Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 29, 2016 | |
Document and Entity Information | ||
Entity Registrant Name | ASTORIA FINANCIAL CORP | |
Entity Central Index Key | 910,322 | |
Trading Symbol | AF | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 101,406,677 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Cash and due from banks | $ 186,051 | $ 200,538 |
Available-for-sale securities: | ||
Encumbered | 82,444 | 81,481 |
Unencumbered | 306,434 | 335,317 |
Total available-for-sale securities | 388,878 | 416,798 |
Held-to-maturity securities, fair value of $2,469,458 and $2,286,092, respectively: | ||
Encumbered | 1,112,134 | 1,123,480 |
Unencumbered | 1,331,369 | 1,173,319 |
Total held-to-maturity securities | 2,443,503 | 2,296,799 |
Federal Home Loan Bank of New York stock, at cost | 131,582 | 131,137 |
Loans held-for-sale, net | 7,672 | 8,960 |
Loans receivable | 11,005,081 | 11,153,081 |
Allowance for loan losses | (94,200) | (98,000) |
Loans receivable, net | 10,910,881 | 11,055,081 |
Mortgage servicing rights, net | 9,900 | 11,014 |
Accrued interest receivable | 36,139 | 34,996 |
Premises and equipment, net | 108,172 | 109,758 |
Goodwill | 185,151 | 185,151 |
Bank owned life insurance | 441,935 | 439,646 |
Real estate owned, net | 12,691 | 19,798 |
Other assets | 160,982 | 166,535 |
Total assets | 15,023,537 | 15,076,211 |
Deposits: | ||
NOW and demand deposit | 2,482,665 | 2,413,823 |
Money market | 2,635,057 | 2,560,204 |
Savings | 2,136,721 | 2,137,818 |
Certificates of deposit | 1,797,096 | 1,994,182 |
Total deposits | 9,051,539 | 9,106,027 |
Federal funds purchased | 355,000 | 435,000 |
Reverse repurchase agreements | 1,100,000 | 1,100,000 |
Federal Home Loan Bank of New York advances | 2,195,000 | 2,180,000 |
Other borrowings, net | 249,354 | 249,222 |
Mortgage escrow funds | 163,231 | 115,435 |
Accrued expenses and other liabilities | 227,612 | 227,079 |
Total liabilities | 13,341,736 | 13,412,763 |
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 101,406,550 and 100,721,358 shares outstanding, respectively) | 1,665 | 1,665 |
Additional paid-in capital | 893,648 | 902,349 |
Retained earnings | 2,053,897 | 2,045,391 |
Treasury stock (65,088,338 and 65,773,530 shares, at cost, respectively) | (1,342,998) | (1,357,136) |
Accumulated other comprehensive loss | (54,207) | (58,617) |
Total stockholders’ equity | 1,681,801 | 1,663,448 |
Total liabilities and stockholders’ equity | $ 15,023,537 | $ 15,076,211 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Held-to-maturity securities, fair value | $ 2,469,458 | $ 2,286,092 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 166,494,888 | 166,494,888 |
Common stock, shares outstanding (in shares) | 101,406,550 | 100,721,358 |
Treasury stock (in shares) | 65,088,338 | 65,773,530 |
Series C Preferred Stock | ||
Preferred stock, shares authorized (in shares) | 150,000 | 150,000 |
Preferred stock, shares issued (in shares) | 135,000 | 135,000 |
Preferred stock, shares outstanding (in shares) | 135,000 | 135,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest income: | ||
Residential mortgage loans | $ 47,375 | $ 53,962 |
Multi-family and commercial real estate mortgage loans | 46,805 | 47,492 |
Consumer and other loans | 2,372 | 2,190 |
Mortgage-backed and other securities | 16,904 | 15,070 |
Interest-earning cash accounts | 120 | 89 |
Federal Home Loan Bank of New York stock | 1,421 | 1,522 |
Total interest income | 114,997 | 120,325 |
Interest expense: | ||
Deposits | 7,462 | 10,729 |
Borrowings | 24,283 | 23,875 |
Total interest expense | 31,745 | 34,604 |
Net interest income | 83,252 | 85,721 |
Provision for loan losses credited to operations | (3,127) | (343) |
Net interest income after provision for loan losses | 86,379 | 86,064 |
Non-interest income: | ||
Customer service fees | 6,988 | 8,211 |
Other loan fees | 534 | 553 |
Gain on sales of securities | 86 | 0 |
Mortgage banking (loss) income, net | (37) | 327 |
Income from bank owned life insurance | 2,289 | 2,197 |
Other | 1,541 | 1,645 |
Total non-interest income | 11,401 | 12,933 |
General and administrative: | ||
Compensation and benefits | 38,253 | 36,281 |
Occupancy, equipment and systems | 19,391 | 19,658 |
Federal deposit insurance premium | 3,530 | 4,201 |
Advertising | 1,453 | 2,264 |
Other | 6,895 | 7,708 |
Total non-interest expense | 69,522 | 70,112 |
Income before income tax expense | 28,258 | 28,885 |
Income tax expense | 9,693 | 9,578 |
Net income | 18,565 | 19,307 |
Preferred stock dividends | 2,194 | 2,194 |
Net income available to common shareholders | $ 16,371 | $ 17,113 |
Basic earnings per common share (in dollars per share) | $ 0.16 | $ 0.17 |
Diluted earnings per common share (in dollars per share) | $ 0.16 | $ 0.17 |
Basic weighted average common shares outstanding (in shares) | 100,368,931 | 99,252,031 |
Diluted weighted average common shares outstanding (in shares) | 100,368,931 | 99,252,031 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 18,565 | $ 19,307 |
Net unrealized gain on securities available-for-sale: | ||
Net unrealized holding gain on securities arising during the period | 4,036 | 1,993 |
Reclassification adjustment for gain on sales of securities included in net income | (51) | 0 |
Net unrealized gain on securities available-for-sale | 3,985 | 1,993 |
Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income | 397 | 469 |
Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income | 28 | 29 |
Total other comprehensive income, net of tax | 4,410 | 2,491 |
Comprehensive income | $ 22,975 | $ 21,798 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss |
Balance at beginning of period at Dec. 31, 2014 | $ 1,580,070 | $ 129,796 | $ 1,665 | $ 897,049 | $ 1,992,833 | $ (1,375,322) | $ (65,951) |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 19,307 | 19,307 | |||||
Other comprehensive income, net of tax | 2,491 | 2,491 | |||||
Dividends on preferred stock | (2,194) | (2,194) | |||||
Dividends on common stock | (3,995) | (3,995) | |||||
Sales of treasury stock | 6,009 | (3,739) | 9,748 | ||||
Restricted stock grants | (330) | (212) | 542 | ||||
Forfeitures of restricted stock | 478 | 378 | (856) | ||||
Stock-based compensation | 1,608 | 1,597 | 11 | ||||
Net tax benefit excess (shortfall) from stock-based compensation | (6) | (6) | |||||
Balance at end of period at Mar. 31, 2015 | 1,603,290 | 129,796 | 1,665 | 898,788 | 2,002,389 | (1,365,888) | (63,460) |
Balance at beginning of period at Dec. 31, 2015 | 1,663,448 | 129,796 | 1,665 | 902,349 | 2,045,391 | (1,357,136) | (58,617) |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 18,565 | 18,565 | |||||
Other comprehensive income, net of tax | 4,410 | 4,410 | |||||
Dividends on preferred stock | (2,194) | (2,194) | |||||
Dividends on common stock | (4,053) | (4,053) | |||||
Sales of treasury stock | 41 | (15) | 56 | ||||
Restricted stock grants | (10,329) | (3,823) | 14,152 | ||||
Forfeitures of restricted stock | 45 | 25 | (70) | ||||
Stock-based compensation | 1,581 | 1,580 | 1 | ||||
Net tax benefit excess (shortfall) from stock-based compensation | 3 | 3 | |||||
Balance at end of period at Mar. 31, 2016 | $ 1,681,801 | $ 129,796 | $ 1,665 | $ 893,648 | $ 2,053,897 | $ (1,342,998) | $ (54,207) |
Consolidated Statement of Chan7
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends on preferred stock (in dollars per share) | $ 16.25 | $ 16.25 |
Dividends on common stock (in dollars per share) | $ 0.04 | $ 0.04 |
Sale of treasury stock (in shares) | 2,710 | 471,680 |
Restricted stock grants, shares | 685,872 | 26,232 |
Forfeitures of restricted stock, shares | 3,390 | 41,404 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 18,565,000 | $ 19,307,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net amortization on loans | 2,310,000 | 2,883,000 |
Net amortization on securities and borrowings | 1,822,000 | 2,322,000 |
Net provision for loan and real estate losses credited to operations | (2,918,000) | (181,000) |
Depreciation and amortization | 3,694,000 | 3,024,000 |
Net gain on sales of loans and securities | (518,000) | (463,000) |
Mortgage servicing rights amortization and valuation allowance adjustments, net | 1,404,000 | 1,130,000 |
Stock-based compensation | 1,581,000 | 1,608,000 |
Deferred income tax expense | 75,000 | 1,191,000 |
Originations of loans held-for-sale | (27,258,000) | (27,463,000) |
Proceeds from sales and principal repayments of loans held-for-sale | 28,288,000 | 27,585,000 |
Increase in accrued interest receivable | (1,143,000) | (580,000) |
Bank owned life insurance income and insurance proceeds received, net | (2,289,000) | (2,197,000) |
Decrease in other assets | 2,572,000 | 2,457,000 |
Increase (decrease) in accrued expenses and other liabilities | 1,219,000 | (1,847,000) |
Net cash provided by operating activities | 27,404,000 | 28,776,000 |
Cash flows from investing activities: | ||
Originations of loans receivable | (309,871,000) | (389,387,000) |
Loan purchases through third parties | (29,048,000) | (49,855,000) |
Principal payments on loans receivable | 482,897,000 | 563,529,000 |
Proceeds from sales of delinquent and non-performing loans | 400,000 | 5,806,000 |
Purchases of securities held-to-maturity | (354,392,000) | (93,428,000) |
Purchases of securities available-for-sale | 0 | (37,049,000) |
Principal payments on securities held-to-maturity | 206,196,000 | 105,752,000 |
Principal payments on securities available-for-sale | 11,447,000 | 10,949,000 |
Proceeds from sales of securities available-for-sale | 23,065,000 | 0 |
Net purchases of Federal Home Loan Bank of New York stock | (445,000) | (868,000) |
Proceeds from sales of real estate owned, net | 7,863,000 | 6,670,000 |
Purchases of premises and equipment, net of proceeds from sales | (2,108,000) | (2,977,000) |
Net cash provided by investing activities | 36,004,000 | 119,142,000 |
Cash flows from financing activities: | ||
Net decrease in deposits | (54,488,000) | (97,880,000) |
Net decrease in borrowings with original terms of three months or less | (270,000,000) | (74,000,000) |
Repayments of borrowings with original terms greater than three months | (345,000,000) | 0 |
Proceeds from borrowings with terms greater than three months | 550,000,000 | 0 |
Net increase in mortgage escrow funds | 47,796,000 | 46,729,000 |
Proceeds from sales of treasury stock | 41,000 | 6,009,000 |
Cash dividends paid to stockholders | (6,247,000) | (6,189,000) |
Net tax benefit excess (shortfall) from stock-based compensation | 3,000 | (6,000) |
Net cash used in financing activities | (77,895,000) | (125,337,000) |
Net (decrease) increase in cash and cash equivalents | (14,487,000) | 22,581,000 |
Cash and cash equivalents at beginning of period | 200,538,000 | 143,185,000 |
Cash and cash equivalents at end of period | 186,051,000 | 165,766,000 |
Supplemental disclosures: | ||
Interest paid | 27,977,000 | 31,708,000 |
Income taxes paid | 4,613,000 | 1,477,000 |
Additions to real estate owned | 965,000 | 1,269,000 |
Loans transferred to held-for-sale | $ 0 | $ 6,205,000 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of Astoria Financial Corporation and its wholly-owned subsidiaries: Astoria Bank and its subsidiaries, referred to as Astoria Bank, and AF Insurance Agency, Inc. As used in this quarterly report, "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 our opinion, the accompanying consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of our financial condition as of March 31, 2016 and December 31, 2015 , our results of operations and other comprehensive income for the three months ended March 31, 2016 and 2015 , changes in our stockholders’ equity for the three months ended March 31, 2016 and 2015 and our cash flows for the three months ended March 31, 2016 and 2015 . In preparing the consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities for the consolidated statements of financial condition as of March 31, 2016 and December 31, 2015 , and amounts of revenues, expenses and other comprehensive income in the consolidated statements of income and comprehensive income for the three months ended March 31, 2016 and 2015 . The results of operations and other comprehensive income for the three months ended March 31, 2016 are not necessarily indicative of the results of operations and other comprehensive income to be expected for the remainder of the year. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP, have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC. These consolidated financial statements should be read in conjunction with our December 31, 2015 audited consolidated financial statements and related notes included in our 2015 Annual Report on Form 10-K. |
Merger Agreement with New York
Merger Agreement with New York Community Bancorp, Inc. | 3 Months Ended |
Mar. 31, 2016 | |
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 $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. 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 FRB, the Federal Deposit Insurance Corporation, or FDIC, and the New York State Department of Financial Services, or DFS, (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. The registration statement on Form S-4 for the NYCB Common Stock to be issued in the Merger became effective on March 16, 2016, and special meetings of Astoria’s and NYCB’s respective stockholders were held on April 26, 2016, at which Astoria’s stockholders adopted the Merger Agreement and NYCB’s stockholders adopted the Merger Agreement and approved the NYCB charter amendment. In addition, all applications and notices necessary to obtain the required regulatory approvals to complete the Merger have been submitted or sent by Astoria or NYCB. 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 respect 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 | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 (In Thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Residential mortgage-backed securities: GSE (1) issuance REMICs and CMOs (2) $ 297,400 $ 4,846 $ (459 ) $ 301,787 Non-GSE issuance REMICs and CMOs 2,612 7 (2 ) 2,617 GSE pass-through certificates 10,292 454 (2 ) 10,744 Total residential mortgage-backed securities 310,304 5,307 (463 ) 315,148 Obligations of GSEs 73,701 28 — 73,729 Fannie Mae stock 15 — (14 ) 1 Total securities available-for-sale $ 384,020 $ 5,335 $ (477 ) $ 388,878 Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 1,305,818 $ 20,083 $ (3,049 ) $ 1,322,852 Non-GSE issuance REMICs and CMOs 197 — (7 ) 190 GSE pass-through certificates 250,658 3,420 (881 ) 253,197 Total residential mortgage-backed securities 1,556,673 23,503 (3,937 ) 1,576,239 Multi-family mortgage-backed securities: GSE issuance REMICs 613,877 8,381 (171 ) 622,087 Obligations of GSEs 192,541 483 (87 ) 192,937 Corporate Debt securities 80,000 214 (2,432 ) 77,782 Other 412 1 — 413 Total securities held-to-maturity $ 2,443,503 $ 32,582 $ (6,627 ) $ 2,469,458 (1) Government-sponsored enterprise (2) Real estate mortgage investment conduits and collateralized mortgage obligations 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 $ 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 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 March 31, 2016 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 $ 19,950 $ (131 ) $ 23,962 $ (328 ) $ 43,912 $ (459 ) Non-GSE issuance REMICs and CMOs 109 (1 ) 63 (1 ) 172 (2 ) GSE pass-through certificates 16 (1 ) 99 (1 ) 115 (2 ) Fannie Mae stock — — 1 (14 ) 1 (14 ) Total temporarily impaired securities available-for-sale $ 20,075 $ (133 ) $ 24,125 $ (344 ) $ 44,200 $ (477 ) Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 51,103 $ (149 ) $ 234,606 $ (2,900 ) $ 285,709 $ (3,049 ) Non-GSE issuance REMICs and CMOs — — 190 (7 ) 190 (7 ) GSE pass-through certificates — — 104,675 (881 ) 104,675 (881 ) Multi-family mortgage-backed securities: GSE issuance REMICs 79,344 (171 ) — — 79,344 (171 ) Obligations of GSEs 24,888 (87 ) — — 24,888 (87 ) Corporate debt securities 67,569 (2,432 ) — — 67,569 (2,432 ) Total temporarily impaired securities held-to-maturity $ 222,904 $ (2,839 ) $ 339,471 $ (3,788 ) $ 562,375 $ (6,627 ) 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 ) We held 61 securities which had an unrealized loss at March 31, 2016 and 129 securities which had an unrealized loss at December 31, 2015 . Securities in unrealized loss positions are analyzed as part of our ongoing assessment of other-than-temporary impairment. Our assertion regarding our intent not to sell, or that it is not more likely than not that we will be required to sell a security before its anticipated recovery, is based on a number of factors, including a quantitative estimate of the expected recovery period (which may extend to maturity), and our intended strategy with respect to the identified security or portfolio. If we do have the intent to sell, or believe it is more likely than not that we will be required to sell the security before its anticipated recovery, the unrealized loss is charged directly to earnings in the Consolidated Statements of Income and Comprehensive Income. Other factors considered in determining whether or not an impairment is temporary include the severity of the impairment; the duration of the impairment; the cause of the impairment; the near-term prospects of the issuer; and the estimated recovery period. The unrealized losses on our residential and multi-family mortgage-backed securities and GSE obligations at March 31, 2016 were primarily caused by movements in market interest rates subsequent to the purchase of such securities or obligations. The unrealized losses on our corporate debt obligations was primarily due to the observed credit spread widening that occurred during the first quarter of 2016, which we attribute to the contemporaneous broad-based equity market volatility. We do not consider the resulting unrealized losses to be anything other than temporary impairment. During the three months ended March 31, 2016 , proceeds from sales of securities from the available-for-sale portfolio totaled $23.1 million , resulting in gross realized gains of $86,000 . There were no sales of securities from the available-for-sale portfolio during the three months ended March 31, 2015 . At March 31, 2016 , available-for-sale debt securities, excluding mortgage-backed securities, had an amortized cost of $73.7 million , an estimated fair value of $73.7 million and contractual maturities in 2021 and 2022 . At March 31, 2016 , held-to-maturity debt securities, excluding mortgage-backed securities, had an amortized cost of $273.0 million , an estimated fair value of $271.1 million and contractual maturities primarily in 2016 through 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 March 31, 2016 , the amortized cost of callable securities in our portfolio totaled $211.3 million , of which $194.9 million are callable within one year and at various times thereafter. The balance of accrued interest receivable for securities totaled $7.2 million at March 31, 2016 and $7.4 million at December 31, 2015 . |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 Past Due (In Thousands) 30-59 Days 60-89 Days 90 Days or More Total Past Due Current Total Accruing loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 3,802 $ 1,490 $ — $ 5,292 $ 356,324 $ 361,616 Full documentation amortizing 31,902 9,725 433 42,060 4,498,438 4,540,498 Reduced documentation interest-only 7,111 2,405 — 9,516 202,030 211,546 Reduced documentation amortizing 16,404 3,679 — 20,083 556,416 576,499 Total residential 59,219 17,299 433 76,951 5,613,208 5,690,159 Multi-family 6,632 2,609 484 9,725 4,060,832 4,070,557 Commercial real estate — 859 2,239 3,098 805,136 808,234 Total mortgage loans 65,851 20,767 3,156 89,774 10,479,176 10,568,950 Consumer and other loans (gross): Home equity and other consumer 1,259 125 — 1,384 147,666 149,050 Commercial and industrial — — — — 100,237 100,237 Total consumer and other loans 1,259 125 — 1,384 247,903 249,287 Total accruing loans $ 67,110 $ 20,892 $ 3,156 $ 91,158 $ 10,727,079 $ 10,818,237 Non-accrual loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 1,238 $ 951 $ 12,380 $ 14,569 $ 4,687 $ 19,256 Full documentation amortizing 2,012 792 38,184 40,988 5,764 46,752 Reduced documentation interest-only 217 135 14,634 14,986 9,179 24,165 Reduced documentation amortizing 1,979 47 24,004 26,030 14,143 40,173 Total residential 5,446 1,925 89,202 96,573 33,773 130,346 Multi-family 1,168 383 1,855 3,406 4,470 7,876 Commercial real estate 1,321 — 585 1,906 769 2,675 Total mortgage loans 7,935 2,308 91,642 101,885 39,012 140,897 Consumer and other loans (gross): Home equity and other consumer — — 5,595 5,595 — 5,595 Commercial and industrial — — 574 574 — 574 Total consumer and other loans — — 6,169 6,169 — 6,169 Total non-accrual loans $ 7,935 $ 2,308 $ 97,811 $ 108,054 $ 39,012 $ 147,066 Total loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 5,040 $ 2,441 $ 12,380 $ 19,861 $ 361,011 $ 380,872 Full documentation amortizing 33,914 10,517 38,617 83,048 4,504,202 4,587,250 Reduced documentation interest-only 7,328 2,540 14,634 24,502 211,209 235,711 Reduced documentation amortizing 18,383 3,726 24,004 46,113 570,559 616,672 Total residential 64,665 19,224 89,635 173,524 5,646,981 5,820,505 Multi-family 7,800 2,992 2,339 13,131 4,065,302 4,078,433 Commercial real estate 1,321 859 2,824 5,004 805,905 810,909 Total mortgage loans 73,786 23,075 94,798 191,659 10,518,188 10,709,847 Consumer and other loans (gross): Home equity and other consumer 1,259 125 5,595 6,979 147,666 154,645 Commercial and industrial — — 574 574 100,237 100,811 Total consumer and other loans 1,259 125 6,169 7,553 247,903 255,456 Total loans $ 75,045 $ 23,200 $ 100,967 $ 199,212 $ 10,766,091 $ 10,965,303 Net unamortized premiums and deferred loan origination costs 39,778 Loans receivable 11,005,081 Allowance for loan losses (94,200 ) Loans receivable, net $ 10,910,881 At December 31, 2015 Past Due (In Thousands) 30-59 Days 60-89 Days 90 Days or More Total Past Due Current Total Accruing loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 10,045 $ 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 We segment our one-to-four family, or residential, mortgage loan portfolio by interest-only and amortizing loans, full documentation and reduced documentation loans, and origination time periods, and analyze our historical loss experience and delinquency levels and trends of these segments. We analyze multi-family and commercial real estate mortgage loans by portfolio using predictive modeling techniques for loans originated after 2010 and by geographic location for loans originated prior to 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. 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 exception of multi-family and commercial real estate mortgage loans originated after 2010, for which our evaluation includes detailed modeling techniques. These modeling techniques utilize data inputs for each loan in the portfolio, including credit facility terms and performance to date, property details and borrower financial performance data. The model also incorporates real estate market data from an established real estate market database company to forecast future performance of the properties, and includes a loan loss predictive model based on studies of defaulted commercial real estate loans. The model then generates a probability of default, loss given default and ultimately an estimated loss for each loan quarterly over the remaining life of the loan. The appropriate timeframe from which to assign an estimated loss percentage to the pool of loans is assessed by management. We update our historical loss analyses, 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 also consider qualitative factors with the purpose of assessing the adequacy of the overall allowance for loan losses as well as the allocation of the allowance for loan losses by loan category. Allowance adequacy calculations are adjusted quarterly, based on the results of our quantitative and qualitative analyses, to reflect our current estimates of the amount of probable losses inherent in our loan portfolio. The portion of the allowance allocated to each loan category does not represent the total available to absorb losses which may occur within the loan category, since the total allowance for loan losses is available for losses applicable to the entire loan portfolio. The following tables set forth the changes in our allowance for loan losses by loan receivable segment for the periods indicated. For the Three Months Ended March 31, 2016 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at January 1, 2016 $ 44,951 $ 35,544 $ 11,217 $ 6,288 $ 98,000 Provision charged (credited) to operations 138 (3,257 ) (849 ) 841 (3,127 ) Charge-offs (1,665 ) (310 ) — (765 ) (2,740 ) Recoveries 954 1,043 — 70 2,067 Balance at March 31, 2016 $ 44,378 $ 33,020 $ 10,368 $ 6,434 $ 94,200 For the Three Months Ended March 31, 2015 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at January 1, 2015 $ 46,283 $ 39,250 $ 17,242 $ 8,825 $ 111,600 Provision (credited) charged to operations (1,851 ) 256 18 1,234 (343 ) Charge-offs (1,757 ) (242 ) (142 ) (349 ) (2,490 ) Recoveries 806 818 — 109 1,733 Balance at March 31, 2015 $ 43,481 $ 40,082 $ 17,118 $ 9,819 $ 110,500 The following table sets forth the balances of our residential interest-only mortgage loans at March 31, 2016 by the period in which such loans are scheduled to enter their amortization period. ( In Thousands ) Recorded Investment Amortization scheduled to begin in: 12 months or less $ 309,631 13 to 24 months 256,659 25 to 36 months 29,120 Over 36 months 21,173 Total $ 616,583 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 March 31, 2016 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 $ 361,616 $ 4,540,065 $ 211,546 $ 576,499 $ 149,050 $ 100,237 Non-performing: Current or past due less than 90 days 6,876 8,568 9,531 16,169 — — Past due 90 days or more 12,380 38,617 14,634 24,004 5,595 574 Total $ 380,872 $ 4,587,250 $ 235,711 $ 616,672 $ 154,645 $ 100,811 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 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 March 31, 2016 At December 31, 2015 Commercial Real Estate Commercial Real Estate (In Thousands) Multi-Family Multi-Family Not criticized $ 4,037,071 $ 770,883 $ 3,981,050 $ 769,029 Criticized: Special mention 16,630 12,215 14,931 20,441 Substandard 24,732 27,811 28,124 30,044 Doubtful — — — — Total $ 4,078,433 $ 810,909 $ 4,024,105 $ 819,514 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 March 31, 2016 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Loans: Individually evaluated for impairment $ 196,365 $ 15,733 $ 13,168 $ 4,537 $ 229,803 Collectively evaluated for impairment 5,624,140 4,062,700 797,741 250,919 10,735,500 Total loans $ 5,820,505 $ 4,078,433 $ 810,909 $ 255,456 $ 10,965,303 Allowance for loan losses: Individually evaluated for impairment $ 13,337 $ 173 $ 85 $ 381 $ 13,976 Collectively evaluated for impairment 31,041 32,847 10,283 6,053 80,224 Total allowance for loan losses $ 44,378 $ 33,020 $ 10,368 $ 6,434 $ 94,200 At December 31, 2015 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential 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 The following table summarizes information related to our impaired loans by segment and class at the dates indicated. At March 31, 2016 At December 31, 2015 (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 $ 34,525 $ 28,292 $ (3,724 ) $ 24,568 $ 37,454 $ 30,631 $ (4,051 ) $ 26,580 Full documentation amortizing 73,169 66,492 (3,021 ) 63,471 69,242 63,223 (2,534 ) 60,689 Reduced documentation interest-only 47,328 39,696 (3,720 ) 35,976 55,939 46,540 (4,253 ) 42,287 Reduced documentation amortizing 69,004 61,885 (2,872 ) 59,013 57,955 52,520 (2,310 ) 50,210 Multi-family 5,791 5,676 (173 ) 5,503 8,029 7,950 (456 ) 7,494 Commercial real estate 942 1,027 (85 ) 942 6,651 6,723 (788 ) 5,935 Consumer and other loans: Home equity lines of credit 4,896 4,537 (381 ) 4,156 5,595 4,968 (421 ) 4,547 Without an allowance recorded: Mortgage loans: Multi-family 11,761 10,057 — 10,057 19,523 16,693 — 16,693 Commercial real estate 14,975 12,141 — 12,141 11,104 8,270 — 8,270 Total impaired loans $ 262,391 $ 229,803 $ (13,976 ) $ 215,827 $ 271,492 $ 237,518 $ (14,813 ) $ 222,705 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 periods indicated. For the Three Months Ended March 31, 2016 2015 (In Thousands) Average Recorded Investment Interest Income Recognized Cash Basis Interest Income Average Recorded Investment Interest Income Recognized Cash Basis Interest Income With an allowance recorded: Mortgage loans: Residential: Full documentation interest-only $ 29,462 $ 189 $ 186 $ 44,759 $ 349 $ 353 Full documentation amortizing 64,858 494 478 43,989 395 386 Reduced documentation interest-only 43,118 391 385 76,396 730 737 Reduced documentation amortizing 57,203 525 529 18,948 162 162 Multi-family 6,813 67 79 24,542 260 268 Commercial real estate 3,875 6 7 19,400 268 286 Consumer and other loans: Home equity lines of credit 4,753 5 9 5,829 6 16 Without an allowance recorded: Mortgage loans: Multi-family 13,375 152 149 13,759 154 155 Commercial real estate 10,206 166 171 — — — Total impaired loans $ 233,663 $ 1,995 $ 1,993 $ 247,622 $ 2,324 $ 2,363 The following table sets forth information about our mortgage loans receivable by segment and class at March 31, 2016 and 2015 which were modified in a troubled debt restructuring, or TDR, during the periods indicated. Modifications During the Three Months Ended March 31, 2016 2015 (Dollars In Thousands) Number of Loans Pre- Modification Recorded Investment Recorded Investment at March 31, 2016 Number of Loans Pre- Modification Recorded Investment Recorded Investment at March 31, 2015 Residential: Full documentation interest-only 4 $ 888 $ 889 4 $ 2,035 $ 2,030 Full documentation amortizing 2 591 589 6 2,059 2,016 Reduced documentation interest-only 3 1,691 1,686 4 1,687 1,687 Reduced documentation amortizing 3 995 985 — — — Commercial real estate — — — 2 2,902 2,878 Total 12 $ 4,165 $ 4,149 16 $ 8,683 $ 8,611 The following table sets forth information about our mortgage loans receivable by segment and class at March 31, 2016 and 2015 which were modified in a TDR during the twelve month periods ended March 31, 2016 and 2015 and had a payment default subsequent to the modification during the periods indicated. For the Three Months Ended March 31, 2016 2015 (Dollars In Thousands) Number of Loans Recorded Investment at March 31, 2016 Number of Loans Recorded Investment at March 31, 2015 Residential: Full documentation interest-only 2 $ 533 1 $ 648 Full documentation amortizing 2 408 2 854 Reduced documentation interest-only 4 1,947 2 1,314 Reduced documentation amortizing 1 288 — — Multi-family — — 3 1,387 Total 9 $ 3,176 8 $ 4,203 Included in loans receivable at March 31, 2016 are loans in the process of foreclosure collateralized by residential real estate property with a recorded investment of $61.0 million . For additional information regarding our loans receivable and allowance for loan losses, see “Asset Quality” and “Critical Accounting Policies” in Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” or “MD&A.” |
Reverse Repurchase Agreements
Reverse Repurchase Agreements | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Reverse Repurchase Agreements | Reverse Repurchase Agreements The following table details the remaining contractual maturities of our reverse repurchase agreements at March 31, 2016 . 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. The outstanding reverse repurchase agreements at March 31, 2016 were fixed rate and collateralized by GSE securities, of which 84% were residential mortgage-backed securities and 16% were obligations of GSEs. Securities collateralizing these agreements are classified as encumbered securities in the consolidated statements of financial condition. The amount of excess collateral required is governed by each individual contract. The primary risk associated with these secured borrowings is the requirement to pledge a market value based balance of collateral in excess of the borrowed amount. The excess collateral pledged represents an unsecured exposure to the lending counterparty. As the market value of the collateral changes, both through changes in discount rates and spreads as well as related cash flows, additional collateral may need to be pledged. In accordance with our policies, eligible counterparties are defined and monitored to minimize our exposure. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The following table is a reconciliation of basic and diluted earnings per common share, or EPS. For the Three Months Ended March 31, (In Thousands, Except Share Data) 2016 2015 Net income $ 18,565 $ 19,307 Preferred stock dividends (2,194 ) (2,194 ) Net income available to common shareholders 16,371 17,113 Income allocated to participating securities (135 ) (114 ) Net income allocated to common shareholders $ 16,236 $ 16,999 Basic weighted average common shares outstanding 100,368,931 99,252,031 Dilutive effect of stock options and restricted stock units (1) (2) — — Diluted weighted average common shares outstanding 100,368,931 99,252,031 Basic EPS $ 0.16 $ 0.17 Diluted EPS $ 0.16 $ 0.17 (1) Excludes options to purchase 6,989 shares of common stock which were outstanding during the three months ended March 31, 2016 and options to purchase 20,667 shares of common stock which were outstanding during the three months ended March 31, 2015 because their inclusion would be anti-dilutive. (2) Excludes 747,132 unvested restricted stock units which were outstanding during the three months ended March 31, 2016 and 762,038 unvested restricted stock units which were outstanding during the three months ended March 31, 2015 because the performance conditions have not been satisfied. |
Other Comprehensive Income_Loss
Other Comprehensive Income/Loss | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Other Comprehensive Income/Loss | Other Comprehensive Income/Loss The following tables set forth the components of accumulated other comprehensive loss, net of related tax effects, at the dates indicated and the changes during the three months ended March 31, 2016 and 2015 . (In Thousands) At Other Comprehensive Income At Net unrealized gain on securities available-for-sale $ 2,827 $ 3,985 $ 6,812 Net actuarial loss on pension plans and other postretirement benefits (58,396 ) 397 (57,999 ) Prior service cost on pension plans and other postretirement benefits (3,048 ) 28 (3,020 ) Accumulated other comprehensive loss $ (58,617 ) $ 4,410 $ (54,207 ) (In Thousands) At Other Comprehensive Income At Net unrealized gain on securities available-for-sale $ 4,686 $ 1,993 $ 6,679 Net actuarial loss on pension plans and other postretirement benefits (67,476 ) 469 (67,007 ) Prior service cost on pension plans and other postretirement benefits (3,161 ) 29 (3,132 ) Accumulated other comprehensive loss $ (65,951 ) $ 2,491 $ (63,460 ) The following tables set forth the components of other comprehensive income for the periods indicated. For the Three Months Ended (In Thousands) Before Tax Amount Income Tax Expense After Tax Amount Net unrealized gain on securities available-for-sale: Net unrealized holding gain on securities available-for-sale arising during the period $ 6,774 $ (2,738 ) $ 4,036 Reclassification adjustment for gain on sales of securities included in net income (86 ) 35 (51 ) Net unrealized gain on securities available-for-sale 6,688 (2,703 ) 3,985 Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 667 (270 ) 397 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 47 (19 ) 28 Other comprehensive income $ 7,402 $ (2,992 ) $ 4,410 For the Three Months Ended (In Thousands) Before Tax Amount Income Tax Expense After Tax Amount Net unrealized holding gain on securities available-for-sale arising during the period $ 3,223 $ (1,230 ) $ 1,993 Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 757 (288 ) 469 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 47 (18 ) 29 Other comprehensive income $ 4,027 $ (1,536 ) $ 2,491 The following tables set forth information about amounts reclassified from accumulated other comprehensive loss to the affected line items in the consolidated statements of income for the periods indicated. For the Three Months Ended March 31, Income Statement Line Item (In Thousands) 2016 2015 Reclassification adjustment for gain on sales of securities $ 86 $ — Gain on sales of securities Reclassification adjustment for net actuarial loss (1) (667 ) (757 ) Compensation and benefits Reclassification adjustment for prior service cost (1) (47 ) (47 ) Compensation and benefits Total reclassifications, before tax (628 ) (804 ) Income tax effect 254 306 Income tax expense Total reclassifications, net of tax $ (374 ) $ (498 ) Net income (1) These other comprehensive income components are included in the computations of net periodic (benefit) cost for our defined benefit pension plans and other postretirement benefit plan. See Note 8 for additional details. |
Pension Plans and Other Postret
Pension Plans and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Plans and Other Postretirement Benefits | Pension Plans and Other Postretirement Benefits The following tables set forth information regarding the components of net periodic cost (benefit) for our defined benefit pension plans and other postretirement benefit plan for the periods indicated. Pension Benefits Other Postretirement Benefits For the Three Months Ended March 31, For the Three Months Ended March 31, (In Thousands) 2016 2015 2016 2015 Service cost $ — $ — $ 472 $ 469 Interest cost 2,536 2,510 263 276 Expected return on plan assets (3,058 ) (3,633 ) — — Recognized net actuarial loss (gain) 734 757 (67 ) — Amortization of prior service cost 47 47 — — Net periodic cost (benefit) $ 259 $ (319 ) $ 668 $ 745 |
Stock Incentive Plans
Stock Incentive Plans | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plans | Stock Incentive Plans During the three months ended March 31, 2016 , 663,960 shares of restricted common stock were granted to select officers under the 2014 Amended and Restated Stock Incentive Plan for Officers and Employees of Astoria Financial Corporation, or the 2014 Employee Stock Plan, of which 663,510 shares remain outstanding at March 31, 2016 and all of which vest one-third per year on or about December 14, beginning December 2016. In the event the grantee terminates his/her employment due to death or disability, or in the event we experience a change in control, as defined and specified in the 2014 Employee Stock Plan, all restricted common stock granted pursuant to such plan immediately vests. During the three months ended March 31, 2016 , 21,912 shares of restricted common stock were granted to directors under the Astoria Financial Corporation 2007 Non-Employee Directors Stock Plan, as amended, all of which remain outstanding at March 31, 2016 and vest 100% in February 2019, although awards immediately vest upon death, disability, mandatory retirement, involuntary termination or a change in control, as such terms are defined in the plan. The following table summarizes restricted common stock and performance-based restricted stock unit activity in our stock incentive plans for the three months ended March 31, 2016 . Restricted Common Stock Restricted Stock Units Number of Shares Weighted Average Grant Date Fair Value Number of Units Weighted Average Grant Date Fair Value Unvested at January 1, 2016 374,817 $ 12.68 751,500 $ 12.41 Granted 685,872 15.06 — — Vested (30,350 ) (9.72 ) — — Forfeited (3,390 ) (13.24 ) (5,500 ) (12.45 ) Unvested at March, 2016 1,026,949 14.36 746,000 12.41 Stock-based compensation expense is recognized on a straight-line basis over the vesting period and totaled $942,000 , net of taxes of $639,000 , for the three months ended March 31, 2016 and $995,000 , net of taxes of $614,000 , for the three months ended March 31, 2015 . At March 31, 2016 , pre-tax compensation cost related to all nonvested awards of restricted common stock and restricted stock units not yet recognized totaled $15.0 million and will be recognized over a weighted average period of approximately 2.3 years, which excludes $4.4 million of pre-tax compensation cost related to 65,000 shares of performance-based restricted common stock and 285,800 performance-based restricted stock units, for which compensation cost will begin to be recognized when the achievement of the performance conditions becomes probable. |
Investments in Affordable Housi
Investments in Affordable Housing Limited Partnerships | 3 Months Ended |
Mar. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Affordable Housing Limited Partnerships | Investments in Affordable Housing Limited Partnerships 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 $16.8 million at March 31, 2016 and $17.2 million at December 31, 2015 . Our funding obligation related to such investments, reflected in other liabilities in the consolidated statements of financial condition, totaled $12.8 million at March 31, 2016 and $12.9 million at December 31, 2015 . 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 $352,000 for the three months ended March 31, 2016 and $257,000 for the three months ended March 31, 2015 . Affordable housing tax credits and other tax benefits recognized as a component of income tax expense in the consolidated statements of income totaled $390,000 for the three months ended March 31, 2016 and $358,000 for the three months ended March 31, 2015 . |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Matters | Regulatory Matters Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, or the Reform Act, in July 2013, the federal bank regulatory agencies, or the Agencies, issued final rules, or the Final Capital Rules, that subjected many savings and loan holding companies, including Astoria Financial Corporation, to consolidated capital requirements effective January 1, 2015. The Final Capital Rules also revised the quantity and quality of required minimum risk-based and leverage capital requirements, consistent with the Reform Act and the Third Basel Accord adopted by the Basel Committee on Banking Supervision, or Basel III capital standards. In addition, the Final Capital Rules 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 phased in over three years and applied to the Common equity tier 1 risk-based capital ratio, the Tier 1 risk-based capital ratio and the Total risk-based capital ratio. Accordingly, 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% . 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 Final Capital Rules impose restrictions on capital distributions and certain discretionary cash bonus payments if the minimum Conservation Buffer is not met. At March 31, 2016 , 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 capital levels of both Astoria Financial Corporation and Astoria Bank at March 31, 2016 also exceeded the minimum capital requirements shown in the table below including the currently applicable Conservation Buffer of 0.625% . The following table sets forth information regarding the regulatory capital requirements applicable to Astoria Financial Corporation and Astoria Bank. At March 31, 2016 Actual Minimum Capital Requirements Minimum Capital Requirements with Conservation Buffer To be Well Capitalized Under Prompt Corrective Action Provisions (Dollars in Thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Astoria Financial Corporation: Tier 1 leverage $ 1,536,901 10.35 % $ 593,791 4.00 % N/A N/A $ 742,238 5.00 % Common equity tier 1 risk-based 1,413,001 16.48 385,796 4.50 $ 439,379 5.125 % 557,261 6.50 Tier 1 risk-based 1,536,901 17.93 514,395 6.00 567,978 6.625 685,860 8.00 Total risk-based 1,632,143 19.04 685,860 8.00 739,443 8.625 857,325 10.00 Astoria Bank: Tier 1 leverage $ 1,676,272 11.37 % $ 589,580 4.00 % N/A N/A $ 736,975 5.00 % Common equity tier 1 risk-based 1,676,272 19.60 384,778 4.50 $ 438,219 5.125 % 555,790 6.50 Tier 1 risk-based 1,676,272 19.60 513,037 6.00 566,479 6.625 684,050 8.00 Total risk-based 1,771,514 20.72 684,050 8.00 737,491 8.625 855,062 10.00 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 (In Thousands) Total Level 1 Level 2 Securities available-for-sale: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 301,787 $ — $ 301,787 Non-GSE issuance REMICs and CMOs 2,617 — 2,617 GSE pass-through certificates 10,744 — 10,744 Obligations of GSEs 73,729 — 73,729 Fannie Mae stock 1 1 — Total securities available-for-sale $ 388,878 $ 1 $ 388,877 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 The following is a description of valuation methodologies used for assets measured at fair value on a recurring basis. Residential mortgage-backed securities Residential mortgage-backed securities comprised 81% of our securities available-for-sale portfolio at March 31, 2016 and 83% at December 31, 2015 . 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 March 31, 2016 and December 31, 2015 . 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 option based pricing, 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 19% of our securities available-for-sale portfolio at March 31, 2016 and 17% at December 31, 2015 and consisted of debt securities issued by GSEs. The fair values for these securities are obtained from an independent nationally recognized pricing service. Our pricing service gathers information from market sources, including new issue and secondary markets, and integrates relative credit information, observed market movements and sector news into their pricing applications and models. Based upon our review of the prices provided by our pricing service, the estimated fair values incorporate observable market inputs commonly used by buyers and sellers of these types of securities at the measurement date in orderly transactions between market participants, and, as such, are classified as Level 2. Fannie Mae stock The fair value of the Fannie Mae stock in our available-for-sale securities portfolio is obtained from quoted market prices for identical instruments in active markets and, as such, is classified as Level 1. Non-Recurring Fair Value Measurements From time to time, we may be required to record at fair value assets or liabilities on a non-recurring basis, such as mortgage servicing rights, or MSR, loans receivable, certain loans held-for-sale and real estate owned, or REO. These non-recurring fair value adjustments involve the application of lower of cost or market accounting or impairment write-downs of individual assets. The following table sets forth the carrying values of those of our assets which were measured at fair value on a non-recurring basis at the dates indicated. The fair value measurements for all of these assets fall within Level 3 of the fair value hierarchy. Carrying Value (In Thousands) At March 31, 2016 At December 31, 2015 Non-performing loans held-for-sale, net $ 914 $ 1,582 Impaired loans 126,349 134,910 MSR, net 9,900 11,014 REO, net 9,758 16,307 Total $ 146,921 $ 163,813 The following table provides information regarding the gains (losses) recognized on our assets measured at fair value on a non-recurring basis for the periods indicated. For the Three Months Ended March 31, (In Thousands) 2016 2015 Non-performing loans held-for-sale, net (1) $ — $ (188 ) Impaired loans (2) (1,858 ) (1,964 ) MSR, net (3) (877 ) (513 ) REO, net (4) (250 ) (304 ) Total $ (2,985 ) $ (2,969 ) (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) Included in loans held-for-sale, net, are non-performing loans held-for-sale for which fair values are estimated through either preliminary bids from potential purchasers of the loans or the estimated fair value of the underlying collateral discounted for factors necessary to solicit acceptable bids, and adjusted as necessary based on management’s experience with sales of similar types of loans and, as such, are classified as Level 3. At March 31, 2016 , non-performing loans held for sale were comprised of 72% multi-family mortgage loans and 28% residential mortgage loans. At December 31, 2015 , non-performing loans held for sale were comprised of 80% multi-family mortgage loans and 20% residential mortgage loans. Loans receivable, net (impaired loans) Loans which meet certain criteria are evaluated individually for impairment. A loan is considered impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement. Impaired loans were comprised of 85% residential mortgage loans, 13% multi-family and commercial real estate mortgage loans and 2% home equity lines of credit at March 31, 2016 and 81% residential mortgage loans, 17% multi-family and commercial real estate mortgage loans and 2% home equity lines of credit at December 31, 2015 . Impaired loans for which a fair value adjustment was recognized were comprised of 86% residential mortgage loans, 13% multi-family and commercial real estate mortgage loans and 1% home equity lines of credit at March 31, 2016 and 80% residential mortgage loans, 19% multi-family and commercial real estate mortgage loans and 1% home equity lines of credit at December 31, 2015 . Our impaired loans are generally collateral dependent and, as such, are generally carried at the estimated fair value of the underlying collateral less estimated selling costs. We obtain updated estimates of collateral values on residential mortgage loans at 180 days past due and earlier in certain instances, including for loans to borrowers who have filed for bankruptcy, and, to the extent the loans remain delinquent, annually thereafter. Updated estimates of collateral value on residential loans are obtained primarily through automated valuation models. Additionally, our loan servicer performs property inspections to monitor and manage the collateral on our residential loans when they become 45 days past due and monthly thereafter until the foreclosure process is complete. We obtain updated estimates of collateral value using third party appraisals on non-performing multi-family and commercial real estate mortgage loans when the loans initially become non-performing and annually thereafter and multi-family and commercial real estate loans modified in a TDR at the time of the modification and annually thereafter. Appraisals on multi-family and commercial real estate loans are reviewed by our internal certified appraisers. We analyze our home equity lines of credit when such loans become 90 days past due and consider our lien position, the estimated fair value of the underlying collateral value and the results of recent property inspections in determining the need for an individual valuation allowance. Adjustments to final appraised values obtained from independent third party appraisers and automated valuation models are not made. The fair values of impaired loans are based upon unobservable inputs and may not be realized in an actual sale or immediate settlement of the loan and, as such, are classified as Level 3. MSR, net The right to service loans for others is generally obtained through the sale of residential mortgage loans with servicing retained. MSR are carried at the lower of cost or estimated fair value. The estimated fair value of MSR is obtained through independent third party valuations through an analysis of future cash flows, incorporating estimates of assumptions market participants would use in determining fair value including market discount rates, prepayment speeds, servicing income, servicing costs, default rates and other market driven data, including the market’s perception of future interest rate movements and, as such, are classified as Level 3. At March 31, 2016 , our MSR were valued based on expected future cash flows considering a weighted average discount rate of 9.96% , a weighted average constant prepayment rate on mortgages of 11.07% and a weighted average life of 5.8 years. 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. Management reviews the assumptions used to estimate the fair value of MSR to ensure they reflect current and anticipated market conditions. REO, net REO represents real estate acquired through foreclosure or by deed in lieu of foreclosure. At March 31, 2016 , REO totaled $12.7 million , all of which were residential properties. At December 31, 2015 , REO totaled $19.8 million , including residential properties with a carrying value of $17.8 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 March 31, 2016 Carrying Value Estimated Fair Value (In Thousands) Total Level 2 Level 3 Financial Assets: Securities held-to-maturity $ 2,443,503 $ 2,469,458 $ 2,469,458 $ — FHLB-NY stock 131,582 131,582 131,582 — Loans held-for-sale, net (1) 7,672 7,819 — 7,819 Loans receivable, net (1) 10,910,881 11,004,964 — 11,004,964 MSR, net (1) 9,900 9,901 — 9,901 Financial Liabilities: Deposits 9,051,539 9,083,402 9,083,402 — Borrowings, net 3,899,354 4,091,603 4,091,603 — 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 — _______________________________________________________ (1) Includes assets measured at fair value on a non-recurring basis. The following is a description of the methods and assumptions used to estimate fair values of our financial instruments which are not measured or recorded at fair value on a recurring or non-recurring basis. Securities held-to-maturity The fair values for substantially all of our securities held-to-maturity are obtained from an independent nationally recognized pricing service using similar methods and assumptions as used for our securities available-for-sale which are measured at fair value on a recurring basis. Federal Home Loan Bank of New York, or FHLB-NY, stock The fair value of FHLB-NY stock is based on redemption at par value. Loans held-for-sale, net Included in loans held-for-sale, net, are 15 and 30 year fixed rate residential mortgage loans originated for sale that conform to GSE guidelines (conforming loans) for which fair values are estimated using market reference rates and spreads, credit spread adjustments, discounted cash flow analysis, benchmark pricing and option based pricing, as appropriate. Loans receivable, net Fair values of loans are estimated using market reference rates and spreads, credit spread adjustments, discounted cash flow analysis, benchmark pricing and option based pricing, as appropriate. This technique of estimating fair value is extremely sensitive to the assumptions and estimates used. While we have attempted to use assumptions and estimates which are the most reflective of the loan portfolio and the current market, a greater degree of subjectivity is inherent in determining these fair values than for fair values obtained from formal trading marketplaces. In addition, our valuation method for loans, which is consistent with accounting guidance, does not fully incorporate an exit price approach to fair value. Deposits The fair values of deposits with no stated maturity, such as 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 option adjusted spread, or OAS, model. This OAS model is calibrated to available counter party dealers' market quotes, as necessary. Outstanding commitments Outstanding commitments include commitments to extend credit and unadvanced lines of credit for which fair values were estimated based on an analysis of the interest rates and fees currently charged to enter into similar transactions. The fair values of these commitments are immaterial to our financial condition. |
Litigation
Litigation | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | Litigation In the ordinary course of our business, we are routinely made a defendant in or a party to pending or threatened legal actions or proceedings which, in some cases, seek substantial monetary damages from or other forms of relief against us. In our opinion, after consultation with legal counsel, we believe it unlikely that such actions or proceedings will have a material adverse effect on our financial condition, results of operations or liquidity. City of New York Notice of Determination By “Notice of Determination” dated September 14, 2010 and August 26, 2011, or the 2010 and 2011 Notices, the City of New York notified us of alleged tax deficiencies in the amount of $13.3 million , including interest and penalties, related to our 2006 through 2008 tax years. The deficiencies related to our operation of Fidata Service Corp., or Fidata, and Astoria Federal Mortgage Corp., or AF Mortgage, subsidiaries of Astoria Bank. We disagree with the assertion of the tax deficiencies. Hearings 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 presented oral arguments on November 19, 2015 and are now awaiting a decision from the NYC Tax Appeals Tribunal. 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 March 31, 2016 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 March 31, 2016 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 plaintiffs 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, or collectively, the defendants. 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 March 31, 2016 with respect to these matters. On April 6, 2016, the defendants and lead plaintiffs for the consolidated New York lawsuits entered into a memorandum of understanding, or the MOU, which provides for the settlement of the New York lawsuits. The MOU contemplates, among other things, that Astoria will make certain supplemental disclosures relating to the Merger. Although the defendants deny the allegations made in the New York lawsuits (including the amended consolidated complaint) and believe that no supplemental disclosure is required under applicable laws, in order to avoid the burden and expense of further litigation, Astoria agreed to make such supplemental disclosures pursuant to the terms of the MOU. The supplemental disclosures were made available to Astoria’s shareholders on April 8, 2016 through a filing with the SEC by Astoria on a Current Report on Form 8-K. The settlement contemplated by the MOU is subject to confirmatory discovery and customary conditions, including court approval following notice to Astoria’s stockholders. A hearing will be scheduled at which the Supreme Court of the State of New York will consider the fairness, reasonableness and adequacy of the settlement. If the settlement is finally approved by the court, it will resolve and release all claims by stockholders of Astoria challenging any aspect of the Merger, the Merger Agreement, and any disclosure made in connection therewith, pursuant to terms that will be disclosed to stockholders prior to final approval of the settlement. There can be no assurance that the court will approve the settlement contemplated by the MOU. If the court does not approve the settlement, or if the settlement is otherwise disallowed, the proposed settlement as contemplated by the MOU may be terminated. If the MOU is terminated, 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. |
Impact of Accounting Standards
Impact of Accounting Standards and Interpretations | 3 Months Ended |
Mar. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Impact of Accounting Standards and Interpretations | Impact of Accounting Standards and Interpretations In February 2016, the Financial Accounting Standards Board, or FASB, issued ASU 2016-02, "Leases (Topic 842)", which requires lessees to recognize most leases, including operating leases, on-balance sheet via a right-to-use asset and lease liability. This will require many companies, to include more existing leases on-balance sheet. For banks, this could impact branch leases or other equipment leases. The new standard is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within fiscal years. We are currently evaluating the impact of ASU 2016-02 on our accounting and have not yet concluded on the impact ASU 2016-02 will have on our financial condition, results of operations or cash flows. In March 2016, the FASB, issued ASU 2016-09, “Compensation — Stock Compensation (Topic 718) — Improvements to Employee Share-Based Payment Accounting,” which applies to all entities that issue share-based payment awards to their employees. The amendments involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments are part of FASB's Simplification Initiative, the stated objective of which is to identify, evaluate, and improve areas of GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. The amendments in ASU 2016-09 for public business entities are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted for any entity in any interim or annual period and if so elected, adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. An entity that elects early adoption must adopt all of the amendments in the same period. We are currently evaluating the impact of ASU 2016-09 on our accounting and do not expect this guidance to have a significant impact on our financial condition, results of operations or cash flow. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 (In Thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Residential mortgage-backed securities: GSE (1) issuance REMICs and CMOs (2) $ 297,400 $ 4,846 $ (459 ) $ 301,787 Non-GSE issuance REMICs and CMOs 2,612 7 (2 ) 2,617 GSE pass-through certificates 10,292 454 (2 ) 10,744 Total residential mortgage-backed securities 310,304 5,307 (463 ) 315,148 Obligations of GSEs 73,701 28 — 73,729 Fannie Mae stock 15 — (14 ) 1 Total securities available-for-sale $ 384,020 $ 5,335 $ (477 ) $ 388,878 Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 1,305,818 $ 20,083 $ (3,049 ) $ 1,322,852 Non-GSE issuance REMICs and CMOs 197 — (7 ) 190 GSE pass-through certificates 250,658 3,420 (881 ) 253,197 Total residential mortgage-backed securities 1,556,673 23,503 (3,937 ) 1,576,239 Multi-family mortgage-backed securities: GSE issuance REMICs 613,877 8,381 (171 ) 622,087 Obligations of GSEs 192,541 483 (87 ) 192,937 Corporate Debt securities 80,000 214 (2,432 ) 77,782 Other 412 1 — 413 Total securities held-to-maturity $ 2,443,503 $ 32,582 $ (6,627 ) $ 2,469,458 (1) Government-sponsored enterprise (2) Real estate mortgage investment conduits and collateralized mortgage obligations 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 $ 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 |
Schedule of estimated fair values of securities with gross unrealized losses in continuous unrealized loss position for less than twelve months and for twelve months or longer | The following tables set forth the estimated fair values of securities with gross unrealized losses at the dates indicated, segregated between securities that have been in a continuous unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer at the dates indicated. At March 31, 2016 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 $ 19,950 $ (131 ) $ 23,962 $ (328 ) $ 43,912 $ (459 ) Non-GSE issuance REMICs and CMOs 109 (1 ) 63 (1 ) 172 (2 ) GSE pass-through certificates 16 (1 ) 99 (1 ) 115 (2 ) Fannie Mae stock — — 1 (14 ) 1 (14 ) Total temporarily impaired securities available-for-sale $ 20,075 $ (133 ) $ 24,125 $ (344 ) $ 44,200 $ (477 ) Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 51,103 $ (149 ) $ 234,606 $ (2,900 ) $ 285,709 $ (3,049 ) Non-GSE issuance REMICs and CMOs — — 190 (7 ) 190 (7 ) GSE pass-through certificates — — 104,675 (881 ) 104,675 (881 ) Multi-family mortgage-backed securities: GSE issuance REMICs 79,344 (171 ) — — 79,344 (171 ) Obligations of GSEs 24,888 (87 ) — — 24,888 (87 ) Corporate debt securities 67,569 (2,432 ) — — 67,569 (2,432 ) Total temporarily impaired securities held-to-maturity $ 222,904 $ (2,839 ) $ 339,471 $ (3,788 ) $ 562,375 $ (6,627 ) 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 ) |
Loans Receivable and Allowanc24
Loans Receivable and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 Past Due (In Thousands) 30-59 Days 60-89 Days 90 Days or More Total Past Due Current Total Accruing loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 3,802 $ 1,490 $ — $ 5,292 $ 356,324 $ 361,616 Full documentation amortizing 31,902 9,725 433 42,060 4,498,438 4,540,498 Reduced documentation interest-only 7,111 2,405 — 9,516 202,030 211,546 Reduced documentation amortizing 16,404 3,679 — 20,083 556,416 576,499 Total residential 59,219 17,299 433 76,951 5,613,208 5,690,159 Multi-family 6,632 2,609 484 9,725 4,060,832 4,070,557 Commercial real estate — 859 2,239 3,098 805,136 808,234 Total mortgage loans 65,851 20,767 3,156 89,774 10,479,176 10,568,950 Consumer and other loans (gross): Home equity and other consumer 1,259 125 — 1,384 147,666 149,050 Commercial and industrial — — — — 100,237 100,237 Total consumer and other loans 1,259 125 — 1,384 247,903 249,287 Total accruing loans $ 67,110 $ 20,892 $ 3,156 $ 91,158 $ 10,727,079 $ 10,818,237 Non-accrual loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 1,238 $ 951 $ 12,380 $ 14,569 $ 4,687 $ 19,256 Full documentation amortizing 2,012 792 38,184 40,988 5,764 46,752 Reduced documentation interest-only 217 135 14,634 14,986 9,179 24,165 Reduced documentation amortizing 1,979 47 24,004 26,030 14,143 40,173 Total residential 5,446 1,925 89,202 96,573 33,773 130,346 Multi-family 1,168 383 1,855 3,406 4,470 7,876 Commercial real estate 1,321 — 585 1,906 769 2,675 Total mortgage loans 7,935 2,308 91,642 101,885 39,012 140,897 Consumer and other loans (gross): Home equity and other consumer — — 5,595 5,595 — 5,595 Commercial and industrial — — 574 574 — 574 Total consumer and other loans — — 6,169 6,169 — 6,169 Total non-accrual loans $ 7,935 $ 2,308 $ 97,811 $ 108,054 $ 39,012 $ 147,066 Total loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 5,040 $ 2,441 $ 12,380 $ 19,861 $ 361,011 $ 380,872 Full documentation amortizing 33,914 10,517 38,617 83,048 4,504,202 4,587,250 Reduced documentation interest-only 7,328 2,540 14,634 24,502 211,209 235,711 Reduced documentation amortizing 18,383 3,726 24,004 46,113 570,559 616,672 Total residential 64,665 19,224 89,635 173,524 5,646,981 5,820,505 Multi-family 7,800 2,992 2,339 13,131 4,065,302 4,078,433 Commercial real estate 1,321 859 2,824 5,004 805,905 810,909 Total mortgage loans 73,786 23,075 94,798 191,659 10,518,188 10,709,847 Consumer and other loans (gross): Home equity and other consumer 1,259 125 5,595 6,979 147,666 154,645 Commercial and industrial — — 574 574 100,237 100,811 Total consumer and other loans 1,259 125 6,169 7,553 247,903 255,456 Total loans $ 75,045 $ 23,200 $ 100,967 $ 199,212 $ 10,766,091 $ 10,965,303 Net unamortized premiums and deferred loan origination costs 39,778 Loans receivable 11,005,081 Allowance for loan losses (94,200 ) Loans receivable, net $ 10,910,881 At December 31, 2015 Past Due (In Thousands) 30-59 Days 60-89 Days 90 Days or More Total Past Due Current Total Accruing loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 10,045 $ 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 |
Schedule of changes in allowance for loan losses by loan receivable segment | The following tables set forth the changes in our allowance for loan losses by loan receivable segment for the periods indicated. For the Three Months Ended March 31, 2016 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at January 1, 2016 $ 44,951 $ 35,544 $ 11,217 $ 6,288 $ 98,000 Provision charged (credited) to operations 138 (3,257 ) (849 ) 841 (3,127 ) Charge-offs (1,665 ) (310 ) — (765 ) (2,740 ) Recoveries 954 1,043 — 70 2,067 Balance at March 31, 2016 $ 44,378 $ 33,020 $ 10,368 $ 6,434 $ 94,200 For the Three Months Ended March 31, 2015 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at January 1, 2015 $ 46,283 $ 39,250 $ 17,242 $ 8,825 $ 111,600 Provision (credited) charged to operations (1,851 ) 256 18 1,234 (343 ) Charge-offs (1,757 ) (242 ) (142 ) (349 ) (2,490 ) Recoveries 806 818 — 109 1,733 Balance at March 31, 2015 $ 43,481 $ 40,082 $ 17,118 $ 9,819 $ 110,500 |
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 March 31, 2016 by the period in which such loans are scheduled to enter their amortization period. ( In Thousands ) Recorded Investment Amortization scheduled to begin in: 12 months or less $ 309,631 13 to 24 months 256,659 25 to 36 months 29,120 Over 36 months 21,173 Total $ 616,583 |
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 March 31, 2016 At December 31, 2015 Commercial Real Estate Commercial Real Estate (In Thousands) Multi-Family Multi-Family Not criticized $ 4,037,071 $ 770,883 $ 3,981,050 $ 769,029 Criticized: Special mention 16,630 12,215 14,931 20,441 Substandard 24,732 27,811 28,124 30,044 Doubtful — — — — Total $ 4,078,433 $ 810,909 $ 4,024,105 $ 819,514 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 March 31, 2016 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 $ 361,616 $ 4,540,065 $ 211,546 $ 576,499 $ 149,050 $ 100,237 Non-performing: Current or past due less than 90 days 6,876 8,568 9,531 16,169 — — Past due 90 days or more 12,380 38,617 14,634 24,004 5,595 574 Total $ 380,872 $ 4,587,250 $ 235,711 $ 616,672 $ 154,645 $ 100,811 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 |
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 March 31, 2016 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Loans: Individually evaluated for impairment $ 196,365 $ 15,733 $ 13,168 $ 4,537 $ 229,803 Collectively evaluated for impairment 5,624,140 4,062,700 797,741 250,919 10,735,500 Total loans $ 5,820,505 $ 4,078,433 $ 810,909 $ 255,456 $ 10,965,303 Allowance for loan losses: Individually evaluated for impairment $ 13,337 $ 173 $ 85 $ 381 $ 13,976 Collectively evaluated for impairment 31,041 32,847 10,283 6,053 80,224 Total allowance for loan losses $ 44,378 $ 33,020 $ 10,368 $ 6,434 $ 94,200 At December 31, 2015 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential 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 |
Summary of information related to impaired loans by segment and class | The following table summarizes information related to our impaired loans by segment and class at the dates indicated. At March 31, 2016 At December 31, 2015 (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 $ 34,525 $ 28,292 $ (3,724 ) $ 24,568 $ 37,454 $ 30,631 $ (4,051 ) $ 26,580 Full documentation amortizing 73,169 66,492 (3,021 ) 63,471 69,242 63,223 (2,534 ) 60,689 Reduced documentation interest-only 47,328 39,696 (3,720 ) 35,976 55,939 46,540 (4,253 ) 42,287 Reduced documentation amortizing 69,004 61,885 (2,872 ) 59,013 57,955 52,520 (2,310 ) 50,210 Multi-family 5,791 5,676 (173 ) 5,503 8,029 7,950 (456 ) 7,494 Commercial real estate 942 1,027 (85 ) 942 6,651 6,723 (788 ) 5,935 Consumer and other loans: Home equity lines of credit 4,896 4,537 (381 ) 4,156 5,595 4,968 (421 ) 4,547 Without an allowance recorded: Mortgage loans: Multi-family 11,761 10,057 — 10,057 19,523 16,693 — 16,693 Commercial real estate 14,975 12,141 — 12,141 11,104 8,270 — 8,270 Total impaired loans $ 262,391 $ 229,803 $ (13,976 ) $ 215,827 $ 271,492 $ 237,518 $ (14,813 ) $ 222,705 |
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 periods indicated. For the Three Months Ended March 31, 2016 2015 (In Thousands) Average Recorded Investment Interest Income Recognized Cash Basis Interest Income Average Recorded Investment Interest Income Recognized Cash Basis Interest Income With an allowance recorded: Mortgage loans: Residential: Full documentation interest-only $ 29,462 $ 189 $ 186 $ 44,759 $ 349 $ 353 Full documentation amortizing 64,858 494 478 43,989 395 386 Reduced documentation interest-only 43,118 391 385 76,396 730 737 Reduced documentation amortizing 57,203 525 529 18,948 162 162 Multi-family 6,813 67 79 24,542 260 268 Commercial real estate 3,875 6 7 19,400 268 286 Consumer and other loans: Home equity lines of credit 4,753 5 9 5,829 6 16 Without an allowance recorded: Mortgage loans: Multi-family 13,375 152 149 13,759 154 155 Commercial real estate 10,206 166 171 — — — Total impaired loans $ 233,663 $ 1,995 $ 1,993 $ 247,622 $ 2,324 $ 2,363 |
Schedule of information about mortgage loans receivable by segment and class modified in troubled debt restructuring | The following table sets forth information about our mortgage loans receivable by segment and class at March 31, 2016 and 2015 which were modified in a troubled debt restructuring, or TDR, during the periods indicated. Modifications During the Three Months Ended March 31, 2016 2015 (Dollars In Thousands) Number of Loans Pre- Modification Recorded Investment Recorded Investment at March 31, 2016 Number of Loans Pre- Modification Recorded Investment Recorded Investment at March 31, 2015 Residential: Full documentation interest-only 4 $ 888 $ 889 4 $ 2,035 $ 2,030 Full documentation amortizing 2 591 589 6 2,059 2,016 Reduced documentation interest-only 3 1,691 1,686 4 1,687 1,687 Reduced documentation amortizing 3 995 985 — — — Commercial real estate — — — 2 2,902 2,878 Total 12 $ 4,165 $ 4,149 16 $ 8,683 $ 8,611 The following table sets forth information about our mortgage loans receivable by segment and class at March 31, 2016 and 2015 which were modified in a TDR during the twelve month periods ended March 31, 2016 and 2015 and had a payment default subsequent to the modification during the periods indicated. For the Three Months Ended March 31, 2016 2015 (Dollars In Thousands) Number of Loans Recorded Investment at March 31, 2016 Number of Loans Recorded Investment at March 31, 2015 Residential: Full documentation interest-only 2 $ 533 1 $ 648 Full documentation amortizing 2 408 2 854 Reduced documentation interest-only 4 1,947 2 1,314 Reduced documentation amortizing 1 288 — — Multi-family — — 3 1,387 Total 9 $ 3,176 8 $ 4,203 |
Reverse Repurchase Agreements (
Reverse Repurchase Agreements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Contractual maturities of reverse repurchase agreements | The following table details the remaining contractual maturities of our reverse repurchase agreements at March 31, 2016 . 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. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation of basic and diluted earnings per common share | The following table is a reconciliation of basic and diluted earnings per common share, or EPS. For the Three Months Ended March 31, (In Thousands, Except Share Data) 2016 2015 Net income $ 18,565 $ 19,307 Preferred stock dividends (2,194 ) (2,194 ) Net income available to common shareholders 16,371 17,113 Income allocated to participating securities (135 ) (114 ) Net income allocated to common shareholders $ 16,236 $ 16,999 Basic weighted average common shares outstanding 100,368,931 99,252,031 Dilutive effect of stock options and restricted stock units (1) (2) — — Diluted weighted average common shares outstanding 100,368,931 99,252,031 Basic EPS $ 0.16 $ 0.17 Diluted EPS $ 0.16 $ 0.17 (1) Excludes options to purchase 6,989 shares of common stock which were outstanding during the three months ended March 31, 2016 and options to purchase 20,667 shares of common stock which were outstanding during the three months ended March 31, 2015 because their inclusion would be anti-dilutive. (2) Excludes 747,132 unvested restricted stock units which were outstanding during the three months ended March 31, 2016 and 762,038 unvested restricted stock units which were outstanding during the three months ended March 31, 2015 because the performance conditions have not been satisfied. |
Other Comprehensive Income_Lo27
Other Comprehensive Income/Loss (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Components of and changes in accumulated other comprehensive loss net of tax | The following tables set forth the components of accumulated other comprehensive loss, net of related tax effects, at the dates indicated and the changes during the three months ended March 31, 2016 and 2015 . (In Thousands) At Other Comprehensive Income At Net unrealized gain on securities available-for-sale $ 2,827 $ 3,985 $ 6,812 Net actuarial loss on pension plans and other postretirement benefits (58,396 ) 397 (57,999 ) Prior service cost on pension plans and other postretirement benefits (3,048 ) 28 (3,020 ) Accumulated other comprehensive loss $ (58,617 ) $ 4,410 $ (54,207 ) (In Thousands) At Other Comprehensive Income At Net unrealized gain on securities available-for-sale $ 4,686 $ 1,993 $ 6,679 Net actuarial loss on pension plans and other postretirement benefits (67,476 ) 469 (67,007 ) Prior service cost on pension plans and other postretirement benefits (3,161 ) 29 (3,132 ) Accumulated other comprehensive loss $ (65,951 ) $ 2,491 $ (63,460 ) |
Schedule of components of other comprehensive income | The following tables set forth the components of other comprehensive income for the periods indicated. For the Three Months Ended (In Thousands) Before Tax Amount Income Tax Expense After Tax Amount Net unrealized gain on securities available-for-sale: Net unrealized holding gain on securities available-for-sale arising during the period $ 6,774 $ (2,738 ) $ 4,036 Reclassification adjustment for gain on sales of securities included in net income (86 ) 35 (51 ) Net unrealized gain on securities available-for-sale 6,688 (2,703 ) 3,985 Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 667 (270 ) 397 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 47 (19 ) 28 Other comprehensive income $ 7,402 $ (2,992 ) $ 4,410 For the Three Months Ended (In Thousands) Before Tax Amount Income Tax Expense After Tax Amount Net unrealized holding gain on securities available-for-sale arising during the period $ 3,223 $ (1,230 ) $ 1,993 Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 757 (288 ) 469 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 47 (18 ) 29 Other comprehensive income $ 4,027 $ (1,536 ) $ 2,491 |
Information about amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | The following tables set forth information about amounts reclassified from accumulated other comprehensive loss to the affected line items in the consolidated statements of income for the periods indicated. For the Three Months Ended March 31, Income Statement Line Item (In Thousands) 2016 2015 Reclassification adjustment for gain on sales of securities $ 86 $ — Gain on sales of securities Reclassification adjustment for net actuarial loss (1) (667 ) (757 ) Compensation and benefits Reclassification adjustment for prior service cost (1) (47 ) (47 ) Compensation and benefits Total reclassifications, before tax (628 ) (804 ) Income tax effect 254 306 Income tax expense Total reclassifications, net of tax $ (374 ) $ (498 ) Net income (1) These other comprehensive income components are included in the computations of net periodic (benefit) cost for our defined benefit pension plans and other postretirement benefit plan. See Note 8 for additional details. |
Pension Plans and Other Postr28
Pension Plans and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of net periodic (benefit) cost for defined benefit pension plans and other postretirement benefit plan | The following tables set forth information regarding the components of net periodic cost (benefit) for our defined benefit pension plans and other postretirement benefit plan for the periods indicated. Pension Benefits Other Postretirement Benefits For the Three Months Ended March 31, For the Three Months Ended March 31, (In Thousands) 2016 2015 2016 2015 Service cost $ — $ — $ 472 $ 469 Interest cost 2,536 2,510 263 276 Expected return on plan assets (3,058 ) (3,633 ) — — Recognized net actuarial loss (gain) 734 757 (67 ) — Amortization of prior service cost 47 47 — — Net periodic cost (benefit) $ 259 $ (319 ) $ 668 $ 745 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of restricted common stock and performance based restricted stock unit in stock incentive plans | The following table summarizes restricted common stock and performance-based restricted stock unit activity in our stock incentive plans for the three months ended March 31, 2016 . Restricted Common Stock Restricted Stock Units Number of Shares Weighted Average Grant Date Fair Value Number of Units Weighted Average Grant Date Fair Value Unvested at January 1, 2016 374,817 $ 12.68 751,500 $ 12.41 Granted 685,872 15.06 — — Vested (30,350 ) (9.72 ) — — Forfeited (3,390 ) (13.24 ) (5,500 ) (12.45 ) Unvested at March, 2016 1,026,949 14.36 746,000 12.41 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of regulatory capital requirements applicable | The following table sets forth information regarding the regulatory capital requirements applicable to Astoria Financial Corporation and Astoria Bank. At March 31, 2016 Actual Minimum Capital Requirements Minimum Capital Requirements with Conservation Buffer To be Well Capitalized Under Prompt Corrective Action Provisions (Dollars in Thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Astoria Financial Corporation: Tier 1 leverage $ 1,536,901 10.35 % $ 593,791 4.00 % N/A N/A $ 742,238 5.00 % Common equity tier 1 risk-based 1,413,001 16.48 385,796 4.50 $ 439,379 5.125 % 557,261 6.50 Tier 1 risk-based 1,536,901 17.93 514,395 6.00 567,978 6.625 685,860 8.00 Total risk-based 1,632,143 19.04 685,860 8.00 739,443 8.625 857,325 10.00 Astoria Bank: Tier 1 leverage $ 1,676,272 11.37 % $ 589,580 4.00 % N/A N/A $ 736,975 5.00 % Common equity tier 1 risk-based 1,676,272 19.60 384,778 4.50 $ 438,219 5.125 % 555,790 6.50 Tier 1 risk-based 1,676,272 19.60 513,037 6.00 566,479 6.625 684,050 8.00 Total risk-based 1,771,514 20.72 684,050 8.00 737,491 8.625 855,062 10.00 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of carrying values of assets measured at estimated fair value on recurring basis and level within the fair value hierarchy | The following tables set forth the carrying values of our assets measured at estimated fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated. Carrying Value at March 31, 2016 (In Thousands) Total Level 1 Level 2 Securities available-for-sale: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 301,787 $ — $ 301,787 Non-GSE issuance REMICs and CMOs 2,617 — 2,617 GSE pass-through certificates 10,744 — 10,744 Obligations of GSEs 73,729 — 73,729 Fannie Mae stock 1 1 — Total securities available-for-sale $ 388,878 $ 1 $ 388,877 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 |
Schedule of carrying values of assets measured at fair value on non-recurring basis which fall within Level 3 of the fair value hierarchy | The following table sets forth the carrying values of those of our assets which were measured at fair value on a non-recurring basis at the dates indicated. The fair value measurements for all of these assets fall within Level 3 of the fair value hierarchy. Carrying Value (In Thousands) At March 31, 2016 At December 31, 2015 Non-performing loans held-for-sale, net $ 914 $ 1,582 Impaired loans 126,349 134,910 MSR, net 9,900 11,014 REO, net 9,758 16,307 Total $ 146,921 $ 163,813 |
Schedule of losses recognized on assets measured at fair value on non-recurring basis | The following table provides information regarding the gains (losses) recognized on our assets measured at fair value on a non-recurring basis for the periods indicated. For the Three Months Ended March 31, (In Thousands) 2016 2015 Non-performing loans held-for-sale, net (1) $ — $ (188 ) Impaired loans (2) (1,858 ) (1,964 ) MSR, net (3) (877 ) (513 ) REO, net (4) (250 ) (304 ) Total $ (2,985 ) $ (2,969 ) (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 March 31, 2016 Carrying Value Estimated Fair Value (In Thousands) Total Level 2 Level 3 Financial Assets: Securities held-to-maturity $ 2,443,503 $ 2,469,458 $ 2,469,458 $ — FHLB-NY stock 131,582 131,582 131,582 — Loans held-for-sale, net (1) 7,672 7,819 — 7,819 Loans receivable, net (1) 10,910,881 11,004,964 — 11,004,964 MSR, net (1) 9,900 9,901 — 9,901 Financial Liabilities: Deposits 9,051,539 9,083,402 9,083,402 — Borrowings, net 3,899,354 4,091,603 4,091,603 — 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 — _______________________________________________________ (1) Includes assets measured at fair value on a non-recurring basis. |
Merger Agreement with New Yor32
Merger Agreement with New York Community Bancorp, Inc. (Details) $ / shares in Units, $ in Millions | Oct. 28, 2015USD ($)$ / sharesshares | Mar. 31, 2016$ / sharesshares | Dec. 31, 2015$ / sharesshares |
Business Acquisition [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 | |
Common stock, shares authorized (in shares) | shares | 200,000,000 | 200,000,000 | |
Contract termination fee | $ | $ 69.5 | ||
Series C Preferred Stock | |||
Business Acquisition [Line Items] | |||
Dividend rate | 6.50% | ||
Preferred stock, par value (in dollars per share) | $ 1 | ||
Liquidation preference (in dollars per share) | $ 1,000 | ||
New York Community Bancorp, Inc | Astoria Financial Corporation | |||
Business Acquisition [Line Items] | |||
Conversion of preferred shares of acquiree to acquirer | 1 | ||
Common stock, par value (in dollars per share) | $ 0.01 | ||
Share price for acquisition | $ 0.50 | ||
New York Community Bancorp, Inc | Astoria Financial Corporation | Minimum | |||
Business Acquisition [Line Items] | |||
Common stock, shares authorized (in shares) | shares | 600,000,000 | ||
New York Community Bancorp, Inc | Astoria Financial Corporation | Maximum | |||
Business Acquisition [Line Items] | |||
Common stock, shares authorized (in shares) | shares | 900,000,000 | ||
New York Community Bancorp, Inc | Astoria Financial Corporation | Series A Preferred Stock | |||
Business Acquisition [Line Items] | |||
Dividend rate | 6.50% | ||
Preferred stock, 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 of Securities Available-for-Sale and Held-to-Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Available-for-sale: | ||
Available-for-sale, amortized cost | $ 384,020 | $ 418,644 |
Available-for-sale, gross unrealized gains | 5,335 | 2,872 |
Available-for-sale, gross unrealized losses | (477) | (4,718) |
Total available-for-sale securities | 388,878 | 416,798 |
Held-to-maturity: | ||
Total held-to-maturity securities | 2,443,503 | 2,296,799 |
Held-to-maturity, gross unrealized gains | 32,582 | 11,146 |
Held-to-maturity, gross unrealized losses | (6,627) | (21,853) |
Held-to-maturity securities, fair value | 2,469,458 | 2,286,092 |
GSE issuance REMICs and CMOs | ||
Available-for-sale: | ||
Available-for-sale, amortized cost | 297,400 | 331,099 |
Available-for-sale, gross unrealized gains | 4,846 | 2,374 |
Available-for-sale, gross unrealized losses | (459) | (2,934) |
Total available-for-sale securities | 301,787 | 330,539 |
Held-to-maturity: | ||
Total held-to-maturity securities | 1,305,818 | 1,361,907 |
Held-to-maturity, gross unrealized gains | 20,083 | 8,135 |
Held-to-maturity, gross unrealized losses | (3,049) | (14,128) |
Held-to-maturity securities, fair value | 1,322,852 | 1,355,914 |
Non-GSE issuance REMICs and CMOs | ||
Available-for-sale: | ||
Available-for-sale, amortized cost | 2,612 | 3,048 |
Available-for-sale, gross unrealized gains | 7 | 13 |
Available-for-sale, gross unrealized losses | (2) | (7) |
Total available-for-sale securities | 2,617 | 3,054 |
Held-to-maturity: | ||
Total held-to-maturity securities | 197 | 198 |
Held-to-maturity, gross unrealized gains | 0 | 0 |
Held-to-maturity, gross unrealized losses | (7) | (5) |
Held-to-maturity securities, fair value | 190 | 193 |
GSE pass-through certificates | ||
Available-for-sale: | ||
Available-for-sale, amortized cost | 10,292 | 10,781 |
Available-for-sale, gross unrealized gains | 454 | 485 |
Available-for-sale, gross unrealized losses | (2) | (2) |
Total available-for-sale securities | 10,744 | 11,264 |
Held-to-maturity: | ||
Total held-to-maturity securities | 250,658 | 260,707 |
Held-to-maturity, gross unrealized gains | 3,420 | 1,535 |
Held-to-maturity, gross unrealized losses | (881) | (3,413) |
Held-to-maturity securities, fair value | 253,197 | 258,829 |
Total residential mortgage-backed securities | ||
Available-for-sale: | ||
Available-for-sale, amortized cost | 310,304 | 344,928 |
Available-for-sale, gross unrealized gains | 5,307 | 2,872 |
Available-for-sale, gross unrealized losses | (463) | (2,943) |
Total available-for-sale securities | 315,148 | 344,857 |
Held-to-maturity: | ||
Total held-to-maturity securities | 1,556,673 | 1,622,812 |
Held-to-maturity, gross unrealized gains | 23,503 | 9,670 |
Held-to-maturity, gross unrealized losses | (3,937) | (17,546) |
Held-to-maturity securities, fair value | 1,576,239 | 1,614,936 |
Obligations of GSEs | ||
Available-for-sale: | ||
Available-for-sale, amortized cost | 73,701 | 73,701 |
Available-for-sale, gross unrealized gains | 28 | 0 |
Available-for-sale, gross unrealized losses | 0 | (1,762) |
Total available-for-sale securities | 73,729 | 71,939 |
Held-to-maturity: | ||
Total held-to-maturity securities | 192,541 | 178,967 |
Held-to-maturity, gross unrealized gains | 483 | 220 |
Held-to-maturity, gross unrealized losses | (87) | (480) |
Held-to-maturity securities, fair value | 192,937 | 178,707 |
Fannie Mae stock | ||
Available-for-sale: | ||
Available-for-sale, amortized cost | 15 | 15 |
Available-for-sale, gross unrealized gains | 0 | 0 |
Available-for-sale, gross unrealized losses | (14) | (13) |
Total available-for-sale securities | 1 | 2 |
GSE issuance REMICs | ||
Held-to-maturity: | ||
Total held-to-maturity securities | 613,877 | 434,587 |
Held-to-maturity, gross unrealized gains | 8,381 | 1,255 |
Held-to-maturity, gross unrealized losses | (171) | (2,334) |
Held-to-maturity securities, fair value | 622,087 | 433,508 |
Corporate Debt securities | ||
Held-to-maturity: | ||
Total held-to-maturity securities | 80,000 | 60,000 |
Held-to-maturity, gross unrealized gains | 214 | 0 |
Held-to-maturity, gross unrealized losses | (2,432) | (1,493) |
Held-to-maturity securities, fair value | 77,782 | 58,507 |
Other | ||
Held-to-maturity: | ||
Total held-to-maturity securities | 412 | 433 |
Held-to-maturity, gross unrealized gains | 1 | 1 |
Held-to-maturity, gross unrealized losses | 0 | 0 |
Held-to-maturity securities, fair value | $ 413 | $ 434 |
Securities (Estimated Fair Valu
Securities (Estimated Fair Values of Securities With Gross Unrealized Losses) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Available-for-sale: | ||
Available-for-sale, less than twelve months, estimated fair value | $ 20,075 | $ 214,138 |
Available-for-sale, less than twelve months, gross unrealized losses | (133) | (3,327) |
Available-for-sale, twelve months or longer, estimated fair value | 24,125 | 47,506 |
Available-for-sale, twelve months or longer, gross unrealized losses | (344) | (1,391) |
Available-for-sale, total, estimated fair value | 44,200 | 261,644 |
Available-for-sale, total, gross unrealized losses | (477) | (4,718) |
Held-to-maturity: | ||
Held-to-maturity, less than twelve months, estimated fair value | 222,904 | 895,094 |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss | (2,839) | (8,865) |
Held-to-maturity, twelve months or longer, estimated fair value | 339,471 | 396,576 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (3,788) | (12,988) |
Held-to-maturity, total, estimated fair value | 562,375 | 1,291,670 |
Held-to-maturity, total, gross unrealized losses | (6,627) | (21,853) |
GSE issuance REMICs and CMOs | ||
Available-for-sale: | ||
Available-for-sale, less than twelve months, estimated fair value | 19,950 | 189,364 |
Available-for-sale, less than twelve months, gross unrealized losses | (131) | (2,934) |
Available-for-sale, twelve months or longer, estimated fair value | 23,962 | 0 |
Available-for-sale, twelve months or longer, gross unrealized losses | (328) | 0 |
Available-for-sale, total, estimated fair value | 43,912 | 189,364 |
Available-for-sale, total, gross unrealized losses | (459) | (2,934) |
Held-to-maturity: | ||
Held-to-maturity, less than twelve months, estimated fair value | 51,103 | 395,659 |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss | (149) | (3,972) |
Held-to-maturity, twelve months or longer, estimated fair value | 234,606 | 289,645 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (2,900) | (10,156) |
Held-to-maturity, total, estimated fair value | 285,709 | 685,304 |
Held-to-maturity, total, gross unrealized losses | (3,049) | (14,128) |
Non-GSE issuance REMICs and CMOs | ||
Available-for-sale: | ||
Available-for-sale, less than twelve months, estimated fair value | 109 | 75 |
Available-for-sale, less than twelve months, gross unrealized losses | (1) | (2) |
Available-for-sale, twelve months or longer, estimated fair value | 63 | 64 |
Available-for-sale, twelve months or longer, gross unrealized losses | (1) | (5) |
Available-for-sale, total, estimated fair value | 172 | 139 |
Available-for-sale, total, gross unrealized losses | (2) | (7) |
Held-to-maturity: | ||
Held-to-maturity, less than twelve months, estimated fair value | 0 | 0 |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss | 0 | 0 |
Held-to-maturity, twelve months or longer, estimated fair value | 190 | 193 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (7) | (5) |
Held-to-maturity, total, estimated fair value | 190 | 193 |
Held-to-maturity, total, gross unrealized losses | (7) | (5) |
GSE pass-through certificates | ||
Available-for-sale: | ||
Available-for-sale, less than twelve months, estimated fair value | 16 | 97 |
Available-for-sale, less than twelve months, gross unrealized losses | (1) | (1) |
Available-for-sale, twelve months or longer, estimated fair value | 99 | 103 |
Available-for-sale, twelve months or longer, gross unrealized losses | (1) | (1) |
Available-for-sale, total, estimated fair value | 115 | 200 |
Available-for-sale, total, gross unrealized losses | (2) | (2) |
Held-to-maturity: | ||
Held-to-maturity, less than twelve months, estimated fair value | 0 | 56,503 |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss | 0 | (586) |
Held-to-maturity, twelve months or longer, estimated fair value | 104,675 | 106,738 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (881) | (2,827) |
Held-to-maturity, total, estimated fair value | 104,675 | 163,241 |
Held-to-maturity, total, gross unrealized losses | (881) | (3,413) |
Obligations of GSEs | ||
Available-for-sale: | ||
Available-for-sale, less than twelve months, estimated fair value | 24,602 | |
Available-for-sale, less than twelve months, gross unrealized losses | (390) | |
Available-for-sale, twelve months or longer, estimated fair value | 47,337 | |
Available-for-sale, twelve months or longer, gross unrealized losses | (1,372) | |
Available-for-sale, total, estimated fair value | 71,939 | |
Available-for-sale, total, gross unrealized losses | 0 | (1,762) |
Held-to-maturity: | ||
Held-to-maturity, less than twelve months, estimated fair value | 24,888 | 107,824 |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss | (87) | (480) |
Held-to-maturity, twelve months or longer, estimated fair value | 0 | 0 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss | 0 | 0 |
Held-to-maturity, total, estimated fair value | 24,888 | 107,824 |
Held-to-maturity, total, gross unrealized losses | (87) | (480) |
Fannie Mae stock | ||
Available-for-sale: | ||
Available-for-sale, less than twelve months, estimated fair value | 0 | 0 |
Available-for-sale, less than twelve months, gross unrealized losses | 0 | 0 |
Available-for-sale, twelve months or longer, estimated fair value | 1 | 2 |
Available-for-sale, twelve months or longer, gross unrealized losses | (14) | (13) |
Available-for-sale, total, estimated fair value | 1 | 2 |
Available-for-sale, total, gross unrealized losses | (14) | (13) |
GSE issuance REMICs | ||
Held-to-maturity: | ||
Held-to-maturity, less than twelve months, estimated fair value | 79,344 | 276,601 |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss | (171) | (2,334) |
Held-to-maturity, twelve months or longer, estimated fair value | 0 | 0 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss | 0 | 0 |
Held-to-maturity, total, estimated fair value | 79,344 | 276,601 |
Held-to-maturity, total, gross unrealized losses | (171) | (2,334) |
Corporate Debt securities | ||
Held-to-maturity: | ||
Held-to-maturity, less than twelve months, estimated fair value | 67,569 | 58,507 |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss | (2,432) | (1,493) |
Held-to-maturity, twelve months or longer, estimated fair value | 0 | 0 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss | 0 | 0 |
Held-to-maturity, total, estimated fair value | 67,569 | 58,507 |
Held-to-maturity, total, gross unrealized losses | $ (2,432) | $ (1,493) |
Securities (Narrative) (Details
Securities (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2016USD ($)security | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)security | |
Securities | |||
Number of securities held with unrealized loss | security | 61 | 129 | |
Proceeds from sales of securities available-for-sale | $ 23,065,000 | $ 0 | |
Gain on sales of securities | 86,000 | $ 0 | |
Total available-for-sale securities | 388,878,000 | $ 416,798,000 | |
Held-to-maturity securities | 2,443,503,000 | 2,296,799,000 | |
Held-to-maturity securities, fair value | 2,469,458,000 | 2,286,092,000 | |
Callable securities, amortized cost | 211,300,000 | ||
Callable securities amortized cost, callable within one year and thereafter | 194,900,000 | ||
Accrued interest receivable for securities | 7,200,000 | $ 7,400,000 | |
Available-for-sale debt securities, excluding mortgage-backed securities | |||
Securities | |||
Available-for-sale debt securities, amortized cost | 73,700,000 | ||
Total available-for-sale securities | 73,700,000 | ||
Held-to-maturity debt securities, excluding mortgage-backed securities | |||
Securities | |||
Held-to-maturity securities | 273,000,000 | ||
Held-to-maturity securities, fair value | $ 271,100,000 |
Loans Receivable and Allowanc36
Loans Receivable and Allowance for Loan Losses (Composition of Loans Receivable) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | $ 199,212 | $ 199,875 | ||
Current | 10,766,091 | 10,911,852 | ||
Total | 10,965,303 | 11,111,727 | ||
Net unamortized premiums and deferred loan origination costs | 39,778 | 41,354 | ||
Loans receivable | 11,005,081 | 11,153,081 | ||
Allowance for loan losses | (94,200) | (98,000) | $ (110,500) | $ (111,600) |
Loans receivable, net | 10,910,881 | 11,055,081 | ||
Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 91,158 | 105,861 | ||
Current | 10,727,079 | 10,867,982 | ||
Total | 10,818,237 | 10,973,843 | ||
Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 108,054 | 94,014 | ||
Current | 39,012 | 43,870 | ||
Total | 147,066 | 137,884 | ||
Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 191,659 | 189,907 | ||
Current | 10,518,188 | 10,669,127 | ||
Total | 10,709,847 | 10,859,034 | ||
Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 89,774 | 103,001 | ||
Current | 10,479,176 | 10,625,257 | ||
Total | 10,568,950 | 10,728,258 | ||
Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 101,885 | 86,906 | ||
Current | 39,012 | 43,870 | ||
Total | 140,897 | 130,776 | ||
30-59 Days | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 75,045 | 90,073 | ||
30-59 Days | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 67,110 | 81,851 | ||
30-59 Days | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 7,935 | 8,222 | ||
30-59 Days | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 73,786 | 87,715 | ||
30-59 Days | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 65,851 | 79,493 | ||
30-59 Days | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 7,935 | 8,222 | ||
60-89 Days | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 23,200 | 25,848 | ||
60-89 Days | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 20,892 | 23,678 | ||
60-89 Days | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 2,308 | 2,170 | ||
60-89 Days | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 23,075 | 25,346 | ||
60-89 Days | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 20,767 | 23,176 | ||
60-89 Days | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 2,308 | 2,170 | ||
90 Days or More | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 100,967 | 83,954 | ||
90 Days or More | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 3,156 | 332 | ||
90 Days or More | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 97,811 | 83,622 | ||
90 Days or More | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 94,798 | 76,846 | ||
90 Days or More | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 3,156 | 332 | ||
90 Days or More | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 91,642 | 76,514 | ||
Residential | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 173,524 | 179,639 | ||
Current | 5,646,981 | 5,835,776 | ||
Total | 5,820,505 | 6,015,415 | ||
Allowance for loan losses | (44,378) | (44,951) | (43,481) | (46,283) |
Residential | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 76,951 | 97,335 | ||
Current | 5,613,208 | 5,798,076 | ||
Total | 5,690,159 | 5,895,411 | ||
Residential | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 96,573 | 82,304 | ||
Current | 33,773 | 37,700 | ||
Total | 130,346 | 120,004 | ||
Residential | Mortgage loans (gross) | Full documentation interest-only | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 19,861 | 24,968 | ||
Current | 361,011 | 407,320 | ||
Total | 380,872 | 432,288 | ||
Residential | Mortgage loans (gross) | Full documentation interest-only | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 5,292 | 12,427 | ||
Current | 356,324 | 401,486 | ||
Total | 361,616 | 413,913 | ||
Residential | Mortgage loans (gross) | Full documentation interest-only | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 14,569 | 12,541 | ||
Current | 4,687 | 5,834 | ||
Total | 19,256 | 18,375 | ||
Residential | Mortgage loans (gross) | Full documentation amortizing | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 83,048 | 87,546 | ||
Current | 4,504,202 | 4,610,420 | ||
Total | 4,587,250 | 4,697,966 | ||
Residential | Mortgage loans (gross) | Full documentation amortizing | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 42,060 | 50,829 | ||
Current | 4,498,438 | 4,602,940 | ||
Total | 4,540,498 | 4,653,769 | ||
Residential | Mortgage loans (gross) | Full documentation amortizing | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 40,988 | 36,717 | ||
Current | 5,764 | 7,480 | ||
Total | 46,752 | 44,197 | ||
Residential | Mortgage loans (gross) | Reduced documentation interest-only | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 24,502 | 25,696 | ||
Current | 211,209 | 277,535 | ||
Total | 235,711 | 303,231 | ||
Residential | Mortgage loans (gross) | Reduced documentation interest-only | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 9,516 | 9,575 | ||
Current | 202,030 | 266,084 | ||
Total | 211,546 | 275,659 | ||
Residential | Mortgage loans (gross) | Reduced documentation interest-only | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 14,986 | 16,121 | ||
Current | 9,179 | 11,451 | ||
Total | 24,165 | 27,572 | ||
Residential | Mortgage loans (gross) | Reduced documentation amortizing | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 46,113 | 41,429 | ||
Current | 570,559 | 540,501 | ||
Total | 616,672 | 581,930 | ||
Residential | Mortgage loans (gross) | Reduced documentation amortizing | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 20,083 | 24,504 | ||
Current | 556,416 | 527,566 | ||
Total | 576,499 | 552,070 | ||
Residential | Mortgage loans (gross) | Reduced documentation amortizing | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 26,030 | 16,925 | ||
Current | 14,143 | 12,935 | ||
Total | 40,173 | 29,860 | ||
Residential | 30-59 Days | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 64,665 | 84,841 | ||
Residential | 30-59 Days | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 59,219 | 77,585 | ||
Residential | 30-59 Days | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 5,446 | 7,256 | ||
Residential | 30-59 Days | Mortgage loans (gross) | Full documentation interest-only | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 5,040 | 11,227 | ||
Residential | 30-59 Days | Mortgage loans (gross) | Full documentation interest-only | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 3,802 | 10,045 | ||
Residential | 30-59 Days | Mortgage loans (gross) | Full documentation interest-only | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,238 | 1,182 | ||
Residential | 30-59 Days | Mortgage loans (gross) | Full documentation amortizing | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 33,914 | 43,730 | ||
Residential | 30-59 Days | Mortgage loans (gross) | Full documentation amortizing | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 31,902 | 40,151 | ||
Residential | 30-59 Days | Mortgage loans (gross) | Full documentation amortizing | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 2,012 | 3,579 | ||
Residential | 30-59 Days | Mortgage loans (gross) | Reduced documentation interest-only | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 7,328 | 7,511 | ||
Residential | 30-59 Days | Mortgage loans (gross) | Reduced documentation interest-only | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 7,111 | 7,254 | ||
Residential | 30-59 Days | Mortgage loans (gross) | Reduced documentation interest-only | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 217 | 257 | ||
Residential | 30-59 Days | Mortgage loans (gross) | Reduced documentation amortizing | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 18,383 | 22,373 | ||
Residential | 30-59 Days | Mortgage loans (gross) | Reduced documentation amortizing | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 16,404 | 20,135 | ||
Residential | 30-59 Days | Mortgage loans (gross) | Reduced documentation amortizing | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,979 | 2,238 | ||
Residential | 60-89 Days | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 19,224 | 20,965 | ||
Residential | 60-89 Days | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 17,299 | 19,418 | ||
Residential | 60-89 Days | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,925 | 1,547 | ||
Residential | 60-89 Days | Mortgage loans (gross) | Full documentation interest-only | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 2,441 | 2,382 | ||
Residential | 60-89 Days | Mortgage loans (gross) | Full documentation interest-only | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,490 | 2,382 | ||
Residential | 60-89 Days | Mortgage loans (gross) | Full documentation interest-only | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 951 | 0 | ||
Residential | 60-89 Days | Mortgage loans (gross) | Full documentation amortizing | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 10,517 | 10,949 | ||
Residential | 60-89 Days | Mortgage loans (gross) | Full documentation amortizing | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 9,725 | 10,346 | ||
Residential | 60-89 Days | Mortgage loans (gross) | Full documentation amortizing | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 792 | 603 | ||
Residential | 60-89 Days | Mortgage loans (gross) | Reduced documentation interest-only | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 2,540 | 2,900 | ||
Residential | 60-89 Days | Mortgage loans (gross) | Reduced documentation interest-only | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 2,405 | 2,321 | ||
Residential | 60-89 Days | Mortgage loans (gross) | Reduced documentation interest-only | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 135 | 579 | ||
Residential | 60-89 Days | Mortgage loans (gross) | Reduced documentation amortizing | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 3,726 | 4,734 | ||
Residential | 60-89 Days | Mortgage loans (gross) | Reduced documentation amortizing | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 3,679 | 4,369 | ||
Residential | 60-89 Days | Mortgage loans (gross) | Reduced documentation amortizing | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 47 | 365 | ||
Residential | 90 Days or More | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 89,635 | 73,833 | ||
Residential | 90 Days or More | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 433 | 332 | ||
Residential | 90 Days or More | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 89,202 | 73,501 | ||
Residential | 90 Days or More | Mortgage loans (gross) | Full documentation interest-only | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 12,380 | 11,359 | ||
Residential | 90 Days or More | Mortgage loans (gross) | Full documentation interest-only | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 0 | ||
Residential | 90 Days or More | Mortgage loans (gross) | Full documentation interest-only | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 12,380 | 11,359 | ||
Residential | 90 Days or More | Mortgage loans (gross) | Full documentation amortizing | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 38,617 | 32,867 | ||
Residential | 90 Days or More | Mortgage loans (gross) | Full documentation amortizing | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 433 | 332 | ||
Residential | 90 Days or More | Mortgage loans (gross) | Full documentation amortizing | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 38,184 | 32,535 | ||
Residential | 90 Days or More | Mortgage loans (gross) | Reduced documentation interest-only | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 14,634 | 15,285 | ||
Residential | 90 Days or More | Mortgage loans (gross) | Reduced documentation interest-only | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 0 | ||
Residential | 90 Days or More | Mortgage loans (gross) | Reduced documentation interest-only | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 14,634 | 15,285 | ||
Residential | 90 Days or More | Mortgage loans (gross) | Reduced documentation amortizing | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 24,004 | 14,322 | ||
Residential | 90 Days or More | Mortgage loans (gross) | Reduced documentation amortizing | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 0 | ||
Residential | 90 Days or More | Mortgage loans (gross) | Reduced documentation amortizing | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 24,004 | 14,322 | ||
Multi-Family | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 13,131 | 7,520 | ||
Current | 4,065,302 | 4,016,585 | ||
Total | 4,078,433 | 4,024,105 | ||
Allowance for loan losses | (33,020) | (35,544) | (40,082) | (39,250) |
Multi-Family | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 9,725 | 3,731 | ||
Current | 4,060,832 | 4,013,541 | ||
Total | 4,070,557 | 4,017,272 | ||
Multi-Family | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 3,406 | 3,789 | ||
Current | 4,470 | 3,044 | ||
Total | 7,876 | 6,833 | ||
Multi-Family | 30-59 Days | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 7,800 | 2,387 | ||
Multi-Family | 30-59 Days | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 6,632 | 1,662 | ||
Multi-Family | 30-59 Days | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,168 | 725 | ||
Multi-Family | 60-89 Days | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 2,992 | 2,692 | ||
Multi-Family | 60-89 Days | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 2,609 | 2,069 | ||
Multi-Family | 60-89 Days | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 383 | 623 | ||
Multi-Family | 90 Days or More | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 2,339 | 2,441 | ||
Multi-Family | 90 Days or More | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 484 | 0 | ||
Multi-Family | 90 Days or More | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,855 | 2,441 | ||
Commercial Real Estate | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 5,004 | 2,748 | ||
Current | 805,905 | 816,766 | ||
Total | 810,909 | 819,514 | ||
Allowance for loan losses | (10,368) | (11,217) | (17,118) | (17,242) |
Commercial Real Estate | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 3,098 | 1,935 | ||
Current | 805,136 | 813,640 | ||
Total | 808,234 | 815,575 | ||
Commercial Real Estate | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,906 | 813 | ||
Current | 769 | 3,126 | ||
Total | 2,675 | 3,939 | ||
Commercial Real Estate | 30-59 Days | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,321 | 487 | ||
Commercial Real Estate | 30-59 Days | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 246 | ||
Commercial Real Estate | 30-59 Days | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,321 | 241 | ||
Commercial Real Estate | 60-89 Days | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 859 | 1,689 | ||
Commercial Real Estate | 60-89 Days | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 859 | 1,689 | ||
Commercial Real Estate | 60-89 Days | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 0 | ||
Commercial Real Estate | 90 Days or More | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 2,824 | 572 | ||
Commercial Real Estate | 90 Days or More | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 2,239 | 0 | ||
Commercial Real Estate | 90 Days or More | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 585 | 572 | ||
Consumer and Other Loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 7,553 | 9,968 | ||
Current | 247,903 | 242,725 | ||
Total | 255,456 | 252,693 | ||
Allowance for loan losses | (6,434) | (6,288) | $ (9,819) | $ (8,825) |
Consumer and Other Loans | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,384 | 2,860 | ||
Current | 247,903 | 242,725 | ||
Total | 249,287 | 245,585 | ||
Consumer and Other Loans | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 6,169 | 7,108 | ||
Current | 0 | 0 | ||
Total | 6,169 | 7,108 | ||
Consumer and Other Loans | Home equity and other consumer | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 6,979 | 9,265 | ||
Current | 147,666 | 151,554 | ||
Total | 154,645 | 160,819 | ||
Consumer and Other Loans | Home equity and other consumer | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,384 | 2,860 | ||
Current | 147,666 | 151,554 | ||
Total | 149,050 | 154,414 | ||
Consumer and Other Loans | Home equity and other consumer | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 5,595 | 6,405 | ||
Current | 0 | 0 | ||
Total | 5,595 | 6,405 | ||
Consumer and Other Loans | Commercial and industrial | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 574 | 703 | ||
Current | 100,237 | 91,171 | ||
Total | 100,811 | 91,874 | ||
Consumer and Other Loans | Commercial and industrial | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 0 | ||
Current | 100,237 | 91,171 | ||
Total | 100,237 | 91,171 | ||
Consumer and Other Loans | Commercial and industrial | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 574 | 703 | ||
Current | 0 | 0 | ||
Total | 574 | 703 | ||
Consumer and Other Loans | 30-59 Days | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,259 | 2,358 | ||
Consumer and Other Loans | 30-59 Days | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,259 | 2,358 | ||
Consumer and Other Loans | 30-59 Days | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 0 | ||
Consumer and Other Loans | 30-59 Days | Home equity and other consumer | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,259 | 2,358 | ||
Consumer and Other Loans | 30-59 Days | Home equity and other consumer | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,259 | 2,358 | ||
Consumer and Other Loans | 30-59 Days | Home equity and other consumer | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 0 | ||
Consumer and Other Loans | 30-59 Days | Commercial and industrial | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 0 | ||
Consumer and Other Loans | 30-59 Days | Commercial and industrial | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 0 | ||
Consumer and Other Loans | 30-59 Days | Commercial and industrial | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 0 | ||
Consumer and Other Loans | 60-89 Days | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 125 | 502 | ||
Consumer and Other Loans | 60-89 Days | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 125 | 502 | ||
Consumer and Other Loans | 60-89 Days | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 0 | ||
Consumer and Other Loans | 60-89 Days | Home equity and other consumer | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 125 | 502 | ||
Consumer and Other Loans | 60-89 Days | Home equity and other consumer | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 125 | 502 | ||
Consumer and Other Loans | 60-89 Days | Home equity and other consumer | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 0 | ||
Consumer and Other Loans | 60-89 Days | Commercial and industrial | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 0 | ||
Consumer and Other Loans | 60-89 Days | Commercial and industrial | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 0 | ||
Consumer and Other Loans | 60-89 Days | Commercial and industrial | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 0 | ||
Consumer and Other Loans | 90 Days or More | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 6,169 | 7,108 | ||
Consumer and Other Loans | 90 Days or More | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 0 | ||
Consumer and Other Loans | 90 Days or More | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 6,169 | 7,108 | ||
Consumer and Other Loans | 90 Days or More | Home equity and other consumer | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 5,595 | 6,405 | ||
Consumer and Other Loans | 90 Days or More | Home equity and other consumer | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 0 | ||
Consumer and Other Loans | 90 Days or More | Home equity and other consumer | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 5,595 | 6,405 | ||
Consumer and Other Loans | 90 Days or More | Commercial and industrial | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 574 | 703 | ||
Consumer and Other Loans | 90 Days or More | Commercial and industrial | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | $ 0 | $ 0 |
Loans Receivable and Allowanc37
Loans Receivable and Allowance for Loan Losses (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Receivables [Abstract] | |
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 |
Loans, in foreclosure | $ 61 |
Loans Receivable and Allowanc38
Loans Receivable and Allowance for Loan Losses (Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at the beginning of the period | $ 98,000 | $ 111,600 |
Provision charged (credited) to operations | (3,127) | (343) |
Charge-offs | (2,740) | (2,490) |
Recoveries | 2,067 | 1,733 |
Balance at the end of the period | 94,200 | 110,500 |
Consumer and Other Loans | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at the beginning of the period | 6,288 | 8,825 |
Provision charged (credited) to operations | 841 | 1,234 |
Charge-offs | (765) | (349) |
Recoveries | 70 | 109 |
Balance at the end of the period | 6,434 | 9,819 |
Mortgage Loans | Residential | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at the beginning of the period | 44,951 | 46,283 |
Provision charged (credited) to operations | 138 | (1,851) |
Charge-offs | (1,665) | (1,757) |
Recoveries | 954 | 806 |
Balance at the end of the period | 44,378 | 43,481 |
Mortgage Loans | Multi-Family | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at the beginning of the period | 35,544 | 39,250 |
Provision charged (credited) to operations | (3,257) | 256 |
Charge-offs | (310) | (242) |
Recoveries | 1,043 | 818 |
Balance at the end of the period | 33,020 | 40,082 |
Mortgage Loans | Commercial Real Estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at the beginning of the period | 11,217 | 17,242 |
Provision charged (credited) to operations | (849) | 18 |
Charge-offs | 0 | (142) |
Recoveries | 0 | 0 |
Balance at the end of the period | $ 10,368 | $ 17,118 |
Loans Receivable and Allowanc39
Loans Receivable and Allowance for Loan Losses (Residential Interest-Only Mortgage Loans, Amortization Period) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Amortization scheduled to begin in: | ||
Total | $ 10,965,303 | $ 11,111,727 |
Residential Mortgage Loans | Interest-only loans | ||
Amortization scheduled to begin in: | ||
12 months or less | 309,631 | |
13 to 24 months | 256,659 | |
25 to 36 months | 29,120 | |
Over 36 months | 21,173 | |
Total | $ 616,583 |
Loans Receivable and Allowanc40
Loans Receivable and Allowance for Loan Losses (Residential Mortgage, Consumer and Other Loans, by Class and Credit Quality Indicator) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment | ||
Total | $ 10,965,303 | $ 11,111,727 |
Consumer and Other Loans | ||
Financing Receivable, Recorded Investment | ||
Total | 255,456 | 252,693 |
Consumer and Other Loans | Home Equity and Other Consumer | ||
Financing Receivable, Recorded Investment | ||
Total | 154,645 | 160,819 |
Consumer and Other Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Total | 100,811 | 91,874 |
Mortgage Loans | ||
Financing Receivable, Recorded Investment | ||
Total | 10,709,847 | 10,859,034 |
Mortgage Loans | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment | ||
Total | 5,820,505 | 6,015,415 |
Mortgage Loans | Residential Mortgage Loans | Full documentation interest-only | ||
Financing Receivable, Recorded Investment | ||
Total | 380,872 | 432,288 |
Mortgage Loans | Residential Mortgage Loans | Full documentation amortizing | ||
Financing Receivable, Recorded Investment | ||
Total | 4,587,250 | 4,697,966 |
Mortgage Loans | Residential Mortgage Loans | Reduced documentation interest-only | ||
Financing Receivable, Recorded Investment | ||
Total | 235,711 | 303,231 |
Mortgage Loans | Residential Mortgage Loans | Reduced documentation amortizing | ||
Financing Receivable, Recorded Investment | ||
Total | 616,672 | 581,930 |
Performing | Consumer and Other Loans | Home Equity and Other Consumer | ||
Financing Receivable, Recorded Investment | ||
Total | 149,050 | 154,414 |
Performing | Consumer and Other Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Total | 100,237 | 91,171 |
Performing | Mortgage Loans | Residential Mortgage Loans | Full documentation interest-only | ||
Financing Receivable, Recorded Investment | ||
Total | 361,616 | 413,913 |
Performing | Mortgage Loans | Residential Mortgage Loans | Full documentation amortizing | ||
Financing Receivable, Recorded Investment | ||
Total | 4,540,065 | 4,653,437 |
Performing | Mortgage Loans | Residential Mortgage Loans | Reduced documentation interest-only | ||
Financing Receivable, Recorded Investment | ||
Total | 211,546 | 275,659 |
Performing | Mortgage Loans | Residential Mortgage Loans | Reduced documentation amortizing | ||
Financing Receivable, Recorded Investment | ||
Total | 576,499 | 552,070 |
Non-performing | Consumer and Other Loans | Home Equity and Other Consumer | Current or past due less than 90 days | ||
Financing Receivable, Recorded Investment | ||
Total | 0 | 0 |
Non-performing | Consumer and Other Loans | Home Equity and Other Consumer | Past due 90 days or more | ||
Financing Receivable, Recorded Investment | ||
Total | 5,595 | 6,405 |
Non-performing | Consumer and Other Loans | Commercial and industrial | Current or past due less than 90 days | ||
Financing Receivable, Recorded Investment | ||
Total | 0 | 0 |
Non-performing | Consumer and Other Loans | Commercial and industrial | Past due 90 days or more | ||
Financing Receivable, Recorded Investment | ||
Total | 574 | 703 |
Non-performing | Mortgage Loans | Residential Mortgage Loans | Full documentation interest-only | Current or past due less than 90 days | ||
Financing Receivable, Recorded Investment | ||
Total | 6,876 | 7,016 |
Non-performing | Mortgage Loans | Residential Mortgage Loans | Full documentation interest-only | Past due 90 days or more | ||
Financing Receivable, Recorded Investment | ||
Total | 12,380 | 11,359 |
Non-performing | Mortgage Loans | Residential Mortgage Loans | Full documentation amortizing | Current or past due less than 90 days | ||
Financing Receivable, Recorded Investment | ||
Total | 8,568 | 11,662 |
Non-performing | Mortgage Loans | Residential Mortgage Loans | Full documentation amortizing | Past due 90 days or more | ||
Financing Receivable, Recorded Investment | ||
Total | 38,617 | 32,867 |
Non-performing | Mortgage Loans | Residential Mortgage Loans | Reduced documentation interest-only | Current or past due less than 90 days | ||
Financing Receivable, Recorded Investment | ||
Total | 9,531 | 12,287 |
Non-performing | Mortgage Loans | Residential Mortgage Loans | Reduced documentation interest-only | Past due 90 days or more | ||
Financing Receivable, Recorded Investment | ||
Total | 14,634 | 15,285 |
Non-performing | Mortgage Loans | Residential Mortgage Loans | Reduced documentation amortizing | Current or past due less than 90 days | ||
Financing Receivable, Recorded Investment | ||
Total | 16,169 | 15,538 |
Non-performing | Mortgage Loans | Residential Mortgage Loans | Reduced documentation amortizing | Past due 90 days or more | ||
Financing Receivable, Recorded Investment | ||
Total | $ 24,004 | $ 14,322 |
Loans Receivable and Allowanc41
Loans Receivable and Allowance for Loan Losses (Multi-Family and Commercial Real Estate Loans, by Credit Quality Indicator) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment | ||
Total | $ 10,965,303 | $ 11,111,727 |
Mortgage Loans | ||
Financing Receivable, Recorded Investment | ||
Total | 10,709,847 | 10,859,034 |
Mortgage Loans | Multi-Family | ||
Financing Receivable, Recorded Investment | ||
Total | 4,078,433 | 4,024,105 |
Mortgage Loans | Multi-Family | Not criticized | ||
Financing Receivable, Recorded Investment | ||
Total | 4,037,071 | 3,981,050 |
Mortgage Loans | Multi-Family | Special mention | ||
Financing Receivable, Recorded Investment | ||
Total | 16,630 | 14,931 |
Mortgage Loans | Multi-Family | Substandard | ||
Financing Receivable, Recorded Investment | ||
Total | 24,732 | 28,124 |
Mortgage Loans | Multi-Family | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Total | 0 | 0 |
Mortgage Loans | Commercial Real Estate | ||
Financing Receivable, Recorded Investment | ||
Total | 810,909 | 819,514 |
Mortgage Loans | Commercial Real Estate | Not criticized | ||
Financing Receivable, Recorded Investment | ||
Total | 770,883 | 769,029 |
Mortgage Loans | Commercial Real Estate | Special mention | ||
Financing Receivable, Recorded Investment | ||
Total | 12,215 | 20,441 |
Mortgage Loans | Commercial Real Estate | Substandard | ||
Financing Receivable, Recorded Investment | ||
Total | 27,811 | 30,044 |
Mortgage Loans | Commercial Real Estate | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Total | $ 0 | $ 0 |
Loans Receivable and Allowanc42
Loans Receivable and Allowance for Loan Losses (Loans Receivable and Related Allowance by Impairment Methodology) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Loans: | ||||
Individually evaluated for impairment | $ 229,803 | $ 237,518 | ||
Collectively evaluated for impairment | 10,735,500 | 10,874,209 | ||
Total | 10,965,303 | 11,111,727 | ||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 13,976 | 14,813 | ||
Collectively evaluated for impairment | 80,224 | 83,187 | ||
Total allowance for loan losses | 94,200 | 98,000 | $ 110,500 | $ 111,600 |
Consumer and Other Loans | ||||
Loans: | ||||
Individually evaluated for impairment | 4,537 | 4,968 | ||
Collectively evaluated for impairment | 250,919 | 247,725 | ||
Total | 255,456 | 252,693 | ||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 381 | 421 | ||
Collectively evaluated for impairment | 6,053 | 5,867 | ||
Total allowance for loan losses | 6,434 | 6,288 | 9,819 | 8,825 |
Mortgage Loans | ||||
Loans: | ||||
Total | 10,709,847 | 10,859,034 | ||
Mortgage Loans | Residential | ||||
Loans: | ||||
Individually evaluated for impairment | 196,365 | 192,914 | ||
Collectively evaluated for impairment | 5,624,140 | 5,822,501 | ||
Total | 5,820,505 | 6,015,415 | ||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 13,337 | 13,148 | ||
Collectively evaluated for impairment | 31,041 | 31,803 | ||
Total allowance for loan losses | 44,378 | 44,951 | 43,481 | 46,283 |
Mortgage Loans | Multi-Family | ||||
Loans: | ||||
Individually evaluated for impairment | 15,733 | 24,643 | ||
Collectively evaluated for impairment | 4,062,700 | 3,999,462 | ||
Total | 4,078,433 | 4,024,105 | ||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 173 | 456 | ||
Collectively evaluated for impairment | 32,847 | 35,088 | ||
Total allowance for loan losses | 33,020 | 35,544 | 40,082 | 39,250 |
Mortgage Loans | Commercial Real Estate | ||||
Loans: | ||||
Individually evaluated for impairment | 13,168 | 14,993 | ||
Collectively evaluated for impairment | 797,741 | 804,521 | ||
Total | 810,909 | 819,514 | ||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 85 | 788 | ||
Collectively evaluated for impairment | 10,283 | 10,429 | ||
Total allowance for loan losses | $ 10,368 | $ 11,217 | $ 17,118 | $ 17,242 |
Loans Receivable and Allowanc43
Loans Receivable and Allowance for Loan Losses (Impaired Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
With an allowance recorded: | ||
Related Allowance | $ (13,976) | $ (14,813) |
Total impaired loans | ||
Unpaid Principal Balance | 262,391 | 271,492 |
Recorded Investment | 229,803 | 237,518 |
Related Allowance | (13,976) | (14,813) |
Net Investment | 215,827 | 222,705 |
Home Equity Lines of Credit | Home Equity and Other Consumer | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 4,896 | 5,595 |
Recorded Investment | 4,537 | 4,968 |
Related Allowance | (381) | (421) |
Net Investment | 4,156 | 4,547 |
Total impaired loans | ||
Related Allowance | (381) | (421) |
Mortgage Loans | Residential | Full documentation interest-only | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 34,525 | 37,454 |
Recorded Investment | 28,292 | 30,631 |
Related Allowance | (3,724) | (4,051) |
Net Investment | 24,568 | 26,580 |
Total impaired loans | ||
Related Allowance | (3,724) | (4,051) |
Mortgage Loans | Residential | Full documentation amortizing | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 73,169 | 69,242 |
Recorded Investment | 66,492 | 63,223 |
Related Allowance | (3,021) | (2,534) |
Net Investment | 63,471 | 60,689 |
Total impaired loans | ||
Related Allowance | (3,021) | (2,534) |
Mortgage Loans | Residential | Reduced documentation interest-only | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 47,328 | 55,939 |
Recorded Investment | 39,696 | 46,540 |
Related Allowance | (3,720) | (4,253) |
Net Investment | 35,976 | 42,287 |
Total impaired loans | ||
Related Allowance | (3,720) | (4,253) |
Mortgage Loans | Residential | Reduced documentation amortizing | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 69,004 | 57,955 |
Recorded Investment | 61,885 | 52,520 |
Related Allowance | (2,872) | (2,310) |
Net Investment | 59,013 | 50,210 |
Total impaired loans | ||
Related Allowance | (2,872) | (2,310) |
Mortgage Loans | Multi-Family | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 5,791 | 8,029 |
Recorded Investment | 5,676 | 7,950 |
Related Allowance | (173) | (456) |
Net Investment | 5,503 | 7,494 |
Without an allowance recorded: | ||
Unpaid Principal Balance | 11,761 | 19,523 |
Recorded Investment | 10,057 | 16,693 |
Net Investment | 10,057 | 16,693 |
Total impaired loans | ||
Related Allowance | (173) | (456) |
Mortgage Loans | Commercial Real Estate | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 942 | 6,651 |
Recorded Investment | 1,027 | 6,723 |
Related Allowance | (85) | (788) |
Net Investment | 942 | 5,935 |
Without an allowance recorded: | ||
Unpaid Principal Balance | 14,975 | 11,104 |
Recorded Investment | 12,141 | 8,270 |
Net Investment | 12,141 | 8,270 |
Total impaired loans | ||
Related Allowance | $ (85) | $ (788) |
Loans Receivable and Allowanc44
Loans Receivable and Allowance for Loan Losses (Average Recorded Investment, Interest Income Recognized and Cash Basis Interest Income on Impaired Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Total impaired loans | ||
Average Recorded Investment | $ 233,663 | $ 247,622 |
Interest Income Recognized | 1,995 | 2,324 |
Cash Basis Interest Income | 1,993 | 2,363 |
Consumer and Other Loans | Home Equity and Other Consumer | ||
With an allowance recorded: | ||
Average Recorded Investment | 4,753 | 5,829 |
Interest Income Recognized | 5 | 6 |
Cash Basis Interest Income | 9 | 16 |
Mortgage Loans | Residential | Full documentation interest-only | ||
With an allowance recorded: | ||
Average Recorded Investment | 29,462 | 44,759 |
Interest Income Recognized | 189 | 349 |
Cash Basis Interest Income | 186 | 353 |
Mortgage Loans | Residential | Full documentation amortizing | ||
With an allowance recorded: | ||
Average Recorded Investment | 64,858 | 43,989 |
Interest Income Recognized | 494 | 395 |
Cash Basis Interest Income | 478 | 386 |
Mortgage Loans | Residential | Reduced documentation interest-only | ||
With an allowance recorded: | ||
Average Recorded Investment | 43,118 | 76,396 |
Interest Income Recognized | 391 | 730 |
Cash Basis Interest Income | 385 | 737 |
Mortgage Loans | Residential | Reduced documentation amortizing | ||
With an allowance recorded: | ||
Average Recorded Investment | 57,203 | 18,948 |
Interest Income Recognized | 525 | 162 |
Cash Basis Interest Income | 529 | 162 |
Mortgage Loans | Multi-Family | ||
With an allowance recorded: | ||
Average Recorded Investment | 6,813 | 24,542 |
Interest Income Recognized | 67 | 260 |
Cash Basis Interest Income | 79 | 268 |
Without an allowance recorded: | ||
Average Recorded Investment | 13,375 | 13,759 |
Interest Income Recognized | 152 | 154 |
Cash Basis Interest Income | 149 | 155 |
Mortgage Loans | Commercial Real Estate | ||
With an allowance recorded: | ||
Average Recorded Investment | 3,875 | 19,400 |
Interest Income Recognized | 6 | 268 |
Cash Basis Interest Income | 7 | 286 |
Without an allowance recorded: | ||
Average Recorded Investment | 10,206 | 0 |
Interest Income Recognized | 166 | 0 |
Cash Basis Interest Income | $ 171 | $ 0 |
Loans Receivable and Allowanc45
Loans Receivable and Allowance for Loan Losses (TDR Mortgage Loans Receivable) (Details) - Mortgage Loans $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)loan | Mar. 31, 2015USD ($)loan | |
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ||
Number of Loans | loan | 12 | 16 |
Pre- Modification Recorded Investment | $ 4,165 | $ 8,683 |
Recorded investment | $ 4,149 | $ 8,611 |
Residential Mortgage Loans | Full documentation interest-only | ||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ||
Number of Loans | loan | 4 | 4 |
Pre- Modification Recorded Investment | $ 888 | $ 2,035 |
Recorded investment | $ 889 | $ 2,030 |
Residential Mortgage Loans | Full documentation amortizing | ||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ||
Number of Loans | loan | 2 | 6 |
Pre- Modification Recorded Investment | $ 591 | $ 2,059 |
Recorded investment | $ 589 | $ 2,016 |
Residential Mortgage Loans | Reduced documentation interest-only | ||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ||
Number of Loans | loan | 3 | 4 |
Pre- Modification Recorded Investment | $ 1,691 | $ 1,687 |
Recorded investment | $ 1,686 | $ 1,687 |
Residential Mortgage Loans | Reduced documentation amortizing | ||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ||
Number of Loans | loan | 3 | 0 |
Pre- Modification Recorded Investment | $ 995 | $ 0 |
Recorded investment | $ 985 | $ 0 |
Commercial Real Estate | ||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ||
Number of Loans | loan | 0 | 2 |
Pre- Modification Recorded Investment | $ 0 | $ 2,902 |
Recorded investment | $ 0 | $ 2,878 |
Loans Receivable and Allowanc46
Loans Receivable and Allowance for Loan Losses (TDR Mortgage Loans, Subsequent Payment Default) (Details) - Mortgage Loans $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)loan | Mar. 31, 2015USD ($)loan | |
Information about loans receivable by segment and class modified in troubled debt restructuring | ||
Number of Loans | loan | 9 | 8 |
Recorded Investment | $ | $ 3,176 | $ 4,203 |
Residential Mortgage Loans | Full documentation interest-only | ||
Information about loans receivable by segment and class modified in troubled debt restructuring | ||
Number of Loans | loan | 2 | 1 |
Recorded Investment | $ | $ 533 | $ 648 |
Residential Mortgage Loans | Full documentation amortizing | ||
Information about loans receivable by segment and class modified in troubled debt restructuring | ||
Number of Loans | loan | 2 | 2 |
Recorded Investment | $ | $ 408 | $ 854 |
Residential Mortgage Loans | Reduced documentation interest-only | ||
Information about loans receivable by segment and class modified in troubled debt restructuring | ||
Number of Loans | loan | 4 | 2 |
Recorded Investment | $ | $ 1,947 | $ 1,314 |
Residential Mortgage Loans | Reduced documentation amortizing | ||
Information about loans receivable by segment and class modified in troubled debt restructuring | ||
Number of Loans | loan | 1 | 0 |
Recorded Investment | $ | $ 288 | $ 0 |
Multi-Family | ||
Information about loans receivable by segment and class modified in troubled debt restructuring | ||
Number of Loans | loan | 0 | 3 |
Recorded Investment | $ | $ 0 | $ 1,387 |
Reverse Repurchase Agreements47
Reverse Repurchase Agreements (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total | $ 1,100,000 | $ 1,100,000 |
Secured Debt | ||
Debt Instrument [Line Items] | ||
2,018 | 200,000 | |
2,019 | 600,000 | |
2,020 | 300,000 | |
Total | 1,100,000 | |
Callable 2,016 | 200,000 | |
Callable 2,017 | $ 100,000 | |
Secured Debt | Residential mortgage-backed securities | ||
Debt Instrument [Line Items] | ||
Composition of collateral that can be resold or repledged, as percentage | 84.00% | |
Secured Debt | Obligations of GSEs | ||
Debt Instrument [Line Items] | ||
Composition of collateral that can be resold or repledged, as percentage | 16.00% |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net income | $ 18,565 | $ 19,307 |
Preferred stock dividends | (2,194) | (2,194) |
Net income available to common shareholders | 16,371 | 17,113 |
Income allocated to participating securities | (135) | (114) |
Net income allocated to common shareholders | $ 16,236 | $ 16,999 |
Basic weighted average common shares outstanding | 100,368,931 | 99,252,031 |
Dilutive effect of stock options and restricted stock units | 0 | 0 |
Diluted weighted average common shares outstanding | 100,368,931 | 99,252,031 |
Basic EPS | $ 0.16 | $ 0.17 |
Diluted EPS | $ 0.16 | $ 0.17 |
Options | ||
Antidilutive securities excluded from computation of earnings per share | ||
Stock options excluded from computation of earnings per share (in shares) | 6,989 | 20,667 |
Restricted stock units (RSUs) | ||
Antidilutive securities excluded from computation of earnings per share | ||
Stock options excluded from computation of earnings per share (in shares) | 747,132 | 762,038 |
Other Comprehensive Income_Lo49
Other Comprehensive Income/Loss (Components of Accumulated Other Comprehensive Loss, Net of Related Tax Effects) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | $ 1,663,448 | $ 1,580,070 |
Other Comprehensive Income | 4,410 | 2,491 |
Balance at end of period | 1,681,801 | 1,603,290 |
Net unrealized gain on securities available-for-sale | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | 2,827 | 4,686 |
Other Comprehensive Income | 3,985 | 1,993 |
Balance at end of period | 6,812 | 6,679 |
Net actuarial loss on pension plans and other postretirement benefits | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (58,396) | (67,476) |
Other Comprehensive Income | 397 | 469 |
Balance at end of period | (57,999) | (67,007) |
Prior service cost on pension plans and other postretirement benefits | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (3,048) | (3,161) |
Other Comprehensive Income | 28 | 29 |
Balance at end of period | (3,020) | (3,132) |
Accumulated Other Comprehensive Loss | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (58,617) | (65,951) |
Other Comprehensive Income | 4,410 | 2,491 |
Balance at end of period | $ (54,207) | $ (63,460) |
Other Comprehensive Income_Lo50
Other Comprehensive Income/Loss (Components of Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other Comprehensive Income (Loss), After Reclassification Adjustments [Abstract] | ||
Before Tax Amount | $ 7,402 | $ 4,027 |
Income Tax Expense | (2,992) | (1,536) |
After Tax Amount | 4,410 | 2,491 |
Net unrealized gain on securities available-for-sale | ||
Other Comprehensive Income (Loss), Before Reclassifications [Abstract] | ||
Before Tax Amount | 6,774 | 3,223 |
Income Tax Expense | (2,738) | (1,230) |
After Tax Amount | 4,036 | 1,993 |
Other Comprehensive Income (Loss), Reclassifications Adjustments [Abstract] | ||
Before Tax Amount | (86) | |
Income Tax Expense | 35 | |
After Tax Amount | (51) | |
Other Comprehensive Income (Loss), After Reclassification Adjustments [Abstract] | ||
Before Tax Amount | 6,688 | |
Income Tax Expense | (2,703) | |
After Tax Amount | 3,985 | |
Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income | ||
Other Comprehensive Income (Loss), Reclassifications Adjustments [Abstract] | ||
Before Tax Amount | 667 | 757 |
Income Tax Expense | (270) | (288) |
After Tax Amount | 397 | 469 |
Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income | ||
Other Comprehensive Income (Loss), Reclassifications Adjustments [Abstract] | ||
Before Tax Amount | 47 | 47 |
Income Tax Expense | (19) | (18) |
After Tax Amount | $ 28 | $ 29 |
Other Comprehensive Income_Lo51
Other Comprehensive Income/Loss (Amounts Reclassified From Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ||
Gain on sales of securities | $ 86 | $ 0 |
Compensation and benefits | (38,253) | (36,281) |
Income before income tax expense | 28,258 | 28,885 |
Income tax expense | (9,693) | (9,578) |
Net income | 18,565 | 19,307 |
Amount Reclassified from Accumulated Other Comprehensive Loss | ||
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ||
Income before income tax expense | (628) | (804) |
Income tax expense | 254 | 306 |
Net income | (374) | (498) |
Net unrealized gain on securities available-for-sale | Amount Reclassified from Accumulated Other Comprehensive Loss | ||
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ||
Gain on sales of securities | 86 | 0 |
Net actuarial loss on pension plans and other postretirement benefits | Amount Reclassified from Accumulated Other Comprehensive Loss | ||
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ||
Compensation and benefits | (667) | (757) |
Prior service cost on pension plans and other postretirement benefits | Amount Reclassified from Accumulated Other Comprehensive Loss | ||
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ||
Compensation and benefits | $ (47) | $ (47) |
Pension Plans and Other Postr52
Pension Plans and Other Postretirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Pension Benefits | ||
Benefit Plans | ||
Service cost | $ 0 | $ 0 |
Interest cost | 2,536 | 2,510 |
Expected return on plan assets | (3,058) | (3,633) |
Recognized net actuarial loss (gain) | 734 | 757 |
Amortization of prior service cost | 47 | 47 |
Net periodic cost (benefit) | 259 | (319) |
Other Postretirement Benefits | ||
Benefit Plans | ||
Service cost | 472 | 469 |
Interest cost | 263 | 276 |
Expected return on plan assets | 0 | 0 |
Recognized net actuarial loss (gain) | (67) | 0 |
Amortization of prior service cost | 0 | 0 |
Net periodic cost (benefit) | $ 668 | $ 745 |
Stock Incentive Plans (Narrativ
Stock Incentive Plans (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Stock Incentive Plans | |||
Stock-based compensation expense, net of taxes | $ 942 | $ 995 | |
Stock-based compensation expense, taxes | $ 639 | $ 614 | |
Restricted common stock | |||
Stock Incentive Plans | |||
Granted (in shares) | 685,872 | ||
Outstanding (in shares) | 1,026,949 | 374,817 | |
Restricted common stock | 2014 Employee Stock Plan | |||
Stock Incentive Plans | |||
Granted (in shares) | 663,960 | ||
Outstanding (in shares) | 663,510 | ||
Vesting percentage | 33.34% | ||
Restricted common stock | 2007 Non-Employee Directors Stock Plan | |||
Stock Incentive Plans | |||
Granted (in shares) | 21,912 | ||
Restricted common stock | 2007 Non-Employee Directors Stock Plan | Shares Vesting in February 2018 | |||
Stock Incentive Plans | |||
Vesting percentage | 100.00% | ||
Restricted common stock and restricted stock units | |||
Stock Incentive Plans | |||
Pre-tax compensation cost related to share-based compensation awards not yet recognized | $ 15,000 | ||
Pre-tax compensation cost, weighted average recognition period | 2 years 3 months | ||
Performance-based restricted common stock and performance-based restricted stock units | |||
Stock Incentive Plans | |||
Pre-tax compensation cost related to non-vested performance-based stock awards and units | $ 4,400 | ||
Performance-based restricted common stock | |||
Stock Incentive Plans | |||
Restricted shares or units for which compensation cost will be excluded until the achievement of the performance conditions become probable | 65,000 | ||
Performance-based restricted stock units | |||
Stock Incentive Plans | |||
Granted (in shares) | 0 | ||
Outstanding (in shares) | 746,000 | 751,500 | |
Restricted shares or units for which compensation cost will be excluded until the achievement of the performance conditions become probable | 285,800 |
Stock Incentive Plans (Summary
Stock Incentive Plans (Summary of Restricted Common Stock and Performance-Based Restricted Stock Unit Activity) (Details) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Restricted Common Stock | |
Number of Shares | |
Unvested at the beginning of the period (in shares) | shares | 374,817 |
Granted (in shares) | shares | 685,872 |
Vested (in shares) | shares | (30,350) |
Forfeited (in shares) | shares | (3,390) |
Unvested at the end of the period (in shares) | shares | 1,026,949 |
Weighted Average Grant Date Fair Value | |
Unvested at the beginning of the period (in dollars per share) | $ / shares | $ 12.68 |
Granted (in dollars per share) | $ / shares | 15.06 |
Vested (in dollars per share) | $ / shares | (9.72) |
Forfeited (in dollars per share) | $ / shares | (13.24) |
Unvested at the end of the period (in dollars per share) | $ / shares | $ 14.36 |
Restricted Stock Units | |
Number of Shares | |
Unvested at the beginning of the period (in shares) | shares | 751,500 |
Granted (in shares) | shares | 0 |
Vested (in shares) | shares | 0 |
Forfeited (in shares) | shares | (5,500) |
Unvested at the end of the period (in shares) | shares | 746,000 |
Weighted Average Grant Date Fair Value | |
Unvested at the beginning of the period (in dollars per share) | $ / shares | $ 12.41 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | (12.45) |
Unvested at the end of the period (in dollars per share) | $ / shares | $ 12.41 |
Investments in Affordable Hou55
Investments in Affordable Housing Limited Partnerships (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Investments in affordable housing limited partnerships, installment period | 3 years | ||
Other Non-Interest Expense | |||
Schedule of Equity Method Investments [Line Items] | |||
Expense relating to investments in affordable housing limited partnerships | $ 352 | $ 257 | |
Income Tax Expense | |||
Schedule of Equity Method Investments [Line Items] | |||
Affordable housing tax credits and other tax benefits | 390 | $ 358 | |
Other Assets | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment in affordable housing limited partnerships | 16,800 | $ 17,200 | |
Other Liabilities | |||
Schedule of Equity Method Investments [Line Items] | |||
Obligations relating to investments in affordable housing limited partnerships | $ 12,800 | $ 12,900 |
Regulatory Matters (Regulatory
Regulatory Matters (Regulatory Capital Requirements) (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Astoria Financial Corporation | |
Amount | |
Tier 1 leverage | $ 1,536,901 |
Common equity tier 1 risk-based | 1,413,001 |
Tier 1 risk-based | 1,536,901 |
Total risk-based | $ 1,632,143 |
Ratio | |
Tier 1 leverage | 10.35% |
Common equity tier 1 risk-based | 16.48% |
Tier 1 risk-based | 17.93% |
Total risk-based | 19.04% |
Amount | |
Tier 1 leverage | $ 593,791 |
Common equity tier 1 risk-based | 385,796 |
Tier 1 risk-based | 514,395 |
Total risk-based | $ 685,860 |
Ratio | |
Tier 1 leverage | 4.00% |
Common equity tier 1 risk-based | 4.50% |
Tier 1 risk-based | 6.00% |
Total risk-based | 8.00% |
Amount | |
Common equity tier 1 risk-based | $ 439,379 |
Tier 1 risk-based | 567,978 |
Total risk-based | $ 739,443 |
Ratio | |
Common equity tier 1 risk-based | 5.125% |
Tier 1 risk-based | 6.625% |
Total risk-based | 8.625% |
Amount | |
Tier 1 leverage | $ 742,238 |
Common equity tier 1 risk-based | 557,261 |
Tier 1 risk-based | 685,860 |
Total risk-based | $ 857,325 |
Ratio | |
Tier 1 leverage | 5.00% |
Common equity tier 1 risk-based | 6.50% |
Tier 1 risk-based | 8.00% |
Total risk-based | 10.00% |
Astoria Bank | |
Amount | |
Tier 1 leverage | $ 1,676,272 |
Common equity tier 1 risk-based | 1,676,272 |
Tier 1 risk-based | 1,676,272 |
Total risk-based | $ 1,771,514 |
Ratio | |
Tier 1 leverage | 11.37% |
Common equity tier 1 risk-based | 19.60% |
Tier 1 risk-based | 19.60% |
Total risk-based | 20.72% |
Amount | |
Tier 1 leverage | $ 589,580 |
Common equity tier 1 risk-based | 384,778 |
Tier 1 risk-based | 513,037 |
Total risk-based | $ 684,050 |
Ratio | |
Tier 1 leverage | 4.00% |
Common equity tier 1 risk-based | 4.50% |
Tier 1 risk-based | 6.00% |
Total risk-based | 8.00% |
Amount | |
Common equity tier 1 risk-based | $ 438,219 |
Tier 1 risk-based | 566,479 |
Total risk-based | $ 737,491 |
Ratio | |
Common equity tier 1 risk-based | 5.125% |
Tier 1 risk-based | 6.625% |
Total risk-based | 8.625% |
Amount | |
Tier 1 leverage | $ 736,975 |
Common equity tier 1 risk-based | 555,790 |
Tier 1 risk-based | 684,050 |
Total risk-based | $ 855,062 |
Ratio | |
Tier 1 leverage | 5.00% |
Common equity tier 1 risk-based | 6.50% |
Tier 1 risk-based | 8.00% |
Total risk-based | 10.00% |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Values of Assets Measured at Estimated Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value of Financial Instruments | ||
Total securities available-for-sale | $ 388,878 | $ 416,798 |
Total residential mortgage-backed securities | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 315,148 | 344,857 |
GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 301,787 | 330,539 |
Non-GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 2,617 | 3,054 |
GSE pass-through certificates | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 10,744 | 11,264 |
Obligations of GSEs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 73,729 | 71,939 |
Fannie Mae stock | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 1 | 2 |
Recurring basis | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 388,878 | 416,798 |
Recurring basis | GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 301,787 | 330,539 |
Recurring basis | Non-GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 2,617 | 3,054 |
Recurring basis | GSE pass-through certificates | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 10,744 | 11,264 |
Recurring basis | Obligations of GSEs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 73,729 | 71,939 |
Recurring basis | Fannie Mae stock | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 1 | 2 |
Recurring basis | Level 1 | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 1 | 2 |
Recurring basis | Level 1 | GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | Non-GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | GSE pass-through certificates | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | Obligations of GSEs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | Fannie Mae stock | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 1 | 2 |
Recurring basis | Level 2 | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 388,877 | 416,796 |
Recurring basis | Level 2 | GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 301,787 | 330,539 |
Recurring basis | Level 2 | Non-GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 2,617 | 3,054 |
Recurring basis | Level 2 | GSE pass-through certificates | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 10,744 | 11,264 |
Recurring basis | Level 2 | Obligations of GSEs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 73,729 | 71,939 |
Recurring basis | Level 2 | Fannie Mae stock | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Valuation methodologies used for assets measured at fair value | ||
Percentage of non performing loans held for sale, multi-family mortgage | 72.00% | 80.00% |
Percentage of non performing loans held for sale, residential mortgage loans | 28.00% | 20.00% |
Real estate owned, net | $ 12,691 | $ 19,798 |
Weighted average | ||
Valuation methodologies used for assets measured at fair value | ||
Assumption to estimate fair value of servicing asset, weighted average discount rate (as a percent) | 9.96% | 9.97% |
Assumption to estimate fair value of servicing asset, weighted average constant prepayment rate (as a percent) | 11.07% | 10.47% |
Assumption to estimate fair value of servicing asset, weighted average life | 5 years 9 months 18 days | 6 years 1 month 6 days |
Residential Mortgage Loans | ||
Valuation methodologies used for assets measured at fair value | ||
Percentage of impaired loans | 85.00% | 81.00% |
Percentage of impaired loans for which fair value adjustment is recognized | 86.00% | 80.00% |
Period after which loans are individually evaluated for impairment | 180 days | |
Period past due when loan servicer performs property inspections | 45 days | |
Multi Family and Commercial Real Estate | ||
Valuation methodologies used for assets measured at fair value | ||
Percentage of impaired loans | 13.00% | 17.00% |
Percentage of impaired loans for which fair value adjustment is recognized | 13.00% | 19.00% |
Home equity lines of credit | ||
Valuation methodologies used for assets measured at fair value | ||
Percentage of impaired loans | 2.00% | 2.00% |
Percentage of impaired loans for which fair value adjustment is recognized | 1.00% | 1.00% |
Period after which loans are individually evaluated for impairment | 90 days | |
Residential Properties | ||
Valuation methodologies used for assets measured at fair value | ||
Real estate owned, net | $ 17,800 | |
Recurring basis | Residential mortgage-backed securities | ||
Valuation methodologies used for assets measured at fair value | ||
Percentage of debt securities comprising available for sale securities portfolio | 81.00% | 83.00% |
Percentage available for sale residential mortgage backed securities which are GSE securities | 99.00% | 99.00% |
Recurring basis | Obligations of GSEs | ||
Valuation methodologies used for assets measured at fair value | ||
Percentage of debt securities comprising available for sale securities portfolio | 19.00% | 17.00% |
Fair Value Measurements (Carr59
Fair Value Measurements (Carrying Values of Assets Measured at Fair Value on a Non-Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Carrying value of assets | ||
Impaired loans | $ 229,803 | $ 237,518 |
MSR, net | 9,900 | 11,014 |
REO, net | 12,691 | 19,798 |
Carrying Value | ||
Carrying value of assets | ||
Non-performing loans held-for-sale, net | 7,672 | 8,960 |
MSR, net | 9,900 | 11,014 |
Measured on a non-recurring basis | Level 3 | Carrying Value | ||
Carrying value of assets | ||
Non-performing loans held-for-sale, net | 914 | 1,582 |
Impaired loans | 126,349 | 134,910 |
MSR, net | 9,900 | 11,014 |
REO, net | 9,758 | 16,307 |
Total | $ 146,921 | $ 163,813 |
Fair Value Measurements (Losses
Fair Value Measurements (Losses Recognized on Assets Measured at Fair Value on a Non-Recurring Basis) (Details) - Measured on a non-recurring basis - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value of Financial Instruments | ||
Gains (losses) recognized on assets measured at fair value on a non-recurring basis | $ (2,985) | $ (2,969) |
Non-performing loans held-for-sale, net | ||
Fair Value of Financial Instruments | ||
Gains (losses) recognized on assets measured at fair value on a non-recurring basis | 0 | (188) |
Impaired loans | ||
Fair Value of Financial Instruments | ||
Gains (losses) recognized on assets measured at fair value on a non-recurring basis | (1,858) | (1,964) |
MSR, net | ||
Fair Value of Financial Instruments | ||
Gains (losses) recognized on assets measured at fair value on a non-recurring basis | (877) | (513) |
REO, net | ||
Fair Value of Financial Instruments | ||
Gains (losses) recognized on assets measured at fair value on a non-recurring basis | $ (250) | $ (304) |
Fair Value Measurements (Carr61
Fair Value Measurements (Carrying Values and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financial Assets: | ||
Securities held-to-maturity | $ 2,443,503 | $ 2,296,799 |
FHLB-NY stock | 131,582 | 131,137 |
MSR, net | 9,900 | 11,014 |
Carrying Value | ||
Financial Assets: | ||
Securities held-to-maturity | 2,443,503 | 2,296,799 |
FHLB-NY stock | 131,582 | 131,137 |
Loans held-for-sale, net | 7,672 | 8,960 |
Loans receivable, net | 10,910,881 | 11,055,081 |
MSR, net | 9,900 | 11,014 |
Financial Liabilities: | ||
Deposits | 9,051,539 | 9,106,027 |
Borrowings, net | 3,899,354 | 3,964,222 |
Estimated Fair Value | ||
Financial Assets: | ||
Securities held-to-maturity | 2,469,458 | 2,286,092 |
FHLB-NY stock | 131,582 | 131,137 |
Loans held-for-sale, net | 7,819 | 9,037 |
Loans receivable, net | 11,004,964 | 11,112,709 |
MSR, net | 9,901 | 11,017 |
Financial Liabilities: | ||
Deposits | 9,083,402 | 9,123,740 |
Borrowings, net | 4,091,603 | 4,132,940 |
Estimated Fair Value | Level 2 | ||
Financial Assets: | ||
Securities held-to-maturity | 2,469,458 | 2,286,092 |
FHLB-NY stock | 131,582 | 131,137 |
Loans held-for-sale, net | 0 | 0 |
Loans receivable, net | 0 | 0 |
MSR, net | 0 | 0 |
Financial Liabilities: | ||
Deposits | 9,083,402 | 9,123,740 |
Borrowings, net | 4,091,603 | 4,132,940 |
Estimated Fair Value | Level 3 | ||
Financial Assets: | ||
Securities held-to-maturity | 0 | 0 |
FHLB-NY stock | 0 | 0 |
Loans held-for-sale, net | 7,819 | 9,037 |
Loans receivable, net | 11,004,964 | 11,112,709 |
MSR, net | 9,901 | 11,017 |
Financial Liabilities: | ||
Deposits | 0 | 0 |
Borrowings, net | $ 0 | $ 0 |
Litigation (Details)
Litigation (Details) $ in Millions | Aug. 05, 2015USD ($) | Nov. 19, 2014USD ($) | Sep. 14, 2010USD ($) | Mar. 31, 2016lawsuit | Oct. 28, 2015USD ($) |
Income Tax Contingency [Line Items] | |||||
Number of lawsuits challenging merger | lawsuit | 6 | ||||
Contract termination fee | $ 69.5 | ||||
Tax Years 2006 Through 2008 | |||||
Income Tax Contingency [Line Items] | |||||
Alleged tax deficiency | $ 13.3 | ||||
Tax Years 2009 Through 2010 | |||||
Income Tax Contingency [Line Items] | |||||
Alleged tax deficiency | $ 6.1 | ||||
Tax Years 2011 Through 2013 | |||||
Income Tax Contingency [Line Items] | |||||
Alleged tax deficiency | $ 2.1 |