Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 16, 2016 | Jun. 30, 2015 | |
Document and Entity Information | |||
Entity Registrant Name | ASTORIA FINANCIAL CORP | ||
Entity Central Index Key | 910,322 | ||
Trading Symbol | AF | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 101,404,957 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,350 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS: | ||
Cash and due from banks | $ 200,538 | $ 143,185 |
Available-for-sale securities: | ||
Encumbered | 81,481 | 110,784 |
Unencumbered | 335,317 | 273,575 |
Total available-for-sale securities | 416,798 | 384,359 |
Held-to-maturity securities, fair value of $2,286,092, and $2,131,371, respectively: | ||
Encumbered | 1,123,480 | 1,147,991 |
Unencumbered | 1,173,319 | 985,813 |
Total held-to-maturity securities | 2,296,799 | 2,133,804 |
Federal Home Loan Bank of New York stock, at cost | 131,137 | 140,754 |
Loans held-for-sale, net | 8,960 | 7,640 |
Loans receivable | 11,153,081 | 11,957,448 |
Allowance for loan losses | (98,000) | (111,600) |
Loans receivable, net | 11,055,081 | 11,845,848 |
Mortgage servicing rights, net | 11,014 | 11,401 |
Accrued interest receivable | 34,996 | 36,628 |
Premises and equipment, net | 109,758 | 111,622 |
Goodwill | 185,151 | 185,151 |
Bank owned life insurance | 439,646 | 430,768 |
Real estate owned, net | 19,798 | 35,723 |
Other assets | 166,535 | 173,138 |
Total assets | 15,076,211 | 15,640,021 |
LIABILITIES: | ||
Deposits | 9,106,027 | 9,504,909 |
Borrowings, net | 3,964,222 | 4,187,691 |
Mortgage escrow funds | 115,435 | 115,400 |
Accrued expenses and other liabilities | 227,079 | 251,951 |
Total liabilities | 13,412,763 | 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 100,721,358 and 99,940,399 shares outstanding, respectively) | 1,665 | 1,665 |
Additional paid-in capital | 902,349 | 897,049 |
Retained earnings | 2,045,391 | 1,992,833 |
Treasury stock (65,773,530 and 66,554,489 shares, at cost, respectively) | (1,357,136) | (1,375,322) |
Accumulated other comprehensive loss | (58,617) | (65,951) |
Total stockholders’ equity | 1,663,448 | 1,580,070 |
Total liabilities and stockholders’ equity | $ 15,076,211 | $ 15,640,021 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Held-to-maturity securities, fair value | $ 2,286,092 | $ 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 | 100,721,358 | 99,940,399 |
Treasury stock, shares | 65,773,530 | 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 | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest income: | |||
Residential mortgage loans | $ 203,950 | $ 241,417 | $ 289,790 |
Multi-family and commercial real estate mortgage loans | 191,643 | 178,795 | 163,352 |
Consumer and other loans | 8,870 | 8,532 | 8,797 |
Mortgage-backed and other securities | 62,754 | 57,065 | 49,563 |
Interest-earning cash accounts | 418 | 321 | 263 |
Federal Home Loan Bank of New York stock | 5,781 | 6,220 | 6,665 |
Total interest income | 473,416 | 492,350 | 518,430 |
Interest expense: | |||
Deposits | 37,343 | 51,355 | 62,617 |
Borrowings | 95,784 | 98,707 | 113,911 |
Total interest expense | 133,127 | 150,062 | 176,528 |
Net interest income | 340,289 | 342,288 | 341,902 |
Provision for loan losses (credited) charged to operations | (12,072) | (9,469) | 19,601 |
Net interest income after provision for loan losses | 352,361 | 351,757 | 322,301 |
Non-interest income: | |||
Customer service fees | 32,833 | 35,710 | 36,786 |
Other loan fees | 2,284 | 2,493 | 2,230 |
Gain on sales of securities | 72 | 141 | 2,057 |
Mortgage banking income, net | 4,222 | 3,326 | 13,241 |
Income from bank owned life insurance | 8,878 | 8,476 | 8,404 |
Other | 6,307 | 4,702 | 6,854 |
Total non-interest income | 54,596 | 54,848 | 69,572 |
General and administrative: | |||
Compensation and benefits | 152,924 | 138,177 | 133,689 |
Occupancy, equipment and systems | 76,801 | 71,948 | 70,711 |
Federal deposit insurance premium | 16,421 | 26,179 | 37,188 |
Advertising | 10,052 | 12,450 | 6,400 |
Extinguishment of debt | 0 | 0 | 4,266 |
Other | 32,885 | 35,656 | 35,277 |
Total non-interest expense | 289,083 | 284,410 | 287,531 |
Income before income tax expense | 117,874 | 122,195 | 104,342 |
Income tax expense | 29,799 | 26,279 | 37,749 |
Net income | 88,075 | 95,916 | 66,593 |
Preferred stock dividends | 8,775 | 8,775 | 7,214 |
Net income available to common shareholders | $ 79,300 | $ 87,141 | $ 59,379 |
Basic earnings per common share (in dollars per share) | $ 0.79 | $ 0.88 | $ 0.60 |
Diluted earnings per common share (in dollars per share) | $ 0.79 | $ 0.88 | $ 0.60 |
Basic weighted average common shares outstanding (in shares) | 99,612,473 | 98,384,443 | 97,121,497 |
Diluted weighted average common shares outstanding (in shares) | 99,969,838 | 98,384,443 | 97,121,497 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 88,075 | $ 95,916 | $ 66,593 |
Net unrealized (loss) gain on securities available-for-sale: | |||
Net unrealized holding (loss) gain on securities arising during the year | (1,816) | 9,143 | (10,485) |
Reclassification adjustment for gain on sales of securities included in net income | (43) | (91) | (1,332) |
Net unrealized (loss) gain on securities available-for-sale | (1,859) | 9,052 | (11,817) |
Net actuarial loss adjustment on pension plans and other postretirement benefits: | |||
Net actuarial loss adjustment arising during the year | 7,309 | (37,467) | 44,180 |
Reclassification adjustment for net actuarial loss included in net income | 1,771 | 591 | 2,335 |
Net actuarial loss adjustment on pension plans and other postretirement benefits | 9,080 | (36,876) | 46,515 |
Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income | 113 | 123 | 142 |
Total other comprehensive income (loss), net of tax | 7,334 | (27,701) | 34,840 |
Comprehensive income | $ 95,409 | $ 68,215 | $ 101,433 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Preferred StockSeries C Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Unallocated Common Stock Held by ESOP |
Balance at beginning of period at Dec. 31, 2012 | $ 1,293,989 | $ 0 | $ 1,665 | $ 884,689 | $ 1,891,022 | $ (1,406,755) | $ (73,090) | $ (3,542) |
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | 66,593 | 66,593 | ||||||
Other comprehensive income (loss), net of tax | 34,840 | 34,840 | ||||||
Issuance of preferred stock | 129,796 | 129,796 | ||||||
Dividends on preferred stock | (7,214) | (7,214) | ||||||
Dividends on common stock | (15,667) | (15,667) | ||||||
Restricted stock grants | 0 | (5,200) | (5,878) | 11,078 | ||||
Forfeitures of restricted stock | 0 | 1,234 | 1,110 | (2,344) | ||||
Stock-based compensation | 6,969 | 6,909 | 60 | |||||
Net tax benefit excess (shortfall) from stock-based compensation | (800) | (800) | ||||||
Allocation of ESOP stock | 11,007 | 7,465 | 3,542 | |||||
Balance at end of period at Dec. 31, 2013 | 1,519,513 | 129,796 | 1,665 | 894,297 | 1,930,026 | (1,398,021) | (38,250) | 0 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | 95,916 | 95,916 | ||||||
Other comprehensive income (loss), net of tax | (27,701) | (27,701) | ||||||
Dividends on preferred stock | (8,775) | (8,775) | ||||||
Dividends on common stock | (15,868) | (15,868) | ||||||
Sales of treasury stock | 8,121 | (4,595) | 12,716 | |||||
Restricted stock grants | 0 | (6,472) | (4,160) | 10,632 | ||||
Forfeitures of restricted stock | 0 | 374 | 275 | (649) | ||||
Stock-based compensation | 8,672 | 8,658 | 14 | |||||
Net tax benefit excess (shortfall) from stock-based compensation | 192 | 192 | ||||||
Balance at end of period at Dec. 31, 2014 | 1,580,070 | 129,796 | 1,665 | 897,049 | 1,992,833 | (1,375,322) | (65,951) | 0 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | 88,075 | 88,075 | ||||||
Other comprehensive income (loss), net of tax | 7,334 | 7,334 | ||||||
Dividends on preferred stock | (8,775) | (8,775) | ||||||
Dividends on common stock | (16,081) | (16,081) | ||||||
Sales of treasury stock | 6,168 | (3,802) | 9,970 | |||||
Common stock repurchased | (6,869) | (6,869) | ||||||
Restricted stock units vesting | 0 | (3,378) | (4,189) | 7,567 | ||||
Restricted stock grants | 0 | (5,608) | (3,273) | 8,881 | ||||
Forfeitures of restricted stock | 0 | 777 | 586 | (1,363) | ||||
Stock-based compensation | 11,411 | 11,394 | 17 | |||||
Net tax benefit excess (shortfall) from stock-based compensation | 2,115 | 2,115 | ||||||
Balance at end of period at Dec. 31, 2015 | $ 1,663,448 | $ 129,796 | $ 1,665 | $ 902,349 | $ 2,045,391 | $ (1,357,136) | $ (58,617) | $ 0 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Sale of treasury stock (in shares) | 482,460 | ||
Preferred Stock | Series C Preferred Stock | |||
Issuance of preferred stock (in shares) | 135,000 | ||
Dividends on preferred stock (in dollars per share) | $ 65 | $ 65 | $ 53.44 |
Common Stock | |||
Common stock repurchased (in shares) | 431,707 | ||
Dividends on common stock (in dollars per share) | $ 0.16 | $ 0.16 | $ 0.16 |
Sale of treasury stock (in shares) | 482,460 | 615,340 | |
Restricted stock grants (in shares) | 429,752 | 514,507 | 536,110 |
Restricted stock units vesting (in shares) | 366,400 | ||
Forfeitures of restricted stock (in shares) | 65,946 | 31,408 | 113,468 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 88,075 | $ 95,916 | $ 66,593 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net amortization on loans | 11,625 | 11,738 | 20,511 |
Net amortization on securities and borrowings | 8,921 | 9,021 | 15,794 |
Net provision for loan and real estate losses (credited) charged to operations | (10,488) | (8,113) | 20,899 |
Depreciation and amortization | 13,069 | 11,872 | 11,566 |
Net gain on sales of loans and securities | (2,070) | (1,012) | (9,059) |
Mortgage servicing rights amortization and valuation allowance adjustments, net | 1,739 | 2,522 | (2,172) |
Stock-based compensation and allocation of ESOP stock | 11,411 | 8,672 | 17,976 |
Deferred income tax (benefit) expense | (2,686) | 4,811 | 9,503 |
Originations of loans held-for-sale | (127,746) | (105,176) | (256,048) |
Proceeds from sales and principal repayments of loans held-for-sale | 128,537 | 104,947 | 325,088 |
Decrease in accrued interest receivable | 1,632 | 1,298 | 3,762 |
Bank owned life insurance income and insurance proceeds received, net | (8,878) | (7,393) | (5,220) |
Decrease (increase) in other assets | 4,301 | (15,218) | 41,728 |
(Decrease) increase in accrued expenses and other liabilities | (10,233) | 20,191 | (28,257) |
Net cash provided by operating activities | 107,209 | 134,076 | 232,664 |
Cash flows from investing activities: | |||
Originations of loans receivable | (1,446,856) | (1,560,090) | (2,228,450) |
Loan purchases through third parties | (229,419) | (196,283) | (407,532) |
Principal payments on loans receivable | 2,450,264 | 1,985,246 | 3,302,519 |
Proceeds from sales of delinquent and non-performing loans | 7,483 | 181,295 | 19,511 |
Purchases of securities held-to-maturity | (685,918) | (630,366) | (850,716) |
Purchases of securities available-for-sale | (125,674) | (25,479) | (221,080) |
Principal payments on securities held-to-maturity | 515,441 | 338,691 | 687,902 |
Principal payments on securities available-for-sale | 70,799 | 40,906 | 95,687 |
Proceeds from sales of securities available-for-sale | 19,026 | 14,447 | 41,640 |
Net redemptions of Federal Home Loan Bank of New York stock | 9,617 | 11,453 | 18,987 |
Redemption of Astoria Capital Trust I common securities | 0 | 0 | 3,866 |
Proceeds from sales of real estate owned, net | 22,895 | 49,089 | 35,949 |
Purchases of premises and equipment, net of proceeds from sales | (11,225) | (10,961) | (9,621) |
Net cash provided by investing activities | 596,433 | 197,948 | 488,662 |
Cash flows from financing activities: | |||
Net decrease in deposits | (398,882) | (350,401) | (588,648) |
Net (decrease) increase in borrowings with original terms of three months or less | (394,000) | 200,000 | 317,000 |
Proceeds from borrowings with original terms greater than three months | 470,000 | 0 | 0 |
Repayments of borrowings with original terms greater than three months | (300,000) | (150,000) | (553,866) |
Net increase (decrease) in mortgage escrow funds | 35 | 5,942 | (3,643) |
Proceeds from sales of treasury stock | 6,168 | 8,121 | 0 |
Cost to repurchase common stock | (6,869) | 0 | 0 |
Proceeds from issuance of preferred stock | 0 | 0 | 135,000 |
Cash payments for preferred stock issuance costs | 0 | 0 | (5,204) |
Cash dividends paid to stockholders | (24,856) | (24,643) | (20,688) |
Net tax benefit excess (shortfall) from stock-based compensation | 2,115 | 192 | (800) |
Net cash used in financing activities | (646,289) | (310,789) | (720,849) |
Net increase in cash and cash equivalents | 57,353 | 21,235 | 477 |
Cash and cash equivalents at beginning of year | 143,185 | 121,950 | 121,473 |
Cash and cash equivalents at end of year | 200,538 | 143,185 | 121,950 |
Supplemental disclosures: | |||
Interest paid | 132,687 | 150,026 | 180,871 |
Income taxes paid | 35,925 | 21,658 | 28,820 |
Additions to real estate owned | 8,554 | 43,532 | 51,360 |
Loans transferred to held-for-sale | $ 8,948 | $ 190,594 | $ 16,605 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The following significant accounting and reporting policies of Astoria Financial Corporation and subsidiaries conform to U.S. generally accepted accounting principles, or GAAP, and are used in preparing and presenting these consolidated financial statements. (a) Basis of Presentation The accompanying consolidated financial statements include the accounts of Astoria Financial Corporation and its wholly-owned subsidiaries: Astoria Bank and its subsidiaries, referred to as Astoria Bank, and AF Insurance Agency, Inc. AF Insurance Agency, Inc. is a licensed life insurance agency which, through contractual agreements with various third parties, makes insurance products available primarily to the customers of Astoria Bank. As used in this annual report, "Astoria," “we,” “us” and “our” refer to Astoria Financial Corporation and its consolidated subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. In addition to Astoria Bank and AF Insurance Agency, Inc., we had another subsidiary, Astoria Capital Trust I, which was not consolidated with Astoria Financial Corporation for financial reporting purposes. On May 14, 2013, we filed a Certificate of Cancellation of Certificate of Trust of Astoria Capital Trust I with the Delaware Secretary of State. See Note 8 for further discussion of Astoria Capital Trust I. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues, expenses and other comprehensive income/loss during the reporting periods. The estimate of our allowance for loan losses, the valuation of mortgage servicing rights, or MSR, judgments regarding goodwill and securities impairment and the estimates related to our income taxes and pension plans and other postretirement benefits are particularly critical because they are important to the presentation of our financial condition and results of operations, involve a higher degree of complexity and require management to make difficult and subjective judgments which often require assumptions and estimates about highly uncertain matters. Actual results may differ from our assumptions, estimates and judgments. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. (b) Cash and Cash Equivalents For the purpose of reporting cash flows, cash and cash equivalents include cash and due from banks and repurchase agreements with original maturities of three months or less. We may purchase securities under agreements to resell (repurchase agreements). These agreements represent short-term loans and are reflected as an asset in the consolidated statements of financial condition. There were no repurchase agreements outstanding at December 31, 2015 and 2014 . Astoria Bank is required by the Federal Reserve System to maintain cash reserves equal to a percentage of certain deposits. The reserve requirement totaled $45.8 million at December 31, 2015 and $42.2 million at December 31, 2014 . (c) Securities Securities are classified as held-to-maturity, available-for-sale or trading. Management determines the appropriate classification of securities at the time of acquisition. Our securities available-for-sale portfolio is carried at estimated fair value on a recurring basis, with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income/(loss) in stockholders’ equity. Debt securities which we have the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Premiums and discounts are recognized as adjustments to interest income using the interest method over the remaining period to contractual maturity, adjusted for prepayments. Gains and losses on the sale of all securities are determined using the specific identification method and are reflected in earnings when realized. For the years ended December 31, 2015 , 2014 and 2013 , we did not maintain a trading securities portfolio. We conduct a periodic review and evaluation of the securities portfolio to determine if a decline in the fair value of any security below its cost basis is other-than-temporary. Our evaluation of other-than-temporary impairment, or OTTI, considers the duration and severity of the impairment, our assessments of the reason for the decline in value, the likelihood of a near-term recovery and our intent and ability to hold the securities. If such decline is deemed other-than-temporary, the security is written down to a new cost basis and the resulting loss is charged to earnings as a component of non-interest income, except for the amount of the total OTTI for a debt security that does not represent credit losses which is recognized in other comprehensive income/loss, net of applicable taxes. (d) Federal Home Loan Bank of New York Stock As a member of the Federal Home Loan Bank of New York, or FHLB-NY, we are required to acquire and hold shares of the FHLB-NY Class B stock. Our holding requirement varies based on our activities, primarily our outstanding borrowings, with the FHLB-NY. Our investment in FHLB-NY stock is carried at cost. We conduct a periodic review and evaluation of our FHLB-NY stock to determine if any impairment exists. (e) Loans Held-for-Sale Loans held-for-sale, net, includes 15 and 30 year fixed rate one-to-four family, or residential, mortgage loans originated for sale that conform to government-sponsored enterprise, or GSE, guidelines (conforming loans), as well as certain delinquent and non-performing mortgage loans. Generally, we originate 15 and 30 year conforming fixed rate residential mortgage loans for sale to various GSEs or other investors on a servicing released or retained basis. The sale of such loans is generally arranged through a master commitment on a mandatory delivery or best efforts basis. Loans held-for-sale are carried at the lower of cost or estimated fair value. Net unrealized losses, if any, are recognized in a valuation allowance through charges to earnings. Premiums and discounts and origination fees and costs on loans held-for-sale are deferred and recognized as a component of the gain or loss on sale. Gains and losses on sales of loans held-for-sale are included in mortgage banking income, net, recognized on settlement dates and are determined by the difference between the sale proceeds and the carrying value of the loans. These transactions are accounted for as sales based on our satisfaction of the criteria for such accounting which provide that, as transferor, we have surrendered control over the loans. Upon our decision to sell certain delinquent and non-performing mortgage loans held in portfolio, we transfer them to held-for-sale at the lower of cost or fair value, less estimated selling costs. Reductions in carrying values are reflected as a write-down of the recorded investment in the loans resulting in a new cost basis, with credit-related losses charged to the allowance for loan losses. Such loans are assessed for impairment based on fair value at each reporting date. Lower of cost or market write-downs, if any, are recognized in a valuation allowance through charges to earnings. Increases in the fair value of non-performing loans held-for-sale are recognized only up to the amount of the previously recognized valuation allowances. Lower of cost or market write-downs and recoveries are included in other non-interest income along with gains and losses recognized on sales of such loans. Our delinquent and non-performing loans are sold without recourse, except as discussed in Note 10, and we do not provide financing. (f) Loans Receivable and Allowance for Loan Losses Loans receivable are carried at the unpaid principal balances, net of unamortized premiums and discounts and deferred loan origination costs and fees, which are recognized as yield adjustments using the interest method. We amortize these amounts over the contractual life of the related loans, adjusted for prepayments. Our loans receivable represent our financing receivables. We discontinue accruing interest on loans when they become 90 days past due as to their payment due date and at the time a loan is deemed a troubled debt restructuring, or TDR. We may also discontinue accruing interest on certain other loans because of deterioration in financial or other conditions of the borrower. In addition, we reverse all previously accrued and uncollected interest through a charge to interest income. While loans are in non-accrual status, interest due is monitored and, presuming we deem the remaining recorded investment in the loan to be fully collectible, income is recognized only to the extent cash is received until a return to accrual status is warranted. In some circumstances, we may continue to accrue interest on mortgage loans past due 90 days or more, primarily as to their maturity date but not their interest due. In other cases, we may defer recognition of income until the principal balance has been recovered. We may agree, in certain instances, to modify the contractual terms of a borrower’s loan. In cases where such modifications represent a concession to a borrower experiencing financial difficulty, the modification is considered a TDR. Modifications as a result of a TDR may include, but are not limited to, interest rate modifications, payment deferrals, restructuring of payments to interest-only from amortizing and/or extensions of maturity dates. Modifications which result in insignificant payment delays and payment shortfalls are generally not classified as a TDR. Residential mortgage loans discharged in a Chapter 7 bankruptcy filing are also reported as loans modified in a TDR as relief granted by a court is also viewed as a concession to the borrower in the loan agreement. Loans modified in a TDR are individually classified as impaired loans and are initially placed on non-accrual status regardless of their delinquency status. Loans modified in a TDR remain in non-accrual status until we determine that future collection of principal and interest is reasonably assured. Where we have agreed to modify the contractual terms of a borrower’s loan, we require the borrower to demonstrate performance according to the restructured terms, generally for a period of at least six months , prior to returning the loan to accrual status. Loans modified in a TDR which have been returned to accrual status are excluded from non-performing loans but remain classified as impaired. We establish and maintain an allowance for loan losses based on our evaluation of the probable inherent losses in our loan portfolio. Loan charge-offs in the period the loans, or portions thereof, are deemed uncollectible reduce the allowance for loan losses. Recoveries of amounts previously charged-off increase the allowance for loan losses in the period they are received. The allowance is adjusted to an appropriate level through provisions for loan losses charged or credited to operations to increase or decrease the allowance based on a comprehensive analysis of our loan portfolio. We evaluate the adequacy of the allowance on a quarterly basis. The allowance is comprised of both valuation allowances related to individual loans and general valuation allowances, although the total allowance for loan losses is available for losses applicable to the entire loan portfolio. In estimating specific allocations of the allowance, we review loans deemed to be impaired and measure impairment losses based on either the fair value of the collateral, the observable market price of the loan or the present value of expected future cash flows. 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. Factors considered by management in determining impairment include the financial condition of the borrower, payment history, delinquency status, collateral value, our lien position and the probability of collecting principal and interest payments when due. When an impairment analysis indicates the need for a specific allocation of the allowance on an individual loan, such allocation would be established sufficient to cover probable incurred losses at the evaluation date based on the facts and circumstances of the loan. When available information confirms that specific loans, or portions thereof, are uncollectible, these amounts are charged-off against the allowance for loan losses. For loans individually classified as impaired, the portion of the recorded investment in the loan in excess of either the estimated fair value of the underlying collateral less estimated selling costs, for collateral dependent loans, the observable market price of the loan or the present value of the discounted cash flows of a modified loan, is generally charged-off. Estimated losses for loans that are not individually deemed to be impaired are determined on a loan pool basis using our historical loss experience and various other qualitative factors and comprise our general valuation allowances. General valuation allowances represent loss allowances that have been established to recognize the inherent risks associated with our lending activities which, unlike individual valuation allowances, have not been allocated to particular loans. The determination of the adequacy of the general valuation allowances takes into consideration a variety of factors. We segment our residential mortgage loan portfolio by interest-only and amortizing loans, full documentation and reduced documentation loans, and origination time periods, and we 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 2011. We analyze our consumer and other loan portfolio by home equity lines of credit, commercial and industrial loans and other consumer loans and perform similar historical loss analyses. In our analysis of non-performing loans, we consider our aggregate historical loss experience with respect to the ultimate disposition of the underlying collateral along with the migration of delinquent loans based on the portfolio segments noted above. These analyses and the resulting loss rates are used as an integral part of our judgment in developing estimated loss percentages to apply to the loan portfolio segments. We monitor credit risk on interest-only hybrid adjustable rate mortgage, or ARM, loans that were underwritten at the initial note rate, which may have been a discounted rate, in the same manner that we monitor credit risk on all interest-only hybrid ARM loans. We monitor interest rate reset dates of our loan portfolio, in the aggregate, and the current interest rate environment and consider the impact, if any, on borrowers’ ability to continue to make timely principal and interest payments in determining our allowance for loan losses. We also consider the size, composition, risk profile and delinquency levels of our loan portfolio, as well as our credit administration and asset management procedures. We monitor property value trends in our market areas by reference to various industry and market reports, economic releases and surveys, and our general and specific knowledge of the real estate markets in which we lend, in order to determine what impact, if any, such trends may have on the level of our general valuation allowances. In addition, we evaluate and consider the impact that current and anticipated economic and market conditions may have on the loan portfolio and known and inherent risks in the portfolio. We update our analyses quarterly and refine our evaluations as experience provides clearer guidance, our product offerings change and as economic conditions evolve. We analyze our historical loss experience over 12 , 15 , 18 and 24 month periods. The loss history used in calculating our quantitative allowance coverage percentages varies based on loan type. Also, for a particular loan type, we may not have sufficient loss history to develop a reasonable estimate of loss and in these instances we may 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 three years, as well as an estimate of the average amount of time from an event signaling the potential inability of a borrower to continue to pay as agreed to the point at which a loss is confirmed, for substantially all of the loan portfolio, with the except of multi-family and commercial real estate loans originated after 2010, for which our evaluation includes predictive 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, as well as our predictive model, quarterly and evaluate the need to modify our quantitative allowances as a result of our updated charge-off and loss analyses. We consider qualitative factors with the purpose of assessing the adequacy of the overall allowance for loan losses as well as the allocation of the allowance for loan losses by loan category. The qualitative factors we consider generally include, but are not limited to, changes in (1) lending policies and procedures, (2) economic and business conditions and developments that affect collectibility of our loan portfolio, (3) the nature and volume of our loan portfolio and in the terms of loans, (4) the experience, ability and depth of lending management and other staff, (5) the volume and severity of past due, non-accrual and adversely classified loans, (6) the quality of the loan review system, (7) the value of underlying collateral, (8) the existence or effect of any credit concentrations and (9) external factors such as competition and legal or regulatory requirements. In addition to the nine qualitative factors noted, we also review certain analytical information such as our coverage ratios and peer analysis. Allowance adequacy calculations are adjusted quarterly, based on the results of our quantitative and qualitative analyses, to reflect our current estimates of the amount of probable losses inherent in our loan portfolio. Allocations of the allowance to each loan category are adjusted quarterly to reflect probable inherent losses using the same quantitative and qualitative analyses used in connection with the overall allowance adequacy calculations. The portion of the allowance allocated to each loan category does not represent the total available to absorb losses which may occur within the loan category, since the total allowance for loan losses is available for losses applicable to the entire loan portfolio. The balance of our allowance for loan losses represents management’s best estimate of the probable inherent losses in our loan portfolio at December 31, 2015 and 2014 . Actual results could differ from our estimates as a result of changes in economic or market conditions. Changes in estimates could result in a material change in the allowance for loan losses. While we believe that the allowance for loan losses has been established and maintained at levels that reflect the risks inherent in our loan portfolio, future adjustments may be necessary if portfolio performance or economic or market conditions differ substantially from the conditions that existed at the time of the initial determinations. (g) Mortgage Servicing Rights We recognize as separate assets the rights to service mortgage loans. The right to service loans for others is generally obtained through the sale of residential mortgage loans with servicing retained. The initial asset recognized for originated MSR is measured at fair value. The fair value of MSR is estimated by reference to current market values of similar loans sold servicing released. MSR are amortized in proportion to and over the period of estimated net servicing income. We apply the amortization method for measurements of our MSR. MSR are assessed for impairment based on fair value at each reporting date. MSR impairment, if any, is recognized in a valuation allowance through charges to earnings. Increases in the fair value of impaired MSR are recognized only up to the amount of the previously recognized valuation allowance. Fees earned for servicing loans are reported as income, as a component of mortgage banking income, net, in the consolidated statements of income, when the related mortgage loan payments are collected. We assess impairment of our MSR based on the estimated fair value of those rights on a stratum-by-stratum basis with any impairment recognized through a valuation allowance for each impaired stratum. We stratify our MSR by underlying loan type (primarily fixed and adjustable) and interest rate. Individual allowances for each stratum are then adjusted in subsequent periods to reflect changes in the measurement of impairment. We outsource the servicing of our residential mortgage loan portfolio, including our portfolio of mortgage loans serviced for other investors, to an unrelated third party under a sub-servicing agreement. Fees paid under the sub-servicing agreement are reported as a component of occupancy, equipment and systems expense in the consolidated statements of income. (h) Premises and Equipment Land is carried at cost. Buildings and improvements, leasehold improvements and furniture, fixtures and equipment are carried at cost, less accumulated depreciation and amortization. Premises and equipment at cost totaled $305.0 million with accumulated depreciation and amortization totaling $195.2 million at December 31, 2015 , and totaled $315.5 million with accumulated depreciation and amortization totaling $203.9 million at December 31, 2014 . Buildings and improvements and furniture, fixtures and equipment are depreciated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the term of the related leases or the estimated useful lives of the improved property. (i) Goodwill Goodwill is presumed to have an indefinite useful life and is tested, at least annually, for impairment at the reporting unit level. If the estimated fair value of the reporting unit exceeds its carrying amount, further evaluation is not necessary. However, if the fair value of the reporting unit is less than its carrying amount, further evaluation is required to compare the implied fair value of the reporting unit’s goodwill to its carrying amount to determine if a write-down of goodwill is required. Impairment exists when the carrying amount of goodwill exceeds its implied fair value. For purposes of our goodwill impairment testing, we have identified a single reporting unit. We consider the quoted market price of our common stock on our impairment testing date as an initial indicator of estimating the fair value of our reporting unit. We also consider our average stock price, both before and after our impairment test date, as well as market-based control premiums in determining the estimated fair value of our reporting unit. In addition to our internal goodwill impairment analysis, we periodically obtain a goodwill impairment analysis from an independent third party valuation firm. The independent third party utilizes multiple valuation approaches including comparable transactions, control premium, public market peers and discounted cash flow. Management reviews the assumptions and inputs used in the third party analysis for reasonableness. At December 31, 2015 , the carrying amount of our goodwill totaled $185.2 million . As of September 30, 2015, we performed our annual goodwill impairment test internally and obtained an independent third party analysis and concluded there was no goodwill impairment. We would test our goodwill for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of our reporting unit below its carrying amount. No events have occurred and no circumstances have changed since our annual impairment test date that would more likely than not reduce the fair value of our reporting unit below its carrying amount. The identification of additional reporting units, the use of other valuation techniques or changes to the input assumptions used in our analysis or the analysis by our third party valuation firm could result in materially different evaluations of impairment. (j) Bank Owned Life Insurance Bank owned life insurance, or BOLI, is carried at the amount that could be realized under our life insurance contract as of the date of the statement of financial condition and is classified as a non-interest-earning asset. Increases in the carrying value are recorded as non-interest income and insurance proceeds received are recorded as a reduction of the carrying value. The carrying value consisted of a cash surrender value of $409.4 million and a claims stabilization reserve of $30.3 million at December 31, 2015 and a cash surrender value of $402.1 million and a claims stabilization reserve of $28.7 million at December 31, 2014 . Repayment of the claims stabilization reserve (funds transferred from the cash surrender value to provide for future death benefit payments) is guaranteed by the insurance carrier provided that certain conditions are met at the date of a contract surrender. We satisfied these conditions at December 31, 2015 and 2014 . (k) Real Estate Owned Real estate owned, or REO, represents real estate acquired through foreclosure or by deed in lieu of foreclosure and is initially recorded at estimated fair value less estimated selling costs. Thereafter, we maintain a valuation allowance, representing decreases in the properties’ estimated fair value, through charges to earnings. Such charges are included in other non-interest expense along with any additional property maintenance and protection expenses incurred in owning the property. REO totaled $19.8 million , which is net of a valuation allowance of $1.3 million , at December 31, 2015 and $35.7 million , which is net of a valuation allowance of $839,000 , at December 31, 2014 . (l) Reverse Repurchase Agreements (Securities Sold Under Agreements to Repurchase) We enter into sales of securities under agreements to repurchase with selected dealers and banks (reverse repurchase agreements). Such agreements are accounted for as secured financing transactions since we maintain effective control over the transferred securities and the transfer meets the other criteria for such accounting. Obligations to repurchase securities sold are reflected as a liability in our consolidated statements of financial condition. The securities underlying the agreements are delivered to a custodial account for the benefit of the dealer or bank with whom each transaction is executed. The dealers or banks, who may sell, loan or otherwise dispose of such securities to other parties in the normal course of their operations, agree to resell us the same securities at the maturities of the agreements. We retain the right of substitution of collateral throughout the terms of the agreements. The securities underlying the agreements are classified as encumbered securities in our consolidated statements of financial condition. (m) Derivative Financial Instruments As part of our interest rate risk management, we may utilize, from time-to-time, derivative financial instruments which are recorded as either assets or liabilities in the consolidated statements of financial condition at fair value. Changes in the fair values of derivatives are reported in our results of operations or other comprehensive income/loss depending on the use of the derivative and whether it qualifies for hedge accounting. We may enter into derivative financial instruments with no hedging designation. Changes in the fair values of these derivatives are recognized currently in our results of operations, generally in other non-interest expense. We do not use derivatives for trading purposes. (n) Income Taxes We use the asset and liability method to provide for income taxes on all transactions recorded in the consolidated financial statements. Income tax expense consists of income taxes that are currently payable and deferred income taxes. Deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory tax rates, applicable to future years, to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities and net operating loss carryforwards. We assess our deferred tax assets and establish a valuation allowance if realization of a deferred tax asset is not considered to be more likely than not. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. Certain tax benefits attributable to stock options, restricted stock and restricted stock units, including the tax benefit related to dividends paid on unvested restricted stock awards, are credited to additional paid-in-capital. We maintain a reserve related to certain tax positions and strategies that management believes contain an element of uncertainty and evaluate each of our tax positions and strategies to determine whether the reserve continues to be appropriate. Accruals of interest and penalties related to unrecognized tax benefits are recognized in income tax expense. (o) Earnings Per Common Share Basic earnings per common share, or EPS, is computed pursuant to the two-class method by dividing net income available to common shareholders less dividends paid on participating securities (unvested shares of restricted common stock) and any undistributed earnings attributable to participating securities by the weighted average common shares outstanding during the year. The weighted average common shares outstanding includes the weighted average number of shares of common stock outstanding less the weighted average number of unvested shares of restricted common stock and, through December 31, 2013, unallocated common shares held by the Employee Stock Ownership Plan, or ESOP. For EPS calculations, unallocated ESOP shares that had been committed to be released were considered outstanding. ESOP shares that had not been committed to be released were excluded from outstanding shares on a weighted average basis for EPS calculations. As of December 31, 2013, there were no remaining unallocated ESOP shares. Diluted EPS is computed using the same method as basic EPS, but includes the effect of dilutive potential common shares during the period, such as unexercised stock options and unvested restricted stock units, calculated using the treasury stock method. However, unvested restricted stock units are excluded from the denominator for both the basic and diluted EPS computations until the performance conditions are satisfied. (p) Employee Benefits Astoria Bank has a qualified, non-contributory defined benefit pension plan, or the Astoria Bank Pension Plan, covering employees meeting specified eligibility criteria. Astoria Bank’s policy is to fund pension costs in accordance with the minimum funding requirement. In addition, Astoria Bank has non-qualified |
Merger Agreement with New York
Merger Agreement with New York Community Bancorp, Inc. | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Merger Agreement with New York Community Bancorp, Inc. | Merger Agreement with New York Community Bancorp, Inc. On October 28, 2015, Astoria entered into an Agreement and Plan of Merger, or the Merger Agreement, with New York Community Bancorp, Inc., a Delaware corporation, or NYCB. The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Astoria will merge with and into NYCB, with NYCB as the surviving corporation, such merger referred to as the Merger. Immediately following the Merger, Astoria’s wholly owned subsidiary, Astoria Bank, will merge with and into NYCB’s wholly owned subsidiary, New York Community Bank, such merger referred to as the Bank Merger. New York Community Bank will be the surviving entity in the Bank Merger. The Merger Agreement was unanimously approved and adopted by the Board of Directors of each of Astoria and NYCB. Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger, or the Effective Time, Astoria stockholders will have the right to receive one share of common stock, par value $0.01 per share, of NYCB, or NYCB Common Stock, and $0.50 in cash for each share of common stock, par value $0.01 per share, of Astoria Financial Corporation, or Astoria Common Stock. Also in the Merger, each share of Astoria 6.50% Non-Cumulative Perpetual Preferred Stock, Series C, par value value $1.00 per share, with a liquidation preference of $1,000 per share, issued and outstanding immediately prior to the Effective Time will be automatically converted into the right to receive one share of NYCB 6.50% Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share, with a liquidation preference of $1,000 per share. For additional information regarding our preferred stock, see Note 9. The Merger Agreement contains customary representations and warranties from both Astoria and NYCB, and each party has agreed to customary covenants, including, among others, covenants relating to (1) the conduct of Astoria’s and NYCB’s businesses during the interim period between the execution of the Merger Agreement and the Effective Time, (2) the obligation of NYCB to call a meeting of its stockholders to adopt the Merger Agreement and approve an amendment to its charter to increase the authorized shares of NYCB Common Stock from 600 million to 900 million , and, subject to certain exceptions, to recommend that its stockholders adopt the Merger Agreement and the transactions contemplated thereby, (3) the obligation of Astoria to call a meeting of its stockholders to adopt the Merger Agreement, and, subject to certain exceptions, to recommend that its stockholders adopt the Merger Agreement, and (4) Astoria’s non-solicitation obligations relating to alternative acquisition proposals. Astoria and NYCB have agreed to use their reasonable best efforts to prepare and file all applications, notices, and other documents to obtain all necessary consents and approvals for consummation of the transactions contemplated by the Merger Agreement. The completion of the Merger is subject to customary conditions, including (1) adoption of the Merger Agreement by Astoria’s stockholders, (2) adoption of the Merger Agreement and approval of the NYCB charter amendment by NYCB’s stockholders, (3) authorization for listing on the New York Stock Exchange of the shares of NYCB Common Stock to be issued in the Merger, (4) the receipt of required regulatory approvals, including the approval of the Board of Governors of the Federal Reserve System, or the FRB, the Federal Deposit Insurance Corporation and the New York State Department of Financial Services (5) effectiveness of the registration statement on Form S-4 for the NYCB Common Stock to be issued in the Merger, and (6) the absence of any order, injunction or other legal restraint preventing the completion of the Merger or making the completion of the Merger illegal. Each party’s obligation to complete the Merger is also subject to certain additional customary conditions, including (1) subject to certain exceptions, the accuracy of the representations and warranties of the other party, (2) performance in all material respects by the other party of its obligations under the Merger Agreement and (3) receipt by such party of an opinion from its counsel to the effect that the Merger will qualify as a reorganization within the meaning of Section 368(a) of the Internal Revenue Code. The Merger Agreement also provides certain termination rights for both Astoria and NYCB and further provides that a termination fee of $69.5 million will be payable by either Astoria or NYCB, as applicable, upon termination of the Merger Agreement under certain circumstances. |
Securities
Securities | 12 Months Ended |
Dec. 31, 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 December 31, 2015 (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 (1) $ 331,099 $ 2,374 $ (2,934 ) $ 330,539 Non-GSE issuance REMICs and CMOs 3,048 13 (7 ) 3,054 GSE pass-through certificates 10,781 485 (2 ) 11,264 Total residential mortgage-backed securities 344,928 2,872 (2,943 ) 344,857 Obligations of GSEs 73,701 — (1,762 ) 71,939 Fannie Mae stock 15 — (13 ) 2 Total securities available-for-sale $ 418,644 $ 2,872 $ (4,718 ) $ 416,798 Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 1,361,907 $ 8,135 $ (14,128 ) $ 1,355,914 Non-GSE issuance REMICs and CMOs 198 — (5 ) 193 GSE pass-through certificates 260,707 1,535 (3,413 ) 258,829 Total residential mortgage-backed securities 1,622,812 9,670 (17,546 ) 1,614,936 Multi-family mortgage-backed securities: GSE issuance REMICs 434,587 1,255 (2,334 ) 433,508 Obligations of GSEs 178,967 220 (480 ) 178,707 Corporate debt securities 60,000 — (1,493 ) 58,507 Other 433 1 — 434 Total securities held-to-maturity $ 2,296,799 $ 11,146 $ (21,853 ) $ 2,286,092 (1) 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 December 31, 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 $ 189,364 $ (2,934 ) $ — $ — $ 189,364 $ (2,934 ) Non-GSE issuance REMICs and CMOs 75 (2 ) 64 (5 ) 139 (7 ) GSE pass-through certificates 97 (1 ) 103 (1 ) 200 (2 ) Obligations of GSEs 24,602 (390 ) 47,337 (1,372 ) 71,939 (1,762 ) Fannie Mae stock — — 2 (13 ) 2 (13 ) Total temporarily impaired securities available-for-sale $ 214,138 $ (3,327 ) $ 47,506 $ (1,391 ) $ 261,644 $ (4,718 ) Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 395,659 $ (3,972 ) $ 289,645 $ (10,156 ) $ 685,304 $ (14,128 ) Non-GSE issuance REMICs and CMOs — — 193 (5 ) 193 (5 ) GSE pass-through certificates 56,503 (586 ) 106,738 (2,827 ) 163,241 (3,413 ) Multi-family mortgage backed securities: GSE issuance REMICs 276,601 (2,334 ) — — 276,601 (2,334 ) Obligations of GSEs 107,824 (480 ) — — 107,824 (480 ) Corporate debt securities 58,507 (1,493 ) — — 58,507 (1,493 ) Total temporarily impaired securities held-to-maturity $ 895,094 $ (8,865 ) $ 396,576 $ (12,988 ) $ 1,291,670 $ (21,853 ) 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 ) Our securities portfolio is comprised primarily of fixed rate mortgage-backed securities guaranteed by a GSE as issuer. Our non-GSE issuance securities are primarily investment grade securities and have performed similarly to our GSE issuance securities. Credit quality concerns have not impacted the performance of our non-GSE securities or our ability to obtain reliable prices. We held 129 securities which had an unrealized loss at December 31, 2015 and 80 which had an unrealized loss at December 31, 2014 . At December 31, 2015 and 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 December 31, 2015 and 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. Proceeds from sales of securities from the available-for-sale portfolio totaled $19.0 million , resulting in gross realized gains of $72,000 , during the year ended December 31, 2015 , $14.4 million , resulting in gross realized gains of $141,000 , during the year ended December 31, 2014 and $41.6 million , resulting in gross realized gains of $2.1 million , during the year ended December 31, 2013 . At December 31, 2015 , available-for-sale debt securities, excluding mortgage-backed securities, had an amortized cost of $73.7 million , an estimated fair value of $71.9 million and contractual maturities in 2021 and 2022. At December 31, 2015 , held-to-maturity debt securities, excluding mortgage-backed securities, had an amortized cost of $239.4 million , an estimated fair value of $237.6 million and contractual maturities between 2021 and 2027. Actual maturities may differ from contractual maturities because issuers may have the right to prepay or call obligations with or without prepayment penalties. At December 31, 2015 , the amortized cost of callable securities in our portfolio totaled $252.7 million , of which $236.3 million are callable within one year and at various times thereafter. The balance of accrued interest receivable for securities totaled $7.4 million at December 31, 2015 and $6.7 million at December 31, 2014 . |
Loans Held-for-Sale
Loans Held-for-Sale | 12 Months Ended |
Dec. 31, 2015 | |
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group [Abstract] | |
Loans Held-for-Sale | Loans Held-for-Sale Non-performing loans held-for-sale, net of valuation allowances, included in loans held-for-sale, net, totaled $1.6 million at December 31, 2015 and $153,000 at December 31, 2014 . Non-performing loans held-for-sale consisted primarily of multi-family mortgage loans at December 31, 2015 . All of the non-performing loans held-for-sale at December 31, 2014 were multi-family mortgage loans. We sold certain delinquent and non-performing mortgage loans, primarily multi-family and commercial real estate loans, totaling $7.5 million , net of recoveries of $1.1 million during the year ended December 31, 2015 , $4.9 million , net of charge-offs of $517,000 , during the year ended December 31, 2014 and $19.4 million , net of charge-offs of $5.2 million , during the year ended December 31, 2013 . In addition, during the 2014 third quarter we sold a pool of non-performing residential mortgage loans, substantially all of which were 90 days or more past due, which were designated as held-for-sale at June 30, 2014. For additional information on this pool of loans, see Note 5. Net loss on sales of non-performing loans held-for-sale totaled $23,000 for the year ended December 31, 2015 and $892,000 for the year ended December 31, 2014 . Net gain on sales of non-performing loans held-for-sale totaled $122,000 for the year ended December 31, 2013 . There were no lower of cost or market write-downs on non-performing loans held-for-sale for the year ended December 31, 2015 and December 31, 2014 . We recorded net lower of cost or market write-downs on non-performing loans held-for-sale totaling $87,000 for the year ended December 31, 2013 . |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 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 December 31, 2015 Past Due 30-59 60-89 90 Days Total (In Thousands) Days Days or More Past Due Current Total Accruing loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 10,045 $ 2,382 $ — $ 12,427 $ 401,486 $ 413,913 Full documentation amortizing 40,151 10,346 332 50,829 4,602,940 4,653,769 Reduced documentation interest-only 7,254 2,321 — 9,575 266,084 275,659 Reduced documentation amortizing 20,135 4,369 — 24,504 527,566 552,070 Total residential 77,585 19,418 332 97,335 5,798,076 5,895,411 Multi-family 1,662 2,069 — 3,731 4,013,541 4,017,272 Commercial real estate 246 1,689 — 1,935 813,640 815,575 Total mortgage loans 79,493 23,176 332 103,001 10,625,257 10,728,258 Consumer and other loans (gross): Home equity and other consumer 2,358 502 — 2,860 151,554 154,414 Commercial and industrial — — — — 91,171 91,171 Total consumer and other loans 2,358 502 — 2,860 242,725 245,585 Total accruing loans $ 81,851 $ 23,678 $ 332 $ 105,861 $ 10,867,982 $ 10,973,843 Non-accrual loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 1,182 $ — $ 11,359 $ 12,541 $ 5,834 $ 18,375 Full documentation amortizing 3,579 603 32,535 36,717 7,480 44,197 Reduced documentation interest-only 257 579 15,285 16,121 11,451 27,572 Reduced documentation amortizing 2,238 365 14,322 16,925 12,935 29,860 Total residential 7,256 1,547 73,501 82,304 37,700 120,004 Multi-family 725 623 2,441 3,789 3,044 6,833 Commercial real estate 241 — 572 813 3,126 3,939 Total mortgage loans 8,222 2,170 76,514 86,906 43,870 130,776 Consumer and other loans (gross): Home equity and other consumer — — 6,405 6,405 — 6,405 Commercial and industrial — — 703 703 — 703 Total consumer and other loans — — 7,108 7,108 — 7,108 Total non-accrual loans $ 8,222 $ 2,170 $ 83,622 $ 94,014 $ 43,870 $ 137,884 Total loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 11,227 $ 2,382 $ 11,359 $ 24,968 $ 407,320 $ 432,288 Full documentation amortizing 43,730 10,949 32,867 87,546 4,610,420 4,697,966 Reduced documentation interest-only 7,511 2,900 15,285 25,696 277,535 303,231 Reduced documentation amortizing 22,373 4,734 14,322 41,429 540,501 581,930 Total residential 84,841 20,965 73,833 179,639 5,835,776 6,015,415 Multi-family 2,387 2,692 2,441 7,520 4,016,585 4,024,105 Commercial real estate 487 1,689 572 2,748 816,766 819,514 Total mortgage loans 87,715 25,346 76,846 189,907 10,669,127 10,859,034 Consumer and other loans (gross): Home equity and other consumer 2,358 502 6,405 9,265 151,554 160,819 Commercial and industrial — — 703 703 91,171 91,874 Total consumer and other loans 2,358 502 7,108 9,968 242,725 252,693 Total loans $ 90,073 $ 25,848 $ 83,954 $ 199,875 $ 10,911,852 $ 11,111,727 Net unamortized premiums and deferred loan origination costs 41,354 Loans receivable 11,153,081 Allowance for loan losses (98,000 ) Loans receivable, net $ 11,055,081 At December 31, 2014 Past Due 30-59 60-89 90 Days Total (In Thousands) Days Days or More Past Due Current Total Accruing loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 13,943 $ 7,332 $ — $ 21,275 $ 804,880 $ 826,155 Full documentation amortizing 25,878 7,611 144 33,633 4,948,391 4,982,024 Reduced documentation interest-only 18,490 2,584 — 21,074 547,350 568,424 Reduced documentation amortizing 11,024 1,648 — 12,672 384,250 396,922 Total residential 69,335 19,175 144 88,654 6,684,871 6,773,525 Multi-family 3,646 2,222 1,790 7,658 3,893,539 3,901,197 Commercial real estate 1,686 493 2,159 4,338 863,615 867,953 Total mortgage loans 74,667 21,890 4,093 100,650 11,442,025 11,542,675 Consumer and other loans (gross): Home equity and other consumer 2,430 962 — 3,392 175,121 178,513 Commercial and industrial — — — — 64,815 64,815 Total consumer and other loans 2,430 962 — 3,392 239,936 243,328 Total accruing loans $ 77,097 $ 22,852 $ 4,093 $ 104,042 $ 11,681,961 $ 11,786,003 Non-accrual loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 2,371 $ 358 $ 11,502 $ 14,231 $ 13,796 $ 28,027 Full documentation amortizing 204 238 14,211 14,653 7,016 21,669 Reduced documentation interest-only 820 453 16,289 17,562 25,022 42,584 Reduced documentation amortizing 596 1,066 2,843 4,505 3,226 7,731 Total residential 3,991 2,115 44,845 50,951 49,060 100,011 Multi-family 648 346 7,127 8,121 3,735 11,856 Commercial real estate 790 — 729 1,519 4,293 5,812 Total mortgage loans 5,429 2,461 52,701 60,591 57,088 117,679 Consumer and other loans (gross): Home equity and other consumer — — 6,040 6,040 — 6,040 Commercial and industrial — — — — — — Total consumer and other loans — — 6,040 6,040 — 6,040 Total non-accrual loans $ 5,429 $ 2,461 $ 58,741 $ 66,631 $ 57,088 $ 123,719 Total loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 16,314 $ 7,690 $ 11,502 $ 35,506 $ 818,676 $ 854,182 Full documentation amortizing 26,082 7,849 14,355 48,286 4,955,407 5,003,693 Reduced documentation interest-only 19,310 3,037 16,289 38,636 572,372 611,008 Reduced documentation amortizing 11,620 2,714 2,843 17,177 387,476 404,653 Total residential 73,326 21,290 44,989 139,605 6,733,931 6,873,536 Multi-family 4,294 2,568 8,917 15,779 3,897,274 3,913,053 Commercial real estate 2,476 493 2,888 5,857 867,908 873,765 Total mortgage loans 80,096 24,351 56,794 161,241 11,499,113 11,660,354 Consumer and other loans (gross): Home equity and other consumer 2,430 962 6,040 9,432 175,121 184,553 Commercial and industrial — — — — 64,815 64,815 Total consumer and other loans 2,430 962 6,040 9,432 239,936 249,368 Total loans $ 82,526 $ 25,313 $ 62,834 $ 170,673 $ 11,739,049 $ 11,909,722 Net unamortized premiums and deferred loan origination costs 47,726 Loans receivable 11,957,448 Allowance for loan losses (111,600 ) Loans receivable, net $ 11,845,848 Our residential mortgage loans consist primarily of interest-only and amortizing hybrid ARM loans. We offer amortizing hybrid ARM loans which initially have a fixed rate for five , seven or ten years and convert into one year ARM loans at the end of the initial fixed rate period and require the borrower to make principal and interest payments during the entire loan term. Prior to 2014, we also offered amortizing hybrid ARM loans with an initial fixed rate period of three years. Prior to the 2010 fourth quarter, we offered interest-only hybrid ARM loans, which have an initial fixed rate for five or seven years and convert into one year interest-only ARM loans at the end of the initial fixed rate period. Our interest-only hybrid ARM loans require the borrower to pay interest only during the first ten years of the loan term. After the tenth anniversary of the loan, principal and interest payments are required to amortize the loan over the remaining loan term. We do not originate one year ARM loans. The ARM loans in our portfolio which currently reprice annually represent hybrid ARM loans (interest-only and amortizing) which have passed their initial fixed rate period. Our hybrid ARM loans may be offered with an initial interest rate which is less than the fully indexed rate for the loan at the time of origination, referred to as a discounted rate. We determine the initial interest rate in accordance with market and competitive factors giving consideration to the spread over our funding sources in conjunction with our overall interest rate risk management strategies. Residential interest-only hybrid ARM loans originated prior to 2007 were underwritten at the initial note rate which may have been a discounted rate. Such loans totaled $388.0 million at December 31, 2015 and $1.06 billion at December 31, 2014 . We do not originate negative amortization loans, payment option loans or other loans with short-term interest-only periods. Within our residential mortgage loan portfolio we have reduced documentation loan products, which totaled $885.2 million at December 31, 2015 and $1.02 billion at December 31, 2014 . Reduced documentation loans are comprised primarily of SIFA (stated income, full asset) loans. To a lesser extent, reduced documentation loans in our portfolio also include SISA (stated income, stated asset) loans, which totaled $135.7 million at December 31, 2015 and $148.9 million at December 31, 2014 . SIFA and SISA loans require a prospective borrower to complete a standard mortgage loan application. Reduced documentation loans require the receipt of an appraisal of the real estate used as collateral for the mortgage loan and a credit report on the prospective borrower. In addition, SIFA loans require the verification of a potential borrower’s asset information on the loan application, but not the income information provided. During the 2007 fourth quarter, we stopped offering reduced documentation loans. Included in loans receivable are loans in the process of foreclosure collateralized by residential real estate property with a recorded investment of $51.0 million at December 31, 2015 and $24.7 million at December 31, 2014 . At June 30, 2014, we designated a pool of non-performing residential mortgage loans, substantially all of which were 90 days or more past due, as held-for-sale. In connection with the designation of the pool of loans as held-for-sale, we recorded a loan charge-off of $8.7 million against the allowance for loan losses during the 2014 second quarter to write down the pool of loans from its immediately previous aggregate recorded investment of $195.0 million to its estimated fair value at the time of $186.3 million . As a result of our quarterly review of the adequacy of the allowance for loan losses as of June 30, 2014, $5.7 million of reserves previously attributable to this pool of loans was deemed no longer required and was credited to the provision for loan losses as a reserve release in the 2014 second quarter. On July 31, 2014, we completed a bulk sale transaction of substantially all of the non-performing residential mortgage loans held-for-sale at terms approximating their carrying value at June 30, 2014. Total loans sold in that transaction had a carrying value of $173.7 million , reflecting the previous write down to the estimated fair value through June 30, 2014. The majority of the remaining loans from the pool designated as held-for-sale as of June 30, 2014 were either foreclosed upon and transferred to REO or were satisfied via short sales or payoffs during the 2014 third quarter with no material impact on our financial condition or results of operations. On September 12, 2014, we completed a second sale transaction, with the same counterparty as the bulk sale transaction, in which we sold all of the remaining non-performing residential mortgage loans held-for-sale with a carrying value of $4.0 million , reflecting the previous write down to the estimated fair value through June 30, 2014, and recorded a loss on the sale of such loans in the 2014 third quarter of $920,000 . In 2015, no loans were sold in a bulk sale transaction. Accrued interest receivable on all loans totaled $27.6 million at December 31, 2015 and $29.9 million at December 31, 2014 . If all non-accrual loans at December 31, 2015 , 2014 and 2013 had been performing in accordance with their original terms, we would have recorded interest income, with respect to such loans, of $5.4 million for the year ended December 31, 2015 , $5.6 million for the year ended December 31, 2014 and $15.6 million for the year ended December 31, 2013 . This compares to actual payments recorded as interest income, with respect to such loans, of $3.4 million for the year ended December 31, 2015 , $3.6 million for the year ended December 31, 2014 and $6.2 million for the year ended December 31, 2013 . The following table sets forth the changes in our allowance for loan losses by loan receivable segment for the years indicated. Mortgage Loans Consumer and Other Loans (In Thousands) Residential Multi- Family Commercial Real Estate Total Balance at December 31, 2012 $ 89,267 $ 35,514 $ 14,404 $ 6,316 $ 145,501 Provision charged to operations 9,368 4,684 1,945 3,604 19,601 Charge-offs (26,644 ) (4,732 ) (3,748 ) (1,916 ) (37,040 ) Recoveries 8,346 1,237 535 820 10,938 Balance at December 31, 2013 80,337 36,703 13,136 8,824 139,000 Provision (credited) charged to operations (23,464 ) 5,337 6,949 1,709 (9,469 ) Charge-offs (19,868 ) (4,365 ) (3,283 ) (2,073 ) (29,589 ) Recoveries 9,278 1,575 440 365 11,658 Balance at December 31, 2014 46,283 39,250 17,242 8,825 111,600 Provision charged (credited) to operations 1,520 (4,780 ) (6,810 ) (2,002 ) (12,072 ) Charge-offs (6,149 ) (907 ) (302 ) (912 ) (8,270 ) Recoveries 3,297 1,981 1,087 377 6,742 Balance at December 31, 2015 $ 44,951 $ 35,544 $ 11,217 $ 6,288 $ 98,000 The following table sets forth the balances of our residential interest-only mortgage loans at December 31, 2015 by the year in which such loans are scheduled to enter their amortization period. (In Thousands) Recorded Investment Amortization scheduled to begin in: 2016 $ 324,772 2017 344,356 2018 42,549 2019 and thereafter 23,842 Total $ 735,519 The following tables set forth the balances of our residential mortgage and consumer and other loan receivable segments by class and credit quality indicator at the dates indicated. At December 31, 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 $ 413,913 $ 4,653,437 $ 275,659 $ 552,070 $ 154,414 $ 91,171 Non-performing: Current or past due less than 90 days 7,016 11,662 12,287 15,538 — — Past due 90 days or more 11,359 32,867 15,285 14,322 6,405 703 Total $ 432,288 $ 4,697,966 $ 303,231 $ 581,930 $ 160,819 $ 91,874 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 December 31, 2015 2014 (In Thousands) Multi-Family Commercial Real Estate Multi-Family Commercial Real Estate Not criticized $ 3,981,050 $ 769,029 $ 3,850,068 $ 817,404 Criticized: Special mention 14,931 20,441 30,975 22,584 Substandard 28,124 30,044 31,264 32,664 Doubtful — — 746 1,113 Total $ 4,024,105 $ 819,514 $ 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 December 31, 2015 Mortgage Loans Consumer and Other Loans (In Thousands) Residential Multi-Family Commercial Real Estate Total Loans: Individually evaluated for impairment $ 192,914 $ 24,643 $ 14,993 $ 4,968 $ 237,518 Collectively evaluated for impairment 5,822,501 3,999,462 804,521 247,725 10,874,209 Total loans $ 6,015,415 $ 4,024,105 $ 819,514 $ 252,693 $ 11,111,727 Allowance for loan losses: Individually evaluated for impairment $ 13,148 $ 456 $ 788 $ 421 $ 14,813 Collectively evaluated for impairment 31,803 35,088 10,429 5,867 83,187 Total allowance for loan losses $ 44,951 $ 35,544 $ 11,217 $ 6,288 $ 98,000 At December 31, 2014 Mortgage Loans Consumer and Other Loans (In Thousands) Residential Multi-Family Commercial Real Estate 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 December 31, 2015 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 $ 37,454 $ 30,631 $ (4,051 ) $ 26,580 $ 55,352 $ 46,331 $ (3,391 ) $ 42,940 Full documentation amortizing 69,242 63,223 (2,534 ) 60,689 43,044 39,994 (1,425 ) 38,569 Reduced documentation interest-only 55,939 46,540 (4,253 ) 42,287 90,171 76,960 (4,661 ) 72,299 Reduced documentation amortizing 57,955 52,520 (2,310 ) 50,210 19,463 18,117 (827 ) 17,290 Multi-family 8,029 7,950 (456 ) 7,494 34,972 28,109 (3,172 ) 24,937 Commercial real estate 6,651 6,723 (788 ) 5,935 24,991 19,270 (2,446 ) 16,824 Consumer and other loans: Home equity lines of credit 5,295 4,968 (421 ) 4,547 5,436 5,153 (3,810 ) 1,343 Without an allowance recorded: Mortgage loans: Multi-family 19,523 16,693 — 16,693 16,308 14,502 — 14,502 Commercial real estate 11,104 8,270 — 8,270 — — — — Total impaired loans $ 271,192 $ 237,518 $ (14,813 ) $ 222,705 $ 289,737 $ 248,436 $ (19,732 ) $ 228,704 The following table sets forth the average recorded investment, interest income recognized and cash basis interest income related to our impaired loans by segment and class for the years indicated. For the Year Ended December 31, 2015 2014 2013 (In Thousands) Average Recorded Investment Interest Income Recognized Cash Basis Interest Income 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 $ 39,506 $ 860 $ 877 $ 84,264 $ 1,860 $ 1,920 $ 106,720 $ 2,938 $ 3,068 Full documentation amortizing 52,426 1,893 1,920 38,340 1,491 1,498 30,790 948 974 Reduced documentation interest-only 66,321 1,910 1,923 112,172 3,646 3,671 145,490 4,179 4,371 Reduced documentation amortizing 30,310 1,927 1,936 22,137 655 653 25,460 696 729 Multi-family 14,390 415 417 30,291 1,320 1,339 19,130 737 789 Commercial real estate 11,875 333 348 17,341 1,065 1,154 8,112 367 377 Consumer and other loans: Home equity lines of credit 5,585 48 54 5,202 45 54 — — — Without an allowance recorded: Mortgage loans: Residential: Full documentation interest-only — — — — — — 11,547 — — Full documentation amortizing — — — 365 — — 3,517 — — Reduced documentation interest-only — — — — — — 1,669 — — Multi-family 16,935 857 862 17,225 632 633 33,193 1,606 1,671 Commercial real estate 5,632 522 528 2,853 — — 10,947 745 698 Total impaired loans $ 242,980 $ 8,765 $ 8,865 $ 330,190 $ 10,714 $ 10,922 $ 396,575 $ 12,216 $ 12,677 The following table sets forth information about our mortgage loans receivable by segment and class at December 31, 2015 , 2014 and 2013 which were modified in a TDR during the years indicated. Modifications During the Year Ended December 31, 2015 2014 2013 (Dollars In Thousands) Number of Loans Pre- Modification Recorded Investment Recorded Investment at December 31, 2015 Number of Loans Pre- Modification Recorded Investment Recorded Investment at December 31, 2014 Number of Loans Pre- Modification Recorded Investment Recorded Investment at December 31, 2013 Residential: Full documentation interest-only 12 $ 4,620 $ 4,496 21 $ 9,244 $ 8,726 26 $ 6,760 $ 6,730 Full documentation amortizing 19 5,063 4,894 4 889 812 11 3,753 3,734 Reduced documentation interest-only 10 3,431 3,429 19 6,819 6,774 37 12,199 12,227 Reduced documentation amortizing 7 2,911 2,902 5 809 745 11 3,404 3,325 Multi-family — — — 4 2,501 1,981 8 6,751 5,888 Commercial real estate 2 2,902 2,835 3 2,482 2,433 7 10,232 9,104 Total 50 $ 18,927 $ 18,556 56 $ 22,744 $ 21,471 100 $ 43,099 $ 41,008 The following table sets forth information about our mortgage loans receivable by segment and class at December 31, 2015 , 2014 and 2013 which were modified in a TDR during the years ended December 31, 2015 , 2014 and 2013 and had a payment default subsequent to the modification during the years indicated. During the Year Ended December 31, 2015 2014 2013 (Dollars In Thousands) Number of Loans Recorded Investment at December 31, 2015 Number of Loans Recorded Investment at December 31, 2014 Number of Loans Recorded Investment at December 31, 2013 Residential: Full documentation interest-only 6 $ 2,240 1 $ 621 11 $ 2,191 Full documentation amortizing 6 1,749 2 319 4 1,334 Reduced documentation interest-only 2 380 3 1,123 17 4,190 Reduced documentation amortizing 2 606 — — 3 788 Multi-family — — 3 1,400 2 1,018 Total 16 $ 4,975 9 $ 3,463 37 $ 9,521 The following table details the percentage of our total residential mortgage loans at December 31, 2015 by state where we have a concentration of greater than 5% of our total residential mortgage loans or total non-performing residential mortgage loans. State Percent of Total Residential Loans Percent of Total Non-Performing Residential Loans New York 30.2 % 10.7 % Connecticut 9.8 9.8 Massachusetts 8.4 3.9 Illinois 8.2 12.4 Virginia 7.7 10.5 New Jersey 7.1 17.1 Maryland 6.5 14.9 California 5.4 9.2 At December 31, 2015 , substantially all of our multi-family and commercial real estate mortgage loans and non-performing multi-family and commercial real estate mortgage loans were secured by properties located in the New York metropolitan area, which includes New York, New Jersey and Connecticut. |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2015 | |
Servicing Asset [Abstract] | |
Mortgage Servicing Rights | Mortgage Servicing Rights We own rights to service mortgage loans for investors with aggregate unpaid principal balances of $1.40 billion at December 31, 2015 and $1.45 billion at December 31, 2014 , which are not reflected in the accompanying consolidated statements of financial condition. As described in Note 1, we outsource our residential mortgage loan servicing to a third party under a sub-servicing agreement. The estimated fair value of our MSR was $11.0 million at December 31, 2015 and $11.4 million at December 31, 2014 . The fair value of MSR is highly sensitive to changes in assumptions. See Note 18 for a description of the assumptions used to estimate the fair value of MSR. The following table summarizes MSR activity for the years indicated. For the Year Ended December 31, (In Thousands) 2015 2014 2013 Carrying amount before valuation allowance at beginning of year $ 14,136 $ 15,595 $ 15,143 Additions – servicing obligations that result from transfers of financial assets 1,352 1,123 3,681 Amortization (2,307 ) (2,582 ) (3,229 ) Carrying amount before valuation allowance at end of year 13,181 14,136 15,595 Valuation allowance at beginning of year (2,735 ) (2,795 ) (8,196 ) Recovery of valuation allowance 568 60 5,401 Valuation allowance at end of year (2,167 ) (2,735 ) (2,795 ) Net carrying amount at end of year $ 11,014 $ 11,401 $ 12,800 The following table summarizes mortgage banking income, net, for the years indicated. For the Year Ended December 31, (In Thousands) 2015 2014 2013 Loan servicing fees $ 3,940 $ 4,085 $ 4,189 Net gain on sales of loans 2,021 1,763 6,880 Amortization of MSR (2,307 ) (2,582 ) (3,229 ) Recovery of valuation allowance on MSR 568 60 5,401 Total mortgage banking income, net $ 4,222 $ 3,326 $ 13,241 At December 31, 2015 , estimated future MSR amortization through 2020 was as follows: $1.8 million for 2016 , $1.6 million for 2017 , $1.4 million for 2018 , $1.2 million for 2019 and $1.1 million for 2020 . Actual results will vary depending upon the level of repayments on the loans currently serviced. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits The following table summarizes deposits at the dates indicated. At December 31, 2015 2014 (Dollars in Thousands) Weighted Average Rate Balance Percent of Total Weighted Average Rate Balance Percent of Total Core deposits: NOW 0.06 % $ 1,415,430 15.54 % 0.06 % $ 1,331,345 14.01 % Non-interest bearing NOW and demand deposit — 998,393 10.96 — 867,432 9.13 Money market 0.26 2,560,204 28.12 0.24 2,373,484 24.96 Savings 0.05 2,137,818 23.48 0.05 2,237,142 23.54 Total core deposits 0.12 7,111,845 78.10 0.11 6,809,403 71.64 Certificates of deposit 1.16 1,994,182 21.90 1.47 2,695,506 28.36 Total deposits 0.35 % $ 9,106,027 100.00 % 0.50 % $ 9,504,909 100.00 % The aggregate amount of certificates of deposit with balances equal to or greater than $100,000 was $590.6 million at December 31, 2015 and $871.2 million at December 31, 2014 . There were no brokered certificates of deposit at December 31, 2015 and 2014 . The following table details the scheduled maturities of our certificates of deposit at December 31, 2015 . Year Weighted Average Rate Balance Percent of Total (In Thousands) 2016 1.06 % $ 926,241 46.45 % 2017 0.94 392,744 19.69 2018 1.08 185,089 9.28 2019 1.46 183,596 9.21 2020 1.60 305,363 15.31 2021 and thereafter 1.70 1,149 0.06 Total 1.16 % $ 1,994,182 100.00 % The following table summarizes interest expense on deposits for the years indicated. For the Year Ended December 31, (In Thousands) 2015 2014 2013 Interest-bearing NOW $ 778 $ 706 $ 691 Money market 6,496 5,527 5,646 Savings 1,093 1,182 1,329 Certificates of deposit 28,976 43,940 54,951 Total interest expense on deposits $ 37,343 $ 51,355 $ 62,617 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings The following table summarizes our borrowings at the dates indicated. At December 31, 2015 2014 (Dollars in Thousands) Amount Weighted Average Rate Amount Weighted Average Rate Federal funds purchased $ 435,000 0.57 % $ 455,000 0.31 % Reverse repurchase agreements 1,100,000 3.62 1,100,000 3.62 FHLB-NY advances 2,180,000 1.86 2,384,000 1.72 Other borrowings, net 249,222 5.00 248,691 5.00 Total borrowings, net $ 3,964,222 2.40 % $ 4,187,691 2.26 % Through the Federal Reserve Bank of New York discount window we have the ability to borrow additional funds should the need arise on a short-term basis, primarily overnight. Our borrowing capacity through the discount window totaled approximately $506.2 million at December 31, 2015 . In order to have the ability to borrow through the discount window, the Federal Reserve Bank of New York requires that collateral is pledged. In accordance with such requirements, at December 31, 2015 , we had pledged as collateral with the Federal Reserve Bank of New York securities with an amortized cost of $150.8 million and commercial real estate mortgage loans with an unpaid principal balance of $899.9 million . We view the discount window as a secondary source of liquidity and, during 2015 and 2014, we did not utilize this source. Federal Funds Purchased The outstanding federal funds purchased at December 31, 2015 and 2014 were due overnight. During the year ended December 31, 2015 , federal funds purchased averaged $481.9 million with a weighted average interest rate of 0.33% and the maximum amount outstanding at any month end was $660.0 million . During the year ended December 31, 2014, federal funds purchased averaged $377.1 million with a weighted average interest rate of 0.30% and the maximum outstanding at any month end was $455.0 million . During the year ended December 31, 2013 , federal funds purchased averaged $209.4 million with a weighted average interest rate of 0.28% and the maximum outstanding at any month end was $335.0 million . Reverse Repurchase Agreements The outstanding reverse repurchase agreements at December 31, 2015 and 2014 were fixed rate, had original contractual maturities ranging from four to seven years and were collateralized by GSE securities, of which 83% were residential mortgage-backed securities and 17% were obligations of GSEs. Securities collateralizing these agreements had an amortized cost of $1.21 billion and an estimated fair value of $1.20 billion , including accrued interest, at December 31, 2015 and an amortized cost of $1.26 billion and an estimated fair value of $1.26 billion , including accrued interest, at December 31, 2014 and 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, criteria for eligible counterparties has been established and excess collateral pledged is monitored to minimize our exposure. The following table summarizes information relating to reverse repurchase agreements. At or For the Year Ended December 31, (Dollars in Thousands) 2015 2014 2013 Average balance during the year $ 1,100,000 $ 1,100,000 $ 1,100,000 Maximum balance at any month end during the year 1,100,000 1,100,000 1,100,000 Balance outstanding at end of year 1,100,000 1,100,000 1,100,000 Weighted average interest rate during the year 3.62 % 3.82 % 4.06 % Weighted average interest rate at end of year 3.62 3.62 3.87 The following table details the contractual maturities of our reverse repurchase agreements at December 31, 2015 . Year Amount (In Thousands) 2018 $ 200,000 (1 ) 2019 600,000 (1 ) 2020 300,000 (2 ) Total $ 1,100,000 (1) Callable in 2016. (2) Includes $200.0 million of borrowings which are callable in 2016 and $100.0 million of borrowings which are callable in 2017. FHLB-NY Advances Pursuant to a blanket collateral agreement with the FHLB-NY, advances are secured by all of our stock in the FHLB-NY, certain qualifying mortgage loans and mortgage-backed and other securities not otherwise pledged. The following table summarizes information relating to FHLB-NY advances. At or For the Year Ended December 31, (Dollars in Thousands) 2015 2014 2013 Average balance during the year $ 2,250,592 $ 2,332,718 $ 2,512,425 Maximum balance at any month end during the year 2,515,000 2,617,000 2,881,000 Balance outstanding at end of year 2,180,000 2,384,000 2,454,000 Weighted average interest rate during the year 1.79 % 1.78 % 2.00 % Weighted average interest rate at end of year 1.86 1.72 1.79 The following table details the contractual maturities of FHLB-NY advances at December 31, 2015 . Year Amount (In Thousands) 2016 $ 1,330,000 (1 ) 2020 850,000 (2 ) Total $ 2,180,000 (1) Includes $210.0 million of borrowings due overnight, $220.0 million of borrowings due in less than 30 days, $225.0 million of borrowings due after 30 to 90 days and $675.0 million of borrowings due after 90 days. (2) Callable in 2017. Other Borrowings On June 19, 2012, we completed the sale of $250.0 million aggregate principal amount of 5.00% senior unsecured notes due 2017, or 5.00% Senior Notes. The notes are registered with the Securities and Exchange Commission, or SEC, bear a fixed rate of interest of 5.00% and mature on June 19, 2017. We may redeem all or part of the 5.00% Senior Notes at any time, subject to a 30 day minimum notice requirement, at par together with accrued and unpaid interest to the redemption date. The carrying amount of the notes was $249.2 million at December 31, 2015 and $248.7 million at December 31, 2014 . The terms of these notes subject us to certain debt covenants.We were in compliance with such covenants at December 31, 2015 . Our former finance subsidiary, Astoria Capital Trust I, was formed for the purpose of issuing $125.0 million aggregate liquidation amount of 9.75% Capital Securities due November 1, 2029, or Capital Securities, and $3.9 million of common securities (which were the only voting securities of Astoria Capital Trust I and were owned by Astoria Financial Corporation) and used the proceeds to acquire 9.75% Junior Subordinated Debentures, due November 1, 2029, issued by Astoria Financial Corporation totaling $128.9 million . The Junior Subordinated Debentures were the sole assets of Astoria Capital Trust I. The Junior Subordinated Debentures were prepayable, in whole or in part, at our option at declining premiums to November 1, 2019, after which the Junior Subordinated Debentures were prepayable at par value. The Capital Securities had the same prepayment provisions as the Junior Subordinated Debentures. On May 10, 2013, we prepaid in whole our Junior Subordinated Debentures, which were included in other borrowings, net, pursuant to the optional prepayment provisions of the indenture at a prepayment price of 103.413% of the $128.9 million aggregate principal amount, plus accrued and unpaid interest to, but not including, the date of repayment. As a result of the prepayment in whole of the Junior Subordinated Debentures, Astoria Capital Trust I simultaneously applied the proceeds of such prepayment to redeem its Capital Securities, as well as the common securities owned by Astoria Financial Corporation. The prepayment of the Junior Subordinated Debentures resulted in a $4.3 million prepayment charge in the 2013 second quarter for the early extinguishment of this debt. The following table summarizes interest expense on borrowings for the years indicated. For the Year Ended December 31, (In Thousands) 2015 2014 2013 Federal funds purchased $ 1,590 $ 1,139 $ 587 Reverse repurchase agreements 40,373 42,626 45,272 FHLB-NY advances 40,790 41,911 50,654 Other borrowings 13,031 13,031 17,398 Total interest expense on borrowings $ 95,784 $ 98,707 $ 113,911 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity We have an automatic shelf registration statement on Form S-3 on file with the SEC, which allows us to periodically offer and sell, from time to time, in one or more offerings, individually or in any combination, common stock, preferred stock, depositary shares, debt securities, warrants to purchase common stock, preferred stock or debt securities and units consisting of one or more of the foregoing. This shelf registration statement provides us with greater capital management flexibility and enables us to more readily access the capital markets in order to pursue growth opportunities that may become available to us in the future or should there be any changes in the regulatory environment that call for increased capital requirements. Although the shelf registration statement does not limit the amount of the foregoing items that we may offer and sell, our ability and any decision to do so is subject to market conditions and our capital needs. In addition, pursuant to the terms of the Merger Agreement, we are limited in our ability to issue or sell our capital stock without the consent of NYCB. NYCB has agreed not to unreasonably withhold any such consent. On March 19, 2013, in a public offering, we sold 5,400,000 depositary shares, each representing a 1/40th interest in a share of our 6.50% Non-Cumulative Perpetual Preferred Stock, Series C, $1.00 par value per share, $1,000 liquidation preference per share (equivalent to $25 per depositary share), or Series C Preferred Stock. We issued 135,000 shares of the Series C Preferred Stock in connection with the sale of the depositary shares. The aggregate proceeds from the offering, net of underwriting discounts and other issuance costs, were approximately $129.8 million . The Series C Preferred Stock, and corresponding depositary shares, may be redeemed at our option, in whole or in part, on April 15, 2018, or on any dividend payment date occurring thereafter, at a redemption price of $1,000 per share (equivalent to $25 per depositary share), plus any declared and unpaid dividends (without accumulation of any undeclared dividends). The Series C Preferred Stock may also be redeemed in whole, but not in part, at any time upon the occurrence of a “regulatory capital treatment event,” as defined in the certificate of designations included in the registration statement on Form 8-A filed with the SEC on March 19, 2013. The holders of the Series C Preferred Stock, and the corresponding depositary shares, do not have the right to require the redemption or repurchase of the Series C Preferred Stock. Dividends are payable on the Series C Preferred Stock when, as and if declared by our Board of Directors, on a non-cumulative basis quarterly in arrears on January 15, April 15, July 15 and October 15 of each year at an annual rate of 6.50% on the liquidation preference of $1,000 per share. No dividend shall be declared, paid, or set aside for payment on our common stock unless the full dividends for the most recently completed dividend period have been declared and paid on our Series C Preferred Stock. On January 7, 2014, we adopted the Astoria Financial Corporation Dividend Reinvestment and Stock Purchase Plan, or the Stock Purchase Plan, and terminated the previously existing plan. The Stock Purchase Plan allows our shareholders to automatically reinvest the cash dividend paid on all or a portion of their shares of our common stock into additional shares of our common stock and make optional cash purchases, up to $10,000 per month, of additional shares of our common stock, unless we grant a waiver permitting a higher amount of optional cash purchases. Shares of common stock may be purchased either directly from us from authorized but unissued shares or from treasury shares, or on the open market. We have registered 1,500,000 shares of our common stock under the Securities Act of 1933, as amended, for offer and sale from time to time pursuant to the Stock Purchase Plan. During the year ended December 31, 2015 , 482,460 shares of our common stock were purchased pursuant to the Stock Purchase Plan directly from us from treasury shares for net proceeds totaling $6.2 million . On April 18, 2007, our Board of Directors approved our twelfth stock repurchase plan authorizing the purchase of 10,000,000 shares, or approximately 10% of our common stock then outstanding in open-market or privately negotiated transactions. At December 31, 2015 , a maximum of 7,675,593 shares may yet be purchased under this plan. Pursuant to the terms of the Merger Agreement, we may not repurchase shares of our common stock without the consent of NYCB. NYCB has agreed not to unreasonably withhold any such consent. In December 2015, to facilitate the withholding of individual income taxes related to the vesting of restricted common stock awards in that month, a portion of the vested restricted stock awards was transferred by the recipients back to us. This transaction is presented in our Consolidated Statements of Changes in Stockholders' Equity as a repurchase of common stock, which increases treasury stock. We are subject to the laws of the State of Delaware which generally limit dividends on capital stock to an amount equal to the excess of our net assets (the amount by which total assets exceed total liabilities) over our statutory capital, or if there is no such excess, to our net profits for the current and/or immediately preceding fiscal year. We are also required to seek the approval of the FRB prior to declaring a dividend. Our ability to pay dividends, service our debt obligations and repurchase our common stock is dependent primarily upon receipt of dividend payments from Astoria Bank. Our primary banking regulator, the Office of the Comptroller of the Currency, or OCC, regulates all capital distributions by Astoria Bank directly or indirectly to us, including dividend payments. Astoria Bank must file an application to receive approval from the OCC for a proposed capital distribution if it does not qualify for expedited treatment under the OCC rules and regulations or if the total amount of all capital distributions (including each proposed capital distribution) for the applicable calendar year exceeds net income for that year-to-date plus the retained net income for the preceding two years. During 2015 , Astoria Bank was required to file such applications, and such applications were approved by the OCC. Astoria Bank may not pay dividends to us if: (1) after paying those dividends, it would fail to meet applicable regulatory capital requirements; (2) the payment would violate any statute, regulation, regulatory agreement or condition; or (3) after making such distribution, the institution would become “undercapitalized” (as such term is used in the Federal Deposit Insurance Act). Payment of dividends by Astoria Bank also may be restricted at any time at the discretion of the OCC if it deems the payment to constitute an unsafe and unsound banking practice. Astoria Bank must also provide notice to the FRB at least 30 days prior to declaring a dividend. Astoria Bank paid dividends to Astoria Financial Corporation totaling $63.4 million during 2015 . In addition, pursuant to the terms of the Merger Agreement, we may not pay quarterly cash dividends in excess of $0.04 per share on our common stock without the consent of NYCB. NYCB has agreed not to unreasonably withhold any such consent. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lease Commitments At December 31, 2015 , we were obligated through 2035 under various non-cancelable operating leases on buildings and land used for office space and banking purposes. These operating leases contain escalation clauses which provide for increased rental expense, based primarily on increases in real estate taxes and cost-of-living indices. Rent expense under the operating leases totaled $12.9 million for the year ended December 31, 2015 , $12.5 million for the year ended December 31, 2014 and $13.5 million for the year ended December 31, 2013 . The minimum rental payments due under the terms of the non-cancelable operating leases at December 31, 2015 , which have not been reduced by minimum sublease rentals of $2.3 million due in the future under non-cancelable subleases, are summarized below. Year Amount (In Thousands) 2016 $ 12,704 2017 11,256 2018 9,924 2019 9,045 2020 8,458 2021 and thereafter 30,695 Total $ 82,082 Outstanding Commitments The following table summarizes our outstanding commitments at the dates indicated. At December 31, (In Thousands) 2015 2014 Mortgage loans: Commitments to extend credit – adjustable rate $ 227,966 $ 289,086 Commitments to extend credit – fixed rate (1) 131,641 74,157 Commitments to purchase – adjustable rate 3,339 10,334 Commitments to purchase – fixed rate 19,685 27,818 Commitments to extend credit on consumer and other loans 16,157 12,345 Unused lines of credit: Home equity and other consumer loans 79,119 101,329 Commercial and industrial loans 107,625 64,074 Commitments to sell loans 29,754 20,904 _______________________________ (1) Includes commitments to originate loans held-for-sale totaling $15.4 million at December 31, 2015 and $14.8 million at December 31, 2014 . Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. We evaluate creditworthiness on a case-by-case basis. Our maximum exposure to credit risk is represented by the contractual amount of the instruments. Assets Sold with Recourse We are obligated under various recourse provisions associated with certain first mortgage loans we sold in the secondary market. Generally the loans we sell in the secondary market are subject to recourse for fraud and adherence to underwriting or quality control guidelines. We repurchased one loan during 2015 as a result of these recourse provisions. The principal balance of loans sold in the secondary market with recourse provisions in addition to fraud and adherence to underwriting or quality control guidelines amounted to $344.2 million at December 31, 2015 and $355.0 million at December 31, 2014 . We estimate the liability for such loans sold with recourse based on an analysis of our loss experience related to similar loans sold with recourse. The carrying amount of this liability was immaterial at December 31, 2015 and 2014 . On July 31, 2014, we completed a bulk sale transaction of certain non-performing residential mortgage loans that had a carrying value of $173.7 million . On September 12, 2014, we completed a second sale transaction, with the same counterparty as the bulk sale transaction, in which we sold additional non-performing residential mortgage loans with a carrying value of $4.0 million . The loan sale agreements governing the sale transactions contained usual and customary document cure provisions and indemnification provisions protecting the purchaser from breaches of our representations, warranties and covenants. These provisions expired in 2015 without any material claims presented. Accordingly, there were no adjustments to the purchase price for such loans, repurchases or indemnification payments during 2015 and 2014. See Notes 4 and 5 for additional information regarding these loan sales. Guarantees Standby letters of credit are conditional commitments issued by us to guarantee the performance of a customer to a third party. The guarantees generally extend for a term of up to one year and are fully collateralized. For each guarantee issued, if the customer defaults on a payment or performance to the third party, we would have to perform under the guarantee. Outstanding standby letters of credit totaled $3.3 million at December 31, 2015 and $1.2 million at December 31, 2014 . The fair values of these obligations were immaterial at December 31, 2015 and 2014 . 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 on the 2010 and 2011 Notices 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 submitted briefs to the NYC Tax Appeals Tribunal and presented oral arguments on November 19, 2015. At this time, management believes it is more likely than not that we will succeed in defending against the City of New York’s appeal. Accordingly, no liability or reserve has been recognized in our consolidated statement of financial condition at December 31, 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, and by "Notice of Determination" dated August 5, 2015, or the 2015 Notice, the City of New York notified us of an alleged tax deficiency in the amount of $2.1 million , including interest and penalties, related to our 2011 through 2013 tax years. These deficiencies related to our operation of Fidata and AF Mortgage and the bases of the 2014 Notice and the 2015 Notice are substantially the same as that of the 2010 and 2011 Notices. We disagree with the assertion of the tax deficiencies, and we filed Petitions for Hearing with the City of New York on February 13, 2015 and September 9, 2015 to oppose the 2014 Notice and the 2015 Notice, respectively. By notice dated June 4, 2015, the NYC Tax Appeals Tribunal informed the parties that the proceedings relating to the 2014 Notice were adjourned pending the resolution of the proceedings with respect to the 2010 and 2011 Notices, the outcome of which may be determinative of some or all of the issues in this matter. On September 17, 2015, the NYC Tax Appeals Tribunal informed the parties that, barring the filing of an objection, the September 2015 Petition for Hearing would be consolidated with the February 2015 Petition and thus also adjourned pending resolution of the proceedings related to the 2010 and 2011 Notices. 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 and the 2015 Notice. Accordingly, no liability or reserve has been recognized in our consolidated statement of financial condition at December 31, 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 2013, 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. Merger-related Litigation Following the announcement of the execution of the Merger Agreement, six lawsuits challenging the proposed Merger were filed in the Supreme Court of the State of New York, County of Nassau. These actions are captioned: (1) Sandra E. Weiss IRA v. Chrin, et al. , Index No. 607132/2015 (filed November 4, 2015); (2) Raul v. Palleschi, et al. , Index No. 607238/2015 (filed November 6, 2015); (3) Lowinger v. Redman, et al. , Index No. 607268/2015 (filed November 9, 2015); (4) Minzer v. Astoria Fin. Corp., et al. , Index No. 607358/2015 (filed November 12, 2015); (5) MSS 12-09 Trust v. Palleschi, et al. , Index No. 607472/2015 (filed November 13, 2015); and (6) The Firemen’s Retirement System of St. Louis v. Keegan, et al. , Index No. 607612/2015 (filed November 23, 2015). On January 15, 2016, the court consolidated the New York lawsuits under the caption In re Astoria Financial Corporation Shareholders Litigation , Index No. 607132/2015, and on January 29, 2016 the lead plantiffs filed an amended consolidated complaint. In addition, a seventh lawsuit was filed challenging the proposed transaction in the Delaware Court of Chancery, captioned O’Connell v. Astoria Financial Corp., et al. , Case No. 11928 (filed January 22, 2016). The plaintiff in this case filed an amended complaint on February 17, 2016. Each of the lawsuits is a putative class action filed on behalf of the stockholders of Astoria and names as defendants Astoria, its directors and NYCB. The various complaints generally allege that the directors of Astoria breached their fiduciary duties in connection with their approval of the Merger Agreement because they failed to properly value Astoria and to take steps to maximize value to Astoria’s public stockholders, resulting in inadequate merger consideration. The complaints further allege that the directors of Astoria approved the Merger through a flawed and unfair sales process, alleging the absence of a competitive sales process and that the process was tainted by certain alleged conflicts of interest on the part of the Astoria directors regarding certain personal and financial benefits they will receive upon consummation of the proposed transaction that public stockholders of Astoria will not receive. The complaints also variously allege that the Astoria directors breached their fiduciary duties because they improperly agreed to deal protection devices that allegedly preclude other bidders from making a successful competing offer for Astoria, including a no solicitation provision that allegedly prevents other buyers from participating in discussions which may lead to a superior proposal, a matching rights provision that allows NYCB to match any competing proposal in the event one is made and a provision that requires Astoria to pay NYCB a termination fee of $69.5 million under certain circumstances. In addition, the lawsuit filed in Delaware also alleges that Astoria’s directors breached their fiduciary duties by causing a false and materially misleading Form S-4 Registration Statement to be filed with the SEC. Each of the complaints further alleges that NYCB aided and abetted the alleged fiduciary breaches by the Astoria directors. Each of the actions seek, among other things, an order enjoining completion of the proposed Merger and an award of costs and attorneys’ fees. Certain of the actions also seek compensatory damages arising from the alleged breaches of fiduciary duty. The defendants believe these actions are without merit. Accordingly, no liability or reserve has been recognized in our consolidated statement of financial condition at December 31, 2015 with respect to these matters. Other potential plaintiffs may also file additional lawsuits challenging the proposed Merger. The outcome of the pending and any additional future litigation is uncertain. If the cases are not resolved, these lawsuits could result in substantial costs to Astoria, including any costs associated with the indemnification of Astoria’s directors and officers. No assurance can be given at this time that the litigation against us will be resolved in our favor, that this litigation will not be costly to defend, that this litigation will not have an impact on our financial condition or results of operations or that, ultimately, any such impact will not be material. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table summarizes income tax expense for the years indicated. For the Year Ended December 31, (In Thousands) 2015 2014 2013 Current: Federal $ 30,410 $ 17,435 $ 24,524 State and local 2,075 4,033 3,722 Total current 32,485 21,468 28,246 Deferred: Federal 13,573 27,452 9,496 State and local (16,259 ) (22,641 ) 7 Total deferred (2,686 ) 4,811 9,503 Total income tax expense $ 29,799 $ 26,279 $ 37,749 The following is a reconciliation of income tax expense computed by applying the federal income tax rate to income before income tax expense to income tax expense included in the consolidated statements of income for the years indicated. For the Year Ended December 31, (In Thousands) 2015 2014 2013 Expected income tax expense at statutory federal rate $ 41,256 $ 42,768 $ 36,520 State and local taxes, net of federal tax effect (9,220 ) (12,096 ) 2,424 Tax exempt income (principally on BOLI) (3,107 ) (2,970 ) (2,945 ) Non-deductible ESOP compensation — — 2,613 Low income housing tax credit (1,036 ) (1,676 ) (1,676 ) Other, net 1,906 253 813 Total income tax expense $ 29,799 $ 26,279 $ 37,749 The following table summarizes the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at the dates indicated. At December 31, (In Thousands) 2015 2014 Deferred tax assets: Allowances for losses $ 41,924 $ 48,243 Compensation and benefits (principally pension and other postretirement benefit plans) 40,072 45,849 Mortgage loans (principally deferred loan origination costs) 2,548 981 Net unrealized loss on securities available-for-sale 194 — State and local net operating loss carryforwards 16,341 16,122 Other deductible temporary differences 4,568 4,540 Total gross deferred tax assets 105,647 115,735 Less valuation allowance — (7,220 ) Deferred tax assets, net of valuation allowance 105,647 108,515 Deferred tax liabilities: Premises and equipment (3,665 ) (3,102 ) Net unrealized gain on securities available-for-sale — (1,035 ) MSR (438 ) (910 ) Total gross deferred tax liabilities (4,103 ) (5,047 ) Net deferred tax assets (included in other assets) $ 101,544 $ 103,468 We believe that our historical and future results of operations, and tax planning strategies which could be employed, will more likely than not generate sufficient taxable income to enable us to realize our net deferred tax assets. NYS income tax legislation, or the 2014 NYS legislation, was enacted on March 31, 2014 in connection with the approval of the NYS 2014-2015 budget. Portions of the new legislation result in significant changes in the calculation of income taxes imposed on banks and thrifts operating in NYS, including changes to (1) future period NYS tax rates, (2) rules related to sourcing of revenue for NYS tax purposes and (3) the NYS taxation of entities within one corporate structure, among other provisions. In recent years, we have been subject to taxation in NYS under an alternative taxation method based on assets. Deferred tax items related to net operating loss carryforwards and temporary differences could not be utilized under the alternative taxation method and were not anticipated to become utilizable in the future. As such, no deferred tax assets were previously established for these items. The new legislation, among other things, removed that alternative method. Further, the new law (1) resulted in an increase in our tax expense beginning in 2015 and (2) caused us to recognize temporary differences and net operating loss carryforward benefits in 2014 which we were unable to recognize previously. The impact of the 2014 changes in the NYS income tax legislation, including the effects of a 2014 fourth quarter resolution of an income tax matter with NYS, was an increase in our net deferred tax asset in the statement of financial condition with a corresponding reduction in income tax expense of $15.7 million in 2014. As was the case with NYS, for New York City we had been subject to income taxes on an alternative method based on assets through December 31, 2014 which similarly precluded recognition of deferred tax items. As such, we established a full valuation allowance and no deferred tax assets were recognized for New York City purposes at December 31, 2014. On April 13, 2015, a package of additional NYS legislation, or the 2015 NYS legislation, was signed into law that, among other things, largely conformed New York City banking income tax laws to the 2014 NYS legislation. The 2015 NYS 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. The impacts of the legislation resulted in the reversal of our valuation allowance and an increase in our net deferred tax asset in the statement of financial condition with a corresponding reduction in income tax expense of $11.4 million in the second quarter of 2015. At December 31, 2015, we have available a NYS net operating loss carryforward of $202.3 million which expires in 2035. Utilization of this net operating loss carryforward, and the ability to carryover any remaining unused amount to subsequent years, is subject to certain limitations as well as elections that may be made by us. In addition, we have available New York City net operating loss carryforwards of $74.7 million , which expire in various years from 2026 through 2034. We file income tax returns in the United States federal jurisdiction and in NYS and New York City jurisdictions, as well as various other state jurisdictions in which we do business. With few exceptions, we are no longer subject to federal, state and local income tax examinations by tax authorities for years prior to 2013. The following is a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits for the years indicated. The amounts have not been reduced by the federal deferred tax effects of unrecognized state tax benefits. For the Year Ended December 31, (In Thousands) 2015 2014 2013 Unrecognized tax benefits at beginning of year $ 2,155 $ 4,009 $ 3,428 Additions as a result of a tax position taken during the current period 830 675 600 Reductions as a result of tax positions taken during a prior period — — (19 ) Reductions relating to settlement with taxing authorities (1,500 ) (2,529 ) — Unrecognized tax benefits at end of year $ 1,485 $ 2,155 $ 4,009 If realized, all of our unrecognized tax benefits at December 31, 2015 would affect our effective income tax rate. After the related federal tax effects, realization of those benefits would reduce income tax expense by $973,000 . In addition to the above unrecognized tax benefits, we have accrued liabilities for interest and penalties related to uncertain tax positions totaling $437,000 at December 31, 2015 , $469,000 at December 31, 2014 and $1.1 million at December 31, 2013 . We accrued interest and penalties on uncertain tax positions as an element of our income tax expense, net of the related federal tax effects, totaling $194,000 during the year ended December 31, 2015 , $247,000 during the year ended December 31, 2014 and $224,000 during the year ended December 31, 2013 . Realization of all of our unrecognized tax benefits would result in a further reduction in income tax expense of $329,000 for the reversal of accrued interest and penalties, net of the related federal tax effects. Astoria Bank’s retained earnings at December 31, 2015 and 2014 includes base-year bad debt reserves, created for tax purposes prior to 1988, totaling $165.8 million . A related deferred federal income tax liability of $58.0 million has not been recognized. Base-year reserves are subject to recapture in the unlikely event that Astoria Bank (1) makes distributions in excess of current and accumulated earnings and profits, as calculated for federal income tax purposes, (2) redeems its stock, or (3) liquidates. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The following table is a reconciliation of basic and diluted EPS for the years indicated. For the Year Ended December 31, (In Thousands, Except Share Data) 2015 2014 2013 Net income $ 88,075 $ 95,916 $ 66,593 Preferred stock dividends (8,775 ) (8,775 ) (7,214 ) Net income available to common shareholders 79,300 87,141 59,379 Income allocated to participating securities (726 ) (973 ) (720 ) Net income allocated to common shareholders $ 78,574 $ 86,168 $ 58,659 Basic weighted average common shares outstanding 99,612,473 98,384,443 97,121,497 Dilutive effect of stock options and restricted stock units (1) (2) 357,365 — — Diluted weighted average common shares outstanding 99,969,838 98,384,443 97,121,497 Basic EPS $ 0.79 $ 0.88 $ 0.60 Diluted EPS $ 0.79 $ 0.88 $ 0.60 (1) Excludes options to purchase 14,167 shares of common stock which were outstanding during the year ended December 31, 2015 ; options to purchase 962,783 shares of common stock which were outstanding during the year ended December 31, 2014 ; and options to purchase 2,096,708 shares of common stock which were outstanding during the year ended December 31, 2013 because their inclusion would be anti-dilutive. (2) Excludes 644,319 unvested restricted stock units which were outstanding during the year ended December 31, 2015 ; 758,792 unvested restricted stock units which were outstanding during the year ended December 31, 2014 ; and 387,791 unvested restricted stock units outstanding during the year ended December 31, 2013 because their inclusion would be anti-dilutive. |
Other Comprehensive Income_Loss
Other Comprehensive Income/Loss | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2015 and 2014 . (In Thousands) At Other Comprehensive Income (Loss) At Net unrealized gain (loss) on securities available-for-sale $ 4,686 $ (1,859 ) $ 2,827 Net actuarial loss on pension plans and other postretirement benefits (67,476 ) 9,080 (58,396 ) Prior service cost on pension plans and other postretirement benefits (3,161 ) 113 (3,048 ) Accumulated other comprehensive loss $ (65,951 ) $ 7,334 $ (58,617 ) (In Thousands) At Other Comprehensive Income (Loss) At Net unrealized (loss) gain on securities available-for-sale $ (4,366 ) $ 9,052 $ 4,686 Net actuarial loss on pension plans and other postretirement benefits (30,600 ) (36,876 ) (67,476 ) Prior service cost on pension plans and other postretirement benefits (3,284 ) 123 (3,161 ) Accumulated other comprehensive loss $ (38,250 ) $ (27,701 ) $ (65,951 ) The following table sets forth the components of other comprehensive income/loss for the years indicated. (In Thousands) Before Tax Amount Tax (Expense) Benefit After Tax Amount For the Year Ended December 31, 2015 Net unrealized loss on securities available-for-sale: Net unrealized holding loss on securities arising during the year $ (3,048 ) $ 1,232 $ (1,816 ) Reclassification adjustment for gain on sales of securities included in net income (72 ) 29 (43 ) Net unrealized loss on securities available-for-sale (3,120 ) 1,261 (1,859 ) Net actuarial loss adjustment on pension plans and other postretirement benefits: Net actuarial loss adjustment arising during the year 12,265 (4,956 ) 7,309 Reclassification adjustment for net actuarial loss included in net income 2,973 (1,202 ) 1,771 Net actuarial loss adjustment on pension plans and other postretirement benefits 15,238 (6,158 ) 9,080 Reclassification adjustment for prior service cost on pension plans and other post retirement benefits included in net income 190 (77 ) 113 Other comprehensive income $ 12,308 $ (4,974 ) $ 7,334 For the Year Ended December 31, 2014 Net unrealized gain on securities available-for-sale: Net unrealized holding gain on securities arising during the year $ 14,134 $ (4,991 ) $ 9,143 Reclassification adjustment for gain on sales of securities included in net income (141 ) 50 (91 ) Net unrealized gain on securities available-for-sale 13,993 (4,941 ) 9,052 Net actuarial loss adjustment on pension plans and other postretirement benefits: Net actuarial loss adjustment arising during the year (60,583 ) 23,116 (37,467 ) Reclassification adjustment for net actuarial loss included in net income 913 (322 ) 591 Net actuarial loss adjustment on pension plans and other postretirement benefits (59,670 ) 22,794 (36,876 ) Reclassification adjustment for prior service cost on pension plans and other post retirement benefits included in net income 190 (67 ) 123 Other comprehensive loss $ (45,487 ) $ 17,786 $ (27,701 ) For the Year Ended December 31, 2013 Net unrealized loss on securities available-for-sale: Net unrealized holding loss on securities arising during the year $ (16,202 ) $ 5,717 $ (10,485 ) Reclassification adjustment for gain on sales of securities included in net income (2,057 ) 725 (1,332 ) Net unrealized loss on securities available-for-sale (18,259 ) 6,442 (11,817 ) Net actuarial loss adjustment on pension plans and other postretirement benefits: Net actuarial loss adjustment arising during the year 68,150 (23,970 ) 44,180 Reclassification adjustment for net actuarial loss included in net income 3,610 (1,275 ) 2,335 Net actuarial loss adjustment on pension plans and other postretirement benefits 71,760 (25,245 ) 46,515 Reclassification adjustment for prior service cost on pension plans and other post retirement benefits included in net income 213 (71 ) 142 Other comprehensive income $ 53,714 $ (18,874 ) $ 34,840 The following table sets forth information about amounts reclassified from accumulated other comprehensive loss to, and the affected line items in, the consolidated statement of income for the years indicated. (In Thousands) For the Year Ended December 31, Income Statement Line Item 2015 2014 Reclassification adjustment for gain on sales of securities $ 72 $ 141 Gain on sales of securities Reclassification adjustment for net actuarial loss (1) (2,973 ) (913 ) Compensation and benefits Reclassification adjustment for prior service cost (1) (190 ) (190 ) Compensation and benefits Total reclassifications, before tax (3,091 ) (962 ) Income tax effect 1,250 339 Income tax expense Total reclassifications, net of tax $ (1,841 ) $ (623 ) Net income (1) These other comprehensive income/loss components are included in the computations of net periodic (benefit) cost for our defined benefit pension plans and other postretirement benefit plan. See Note 14 for additional details. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Benefit Plans | Benefit Plans Pension Plans and Other Postretirement Benefits The following table sets forth information regarding our defined benefit pension plans and other postretirement benefit plan at and for the periods indicated. Pension Benefits Other Postretirement Benefits At or For the Year Ended December 31, At or For the Year Ended December 31, (In Thousands) 2015 2014 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ 270,272 $ 230,361 $ 28,545 $ 18,766 Service cost — — 2,129 1,241 Interest cost 9,929 10,450 1,004 930 Actuarial (gain) loss (16,739 ) 48,633 (6,179 ) 8,371 Benefits paid (11,111 ) (19,172 ) (554 ) (763 ) Benefit obligation at end of year 252,351 270,272 24,945 28,545 Change in plan assets: Fair value of plan assets at beginning of year 187,074 189,367 — — Actual return on plan assets 3,881 11,264 — — Employer contribution 543 5,615 554 763 Benefits paid (11,111 ) (19,172 ) (554 ) (763 ) Fair value of plan assets at end of year 180,387 187,074 — — Funded status at end of year $ (71,964 ) $ (83,198 ) $ (24,945 ) $ (28,545 ) The underfunded pension benefits and other postretirement benefits at December 31, 2015 and 2014 are included in other liabilities in our consolidated statements of financial condition. We did not make a contribution to the Astoria Bank Pension Plan in 2015 and we do not expect to make a contribution in 2016 . No pension plan assets are expected to be returned to us. The following table sets forth the pre-tax components of accumulated other comprehensive loss related to pension plans and other postretirement benefits at the dates indicated. We expect that $2.7 million in net actuarial loss and $190,000 in prior service cost will be recognized as components of net periodic cost in 2016 . Pension Benefits Other Postretirement Benefits At December 31, At December 31, (In Thousands) 2015 2014 2015 2014 Net actuarial loss (gain) $ 99,078 $ 108,137 $ (5,408 ) $ 771 Prior service cost 4,760 4,950 — — Total accumulated other comprehensive loss (income) $ 103,838 $ 113,087 $ (5,408 ) $ 771 The accumulated benefit obligation for all defined benefit pension plans was $252.4 million at December 31, 2015 and $270.3 million at December 31, 2014 . Included in the tables of pension benefits are the Astoria Excess and Supplemental Benefit Plans, Astoria Directors’ Retirement Plan, the Greater New York Savings Bank, or Greater, Directors’ Retirement Plan and the Long Island Bancorp, Inc., or LIB, Directors’ Retirement Plan, which are unfunded plans. The projected benefit obligation and accumulated benefit obligation for these plans each totaled $14.4 million at December 31, 2015 and $15.1 million at December 31, 2014 . The following table presents the discount rates used to determine the benefit obligations at the dates indicated. At December 31, 2015 2014 Pension Benefit Plans: Astoria Bank Pension Plan 4.09 % 3.77 % Astoria Excess and Supplemental Benefit Plans 3.86 3.60 Astoria Directors’ Retirement Plan 3.67 3.47 Greater Directors’ Retirement Plan 3.30 3.12 LIB Directors’ Retirement Plan 0.95 0.59 Other Postretirement Benefit Plan: Astoria Bank Retiree Health Care Plan 4.25 3.89 The following table summarizes the components of net periodic (benefit) cost for the years indicated. Pension Benefits Other Postretirement Benefits For the Year Ended December 31, For the Year Ended December 31, (In Thousands) 2015 2014 2013 2015 2014 2013 Service cost $ — $ — $ — $ 2,129 $ 1,241 $ 1,578 Interest cost 9,929 10,450 9,549 1,004 930 1,279 Expected return on plan assets (14,534 ) (14,843 ) (12,754 ) — — — Recognized net actuarial loss (gain) 2,973 1,401 3,138 — (488 ) 472 Amortization of prior service cost 190 190 213 — — — Net periodic (benefit) cost $ (1,442 ) $ (2,802 ) $ 146 $ 3,133 $ 1,683 $ 3,329 The following table sets forth the assumptions used to determine the net periodic (benefit) cost for the years ended December 31, 2015 and 2014 . Discount Rate Expected Return on Plan Assets 2015 2014 2015 2014 Pension Benefit Plans: Astoria Bank Pension Plan 3.77 % 4.66 % 8.00 % 8.00 % Astoria Excess and Supplemental Benefit Plans 3.60 4.39 N/A N/A Astoria Directors’ Retirement Plan 3.47 4.23 N/A N/A Greater Directors’ Retirement Plan 3.12 3.64 N/A N/A LIB Directors’ Retirement Plan 0.59 0.50 N/A N/A Other Postretirement Benefit Plan: Astoria Bank Retiree Health Care Plan 3.89 4.80 N/A N/A To determine the expected return on plan assets, we consider the long-term historical return information on plan assets, the mix of investments that comprise plan assets and the historical returns on indices comparable to the fund classes in which the plan invests. The following table presents the assumed health care cost trend rates at the dates indicated. At December 31, 2015 2014 Health care cost trend rate assumed for the next year: Pre-age 65 7.50 % 6.70 % Post-age 65 8.00 % 9.00 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.75 % 5.00 % Year that the rate reaches the ultimate trend rate 2026 2021 Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plan. The following table presents the effects of a one-percentage point change in assumed health care cost trend rates. (In Thousands) One Percentage Point Increase One Percentage Point Decrease Effect on total service and interest cost components $ 736 $ (560 ) Effect on the postretirement benefit obligation 4,518 (3,524 ) The following table summarizes total benefits expected to be paid under our defined benefit pension plans and other postretirement benefit plan as of December 31, 2015 , which reflect expected future service as appropriate. Year Pension Benefits Other Postretirement Benefits (In Thousands) 2016 $ 15,589 $ 883 2017 13,875 932 2018 12,999 976 2019 13,501 1,043 2020 13,162 1,131 2021-2025 69,927 6,625 The Astoria Bank Pension Plan’s assets are measured at estimated fair value on a recurring basis. The Astoria Bank Pension Plan groups its assets at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are described in Note 18. Other than the Astoria Bank Pension Plan’s investment in Astoria Financial Corporation common stock, the assets are managed by Prudential Retirement Insurance and Annuity Company, or PRIAC. The following tables set forth the carrying values of the Astoria Bank Pension Plan’s assets measured at estimated fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated. Carrying Value at December 31, 2015 (In Thousands) Total Level 1 Level 2 Level 3 PRIAC Pooled Separate Accounts (1) $ 155,215 $ — $ 155,215 $ — Astoria Financial Corporation common stock 14,880 14,880 — — PRIAC Guaranteed Deposit Account 10,288 — — 10,288 Cash and cash equivalents 4 4 — — Total $ 180,387 $ 14,884 $ 155,215 $ 10,288 (1) Consists of 44% large-cap equity securities, 33% debt securities, 11% international equities, 7% small-cap equity securities and 5% mid-cap equity securities. Carrying Value at December 31, 2014 (In Thousands) Total Level 1 Level 2 Level 3 PRIAC Pooled Separate Accounts (1) $ 162,808 $ — $ 162,808 $ — Astoria Financial Corporation common stock 12,404 12,404 — — PRIAC Guaranteed Deposit Account 11,858 — — 11,858 Cash and cash equivalents 4 4 — — Total $ 187,074 $ 12,408 $ 162,808 $ 11,858 (1) Consists of 41% large-cap equity securities, 38% debt securities, 9% international equities, 7% small-cap equity securities and 5% mid-cap equity securities. The following table sets forth a summary of changes in the estimated fair value of the Astoria Bank Pension Plan’s Level 3 assets for the years indicated. For the Year Ended December 31, (In Thousands) 2015 2014 Fair value at beginning of year $ 11,858 $ 6,299 Total net (loss) gain, realized and unrealized, included in change in net assets (1) (1 ) 191 Purchases 9,000 23,925 Sales (10,569 ) (18,557 ) Fair value at end of year $ 10,288 $ 11,858 (1) Includes unrealized gain related to assets held at December 31, 2015 of $210,000 for the year ended December 31, 2015 and unrealized gain related to assets held at December 31, 2014 of $477,000 for the year ended December 31, 2014 . The following table presents information about significant unobservable inputs related to the Astoria Bank Pension Plan’s investment in Level 3 assets at the dates indicated. PRIAC Guaranteed Deposit Account Range at December 31, 2015 2014 Significant unobservable inputs: Composite market value factor 0.996 - 1.137 1.018 - 1.081 Gross guaranteed crediting rate (1) 2.85% - 3.35% 2.50% - 4.00% _______________________________ (1) Gross guaranteed crediting rates must be greater than or equal to contractual minimum crediting rate. The overall strategy of the Astoria Bank Pension Plan investment policy is to have a diverse investment portfolio that reasonably spans established risk/return levels, preserves liquidity and provides long-term investment returns equal to or greater than the actuarial assumptions. The strategy allows for a moderate risk approach in order to achieve greater long-term asset growth. The asset mix within the various insurance company pooled separate accounts and trust company trust funds can vary but should not be more than 80% in equity securities, 50% in debt securities and 25% in liquidity funds. Within equity securities, the mix is further clarified to have ranges not to exceed 10% in any one company, 30% in any one industry, 50% in funds that mirror the S&P 500, 50% in large-cap equity securities, 20% in mid-cap equity securities, 20% in small-cap equity securities and 10% in international equities. In addition, up to 15% of total plan assets may be held in Astoria Financial Corporation common stock. However, the Astoria Bank Pension Plan will not acquire Astoria Financial Corporation common stock to the extent that, immediately after the acquisition, such common stock would represent more than 10% of total plan assets. The following is a description of valuation methodologies used for the Astoria Bank Pension Plan's assets measured at estimated fair value on a recurring basis. PRIAC Pooled Separate Accounts The fair value of the Astoria Bank Pension Plan’s investments in the PRIAC Pooled Separate Accounts is based on the fair value of the underlying securities included in the pooled separate accounts which consist of equity securities and bonds. Investments in these accounts are represented by units and a per unit value. The unit values are calculated by PRIAC and fair value is reported at unit value as a practical expedient for fair value. For the underlying equity securities, PRIAC obtains closing market prices for those securities traded on a national exchange. For bonds, PRIAC obtains prices from a third party pricing service using inputs such as benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Prices are reviewed by PRIAC and are challenged if PRIAC believes the price is not reflective of fair value. There are no restrictions as to the redemption of these pooled separate accounts nor does the Astoria Bank Pension Plan have any contractual obligations to further invest in any of the individual pooled separate accounts. These investments are classified as Level 2. Astoria Financial Corporation common stock The fair value of the Astoria Bank Pension Plan’s investment in Astoria Financial Corporation common stock is obtained from a quoted market price in an active market and, as such, is classified as Level 1. PRIAC Guaranteed Deposit Account The fair value of the Astoria Bank Pension Plan’s investment in the PRIAC Guaranteed Deposit Account is calculated by PRIAC and approximates the fair value of the underlying investments by discounting expected future investment cash flows from both investment income and repayment of principal for each investment purchased directly for the general account. The discount rates assumed in the calculation reflect both the current level of market rates and spreads appropriate to the quality, average life and type of investment being valued. PRIAC calculates a contract-specific composite market value factor, which is determined by summing the product of each investment year's market value factor as of the plan year end by the particular contract's balance within the investment year and dividing the result by the contract's total investment year balance. This contract-specific market value factor is then multiplied by the contract value, which represents deposits made to the contract, plus earnings at the guaranteed crediting rates, less withdrawals and fees, to arrive at the estimated fair value. This investment is classified as Level 3. Cash and cash equivalents The fair value of the Astoria Bank Pension Plan’s cash and cash equivalents represents the amount available on demand and, as such, are classified as Level 1. Incentive Savings Plan Astoria Bank maintains the 401(k) Plan which provides for contributions by both Astoria Bank and its participating employees. Under the 401(k) Plan, which is a qualified, defined contribution pension plan, participants may contribute up to 30% of their pre-tax base salary, generally not to exceed $18,000 for the calendar year ended December 31, 2015 . Effective January 1, 2013, Astoria Bank made matching contributions equal to 50% of each employee's contributions not in excess of 6% of each employee's compensation, for a maximum contribution of 3% of a participating employee's compensation. Effective January 1, 2015, Astoria Bank makes matching contributions equal to 100% of each employee's contributions up to 3% of each employee's compensation plus 50% of each employee's contributions over 3% but not in excess of 6% of each employee's compensation for a maximum contribution of 4.5% of a participating employee's compensation. Matching contributions totaled $3.9 million for the year ended December 31, 2015 and $2.2 million for the year ended December 31, 2014 . Participants vest immediately in their own contributions and after a period of one year for Astoria Bank contributions. Employee Stock Ownership Plan Astoria Bank maintained an ESOP for its eligible employees, which was a defined contribution pension plan. To fund the purchase of the ESOP shares, the ESOP borrowed funds from us. Astoria Bank made contributions to fund debt service. The ESOP loans were prepaid in full on December 20, 2013. Shares purchased by the ESOP were held in trust for allocation among participants as the loans were repaid. As a result of the prepayment of the ESOP loans in full on December 20, 2013, the remaining 967,013 unallocated shares were released from the pledge agreement and allocated to participants as of December 31, 2013. Effective December 31, 2013 the ESOP was frozen and on April 1, 2014, the ESOP was merged into the 401(k) Plan. Compensation expense related to the ESOP totaled $11.2 million for the year ended December 31, 2013. |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plans | Stock Incentive Plans On May 21, 2014, our shareholders approved the 2014 Amended and Restated Stock Incentive Plan for Officers and Employees of Astoria Financial Corporation, or the 2014 Employee Stock Plan, which amended and restated the 2005 Re-designated, Amended and Restated Stock Incentive Plan for Officers and Employees of Astoria Financial Corporation, or the 2005 Employee Stock Plan, as of that date. The 2014 Employee Stock Plan authorized 3,250,000 shares of common stock for future grants to officers and employees on and after May 21, 2014. In addition, immediately prior to the approval of the 2014 Employee Stock Plan, there remained 507,925 shares available for future grants under the 2005 Employee Stock Plan which were carried over to the 2014 Employee Stock Plan and no further grants may be made under the 2005 Employee Stock Plan. Accordingly, under the 2014 Employee Stock Plan, a total of 3,757,925 shares of common stock were reserved for options, restricted stock, restricted stock units and/or stock appreciation right grants, of which 3,310,991 shares remain available for issuance of future grants at December 31, 2015. Employee grants generally occur annually, upon approval by our Board of Directors, on the third business day after we issue a press release announcing annual financial results for the prior year. Discretionary grants may be made to eligible employees from time to time upon approval by our Board of Directors. In the event the grantee terminates his/her employment due to death or disability, or in the event we experience a change in control, as defined and specified in the 2014 Employee Stock Plan and the 2005 Employee Stock Plan, all options and restricted common stock granted pursuant to such plans immediately vest, except for a performance-based restricted common stock award granted in 2011 which, in the event of death or disability prior to vesting, will remain outstanding subject to satisfaction of the performance and vesting conditions, unless otherwise settled. The following table summarizes employee restricted common stock grant awards by year for grant years with unvested shares outstanding at December 31, 2015 and the remaining vesting schedule. 2015 2014 2013 2012 2011 Number of shares of restricted common stock: Granted during the year 401,520 482,001 494,420 155,000 663,530 Unvested at December 31, 2015 170,390 63,427 — — 65,000 Scheduled to vest during the year ending: December 31, 2016 44,020 35,040 (2) — (2) — 65,000 (1) December 31, 2017 126,370 28,387 — — — ______________________________ (1) Shares of restricted common stock granted under a performance-based award which will vest on June 30, 2016 if the performance conditions are met. (2) In December 2015, vesting conditions were accelerated for the remaining 2013 and certain 2014 restricted common stock grant awards, totaling 200,797 shares, otherwise scheduled to vest in 2016. In addition to the restricted common stock grants detailed in the table above, performance-based restricted stock units were granted to select officers under the 2014 Employee Stock Plan during the year ended December 31, 2015 and under the 2005 Employee Stock Plan during the years ended December 31, 2014 and 2013. Each restricted stock unit granted represents a right to receive one share of our common stock in the future, subject to meeting certain criteria. The restricted stock units have specified performance objectives within a specified performance measurement period and no voting or dividend rights prior to vesting and delivery of shares. Shares will be issued on the vest date at a specified percentage of units granted, ranging from 0% to 125% , based on actual performance of the Company during the performance measurement period, as defined by the grant. 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 the grantee's employment terminates during the period on or after the end of the performance measurement period through the vest date due to death, disability, retirement or a change in control, the grantee will remain entitled to the shares otherwise earned. The following table summarizes restricted stock units awarded by year for grant years with unvested units outstanding at December 31, 2015. 2015 2014 2013 Number of shares of restricted stock units: Granted during the year 409,800 395,900 432,300 Unvested at December 31, 2015 400,600 350,900 — (1) Vest date February 1, 2018 February 1, 2017 February 1, 2016 Performance measurement period: Fiscal year ended December 31, 2017 December 31, 2016 December 31, 2015 ______________________________ (1) In December 2015 vesting conditions for the remaining 366,400 shares of the 2013 restricted stock units granted were deemed to have been achieved. Under the Astoria Financial Corporation 2007 Non-Employee Directors Stock Plan, as amended, or the 2007 Director Stock Plan, 240,080 shares of common stock were reserved for restricted stock grants, of which 28,232 shares of restricted common stock were granted in 2015 and 49,633 shares remain available at December 31, 2015 for issuance of future grants. Annual awards and discretionary grants, as such terms are defined in the plan, are authorized under the 2007 Director Stock Plan. Annual awards to non-employee directors occur on the third business day after we issue a press release announcing annual financial results for the prior year. Discretionary grants may be made to eligible directors from time to time as consideration for services rendered or promised to be rendered. Such grants are made on such terms and conditions as determined by a committee of independent directors. Under the 2007 Director Stock Plan, restricted common stock granted vests approximately three years after the grant date, although awards immediately vest upon death, disability, mandatory retirement, involuntary termination or a change in control, as such terms are defined in the plan. Shares awarded will be forfeited in the event a recipient ceases to be a director prior to the vest date for any reason other than death, disability, mandatory retirement, involuntary termination or a change in control, as defined in the plan. The following table summarizes restricted common stock and performance-based restricted stock unit activity in our stock incentive plans for the year ended December 31, 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 beginning of year 752,701 $ 11.90 776,500 $ 10.66 Granted 429,752 13.05 409,800 12.64 Vested (741,690 ) (1) (12.18 ) (366,400 ) (2) (9.22 ) Forfeited (65,946 ) (11.77 ) (68,400 ) (11.03 ) Unvested at end of year 374,817 12.68 751,500 12.41 (1) Includes 200,797 shares originally scheduled to vest at various times during 2016 that had a compensation expense of $2.4 million . (2) Shares originally scheduled to vest in February 2016. The aggregate fair value on the vest date of restricted common stock awards which vested totaled $11.7 million during the year ended December 31, 2015 , $6.6 million during the year ended December 31, 2014 and $9.6 million during the year ended December 31, 2013 . The weighted average grant date fair value of restricted common stock was $13.05 per share during the year ended December 31, 2015 , $12.58 per share during the year ended December 31, 2014 and $9.70 per share during the year ended December 31, 2013 . Options outstanding at December 31, 2015 , granted under plans other than the 2014 Employee Stock Plan, 2005 Employee Stock Plan and 2007 Director Stock Plan, have a maximum term of ten years and were granted in tandem with limited stock appreciation rights exercisable only in the event we experience a change in control, as defined by the plans. Common shares are issued from treasury stock upon the exercise of stock options. No options were exercised during the years ended December 31, 2015 , 2014 and 2013 . We have an adequate number of shares available in treasury stock for future stock option exercises. The following table summarizes option activity in our stock incentive plans for the year ended December 31, 2015 . Number of Options Weighted Average Exercise Price Outstanding at beginning of year 36,000 $ 28.58 Expired (24,000 ) (27.99 ) Outstanding and exercisable at end of year 12,000 29.76 At December 31, 2015 , options outstanding and exercisable had no intrinsic value and a weighted average remaining contractual term of approximately 7 months . Stock-based compensation expense totaled $6.8 million , net of taxes of $4.6 million , for the year ended December 31, 2015 , $5.6 million , net of taxes of $3.1 million , for the year ended December 31, 2014 and $4.5 million , net of taxes of $2.5 million , for the year ended December 31, 2013 . At December 31, 2015 , pre-tax compensation cost related to all unvested awards of restricted common stock and restricted stock units not yet recognized totaled $6.3 million and will be recognized over a weighted average period of approximately 1.8 years which excludes $4.5 million of pre-tax compensation cost related to 65,000 shares of performance-based restricted common stock granted in 2011 and 288,025 performance-based restricted stock units granted in 2014 and 2015, 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 Limit Partnerships | 12 Months Ended |
Dec. 31, 2015 | |
Federal Home Loan Banks [Abstract] | |
Investments in Affordable Housing Limit 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 $17.2 million at December 31, 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 $12.9 million at December 31, 2015 and $15.0 million at December 31, 2014 . Funding installments are due on an "as needed" basis, currently projected over the next three 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 $1.1 million for the year ended December 31, 2015 , $1.5 million for the year ended December 31, 2014 and $1.5 million for the year ended December 31, 2013 . Affordable housing tax credits and other tax benefits recognized as a component of income tax expense in the consolidated statements of income totaled $1.4 million for the year ended December 31, 2015 , $2.2 million for the year ended December 31, 2014 and $2.2 million for the year ended December 31, 2013 . |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 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 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. 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 began to be phased in incrementally starting at 0.625% on January 1, 2016 and will increase 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 December 31, 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 December 31, 2015. At December 31, 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 $ 1,521,367 10.21 % $ 596,022 4.00 % $ 745,027 5.00 % Common equity tier 1 risk-based 1,401,376 16.00 394,092 4.50 569,244 6.50 Tier 1 risk-based 1,521,367 17.37 525,456 6.00 700,608 8.00 Total risk-based 1,620,612 18.51 700,608 8.00 875,760 10.00 Astoria Bank: Tier 1 leverage $ 1,670,312 11.29 % $ 591,787 4.00 % $ 739,734 5.00 % Common equity tier 1 risk-based 1,670,312 19.12 393,153 4.50 567,888 6.50 Tier 1 risk-based 1,670,312 19.12 524,204 6.00 698,939 8.00 Total risk-based 1,769,557 20.25 698,939 8.00 873,674 10.00 At December 31, 2014 Astoria Bank was in compliance with all regulatory capital requirements then in effect. The following table sets forth information regarding the regulatory capital requirements applicable to Astoria Bank at December 31, 2014 . At December 31, 2014 Actual Minimum Capital Requirements To be Well Capitalized Under Prompt Corrective Action Provisions (Dollars in Thousands) Amount Ratio Amount Ratio Amount Ratio Tangible $ 1,632,390 10.62 % $ 230,633 1.50 % N/A N/A Tier 1 leverage 1,632,390 10.62 615,022 4.00 $ 768,777 5.00 % Tier 1 risk-based 1,632,390 17.55 372,118 4.00 558,177 6.00 Total risk-based 1,744,905 18.76 744,236 8.00 930,295 10.00 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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 December 31, 2015 (In Thousands) Total Level 1 Level 2 Securities available-for-sale: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 330,539 $ — $ 330,539 Non-GSE issuance REMICs and CMOs 3,054 — 3,054 GSE pass-through certificates 11,264 — 11,264 Obligations of GSEs 71,939 — 71,939 Fannie Mae stock 2 2 — Total securities available-for-sale $ 416,798 $ 2 $ 416,796 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 estimated fair value on a recurring basis. Residential mortgage-backed securities Residential mortgage-backed securities comprised 83% of our securities available-for-sale portfolio at December 31, 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 options based 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 December 31, 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 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 17% of our securities available-for-sale portfolio at December 31, 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 and integrates relative credit information, observed market movements and sector news into their pricing applications and models. Spread scales, representing credit risk, are created and are based on the new issue market, secondary trading and dealer quotes. Option adjusted spread, or OAS, models are incorporated to adjust spreads of issues that have early redemption features. Based upon our review of the prices provided by our pricing service, the estimated fair values incorporate observable market inputs commonly used by buyers and sellers of these types of securities at the measurement date in orderly transactions between market participants, and, as such, are classified as Level 2. Fannie Mae stock The fair value of the Fannie Mae stock in our available-for-sale securities portfolio is obtained from quoted market prices for identical instruments in active markets and, as such, is classified as Level 1. Non-Recurring Fair Value Measurements From time to time, we may be required to record at fair value assets or liabilities on a non-recurring basis, such as MSR, loans receivable, certain loans held-for-sale and REO. These non-recurring fair value adjustments involve the application of lower of cost or market accounting or impairment write-downs of individual assets. The following table sets forth the carrying values of those of our assets which were measured at fair value on a non-recurring basis at the dates indicated. The fair value measurements for all of these assets fall within Level 3 of the fair value hierarchy. Carrying Value at December 31, (In Thousands) 2015 2014 Non-performing loans held-for-sale, net $ 1,582 $ 153 Impaired loans 134,910 140,663 MSR, net 11,014 11,401 REO, net 16,307 19,375 Total $ 163,813 $ 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 years indicated. For the Year Ended December 31, (In Thousands) 2015 2014 2013 Non-performing loans held-for-sale, net (1) $ (445 ) $ — $ (520 ) Impaired loans (2) (4,284 ) (6,311 ) (21,992 ) MSR, net (3) 568 60 5,401 REO, net (4) (824 ) (1,654 ) (3,788 ) Total $ (4,985 ) $ (7,905 ) $ (20,899 ) (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 upon the transfer of a loan to REO. Losses subsequent to the transfer of a loan to REO are charged to REO expense which is a component of other non-interest expense. The following is a description of valuation methodologies used for assets measured at fair value on a non-recurring basis. Loans-held-for-sale, net (non-performing loans held-for-sale) Fair values of non-performing loans held-for-sale are estimated through either preliminary bids from potential purchasers of the loans or the estimated fair value of the underlying collateral discounted for factors necessary to solicit acceptable bids, and adjusted as necessary based on management’s experience with sales of similar types of loans and, as such, are classified as Level 3. At December 31, 2015 , non-performing loans held for sale were comprised of 80% multi-family mortgage loans and 20% residential mortgage loans. At December 31, 2014 , we held-for-sale one non-performing multi-family mortgage loan. Loans receivable, net (impaired loans) Impaired loans were comprised of 81% residential mortgage loans, 17% multi-family and commercial real estate mortgage loans and 2% home equity lines of credit at December 31, 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 80% residential mortgage loans, 19% multi-family and commercial real estate mortgage loans and 1% home equity lines of credit at December 31, 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. Adjustments to final appraised values obtained from independent third party appraisers and automated valuation models are not made. The fair values of impaired loans cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the loan and, as such, are classified as Level 3. MSR, net MSR are carried at the lower of cost or estimated fair value. The estimated fair value of MSR is obtained through independent third party valuations through an analysis of future cash flows, incorporating estimates of assumptions market participants would use in determining fair value including market discount rates, prepayment speeds, servicing income, servicing costs, default rates and other market driven data, including the market’s perception of future interest rate movements and, as such, are classified as Level 3. At December 31, 2015 , our MSR were valued based on expected future cash flows considering a weighted average discount rate of 9.97% , a weighted average constant prepayment rate on mortgages of 10.47% and a weighted average life of 6.1 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. The fair value of MSR is highly sensitive to changes in assumptions. Changes in prepayment speed assumptions generally have the most significant impact on the fair value of our MSR. Generally, as interest rates decline, mortgage loan prepayments accelerate due to increased refinance activity, which results in a decrease in the fair value of MSR. As interest rates rise, mortgage loan prepayments slow down, which results in an increase in the fair value of MSR. Thus, any measurement of the fair value of our MSR is limited by the conditions existing and the assumptions utilized as of a particular point in time, and those assumptions may not be appropriate if they are applied at a different point in time. REO, net At December 31, 2015 , REO totaled $19.8 million , including residential properties with a carrying value of $17.8 million . At December 31, 2014 , REO totaled $35.7 million , including residential properties with a carrying value of $33.7 million . REO is 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 December 31, 2015 Carrying Value Estimated Fair Value (In Thousands) Total Level 2 Level 3 Financial Assets: Securities held-to-maturity $ 2,296,799 $ 2,286,092 $ 2,286,092 $ — FHLB-NY stock 131,137 131,137 131,137 — Loans held-for-sale, net (1) 8,960 9,037 — 9,037 Loans receivable, net (1) 11,055,081 11,112,709 — 11,112,709 MSR, net (1) 11,014 11,017 — 11,017 Financial Liabilities: Deposits 9,106,027 9,123,740 9,123,740 — Borrowings, net 3,964,222 4,132,940 4,132,940 — 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. 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 NOW and demand deposit (checking), money market and savings 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 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. |
Condensed Parent Company Only F
Condensed Parent Company Only Financial Statements | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Parent Company Only Financial Statements | Condensed Parent Company Only Financial Statements The following condensed parent company only financial statements reflect our investments in our wholly-owned consolidated subsidiaries, Astoria Bank and AF Insurance Agency, Inc., using the equity method of accounting. Astoria Financial Corporation - Condensed Statements of Financial Condition At December 31, (In Thousands) 2015 2014 Assets: Cash $ 102,338 $ 75,199 Other assets 760 711 Investment in Astoria Bank 1,812,393 1,755,078 Investment in AF Insurance Agency, Inc. 952 1,134 Total assets $ 1,916,443 $ 1,832,122 Liabilities and stockholders’ equity: Other borrowings, net $ 249,222 $ 248,691 Other liabilities 3,773 3,361 Stockholders’ equity 1,663,448 1,580,070 Total liabilities and stockholders’ equity $ 1,916,443 $ 1,832,122 Astoria Financial Corporation - Condensed Statements of Income For the Year Ended December 31, (In Thousands) 2015 2014 2013 Interest income: ESOP loans receivable $ — $ — $ 344 Total interest income — — 344 Interest expense on borrowings 13,031 13,031 17,398 Net interest expense 13,031 13,031 17,054 Cash dividends from subsidiaries 64,524 40,620 45,150 Non-interest expense: Compensation and benefits 2,820 2,925 3,261 Extinguishment of debt — — 4,266 Other 4,927 3,262 3,148 Total non-interest expense 7,747 6,187 10,675 Income before income taxes and equity in undistributed earnings of subsidiaries 43,746 21,402 17,421 Income tax benefit 8,056 6,662 9,644 Income before equity in undistributed earnings of subsidiaries 51,802 28,064 27,065 Equity in undistributed earnings of subsidiaries 36,273 67,852 39,528 Net income 88,075 95,916 66,593 Preferred stock dividends 8,775 8,775 7,214 Net income available to common shareholders $ 79,300 $ 87,141 $ 59,379 Astoria Financial Corporation - Condensed Statements of Cash Flows For the Year Ended December 31, (In Thousands) 2015 2014 2013 Cash flows from operating activities: Net income $ 88,075 $ 95,916 $ 66,593 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (36,273 ) (67,852 ) (39,528 ) Amortization of deferred costs 531 531 531 Increase in other assets, net of other liabilities and amounts due to subsidiaries (1,752 ) (484 ) (998 ) Net cash provided by operating activities 50,581 28,111 26,598 Cash flows from investing activities: Principal payments on ESOP loans receivable — — 5,908 Redemption of Astoria Capital Trust I common securities — — 3,866 Net cash provided by investing activities — — 9,774 Cash flows from financing activities: Repayment of borrowings with original terms greater than three months — — (128,866 ) Proceeds from issuance of common and preferred stock 6,168 8,121 135,000 Common stock repurchases (6,869 ) — — Cash payments for preferred stock issuance costs — — (5,204 ) Cash dividends paid to stockholders (24,856 ) (24,643 ) (20,688 ) Net tax benefit excess (shortfall) from stock-based compensation 2,115 192 (800 ) Net cash used in financing activities (23,442 ) (16,330 ) (20,558 ) Net increase in cash and cash equivalents 27,139 11,781 15,814 Cash and cash equivalents at beginning of year 75,199 63,418 47,604 Cash and cash equivalents at end of year $ 102,338 $ 75,199 $ 63,418 Supplemental disclosure: Cash paid during the year for interest $ 12,500 $ 12,500 $ 18,898 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The following significant accounting and reporting policies of Astoria Financial Corporation and subsidiaries conform to U.S. generally accepted accounting principles, or GAAP, and are used in preparing and presenting these consolidated financial statements. |
Consolidation | The accompanying consolidated financial statements include the accounts of Astoria Financial Corporation and its wholly-owned subsidiaries: Astoria Bank and its subsidiaries, referred to as Astoria Bank, and AF Insurance Agency, Inc. AF Insurance Agency, Inc. is a licensed life insurance agency which, through contractual agreements with various third parties, makes insurance products available primarily to the customers of Astoria Bank. As used in this annual report, "Astoria," “we,” “us” and “our” refer to Astoria Financial Corporation and its consolidated subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. In addition to Astoria Bank and AF Insurance Agency, Inc., we had another subsidiary, Astoria Capital Trust I, which was not consolidated with Astoria Financial Corporation for financial reporting purposes. On May 14, 2013, we filed a Certificate of Cancellation of Certificate of Trust of Astoria Capital Trust I with the Delaware Secretary of State. See Note 8 for further discussion of Astoria Capital Trust I. |
Use Of Estimates | The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues, expenses and other comprehensive income/loss during the reporting periods. The estimate of our allowance for loan losses, the valuation of mortgage servicing rights, or MSR, judgments regarding goodwill and securities impairment and the estimates related to our income taxes and pension plans and other postretirement benefits are particularly critical because they are important to the presentation of our financial condition and results of operations, involve a higher degree of complexity and require management to make difficult and subjective judgments which often require assumptions and estimates about highly uncertain matters. Actual results may differ from our assumptions, estimates and judgments. |
Reclassifications | Certain reclassifications have been made to prior year amounts to conform to the current year presentation. |
Cash and Cash Equivalents | For the purpose of reporting cash flows, cash and cash equivalents include cash and due from banks and repurchase agreements with original maturities of three months or less. We may purchase securities under agreements to resell (repurchase agreements). These agreements represent short-term loans and are reflected as an asset in the consolidated statements of financial condition. There were no repurchase agreements outstanding at December 31, 2015 and 2014 . Astoria Bank is required by the Federal Reserve System to maintain cash reserves equal to a percentage of certain deposits. The reserve requirement totaled $45.8 million at December 31, 2015 and $42.2 million at December 31, 2014 . |
Securities | Securities are classified as held-to-maturity, available-for-sale or trading. Management determines the appropriate classification of securities at the time of acquisition. Our securities available-for-sale portfolio is carried at estimated fair value on a recurring basis, with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income/(loss) in stockholders’ equity. Debt securities which we have the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Premiums and discounts are recognized as adjustments to interest income using the interest method over the remaining period to contractual maturity, adjusted for prepayments. Gains and losses on the sale of all securities are determined using the specific identification method and are reflected in earnings when realized. For the years ended December 31, 2015 , 2014 and 2013 , we did not maintain a trading securities portfolio. We conduct a periodic review and evaluation of the securities portfolio to determine if a decline in the fair value of any security below its cost basis is other-than-temporary. Our evaluation of other-than-temporary impairment, or OTTI, considers the duration and severity of the impairment, our assessments of the reason for the decline in value, the likelihood of a near-term recovery and our intent and ability to hold the securities. If such decline is deemed other-than-temporary, the security is written down to a new cost basis and the resulting loss is charged to earnings as a component of non-interest income, except for the amount of the total OTTI for a debt security that does not represent credit losses which is recognized in other comprehensive income/loss, net of applicable taxes. |
Federal Home Loan Bank of New York Stock | As a member of the Federal Home Loan Bank of New York, or FHLB-NY, we are required to acquire and hold shares of the FHLB-NY Class B stock. Our holding requirement varies based on our activities, primarily our outstanding borrowings, with the FHLB-NY. Our investment in FHLB-NY stock is carried at cost. We conduct a periodic review and evaluation of our FHLB-NY stock to determine if any impairment exists. |
Loans Held-for-Sale | Loans held-for-sale, net, includes 15 and 30 year fixed rate one-to-four family, or residential, mortgage loans originated for sale that conform to government-sponsored enterprise, or GSE, guidelines (conforming loans), as well as certain delinquent and non-performing mortgage loans. Generally, we originate 15 and 30 year conforming fixed rate residential mortgage loans for sale to various GSEs or other investors on a servicing released or retained basis. The sale of such loans is generally arranged through a master commitment on a mandatory delivery or best efforts basis. Loans held-for-sale are carried at the lower of cost or estimated fair value. Net unrealized losses, if any, are recognized in a valuation allowance through charges to earnings. Premiums and discounts and origination fees and costs on loans held-for-sale are deferred and recognized as a component of the gain or loss on sale. Gains and losses on sales of loans held-for-sale are included in mortgage banking income, net, recognized on settlement dates and are determined by the difference between the sale proceeds and the carrying value of the loans. These transactions are accounted for as sales based on our satisfaction of the criteria for such accounting which provide that, as transferor, we have surrendered control over the loans. Upon our decision to sell certain delinquent and non-performing mortgage loans held in portfolio, we transfer them to held-for-sale at the lower of cost or fair value, less estimated selling costs. Reductions in carrying values are reflected as a write-down of the recorded investment in the loans resulting in a new cost basis, with credit-related losses charged to the allowance for loan losses. Such loans are assessed for impairment based on fair value at each reporting date. Lower of cost or market write-downs, if any, are recognized in a valuation allowance through charges to earnings. Increases in the fair value of non-performing loans held-for-sale are recognized only up to the amount of the previously recognized valuation allowances. Lower of cost or market write-downs and recoveries are included in other non-interest income along with gains and losses recognized on sales of such loans. Our delinquent and non-performing loans are sold without recourse, except as discussed in Note 10, and we do not provide financing. |
Loans Receivable and Allowance for Loan Losses | Loans receivable are carried at the unpaid principal balances, net of unamortized premiums and discounts and deferred loan origination costs and fees, which are recognized as yield adjustments using the interest method. We amortize these amounts over the contractual life of the related loans, adjusted for prepayments. Our loans receivable represent our financing receivables. We discontinue accruing interest on loans when they become 90 days past due as to their payment due date and at the time a loan is deemed a troubled debt restructuring, or TDR. We may also discontinue accruing interest on certain other loans because of deterioration in financial or other conditions of the borrower. In addition, we reverse all previously accrued and uncollected interest through a charge to interest income. While loans are in non-accrual status, interest due is monitored and, presuming we deem the remaining recorded investment in the loan to be fully collectible, income is recognized only to the extent cash is received until a return to accrual status is warranted. In some circumstances, we may continue to accrue interest on mortgage loans past due 90 days or more, primarily as to their maturity date but not their interest due. In other cases, we may defer recognition of income until the principal balance has been recovered. We may agree, in certain instances, to modify the contractual terms of a borrower’s loan. In cases where such modifications represent a concession to a borrower experiencing financial difficulty, the modification is considered a TDR. Modifications as a result of a TDR may include, but are not limited to, interest rate modifications, payment deferrals, restructuring of payments to interest-only from amortizing and/or extensions of maturity dates. Modifications which result in insignificant payment delays and payment shortfalls are generally not classified as a TDR. Residential mortgage loans discharged in a Chapter 7 bankruptcy filing are also reported as loans modified in a TDR as relief granted by a court is also viewed as a concession to the borrower in the loan agreement. Loans modified in a TDR are individually classified as impaired loans and are initially placed on non-accrual status regardless of their delinquency status. Loans modified in a TDR remain in non-accrual status until we determine that future collection of principal and interest is reasonably assured. Where we have agreed to modify the contractual terms of a borrower’s loan, we require the borrower to demonstrate performance according to the restructured terms, generally for a period of at least six months , prior to returning the loan to accrual status. Loans modified in a TDR which have been returned to accrual status are excluded from non-performing loans but remain classified as impaired. We establish and maintain an allowance for loan losses based on our evaluation of the probable inherent losses in our loan portfolio. Loan charge-offs in the period the loans, or portions thereof, are deemed uncollectible reduce the allowance for loan losses. Recoveries of amounts previously charged-off increase the allowance for loan losses in the period they are received. The allowance is adjusted to an appropriate level through provisions for loan losses charged or credited to operations to increase or decrease the allowance based on a comprehensive analysis of our loan portfolio. We evaluate the adequacy of the allowance on a quarterly basis. The allowance is comprised of both valuation allowances related to individual loans and general valuation allowances, although the total allowance for loan losses is available for losses applicable to the entire loan portfolio. In estimating specific allocations of the allowance, we review loans deemed to be impaired and measure impairment losses based on either the fair value of the collateral, the observable market price of the loan or the present value of expected future cash flows. 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. Factors considered by management in determining impairment include the financial condition of the borrower, payment history, delinquency status, collateral value, our lien position and the probability of collecting principal and interest payments when due. When an impairment analysis indicates the need for a specific allocation of the allowance on an individual loan, such allocation would be established sufficient to cover probable incurred losses at the evaluation date based on the facts and circumstances of the loan. When available information confirms that specific loans, or portions thereof, are uncollectible, these amounts are charged-off against the allowance for loan losses. For loans individually classified as impaired, the portion of the recorded investment in the loan in excess of either the estimated fair value of the underlying collateral less estimated selling costs, for collateral dependent loans, the observable market price of the loan or the present value of the discounted cash flows of a modified loan, is generally charged-off. Estimated losses for loans that are not individually deemed to be impaired are determined on a loan pool basis using our historical loss experience and various other qualitative factors and comprise our general valuation allowances. General valuation allowances represent loss allowances that have been established to recognize the inherent risks associated with our lending activities which, unlike individual valuation allowances, have not been allocated to particular loans. The determination of the adequacy of the general valuation allowances takes into consideration a variety of factors. We segment our residential mortgage loan portfolio by interest-only and amortizing loans, full documentation and reduced documentation loans, and origination time periods, and we 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 2011. We analyze our consumer and other loan portfolio by home equity lines of credit, commercial and industrial loans and other consumer loans and perform similar historical loss analyses. In our analysis of non-performing loans, we consider our aggregate historical loss experience with respect to the ultimate disposition of the underlying collateral along with the migration of delinquent loans based on the portfolio segments noted above. These analyses and the resulting loss rates are used as an integral part of our judgment in developing estimated loss percentages to apply to the loan portfolio segments. We monitor credit risk on interest-only hybrid adjustable rate mortgage, or ARM, loans that were underwritten at the initial note rate, which may have been a discounted rate, in the same manner that we monitor credit risk on all interest-only hybrid ARM loans. We monitor interest rate reset dates of our loan portfolio, in the aggregate, and the current interest rate environment and consider the impact, if any, on borrowers’ ability to continue to make timely principal and interest payments in determining our allowance for loan losses. We also consider the size, composition, risk profile and delinquency levels of our loan portfolio, as well as our credit administration and asset management procedures. We monitor property value trends in our market areas by reference to various industry and market reports, economic releases and surveys, and our general and specific knowledge of the real estate markets in which we lend, in order to determine what impact, if any, such trends may have on the level of our general valuation allowances. In addition, we evaluate and consider the impact that current and anticipated economic and market conditions may have on the loan portfolio and known and inherent risks in the portfolio. We update our analyses quarterly and refine our evaluations as experience provides clearer guidance, our product offerings change and as economic conditions evolve. We analyze our historical loss experience over 12 , 15 , 18 and 24 month periods. The loss history used in calculating our quantitative allowance coverage percentages varies based on loan type. Also, for a particular loan type, we may not have sufficient loss history to develop a reasonable estimate of loss and in these instances we may 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 three years, as well as an estimate of the average amount of time from an event signaling the potential inability of a borrower to continue to pay as agreed to the point at which a loss is confirmed, for substantially all of the loan portfolio, with the except of multi-family and commercial real estate loans originated after 2010, for which our evaluation includes predictive 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, as well as our predictive model, quarterly and evaluate the need to modify our quantitative allowances as a result of our updated charge-off and loss analyses. We consider qualitative factors with the purpose of assessing the adequacy of the overall allowance for loan losses as well as the allocation of the allowance for loan losses by loan category. The qualitative factors we consider generally include, but are not limited to, changes in (1) lending policies and procedures, (2) economic and business conditions and developments that affect collectibility of our loan portfolio, (3) the nature and volume of our loan portfolio and in the terms of loans, (4) the experience, ability and depth of lending management and other staff, (5) the volume and severity of past due, non-accrual and adversely classified loans, (6) the quality of the loan review system, (7) the value of underlying collateral, (8) the existence or effect of any credit concentrations and (9) external factors such as competition and legal or regulatory requirements. In addition to the nine qualitative factors noted, we also review certain analytical information such as our coverage ratios and peer analysis. Allowance adequacy calculations are adjusted quarterly, based on the results of our quantitative and qualitative analyses, to reflect our current estimates of the amount of probable losses inherent in our loan portfolio. Allocations of the allowance to each loan category are adjusted quarterly to reflect probable inherent losses using the same quantitative and qualitative analyses used in connection with the overall allowance adequacy calculations. The portion of the allowance allocated to each loan category does not represent the total available to absorb losses which may occur within the loan category, since the total allowance for loan losses is available for losses applicable to the entire loan portfolio. The balance of our allowance for loan losses represents management’s best estimate of the probable inherent losses in our loan portfolio at December 31, 2015 and 2014 . Actual results could differ from our estimates as a result of changes in economic or market conditions. Changes in estimates could result in a material change in the allowance for loan losses. While we believe that the allowance for loan losses has been established and maintained at levels that reflect the risks inherent in our loan portfolio, future adjustments may be necessary if portfolio performance or economic or market conditions differ substantially from the conditions that existed at the time of the initial determinations. |
Mortgage Servicing Rights | We recognize as separate assets the rights to service mortgage loans. The right to service loans for others is generally obtained through the sale of residential mortgage loans with servicing retained. The initial asset recognized for originated MSR is measured at fair value. The fair value of MSR is estimated by reference to current market values of similar loans sold servicing released. MSR are amortized in proportion to and over the period of estimated net servicing income. We apply the amortization method for measurements of our MSR. MSR are assessed for impairment based on fair value at each reporting date. MSR impairment, if any, is recognized in a valuation allowance through charges to earnings. Increases in the fair value of impaired MSR are recognized only up to the amount of the previously recognized valuation allowance. Fees earned for servicing loans are reported as income, as a component of mortgage banking income, net, in the consolidated statements of income, when the related mortgage loan payments are collected. We assess impairment of our MSR based on the estimated fair value of those rights on a stratum-by-stratum basis with any impairment recognized through a valuation allowance for each impaired stratum. We stratify our MSR by underlying loan type (primarily fixed and adjustable) and interest rate. Individual allowances for each stratum are then adjusted in subsequent periods to reflect changes in the measurement of impairment. We outsource the servicing of our residential mortgage loan portfolio, including our portfolio of mortgage loans serviced for other investors, to an unrelated third party under a sub-servicing agreement. Fees paid under the sub-servicing agreement are reported as a component of occupancy, equipment and systems expense in the consolidated statements of income. |
Premises and Equipment | Land is carried at cost. Buildings and improvements, leasehold improvements and furniture, fixtures and equipment are carried at cost, less accumulated depreciation and amortization. Premises and equipment at cost totaled $305.0 million with accumulated depreciation and amortization totaling $195.2 million at December 31, 2015 , and totaled $315.5 million with accumulated depreciation and amortization totaling $203.9 million at December 31, 2014 . Buildings and improvements and furniture, fixtures and equipment are depreciated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the term of the related leases or the estimated useful lives of the improved property. |
Goodwill | Goodwill is presumed to have an indefinite useful life and is tested, at least annually, for impairment at the reporting unit level. If the estimated fair value of the reporting unit exceeds its carrying amount, further evaluation is not necessary. However, if the fair value of the reporting unit is less than its carrying amount, further evaluation is required to compare the implied fair value of the reporting unit’s goodwill to its carrying amount to determine if a write-down of goodwill is required. Impairment exists when the carrying amount of goodwill exceeds its implied fair value. For purposes of our goodwill impairment testing, we have identified a single reporting unit. We consider the quoted market price of our common stock on our impairment testing date as an initial indicator of estimating the fair value of our reporting unit. We also consider our average stock price, both before and after our impairment test date, as well as market-based control premiums in determining the estimated fair value of our reporting unit. In addition to our internal goodwill impairment analysis, we periodically obtain a goodwill impairment analysis from an independent third party valuation firm. The independent third party utilizes multiple valuation approaches including comparable transactions, control premium, public market peers and discounted cash flow. Management reviews the assumptions and inputs used in the third party analysis for reasonableness. At December 31, 2015 , the carrying amount of our goodwill totaled $185.2 million . As of September 30, 2015, we performed our annual goodwill impairment test internally and obtained an independent third party analysis and concluded there was no goodwill impairment. We would test our goodwill for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of our reporting unit below its carrying amount. No events have occurred and no circumstances have changed since our annual impairment test date that would more likely than not reduce the fair value of our reporting unit below its carrying amount. The identification of additional reporting units, the use of other valuation techniques or changes to the input assumptions used in our analysis or the analysis by our third party valuation firm could result in materially different evaluations of impairment. |
Bank Owned Life Insurance | Bank owned life insurance, or BOLI, is carried at the amount that could be realized under our life insurance contract as of the date of the statement of financial condition and is classified as a non-interest-earning asset. Increases in the carrying value are recorded as non-interest income and insurance proceeds received are recorded as a reduction of the carrying value. The carrying value consisted of a cash surrender value of $409.4 million and a claims stabilization reserve of $30.3 million at December 31, 2015 and a cash surrender value of $402.1 million and a claims stabilization reserve of $28.7 million at December 31, 2014 . Repayment of the claims stabilization reserve (funds transferred from the cash surrender value to provide for future death benefit payments) is guaranteed by the insurance carrier provided that certain conditions are met at the date of a contract surrender. We satisfied these conditions at December 31, 2015 and 2014 . |
Real Estate Owned | Real estate owned, or REO, represents real estate acquired through foreclosure or by deed in lieu of foreclosure and is initially recorded at estimated fair value less estimated selling costs. Thereafter, we maintain a valuation allowance, representing decreases in the properties’ estimated fair value, through charges to earnings. Such charges are included in other non-interest expense along with any additional property maintenance and protection expenses incurred in owning the property. REO totaled $19.8 million , which is net of a valuation allowance of $1.3 million , at December 31, 2015 and $35.7 million , which is net of a valuation allowance of $839,000 , at December 31, 2014 . |
Reverse Repurchase Agreements (Securities Sold Under Agreements to Repurchase) | We enter into sales of securities under agreements to repurchase with selected dealers and banks (reverse repurchase agreements). Such agreements are accounted for as secured financing transactions since we maintain effective control over the transferred securities and the transfer meets the other criteria for such accounting. Obligations to repurchase securities sold are reflected as a liability in our consolidated statements of financial condition. The securities underlying the agreements are delivered to a custodial account for the benefit of the dealer or bank with whom each transaction is executed. The dealers or banks, who may sell, loan or otherwise dispose of such securities to other parties in the normal course of their operations, agree to resell us the same securities at the maturities of the agreements. We retain the right of substitution of collateral throughout the terms of the agreements. The securities underlying the agreements are classified as encumbered securities in our consolidated statements of financial condition. |
Derivative Financial Instruments | As part of our interest rate risk management, we may utilize, from time-to-time, derivative financial instruments which are recorded as either assets or liabilities in the consolidated statements of financial condition at fair value. Changes in the fair values of derivatives are reported in our results of operations or other comprehensive income/loss depending on the use of the derivative and whether it qualifies for hedge accounting. We may enter into derivative financial instruments with no hedging designation. Changes in the fair values of these derivatives are recognized currently in our results of operations, generally in other non-interest expense. We do not use derivatives for trading purposes. |
Income Taxes | We use the asset and liability method to provide for income taxes on all transactions recorded in the consolidated financial statements. Income tax expense consists of income taxes that are currently payable and deferred income taxes. Deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory tax rates, applicable to future years, to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities and net operating loss carryforwards. We assess our deferred tax assets and establish a valuation allowance if realization of a deferred tax asset is not considered to be more likely than not. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. Certain tax benefits attributable to stock options, restricted stock and restricted stock units, including the tax benefit related to dividends paid on unvested restricted stock awards, are credited to additional paid-in-capital. We maintain a reserve related to certain tax positions and strategies that management believes contain an element of uncertainty and evaluate each of our tax positions and strategies to determine whether the reserve continues to be appropriate. Accruals of interest and penalties related to unrecognized tax benefits are recognized in income tax expense. |
Earnings Per Common Share | Basic earnings per common share, or EPS, is computed pursuant to the two-class method by dividing net income available to common shareholders less dividends paid on participating securities (unvested shares of restricted common stock) and any undistributed earnings attributable to participating securities by the weighted average common shares outstanding during the year. The weighted average common shares outstanding includes the weighted average number of shares of common stock outstanding less the weighted average number of unvested shares of restricted common stock and, through December 31, 2013, unallocated common shares held by the Employee Stock Ownership Plan, or ESOP. For EPS calculations, unallocated ESOP shares that had been committed to be released were considered outstanding. ESOP shares that had not been committed to be released were excluded from outstanding shares on a weighted average basis for EPS calculations. As of December 31, 2013, there were no remaining unallocated ESOP shares. Diluted EPS is computed using the same method as basic EPS, but includes the effect of dilutive potential common shares during the period, such as unexercised stock options and unvested restricted stock units, calculated using the treasury stock method. However, unvested restricted stock units are excluded from the denominator for both the basic and diluted EPS computations until the performance conditions are satisfied. |
Employee Benefits | Astoria Bank has a qualified, non-contributory defined benefit pension plan, or the Astoria Bank Pension Plan, covering employees meeting specified eligibility criteria. Astoria Bank’s policy is to fund pension costs in accordance with the minimum funding requirement. In addition, Astoria Bank has non-qualified and unfunded supplemental retirement plans covering certain officers and directors including the Astoria Bank Excess Benefit Plan and the Astoria Bank Supplemental Benefit Plan, or the Astoria Excess and Supplemental Benefit Plans, and the Astoria Bank Directors’ Retirement Plan, or the Astoria Directors’ Retirement Plan. Effective April 30, 2012, the Astoria Bank Pension Plan, the Astoria Excess and Supplemental Benefit Plans and the Astoria Directors’ Retirement Plan were amended to, among other things, change the manner in which benefits were computed for service through April 30, 2012 and to suspend accrual of additional benefits for all of the aforementioned plans effective April 30, 2012. These amendments resulted in a significant reduction in net periodic cost for our defined benefit pension plans for periods subsequent to April 30, 2012. We also sponsor a health care plan that provides for postretirement medical and dental coverage to select individuals. The costs of postretirement benefits are accrued during an employee’s active working career. We recognize the overfunded or underfunded status of our defined benefit pension plans and other postretirement benefit plan, which is measured as the difference between plan assets at fair value and the benefit obligation at the measurement date, in other assets or other liabilities in our consolidated statements of financial condition. Changes in the funded status are recognized through other comprehensive income/loss in the period in which the changes occur. Prior to January 1, 2014, we recorded compensation expense related to the ESOP at an amount equal to the shares allocated by the ESOP multiplied by the average fair value of our common stock during the year of allocation, plus the cash contributions made to participant accounts. The difference between the fair value of shares for the period and the cost of the shares allocated by the ESOP was recorded as an adjustment to additional paid-in capital. As of December 31, 2013 all shares in the ESOP were allocated to participants and the plan was frozen. On April 1, 2014, the ESOP was merged into the Astoria Bank 401(k) Plan, or the 401(k) Plan, and all participant balances under the ESOP were transferred to participant accounts under the 401(k) Plan. |
Stock Incentive Plans | We recognize the cost of employee services received in exchange for awards of equity instruments based on the grant date fair value of awards. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period which is the earlier of the awards’ stated vesting date or the employees’ or non-employee directors’ retirement eligibility date for awards that have accelerated vesting provisions upon retirement. For awards which have performance-based conditions, recognition of stock-based compensation expense begins when the achievement of the performance conditions is probable. The fair value of restricted common stock and restricted stock unit awards are based on the closing market value of our common stock as reported on the New York Stock Exchange on the grant date, reduced by the present value of the expected dividend stream during the vesting period for restricted stock unit awards using a risk-free interest rate. |
Segment Reporting | As a community-oriented financial institution, substantially all of our operations involve the delivery of loan and deposit products to customers. We make operating decisions and assess performance based on an ongoing review of these community banking operations, which constitute our only operating segment for financial reporting purposes. |
Impact of Recent Accounting Standards and Interpretations | In June 2014, the Financial Accounting Standard Board, or FASB, issued Accounting Standards Update, or 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 December 31, 2015 and 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) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 (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 (1) $ 331,099 $ 2,374 $ (2,934 ) $ 330,539 Non-GSE issuance REMICs and CMOs 3,048 13 (7 ) 3,054 GSE pass-through certificates 10,781 485 (2 ) 11,264 Total residential mortgage-backed securities 344,928 2,872 (2,943 ) 344,857 Obligations of GSEs 73,701 — (1,762 ) 71,939 Fannie Mae stock 15 — (13 ) 2 Total securities available-for-sale $ 418,644 $ 2,872 $ (4,718 ) $ 416,798 Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 1,361,907 $ 8,135 $ (14,128 ) $ 1,355,914 Non-GSE issuance REMICs and CMOs 198 — (5 ) 193 GSE pass-through certificates 260,707 1,535 (3,413 ) 258,829 Total residential mortgage-backed securities 1,622,812 9,670 (17,546 ) 1,614,936 Multi-family mortgage-backed securities: GSE issuance REMICs 434,587 1,255 (2,334 ) 433,508 Obligations of GSEs 178,967 220 (480 ) 178,707 Corporate debt securities 60,000 — (1,493 ) 58,507 Other 433 1 — 434 Total securities held-to-maturity $ 2,296,799 $ 11,146 $ (21,853 ) $ 2,286,092 (1) 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 | The following tables set forth the estimated fair values of securities with gross unrealized losses at the dates indicated, segregated between securities that have been in a continuous unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer at the dates indicated. At December 31, 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 $ 189,364 $ (2,934 ) $ — $ — $ 189,364 $ (2,934 ) Non-GSE issuance REMICs and CMOs 75 (2 ) 64 (5 ) 139 (7 ) GSE pass-through certificates 97 (1 ) 103 (1 ) 200 (2 ) Obligations of GSEs 24,602 (390 ) 47,337 (1,372 ) 71,939 (1,762 ) Fannie Mae stock — — 2 (13 ) 2 (13 ) Total temporarily impaired securities available-for-sale $ 214,138 $ (3,327 ) $ 47,506 $ (1,391 ) $ 261,644 $ (4,718 ) Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 395,659 $ (3,972 ) $ 289,645 $ (10,156 ) $ 685,304 $ (14,128 ) Non-GSE issuance REMICs and CMOs — — 193 (5 ) 193 (5 ) GSE pass-through certificates 56,503 (586 ) 106,738 (2,827 ) 163,241 (3,413 ) Multi-family mortgage backed securities: GSE issuance REMICs 276,601 (2,334 ) — — 276,601 (2,334 ) Obligations of GSEs 107,824 (480 ) — — 107,824 (480 ) Corporate debt securities 58,507 (1,493 ) — — 58,507 (1,493 ) Total temporarily impaired securities held-to-maturity $ 895,094 $ (8,865 ) $ 396,576 $ (12,988 ) $ 1,291,670 $ (21,853 ) 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 Allowanc30
Loans Receivable and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 Past Due 30-59 60-89 90 Days Total (In Thousands) Days Days or More Past Due Current Total Accruing loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 10,045 $ 2,382 $ — $ 12,427 $ 401,486 $ 413,913 Full documentation amortizing 40,151 10,346 332 50,829 4,602,940 4,653,769 Reduced documentation interest-only 7,254 2,321 — 9,575 266,084 275,659 Reduced documentation amortizing 20,135 4,369 — 24,504 527,566 552,070 Total residential 77,585 19,418 332 97,335 5,798,076 5,895,411 Multi-family 1,662 2,069 — 3,731 4,013,541 4,017,272 Commercial real estate 246 1,689 — 1,935 813,640 815,575 Total mortgage loans 79,493 23,176 332 103,001 10,625,257 10,728,258 Consumer and other loans (gross): Home equity and other consumer 2,358 502 — 2,860 151,554 154,414 Commercial and industrial — — — — 91,171 91,171 Total consumer and other loans 2,358 502 — 2,860 242,725 245,585 Total accruing loans $ 81,851 $ 23,678 $ 332 $ 105,861 $ 10,867,982 $ 10,973,843 Non-accrual loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 1,182 $ — $ 11,359 $ 12,541 $ 5,834 $ 18,375 Full documentation amortizing 3,579 603 32,535 36,717 7,480 44,197 Reduced documentation interest-only 257 579 15,285 16,121 11,451 27,572 Reduced documentation amortizing 2,238 365 14,322 16,925 12,935 29,860 Total residential 7,256 1,547 73,501 82,304 37,700 120,004 Multi-family 725 623 2,441 3,789 3,044 6,833 Commercial real estate 241 — 572 813 3,126 3,939 Total mortgage loans 8,222 2,170 76,514 86,906 43,870 130,776 Consumer and other loans (gross): Home equity and other consumer — — 6,405 6,405 — 6,405 Commercial and industrial — — 703 703 — 703 Total consumer and other loans — — 7,108 7,108 — 7,108 Total non-accrual loans $ 8,222 $ 2,170 $ 83,622 $ 94,014 $ 43,870 $ 137,884 Total loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 11,227 $ 2,382 $ 11,359 $ 24,968 $ 407,320 $ 432,288 Full documentation amortizing 43,730 10,949 32,867 87,546 4,610,420 4,697,966 Reduced documentation interest-only 7,511 2,900 15,285 25,696 277,535 303,231 Reduced documentation amortizing 22,373 4,734 14,322 41,429 540,501 581,930 Total residential 84,841 20,965 73,833 179,639 5,835,776 6,015,415 Multi-family 2,387 2,692 2,441 7,520 4,016,585 4,024,105 Commercial real estate 487 1,689 572 2,748 816,766 819,514 Total mortgage loans 87,715 25,346 76,846 189,907 10,669,127 10,859,034 Consumer and other loans (gross): Home equity and other consumer 2,358 502 6,405 9,265 151,554 160,819 Commercial and industrial — — 703 703 91,171 91,874 Total consumer and other loans 2,358 502 7,108 9,968 242,725 252,693 Total loans $ 90,073 $ 25,848 $ 83,954 $ 199,875 $ 10,911,852 $ 11,111,727 Net unamortized premiums and deferred loan origination costs 41,354 Loans receivable 11,153,081 Allowance for loan losses (98,000 ) Loans receivable, net $ 11,055,081 At December 31, 2014 Past Due 30-59 60-89 90 Days Total (In Thousands) Days Days or More Past Due Current Total Accruing loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 13,943 $ 7,332 $ — $ 21,275 $ 804,880 $ 826,155 Full documentation amortizing 25,878 7,611 144 33,633 4,948,391 4,982,024 Reduced documentation interest-only 18,490 2,584 — 21,074 547,350 568,424 Reduced documentation amortizing 11,024 1,648 — 12,672 384,250 396,922 Total residential 69,335 19,175 144 88,654 6,684,871 6,773,525 Multi-family 3,646 2,222 1,790 7,658 3,893,539 3,901,197 Commercial real estate 1,686 493 2,159 4,338 863,615 867,953 Total mortgage loans 74,667 21,890 4,093 100,650 11,442,025 11,542,675 Consumer and other loans (gross): Home equity and other consumer 2,430 962 — 3,392 175,121 178,513 Commercial and industrial — — — — 64,815 64,815 Total consumer and other loans 2,430 962 — 3,392 239,936 243,328 Total accruing loans $ 77,097 $ 22,852 $ 4,093 $ 104,042 $ 11,681,961 $ 11,786,003 Non-accrual loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 2,371 $ 358 $ 11,502 $ 14,231 $ 13,796 $ 28,027 Full documentation amortizing 204 238 14,211 14,653 7,016 21,669 Reduced documentation interest-only 820 453 16,289 17,562 25,022 42,584 Reduced documentation amortizing 596 1,066 2,843 4,505 3,226 7,731 Total residential 3,991 2,115 44,845 50,951 49,060 100,011 Multi-family 648 346 7,127 8,121 3,735 11,856 Commercial real estate 790 — 729 1,519 4,293 5,812 Total mortgage loans 5,429 2,461 52,701 60,591 57,088 117,679 Consumer and other loans (gross): Home equity and other consumer — — 6,040 6,040 — 6,040 Commercial and industrial — — — — — — Total consumer and other loans — — 6,040 6,040 — 6,040 Total non-accrual loans $ 5,429 $ 2,461 $ 58,741 $ 66,631 $ 57,088 $ 123,719 Total loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 16,314 $ 7,690 $ 11,502 $ 35,506 $ 818,676 $ 854,182 Full documentation amortizing 26,082 7,849 14,355 48,286 4,955,407 5,003,693 Reduced documentation interest-only 19,310 3,037 16,289 38,636 572,372 611,008 Reduced documentation amortizing 11,620 2,714 2,843 17,177 387,476 404,653 Total residential 73,326 21,290 44,989 139,605 6,733,931 6,873,536 Multi-family 4,294 2,568 8,917 15,779 3,897,274 3,913,053 Commercial real estate 2,476 493 2,888 5,857 867,908 873,765 Total mortgage loans 80,096 24,351 56,794 161,241 11,499,113 11,660,354 Consumer and other loans (gross): Home equity and other consumer 2,430 962 6,040 9,432 175,121 184,553 Commercial and industrial — — — — 64,815 64,815 Total consumer and other loans 2,430 962 6,040 9,432 239,936 249,368 Total loans $ 82,526 $ 25,313 $ 62,834 $ 170,673 $ 11,739,049 $ 11,909,722 Net unamortized premiums and deferred loan origination costs 47,726 Loans receivable 11,957,448 Allowance for loan losses (111,600 ) Loans receivable, net $ 11,845,848 |
Schedule of changes in allowance for loan losses by loan receivable segment | The following table sets forth the changes in our allowance for loan losses by loan receivable segment for the years indicated. Mortgage Loans Consumer and Other Loans (In Thousands) Residential Multi- Family Commercial Real Estate Total Balance at December 31, 2012 $ 89,267 $ 35,514 $ 14,404 $ 6,316 $ 145,501 Provision charged to operations 9,368 4,684 1,945 3,604 19,601 Charge-offs (26,644 ) (4,732 ) (3,748 ) (1,916 ) (37,040 ) Recoveries 8,346 1,237 535 820 10,938 Balance at December 31, 2013 80,337 36,703 13,136 8,824 139,000 Provision (credited) charged to operations (23,464 ) 5,337 6,949 1,709 (9,469 ) Charge-offs (19,868 ) (4,365 ) (3,283 ) (2,073 ) (29,589 ) Recoveries 9,278 1,575 440 365 11,658 Balance at December 31, 2014 46,283 39,250 17,242 8,825 111,600 Provision charged (credited) to operations 1,520 (4,780 ) (6,810 ) (2,002 ) (12,072 ) Charge-offs (6,149 ) (907 ) (302 ) (912 ) (8,270 ) Recoveries 3,297 1,981 1,087 377 6,742 Balance at December 31, 2015 $ 44,951 $ 35,544 $ 11,217 $ 6,288 $ 98,000 |
Schedule of balances of residential interest-only mortgage loans by scheduled amortization period | The following table sets forth the balances of our residential interest-only mortgage loans at December 31, 2015 by the year in which such loans are scheduled to enter their amortization period. (In Thousands) Recorded Investment Amortization scheduled to begin in: 2016 $ 324,772 2017 344,356 2018 42,549 2019 and thereafter 23,842 Total $ 735,519 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of balances of loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed | The following tables set forth the balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses at the dates indicated. At December 31, 2015 Mortgage Loans Consumer and Other Loans (In Thousands) Residential Multi-Family Commercial Real Estate Total Loans: Individually evaluated for impairment $ 192,914 $ 24,643 $ 14,993 $ 4,968 $ 237,518 Collectively evaluated for impairment 5,822,501 3,999,462 804,521 247,725 10,874,209 Total loans $ 6,015,415 $ 4,024,105 $ 819,514 $ 252,693 $ 11,111,727 Allowance for loan losses: Individually evaluated for impairment $ 13,148 $ 456 $ 788 $ 421 $ 14,813 Collectively evaluated for impairment 31,803 35,088 10,429 5,867 83,187 Total allowance for loan losses $ 44,951 $ 35,544 $ 11,217 $ 6,288 $ 98,000 At December 31, 2014 Mortgage Loans Consumer and Other Loans (In Thousands) Residential Multi-Family Commercial Real Estate 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 mortgage loans by segment and class | The following table summarizes information related to our impaired loans by segment and class at the dates indicated. At December 31, 2015 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 $ 37,454 $ 30,631 $ (4,051 ) $ 26,580 $ 55,352 $ 46,331 $ (3,391 ) $ 42,940 Full documentation amortizing 69,242 63,223 (2,534 ) 60,689 43,044 39,994 (1,425 ) 38,569 Reduced documentation interest-only 55,939 46,540 (4,253 ) 42,287 90,171 76,960 (4,661 ) 72,299 Reduced documentation amortizing 57,955 52,520 (2,310 ) 50,210 19,463 18,117 (827 ) 17,290 Multi-family 8,029 7,950 (456 ) 7,494 34,972 28,109 (3,172 ) 24,937 Commercial real estate 6,651 6,723 (788 ) 5,935 24,991 19,270 (2,446 ) 16,824 Consumer and other loans: Home equity lines of credit 5,295 4,968 (421 ) 4,547 5,436 5,153 (3,810 ) 1,343 Without an allowance recorded: Mortgage loans: Multi-family 19,523 16,693 — 16,693 16,308 14,502 — 14,502 Commercial real estate 11,104 8,270 — 8,270 — — — — Total impaired loans $ 271,192 $ 237,518 $ (14,813 ) $ 222,705 $ 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 table sets forth the average recorded investment, interest income recognized and cash basis interest income related to our impaired loans by segment and class for the years indicated. For the Year Ended December 31, 2015 2014 2013 (In Thousands) Average Recorded Investment Interest Income Recognized Cash Basis Interest Income 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 $ 39,506 $ 860 $ 877 $ 84,264 $ 1,860 $ 1,920 $ 106,720 $ 2,938 $ 3,068 Full documentation amortizing 52,426 1,893 1,920 38,340 1,491 1,498 30,790 948 974 Reduced documentation interest-only 66,321 1,910 1,923 112,172 3,646 3,671 145,490 4,179 4,371 Reduced documentation amortizing 30,310 1,927 1,936 22,137 655 653 25,460 696 729 Multi-family 14,390 415 417 30,291 1,320 1,339 19,130 737 789 Commercial real estate 11,875 333 348 17,341 1,065 1,154 8,112 367 377 Consumer and other loans: Home equity lines of credit 5,585 48 54 5,202 45 54 — — — Without an allowance recorded: Mortgage loans: Residential: Full documentation interest-only — — — — — — 11,547 — — Full documentation amortizing — — — 365 — — 3,517 — — Reduced documentation interest-only — — — — — — 1,669 — — Multi-family 16,935 857 862 17,225 632 633 33,193 1,606 1,671 Commercial real estate 5,632 522 528 2,853 — — 10,947 745 698 Total impaired loans $ 242,980 $ 8,765 $ 8,865 $ 330,190 $ 10,714 $ 10,922 $ 396,575 $ 12,216 $ 12,677 |
State concentration of greater than 5% of residential mortgage loans or total non-performing residential mortgage loans | The following table details the percentage of our total residential mortgage loans at December 31, 2015 by state where we have a concentration of greater than 5% of our total residential mortgage loans or total non-performing residential mortgage loans. State Percent of Total Residential Loans Percent of Total Non-Performing Residential Loans New York 30.2 % 10.7 % Connecticut 9.8 9.8 Massachusetts 8.4 3.9 Illinois 8.2 12.4 Virginia 7.7 10.5 New Jersey 7.1 17.1 Maryland 6.5 14.9 California 5.4 9.2 |
Performing, non-performing credit quality indicator | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of loan receivable segments by class and credit quality indicator | The following tables set forth the balances of our residential mortgage and consumer and other loan receivable segments by class and credit quality indicator at the dates indicated. At December 31, 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 $ 413,913 $ 4,653,437 $ 275,659 $ 552,070 $ 154,414 $ 91,171 Non-performing: Current or past due less than 90 days 7,016 11,662 12,287 15,538 — — Past due 90 days or more 11,359 32,867 15,285 14,322 6,405 703 Total $ 432,288 $ 4,697,966 $ 303,231 $ 581,930 $ 160,819 $ 91,874 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 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of loan receivable segments by class and credit quality indicator | The following table sets forth the balances of our multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator at the dates indicated. At December 31, 2015 2014 (In Thousands) Multi-Family Commercial Real Estate Multi-Family Commercial Real Estate Not criticized $ 3,981,050 $ 769,029 $ 3,850,068 $ 817,404 Criticized: Special mention 14,931 20,441 30,975 22,584 Substandard 28,124 30,044 31,264 32,664 Doubtful — — 746 1,113 Total $ 4,024,105 $ 819,514 $ 3,913,053 $ 873,765 |
Restructured Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of information about mortgage loans receivable by segment and class modified in TDR | The following table sets forth information about our mortgage loans receivable by segment and class at December 31, 2015 , 2014 and 2013 which were modified in a TDR during the years indicated. Modifications During the Year Ended December 31, 2015 2014 2013 (Dollars In Thousands) Number of Loans Pre- Modification Recorded Investment Recorded Investment at December 31, 2015 Number of Loans Pre- Modification Recorded Investment Recorded Investment at December 31, 2014 Number of Loans Pre- Modification Recorded Investment Recorded Investment at December 31, 2013 Residential: Full documentation interest-only 12 $ 4,620 $ 4,496 21 $ 9,244 $ 8,726 26 $ 6,760 $ 6,730 Full documentation amortizing 19 5,063 4,894 4 889 812 11 3,753 3,734 Reduced documentation interest-only 10 3,431 3,429 19 6,819 6,774 37 12,199 12,227 Reduced documentation amortizing 7 2,911 2,902 5 809 745 11 3,404 3,325 Multi-family — — — 4 2,501 1,981 8 6,751 5,888 Commercial real estate 2 2,902 2,835 3 2,482 2,433 7 10,232 9,104 Total 50 $ 18,927 $ 18,556 56 $ 22,744 $ 21,471 100 $ 43,099 $ 41,008 |
Defaulted Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of information about mortgage loans receivable by segment and class modified in TDR | The following table sets forth information about our mortgage loans receivable by segment and class at December 31, 2015 , 2014 and 2013 which were modified in a TDR during the years ended December 31, 2015 , 2014 and 2013 and had a payment default subsequent to the modification during the years indicated. During the Year Ended December 31, 2015 2014 2013 (Dollars In Thousands) Number of Loans Recorded Investment at December 31, 2015 Number of Loans Recorded Investment at December 31, 2014 Number of Loans Recorded Investment at December 31, 2013 Residential: Full documentation interest-only 6 $ 2,240 1 $ 621 11 $ 2,191 Full documentation amortizing 6 1,749 2 319 4 1,334 Reduced documentation interest-only 2 380 3 1,123 17 4,190 Reduced documentation amortizing 2 606 — — 3 788 Multi-family — — 3 1,400 2 1,018 Total 16 $ 4,975 9 $ 3,463 37 $ 9,521 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Servicing Asset [Abstract] | |
Summary of MSR activity | The following table summarizes MSR activity for the years indicated. For the Year Ended December 31, (In Thousands) 2015 2014 2013 Carrying amount before valuation allowance at beginning of year $ 14,136 $ 15,595 $ 15,143 Additions – servicing obligations that result from transfers of financial assets 1,352 1,123 3,681 Amortization (2,307 ) (2,582 ) (3,229 ) Carrying amount before valuation allowance at end of year 13,181 14,136 15,595 Valuation allowance at beginning of year (2,735 ) (2,795 ) (8,196 ) Recovery of valuation allowance 568 60 5,401 Valuation allowance at end of year (2,167 ) (2,735 ) (2,795 ) Net carrying amount at end of year $ 11,014 $ 11,401 $ 12,800 |
Summary of mortgage banking income, net | The following table summarizes mortgage banking income, net, for the years indicated. For the Year Ended December 31, (In Thousands) 2015 2014 2013 Loan servicing fees $ 3,940 $ 4,085 $ 4,189 Net gain on sales of loans 2,021 1,763 6,880 Amortization of MSR (2,307 ) (2,582 ) (3,229 ) Recovery of valuation allowance on MSR 568 60 5,401 Total mortgage banking income, net $ 4,222 $ 3,326 $ 13,241 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Summary of deposits | The following table summarizes deposits at the dates indicated. At December 31, 2015 2014 (Dollars in Thousands) Weighted Average Rate Balance Percent of Total Weighted Average Rate Balance Percent of Total Core deposits: NOW 0.06 % $ 1,415,430 15.54 % 0.06 % $ 1,331,345 14.01 % Non-interest bearing NOW and demand deposit — 998,393 10.96 — 867,432 9.13 Money market 0.26 2,560,204 28.12 0.24 2,373,484 24.96 Savings 0.05 2,137,818 23.48 0.05 2,237,142 23.54 Total core deposits 0.12 7,111,845 78.10 0.11 6,809,403 71.64 Certificates of deposit 1.16 1,994,182 21.90 1.47 2,695,506 28.36 Total deposits 0.35 % $ 9,106,027 100.00 % 0.50 % $ 9,504,909 100.00 % |
Scheduled maturities of certificates of deposit | The following table details the scheduled maturities of our certificates of deposit at December 31, 2015 . Year Weighted Average Rate Balance Percent of Total (In Thousands) 2016 1.06 % $ 926,241 46.45 % 2017 0.94 392,744 19.69 2018 1.08 185,089 9.28 2019 1.46 183,596 9.21 2020 1.60 305,363 15.31 2021 and thereafter 1.70 1,149 0.06 Total 1.16 % $ 1,994,182 100.00 % |
Summary of interest expense on deposits | The following table summarizes interest expense on deposits for the years indicated. For the Year Ended December 31, (In Thousands) 2015 2014 2013 Interest-bearing NOW $ 778 $ 706 $ 691 Money market 6,496 5,527 5,646 Savings 1,093 1,182 1,329 Certificates of deposit 28,976 43,940 54,951 Total interest expense on deposits $ 37,343 $ 51,355 $ 62,617 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of borrowings | The following table summarizes our borrowings at the dates indicated. At December 31, 2015 2014 (Dollars in Thousands) Amount Weighted Average Rate Amount Weighted Average Rate Federal funds purchased $ 435,000 0.57 % $ 455,000 0.31 % Reverse repurchase agreements 1,100,000 3.62 1,100,000 3.62 FHLB-NY advances 2,180,000 1.86 2,384,000 1.72 Other borrowings, net 249,222 5.00 248,691 5.00 Total borrowings, net $ 3,964,222 2.40 % $ 4,187,691 2.26 % |
Summary of information relating to reverse repurchase agreements | The following table summarizes information relating to reverse repurchase agreements. At or For the Year Ended December 31, (Dollars in Thousands) 2015 2014 2013 Average balance during the year $ 1,100,000 $ 1,100,000 $ 1,100,000 Maximum balance at any month end during the year 1,100,000 1,100,000 1,100,000 Balance outstanding at end of year 1,100,000 1,100,000 1,100,000 Weighted average interest rate during the year 3.62 % 3.82 % 4.06 % Weighted average interest rate at end of year 3.62 3.62 3.87 |
Schedule of contractual maturities of reverse repurchase agreements | The following table details the contractual maturities of our reverse repurchase agreements at December 31, 2015 . Year Amount (In Thousands) 2018 $ 200,000 (1 ) 2019 600,000 (1 ) 2020 300,000 (2 ) Total $ 1,100,000 (1) Callable in 2016. (2) Includes $200.0 million of borrowings which are callable in 2016 and $100.0 million of borrowings which are callable in 2017. |
Summary of information relating to FHLB-NY Advances | The following table summarizes information relating to FHLB-NY advances. At or For the Year Ended December 31, (Dollars in Thousands) 2015 2014 2013 Average balance during the year $ 2,250,592 $ 2,332,718 $ 2,512,425 Maximum balance at any month end during the year 2,515,000 2,617,000 2,881,000 Balance outstanding at end of year 2,180,000 2,384,000 2,454,000 Weighted average interest rate during the year 1.79 % 1.78 % 2.00 % Weighted average interest rate at end of year 1.86 1.72 1.79 |
Schedule of contractual maturities of FHLB-NY advances | The following table details the contractual maturities of FHLB-NY advances at December 31, 2015 . Year Amount (In Thousands) 2016 $ 1,330,000 (1 ) 2020 850,000 (2 ) Total $ 2,180,000 (1) Includes $210.0 million of borrowings due overnight, $220.0 million of borrowings due in less than 30 days, $225.0 million of borrowings due after 30 to 90 days and $675.0 million of borrowings due after 90 days. (2) Callable in 2017. |
Summary of interest expense on borrowings | The following table summarizes interest expense on borrowings for the years indicated. For the Year Ended December 31, (In Thousands) 2015 2014 2013 Federal funds purchased $ 1,590 $ 1,139 $ 587 Reverse repurchase agreements 40,373 42,626 45,272 FHLB-NY advances 40,790 41,911 50,654 Other borrowings 13,031 13,031 17,398 Total interest expense on borrowings $ 95,784 $ 98,707 $ 113,911 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of minimum rental payments due | The minimum rental payments due under the terms of the non-cancelable operating leases at December 31, 2015 , which have not been reduced by minimum sublease rentals of $2.3 million due in the future under non-cancelable subleases, are summarized below. Year Amount (In Thousands) 2016 $ 12,704 2017 11,256 2018 9,924 2019 9,045 2020 8,458 2021 and thereafter 30,695 Total $ 82,082 |
Summary of outstanding commitments | The following table summarizes our outstanding commitments at the dates indicated. At December 31, (In Thousands) 2015 2014 Mortgage loans: Commitments to extend credit – adjustable rate $ 227,966 $ 289,086 Commitments to extend credit – fixed rate (1) 131,641 74,157 Commitments to purchase – adjustable rate 3,339 10,334 Commitments to purchase – fixed rate 19,685 27,818 Commitments to extend credit on consumer and other loans 16,157 12,345 Unused lines of credit: Home equity and other consumer loans 79,119 101,329 Commercial and industrial loans 107,625 64,074 Commitments to sell loans 29,754 20,904 _______________________________ (1) Includes commitments to originate loans held-for-sale totaling $15.4 million at December 31, 2015 and $14.8 million at December 31, 2014 . |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Summary of income tax expense | The following table summarizes income tax expense for the years indicated. For the Year Ended December 31, (In Thousands) 2015 2014 2013 Current: Federal $ 30,410 $ 17,435 $ 24,524 State and local 2,075 4,033 3,722 Total current 32,485 21,468 28,246 Deferred: Federal 13,573 27,452 9,496 State and local (16,259 ) (22,641 ) 7 Total deferred (2,686 ) 4,811 9,503 Total income tax expense $ 29,799 $ 26,279 $ 37,749 |
Reconciliation of income tax expense computed by applying the federal income tax rate to income before income tax expense to income tax expense included in the consolidated statements of income | The following is a reconciliation of income tax expense computed by applying the federal income tax rate to income before income tax expense to income tax expense included in the consolidated statements of income for the years indicated. For the Year Ended December 31, (In Thousands) 2015 2014 2013 Expected income tax expense at statutory federal rate $ 41,256 $ 42,768 $ 36,520 State and local taxes, net of federal tax effect (9,220 ) (12,096 ) 2,424 Tax exempt income (principally on BOLI) (3,107 ) (2,970 ) (2,945 ) Non-deductible ESOP compensation — — 2,613 Low income housing tax credit (1,036 ) (1,676 ) (1,676 ) Other, net 1,906 253 813 Total income tax expense $ 29,799 $ 26,279 $ 37,749 |
Summary of tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities | The following table summarizes the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at the dates indicated. At December 31, (In Thousands) 2015 2014 Deferred tax assets: Allowances for losses $ 41,924 $ 48,243 Compensation and benefits (principally pension and other postretirement benefit plans) 40,072 45,849 Mortgage loans (principally deferred loan origination costs) 2,548 981 Net unrealized loss on securities available-for-sale 194 — State and local net operating loss carryforwards 16,341 16,122 Other deductible temporary differences 4,568 4,540 Total gross deferred tax assets 105,647 115,735 Less valuation allowance — (7,220 ) Deferred tax assets, net of valuation allowance 105,647 108,515 Deferred tax liabilities: Premises and equipment (3,665 ) (3,102 ) Net unrealized gain on securities available-for-sale — (1,035 ) MSR (438 ) (910 ) Total gross deferred tax liabilities (4,103 ) (5,047 ) Net deferred tax assets (included in other assets) $ 101,544 $ 103,468 |
Reconciliation of beginning and ending amounts of gross unrecognized tax benefits | The following is a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits for the years indicated. The amounts have not been reduced by the federal deferred tax effects of unrecognized state tax benefits. For the Year Ended December 31, (In Thousands) 2015 2014 2013 Unrecognized tax benefits at beginning of year $ 2,155 $ 4,009 $ 3,428 Additions as a result of a tax position taken during the current period 830 675 600 Reductions as a result of tax positions taken during a prior period — — (19 ) Reductions relating to settlement with taxing authorities (1,500 ) (2,529 ) — Unrecognized tax benefits at end of year $ 1,485 $ 2,155 $ 4,009 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Reconciliation of basic and diluted EPS | The following table is a reconciliation of basic and diluted EPS for the years indicated. For the Year Ended December 31, (In Thousands, Except Share Data) 2015 2014 2013 Net income $ 88,075 $ 95,916 $ 66,593 Preferred stock dividends (8,775 ) (8,775 ) (7,214 ) Net income available to common shareholders 79,300 87,141 59,379 Income allocated to participating securities (726 ) (973 ) (720 ) Net income allocated to common shareholders $ 78,574 $ 86,168 $ 58,659 Basic weighted average common shares outstanding 99,612,473 98,384,443 97,121,497 Dilutive effect of stock options and restricted stock units (1) (2) 357,365 — — Diluted weighted average common shares outstanding 99,969,838 98,384,443 97,121,497 Basic EPS $ 0.79 $ 0.88 $ 0.60 Diluted EPS $ 0.79 $ 0.88 $ 0.60 (1) Excludes options to purchase 14,167 shares of common stock which were outstanding during the year ended December 31, 2015 ; options to purchase 962,783 shares of common stock which were outstanding during the year ended December 31, 2014 ; and options to purchase 2,096,708 shares of common stock which were outstanding during the year ended December 31, 2013 because their inclusion would be anti-dilutive. (2) Excludes 644,319 unvested restricted stock units which were outstanding during the year ended December 31, 2015 ; 758,792 unvested restricted stock units which were outstanding during the year ended December 31, 2014 ; and 387,791 unvested restricted stock units outstanding during the year ended December 31, 2013 because their inclusion would be anti-dilutive. |
Other Comprehensive Income_Lo37
Other Comprehensive Income/Loss (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Components of accumulated other comprehensive loss, net of related tax effects | The following tables set forth the components of accumulated other comprehensive loss, net of related tax effects, at the dates indicated and the changes during the years ended December 31, 2015 and 2014 . (In Thousands) At Other Comprehensive Income (Loss) At Net unrealized gain (loss) on securities available-for-sale $ 4,686 $ (1,859 ) $ 2,827 Net actuarial loss on pension plans and other postretirement benefits (67,476 ) 9,080 (58,396 ) Prior service cost on pension plans and other postretirement benefits (3,161 ) 113 (3,048 ) Accumulated other comprehensive loss $ (65,951 ) $ 7,334 $ (58,617 ) (In Thousands) At Other Comprehensive Income (Loss) At Net unrealized (loss) gain on securities available-for-sale $ (4,366 ) $ 9,052 $ 4,686 Net actuarial loss on pension plans and other postretirement benefits (30,600 ) (36,876 ) (67,476 ) Prior service cost on pension plans and other postretirement benefits (3,284 ) 123 (3,161 ) Accumulated other comprehensive loss $ (38,250 ) $ (27,701 ) $ (65,951 ) |
Schedule of components of other comprehensive income/loss | The following table sets forth the components of other comprehensive income/loss for the years indicated. (In Thousands) Before Tax Amount Tax (Expense) Benefit After Tax Amount For the Year Ended December 31, 2015 Net unrealized loss on securities available-for-sale: Net unrealized holding loss on securities arising during the year $ (3,048 ) $ 1,232 $ (1,816 ) Reclassification adjustment for gain on sales of securities included in net income (72 ) 29 (43 ) Net unrealized loss on securities available-for-sale (3,120 ) 1,261 (1,859 ) Net actuarial loss adjustment on pension plans and other postretirement benefits: Net actuarial loss adjustment arising during the year 12,265 (4,956 ) 7,309 Reclassification adjustment for net actuarial loss included in net income 2,973 (1,202 ) 1,771 Net actuarial loss adjustment on pension plans and other postretirement benefits 15,238 (6,158 ) 9,080 Reclassification adjustment for prior service cost on pension plans and other post retirement benefits included in net income 190 (77 ) 113 Other comprehensive income $ 12,308 $ (4,974 ) $ 7,334 For the Year Ended December 31, 2014 Net unrealized gain on securities available-for-sale: Net unrealized holding gain on securities arising during the year $ 14,134 $ (4,991 ) $ 9,143 Reclassification adjustment for gain on sales of securities included in net income (141 ) 50 (91 ) Net unrealized gain on securities available-for-sale 13,993 (4,941 ) 9,052 Net actuarial loss adjustment on pension plans and other postretirement benefits: Net actuarial loss adjustment arising during the year (60,583 ) 23,116 (37,467 ) Reclassification adjustment for net actuarial loss included in net income 913 (322 ) 591 Net actuarial loss adjustment on pension plans and other postretirement benefits (59,670 ) 22,794 (36,876 ) Reclassification adjustment for prior service cost on pension plans and other post retirement benefits included in net income 190 (67 ) 123 Other comprehensive loss $ (45,487 ) $ 17,786 $ (27,701 ) For the Year Ended December 31, 2013 Net unrealized loss on securities available-for-sale: Net unrealized holding loss on securities arising during the year $ (16,202 ) $ 5,717 $ (10,485 ) Reclassification adjustment for gain on sales of securities included in net income (2,057 ) 725 (1,332 ) Net unrealized loss on securities available-for-sale (18,259 ) 6,442 (11,817 ) Net actuarial loss adjustment on pension plans and other postretirement benefits: Net actuarial loss adjustment arising during the year 68,150 (23,970 ) 44,180 Reclassification adjustment for net actuarial loss included in net income 3,610 (1,275 ) 2,335 Net actuarial loss adjustment on pension plans and other postretirement benefits 71,760 (25,245 ) 46,515 Reclassification adjustment for prior service cost on pension plans and other post retirement benefits included in net income 213 (71 ) 142 Other comprehensive income $ 53,714 $ (18,874 ) $ 34,840 |
Schedule of amounts reclassified from accumulated other comprehensive loss | The following table sets forth information about amounts reclassified from accumulated other comprehensive loss to, and the affected line items in, the consolidated statement of income for the years indicated. (In Thousands) For the Year Ended December 31, Income Statement Line Item 2015 2014 Reclassification adjustment for gain on sales of securities $ 72 $ 141 Gain on sales of securities Reclassification adjustment for net actuarial loss (1) (2,973 ) (913 ) Compensation and benefits Reclassification adjustment for prior service cost (1) (190 ) (190 ) Compensation and benefits Total reclassifications, before tax (3,091 ) (962 ) Income tax effect 1,250 339 Income tax expense Total reclassifications, net of tax $ (1,841 ) $ (623 ) Net income (1) These other comprehensive income/loss components are included in the computations of net periodic (benefit) cost for our defined benefit pension plans and other postretirement benefit plan. See Note 14 for additional details. |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Defined benefit pension plans and other postretirement benefit plan | The following table sets forth information regarding our defined benefit pension plans and other postretirement benefit plan at and for the periods indicated. Pension Benefits Other Postretirement Benefits At or For the Year Ended December 31, At or For the Year Ended December 31, (In Thousands) 2015 2014 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ 270,272 $ 230,361 $ 28,545 $ 18,766 Service cost — — 2,129 1,241 Interest cost 9,929 10,450 1,004 930 Actuarial (gain) loss (16,739 ) 48,633 (6,179 ) 8,371 Benefits paid (11,111 ) (19,172 ) (554 ) (763 ) Benefit obligation at end of year 252,351 270,272 24,945 28,545 Change in plan assets: Fair value of plan assets at beginning of year 187,074 189,367 — — Actual return on plan assets 3,881 11,264 — — Employer contribution 543 5,615 554 763 Benefits paid (11,111 ) (19,172 ) (554 ) (763 ) Fair value of plan assets at end of year 180,387 187,074 — — Funded status at end of year $ (71,964 ) $ (83,198 ) $ (24,945 ) $ (28,545 ) |
Pre-tax components of accumulated other comprehensive loss related to pension plans and other postretirement benefits | The following table sets forth the pre-tax components of accumulated other comprehensive loss related to pension plans and other postretirement benefits at the dates indicated. We expect that $2.7 million in net actuarial loss and $190,000 in prior service cost will be recognized as components of net periodic cost in 2016 . Pension Benefits Other Postretirement Benefits At December 31, At December 31, (In Thousands) 2015 2014 2015 2014 Net actuarial loss (gain) $ 99,078 $ 108,137 $ (5,408 ) $ 771 Prior service cost 4,760 4,950 — — Total accumulated other comprehensive loss (income) $ 103,838 $ 113,087 $ (5,408 ) $ 771 |
Discount rates used to determine the benefit obligations | The following table presents the discount rates used to determine the benefit obligations at the dates indicated. At December 31, 2015 2014 Pension Benefit Plans: Astoria Bank Pension Plan 4.09 % 3.77 % Astoria Excess and Supplemental Benefit Plans 3.86 3.60 Astoria Directors’ Retirement Plan 3.67 3.47 Greater Directors’ Retirement Plan 3.30 3.12 LIB Directors’ Retirement Plan 0.95 0.59 Other Postretirement Benefit Plan: Astoria Bank Retiree Health Care Plan 4.25 3.89 |
Components of net periodic (benefit) cost | The following table summarizes the components of net periodic (benefit) cost for the years indicated. Pension Benefits Other Postretirement Benefits For the Year Ended December 31, For the Year Ended December 31, (In Thousands) 2015 2014 2013 2015 2014 2013 Service cost $ — $ — $ — $ 2,129 $ 1,241 $ 1,578 Interest cost 9,929 10,450 9,549 1,004 930 1,279 Expected return on plan assets (14,534 ) (14,843 ) (12,754 ) — — — Recognized net actuarial loss (gain) 2,973 1,401 3,138 — (488 ) 472 Amortization of prior service cost 190 190 213 — — — Net periodic (benefit) cost $ (1,442 ) $ (2,802 ) $ 146 $ 3,133 $ 1,683 $ 3,329 |
Assumptions used to determine the net periodic (benefit) cost | The following table sets forth the assumptions used to determine the net periodic (benefit) cost for the years ended December 31, 2015 and 2014 . Discount Rate Expected Return on Plan Assets 2015 2014 2015 2014 Pension Benefit Plans: Astoria Bank Pension Plan 3.77 % 4.66 % 8.00 % 8.00 % Astoria Excess and Supplemental Benefit Plans 3.60 4.39 N/A N/A Astoria Directors’ Retirement Plan 3.47 4.23 N/A N/A Greater Directors’ Retirement Plan 3.12 3.64 N/A N/A LIB Directors’ Retirement Plan 0.59 0.50 N/A N/A Other Postretirement Benefit Plan: Astoria Bank Retiree Health Care Plan 3.89 4.80 N/A N/A |
Assumed health care cost trend rates | The following table presents the assumed health care cost trend rates at the dates indicated. At December 31, 2015 2014 Health care cost trend rate assumed for the next year: Pre-age 65 7.50 % 6.70 % Post-age 65 8.00 % 9.00 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.75 % 5.00 % Year that the rate reaches the ultimate trend rate 2026 2021 |
Effects of a one-percentage point change in assumed health care cost trend rates | The following table presents the effects of a one-percentage point change in assumed health care cost trend rates. (In Thousands) One Percentage Point Increase One Percentage Point Decrease Effect on total service and interest cost components $ 736 $ (560 ) Effect on the postretirement benefit obligation 4,518 (3,524 ) |
Total benefits expected to be paid under our defined benefit pension plans and other postretirement benefit plan | The following table summarizes total benefits expected to be paid under our defined benefit pension plans and other postretirement benefit plan as of December 31, 2015 , which reflect expected future service as appropriate. Year Pension Benefits Other Postretirement Benefits (In Thousands) 2016 $ 15,589 $ 883 2017 13,875 932 2018 12,999 976 2019 13,501 1,043 2020 13,162 1,131 2021-2025 69,927 6,625 |
Astoria Bank | Pension Benefits | |
Benefit Plans | |
Carrying values of plan assets measured at estimated fair value on a recurring basis | The following tables set forth the carrying values of the Astoria Bank Pension Plan’s assets measured at estimated fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated. Carrying Value at December 31, 2015 (In Thousands) Total Level 1 Level 2 Level 3 PRIAC Pooled Separate Accounts (1) $ 155,215 $ — $ 155,215 $ — Astoria Financial Corporation common stock 14,880 14,880 — — PRIAC Guaranteed Deposit Account 10,288 — — 10,288 Cash and cash equivalents 4 4 — — Total $ 180,387 $ 14,884 $ 155,215 $ 10,288 (1) Consists of 44% large-cap equity securities, 33% debt securities, 11% international equities, 7% small-cap equity securities and 5% mid-cap equity securities. Carrying Value at December 31, 2014 (In Thousands) Total Level 1 Level 2 Level 3 PRIAC Pooled Separate Accounts (1) $ 162,808 $ — $ 162,808 $ — Astoria Financial Corporation common stock 12,404 12,404 — — PRIAC Guaranteed Deposit Account 11,858 — — 11,858 Cash and cash equivalents 4 4 — — Total $ 187,074 $ 12,408 $ 162,808 $ 11,858 (1) Consists of 41% large-cap equity securities, 38% debt securities, 9% international equities, 7% small-cap equity securities and 5% mid-cap equity securities. |
Changes in the estimated fair value of plan's level 3 assets | The following table sets forth a summary of changes in the estimated fair value of the Astoria Bank Pension Plan’s Level 3 assets for the years indicated. For the Year Ended December 31, (In Thousands) 2015 2014 Fair value at beginning of year $ 11,858 $ 6,299 Total net (loss) gain, realized and unrealized, included in change in net assets (1) (1 ) 191 Purchases 9,000 23,925 Sales (10,569 ) (18,557 ) Fair value at end of year $ 10,288 $ 11,858 (1) Includes unrealized gain related to assets held at December 31, 2015 of $210,000 for the year ended December 31, 2015 and unrealized gain related to assets held at December 31, 2014 of $477,000 for the year ended December 31, 2014 . |
Schedule of significant unobservable inputs with plan's level 3 assets | The following table presents information about significant unobservable inputs related to the Astoria Bank Pension Plan’s investment in Level 3 assets at the dates indicated. PRIAC Guaranteed Deposit Account Range at December 31, 2015 2014 Significant unobservable inputs: Composite market value factor 0.996 - 1.137 1.018 - 1.081 Gross guaranteed crediting rate (1) 2.85% - 3.35% 2.50% - 4.00% _______________________________ (1) Gross guaranteed crediting rates must be greater than or equal to contractual minimum crediting rate. |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of employee restricted common stock grant awards | The following table summarizes employee restricted common stock grant awards by year for grant years with unvested shares outstanding at December 31, 2015 and the remaining vesting schedule. 2015 2014 2013 2012 2011 Number of shares of restricted common stock: Granted during the year 401,520 482,001 494,420 155,000 663,530 Unvested at December 31, 2015 170,390 63,427 — — 65,000 Scheduled to vest during the year ending: December 31, 2016 44,020 35,040 (2) — (2) — 65,000 (1) December 31, 2017 126,370 28,387 — — — ______________________________ (1) Shares of restricted common stock granted under a performance-based award which will vest on June 30, 2016 if the performance conditions are met. (2) In December 2015, vesting conditions were accelerated for the remaining 2013 and certain 2014 restricted common stock grant awards, totaling 200,797 shares, otherwise scheduled to vest in 2016. |
Summary of restricted stock units awarded | The following table summarizes restricted stock units awarded by year for grant years with unvested units outstanding at December 31, 2015. 2015 2014 2013 Number of shares of restricted stock units: Granted during the year 409,800 395,900 432,300 Unvested at December 31, 2015 400,600 350,900 — (1) Vest date February 1, 2018 February 1, 2017 February 1, 2016 Performance measurement period: Fiscal year ended December 31, 2017 December 31, 2016 December 31, 2015 ______________________________ (1) In December 2015 vesting conditions for the remaining 366,400 shares of the 2013 restricted stock units granted were deemed to have been achieved. |
Summary of restricted common stock and performance-based restricted stock unit activity | The following table summarizes restricted common stock and performance-based restricted stock unit activity in our stock incentive plans for the year ended December 31, 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 beginning of year 752,701 $ 11.90 776,500 $ 10.66 Granted 429,752 13.05 409,800 12.64 Vested (741,690 ) (1) (12.18 ) (366,400 ) (2) (9.22 ) Forfeited (65,946 ) (11.77 ) (68,400 ) (11.03 ) Unvested at end of year 374,817 12.68 751,500 12.41 (1) Includes 200,797 shares originally scheduled to vest at various times during 2016 that had a compensation expense of $2.4 million . (2) Shares originally scheduled to vest in February 2016. |
Summary of option activity | The following table summarizes option activity in our stock incentive plans for the year ended December 31, 2015 . Number of Options Weighted Average Exercise Price Outstanding at beginning of year 36,000 $ 28.58 Expired (24,000 ) (27.99 ) Outstanding and exercisable at end of year 12,000 29.76 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Capital Requirements [Abstract] | |
Information regarding regulatory capital requirements | The following table sets forth information regarding the regulatory capital requirements applicable to Astoria Financial Corporation and Astoria Bank at December 31, 2015. At December 31, 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 $ 1,521,367 10.21 % $ 596,022 4.00 % $ 745,027 5.00 % Common equity tier 1 risk-based 1,401,376 16.00 394,092 4.50 569,244 6.50 Tier 1 risk-based 1,521,367 17.37 525,456 6.00 700,608 8.00 Total risk-based 1,620,612 18.51 700,608 8.00 875,760 10.00 Astoria Bank: Tier 1 leverage $ 1,670,312 11.29 % $ 591,787 4.00 % $ 739,734 5.00 % Common equity tier 1 risk-based 1,670,312 19.12 393,153 4.50 567,888 6.50 Tier 1 risk-based 1,670,312 19.12 524,204 6.00 698,939 8.00 Total risk-based 1,769,557 20.25 698,939 8.00 873,674 10.00 At December 31, 2014 Astoria Bank was in compliance with all regulatory capital requirements then in effect. The following table sets forth information regarding the regulatory capital requirements applicable to Astoria Bank at December 31, 2014 . At December 31, 2014 Actual Minimum Capital Requirements To be Well Capitalized Under Prompt Corrective Action Provisions (Dollars in Thousands) Amount Ratio Amount Ratio Amount Ratio Tangible $ 1,632,390 10.62 % $ 230,633 1.50 % N/A N/A Tier 1 leverage 1,632,390 10.62 615,022 4.00 $ 768,777 5.00 % Tier 1 risk-based 1,632,390 17.55 372,118 4.00 558,177 6.00 Total risk-based 1,744,905 18.76 744,236 8.00 930,295 10.00 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of carrying values of assets measured at estimated fair value on recurring basis | The following tables set forth the carrying values of our assets measured at estimated fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated. Carrying Value at December 31, 2015 (In Thousands) Total Level 1 Level 2 Securities available-for-sale: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 330,539 $ — $ 330,539 Non-GSE issuance REMICs and CMOs 3,054 — 3,054 GSE pass-through certificates 11,264 — 11,264 Obligations of GSEs 71,939 — 71,939 Fannie Mae stock 2 2 — Total securities available-for-sale $ 416,798 $ 2 $ 416,796 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 | The following table sets forth the carrying values of those of our assets which were measured at fair value on a non-recurring basis at the dates indicated. The fair value measurements for all of these assets fall within Level 3 of the fair value hierarchy. Carrying Value at December 31, (In Thousands) 2015 2014 Non-performing loans held-for-sale, net $ 1,582 $ 153 Impaired loans 134,910 140,663 MSR, net 11,014 11,401 REO, net 16,307 19,375 Total $ 163,813 $ 171,592 |
Schedule of gains (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 years indicated. For the Year Ended December 31, (In Thousands) 2015 2014 2013 Non-performing loans held-for-sale, net (1) $ (445 ) $ — $ (520 ) Impaired loans (2) (4,284 ) (6,311 ) (21,992 ) MSR, net (3) 568 60 5,401 REO, net (4) (824 ) (1,654 ) (3,788 ) Total $ (4,985 ) $ (7,905 ) $ (20,899 ) (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 upon the transfer of a loan to REO. Losses subsequent to the transfer of a loan to REO are charged to REO expense which is a component of other non-interest expense. |
Schedule of carrying values and estimated fair values of financial instruments | The following tables set forth the carrying values and estimated fair values of our financial instruments which are carried in the consolidated statements of financial condition at either cost or at lower of cost or fair value in accordance with GAAP, and are not measured or recorded at fair value on a recurring basis, and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated. At December 31, 2015 Carrying Value Estimated Fair Value (In Thousands) Total Level 2 Level 3 Financial Assets: Securities held-to-maturity $ 2,296,799 $ 2,286,092 $ 2,286,092 $ — FHLB-NY stock 131,137 131,137 131,137 — Loans held-for-sale, net (1) 8,960 9,037 — 9,037 Loans receivable, net (1) 11,055,081 11,112,709 — 11,112,709 MSR, net (1) 11,014 11,017 — 11,017 Financial Liabilities: Deposits 9,106,027 9,123,740 9,123,740 — Borrowings, net 3,964,222 4,132,940 4,132,940 — 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. |
Condensed Parent Company Only42
Condensed Parent Company Only Financial Statements (Tables) - Astoria Financial Corporation | 12 Months Ended |
Dec. 31, 2015 | |
Statement | |
Astoria Financial Corporation - Condensed Statements of Financial Condition | Astoria Financial Corporation - Condensed Statements of Financial Condition At December 31, (In Thousands) 2015 2014 Assets: Cash $ 102,338 $ 75,199 Other assets 760 711 Investment in Astoria Bank 1,812,393 1,755,078 Investment in AF Insurance Agency, Inc. 952 1,134 Total assets $ 1,916,443 $ 1,832,122 Liabilities and stockholders’ equity: Other borrowings, net $ 249,222 $ 248,691 Other liabilities 3,773 3,361 Stockholders’ equity 1,663,448 1,580,070 Total liabilities and stockholders’ equity $ 1,916,443 $ 1,832,122 |
Astoria Financial Corporation - Condensed Statements of Income | Astoria Financial Corporation - Condensed Statements of Income For the Year Ended December 31, (In Thousands) 2015 2014 2013 Interest income: ESOP loans receivable $ — $ — $ 344 Total interest income — — 344 Interest expense on borrowings 13,031 13,031 17,398 Net interest expense 13,031 13,031 17,054 Cash dividends from subsidiaries 64,524 40,620 45,150 Non-interest expense: Compensation and benefits 2,820 2,925 3,261 Extinguishment of debt — — 4,266 Other 4,927 3,262 3,148 Total non-interest expense 7,747 6,187 10,675 Income before income taxes and equity in undistributed earnings of subsidiaries 43,746 21,402 17,421 Income tax benefit 8,056 6,662 9,644 Income before equity in undistributed earnings of subsidiaries 51,802 28,064 27,065 Equity in undistributed earnings of subsidiaries 36,273 67,852 39,528 Net income 88,075 95,916 66,593 Preferred stock dividends 8,775 8,775 7,214 Net income available to common shareholders $ 79,300 $ 87,141 $ 59,379 |
Astoria Financial Corporation - Condensed Statements of Cash Flows | Astoria Financial Corporation - Condensed Statements of Cash Flows For the Year Ended December 31, (In Thousands) 2015 2014 2013 Cash flows from operating activities: Net income $ 88,075 $ 95,916 $ 66,593 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (36,273 ) (67,852 ) (39,528 ) Amortization of deferred costs 531 531 531 Increase in other assets, net of other liabilities and amounts due to subsidiaries (1,752 ) (484 ) (998 ) Net cash provided by operating activities 50,581 28,111 26,598 Cash flows from investing activities: Principal payments on ESOP loans receivable — — 5,908 Redemption of Astoria Capital Trust I common securities — — 3,866 Net cash provided by investing activities — — 9,774 Cash flows from financing activities: Repayment of borrowings with original terms greater than three months — — (128,866 ) Proceeds from issuance of common and preferred stock 6,168 8,121 135,000 Common stock repurchases (6,869 ) — — Cash payments for preferred stock issuance costs — — (5,204 ) Cash dividends paid to stockholders (24,856 ) (24,643 ) (20,688 ) Net tax benefit excess (shortfall) from stock-based compensation 2,115 192 (800 ) Net cash used in financing activities (23,442 ) (16,330 ) (20,558 ) Net increase in cash and cash equivalents 27,139 11,781 15,814 Cash and cash equivalents at beginning of year 75,199 63,418 47,604 Cash and cash equivalents at end of year $ 102,338 $ 75,199 $ 63,418 Supplemental disclosure: Cash paid during the year for interest $ 12,500 $ 12,500 $ 18,898 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||
Federal reserve system cash reserve requirement | $ 45.8 | $ 42.2 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Loans Receivable and Allowance for Loan Losses (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Period of time after which we discontinue accruing interest on loans | 90 days |
Period of time in non-accrual status for restructured loans to demonstrate performance | 6 months |
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 | 3 years |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - Premises and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||
Premises and equipment at cost | $ 305 | $ 315.5 |
Accumulated depreciation and amortization of premises and equipment | $ 195.2 | $ 203.9 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | |||
Goodwill | $ 185,151,000 | $ 185,151,000 | |
Goodwill impairment | $ 0 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Bank Owned Life Insurance (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||
Bank owned life insurance, cash surrender value | $ 409.4 | $ 402.1 |
Bank owned life insurance, stabilization reserve | $ 30.3 | $ 28.7 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies - Real Estate Owned (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||
Real estate owned, net | $ 19,798 | $ 35,723 |
Real estate owned, valuation allowance for losses | $ 1,300 | $ 839 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies - Earnings Per Common Share (Details) | Dec. 31, 2013shares |
Accounting Policies [Abstract] | |
Unallocated common stock held by ESOP shares | 0 |
Merger Agreement with New Yor50
Merger Agreement with New York Community Bancorp, Inc. (Details) $ / shares in Units, $ in Millions | Oct. 28, 2015USD ($)$ / sharesshares | Mar. 19, 2013$ / shares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2014$ / sharesshares |
Business Acquisition [Line Items] | ||||
Common stock, shares authorized | shares | 200,000,000 | 200,000,000 | ||
Par value (in dollars per share) | $ 1 | $ 1 | ||
Contract termination fee | $ | $ 69.5 | |||
Series C Preferred Stock | ||||
Business Acquisition [Line Items] | ||||
Dividend rate | 6.50% | 6.50% | 6.50% | |
Par value (in dollars per share) | $ 1 | $ 1 | ||
Liquidation preference (in dollars per share) | 1,000 | $ 1,000 | $ 1,000 | |
Astoria | NYCB | ||||
Business Acquisition [Line Items] | ||||
Share price for acquisition (in dollars per share) | 0.01 | |||
Equity interest issued or issuable for each share | $ 0.50 | |||
Conversion of preferred shares of acquiree to acquirer | 1 | |||
Astoria | NYCB | Minimum | ||||
Business Acquisition [Line Items] | ||||
Common stock, shares authorized | shares | 600,000,000 | |||
Astoria | NYCB | Maximum | ||||
Business Acquisition [Line Items] | ||||
Common stock, shares authorized | shares | 900,000,000 | |||
Astoria | Series A Preferred Stock | NYCB | ||||
Business Acquisition [Line Items] | ||||
Dividend rate | 6.50% | |||
Par value (in dollars per share) | $ 0.01 | |||
Liquidation preference (in dollars per share) | $ 1,000 |
Securities - Amortized Cost and
Securities - Amortized Cost and Estimated Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Available-for-sale: | ||
Amortized Cost | $ 418,644 | $ 383,631 |
Gross Unrealized Gains | 2,872 | 4,282 |
Gross Unrealized Losses | (4,718) | (3,554) |
Estimated Fair Value | 416,798 | 384,359 |
Held-to-maturity: | ||
Total held-to-maturity securities | 2,296,799 | 2,133,804 |
Gross Unrealized Gains | 11,146 | 17,605 |
Gross Unrealized Losses | (21,853) | (20,038) |
Estimated Fair Value | 2,286,092 | 2,131,371 |
GSE issuance REMICs and CMOs | ||
Available-for-sale: | ||
Amortized Cost | 331,099 | 266,946 |
Gross Unrealized Gains | 2,374 | 3,608 |
Gross Unrealized Losses | (2,934) | (1,556) |
Estimated Fair Value | 330,539 | 268,998 |
Held-to-maturity: | ||
Total held-to-maturity securities | 1,361,907 | 1,575,402 |
Gross Unrealized Gains | 8,135 | 14,536 |
Gross Unrealized Losses | (14,128) | (14,041) |
Estimated Fair Value | 1,355,914 | 1,575,897 |
Non-GSE issuance REMICs and CMOs | ||
Available-for-sale: | ||
Amortized Cost | 3,048 | 5,071 |
Gross Unrealized Gains | 13 | 34 |
Gross Unrealized Losses | (7) | (1) |
Estimated Fair Value | 3,054 | 5,104 |
Held-to-maturity: | ||
Total held-to-maturity securities | 198 | 2,482 |
Gross Unrealized Gains | 0 | 31 |
Gross Unrealized Losses | (5) | (7) |
Estimated Fair Value | 193 | 2,506 |
GSE pass-through certificates | ||
Available-for-sale: | ||
Amortized Cost | 10,781 | 12,919 |
Gross Unrealized Gains | 485 | 640 |
Gross Unrealized Losses | (2) | (2) |
Estimated Fair Value | 11,264 | 13,557 |
Held-to-maturity: | ||
Total held-to-maturity securities | 260,707 | 281,685 |
Gross Unrealized Gains | 1,535 | 2,442 |
Gross Unrealized Losses | (3,413) | (3,877) |
Estimated Fair Value | 258,829 | 280,250 |
Total residential mortgage-backed securities | ||
Available-for-sale: | ||
Amortized Cost | 344,928 | 284,936 |
Gross Unrealized Gains | 2,872 | 4,282 |
Gross Unrealized Losses | (2,943) | (1,559) |
Estimated Fair Value | 344,857 | 287,659 |
Held-to-maturity: | ||
Total held-to-maturity securities | 1,622,812 | 1,859,569 |
Gross Unrealized Gains | 9,670 | 17,009 |
Gross Unrealized Losses | (17,546) | (17,925) |
Estimated Fair Value | 1,614,936 | 1,858,653 |
Obligations of GSEs | ||
Available-for-sale: | ||
Amortized Cost | 73,701 | 98,680 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,762) | (1,982) |
Estimated Fair Value | 71,939 | 96,698 |
Held-to-maturity: | ||
Total held-to-maturity securities | 178,967 | 119,336 |
Gross Unrealized Gains | 220 | 42 |
Gross Unrealized Losses | (480) | (1,523) |
Estimated Fair Value | 178,707 | 117,855 |
Fannie Mae stock | ||
Available-for-sale: | ||
Amortized Cost | 15 | 15 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (13) | (13) |
Estimated Fair Value | 2 | 2 |
GSE issuance REMICs | ||
Held-to-maturity: | ||
Total held-to-maturity securities | 434,587 | 154,381 |
Gross Unrealized Gains | 1,255 | 554 |
Gross Unrealized Losses | (2,334) | (590) |
Estimated Fair Value | 433,508 | 154,345 |
Corporate debt securities | ||
Held-to-maturity: | ||
Total held-to-maturity securities | 60,000 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (1,493) | |
Estimated Fair Value | 58,507 | |
Other | ||
Held-to-maturity: | ||
Total held-to-maturity securities | 433 | 518 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 434 | $ 518 |
Securities - Estimated Fair Val
Securities - Estimated Fair Values of Securities with Gross Unrealized Losses in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Less Than Twelve Months | ||
Estimated Fair Value | $ 214,138 | $ 45,226 |
Gross Unrealized Losses | (3,327) | (555) |
Twelve Months or Longer | ||
Estimated Fair Value | 47,506 | 147,718 |
Gross Unrealized Losses | (1,391) | (2,999) |
Total | ||
Estimated Fair Value | 261,644 | 192,944 |
Gross Unrealized Losses | (4,718) | (3,554) |
Less Than Twelve Months | ||
Estimated Fair Value | 895,094 | 222,216 |
Gross Unrealized Losses | (8,865) | (892) |
Twelve Months or Longer | ||
Estimated Fair Value | 396,576 | 744,508 |
Gross Unrealized Losses | (12,988) | (19,146) |
Total | ||
Estimated Fair Value | 1,291,670 | 966,724 |
Gross Unrealized Losses | (21,853) | (20,038) |
GSE issuance REMICs and CMOs | ||
Less Than Twelve Months | ||
Estimated Fair Value | 189,364 | 20,587 |
Gross Unrealized Losses | (2,934) | (159) |
Twelve Months or Longer | ||
Estimated Fair Value | 0 | 75,444 |
Gross Unrealized Losses | 0 | (1,397) |
Total | ||
Estimated Fair Value | 189,364 | 96,031 |
Gross Unrealized Losses | (2,934) | (1,556) |
Less Than Twelve Months | ||
Estimated Fair Value | 395,659 | 121,861 |
Gross Unrealized Losses | (3,972) | (302) |
Twelve Months or Longer | ||
Estimated Fair Value | 289,645 | 500,348 |
Gross Unrealized Losses | (10,156) | (13,739) |
Total | ||
Estimated Fair Value | 685,304 | 622,209 |
Gross Unrealized Losses | (14,128) | (14,041) |
Non-GSE issuance REMICs and CMOs | ||
Less Than Twelve Months | ||
Estimated Fair Value | 75 | 0 |
Gross Unrealized Losses | (2) | 0 |
Twelve Months or Longer | ||
Estimated Fair Value | 64 | 96 |
Gross Unrealized Losses | (5) | (1) |
Total | ||
Estimated Fair Value | 139 | 96 |
Gross Unrealized Losses | (7) | (1) |
Less Than Twelve Months | ||
Estimated Fair Value | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Twelve Months or Longer | ||
Estimated Fair Value | 193 | 294 |
Gross Unrealized Losses | (5) | (7) |
Total | ||
Estimated Fair Value | 193 | 294 |
Gross Unrealized Losses | (5) | (7) |
GSE pass-through certificates | ||
Less Than Twelve Months | ||
Estimated Fair Value | 97 | 53 |
Gross Unrealized Losses | (1) | (1) |
Twelve Months or Longer | ||
Estimated Fair Value | 103 | 64 |
Gross Unrealized Losses | (1) | (1) |
Total | ||
Estimated Fair Value | 200 | 117 |
Gross Unrealized Losses | (2) | (2) |
Less Than Twelve Months | ||
Estimated Fair Value | 56,503 | 0 |
Gross Unrealized Losses | (586) | 0 |
Twelve Months or Longer | ||
Estimated Fair Value | 106,738 | 164,453 |
Gross Unrealized Losses | (2,827) | (3,877) |
Total | ||
Estimated Fair Value | 163,241 | 164,453 |
Gross Unrealized Losses | (3,413) | (3,877) |
GSE issuance REMICs | ||
Less Than Twelve Months | ||
Estimated Fair Value | 276,601 | 100,355 |
Gross Unrealized Losses | (2,334) | (590) |
Twelve Months or Longer | ||
Estimated Fair Value | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Total | ||
Estimated Fair Value | 276,601 | 100,355 |
Gross Unrealized Losses | (2,334) | (590) |
Obligations of GSEs | ||
Less Than Twelve Months | ||
Estimated Fair Value | 24,602 | 24,586 |
Gross Unrealized Losses | (390) | (395) |
Twelve Months or Longer | ||
Estimated Fair Value | 47,337 | 72,112 |
Gross Unrealized Losses | (1,372) | (1,587) |
Total | ||
Estimated Fair Value | 71,939 | 96,698 |
Gross Unrealized Losses | (1,762) | (1,982) |
Less Than Twelve Months | ||
Estimated Fair Value | 107,824 | 0 |
Gross Unrealized Losses | (480) | 0 |
Twelve Months or Longer | ||
Estimated Fair Value | 0 | 79,413 |
Gross Unrealized Losses | 0 | (1,523) |
Total | ||
Estimated Fair Value | 107,824 | 79,413 |
Gross Unrealized Losses | (480) | (1,523) |
Fannie Mae stock | ||
Less Than Twelve Months | ||
Estimated Fair Value | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Twelve Months or Longer | ||
Estimated Fair Value | 2 | 2 |
Gross Unrealized Losses | (13) | (13) |
Total | ||
Estimated Fair Value | 2 | 2 |
Gross Unrealized Losses | (13) | $ (13) |
Corporate debt securities | ||
Less Than Twelve Months | ||
Estimated Fair Value | 58,507 | |
Gross Unrealized Losses | (1,493) | |
Twelve Months or Longer | ||
Estimated Fair Value | 0 | |
Gross Unrealized Losses | 0 | |
Total | ||
Estimated Fair Value | 58,507 | |
Gross Unrealized Losses | $ (1,493) |
Securities - Narrative (Details
Securities - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)security | Dec. 31, 2014USD ($)security | Dec. 31, 2013USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||
Number of securities held with unrealized loss | security | 129 | 80 | |
Proceeds from sales of securities available-for-sale | $ 19,026 | $ 14,447 | $ 41,640 |
Gross realized gains from sale of available for sale securities | 72 | 141 | $ 2,057 |
Securities | |||
Carrying value of available-for-sale securities | 416,798 | 384,359 | |
Held-to-maturity, amortized cost | 2,296,799 | 2,133,804 | |
Held-to-maturity securities, fair value | 2,286,092 | 2,131,371 | |
Callable securities, amortized cost | 252,700 | ||
Callable securities amortized cost, callable within one year and thereafter | 236,300 | ||
Accrued interest receivable for securities | 7,400 | $ 6,700 | |
Available-for-sale debt securities, excluding mortgage-backed securities | |||
Securities | |||
Available-for-sale debt securities, amortized cost | 73,700 | ||
Carrying value of available-for-sale securities | 71,900 | ||
Held-to-maturity debt securities, excluding mortgage-backed securities | |||
Securities | |||
Held-to-maturity, amortized cost | 239,400 | ||
Held-to-maturity securities, fair value | $ 237,600 |
Loans Held-for-Sale (Details)
Loans Held-for-Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Mortgage Loans on Real Estate [Line Items] | |||
Loans held-for-sale, net | $ 8,960 | $ 7,640 | |
Net gain (loss) on sales of loans | 2,021 | 1,763 | $ 6,880 |
Non-performing loans held-for-sale, net | |||
Mortgage Loans on Real Estate [Line Items] | |||
Loans held-for-sale, net | 1,600 | 153 | |
Sale of delinquent and non-performing mortgage loans, net of charge-offs, amount | 7,500 | 4,900 | 19,400 |
Charge-offs on delinquent and non-performing mortgage loans sold | 1,100 | 517 | 5,200 |
Net gain (loss) on sales of loans | $ (23) | $ (892) | 122 |
Net lower of cost or market write-downs | $ 87 |
Loans Receivable and Allowanc55
Loans Receivable and Allowance for Loan Losses - Aging Analysis by Accruing and Non-accrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | $ 199,875 | $ 170,673 | ||
Current | 10,911,852 | 11,739,049 | ||
Total | 11,111,727 | 11,909,722 | ||
deferred loan origination costs | 41,354 | 47,726 | ||
Loans receivable | 11,153,081 | 11,957,448 | ||
Allowance for loan losses | (98,000) | (111,600) | $ (139,000) | $ (145,501) |
Loans receivable, net | 11,055,081 | 11,845,848 | ||
Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 105,861 | 104,042 | ||
Current | 10,867,982 | 11,681,961 | ||
Total | 10,973,843 | 11,786,003 | ||
Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 94,014 | 66,631 | ||
Current | 43,870 | 57,088 | ||
Total | 137,884 | 123,719 | ||
Consumer and other loans (gross) | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 9,968 | 9,432 | ||
Current | 242,725 | 239,936 | ||
Total | 252,693 | 249,368 | ||
Allowance for loan losses | (6,288) | (8,825) | (8,824) | (6,316) |
Consumer and other loans (gross) | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 2,860 | 3,392 | ||
Current | 242,725 | 239,936 | ||
Total | 245,585 | 243,328 | ||
Consumer and other loans (gross) | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 7,108 | 6,040 | ||
Current | 0 | 0 | ||
Total | 7,108 | 6,040 | ||
Consumer and other loans (gross) | Home equity and other consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 9,265 | 9,432 | ||
Current | 151,554 | 175,121 | ||
Total | 160,819 | 184,553 | ||
Consumer and other loans (gross) | Home equity and other consumer | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 2,860 | 3,392 | ||
Current | 151,554 | 175,121 | ||
Total | 154,414 | 178,513 | ||
Consumer and other loans (gross) | Home equity and other consumer | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 6,405 | 6,040 | ||
Current | 0 | 0 | ||
Total | 6,405 | 6,040 | ||
Consumer and other loans (gross) | Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 703 | 0 | ||
Current | 91,171 | 64,815 | ||
Total | 91,874 | 64,815 | ||
Consumer and other loans (gross) | Commercial and industrial | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 0 | 0 | ||
Current | 91,171 | 64,815 | ||
Total | 91,171 | 64,815 | ||
Consumer and other loans (gross) | Commercial and industrial | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 703 | 0 | ||
Current | 0 | 0 | ||
Total | 703 | 0 | ||
Mortgage loans (gross) | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 189,907 | 161,241 | ||
Current | 10,669,127 | 11,499,113 | ||
Total | 10,859,034 | 11,660,354 | ||
Mortgage loans (gross) | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 103,001 | 100,650 | ||
Current | 10,625,257 | 11,442,025 | ||
Total | 10,728,258 | 11,542,675 | ||
Mortgage loans (gross) | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 86,906 | 60,591 | ||
Current | 43,870 | 57,088 | ||
Total | 130,776 | 117,679 | ||
Mortgage loans (gross) | Residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 179,639 | 139,605 | ||
Current | 5,835,776 | 6,733,931 | ||
Total | 6,015,415 | 6,873,536 | ||
Allowance for loan losses | (44,951) | (46,283) | (80,337) | (89,267) |
Mortgage loans (gross) | Residential | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 97,335 | 88,654 | ||
Current | 5,798,076 | 6,684,871 | ||
Total | 5,895,411 | 6,773,525 | ||
Mortgage loans (gross) | Residential | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 82,304 | 50,951 | ||
Current | 37,700 | 49,060 | ||
Total | 120,004 | 100,011 | ||
Mortgage loans (gross) | Residential | Full documentation interest-only | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 24,968 | 35,506 | ||
Current | 407,320 | 818,676 | ||
Total | 432,288 | 854,182 | ||
Mortgage loans (gross) | Residential | Full documentation interest-only | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 12,427 | 21,275 | ||
Current | 401,486 | 804,880 | ||
Total | 413,913 | 826,155 | ||
Mortgage loans (gross) | Residential | Full documentation interest-only | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 12,541 | 14,231 | ||
Current | 5,834 | 13,796 | ||
Total | 18,375 | 28,027 | ||
Mortgage loans (gross) | Residential | Full documentation amortizing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 87,546 | 48,286 | ||
Current | 4,610,420 | 4,955,407 | ||
Total | 4,697,966 | 5,003,693 | ||
Mortgage loans (gross) | Residential | Full documentation amortizing | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 50,829 | 33,633 | ||
Current | 4,602,940 | 4,948,391 | ||
Total | 4,653,769 | 4,982,024 | ||
Mortgage loans (gross) | Residential | Full documentation amortizing | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 36,717 | 14,653 | ||
Current | 7,480 | 7,016 | ||
Total | 44,197 | 21,669 | ||
Mortgage loans (gross) | Residential | Reduced documentation interest-only | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 25,696 | 38,636 | ||
Current | 277,535 | 572,372 | ||
Total | 303,231 | 611,008 | ||
Mortgage loans (gross) | Residential | Reduced documentation interest-only | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 9,575 | 21,074 | ||
Current | 266,084 | 547,350 | ||
Total | 275,659 | 568,424 | ||
Mortgage loans (gross) | Residential | Reduced documentation interest-only | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 16,121 | 17,562 | ||
Current | 11,451 | 25,022 | ||
Total | 27,572 | 42,584 | ||
Mortgage loans (gross) | Residential | Reduced documentation amortizing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 41,429 | 17,177 | ||
Current | 540,501 | 387,476 | ||
Total | 581,930 | 404,653 | ||
Mortgage loans (gross) | Residential | Reduced documentation amortizing | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 24,504 | 12,672 | ||
Current | 527,566 | 384,250 | ||
Total | 552,070 | 396,922 | ||
Mortgage loans (gross) | Residential | Reduced documentation amortizing | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 16,925 | 4,505 | ||
Current | 12,935 | 3,226 | ||
Total | 29,860 | 7,731 | ||
Mortgage loans (gross) | Multi-family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 7,520 | 15,779 | ||
Current | 4,016,585 | 3,897,274 | ||
Total | 4,024,105 | 3,913,053 | ||
Allowance for loan losses | (35,544) | (39,250) | (36,703) | (35,514) |
Mortgage loans (gross) | Multi-family | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 3,731 | 7,658 | ||
Current | 4,013,541 | 3,893,539 | ||
Total | 4,017,272 | 3,901,197 | ||
Mortgage loans (gross) | Multi-family | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 3,789 | 8,121 | ||
Current | 3,044 | 3,735 | ||
Total | 6,833 | 11,856 | ||
Mortgage loans (gross) | Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 2,748 | 5,857 | ||
Current | 816,766 | 867,908 | ||
Total | 819,514 | 873,765 | ||
Allowance for loan losses | (11,217) | (17,242) | $ (13,136) | $ (14,404) |
Mortgage loans (gross) | Commercial real estate | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 1,935 | 4,338 | ||
Current | 813,640 | 863,615 | ||
Total | 815,575 | 867,953 | ||
Mortgage loans (gross) | Commercial real estate | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 813 | 1,519 | ||
Current | 3,126 | 4,293 | ||
Total | 3,939 | 5,812 | ||
30 to 59 Days | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 90,073 | 82,526 | ||
30 to 59 Days | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 81,851 | 77,097 | ||
30 to 59 Days | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 8,222 | 5,429 | ||
30 to 59 Days | Consumer and other loans (gross) | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 2,358 | 2,430 | ||
30 to 59 Days | Consumer and other loans (gross) | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 2,358 | 2,430 | ||
30 to 59 Days | Consumer and other loans (gross) | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 0 | 0 | ||
30 to 59 Days | Consumer and other loans (gross) | Home equity and other consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 2,358 | 2,430 | ||
30 to 59 Days | Consumer and other loans (gross) | Home equity and other consumer | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 2,358 | 2,430 | ||
30 to 59 Days | Consumer and other loans (gross) | Home equity and other consumer | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 0 | 0 | ||
30 to 59 Days | Consumer and other loans (gross) | Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 0 | 0 | ||
30 to 59 Days | Consumer and other loans (gross) | Commercial and industrial | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 0 | 0 | ||
30 to 59 Days | Consumer and other loans (gross) | Commercial and industrial | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 0 | 0 | ||
30 to 59 Days | Mortgage loans (gross) | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 87,715 | 80,096 | ||
30 to 59 Days | Mortgage loans (gross) | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 79,493 | 74,667 | ||
30 to 59 Days | Mortgage loans (gross) | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 8,222 | 5,429 | ||
30 to 59 Days | Mortgage loans (gross) | Residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 84,841 | 73,326 | ||
30 to 59 Days | Mortgage loans (gross) | Residential | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 77,585 | 69,335 | ||
30 to 59 Days | Mortgage loans (gross) | Residential | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 7,256 | 3,991 | ||
30 to 59 Days | Mortgage loans (gross) | Residential | Full documentation interest-only | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 11,227 | 16,314 | ||
30 to 59 Days | Mortgage loans (gross) | Residential | Full documentation interest-only | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 10,045 | 13,943 | ||
30 to 59 Days | Mortgage loans (gross) | Residential | Full documentation interest-only | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 1,182 | 2,371 | ||
30 to 59 Days | Mortgage loans (gross) | Residential | Full documentation amortizing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 43,730 | 26,082 | ||
30 to 59 Days | Mortgage loans (gross) | Residential | Full documentation amortizing | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 40,151 | 25,878 | ||
30 to 59 Days | Mortgage loans (gross) | Residential | Full documentation amortizing | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 3,579 | 204 | ||
30 to 59 Days | Mortgage loans (gross) | Residential | Reduced documentation interest-only | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 7,511 | 19,310 | ||
30 to 59 Days | Mortgage loans (gross) | Residential | Reduced documentation interest-only | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 7,254 | 18,490 | ||
30 to 59 Days | Mortgage loans (gross) | Residential | Reduced documentation interest-only | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 257 | 820 | ||
30 to 59 Days | Mortgage loans (gross) | Residential | Reduced documentation amortizing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 22,373 | 11,620 | ||
30 to 59 Days | Mortgage loans (gross) | Residential | Reduced documentation amortizing | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 20,135 | 11,024 | ||
30 to 59 Days | Mortgage loans (gross) | Residential | Reduced documentation amortizing | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 2,238 | 596 | ||
30 to 59 Days | Mortgage loans (gross) | Multi-family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 2,387 | 4,294 | ||
30 to 59 Days | Mortgage loans (gross) | Multi-family | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 1,662 | 3,646 | ||
30 to 59 Days | Mortgage loans (gross) | Multi-family | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 725 | 648 | ||
30 to 59 Days | Mortgage loans (gross) | Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 487 | 2,476 | ||
30 to 59 Days | Mortgage loans (gross) | Commercial real estate | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 246 | 1,686 | ||
30 to 59 Days | Mortgage loans (gross) | Commercial real estate | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 241 | 790 | ||
60 to 89 Days | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 25,848 | 25,313 | ||
60 to 89 Days | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 23,678 | 22,852 | ||
60 to 89 Days | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 2,170 | 2,461 | ||
60 to 89 Days | Consumer and other loans (gross) | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 502 | 962 | ||
60 to 89 Days | Consumer and other loans (gross) | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 502 | 962 | ||
60 to 89 Days | Consumer and other loans (gross) | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 0 | 0 | ||
60 to 89 Days | Consumer and other loans (gross) | Home equity and other consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 502 | 962 | ||
60 to 89 Days | Consumer and other loans (gross) | Home equity and other consumer | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 502 | 962 | ||
60 to 89 Days | Consumer and other loans (gross) | Home equity and other consumer | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 0 | 0 | ||
60 to 89 Days | Consumer and other loans (gross) | Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 0 | 0 | ||
60 to 89 Days | Consumer and other loans (gross) | Commercial and industrial | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 0 | 0 | ||
60 to 89 Days | Consumer and other loans (gross) | Commercial and industrial | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 0 | 0 | ||
60 to 89 Days | Mortgage loans (gross) | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 25,346 | 24,351 | ||
60 to 89 Days | Mortgage loans (gross) | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 23,176 | 21,890 | ||
60 to 89 Days | Mortgage loans (gross) | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 2,170 | 2,461 | ||
60 to 89 Days | Mortgage loans (gross) | Residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 20,965 | 21,290 | ||
60 to 89 Days | Mortgage loans (gross) | Residential | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 19,418 | 19,175 | ||
60 to 89 Days | Mortgage loans (gross) | Residential | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 1,547 | 2,115 | ||
60 to 89 Days | Mortgage loans (gross) | Residential | Full documentation interest-only | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 2,382 | 7,690 | ||
60 to 89 Days | Mortgage loans (gross) | Residential | Full documentation interest-only | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 2,382 | 7,332 | ||
60 to 89 Days | Mortgage loans (gross) | Residential | Full documentation interest-only | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 0 | 358 | ||
60 to 89 Days | Mortgage loans (gross) | Residential | Full documentation amortizing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 10,949 | 7,849 | ||
60 to 89 Days | Mortgage loans (gross) | Residential | Full documentation amortizing | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 10,346 | 7,611 | ||
60 to 89 Days | Mortgage loans (gross) | Residential | Full documentation amortizing | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 603 | 238 | ||
60 to 89 Days | Mortgage loans (gross) | Residential | Reduced documentation interest-only | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 2,900 | 3,037 | ||
60 to 89 Days | Mortgage loans (gross) | Residential | Reduced documentation interest-only | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 2,321 | 2,584 | ||
60 to 89 Days | Mortgage loans (gross) | Residential | Reduced documentation interest-only | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 579 | 453 | ||
60 to 89 Days | Mortgage loans (gross) | Residential | Reduced documentation amortizing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 4,734 | 2,714 | ||
60 to 89 Days | Mortgage loans (gross) | Residential | Reduced documentation amortizing | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 4,369 | 1,648 | ||
60 to 89 Days | Mortgage loans (gross) | Residential | Reduced documentation amortizing | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 365 | 1,066 | ||
60 to 89 Days | Mortgage loans (gross) | Multi-family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 2,692 | 2,568 | ||
60 to 89 Days | Mortgage loans (gross) | Multi-family | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 2,069 | 2,222 | ||
60 to 89 Days | Mortgage loans (gross) | Multi-family | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 623 | 346 | ||
60 to 89 Days | Mortgage loans (gross) | Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 1,689 | 493 | ||
60 to 89 Days | Mortgage loans (gross) | Commercial real estate | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 1,689 | 493 | ||
60 to 89 Days | Mortgage loans (gross) | Commercial real estate | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 0 | 0 | ||
90 Days or More | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 83,954 | 62,834 | ||
90 Days or More | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 332 | 4,093 | ||
90 Days or More | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 83,622 | 58,741 | ||
90 Days or More | Consumer and other loans (gross) | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 7,108 | 6,040 | ||
90 Days or More | Consumer and other loans (gross) | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 0 | 0 | ||
90 Days or More | Consumer and other loans (gross) | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 7,108 | 6,040 | ||
90 Days or More | Consumer and other loans (gross) | Home equity and other consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 6,405 | 6,040 | ||
90 Days or More | Consumer and other loans (gross) | Home equity and other consumer | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 0 | 0 | ||
90 Days or More | Consumer and other loans (gross) | Home equity and other consumer | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 6,405 | 6,040 | ||
90 Days or More | Consumer and other loans (gross) | Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 703 | 0 | ||
90 Days or More | Consumer and other loans (gross) | Commercial and industrial | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 0 | 0 | ||
90 Days or More | Mortgage loans (gross) | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 76,846 | 56,794 | ||
90 Days or More | Mortgage loans (gross) | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 332 | 4,093 | ||
90 Days or More | Mortgage loans (gross) | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 76,514 | 52,701 | ||
90 Days or More | Mortgage loans (gross) | Residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 73,833 | 44,989 | ||
90 Days or More | Mortgage loans (gross) | Residential | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 332 | 144 | ||
90 Days or More | Mortgage loans (gross) | Residential | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 73,501 | 44,845 | ||
90 Days or More | Mortgage loans (gross) | Residential | Full documentation interest-only | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 11,359 | 11,502 | ||
90 Days or More | Mortgage loans (gross) | Residential | Full documentation interest-only | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 0 | 0 | ||
90 Days or More | Mortgage loans (gross) | Residential | Full documentation interest-only | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 11,359 | 11,502 | ||
90 Days or More | Mortgage loans (gross) | Residential | Full documentation amortizing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 32,867 | 14,355 | ||
90 Days or More | Mortgage loans (gross) | Residential | Full documentation amortizing | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 332 | 144 | ||
90 Days or More | Mortgage loans (gross) | Residential | Full documentation amortizing | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 32,535 | 14,211 | ||
90 Days or More | Mortgage loans (gross) | Residential | Reduced documentation interest-only | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 15,285 | 16,289 | ||
90 Days or More | Mortgage loans (gross) | Residential | Reduced documentation interest-only | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 0 | 0 | ||
90 Days or More | Mortgage loans (gross) | Residential | Reduced documentation interest-only | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 15,285 | 16,289 | ||
90 Days or More | Mortgage loans (gross) | Residential | Reduced documentation amortizing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 14,322 | 2,843 | ||
90 Days or More | Mortgage loans (gross) | Residential | Reduced documentation amortizing | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 0 | 0 | ||
90 Days or More | Mortgage loans (gross) | Residential | Reduced documentation amortizing | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 14,322 | 2,843 | ||
90 Days or More | Mortgage loans (gross) | Multi-family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 2,441 | 8,917 | ||
90 Days or More | Mortgage loans (gross) | Multi-family | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 0 | 1,790 | ||
90 Days or More | Mortgage loans (gross) | Multi-family | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 2,441 | 7,127 | ||
90 Days or More | Mortgage loans (gross) | Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 572 | 2,888 | ||
90 Days or More | Mortgage loans (gross) | Commercial real estate | Accruing loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | 0 | 2,159 | ||
90 Days or More | Mortgage loans (gross) | Commercial real estate | Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total past due | $ 572 | $ 729 |
Loans Receivable and Allowanc56
Loans Receivable and Allowance for Loan Losses - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2010 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 12, 2014 | Jul. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans | $ 11,111,727 | $ 11,909,722 | |||||||
Loans receivable | 11,153,081 | 11,957,448 | |||||||
Charge-offs | 8,270 | 29,589 | $ 37,040 | ||||||
Credit to the provision for loan losses | 12,072 | 9,469 | (19,601) | ||||||
Accrued interest receivable | 34,996 | 36,628 | |||||||
Non-performing | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Non-accrual loans, interest that would have been recognized | 5,400 | 5,600 | 15,600 | ||||||
Actual payment recorded as interest income | 3,400 | 3,600 | $ 6,200 | ||||||
Mortgage Loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans | 10,859,034 | 11,660,354 | |||||||
Loans in process of foreclosure collateralized by residential real estate property | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans receivable | 51,000 | 24,700 | |||||||
Total loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Accrued interest receivable | $ 27,600 | 29,900 | |||||||
Residential | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Amortizing hybrid ARM fixed rate period one | 5 years | 3 years | |||||||
Amortizing hybrid ARM fixed rate period two | 7 years | ||||||||
Amortizing hybrid ARM fixed rate period three | 10 years | ||||||||
Amortizing hybrid adjustable rate mortgage, period after initial fixed rate | 1 year | 1 year | |||||||
Amortizing interest-only hybrid ARM fixed rate period two, prior to the 2010 fourth quarter | 5 years | ||||||||
Amortizing interest-only hybrid ARM fixed rate period three, prior to the 2010 fourth quarter | 7 years | ||||||||
Interest-only hybrid ARM loans, interest-only payment term | 10 years | ||||||||
Residential | Minimum | Geographic concentration risk | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Percent of total residential loans | 5.00% | ||||||||
Residential | Mortgage Loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans | $ 6,015,415 | 6,873,536 | |||||||
Charge-offs | 6,149 | 19,868 | $ 26,644 | ||||||
Credit to the provision for loan losses | (1,520) | 23,464 | $ (9,368) | ||||||
Residential | Pre 2007 interest only loans | Mortgage Loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans | 388,000 | 1,060,000 | |||||||
Residential | Reduced documentation loans | Mortgage Loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans | 885,200 | 1,020,000 | |||||||
Residential | Reduced documentation loans | Mortgage Loans | SISA (stated income, stated asset) loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans | $ 135,700 | $ 148,900 | |||||||
Residential | Non-performing loans held-for-sale, net | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Charge-offs | $ 8,700 | ||||||||
Non performing residential mortgage loans transferred to held for sale | $ 195,000 | 195,000 | |||||||
Non performing residential mortgage loans held for sale | 186,300 | $ 186,300 | |||||||
Credit to the provision for loan losses | $ 5,700 | ||||||||
Carrying value, loans sold | $ 4,000 | $ 173,700 | |||||||
Loss on sales of loans, net | $ 920 |
Loans Receivable and Allowanc57
Loans Receivable and Allowance for Loan Losses - Changes in Allowance for Loan Losses by Loan Receivable Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at the beginning of the period | $ 111,600 | $ 139,000 | $ 145,501 |
Provision charged (credited) to operations | (12,072) | (9,469) | 19,601 |
Charge-offs | (8,270) | (29,589) | (37,040) |
Recoveries | 6,742 | 11,658 | 10,938 |
Balance at the end of the period | 98,000 | 111,600 | 139,000 |
Consumer and Other Loans | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at the beginning of the period | 8,825 | 8,824 | 6,316 |
Provision charged (credited) to operations | (2,002) | 1,709 | 3,604 |
Charge-offs | (912) | (2,073) | (1,916) |
Recoveries | 377 | 365 | 820 |
Balance at the end of the period | 6,288 | 8,825 | 8,824 |
Mortgage Loans | Residential | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at the beginning of the period | 46,283 | 80,337 | 89,267 |
Provision charged (credited) to operations | 1,520 | (23,464) | 9,368 |
Charge-offs | (6,149) | (19,868) | (26,644) |
Recoveries | 3,297 | 9,278 | 8,346 |
Balance at the end of the period | 44,951 | 46,283 | 80,337 |
Mortgage Loans | Multi- Family | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at the beginning of the period | 39,250 | 36,703 | 35,514 |
Provision charged (credited) to operations | (4,780) | 5,337 | 4,684 |
Charge-offs | (907) | (4,365) | (4,732) |
Recoveries | 1,981 | 1,575 | 1,237 |
Balance at the end of the period | 35,544 | 39,250 | 36,703 |
Mortgage Loans | Commercial Real Estate | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at the beginning of the period | 17,242 | 13,136 | 14,404 |
Provision charged (credited) to operations | (6,810) | 6,949 | 1,945 |
Charge-offs | (302) | (3,283) | (3,748) |
Recoveries | 1,087 | 440 | 535 |
Balance at the end of the period | $ 11,217 | $ 17,242 | $ 13,136 |
Loans Receivable and Allowanc58
Loans Receivable and Allowance for Loan Losses - Balances of Residential Interest-only Mortgage Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Recorded Investment | ||
Total | $ 11,111,727 | $ 11,909,722 |
Residential | Interest-only loans | ||
Recorded Investment | ||
2,016 | 324,772 | |
2,017 | 344,356 | |
2,018 | 42,549 | |
2019 and thereafter | 23,842 | |
Total | $ 735,519 |
Loans Receivable and Allowanc59
Loans Receivable and Allowance for Loan Losses - Balances of Residential Mortgage, Consumer, and Other Loan Receivables Credit Quality (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Recorded Investment | ||
Total | $ 11,111,727 | $ 11,909,722 |
Consumer and Other Loans | ||
Recorded Investment | ||
Total | 252,693 | 249,368 |
Consumer and Other Loans | Home Equity and Other Consumer | ||
Recorded Investment | ||
Total | 160,819 | 184,553 |
Consumer and Other Loans | Commercial and industrial | ||
Recorded Investment | ||
Total | 91,874 | 64,815 |
Mortgage Loans | ||
Recorded Investment | ||
Total | 10,859,034 | 11,660,354 |
Mortgage Loans | Residential Mortgage Loans | ||
Recorded Investment | ||
Total | 6,015,415 | 6,873,536 |
Mortgage Loans | Residential Mortgage Loans | Full documentation interest-only | ||
Recorded Investment | ||
Total | 432,288 | 854,182 |
Mortgage Loans | Residential Mortgage Loans | Full documentation amortizing | ||
Recorded Investment | ||
Total | 4,697,966 | 5,003,693 |
Mortgage Loans | Residential Mortgage Loans | Reduced documentation interest-only | ||
Recorded Investment | ||
Total | 303,231 | 611,008 |
Mortgage Loans | Residential Mortgage Loans | Reduced documentation amortizing | ||
Recorded Investment | ||
Total | 581,930 | 404,653 |
Performing | Consumer and Other Loans | Home Equity and Other Consumer | ||
Recorded Investment | ||
Total | 154,414 | 178,513 |
Performing | Consumer and Other Loans | Commercial and industrial | ||
Recorded Investment | ||
Total | 91,171 | 64,815 |
Performing | Mortgage Loans | Residential Mortgage Loans | Full documentation interest-only | ||
Recorded Investment | ||
Total | 413,913 | 826,155 |
Performing | Mortgage Loans | Residential Mortgage Loans | Full documentation amortizing | ||
Recorded Investment | ||
Total | 4,653,437 | 4,981,880 |
Performing | Mortgage Loans | Residential Mortgage Loans | Reduced documentation interest-only | ||
Recorded Investment | ||
Total | 275,659 | 568,424 |
Performing | Mortgage Loans | Residential Mortgage Loans | Reduced documentation amortizing | ||
Recorded Investment | ||
Total | 552,070 | 396,922 |
Non-performing | Consumer and Other Loans | Current or past due less than 90 days | Home Equity and Other Consumer | ||
Recorded Investment | ||
Total | 0 | 0 |
Non-performing | Consumer and Other Loans | Current or past due less than 90 days | Commercial and industrial | ||
Recorded Investment | ||
Total | 0 | 0 |
Non-performing | Consumer and Other Loans | Past due 90 days or more | Home Equity and Other Consumer | ||
Recorded Investment | ||
Total | 6,405 | 6,040 |
Non-performing | Consumer and Other Loans | Past due 90 days or more | Commercial and industrial | ||
Recorded Investment | ||
Total | 703 | 0 |
Non-performing | Mortgage Loans | Residential Mortgage Loans | Current or past due less than 90 days | Full documentation interest-only | ||
Recorded Investment | ||
Total | 7,016 | 16,525 |
Non-performing | Mortgage Loans | Residential Mortgage Loans | Current or past due less than 90 days | Full documentation amortizing | ||
Recorded Investment | ||
Total | 11,662 | 7,458 |
Non-performing | Mortgage Loans | Residential Mortgage Loans | Current or past due less than 90 days | Reduced documentation interest-only | ||
Recorded Investment | ||
Total | 12,287 | 26,295 |
Non-performing | Mortgage Loans | Residential Mortgage Loans | Current or past due less than 90 days | Reduced documentation amortizing | ||
Recorded Investment | ||
Total | 15,538 | 4,888 |
Non-performing | Mortgage Loans | Residential Mortgage Loans | Past due 90 days or more | Full documentation interest-only | ||
Recorded Investment | ||
Total | 11,359 | 11,502 |
Non-performing | Mortgage Loans | Residential Mortgage Loans | Past due 90 days or more | Full documentation amortizing | ||
Recorded Investment | ||
Total | 32,867 | 14,355 |
Non-performing | Mortgage Loans | Residential Mortgage Loans | Past due 90 days or more | Reduced documentation interest-only | ||
Recorded Investment | ||
Total | 15,285 | 16,289 |
Non-performing | Mortgage Loans | Residential Mortgage Loans | Past due 90 days or more | Reduced documentation amortizing | ||
Recorded Investment | ||
Total | $ 14,322 | $ 2,843 |
Loans Receivable and Allowanc60
Loans Receivable and Allowance for Loan Losses - Balances of Multi-family and Commercial Real Estate Loan Receivables Credit Quality (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ||
Total | $ 11,111,727 | $ 11,909,722 |
Mortgage Loans | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ||
Total | 10,859,034 | 11,660,354 |
Mortgage Loans | Multi-family | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ||
Total | 4,024,105 | 3,913,053 |
Mortgage Loans | Multi-family | Not criticized | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ||
Total | 3,981,050 | 3,850,068 |
Mortgage Loans | Multi-family | Special mention | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ||
Total | 14,931 | 30,975 |
Mortgage Loans | Multi-family | Substandard | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ||
Total | 28,124 | 31,264 |
Mortgage Loans | Multi-family | Doubtful | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ||
Total | 0 | 746 |
Mortgage Loans | Commercial real estate | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ||
Total | 819,514 | 873,765 |
Mortgage Loans | Commercial real estate | Not criticized | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ||
Total | 769,029 | 817,404 |
Mortgage Loans | Commercial real estate | Special mention | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ||
Total | 20,441 | 22,584 |
Mortgage Loans | Commercial real estate | Substandard | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ||
Total | 30,044 | 32,664 |
Mortgage Loans | Commercial real estate | Doubtful | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ||
Total | $ 0 | $ 1,113 |
Loans Receivable and Allowanc61
Loans Receivable and Allowance for Loan Losses - Balances of Loan Receivable and Related Allowance for Loan Loss Allocation (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Loans: | ||||
Individually evaluated for impairment | $ 237,518 | $ 248,436 | ||
Collectively evaluated for impairment | 10,874,209 | 11,661,286 | ||
Total | 11,111,727 | 11,909,722 | ||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 14,813 | 19,732 | ||
Collectively evaluated for impairment | 83,187 | 91,868 | ||
Total allowance for loan losses | 98,000 | 111,600 | $ 139,000 | $ 145,501 |
Consumer and Other Loans | ||||
Loans: | ||||
Individually evaluated for impairment | 4,968 | 5,153 | ||
Collectively evaluated for impairment | 247,725 | 244,215 | ||
Total | 252,693 | 249,368 | ||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 421 | 3,810 | ||
Collectively evaluated for impairment | 5,867 | 5,015 | ||
Total allowance for loan losses | 6,288 | 8,825 | 8,824 | 6,316 |
Mortgage Loans | ||||
Loans: | ||||
Total | 10,859,034 | 11,660,354 | ||
Mortgage Loans | Residential | ||||
Loans: | ||||
Individually evaluated for impairment | 192,914 | 181,402 | ||
Collectively evaluated for impairment | 5,822,501 | 6,692,134 | ||
Total | 6,015,415 | 6,873,536 | ||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 13,148 | 10,304 | ||
Collectively evaluated for impairment | 31,803 | 35,979 | ||
Total allowance for loan losses | 44,951 | 46,283 | 80,337 | 89,267 |
Mortgage Loans | Multi-family | ||||
Loans: | ||||
Individually evaluated for impairment | 24,643 | 42,611 | ||
Collectively evaluated for impairment | 3,999,462 | 3,870,442 | ||
Total | 4,024,105 | 3,913,053 | ||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 456 | 3,172 | ||
Collectively evaluated for impairment | 35,088 | 36,078 | ||
Total allowance for loan losses | 35,544 | 39,250 | 36,703 | 35,514 |
Mortgage Loans | Commercial real estate | ||||
Loans: | ||||
Individually evaluated for impairment | 14,993 | 19,270 | ||
Collectively evaluated for impairment | 804,521 | 854,495 | ||
Total | 819,514 | 873,765 | ||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 788 | 2,446 | ||
Collectively evaluated for impairment | 10,429 | 14,796 | ||
Total allowance for loan losses | $ 11,217 | $ 17,242 | $ 13,136 | $ 14,404 |
Loans Receivable and Allowanc62
Loans Receivable and Allowance for Loan Losses - Impaired Loans by Segment and Class (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
With an allowance recorded: | ||
Related Allowance | $ (14,813) | $ (19,732) |
Without an allowance recorded: | ||
Unpaid Principal Balance | 271,192 | 289,737 |
Impaired loans | 237,518 | 248,436 |
Related Allowance | (14,813) | (19,732) |
Net Investment | 222,705 | 228,704 |
Residential | Full documentation interest-only | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 37,454 | 55,352 |
Recorded Investment | 30,631 | 46,331 |
Related Allowance | (4,051) | (3,391) |
Net Investment | 26,580 | 42,940 |
Without an allowance recorded: | ||
Related Allowance | (4,051) | (3,391) |
Residential | Full documentation amortizing | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 69,242 | 43,044 |
Recorded Investment | 63,223 | 39,994 |
Related Allowance | (2,534) | (1,425) |
Net Investment | 60,689 | 38,569 |
Without an allowance recorded: | ||
Related Allowance | (2,534) | (1,425) |
Residential | Reduced documentation interest-only | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 55,939 | 90,171 |
Recorded Investment | 46,540 | 76,960 |
Related Allowance | (4,253) | (4,661) |
Net Investment | 42,287 | 72,299 |
Without an allowance recorded: | ||
Related Allowance | (4,253) | (4,661) |
Residential | Reduced documentation amortizing | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 57,955 | 19,463 |
Recorded Investment | 52,520 | 18,117 |
Related Allowance | (2,310) | (827) |
Net Investment | 50,210 | 17,290 |
Without an allowance recorded: | ||
Related Allowance | (2,310) | (827) |
Multi-family | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 8,029 | 34,972 |
Recorded Investment | 7,950 | 28,109 |
Related Allowance | (456) | (3,172) |
Net Investment | 7,494 | 24,937 |
Without an allowance recorded: | ||
Unpaid Principal Balance | 19,523 | 16,308 |
Recorded Investment | 16,693 | 14,502 |
Net Investment | 16,693 | 14,502 |
Related Allowance | (456) | (3,172) |
Commercial real estate | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 6,651 | 24,991 |
Recorded Investment | 6,723 | 19,270 |
Related Allowance | (788) | (2,446) |
Net Investment | 5,935 | 16,824 |
Without an allowance recorded: | ||
Unpaid Principal Balance | 11,104 | 0 |
Recorded Investment | 8,270 | 0 |
Net Investment | 8,270 | 0 |
Related Allowance | (788) | (2,446) |
Consumer and Other Loans | Home equity lines of credit | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 5,295 | 5,436 |
Recorded Investment | 4,968 | 5,153 |
Related Allowance | (421) | (3,810) |
Net Investment | 4,547 | 1,343 |
Without an allowance recorded: | ||
Related Allowance | $ (421) | $ (3,810) |
Loans Receivable and Allowanc63
Loans Receivable and Allowance for Loan Losses - Average Recorded Investment, Interest Income, and Cash Basis Interest Related to Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Without an allowance recorded: | |||
Average Recorded Investment | $ 242,980 | $ 330,190 | $ 396,575 |
Interest Income Recognized | 8,765 | 10,714 | 12,216 |
Cash Basis Interest Income | 8,865 | 10,922 | 12,677 |
Residential | Full documentation interest-only | |||
With an allowance recorded: | |||
Average Recorded Investment | 39,506 | 84,264 | 106,720 |
Interest Income Recognized | 860 | 1,860 | 2,938 |
Cash Basis Interest Income | 877 | 1,920 | 3,068 |
Without an allowance recorded: | |||
Average Recorded Investment | 0 | 0 | 11,547 |
Interest Income Recognized | 0 | 0 | 0 |
Cash Basis Interest Income | 0 | 0 | 0 |
Residential | Full documentation amortizing | |||
With an allowance recorded: | |||
Average Recorded Investment | 52,426 | 38,340 | 30,790 |
Interest Income Recognized | 1,893 | 1,491 | 948 |
Cash Basis Interest Income | 1,920 | 1,498 | 974 |
Without an allowance recorded: | |||
Average Recorded Investment | 0 | 365 | 3,517 |
Interest Income Recognized | 0 | 0 | 0 |
Cash Basis Interest Income | 0 | 0 | 0 |
Residential | Reduced documentation interest-only | |||
With an allowance recorded: | |||
Average Recorded Investment | 66,321 | 112,172 | 145,490 |
Interest Income Recognized | 1,910 | 3,646 | 4,179 |
Cash Basis Interest Income | 1,923 | 3,671 | 4,371 |
Without an allowance recorded: | |||
Average Recorded Investment | 0 | 0 | 1,669 |
Interest Income Recognized | 0 | 0 | 0 |
Cash Basis Interest Income | 0 | 0 | 0 |
Residential | Reduced documentation amortizing | |||
With an allowance recorded: | |||
Average Recorded Investment | 30,310 | 22,137 | 25,460 |
Interest Income Recognized | 1,927 | 655 | 696 |
Cash Basis Interest Income | 1,936 | 653 | 729 |
Multi-family | |||
With an allowance recorded: | |||
Average Recorded Investment | 14,390 | 30,291 | 19,130 |
Interest Income Recognized | 415 | 1,320 | 737 |
Cash Basis Interest Income | 417 | 1,339 | 789 |
Without an allowance recorded: | |||
Average Recorded Investment | 16,935 | 17,225 | 33,193 |
Interest Income Recognized | 857 | 632 | 1,606 |
Cash Basis Interest Income | 862 | 633 | 1,671 |
Commercial real estate | |||
With an allowance recorded: | |||
Average Recorded Investment | 11,875 | 17,341 | 8,112 |
Interest Income Recognized | 333 | 1,065 | 367 |
Cash Basis Interest Income | 348 | 1,154 | 377 |
Without an allowance recorded: | |||
Average Recorded Investment | 5,632 | 2,853 | 10,947 |
Interest Income Recognized | 522 | 0 | 745 |
Cash Basis Interest Income | 528 | 0 | 698 |
Consumer and other loans | Home equity lines of credit | |||
With an allowance recorded: | |||
Average Recorded Investment | 5,585 | 5,202 | 0 |
Interest Income Recognized | 48 | 45 | 0 |
Cash Basis Interest Income | $ 54 | $ 54 | $ 0 |
Loans Receivable and Allowanc64
Loans Receivable and Allowance for Loan Losses - Mortgage Loans Receivable Modified in a Troubled Debt Restructuring (Details) - Mortgage Loans $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($)loan | Dec. 31, 2013USD ($)loan | |
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | |||
Number of Loans | loan | 50 | 56 | 100 |
Pre- Modification Recorded Investment | $ 18,927 | $ 22,744 | $ 43,099 |
Recorded investment | $ 18,556 | $ 21,471 | $ 41,008 |
Residential | Full documentation interest-only | |||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | |||
Number of Loans | loan | 12 | 21 | 26 |
Pre- Modification Recorded Investment | $ 4,620 | $ 9,244 | $ 6,760 |
Recorded investment | $ 4,496 | $ 8,726 | $ 6,730 |
Residential | Full documentation amortizing | |||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | |||
Number of Loans | loan | 19 | 4 | 11 |
Pre- Modification Recorded Investment | $ 5,063 | $ 889 | $ 3,753 |
Recorded investment | $ 4,894 | $ 812 | $ 3,734 |
Residential | Reduced documentation interest-only | |||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | |||
Number of Loans | loan | 10 | 19 | 37 |
Pre- Modification Recorded Investment | $ 3,431 | $ 6,819 | $ 12,199 |
Recorded investment | $ 3,429 | $ 6,774 | $ 12,227 |
Residential | Reduced documentation amortizing | |||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | |||
Number of Loans | loan | 7 | 5 | 11 |
Pre- Modification Recorded Investment | $ 2,911 | $ 809 | $ 3,404 |
Recorded investment | $ 2,902 | $ 745 | $ 3,325 |
Multi-family | |||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | |||
Number of Loans | loan | 0 | 4 | 8 |
Pre- Modification Recorded Investment | $ 0 | $ 2,501 | $ 6,751 |
Recorded investment | $ 0 | $ 1,981 | $ 5,888 |
Commercial real estate | |||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | |||
Number of Loans | loan | 2 | 3 | 7 |
Pre- Modification Recorded Investment | $ 2,902 | $ 2,482 | $ 10,232 |
Recorded investment | $ 2,835 | $ 2,433 | $ 9,104 |
Loans Receivable and Allowanc65
Loans Receivable and Allowance for Loan Losses - Mortgage Loans Receivable Modified in a Troubled Debt Restructuring with Payments Default (Details) - Mortgage Loans $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($)loan | Dec. 31, 2013USD ($)loan | |
Information about loans receivable by segment and class modified in troubled debt restructuring | |||
Number of Loans | loan | 16 | 9 | 37 |
Recorded investment | $ | $ 4,975 | $ 3,463 | $ 9,521 |
Residential | Full documentation interest-only | |||
Information about loans receivable by segment and class modified in troubled debt restructuring | |||
Number of Loans | loan | 6 | 1 | 11 |
Recorded investment | $ | $ 2,240 | $ 621 | $ 2,191 |
Residential | Full documentation amortizing | |||
Information about loans receivable by segment and class modified in troubled debt restructuring | |||
Number of Loans | loan | 6 | 2 | 4 |
Recorded investment | $ | $ 1,749 | $ 319 | $ 1,334 |
Residential | Reduced documentation interest-only | |||
Information about loans receivable by segment and class modified in troubled debt restructuring | |||
Number of Loans | loan | 2 | 3 | 17 |
Recorded investment | $ | $ 380 | $ 1,123 | $ 4,190 |
Residential | Reduced documentation amortizing | |||
Information about loans receivable by segment and class modified in troubled debt restructuring | |||
Number of Loans | loan | 2 | 0 | 3 |
Recorded investment | $ | $ 606 | $ 0 | $ 788 |
Multi-family | |||
Information about loans receivable by segment and class modified in troubled debt restructuring | |||
Number of Loans | loan | 0 | 3 | 2 |
Recorded investment | $ | $ 0 | $ 1,400 | $ 1,018 |
Loans Receivable and Allowanc66
Loans Receivable and Allowance for Loan Losses - Percentage of Total Residential Mortgage Loans by State with Greater than 5% (Details) - Geographic concentration risk - Residential | 12 Months Ended |
Dec. 31, 2015 | |
New York | |
Percentage of total residential mortgage loans by state or region | |
Percent of Total Residential Loans | 30.20% |
Connecticut | |
Percentage of total residential mortgage loans by state or region | |
Percent of Total Residential Loans | 9.80% |
Massachusetts | |
Percentage of total residential mortgage loans by state or region | |
Percent of Total Residential Loans | 8.40% |
Illinois | |
Percentage of total residential mortgage loans by state or region | |
Percent of Total Residential Loans | 8.20% |
Virginia | |
Percentage of total residential mortgage loans by state or region | |
Percent of Total Residential Loans | 7.70% |
New Jersey | |
Percentage of total residential mortgage loans by state or region | |
Percent of Total Residential Loans | 7.10% |
Maryland | |
Percentage of total residential mortgage loans by state or region | |
Percent of Total Residential Loans | 6.50% |
California | |
Percentage of total residential mortgage loans by state or region | |
Percent of Total Residential Loans | 5.40% |
Non-performing | New York | |
Percentage of total residential mortgage loans by state or region | |
Percent of Total Residential Loans | 10.70% |
Non-performing | Connecticut | |
Percentage of total residential mortgage loans by state or region | |
Percent of Total Residential Loans | 9.80% |
Non-performing | Massachusetts | |
Percentage of total residential mortgage loans by state or region | |
Percent of Total Residential Loans | 3.90% |
Non-performing | Illinois | |
Percentage of total residential mortgage loans by state or region | |
Percent of Total Residential Loans | 12.40% |
Non-performing | Virginia | |
Percentage of total residential mortgage loans by state or region | |
Percent of Total Residential Loans | 10.50% |
Non-performing | New Jersey | |
Percentage of total residential mortgage loans by state or region | |
Percent of Total Residential Loans | 17.10% |
Non-performing | Maryland | |
Percentage of total residential mortgage loans by state or region | |
Percent of Total Residential Loans | 14.90% |
Non-performing | California | |
Percentage of total residential mortgage loans by state or region | |
Percent of Total Residential Loans | 9.20% |
Mortgage Servicing Rights - Nar
Mortgage Servicing Rights - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Servicing Asset [Abstract] | |||
Unpaid principal balances of loans serviced for others | $ 1,400,000 | $ 1,450,000 | |
Mortgage Servicing Rights | |||
Mortgage servicing rights | 11,014 | 11,401 | $ 12,800 |
Estimated future MSR amortization | |||
2,016 | 1,800 | ||
2,017 | 1,600 | ||
2,018 | 1,400 | ||
2,019 | 1,200 | ||
2,020 | 1,100 | ||
Estimated fair value | |||
Mortgage Servicing Rights | |||
Mortgage servicing rights | $ 11,000 | $ 11,400 |
Mortgage Servicing Rights - Sum
Mortgage Servicing Rights - Summary of MSR Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Carrying amount before valuation allowance at beginning of year | $ 14,136 | $ 15,595 | $ 15,143 |
Additions – servicing obligations that result from transfers of financial assets | 1,352 | 1,123 | 3,681 |
Amortization | (2,307) | (2,582) | (3,229) |
Carrying amount before valuation allowance at end of year | 13,181 | 14,136 | 15,595 |
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward] | |||
Valuation allowance at beginning of year | (2,735) | (2,795) | (8,196) |
Recovery of valuation allowance | 568 | 60 | 5,401 |
Valuation allowance at end of year | (2,167) | (2,735) | (2,795) |
Net carrying amount at end of year | $ 11,014 | $ 11,401 | $ 12,800 |
Mortgage Servicing Rights - S69
Mortgage Servicing Rights - Summary of Mortgage Banking Income, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Servicing Asset [Abstract] | |||
Loan servicing fees | $ 3,940 | $ 4,085 | $ 4,189 |
Net gain on sales of loans | 2,021 | 1,763 | 6,880 |
Amortization of MSR | (2,307) | (2,582) | (3,229) |
Recovery of valuation allowance on MSR | 568 | 60 | 5,401 |
Total mortgage banking income, net | $ 4,222 | $ 3,326 | $ 13,241 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Weighted Average Rate | ||
NOW (as a percent) | 0.06% | 0.06% |
Money market (as a percent) | 0.26% | 0.24% |
Savings (as a percent) | 0.05% | 0.05% |
Total core deposits (as a percent) | 0.12% | 0.11% |
Certificates of deposit (as a percent) | 1.16% | 1.47% |
Total deposits (as a percent) | 0.35% | 0.50% |
Balance | ||
NOW | $ 1,415,430 | $ 1,331,345 |
Non-interest bearing NOW and demand deposit | 998,393 | 867,432 |
Money market | 2,560,204 | 2,373,484 |
Savings | 2,137,818 | 2,237,142 |
Total core deposits | 7,111,845 | 6,809,403 |
Certificates of deposit | 1,994,182 | 2,695,506 |
Total deposits | $ 9,106,027 | $ 9,504,909 |
Percent of Total: | ||
NOW (as a percent) | 15.54% | 14.01% |
Non-interest bearing NOW and demand deposit (as a percent) | 10.96% | 9.13% |
Money market (as a percent) | 28.12% | 24.96% |
Savings (as a percent) | 23.48% | 23.54% |
Total core deposits (as a percent) | 78.10% | 71.64% |
Certificates of deposit (as a percent) | 21.90% | 28.36% |
Total deposits (as a percent) | 100.00% | 100.00% |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Banking and Thrift [Abstract] | ||
Aggregate amount of certificates of deposit equal to or greater than $100,000 | $ 590,600,000 | $ 871,200,000 |
Brokered certificates of deposit | $ 0 | $ 0 |
Deposits - Schedule of Maturiti
Deposits - Schedule of Maturities of Certificates of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Weighted Average Rate | ||
2016 (as a percent) | 1.06% | |
2017 (as a percent) | 0.94% | |
2018 (as a percent) | 1.08% | |
2019 (as a percent) | 1.46% | |
2020 (as a percent) | 1.60% | |
2021 and thereafter (as a percent) | 1.70% | |
Total (as a percent) | 1.16% | |
Balance | ||
2,016 | $ 926,241 | |
2,017 | 392,744 | |
2,018 | 185,089 | |
2,019 | 183,596 | |
2,020 | 305,363 | |
2021 and thereafter | 1,149 | |
Total | $ 1,994,182 | $ 2,695,506 |
Percent of Total | ||
2016 (as a percent) | 46.45% | |
2017 (as a percent) | 19.69% | |
2018 (as a percent) | 9.28% | |
2019 (as a percent) | 9.21% | |
2020 (as a percent) | 15.31% | |
2021 and thereafter (as a percent) | 0.06% | |
Total | 100.00% |
Deposits - Summary of Interest
Deposits - Summary of Interest Expense on Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Banking and Thrift [Abstract] | |||
Interest-bearing NOW | $ 778 | $ 706 | $ 691 |
Money market | 6,496 | 5,527 | 5,646 |
Savings | 1,093 | 1,182 | 1,329 |
Certificates of deposit | 28,976 | 43,940 | 54,951 |
Total interest expense on deposits | $ 37,343 | $ 51,355 | $ 62,617 |
Borrowings - Summary of Borrowi
Borrowings - Summary of Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Amount | |||
Borrowings, net | $ 3,964,222 | $ 4,187,691 | |
Weighted Average Rate | |||
Total debt (as a percentage) | 2.40% | 2.26% | |
Reverse repurchase agreements | |||
Amount | |||
Reverse repurchase agreements | $ 1,100,000 | $ 1,100,000 | $ 1,100,000 |
Weighted Average Rate | |||
Long-term debt (as a percentage) | 3.62% | 3.62% | 3.87% |
FHLB-NY advances | Federal Home Loan Bank of New York | |||
Amount | |||
FHLB-NY advances | $ 2,180,000 | $ 2,384,000 | $ 2,454,000 |
Weighted Average Rate | |||
Long-term debt (as a percentage) | 1.86% | 1.72% | 1.79% |
Other borrowings, net | |||
Amount | |||
Other borrowings, net | $ 249,222 | $ 248,691 | |
Weighted Average Rate | |||
Long-term debt (as a percentage) | 5.00% | 5.00% | |
Federal funds purchased | |||
Amount | |||
Federal funds purchased | $ 435,000 | $ 455,000 | |
Weighted Average Rate | |||
Short-term debt (as a percentage) | 0.57% | 0.31% |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) - USD ($) | May. 10, 2013 | Jun. 19, 2012 | Jun. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Short Term Borrowings | ||||||
Prepayment charge | $ 0 | $ 0 | $ 4,266,000 | |||
Astoria Capital Trust I | ||||||
Short Term Borrowings | ||||||
Stated interest rate | 9.75% | |||||
Capital securities, aggregate liquidation amount | $ 125,000,000 | |||||
Common securities | 3,900,000 | |||||
Reverse repurchase agreements | ||||||
Short Term Borrowings | ||||||
Percentage of collateral in residential mortgage-backed securities | 83.00% | 83.00% | ||||
Percentage of collateral in obligations of GSEs | 17.00% | 17.00% | ||||
Securities pledged as collateral for repurchase agreements, amortized cost | $ 1,210,000,000 | $ 1,260,000,000 | ||||
Securities pledged as collateral for repurchase agreements, fair value | $ 1,200,000,000 | $ 1,260,000,000 | ||||
Reverse repurchase agreements | Minimum | ||||||
Short Term Borrowings | ||||||
Debt instrument, term | 4 years | 4 years | ||||
Reverse repurchase agreements | Maximum | ||||||
Short Term Borrowings | ||||||
Debt instrument, term | 7 years | 7 years | ||||
Senior notes | 5.00% Senior Notes | ||||||
Short Term Borrowings | ||||||
Aggregate principal amount | $ 250,000,000 | |||||
Stated interest rate | 5.00% | |||||
Minimum notice requirement | 30 days | |||||
Carrying amount | $ 249,200,000 | $ 248,700,000 | ||||
Junior subordinated debt | ||||||
Short Term Borrowings | ||||||
Aggregate principal amount | $ 128,900,000 | |||||
Stated interest rate | 9.75% | |||||
Prepayment price for Junior Subordinated Debentures as a percentage of aggregate principal amount | 103.413% | |||||
Debt prepayment, aggregate principal amount | $ 128,900,000 | |||||
Prepayment charge | $ 4,300,000 | |||||
Federal funds purchased | ||||||
Short Term Borrowings | ||||||
Average balance during the year | $ 481,900,000 | $ 377,100,000 | $ 209,400,000 | |||
Weighted average interest rate | 0.33% | 0.30% | 0.28% | |||
Maximum amount outstanding at any month end | $ 660,000,000 | $ 455,000,000 | $ 335,000,000 | |||
Federal Home Loan Bank of New York | ||||||
Short Term Borrowings | ||||||
Borrowing capacity | 506,200,000 | |||||
Securities pledged as collateral, amortized cost | 150,800,000 | |||||
Federal Home Loan Bank of New York | Mortgage Loans | ||||||
Short Term Borrowings | ||||||
Loans pledged as collateral | $ 899,900,000 |
Borrowings - Summary of Informa
Borrowings - Summary of Information Related to Reverse Repurchase Agreements (Details) - Reverse repurchase agreements - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Borrowings | |||
Average balance during the year | $ 1,100,000 | $ 1,100,000 | $ 1,100,000 |
Maximum balance at any month end during the year | 1,100,000 | 1,100,000 | 1,100,000 |
Balance outstanding at end of year | $ 1,100,000 | $ 1,100,000 | $ 1,100,000 |
Weighted average interest rate during the year | 3.62% | 3.82% | 4.06% |
Weighted average interest rate at end of year | 3.62% | 3.62% | 3.87% |
Borrowings - Contractual Maturi
Borrowings - Contractual Maturities of Reverse Repurchase Agreements (Details) - Reverse repurchase agreements - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Borrowings | |||
2,018 | $ 200,000 | ||
2,019 | 600,000 | ||
2,020 | 300,000 | ||
Total | 1,100,000 | $ 1,100,000 | $ 1,100,000 |
Borrowings callable in 2016 | 200,000 | ||
Borrowings callable in 2017 | $ 100,000 |
Borrowings - Summary of FHLB-NY
Borrowings - Summary of FHLB-NY Advances (Details) - FHLB-NY advances - Federal Home Loan Bank of New York - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
FHLB-NY advances | |||
Average balance during the year | $ 2,250,592 | $ 2,332,718 | $ 2,512,425 |
Maximum balance at any month end during the year | 2,515,000 | 2,617,000 | 2,881,000 |
Balance outstanding at end of year | $ 2,180,000 | $ 2,384,000 | $ 2,454,000 |
Weighted average interest rate during the year | 1.79% | 1.78% | 2.00% |
Weighted average interest rate at end of year | 1.86% | 1.72% | 1.79% |
Borrowings - Contractual Matu79
Borrowings - Contractual Maturities of FHLB-NY Advances (Details) - FHLB-NY advances - Federal Home Loan Bank of New York - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
FHLB-NY advances | |||
2,015 | $ 1,330,000 | ||
2,020 | 850,000 | ||
Total | 2,180,000 | $ 2,384,000 | $ 2,454,000 |
Federal Home Loan Bank advances due overnight | 210,000 | ||
Federal Home Loan Bank advances due in less than 30 days | 220,000 | ||
Federal Home Loan Bank advances due in 30 to 90 days | 225,000 | ||
Federal Home Loan Bank advances due after 90 days | $ 675,000 |
Borrowings - Summary of Interes
Borrowings - Summary of Interest Expense on Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Borrowings | |||
Total interest expense on borrowings | $ 95,784 | $ 98,707 | $ 113,911 |
Reverse repurchase agreements | |||
Borrowings | |||
Total interest expense on borrowings | 40,373 | 42,626 | 45,272 |
FHLB-NY advances | Federal Home Loan Bank of New York | |||
Borrowings | |||
Total interest expense on borrowings | 40,790 | 41,911 | 50,654 |
Other borrowings, net | |||
Borrowings | |||
Total interest expense on borrowings | 13,031 | 13,031 | 17,398 |
Federal funds purchased | |||
Borrowings | |||
Total interest expense on borrowings | $ 1,590 | $ 1,139 | $ 587 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | Oct. 28, 2015 | Jan. 07, 2014 | Mar. 19, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 18, 2007 |
Class of Stock [Line Items] | |||||||
Par value (in dollars per share) | $ 1 | $ 1 | |||||
Issuance of preferred stock, series C | $ 129,796,000 | ||||||
Dividend reinvestment and stock purchase plan, shares of authorized and unissued reserved for the plan | 1,500,000 | ||||||
Maximum optional cash purchases amount per month of additional shares of common stock through the dividend reinvestment and stock purchase plan | $ 10,000 | ||||||
Sale of treasury stock (in shares) | 482,460 | ||||||
Proceeds from sales of treasury stock | $ 6,168,000 | $ 8,121,000 | $ 0 | ||||
Stock repurchase program approved (in shares) | 10,000,000 | ||||||
Percentage of common stock outstanding | 10.00% | ||||||
The remaining number of shares authorized to be purchased | 7,675,593 | ||||||
Maximum dividend per share without consent of NYCB | $ 0.04 | ||||||
Astoria Bank | |||||||
Class of Stock [Line Items] | |||||||
Minimum notice period required for declaring dividend | 30 days | ||||||
Dividend paid by Astoria Bank | $ 63,400,000 | ||||||
Depositary share | |||||||
Class of Stock [Line Items] | |||||||
Shares issued (in shares) | 5,400,000 | ||||||
Liquidation preference (in dollars per share) | $ 25 | ||||||
Redemption price (in dollars per share) | $ 25 | ||||||
Series C Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Shares issued (in shares) | 135,000 | ||||||
Depository shares representing percentage in non cumulative perpetual preferred stock, Series C | 2.50% | ||||||
Dividend rate | 6.50% | 6.50% | 6.50% | ||||
Par value (in dollars per share) | $ 1 | $ 1 | |||||
Liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 | $ 1,000 | ||||
Issuance of preferred stock, series C | $ 129,800,000 | ||||||
Redemption price (in dollars per share) | $ 1,000 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | Aug. 05, 2015USD ($) | Nov. 19, 2014USD ($) | Sep. 14, 2010USD ($) | Dec. 31, 2015USD ($)loanlawsuit | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Oct. 28, 2015USD ($) | Sep. 12, 2014USD ($) | Jul. 31, 2014USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Rent expense under operating leases | $ 12.9 | $ 12.5 | $ 13.5 | ||||||
Minimum sublease rentals due in the future | $ 2.3 | ||||||||
Number of loans repurchased | loan | 1 | ||||||||
Principal balance of loans sold with recourse provisions | $ 344.2 | 355 | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Standby letters of credit, term extended by guarantee (up to) | 1 year | ||||||||
Outstanding standby letters of credit | $ 3.3 | $ 1.2 | |||||||
Number of lawsuits challenging merger | lawsuit | 6 | ||||||||
Contract termination fee | $ 69.5 | ||||||||
Tax Years 2006 Through 2008 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Income tax examination, estimate of possible loss | $ 13.3 | ||||||||
Tax Years 2009 Through 2010 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Income tax examination, estimate of possible loss | $ 6.1 | ||||||||
Tax Years 2011 Through 2013 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Income tax examination, estimate of possible loss | $ 2.1 | ||||||||
Residential | Non-performing loans held-for-sale, net | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Carrying value, loans sold | $ 4 | $ 173.7 |
Commitments and Contingencies83
Commitments and Contingencies - Minimum Rental Payments Due (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 12,704 |
2,017 | 11,256 |
2,018 | 9,924 |
2,019 | 9,045 |
2,020 | 8,458 |
2021 and thereafter | 30,695 |
Total | $ 82,082 |
Commitments and Contingencies84
Commitments and Contingencies - Summary of Outstanding Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Loans held-for-sale | ||
Commitments and Contingencies | ||
Commitments to extend credit – fixed rate | $ 15,400 | $ 14,800 |
Mortgage Loans | ||
Commitments and Contingencies | ||
Commitments to extend credit – adjustable rate | 227,966 | 289,086 |
Commitments to extend credit – fixed rate | 131,641 | 74,157 |
Commitments to purchase or sell loans | 29,754 | 20,904 |
Adjustable Rate Loans | ||
Commitments and Contingencies | ||
Commitments to purchase or sell loans | 3,339 | 10,334 |
Fixed Rate | ||
Commitments and Contingencies | ||
Commitments to purchase or sell loans | 19,685 | 27,818 |
Consumer and Other Loans | ||
Commitments and Contingencies | ||
Commitments to extend credit on consumer and other loans | 16,157 | 12,345 |
Home Equity and Other Consumer | ||
Commitments and Contingencies | ||
Unused lines of credit | 79,119 | 101,329 |
Commercial and industrial | ||
Commitments and Contingencies | ||
Unused lines of credit | $ 107,625 | $ 64,074 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal | $ 30,410 | $ 17,435 | $ 24,524 |
State and local | 2,075 | 4,033 | 3,722 |
Total current | 32,485 | 21,468 | 28,246 |
Deferred: | |||
Federal | 13,573 | 27,452 | 9,496 |
State and local | (16,259) | (22,641) | 7 |
Total deferred | (2,686) | 4,811 | 9,503 |
Total income tax expense | $ 29,799 | $ 26,279 | $ 37,749 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense to Federal Income Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Expected income tax expense at statutory federal rate | $ 41,256 | $ 42,768 | $ 36,520 |
State and local taxes, net of federal tax effect | (9,220) | (12,096) | 2,424 |
Tax exempt income (principally on BOLI) | (3,107) | (2,970) | (2,945) |
Non-deductible ESOP compensation | 0 | 0 | 2,613 |
Low income housing tax credit | (1,036) | (1,676) | (1,676) |
Other, net | 1,906 | 253 | 813 |
Total income tax expense | $ 29,799 | $ 26,279 | $ 37,749 |
Income Taxes - Summary of Tempo
Income Taxes - Summary of Temporary Tax Differences Causing Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Allowances for losses | $ 41,924 | $ 48,243 |
Compensation and benefits (principally pension and other postretirement benefit plans) | 40,072 | 45,849 |
Mortgage loans (principally deferred loan origination costs) | 2,548 | 981 |
Net unrealized loss on securities available-for-sale | 194 | 0 |
State and local net operating loss carryforwards | 16,341 | 16,122 |
Other deductible temporary differences | 4,568 | 4,540 |
Total gross deferred tax assets | 105,647 | 115,735 |
Less valuation allowance | 0 | (7,220) |
Deferred tax assets, net of valuation allowance | 105,647 | 108,515 |
Deferred tax liabilities: | ||
Premises and equipment | (3,665) | (3,102) |
Net unrealized gain on securities available-for-sale | 0 | (1,035) |
MSR | (438) | (910) |
Total gross deferred tax liabilities | (4,103) | (5,047) |
Net deferred tax assets (included in other assets) | $ 101,544 | $ 103,468 |
Income Taxes - Reconciliation88
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits at beginning of year | $ 2,155 | $ 4,009 | $ 3,428 |
Additions as a result of a tax position taken during the current period | 830 | 675 | 600 |
Reductions as a result of tax positions taken during a prior period | 0 | 0 | (19) |
Reductions relating to settlement with taxing authorities | (1,500) | (2,529) | 0 |
Unrecognized tax benefits at end of year | $ 1,485 | $ 2,155 | $ 4,009 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | |||
Reduction in income tax expense, net of the related federal tax effects, that would result in a realization of unrecognized tax benefits | $ 973 | ||
Accrued liabilities for interest and penalties related to uncertain tax positions | 437 | $ 469 | $ 1,100 |
Interest and penalties on uncertain tax positions, income tax expense | 194 | 247 | $ 224 |
Reduction in income tax expense, net of the related deferred tax effects, that would result in a realization of unrecognized tax benefits for the reversal of accrued interest and penalties | 329 | ||
Base year bad debt reserves | 165,800 | 165,800 | |
Unrecognized deferred federal income tax liability | 58,000 | 58,000 | |
New York State | |||
Income Tax Contingency [Line Items] | |||
Increase in net deferred tax asset | 15,700 | ||
Decrease in taxes resulting from state tax legislation | 15,700 | ||
Income tax benefit from effect of enacted change in tax law | $ 11,400 | ||
Net operating loss carryforwards | 202,300 | ||
New York City | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 74,700 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Net income | $ 88,075 | $ 95,916 | $ 66,593 |
Preferred stock dividends | (8,775) | (8,775) | (7,214) |
Net income available to common shareholders | 79,300 | 87,141 | 59,379 |
Income allocated to participating securities | (726) | (973) | (720) |
Net income allocated to common shareholders | $ 78,574 | $ 86,168 | $ 58,659 |
Basic weighted average common shares outstanding (in shares) | 99,612,473 | 98,384,443 | 97,121,497 |
Dilutive effect of stock options and restricted stock units (in shares) | 357,365 | 0 | 0 |
Diluted weighted average common shares outstanding (in shares) | 99,969,838 | 98,384,443 | 97,121,497 |
Basic EPS (in dollars per share) | $ 0.79 | $ 0.88 | $ 0.60 |
Diluted EPS (in dollars per share) | $ 0.79 | $ 0.88 | $ 0.60 |
Employee Non Employee Director Stock Option | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from computation of earnings per share (in shares) | 14,167 | 962,783 | 2,096,708 |
Restricted stock units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from computation of earnings per share (in shares) | 644,319 | 758,792 |
Other Comprehensive Income_Lo91
Other Comprehensive Income/Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at the beginning of the period | $ (65,951) | $ (38,250) | |
Other Comprehensive Income (Loss) | 7,334 | (27,701) | $ 34,840 |
Balance at the end of the period | (58,617) | (65,951) | (38,250) |
Net unrealized gain (loss) on securities available-for-sale | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at the beginning of the period | 4,686 | (4,366) | |
Other Comprehensive Income (Loss) | (1,859) | 9,052 | |
Balance at the end of the period | 2,827 | 4,686 | (4,366) |
Net actuarial loss on pension plans and other postretirement benefits | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at the beginning of the period | (67,476) | (30,600) | |
Other Comprehensive Income (Loss) | 9,080 | (36,876) | |
Balance at the end of the period | (58,396) | (67,476) | (30,600) |
Prior service cost on pension plans and other postretirement benefits | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at the beginning of the period | (3,161) | (3,284) | |
Other Comprehensive Income (Loss) | 113 | 123 | |
Balance at the end of the period | $ (3,048) | $ (3,161) | $ (3,284) |
Other Comprehensive Income_Lo92
Other Comprehensive Income/Loss - Components of Other Comprehensive Income/Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Comprehensive Income (Loss), After Reclassification Adjustments [Abstract] | |||
Before Tax Amount | $ 12,308 | $ (45,487) | $ 53,714 |
Tax (Expense) Benefit | (4,974) | 17,786 | (18,874) |
After Tax Amount | 7,334 | (27,701) | 34,840 |
Net unrealized gain (loss) on securities available-for-sale | |||
Other Comprehensive Income (Loss), Before Reclassifications [Abstract] | |||
Before Tax Amount | (3,048) | 14,134 | (16,202) |
Tax (Expense) Benefit | 1,232 | (4,991) | 5,717 |
After Tax Amount | (1,816) | 9,143 | (10,485) |
Other Comprehensive Income (Loss), Reclassifications Adjustments [Abstract] | |||
Before Tax Amount | (72) | (141) | (2,057) |
Tax (Expense) Benefit | 29 | 50 | 725 |
After Tax Amount | (43) | (91) | (1,332) |
Other Comprehensive Income (Loss), After Reclassification Adjustments [Abstract] | |||
Before Tax Amount | (3,120) | 13,993 | (18,259) |
Tax (Expense) Benefit | 1,261 | (4,941) | 6,442 |
After Tax Amount | (1,859) | 9,052 | (11,817) |
Net actuarial loss on pension plans and other postretirement benefits | |||
Other Comprehensive Income (Loss), Before Reclassifications [Abstract] | |||
Before Tax Amount | 12,265 | (60,583) | 68,150 |
Tax (Expense) Benefit | (4,956) | 23,116 | (23,970) |
After Tax Amount | 7,309 | (37,467) | 44,180 |
Other Comprehensive Income (Loss), Reclassifications Adjustments [Abstract] | |||
Before Tax Amount | 2,973 | 913 | 3,610 |
Tax (Expense) Benefit | (1,202) | (322) | (1,275) |
After Tax Amount | 1,771 | 591 | 2,335 |
Other Comprehensive Income (Loss), After Reclassification Adjustments [Abstract] | |||
Before Tax Amount | 15,238 | (59,670) | 71,760 |
Tax (Expense) Benefit | (6,158) | 22,794 | (25,245) |
After Tax Amount | 9,080 | (36,876) | 46,515 |
Prior service cost on pension plans and other postretirement benefits | |||
Other Comprehensive Income (Loss), Reclassifications Adjustments [Abstract] | |||
Before Tax Amount | 190 | 190 | 213 |
Tax (Expense) Benefit | (77) | (67) | (71) |
After Tax Amount | $ 113 | $ 123 | $ 142 |
Other Comprehensive Income_Lo93
Other Comprehensive Income/Loss - Amounts Reclassified from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | |||
Gain on sales of securities | $ 72 | $ 141 | $ 2,057 |
Compensation and benefits | (152,924) | (138,177) | (133,689) |
Total reclassifications, before tax | 117,874 | 122,195 | 104,342 |
Income tax effect | (29,799) | (26,279) | (37,749) |
Net income | 88,075 | 95,916 | $ 66,593 |
Amount reclassified from accumulated other comprehensive income | |||
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | |||
Total reclassifications, before tax | (3,091) | (962) | |
Income tax effect | 1,250 | 339 | |
Net income | (1,841) | (623) | |
Reclassification adjustment for gain on sales of securities | Amount reclassified from accumulated other comprehensive income | |||
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | |||
Gain on sales of securities | 72 | 141 | |
Reclassification adjustment for net actuarial loss | Amount reclassified from accumulated other comprehensive income | |||
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | |||
Compensation and benefits | (2,973) | (913) | |
Reclassification adjustment for prior service cost | Amount reclassified from accumulated other comprehensive income | |||
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | |||
Compensation and benefits | $ (190) | $ (190) |
Benefit Plans - Information Reg
Benefit Plans - Information Regarding Defined Benefit Pension Plans and Other Post Retirement Benefit Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $ 270,272 | $ 230,361 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 9,929 | 10,450 | 9,549 |
Actuarial (gain) loss | (16,739) | 48,633 | |
Benefits paid | (11,111) | (19,172) | |
Benefit obligation at end of year | 252,351 | 270,272 | 230,361 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 187,074 | 189,367 | |
Actual return on plan assets | 3,881 | 11,264 | |
Employer contribution | 543 | 5,615 | |
Benefits paid | (11,111) | (19,172) | |
Fair value of plan assets at end of year | 180,387 | 187,074 | 189,367 |
Funded status at end of year | (71,964) | (83,198) | |
Other Postretirement Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 28,545 | 18,766 | |
Service cost | 2,129 | 1,241 | 1,578 |
Interest cost | 1,004 | 930 | 1,279 |
Actuarial (gain) loss | (6,179) | 8,371 | |
Benefits paid | (554) | (763) | |
Benefit obligation at end of year | 24,945 | 28,545 | 18,766 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contribution | 554 | 763 | |
Benefits paid | (554) | (763) | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded status at end of year | $ (24,945) | $ (28,545) |
Benefit Plans - Narrative (Deta
Benefit Plans - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ||
Net actuarial loss that will be recognized as components of net periodic cost in 2016 | $ 2,700 | |
Prior service cost that will be recognized as components of net periodic cost in 2016 | 190 | |
Accumulated benefit obligation | 252,400 | $ 270,300 |
Unfunded plans | ||
Benefit Plans | ||
Projected benefit obligation, unfunded plans | 14,400 | 15,100 |
Accumulated benefit obligation, unfunded plans | 14,400 | 15,100 |
Pension Benefits | Astoria Bank | ||
Benefit Plans | ||
Unrealized gain related to assets held | $ 210 | $ 477 |
Pension Benefits | Astoria Bank | Debt securities | ||
Benefit Plans | ||
Maximum securities (as a percent) | 50.00% | |
Pension Benefits | Astoria Bank | Equity securities | ||
Benefit Plans | ||
Maximum securities (as a percent) | 80.00% | |
Pension Benefits | Astoria Bank | Equity securities | Investment in any one company | ||
Benefit Plans | ||
Maximum securities (as a percent) | 10.00% | |
Pension Benefits | Astoria Bank | Equity securities | Investment in any one industry | ||
Benefit Plans | ||
Maximum securities (as a percent) | 30.00% | |
Pension Benefits | Astoria Bank | Equity securities | Funds that mirror the S&P 500 | ||
Benefit Plans | ||
Maximum securities (as a percent) | 50.00% | |
Pension Benefits | Astoria Bank | Equity securities | International equity securities | ||
Benefit Plans | ||
Maximum securities (as a percent) | 10.00% | |
Pension Benefits | Astoria Bank | Liquidity funds | ||
Benefit Plans | ||
Maximum securities (as a percent) | 25.00% | |
Pension Benefits | Astoria Bank | Large cap equity securities | Equity securities | ||
Benefit Plans | ||
Maximum securities (as a percent) | 50.00% | |
Pension Benefits | Astoria Bank | Mid cap equity securities | Equity securities | ||
Benefit Plans | ||
Maximum securities (as a percent) | 20.00% | |
Pension Benefits | Astoria Bank | Small cap equity securities | Equity securities | ||
Benefit Plans | ||
Maximum securities (as a percent) | 20.00% | |
Pension Benefits | Astoria Bank | PRIAC Pooled Separate Accounts | Recurring basis | International equity securities | ||
Benefit Plans | ||
Equity securities percentage in total plan assets | 11.00% | 9.00% |
Pension Benefits | Astoria Bank | PRIAC Pooled Separate Accounts | Recurring basis | Debt securities | ||
Benefit Plans | ||
Equity securities percentage in total plan assets | 33.00% | 38.00% |
Pension Benefits | Astoria Bank | PRIAC Pooled Separate Accounts | Large cap equity securities | Recurring basis | ||
Benefit Plans | ||
Equity securities percentage in total plan assets | 44.00% | 41.00% |
Pension Benefits | Astoria Bank | PRIAC Pooled Separate Accounts | Mid cap equity securities | Recurring basis | ||
Benefit Plans | ||
Equity securities percentage in total plan assets | 5.00% | 5.00% |
Pension Benefits | Astoria Bank | PRIAC Pooled Separate Accounts | Small cap equity securities | Recurring basis | ||
Benefit Plans | ||
Equity securities percentage in total plan assets | 7.00% | 7.00% |
Pension Benefits | Astoria Bank | Astoria Financial Corporation common stock | ||
Benefit Plans | ||
Maximum securities (as a percent) | 15.00% | |
Pension Benefits | Astoria Bank | Astoria Financial Corporation common stock | Maximum | ||
Benefit Plans | ||
Equity securities percentage in total plan assets | 10.00% |
Benefit Plans - Pre Tax Compone
Benefit Plans - Pre Tax Components of Accumulated Other Comprehensive Loss Related to Pension Plans and Other Postretirement Benefits (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Benefits | ||
Benefit Plans | ||
Net actuarial loss (gain) | $ 99,078 | $ 108,137 |
Prior service cost | 4,760 | 4,950 |
Total accumulated other comprehensive loss (income) | 103,838 | 113,087 |
Other Postretirement Benefits | ||
Benefit Plans | ||
Net actuarial loss (gain) | (5,408) | 771 |
Prior service cost | 0 | 0 |
Total accumulated other comprehensive loss (income) | $ (5,408) | $ 771 |
Benefit Plans - Discount Rates
Benefit Plans - Discount Rates Used to Determine Benefit Obligations (Details) | Dec. 31, 2015 | Dec. 31, 2014 |
Astoria Bank | Pension Benefits | ||
Benefit Plans | ||
Discount rate | 4.09% | 3.77% |
Astoria Bank | Excess and supplemental benefit plans | ||
Benefit Plans | ||
Discount rate | 3.86% | 3.60% |
Astoria Bank | Directors' retirement plan | ||
Benefit Plans | ||
Discount rate | 3.67% | 3.47% |
Astoria Bank | Retiree health care plan | ||
Benefit Plans | ||
Discount rate | 4.25% | 3.89% |
Greater | Directors' retirement plan | ||
Benefit Plans | ||
Discount rate | 3.30% | 3.12% |
LIB | Directors' retirement plan | ||
Benefit Plans | ||
Discount rate | 0.95% | 0.59% |
Benefit Plans - Summary of Comp
Benefit Plans - Summary of Components of Net Periodic (Benefit) Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits | |||
Benefit Plans | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 9,929 | 10,450 | 9,549 |
Expected return on plan assets | (14,534) | (14,843) | (12,754) |
Recognized net actuarial loss (gain) | 2,973 | 1,401 | 3,138 |
Amortization of prior service cost | 190 | 190 | 213 |
Net periodic (benefit) cost | (1,442) | (2,802) | 146 |
Other Postretirement Benefits | |||
Benefit Plans | |||
Service cost | 2,129 | 1,241 | 1,578 |
Interest cost | 1,004 | 930 | 1,279 |
Expected return on plan assets | 0 | 0 | 0 |
Recognized net actuarial loss (gain) | 0 | (488) | 472 |
Amortization of prior service cost | 0 | 0 | 0 |
Net periodic (benefit) cost | $ 3,133 | $ 1,683 | $ 3,329 |
Benefit Plans - Assumptions Use
Benefit Plans - Assumptions Used to Determine Net Periodic (Benefit) Cost (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Astoria Bank | Pension Benefits | ||
Assumptions used to determine net periodic cost | ||
Discount Rate | 3.77% | 4.66% |
Expected Return on Plan Assets | 8.00% | 8.00% |
Astoria Bank | Excess and supplemental benefit plans | ||
Assumptions used to determine net periodic cost | ||
Discount Rate | 3.60% | 4.39% |
Astoria Bank | Directors' retirement plan | ||
Assumptions used to determine net periodic cost | ||
Discount Rate | 3.47% | 4.23% |
Astoria Bank | Retiree health care plan | ||
Assumptions used to determine net periodic cost | ||
Discount Rate | 3.89% | 4.80% |
Greater | Directors' retirement plan | ||
Assumptions used to determine net periodic cost | ||
Discount Rate | 3.12% | 3.64% |
LIB | Directors' retirement plan | ||
Assumptions used to determine net periodic cost | ||
Discount Rate | 0.59% | 0.50% |
Benefit Plans - Assumed Health
Benefit Plans - Assumed Health Care Cost Trend Rates (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Health care cost trend rate assumed for the next year: | ||
Pre-age 65 (as a percent) | 7.50% | 6.70% |
Post-age 65 (as a percent) | 8.00% | 9.00% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.75% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2,026 | 2,021 |
Benefit Plans - Effects of One-
Benefit Plans - Effects of One-Percentage Point Change in Assumed Health Care Costs Trend Rates (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
One Percentage Point Increase | |
Effect on total service and interest cost components | $ 736 |
Effect on the postretirement benefit obligation | 4,518 |
One Percentage Point Decrease | |
Effect on total service and interest cost components | (560) |
Effect on the postretirement benefit obligation | $ (3,524) |
Benefit Plans - Summary of Tota
Benefit Plans - Summary of Total Benefits Expected to be Paid Under Defined Benefit Pension Plans and Other Postretirement Benefit Plan (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Pension Benefits | |
Benefit Plans | |
2,016 | $ 15,589 |
2,017 | 13,875 |
2,018 | 12,999 |
2,019 | 13,501 |
2,020 | 13,162 |
2021-2025 | 69,927 |
Other Postretirement Benefits | |
Benefit Plans | |
2,016 | 883 |
2,017 | 932 |
2,018 | 976 |
2,019 | 1,043 |
2,020 | 1,131 |
2021-2025 | $ 6,625 |
Benefit Plans - Carrying Value
Benefit Plans - Carrying Value of Pension Assets Measured at Estimated Fair Value on a Recurring Basis (Details) - Pension Benefits - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Benefit Plans | |||
Total | $ 180,387 | $ 187,074 | $ 189,367 |
Astoria Bank | Recurring basis | |||
Benefit Plans | |||
Total | 180,387 | 187,074 | |
Astoria Bank | Recurring basis | Level 1 | |||
Benefit Plans | |||
Total | 14,884 | 12,408 | |
Astoria Bank | Recurring basis | Level 2 | |||
Benefit Plans | |||
Total | 155,215 | 162,808 | |
Astoria Bank | Recurring basis | Level 3 | |||
Benefit Plans | |||
Total | 10,288 | 11,858 | |
Astoria Bank | Cash and cash equivalents | Recurring basis | |||
Benefit Plans | |||
Total | 4 | 4 | |
Astoria Bank | Cash and cash equivalents | Recurring basis | Level 1 | |||
Benefit Plans | |||
Total | 4 | 4 | |
Astoria Bank | Cash and cash equivalents | Recurring basis | Level 2 | |||
Benefit Plans | |||
Total | 0 | 0 | |
Astoria Bank | Cash and cash equivalents | Recurring basis | Level 3 | |||
Benefit Plans | |||
Total | 0 | 0 | |
Astoria Bank | PRIAC Pooled Separate Accounts | Recurring basis | |||
Benefit Plans | |||
Total | 155,215 | 162,808 | |
Astoria Bank | PRIAC Pooled Separate Accounts | Recurring basis | Level 1 | |||
Benefit Plans | |||
Total | 0 | 0 | |
Astoria Bank | PRIAC Pooled Separate Accounts | Recurring basis | Level 2 | |||
Benefit Plans | |||
Total | 155,215 | 162,808 | |
Astoria Bank | PRIAC Pooled Separate Accounts | Recurring basis | Level 3 | |||
Benefit Plans | |||
Total | 0 | 0 | |
Astoria Bank | Astoria Financial Corporation common stock | Recurring basis | |||
Benefit Plans | |||
Total | 14,880 | 12,404 | |
Astoria Bank | Astoria Financial Corporation common stock | Recurring basis | Level 1 | |||
Benefit Plans | |||
Total | 14,880 | 12,404 | |
Astoria Bank | Astoria Financial Corporation common stock | Recurring basis | Level 2 | |||
Benefit Plans | |||
Total | 0 | 0 | |
Astoria Bank | Astoria Financial Corporation common stock | Recurring basis | Level 3 | |||
Benefit Plans | |||
Total | 0 | 0 | |
Astoria Bank | PRIAC Guaranteed Deposit Account | Recurring basis | |||
Benefit Plans | |||
Total | 10,288 | 11,858 | |
Astoria Bank | PRIAC Guaranteed Deposit Account | Recurring basis | Level 1 | |||
Benefit Plans | |||
Total | 0 | 0 | |
Astoria Bank | PRIAC Guaranteed Deposit Account | Recurring basis | Level 2 | |||
Benefit Plans | |||
Total | 0 | 0 | |
Astoria Bank | PRIAC Guaranteed Deposit Account | Recurring basis | Level 3 | |||
Benefit Plans | |||
Total | $ 10,288 | $ 11,858 |
Benefit Plans - Summary of Chan
Benefit Plans - Summary of Changes in Estimated Fair Value of Pension Level 3 Assets (Details) - Astoria Bank - Pension Benefits - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Significant unobservable inputs: | ||
Fair value at beginning of year | $ 11,858 | $ 6,299 |
Total net (loss) gain, realized and unrealized, included in change in net assets | (1) | 191 |
Purchases | 9,000 | 23,925 |
Sales | (10,569) | (18,557) |
Fair value at end of year | $ 10,288 | $ 11,858 |
Benefit Plans - Significant Uno
Benefit Plans - Significant Unobservable Inputs Related to Pension Level 3 Assets (Details) - Level 3 - Pension Benefits - Astoria Bank | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Minimum | ||
Significant unobservable inputs: | ||
Composite market value factor | 0.996 | 1.018 |
Gross guaranteed crediting rate | 0.0285 | 0.0250 |
Maximum | ||
Significant unobservable inputs: | ||
Composite market value factor | 1.137 | 1.081 |
Gross guaranteed crediting rate | 0.0335 | 0.0400 |
Benefit Plans - Incentive Savin
Benefit Plans - Incentive Savings Plan and Employee Stock Ownership Plan (Details) - USD ($) | Jan. 01, 2015 | Dec. 20, 2013 | Jan. 01, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Incentive Savings Plan | ||||||
Employee maximum contribution of pre-tax base salary, percentage | 30.00% | |||||
Employee maximum contribution of pre-tax base salary limit | $ 18,000 | |||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Maximum percentage of the participating employees' contributions matched by the employer | 50.00% | |||||
Maximum employer matching contribution as a percentage of participating employees' compensation | 6.00% | |||||
Maximum employer contribution as a percent of employees compensation | 4.50% | 3.00% | ||||
Matching contributions | $ 3,900,000 | $ 2,200,000 | ||||
Employee vesting in employer contributions after period of time | 1 year | |||||
Employee Stock Ownership Plan | ||||||
Shares allocated to participants | 967,013 | |||||
Compensation expense related to ESOP | $ 11,200,000 | |||||
Employee contributions up to 3% | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Maximum percentage of the participating employees' contributions matched by the employer | 100.00% | |||||
Maximum employer matching contribution as a percentage of participating employees' compensation | 3.00% | |||||
Employee contributions between 3% and 6% | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Maximum percentage of the participating employees' contributions matched by the employer | 50.00% | |||||
Employee contributions between 3% and 6% | Minimum | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Maximum employer matching contribution as a percentage of participating employees' compensation | 3.00% | |||||
Employee contributions between 3% and 6% | Maximum | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Maximum employer matching contribution as a percentage of participating employees' compensation | 6.00% |
Stock Incentive Plans - Narrati
Stock Incentive Plans - Narrative (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 22, 2014 | May. 21, 2014 | |
Stock Incentive Plan | |||||
Options outstanding and exercisable, intrinsic value | $ 0 | ||||
Weighted average remaining contractual term | 7 months | ||||
Restricted Common Stock | |||||
Stock Incentive Plan | |||||
Granted during the year (in shares) | 429,752 | ||||
Aggregate fair value on the vest date of restricted common stock awards, vested during the year | $ 11,700,000 | $ 6,600,000 | $ 9,600,000 | ||
Granted (in dollars per share) | $ 13.05 | $ 12.58 | $ 9.70 | ||
Stock based compensation expense, net of tax | $ 6,800,000 | $ 5,600,000 | $ 4,500,000 | ||
Stock based compensation expense, taxes | 4,600,000 | $ 3,100,000 | $ 2,500,000 | ||
Nonvested awards, compensation cost not yet recognized | $ 6,300,000 | ||||
Nonvested awards, compensation cost not yet recognized, period for recognition | 1 year 9 months 4 days | ||||
Pretax compensation cost related to non-vested performance based stock awards and units | $ 4,500,000 | ||||
Restricted Stock Units | |||||
Stock Incentive Plan | |||||
Granted during the year (in shares) | 409,800 | ||||
Granted (in dollars per share) | $ 12.64 | ||||
Employee service share based compensation non vested performance based awards total compensation cost not yet recognized, shares or units | 288,025 | ||||
Restricted Stock Units | Officers | |||||
Stock Incentive Plan | |||||
Equity instruments other than options vested in period share of common stock to be paid | 1 | ||||
Granted during the year (in shares) | 409,800 | 395,900 | 432,300 | ||
Restricted Stock Units | Officers | Change in control | |||||
Stock Incentive Plan | |||||
Granted upon change in control | 100.00% | ||||
Performance-based restricted common stock | |||||
Stock Incentive Plan | |||||
Employee service share based compensation non vested performance based awards total compensation cost not yet recognized, shares or units | 65,000 | ||||
2014 Employee Stock Plan | |||||
Stock Incentive Plan | |||||
Number of shares authorized | 3,250,000 | ||||
Number of shares available for grant | 3,310,991 | ||||
Common stock, capital shares reserved for future issuance | 3,757,925 | ||||
2005 Employee Stock Plan | |||||
Stock Incentive Plan | |||||
Number of shares available for grant | 0 | 507,925 | |||
Directors Stock Plan, 2007 Plan | Restricted Common Stock | |||||
Stock Incentive Plan | |||||
Number of shares authorized | 240,080 | ||||
Number of shares available for grant | 49,633 | ||||
Granted during the year (in shares) | 28,232 | ||||
Award vesting period | 3 years | ||||
All stock plans other than 2014 Employee stock plan, 2005 Employee stock plan and 2007 Directors stock plan | |||||
Stock Incentive Plan | |||||
Expiration period | 10 years | ||||
Minimum | Restricted Stock Units | Officers | |||||
Stock Incentive Plan | |||||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 0.00% | ||||
Maximum | Restricted Stock Units | Officers | |||||
Stock Incentive Plan | |||||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 125.00% |
Stock Incentive Plans - Summary
Stock Incentive Plans - Summary of Employee Restricted Common Stock Grant Awards (Details) - shares | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted during the year (in shares) | 429,752 | |||||
Unvested (in shares) | 374,817 | 374,817 | 752,701 | |||
Vested (in shares) | 741,690 | |||||
Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted during the year (in shares) | 409,800 | |||||
Unvested (in shares) | 751,500 | 751,500 | 776,500 | |||
Vested (in shares) | 366,400 | |||||
Employees | Restricted Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted during the year (in shares) | 401,520 | 482,001 | 494,420 | 155,000 | 663,530 | |
Unvested (in shares) | 170,390 | 170,390 | 63,427 | 0 | 0 | 65,000 |
Vested (in shares) | 200,797 | |||||
Employees | Restricted Common Stock | Shares vesting in 2016 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unvested (in shares) | 44,020 | 44,020 | 35,040 | 0 | 0 | 65,000 |
Employees | Restricted Common Stock | Shares vesting in 2017 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unvested (in shares) | 126,370 | 126,370 | 28,387 | 0 | 0 | 0 |
Officers | Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted during the year (in shares) | 409,800 | 395,900 | 432,300 | |||
Unvested (in shares) | 400,600 | 400,600 | 350,900 | 0 | ||
Vested (in shares) | 366,400 |
Stock Incentive Plans - Summ109
Stock Incentive Plans - Summary of Restricted Common Stock and Performance-based Restricted Units (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Common Stock | |||
Number of shares or units | |||
Unvested at the beginning of year(in shares) | 752,701 | ||
Granted (in shares) | 429,752 | ||
Vested (in shares) | (741,690) | ||
Forfeited (in shares) | (65,946) | ||
Unvested at the end of year (in shares) | 374,817 | 752,701 | |
Weighted Average Grant Date Fair Value | |||
Unvested at the beginning of year(in dollars per share) | $ 11.90 | ||
Granted (in dollars per share) | 13.05 | $ 12.58 | $ 9.70 |
Vested (in dollars per share) | (12.18) | ||
Forfeited (in dollars per share) | (11.77) | ||
Unvested at the end of year (in dollars per share) | $ 12.68 | $ 11.90 | |
Vested (in shares) | 741,690 | ||
Restricted Common Stock | Accelerated Vesting | |||
Number of shares or units | |||
Vested (in shares) | (200,797) | ||
Weighted Average Grant Date Fair Value | |||
Vested (in shares) | 200,797 | ||
Compensation expense | $ 2.4 | ||
Restricted Stock Units | |||
Number of shares or units | |||
Unvested at the beginning of year(in shares) | 776,500 | ||
Granted (in shares) | 409,800 | ||
Vested (in shares) | (366,400) | ||
Forfeited (in shares) | (68,400) | ||
Unvested at the end of year (in shares) | 751,500 | 776,500 | |
Weighted Average Grant Date Fair Value | |||
Unvested at the beginning of year(in dollars per share) | $ 10.66 | ||
Granted (in dollars per share) | 12.64 | ||
Vested (in dollars per share) | (9.22) | ||
Forfeited (in dollars per share) | (11.03) | ||
Unvested at the end of year (in dollars per share) | $ 12.41 | $ 10.66 | |
Vested (in shares) | 366,400 |
Stock Incentive Plans - Summ110
Stock Incentive Plans - Summary of Option Activity (Details) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Number of Options | |
Outstanding at beginning of year | shares | 36,000 |
Expired (in shares) | shares | (24,000) |
Outstanding and exercisable at end of year | shares | 12,000 |
Weighted Average Exercise Price | |
Outstanding at beginning of year | $ / shares | $ 28.58 |
Expired (in dollars per shares) | $ / shares | (27.99) |
Outstanding and exercisable at end of year | $ / shares | $ 29.76 |
Investments in Affordable Ho111
Investments in Affordable Housing Limit Partnerships (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Investments in affordable housing limited partnerships, funding installment period | 3 years | ||
Other non-interest expenses | |||
Schedule of Equity Method Investments [Line Items] | |||
Expense related to investments in affordable housing limited partnerships | $ 1.1 | $ 1.5 | $ 1.5 |
Income tax expense | |||
Schedule of Equity Method Investments [Line Items] | |||
Affordable housing tax credits and other tax benefits | 1.4 | 2.2 | $ 2.2 |
Other assets | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment in affordable housing limited partnerships | 17.2 | 18.3 | |
Other liabilities | |||
Schedule of Equity Method Investments [Line Items] | |||
Funding obligation related to investments in affordable housing limited partnerships | $ 12.9 | $ 15 |
Regulatory Matters - Narrative
Regulatory Matters - Narrative (Details) | Dec. 31, 2015 | Jan. 01, 2015 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Minimum common equity Tier 1 risk-based capital ratio | 4.50% | 4.50% | |
Tier 1 risk based capital minimum capital requirement percentage | 6.00% | 6.00% | |
Total risk based capital minimum capital requirement percentage | 8.00% | 8.00% | |
Tier 1 leverage capital minimum capital requirement percentage | 4.00% | 4.00% | |
Tier 1 leverage capital to be well capitalized percentage | 5.00% | 5.00% | |
Common equity Tier 1 risk based capital to be well capitalized percentage | 6.50% | 6.50% | |
Tier 1 risk based capital to be well capitalized percentage | 8.00% | 8.00% | |
Total risk based capital to be well capitalized percentage | 10.00% | 10.00% | |
On January 1, 2016 | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Required minimum conservation buffer percentage | 0.625% | ||
On January 1, 2017 | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Required minimum conservation buffer percentage | 1.25% | ||
On January 1, 2018 | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Required minimum conservation buffer percentage | 1.875% | ||
Minimum capital ratios including conservation buffer, January 1, 2019 | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Minimum common equity Tier 1 risk-based capital ratio | 7.00% | ||
Tier 1 risk based capital minimum capital requirement percentage | 8.50% | ||
Total risk based capital minimum capital requirement percentage | 10.50% | ||
Required minimum conservation buffer percentage | 2.50% | ||
Astoria Bank | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Minimum common equity Tier 1 risk-based capital ratio | 4.50% | ||
Tier 1 risk based capital minimum capital requirement percentage | 6.00% | 4.00% | |
Total risk based capital minimum capital requirement percentage | 8.00% | 8.00% | |
Tier 1 leverage capital minimum capital requirement percentage | 4.00% | 4.00% | |
Tier 1 leverage capital to be well capitalized percentage | 5.00% | 5.00% | |
Common equity Tier 1 risk based capital to be well capitalized percentage | 6.50% | ||
Tier 1 risk based capital to be well capitalized percentage | 8.00% | 6.00% | |
Total risk based capital to be well capitalized percentage | 10.00% | 10.00% |
Regulatory Matters - Regulatory
Regulatory Matters - Regulatory Capital Requirements (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Jan. 01, 2015 | Dec. 31, 2014 |
Amount | |||
Tier 1 leverage | $ 1,521,367 | ||
Common equity tier 1 risk-based | 1,401,376 | ||
Tier 1 risk-based | 1,521,367 | ||
Total risk-based | $ 1,620,612 | ||
Ratio | |||
Tier 1 leverage | 10.21% | ||
Common equity tier 1 risk-based | 16.00% | ||
Tier 1 risk-based | 17.37% | ||
Total risk-based | 18.51% | ||
Amount | |||
Tier 1 leverage | $ 596,022 | ||
Common equity tier 1 risk-based | 394,092 | ||
Tier 1 risk-based | 525,456 | ||
Total risk-based | $ 700,608 | ||
Ratio | |||
Tier 1 leverage | 4.00% | 4.00% | |
Common equity tier 1 risk-based | 4.50% | 4.50% | |
Tier 1 risk-based | 6.00% | 6.00% | |
Total risk-based | 8.00% | 8.00% | |
Amount | |||
Tier 1 leverage | $ 745,027 | ||
Common equity tier 1 risk-based | 569,244 | ||
Tier 1 risk-based | 700,608 | ||
Total risk-based | $ 875,760 | ||
Ratio | |||
Tier 1 leverage | 5.00% | 5.00% | |
Common equity tier 1 risk-based | 6.50% | 6.50% | |
Tier 1 risk-based | 8.00% | 8.00% | |
Total risk-based | 10.00% | 10.00% | |
Astoria Bank | |||
Amount | |||
Tier 1 leverage | $ 1,670,312 | $ 1,632,390 | |
Common equity tier 1 risk-based | 1,670,312 | ||
Tier 1 risk-based | 1,670,312 | 1,632,390 | |
Total risk-based | $ 1,769,557 | 1,744,905 | |
Tangible | $ 1,632,390 | ||
Ratio | |||
Tier 1 leverage | 11.29% | 10.62% | |
Common equity tier 1 risk-based | 19.12% | ||
Tier 1 risk-based | 19.12% | 17.55% | |
Total risk-based | 20.25% | 18.76% | |
Tangible | 10.62% | ||
Amount | |||
Tier 1 leverage | $ 591,787 | $ 615,022 | |
Common equity tier 1 risk-based | 393,153 | ||
Tier 1 risk-based | 524,204 | 372,118 | |
Total risk-based | $ 698,939 | 744,236 | |
Tangible | $ 230,633 | ||
Ratio | |||
Tier 1 leverage | 4.00% | 4.00% | |
Common equity tier 1 risk-based | 4.50% | ||
Tier 1 risk-based | 6.00% | 4.00% | |
Total risk-based | 8.00% | 8.00% | |
Tangible | 1.50% | ||
Amount | |||
Tier 1 leverage | $ 739,734 | $ 768,777 | |
Common equity tier 1 risk-based | 567,888 | ||
Tier 1 risk-based | 698,939 | 558,177 | |
Total risk-based | $ 873,674 | $ 930,295 | |
Ratio | |||
Tier 1 leverage | 5.00% | 5.00% | |
Common equity tier 1 risk-based | 6.50% | ||
Tier 1 risk-based | 8.00% | 6.00% | |
Total risk-based | 10.00% | 10.00% |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Value of Assets Measured at Estimated Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of available-for-sale securities | $ 416,798 | $ 384,359 |
Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of available-for-sale securities | 416,798 | 384,359 |
Total residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of available-for-sale securities | 344,857 | 287,659 |
GSE issuance REMICs and CMOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of available-for-sale securities | 330,539 | 268,998 |
GSE issuance REMICs and CMOs | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of available-for-sale securities | 330,539 | 268,998 |
Non-GSE issuance REMICs and CMOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of available-for-sale securities | 3,054 | 5,104 |
Non-GSE issuance REMICs and CMOs | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of available-for-sale securities | 3,054 | 5,104 |
GSE pass-through certificates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of available-for-sale securities | 11,264 | 13,557 |
GSE pass-through certificates | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of available-for-sale securities | 11,264 | 13,557 |
Obligations of GSEs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of available-for-sale securities | 71,939 | 96,698 |
Obligations of GSEs | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of available-for-sale securities | 71,939 | 96,698 |
Fannie Mae stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of available-for-sale securities | 2 | 2 |
Fannie Mae stock | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of available-for-sale securities | 2 | 2 |
Level 1 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of available-for-sale securities | 2 | 2 |
Level 1 | GSE issuance REMICs and CMOs | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of available-for-sale securities | 0 | 0 |
Level 1 | Non-GSE issuance REMICs and CMOs | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of available-for-sale securities | 0 | 0 |
Level 1 | GSE pass-through certificates | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of available-for-sale securities | 0 | 0 |
Level 1 | Obligations of GSEs | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of available-for-sale securities | 0 | 0 |
Level 1 | Fannie Mae stock | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of available-for-sale securities | 2 | 2 |
Level 2 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of available-for-sale securities | 416,796 | 384,357 |
Level 2 | GSE issuance REMICs and CMOs | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of available-for-sale securities | 330,539 | 268,998 |
Level 2 | Non-GSE issuance REMICs and CMOs | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of available-for-sale securities | 3,054 | 5,104 |
Level 2 | GSE pass-through certificates | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of available-for-sale securities | 11,264 | 13,557 |
Level 2 | Obligations of GSEs | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of available-for-sale securities | 71,939 | 96,698 |
Level 2 | Fannie Mae stock | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of available-for-sale securities | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)loan | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-performing loans held-for-sale comprising multi-family mortgage loans (as a percent) | 80.00% | |
Non-performing loans held-for-sale comprising residential mortgage loans (as a percent) | 20.00% | |
Number of non-performing loans held-for-sale | loan | 1 | |
Impaired loans comprising residential mortgage loans (as a percent) | 81.00% | 73.00% |
Impaired loans comprising multi-family and commercial real estate loans (as a percent) | 17.00% | 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) | 80.00% | 69.00% |
Impaired loans for which fair value adjustment is recognized comprising multi-family and commercial real estate loans (as a percent) | 19.00% | 30.00% |
Impaired loans for which fair value adjustment is recognized comprising home equity loans (as a percent) | 1.00% | 1.00% |
Assumption to estimate fair value of servicing asset, weighted average discount rate (as a percent) | 9.97% | 9.48% |
Assumption to estimate fair value of servicing asset, weighted average constant prepayment rate (as a percent) | 10.47% | 12.35% |
Assumption to estimate fair value of servicing asset, weighted average life | 6 years 1 month 2 days | 5 years 8 months 16 days |
Real estate owned, net | $ 19,798 | $ 35,723 |
Residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Period after which loans are individually evaluated for impairment | 180 days | |
Period past due when loan servicer performs property inspections | 45 days | |
Real estate owned, net | $ 17,800 | $ 33,700 |
Total residential mortgage-backed securities | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of debt securities comprising available-for-sale portfolio | 83.00% | 75.00% |
Available-for-sale residential mortgage-backed securities portfolio which are GSE securities (as a percent) | 99.00% | 98.00% |
Obligations of GSEs | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of debt securities comprising available-for-sale portfolio | 17.00% | 25.00% |
Fair Value Measurements - Ca116
Fair Value Measurements - Carrying Value of Assets Measured at Fair Value on a Non-recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 237,518 | $ 248,436 |
MSR, net | 11,014 | 11,401 |
REO, net | 19,798 | 35,723 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-performing loans held-for-sale, net | 8,960 | 7,640 |
MSR, net | 11,014 | 11,401 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-performing loans held-for-sale, net | 9,037 | 7,955 |
MSR, net | 11,017 | 11,406 |
Measured on a non-recurring basis | Level 3 | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 134,910 | 140,663 |
MSR, net | 11,014 | 11,401 |
REO, net | 16,307 | 19,375 |
Total | 163,813 | 171,592 |
Measured on a non-recurring basis | Level 3 | Carrying Value | Non-performing loans held-for-sale, net | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-performing loans held-for-sale, net | $ 1,582 | $ 153 |
Fair Value Measurements - Gains
Fair Value Measurements - Gains (Losses) Recognized on Assets Measured at Fair Value on a Non-recurring Basis (Details) - Measured on a non-recurring basis - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gains (losses) recognized on assets measured at fair value on a non-recurring basis | $ (4,985) | $ (7,905) | $ (20,899) |
Non-performing loans held-for-sale, net | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gains (losses) recognized on assets measured at fair value on a non-recurring basis | (445) | 0 | (520) |
Impaired loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gains (losses) recognized on assets measured at fair value on a non-recurring basis | (4,284) | (6,311) | (21,992) |
MSR, net | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gains (losses) recognized on assets measured at fair value on a non-recurring basis | 568 | 60 | 5,401 |
REO, net | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gains (losses) recognized on assets measured at fair value on a non-recurring basis | $ (824) | $ (1,654) | $ (3,788) |
Fair Value Measurements - Ca118
Fair Value Measurements - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financial Assets: | ||
Securities held-to-maturity | $ 2,296,799 | $ 2,133,804 |
FHLB-NY stock | 131,137 | 140,754 |
MSR, net | 11,014 | 11,401 |
Level 2 | ||
Financial Assets: | ||
Securities held-to-maturity | 2,286,092 | 2,131,371 |
FHLB-NY stock | 131,137 | 140,754 |
Loans held-for-sale, net | 0 | 0 |
Loans receivable, net | 0 | 0 |
MSR, net | 0 | 0 |
Financial Liabilities: | ||
Deposits | 9,123,740 | 9,534,918 |
Borrowings, net | 4,132,940 | 4,395,604 |
Level 3 | ||
Financial Assets: | ||
Securities held-to-maturity | 0 | 0 |
FHLB-NY stock | 0 | 0 |
Loans held-for-sale, net | 9,037 | 7,955 |
Loans receivable, net | 11,112,709 | 11,967,608 |
MSR, net | 11,017 | 11,406 |
Financial Liabilities: | ||
Deposits | 0 | 0 |
Borrowings, net | 0 | 0 |
Carrying Value | ||
Financial Assets: | ||
Securities held-to-maturity | 2,296,799 | 2,133,804 |
FHLB-NY stock | 131,137 | 140,754 |
Loans held-for-sale, net | 8,960 | 7,640 |
Loans receivable, net | 11,055,081 | 11,845,848 |
MSR, net | 11,014 | 11,401 |
Financial Liabilities: | ||
Deposits | 9,106,027 | 9,504,909 |
Borrowings, net | 3,964,222 | 4,187,691 |
Estimated Fair Value | ||
Financial Assets: | ||
Securities held-to-maturity | 2,286,092 | 2,131,371 |
FHLB-NY stock | 131,137 | 140,754 |
Loans held-for-sale, net | 9,037 | 7,955 |
Loans receivable, net | 11,112,709 | 11,967,608 |
MSR, net | 11,017 | 11,406 |
Financial Liabilities: | ||
Deposits | 9,123,740 | 9,534,918 |
Borrowings, net | $ 4,132,940 | $ 4,395,604 |
Condensed Parent Company Onl119
Condensed Parent Company Only Financial Statements - Condensed Statements of Financial Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS: | ||||
Cash | $ 200,538 | $ 143,185 | ||
Other assets | 166,535 | 173,138 | ||
Total assets | 15,076,211 | 15,640,021 | ||
Liabilities and stockholders’ equity: | ||||
Other liabilities | 227,079 | 251,951 | ||
Stockholders’ equity | 1,663,448 | 1,580,070 | $ 1,519,513 | $ 1,293,989 |
Total liabilities and stockholders’ equity | 15,076,211 | 15,640,021 | ||
Astoria Financial Corporation | ||||
ASSETS: | ||||
Cash | 102,338 | 75,199 | ||
Other assets | 760 | 711 | ||
Total assets | 1,916,443 | 1,832,122 | ||
Liabilities and stockholders’ equity: | ||||
Other borrowings, net | 249,222 | 248,691 | ||
Other liabilities | 3,773 | 3,361 | ||
Stockholders’ equity | 1,663,448 | 1,580,070 | ||
Total liabilities and stockholders’ equity | 1,916,443 | 1,832,122 | ||
Astoria Financial Corporation | Astoria Bank | ||||
ASSETS: | ||||
Investment in subsidiary | 1,812,393 | 1,755,078 | ||
Astoria Financial Corporation | AF Insurance Agency, Inc | ||||
ASSETS: | ||||
Investment in subsidiary | $ 952 | $ 1,134 |
Condensed Parent Company Onl120
Condensed Parent Company Only Financial Statements - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest income: | |||
Total interest income | $ 473,416 | $ 492,350 | $ 518,430 |
Interest expense on borrowings | 95,784 | 98,707 | 113,911 |
Net interest expense | (340,289) | (342,288) | (341,902) |
Non-interest expense: | |||
Compensation and benefits | 152,924 | 138,177 | 133,689 |
Extinguishment of debt | 0 | 0 | 4,266 |
Other | 32,885 | 35,656 | 35,277 |
Total non-interest expense | 289,083 | 284,410 | 287,531 |
Income before income taxes and equity in undistributed earnings of subsidiaries | 117,874 | 122,195 | 104,342 |
Income tax benefit | (29,799) | (26,279) | (37,749) |
Net income | 88,075 | 95,916 | 66,593 |
Preferred stock dividends | 8,775 | 8,775 | 7,214 |
Net income available to common shareholders | 79,300 | 87,141 | 59,379 |
Astoria Financial Corporation | |||
Interest income: | |||
ESOP loans receivable | 0 | 0 | 344 |
Total interest income | 0 | 0 | 344 |
Interest expense on borrowings | 13,031 | 13,031 | 17,398 |
Net interest expense | 13,031 | 13,031 | 17,054 |
Cash dividends from subsidiaries | 64,524 | 40,620 | 45,150 |
Non-interest expense: | |||
Compensation and benefits | 2,820 | 2,925 | 3,261 |
Extinguishment of debt | 0 | 0 | 4,266 |
Other | 4,927 | 3,262 | 3,148 |
Total non-interest expense | 7,747 | 6,187 | 10,675 |
Income before income taxes and equity in undistributed earnings of subsidiaries | 43,746 | 21,402 | 17,421 |
Income tax benefit | 8,056 | 6,662 | 9,644 |
Income before equity in undistributed earnings of subsidiaries | 51,802 | 28,064 | 27,065 |
Equity in undistributed earnings of subsidiaries | 36,273 | 67,852 | 39,528 |
Net income | 88,075 | 95,916 | 66,593 |
Preferred stock dividends | 8,775 | 8,775 | 7,214 |
Net income available to common shareholders | $ 79,300 | $ 87,141 | $ 59,379 |
Condensed Parent Company Onl121
Condensed Parent Company Only Financial Statements - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 88,075 | $ 95,916 | $ 66,593 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization of deferred costs | 8,921 | 9,021 | 15,794 |
Net cash provided by operating activities | 107,209 | 134,076 | 232,664 |
Cash flows from investing activities: | |||
Redemption of Astoria Capital Trust I common securities | 0 | 0 | 3,866 |
Net cash provided by investing activities | 596,433 | 197,948 | 488,662 |
Cash flows from financing activities: | |||
Repayments of borrowings with original terms greater than three months | (300,000) | (150,000) | (553,866) |
Cost to repurchase common stock | (6,869) | 0 | 0 |
Cash payments for preferred stock issuance costs | 0 | 0 | (5,204) |
Cash dividends paid to stockholders | (24,856) | (24,643) | (20,688) |
Net cash used in financing activities | (646,289) | (310,789) | (720,849) |
Net increase in cash and cash equivalents | 57,353 | 21,235 | 477 |
Cash and cash equivalents at beginning of year | 143,185 | 121,950 | 121,473 |
Cash and cash equivalents at end of year | 200,538 | 143,185 | 121,950 |
Supplemental disclosure: | |||
Interest paid | 132,687 | 150,026 | 180,871 |
Astoria Financial Corporation | |||
Cash flows from operating activities: | |||
Net income | 88,075 | 95,916 | 66,593 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed earnings of subsidiaries | (36,273) | (67,852) | (39,528) |
Amortization of deferred costs | 531 | 531 | 531 |
Increase in other assets, net of other liabilities and amounts due to subsidiaries | (1,752) | (484) | (998) |
Net cash provided by operating activities | 50,581 | 28,111 | 26,598 |
Cash flows from investing activities: | |||
Principal payments on ESOP loans receivable | 0 | 0 | 5,908 |
Redemption of Astoria Capital Trust I common securities | 0 | 0 | 3,866 |
Net cash provided by investing activities | 0 | 0 | 9,774 |
Cash flows from financing activities: | |||
Repayments of borrowings with original terms greater than three months | 0 | 0 | (128,866) |
Proceeds from issuance of common and preferred stock | 6,168 | 8,121 | 135,000 |
Cost to repurchase common stock | (6,869) | 0 | 0 |
Cash payments for preferred stock issuance costs | 0 | 0 | (5,204) |
Cash dividends paid to stockholders | (24,856) | (24,643) | (20,688) |
Net tax benefit excess (shortfall) from stock-based compensation | 2,115 | 192 | (800) |
Net cash used in financing activities | (23,442) | (16,330) | (20,558) |
Net increase in cash and cash equivalents | 27,139 | 11,781 | 15,814 |
Cash and cash equivalents at beginning of year | 75,199 | 63,418 | 47,604 |
Cash and cash equivalents at end of year | 102,338 | 75,199 | 63,418 |
Supplemental disclosure: | |||
Interest paid | $ 12,500 | $ 12,500 | $ 18,898 |