Amount Net unrealized holding gain on securities available-for-sale arising during the period $ 7,263 $ (2,564 ) $ 4,699 Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 249 (88 ) 161 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 48 (17 ) 31 Other comprehensive income $ 7,560 $ (2,669 ) $ 4,891 For the Six Months Ended (In Thousands) Before Tax Amount Income Tax Expense After Tax Amount Net unrealized holding gain on securities available-for-sale arising during the period $ 11,891 $ (4,199 ) $ 7,692 Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 457 (161 ) 296 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 95 (34 ) 61 Other comprehensive income $ 12,443 $ (4,394 ) $ 8,049 The following tables set forth information about amounts reclassified from accumulated other comprehensive loss to, and the affected line items in, the consolidated statements of income for the periods indicated. For the Three Months Ended June 30, Income Statement (In Thousands) 2015 2014 Reclassification adjustment for gain on sales of securities $ 72 $ — Gain on sales of securities Reclassification adjustment for net actuarial loss (1) (729 ) (249 ) Compensation and benefits Reclassification adjustment for prior service cost (1) (48 ) (48 ) Compensation and benefits Total reclassifications, before tax (705 ) (297 ) Income tax effect 304 105 Income tax expense Total reclassifications, net of tax $ (401 ) $ (192 ) Net income For the Six Months Ended June 30, Income Statement (In Thousands) 2015 2014 Reclassification adjustment for gain on sales of securities $ 72 $ — Gain on sales of securities Reclassification adjustment for net actuarial loss (1) (1,486 ) (457 ) Compensation and benefits Reclassification adjustment for prior service cost (1) (95 ) (95 ) Compensation and benefits Total reclassifications, before tax (1,509 ) (552 ) Income tax effect 610 195 Income tax expense Total reclassifications, net of tax $ (899 ) $ (357 ) Net income (1) These other comprehensive income components are included in the computations of net periodic (benefit) cost for our defined benefit pension plans and other postretirement benefit plan. See Note 7 for additional details. |
Pension Plans and Other Postret
Pension Plans and Other Postretirement Benefits | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Plans and Other Postretirement Benefits | Pension Plans and Other Postretirement Benefits The following tables set forth information regarding the components of net periodic (benefit) cost for our defined benefit pension plans and other postretirement benefit plan for the periods indicated. Pension Benefits Other Postretirement Benefits For the Three Months Ended June 30, For the Three Months Ended June 30, (In Thousands) 2015 2014 2015 2014 Service cost $ — $ — $ 596 $ 402 Interest cost 2,455 2,592 226 243 Expected return on plan assets (3,634 ) (3,709 ) — — Recognized net actuarial loss (gain) 729 342 — (93 ) Amortization of prior service cost 48 48 — — Net periodic (benefit) cost $ (402 ) $ (727 ) $ 822 $ 552 Pension Benefits Other Postretirement Benefits For the Six Months Ended June 30, For the Six Months Ended June 30, (In Thousands) 2015 2014 2015 2014 Service cost $ — $ — $ 1,065 $ 621 Interest cost 4,965 5,225 502 465 Expected return on plan assets (7,267 ) (7,422 ) — — Recognized net actuarial loss (gain) 1,486 701 — (244 ) Amortization of prior service cost 95 95 — — Net periodic (benefit) cost $ (721 ) $ (1,401 ) $ 1,567 $ 842 |
Stock Incentive Plans
Stock Incentive Plans | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plans | Stock Incentive Plans During the six months ended June 30, 2015 , 400,320 shares of restricted common stock were granted to select officers under the 2014 Amended and Restated Stock Incentive Plan for Officers and Employees of Astoria Financial Corporation, or the 2014 Employee Stock Plan, of which 397,890 shares remain outstanding at June 30, 2015 and substantially all of which vest one-third per year on or about December 14, beginning December 2015. 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, all restricted common stock granted pursuant to such plan immediately vests. Also, during the six months ended June 30, 2015 , 409,800 performance-based restricted stock units were granted to select officers under the 2014 Employee Stock Plan, of which 407,200 units remain outstanding at June 30, 2015 . Each restricted stock unit granted represents a right, under the 2014 Employee Stock Plan, to receive one share of our common stock in the future, subject to meeting certain criteria. The restricted stock units have specified performance objectives within a specified performance measurement period and no voting or dividend rights prior to vesting and delivery of shares. The performance measurement period for these restricted stock units is the fiscal year ending December 31, 2017 and the vest date is February 1, 2018. 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. However, in the event of a change in control prior to the end of 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 a 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. During the six months ended June 30, 2015 , 26,232 shares of restricted common stock were granted to directors under the Astoria Financial Corporation 2007 Non-Employee Directors Stock Plan, as amended, of which 21,860 remain outstanding at June 30, 2015 and vest 100% in February 2018, although awards immediately vest upon death, disability, mandatory retirement, involuntary termination or a change in control, as such terms are defined in the plan. The following table summarizes restricted common stock and performance-based restricted stock unit activity in our stock incentive plans for the six months ended June 30, 2015 . Restricted Common Stock Restricted Stock Units Number of Shares Weighted Average Grant Date Fair Value Number of Units Weighted Average Grant Date Fair Value Unvested at January 1, 2015 752,701 $ 11.90 776,500 $ 10.66 Granted 426,552 13.04 409,800 12.64 Vested (4,000 ) (8.95 ) — — Forfeited (50,294 ) (11.59 ) (46,900 ) (10.92 ) Unvested at June 30, 2015 1,124,959 12.36 1,139,400 11.36 Stock-based compensation expense is recognized on a straight-line basis over the vesting period and totaled $1.3 million , net of taxes of $1.0 million , for the three months ended June 30, 2015 and $2.3 million , net of taxes of $1.6 million , for the six months ended June 30, 2015 . Stock-based compensation expense totaled $1.4 million , net of taxes of $790,000 , for the three months ended June 30, 2014 and $2.8 million , net of taxes of $1.5 million , for the six months ended June 30, 2014 . At June 30, 2015 , pre-tax compensation cost related to all nonvested awards of restricted common stock and restricted stock units not yet recognized totaled $14.3 million and will be recognized over a weighted average period of approximately 1.9 years, which excludes $4.3 million of pre-tax compensation cost related to 65,000 shares of performance-based restricted common stock and 297,050 performance-based restricted stock units, for which compensation cost will begin to be recognized when the achievement of the performance conditions becomes probable. |
Investments in Affordable Housi
Investments in Affordable Housing Limited Partnerships | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Affordable Housing Limited Partnerships | Investments in Affordable Housing Limited Partnerships Effective January 1, 2015, we adopted the guidance in 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. 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). We have not elected to use the proportional amortization method for our investments in qualified affordable housing projects. Therefore, our adoption of this guidance did not have an impact on our financial condition or results of operations. Additionally, the amendments introduce new recurring disclosures about all investments in qualified affordable housing projects which are presented below. As part of our community reinvestment initiatives, we invest in affordable housing limited partnerships that make equity investments in multi-family affordable housing properties. We receive affordable housing tax credits and other tax benefits for these investments. Our investment in affordable housing limited partnerships, reflected in other assets in the consolidated statements of financial condition, totaled $17.7 million at June 30, 2015 and $18.3 million at December 31, 2014 . Our funding obligation related to such investments, reflected in other liabilities in the consolidated statements of financial condition, totaled $14.0 million at June 30, 2015 and $15.0 million at December 31, 2014 . Funding installments are due on an "as needed" basis, currently projected over the next four years, the timing of which cannot be estimated. Expense related to our investments in affordable housing limited partnerships, included in other non-interest expense in the consolidated statements of income, totaled $299,000 for the three months ended June 30, 2015 and $376,000 for the three months ended June 30, 2014 . Such expenses totaled $556,000 for the six months ended June 30, 2015 and $752,000 for the six months ended June 30, 2014 . Affordable housing tax credits and other tax benefits recognized as a component of income tax expense in the consolidated statements of income totaled $348,000 for the three months ended June 30, 2015 and $551,000 for the three months ended June 30, 2014 . Such tax credits and other tax benefits totaled $706,000 for the six months ended June 30, 2015 and $1.1 million for the six months ended June 30, 2014 . |
Regulatory Matters
Regulatory Matters | 6 Months Ended |
Jun. 30, 2015 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Matters | Regulatory Matters 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, or the Agencies, issued final rules, or the Final Capital Rules, that subjected many savings and loan holding companies, including Astoria Financial Corporation, to consolidated capital requirements effective January 1, 2015. The Final Capital 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, or Basel III capital standards. In doing so, the Final Capital 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 Federal Deposit Insurance Corporation Improvement Act of 1991 prompt corrective action provisions. Under these revised definitions, to be considered well-capitalized, an insured depository institution must have a Tier 1 leverage capital ratio of at least 5.0% , a Common equity tier 1 risk-based capital ratio of at least 6.5% , 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. At June 30, 2015 , the capital levels of both Astoria Financial Corporation and Astoria Bank exceeded all regulatory capital requirements and their regulatory capital ratios were above the minimum levels required to be considered well capitalized for regulatory purposes. The following table sets forth information regarding the regulatory capital requirements applicable to Astoria Financial Corporation and Astoria Bank at June 30, 2015 . Actual Minimum Capital Requirements To be Well Capitalized Under Prompt Corrective Action Provisions (Dollars in Thousands) Amount Ratio Amount Ratio Amount Ratio Astoria Financial Corporation: Tier 1 leverage $ 1,493,488 9.83 % $ 607,703 4.00 % $ 759,629 5.00 % Common equity tier 1 risk-based 1,373,101 15.59 396,238 4.50 572,344 6.50 Tier 1 risk-based 1,493,488 16.96 528,318 6.00 704,424 8.00 Total risk-based 1,602,063 18.19 704,424 8.00 880,530 10.00 Astoria Bank: Tier 1 leverage $ 1,654,366 10.95 % $ 604,495 4.00 % $ 755,619 5.00 % Common equity tier 1 risk-based 1,654,366 18.83 395,447 4.50 571,201 6.50 Tier 1 risk-based 1,654,366 18.83 527,263 6.00 703,017 8.00 Total risk-based 1,762,941 20.06 703,017 8.00 878,771 10.00 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 (In Thousands) Total Level 1 Level 2 Securities available-for-sale: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 316,400 $ — $ 316,400 Non-GSE issuance REMICs and CMOs 4,006 — 4,006 GSE pass-through certificates 12,309 — 12,309 Obligations of GSEs 96,028 — 96,028 Fannie Mae stock 2 2 — Total securities available-for-sale $ 428,745 $ 2 $ 428,743 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 The following is a description of valuation methodologies used for assets measured at fair value on a recurring basis. Residential mortgage-backed securities Residential mortgage-backed securities comprised 78% of our securities available-for-sale portfolio at June 30, 2015 and 75% at December 31, 2014 . 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 99% of our available-for-sale residential mortgage-backed securities portfolio at June 30, 2015 and 98% at December 31, 2014 . 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 pricing on 15 and 30 year pass-through mortgage-backed 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 22% of our securities available-for-sale portfolio at June 30, 2015 and 25% at December 31, 2014 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, including new issue and secondary markets, and integrates relative credit information, observed market movements and sector news into their pricing applications and models. Based upon our review of the prices provided by our pricing service, the estimated fair values incorporate observable market inputs commonly used by buyers and sellers of these types of securities at the measurement date in orderly transactions between market participants, and, as such, are classified as Level 2. Fannie Mae stock The fair value of the Fannie Mae stock in our available-for-sale securities portfolio is obtained from quoted market prices for identical instruments in active markets and, as such, is classified as Level 1. Non-Recurring Fair Value Measurements From time to time, we may be required to record at fair value assets or liabilities on a non-recurring basis, such as mortgage servicing rights, or MSR, loans receivable, certain loans held-for-sale and real estate owned, or REO. These non-recurring fair value adjustments involve the application of lower of cost or market accounting or impairment write-downs of individual assets. The following table sets forth the carrying values of those of our assets which were measured at fair value on a non-recurring basis at the dates indicated. The fair value measurements for all of these assets fall within Level 3 of the fair value hierarchy. Carrying Value (In Thousands) At June 30, 2015 At December 31, 2014 Non-performing loans held-for-sale, net $ 150 $ 153 Impaired loans 141,775 140,663 MSR, net 11,463 11,401 REO, net 15,300 19,375 Total $ 168,688 $ 171,592 The following table provides information regarding the gains (losses) recognized on our assets measured at fair value on a non-recurring basis for the periods indicated. For the Six Months Ended June 30, (In Thousands) 2015 2014 Non-performing loans held-for-sale, net (1) $ — $ (8,806 ) Impaired loans (2) (3,442 ) (2,220 ) MSR, net (3) 616 (123 ) REO, net (4) (60 ) (1,888 ) Total $ (2,886 ) $ (13,037 ) (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) Gains (losses) are credited/charged to mortgage banking income, net. (4) Gains (losses) are credited/charged to the allowance for loan losses in the case of an estimated fair value adjustment upon the transfer of a loan to REO. Losses subsequent to the transfer of a loan to REO are charged to REO expense which is a component of other non-interest expense. The following is a description of valuation methodologies used for assets measured at fair value on a non-recurring basis. Loans held-for-sale, net (non-performing loans held-for-sale) Included in loans held-for-sale, net, are non-performing loans held-for-sale for which fair values are estimated through either preliminary bids from potential purchasers of the loans or the estimated fair value of the underlying collateral discounted for factors necessary to solicit acceptable bids, and adjusted as necessary based on management’s experience with sales of similar types of loans and, as such, are classified as Level 3. At June 30, 2015 and December 31, 2014 , we held-for-sale one non-performing loan, which was a multi-family mortgage loan. Loans receivable, net (impaired loans) Loans which meet certain criteria are evaluated individually for impairment. A loan is considered impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement. Impaired loans were comprised of 79% residential mortgage loans, 19% multi-family and commercial real estate mortgage loans and 2% home equity lines of credit at June 30, 2015 and 73% residential mortgage loans, 25% multi-family and commercial real estate mortgage loans and 2% home equity lines of credit at December 31, 2014 . Impaired loans for which a fair value adjustment was recognized were comprised of 75% residential mortgage loans, 24% multi-family and commercial real estate mortgage loans and 1% home equity lines of credit at June 30, 2015 and 69% residential mortgage loans, 30% multi-family and commercial real estate mortgage loans and 1% home equity lines of credit at December 31, 2014 . 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. We analyze our home equity lines of credit when such loans become 90 days past due and consider our lien position, the estimated fair value of the underlying collateral value and the results of recent property inspections in determining the need for an individual valuation allowance. Adjustments to final appraised values obtained from independent third party appraisers and automated valuation models are not made. The fair values of impaired loans cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the loan and, as such, are classified as Level 3. MSR, net The right to service loans for others is generally obtained through the sale of residential mortgage loans with servicing retained. MSR are carried at the lower of cost or estimated fair value. The estimated fair value of MSR is obtained through independent third party valuations through an analysis of future cash flows, incorporating estimates of assumptions market participants would use in determining fair value including market discount rates, prepayment speeds, servicing income, servicing costs, default rates and other market driven data, including the market’s perception of future interest rate movements and, as such, are classified as Level 3. At June 30, 2015 , our MSR were valued based on expected future cash flows considering a weighted average discount rate of 9.49% , a weighted average constant prepayment rate on mortgages of 11.76% and a weighted average life of 6.0 years. 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. Management reviews the assumptions used to estimate the fair value of MSR to ensure they reflect current and anticipated market conditions. REO, net REO represents real estate acquired through foreclosure or by deed in lieu of foreclosure. At June 30, 2015 , REO totaled $23.4 million , including residential properties with a carrying value of $21.4 million . At December 31, 2014 , REO totaled $35.7 million , including residential properties with a carrying value of $33.7 million . REO is generally initially recorded at estimated fair value less estimated selling costs. Thereafter, we maintain a valuation allowance representing decreases in the properties' estimated fair value. 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 June 30, 2015 Carrying Value Estimated Fair Value (In Thousands) Total Level 2 Level 3 Financial Assets: Securities held-to-maturity $ 2,156,882 $ 2,152,091 $ 2,152,091 $ — FHLB-NY stock 138,384 138,384 138,384 — Loans held-for-sale, net (1) 8,318 8,354 — 8,354 Loans receivable, net (1) 11,406,556 11,466,373 — 11,466,373 MSR, net (1) 11,463 11,466 — 11,466 Financial Liabilities: Deposits 9,227,770 9,253,520 9,253,520 — Borrowings, net 4,058,957 4,264,239 4,264,239 — At December 31, 2014 Carrying Value Estimated Fair Value (In Thousands) 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 — _______________________________________________________ (1) Includes assets measured at fair value on a non-recurring basis. The following is a description of the methods and assumptions used to estimate fair values of our financial instruments which are not measured or recorded at fair value on a recurring or non-recurring basis. Securities held-to-maturity The fair values for substantially all of our securities held-to-maturity are obtained from an independent nationally recognized pricing service using similar methods and assumptions as used for our securities available-for-sale which are measured at fair value on a recurring basis. Federal Home Loan Bank of New York, or FHLB-NY, stock The fair value of FHLB-NY stock is based on redemption at par value. Loans held-for-sale, net Included in loans held-for-sale, net, are 15 and 30 year fixed rate residential mortgage loans originated for sale that conform to GSE guidelines (conforming loans) for which fair values are estimated using market reference rates and spreads, credit spread adjustments, discounted cash flow analysis, benchmark pricing and option based pricing, as appropriate. Loans receivable, net Fair values of loans are estimated using market reference rates and spreads, credit spread adjustments, discounted cash flow analysis, benchmark pricing and option based pricing, as appropriate. 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 (checking) 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 Swap Curve. Borrowings, net The fair values of borrowings are based upon an industry standard option adjusted spread, or OAS, model. This OAS model is calibrated to available counter party dealers' market quotes, as necessary. Outstanding commitments Outstanding commitments include commitments to extend credit and unadvanced lines of credit for which fair values were estimated based on an analysis of the interest rates and fees currently charged to enter into similar transactions. The fair values of these commitments are immaterial to our financial condition. |
Litigation
Litigation | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | Litigation In the ordinary course of our business, we are routinely made a defendant in or a party to pending or threatened legal actions or proceedings which, in some cases, seek substantial monetary damages from or other forms of relief against us. In our opinion, after consultation with legal counsel, we believe it unlikely that such actions or proceedings will have a material adverse effect on our financial condition, results of operations or liquidity. City of New York Notice of Determination By “Notice of Determination” dated September 14, 2010 and August 26, 2011, 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 Fidata Service Corp., or Fidata, and Astoria Federal Mortgage Corp., or AF Mortgage, subsidiaries of Astoria Bank. We disagree with the assertion of the tax deficiencies. Hearings in this matter, or the 2006-08 Tax 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 have prepared and submitted briefs to the NYC Tax Appeals Tribunal and are awaiting the scheduling of a hearing date for the appeal. 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 June 30, 2015 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. By notice dated June 4, 2015, the NYC Tax Appeals Tribunal informed the parties that these proceedings have been adjourned pending the resolution of the 2006-08 Tax Matter, the outcome of which may be determinative of some or all of the issues in this matter. 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 June 30, 2015 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. |
Impact of Accounting Standards
Impact of Accounting Standards and Interpretations | 6 Months Ended |
Jun. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Impact of Accounting Standards and Interpretations | Impact of Accounting Standards and Interpretations In June 2014, the Financial Accounting Standards Board, or 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. In April 2015, the FASB issued ASU 2015-03, “Interest — Imputation of Interest (Subtopic 835-30) — Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. Therefore this guidance will not have an impact on our financial condition or results of operations. The amendments in ASU 2015-03 are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, and must be adopted on a retrospective basis. Early adoption is permitted for financial statements that have not been previously issued. At June 30, 2015 and December 31, 2014 , our debt issuance costs are presented as a direct reduction from the carrying amount of that debt liability in the consolidated statements of financial condition. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 (In Thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Residential mortgage-backed securities: GSE (1) issuance REMICs and CMOs (2) $ 314,975 $ 3,663 $ (2,238 ) $ 316,400 Non-GSE issuance REMICs and CMOs 3,986 22 (2 ) 4,006 GSE pass-through certificates 11,738 573 (2 ) 12,309 Total residential mortgage-backed securities 330,699 4,258 (2,242 ) 332,715 Obligations of GSEs 98,682 — (2,654 ) 96,028 Fannie Mae stock 15 — (13 ) 2 Total securities available-for-sale $ 429,396 $ 4,258 $ (4,909 ) $ 428,745 Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 1,450,045 $ 13,315 $ (15,281 ) $ 1,448,079 Non-GSE issuance REMICs and CMOs 298 — (7 ) 291 GSE pass-through certificates 260,948 2,009 (2,837 ) 260,120 Total residential mortgage-backed securities 1,711,291 15,324 (18,125 ) 1,708,490 Multi-family mortgage-backed securities: GSE issuance REMICs 237,771 1,451 (553 ) 238,669 Obligations of GSEs 207,344 21 (2,909 ) 204,456 Other 476 — — 476 Total securities held-to-maturity $ 2,156,882 $ 16,796 $ (21,587 ) $ 2,152,091 (1) Government-sponsored enterprise (2) Real estate mortgage investment conduits and collateralized mortgage obligations At December 31, 2014 (In Thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 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 |
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 June 30, 2015 Less Than Twelve Months Twelve Months or Longer Total (In Thousands) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Available-for-sale: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 119,668 $ (2,238 ) $ — $ — $ 119,668 $ (2,238 ) Non-GSE issuance REMICs and CMOs 32 (1 ) 83 (1 ) 115 (2 ) GSE pass-through certificates 43 (1 ) 97 (1 ) 140 (2 ) Obligations of GSEs 24,492 (491 ) 71,536 (2,163 ) 96,028 (2,654 ) Fannie Mae stock — — 2 (13 ) 2 (13 ) Total temporarily impaired securities available-for-sale $ 144,235 $ (2,731 ) $ 71,718 $ (2,178 ) $ 215,953 $ (4,909 ) Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 378,600 $ (2,836 ) $ 317,649 $ (12,445 ) $ 696,249 $ (15,281 ) Non-GSE issuance REMICs and CMOs — — 291 (7 ) 291 (7 ) GSE pass-through certificates 39,186 (273 ) 115,769 (2,564 ) 154,955 (2,837 ) Multi-family mortgage-backed securities: GSE issuance REMICs 94,128 (553 ) — — 94,128 (553 ) Obligations of GSEs 131,976 (1,977 ) 24,069 (932 ) 156,045 (2,909 ) Total temporarily impaired securities held-to-maturity $ 643,890 $ (5,639 ) $ 457,778 $ (15,948 ) $ 1,101,668 $ (21,587 ) At December 31, 2014 Less Than Twelve Months Twelve Months or Longer Total (In Thousands) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized 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 available-for-sale $ 45,226 $ (555 ) $ 147,718 $ (2,999 ) $ 192,944 $ (3,554 ) 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 held-to-maturity $ 222,216 $ (892 ) $ 744,508 $ (19,146 ) $ 966,724 $ (20,038 ) |
Loans Receivable and Allowanc23
Loans Receivable and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 Past Due (In Thousands) 30-59 Days 60-89 Days 90 Days or More Total Past Due Current Total Accruing loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 10,810 $ 3,769 $ — $ 14,579 $ 624,504 $ 639,083 Full documentation amortizing 31,191 5,124 — 36,315 4,731,728 4,768,043 Reduced documentation interest-only 15,684 4,917 — 20,601 451,641 472,242 Reduced documentation amortizing 9,483 2,824 — 12,307 424,345 436,652 Total residential 67,168 16,634 — 83,802 6,232,218 6,316,020 Multi-family 5,023 1,127 737 6,887 3,931,487 3,938,374 Commercial real estate 1,692 — 2,234 3,926 854,329 858,255 Total mortgage loans 73,883 17,761 2,971 94,615 11,018,034 11,112,649 Consumer and other loans (gross): Home equity and other consumer 1,067 499 — 1,566 164,175 165,741 Commercial and industrial — — — — 71,354 71,354 Total consumer and other loans 1,067 499 — 1,566 235,529 237,095 Total accruing loans $ 74,950 $ 18,260 $ 2,971 $ 96,181 $ 11,253,563 $ 11,349,744 Non-accrual loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 1,155 $ — $ 12,338 $ 13,493 $ 11,361 $ 24,854 Full documentation amortizing 1,567 1,795 21,020 24,382 7,601 31,983 Reduced documentation interest-only 536 492 13,513 14,541 23,261 37,802 Reduced documentation amortizing 491 342 5,397 6,230 3,345 9,575 Total residential 3,749 2,629 52,268 58,646 45,568 104,214 Multi-family 296 339 4,113 4,748 1,334 6,082 Commercial real estate 816 — 560 1,376 1,806 3,182 Total mortgage loans 4,861 2,968 56,941 64,770 48,708 113,478 Consumer and other loans (gross): Home equity and other consumer — — 6,243 6,243 143 6,386 Commercial and industrial — — — — — — Total consumer and other loans — — 6,243 6,243 143 6,386 Total non-accrual loans $ 4,861 $ 2,968 $ 63,184 $ 71,013 $ 48,851 $ 119,864 Total loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 11,965 $ 3,769 $ 12,338 $ 28,072 $ 635,865 $ 663,937 Full documentation amortizing 32,758 6,919 21,020 60,697 4,739,329 4,800,026 Reduced documentation interest-only 16,220 5,409 13,513 35,142 474,902 510,044 Reduced documentation amortizing 9,974 3,166 5,397 18,537 427,690 446,227 Total residential 70,917 19,263 52,268 142,448 6,277,786 6,420,234 Multi-family 5,319 1,466 4,850 11,635 3,932,821 3,944,456 Commercial real estate 2,508 — 2,794 5,302 856,135 861,437 Total mortgage loans 78,744 20,729 59,912 159,385 11,066,742 11,226,127 Consumer and other loans (gross): Home equity and other consumer 1,067 499 6,243 7,809 164,318 172,127 Commercial and industrial — — — — 71,354 71,354 Total consumer and other loans 1,067 499 6,243 7,809 235,672 243,481 Total loans $ 79,811 $ 21,228 $ 66,155 $ 167,194 $ 11,302,414 $ 11,469,608 Net unamortized premiums and deferred loan origination costs 44,448 Loans receivable 11,514,056 Allowance for loan losses (107,500 ) Loans receivable, net $ 11,406,556 At December 31, 2014 Past Due (In Thousands) 30-59 Days 60-89 Days 90 Days or More Total Past Due Current Total Accruing loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 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 |
Schedule of changes in allowance for loan losses by loan receivable segment | The following tables set forth the changes in our allowance for loan losses by loan receivable segment for the periods indicated. For the Three Months Ended June 30, 2015 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at April 1, 2015 $ 43,481 $ 40,082 $ 17,118 $ 9,819 $ 110,500 Provision charged (credited) to operations 1,497 (1,663 ) (1,728 ) (1,073 ) (2,967 ) Charge-offs (1,602 ) (103 ) — (86 ) (1,791 ) Recoveries 1,170 478 — 110 1,758 Balance at June 30, 2015 $ 44,546 $ 38,794 $ 15,390 $ 8,770 $ 107,500 For the Six Months Ended June 30, 2015 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at January 1, 2015 $ 46,283 $ 39,250 $ 17,242 $ 8,825 $ 111,600 Provision (credited) charged to operations (354 ) (1,407 ) (1,710 ) 161 (3,310 ) Charge-offs (3,359 ) (345 ) (142 ) (435 ) (4,281 ) Recoveries 1,976 1,296 — 219 3,491 Balance at June 30, 2015 $ 44,546 $ 38,794 $ 15,390 $ 8,770 $ 107,500 For the Three Months Ended June 30, 2014 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at April 1, 2014 $ 74,717 $ 34,578 $ 14,698 $ 10,007 $ 134,000 Provision (credited) charged to operations (9,132 ) 2,686 735 (31 ) (5,742 ) Charge-offs (12,834 ) (270 ) — (527 ) (13,631 ) Recoveries 3,801 81 — 91 3,973 Balance at June 30, 2014 $ 56,552 $ 37,075 $ 15,433 $ 9,540 $ 118,600 For the Six Months Ended June 30, 2014 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at January 1, 2014 $ 80,337 $ 36,703 $ 13,136 $ 8,824 $ 139,000 Provision (credited) charged to operations (12,608 ) 1,274 5,273 1,950 (4,111 ) Charge-offs (16,927 ) (1,139 ) (2,976 ) (1,424 ) (22,466 ) Recoveries 5,750 237 — 190 6,177 Balance at June 30, 2014 $ 56,552 $ 37,075 $ 15,433 $ 9,540 $ 118,600 |
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 June 30, 2015 by the period in which such loans are scheduled to enter their amortization period. ( In Thousands ) Recorded Investment Amortization scheduled to begin in: 12 months or less $ 559,500 13 to 24 months 377,632 25 to 36 months 188,770 Over 36 months 48,079 Total $ 1,173,981 |
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 June 30, 2015 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Loans: Individually evaluated for impairment $ 190,952 $ 29,499 $ 16,982 $ 5,854 $ 243,287 Collectively evaluated for impairment 6,229,282 3,914,957 844,455 237,627 11,226,321 Total loans $ 6,420,234 $ 3,944,456 $ 861,437 $ 243,481 $ 11,469,608 Allowance for loan losses: Individually evaluated for impairment $ 11,056 $ 999 $ 906 $ 4,334 $ 17,295 Collectively evaluated for impairment 33,490 37,795 14,484 4,436 90,205 Total allowance for loan losses $ 44,546 $ 38,794 $ 15,390 $ 8,770 $ 107,500 At December 31, 2014 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total 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 |
Summary of information related to impaired loans by segment and class | The following table summarizes information related to our impaired loans by segment and class at the dates indicated. At June 30, 2015 At December 31, 2014 (In Thousands) Unpaid Principal Balance Recorded Investment Related Allowance Net Investment Unpaid Principal Balance Recorded Investment Related Allowance Net Investment With an allowance recorded: Mortgage loans: Residential: Full documentation interest-only $ 49,005 $ 41,113 $ (3,809 ) $ 37,304 $ 55,352 $ 46,331 $ (3,391 ) $ 42,940 Full documentation amortizing 58,641 53,254 (2,025 ) 51,229 43,044 39,994 (1,425 ) 38,569 Reduced documentation interest-only 85,832 72,588 (4,521 ) 68,067 90,171 76,960 (4,661 ) 72,299 Reduced documentation amortizing 25,884 23,997 (701 ) 23,296 19,463 18,117 (827 ) 17,290 Multi-family 9,187 8,487 (999 ) 7,488 34,972 28,109 (3,172 ) 24,937 Commercial real estate 10,653 7,972 (906 ) 7,066 24,991 19,270 (2,446 ) 16,824 Consumer and other loans: Home equity lines of credit 6,181 5,854 (4,334 ) 1,520 5,436 5,153 (3,810 ) 1,343 Without an allowance recorded: Mortgage loans: Multi-family 24,551 21,012 — 21,012 16,308 14,502 — 14,502 Commercial real estate 12,122 9,010 — 9,010 — — — — Total impaired loans $ 282,056 $ 243,287 $ (17,295 ) $ 225,992 $ 289,737 $ 248,436 $ (19,732 ) $ 228,704 |
Schedule of information related to average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans | The following tables set forth the average recorded investment, interest income recognized and cash basis interest income related to our impaired loans by segment and class for the periods indicated. For the Three Months Ended June 30, 2015 2014 (In Thousands) Average Recorded Investment Interest Income Recognized Cash Basis Interest Income Average Recorded Investment Interest Income Recognized Cash Basis Interest Income With an allowance recorded: Mortgage loans: Residential: Full documentation interest-only $ 42,150 $ 295 $ 291 $ 105,897 $ 618 $ 608 Full documentation amortizing 50,619 380 391 41,213 307 306 Reduced documentation interest-only 74,210 840 821 132,784 1,087 1,083 Reduced documentation amortizing 21,888 203 207 24,981 134 138 Multi-family 14,731 75 81 37,277 364 380 Commercial real estate 13,751 100 101 21,232 262 274 Consumer and other loans: Home equity lines of credit 6,179 20 22 5,067 3 7 Without an allowance recorded: Mortgage loans: Residential: Full documentation amortizing — — — 913 — — Multi-family 17,014 138 138 11,782 136 137 Commercial real estate 4,505 266 266 — — — Total impaired loans $ 245,047 $ 2,317 $ 2,318 $ 381,146 $ 2,911 $ 2,933 For the Six Months Ended June 30, 2015 2014 (In Thousands) Average Recorded Investment Interest Income Recognized Cash Basis Interest Income Average Recorded Investment Interest Income Recognized Cash Basis Interest Income With an allowance recorded: Mortgage loans: Residential: Full documentation interest-only $ 43,544 $ 608 $ 614 $ 107,224 $ 1,222 $ 1,244 Full documentation amortizing 47,077 798 816 39,505 653 645 Reduced documentation interest-only 75,126 1,528 1,527 135,308 2,163 2,146 Reduced documentation amortizing 20,631 392 401 25,189 265 263 Multi-family 19,190 159 183 31,434 730 764 Commercial real estate 15,591 197 209 16,084 462 559 Consumer and other loans: Home equity lines of credit 5,837 32 39 5,030 13 21 Without an allowance recorded: Mortgage loans: Residential: Full documentation amortizing — — — 609 — — Multi-family 16,177 534 534 18,785 274 275 Commercial real estate 3,003 277 275 4,755 — — Total impaired loans $ 246,176 $ 4,525 $ 4,598 $ 383,923 $ 5,782 $ 5,917 |
Restructured Loans | |
Loans receivable and allowance for loan losses disclosures | |
Schedule of information about mortgage loans receivable by segment and class modified in troubled debt restructuring | The following tables set forth information about our mortgage loans receivable by segment and class at June 30, 2015 and 2014 which were modified in a troubled debt restructuring, or TDR, during the periods indicated. Modifications During the Three Months Ended June 30, 2015 2014 (Dollars In Thousands) Number of Loans Pre- Modification Recorded Investment Recorded Investment at June 30, 2015 Number of Loans Pre- Modification Recorded Investment Recorded Investment at June 30, 2014 Residential: Full documentation interest-only 4 $ 1,315 $ 1,309 7 $ 2,940 $ 2,939 Full documentation amortizing 5 1,142 1,136 — — — Reduced documentation interest-only 1 209 209 4 1,278 1,277 Reduced documentation amortizing 2 339 339 — — — Multi-family — — — 1 357 357 Commercial real estate — — — 1 254 251 Total 12 $ 3,005 $ 2,993 13 $ 4,829 $ 4,824 Modifications During the Six Months Ended June 30, 2015 2014 (Dollars In Thousands) Number of Loans Pre- Modification Recorded Investment Recorded Investment at June 30, 2015 Number of Loans Pre- Modification Recorded Investment Recorded Investment at June 30, 2014 Residential: Full documentation interest-only 8 $ 3,350 $ 3,340 18 $ 7,797 $ 7,374 Full documentation amortizing 11 3,201 3,126 3 519 489 Reduced documentation interest-only 5 1,896 1,903 8 2,301 2,290 Reduced documentation amortizing 2 339 339 2 317 262 Multi-family — — — 2 1,060 946 Commercial real estate 2 2,902 2,864 2 913 892 Total 28 $ 11,688 $ 11,572 35 $ 12,907 $ 12,253 |
Defaulted Loans | |
Loans receivable and allowance for loan losses disclosures | |
Schedule of information about mortgage loans receivable by segment and class modified in troubled debt restructuring | The following tables set forth information about our mortgage loans receivable by segment and class at June 30, 2015 and 2014 which were modified in a TDR during the twelve month periods ended June 30, 2015 and 2014 and had a payment default subsequent to the modification during the periods indicated. For the Three Months Ended June 30, 2015 2014 (Dollars In Thousands) Number of Loans Recorded Investment at June 30, 2015 Number of Loans Recorded Investment at June 30, 2014 Residential: Full documentation interest-only 4 $ 1,957 — $ — Full documentation amortizing 1 387 2 447 Reduced documentation interest-only 4 1,967 1 579 Reduced documentation amortizing — — 1 93 Multi-family 2 1,036 — — Commercial real estate — — 1 1,569 Total 11 $ 5,347 5 $ 2,688 For the Six Months Ended June 30, 2015 2014 (Dollars In Thousands) Number of Loans Recorded Investment at June 30, 2015 Number of Loans Recorded Investment at June 30, 2014 Residential: Full documentation interest-only 4 $ 1,957 2 $ 399 Full documentation amortizing 2 845 2 447 Reduced documentation interest-only 4 1,967 3 889 Reduced documentation amortizing — — 1 93 Multi-family 2 1,036 — — Commercial real estate — — 1 1,569 Total 12 $ 5,805 9 $ 3,397 |
Performing, non-performing credit quality indicator | |
Loans receivable and allowance for loan losses disclosures | |
Schedule of loan receivable segments by class and credit quality indicator | The following tables set forth the balances of our residential mortgage and consumer and other loan receivable segments by class and credit quality indicator at the dates indicated. At June 30, 2015 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 $ 639,083 $ 4,768,043 $ 472,242 $ 436,652 $ 165,741 $ 71,354 Non-performing: Current or past due less than 90 days 12,516 10,963 24,289 4,178 143 — Past due 90 days or more 12,338 21,020 13,513 5,397 6,243 — Total $ 663,937 $ 4,800,026 $ 510,044 $ 446,227 $ 172,127 $ 71,354 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 |
Criticized, Not Criticized | |
Loans receivable and allowance for loan losses disclosures | |
Schedule of loan receivable segments by class and credit quality indicator | The following table sets forth the balances of our multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator at the dates indicated. At June 30, 2015 At December 31, 2014 Commercial Real Estate Commercial Real Estate (In Thousands) Multi-Family Multi-Family Not criticized $ 3,868,976 $ 811,729 $ 3,850,068 $ 817,404 Criticized: Special mention 51,296 16,415 30,975 22,584 Substandard 23,444 32,199 31,264 32,664 Doubtful 740 1,094 746 1,113 Total $ 3,944,456 $ 861,437 $ 3,913,053 $ 873,765 |
Reverse Repurchase Agreements (
Reverse Repurchase Agreements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Contractual Maturities of Reverse Repurchase Agreements | The following table details the remaining contractual maturities of our reverse repurchase agreements at June 30, 2015 . 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. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Reconciliation of basic and diluted earnings per common share | The following table is a reconciliation of basic and diluted earnings per common share, or EPS. For the Three Months Ended June 30, For the Six Months Ended June 30, (In Thousands, Except Share Data) 2015 2014 2015 2014 Net income $ 31,431 $ 22,300 $ 50,738 $ 53,849 Preferred stock dividends (2,194 ) (2,194 ) (4,388 ) (4,388 ) Net income available to common shareholders 29,237 20,106 46,350 49,461 Income allocated to participating securities (295 ) (232 ) (394 ) (552 ) Net income allocated to common shareholders $ 28,942 $ 19,874 $ 45,956 $ 48,909 Basic weighted average common shares outstanding 99,664,442 98,275,886 99,459,376 98,191,434 Dilutive effect of stock options and restricted stock units (1) (2) — — — — Diluted weighted average common shares outstanding 99,664,442 98,275,886 99,459,376 98,191,434 Basic EPS $ 0.29 $ 0.20 $ 0.46 $ 0.50 Diluted EPS $ 0.29 $ 0.20 $ 0.46 $ 0.50 (1) Excludes options to purchase 12,000 shares of common stock which were outstanding during the three months ended June 30, 2015 ; options to purchase 1,011,219 shares of common stock which were outstanding during the three months ended June 30, 2014 ; options to purchase 16,334 shares of common stock which were outstanding during the six months ended June 30, 2015 ; and options to purchase 1,030,651 shares of common stock which were outstanding during the six months ended June 30, 2014 because their inclusion would be anti-dilutive. (2) Excludes 1,029,336 unvested restricted stock units which were outstanding during the three months ended June 30, 2015 ; 803,318 unvested restricted stock units which were outstanding during the three months ended June 30, 2014 ; 896,425 unvested restricted stock units which were outstanding during the six months ended June 30, 2015 ; and 731,973 unvested restricted stock units which were outstanding during the six months ended June 30, 2014 because the performance conditions have not been satisfied. |
Other Comprehensive Income_Lo26
Other Comprehensive Income/Loss (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Components of and Changes in Accumulated Other Comprehensive Loss net of tax | The following tables set forth the components of accumulated other comprehensive loss, net of related tax effects, at the dates indicated and the changes during the three and six months ended June 30, 2015 and 2014 . (In Thousands) At Other At Net unrealized gain on securities available-for-sale $ 6,679 $ (2,791 ) $ 3,888 Net actuarial loss on pension plans and other postretirement benefits (67,007 ) 417 (66,590 ) Prior service cost on pension plans and other postretirement benefits (3,132 ) 27 (3,105 ) Accumulated other comprehensive loss $ (63,460 ) $ (2,347 ) $ (65,807 ) (In Thousands) At Other At Net unrealized gain on securities available-for-sale $ 4,686 $ (798 ) $ 3,888 Net actuarial loss on pension plans and other postretirement benefits (67,476 ) 886 (66,590 ) Prior service cost on pension plans and other postretirement benefits (3,161 ) 56 (3,105 ) Accumulated other comprehensive loss $ (65,951 ) $ 144 $ (65,807 ) (In Thousands) At Other Comprehensive Income At Net unrealized (loss) gain on securities available-for-sale $ (1,373 ) $ 4,699 $ 3,326 Net actuarial loss on pension plans and other postretirement benefits (30,465 ) 161 (30,304 ) Prior service cost on pension plans and other postretirement benefits (3,254 ) 31 (3,223 ) Accumulated other comprehensive loss $ (35,092 ) $ 4,891 $ (30,201 ) (In Thousands) At Other Comprehensive Income At Net unrealized (loss) gain on securities available-for-sale $ (4,366 ) $ 7,692 $ 3,326 Net actuarial loss on pension plans and other postretirement benefits (30,600 ) 296 (30,304 ) Prior service cost on pension plans and other postretirement benefits (3,284 ) 61 (3,223 ) Accumulated other comprehensive loss $ (38,250 ) $ 8,049 $ (30,201 ) |
Schedule of Components of Other Comprehensive Income/Loss | The following tables set forth the components of other comprehensive (loss) income for the periods indicated. For the Three Months Ended (In Thousands) Before Tax Amount Income Tax Expense After Tax Amount Net unrealized loss on securities available-for-sale: Net unrealized holding loss on securities arising during the period $ (4,491 ) $ 1,743 $ (2,748 ) Reclassification adjustment for gain on sales of securities included in net income (72 ) 29 (43 ) Net unrealized loss on securities available-for-sale $ (4,563 ) $ 1,772 $ (2,791 ) Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 729 (312 ) 417 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 48 (21 ) 27 Other comprehensive loss $ (3,786 ) $ 1,439 $ (2,347 ) For the Six Months Ended (In Thousands) Before Tax Amount Income Tax Expense After Tax Amount Net unrealized loss on securities available-for-sale: Net unrealized holding loss on securities arising during the period $ (1,268 ) $ 513 $ (755 ) Reclassification adjustment for gain on sales of securities included in net income (72 ) 29 (43 ) Net unrealized loss on securities available-for-sale $ (1,340 ) $ 542 $ (798 ) Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 1,486 (600 ) 886 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 95 (39 ) 56 Other comprehensive income $ 241 $ (97 ) $ 144 For the Three Months Ended (In Thousands) Before Tax Amount Income Tax Expense After Tax Amount Net unrealized holding gain on securities available-for-sale arising during the period $ 7,263 $ (2,564 ) $ 4,699 Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 249 (88 ) 161 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 48 (17 ) 31 Other comprehensive income $ 7,560 $ (2,669 ) $ 4,891 For the Six Months Ended (In Thousands) Before Tax Amount Income Tax Expense After Tax Amount Net unrealized holding gain on securities available-for-sale arising during the period $ 11,891 $ (4,199 ) $ 7,692 Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 457 (161 ) 296 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 95 (34 ) 61 Other comprehensive income $ 12,443 $ (4,394 ) $ 8,049 |
Information About Amounts Reclassified From Accumulated Other Comprehensive Loss to the Consolidated Statements of Income | The following tables set forth information about amounts reclassified from accumulated other comprehensive loss to, and the affected line items in, the consolidated statements of income for the periods indicated. For the Three Months Ended June 30, Income Statement (In Thousands) 2015 2014 Reclassification adjustment for gain on sales of securities $ 72 $ — Gain on sales of securities Reclassification adjustment for net actuarial loss (1) (729 ) (249 ) Compensation and benefits Reclassification adjustment for prior service cost (1) (48 ) (48 ) Compensation and benefits Total reclassifications, before tax (705 ) (297 ) Income tax effect 304 105 Income tax expense Total reclassifications, net of tax $ (401 ) $ (192 ) Net income For the Six Months Ended June 30, Income Statement (In Thousands) 2015 2014 Reclassification adjustment for gain on sales of securities $ 72 $ — Gain on sales of securities Reclassification adjustment for net actuarial loss (1) (1,486 ) (457 ) Compensation and benefits Reclassification adjustment for prior service cost (1) (95 ) (95 ) Compensation and benefits Total reclassifications, before tax (1,509 ) (552 ) Income tax effect 610 195 Income tax expense Total reclassifications, net of tax $ (899 ) $ (357 ) Net income (1) These other comprehensive income components are included in the computations of net periodic (benefit) cost for our defined benefit pension plans and other postretirement benefit plan. See Note 7 for additional details. |
Pension Plans and Other Postr27
Pension Plans and Other Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of net periodic (benefit) cost for defined benefit pension plans and other postretirement benefit plan | The following tables set forth information regarding the components of net periodic (benefit) cost for our defined benefit pension plans and other postretirement benefit plan for the periods indicated. Pension Benefits Other Postretirement Benefits For the Three Months Ended June 30, For the Three Months Ended June 30, (In Thousands) 2015 2014 2015 2014 Service cost $ — $ — $ 596 $ 402 Interest cost 2,455 2,592 226 243 Expected return on plan assets (3,634 ) (3,709 ) — — Recognized net actuarial loss (gain) 729 342 — (93 ) Amortization of prior service cost 48 48 — — Net periodic (benefit) cost $ (402 ) $ (727 ) $ 822 $ 552 Pension Benefits Other Postretirement Benefits For the Six Months Ended June 30, For the Six Months Ended June 30, (In Thousands) 2015 2014 2015 2014 Service cost $ — $ — $ 1,065 $ 621 Interest cost 4,965 5,225 502 465 Expected return on plan assets (7,267 ) (7,422 ) — — Recognized net actuarial loss (gain) 1,486 701 — (244 ) Amortization of prior service cost 95 95 — — Net periodic (benefit) cost $ (721 ) $ (1,401 ) $ 1,567 $ 842 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of restricted common stock and performance based restricted stock unit in stock incentive plans | The following table summarizes restricted common stock and performance-based restricted stock unit activity in our stock incentive plans for the six months ended June 30, 2015 . Restricted Common Stock Restricted Stock Units Number of Shares Weighted Average Grant Date Fair Value Number of Units Weighted Average Grant Date Fair Value Unvested at January 1, 2015 752,701 $ 11.90 776,500 $ 10.66 Granted 426,552 13.04 409,800 12.64 Vested (4,000 ) (8.95 ) — — Forfeited (50,294 ) (11.59 ) (46,900 ) (10.92 ) Unvested at June 30, 2015 1,124,959 12.36 1,139,400 11.36 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements Applicable to Astoria Bank | The following table sets forth information regarding the regulatory capital requirements applicable to Astoria Financial Corporation and Astoria Bank at June 30, 2015 . Actual Minimum Capital Requirements To be Well Capitalized Under Prompt Corrective Action Provisions (Dollars in Thousands) Amount Ratio Amount Ratio Amount Ratio Astoria Financial Corporation: Tier 1 leverage $ 1,493,488 9.83 % $ 607,703 4.00 % $ 759,629 5.00 % Common equity tier 1 risk-based 1,373,101 15.59 396,238 4.50 572,344 6.50 Tier 1 risk-based 1,493,488 16.96 528,318 6.00 704,424 8.00 Total risk-based 1,602,063 18.19 704,424 8.00 880,530 10.00 Astoria Bank: Tier 1 leverage $ 1,654,366 10.95 % $ 604,495 4.00 % $ 755,619 5.00 % Common equity tier 1 risk-based 1,654,366 18.83 395,447 4.50 571,201 6.50 Tier 1 risk-based 1,654,366 18.83 527,263 6.00 703,017 8.00 Total risk-based 1,762,941 20.06 703,017 8.00 878,771 10.00 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 (In Thousands) Total Level 1 Level 2 Securities available-for-sale: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 316,400 $ — $ 316,400 Non-GSE issuance REMICs and CMOs 4,006 — 4,006 GSE pass-through certificates 12,309 — 12,309 Obligations of GSEs 96,028 — 96,028 Fannie Mae stock 2 2 — Total securities available-for-sale $ 428,745 $ 2 $ 428,743 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 |
Schedule of carrying values of assets measured at fair value on non-recurring basis which fall within Level 3 of the fair value hierarchy | The following table sets forth the carrying values of those of our assets which were measured at fair value on a non-recurring basis at the dates indicated. The fair value measurements for all of these assets fall within Level 3 of the fair value hierarchy. Carrying Value (In Thousands) At June 30, 2015 At December 31, 2014 Non-performing loans held-for-sale, net $ 150 $ 153 Impaired loans 141,775 140,663 MSR, net 11,463 11,401 REO, net 15,300 19,375 Total $ 168,688 $ 171,592 |
Schedule of losses recognized on assets measured at fair value on non-recurring basis | The following table provides information regarding the gains (losses) recognized on our assets measured at fair value on a non-recurring basis for the periods indicated. For the Six Months Ended June 30, (In Thousands) 2015 2014 Non-performing loans held-for-sale, net (1) $ — $ (8,806 ) Impaired loans (2) (3,442 ) (2,220 ) MSR, net (3) 616 (123 ) REO, net (4) (60 ) (1,888 ) Total $ (2,886 ) $ (13,037 ) (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) Gains (losses) are credited/charged to mortgage banking income, net. (4) Gains (losses) are credited/charged to the allowance for loan losses in the case of an estimated fair value adjustment 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 June 30, 2015 Carrying Value Estimated Fair Value (In Thousands) Total Level 2 Level 3 Financial Assets: Securities held-to-maturity $ 2,156,882 $ 2,152,091 $ 2,152,091 $ — FHLB-NY stock 138,384 138,384 138,384 — Loans held-for-sale, net (1) 8,318 8,354 — 8,354 Loans receivable, net (1) 11,406,556 11,466,373 — 11,466,373 MSR, net (1) 11,463 11,466 — 11,466 Financial Liabilities: Deposits 9,227,770 9,253,520 9,253,520 — Borrowings, net 4,058,957 4,264,239 4,264,239 — At December 31, 2014 Carrying Value Estimated Fair Value (In Thousands) 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 — _______________________________________________________ (1) Includes assets measured at fair value on a non-recurring basis. |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2015 | Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Income tax expense decrease resulting from state tax legislation | $ 11.4 | $ 11.5 |
Deferred tax assets, net, increase resulting from state tax legislation | 4.2 | $ 11.5 |
Deferred tax asset valuation allowance | $ 7.2 |
Securities (Amortized Cost and
Securities (Amortized Cost and Estimated Fair Value of Securities Available-for-Sale and Held-to-Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Available-for-sale: | ||
Available-for-sale, amortized cost | $ 429,396 | $ 383,631 |
Available-for-sale, gross unrealized gains | 4,258 | 4,282 |
Available-for-sale, gross unrealized losses | (4,909) | (3,554) |
Total available-for-sale securities | 428,745 | 384,359 |
Held-to-maturity: | ||
Total held-to-maturity securities | 2,156,882 | 2,133,804 |
Held-to-maturity, gross unrealized losses | (21,587) | (20,038) |
Held-to-maturity, gross unrealized gains | 16,796 | 17,605 |
Held-to-maturity securities, fair value | 2,152,091 | 2,131,371 |
GSE issuance REMICs and CMOs | ||
Available-for-sale: | ||
Available-for-sale, amortized cost | 314,975 | 266,946 |
Available-for-sale, gross unrealized gains | 3,663 | 3,608 |
Available-for-sale, gross unrealized losses | (2,238) | (1,556) |
Total available-for-sale securities | 316,400 | 268,998 |
Held-to-maturity: | ||
Total held-to-maturity securities | 1,450,045 | 1,575,402 |
Held-to-maturity, gross unrealized losses | (15,281) | (14,041) |
Held-to-maturity, gross unrealized gains | 13,315 | 14,536 |
Held-to-maturity securities, fair value | 1,448,079 | 1,575,897 |
Non-GSE issuance REMICs and CMOs | ||
Available-for-sale: | ||
Available-for-sale, amortized cost | 3,986 | 5,071 |
Available-for-sale, gross unrealized gains | 22 | 34 |
Available-for-sale, gross unrealized losses | (2) | (1) |
Total available-for-sale securities | 4,006 | 5,104 |
Held-to-maturity: | ||
Total held-to-maturity securities | 298 | 2,482 |
Held-to-maturity, gross unrealized losses | (7) | (7) |
Held-to-maturity, gross unrealized gains | 31 | |
Held-to-maturity securities, fair value | 291 | 2,506 |
GSE pass-through certificates | ||
Available-for-sale: | ||
Available-for-sale, amortized cost | 11,738 | 12,919 |
Available-for-sale, gross unrealized gains | 573 | 640 |
Available-for-sale, gross unrealized losses | (2) | (2) |
Total available-for-sale securities | 12,309 | 13,557 |
Held-to-maturity: | ||
Total held-to-maturity securities | 260,948 | 281,685 |
Held-to-maturity, gross unrealized losses | (2,837) | (3,877) |
Held-to-maturity, gross unrealized gains | 2,009 | 2,442 |
Held-to-maturity securities, fair value | 260,120 | 280,250 |
Total residential mortgage-backed securities | ||
Available-for-sale: | ||
Available-for-sale, amortized cost | 330,699 | 284,936 |
Available-for-sale, gross unrealized gains | 4,258 | 4,282 |
Available-for-sale, gross unrealized losses | (2,242) | (1,559) |
Total available-for-sale securities | 332,715 | 287,659 |
Held-to-maturity: | ||
Total held-to-maturity securities | 1,711,291 | 1,859,569 |
Held-to-maturity, gross unrealized losses | (18,125) | (17,925) |
Held-to-maturity, gross unrealized gains | 15,324 | 17,009 |
Held-to-maturity securities, fair value | 1,708,490 | 1,858,653 |
Obligations of GSEs | ||
Available-for-sale: | ||
Available-for-sale, amortized cost | 98,682 | 98,680 |
Available-for-sale, gross unrealized losses | (2,654) | (1,982) |
Total available-for-sale securities | 96,028 | 96,698 |
Held-to-maturity: | ||
Total held-to-maturity securities | 207,344 | 119,336 |
Held-to-maturity, gross unrealized losses | (2,909) | (1,523) |
Held-to-maturity, gross unrealized gains | 21 | 42 |
Held-to-maturity securities, fair value | 204,456 | 117,855 |
Fannie Mae stock | ||
Available-for-sale: | ||
Available-for-sale, amortized cost | 15 | 15 |
Available-for-sale, gross unrealized losses | (13) | (13) |
Total available-for-sale securities | 2 | 2 |
Multi-family mortgage-backed securities: | ||
Held-to-maturity: | ||
Total held-to-maturity securities | 237,771 | 154,381 |
Held-to-maturity, gross unrealized losses | (553) | (590) |
Held-to-maturity, gross unrealized gains | 1,451 | 554 |
Held-to-maturity securities, fair value | 238,669 | 154,345 |
Other | ||
Held-to-maturity: | ||
Total held-to-maturity securities | 476 | 518 |
Held-to-maturity securities, fair value | $ 476 | $ 518 |
Securities (Estimated Fair Valu
Securities (Estimated Fair Values of Securities With Gross Unrealized Losses) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Available-for-sale: | ||
Available-for-sale, less than twelve months, estimated fair value | $ 144,235 | $ 45,226 |
Available-for-sale, less than twelve months, gross unrealized losses | (2,731) | (555) |
Available-for-sale, twelve months or longer, estimated fair value | 71,718 | 147,718 |
Available-for-sale, twelve months or longer, gross unrealized losses | (2,178) | (2,999) |
Available-for-sale, total, estimated fair value | 215,953 | 192,944 |
Available-for-sale, total, gross unrealized losses | (4,909) | (3,554) |
Held-to-maturity: | ||
Held-to-maturity, less than twelve months, estimated fair value | 643,890 | 222,216 |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss | (5,639) | (892) |
Held-to-maturity, twelve months or longer, estimated fair value | 457,778 | 744,508 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (15,948) | (19,146) |
Held-to-maturity, total, estimated fair value | 1,101,668 | 966,724 |
Held-to-maturity, total, gross unrealized losses | (21,587) | (20,038) |
GSE issuance REMICs and CMOs | ||
Available-for-sale: | ||
Available-for-sale, less than twelve months, estimated fair value | 119,668 | 20,587 |
Available-for-sale, less than twelve months, gross unrealized losses | (2,238) | (159) |
Available-for-sale, twelve months or longer, estimated fair value | 0 | 75,444 |
Available-for-sale, twelve months or longer, gross unrealized losses | 0 | (1,397) |
Available-for-sale, total, estimated fair value | 119,668 | 96,031 |
Available-for-sale, total, gross unrealized losses | (2,238) | (1,556) |
Held-to-maturity: | ||
Held-to-maturity, less than twelve months, estimated fair value | 378,600 | 121,861 |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss | (2,836) | (302) |
Held-to-maturity, twelve months or longer, estimated fair value | 317,649 | 500,348 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (12,445) | (13,739) |
Held-to-maturity, total, estimated fair value | 696,249 | 622,209 |
Held-to-maturity, total, gross unrealized losses | (15,281) | (14,041) |
Non-GSE issuance REMICs and CMOs | ||
Available-for-sale: | ||
Available-for-sale, less than twelve months, estimated fair value | 32 | |
Available-for-sale, less than twelve months, gross unrealized losses | (1) | |
Available-for-sale, twelve months or longer, estimated fair value | 83 | 96 |
Available-for-sale, twelve months or longer, gross unrealized losses | (1) | (1) |
Available-for-sale, total, estimated fair value | 115 | 96 |
Available-for-sale, total, gross unrealized losses | (2) | (1) |
Held-to-maturity: | ||
Held-to-maturity, twelve months or longer, estimated fair value | 291 | 294 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (7) | (7) |
Held-to-maturity, total, estimated fair value | 291 | 294 |
Held-to-maturity, total, gross unrealized losses | (7) | (7) |
GSE pass-through certificates | ||
Available-for-sale: | ||
Available-for-sale, less than twelve months, estimated fair value | 43 | 53 |
Available-for-sale, less than twelve months, gross unrealized losses | (1) | (1) |
Available-for-sale, twelve months or longer, estimated fair value | 97 | 64 |
Available-for-sale, twelve months or longer, gross unrealized losses | (1) | (1) |
Available-for-sale, total, estimated fair value | 140 | 117 |
Available-for-sale, total, gross unrealized losses | (2) | (2) |
Held-to-maturity: | ||
Held-to-maturity, less than twelve months, estimated fair value | 39,186 | |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss | (273) | |
Held-to-maturity, twelve months or longer, estimated fair value | 115,769 | 164,453 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (2,564) | (3,877) |
Held-to-maturity, total, estimated fair value | 154,955 | 164,453 |
Held-to-maturity, total, gross unrealized losses | (2,837) | (3,877) |
Obligations of GSEs | ||
Available-for-sale: | ||
Available-for-sale, less than twelve months, estimated fair value | 24,492 | 24,586 |
Available-for-sale, less than twelve months, gross unrealized losses | (491) | (395) |
Available-for-sale, twelve months or longer, estimated fair value | 71,536 | 72,112 |
Available-for-sale, twelve months or longer, gross unrealized losses | (2,163) | (1,587) |
Available-for-sale, total, estimated fair value | 96,028 | 96,698 |
Available-for-sale, total, gross unrealized losses | (2,654) | (1,982) |
Held-to-maturity: | ||
Held-to-maturity, less than twelve months, estimated fair value | 131,976 | |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss | (1,977) | |
Held-to-maturity, twelve months or longer, estimated fair value | 24,069 | 79,413 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (932) | (1,523) |
Held-to-maturity, total, estimated fair value | 156,045 | 79,413 |
Held-to-maturity, total, gross unrealized losses | (2,909) | (1,523) |
Fannie Mae stock | ||
Available-for-sale: | ||
Available-for-sale, twelve months or longer, estimated fair value | 2 | 2 |
Available-for-sale, twelve months or longer, gross unrealized losses | (13) | (13) |
Available-for-sale, total, estimated fair value | 2 | 2 |
Available-for-sale, total, gross unrealized losses | (13) | (13) |
Multi-family mortgage-backed securities: | ||
Held-to-maturity: | ||
Held-to-maturity, less than twelve months, estimated fair value | 94,128 | 100,355 |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss | (553) | (590) |
Held-to-maturity, total, estimated fair value | 94,128 | 100,355 |
Held-to-maturity, total, gross unrealized losses | $ (553) | $ (590) |
Securities (Narrative) (Details
Securities (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015USD ($)security | Jun. 30, 2015USD ($)security | Dec. 31, 2014USD ($)security | |
Securities | |||
Number of securities held with unrealized loss | security | 94 | 94 | 80 |
Total available-for-sale securities | $ 428,745 | $ 428,745 | $ 384,359 |
Held-to-maturity Securities | 2,156,882 | 2,156,882 | 2,133,804 |
Held-to-maturity securities, fair value | 2,152,091 | 2,152,091 | 2,131,371 |
Callable securities, amortized cost | 306,000 | 306,000 | |
Callable securities amortized cost, callable within one year and thereafter | 289,600 | 289,600 | |
Accrued interest receivable for securities | 7,100 | 7,100 | $ 6,700 |
Proceeds from sale of available-for-sale securities | 19,026 | ||
Available-for-sale securities, gross realized gains | 72 | 72 | |
Available-for-sale debt securities, excluding mortgage-backed securities | |||
Securities | |||
Available-for-sale debt securities, amortized cost | 98,700 | 98,700 | |
Total available-for-sale securities | 96,000 | 96,000 | |
Held-to-maturity debt securities, excluding mortgage-backed securities | |||
Securities | |||
Held-to-maturity Securities | 207,800 | 207,800 | |
Held-to-maturity securities, fair value | $ 204,900 | $ 204,900 |
Loans Receivable and Allowanc35
Loans Receivable and Allowance for Loan Losses (Composition of Loans Receivable) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Loans receivable and allowance for loan losses | ||||||
30-59 Days | $ 79,811 | $ 82,526 | ||||
60-89 Days | 21,228 | 25,313 | ||||
90 Days or More | 66,155 | 62,834 | ||||
Total Past Due | 167,194 | 170,673 | ||||
Current | 11,302,414 | 11,739,049 | ||||
Total | 11,469,608 | 11,909,722 | ||||
Net unamortized premiums and deferred loan origination costs | 44,448 | 47,726 | ||||
Loans receivable | 11,514,056 | 11,957,448 | ||||
Allowance for loan losses | (107,500) | $ (110,500) | (111,600) | $ (118,600) | $ (134,000) | $ (139,000) |
Loans receivable, net | 11,406,556 | 11,845,848 | ||||
Accruing loans: | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 74,950 | 77,097 | ||||
60-89 Days | 18,260 | 22,852 | ||||
90 Days or More | 2,971 | 4,093 | ||||
Total Past Due | 96,181 | 104,042 | ||||
Current | 11,253,563 | 11,681,961 | ||||
Total | 11,349,744 | 11,786,003 | ||||
Non-accrual loans: | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 4,861 | 5,429 | ||||
60-89 Days | 2,968 | 2,461 | ||||
90 Days or More | 63,184 | 58,741 | ||||
Total Past Due | 71,013 | 66,631 | ||||
Current | 48,851 | 57,088 | ||||
Total | 119,864 | 123,719 | ||||
Consumer and Other Loans | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 1,067 | 2,430 | ||||
60-89 Days | 499 | 962 | ||||
90 Days or More | 6,243 | 6,040 | ||||
Total Past Due | 7,809 | 9,432 | ||||
Current | 235,672 | 239,936 | ||||
Total | 243,481 | 249,368 | ||||
Allowance for loan losses | (8,770) | (9,819) | (8,825) | (9,540) | (10,007) | (8,824) |
Consumer and Other Loans | Accruing loans: | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 1,067 | 2,430 | ||||
60-89 Days | 499 | 962 | ||||
Total Past Due | 1,566 | 3,392 | ||||
Current | 235,529 | 239,936 | ||||
Total | 237,095 | 243,328 | ||||
Consumer and Other Loans | Non-accrual loans: | ||||||
Loans receivable and allowance for loan losses | ||||||
90 Days or More | 6,243 | 6,040 | ||||
Total Past Due | 6,243 | 6,040 | ||||
Current | 143 | 0 | ||||
Total | 6,386 | 6,040 | ||||
Consumer and Other Loans | Home equity and other consumer | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 1,067 | 2,430 | ||||
60-89 Days | 499 | 962 | ||||
90 Days or More | 6,243 | 6,040 | ||||
Total Past Due | 7,809 | 9,432 | ||||
Current | 164,318 | 175,121 | ||||
Total | 172,127 | 184,553 | ||||
Consumer and Other Loans | Home equity and other consumer | Accruing loans: | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 1,067 | 2,430 | ||||
60-89 Days | 499 | 962 | ||||
Total Past Due | 1,566 | 3,392 | ||||
Current | 164,175 | 175,121 | ||||
Total | 165,741 | 178,513 | ||||
Consumer and Other Loans | Home equity and other consumer | Non-accrual loans: | ||||||
Loans receivable and allowance for loan losses | ||||||
90 Days or More | 6,243 | 6,040 | ||||
Total Past Due | 6,243 | 6,040 | ||||
Current | 143 | 0 | ||||
Total | 6,386 | 6,040 | ||||
Consumer and Other Loans | Commercial and industrial | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 0 | |||||
60-89 Days | 0 | |||||
90 Days or More | 0 | |||||
Total Past Due | 0 | |||||
Current | 71,354 | 64,815 | ||||
Total | 71,354 | 64,815 | ||||
Consumer and Other Loans | Commercial and industrial | Accruing loans: | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 0 | |||||
60-89 Days | 0 | |||||
Total Past Due | 0 | |||||
Current | 71,354 | 64,815 | ||||
Total | 71,354 | 64,815 | ||||
Consumer and Other Loans | Commercial and industrial | Non-accrual loans: | ||||||
Loans receivable and allowance for loan losses | ||||||
90 Days or More | 0 | |||||
Total Past Due | 0 | |||||
Total | 0 | |||||
Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 78,744 | 80,096 | ||||
60-89 Days | 20,729 | 24,351 | ||||
90 Days or More | 59,912 | 56,794 | ||||
Total Past Due | 159,385 | 161,241 | ||||
Current | 11,066,742 | 11,499,113 | ||||
Total | 11,226,127 | 11,660,354 | ||||
Mortgage loans (gross) | Accruing loans: | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 73,883 | 74,667 | ||||
60-89 Days | 17,761 | 21,890 | ||||
90 Days or More | 2,971 | 4,093 | ||||
Total Past Due | 94,615 | 100,650 | ||||
Current | 11,018,034 | 11,442,025 | ||||
Total | 11,112,649 | 11,542,675 | ||||
Mortgage loans (gross) | Non-accrual loans: | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 4,861 | 5,429 | ||||
60-89 Days | 2,968 | 2,461 | ||||
90 Days or More | 56,941 | 52,701 | ||||
Total Past Due | 64,770 | 60,591 | ||||
Current | 48,708 | 57,088 | ||||
Total | 113,478 | 117,679 | ||||
Mortgage loans (gross) | Residential | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 70,917 | 73,326 | ||||
60-89 Days | 19,263 | 21,290 | ||||
90 Days or More | 52,268 | 44,989 | ||||
Total Past Due | 142,448 | 139,605 | ||||
Current | 6,277,786 | 6,733,931 | ||||
Total | 6,420,234 | 6,873,536 | ||||
Allowance for loan losses | (44,546) | (43,481) | (46,283) | (56,552) | (74,717) | (80,337) |
Mortgage loans (gross) | Residential | Accruing loans: | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 67,168 | 69,335 | ||||
60-89 Days | 16,634 | 19,175 | ||||
90 Days or More | 144 | |||||
Total Past Due | 83,802 | 88,654 | ||||
Current | 6,232,218 | 6,684,871 | ||||
Total | 6,316,020 | 6,773,525 | ||||
Mortgage loans (gross) | Residential | Non-accrual loans: | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 3,749 | 3,991 | ||||
60-89 Days | 2,629 | 2,115 | ||||
90 Days or More | 52,268 | 44,845 | ||||
Total Past Due | 58,646 | 50,951 | ||||
Current | 45,568 | 49,060 | ||||
Total | 104,214 | 100,011 | ||||
Mortgage loans (gross) | Residential | Full documentation interest-only | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 11,965 | 16,314 | ||||
60-89 Days | 3,769 | 7,690 | ||||
90 Days or More | 12,338 | 11,502 | ||||
Total Past Due | 28,072 | 35,506 | ||||
Current | 635,865 | 818,676 | ||||
Total | 663,937 | 854,182 | ||||
Mortgage loans (gross) | Residential | Full documentation interest-only | Accruing loans: | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 10,810 | 13,943 | ||||
60-89 Days | 3,769 | 7,332 | ||||
Total Past Due | 14,579 | 21,275 | ||||
Current | 624,504 | 804,880 | ||||
Total | 639,083 | 826,155 | ||||
Mortgage loans (gross) | Residential | Full documentation interest-only | Non-accrual loans: | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 1,155 | 2,371 | ||||
60-89 Days | 358 | |||||
90 Days or More | 12,338 | 11,502 | ||||
Total Past Due | 13,493 | 14,231 | ||||
Current | 11,361 | 13,796 | ||||
Total | 24,854 | 28,027 | ||||
Mortgage loans (gross) | Residential | Full documentation amortizing | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 32,758 | 26,082 | ||||
60-89 Days | 6,919 | 7,849 | ||||
90 Days or More | 21,020 | 14,355 | ||||
Total Past Due | 60,697 | 48,286 | ||||
Current | 4,739,329 | 4,955,407 | ||||
Total | 4,800,026 | 5,003,693 | ||||
Mortgage loans (gross) | Residential | Full documentation amortizing | Accruing loans: | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 31,191 | 25,878 | ||||
60-89 Days | 5,124 | 7,611 | ||||
90 Days or More | 144 | |||||
Total Past Due | 36,315 | 33,633 | ||||
Current | 4,731,728 | 4,948,391 | ||||
Total | 4,768,043 | 4,982,024 | ||||
Mortgage loans (gross) | Residential | Full documentation amortizing | Non-accrual loans: | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 1,567 | 204 | ||||
60-89 Days | 1,795 | 238 | ||||
90 Days or More | 21,020 | 14,211 | ||||
Total Past Due | 24,382 | 14,653 | ||||
Current | 7,601 | 7,016 | ||||
Total | 31,983 | 21,669 | ||||
Mortgage loans (gross) | Residential | Reduced documentation interest-only | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 16,220 | 19,310 | ||||
60-89 Days | 5,409 | 3,037 | ||||
90 Days or More | 13,513 | 16,289 | ||||
Total Past Due | 35,142 | 38,636 | ||||
Current | 474,902 | 572,372 | ||||
Total | 510,044 | 611,008 | ||||
Mortgage loans (gross) | Residential | Reduced documentation interest-only | Accruing loans: | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 15,684 | 18,490 | ||||
60-89 Days | 4,917 | 2,584 | ||||
Total Past Due | 20,601 | 21,074 | ||||
Current | 451,641 | 547,350 | ||||
Total | 472,242 | 568,424 | ||||
Mortgage loans (gross) | Residential | Reduced documentation interest-only | Non-accrual loans: | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 536 | 820 | ||||
60-89 Days | 492 | 453 | ||||
90 Days or More | 13,513 | 16,289 | ||||
Total Past Due | 14,541 | 17,562 | ||||
Current | 23,261 | 25,022 | ||||
Total | 37,802 | 42,584 | ||||
Mortgage loans (gross) | Residential | Reduced documentation amortizing | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 9,974 | 11,620 | ||||
60-89 Days | 3,166 | 2,714 | ||||
90 Days or More | 5,397 | 2,843 | ||||
Total Past Due | 18,537 | 17,177 | ||||
Current | 427,690 | 387,476 | ||||
Total | 446,227 | 404,653 | ||||
Mortgage loans (gross) | Residential | Reduced documentation amortizing | Accruing loans: | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 9,483 | 11,024 | ||||
60-89 Days | 2,824 | 1,648 | ||||
Total Past Due | 12,307 | 12,672 | ||||
Current | 424,345 | 384,250 | ||||
Total | 436,652 | 396,922 | ||||
Mortgage loans (gross) | Residential | Reduced documentation amortizing | Non-accrual loans: | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 491 | 596 | ||||
60-89 Days | 342 | 1,066 | ||||
90 Days or More | 5,397 | 2,843 | ||||
Total Past Due | 6,230 | 4,505 | ||||
Current | 3,345 | 3,226 | ||||
Total | 9,575 | 7,731 | ||||
Mortgage loans (gross) | Multi-family | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 5,319 | 4,294 | ||||
60-89 Days | 1,466 | 2,568 | ||||
90 Days or More | 4,850 | 8,917 | ||||
Total Past Due | 11,635 | 15,779 | ||||
Current | 3,932,821 | 3,897,274 | ||||
Total | 3,944,456 | 3,913,053 | ||||
Allowance for loan losses | (38,794) | (40,082) | (39,250) | (37,075) | (34,578) | (36,703) |
Mortgage loans (gross) | Multi-family | Accruing loans: | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 5,023 | 3,646 | ||||
60-89 Days | 1,127 | 2,222 | ||||
90 Days or More | 737 | 1,790 | ||||
Total Past Due | 6,887 | 7,658 | ||||
Current | 3,931,487 | 3,893,539 | ||||
Total | 3,938,374 | 3,901,197 | ||||
Mortgage loans (gross) | Multi-family | Non-accrual loans: | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 296 | 648 | ||||
60-89 Days | 339 | 346 | ||||
90 Days or More | 4,113 | 7,127 | ||||
Total Past Due | 4,748 | 8,121 | ||||
Current | 1,334 | 3,735 | ||||
Total | 6,082 | 11,856 | ||||
Mortgage loans (gross) | Commercial real estate | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 2,508 | 2,476 | ||||
60-89 Days | 493 | |||||
90 Days or More | 2,794 | 2,888 | ||||
Total Past Due | 5,302 | 5,857 | ||||
Current | 856,135 | 867,908 | ||||
Total | 861,437 | 873,765 | ||||
Allowance for loan losses | (15,390) | $ (17,118) | (17,242) | $ (15,433) | $ (14,698) | $ (13,136) |
Mortgage loans (gross) | Commercial real estate | Accruing loans: | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 1,692 | 1,686 | ||||
60-89 Days | 493 | |||||
90 Days or More | 2,234 | 2,159 | ||||
Total Past Due | 3,926 | 4,338 | ||||
Current | 854,329 | 863,615 | ||||
Total | 858,255 | 867,953 | ||||
Mortgage loans (gross) | Commercial real estate | Non-accrual loans: | ||||||
Loans receivable and allowance for loan losses | ||||||
30-59 Days | 816 | 790 | ||||
90 Days or More | 560 | 729 | ||||
Total Past Due | 1,376 | 1,519 | ||||
Current | 1,806 | 4,293 | ||||
Total | $ 3,182 | $ 5,812 |
Loans Receivable and Allowanc36
Loans Receivable and Allowance for Loan Losses (Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at the beginning of the period | $ 110,500 | $ 134,000 | $ 111,600 | $ 139,000 |
Provision charged (credited) to operations | (2,967) | (5,742) | (3,310) | (4,111) |
Charge-offs | (1,791) | (13,631) | (4,281) | (22,466) |
Recoveries | 1,758 | 3,973 | 3,491 | 6,177 |
Balance at the end of the period | 107,500 | 118,600 | 107,500 | 118,600 |
Consumer and Other Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at the beginning of the period | 9,819 | 10,007 | 8,825 | 8,824 |
Provision charged (credited) to operations | (1,073) | (31) | 161 | 1,950 |
Charge-offs | (86) | (527) | (435) | (1,424) |
Recoveries | 110 | 91 | 219 | 190 |
Balance at the end of the period | 8,770 | 9,540 | 8,770 | 9,540 |
Mortgage loans (gross) | Residential | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at the beginning of the period | 43,481 | 74,717 | 46,283 | 80,337 |
Provision charged (credited) to operations | 1,497 | (9,132) | (354) | (12,608) |
Charge-offs | (1,602) | (12,834) | (3,359) | (16,927) |
Recoveries | 1,170 | 3,801 | 1,976 | 5,750 |
Balance at the end of the period | 44,546 | 56,552 | 44,546 | 56,552 |
Mortgage loans (gross) | Multi-family | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at the beginning of the period | 40,082 | 34,578 | 39,250 | 36,703 |
Provision charged (credited) to operations | (1,663) | 2,686 | (1,407) | 1,274 |
Charge-offs | (103) | (270) | (345) | (1,139) |
Recoveries | 478 | 81 | 1,296 | 237 |
Balance at the end of the period | 38,794 | 37,075 | 38,794 | 37,075 |
Mortgage loans (gross) | Commercial real estate | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at the beginning of the period | 17,118 | 14,698 | 17,242 | 13,136 |
Provision charged (credited) to operations | (1,728) | 735 | (1,710) | 5,273 |
Charge-offs | 0 | 0 | (142) | (2,976) |
Recoveries | 0 | 0 | ||
Balance at the end of the period | $ 15,390 | $ 15,433 | $ 15,390 | $ 15,433 |
Loans Receivable and Allowanc37
Loans Receivable and Allowance for Loan Losses (Residential Interest-Only Mortgage Loans, Amortization Period) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Recorded Investment | ||
Total | $ 11,469,608 | $ 11,909,722 |
Residential Mortgage Loans | Interest-only loans | ||
Recorded Investment | ||
12 months or less | 559,500 | |
13 to 24 months | 377,632 | |
25 to 36 months | 188,770 | |
Over 36 months | 48,079 | |
Total | $ 1,173,981 |
Loans Receivable and Allowanc38
Loans Receivable and Allowance for Loan Losses (Residential Mortgage, Consumer and Other Loans, by Class and Credit Quality Indicator) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Recorded Investment | ||
Total | $ 11,469,608 | $ 11,909,722 |
Past due 90 days or more | 66,155 | 62,834 |
Consumer and Other Loans | ||
Recorded Investment | ||
Total | 243,481 | 249,368 |
Past due 90 days or more | 6,243 | 6,040 |
Consumer and Other Loans | Home equity and other consumer | ||
Recorded Investment | ||
Total | 172,127 | 184,553 |
Past due 90 days or more | 6,243 | 6,040 |
Consumer and Other Loans | Commercial and industrial | ||
Recorded Investment | ||
Total | 71,354 | 64,815 |
Past due 90 days or more | 0 | |
Mortgage loans (gross) | ||
Recorded Investment | ||
Total | 11,226,127 | 11,660,354 |
Past due 90 days or more | 59,912 | 56,794 |
Mortgage loans (gross) | Residential Mortgage Loans | ||
Recorded Investment | ||
Total | 6,420,234 | 6,873,536 |
Past due 90 days or more | 52,268 | 44,989 |
Mortgage loans (gross) | Residential Mortgage Loans | Full documentation interest-only | ||
Recorded Investment | ||
Total | 663,937 | 854,182 |
Past due 90 days or more | 12,338 | 11,502 |
Mortgage loans (gross) | Residential Mortgage Loans | Full documentation amortizing loans | ||
Recorded Investment | ||
Total | 4,800,026 | 5,003,693 |
Past due 90 days or more | 21,020 | 14,355 |
Mortgage loans (gross) | Residential Mortgage Loans | Reduced documentation interest-only loans | ||
Recorded Investment | ||
Total | 510,044 | 611,008 |
Past due 90 days or more | 13,513 | 16,289 |
Mortgage loans (gross) | Residential Mortgage Loans | Reduced documentation amortizing loans | ||
Recorded Investment | ||
Total | 446,227 | 404,653 |
Past due 90 days or more | 5,397 | 2,843 |
Performing | Consumer and Other Loans | Home equity and other consumer | ||
Recorded Investment | ||
Total | 165,741 | 178,513 |
Performing | Consumer and Other Loans | Commercial and industrial | ||
Recorded Investment | ||
Total | 71,354 | 64,815 |
Performing | Mortgage loans (gross) | Residential Mortgage Loans | Full documentation interest-only | ||
Recorded Investment | ||
Total | 639,083 | 826,155 |
Performing | Mortgage loans (gross) | Residential Mortgage Loans | Full documentation amortizing loans | ||
Recorded Investment | ||
Total | 4,768,043 | 4,981,880 |
Performing | Mortgage loans (gross) | Residential Mortgage Loans | Reduced documentation interest-only loans | ||
Recorded Investment | ||
Total | 472,242 | 568,424 |
Performing | Mortgage loans (gross) | Residential Mortgage Loans | Reduced documentation amortizing loans | ||
Recorded Investment | ||
Total | 436,652 | 396,922 |
Non-performing: | Consumer and Other Loans | Home equity and other consumer | ||
Recorded Investment | ||
Current or past due less than 90 days | 143 | 0 |
Past due 90 days or more | 6,243 | 6,040 |
Non-performing: | Consumer and Other Loans | Commercial and industrial | ||
Recorded Investment | ||
Past due 90 days or more | 0 | 0 |
Non-performing: | Mortgage loans (gross) | Residential Mortgage Loans | Full documentation interest-only | ||
Recorded Investment | ||
Current or past due less than 90 days | 12,516 | 16,525 |
Past due 90 days or more | 12,338 | 11,502 |
Non-performing: | Mortgage loans (gross) | Residential Mortgage Loans | Full documentation amortizing loans | ||
Recorded Investment | ||
Current or past due less than 90 days | 10,963 | 7,458 |
Past due 90 days or more | 21,020 | 14,355 |
Non-performing: | Mortgage loans (gross) | Residential Mortgage Loans | Reduced documentation interest-only loans | ||
Recorded Investment | ||
Current or past due less than 90 days | 24,289 | 26,295 |
Past due 90 days or more | 13,513 | 16,289 |
Non-performing: | Mortgage loans (gross) | Residential Mortgage Loans | Reduced documentation amortizing loans | ||
Recorded Investment | ||
Current or past due less than 90 days | 4,178 | 4,888 |
Past due 90 days or more | $ 5,397 | $ 2,843 |
Loans Receivable and Allowanc39
Loans Receivable and Allowance for Loan Losses (Multi-Family and Commercial Real Estate Loans, by Credit Quality Indicator) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ||
Total | $ 11,469,608 | $ 11,909,722 |
Mortgage loans (gross) | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ||
Total | 11,226,127 | 11,660,354 |
Mortgage loans (gross) | Multi-family | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ||
Total | 3,944,456 | 3,913,053 |
Mortgage loans (gross) | Multi-family | Not criticized | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ||
Total | 3,868,976 | 3,850,068 |
Mortgage loans (gross) | Multi-family | Special mention | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ||
Total | 51,296 | 30,975 |
Mortgage loans (gross) | Multi-family | Substandard | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ||
Total | 23,444 | 31,264 |
Mortgage loans (gross) | Multi-family | Doubtful | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ||
Total | 740 | 746 |
Mortgage loans (gross) | Commercial real estate | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ||
Total | 861,437 | 873,765 |
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 | 811,729 | 817,404 |
Mortgage loans (gross) | Commercial real estate | Special mention | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ||
Total | 16,415 | 22,584 |
Mortgage loans (gross) | Commercial real estate | Substandard | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ||
Total | 32,199 | 32,664 |
Mortgage loans (gross) | Commercial real estate | Doubtful | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ||
Total | $ 1,094 | $ 1,113 |
Loans Receivable and Allowanc40
Loans Receivable and Allowance for Loan Losses (Loans Receivable and Related Allowance by Impairment Methodology) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses | ||||||
Loans individually evaluated for impairment | $ 243,287 | $ 248,436 | ||||
Loans collectively evaluated for impairment | 11,226,321 | 11,661,286 | ||||
Total | 11,469,608 | 11,909,722 | ||||
Loans individually evaluated for impairment, allowance for loan losses | 17,295 | 19,732 | ||||
Loans collectively evaluated for impairment, allowance for loan losses | 90,205 | 91,868 | ||||
Total allowance for loan losses | 107,500 | $ 110,500 | 111,600 | $ 118,600 | $ 134,000 | $ 139,000 |
Consumer and Other Loans | ||||||
Balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses | ||||||
Loans individually evaluated for impairment | 5,854 | 5,153 | ||||
Loans collectively evaluated for impairment | 237,627 | 244,215 | ||||
Total | 243,481 | 249,368 | ||||
Loans individually evaluated for impairment, allowance for loan losses | 4,334 | 3,810 | ||||
Loans collectively evaluated for impairment, allowance for loan losses | 4,436 | 5,015 | ||||
Total allowance for loan losses | 8,770 | 9,819 | 8,825 | 9,540 | 10,007 | 8,824 |
Mortgage loans (gross) | ||||||
Balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses | ||||||
Total | 11,226,127 | 11,660,354 | ||||
Mortgage loans (gross) | Residential | ||||||
Balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses | ||||||
Loans individually evaluated for impairment | 190,952 | 181,402 | ||||
Loans collectively evaluated for impairment | 6,229,282 | 6,692,134 | ||||
Total | 6,420,234 | 6,873,536 | ||||
Loans individually evaluated for impairment, allowance for loan losses | 11,056 | 10,304 | ||||
Loans collectively evaluated for impairment, allowance for loan losses | 33,490 | 35,979 | ||||
Total allowance for loan losses | 44,546 | 43,481 | 46,283 | 56,552 | 74,717 | 80,337 |
Mortgage loans (gross) | Multi-family | ||||||
Balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses | ||||||
Loans individually evaluated for impairment | 29,499 | 42,611 | ||||
Loans collectively evaluated for impairment | 3,914,957 | 3,870,442 | ||||
Total | 3,944,456 | 3,913,053 | ||||
Loans individually evaluated for impairment, allowance for loan losses | 999 | 3,172 | ||||
Loans collectively evaluated for impairment, allowance for loan losses | 37,795 | 36,078 | ||||
Total allowance for loan losses | 38,794 | 40,082 | 39,250 | 37,075 | 34,578 | 36,703 |
Mortgage loans (gross) | Commercial real estate | ||||||
Balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses | ||||||
Loans individually evaluated for impairment | 16,982 | 19,270 | ||||
Loans collectively evaluated for impairment | 844,455 | 854,495 | ||||
Total | 861,437 | 873,765 | ||||
Loans individually evaluated for impairment, allowance for loan losses | 906 | 2,446 | ||||
Loans collectively evaluated for impairment, allowance for loan losses | 14,484 | 14,796 | ||||
Total allowance for loan losses | $ 15,390 | $ 17,118 | $ 17,242 | $ 15,433 | $ 14,698 | $ 13,136 |
Loans Receivable and Allowanc41
Loans Receivable and Allowance for Loan Losses (Impaired Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing receivable, impaired | ||
Unpaid Principal Balance | $ 282,056 | $ 289,737 |
Recorded Investment | 243,287 | 248,436 |
Related Allowance | (17,295) | (19,732) |
Net Investment | 225,992 | 228,704 |
Consumer and other loans | Home equity and other consumer | ||
Financing receivable, impaired | ||
Unpaid Principal Balance, Loans with an allowance recorded | 6,181 | 5,436 |
Recorded Investment, Loans with an allowance recorded | 5,854 | 5,153 |
Related Allowance | (4,334) | (3,810) |
Net Investment, Loans with an allowance recorded | 1,520 | 1,343 |
Mortgage loans | Residential | Full documentation interest-only | ||
Financing receivable, impaired | ||
Unpaid Principal Balance, Loans with an allowance recorded | 49,005 | 55,352 |
Recorded Investment, Loans with an allowance recorded | 41,113 | 46,331 |
Related Allowance | (3,809) | (3,391) |
Net Investment, Loans with an allowance recorded | 37,304 | 42,940 |
Mortgage loans | Residential | Full documentation amortizing loans | ||
Financing receivable, impaired | ||
Unpaid Principal Balance, Loans with an allowance recorded | 58,641 | 43,044 |
Recorded Investment, Loans with an allowance recorded | 53,254 | 39,994 |
Related Allowance | (2,025) | (1,425) |
Net Investment, Loans with an allowance recorded | 51,229 | 38,569 |
Mortgage loans | Residential | Reduced documentation interest-only | ||
Financing receivable, impaired | ||
Unpaid Principal Balance, Loans with an allowance recorded | 85,832 | 90,171 |
Recorded Investment, Loans with an allowance recorded | 72,588 | 76,960 |
Related Allowance | (4,521) | (4,661) |
Net Investment, Loans with an allowance recorded | 68,067 | 72,299 |
Mortgage loans | Residential | Reduced documentation amortizing | ||
Financing receivable, impaired | ||
Unpaid Principal Balance, Loans with an allowance recorded | 25,884 | 19,463 |
Recorded Investment, Loans with an allowance recorded | 23,997 | 18,117 |
Related Allowance | (701) | (827) |
Net Investment, Loans with an allowance recorded | 23,296 | 17,290 |
Mortgage loans | Multi-family | ||
Financing receivable, impaired | ||
Unpaid Principal Balance, Loans with an allowance recorded | 9,187 | 34,972 |
Unpaid Principal Balance, Loans without an allowance recorded | 24,551 | 16,308 |
Recorded Investment, Loans with an allowance recorded | 8,487 | 28,109 |
Recorded Investment, Loans without an allowance recorded | 21,012 | 14,502 |
Related Allowance | (999) | (3,172) |
Net Investment, Loans with an allowance recorded | 7,488 | 24,937 |
Net Investment, Loans without an allowance recorded | 21,012 | 14,502 |
Mortgage loans | Commercial real estate | ||
Financing receivable, impaired | ||
Unpaid Principal Balance, Loans with an allowance recorded | 10,653 | 24,991 |
Unpaid Principal Balance, Loans without an allowance recorded | 12,122 | |
Recorded Investment, Loans with an allowance recorded | 7,972 | 19,270 |
Recorded Investment, Loans without an allowance recorded | 9,010 | |
Related Allowance | (906) | (2,446) |
Net Investment, Loans with an allowance recorded | 7,066 | $ 16,824 |
Net Investment, Loans without an allowance recorded | $ 9,010 |
Loans Receivable and Allowanc42
Loans Receivable and Allowance for Loan Losses (Average Recorded Investment, Interest Income Recognized and Cash Basis Interest Income on Impaired Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class | ||||
Average recorded investment | $ 245,047 | $ 381,146 | $ 246,176 | $ 383,923 |
Interest income recognized | 2,317 | 2,911 | 4,525 | 5,782 |
Cash basis interest income | 2,318 | 2,933 | 4,598 | 5,917 |
Consumer and Other Loans | 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 | 6,179 | 5,067 | 5,837 | 5,030 |
Interest income recognized, loans with an allowance recorded | 20 | 3 | 32 | 13 |
Cash basis interest income, loans with an allowance recorded | 22 | 7 | 39 | 21 |
Mortgage loans | Residential | Full documentation interest-only | ||||
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class | ||||
Average recorded investment, loans with an allowance recorded | 42,150 | 105,897 | 43,544 | 107,224 |
Interest income recognized, loans with an allowance recorded | 295 | 618 | 608 | 1,222 |
Cash basis interest income, loans with an allowance recorded | 291 | 608 | 614 | 1,244 |
Mortgage loans | Residential | Full documentation amortizing loans | ||||
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class | ||||
Average recorded investment, loans with an allowance recorded | 50,619 | 41,213 | 47,077 | 39,505 |
Average recorded investment, loans without an allowance recorded | 0 | 913 | 0 | 609 |
Interest income recognized, loans with an allowance recorded | 380 | 307 | 798 | 653 |
Interest income recognized, loans without an allowance recorded | 0 | |||
Cash basis interest income, loans with an allowance recorded | 391 | 306 | 816 | 645 |
Cash basis interest income, loans without an allowance recorded | 0 | |||
Mortgage loans | Residential | Reduced documentation interest-only | ||||
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class | ||||
Average recorded investment, loans with an allowance recorded | 74,210 | 132,784 | 75,126 | 135,308 |
Interest income recognized, loans with an allowance recorded | 840 | 1,087 | 1,528 | 2,163 |
Cash basis interest income, loans with an allowance recorded | 821 | 1,083 | 1,527 | 2,146 |
Mortgage loans | Residential | Reduced documentation amortizing | ||||
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class | ||||
Average recorded investment, loans with an allowance recorded | 21,888 | 24,981 | 20,631 | 25,189 |
Interest income recognized, loans with an allowance recorded | 203 | 134 | 392 | 265 |
Cash basis interest income, loans with an allowance recorded | 207 | 138 | 401 | 263 |
Mortgage loans | Multi-family | ||||
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class | ||||
Average recorded investment, loans with an allowance recorded | 14,731 | 37,277 | 19,190 | 31,434 |
Average recorded investment, loans without an allowance recorded | 17,014 | 11,782 | 16,177 | 18,785 |
Interest income recognized, loans with an allowance recorded | 75 | 364 | 159 | 730 |
Interest income recognized, loans without an allowance recorded | 138 | 136 | 534 | 274 |
Cash basis interest income, loans with an allowance recorded | 81 | 380 | 183 | 764 |
Cash basis interest income, loans without an allowance recorded | 138 | 137 | 534 | 275 |
Mortgage loans | Commercial real estate | ||||
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class | ||||
Average recorded investment, loans with an allowance recorded | 13,751 | 21,232 | 15,591 | 16,084 |
Average recorded investment, loans without an allowance recorded | 4,505 | 0 | 3,003 | 4,755 |
Interest income recognized, loans with an allowance recorded | 100 | 262 | 197 | 462 |
Interest income recognized, loans without an allowance recorded | 266 | 0 | 277 | 0 |
Cash basis interest income, loans with an allowance recorded | 101 | 274 | 209 | 559 |
Cash basis interest income, loans without an allowance recorded | $ 266 | $ 0 | $ 275 | $ 0 |
Loans Receivable and Allowanc43
Loans Receivable and Allowance for Loan Losses (TDR Mortgage Loans Receivable) (Details) - Mortgage loans (gross) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)loan | Jun. 30, 2014USD ($)loan | Jun. 30, 2015USD ($)loan | Jun. 30, 2014USD ($)loan | |
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ||||
Number of Loans | loan | 12 | 13 | 28 | 35 |
Pre-modification recorded investment | $ 3,005 | $ 4,829 | $ 11,688 | $ 12,907 |
Recorded investment | $ 2,993 | $ 4,824 | $ 11,572 | $ 12,253 |
Residential Mortgage Loans | Full documentation interest-only | ||||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ||||
Number of Loans | loan | 4 | 7 | 8 | 18 |
Pre-modification recorded investment | $ 1,315 | $ 2,940 | $ 3,350 | $ 7,797 |
Recorded investment | $ 1,309 | $ 2,939 | $ 3,340 | $ 7,374 |
Residential Mortgage Loans | Full documentation amortizing loans | ||||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ||||
Number of Loans | loan | 5 | 0 | 11 | 3 |
Pre-modification recorded investment | $ 1,142 | $ 0 | $ 3,201 | $ 519 |
Recorded investment | $ 1,136 | $ 0 | $ 3,126 | $ 489 |
Residential Mortgage Loans | Reduced documentation interest-only | ||||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ||||
Number of Loans | loan | 1 | 4 | 5 | 8 |
Pre-modification recorded investment | $ 209 | $ 1,278 | $ 1,896 | $ 2,301 |
Recorded investment | $ 209 | $ 1,277 | $ 1,903 | $ 2,290 |
Residential Mortgage Loans | Reduced documentation amortizing | ||||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ||||
Number of Loans | loan | 2 | 0 | 2 | 2 |
Pre-modification recorded investment | $ 339 | $ 0 | $ 339 | $ 317 |
Recorded investment | $ 339 | $ 0 | $ 339 | $ 262 |
Multi-family | ||||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ||||
Number of Loans | loan | 0 | 1 | 0 | 2 |
Pre-modification recorded investment | $ 0 | $ 357 | $ 0 | $ 1,060 |
Recorded investment | $ 0 | $ 357 | $ 0 | $ 946 |
Commercial real estate | ||||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ||||
Number of Loans | loan | 0 | 1 | 2 | 2 |
Pre-modification recorded investment | $ 0 | $ 254 | $ 2,902 | $ 913 |
Recorded investment | $ 0 | $ 251 | $ 2,864 | $ 892 |
Loans Receivable and Allowanc44
Loans Receivable and Allowance for Loan Losses (TDR Mortgage Loans, Subsequent Payment Default) (Details) - Mortgage loans (gross) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)loan | Jun. 30, 2014USD ($)loan | Jun. 30, 2015USD ($)loan | Jun. 30, 2014USD ($)loan | |
Information about loans receivable by segment and class modified in troubled debt restructuring | ||||
Number of Loans | 11 | 5 | 12 | 9 |
Recorded Investment | $ | $ 5,347 | $ 2,688 | $ 5,805 | $ 3,397 |
Residential Mortgage Loans | Full documentation interest-only | ||||
Information about loans receivable by segment and class modified in troubled debt restructuring | ||||
Number of Loans | 4 | 0 | 4 | 2 |
Recorded Investment | $ | $ 1,957 | $ 0 | $ 1,957 | $ 399 |
Residential Mortgage Loans | Full documentation amortizing loans | ||||
Information about loans receivable by segment and class modified in troubled debt restructuring | ||||
Number of Loans | 1 | 2 | 2 | 2 |
Recorded Investment | $ | $ 387 | $ 447 | $ 845 | $ 447 |
Residential Mortgage Loans | Reduced documentation interest-only | ||||
Information about loans receivable by segment and class modified in troubled debt restructuring | ||||
Number of Loans | 4 | 1 | 4 | 3 |
Recorded Investment | $ | $ 1,967 | $ 579 | $ 1,967 | $ 889 |
Residential Mortgage Loans | Reduced documentation amortizing | ||||
Information about loans receivable by segment and class modified in troubled debt restructuring | ||||
Number of Loans | 1 | 1 | ||
Recorded Investment | $ | $ 93 | $ 93 | ||
Multi-family | ||||
Information about loans receivable by segment and class modified in troubled debt restructuring | ||||
Number of Loans | 2 | 0 | 2 | 0 |
Recorded Investment | $ | $ 1,036 | $ 0 | $ 1,036 | $ 0 |
Commercial real estate | ||||
Information about loans receivable by segment and class modified in troubled debt restructuring | ||||
Number of Loans | 1 | 1 | ||
Recorded Investment | $ | $ 1,569 | $ 1,569 |
Loans Receivable and Allowanc45
Loans Receivable and Allowance for Loan Losses (Narrative) (Details) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Loans receivable and allowance for loan losses | |
Length of period one over which the historical loss experience is analyzed | 12 months |
Length of period two over which the historical loss experience is analyzed | 15 months |
Length of period three over which the historical loss experience is analyzed | 18 months |
Length of period four over which the historical loss experience is analyzed | 24 months |
Minimum length of period over which the historical loss experience is analyzed for a particular loan type that may not have sufficient loss history | 2 years |
Extended prior period over which loss experience factors are evaluated to consider trends for the majority of loan portfolio | 2 years |
Loans, in foreclosure | $ 37.8 |
Reverse Repurchase Agreements C
Reverse Repurchase Agreements Contractual Maturities of Reverse Repurchase Agreements (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total | $ 1,100,000 | $ 1,100,000 |
Secured Debt | ||
Debt Instrument [Line Items] | ||
2,018 | 200,000 | |
2,019 | 600,000 | |
2,020 | 300,000 | |
Total | 1,100,000 | |
Callable 2,015 | 100,000 | |
Callable 2,016 | 100,000 | |
Callable 2,017 | $ 100,000 | |
Residential mortgage-backed securities | Secured Debt | ||
Debt Instrument [Line Items] | ||
Composition of collateral that can be resold or repledged, as percentage | 83.00% | |
Obligations of GSEs | Secured Debt | ||
Debt Instrument [Line Items] | ||
Composition of collateral that can be resold or repledged, as percentage | 17.00% |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 31,431 | $ 22,300 | $ 50,738 | $ 53,849 |
Preferred stock dividends | (2,194) | (2,194) | (4,388) | (4,388) |
Net income available to common shareholders | 29,237 | 20,106 | 46,350 | 49,461 |
Income allocated to participating securities | (295) | (232) | (394) | (552) |
Net income allocated to common shareholders | $ 28,942 | $ 19,874 | $ 45,956 | $ 48,909 |
Basic weighted average common shares outstanding | 99,664,442 | 98,275,886 | 99,459,376 | 98,191,434 |
Diluted weighted average common shares outstanding | 99,664,442 | 98,275,886 | 99,459,376 | 98,191,434 |
Basic EPS | $ 0.29 | $ 0.20 | $ 0.46 | $ 0.50 |
Diluted EPS | $ 0.29 | $ 0.20 | $ 0.46 | $ 0.50 |
Options | ||||
Antidilutive securities excluded from computation of earnings per share | ||||
Stock options excluded from computation of earnings per share (in shares) | 12,000 | 1,011,219 | 16,334 | 1,030,651 |
Restricted stock units (RSUs) | ||||
Antidilutive securities excluded from computation of earnings per share | ||||
Restricted stock units excluded from the computation of earning per share (in shares) | 1,029,336 | 803,318 | 896,425 | 731,973 |
Other Comprehensive Income_Lo48
Other Comprehensive Income/Loss (Components of Accumulated Other Comprehensive Loss, Net of Related Tax Effects) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Changes in accumulated other comprehensive loss components | ||||
Balance at the beginning of the period | $ (63,460) | $ (35,092) | $ (65,951) | $ (38,250) |
Other comprehensive income, net of tax | (2,347) | 4,891 | 144 | 8,049 |
Balance at the end of the period | (65,807) | (30,201) | (65,807) | (30,201) |
Net unrealized (loss) gain on securities available-for-sale | ||||
Changes in accumulated other comprehensive loss components | ||||
Balance at the beginning of the period | 6,679 | (1,373) | 4,686 | (4,366) |
Other comprehensive income, net of tax | (2,791) | 4,699 | (798) | 7,692 |
Balance at the end of the period | 3,888 | 3,326 | 3,888 | 3,326 |
Net actuarial loss on pension plans and other postretirement benefits | ||||
Changes in accumulated other comprehensive loss components | ||||
Balance at the beginning of the period | (67,007) | (30,465) | (67,476) | (30,600) |
Other comprehensive income, net of tax | 417 | 161 | 886 | 296 |
Balance at the end of the period | (66,590) | (30,304) | (66,590) | (30,304) |
Prior service cost on pension plans and other postretirement benefits | ||||
Changes in accumulated other comprehensive loss components | ||||
Balance at the beginning of the period | (3,132) | (3,254) | (3,161) | (3,284) |
Other comprehensive income, net of tax | 27 | 31 | 56 | 61 |
Balance at the end of the period | $ (3,105) | $ (3,223) | $ (3,105) | $ (3,223) |
Other Comprehensive Income_Lo49
Other Comprehensive Income/Loss (Components of Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments and Tax [Abstract] | ||||
Net unrealized holding loss on securities arising during the period, before tax amount | $ (4,491) | $ (1,268) | ||
Reclassification adjustment for gain on sales of securities included in net income, before tax amount | (72) | (72) | ||
Net unrealized loss on securities available-for-sale | (4,563) | $ 7,263 | (1,340) | $ 11,891 |
Other Comprehensive Income (Loss), Available-for-sale Securities, before Reclassification Adjustments, Tax [Abstract] | ||||
Net unrealized holding loss on securities arising during the period, income tax expense | 1,743 | 513 | ||
Realization of prior year securities tax adjustment | 29 | 29 | ||
Net unrealized loss on securities available-for-sale | 1,772 | (2,564) | 542 | (4,199) |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax [Abstract] | ||||
Net unrealized holding loss on securities arising during the period, after tax amount | (2,748) | 4,699 | (755) | 7,692 |
Reclassification adjustment for gain on sales of securities included in net income | (43) | (43) | ||
Net unrealized (loss) gain on securities available-for-sale | (2,791) | 4,699 | (798) | 7,692 |
Net actuarial loss adjustment on pension plans and other postretirement benefits before tax amount: | ||||
Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income | 729 | 249 | 1,486 | 457 |
Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income | 48 | 48 | 95 | 95 |
Total other comprehensive income, before tax amount | (3,786) | 7,560 | 241 | 12,443 |
Net actuarial loss adjustment on pension plans and other postretirement benefits, tax expense: | ||||
Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income | (312) | (88) | (600) | (161) |
Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income | (21) | (17) | (39) | (34) |
Total other comprehensive income, tax expense | 1,439 | (2,669) | (97) | (4,394) |
Net unrealized gain on securities available-for-sale: | ||||
Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income | 417 | 161 | 886 | 296 |
Reclassification adjustment for prior service cost included in net income | 27 | 31 | 56 | 61 |
Total other comprehensive (loss) income, net of tax | $ (2,347) | $ 4,891 | $ 144 | $ 8,049 |
Other Comprehensive Income_Lo50
Other Comprehensive Income/Loss (Amounts Reclassified From Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ||||
Reclassification adjustment for gain on sales of securities included in net income, before tax amount | $ (72) | $ (72) | ||
Reclassification adjustment for net actuarial loss | 729 | $ 249 | 1,486 | $ 457 |
Reclassification adjustment for prior service cost | 48 | 48 | 95 | 95 |
Income before income tax expense | 31,583 | 33,768 | 60,468 | 63,553 |
Income tax effect | (152) | (11,468) | (9,730) | (9,704) |
Net income | 31,431 | 22,300 | 50,738 | 53,849 |
Amount Reclassified from Accumulated Other Comprehensive Loss | ||||
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ||||
Income before income tax expense | (705) | (297) | (1,509) | (552) |
Income tax effect | 304 | 105 | 610 | 195 |
Net income | (401) | (192) | (899) | (357) |
Net unrealized (loss) gain on securities available-for-sale | Amount Reclassified from Accumulated Other Comprehensive Loss | ||||
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ||||
Reclassification adjustment for gain on sales of securities included in net income, before tax amount | 72 | 72 | ||
Compensation and benefits | Amount Reclassified from Accumulated Other Comprehensive Loss | ||||
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ||||
Reclassification adjustment for net actuarial loss | (729) | (249) | (1,486) | (457) |
Reclassification adjustment for prior service cost | $ (48) | $ (48) | $ (95) | $ (95) |
Pension Plans and Other Postr51
Pension Plans and Other Postretirement Benefits (Components of Net Periodic (Benefit) Cost ) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Pension Benefits | ||||
Pension plans and other postretirement benefits | ||||
Interest cost | $ 2,455 | $ 2,592 | $ 4,965 | $ 5,225 |
Expected return on plan assets | (3,634) | (3,709) | (7,267) | (7,422) |
Recognized net actuarial loss (gain) | 729 | 342 | 1,486 | 701 |
Amortization of prior service cost | 48 | 48 | 95 | 95 |
Net periodic (benefit) cost | (402) | (727) | (721) | (1,401) |
Other Postretirement Benefits | ||||
Pension plans and other postretirement benefits | ||||
Service cost | 596 | 402 | 1,065 | 621 |
Interest cost | 226 | 243 | 502 | 465 |
Recognized net actuarial loss (gain) | 0 | (93) | 0 | (244) |
Net periodic (benefit) cost | $ 822 | $ 552 | $ 1,567 | $ 842 |
Stock Incentive Plans (Summary
Stock Incentive Plans (Summary of Restricted Common Stock and Performance-Based Restricted Stock Unit Activity) (Details) - 6 months ended Jun. 30, 2015 - $ / shares | Total |
Restricted Common Stock | |
Number of Shares | |
Unvested at the beginning of the period (in shares) | 752,701 |
Granted (in shares) | 426,552 |
Vested (in shares) | (4,000) |
Forfeited (in shares) | (50,294) |
Unvested at the end of the period (in shares) | 1,124,959 |
Weighted Average Grant Date Fair Value | |
Unvested at the beginning of the period (in dollars per share) | $ 11.90 |
Granted (in dollars per share) | 13.04 |
Vested (in dollars per share) | (8.95) |
Forfeited (in dollars per share) | (11.59) |
Unvested at the end of the period (in dollars per share) | $ 12.36 |
Restricted Stock Units | |
Number of Shares | |
Unvested at the beginning of the period (in shares) | 776,500 |
Granted (in shares) | 409,800 |
Forfeited (in shares) | (46,900) |
Unvested at the end of the period (in shares) | 1,139,400 |
Weighted Average Grant Date Fair Value | |
Unvested at the beginning of the period (in dollars per share) | $ 10.66 |
Granted (in dollars per share) | 12.64 |
Forfeited (in dollars per share) | (10.92) |
Unvested at the end of the period (in dollars per share) | $ 11.36 |
Stock Incentive Plans (Narrativ
Stock Incentive Plans (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Stock Incentive Plans | |||||
Stock-based compensation expense, net of taxes | $ 1,300 | $ 1,400 | $ 2,300 | $ 2,800 | |
Stock-based compensation expense, taxes | $ 969 | $ 790 | $ 1,600 | $ 1,500 | |
Restricted common stock | |||||
Stock Incentive Plans | |||||
Granted (in shares) | 426,552 | ||||
Outstanding (in shares) | 1,124,959 | 1,124,959 | 752,701 | ||
Performance-based restricted stock units | |||||
Stock Incentive Plans | |||||
Granted (in shares) | 409,800 | ||||
Outstanding (in shares) | 1,139,400 | 1,139,400 | 776,500 | ||
Restricted shares or units for which compensation cost will be excluded until the achievement of the performance conditions become probable | 297,050 | 297,050 | |||
Performance-based restricted stock units | Shares Vesting in February 2018 | |||||
Stock Incentive Plans | |||||
Shares to be issued as a percentage of units granted in the event of change in control | 100.00% | ||||
Restricted common stock and restricted stock units | |||||
Stock Incentive Plans | |||||
Pre-tax compensation cost related to share-based compensation awards not yet recognized | $ 14,300 | $ 14,300 | |||
Pre-tax compensation cost, weighted average recognition period | 1 year 11 months | ||||
Performance-based restricted common stock and performance-based restricted stock units | |||||
Stock Incentive Plans | |||||
Pre-tax compensation cost related to non-vested performance-based stock awards and units | $ 4,300 | $ 4,300 | |||
Performance-based restricted common stock | |||||
Stock Incentive Plans | |||||
Restricted shares or units for which compensation cost will be excluded until the achievement of the performance conditions become probable | 65,000 | 65,000 | |||
Directors Stock Plan, 2007 Plan | Restricted common stock | |||||
Stock Incentive Plans | |||||
Granted (in shares) | 26,232 | ||||
Directors Stock Plan, 2007 Plan | Restricted common stock | Shares Vesting in February 2018 | |||||
Stock Incentive Plans | |||||
Outstanding (in shares) | 21,860 | 21,860 | |||
Vesting percentage | 100.00% | ||||
Employee Stock Plan, 2014 Plan | Restricted common stock | |||||
Stock Incentive Plans | |||||
Granted (in shares) | 400,320 | ||||
Outstanding (in shares) | 397,890 | 397,890 | |||
Vesting percentage | 33.00% | ||||
Employee Stock Plan, 2014 Plan | Performance-based restricted stock units | |||||
Stock Incentive Plans | |||||
Granted (in shares) | 409,800 | ||||
Outstanding (in shares) | 407,200 | 407,200 | |||
Share of common stock to be paid for each restricted stock unit | 1 | ||||
Minimum | Performance-based restricted stock units | Shares Vesting in February 2018 | |||||
Stock Incentive Plans | |||||
Shares to be issued on vest date as percentage of units granted based on actual performance | 0.00% | ||||
Maximum | Performance-based restricted stock units | Shares Vesting in February 2018 | |||||
Stock Incentive Plans | |||||
Shares to be issued on vest date as percentage of units granted based on actual performance | 125.00% |
Investments in Affordable Hou54
Investments in Affordable Housing Limited Partnerships (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Other Assets | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment in affordable housing limited partnerships | $ 17,700 | $ 17,700 | $ 18,300 | ||
Other Liabilities | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Obligations relating to investments in affordable housing limited partnerships | 14,000 | 14,000 | $ 15,000 | ||
Other Non-Interest Expense | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Expense relating to investments in affordable housing limited partnerships | 299 | $ 376 | 556 | $ 752 | |
Income Tax Expense | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Affordable housing tax credits and other tax benefits | $ 348 | $ 551 | $ 706 | $ 1,100 |
Regulatory Matters (Regulatory
Regulatory Matters (Regulatory Capital Requirements) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 risk based capital minimum capital percentage | 4.00% | |
Astoria Financial Corporation | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage | $ 1,493,488 | |
Tier 1 leverage percentage | 9.83% | |
Tier 1 leverage minimum capital requirement | $ 607,703 | |
Tier 1 leverage minimum capital requirement percentage | 4.00% | |
Tier 1 leverage to be well capitalized | $ 759,629 | |
Tier 1 leverage capital to be well capitalized percentage | 5.00% | |
Common equity tier 1 | $ 1,373,101 | |
Common equity tier 1 percentage | 15.59% | |
Common equity tier 1 risk-based minimum capital requirement | $ 396,238 | |
Common equity Tier 1 risk-based capital minimum capital requirement percentage | 4.50% | |
Common equity tier 1 to be well capitalized | $ 572,344 | |
Common equity tier 1 risk-based to be well capitalized percentage | 6.50% | |
Tier 1 risk based capital | $ 1,493,488 | |
Tier 1 risk based capital percentage | 16.96% | |
Tier 1 risk based capital minimum capital requirement | $ 528,318 | |
Tier 1 risk based capital minimum capital percentage | 6.00% | |
Tier 1 risk based capital to be well capitalized | $ 704,424 | |
Tier 1 risk based capital to be well capitalized percentage | 8.00% | |
Total risk based capital | $ 1,602,063 | |
Total risk based capital percentage | 18.19% | |
Total risk based capital minimum capital requirement | $ 704,424 | |
Total risk based capital minimum capital requirement percentage | 8.00% | |
Total risk based capital to be well capitalized | $ 880,530 | |
Total risk based capital to be well capitalized percentage | 10.00% | |
Astoria Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage | $ 1,654,366 | |
Tier 1 leverage percentage | 10.95% | |
Tier 1 leverage minimum capital requirement | $ 604,495 | |
Tier 1 leverage minimum capital requirement percentage | 4.00% | |
Tier 1 leverage to be well capitalized | $ 755,619 | |
Tier 1 leverage capital to be well capitalized percentage | 5.00% | |
Common equity tier 1 | $ 1,654,366 | |
Common equity tier 1 percentage | 18.83% | |
Common equity tier 1 risk-based minimum capital requirement | $ 395,447 | |
Common equity Tier 1 risk-based capital minimum capital requirement percentage | 4.50% | |
Common equity tier 1 to be well capitalized | $ 571,201 | |
Common equity tier 1 risk-based to be well capitalized percentage | 6.50% | |
Tier 1 risk based capital | $ 1,654,366 | |
Tier 1 risk based capital percentage | 18.83% | |
Tier 1 risk based capital minimum capital requirement | $ 527,263 | |
Tier 1 risk based capital minimum capital percentage | 6.00% | |
Tier 1 risk based capital to be well capitalized | $ 703,017 | |
Tier 1 risk based capital to be well capitalized percentage | 8.00% | |
Total risk based capital | $ 1,762,941 | |
Total risk based capital percentage | 20.06% | |
Total risk based capital minimum capital requirement | $ 703,017 | |
Total risk based capital minimum capital requirement percentage | 8.00% | |
Total risk based capital to be well capitalized | $ 878,771 | |
Total risk based capital to be well capitalized percentage | 10.00% |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) | Jun. 30, 2015 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 risk based capital minimum capital percentage | 4.00% | |
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 effective on January 1, 2015 | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity Tier 1 risk-based capital minimum capital requirement percentage | 4.50% | |
Tier 1 risk based capital minimum capital percentage | 6.00% | |
Total risk based capital minimum capital requirement percentage | 8.00% | |
Tier 1 leverage minimum capital requirement percentage | 4.00% | |
Tier 1 leverage capital to be well capitalized percentage | 5.00% | |
Common equity tier 1 risk-based to be well capitalized percentage | 6.50% | |
Tier 1 risk based capital to be well capitalized percentage | 8.00% | |
Total risk based capital to be well capitalized percentage | 10.00% | |
Astoria Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity Tier 1 risk-based capital minimum capital requirement percentage | 4.50% | |
Tier 1 risk based capital minimum capital percentage | 6.00% | |
Total risk based capital minimum capital requirement percentage | 8.00% | |
Tier 1 leverage minimum capital requirement percentage | 4.00% | |
Tier 1 leverage capital to be well capitalized percentage | 5.00% | |
Common equity tier 1 risk-based to be well capitalized percentage | 6.50% | |
Tier 1 risk based capital to be well capitalized percentage | 8.00% | |
Total risk based capital to be well capitalized percentage | 10.00% | |
Minimum capital ratios including conservation buffer, January 1, 2019 | Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 effective on January 1, 2015 | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity Tier 1 risk-based capital minimum capital requirement percentage | 7.00% | |
Tier 1 risk based capital minimum capital percentage | 8.50% | |
Total risk based capital minimum capital requirement percentage | 10.50% | |
Required minimum conservation buffer percentage | 2.50% | |
On January 1, 2016 | Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 effective on January 1, 2015 | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Required minimum conservation buffer percentage | 0.625% | |
On January 1, 2017 | Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 effective on January 1, 2015 | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Required minimum conservation buffer percentage | 1.25% | |
On January 1, 2018 | Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 effective on January 1, 2015 | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Required minimum conservation buffer percentage | 1.875% |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Values of Assets Measured at Estimated Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value of Financial Instruments | ||
Total available-for-sale securities | $ 428,745 | $ 384,359 |
Total residential mortgage-backed securities | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 332,715 | 287,659 |
GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 316,400 | 268,998 |
Non-GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 4,006 | 5,104 |
GSE pass-through certificates | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 12,309 | 13,557 |
Obligations of GSEs | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 96,028 | 96,698 |
Fannie Mae stock | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 2 | 2 |
Level 1 | Recurring basis | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 2 | 2 |
Level 1 | Fannie Mae stock | Recurring basis | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 2 | 2 |
Level 2 | Recurring basis | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 428,743 | 384,357 |
Level 2 | GSE issuance REMICs and CMOs | Recurring basis | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 316,400 | 268,998 |
Level 2 | Non-GSE issuance REMICs and CMOs | Recurring basis | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 4,006 | 5,104 |
Level 2 | GSE pass-through certificates | Recurring basis | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | 12,309 | 13,557 |
Level 2 | Obligations of GSEs | Recurring basis | ||
Fair Value of Financial Instruments | ||
Total available-for-sale securities | $ 96,028 | $ 96,698 |
Fair Value Measurements (Carr58
Fair Value Measurements (Carrying Values of Assets Measured at Fair Value on a Non-Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Carrying value of assets | ||
Impaired loans | $ 243,287 | $ 248,436 |
MSR, net | 11,463 | 11,401 |
REO, net | 23,399 | 35,723 |
Carrying value | ||
Carrying value of assets | ||
Loans held-for-sale, net | 8,318 | 7,640 |
MSR, net | 11,463 | 11,401 |
Level 3 | ||
Carrying value of assets | ||
Loans held-for-sale, net | 8,354 | 7,955 |
MSR, net | 11,466 | 11,406 |
Measured on a non-recurring basis | Level 3 | Carrying value | ||
Carrying value of assets | ||
Loans held-for-sale, net | 150 | 153 |
Impaired loans | 141,775 | 140,663 |
MSR, net | 11,463 | 11,401 |
REO, net | 15,300 | 19,375 |
Total | $ 168,688 | $ 171,592 |
Fair Value Measurements (Losses
Fair Value Measurements (Losses Recognized on Assets Measured at Fair Value on a Non-Recurring Basis) (Details) - Measured on a non-recurring basis - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value of Financial Instruments | ||
Gains (losses) recognized on assets measured at fair value on a non-recurring basis | $ (2,886) | $ (13,037) |
Non-performing loans held-for-sale, net | ||
Fair Value of Financial Instruments | ||
Gains (losses) recognized on assets measured at fair value on a non-recurring basis | (8,806) | |
Impaired loans | ||
Fair Value of Financial Instruments | ||
Gains (losses) recognized on assets measured at fair value on a non-recurring basis | (3,442) | (2,220) |
MSR, net | ||
Fair Value of Financial Instruments | ||
Gains (losses) recognized on assets measured at fair value on a non-recurring basis | 616 | (123) |
REO, net | ||
Fair Value of Financial Instruments | ||
Gains (losses) recognized on assets measured at fair value on a non-recurring basis | $ (60) | $ (1,888) |
Fair Value Measurements (Carr60
Fair Value Measurements (Carrying Values and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financial Assets: | ||
Securities held-to-maturity | $ 2,156,882 | $ 2,133,804 |
FHLB-NY stock | 138,384 | 140,754 |
MSR, net | 11,463 | 11,401 |
Level 2 fair value | ||
Financial Assets: | ||
Securities held-to-maturity | 2,152,091 | 2,131,371 |
FHLB-NY stock | 138,384 | 140,754 |
Financial Liabilities: | ||
Deposits | 9,253,520 | 9,534,918 |
Borrowings, net | 4,264,239 | 4,395,604 |
Level 3 fair value | ||
Financial Assets: | ||
Loans held-for-sale, net | 8,354 | 7,955 |
Loans Receivable, Fair Value Disclosure | 11,466,373 | 11,967,608 |
MSR, net | 11,466 | 11,406 |
Carrying value | ||
Financial Assets: | ||
Securities held-to-maturity | 2,156,882 | 2,133,804 |
FHLB-NY stock | 138,384 | 140,754 |
Loans held-for-sale, net | 8,318 | 7,640 |
Loans Receivable, Fair Value Disclosure | 11,406,556 | 11,845,848 |
MSR, net | 11,463 | 11,401 |
Financial Liabilities: | ||
Deposits | 9,227,770 | 9,504,909 |
Borrowings, net | 4,058,957 | 4,187,691 |
Estimate of Fair Value Measurement [Member] | ||
Financial Assets: | ||
Securities held-to-maturity | 2,152,091 | 2,131,371 |
FHLB-NY stock | 138,384 | 140,754 |
Loans held-for-sale, net | 8,354 | 7,955 |
Loans Receivable, Fair Value Disclosure | 11,466,373 | 11,967,608 |
MSR, net | 11,466 | 11,406 |
Financial Liabilities: | ||
Deposits | 9,253,520 | 9,534,918 |
Borrowings, net | $ 4,264,239 | $ 4,395,604 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Valuation methodologies used for assets measured at fair value | ||
Impaired loans comprising residential mortgage loans (as a percent) | 79.00% | 73.00% |
Impaired loans comprising multi-family and commercial real estate loans (as a percent) | 19.00% | 25.00% |
Impaired Loans comprising home equity lines of credit (as a percent) | 2.00% | 2.00% |
Impaired loans for which fair value adjustment is recognized comprising residential mortgage loans (as a percent) | 75.00% | 69.00% |
Impaired loans for which fair value adjustment is recognized comprising multi-family and commercial real estate loans (as a percent) | 24.00% | 30.00% |
Impaired loans for which fair value adjustment is recognized comprising home equity lines of credit (as a percent) | 1.00% | 1.00% |
Real estate owned, net | $ 23,399 | $ 35,723 |
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) | 9.49% | 9.48% |
Assumption to estimate fair value of servicing asset, weighted average constant prepayment rate (as a percent) | 11.76% | 12.35% |
Assumption to estimate fair value of servicing asset, weighted average life | 6 years | 5 years 8 months 11 days |
Non Performing Multi Family Mortgage Loans | ||
Valuation methodologies used for assets measured at fair value | ||
Non-Performing Number Of Loans | 1 | |
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 | |
Home equity lines of credit | ||
Valuation methodologies used for assets measured at fair value | ||
Period after which loans are individually evaluated for impairment | 90 days | |
Residential Properties | ||
Valuation methodologies used for assets measured at fair value | ||
Real estate owned, net | $ 21,400 | $ 33,700 |
Recurring basis | Residential mortgage-backed securities | ||
Valuation methodologies used for assets measured at fair value | ||
Percentage of debt securities comprising available for sale securities portfolio | 78.00% | 75.00% |
Percentage available for sale residential mortgage backed securities which are GSE securities | 99.00% | 98.00% |
Recurring basis | Obligations of GSEs | ||
Valuation methodologies used for assets measured at fair value | ||
Percentage of debt securities comprising available for sale securities portfolio | 22.00% | 25.00% |
Litigation (Narrative) (Details
Litigation (Narrative) (Details) - USD ($) $ in Millions | Nov. 19, 2014 | Sep. 14, 2010 |
Commitments and Contingencies Disclosure [Abstract] | ||
Alleged tax deficiency | $ 6.1 | $ 13.3 |